Transcripts For FBC Cavuto Coast To Coast 20240714

Department through the commerce secretary wilbur ross put out a statement essentially saying that the 2020 census would go forward without the Citizenship Question, even though they dont agree with it, even though they dont like it, the census is being printed. Here is what the commerce secretary said yesterday, quote, the, he said he respect the Supreme Court but strongly disagree with its ruling regarding my decision to reinstate a Citizenship Question on the 2020 census. The Census Bureau started process printing the questionnaires without the census. My focus, that of the bureau and entire department is to conduct a complete and accurate census. Seems pretty straightforward, right . Just a while ago we got the tweet from the president. The news reports about the department of commerce dropping the quest to put the Citizenship Question on the sin ses is indirect, state differently, fake. We are absolutely moving forward as we must because of the importance of the answer to this question . So lets try to go through all of this real quickly, neil. Just spoke to a source who is familiar with the president s thinking on all of this. Heres what i was told. At this point the president views this as a matter of principle. That what the president is trying to do right now is clarify that even though the form is being printed without the question, he is going to continue to pursue this on a matter of principle. That the president feels this is a good principle. Of course last week the Supreme Court kicked it the decision back to a lower court saying the Commerce Department failed to justify the proposal that got us to the moment where the census had to be printed rather without the question. Now we have got the president weighing in. Bottom line here, the 2020 census, still being printed, still being printed without the Citizenship Question on it. But you can expect to see more tweets, statements, comments like this from the president , as he feels its a matter of principle still worth pursuing. Neil . Neil the news never reached wilbur ross apparently, right . Reporter i should add, we reached out to the Commerce Department, at this point they said they had no comment. Neil dishlous think done, my friend. Thank you very, very much. Meantime look at the dow in and out of session highs for the day. Well into record territory. Well see if this holds. Well see if it holds 57 minutes. Markets close early today ahead of the july 4th holiday which they will be closed. S p 500 also in record territory. Nasdaq only couple points away, big catalysts Peter Navarro apparently saying among other things in a bloomberg interview, seeing the dow gets to 30,000 no problem, if two things happen, fed cuts Interest Rates, more to the point we see progress on trade ultimately approved, not with china, but that mexican canadian pact approved in congress. Didnt even get into the china thing. Those two things happen were at 30,000. I do not know how likely that could be, a lot of big up arrows today. Fbn am cohost Lauren Simonetti looking at all of the above. Pointing out any move today in the up direction but it can be outsized because of low volume with shortened trading day, the market closing tomorrow, s p it is trying for three for three, three record closes in a row. The dow might close, looks like it will close at the first record of the entire year. Some say this is a Cruise Control market. Hopes for a trade deal with china are buying investors these new highs but we are seeing, neil, these cracks beginning to form. Here is one of them. Private sector hiring last month, disappointed 102,000 jobs added. The expectation . 140,000. The adp number ahead of fridays june jobs report, that is expected to show 160,000 jobs added while Unemployment Rate stays at 3. 6 . A strong jobs number for june, after mays big disappointment might confirm this is economy is continuing to accelerate but fears are growing of a deceleration and that might show up on corporate balance sheets. Bloomberg data show more than 80 of companies in the s p 500 cut their profit estimates for the Second Quarter that is the most since 2015. A profit downturn was averted in first quarter. May be inevitable amid higher input costs, stronger u. S. Dollar and an uncertain trade relationship with china and europe as the u. S. Looks to impose tariffs on both of those. The Federal Reserve can provide support to the economy with a rate cut that could happen this month. Some analysts say, that potential cut already priced into the market. But remember, the fed cannot print an earnings report. While wall street is closed tomorrow for the fourth, the president s twitter account neil, is not. There is always the possibility that a trump trade tweet or any other tweet can change things. Neil in a heartbeat. Lauren simonetti. The president was talking about monetary policies abroad and how they are impacting on the trade front saying china and europe, theyre playing a big currency manipulation game, pumping money into their system in order to compete with the usa. What he is saying in the strongest terms we should be doing the same here to just level the playing field. Of course that would be up to the Federal Reserve there. So far no indications whether the Federal Reserve is going to act immediately to cut rates. Expectations given some of the data it will likely happen later this month. Get the read from market watchers veer veronique today rueing by. We have the gauge out. Slowdown, 80 of the s p 500, sort of dialing back earnings estimates and worries. Im wondering whether that will prove the catalyst for this . No jawboning from the president , just that stuff . What bothers me about this notion that the fed needs to intervene is we are not looking at the reasons why there are some slow downs and worries in the first place. As weve been talking about for a long time, worries over trade, having a trade deal made sooner than later is feeding ton of uncertainty, a ton of worries when the you have the dow commerce trending down for a while. I think it is a little better now and you had the reverse of the yield curve it is awe saying the same thing, fix policies, fundamentals, and Federal Reserve to inject sugar into the economy may give us a sugar rush in the short term, will not address the fundamental question and longer. By the way the fact that the European Central bank is doing it is even less of a good reason to do it because the europeans have so many fundamental problems to address before they resort to fake stimulus that certainly not, we shouldnt be taking our cues from them. Neil i wondered about that as well. Jared, one of the conundrums from the president , we have strong recovery, 11th year he take as bow for big chunk of that, we would be blaming him if it were not doing as well but whether you want to pin this on the president or his predecessor where a lot of this started, the fact of the matter the Strong Enough to warrant the Federal Reserve not doing anything, if youre doing it on the basis of helping your trade posture, that might not be enough, right . Yeah, no, okay. There is partial reason to follow europe and to follow china. Remember were so interrelated in trade, right . That gets back to the other problem. If their currencies become so devalued because of monetary policy, and ours are so strong it creates a problem both in trade and in earnings. In a way were almost forced to sort of not follow their lead but at least cheapen our currency, if you will a little bit. Maybe inject some stimulus to keep the latestage going. Neil, yeah, i do think that we need more than just a trade deal. We are pretty far along. A lot of these factory numbers, productivity numbers are showing at least slowing. Im not saying were headed for recession this year, but you get ahead of the curve. You stimulate now, like the rest of the world is doing. Listen, we would be fools not to follow along, at least partially with china, europe, by keeping market stimulated. Ps, Jerome Powell is on board with it. He said specifically, we are here to sustain the expansion. You know what . He changed a 180 when the markets were selling off in december. Not like we had recessionary numbers. All of sudden we need to change things, their impetus, their push came from the equity markets in a big way, at least in my opinion, and a lot of my colleagues. Neil thank you both very much. Keeping you informed back home, were about 50 minutes away from the close of trading in this country at the corner of wall and broad. At the pace we are going looks like well have a record on the dow, certainly a record on the s p, also close to a record on the nasdaq. The president is one to crow about these markets. It has been the wind at his back, how long it continues . Well that depends, after this. [] exactly, nothing. Theyre completely different people, thats why they need customized Car Insurance from liberty mutual. Theyll only pay for what they need [ gargling ] [ coins hitting the desk ] yes, and they could save a ton. Youve done it again, limu. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. [what about him . Lets do it. [ sniffing ] come on. This summer, add a new member to the family. Hurry into the mercedesbenz summer event today for exceptional offers. Lease the glc 300 suv for just 419 a month at the mercedesbenz summer event. Going on now. But how do i know if im im getting a good deal . I tell truecar my zip and which car i want and truecar shows the range of prices people in my area actually paid for the same car so i know if im getting a great price. This is how car buying was always meant to be. This is truecar. Hey i live on my own now ive got xfinity, because i like to live life in the fast lane. Unlike my parents. You rambling about xfinity again . Youre so cute when you get excited. Anyways. Ive got their app right here, i can troubleshoot. I can schedule a time for them to call me back, its great you have our number programmed in . Ya i dont even know your phone anymore. Excuse me . what . I dont know your phone number. Aw well. He doesnt know our phone number you have our fax number, obviously. Todays xfinity service. Simple. Easy. Awesome. Ill pass. Neil as you heard right now pride is at record low as they have been doing polls since 2001. Record low among key demographic groups. The majority of democrats, the lowest it has ever been. Americans are concerned whether were really all that. The president might be trying to rec if rectify that, a key dealmaker, put tanks on the 4th of july in washington, celebrate the big day, with dozens along constitution avenue, elsewhere. It reinforces American Pride thing. I dont know whether hardware like that will do it but Hudson Institute senior fellow Rebecca Heinrichs says it may come at a time when americans could use kind of a boost. Rebecca, if youre a superpower, you dont have to show youre a superpower. It is understood. Youre america, youre super pow. Neil your thought . I agree, neil. We do the massive military shows of force abroad because were advertising to enemies, dont mess with us. Look at firepower we have, air power we have, look at ships and aircraft carriers we have, nonthe less what americans concerning about President Trump is doing, is little overdone. We have tanks before. Kennedy, eisenhower, had tanks in inauguration. We used to have tanks in parades after world war i, to instill American Pride in our military. We should check that, to have introspective. At the root, neil, the problem with americans is really dip in patriotism comes from democrats. It has plummeted during the trump years because they hate the guy in the white house. We need to focus on what it means to be american. Look at our founding. Look what it means. Where this country has erred. Because weve fallen short of those principles, not because there is something wrong with our country, in and of itself. Neil believe me, the fact youre saying it, i will go with that view then. Here is what i think. When you have to showcase tanks, me thinks that maybe, that is a little bit of an oversell. Youre quite right. John kennedy at his inauguration, not only feature famous pt 109, they were set occasions set time. This reminds me of moscow parades with all the arsenal. I always think, youre compensating for something. I dont what it is about you guys. We never have to kind of do that. I feel if youre trying to throttle americans with this kind of stuff, youre overpitching. If it were me, what i would tell people every 4th of july, this is a time to get with your families, communities, have the barbecues, have the little parades in the main streets. Thank veterans whenever you see them. Teach your kids to do that. Go back look at the american founding. What makes us great. Rights come from god. Government does not give us rights. Government is there to protect our rights this is not a republican or democrat thing. This is an american thing. When it comes to the military firepower. You can go to the air force base and airshows and f16s, bombers, show the kids throughout the year. That is a great thing. I understand the point youre making, neil. I understand the money used for that is diverted from some of the money already appropriated. I dont know if it is a big increase in spending. Neil 2 1 2 Million Dollars. These days, people just sort blase, accept that. You served this country nobley. Youre far more attuned to this sort of thing. I think if you take a holiday like, this really not supposed to be about politics, not supposed to be taking a strong stand or the other, showing america at its best. Dont know when we cross over into tanks and all this stuff. Well neil not looking like the tin pot dictators. Could be anomaly this year. Neil youre right. Perspective is good. To be clear, i have served in the congress as civilian. I never served in the military. I want to reserve that great honor for those who have, families that sacrificed because their families served overseas. Neil im talking about the way you look at issues, apart from politics. Exactly. Neil i think that is fine. I just worry we go too far. Im hearing from the negative nevertrumper crowd, theyre not happy. What can you do. You want to make sure patriotism, love for country is rooted something totally apart from who is holding office. Neil thats right. If you are somebody that doesnt like President Trump, you can celebrate we have checks an balances and term limits. So of to be excited about. Ultimately find value apart from politics. Go out, go to church, enjoy the community. Neil exactly right. Enjoy the neighbors. Neil the nathans hot dog eating contest. Nothing says america red or blue downing 100 of those in 30 seconds. Thank you very much, rebecca. Happy fourth. Happy fourth, neil. Neil alveda king on nikes decision to pull that betsy ross shoe. Some are selling online at some auction sites for over 2,000 a pair. What does that mean . After this. This is the couple who wanted to get away who used expedia to book the Vacation Rental which led to the discovery that sometimes a little down time can lift you right up. Expedia. Everything you need to go. Neil the president says there is some confusion, fake news he says but the census question on citizenship will indeed be in the census. This is 2020 democrats are talking about things like Free Health Care for illegals, a lot that is confusing the message or sending mixed messages. Arizona Republican Attorney general is with us. Attorney general, thank you. Hey, thanks for having me on, neil. Always a pleasure. Neil same here. The president is kind of saying it was fake news, not kind of said, it was fake news to say the administration would go ahead and take the question out and release the forms. The Supreme Court has effectively ruled it has got to be in there or has got to be out of there but i know there was a timing issue here. Do you know what the real deal is on this . This is the important thing i think to keep in mind, neil. Ive been not privy to the conversations between the white house and department of justice and i do know this, Justice Roberts in his opinion actually said you could ask that question, however, you had to come up with a legitimate reason and the reason provided by the administration wasnt a legitimate reason. So what i would anticipate happening is, the administration will try to keep the question in. There will be a lawsuit to stop the question, stop printing of census forms. At that point it will be up to the Trump Administration justification or reason for including the question. Maybe they will come up with a reason that the courts will say a legitimate reason to include it. Remember the couldnt didnt say they couldnt ask it. What they said they had to have a real reason to ask it. Neil criticism of the wilbur rosss purview oaf the census, he didnt provide that. Say he provides a very good reason to have it. It was not there enough for the justices to rule otherwise. Meantime is it understood that the census goes out without the question . That you cant, until you have satisfied their demand, you cant release this with that question in there . Well what im going to guess is going to happen that the administration will start otherrerring the printing of those pamphlets starts occurring. At that point, what you well see the someone like aclu, another group like that, state of new york filing a lawsuit to try to stop it. At that point it will be up to the administration to say, this is the reason why were doing it. The courts will ultimately decide whether that is a legitimate reason or not. Neil while we have you here your governor is one of the fist in the country, to seize on this nike betsy ross shoe pulling, that well remove financial incentives. What do you think about that . Do you support that . This is absolutely incredible. We were talking about it in the office. I cannot believe the betsy ross flag has become controversial in any way. Think about this, that flag stood up to the british empire, the monarchy open pressing americans. That flag helped rally a nation to independence and freedom. Here we are july 4th weekend, where peoples true colors show. In arizona our colors are red, white and blue. Folks are overwhelmingly want to respect the flag, uphold all the values that the 4th of july tend to represent, americas birthday, our rebellion against tyranny of what was Great Britain at the time. I will say as well, maybe this is topic for another show, im consistently against incentives, whether amazon, you name your company, i believe that one of the reasons why some young people are turned off by capitalism and by free market is because they dont see it actually applying. What they see, if youre a big company, states and cities are tripping over themselves to offer millions and millions, tens of millions of dollars in incentives. I think we need to pull back get away from the the incentive game. We shouldnt offer incentives in the first place. That is different question for a different day. Neil the government seems to peg it for a decision to rethink it. Have you gotten word back from nike what they are going to do or they dont care . Unfortunately for nike this is all about selling products, selling shoes. Neil right. It is unfortunate because i wear tennis shoes. I dont wear dress shoes. I havent worn them for years. Im trying to do with my old nikes. If there is a adidas rep im look forge a new shoe. This is something, americans dont have national religion, we dont have ethnic identity that unites us all, what unites us is a creed, the ideas of the declaration of independence, what is in the constitution, what the rule of law stands for. We start erasing or eradicating symbols like the betsy ross flag, you see the social fabric fraying more and more and more. Ultimately, you end up with little that unites us. So at some point this country we got to stop politicizing every single issue. We have to stop saying because person x believes that well be against it. Things like the betsy ross flag should not be controversial. I think its a sad state that a Major Company like nike, which doesnt have a problem with china open pressing people in hong kong, does have a problem with the American Flag. I think it is absolutely despicable. Neil that is actually a very good point right there. Attorney general, thank you very, very much. We appreciate it. Always a pleasure, neil. Have a good fourth. Happy birthday, america. Neil alveda king on this issue a little later. What she thinks about this, whether nike is overplaying its politically correct hand and whether it will boomerang on them. Joe biden, got numbers from his haul of 21 million. What if i tell you one other democrat raised more. Not compare it to the president of the United States in latest quarter raised more than five times that. 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In the latest period joe bidens numbers are running a bit behind Pete Buttigiegs. That is interesting of itself even though you have Bernie Sanders bunched in the same area. All of them really trailing the president of the United States. That is not a big surprise. The gap which joe biden is and some are, that is staggering. 105 million in the Second Quarter for the president. A quarter of that, 1 5 of that. Democratic strategist david brown, club for growth president david macintosh, axios reporter stef kight what the fundraising blitz could tell us. Do we know, steph, are these numbers included the debate from last week that could be the final week of the quarter what do we know about it . I think it is interesting to seeeth both how the candidates fared in the polls and fundraising numbers came out. Pete buttigieg came out with fundraising number. It is remarkable to see from a candidate relatively unknown a few months ago. Running against people like joe biden and Bernie Sanders who, have obviously much more clout, have much more name recognition than the mayor of south bend, indiana. If you look at the polls as well, buttigieg didnt gain much from the debates. He fell slightly in some of the polls that came out since then. So while of course the fundraising numbers are a sign of enthusiasm behind him, well have to see whether he can really compete against the bigger names when it comes to the polls. Neil david, when democrats look at these polls, and they see things tightening up particularly Vice President and Kamala Harris and some of the others, does that reflect how much is given to campaigns . In other words, is it a good proxy or you slip in the polls you will get less money . Absolutely. This fundraising, especially from small dollar donors around the country is a huge indicator of strength. This poll, the numbers confirm one of our poll findings, the democrat overwhelmingly dont want somebody old and tired. They want a new and fresh nominee. That is why Pete Buttigieg is leading in fundraising numbers. Even though the polls themselves lag that. The big loser is joe biden. As the frontrunner you would expect him to be way ahead on the fundraising numbers that confirms another finding we had before the date. People thought he was the best person to beat President Trump. So they were voting for him. After the debate, Kamala Harris hit him hard on the race question, 50 of them leave biden when they find that out, he is suffering. Probably at this point is no longer a viable candidate because he is losing that appearance of the inevitable winner. And they want somebody who will win. Neil that might be a leap here. What a fair weather crowd then if that is the case. They want a winner. Neil i hear you. David brown, would not be the first time a party sort of judged who has the edge, who doesnt, where do i give money, how do i cover my bets, how i ingratiate myself to that person. I remember distinctly recovering republicans in 2016. Everybody was sucking up to jeb bush until they werent. That took, it wasnt just polling or donald trump placing second i think in the Iowa Caucuses to catch their attention but well on his way, but what would change here . What could change . Look, i think that the poll that i found particularly striking was the suffolk poll came out looking at iowa and seeing Bernie Sanders drop to 9 . Neil right, right. I think thats a really interesting indicator, neil because sanders has been, i think boxed in. Youre seeing senator warren rise. I think she is pulling a lot of voters who historically given Bernie Sanders a look last cycle when he was competing against hillary clinton. She is drawing those voters to her side. As you noted senator Kamala Harris having a breakout moment at the debate. Of course were seeing polls reflect that but you know, i agree that the broader point about fundraising and performance in debates, there is a relationship here. The fact that Pete Buttigieg was able to double his, more than double his campaign haul from q1 to q2, boasts 400,000 plus donors, dep straits staying power is really important. What all the candidate need to do in addition to earning positive media, raising money, they do that to build campaign organization, struck instruct, staying power beyond just ham ha, iowa, South Carolina but really heading into super tuesday and other major primary states. That makes pete a powerful contender. The Vice President , not as good as petes. He didnt have a full quarter to fund raise. I will be interested seeing where he places next quarter. Neil number of breaking news items. Corner of wall and broad looks like were on verge of record for the dow, record for s p. I believe briefly caused into secretarier record territoryr the nasdaq. Well have that and much more after this. To extremely happy. Theres also angry. Im really angry clive actually, really angry. Thank you. But what if your business could understand what your customers are feeling. And then do something about it. Turn problems into opportunities. Thanks drone. Customers into fanatics change the whole experience. Alright who wants to go again . I do i do i have a really good feeling about this. Quadrupled their money by 2012 . And even now many experts predict the next gold rush is just beginning. So dont wait another day. Physical coins are easy to buy and sell and one of the best ways to protect your life savings from the next financial meltdown. [narrator] today, the u. S. Money reserve announces the Immediate Release of u. S. Governmentissued solid gold coins for the incredible price on your screen. 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He changed the complexion of this annual event where we show our pride but not necessarily the stuff we can kill people with, so you heard that debate. Hillary vaughn on washington, d. C. , on the National Mall where it will all be going down. Hillary . Reporter these are bradley fighting military vehicles. These are not technically not tanks. Will roll up to the Lincoln Memorial. We have abrams tanks. Of the these weigh 30 tons a piece. That caused a lot of low gistal problems. They took a train from fort stuart in georgia. They need ad crain to lift them over an overpass. They were too tall to go underneath it. They laided wood plaining near the Lincoln Memorial where the president gives his remarks. There will be a fireworks show, the longest fireworks event the capitol has ever seen. The fireworks was donated. There was talk how much this will cost. The president says it will be well worth whatever it ends up apting to. These tanks will be moving shortly. More will be moving in. A big event here. The bottom line is, the president wanted his tanks, he is getting his tanks today. Neil. Neil thank you very, very much. In the meantime nike is getting a lot more backlash over the betsy ross sneakers, scrubbing them because Colin Kaepernick didnt like them. The niece of dr. Martin luther king, jr. , dr. Alveda king, joins us right now. Alveda, people are looking at this, bad timing, one thing to support Colin Kaepernick, stand by him as they did as a brand, quite another doing his bidding on anything flag related. What do you say . Well you know i have seen the shoes. Theyre kind of cute. The young people especially, kids are a little more forgiving than all of us who are polarizing ourselves with all of these things. Im reminded of my dad, reverend a. D. King, my up kel Martin Luther king, jr. Who said solve conflicts peacefully f you take a knee, do a prayer in the process. Were skipping some of these steps. You get your information, you educate your public, you examine your own soul, you sit down and you talk. If it doesnt work, have peaceful demonstrations. Then do win, win reconciliation. So were jumping from no facts, no information, im not so sure brother kaepernick even totally understands who betsy ross is. So i think it is kind of unfortunate were fighting over sneakers when we should be celebrating, living in the best country on the planet. And i think it was just an unfortunate choice actually, neil. Neil you know, alveda, i had an africanamerican leader on with me yesterday saying, neil, you wouldnt understand as a white guy what that old american cologne kneel era flag means to those not so blessed with your complexion. That represents a time of slavery, rampant among all the founding fathers. It is sort of like another, you know, stab at the heart of the africanamerican community. Do you, by that, one of the things i said in response, you can cite the flag at any period of our time, late 50s after hawaii and alaska came in, there was race battles going on throughout the south. Africanamericans not getting entry into universities, public schools. You could cite anytime in history, just that flag would represent what you could appear to find offense . Neil, were not colorblind. We can see each other. We remember things from the past but there is a time for renewal, reconciliation, we have all of these other issues. You know we fight over tennis shoes and a flag but we dont worry about, babies being aborted in the womb for example. So you know i know the slavery experience. I lived in a house at that was bombed if you recall. Neil thats right. My dad and my moms house. Restoration, renewal, forgiveness, communication, speaking with each other, fighting over a flag and some tennis shoes, and betsy ross may or may not even have designed the flag, you know. It was a good idea. Unfortunately nike decided to join in a fight, a struggle that further divides, rather than reconciles. But i think love always wins the day but we have to get there. I think that this is an opportunity to do that. I pray that, sorry about the shoes. I think theyre kind of cute. I think they would have been okay. So it is just really sad. Neil you created another firestorm with betsy ross, whether she had anything to do with it. I will save that for another time. Always good seeing you. Happy fourth, my friend. Thank you, my friend. Neil it was one of those news items that just sticks in your craw. One of the things i love about my job i get to talk to a lot of impressive people, alveda just one of them. One of my all Time Favorites was lee iacocca. I know what youre saying it is only because the of the italian descent. Yeah, that was a big part of it. The era he represented. This guy was fired from his job at ford because he didnt get along with one of the ford family descendants. He goes on to start a whole new career at chrysler, rescues the company, all of sudden changes everything we know about how you buy a car, what you see in a car, american greatness, when we sorely needed it. He is gone at 94. Reflecting on the meaning of his life, the power of persuasion, after this. See thats funny, i thought you traded options. Im not really a wall street guy. Whats the hesitation . Eh, it just feels too complicated, you know . Well sure, at first, but jj can help you with that. Jj, will you break it down for this gentleman . Hey, ian. You know, at Td Ameritrade, we can walk you through your options trades step by step until youre comfortable. I could be up for that. Thats taking options trading from wall st. To main st. Hey guys, wanna play some pool . Eh, im not really a pool guy. Whats the hesitation . Its just complicated. Stepbystep options trading support from Td Ameritrade Xfinity Mobile is a designed to save you money. Whether you use your phone to get fit or to find the perfect gift, youll use less data with a network that automatically connects to millions of wifi hotspots and the best lte everywhere else. So you save hundreds of dollars a year on your wireless bill. Xfinity mobile has the best network. Best devices. Best value. Simple. Easy. Awesome. Click, call or visit a store today. Neil all right. Tesla will amaze you. Who says it is dead . The stock surging after seth new delivery records that a lot people really didnt anticipate. That helped the stock. Longer term what about the company . Susan li with who are on that. Very good question. This is baked into the numbers. Were rallying today. A lot of analysts if you read the notes, none of them, very few upgraded their outlook on tesla, despite record deliveries of 95,000. Neil are they it was whispered in the markets t was kind of anticipated, shall we say. Theyre more eagerly anticipating Second Quarter results. Will we get to profitability in the quarter . That is something elon musk could hang his hat on. What about Free Cash Flow . Is that positive at some point . There is a lot of frontloading of sales, given the green tax credit you get for buying electric cars. That is set to expire the end of this year. It dropped to half. In fact it dropped 1500, 1800 this week, will go to zero by end of this year. Unless it gets extended. There might be front loading of sales. They are anticipating 360 to 400,000 delivery this is year. Neil not shabby. Something else analysts point the out we take notice, despite we had the record delivers are, they didnt upgrade for forecast, their guidance, tesla didnt do that at all this year. What does the back half look like . Its a prove me story as a lot of people say. Neil amazon, get your thoughts. Alexa hears more than we know and hangs on to it longer than we thought. This was reported in it was in response to a letter from delaware senator chris coons who wrote to amazon, saying how long do you keep these recordings . As you know there was a bloomberg story they do record what you say. Neil right, right. Surroundings, to better improve the service. Looks like chris coons got a response. He says the American People deserve to understand how their personal data is used by tech companies. I will work with both consumers and companies to identify how to best protect americans personal information. You may not like the amazons response. They dont delete it. You have to do it yourself. They keep it forever. Neil to what end . To what end . To improve services, detect voice pattern recognition better. It is up to you to protect your own privacy. For my part i have never owned an Alexa Speaker because of this. No one needs to know what im doing at home. Neil they creep me out. All of it creeps me out. Yeah. Neil let me ask you about samsung. Saying foldable phone, galaxy is okay, back on track . They said it is fixed. Ready for release once again. It has been such a disasterous p are episode for samsung in their marquee phone. Their new technology they say is way in front of apple. For instance we had analysts at goldman saying in terms of actual screen technology, samsung is ahead by two years because of the foldable technology. Because of the shall we say, some problems reviewers ran into with the phone not running, the screens cracking, looks like samsung, they had to take it off the shelves. Supposed to be released at the end of may. Neil do we know what they dead . Probably some tweaks. I got an email there is new unpacking event for a Samsung Galaxy launch later on this summer in august. And they would have to come up with something that blows people away after this, would you think . The technology was impressive. It was impressive. Neil cnet or, showing it. It was impressive. I agree. Neil very heavy, surprisingly heavy. So, i can understand its appeal but, you know, once spurned a lot of buyers are more than twice shy. I dont know about that. Remember the galaxy note 7. Neil youre right. Burning batteries in your pocket . People still went back and bought samsung. They are still the largest smartphone shipper in the world. There is questions whether or not they are the leader in technology. Neil i think their cameras are superior. Are they . I never used a samsung phone. You used both which i found astounding. Neil youre not a geek. Im a geek. That is insulting. I love technology. I love gadgets. Neil no you dont. Oh, my bod. Neil any unbiased observer, look at galaxy phone versus apple, love them both, no comparison. The stability cameras is different. Youre telling me im not a geek. Neil hearing this all of sudden. Susan, thank you very much. We have couple minutes worth of trading. For the dow, s p, at a record, for the nasdaq at a point for a record. If it holds first time in very long time. All three averages hit records on the same day. We have a guy, charlie brady, does this. Knows this in the back of his head. He is like rain man from this stuff. Muses from rain man on the significance of all of this after this. S my forte. Obviously, for auto insurance, weve got the wheel route. Obviously. Retirement, were going with a longterm play. Makes sense. Pet insurance, wait, let me guess. Flea flicker. Yes howd you know . Studying my playbook . Yeah, actually. Neil all right. Welcome, im neil cavuto. The closing bell now a little over a minute away. It looks like we could have not one, not two, but three records. More on that in a second. Joe biden is losing some steam. Why that could make some investors antsy. And tweet a joke about a congressman, get prosecuted for it . Hour two of coast to coast right now. All right. Our shortened trading day will end in about 55 seconds. Suffice it to say that we are going to cut through records pretty easily here for the dow, for the s p 500, in and out for the nasdaq in a shortened trading session that has been buoyed by largely weaker than expected Economic Data that is buoying hopes for an imminent rate cut this month. I believe the oddsmakers are putting it at 100 for later this month. That means it cant possibly happen. Again, that is the consensus thats building. Also, some surprising strength is emerging in some very shares that would benefit from a trade agreement if one were to ever pass. The president is indicating right now and earlier today we would be a lot further along if, for example, we had moved quickly on resolving these impasses he has with the Federal Reserve. In other words, if they had cut rates. They didnt do that but the stage could be set that they will. Trading has come to a close. Its over on an abbreviated trading day that has all the averages in record territory here. Something i dont think i have seen recently where all three cross into that territory on the same day. Gerri willis at the New York Stock Exchange with a lot more. Hey, gerri. Gerri thats right. Hey, did you see the little fireworks display there from macys at the close . Amazing. All right. Its 1 00 and its the close. I know, we are closing early. Forget the slower factory activity, the weaker jobs market, traders dont care. They are sending both the dow and the s p 500 into new record territory today. The dow had to close only 4171 higher to be up. The s p was up 22, the dow now with its first record close in 2016. They had the last of the major averages to set a record close this year. This is the 80th, seventh under donald trump. The s p 500, this is a trifecta. Three days in a row of a new record high. Of course, all of this on lower volume. The nasdaq finishing at 8170. Adp numbers coming in, disappointment, 102,000 nonfarm jobs created in june. As you can see there, the estimate, 140,000. Everybody looking at this thinking oh, my gosh, what will the u. S. Jobs number be on friday. All eyes on that. People are taking good news away from this. They think this means we will get that rate cut at the end of the month. What did well in the adp report . The Services Sector higher, Small Cap Companies seeing fewer jobs, they are having a hard time finding employees. The jobs were in education and Health Services and a disappointment, i have to tell you, the market never sold off on that number, because they are more interested in getting a rate cut. Happy fourth of july. Neil to you as well. Quite right, because those numbers were a little soft but apparently it fuels the argument the Federal Reserve will pounce on that as a reason to go ahead and cut Interest Rates as planned. Things could happen in the interim but that was the view today that led to all three averages closing at records here. Again, in case you are keeping track, all the major markets up right now, close to 20 so far this year. We have essentially just started the second half. Lets go to charlie gasparino. We have jillian melchiore and lindsay bell. Lindsay, the anomaly here is softer news is good news, essentially. Right . Right. We are in the place where bad news is good news because that means the feds going to be able to cut rates in july and thats what the markets really banking on. Thats where we are going to the s p 500, three new highs in a row. Market participants are really relying on that rate cut. For my opinion, the data is not that bad. Sure, we are seeing some softening. We want the insurance rate cut because of that softer data but 25 basis points isnt going to necessarily stimulate the economy. Look, we got the 30year mortgage under 4 . We got the tenyear under 2 today by the way. Thats a sign of weakening economic growth. Neil i dont know weakening enough to warrant a cut in rates. Thats my opinion. I think sometimes when you start taking arrows out of your quiver when you dont have a lot of arrows in your quiver, you could be setting yourself up for something. But i dont want to be the empty glass on this. When you look at this and the trade picture, are we to assume if a trade deal is scored with china, and an Interest Rate cut is put off, the markets will react the opposite . I think the markets would be frankly thrilled about the certainty of some kind of trade compromise with china. I think thats been the thing thats injected uncertainty in the markets. In the same way that obama standing there constantly with new pending regulation, trade has had a very similar effect. Its just a lot of uncertainty. I think the market will respond positively. The risk, though, is if you see what like trump did with usmca, kind of pulling back, that even a deal isnt a deal, that thats uncertainty, too. I think that while that would certainly be a good thing, you need that to happen. Neil Peter Navarro was on a little over an hour ago and one of the things he was saying, two things happened at dow 30,000, a 10 leap from here. The fed cuts Interest Rates and congress signs off on this u. S. Mexico canada trade pact. What do you think of that . Peter navarro is not a great market analyst so i would be hesitant to follow his lead. I would say this. Good news is bad news is a constant market refrain. We have seen it all the time before bad news really sets in. Im old enough to remember dow 14,000 or 13,999. Neil you remember dow 14. October 2007 when everybody, when the fed was cutting rates, everybody was saying theyre cutting rates even though theres a credit crunch and banks are having issues with balance sheets, its going to get better. And it didnt. So i just would say when good news when bad news is good news, just be real careful because the numbers matter. What numbers will matter here. Obviously corporate earnings will matter. Do corporate earnings neil 80 of the s p 500 stocks and companies are telegraphing an earnings right. Corporate earnings. And does the economy suffer because its not just china that were at war with. That, i think the markets can probably digest okay and then if it was just them and we had like a china surprise deal, then you could see dow 30,000 easy but we have like multiple, maybe you guys how many tariffs do we have out there that trump imposed against regular trading partners and that, you know, that hits the economy and corporate earnings real direct. Neil but it is interesting if you think about the history of rate cuts, when they start, markets get worried because even when after awhile. Neil right. Even when fully telegraphed they start associating well, theres a reason for this and they are going to follow up with more of this so maybe we should worry about this. Right . Right. Well, what the history shows you is six and 12 months after the initial rate cut, you see the markets move higher but usually, rates are a lot higher when that initial cut happens than where were at right now. Neil you have to see a lot of cuts, right . Exactly. Neil this two and three and done is one thing. Who knows . Exactly. The last two recessions we saw five percentage point cut to help stimulate the economy. We dont have that right now. Back to your point on Peter Navarro talking about a fed rate cut saving this market, doesnt that scare you a little bit . He didnt mention nothing about the trade deal. He mentioned usmca neil nothing about china at all. This was all predicated on this other stuff being done. If Peter Navarro had his way we wouldnt just be in a trade war with china. I give him credit for educating me on how bad china is. He wants to go to war with everybody. I just worry about his Market Insight into trade and the other thing is this. Listen, if the fed cuts rates and it works, great. It has to work. And its working and heres the scary thing, its working in the face of tariffs and you know, unless we start unwinding all those other tariffs, it might not work. Then you got a real problem on your hands. Neil the markets are climbing mightily here. We are pursuing it with gusto in the second half. At this rate, what are we, up 40 this year . Sure, i think thats been largely a function of deregulation and tax cuts. I think thats really fueled the market. The trade is the uncertainty. Neil you dont think the markets are getting ahead of themselves . Thats a view that some bears have. I actually think deregulation has been the most interesting and important component of this. Neil but it didnt start with that. Before the tax cuts even took effect. Yeah, but i do think to charlies point about trade, we are really like, you can say that Interest Rates are one tool but i think a much more effective tool, especially for accomplishing economic growth, would be injecting trade uncertainty and starting fights with everybody is not the way to do this. If we had more support from international community, better trade deals with them, going into the fight with china, i think we could really be isolating china. Neil but again, the donald trump response to that is if the guys with the money are worried about it theyre not showing it. Let me ask you this. Look at the dow. I know its like on the fly here. If we got a chart of the dow from when they enacted the tax cut, when did they enact the tax cut . January 2017. Look at the dow from then to now. Its really not up that much. I mean, it might be flat. Neil it took effect in 2018. But is it your sense then that that did little to advance this . This all started with regulatory relief. No, no, i think the tax cuts help and regulatory relief helped but i thisnk the trade aspect, the market started pricing in the drag on gdp from the trade aspect because its literally been a flat market for a year and a half. Unless im missing something. Some of the consequences of trade are trickling now through the supply chain. We had a little bit of cushion with that. We are starting to see some of the consequences. Neil the jawboning with the Federal Reserve is continuing. The president is saying today, i think he tweeted this, i think it was a tweet, where he talked about how china and europe are using big currency manipulation that was a tweet. Neil to pump money into circulation. We should do the same. If his hope is you cut Interest Rates, you will improve our trade posture, will that work . Well, it will certainly weaken the dollar which is what hes saying he wants, but i think hes talking about china manipulating their currency. Hes implying that europes manipulating their currency too, but you are actually seeing a slowdown in their Economic Data. China, you are seeing a slowdown there, too, but obviously the government neil he wants to populate the Federal Reserve with likeminded views. The two economists hes considering now are very dovish. One wants to return to the gold standard, i believe. If you cant throw Jerome Powell out, you can surround him with people who will do your bidding. I really liked my colleague did a weekend interview with judy shelton. But i keep coming back she was saying she wants the dollar to be, shes an interesting individual. I do think on this, Interest Rates are one tool. Its not the solution to every economic problem that we have. When we start relying on neil well see. Charlie, real quick, the sprint tmobile stuff. Whats going on . Our sources are telling us, i know i have said this a hundred times. Dont blame me. Blame Charlie Ergen, because the dish chairman is in the middle of the sprint tmobile merger. Heres what we know. We are on the verge of doj and likely approval of this thing. I think it could come friday or monday. Thats what im hearing. Heres why its been delayed. Just so you know, there is not just theyre not just negotiating sprint tmobile to make sure there arent antitrust issues at doj antitrust. They are trying to get Charlie Ergen to do two things. Buy some spectrum from these guys, use the spectrum he already has, and commit to making essentially a fourth wireless network. Thats going to come out of this which is a huge lift. Now, the problem is that no one really trusts Charlie Ergen. Why is that . Because hes been sitting on spectrum, basically saying im going to do something with it, and he hasnt. Neil he has to return it at some time. He has to return it next year. The other complicating matter is fcc, the other body that must sign off on this, doesnt like Charlie Ergen because hes basically stiffed them on buying the spectrum and not building it out. So what they want, from what i understand, first off, i hear theres a rift between doj and fcc they will want some guarantee that hes actually going to do this thing if they are going to extend he needs an extension past 2020 to build that out before they take it back. Neil any possibility this doesnt happen . You know, heres the thing. Always, last minute, someone could walk, they could say way too much spectrum i have to give up, i got that. It doesnt appear that way based on conversations im having and from the white house standpoint, larry kudlow, the nsa people, really want this deal to happen. They think that company together will be a formidable competitor in the 5g race with china. They think having them together with verizon and at t, its three really Strong Companies together, they can do this. On the other hand, i tell you, tmobile really wants this deal, sprint wants this deal, sprint needs it. They are economically hampered. You got some people at doj, the staffers who dont like it, they think immediately cutting out a wireless carrier will lead to higher prices and thats an antitrust issue. They are trying to deal with that by getting Charlie Ergen in here to buy it. But i just dont i dont understand why people dont get this. Charlie ergen is like dealing with the toughest card player in vegas. Im telling you, cutting a deal with him is like i dont think you can trust him. I dont know. Hes stiffed them in the past. Neil Charlie Ergen on line one. Hes a nice guy, im sure, you want him on your side of any battle. But makan delrahim, well see how next week goes. Its going to be an interesting, how he pulls this rabbit out of the hat. Neil thank you, guys. I was looking for any president ial tweet on the Market Performance today. All three averages closing at records today ahead of the july 4th holiday tomorrow. The 100th record for the nasdaq, which was kind of dragging along here but its actually had the best year to date performance. But again, all three major averages up on the view i guess that Interest Rates are coming down. Conundrum though it may be for people to sort of wrap around, the fact of the matter is thats what theyre seeing. A slowdown, Interest Rates that go down and all of a sudden our competitive situation with the rest of the world, our trade gets better. Thats the hope. Well see. Fact is, every Insurance Company hopes you drive safely. But allstate actually helps you drive safely. With drivewise. It lets you know when you go too fast. And brake too hard. With feedback to help you drive safer. Giving you the power to actually lower your cost. Unfortunately, it cant do anything about that. Now that you know the truth. Are you in good hands . Neil all right. 17 minutes after the hour. Reminding you, trading is closed for the day, resumes on friday because of the july 4th holiday and all the major market averages are in record territory. Speaking of money, we are getting some figures from the candidates and how much theyre hauling in in the latest quarter, the Second Quarter. 21 million for the former Vice President , joe biden. Remember, mayor pete, hes outraising him and Bernie Sanders putting up a hell of a battle here. All of this while the president of the United States scored 105 million in that same quarter on top of the 70 million he got in the first quarter. True to form, the president when it comes to raising money, this is something with a lot of president s, they have a decided advantage but even for President Trump, thats more than your usual advantage. Back with us, charlie gasparino, jillian and lindsay. Lindsay, looking at those fund totals, i dont know how closely they follow poll numbers or debate performances. This does include last week at least would include the debate so that might have moved some of these, siphoned off what was a steady flow for the former Vice President but its revealing. What do you think . I think so, too. Remember, biden, hes missing two or three weeks of fundraising because he joined in april, which was well into the Second Quarter. Neil very good point. Maybe he would have had more than Pete Buttigieg. The knock against him is he has wealthy donors versus sanders who has your average day people. Neil buttigieg has 400,000 followers now. Exactly. But you know what . Biden, the news out on him is that hes starting the lose some of these wealthy investors. But it might not be so certain because youve got the paramount ceo coming out today saying he will throw some events for him, then hes got a bunch of other events coming up here in new york, expected to raise a Million Dollars i was always dubious about that he was going to lose any of those, maybe one or two. The reason why is because hes got a good base of support. Hes got African Americans who still, despite what happened with Kamala Harris, still support him in key states. Hes got white voters neil although his polling with them went down. A little bit. Yeah, sure. Expected. He had a horrible week. I mean, the worst week ever. And should have been prepared for that. I will say two things. Number one, bidens problem is never going to be money or support. Its whether he can do it, does he have a good debate performance where people think hes ready for prime time. The other thing i would say is donald trump, this is interesting. When trump had almost like no money the last campaign. He didnt even try, really. People gave him a few bucks here and there. There was no apparatus. Now hes got not only a big mouth which generates gazillions of advertising, hes got neil hillary started out with more against barack obama but it didnt do anything. It set in motion the money, the small denominations. Thats why i tend to look at how much theyre raising in small figures that show a certain amount of passion from the base giving you that help. Bernie is an interesting case. Hes not the establishment candidate. Hes a more establishment candidate. It is the advantage he has the 2016 organization that hes built up that hes able to fundraise and kind of mobilize and get out there. Its going to be interesting to see if people are as excited about him. I think democrats are always looking for a candidate that they can fall in love with. Thats maybe what were seeing a little bit on buttigieg, that hes neil they arent very loyal. Not in this the polling is horrible, though. I think hes an interesting guy. Neil whos got the mojo . You were just following money and support and buzz that you got on social media. If you are just following money, its buttigieg. You know, people do love him. They are calling him like the obama of 08 and so people just are falling in love. Biden is really just neil look at Kamala Harris. Shes definitely gained some momentum but i wonder, shes willing and ready to take some low blows and dig up dirt on all the other candidates, and the American People, is that what they want to see right now . Do they want busing . I will say this. I think biden is one good debate performance away from turning it around in the polls. Hes one bad from just being done. Neil dont underestimate the power of enrap toturing your ba though. Kamala harris has done that. She has hit a chord. I dont know if theres a short life to that. Its interesting, when i talk to my liberal friends about this neil you have liberal friends . I have many liberal friends. Neil wow. Frmen i cant tell if they want somebody who is sharpelbowed like trump or somebody who is going to bring down the National Mood so you dont have to be exhausted about politics all the time. Neil thats interesting. All right. Still way early, until the next poll or meaningless financial tracking survey. The fact of the matter is all bets are off. Meanwhile, a congresswoman is pushing prosecution for tweets that say nasty things about congressmen. Imagine if we could do that for nasty tweets about fox news or business personalities. We would be out of business. We would be done. Neil after this. People are online making fun of members of congress are a disgrace and they should be prosecuted. Neil all righty. Thats democratic congresswoman frederica wilson. She wants those who tweet mocking congress to be prosecuted. A civil rights attorney on what kind of precedent this would set. At first i thought this was a joke when i heard it. People can get offended by all sorts of things, i get that, but shes very serious. She went on to say we are going to shut them down and work with whoever it is to shut them down, and they should be prosecuted. You cant intimidate members of congress, frighten members of congress. It is against the law and its a shame the United States of america. That is unless you are contending republican members of congress. Im wondering how far this goes. Republican or democrat, neil, this is a shocking display of amazing ignorance by this congresswoman of the constitution, of our statutory scheme, and of the principles that made America Great and as a country from the beginning of its founding. I cant even grapple with this. Im against litmus tests but maybe we should start having a litmus test that members of congress should be able to pass the same test that people who are applying for naturalization and sit shcitizenship should ha apply. As an immigrant, myself and my parents, anybody who wants to become a citizen knows the First Amendment prohibit thiss this tf outrageous proposal shes proposing. Neil i never met a politician alive or dead over the course of the decades that didnt have a problem with the way they were portrayed either in the media, now of course in this day and age, social media. They probably thought and considered Something Like this. But they never said it. I guess the difference here, she said it. Im sure there are others who harbor that very view. You got to be very careful how far you go with this, right . Well, you know, the fact that she said this stupid and outrageous thing is a testament to the power of incumbency. One only says such a thing if they feel sure you are going to get reelected. We both get trolled daily. I certainly get trolled hundreds of times a day by people who dont like what i say and the positions i take as an attorney neil never happened to me once. You know what, grow a thicker skin. This is not a place for snowflakes. You know, just to make a point that happened today, there was a critic of alexandria ocasiocortez named mini aoc, a little girl who was staging photo ops. She removed herself from twitter today and her parents put out a statement saying they were forced to do that because of Death Threats from the congresswomans critics, congresswomans supporters. Thats outrageous and that is the natural result of this type of demagogery and ignorance of the constitution from our elected leaders. You know, democrat or republican, you know, people need to be having a thicker skin and respect for the constitution if theyre in power. Neil get out of the kitchen, which is the worst threat of all. I would certainly rethink it. Thank you very, very much. Have a wonderful 4th. Same to you. Neil the president is getting ready for a big shindig tomorrow in washington. His special july 4th celebration. I dont know whether its thank you america or tank you america. See what i did there . After this. Welcome to the place where people go to learn about their medicare options. Before theyre on medicare. Come on in. Youre turning 65 soon . Yep. And youre retiring at 67 . Thats the plan well, youve come to the right place. Its also a great time to learn about an aarp Medicare Supplement insurance plan, insured by unitedhealthcare Insurance Company. Heres why. Medicare part b doesnt pay for everything. Only about 80 of your medical costs. This part is up to you. Yeah, everyones a little surprised to learn that one. A Medicare Supplement plan helps pay for some of what medicare doesnt. That could help cut down on those outofyourpocket medical costs. Call unitedhealthcare Insurance Company today to request this free, and very helpful, decision guide. And learn about the only Medicare Supplement plans endorsed by aarp. Selected for meeting their high standards of quality and service. This type of plan lets you say yes to any doctor or hospital that accepts medicare patients. There are no networks or referrals to worry about. Do you accept medicare patients . I sure do see . Youre able to stick with him. Like to travel . This kind of plan goes with you anywhere you travel in the country. So go ahead, spend winter somewhere warm. If youre turning 65 soon or over 65 and planning to retire, find out more about the plans that live up to their name. Thumbs up to that remember, the time to prepare is before you go on medicare dont wait. Get started today. Call unitedhealthcare and ask for your free decision guide. Learn more about aarp Medicare Supplement plan options and rates to fit your needs. Oh, and happy birthday. Or retirement. In advance. Neil it is the mad dash and its happening right now to get out before the 4th and higher gas prices are going to be the reward for when you finally get there. To Excellent Energy read, phil flynn. Phil, what are we looking at . I think were looking at the traders already getting out, trying to get some of that high gasoline price. Where did everybody go . Hey, wait a second. Yeah, they are definitely out on the road. Tell you what, we had this big selloff in the market yesterday. Gasoline prices were tumbling yesterday after the postopec movement. You would think it would show up at the pump. Forget about it. Prices went up, even after the big selloff yesterday. According to aaa, we are trading around, what is it, 2. 74. 8 a gallon, up six cents from a week ago. Why is this happening . Because its the fourth of july part of it, but part of it is record demand. You look across the country, we are going to see more people traveling by car than ever befo before, than any independencehi. Talk about being patriotic. I guess people think getting in your car, driving out on vacation and cooking some stuff on the grill. I have to think President Trumps parade tomorrow, all those tanks, probably going to use a lot of energy as well. Who knows. That could even drive up diesel prices. We have to keep an eye on that. Neil there has always been a push and pull, as you remind me, with the slowdown that many think is coming. We had some more data that supports that argument. Not alarmingly but enough that maybe that would put a ceiling on gas prices, energy prices. What do you think . It could but i think thats a bad thing. I want to see people drive more, because thats a sign the economy is doing great. In fact, i think sometimes we say oh, gosh, i hate paying higher gasoline prices but not a lot of people are thinking about that today, when they are hitting the roads. They are hey, ive got some money in my pocket, i want to spend it and i want to get out. I even think because of the bad weather that we had for most of this year, theres probably some pentup demand built into those prices. So i think thats going to be very good for the economy, you know. A lot of these seasonal businesses that have struggled this year will get a big boost. And this increase in demand because of Economic Optimism is going to filter down to a lot of small businesses. I see those rising gasoline prices, record demand is a very good thing for the economy. Neil all right. From your mouth, young man. The cme called to say tell flynn to turn off the lights when he leaves. Thank you, my friend. Have a wonderful fourth. Phil flynn. Mitch mcconnell says he would be happy to buy those nike shoes that all of a sudden nike says that it no longer wants to sell. After this. Your daily dashboard from fidelity. A visual snapshot of your investments. Key portfolio events. All in one place. Because when its decision time. You need decision tech. Only from fidelity. Neil all right. Tomorrow being the fourth of july, the president is touting the economys success ahead of all that, but unfortunately, right now for the president , its still early, hes not getting much credit for that economy, which is a bit of a weird development, because whether you say the president is to get the credit for things when they are going well, we would certainly blame a president if things werent going well and god knows thats happened in American History but normally, an improving economy, this type of job strength would be the wind at the incumbents back and its not. So far. So far. Lets get the read on why that might be happening. Charlie gasparino and jillian and lindsey are back with us. It is weird, not unprecedented, but unusual for an incumbent enjoying this type of economy, the markets a recent phenomenon in the last century, shouldnt be happening. I know. Americans should really be feeling good. Unemployment at a 50year low, wages on the rise, more jobs than people looking for jobs, home prices have gone up, maybe they are starting to decelerate that increase but they are still looking good. Neil what is it . Whats doing it . I think its fear. People are afraid. We looked at the last Consumer Confidence survey and saw the expectation index take a deep cut in its fear over trade. I think its fear over the talks about, you know, you hear about the geopolitical concerns out there, immigration, Health Care Costs rising. I think the democratic debates are really instilling fear in the people of america that if we keep this president in place, things are going to get worse. Neil what do you think . I think thats true. I also think we have a little bit of a shift in values right now going on so i think trumps standing for what people traditionally have stood for when you look at the economy. You want opportunity, you want to know that the governments not going to get in your way, you know if you are going the try to pull yourself up by your boot straps you can make it. I think democrats are coming with these fairly new ideas saying thats not what matters, what matters is income inequality, what matters is historic grievances, what matters is reparations for those historic grievances, what matters is climate change, this host of new considerations. Unfortunately, i think a lot of young people in particular are buying into that. Its the politics of envy. I do think if you are looking at the economy right now, corporate economy is doing great but again, low income americans, really tight labor market, more opportunity, if you look at minority workers, this is like the best they have been doing in 50 years. Wages. Neil but there must be a disconnection between what they are preaching and what two things. Trump is a hard guy to digest. Lets face it. I like him, you know. Personally, i dont have a problem with him but he says things that people find really repulsive, even moderates find repulsive so he doesnt get credit for the economy. Neil he could be doing a lot better if not for those. Didnt make it about him. Heres the other thing. Even with that, okay. If you look at his numbers on the economy, his individual poll numbers for him are bad, like unfavorables, but his handling of the economy and stuff, you know, gets higher marks. When he goes up against like anyone except for maybe biden, if he can survive this, hes going to be going against like far leftists without the charm of a barack obama, who was less leftist than any of these folks, to be honest with you. If he goes against Kamala Harris he will be going against someone who likes busing. If he goes against which most people think is insane. If he goes against Elizabeth Warren its going to be her class warfare and by the way, some of her weird personal attributes like saying she was, you know, native american when she wasnt. If he goes against bernie its a socialist. Hes going to be able to neil but thats been out there in the public domain. Dont think americans have had a chance to respond to this . Are moderates really going to look at donald trump, hes a nasty guy, says some horrible things sometimes. Do we really want to take the far left turn to these clowns. Thats going to be i think he can win that debate. Yeah. Trump is playing to his base but i think democrats are also playing to their base. Neil the base alone isnt enough to close the deal, right . And the democrat base isnt alone enough. Its the moderates. Neil i look at independents. Right now, the president s support among independents has dropped precipitously. Not to the point its not recoverable but for the president , since that was crucial in winning those six industrial states that he tipped republican, hes going to need them back. He doesnt have them right now. I think the independents ultimately, its going to come down to who is the democratic president ial nominee. Okay . Because if its someone super far left, hes probably going to win those independents right back. So i mean, i think that he has that opportunity. Neil do you read anything into Bernie Sanders or in state after state of those industrial states, these guys leading the president by double digits . Early, i know it is but its all we have to go on. It doesnt make sense. In pennsylvania, where you know, there is record low unemployment. Trumps got a pretty good shot at getting pennsylvania again. I think what the other interesting dynamic here is some of the identity politics stuff because there are cultural issues and people do have strong reactions to them. What we have seen in the last four years is they can also become economic issues. If you step afoul of liberal sensibilities it can be something where people go after you personally and go after your business. I think they have a fear about that, too. He will have the money to play that out. Hes going to have a lot of money to play that card. You know, listen, thats why biden on paper looks better, because he doesnt go that far left. He appeals more to those white working class, those voters and you know, thats where the vulnerability trump is, if biden resurrects. Dont you think he comes across as a little apologetic . He hasnt come across as somebody who is going to stand up and say this is completely ridiculous. I agree with you. Neil can i switch gears . I would be remiss if i didnt touch on this nike story with you. Now of course, im wondering whether they are just being too politically correct. What do you think . Oh, god. I think theyre not afraid to be a little bit controversial. I think that thats why they had no problem putting the shoe out in the first place. I have a Conspiracy Theory that they pulled it just to create, you know, free advertising. Neil i actually thought that. Generate momentum. Because thats what happened after Colin Kaepernick. Sales have been great for nike. Neil you really believe Colin Kaepernick called them and said shelve this shoe and they did . I think theyre afraid of the backlash. They are also looking at their demographic. Young people will always have this sensibility. Funny thing, betsy ross used to be somebody that was a feminist icon. She created the American Flag. You can debate that if you want but i think it just shows how things are progressing that you will never be politically correct. Neil the flag itself reminds people of horrible things in our past, you can take a look at the flag, everyone behind it is slave owners but you can look back to the flag the way it is now back to the 1950s after hawaii and alaska entered the union and there was segregation and riots going on. So hardly wonderful times. How far do they push Something Like this . Listen, i think they are making a huge mistake. First off, Colin Kaepernick, washedup football player, is now making a call to a megacompany. Its hard to get your hands around that. You know, yeah neil why cant the company do both . It features a lot of products that advertise his name and you still have these other things. We are talking about our American Flag. I agree. I think it storms up a twitter mob and unfortunately, if you are looking at twitter, at how these things work, its almost like on College Campuses where you are in this bubble and the pressure can be really intense inside this bubble. It doesnt reflect the american public. Neil you are living in that bubble. People feel completely intimidated. We have all had that here. You write something and all of a sudden, 50 people call you, fake accounts, this happens to me every day. Then you think about it, its 50 people out of, you know, a gazillion people. For nike its about 37 of their Customer Base is africanamerican and of course, hispanic. And support what theyre doing. They feel very passionate about it. Neil nike sales and earnings soared, right . The interesting thing about getting back to joe biden is that African Americans, when you look at the sort of poll numbers, they are far less woke than white liberals. We saw that with the virginia controversy. Im just saying. You sure that africanamericans are going to boycott nike over the American Flag . I doubt it. Its one shoe of how many shoes they offer. You should have the optionality. Neil betsy ross series. Cavuto series. Neil absolutely. Pumpkin pie. Neil guys, thank you all. Have a wonderful fourth. You know, one of the things i was saying i love about my job, i get to talk to smart people like this but i had a chance to talk to real titans over the years. It just comes with the job. Its a great job but no one impressed me more for the sheer energy and enthusiasm and the guts he presented than my decades of conversations with lee iacocca. Sadly, he has passed away. We want to remember what he did for this country and for business at a time nobody was and since, very few have. After this. All right brad, once again i have revolutionized the songwriting process. Oh, here we go. I know i cant play an instrument, but this. This is my forte. Obviously, for auto insurance, weve got the wheel route. Obviously. Retirement, were going with a longterm play. Makes sense. Pet insurance, wait, let me guess. Flea flicker. Yes howd you know . Studying my playbook . Yeah, actually. But how do i know if im im getting a good deal . I tell truecar my zip and which car i want and truecar shows the range of prices people in my area actually paid for the same car so i know if im getting a great price. This is how car buying was always meant to be. This is truecar. Thats it. Im calling kohler about their walkin bath. [ sigh ] not gonna happen. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installe. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of min. Neil you know, my italian dad used to say you can tell the measure of a man by how he treats people who cant do a thing for him. That was lee iacocca. He was a man who treated all with respect and galvanized and jazzed them to think better of themselves and the mission he put before them. He was a friend of the factory floor worker who had all but given up and the bankers who had all but cashed out. He told them all, i can make something here and make you believe we can make a Company Given up for dead come back the life. The son of italian immigrants who didnt have a penny to their name changed history as we know it, corporate history. So impressive was what lee iacocca did in his 94 years on this planet that many said lee, you should run for president. It was among the many issues i raised with him over the decades i had the honor of talking with him. Remembering a legend who simply refused to believe he was. How important is the guy who runs the company to the companys image . Well, very important. I dont suggest everybody go out and do commercials. We had no alternative. We were going bankrupt and the agency talked me into it and said youre a guy whos got to go out there and say instead of using a celebrity, you got to go back that afternoon and make sure the cars dont leak and rattle. Youve got the job of doing that. So we had to do it and it worked okay. Im 82. I still have something to say. Im worried about the future, my kids, my grandkids. It sounds corny but you know, i would like to do something more, get a plan of action going here. At least start and vote. Most people dont vote. In a National Election we dont even get 45 . Thats really low. Thats shameful. Neil we have to help out countries that hate us, in the idea that maybe we can stave off terrorism if we do that. What do you think about that . Keep a dialogue going with everybody. Talk to your enemies. Talk to syria, talk to everybody. When you close that down, all hope is lost, in my opinion. Thats ridiculous. Neil people remember you for the chrysler bailout, that the government came to the rescue of chrysler and now just a few weeks ago, the government essentially came to the rescue of bear stearns. I didnt get a bailout. The people, the workers gave up 2. 5 billion. I had to go to the United States government, i had to convince the senate and the house and had to go to the president of the United States. He had to sign an act, i advised people to not go there but there were on the books, 450 billion offbalance sheet books at that time and i said to tip oneill, just go one more billion. Neil right. Right. Its all on the books. Why dont you just give me a break and get the billion. Without him, i wouldnt be here. Neil i love the story how carter dropped the pen as he was signing it. Yeah. In the signing, yeah. After all the hell i went through. The president of the United States drops a pen and he wants to lean down and he cant find it. I said hold it, i jumped out and said ill get it. Neil you are saying that theyre just prattling on, not getting stuff done. They dont theyre not even theres no real oversight. They pass all these continuing laws and they never go back to see did it work anyplace so we can duplicate it or never do that again. But theres really no oversight going on. Maybe theyre not in Congress Long enough. Neil in 1984, they wanted you to run for president. I ran for my life. My mother, tip oneill talked me out of it. Neil so did your mom. She sure did. Neil what did they say . They said are you crazy . Tip oneill said you want to be president a lot. Of the United States. Neil remarkable story, remarkable attitude and remarkable man who came from nothing and did a lot with the something that changed the way we look at companies and even changed the way we look at ceos. Usually hidden away in boardrooms. Hidden away in offices. He was the front person for a company that came back when everyone said it wouldnt, and who returned every penny with interest in the loan that he received seven years early. He said of jerks that he encountered in life that you cant control that, but you really should. He referred to the fact anyone who is 25 jerk is in trouble. Some people abuse the privilege. But allstate actually helps you drive safely. With drivewise. It lets you know when you go too fast. And brake too hard. With feedback to help you drive safer. Giving you the power to actually lower your cost. Unfortunately, it cant do anything about that. Now that you know the truth. Are you in good hands . Harvey levin the objects People Choose to keep in their home define who they are. This is. Did you worry you would not be successful . chuckles all the time. Harvey im harvey levin. This is the story about a man who went from selling garbage bags to bagging billions. Im not gonna lie. It does not suck to be rich. Harvey there were struggles, failed businesses, evictions, massive debt, but he never lost his spirit or his passion for partying. Mark, you are wasted. Okay, maybe a little bit. laughter harvey an Internet Company made him filthy rich, he overpaid for the mavericks, and turned the losing team into champions. When i watch the last 30 seconds of the when the mavericks won, it still makes me emotional