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tv   Mornings With Maria Bartiromo  FOX Business  July 10, 2020 6:00am-9:01am EDT

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that is it for us. tomorrow night, house minority leader kevin mccarthy. pastor robert jeffress with us maria: good morning, everyone, happy friday. i'm maria bartiromo, thanks for joining us, friday july 10th, top stories 6:00 a.m. on the button on the east coast. coronavirus cases continue to spike putting reopening plans on pause in hot spots states this morning. texas, california, florida reporting highest number of taillie coronavirus deaths yet. beijing will retaliate after the white house imposed sanctions on chinese officials due to human rights abusive. joe biden targeting corporate america calling to an end to what he calls shareholder capitalism. president trump says biden has been taken over by the radical
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left. biden taking out a chapter of the president's playbook in buy american plan and take a look at futures pointing to lower opening, down 120 on the tow and s&p 500 right now down 11 points. nasdaq closed at record high yesterday. dow and s&p 500 were in the red as coronavirus spikes raise more concerns about economic recovery. the supreme court delivering a mixed ruling for the president saying manhattan da's office can get tax returns but denying congress access for now, plus this could be the worst tick season ever, many symptoms mimicking coronavirus, what you need to know to stay healthy coming up next hour. mornings with maria is live right now. purposan markets look like this. we have gains in europe. cac quarante up 15 and dax up 47
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points. pretty good positive tone in europe. the two of the uk's biggest retailer booth and john lewis cutting more than 5,000 jobs. in asia overnight red across the board. china shanghai composite snapping winning streak after rising nearly 17% in over 8 days, chinese state to start cooling down the rally as state media signals about strong month. in hong kong schools have been closed due to spike in coronavirus cases. now some of the top stories that we are watching this morning in a new interview with fox news president trump said he's done more for the american people than any other president. >> nobody has done what this administration has done in the first 3 and a half years, nobody has come close. now what we are doing is working on lowering drug prices and knocking out special interests because it's not easy. we are fighting for choice. we did it for the veterans and
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now we are doing it for school too. maria: president trump also says that the u.s.-méxico border wall is almost complete. meanwhile joe biden takes on president trump on the economy as the race of the white house heats up. democratic nominee in pennsylvania pushed 700 billion-dollar plan to force the federal government to buy more american products and services. >> when the federal government spends taxpayers' money we should use it to buy american products and support american jobs. during my first term alone we will invest $400 billion in purchasing products and materials our country needs to modernize our infrastructure. maria: biden's push to produce critical medical equipment and drugs in the united states instead of being forced to import them from china and other countries strikingly very similar to president trump's america first agenda.
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florida moan while quickly becoming the epicenter of the coronavirus pandemic in the united states reporting 120 deaths similarly in california where 149 deaths were reported yesterday. highest single day number since the start of the pandemic the and in texas number hitting triple digits for the first time with 105 deaths. arizona seeing staggering numbers prompting governor doozy to limit indoor dining to less than 50% capacity. and the supreme court paving the way to manhattan da to see president trump's records but high court in a separate decision rejected the house's effort to subpoena the same records. both cases will now go back to lower courts potentially delaying any possibility of the president's taxes will be viewed until after the election. covid-19 and the economy, futures this morning indicating lower opening, the coronavirus surge, election uncertainty hitting stocks yesterday. the dow and s&p 500 finishing
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lower. the nasdaq hitting all-time with second-straight record close. chinese state media warned investors to think long-term, chinese stocks finished down, interestingly as soon as the state run media which is message from the communist party, whatever they say the markets follow suit, so now you've got the shanghai composite down this morning. joining the conversation all morning optimal capital director of strategy and market analyst francis newton stacy and matt schlapp and emily, joining on the phone fred lane. great to have you this morning. thank you very much for joining us. what do you make of this really interesting diverges that you're seeing in markets, nasdaq continues to hit new highs even while there's so many worries
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aboutry -- about reopening of the economy and spiking cases. >> classic melt-up and what we are seeing is boundless optimism that the market is going to come back, it's just a question of time and makes sense and on the other hand, in terms of what sectors of the market are doing well and what sectors are not doing well. maria: yeah, i mean, obviously technology, big tech, biotech, things like tesla on an incredible run, would you buy into these things right now? >> we own a lot of those stocks,
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i'm not going to speak of specific ones but we are technology heavy and that's one of the reasons that we've been able to basically sit in 40% cash and feel fairly comfortable with that and still feel like and quantitatively outperform the market. having said, i think what's important is to recognize that a lot of the stocks that we like the most have really had an incredible run and i'd be very cautious about the market in general. let's remember that the s&p 500 which looks, is approaching flat for the year is basically 22% made up of 5 companies, 27% of the market cap is attributable to 10 companies and basically all media and technology companies. they are all technology-related companies, what i call the new economy companies, and so i think it's important to recognize an equal -- an equal way s&p 500 is actually down more than 10%, it's narrow
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market move and the indexes tend to be historic. maria: yeah, that's where the headlines go. francis, jump in. >> hey, good morning, what would it take for you to plow the cash and what is biggest risk that investors could watch for that can turn us into a w? >> well, a couple of things, one is we have an upcoming election. i think that poses some risk. i don't think the market has yet addressed it. if we saw -- i think the fed has already said and the treasury has already said that we are in for a long-term support phase. i think that's a global phenomena as well so i think the idea that we will have low interest rates and that's going to drive asset prices is clear, so i think that's all very positive for markets but if we have a situation where the pandemic drives us to close
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again, having already closed once at open and if we have to close again i think that's going to have very unfortunate impacts not only on the economy but also on behavior. it's important to recognize consumer is behaving differently and certain sectors of the economy will not come back quickly and certain sectors of the economy will not come back at all in terms of original levels. people will modify behavior and that will impact like the airlines, potentially lodging, restaurants to a lesser extent and entertainment for a while. we have permanent changes to landscape or intermediate changes to landscape and that would be drag in the economy. i see some risks. maria: so, fred, yeah, there are risks there. what are the expectations on wall street for this election, fred, presumptive democratic
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nominee joe biden yesterday doubled on calls to change the economy in capitalism as we know it. listen to what joe biden said yesterday. >> and it's time corporate america pay their fair share of taxes. we thought in our administration we should lower the tax in the high 30's to 28% and lower to 21, i'm going to raise it back up to 28. let's make sure that workers have a power and a voice. it's way past time to put the end of shareholder capitalism. maria: and end to shareholder capitalism. i don't really know what he's talking about. what do you think he means by that? >> well, let's hope it's mostly political rhetoric and let's hope we are not in a situation where the democrats control washington entirely across, the house of representatives, senate and the presidency.
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i think it's pretty scary but by the same tone we've seen this before where the rhetoric does not translate into action. i'm very concerned about the wealth gap as i think most intelligent people are. i'm not sure higher taxes help the wealth gap because all we are really doing is sending money to washington, how deploy it and it impacts the wealth gap to me is very harsh question. i actually think that post an election almost regardless of outcome the market is going to d -- the market will go a lot higher and the reason i say that because structurally there's no other place to invest than most investors than the u.s. equity market. maria: yeah. >> that's going drive prices higher. low interest rates -- excuse me, i'm sorry. maria: no, no, we've got rates
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at rock-bottom levels and powell says they are going to stay there and there's not a lot of alternatives, fred, great to have you, fred lane on investing, we are getting started this morning, coming up next hour north carolina congressional candidate madison hawthorne is with us, joining the panel at the top of the hour, plus georgia congressman doug collins and 8:00 a.m. hour kevin mccarthy joining me to talk about latest on china, tiktok and supreme court rulings, we have his take on the biden strategy as well and the president of the dallas federal reserve robert kaplan to talk about economy and another possible stimulus, plus tick season is here, experts predict it would be one of the worst, we will get you prepared for that when we come back, all that ahead. first right after this, atlas organization jonathan ward talking about china pushing back on u.s. sanctions over uighur
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rights. the former vice president unveils economic plan, you're watching mornings with maria live on fox business. some companies still have hr stuck between employees and their data.
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plus 0% interest for 48 months. ends monday. maria: welcome back, former vice president joe biden layed out his 700 billion-dollar jobs plan yesterday. the plan includes the government buying $400 billion of u.s. manufactured goods and investing 300 billion in technology and biden layed out investing very similar to president trump's plan. >> when the federal government spends taxpayer money we should use it to buy american products and support american jobs. >> in my administration we live by two simple rules, buy
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american and hire american. buy american and hire american. buy american and hire american. maria: joining me right now real clear politics white house reporter philip wagman, great to have you this morning, peter navarro has been on the program a number of times particularly talking about agencies buying u.s., what is your reaction to joe biden's plan announced yesterday? >> well, first of all, sounds very similar but if you take a closer look at the economic plan, he talked to progressives and similar to what elizabeth warren might do especially if you look at spending on energy. i think the larger trend line is
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that joe biden is prepping his advantage, he leads president trump on a number of topics but trump still leads voters over the economy, biden a taking a whack at this and president trump to respond. maria: emily. emily: to that point, i'm curious what your sources are saying when biden announced his plan, what do your sources say about that? do you think it would catalyze plan to to refine it or come up something different and i'm curious to the response to those? >> there's a little bit of frustration because joe biden beat donald trump to the punch when it comes to releasing a
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specific plan on the economy. the trump response, though, i spoke with him in the oval office just on tuesday is very simple. he argues that if you embrace joe biden, if he gets into the oval office he told me that we will be looking at another recession, in fact, a great depression. his argument so far is he built a successful economy in 4 years and which he do it again and here is where he has an advantage, voters still remember a lot of the anemic growth that occurred during the obama administration. i expect trump to zero in on that while continuing argument that we heard in mount rushmore, culture war and the economy for the next four months. maria: and the president talked about that last night when he was with sean hannity on fox news. he also discussed joe biden's plan and how the former vice president he said has been taken over by the radical left, watch.
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>> let's face it, he's been taken over by the radical left. he has no clue what they are doing and what they are getting him into. this is worst than bernie sanders at his best. i think they brainwashed him, they brainwashed him. he doesn't know where he is, he doesn't know what he's doing and our country will suffer, our stock markets will crash, bad things will happen, they will defund the police, they will abolish the police. maria: and philip, biden also said that he wants to do away with shareholder capitalism. what does he mean by that in your view? [laughter] >> well, we are going find out. i think that when president trump is going after him there he's doing it in a very colorful way but there's truth to it that joe biden won democratic nomination by being sort of, you know, moderate on the face of things but agreeing with
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elizabeth warren and bernie sanders, taking their ideas with him, so, no, bernie sanders is not going to be the nominee but if joe biden becomes president he's going to have an obligation to at least implement some of those ideas and joe biden is not easy to write off and hillary clinton was extremist, so the argument that trump is currently making is that he is a centrist whose camouflaging more of the radical ideas. maria: yeah, we will see about that, philip, great to see you this morning, thank you so much. i think you're right, though, he's got to get the bernie bros to vote for him. that could be art part of the rhetoric. thank you, pay lip. president trump's message about growing calls to defund the police as crime skyrockets across the country. we will be right back after this
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maria: welcome back, president trump speaking about soaring crime rates, here is the president on hannity last night. >> new york city is not recognizable, crimes are way up, shootings are way up, murder is way up. it's just unbelievable. chicago, what's going on in chicago and we are looking at it very seriously because we are going to have to do something. we've asked them, we are supposed to be asked to come in, the federal government, we may have to act and do it sooner rather than later. maria: matt schlapp, what's your reaction, numbers are really ugly from new york, chicago, minneapolis, whether it's
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shootings, crime, robbery, what can the federal government do? matt: and they will have to step in. even as a conservative i believe the issues should be controlled by local authorities but they literally have put up the white flag. i've never seen an experience like this. white elites funding violent mob and now we have to read and watch tragic stories about dead children in chicago, in atlanta, in new york city, in los angeles, in san francisco because this violence and effort to defund the police, it actually hurts immigrants, it hurts minorities, it hurts the people who don't have the money and resources to just pick up and leave and you know this in new york city. i can't tell you how many of my friends living in new york city are literally leaving and not planning oncoming back because it took 20 years to fix the problems of the 70's. it's going to take a long time for new york city to reverse the tragic course it's on.
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maria: it's really tragic and new york city mayor de blasio was on -- was on with -- was on cnn yesterday and he said that he's canceling large events in september, emily, he says it means we have to cancel things like street fairs, outdoor concerts, parades, all need to be canceled for now, so the follow up that wolf blitzer asked him, he said, well, this is a historic moment so we have to respect that. i mean, the double standard is just incredible, emily. emily: it is remarkable, they cannot get their message straight on this and i think they underestimate how this is hitting people and the rest of the country watching them, you know, because it's not just about public health, of course, it is about that but also about people's businesses that they have imgait today this country to start and have spent years with blood, sweat and tears, that supports their families that is what people are looking at when they let de blasio make
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exception for protests which quite often are turning violent and radical and i've been covering on the floor in washington and it does not seem fair. maria: everybody just wants a little honesty. don't come at me telling me they're all peaceful protests when we actually are watching the glass being broken and we are watching the looting in front of us. i mean, it's just remarkable that nothing can be done about this. we will take a break, when we come back the founder of the atlas founder jonathan ward is here, we will talk about china and the push for u.s. sanctions. jetblue new hub, the airline calling a new city home, back in a minute with that.
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maria: welcome back, good friday morning, thank you very much for joining us, it is friday july 10th, markets this morning 6:31 a.m. on the east coast pointing to lower opening. take a look at futures, 140 points, nasdaq down 27 and s&p futures lower by 14. this after the nasdaq closed at record high yesterday, the dow and s&p 500 were in the red but looks at the nasdaq, up 55 points. momentum does not quit, 10,547 on the nasdaq. global markets this morning are slightly higher actually, take a look at european indices here with ftse 100 up 22, cac quarante up 13 and dax index higher by 30 points. booths and john lewis cutting more than 5,000 jobs. in asia red across the board. china snapping winning streak
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after rising nearly 17% just over 8 days because the government is saying it's getting too much fund, funds started selling to cool down rally as state media signaled concern of strong run. hang seng down almost 2% overnight. michael cohen is back behind bars, cheryl casone with those details, cheryl. cheryl: that's right, maria, good morning, president trump's former attorney michael cohen arrested after violating home confinement reportedly over refusal to sign an agreement preventing him from writing a book or speaking to reporters while in jail. cohen had been allowed out placed on furloughed to new york home because of coronavirus concerns. the move comes a week after president trump's former attorney was photographed dining at an upper east side restaurant with his wife past curfew. the northeast is braising for heavy wind and rains and tropical storm fay, fay is sixth
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named storm, 2 to 4-inches of rain along with flash flood. tropical storm warnings are up from kate may, new jersey all the way to watchhill, rhode island. jetblue will move from long beach to lax. he donated 3 billion to charity. viking cruises suspending cruises through the end of september and those are your headlines, match, back to you. maria: all right, cheryl, thank you, cracking down on china, secretary of state mike pompeo meanwhile tweeted yesterday this, today i designated 3 senior officials of the chinese communist party in xinxang for
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gross violations of human rights making them and family members unable to enter the united states. ccp has put them in concentration camps and china vowing to take countermeasures in response to u.s. interfering in internal chinese affairs, joining us right now the founder of the atlas organization, he's the author of the book china's vision of victory, dr. jonathan ward. jonathan, always a pleasure to see you, thanks very much for joining us. kick us off with what's going on with the uighur community. the secretary of state talked about these are muslims that want to follow their own religion but they're not allowed to but chinese government is force forcing them in camps so they learn chinese culture. what else is going on in uighur
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camps? >> the u.s. of forced sterilization and these sorts of programs lead some to call it genocide, you about a million people in concentration camps in land mass out in western china, a region which over history has been conquered and reconquered by the chinese state and the communist party has -- has, you know, put control mechanisms in here three what they've done in tebec to take down the indigenous culture and bring settlers from the rest of china and essentially make sure the place is under control as they see it. reeducation camps in some sense are just sort of korean-war torture camps, standard communist party practices of what we used to call brainwashing and such in order to break people down and ultimately have them serve the state. maria: wow. >> what's worse, this is a
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region, major cotton-growing region, the forced labor camps and the state department just issued warning to american businesses saying, look, you to check your supply chains, you may inadvertently be part of this forced labor program and report that came out from major think tank in australia linking companies are from nike, dell, adidas to concentration camps. maria: wow. >> china carries out abuses economic engagement that we've done over the last 25 years, you have all of the fortune 500's going into china but they are winding up attached to problems like this or, for instance, when the pentagon released report of 20 companies backed by the chinese military, a bunch jv's with american companies. it presents a few problems. it's not really possible to be in china and skirt the issues entirely as the chinese state continues to press forward with these kinds of abuses.
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maria: yeah, what kind of retaliation would you expect from china because they are promising that they are going to retaliate because the u.s. is trying to get involved in their internal politics it says? jonathan: it's very important move to sanction somebody who is -- you have one of the officials who has been sanctioned, member of the bureau, no moral equivalence here but it would be similar to as china put sanctions on member of u.s. cabinet. they will try something in sort of tit for tat i imagine, they've already talked about measures they want to take against senators in the u.s. that have been critical of xinjang and hong kong and we should expect that. more broadly you're talking about a relationship that's not going to be put back together. you know, the u.s.-china relationship has reached a turning point. that was happening already but covid accelerated that. hong kong, the national security law made this an international problem, now it's not just the united states that recognizes the problem of china but, you know, germany, france, britain,
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everybody started to rethink this relationship. you know, and our businesses i think are the last holdout for u.s.-china relations and it's time for them to start rethinking what they are doing, rethinking what their strategies are and that's something that we are hoping people with this organization and -- maria: and the president has been pushing back on -- on buying chinese technology because it's being embedded in our technology and being a vehicle for espionage. reuters is reporting the trump administration plans to halt any company that uses technology firms including hauwei and zte. tell us about this, what kind of implications this has for $500 billion worth of annual contracts? >> jonathan: we have to get national security and economic security as -- that's one concept now.
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we have this economic dependency on china. we realized on medical supply chains and that has to be reduced and when people talk about decoupling, you are going to see this, this is a real thing, you have a u.s.-china decoupling across strategic industries. we will have to reindustrialized the united states and keep china out of and can gain through, you know, emerging technologies to engagement with the united states. i think there's a major review to economic relationship. things like the sanctions list, the entities list, you know, all of the different pieces of the tool kit but fundamentally the revisions of the u.s.-china economic relationship is under way, it's well under way and most of all this means that our ceo's and institutional investors understand this and we are providing web-base briefings to -- to, you know, businesses at atlas and to help them get where the u.s.-china relationship is going, you know, fundamentally everybody has the
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-- maria: one of the issues -- one of the issues is the theft of intellectual property and we know that the justice department revealed a professor from ohio state university was arrested back in may for not revealing plans to use $4.1 million of nih grant money to aid chinese researching. this arrest is just one of the latest in a crack-down on the china plan to recruit u.s.-based scholars and researches to help the chinese communist party. what can the u.s. do to protect valuable research from theft? just seems like the communist party's strategy is theft in terms of growing, that's part of their strategy, take it from the united states, steal it from the west? jonathan: absolutely, that's how they've made advances over the years, cyber theft or human theft. you know, as the director of the fbi said, department of justice is opening new china-related
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counterintelligence report every 10 hours and i believe he's also said that the chinese espionage that's higher than, you know, at any point even during cold war. this economic integration has lead to, you know, really grand-scale theft of what we have to offer as a country and all of that has to be reviewed and i think this comprehensive review of the relationship, securing supply chains and securing institutions and making sure the chinese communist party is unable to operate to conduct intelligence activities in the united states, so that's going to be a major process to sort of reorganize everything so that their freedom of maneuvers is massively reduced. maria: all right, jonathan, great to see you this morning, thank you so much, sir, we will keep watching this very important story, jonathan ward from atlas. coming up markets falling again this morning, investors rattled over the rising covid cases, dow industrials down 100 points right now plus we are introducing you to one of the only american companies making masks and air filters for public
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spaces. you're watching mornings with maria live on fox business.
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maria: scrambling for supplies, healthcare workers on the front lines of the coronavirus crisis once again work to go secure gowns, masks as the virus surges across the country once again. lidol, one of 3 companies in the united states making face masks and air filters with a critical
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layer that can capture the virus. joining us ceo of lidell sarah greenstein, sarah, thank you very much for being here. many nurses reusing masks for days due to shortage, is that safe? >> no, maria, it's not, which is why we have done everything within our power and now thanks to this administration are going to be able to do more to make sure that we can make the necessary products to help all of our frontline workers, have what they need as pandemic -- maria: i want to ask you about this mask that you're referring to. the defense department awarded your company $14 million to produce masks and filters, congrats on that big deal. tell us about that, where they'll be going and why these masks are so important, the way that you're making them? >> sure, maria, so you've heard a lot about masks but the reality is what makes a mask effective is the middle layer,
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that's the critical component in any n-95 surgical masks and that's the product that lydall makes and has made for decades and highly-engineered filtration product and protects the person wearing the mask from getting the virus as well as the person wearing the mask from spreading the virus and it's the middle layer that requires, that is what enables the ppe to do what it need to do. i talk a lot about protecting people which is what face masks do and protecting places which is filtration products do and lydall has long made the products an now thanks to the grant we are going to be significantly increasing our capacity to make these products right here in the united states and once in, we will be able to make enough filtration material for 1.7 billion, n-95
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respirators, this is a huge win in the united states. maria: that's fantastic, one of three companies making masks in america. that's amazing, why so few companies producing the product here and what's so difficult to get and i'm glad that we are having the conversation about masks because some people think you put anything on your face and you're fine but that's not the case, you need that middle layer, you need the actual protection to ensure that germs are not penetrating, right? and why so few companies making masks in america first? >> absolutely, maria, again, i give this administration so much credit. governments around the world have experienced a real wake-up call from covid-19, let's face it. we outsource the world's ppe to china years ago and in manufacturing environment where low costs would be the sole driver and we had subsidized players and unplaying field it became difficult to make thighs
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highly-engineered specialty products other than there. this has now changed. we all realize that. governments around the world including and especially this government realized that we must have a domestic high-quality reliable supply chain in order to make the materials and these masks. i call it the armor, we would never send soldiers to battle without best technology. face masks are the armor that we have in order to protect all overuse covid. maria: of course, and the facility near the middle basically does what? it's filtering out germs that will enter your blood stream and helping you protect, tell me about the filter, real quick because we have to go. >> it's what does the job and keeps you safe and keeps you from spreading the virus. the virus cannot make it through the filter.
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maria: all right. sara, great to have you this morning, congrats, we will keep watching the situation, sara greenstein, another reason to cover up, more people heading to the plastic surgeons office and it's making a buzz this morning. we've got it when we come right back. what do you think? i don't see it. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ i am totally blind. and non-24 can make me show up too early... or too late. or make me feel like i'm not really "there." talk to your doctor, and call 844-234-2424.
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maria: welcome back, time for the morning buzz, well, first up plastic surgery now seeing major boost now that people can start getting elective surgeries once again. clinics across showing rise and
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patients can recover behind a mask or work from home. frances, your reaction? >> panel confessions. i've had laser because i'm very fair of sun damage and no mask would have helped me. great time for doing the beauty treatments and i don't blame the ladies and another divergence and where the economy is doing well while other things are suffering. maria: the revenue took a massive hit at hospitals when we were in shutdown, when you couldn't do elective surgery. as soon as they opened that up, now you're seeing rise in this. it's interesting, it's a big piece of business for the hospitals and the doctors as well. next up scrabble takes a stand against systematic racism. the north american scrabble players association has announced removing 236 slurs and other offensive words from the official word list, game giant says changing scrabble official rules, emily, what do you think?
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>> emily: i think racism has finally been solved, no, was this a problem, one of the moves that solving a problem and i can't imagine playing with somebody and putting a racial slur on board and they made the decision and affects the professional scrabble players in tournaments. they did what they did. maria: yeah, can you imagine you make a good point, oh, my god, next up, how about this, my favorite one of the group. work from home for a year from barbados, caribbean favorite considering 12-month visas for remote workers, matt, not a bad place to be shut in barbados. >> the matt schlappi may ask you for paper, we need some place to land where our kids can go to
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school. maria: i hear you, wick break, north carolina congressional candidate madison hawthorne will join the panel top of the hour and talking 2020 and his campaign and starting next hour mornings with maria is live once again on fox business and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity. get your slice today. . . . now is the time for a new bath from bath fitter.
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maria: welcome back. good friday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is friday, july 10. your top stories, 7:00 a.m. on the east coast. coronavirus spikes putting reopening plans on pause in several hot spot states. texas, california, florida, all reporting their highest number of daily coronavirus deaths yesterday. u.s.-china tensions continue to rise, beijing said it will retaliate after the white house imposed sanctions on chinese officials involved in uyghur human rights abuses. joe biden calling for an end to what he calls shareholder
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capitalism. president trump says biden has been taken over by the radical left. biden introduced a buy american plan. markets are pointing to a lower opening. take a look at futures, down 80 points on the dow industrials, nasdaq down 16. s&p 500 lower by 8 points right now. this after the nasdaq closed at another record high yesterday, the dow and s&p 500 were in the red as coronavirus spikes raise more concerns about the economic recovery but the nasdaq's momentum will not quit, up another 55 points yesterday at 110,547. the supreme court delivering a mixed ruling for the president yesterday saying that the manhattan da's office can get his tax returns. but denying congress access for now. tiktok under pressure the popular app looking to distance itself from the chinese communist party and its chinese roots. plus, this could be the worst tick season ever, many symptoms mimicking the coronavirus. what you need to know to stay
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healthy, ahead. "mornings with maria" is live right now. global markets this morning are higher. european indices are slightly higher. fq100 up 35, cac up 23, dax up 63. two of the u.k.'s largest retailers, boots and john lewis are cutting jobs, more than 5,000 jobs. asia was red across the board, the chinese shanghai composite snapped its winning streak after rising nearly 17% over eight days, that's because the chinese communist party said to stop buying. chinese funds started to sell to cool down the rally after state media reported that there were concerns about the strong run. it was up 17% in eight days. in hong kong, schools have been closed due to a spike in coronavirus cases and the hong kong hang seng index was down almost 2%. some of the top stories we're watching this morning. in a new fox news interview, president trump laid out his vision for the u.s. economy if
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elected for a second term. >> maria: the president promising to find a vaccine as well for covid-19 by year-end. joe biden takes on president trump and the economy, the presumptive democratic presidential nominee was in pennsylvania, pushing a $700 billion plan to force the federal government to buy more american made products and services. >> the federal government spends taxpayers' money, we should use it to buy american products and support american jobs. during my first term alone, we'll invest $400 billion in purchasing products and materials our country needs to modernize our infrastructure. maria: biden's push to pro of dues critical medical equipment and drugs in the united states instead of being forced to import them from china and other countries is obviously exactly what the president has been
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talking about in his america first agenda, moving the supply chains has been the president's key policy. florida quickly becoming the epicenter of the coronavirus pandemic in the united states reporting 120 deaths. in california, 149 deaths were reported yesterday, the single highest number since the start of the pandemic and in texas the number hitting the triple digits for the first time with 105 deaths in texas. arizona also seeing a staggering situation, prompting the governor to limit all indoor dining to less than 50% of capacity. united airlines and its pilots union reaching tentative agreements on early retirements and voluntary furloughs. the deals coming after united said earlier this week that 36,000 people, nearly half of its workforce, could be furloughed by october 1st. airlines that received government loans cannot lay off or of furlough workers until september 30th. united airlines shares this morning in the premarket are
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trading down about 3 and-a-half percent right now. time for the word on wall street, the latest on what's driving the markets and the economy this morning. joining me right now is optimal capital director of strategy, francis newton stacy, the ceo and managing partner of the bonson group, david bonson is here, along with katie stockton. thank you for being here. ending, quote, shareholder capitalism, that is what presumptive democratic presidential nominee joe biden said and he's vowing to do it if elected. he says president trump focuses too heavily on the stock market. he said this yesterday in a speech in pennsylvania. he discussed raising the corporate tax rate to 28%. francis, what could a biden win mean for the economic recovery after this pandemic? >> well, this comment on shareholder capitalism is absolutely insane. what he's saying is that they pay a lower tax rate than everyone else but everybody should remember that that money has already been taxed in most
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scenarios unless you have a retirement account. that's double taxation on the earnings on that money. so that's kind of a little bit ridiculous. does he not understand that people invest in companies, companies have money then to grow and to hire. so calling investment in -- quelling investment in companies is going to have our unemployment picture look very dire for a longer period of time. maria: what he says, the idea of shareholder capitalism, i guesses meaning -- i mean, i don't know what he means by that. do you have any idea what he means by ending shareholder capitalism? >> i feel like he's referring to the tax rates. i feel like he's -- this is part of his re distribution of wealth plan. i guesses saying this is the reason for the wealth gap. he's not understanding that this is part and parcel to the employment picture and i think that that's sort of misleading. maria: it's also a free market.
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what are you going to do, curb free markets? then there's this, curbing china gains, two government owned funds in china sold stocks to stem a potential bull market. the shanghai composite snapped its winning streak after seeing a boost of more than 16 and-a-half percent in eight days. david, let's talk here. when the communist party says something, the country follows suit and a week ago the ccp said we want a bull market as part of our economic recovery and like that, millions of chinese retail investors started opening accounts. now the ccp says it's gone too far so they completely reversed course. your take on what's going on in shanghai? >> yeah, there's a historical precedence for this. in 2015, they tried to intervene and boost up equity markets and then had to peel it back and unfortunately this is a lesson the governments never seem to learn, communist governments i guess are more guilty of it.
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these interventions come at a cost. and so we know that intervening into equities is very distorted when governments are buying as a noneconomic actor and then promoting others to do the same. someone ends up holding the bag because it distorts the value. maria: yeah. by the way, david, you wrote a whole book on elizabeth warren and her economic policy. what are your thoughts on what you heard from joe biden yesterday? >> yeah, i wanted to jump in -- maria: a lot of people say warren will be the key voice on the economy. i know you know a lot about this. you wrote a book on it. a lot of people believe if biden were to win, elizabeth warren is going to be the key economic voice. >> i think the boldest case would be he's going to pretend warren and sanders will be the economic voice throughout the campaign and then after elected he would switch back to a bit more classical or traditional democratic set of influences.
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but the reality is, we don't know. the shareholder capitalism attack is actually a byproduct of this whole social justice movement, larry fink is talking about it. you remember, maria, the business roundtable last year saying corporations should no longer exist for benefit of shareholders. that's what he's getting at. it's dangerous. it's economically ignorant and god, do i miss milton freedman. maria: i tell you one thing. the absolute hypocrisy of some of these global money managers who are telling me i want to have this esg, bs, and not invest in sin stocks, i don't want to invest in oil companies, don't want to invest in tobacco companies because they're sins yet they're perfectly fine managing the money of the ccp. it's so hypocrite call --
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hipocritical. they're telling us not to invest in oil of companies. really? let me look at the broader markets here. we're on the doorstep of the second quarter earnings season next week. features are slumping amid the coronavirus worries. one stock that is seeing major gains, tesla. katie, walk us through this. the stock soaring 25% in the last week on tesla, katie. you're looking at the charts. what do they tell you? >> it's hard to chase stocks here, of course. it's just to justify the gains that we've seen except that there's momentum and it's really a sentiment-driven market right now. we've seen that in the broader market. the s&p futures obviously trading off a little bit this morning. the markets don't like uncertainty. they're a little bit skittish. but you're not seeing it in those sort of large cap technology leaders and these so-called robinhood stocks, those stocks are still working. they're still exhibiting leadership and it's helping to
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boost the tape. i don't think that will be going down significantly anytime soon based on the momentum there. maria: so katie, would you buy the nasdaq here? what are we talking about, 26 all-time highs this year. it continues, the momentum is incredible. partly tesla, partly biotech, big tech, driving the nasdaq to record territory. >> the nasdaq, 100 index or the triple qet fs has exposure to those market leaders, the fang plus m or plus microsoft stocks. i think you stay with the existing leadership in this tape. i want to add exposure to the market because i do think that the s&p 500 will return to those february highs before the next significant pullback and of course that's 8 to 9% higher than current levels. the reason for that is that we've seen short-term momentum improve since june when the market was consolidating. that consolidation phase was
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quite healthy and it shows this kind of healthy level of kept skepticism in the marketplace, that is from a contrarian perspective as positive. maria: we will leave it there. thank you so much, francis, david, katie, great to see you all. on the word on wall street. much more ahead this morning. coming up this hour, georgia congressman doug collins is here to talk about 2020 and the durham investigation, when will we get that. and then the 8:00 a.m. hour, house minority leader kevin mccarthy with the latest on china, tiktok, the supreme court rulings and the 2020 race. dallas federal reserve president robert kaplan joins me to talk all things possibility and the all things stimulus. tick season has arrived, experts are predicting it could be one of the worst seasons. one colorado town is threatening jail time if you do not wear a mask in public. we will take a look at that. then, north carolina congressional candidate madison
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of cawthorn will join the panel next, the big issues in the race for the 2020 white house. you're watching "mornings with maria" live on fox business. ♪ [indistinct radio chatter] (mom) come on, hurry up! all systems go? (mission control) 5 4 3 2... ignition and liftoff. (vo) audi e-tron. the next frontier of electric.
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maria: welcome back. getting students back in class, president trump urging states to reopen schools this fall. even with coronavirus spikes across the country. >> we have to get our schools open and stop this political nonsense and it's only political nonsense. it's politics. they don't want to open because they think it will help them on november 3rd. i think it's going to hurt them on november 3rd. maria: some governors are against the president's plan, washington governor jay insley saying that his state will decide when schools open, not the federal government. and in michigan, governor
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gretchen whitmer took to twitter writing this, i want to make this clear, i will not send our of kids and their education workforce into our schools unless it is safe to do so. plain and simple. i made decisions based on science and facts to keep michigan safe since the beginning and won't stop now. joining us right now this morning is emily, matt schlapp and joining the conversation is congressional candidate madison cawthorn. thanks for being here. madison, let me kick this off with you. your take on this back and forth about opening schools. obviously the governor of michigan's making a statement to reach the president. >> well, you know, i think it's ridiculous to keep schools closed. i think the death rate, mortality rate for people under 25 years old with covid-19 is 0.0008%. and so i think it's very, very safe for us to be able to get back into school. i echo what the president said, this is all politically
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motivated. i think it's arrogant for a few people in government to try and determine what we should do for public health for our nation and for our of economy. so i believe we need to get our schools back open. maria: matt, what do you think? you've got five kids. matt: i've got five kids. we teach them math and science. here's what the scientists are saying. the cdc says to governor whitmer, there is no evidence that there is any risk to health by opening up these schools. here's what denmark and the scandinavian countries have done. they opened up their schools even though they were a little nervous in the beginning and they've seen no outbreak of the virus. why? because all the science shows us exactly what madison just said, that kids are the least risky pool. and if they close down the schools, maria, the next step is they're going to close down this economy again. if they shut down this economy one more time, not for health reasons, but for political
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reasons, it's only blue states and socialist governors trying to say they want to do this, it's all about stopping trump. the president's exactly right. he should encourage and incentiveize every school to open safely in the fall. maria: is it only blue states that are pushing back on the president, asking to hope schools? >> yes. look at all the -- jay insley literally ran for president from the state of washington. gretchen behight he whitmer hasg to so hard to audition to be the vice president for joe biden. i mean, this is so riddled with politics. i think there's going to be a moms revolt if the governors continue to play politics with kids. it's supposed to be about the kids, maria. remember that? maria: yeah, exactly. emily, what's your take? emily: well, i think those quotes you read off from governors whitmer and insley are hilarious. the democratic party has suddenly discovered the virtues
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of federalism. i wish they would use this experience to maybe they need to apply the principles of federalism to education in general. we need to defederalize a lot of it. i find that very amusing. it's hard to grasp the impact that keeping kids home from school is having on their socialization. i think it's important to come up with a way to get this done. maria: yeah. it's true. coming up, tic season is here, experts are predicting this season will be the worst on record if not one of the worst. what you need to know coming up. tiktok planning to distance itself from china, how do you do that when you're a chinese company. it's making a buzz this morning. stay with us. ♪ massmutual healthbridge is a free life insurance program just for healthcare workers fighting covid-19. apply today at massmutual.com/healthbridge
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maria: welcome back. lyme disease alert, experts are warning of a major increase in ticks carrying lyme disease due to the mild weather. lyme disease and the coronavirus share many of the same symptoms. joining me now is dr. jennifer kawdell. lyme disease, not a new problem. why is it so bad this year? assess the situation for us. >> well, really one of the things that we're concerned about is that people have been cooped up all spring, really. a lot of us are anxious to get outdoors. as people get outdoors, getting to trails and hiking and things of that nature, the concern is that while we may be wearing masks to prevent coronavirus, we may forget about the things we need to do to prevent lyme disease. that's using appropriate tick repellant and other preventative measures. but that's one of the concerns, that we may not be thinking about it. maria: yeah, i mean, talk about
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lyme disease symptoms that mirror covid-19 symptoms. >> yeah. so that's also another concern. you mentioned some of them appropriately, we've got fever, chills, headache, muscle aches, fatigue or feeling tired. those are symptoms that are very common with lyme disease. certainly in the beginning stages. they're also many common symptoms of coronavirus. lyme disease often has a characteristic rash that we do not see in lyme disease. the other symptoms, nonspecific, means they could be one of many different diseases, they do overlap. so that is also a concern why we have to prevent tick bites and lyme disease because what we don't want is a situation where we're wondering if we have covid-19 or if we have lyme disease or something else. maria: so how do we present it? how do we -- prevent it? how do we avoid getting lyme disease? is there a shot or of medicine we need to know about to prevent or fight this? >> yeah. so first of all, it's important
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to know that lyme disease, it's a disease caused by a bacteria carried by a black leg tick. lyme disease is most common in the northeast, in the upper midwest and some on the west coast, the northwest coast, rather. and it can happen in other areas but it's less common. it's important to know if lyme disease tends to be common in your area. the other of places that we -- in terms of locations that people go to are wooded areas, trails, brush areas, weeds and things like that, hiking and that type of thing. prevention really has to do with avoiding tick infested areas of course. but you want to wear an epa or environmental protection agency approved tick repellant that has deet or another appropriate ingredient in it. you can treat your clothing with something called premedrin which will help repel ticks. light colored clothes will help you identify ticks on your body, help you see them better.
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if you're on trails, walk in the center of the trail. don't walk into the brush or the sort of wooded areas. when you get home, check your body from head to toe and make sure you shower soon after you get home. maria: real quick, what if we get bitten and we know we have a tick bite? what do we do? >> what i would actually do is -- there is a proper way, there's a right and wrong way to remove a tick. the cdc.gov has great instructions on how to remove a tick. i would call your doctor. depending on how long the tick has been in you or what have you, may determine what happens. by the way, there is treatment for lyme disease, i should be very clear. it's a course of antibiotics for a few weeks. understand, there is appropriate treatment. people can get treated for this but call your doctor after removing a tick to find out if there's additional steps you need to do. maria: got it. all right. always great to see you. thank you so much. have a great weekend. we'll see you soon.
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thank you for the tips. coming up, georgia congressman doug collins is here to talk about 2020 and the durham investigation. we'll be right back after this.
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maria: welcome back. good friday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is friday, july 10. here's a look at markets, 7:31 a.m. on the east coast. futures indicating a lower opening, dow futures down about 100 points, the nasdaq futures lower by 15 and s&p futures down 9 and a quarter. this despite the fact that we had another record high yesterday, the nasdaq closing at an all-time high once again yesterday, the dow and s&p 500 were lower but check out the nasdaq with a gain of 55 points at 4:00 on wall street yesterday, unchartered territory. meanwhile, this. the northeast is bracing for heavy wind and rain from tropical storm fay. cheryl casone with the details now. cheryl: here we go, maria. fay is the earliest sixth named
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storm on record, is expected to make landfall near new york city tonight. parts of long island and connecticut could be hit with wind gusts up to 60 miles an hour and three to five inches of rain. tropical storm warnings are up from cape may, new jersey up to rhode island right now. at least two companies are battling to become the new owner of brooks brothers. according to the wall street journal, spark group, backed by authentic brands and whp global may be looking to take control of the bankrupt company. sources say both bidders plan to keep most brooks brothers store open. and here is a look at what's trending on foxbusiness.com. disney world reopens tomorrow without some fan favorites. cutting the parades, the fireworks, and meet and greets with disney characters. starbucks will start requiring
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customers to wear face masks or face coverings at all of its stores throughout the united states. that starts next wednesday. and uber's name your price feature which allows drivers to set their own fares is expanding to more california cities. and those are your headlines, maria. back to you. maria: all right, cheryl, thank you. we are n o on countdown mode toe 2020 els2020 election. president trump speaking about his take on issues from the economy to crime. >> let's face it, he's been taken over by the radical left. he has no clue what they're doing and what they're getting him into. this is worse than bernie sanders at his best. i think they brain washed him. they brain washed him had. he doesn't know where he is. he doesn't know what he's doing. and our country will suffer, our stock markets will crash. bad things will happen. they will defund the police. they will abolish the police.
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maria: joining me right now is georgia congressman and house judiciary committee member, doug collins, congressman, always a pleasure to see you. thank you so much for being here. >> good morning, maria. maria: i got to get your reaction to biden yesterday. he's come out with his $700 billion plan, talking about buy american which is of course president trump's plan. but of course saying he wants to do away with shareholder capitalism. what's your take? >> i mean, look, it's amazing when he wakes up and what he says. i mean, it's just -- they're moving -- the democratic party right now is basically anchorless. they do not have principles except now they're trying to please everybody who they would like to vote for them. they're going further and further to the left, talking about economies and moving from our of capitalist system, moving away from small business, moving away from the things that made our country great toward a socialist economy, toward one that frankly is just sort of a
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free rein, do whatever you want to do. that takes us away from the rule of law. joe biden if he wants to continue this, go for it. i think it puts a strong peg on what is going to happen with president trump getting four more years. president trump made things stronger. in four more years, it's going to be stronger, a stronger economy, stronger military, a stronger judicial systems, that's what the president will offer in four more years. joe biden is fishing, trying to figure out what people want to hear. maria: in the meantime, we've got the defunding of police going on across the country. what's your take on this? there you are in the middle of georgia, in atlanta, you're seeing it up close and personal where police officers are calling in sick. they're not coming to work. they don't have the support of the mayor or the governor. >> yeah, it's amazing for us right now. the mayor and the district attorney have hamstrung the
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police down here to where they don't know what to do and how to do their jobs and it's just a movement, it takes it away from them. they do their job properly. any time anyone tells you they're wanting to defund the police, it's. deirdredisrespecting thepolice. what we're seeing is you're going to have more and more people to not want to get in. can you imagine police forces that are currently struggling in the current size they are and you're cutting police officers away, cutting resources away. why are the ones who are left want to stay? then you'll see what the defund police movement is. it's disrespecting law enforcement and taking communities and saying we don't care about you. maria: a scary moment in time with all of this. congressman, let me switch gears, ask about the timeline of the investigation into the origins of the russia probe and corruption at the top of the fbi. sources telling fox news that u.s. attorney john durham is
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looking to wrap up the investigation by the end of the summer. the ag of course, ag bill barr, told me in an interview exclusive two weeks ago that we are likely going to have real developments by the end of the summer. several lines of the probe, though, are not complete. where are we in this? >> well, it's something that needs to finish up. it does need to finish up i think by this summer. we're talking about an investigation that spans all the way back to the previous election and the work of some in the department of justice, comey, strzok, mccabe, paige, brennan, clapper, into the white house and oval office itself, that were actually interfering with our previous election. we need to get this out now. my concern is, through the covid virus, through other things that have slowed up having investigations and having interviews an even grand juries, that there has been some slowing. this needs to speed up. we need to have this before the election. because after the election, again, is the tendency to put things aside. but all has said we will
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investigate this and report. durham needs to bring that report out of. we need to hold those accountable because if we don't hold them accountable, then what's going to stop somebody else from saying i'll do this again and nobody's going to care. this has to be done because it should never happen to a president, never happen to a candidate ever gone. maria: it's just extraordinary, some of the things that they did against this president. let me ask you about the tax return decision, the supreme court ruling 7-2 that new york state prosecutors can access president trump's tax returns. but at the same time, the court declined to give congress access to those tax returns having been subpoenaed by democratic led house committees including yours, the president responding during his interview with hand ahannity last night. watch. >> i'm under tax audit. i have been for a long period of time. we made a deal a long time ago. once i ran for politics, the deal was like we didn't make it. so i'm under a continuing audit. i was disappointed and at the same time it was -- because i
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think we -- a president should get protection from thousands of prosecutors out there, thousands all over the country they can go after you and you're supposed to be running the country. maria: congressman, where is this going? >> well, unfortunately the supreme court gave a prosecutor just freedom to go on a fishing expedition which is just wrong, especially a partisan one that we're looking at right now. many of the things they were originally investigating have been settled or finished and now we're reuping this. i fought hard against jerry nadler and adam schiff and the rest on this issue of the congress getting this information. the supreme court upheld exactly what they should have held. the democrats want everybody to believe they were doing everything proper, they were doing everything they should and they were nothing but a partisan witch hunt, a hack job that pelosi, schiff and senat nadlere on. i'm glad to see we do have congressional oversight, we should be doing what -- making sure the administration is on
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any administration from any time, congress should do its job. when you go overreach and you have overreach like this i'm glad to see it got slapped down just like it should have done. maria: well, i mean, you know, this is the question that i've been asking you and a lot of your colleagues now for weeks. how much time are you guys spending investigating president trump versus investigating national security and things like china who has been eating our lunch now for decades, yet your colleagues have been looking under the bed for ghosts in the russian collusion narrative which never materialized and you missed china the whole time. jerry nadler continues to investigate trump and ignores all this other stuff. >> tell me how speaker pelosi, adam schiff can look people in the face and say we've been on the job working for you. they haven't. that's a joke. for the speaker or any of them to say we're trying to work for the american people, when given the record, it's more than a do nothing congress. it's an investigate the president, it's a political hack job from the congress that said
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we wanted to help people. all they've been doing as you said, looking behind doors, looking under the bed, trying to find something against this president because they don't care about changing people's lives. they care about the november election and trying to defeat donald trump. maria: well, look at their constituents, look at can fran. that's a mess. look at california. it's amazing. congressman, good to see you. thank you so much. congressmandoug collins joining us there. coming up, the 2020 economic outlook, former vice president joe biden says he wants to bring an end to the era of shareholder capitalism. we take a look coming up. one colorado town threatening jail time if you don't wear masks in public. we're taking a look at that. you're watching "mornings with maria" live on fox business. devo is now offering an extra 15 percent credit on car and motorcycle policies? ok? that's 15 percent on top of what geico could already save you. so what are you waiting for? dj khaled to be your motivational coach? yo devin!
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maria: welcome back. coronavirus concerns, the shutdown impact on the economy weighing on investors this morning, futures indicating a decline, the dow futures are down 87, nasdaq down 21 and s&p down 8 and three quarters. yesterday, the nasdaq hit another all-time high, despite the dow and s&p 500 finishing the day lower. the nasdaq went in unchartered territory, second straight record close. 26 record closes i think this year. the nasdaq up 55 points a at 10,547. joining me now is the chief u.s. equity strategist at citi, tobias leftkovich.
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your reaction to what's going on in markets. nasdaq keeps going at record highs. market also the broader averages not too far from record highs despite all of these worries. >> so look, investors are piling into what we will call secular growth, free cash flow generators. is not just u.s. investors getting involved, but foreign investor as well, similar to what we saw in '98, '99, 2000 where foreign investors wanted to get in as secular growers, for the most part concentrated in the u.s. maria: and what are you doing now in the face of all of this? do you want to own these stocks herhere? do you want to buy in now or wait for a decline before getting in in. >>?>> we would probably wait foa decline. the last time we saw this was back in late january, right before the selloff. again, back in september 2018 right before the selloff.
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so we are concerned that investors are a little beyond their skis right now. we're looking for example for a 2900 s&p 500 target year-end, we're at 3100 and change. we do think there's still volatility to come. there's been a lot of good news priced in. as you noted, kind of in your opening, maria, the notion about the coronavirus infection spread again caused kind of an elongated period for what might not be a much more sluggish economic recovery than the hopes for a quick v-shaped one. maria: tobias, are markets focused on the election yet? presumptive democratic nominee joe biden doubling down on his call to change the economy yesterday as well as capitalism as we know it. watch this. >> and it's time corporate america paid their fair share of taxes. we thought in our administration we should lower the tax in the high 30s to 28%. lowered it to 21. i'm going to raise it back up to
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28. let's make sure the workers have a power and the voice. it's way past time we put an end to the era of shareholder capitalism. maria: tobias, what's the impact of all of this? what do you think? >> so, i love at this point raising my canadian flag, my personal citizenship. i don't have to vote. separate of that, look, i think investors are on one side concerned. we talked to a number of clients about this. on one side they're concerned about corporate taxes going up, personal taxes potentially going up. they are looking at more of predictable trade policy and not having to worry about -- there's a mix among investors about on one hand it's kind of bad, on the other hand it might be a little better. they're not as worried as you would have thought. i think the bigger issue investors might face is if the
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capital gains may go up and they may be forced to selle sell earr rather than later. currently the capital gains taxis 20%. if you're going to try to treaty it as ordinary income taxes for example, you almost double that, i think a lot of financial advisors would tell their clients, hey, guys, why not take the of profits today as you note, markets are near record levels. people have made a lot of money. take it today and that could cause a market pullback. that's something we could have concern about. maria: yeah, i mean, that would mean that we get a serious selloff at the end of the year. by the way, biden has said that he wants to raise tax as well as capital gains taxes. you're right. and elizabeth warren wants to institute a wealth tax and i know that she's a key advisor for him. let me get your take on earnings. they start in earnest next week. bank earnings first, jp morgan chase, citi, all reporting second quarter results next week. what's your take on the second
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quarter reporting season and the kickoff next week with the banks? >> so let's start with the broader numbers. current consensus down about 44% year over year for second quarter. and look, we shut down not just manufacturing economy but service economy as everybody was sheltering in place, none of us were going to our yoga classes or barber shops, et cetera. in that sense, this is kind of unique. we think the numbers are going to be worse than that 44%. but i think investors are giving the second quarter kind of a hall pass in the sense that it's a nonrecurring event, economies are reopening and they're looking forward to momentum and acceleration of trends. i think the key issue is more guidance and to a great extent a lot of investors are looking at 2021, 2022 type earnings to do their valuations. on that basis, current consensus for 2021 is $164 for the s&p 500. we did a survey two weeks ago, 75% of our of clients, over 14 o140institutions participated ie
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survey, said that 164 number is high. with regards to the bank earnings, one of the things that has happened more recently and more capital markets related, you've seen a lot of issuance of ebbing which extenofequity and . the question on the other side of this, what happens to credit losses. what are the provisions that are being taken for that, credit cards or loans at larger institutions. maria: all right. we'll be watching that all next week obviously with the banks. tobias, thank you. we'll be right back. ta-da! did you know liberty mutual customizes your car insurance so you only pay for what you need? i should get a quote. do it. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ i am totally blind.
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maria: time for the morning buzz, first up, tiktok looking for change. the video app coming under fire for its ties to the chinese communist government. now the company says it's considering a new management board, setting up headquarters outside of china. emily, will this changes help? emily: no, this is smoke and mirrors and i don't think we should be falling for it. as long as tiktok is -- this is meaningless as far as i'm concerned because the threat that they will have to -- be compelled to give over the massive amounts of american data they collect still exists. i would encourage everybody to delete tiktok from their phone. it is a security risk to you as an individual in this country. this is smoke and mirrors. i don't think americans should fall for it. maria: very important what you say because it is an opportunity to surveil american citizens. so you're right. tiktok is a chinese company. it has been caught surveilling
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iphones. if you're a chinese company, you're a chinese company. and the communist party is in charge, period. next, dating during quarantine made easier, tinder adds a video feature, for people to get to know each other before exchanging personal information and meeting in person. what do you think? >> not only is this politically motivated coronavirus pandemic destroying a lot of people's summer plans, the economy, students going back to school in the fall, also it's messing up a lot of people's dating lives. i have a lot of friends who are looking for their soul mate, their wife or husband, i know they'll enjoy being able to use this video to talk to other people. maria: yep. we're going to talk more about your platform in north carolina coming up in the program. fun in the sun without the hangover, tips are being offered to drink safely, avoid a massive headache, including drinking
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lots of water, limiting sun exposure and avoiding drinks with a lot of sugar. matt, you in. matt: i'm in, maria. i learned my drinking habits how they flowed during quarantine and shutdown. let me tell you, i could use a lot less of it. maria: well, there's that. stay with us. we'll be right back with more "mornings with maria." this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.
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maria: welcome back, good friday morning thanks so much for joining is i am maria bartiromo. friday, july 10, top stories right now 8:00 a.m. on the button on the east coast, the coronavirus spikes putting reopening plans on pause in certain hot spots straights across tun texas california florida reporting i highest number daily coronavirus deaths so far, u.s. china tensions by a >> i think says will retaliate after white houses imposed sanctions on the wuger human
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rights abuses. >> joe biden targeting corporate america calling for end to what he calls shareholder capitalism, president trump says biden has been taken over by radical left biden taking a chapter out of president's playbook introducing a buy america plan, markets this morning under selling pressure, futures indicating a lower opening start of trading about an hour and a half dow industrials up lows of the morning dow industrials down 138 nasdaq futures down 36 s&p futures down 15 after nasdaq closed at another record high yesterday the dow and s&p 500, in red as coronavirus spikes raised more concerns about our recovery. >> disney world theme parks reopening tomorrow live to happiest place on earth for a look how governors will experience the magic kingdom post-covid, wear a mask or go to jail the town where you could face a year behind bars if you do not cover that face "mornings with maria" is live right now.
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maria: global markets mixed this this morning european indices slightly higher take a look ft 100 up 29 cac quarante in paris up 16 dax in germany higher by 57. two of the uk he largest retailers booth and john lewis cutting more than 5,000 jobs are asia overnight red across the board china shanghai composite snapped winning streak rising nearly 17s% over 8 days that was because chinese sxhu. party said stop buying, chinese state funds started to sell after state media reported, concerns about the strong run. >> the conversation this morning joined by matt schlapp, emily, madison cawthorn great to see everybody thank you so much for joining us, in a great to be with you -- >> happy friday maria. >> morning. >> and to you, some of the top stories that we are watching this morning, president trump says he has done more for american people than any other president just getting started, he says, president trump telling fox news last night if he is elected for
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second term will bring back jobs from foreign nations lower drug prices finish u.s.-mexico border wall the president promising to find a vaccine for covid-19 by year-end. >> joe biden, taking on president trump on the economy, the presumptive democratic presidential o nominee pushing 700-billion-dollar plan to force federal government to buy more american-made products services pledged 400 billion dollars in plrn products materials to modernize america's infrastructure similar to president trump's america first agenda. >> florida becoming epicenter pandemic in united states florida has reported 120 people have died, in california, 149 people dead that was reported yesterday that was the highest single day number since start of the pandemic. and in texas, triple digits for deathsed the first time we have we are seeing 105 people
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dying in texas of covid-19, issue arizona also seeing staggering situations prompting governor doocy to limit all indoor dining to less than 50% capacity. you know theeds airlines, 36,000 workers nearly half u.s. work force could be furloughed by october 1 airlines received government tloons cannot lay off furlough workers until september 30 united airlines stock down 4 1/2% premarket. >> have getting students back to class, priority one for the president here the president is urging states to reopen schools even with coronavirus spikes cross the country watch. >> we have to get our schools open and stop this political nonsense it is only political nonsense it is politics. they don't want to open because they think it will help them on november 3, i think it is going to hurt them
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november 3. maria: some governors against the president's plan washington gd inslee says state will decide when schools open, not the federal government. >> any next guest speaking out on in issue op-ed in usa tay writing this we cannot let our focus on the present stop us from preventing child care crisis that will keep students from returning to the classroom and parents from returning to the work playoffs joining knee kevin mccarthy a pleasure to see you. thanks for joining me. >> thank you, maria. maria: so how should reopening look you wrote the op-ed in usa today talking about issues around, children going back to school. >> well, first of all you want to make sure you do it safely, safely for the children, ant for the teachers this is where i want to look to congress should prioritize, democrats are afraid to go to work parents want their children to
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be able to go back safely, and when you look at child care down we need child care be open back up, we need to be able tos and an child care into homes of others when you do that you bring more businesses but more minority women-owned businesses that are created we've got to look at prioritized within congress supplying funding for making sure safetys within its making sure transparency latest information covid, everywhere in the country won't be able to open at once but there are hot spots probably have to stay down built others that can, you cannot keep a whole generation to fall back without being educated, for parents watching your show they are more than parents today they are teachers, he the they have become coaches tutors, society cannot hold back we can do this safely, to protect student and teachers -- if congress would act. maria: look at california florida congressman look at california florida texas. you know, putting this reopening a bit on pause because seeing the worst
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numbers in terms of deaths than they've seen yet. >> okay. >> so you named three states out of 50. what are the rest are you going to keep a hole generation not being educated? are you going to keep a whole education away what about south dakota north dakota montana wage every place in nation has a generation sitting at home parents not have child care education you've got to get that opened back up you can learn that can help the others. >> let me ask you about the 2020 race president trump spoke to fox news sean hannity last night about joe biden saying former vice president assisted more and more to the far left, listen to this. >> let's face it he has been taken over by the radical left, he has no clue what they are doing what they are getting him into this is worse than bernie sanders at his best. i think they brainwashed him they brainwashed him he doesn't know where he is doesn't know what he is doing.
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and our country will suffer, our stock markets will crash. bad things will happen they will defund the police they will abolish a police. >> are congressman what do you think, are initially joe biden said he wasn't going to dismantle police but in fact he is now saying that money should be redirected away from the police force came out with that plan yesterday 700 billion dollars plan called it a jobs plan, part of it is to redo the economy, he said he wants to do away with quote/unquote shareholder capitalism reaction? >> well, we have listened to -- we have listened do him say yesterday, or day before that he would defund the police. we watched that he create a unity pack that wasn't a pact that was surrending socialists said about him most progressive we known joe biden
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40 years seen what he has been able to do did not do much with economy did not have best economy in country history. so why do we think that is going to change now when he surrender to do solvency congressman, wants to dismantle america joe biden wants to defund police unanimousnoons allowing to us destroy statues nancy pelosi very strong catholic tear down sarah statue in her district an individual i joined with her, and joe biden pope francis prayinging for in front of -- she says something in now in o home did you know she grew up in in, in battle more knocked down christopher columbus with her italian heritage what does she say? people will do what they do. >> this is what leadership would look like under joe biden surrender socialists surrender to mob will not bring america back i believe
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president trump rebuild renew restore this country to be he stronger than we were before juf been on a tear in terms of of money raising, raising record numbers here announcing, a second quarter fund-raising haul 12 1/2 million dollars bringing total to 33 1/2 million for the year over 8 million for the 2020 cycle tell us about the republican, national convention here and where this money goes, congressman first talk about your money raised how you are deploying that, how important that is for you, hoping to become next speaker come november. >> the main goal make sure we rebuild this country, we raised that money to help candidates run, kind of like mike garcia won in california ka, first generation american. went to naval academy flu jets, flipped a seat that has not been able to in california, from a democrat mo rep more than 22 years we need 127 more seats to win majority take house.com make a big
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difference in that democrats raisingmen republicans raising as well we have got exciting candidates, like wesley hunt, ashley henson others across this nation many people are beginning to write about how many women are running as republicans in congress, we will have more than the biggest number we have ever had women running in congress the majority of our seats that we have the opportunity to beat kademocrats in women nominees in in republican party we are excited by that. >> we've got one candidate, with us this morning, madison cawthorn with us north carolina madison jump in here. >> well you know what i feel like what is going on our country democrats there they are losing their minds it has -- minority leader talking about, joe biden lost control of the left he has been shackled to far left the democrats, i think omar talking about wants to tear down any systems oppression when she says that means capitalism in our republic
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wants to redefine what our country is we've got to fight back against pz that. >> madison is right i talked to you about madison before, he is a excited individual this is what the future holds he will become the youngest member ever elected to congress, he won owners odds, issue you watched life great example what this country can do work hard you can succeed think about this congressman omar, born in another country living in a refugee camp what does america do at best opens its arms and brings her family in, she is in the first generation gets elected to congress -- wants to dismantle america instead of duplicateing america around the world that is the fundamental difference. maria: unbelievable. >> you've got to love this country! the opportunity it has given her gives million around the world inspires people like madison amazing statesman what he gets here. >> let me ask you about the
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convention coming up, what are the plans are you going to be in jacksonville? now gop looking to outdoor spaces like, football fields, are stadiums is that the plan? >> look, i was speaking to riflt nc chair ronna mcdaniels taking everything in consideration first foremost thing making sure we are safe in a safe margining so they are being look at outdoors as well, to keep it in a saferman to make that happen looking at testing others when we move forward i will be there, we will do it in a manner that lays out to the american public what the future looks like, and this is an opportunity for all of us to have that show the future. share the future. >> good to see you this morning thank you so much, we will be watching all the developments, congressman kevin mccarthy, and to you, minority leader thank you, sir. much more ahead coming up the president of dallas federal reserve is here robert kaplan to talk all things economy and another possible stimulus don't miss coming up wear a about mask or go to jail find
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out where you are have time behind cars if you don't cover that face you are watching "mornings with maria" live on fox business.4 r you. and the higher the turnover the more you have to pay in taxes every year. that's why you want to own low turnover funds. the less you pay in fund fees, the less you pay... that's why you want to own low turnover funds. i am totally blind. and non-24 can throw my days and nights out of sync, keeping me from the things i love to do.
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robot but chers tyson froofrpdz up use of artificial intelligence looking to stem the spread of covid-19, since industry hit hard by pandemic, meat factories are seeing more than 17,000 cases of coronavirus in april and may, are 91 people died, matt what could this mean for the state of american jobs that is why this is going, a.i., and -- digital. >> that is exactly right whenever we use more robotics or a.i., it all has to be accompanied by a lot of in-person employees as well but the real threat if joe biden becomes president maria is you triple try to grow manufacturing jobs in this
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country whether, robotic and in person together or not, it is insane only coming back as you can if competitive with globe on taxes regulation that is missed in this whole qualification of socialist platform joe biden put up. >> madison your reaction to this plan we heard from joe biden yesterday? >> well, you know what, the problem i see going on tyson foods mainly is that with coronavirus is so politically motivated trying to avoid any dissension from public, because of outbreak the problem we are destroying our economy for a death rate that is i believe .7% right now highest. this is ridiculous lose american jobs trying to appease the mob. >> hmm. well, i i mean interesting to see bidden coming out with
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this idea to buy american products, that is pretty much ep the president's platform, has been from day one. >> it is. you know but the whole problem just as matt was talking about raising this corporate tax rate, putting more regulation in companies not able to help our economy, joe biden's presidency would be stock market crash would see a recession like 2008. maria: all right we keep talking about this a short break when we come back risky business retail climbs back slowly some companies are not able to survive this pandemic, we will take a look, at who is strong, in this environment and who isn't then back to the happiest place on either are live to florida's disney world look at magic kingdom reopening, stay with us. ♪ everything about you, ♪ baby come back, you can about blame it all on me, i was
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maria: risky business for sure coronavirus wreaking havoc on retail industry, brooks brothers, and sur letable filing this week neiman-marcus, many others feeling the signing of covid-19 unable to get through it strategic rigorous group managing director, what is your take on all these bankruptcies. >> bankruptcies covid your reference, but unreported other half of the story is that political leaders particularly in the states where there is a one party monarchy are eviscerating real especially unionized our studies cornell he elsewhere
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working with labor leaders we're seeing subsidizing walmart, amazon there are no new jobs created one replaces the other retailers that pay tax best wages benefits getting eviscerated by political plans in west coast, central states like illinois especially the northeast, really tragic to see. maria: yeah, look, look, at the end of the day, there is a real bifurcated industry we are seeing play out brick-and-mortar companies that cannot you know, easily adapt to delivery are just unable to take it what other retailers at risk in your view you've got a situation brooks brothers very old company in place for so many years, a brand name just like jcpenney,
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having to resort to bankruptcy protection then delivery, food delivery amazon e-commerce skyrocketing doing really well in this environment. >> yeah. >> brooks brothers classic case great main street retailer wrecked by wall street you can't be in 70 countries with only a few hundred stores a proud brand worn by president kennedy cary grant sometimel jimmie stewart i can icons ralph lauren started, they increased price lowered quality made themselves irrelevant on main street because wall street leadership saying with barney's new york a number of others well run retailers to your point good online business, click and collect, and good in-store business especially with digitization like south korea peoples republic of china london, et
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cetera, can't thrive and survive but a lot of greedy people on wall street, have taken cash, assets and wrecked a lot of good retailers in my view, brooks brothers being one of them. maria: here is emily, go ahead emily. >> one thing i am curious about in situation is such a strange predicament for retailer i am wong what you see potential for bounceback because we are sort of indefinite but temporary at the same time, and so love to get your thoughts just how -- if you are ceo one of these big retail companies how are you making some he calculations given indefinite periods of time is there not potential for serious bounce back on the other side of this. >> you are bringing up a key point, that only you maria and dagen bring up, there is a chance for retail requiem,
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there maria's great dog dusty or dagen's great dog charlie dog the pet population exploding pets super stores adoption centers can anchor families in five generations retail from iga, to wool worth's rexall drug, you can anchor retail with food 'sma llardi d great watithithithit eedeledelelel re re,ta, rer r r brbrbr repor r r rm frochico, at atatat cooo ikingta ban bt b ores yes can hase, a food forelarela da tatataththothe alway aslw w lwgr ea t t t o et insigo apo prte your time on this, this morning, joining us there, coming up the president of the dallas federal reserve is here robert kaplan we will take a look at latest ppi data
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maria: welcome back june indices out cheryl casone with details getting number, cheryl. cheryl: a little bit better than expected for headline number ppi that is month-to-month for may to june, june ppi down .2 that is two-tenths of one percent expectation.4% as far as year-over-year number down worse than expected, .8%, we were expecting to come in.2 negative now to core numbers very different than expectations core anybody month-over-month for the year for june, excise me month over month april may down .3% little worse than expected we are expecting loss of just 1/10 of a percent in year-over-year number not as great as thinking we would get were looking for 4/120 gain
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year-over-year got one-tenth of a gain, this is a good indicator looking at dow come back 40 points or so on dow if numbers crossing i was watching we were on break if you look at a good indicator what consumer and retail companies consumer is going to pay down line obviously, this is data the fed looks at when it comes to interest rate decision all inflation gauges watching, again better than coupled month-to-month june way better than height of the pandemic in april, when nibz were actual really -- falling hes exponentially. >> back to you. maria: year-over-year number is what is rattling markets right now cheryl, thank you down 8/10 of a percent year-over-year ppi much worse than people expected, it was expected as cheryl told us down 2/10 of a percent we are looking at ppi down 8/10 of a%
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state of economy on tap jobless claims following 14th straight week as well just over 1.3 million claims yesterday total nearly 50 million people have plied the president dallas federal reserve robert kaplan thank you so much for joining us you -- >> good to see you, good to see you. >> inflation we just get ppi numbers out what is when would you look at the year-over-year down 8/106 a percent or month-over-month down 2/10 of a percent what is most important what can you tell us about looking at numbers for the most accurate read. >> well, i look at all the numbers, that the year over year probably is most significant. but not a surprise we've got excessive capacity food items
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there are supply issues so you know shortages people are paying more for individual items but overwhelming situation that is we've got lots of excess capacity you have pricing pressure so not a surprise and doesn't surprise me that we've got pricing pressure the only caution i would give monthly numbers are -- they movearound a lot and i think in this year going to definitely move around a lot would i xb disinflation, for some are period of time until we get rid of some excess capacity. >> disinflation, wow jeremy siegel on program a couple weeks ago said he is looking for inflation he says inflation will increase to 3 to 4% possibly more 2022. in your view no worry about that over near-term. >> not yet once we get to we
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get to a lower level of unemployment, we get to more higher capacity then i am very alert to watching for signs of inflationary pressure where the dollar strength of the dollar weakness in dollar in pillar is going to be very relevant are we going to have more dollar a weakness? could that lead to inflationary pressures but what i am saying we are not going to see it here for a while. if we see it. because we've got so much excess capacity to work on. >>. maria: i see, robert what is your take on growth? are you expecting growth third quarter? where are we in terms of of this economic impact from covid- covid-19. >> expecting growth third and fourth quarter the issue is we contracted on annualized basis probably range 35% in second quarter, that is annualized meaning multiplied by four, so we have always been expecting,
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that we will start growing we were we started to grow in may in june, grow in third quarter grow in fourth quarter. the issue is how fast. and my -- my forecast for the year still is wind up contracting in the united states about 4 1/2 to 5%. but how the virus proceeds and what the incidence directly related to how fast we grow but we will grow it is just a question of what this returnings resurgence is that slowing down the rate of growth. >> goldman sachs was anywaying a national mask mandate could prevent 5% gdp loss or trillion dollars could substitute for a strike lockdown measure your take on that? >> so -- i talked widely to
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epidemiologists through united states one consistent message getting for months now i have been talking about this, is if we all wore a mask would substantially mute the transmission of disease and we would grow faster. we would have a lower unemployment rate grow faster, would be far less likely to slow some of our reopenings. but we have been uneven so far on mask wearing so if there was one recommendation, you probably hear from me while monitoring fiscal policy key role to play the primary economic policy from here is broad mask wearing and good execution of the health care protocols, if we do that well, we will grow faster. many. maria: what is your take on -- on this policy that we are hearing now, from the presume i have democratic nominee joe
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biden doubling down calls to change economy wants to change capitalism as we know it listen to this. >> it is time corporate america paid their fair share of taxes. we thought our administration should lower the tax in high 30s, to 28%, lower in 21. i am going to raise it back up to 28. let's make sure that workers have a power and the voice, it is way past time to put an end to era of shareholder capitalism. >> you know robert hard to parse through political rhetoric in election year i don't want you in a political position to respond do you have any idea what kind of change he is referring to when he says a change of shareholder capitalism? what kind of economic issues he chose lead to in your view? >> so i am going to stay away
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from as you noted anything political. and basically talk about what i see for the economy. and i am sure with level of government debt, with some of the issues that we're facing not surprising we're going to be having a debate about taxes, and other fiscal issues i am staying away from that main message would i have today about economy from here how to grow it probably has to do with managing the virus while monetary policy fiscal policy are very important they are not as important right now in us doing a good job of flattening this curve on the virus. and if we do that we will grow faster. >> but, you know, robert we had jim grant on yesterday from grant interest rate observer as you may have seen wrote op-ed in journal says
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jay powell has become dr. feel-good turns savers into speculators quarantined millennials into day traders facilitate over borrowing suppress market signals promote dubious wisconsin turning well financed companies into heavily indebted private ones your reaction to the massive amount of stimulus. >> any time you have a big shock like we've had, and you have the fed lower rates to zero as we have, and also, bond-buying, and a lot of the programs we've instituted to try to stabilize the capital market create access to capital, it is going to have an effect on risk assets, so my own view is during a crisis a number of these steps are necessary. i think as we i hope move through this crisis get more stability, i do think it will will be important for the fed
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to be very conscious of the effects of some of our programs have on -- on financial markets any distortions we could create in the future, and show some restraint, the problem is right now, we are trying to dig out of a deep hole we have a very high level unemployment, and i think it is very appropriate what we've done to stabilize capital market stimulate accommodative there is limits during a crisis we should be doing it i think wise for us to take heed from somes of these comments criticisms, that as we go forward, in the future, there will be a point we needed to be showing restraint be mindful of some of these risks and issues that you've talked about about. maria: of is there any stimulus left to do? i mean given where rates are given the innovations that you and your colleagues have been able to come up as stimulus
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for the economy leverage working with treasury is there anything left you can to be or when we used up pretty much all the tools. >> no. we've got a substantial capacity on the one hand we have substantial capacity left. you probably heard me say several times, i hope we don't need to use it. there is going to be a need for some fiscal policy in addition i am sure, while employment benefits needed to be about restructured i am sure needed to be conned no some form maybe different form aid to state local governments others fiscal measures for me what i want to communicate is limits of monetary policy, and the fact while we have a lot of capacity left at the fed, the key to economic recovery is following the health care protocols, and directly focusing on muteing the spread of this virus that is the key economic policy for me. that is a forefront while
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monetary and fiscal policy have a role to play they are not going to be as important right now, as doing a good job on these health care protocols. maria: , of course, understood, robert great to see you this morning thank you so much you will be my guest this weekend on maria bartiromo's wall street see you tonight 9 eastern do join us president of the dallas federal reserve thank you, sir. quick break wear a mask or go to jail that is next. stay with us. throws at you, we're always here to help with fast response and great service and it doesn't stop there we're also here to help look ahead that's why we're helping members catch up by spreading any missed usaa insurance payments over the next twelve months so you can keep more cash in your pockets for when it matters most and that's just one of the many ways we're here to help the military community find out more at usaa.com
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maria: welcome back.
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we have fox business alert right now gilead reported areing hopeful data on remdesivir, coronavirus treatment company finding improvement in clinical recovery with a 62% reduction in risk for mortality for covid-19 patients dwil ad shares on rise up 2% as a result of that, futures have come way off the lows, we are now looking at a decline on dow about 16 points off lows given gilead news tells you once we get a vaccine, then we will have the confidence to go back in economic growth normalizes then when is what the world is waiting for. this is the big news we are waiting on gilead, this new information from on remdesivir certainly a positive for markets, and certainly gilead stock up 2%, threat of jail if
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you refuse to wear mask that is what one town in colorado is doing, madison the emergency order went into effect yesterday. violators could face a year behind bars your reaction. >> i think ridiculous, i believe the american people are wise discerning people know how to be practical wear masks around people at high riv i don't think we need thanking jail time playing into democrats narrative of being about able to scare attacks to try tro destroy our economy i grew up in a family i know when markets go down financial window, because markets come soaring back incredible june jobs' report, we just got to get from scare attacks democrats are pedaling. >> have i understand that i want to pointed out what cab either are kaplan president dallas federal reserve followed as you minuted ago if we all wear masks u.s. growth
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would be faster the president of the dallas federal reserve, basically telling you, masks work. stopping the spread. >> but you have the a guest on your show as well said not all masks are created equal they never talk about that they just view it symbolically important, fascists to dicktail to american people what they must do i love what happens on your show you try to educate people to make right individual choices what we should do as americans make our own individual choices, based on information. the gt mandating fascist regulation putting us in jail people may not wears masks telling people in jail they can't stay in jail because of corona open doors to prisons and jail absurdity of the radicalized left. >> i mean does sound absurd, to think you can create a law, wearing a mask is not a law, i
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mean can you do you really face a year in prison if you don't wear the mask? i get it, it stops the spread but behind bars? >> yeah, i think that is where it gets to the point of being about absurd i think masks very important especially certain public places, so i think that is a tough tease at the same time accesses have been accused of formalenting bitter culture war over masks threatening a year of jail time for people who don't wear masks that is left doing it i think kind of thing that makes whole conversation a mess more than it has to be. maria: well time to go back to the happiest place on earth going to take you live to disney world orlando the emergency kingdom reopening how is disney doing it stay with us we will be right back with that. ♪
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or make me feel like i'm not really "there." talk to your doctor, and call 844-234-2424.
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zbhie.. . maria: welcome back, more on fox business alert this morning moving markets, gilead reporting hopeful data on remdesivir, this is the coronavirus treatment. the company finding improvement 62% reduction in risk of mortality for covid-19 patients gilead shares rising up 2 1/2% also impacted the broader market lifting futures off the lows as well. matt your reaction. >> yeah i think the big problem with the treatment of chinese corona we've had so much bad journalism trying to attack trump when he offers any hope i know the patients that have immediately recovered taking this drug a great therapeutic another has a test breathalyzer are
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results vaccines on the horizon great american innovations in free market folks going to solve this terrible scourge. >> yeah madison that is the great thing about america we've got this incredible innovation machine underway, and this covid pandemic has actually rejuvenated relationship between health care and government working together in a big way to get that vaccine in the market before year-end at minimum early 2021. >> and in any case exactly right, because the relationship between health care and government has been dan tenuous at best, i and wife in wheelchair because of limited amount final research -- [no audible dialogue]. >> madison cawthorn is running
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in mark meadows former seat north carolina, he is an important candidate that we want to hear from, madison can you tell us a bit about your story and how you landed in a wheelchair, explain to our audience what took place. >> absolutely, i was to go to naval economy 18 years old by former congressman mark meadows my wife is doing exactly how -- i was on a road trip with dear friend taking in passenger set a for whfr reason thought would be better as a group we ran into a concrete wall 70 miles per hour i nearly lost my wife a tragic situation where very badly damaged internally but spinal chords i am paralyzed from waist down that taught me perseverance grit to get through things, also taught me
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empathy how people i might not look like might not understand had a different background i think that is something i can being bring to republican party which i believe will unable us to regain millennial vote, and very important in election year. >> amazing good for you we will take a short break more mornings morning right after this. don't just think about where you're headed this summer. think about how you'll get there. and now that you can lease or buy a new lincoln remotely or in person... discovering that feeling has never been more effortless. the lincoln summer invitation sales event is here.
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maria: have a great week everybody, my thanks to the panel, i will see you tonight on wall street. varney begins right now, ashley and verse two. ashley: good morning maria, good morning, everybody and happy friday, stuart will be back next week. i promise. first, as always, a big show ahead starting with positive news with a vaccine front, bio intech the company working on a vaccine, they say there vaccine could be ready for approval by december. with several hundred

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