Maria good Tuesday Morning everyone. Thank you for joining us, i am Maria Bartiromo tuesday may 21, your top stories 6 00 a. M. On the east coast, examining the consumer, features indicating a lower opening for stock prices as we await major retail earnings from lows and macys both out before the opening bell, the nasdaq over by 24 and as a be hundred by lower button one and a half. We are previewing target and nvidia out tomorrow nvidia closely watched report after a 200 rally in the stock in the last year, we will preview the numbers, tomorrow Federal Reserve minutes, more fed presidency and three rate cuts is a pipe dream is divided of initiation lames grocery chains for rising prices, doubleblind capital founder and ceo Jeffrey Gundlach is coming up in the next hour he will give us his thoughts on the macro story, Investment Priorities in this market and commodities and will get into all of that with a major investor, dunlop was gold extended its record performance, copper and silver pulling back after hitting recent highs in the last couple of weeks, european markets underselling pressure, take a look at the eurozone, now 41, the cat condo 95 and dax index lower by 122. In asia overnight that hang seng index down better than 2 that is the worst performer. Back in new york a critical day in President Trump touch many trial as it enters the 20th day, Michael Cohen admitted to stealing tens of thousands of dollars from the Trump Organization as a former lawyer takes the stand and bottles that would judge merchan, the judge is considering another request for the trump team for dismissing the case altogether they said the prosecution is yet to prove a crime. Former Georgia State representative is with harvard law professor Alan Dershowitz in the front row of the courtroom yesterday and they will tell us exactly what went down and what they witness. Joining the conversation former assistant secretary to the treasury monica crowley, the Monarchy Group founder john lonski and Cheryl Casone. Mornings with maria is live right now. Those hitting the tape, lets get to the numbers. Betterthanexpected numbers and the stock is reflecting that more than 1. 5 acumen for 367 the estimate was 294, 29. 4 billion on revenue in the estimate 21point to its a good double beat and even after home depot samestore sales fell by 1. 4 but the estimate was five and a half to the downside thats betterthanexpected they affirm the full year outlook for 2024. Another positive addition to this report and theyre basically saying it was small scale repairs, people are buying big ticket items because nobodys buying and selling homes. Home depot said thats not happening, lows on a smaller scale betterthanexpected, theres the stock. Maria thank you so much we will watch the other ones, the retail that were waiting on, time for the hot topic of hour former President Trump touch many trial entering day 20 former Legal Advisor to Michael Cohen will return to the witness stand, Robert Castello will return for crossexamination today, one day yesterday judge merchan clashed with costello he said reporters threatened to hold costello in contempt if he continues to stare him down during this testimony, costello confirmed that trump did not know about any nondisclosure of women payments to Stormy Daniels inchoate admitted on the stand to stealing money from trump he still tens of thousands of dollars from the Trump Organization, 60000 when including taxes, the defense team will rest their cases trump calls for the case to be terminated. We asked for termination of the case there were no crimes we did nothing wrong and i want to get back to campaigning im representing hundreds of millions of people nobody seen anything like this this is a witchhunt, cricket joe biden the worst president in the history of our country by far to damages political opponent. A highly political judge, and you know what the crime is. Maria yesterday couldve been a pivot in the case, Cheryl Casone your reaction. It was an afternoon in court lets go back to the revelations of Michael Coleman putting 20 grand in a paper bag, keeping 30000 for yourself. Once again Michael Cohen was discredited and yesterday was supposed to be the prosecution in the rehab of the witness the whole point of redirect was to rehab Michael Cohen to restore his credibility to the jury it didnt happen it wet morphs south for the prosecution and when costello took the stand thats when things blew up in the courtroom so its going to come down to who the jury believes, we dont have hard evidence this is he said he said in court and without westerberg there im not sure the jury is going to buy anything. Maria that was incredible when trumps lawyer said to Michael Cohen you stole from the Trump Organization and he said yes, i did i stole 30000 i said it was more money coming to me and i said 30000 and when you grow set up including taxes they talk about 60000, your reaction. The of the prosecutions star witness as opposed to Stormy Daniels who is a actress that admitted on the stand that she hates donald trump would like to see him in prison Michael Cohen is also admitted that an ease now an admitted liar and a thief in a court of law and legal observers are saying if Michael Cohen had been prosecuted and convicted of the crime of stealing from the Trump Organization he wouldve faced 15 years in prison so what he admitted to is far worse than the fake crime that theyre trying to plaster donald trump with this but no evidence of falsification of Business Records and no evidence presented to the jury whatsoever in prosecution did not even stated a crime this has devolved into a circus in the circus because its a disgrace in the huge blemish on the constitution and the rule of law and due process. The trump team said dismiss this immediately you still have not proven any crime. I really want to know what ticked off the judge so much to tell the reporters to get out of the room and the only people that could be of the lawyers in defense and what specifically happened will talk with Georgia State representative vernon jones coming up he was in the room and harvard law professor Alan Dershowitz was in the front row he had a front row seat there to tell us they were in the courtroom, they will share what they witness, john lonski how do you see it. Another failure for the Democratic Party this is a political trial and its backfiring and not working, trumps lead continues to grow with the polls and another piece of evidence showing us how inept the Democratic Party is even when it comes to trying to serve their own interests. Maria we will keep a spotlight on that for sure, with the interviews coming up were just getting started, more Federal Reserve president s raising concerns that the three planned rate cuts this year may not happen at all, chief investment strategist sam stovall is here to weigh in on rates, earnings of the macro story. Young conservatives on mornings with maria corresponded emily sturridge coming up whats happening on the Market College campuses whats getting into it, youre watching mornings with maria, well be right back. A lot of code. If an application needs to be modernized then youll need time, resources. And caffeine. If this sounds daunting then use watsonx code assistant ai designed to multiply developer productivity so you can generate code quickly. Lets create a more modern foundation for business, with watsonx code assistant. Ibm. Lets create. luke so. I hear some of you are concerned about the fact that im taking over the company. Well, rest assured, companys in great hands. Marci, hit the vid. both lukes homesdotcom. Weve done your home work. luke now, that is worth celebrating brad i love it. luke thank you. brad home. Work. Very clever. vo ding dong luke vo homesdotcom. Rising costs. Selective coverage. For countless americans, the complex Specialty Care they need has always felt. Just out of reach. At evernorth, we give members unrivaled access to the most complex therapies at the best prices. While providing enhanced support like in home nursing at no additional cost. Thats wonder made possible. Evernorth health services. Maria welcome back lets take look at rates the tenure is lower ahead of the Federal ReserveMeeting Minutes which are out tomorrow the yield at 4. 42 down almost two basis point cleveland Federal Reserve president loretta signally that three rate cuts might be out of the question now, she said i was on the record before saying i was at the median forecast which was three. The developments in the economy and would not think that is still appropriate, join me cfr chief investment strategist, great to see you. I know you are projecting a first rate cut to happen in september followed by second cut in december. Has anything changed in terms of your expectations given four months of elevated inflation kicking off at 2024. The beginning of the year our expectation we would see three rate cuts in wall street that of anticipating for five or six cut in september is likely to be the first rate cut with a followup in december and every Election Year since 1992 except 2012 had a great height or a rate cut take place with many occurring in the september. , it is not unusual for the fed to show or attempt to show that they are apolitical. Maria john lonski, jumping, any rate cut is going to be contingent on the disinflation very slowing of domestic spending of the u. S. Economy and once that happens you may see a series of rate cuts i dont think there will be anything to stop a material climb by the employment rate, shrinkage of job growth and the like. Itll feed onto each other as an appointment begins to rise, Consumer Spending suffers as it comes in under expectations, companies have more layoffs, et cetera. Maria it is a great point, im wondering how much is priced into the market how strong the consumer really is, youre expected to decline a 5 thats going to happen during the cell in may. Because of ongoing concerns about evaluation in the geopolitical backdrop, tell us more. Sorry i didnt get to say hi to john but i appreciate his points. Our expectation the fed realizes when they make Rate Adjustments all they are targeted below the horizon so they have to make the best guess for the coming 9 18 months out there. Our expectation gdp will be twopoint to percent year on year for 2024 and come down to about 2 in 2025, ditto for 26, there is a slowing that is expected in our belief were likely to see retail sales hold up relatively well but our belief is that the fed will be looking to cut rates and do so two times at 24 and four times at 2025 as they see the data tell them that the higher rates are doing what they expect and that is to slow the overall economy, bring up Unemployment Rate to fourpoint to level by the end of 2025, to slow the economy into with anticipating. Maria it is interesting i know the market adages sell in may and go away for the summer. Im reading a note from tom lee, the s p 500 is closing out a strong week with the gains on the s p 500 internal gains for the month of may of about 6 . We expect markets to shift and fear of may to buy in may. As each week has passed this is been the case. Were talking about a big week for a. I. This week microsoft is hosting the window and surface a. I. Event yesterday today until thursday microsoft build a. I. And of course wednesday the big story of the week nvidia is reporting the firstquarter results lets talk earnings what are your expectation for nvidia and what do you want to say with overall earnings. In terms of growth. Overall. Has been better than anticipated this is the 48 of the last 50 quarters in which the s p actual results have exceeded end of quarter estimates in First Quarter were expected to be up 3 according s p capital iq, 5 with ten of 11 sectors outpacing and seeing upward revisions, weve also been seen seven of the 11 sectors see improvement in 2024 estimates and 2025 with the estimates pointing to close to 50 year on year gain for the coming calendar year. I think we could see another digestion of 5 later in this. , Third Quarter traditionally is a challenging. In the market especially in the Election Year as uncertainty rises but if we can get a year to date lot before july 31 that every time that is happened since world war ii the market posted as return. Maria we will see in see what nvidia does tomorrow night, good to see you. Thank you. Sam stovall joining us. A quick break, the senate is planning to revive the porterville but the house already said it is dead on arrival, victoria sparkz is here on where she stands on that. Coming up, stay with us. voya there are some things that work better together. Like your Workplace Benefits and retirement savings. Voya helps you choose the right amounts without over or under investing. So you can feel confident in your financial choices voya, well planned, well invested, well protected. When i was your age, we never had anything like this. What . Wifi . Wifi that works all over the house, even the basement. The basement. So i can finally throw that party. And invite shannon barnes. 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Maria welcome back President Biden begin with the speaker of the house mike johnson a minority leader in the Senate Mitch Mcconnell about border legislation the white house said biden called for republicans to stop playing politics and act quickly to the porterville and consisting of thousand Border Patrol combat drug smuggling to make our country safer according to the white house, prior to speaking with biden speaker johnson wrote this on x, leader schumer is trying to give his vulnerable members covered by forgettable on a bill which failed it shouldnt reach the house the bill will be dead on arrival, joining the indiana congresswoman and house judiciary victoria sparkz, good to see you why you think the democrats want to revive the porterville after it failed . Their playing politics for sure, they have tough races for the senate and they want to put a lipstick on the pig and make it look like theyre trying to do the Border Security and they completely failed and dont have a serious intent and its full of loopholes and is not a serious legislation is a message and talking points for demo democrats. Maria this is a talking point in an Election Year to make people believe that they care about the white upper border. Of course, American People have seen what happened and i dont think youre going to buy that and thats a last effort to hold the senate and theyre trying to make it look like theyre doing something but they dont have legislation for Border Security they decided to let the cartels control the border and control a lot of our cities and country and this is very dangerous to chase in cahoots with china that is a very, very serious situation. Maria what you mean in cahoots with china. Think about fentanyl over 100,000 americans are dying every year. We didnt have that many people dying in wars and 90 of fentanyl is produced in china cartels are financed by china and mexico government that is so corrupt and controlled by cartels and they have been allowed to have the lawlessness killing americans of putting National Security risk we have people coming from china crossing the border and we dont know whos doing it, this is very, very serious. Maria it sure is, im trying to understand why President Biden thinks or doesnt think that the border deal with anything the republicans wanted nobody wanted the folks to go back to the drawing board and come up with the new immigration policy they just wanted the border secure but this allows for 5000 people in before the government would shutdown the wideopen border inviting want to vote the democrats want about. Is all performative, this is an obvious cynical political ploy because democrats in the congresswoman is exactly right but looking at the polling in the top two issues are inflation in the economy in illegal immigration in the wideopen border trying to rearrange the deck tiers on the titanic to make it look like a doing something but my question for the congresswoman. Is anything between now and november in the end of the year that the republican majority in congress can do about the border. I think unfortunately i was very disappointed with the foreign aid package that was a serious way to make a stand on the border and i was very disappointed that a lot of my colleagues