Transcripts For FBC Mornings With Maria Bartiromo 20240714

Trading resuming after all three major averages closing in record territory on wednesday and markets of course closed yesterday for independence day. Jobs report out in just over two hours. Economists are expecting 160,000 jobs added to the u. S. Economy. Unemployment expected to hold steady at 3. 6 . Joining me this morning, fox business jackie deangeles, max funds. Com cofounder, jonas and chief workforce analyst joanie courtney. Thank you all. Good to see you. One day after the holiday. So jonas, what are you expecting from the jobs report . Im expecting it to be a little weak, actually. Based on adp or Something Else . Based on the bond market. I dont think all these Bond Investors are wrong. I think were under a 2 yield because the economys slowing globally, not just here. Mostly globally, actually. If thats not what we get, the bond markets crash a little today and Interest Rates should go back up. Theyre basically pricing in a slowdown. I think stock market invests, which is at records, are wrong and bond Market Investors are right. Well know that today. The yields are two andahalf year lows. Youve been watching that too. The yields are telling one story and the stock market is telling another story, even with a shortened trading day, we hit new records and closed at new records. The market ise enthusiastic. We came in under expectations last month. I think this month if we just meet and toe the line, the market would be happy with that, given Everything Else thats going on. What do you think this means for the fed . We heard some people say, especially after the adp report, maybe the fed does 50 basis point cut in july. I dont know why they didnt maintain when longterm rates went low, they should have lowered shortterm rates just to keep the yield curve going up, which makes people not freak out. I think by letting it go negative, theyre only letting people think theres going to be a recession. Now, the flip side of all this is if were not really in a weak economy, these lower longterm rates are going to boost the economy as tax cuts because Mortgage Rates are a lot lower. We could just as easily take off in the economy because the rates are such that the economys not going to be strong, its like an economic stimulus plan. One of the best comments was that markets right now are priced for two extremes, half pricing for heaven, half pricing for hell, like nothing in between. Following all those trends, what are you you expecting this morning . I think there are going to be a tremendous amount of eyes on this report even though its a day after a holiday. Wall streets really watching this. The fed is really watching this. Because last month was so weak. It could be a good report because the demand is out there. The jobs are out there. You know, over 7 million open jobs across the United States not as many unemployed people, so the challenge could be if we see a weak number today, part of it could also be just due to the supply. We dont have enough people out there to fill the jobs and the he demand in the market. So i would expect that we could see a number around expectations. Maybe 150, 160, 170. But then again, because of the difficulty in actually getting the jobs filled and finding the right talent to meet that demand, we could see a low number as well. So the other thing i do think the fed will really be looking at is wages and Labor Participation. You know, are we seeing more people actually participate in the workforce. In other words, those who want to have a job, have a job. Yeah, and get people back to work. Thats really important as well. Well come back to all this. We have to take a look at china, concerns over huawei. U. S. Government defending a law that prevents federal agencies from doing business with the Chinese Telecom giant, placing National Security concerns. Company claiming this was unconstitutional. On the trade front, china reportedly insisting that all u. S. Tariffs be removed as part of a trade deal with the u. S. Jackie, we have been talking about this for i think 18 months at this point in one form or another. Weve been talking about it for a while. What does this mean . Huawei named 30 u. S. Companies as core suppliers. So even though we want to fight, somehow there are a lot of lets say overlap between u. S. Corporates and huawei. We want to fight but at the same time what we saw just about a month ago, broadcom told us the huawei hit will be huge for that company. We want to fight. We want to protect National Security. At the same time, we dont want to put our companies in danger of losing profits. Its a tough spot to be in at this point. I think that the president has taken a stand here. Hes trying to work things out with china. At the same time, hes trying to protect the country and sort of put some of these companies in their place, huawei, to be one example. Its a tough position to be in. Theres a reason nobody else has ever taken the fight on. Thats a great point too. Theres a lot of people who say that maybe tariffs werent the best way to go but yet there are other people who say the ip theft has been going on for decades so at some point it those be addressed in some way. Jonas, what does this mean for the markets if investors begin to doubt the strength of tech for whatever reason . Well, okay, u. S. Tech, not talking about huawei and 5g. Yeah. Is the market is riding on that not having a problem. Even though the valuations are pretty ridiculous, looking like its bubbly, if that starts to fall, that would take the whole market down. Theres no question about that. That would be that is the backbone of this market, theres no question about it. Huawei in particular, you know, this is a tough one. The real proof of them doing anything bad is tapping the robot and thats pretty mickey mouse at the end of the day. This is all allegedly what could in theory it could. Anybody in those kind of Equipment Companies could hack everybody. Its like batman, when they we use phones to hack too. The u. K. And germany have essentially say we know huawei is spying on us. We already hedged that in. Germany, spied on through their phones. You cant throw too many stones in these rooms. Were playing dirty basically because tariffs will not be enough. Its hard to go higher than that without hurting consumers here. Even if there was a provision for this in whatever trade deal we end up getting, everyone says enforcement is the difficult aspect of it. Enforcing it through business is another means of doing it, a harder way of doing it, but at least you know youll get the results youre looking for. Profit warning from samsung, the company saying Second Quarter profits are going to be sliding more than 50 compared to last year. U. S. China trade tensions likely one of the reasons for the slump. Jonas, whats your take . You would think would benefit from the trade war with apple because of the main competitor in high end phones. If you look at a galaxy phone, you know it says made in china on it. Theyll be hit by any escalation of tariff as well. I think this is more about the 1,000 phone market and also the shifting particularly its all going on the cloud. Thats not their area. They were selling like ssd hard drives and stuff and that space, that storage is not going into their drives. Galaxy fold was a painful, painful pr snafu for them. Well, be sure to stay here. We have our jobs in America Special, that starts 8 00 a. M. Eastern time. You will not want to miss that. Well bring you the numbers, instant analysis as well. In the meantime, californias largest earthquake in decades rattles the southern part of the state, was felt as far away as las vegas. Aishah hasnie with us now. How is it there . Reporter theyve been having aftershocks all through the night, overnight hours. In fact, just about 15 minutes ago there was a 3. 5 magnitude quake, so its really scary and seismologists are warning theres a very high chance that there will be a magnitude 5 or even bigger earth quake in the next couple days. One should always be preparing for a big one. This does not make it less likely. There is about a one in 20 chance that this location will be having an even bigger earthquake within the next few days. Reporter so thursdays 6. 4 magnitude quake is the strongest quake to hit california in some 20 years. It happened near the town of ridge crest, its about 150 miles from la. And this Surveillance Video really shows what went down there. This is close to the epicenter. Shows bottles and food thrown all over the place inside a convenience store. This video shows panicked people running when they felt the quake happen. Now, the earthquake caused multiple injuries, house fires, gas leaks, even cracked roads. I could see really shaking and its like its really happening. It was intense. A rolling earthquake. Long. Like 30 seconds long. Was strictly rolling, was not a shock. Reporter California Governor Gavin Newsom tweeting he approved an emergency proclamation for the earthquake, grateful for the work of our responders, he said, office of emergency and local leaders who have been working closely with the communities impacted by todays earthquake. But again, as those aftershocks continue, people are just terrified, afraid of what might come next. I imagine. Aishah hasnie thank you so much. At 7 20, by the way, l laguna hills mayor will be our guest. When we come back, saluting americas heroes, highlights from President Trumps 4th of July Celebration, what his critics are saying about it as well. Plus, Joey Chestnut going for another title, the hot dog eating legend aiming for his 12th championship. The finish, next. If you want it, you got it, you got that boom, boom. That a speaker is just a speaker. Or that the journey cant be the destination. Most people havent driven a lincoln. Discover the lincoln approach to craftsmanship at the lincoln summer invitation. Right now, get 0 apr on all 2019 lincoln vehicles plus no payments for up to 90 days. Only at your lincoln dealer. Brad, ive got an idea for a song. Nationwide has this app. Plus no payments for up to 90 days. You can pay your bills, even start an auto claim. So what i was thinking. Let me guess. Start a claim right from your app. Have you been looking in my notes . Dear tech, youve been making headlines. Smart tech is everywhere. But is that enough . I need tech that understands my business. I need tech that works at scale. Dear tech, dear tech, dear tech, were using ibm blockchain to help make sure food stays fresh. Were exploring quantum to develop next generation energy. Were using ai to help create more Accessible Health care. Were using iot to create new kinds of digital wallets. Lets see some more headlines about that. Lets expect more from technology. Lets put smart to work. Deirdre a Tennessee Police officer killed in a fiery crash. Cheryl casone has the details. Cheryl. Cheryl thats right, 28yearold officer John Anderson died early yesterday morning. Hillaryafter his cruiser washita 17yearold who didnt have a license. Police say anderson was on his way to assist another officer when his car was struck, causing it to hit a utility pole. The vehicle caught fire. Anderson leaves behind a wife and 18monthold son. The other driver faces a number of charges including vehicular homicide. Univision is reportedly considering a sale from private equity owners. The Spanish Language network hired outside advisors to review extrstrategic options. It was bought in 2007 for 13. 7 billion. And joey jaws chestnut is still top dog, winning his 12th nathans hot dog eating contest yesterday. The 35yearold dominated in the annual competition. He devoured 71 franks in 10 minutes, fell short of breaking his record from last year, which was 74 hot dogs. He swears next year hes coming back and breaking the record and one eagleeyed viewer said he looked a little nauseous after the event. Thats not always the case with Joey Chestnut. Deirdre that video is a little tough at any hour, but especially 6 15 a. M. Eastern. Cheryl i felt nauseous watching it. Who wants to be eagleeyed. I go there, watch really close. Deirdre inside track on joe je chestnut. I heard his better view, before the contest, hes like ive been running, im in great shape, ive got the breathing down. Have you though have a strategy. He thought he was going to break his record. I think he was disappointed. This is our thing. Yeah, yeah, yeah. Its america. Were stuffing hot dogs in. My advice, dont get on the scale today. Yeah, yeah, yeah. Hes making money for gluttony givglut. Deirdre when, candidates are taking aim at President Trumps signature legislation. The effect on your wallet next. More than 1 million and 70 700horsepower. Ford unveiling a new super car. There is a catch for anyone lucky enough to get one. Details ahead. Dont put it all on the line. For just one road. Youve got to have an ace in the hole. If youre headed down a one way street. Youre not sure its the way you want to go. Truecar is great for finding new cars. Youre smart, you already knew that. But its also great for finding the perfect used car. Youll see what a fair price is and you can connect with a truecar certified dealer. Now youre even smarter. This is truecar. We like drip coffee, layovers and waiting on hold. What we dont like is relying on fancy technology for help. Snail mail we were invited to a y2k party. Uh, didnt that happen, like, 20 years ago . Oh, look, karolyn, weve got a mathematician on our hands check it out now you can schedule a callback or reschedule an appointment, even on nights and weekends. Todays xfinity service. Simple. Easy. Awesome. Id rather not. Deirdre your taxes in focus, 2020 Democratic Candidates, kamala harris, joe biden, vowing to repeal President Trumps tax cuts and jobs act. This as a recent ap norc poll shows that 17 of americans say they paid less in federal taxes compared to 2017. So 2018 paying less than 2017. Joining us now is americans for tax reform president , grover norquist. What do you make of the poll that 17 that feels like they paid less in 2018 as compared to 2017, because 17 is not really a ringing endorsement, is it . Its also not accurate. So that 70 or 80 of americans paid significantly less in taxes on average. Its a 25 reduction for people. Thats the average. What we do have is one more time, one more april 15th between now and the next election. You saw the support for the tax cut plan grow. It was unpopular when it passed because all people had was the media telling them it wasnt for them. Then as we got closer to april 15th when people saw that the average family, average income family with two kids got a 2,000 tax cut. Deirdre let me ask you a procedural question. In other words, for some people it just was the way that the money was given back to them incrementally, right, when you go back to president bush, for example, even though people complained that it took too long to get their checks, they got a physical check. They saw it in one amount. Would that have been a better way to just do this proceed l rally, so people procedurally so people looked at something physical . I think that would certainly raise the visibility of it. I do think as people look at 18, 19 and 20, and see the lower taxes, make it clearer, i think everybody can do a better job, americans for tax reform and other groups highlighting this. But it is there in black and white. 25 on average tax cut across the board. Another when the democrats say theyre going to undo the tax cut, there is now a specific number that people can look at. Single parent making 41,000 a year would pay 1,300 higher taxes, not just one year, but every year for the rest of his or her life, if the democrats undid the republican tax cut. And middle income feedback family with two family with two kids, 2,000. You can calculate to the dollar how much it will cost you if you vote for a democrat for president. I think the establishment media doesnt tell the truth, ads during the campaign might. Some of the democratic no, nominees were talking about undoing some of the tax cuts. You can argue theyve been stimulating, thats what its all about, getting money back into the economy, getting the engine chugging. The stock market will tell you thats actually happening. At the same time, what i dont see the democrats addressing is saying why dont we cut spending a little. Because the reason they want higher taxes is to spend more money. They talk about the deficit, only as an argument against reducing taxes. The deficit as far as the democrats are concerned, theres never an argument to spend less, only an argument to raise taxes. What we should be focusing on is spending as a percentage of the economy and you can bring that down either by spending less, also you can bring it down by growing the economy and thats what trump and the republicans have done. The democrats said when trump won, you could never get faster growth than 1. 8 because thats all obamas been able to do and that was turned into 3 growth as soon as the tax cuts took event ect after eblght and when weffect. We could see anothe commieconomy as well. Jonas ferris here. I want to maybe have a nonpolitical discussion about this data point. I understand that polling people as to what their taxes is, isnt that useful, they dont know. My question, grover, if tax cuts do pay for themselves, shouldnt people be paying more, they shouldnt be paying less in taxes because their wages should go up, the economy should be growing and even with the lower tax rate they should be paying more in taxes like the poll says. If theyre not paying more in taxes like you say, and this isnt accurate, then how are they paying for themselves, is the question. Tax deductions if theyre done right will give you more growth and that actually results in the government getting more revenue over time. Weve seen total revenues go up a little bit since the tax cut and that is because just as youre saying, millions more americans have jobs, millions more americans have higher pay and, therefore, theyre paying more in taxes. But as a percentage of their income, theyre seeing lower its lower tax. Are they paying a lower percentage, are they paying more dollars in taxes one way or another, even if the rate is lower than they were the last year, wouldnt that have to happen for the taxes to pay for themselves . That would be a good thing. Youre saying theyre paying less in taxes, in dollars or percentage terms. Some in dollars. Im giving the dollar figure. Assuming you didnt get a pay raise, assuming anothe a numbert static, heres the side size ofr tax cut. If youre earning more money, youre much better off. We have dynamic economy. The Corporate Income tax went down to 21. A lot of money came from around the world to be invested in the United States, Foreign Direct Investment shot up, new Capital Expenditures increased and we were expecting significant pay increases, three and four years after the bush tax cuts because it takes a while to build a factory and do things with new capital. The fact that it jumped up so quickly is a huge step forward and were going to see continued growth. Real quick, are tariffs a tax increase . Tariffs are taxes. Deirdre we paid them, grover. Thank you. Coming up, honoring americas best, President Trump celebrating military heros in the Nations Capital yesterday. What he said. Also, an accidental july 4th display, one fireworks vendor starting to show a little starting the show a little earlier than expected. Well tell you what happened, next. At comcast, we didnt build the nations largest gigspeed network just to make businesses run faster. We built it to help them go beyond. Because beyond risk. Welcome to the neighborhood, guys. There is reward. Beyond work and life. Who else could he be . There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. The sleep number 360 smart bed. It senses your movement and automatically adjusts to keep you both comfortable. The queen sleep number 360 c4 smart bed, now 1299. Plus, free premium delivery when you add a base. Ends sunday. I thought he was with you . No jack sfx piano plays Twinkle Twinkle Little star tommy . sfx audience laughing dont stop. Keep playing. sfx pianist playing masterful duet here we go heres the fun part it is friday, july 5th. It is jobs day. Unemployment rate Holding Steady at 3. 6 . Our jobs in America Special . Join us for that. The futures, indicating a lower open. Markets closing yesterday for the fourth wednesday, stand out a, record close, all 3 major indices hitting record highs since january 2015. If you look at trade, all 3 major indices there. Hong kong, the for the jobs report. Salute to america. We are one people chasing one dream, and one magnificent destiny. The highlights and reaction from democratic hopefuls. Early fireworks, south carolina, little Storage Containers going up in flames and the end of the comedy era. Mad magazine calling it quits after half a century. A new Ford Supercar 45 being bills. The catch if you want to own one coming up. Our top story Donald Trumps salute to america. The president hosting and elaborate military salute for the fourth of july honoring our troops and steering away from politics. Together we are part of one of the greatest stories ever told, the story of america. It is the epic tale of a great nation whose people have risked everything for what they know is right and what they know is true. A chronicle of brave citizens who never give up on the dream of a better and brighter future. It is the spirit, daring and defiance, excellence and adventure, courage and confidence, loyalty and love that built this country into the most exceptional nation in the history of the world and our nation is stronger today than it ever was before. Americas tearless resolve has inspired heroes who defined our National Character from george washington, john adams and betsy ross to douglas, you know, frederick douglass. The great frederick douglass. Harriet tubman. Amelia ehrhardt. Douglas macarthur. Dwight eisenhower. Jackie robinson and of course john glenn. As long as we stay true to our cars. As long as we remember our great history. As long as we never ever stop fighting for a better future, there will be nothing that america cannot do. Joining me is washington examiner, commentary] adams, glad to have you with us this morning. What did you make of the this is yesterday . I feel like im losing my mind or being left out of the loop, missing a lot of steps in some of these stories. Yesterday i had family from out of town, we grilled, watched the fireworks and then i checked social media and it was what it was a couple days before, the constant unending scream of screaming about militias in tiananmen square, martial law in the United States. With their gradual lead up to this or did we wake up one morning and decide the fourth of July Celebration is martial law and the soviet union . It was a fine speech, good speech, the flyovers were great, the kids loved it, especially the blue angels, particularly neat and it feels like it is another world on social media or certain political corners. Opposition to donald trump has gotten to such a point i dont understand what it is saying anymore. The betsy ross flag. Dierdre we have 2020 coming up, we have people who want to show opposition. Several Democratic Candidates spoke out during these fourth of july festivities. Does any one of them make a point you felt was valid . Know. Opposition to trump is like the old groucho marx song, whatever it is im against it. Doesnt matter what it is. It was a good speech, praising amelia eric, jackie robinson. If you find a problem with that i feel you are trying too hard. Dierdre we want to play some sound. Hold on. What would donald trump say this evening . I am being sincere. When he speaks to the nation at an event designed more to stroke his ego than celebrate american ideals. We need money to go to affordable housing, we need money to go into rebuilding our infrastructure. Not sure we need money to go into tanks in downtown washington. Reducing our nation into tanks and shows of muscle just makes us look like the count of loudmouthed guy at the bar. Dierdre biden, sanders, take the opposing view. Any of them registering do you think right now with voters . Over this specific issue im not so sure but i think senator sanders made a good point. If there is a criticism in here, the amount of money this cost us, reportedly, 2. 5 million which is a fair amount of cash but i feel it this point Neither Party cares about Government Spending at this point. Dierdre i want to ask about this new oped in the washington post, michigan congressman justin amash says partisan politics in a partisan death spiral, that is why im leaving, donald trump says great news for the Republican Party as one of the dumbest and most disloyal men in congress is quitting the party, now collusion, no obstruction, new he couldnt get the nomination to run in the great state of michigan already being challenged for his seat, a total loser. What is your reaction . Im not sure what took amash so long, not just a trump critic but a critic of the Republican Party, both parties fell apart. This isnt how he likes things. This is a Natural Evolution for him but there is a point showing he is 16 points behind his primary challenger and by declaring himself an independent he doesnt have to run in the primary. Dierdre appreciate it. 7 americans killed in a Helicopter Crash in the bahamas including a coal industry billionaire. Cheryl chris klein was among 7 people who died in a Helicopter Crash off the bahamas. The helicopter went down shortly after takeoff in the Atlantic Ocean headed for fort lauderdale. Also among those killed, one of kleins daughters. Klein died the day before his 62nd birthday. Say goodbye to mad magazine. The satirical magazine, matt will still be available in comic shops and through mail to its subscribers but after the fall issue it will reprint previously published material. Speed freaks, ford is selling his first milliondollar supercar, the gt mk to the go so fast it is not street legal but go ahead and buy it. The engine generates 53 hp, more than the standard gp rogue are and to save weight there are no road bags, no passenger seat which only makes sense. If you want to order this act fast. They will only make 45. I know it on your christmas list. Dierdre if i dont have access to a track it wont go well. It will look pretty in your garage. I guess this one is not self driving either. You can build your own road at that price point. I expect to see you on the street in miami. I dont think that will keep them off the road. I think they are collectible. The 2005 gt they launched to commemorate the 100 Year Anniversary was super successful and made more than this car. A little more than 100,000. Even the recession, many multiple value, it will be if you could get one. It will be collectible, just that limited number but interesting they are trying to answer the higher price point in the market. Best in its class. Will come in the future . What will be next . We know what is coming our way this morning, job data, to become a manufacturing powerhouse and the new space race may come into play. Accident on july 4th display, fireworks vendors showing earlier than expected. We will tell you what happened. Ts go. Limus right. Liberty mutual can save you money by customizing your car insurance, so you only pay for what you need. Oh. Yeah, ive been a customer for years. Huh. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Most people think a button is just a button. That a speaker is just a speaker. Or that the journey cant be the destination. Most people havent driven a lincoln. Discover the lincoln approach to craftsmanship at the lincoln summer invitation. Right now, get 0 apr on all 2019 lincoln vehicles plus no payments for up to 90 days. Only at your lincoln dealer. Deadlines across america the Chicago Tribune reporting 3 stepped outside the navy. After fourth of july fireworks, 14 injured during a stand paid according to police. Police believe someone yelled gun or shots fired leading to the stampede but there was no evidence anyone fired again. None of the injuries are believed to be lifethreatening. And fireworks containers burn. And in south carolina, fireworks went up in flames. Its a crews 45 minutes to put out the fire. Investigators not sure what sparked it. The louisville journal saying jim beam warehouse fire still burning as the runoff becomes an environmental threat. The fire originally broke out Tuesday Morning after spending tuesday fighting the blaze firefighters decided wednesday to wait before continuing. They say theres less Environmental Impact if they allow the ethanol to continue to burn. A lot of fire here and with the fireworks yesterday i did see some people throwing things out the window that ended up going up. It was a little wild. Dierdre you always hear the story the next day but fire in south carolina, wasnt quite the display. I was on long island last night, i didnt catch all the fireworks because i went to bed early but i thought to myself based on all the sound i heard i think the economy is still pretty strong. People are spending money on a lot of fireworks. I still heard some fireworks going on. People had some pocket money. I saw some on my drivein last night a nice to see everybody celebrate just for a second, step back and get away from the partisan divide and all the barrage of news on twitter, the constant news cycle, just celebrate what america is all about. Ever since he came onto the scene i missed all the fireworks shows. Stay home and snuggle under a blanket. Not because i am woke and they are military action. My 4footed friends, my dog when we come back, more on jobs in america. How theboom could make the us into a manufacturing powerhouse. 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. 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. Exactly 50 years ago this month the world watched in our as apollo 11 astronauts launched into space with awakened fire ant nerves of steel and planted our Great American flag on the face of the moon. We are going to be back on the moon very soon and someday soon we will plant the American Flag on mars. Neil donald trump commemorating space expiration and giving a hint of the future of the space race. Tysons of cnc as a manufacturer making manufacturing for space x, the us could create 2 Million Manufacturing jobs in the next 10 years. The ceo of titans of cnc, welcome. How important is the Skilled Labor force for the future of manufacturing in the us . Thank you for having me. I would say it is everything. We have to educate and build up a workforce that can handle the complexities that come with aerospace. Right now a lot of our kids are not rising up, they dont have the awareness of this amazing industry out there that has good paying jobs. A good place to work out. I know a lot of schools cut programs like shop and carpentry and a lot of manual focus points. Is that part of the problem . This administration has done a great job being promanufacturing. There is a buzz going on and there is money going into the School System so we are building more shops, manufacturing shops and computerized machining which is the highest end of manufacturing and that creates rocket parts to create airplane parts and submarine parts. We are doing this in schools, the education process is prehistoric. The money is going in. The people distributing the money, not trading the way we need to train. We are pushing to lift the trade up and theres going to be 1 trillion industry, lets get our kids excited about it but lets actually step up our game when it comes to education because these kids are brilliant but training them like we did 50 years ago. Good morning. It is great to hear you talk about this and getting that message out there. Manufacturing has a tremendous amount of opportunities when you look at the jobs, the jobs in manufacturing are very different. There is a digital component, digital training and skills but there is another dynamic, a large amount of baby boomers that will retire when working in manufacturing. A strong gap, on the manufacturing, cant get people to work. Im curious if you see companies focusing on apprenticeship programs. But how do we get the message out and more companies to really embrace training . We know they are going to have a gap in people going into manufacturing. It is all about awareness. They are and 80yearold Polling Company and most of their top people are leaving in the next 10 years. Just like any other company they are looking at who is coming in and they are having the right scrambling to make things happen. When you say training, let me tell you what the problem is, the problem with the us and manufacturing is there is no standard. Advanced manufacturing, fancy machining, we call it automation and multiaxis machining, there is no standard in place and nobody can follow the same set of rules. And we went into san quentin, and in san quentin prison, taught advanced cnc machining to inmates who have never been on a computer before to run these 200,000 machines to show people if we change our approach to education, step in the gap and do it correctly we can train up a workforce quickly and then they will be making money and helping our economy and that is the way you need to do it so the template is online on our platform and we give education to all schools and all companies for free. Bringing that opportunity to all people who might not have them otherwise. Stay tuned for our special coverage, jobs in america, starts at 8 00 eastern time but still ahead us china trade in focus, the us heading back at huawei as tariffs are lifted, details next hour, 3 minutes, on mornings with maria. vo the hamsters, run hopelessly in their cage. Content on their endless quest, to nowhere. But perhaps this year, a more exhilarating endeavor awaits. Defy the laws of human nature,at the summer of audi sales event. Get exceptional offers now. Im really into this car, but how do i know if 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. Deirdre good morning. Im deirdre bolton, in for Maria Bartiromo. It is friday, july 5th. Your top stories at 7 00 a. M. Eastern time. Its jobs day, the estimate, 160,000 jobs. The Unemployment Rate expected to hold steady at 3. 6 . Our jobs in America Special coverage starts at 8 00 a. M. Eastern. Ahead of that report, take a look at futures indicating a lower open. Of course, this is after wednesdays record day on wall street. Then you had the dow, s p 500 and the nasdaq closing at alltime highs. Markets of course closed yesterday for the 4th of july. Trade in europe, red on the screens as well. Ftse, cac, dax, all lower. In a asia overnight, markets slightly higher, except for hong kong. Investors waiting for the jobs report in the states. A salute to america, President Trump addressing the nation with a patriotic speech honoring the American Military. We celebrate our history, our people, and the heroes who proudly defend our flag. The brave men and women of the United States military. [ cheering and applause ] deirdre well bring you more highlights from his speech straight ahead. Also, a major earthquake rattling california. 6. 4 magnitude quake, the strongest to hit the golden state in 20 years. We will bring you the latest details. An Emergency Landing, a Virgin Atlantic flight diverted after suffering a cabin fire. You will not believe what caused it. Details ahead. Movie pass suspended, the unlimited Movie Service halted. What you need to know if you are a subscriber. Here to talk about all that and more, fox business jackie deangeles, maxfunds. Com founder, Jonas Max Ferris and chief workforce analyst, joanie courtney. Were waiting for this jobs number. Joanie, im going to ask you first, what are you expecting . I think well see a decent number, around 150,000. Unemployment probably deirdre a little bit of a miss, nothing to freak out over. Nothing like last month. Most of the growth will be in the professional and Business Service sector, retail was hurt last month. I dont see that coming back. Manufacturing has been a little bit slow. Really looking to see if theres any revisions to the two prior months and if anythings happening with wages, will we see wages move up, probably 3 year over year. Deirdre with adp we saw smaller businesses be more hurt than medium size and large ones. The report showed 102,000, youre right, deirdre, 23,000 lost in the Small Business sector which was really concerning. When i think of Small Businesses, they dont have access or the resources or the reach to hire people. And i think thats really a struggle. So when you look at the job market today, it is a very tight labor market. 7. 5 million open jobs, Small Businesses struggle to stay get testify in competitive in reaching the available tall p only for those positions. Its not that Small Businesses are holding back from hiring. My concern would be they dont have access to the people. Deirdre that makes sense. Were also watching u. S. China trade because china continuing to stress that the u. S. Must remove all tariffs placed on chinese goods as a condition for reaching a trade deal. This is as a new report says hp, dell, microsoft, the latest companies considering moving some of their hardware production out of china. Jonas, weve been talking about tech as the backbone of this bull market. To what extent could this change things . First of all, today the backbone is definitely the jobs everyone keeps saying how tight the labor market is, the Unemployment Rate is so low, theres all these jobs, cant fill the jobs, people arent trained. And i think the feds watching this right now. Why arent the wages going up . Okay, like offer them 20 more, why arent they training these people . Its a great question. People ask that all the time. Whats interesting, from the bls, we look at the hourly wages, which will be reported today. So its just the hourly worker, not wages across the board. But i will tell you, with employ bridge, we have about 90,000 people out working, really in the blue collar space on a weekly basis. Were seeing wages move more than the national average. Theyre up more than 3 year over year. Companies are having to pay more to hold onto their talent, to retain them, to keep them on the job. In addition, theyre having to invest in training. They need to put apprenticeship programs, teaching people to drive forklifts through virtual reality. So theres a lot happening that i think sometimes you dont see on the front lines. Employers get lay. Lazy, theres alot of people i, we dont have to pay them that much. Theyre not going to fill these jobs without more money and more training, is that we saw it too from the last guest, titan talking about how Companies Need to invest in training. We dont have the skills. So years ago we saw everyone was pushed, get a fouryear degree, go to college, stem jobs were the hot jobs. Those jobs are still there. What about the trades . And people going into electrical work, plumbing, those jobs are not going to go away from automation, Artificial Intelligence. You cant have a robot go in and do plumbing. Every job is different. So that wont get replaced. Theres not enough people going into the trades. Theres also in manufacturing and logistics, the jobs are changing. It has a digital component. People know how to need to know how to work with the computer in a warehouse and so were seeing productivity go up, which is really great, but people need the skills and, yes, employers need to realize they have to invest in training. When the computers were invented and got into corporations in the 60s, there was no reliance on Public Schools to teach kids computers because they didnt have them yet. The companies paid to teach employees, which one will do this, well put you in a training program. They want the government to educate kids for the jobs that theyre like well, theyre not smart enough to do this job, so well just look for this magical employee we cant get because we dont want to train them and make the job attractive to go into that position. I think they do want to do that. I think its hard to do that and remain competitive. Thats what brings it back to the trade war. When youre fighting with countries that are not paying the kinds of wages and not investing in training, its difficult to stay competitive. I think thats why the focus is on how the components work hand in hand and we have to resolve one issue to try to better resolve another issue. Thats why the data points are so important also. Circling back to the tech question, seems like the video, theres too many jobs, theyre all robots. Arent the robots going to be running the robots soon. Why train the people for the magical jobs controlling the robots. Those jobs probably wont be there in 10 years. The jobs are changing. Theres so many studies and research out there that talk about the jobs are changing. So even with more robots and Artificial Intelligence in the workplace, its still projected that theres going to be more jobs, even today theres more jobs today even with all the robots that are in manufacturing. You dont believe in the peak job concept, that theres a future in 10, 20, 30 years, where its a robot workforce. And everyones on a stipend. No, i think the jobs will change and to your point, do employers realize it, i think employers really need to own up to if they want to stay relevant and innovative and keep themselves in business and drive profitability, they are going to have to invest in training, in education, in onthejob learning. I think apprenticeship programs are really going to come back. I think well see a resurgence of that. Were only hearing a little bit about. I think well see a lot more. Deirdre we have coverage throughout the morning. June jobs report of course 8 00 a. M. Eastern hour. We are going to bring you the figures and instant analysis. President trumps salute to america, striking a patriotic cord, without getting political. Fox news kevin cork with us now from the white house. Kevin, what did you think . Reporter deer dry, great to be deirdre, gait to be with you. What began with a simple tweet to begin the day, it ended with a lot of fun. Fireworks, fun, family, and plenty of food to be had here and across the country. The president made it simple on twitter, he said bluntly, happy 4th of july. Isnt that what everybody says, or happy independence day. It was one to remember. That happening ahead of the salute to america event. It included a parade, music, military machines, and a fairly simple message. As long as we stay true to our cause, our great history, as long as we never, ever stop fighting for a better future, then there will be nothing that america cannot do. Reporter strong speech by the president and i should point this out as well, during and after his speech folks along the mall and across america treated to an air show of American Military might. I have to say, that was one of the best parts of being out on the mall yesterday, despite the rain and humidity. The evening, as mentioned, culminated in a fireworks display which was obscured by heavy cloud cover at times but that seemed to do little to dampen the spirit of those in attendance. Good night overall. It was not all red, white and blue. You probably saw this as well, not far from he me here at the white house flag burning protesters were gathered. There were some arrests including one incident in which a member of the u. S. Secret service was apparently injured. We dont have an update on his condition. As we get more, we will certainly pass it along. Like many new yorkers, the president will go to the garden state this weekend. Well be there with him. If he says anything before leaving here, i promise to pass it along. Deirdre kevin, thank you very much. Coming up, a skyhigh scare, a Virgin Atlantic plane diverted after a fire breaks out onboard. Well tell you what went wrong, next. Plus, cheers to excess, you can now grab a very pricey one of a kind scotch cocktail with a piece of baseball history to sweeten the deal. This must be love. Boom, crash, sound of my heart. The beat goes on and on and on and on. Boom, crash, make me feel good. Come on tod me, come on to me now. 4. 95. Delivery drones or the latest phones. 4. 95. No matter what you trade, at fidelity its just 4. 95 per online u. S. Equity trade. No matter what you trade, at fidelity the cloud i need . It has to keep up with sales, supply chain, inventory it needs to track it all, from cincinnati to singapore. Ooo and protect it all. Customer records, our financials, they better be secured. But i also need easy access, to manage data across my clouds no matter where it lives. So if an auditor shows up, i can be a step ahead. Thats the cloud i want. Is that to much to ask . Expect more from your cloud. Ibm cloud. Deirdre a fire breaks out onboard a Virgin Atlantic flight. Cheryl casone has details. Cheryl. Cheryl its Something Else, deirdre. A fire in first class forced a packed Virgin Airlines plane to make an Emergency Landing in boston. A phone charger started sparking and set the passengers seat onfire. The flight was headed to london. No one was hurt. All 217 passengers and the crew were safely evacuated. This morning, they are waiting to actually get to their final destination. Well, a contract dispute between at t and next star blocking out channels for some of eight ates direct tv customers. 120 channels were dropped including local affiliates, abc, nbc and fox. At t says next star removed channels from the lineup even though it offered next star more money to keep the channels available. Next star said it offered eightt an extension to keep service. The company just dropped the channels while negotiations continued. Would you pay 40,000 for one cocktail . Atlantic citys Borgata Hotel is betting you will. The 40,000 cocktail comes with a long pour of 1940 mcallen fine and rare vintage single malt scotch whiskey and 100 check signed by babe ruth. Also comes with a vintage vic rd player. If youve got 40,000 laying around and youre thirsty, why not. Deirdre i dont know about that. I would say if they were good about knowing what customers wanted, they probably wouldnt have filed for bang run. Bankruptcy. I dont think ith about the cocktail. I think its about the check. Do new jersey gamblers want to pay for something that expensive . Are you a baseball fan . Not for 40,000. I agree with jackie, somebodys going to buy it because of the check from babe ruth. And theyll need the drink to wash down the pain of 40,000. They might need the bottle to wash it down. Deirdre coming up, california rattled, the state feeling its strongest earthquake in two decades. The mayor of laguna hills is with us next. Also, a july 4th outage, apple, facebook, instagram all experiencing global outages. The effect on investors, when we come back. And if you cant be with the one you love. Honey, love the one youre with. Youve got to love the one youre with. Youve got to love the one youre with. Za brad, ive got an idea for a song. Nationwide has this app. You can pay your bills, even start an auto claim. So what i was thinking. Let me guess. Start a claim right from your app. Have you been looking in my notes . 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. 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. Deirdre futures right now indicating a lower open, of course we are waiting for that allimportant jobs report. We will have full coverage, instant numbers, instant analysis for you as soon as that breaks. But you can see there, indicating a lower open after whens highs. The largest earthquake in two decades rattling Southern California yesterday, 6. 4 magnitude quake felt as far away as las vegas and mexico. Joining us now, laguna hills, california mayor, don sedgwick. I cant believe that you felt this. I mean, 200 miles away from the epicenter. Were you scared . Did you know exactly what was going on . I was actually next to the house, picking oranges from our tree, when all of a sudden the pool we have a pool next to the tree. The water started splashing in the l pool. There was no one in it, there was no wind. I thought something is going on. I heard a call from upstairs in our house, did you feel that, i knew that we experienced an earthquake. Your first thoughts are how far is this away . Could there be people closer to the epicenter that might have experienced more severe damage. I felt it, for sure. Deirdre how worried are you about aftershocks . Ive heard some experts say that california may not be 100 in the clear. Well, usually the aftershocks are lesser than the original quake. So but were prepared. In the city of laguna hills, as i hope other cities as well, we have a plan in place. Our primary responsibility as a city is to keep our residents safe. We invest in fire, we invest in keeping gangs and drugs outside of our city and especially in situations like this, we live with earthquakes in Southern California. This is part of daily life, if anyone has lived here. We have plans in place with Emergency Relief Centers and weve gone through trial runs with our fire and our police and we know exactly where were going to mobilize and provide water and Relief Services and communicate with residents. So were ready for things like this. Deirdre so far, all your residents are okay, right . Everyone is fine, yes. Deirdre thats great, great news. Jonas ferris here. You mentioned the plans. Ive always wondered what the plans are. I used to live in la. It used to scare me all the time when it would shake. What can you do, if its a big one, where. For a serious earthquake, what is the plan . People cant prepare for it like they say to do. Its an earthquake, it just kind of happens. What do you mobilize . Youre right, theres not when you have the big one that they talk about, even if our every one of our firefighters and every one of our sheriffs were out there trying to take care of people, you can probably only reach 1 of the population. Most of the efforts have to be and preparations and educating people that you need to get in place a 72 hour kit, to put in place water and food supplies. Youll be able to need to take care of yourself for at least a few days if the big one hits. Despite that, we have to provide shelter and communication, let people know what they can do, where they need to go, if they need shelter, to provide that, to provide water and some of the very essential resources. But really its just all about priorities as a city and keeping our residents safe is important and i just think sometimes we forget that thats the principal role of government. Im running for congress. I think we lost sight of what the principal role of government is, to protect our t citizens, to protect us from foreign threats, to protect individuals rights and to protect us, to take care of us when we have disasters like catastrophes and our taxes should be lower. Our taxes should be focused on protecting americans and sometimes we get side tracked with all of these providing for this and that and taxes rise because we lose sight of what our principal role of government is, its to keep our residents safe. To keep americans safe. Deirdre mayor sedgwick, im curious, does this earthquake remind from an investors point of view, does it remind people that maybe california is maybe a dangerous spot to live. Will you see an effect on real estate prices, for example . I dont think so. Its really standard course. Ive been born and raised in california, bu been here for 5 f years. We feel like this often. It is a wakeup call. Its something that every family that lives in Southern California, when Something Like this happens, they should sit down and they should review, do we have a 72 hour kit in place, do we have a plan for our individual family, where well meet when Something Like this happens. Do you have a 72 hour kit in place . Is there a generator cell tower. How will communication work between you and the firefighters if it gets really bad . Whats the governments plan, thats supposed to be looking out for us in such an event . Yes, we do have a large generator in place. We also have large stores of supplies in place in the case of an emergency for those who dont have it in place. So, yes, we have communications in place. We probably sometimes cell towers go down and you have to plan for ham radio ownership ass well. We would put out cars that would go out with a loud speaker. It seems kind of an shercht to o that ancient to do had that. Hopefully we never have to do that but plans are in place to do that. You do whatever you can as a city, as a county, as a region. The individual families need to prepare themselves for at least a few days. Deirdre were going to take your advice, the 72 hour kits. Thank you. Glad you and the city are all safe. Mayor don sedgwick, thank you very much. When we come back, border battle, Congress Push to close asylum loopholes before i. C. E. Starts raids. That and the very latest on the census citizen question, next. Also, more troubles for movie pass, the company suspending services. We will tell you what it means for subscribers. You can jump right in. Let the music pull you in. You can jump right in. Most people think a button is just a button. That a speaker is just a speaker. Or that the journey cant be the destination. Most people havent driven a lincoln. Discover the lincoln approach to craftsmanship at the lincoln summer invitation. Right now, get 0 apr on all 2019 lincoln vehicles plus no payments for up to 90 days. Only at your lincoln dealer. Plus no payments on a scale of one to five . One to five . Its more like five million. Theres everything from happy 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. Deirdre welcome back. Im deirdre bolton, in for Maria Bartiromo. It is friday, july 5th. Your top stories at 7 30 a. M. Eastern time. The june jobs report is due in an hour. The estimate, 160,000 jobs added. The employment Unemployment Rate expected to hold steady at 3. 6 . Our jobs in America Special coverage starts at 8 00 a. M. Eastern. You want to be with us for that. Ahead of that, take a look at futures. You will see them indicating a lower open. This of course follows wednesdays repor record day onl street. The dow, nasdaq and s p 500 closing at alltime highs. The markets were closed yesterday for the 4th of july holiday. The ftse, dax, cac, all lower. In asia overnight, markets slightly higher except for hong kong as investors there wait for the jobs report here in the states. Tensions in iran, british marines storming an iranian ship believed to be shuttling oil to syria. Were going to talk about what it means for the oil market later this hour. Big tech hit by outages, facebook, instagram, plagued by issues around the globe. Also the icloud going down. The impact on investors, ahead. Movie pass suspended. The unlimited Movie Service halted. What you need to know if you are a subscriber. And jeng a a goes high end, teaming up with a luxury designer. To our top story this half hour, the 2020 census, the Trump Administration still looking to add a citizen question to the 2020 census even after the Commerce Department said it was printing the questionnaire without it. Supreme Court Decision effectively blocked the controversial change. President trump not giving up. Heres his tweet from yesterday, well read it now. So important for our country that the very simple and basic, are you a citizen of the u. S. Question be allowed to be asked on the 2020 census. Department of commerce and department of justice working very hard on this, even through the 4th of july holiday. A new report says President Trump is considering an executive order to try to move forward with that question. Joining me now is u. S. Citizen pship and Immigration Services acting director, ken kuchineli. Thank you for being with us this morning, ken. Good morning. Deirdre what do you make of this . What are the chances that President Trump does issue we know hes considering it an executive order, scale of one to ten, if you dont mind . Well, whether its an executive order or take some other form of action i think is a very high chance, on the upper end of that one to ten scale, that he is going to work through another administrative way to ask the simple census question. I was with him earlier this week. He was very determined about this. Thats no surprise to people, i think. He was offended, rightfully so, that the Supreme Court seems to be doing the executive branchs job here. Theyre trying to write census questions now. Chief Justice Roberts really more left open the possibility of the census question being done, as he considered it being done right. Thats what the president is pushing toward. Deirdre as a general reminder, this is an important question. We need to know how many people are living where, right . Its very basic. I feel like sometimes we need to remind people why this is such a big issue. Well, and it has been asked whether its in the deeper level census that only a smaller portion of americans get, for many decades, it was also asked previously back in 1950 and before, straightup in the basic census. And to know for both votera allocation and because of the requirements of the Voting Rights act and, frankly, as part of the ongoing debate about how we deal both financially and legally with the burden of those who are not here legally, that is a relevant issue and of course from my agency, u. S. Cs, we deal with Legal Immigration in addition to things like asylum and knowing where to put our resources makes us more efficient as well. So thats only one small agency focused piece. Deirdre it makes sense. There are Business Decisions that get made when we know this information at a granular left. Deirdre thats a great point, as far as resource allocation and what needs to go where so everybody is safe. You mentioned asylum and time is almost up for congress to close asylum loopholes. We know President Trump last month delayed this planned i. C. E. Deportation raids to see if democrats and republicans could Work Together to work out a solution, if you like, at the southern border. So those two weeks are up today. So do we expect deportations to begin today . I dont know whether its today or not today. But i. C. E. Is now being led by matt albins. Hes come up through the career ladder in i. C. E. He is very determined that the mission of i. C. E. Be achieved and what its unfortunate that we reached a point where you and i are talking about this like the doing of their job is a special event. Really, with the end of the two weeks, the president has simply taken the position now do your job. And matt albins and the i. C. E. Officers who are dedicated to that mission will do it at the appropriate time. I have little doubt they will not preannounce what is going on. We can revisit the media mess last time. Nonetheless, for officer safety and effectiveness and the fact that they have a mission to achieve, that they have been impaired from achieving by congress, especially the house, lets be clear, as much as possible through budget language and through public attacks, is going to go forward. The president is determined about it. Im sure matt albins is ready and raring to go and hes preparing his agency to recommence doing what they view as their job. I think americans should expect that. Deirdre so ken, this is such a complicated issue. As you said, the media on all sides is showing horrific video thats very upsetting just from a human level. The flip side is, we need borders, we need safety and i know this is too complicated and layered to boil down to one aspect. But if there was something it is. Deirdre that could be willed lets say by congress in the next 10 days to keep the country safer, what would it be, if i could give you a magic wand . If they were going to do some work before they all go on vacation in august, it would be to close some asylum loopholes. And there are things i think we all agree on. We want to keep families together. Well, then close the flores family settlement loophole so that we can keep families together. Or were all against Human Trafficking of children, close the William Wilbur force law from over 10 years ago. Loophole related to Human Trafficking of children other than mexican children. If we close those two, we would make a substantial advance in the law that would allow us to deal with both children and families more effectively, more efficiently, and, frankly, keeping them in greater comfort in many respects. Its amazing to see we just saw congresswoman aoc, complain about the conditions, but then come back to washington and fight to make them worse, not better, frankly in terms of the approach she would like to take. Deirdre do you feel like youre between a rock and a hard place. Pardon me . Deirdre do you feel like youre between a rock and a hard place . Take el paso, i was in el paso last week and el paso was the number six sector out of 20 nine months ago. Now theyre number two. When the numbers shift that fast, you cannot build facilities that fast. And so down come people from congress who complain about overcrowding. Well, were overcrowded because were being flooded at the border. The Border Patrol backed up by i. C. E. Are doing the best they can under the circumstances and they only have so much to work with. But they are genuinely you remember the macgyver show, with duct tape and paper clips, theyre building facilities out that werent designed to deal with as many people as theyre dealing with, they werent designed to deal with children. I saw children being cared for in the el paso borders facility and they were in clean clothes, they were wellfed. They were going from one activity to another. But thats not space that was designed for this. And so for congress to come down and complain about that, when fixing it is their responsibility, is frankly frustrating for those of us, particularly in Border Patrol and i. C. E. , who deal with this daytoday, 24 hours a day, seven days a week, as they all head home and prepare to go on summer vacation. Deirdre we were showing our viewers video of marias trip to el paso and some of the conditions and some of the challenges that we have. Ken, thank you so much for the time. Than my pleasure. Deirdre scoring a spotify subscription through your banks, banks are using incentives to try to get your business. Plus, playing jenga in style, the big price tag on this luxury jenga set. Well give you the details when we come back. We could leave this town and run forever. Let the waves crash down on me. vo the hamsters, run hopelessly in their cage. Content on their endless quest, to nowhere. But perhaps this year, a more exhilarating endeavor awaits. Defy the laws of human nature,at the summer of audi sales event. Get exceptional offers now. Deirdre facebook and apple hit by outages, Cheryl Casone has the details. Cheryl. Cheryl all about the pictures or lack thereof. Facebook says glitches affected its platforms but theyve been resolved. Many users were not able to send and receive images on wednesday on facebook and instagram. To apple, there were users that said they experienced issues with icloud for several hours yesterday. The second outage for the company this year. Both stocks in the premarket slightly under pressure. Banks ar are reportedly lookingo Companies Like spotify to attract customers. Citigroup began a program where they could get a 200 rebate if they used their accounts to pay for a spotify account. Part of a growing trend among consumers banks to bring in business for checking accounts. Movie pass has suspended its service to work on technical issues, improve the app and more importantly recapitalize the company. Movie pass shut down early yesterday morning but they say they plan to be up and running in several weeks from now. Subscribers wont be charged during the shutdown and they will be credited for the number of affected days when the service resumes. And if jenga isnt fashionable enough for you. Louis vuitton has got you covered. The luxury label has its own version of the popular game. It sells for a very cool super cheap 3,000. Right . Easy. The additional wooden pieces are replaced with plexiglass ones and the shades are blue and beinpinkadorned with the compan. It also gets you a handy plexiglass carrying case. Who doesnt need that. Deirdre boo, hiss. Crazy for jenga. Ive seen people make it hand made 2x4s. I want to know if theyre going to do a connect four one. My kids, i have a 13 and 16yearolds, and weekly we have connect four tournaments. Its serious. Im be a big Louis Vuitton fan. If they go for connect four, i might be in. The colors are pretty but not worth 3,000 for plastic. You saw the part with the logo on it. Dagen maybe you misunderstood the concept. Are they running a Luxury Company to yo acquire deirdre theyre going after the tween market that has three grand. Thats what it is. Theyre going young. Deirdre i feel like mr. Burs in the simpsons. Coming up, oil in focus, prices are down, britains seizing a tanker suspected of carrying oil to syria. What it means for growing tensions with iran, next. 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Get 400 back when you buy the new lg g8. Call, visit or click today. Deirdre welcome back. Oil prices are on the move after britain seized a tanker suspected of carrying oil to syria. Which could exacerbate tensions in the region. Joining me now, Lipow Oil Associates president , an di lipow. Thanks for the time. To what extent, if this is true, what does this mean for the oil markets . This was interesting because the ship was seized not because iran was trying to sell oil, because of course they can sell it into europe, but it was because syria was violating sanctions put on it by the europeans. So we have two things going on that iran has lost another customer for its oil, at the same time that the sanctions are preventing the syrians from buying oil. Deirdre all right. Whose oil is it . Im sorry, andy. Jonas ferris. It was iranian oil loaded on the bltc, headed syria. Europeans have sanctions on the oil. If there werent sanctions against syria, iran would be allowed to sell oil to syria, basically . Right, exactly. Keep in mind, its u. S. Sanctions preventing iranians from selling oil to their customers because those customers are using a Banking System that is handling u. S. Dollars and tha has caused all e customers to walk away from dealings with iran. Andy, its jackie deangeles in new york. This smells like more tensions with iran to me on all these different fronts, yet were seeing oil prices a little lower today and we backed off the 60dollar mark that i was surprised about. Its the fact that were in this new era where the u. S. Is producing so much more oil, that its completely changed the market dynamics. Then you have the opec members saying well keep the cuts on for a while too. Well, i agree with you. In fact, it was not a surprise that opec and russia decided to extend their cuts. But what was a surprise is they extended it for nine months, which is an indication of a couple things. One is that the oil market is move oversupplied than we think and it will take longer to get into balance. But also theyre accommodating the increased u. S. Shale production and Oil Production in the u. S. Is expected to exceed 13 Million Barrels a day next year. Andy, this is joanie courtney. Do you think, though, that this could just be one of the first ships that might be seized, because weve been hearing for a long time that iran has been not really reporting all the oil. They went from over 2 Million Barrels a day, now theyre saying 230,000 barrels a day. But that there really is a lot more thats not been reported. Do you expect were going to see more of this . Well, i think so. What were seeing is ira iranias are loading oil on tankers that are turning off transmitters and theyre loading the vessels from one ship to another ship, in order to hide the origin of the material and so the market and the Government Agencies have to even be more careful or to find these tankers that are doing this business and im sure a lot of these tankers are ending up in china. Go ahead. The oil market, does the bond market basically say ts says te economys weak right now. The oil market is low, is that because of cuts from opec and russia. Where would oil prices be . Would it be 42 . Where does the economy dictate the price right now. Had it not been for sanctions in iran and venezuela, oil prices would be around 40 a barrel. That would put a kabsh on Oil Production in the u. S. Its amazing were at 60 a barrel. Opec cut production. We have 2 Million Barrels a day off the market. Should that be back, we would be far lower. Deirdre how low, before we let you go . I think we would be at 40 a barrel if we had the oil from iran and venezuela back on the market. Were also seeing pressure on the oil market due to the fears of a slowing Economic Growth worldwide. Dagen if i were to ask you for a threemonth projection, where do you think we land . So, i think that the market is really between 50 and 60 a barrel, on the low side, due to the economic factors. I think we could really get back to wti at 50 a barrel. But if the missiles start flying in the persian gulf due to tensions between iran and the u. S. , youre going to be back at 65 and even higher. Deirdre thank you so much. Great insights. Thank you for having me. Deirdre still ahead, the june jobs report, economists predicting 160,000 jobs added to the u. S. Economy, Unemployment Rate expected to hold steady at 3. 6 . Full coverage begins in four minutes on mornings with maria. Life goes on. La, la, how the lives goe lif. Twentyfour people came together to sign an agreement that created the stock exchange. Just the right elements coming together. It started when scores more people came together, just down the street and traded bonds that helped pay for the revolution, and the nation it created. It started in an office on the corner where the right people witnessed the telegraph and brought information and humanity together forever. It started with the markets, bringing together steel and buildings and silicon and medicine and rockets. We believe the possibilities of life and investing are greater when we come together. Its why for eighty years weve connected ideas with technology, data with inspiration, investors with solutions. So that every day together, it all starts again. My ideal cloud . It has to work like air traffic control. Its gotta let new data integrate with data from our existing systems. Be able to pull from reservation platforms built 20 years ago. And also be able to use apps to book superpersonalized trips on shiny new phones from the future. Plus, i need freedom to move my workloads wherever, whenever but manage it all from right here. And thats the cloud i want. Simple, right . Expect more from your cloud. Ibm cloud. For Maria Bartiromo jobs friday, july 5 top story kl a. M. Eastern time, investors is waitings on june jobs report due out in 30 minutes time, estimates 160,000 jobs added to u. S. Economy Unemployment Rate expected to hold steady, at 3. 6 , the futures indicating a lower open, of course, yesterday markets closed for the july 4th holiday wednesday, record closes for all three major indices, first time that happened since january 2018, red from cac, dax lower and in asia overnight markets slightly higher except hong kong as investors wait for u. S. Jobs report. A warning from samsung tech company saying it expects a 56 drop in profits, china says the u. S. Must lift all tariffs. Major earthquake rattled california 6. 4 magnitude quake strongest to hit golden state in 20 years the very latest from california. Also, to break these stories, much, much more down, fox business, jackie deangelis, jonathan, chief workforce analyst, joaniecourt to me joining is making money host Charles Payne, we have been hanging out glad you joined us jobs report obviously, out less than half hour what are you expecting. I think that fish number into the week we throw that away adp report i suspect between 100, 150,000 relatively good number. Same page. From again, i know from where we came in a guess matt one thing i noticed unfortunate even Financial Reporting a company can make a dollar but if street thought a dollar, 1. 02 bad miss lose millions if we thought lose 1. 1 million good news. So we got it. But i am worried about the one the couple things i am worried about participation rate, really. I just dont know why a Million People left the job market, it is kind of worrysome that is for me reddest flag out there, i mean you know more than anyone else, why why are hundreds of thousands of people every month leaving labor force is that. That is concerning we know jobs are out there talk bag this before employers have the opportunity 7 potent 5 million jobs that are being advertised needed to about filed many positions are going unfilled every month it is not just one thing, we know that skills that the skills gap is part of it. Right. Deirdre that is but i get angry when they say is a skills gap. They do get angry that really is an issue, we need companies, talking about this before we need companies to provide training, education, but the other issue is Labor Participation. We need more people back participating in the workforce. Where are they how can you even afford to drop out labor market let alone want to charles, successful economy so few of it has to actually work like i mean, not like productivity going higher. Not like it is not like willful leaving workforce there are Jobs Available just like weve saved you dont see a lot of for average person i am surprised that is the case, but are wages not high enough to draw them in there is a talent mismatch employers not training people expecting them to show up i dont know how maybe it is not as bad news as it sounds, possibly. Right. It could be, you just wonder just not just not from economics but social economic aspect the idea having a job working earning a living, is something that used to be very much cherished, so o you would think that i also think, within a certain segment of the population there is idea that there are two good in america to perform certain jobs if not paid high enough beam are better off sitting maybe the younger workforce saying they dont want to wash dashes dont want to sweep interiors they want to be home. I do think that, you know, there are jobs at all levels so obviously, the higher level jobs are going to you know require education, and training, and specific you know skills but there are also at the lower level positions, where we have a challenge finding workers, for entry level jobs, more of the blue collar workforce. Everybody needs plumbingers. Everyone needs a plirmz. Exactly. Whatever you want people have houseful of people like yesterday. Journal had an article they pointed to the participation because for a while, guests come mine show say we have aging workforce that is not the problem 55 and plus seeing Labor Participation numbers go up in this article said kids spending more time at school i dont know that i am buying that one, i am more with jackie, i know, i know kids dropped out of high school still think a mcdonalds job is beneath them. They dont see better to bring some in pay bills versus going into debt. Or you are in there now start at bottom now in there you can work your way up the ladder. Jobs report key for this half hour hour really another issue china trade reportedly insisting that all u. S. Tariff be moved as part of trade deal with u. S. Coming at samsung issues a profit warning, just to get everybody up to speed the company expecting secondquarter profits to slide more than 50 . When compared to the same time a year ago citing u. S. China trade how tech has been backbone, of this bull marketing so far, this is a pretty good warning from samsung. It is, you know i think a lot of companies you know, if it was january would blame weather. They didnt say anything the about that flip phone broke in two days. I am not sure how samsung connects dots, but one thing i love about the rally this year how broad it is tech is doing very well i think one point even right now maybe 450 of the s p names are up for the year, over 300 up more than 10 . Deirdre best first half in 20 years. Broad behaved rally i think a very good thing instead of masking trouble beneath the surface the head of the semiconductor organization said last week early this week rather i keep thinking it is monday, that the trade war hasnt hurt the chips their bottom line as much as you think watching movement in stocks. You are with us we are going to continue, of course, our focus on this june jobs report, we are on full hour numbers out in well less than 30 minutes time we will take you to those numbers analysis, of course, as well also more details on this major earthquake that rattled california. 6. 4 magnitude. The strongest to hit golden state in 20 years we are going to bring the latest on that, also, as you know, more just under 20 minutes we call from it june jobs report we will break down what you need to know. Were back in just a minute. Most people think a button is just a button. That a speaker is just a speaker. Or that the journey cant be the destination. Most people havent driven a lincoln. Discover the lincoln approach to craftsmanship at the lincoln summer invitation. Right now, get 0 apr on all 2019 lincoln vehicles plus no payments for up to 90 days. Only at your lincoln dealer. Suddenly to think obj, you are having earthquake right now, we are having an earthquake i thought somebody was going i thought somebody was grabbing my desk i have never been in an earthquake certainly not on the air. Cheryl fox sports one calling live on air during california positioning biggest earthquake in decades felt as faraway as Las Vegas Fox news with us now with the very latest, jeff, it seems like everybody is safe can you confirm that for us . Reporter yeah so far only reports of minor injuries despite this being one of the most powerful earthquakes in Southern California has been hit with in about 20 years, damage from this event is not widespread but as you take a look behind me here man who owns this home one of the unfortunate ones house bordered up after caught fire after magnitude 6. 4 earthquake the video shows moment as flames got out of control officials saying there were other fires ruptured gaslines. Reports of jooin injuries in earthquake that could felt from Pacific Coast all the way to las vegas, but some patients at a local hospital were evacuated after signs of damage the concern with a could happen next reports indicate up to as many as 200 aftershocks have kidder following the earthquake, and there is a one in 20 chance according to seismologists a bigger quake could happen in coming days. We dont know if there is going to be any more aftershocks we happened to be an sitting here 87 after we hawked unlike a fire or flood we can predict that stuff with a flood we know where water is going, fire we know earthquakes we cannot predict. The California Governor Gavin Newsom declared a state of emergency and when we asked local officials about why they requested that they said it has a lot do with amount of aftershocks the fact they could be experiencing more i can tell you throughout the night at hotel we felt several aftershocks just as setting up here there was another confirmed 5. 4 earthquake as we got ready to go on air about an hour to hour and a half ago they say to expect more in the coming days. Stay safe thank you for reporting. We are just minutes away from the june jobs report, everything you need to know ahead of release you are looking at futures on your screens ahead of it. We are back in two. vo the hamsters, run hopelessly in their cage. Content on their endless quest, to nowhere. But perhaps this year, a more exhilarating endeavor awaits. Defy the laws of human nature,at the summer of audi sales event. Get exceptional offers now. Youre smart,eat you already knew that. But its also great for finding the perfect used car. Youll see what a fair price is and you can connect with a truecar certified dealer. Now youre even smarter. This is truecar. Deirdre june jobs report out in just minutes, economists expecting 160,000 jobs added to the u. S. Economy, unemployment expected to hold steady at 3. 6 , joining us this morning, the wall street journal Global Economics editor jon hilsenrath, also former the wall street journal editorial border palm beach trump o mommics coauthor jon first to you thoughts ahead of this. Well, i break report down to different level main thing looking at is the headlined payroll number, if we get a number between say 50,000 and 150,000 i think it tells us the economy is still growing but slowing down. Anything below 50,000 i think is pretty worrisome tell you slow down is real. And serious. I think anything above 150 to 200,000 tells you things are still going pretty well above 200,000 going gangbusters. What do you expect. Look, i actually n am we charles i think probably closer to 100,000 than 150,000 also a a mystery till we get number lets not forget this is the i was listening to your conversation earlier this is the single best labor market for worker we have seen in lifetime in 50 dwreerz never seen anything like this 7 1 2 million unfilled jobs this is a great timing you are going to be American Worker looking for a job charles knows stock market charles up exactly 50 , since the day donald trump was elected you got a bull market in jobs a bull marketing in the stock market i love this economy maybe jon is right slowing down a little bit boy, i dont see real big, slowdown on the horizon. The jon i want to bring up a point that Charles Payne mentioned earlier about labor market the participation rates to xa extent are you focused on this charter telling us earlier this is a particular component he is monitoring. We have to look carefully at it because what was going on last year stronger economy was drawing more workers from the sidelines into labor market, so you know we could tolerate big increases in employment without creating inflation it wasdrawing in all these people looks like that slowed down a little bit i am going to look carefully at that in this report to see if that continued, i think the labor market is being squeezed on the end of young people and older people older people are retiring, more younger people are staying in school. So you have to look at what is going on in the prime age workforce which is 25 to 54, say. You know that does look like loss at a little bit of momentum we have to keep close eye on that. Deirdre i would add to that that you know i think the more important statistic to look at frankly even more than net number new jobs is wage number because again i was listening to previous discussion about hard to find a plumber to find a carpenter you start to expect when you have this kind of tight labor market for some nice wage gains in fact when we did tax cuts for trump we basically said this is going to create very tight label market we have now will help middle class workers i refer people, by the way, great editorial in the the wall street journal about how much better lower income mid income workers are doing under trump economy than under obama economy a lot is because created very tight labor market that is good for workers. Deirdre steven, jon stay with us a quick break when we come back, of course, that june jobs report, the number instant analysis, we have it for you. Deirdre june jobs report just moments away, the expectation 1 a,000 jobs added lasted month Unemployment Rate expected steady at 3. 6 take a look at futures right now you will see them indicating a lower open lets remember that wednesday yesterday, of course, it closed for the july 4th holiday wednesday absolutely standout day, all three indices finishing at record highs, charles before this number which lets face it going to dictate. What are you looking for. Emergency word fed sentiment what fed is going to do everyone figures 25 a business points baked in but if under 100,000 you will hear a chorus of folks on wall street saying fed needs to cut 50 basing points the last fed meeting argument not inconceivable we could see that move. Looking for that range 50 to 100 what do you think. I think that we could see good number, i think the fed will not only be looking at the headlined number they are going to look at wages, and Labor Participation. Of them and maybe even more so like do we have more people participating than are we seeing more movement in wages . Is to, i expect that, you know, we are going to see a decent number with growth being in progressively and Business Service sector, health care, possibly construction, and hopefully a little bit of manufacturing. Okay, and manufacturing we did see weakness weve been talking about this from adp not that everything is always apples to apples in those reports but what is your focus . I think unemployment is going up a little bit, because i kind of think the bond market is right here is not like very wrong because low rates should be juicing the economy doesnt mean stocks go down wall street is expecting fed to get drawn into rate cut want this weak enough to make fed cut but dont want so bad that there is a recession that is like goldilocks trying to get out of todays number. 10 year 2 1 2year low, so that is where we stand. Jackie, your final thoughts before the figure. I think the fed is going to be watching as closely as rest of the market a decision to make in july, the market is with a i go to for that cut, so we will see. Do you feel of, we have all been talking about a july cut, as if a foregone complunclusiont this point. If good bonds tank stock market the markets bond markets expecting weak number. It was suggested not ready to cut, is to, we went from one hundred percent conviction to 58 conviction last few days not necessarily slamdunk like a week ago still everything hinges on this number. St. Louis voice making themselves heard last week saying maybe we dont need at a cut. Having powell is in interesting position because, being i think he knows he made mistake at least with december may be more trying to find artful way of cleaning that up, without one hundred percent saying hey i wasnt pushed forced into this by white house. He is in a very difficult position, of course, we know that some press reports said President Trump was make four years wasnt completelyness Edward Lawrence from Labor Department with figures, edward. Reporter 224,000 jobs created last month, 191,000 in the private sector, the deposit sector 33,000 Unemployment Rate ticked up just slightly to 3. 7 , the revisions for april that was down 224,000 to 216,000 may down 75,000 to 72000 net revision down 11,000 u6, 7. 2 long term unemployment little changed 23. 7 , average hourly wages rose. 2 month over month 3. 1 increase 12 months Labor Force Participation rate unchanged 62. 9 average hourly workweek unchanged, supervisor nonsupervisory wages up 4 cents in last month, white Unemployment Rate 3. 3 , black Unemployment Rate 6 hispanic Unemployment Rate 4. 3 , asian Unemployment Rate alltime record for back in 2003, of 2. 1 health care gained 35,000 jobs, talking about, 403,000 jobs over the past year with health care, 17,000 jobs increasing in manufacturing, mining loss 1,000 real lost 5800 construction was up 21,000 jobs talking about progressively and Business Services, with biggest increase of 51,000 jobs gained so overall 224,000 jobs gained in this economy, the Unemployment Rate ticking up to 3. 7 , back to you. Deirdre thank you very much Edward Lawrence joining us i want to get your take on this, so a very big surprise, number of jobs added. Very big surprise, and a good surprise, deirdre for sure, i think this does speak to what we were saying that and i felt this way earlier, that it could be a strong number, if companies can find the people, because the demand is definitely out there, and we are seeing it certainly progressively a professional business adding health care adding good to see construction and manufacturing both reporting positive job gains, you know unemployment did tick up slightly. But we will look at numbers could be more people actually entering back into the workforce could be a good thing, and wages, wages were up too so this you know this is a strong report, which is going to beg the question now okay, what will the fed do . On everyone has been thinking it was going to be disastrous not the case. What is the chatter in d. C. As far as feds next moves. You guys are right there, the increase in Unemployment Rate to 3. 7 is because the size of the labor pool, increased, in the last month i can also tell you about Federal Reserve they are watching that, average hourly wages, number 3. 1 , that shows, that unemployment pressure is just not there, in this economy, even though we are creating 224,000 jobs, that bould be an indication for the Federal Reserve, further indication there needs to be a rate cut forward there have been vocal members of the fed related to that deirdre. Deirdre thanks edward i am going to bring you in because you said okay i am expecting Unemployment Rate to take up that is exactly what happened. So go ahead back in crystal ball. I was on a very low limb saying end of Unemployment Rate going down right unfortunately, this is a good job report except for that figure matters in Election Year the figure keeping going up going to end trade war were not having a trade war with that going to 4, 4 1 2 per next year i am not saying going to happen that is the figure democrats are going to be talking about 3w5i67bd good things people want to go go get jobs out there but not getting jobs out there there is a skills and wage mitigating match we talked about earlier in the show mismatch still good for fed cutting rates besides unemployment going up isnt most important thing is the there is no inflation in wages, there should be very surprising. That is weird. Rates shortterm rates too high given this level of inflation not very high other kinds that are established like us, have much lower Interest Rates. Umhmm. Negative. Most countries. Jon hilsenrath i am bringing you in on that point what is your take . Reporter this headlined number 224,000 is really, really strong number. It shows this economy still has a lot of momentum. All these worries about economic slowdown maybe getting overstated, i think the fed jay powell right now is breathing a sigh of relief that they didnt cut rates in june as some thought they might do, and the other thing is i am looking really carefully at how the bond market reacts to this. I think long term 10year treasury yields are going to go up today fed watching that very closely. Yields are moving up. Is it i would expect that i think that is going to help drive the fed decision is whether it goes in july i think the bad in market might be maybe fed waits until september instead of moving in july. Deirdre i agree with jon i dont think it is just about this number this certainly makes that case, but it is also about china trade, the fed is not going to want to pull trigger if it doesnt have to powell said we will wait and see watching trade closely. Do you oi. Concerned about the two big worries that fed had at jooin meeting were, trade uncertainties sand job market economy slowing. Well, trade talks are moving again, they are thoughto not getting worse at least stable the job market looks like it is he stronger so two big fed concerns are a little bit aleve eighthed. Jay powell a cool cat must feel from Trump Administration will he about he be able to be able hold steady in july. What he said over and over again you have to take him at face value he is not factoring in pressure from the white house, if he is going to make a mistake it is going debt ceiling a mistake judgment how economy is doing not what trump thinks of it agency he looks at Economy Today feeling more comfortable on a sflook what is your take on that. First of all, you see the fixed smile on face blockbuster jobs report, compared to where some of us thought we might be going, by the way, i was completely wrong i did i did think there was going to be a slowdown in job creation got unbelievably strong number Unemployment Rate ticked up a good thing, believe it or not, it means more people entering workforce when we need, i love the story i love the story what is happening with wages, 3 to 3 1 2 growth in wages exactly what we want to see for workers a great report, now i want to take on this idea the fed has they should have cut rates before they have to cut rates in july, somebody out there show me any sign of inflation the economy because i dont see it over the last six to nine months Commodity Prices have fallen by 12 the abs worry you is if have to me a standout factor. Stor what ar the abs of inflation as you just said. I think the bigger worry i have been saying for months and months bigger worry in American Economy deflation why i mention, somebody tell me if inflation why compromised prices are were telling 12 . Arent gold prices going up. More like a hedge. But look, jon what is going on with respect to the to commodities i look at index commodities gold copper cotton soybeans timber that is not indicated any one commodity it is the whole bunch of them nobody can explain to me, why the fed should not be cutting rates when we have falling Commodity Prices, by the way, fed has been below its its inflation target now for four months, i think they have they have to cut rates, in july, i hope that this does not deter them to do it the other quick point i will make if donald trump can get this trade deal done with china looks like they are moving inching that direction i think trump goes into 2020 but a really, really strong economy, because that is the only really big planning cloud out there right now has been the trade war with china. Deirdre yeah, steve i think you make such a good point about unemployment going up, to 3. 7 , is a positive thing, and we need to make sure that no one is spinning that as a bad thing, the reason unemployment ticked up is because we saw 335,000 people come back into the workforce, we have not seen a number like that, in so long, so that is a great sign. So to have that go up by 335,000 to have 224,000 jobs created we need to be very clear this is a good report are the there is nothing negative in this report. Go ahead finish the point. One last point, i am also impressed that manufacturing ticked up there are a lot of worries that with all trade worries manufacturing was taking a hit, and we saw rebound there, so it looks broadbased i want to dig into details to see if any sectors led the way, you know sometimes in the summer these numbers can get flakey with education jobs but manufacturing was that is a strong number. We are going to see what trader are saying about this as well from floor of New York Stock Exchange gerri will us what is chatter. I got to tell you everything down here gets affiliated throu filtered what would it do to rate cut the Federal Reserve as you were sighing scrutinized by fed meeting the end of the month will this impact rates, that is what traders are talking about, right now. Some folks say no, but some folks today it is just you know, about about absolutely true that some folks will say this is going to hurt chance of a rate cut out there you will see some selling as a result you are seeing dow futures down right now, of course, the report is great for workers, right . We saw great numbers for manufacturing great numbers for construction, 21,000, 17,000 respectfully very good indeed average Hourly Earnings percolate not too much 3. 1 would seem to indicate, that inflation is at bay. But right now the traders are really thinking about you know how it is down here deirdre they get focused on one issue, right now, they obsession Interest Rates will it hurt chandz for a rate cut . It could it is possibly traders out there will vote that way today we will be watching that back to you. Deirdre thank you so much gerri 2 for the 10 year right now, talking about this earlier. What do you make of that. This is really good, that number 2. 1, 2. 2 maybe end of the day a lot of money going into bonds expecting weak economy now coming out on this roster, so bottom line this is these are pretty good report could have been a lot worst, funds going up bond market saying economic slowdown fed should lower rates not for commodity reasons we just heard down 1 we can only raise again if fligs picks up it is not going to pick up we kneeled to get yield curve about a positive or scare everybody thinking there is a resnooegs at least one blog bottle of per day inverted yield curve. Bring back the tariffs jon final thoughts. You know, i get so frustrated with this idea on wall street that good news is bad news, i mean it is the most lunatic thing, here we get great jobs report it will means businesses are expanding, it means feeling good about you know, their future prospect wall street you know, blows a gasket over this. Lower rates good news is good news for the economy. Didnt you say fed should lower rates. I think they should lower rates 50 base points. Why they would lower rates. I am saying the problem with the fed he i want to be very clear about this the problem with fed they believe in the phillips curve the phillips curve is wrong growth does not cause inflation when economy produces more goods and Services Prices fall dont rise the supsuperstition existent in rhetoric academia for years and years completely run. Advertising rates in more important than commodities i dont look at that. Jon hilsenrath final thoughts . P well, you talked about the inverted yield curve longterm Interest Rates lower than short term Interest Rates in past a sign of recession fed will keep that in mind unless we see a big increase in longterm Interest Rates. You have inverted yield curve a sign people think prices are falling not rising right . I think an amazing report, you know, to and the point a little bit i think talking heads talk about fed a lot the points steve made when he first came on stock market alltime high economy is on fire. Those things seem to work i am always the guy rooting for good news to be good news, any kind of small philip is amazing buying opportunity this sort of economic underpinning 335,000 people back in labor force 224,000 jot gobs wages up 3. 1 , that is amazing. All right. Thank you. Jon hilsenrath you think we are letting you go thank you for insights going to bring you more on this june jobs report right after this quick break first though here is an update from the tennis channel. Welcome back to another Tennis Channel Court report for fox business i am jaime maggio 4th of july wimbledon had everything super stars in action major upset. A battle against the aussie to reach third roup spaniard closing out win after three dramatic hours on court. For me, that is give me the chance to keep going, having, because i spent hours, i play under pressure had to do things well. And i was able to find a way to beat. The red, white and blue took out the defending champion american moving on after one of the biggest wins of her career. And dont forget ten i will say chaem has got you covered from wimbledon tame coverage hits the air 4 30 pm eastern. I am jaime maggio. That a speaker is just a speaker. Or that the journey cant be the destination. Most people havent driven a lincoln. Discover the lincoln approach to craftsmanship at the lincoln summer invitation. Right now, get 0 apr on all 2019 lincoln vehicles plus no payments for up to 90 days. Only at your lincoln dealer. 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Deirdre june jobs report out, the economy added 224,000 jobs far exceeding that 160k forecast Unemployment Rate ticked slightly higher, so more people, 3. 6 that was consensus 3. 7 came in, jackie what is your take on the high and the low. I dont think the 3. 7 is nems going to be a problem with market market is looking at this from fed perspective, and saying okay this is the blowout number we may not get the cut we were looking for in july, when we expected it, you can see futures pointing a a little bit lower but that is not forget the sfak this is a great headline number speaking to broader economy even though market is not reacting the way you think would it we sort of seen that counterintuitive reaction. Prior to this number all discussing the possibility of a 50 base point cut. Right. So that seems to be not an option. The futures happening under yeah, yeah fed futures are not you know it is hedge good number and i think, the stock market will be weaker today because market was betting on rate cut not probably getting a rate cut not because inflation is out of control i think the really reason not going to cut rates at this point is because the fed is scaried if we get a real recession they wont have anything left because rates will be 1 , then a bad they cant the bees that was freakin everybody out qe money talking about, now what is left what is left in the equivale quiver if they go to 1 if they do wont be able to fight next recession a panic what are we going to do. Socalled unconventional tool becoming conventional wont just be rate cuts other things they can do qe for infinity if you want, you know, but for better or worse investors understand headlines of the rate cuts i agree tons of tools. For fed to be afraid they dont have enough room to fight recession they have tools that they use that they create on great repowell takes integra tells us about them unconventional tools will be part of those part new erah arrow if quiver every day if they need them. I hate that they should have to hurt xh i now to help it later cause recession now so we can you know come combat recession we caused most recessionings caused by fed mistakes i think the mistake right now we should have look, go back to the summer, of 2018, 3 1 2 to 4 growth no unemployment, no inflation, nothing wrong with the economy, and fed felt like it had to start raising rates remember what happened in the Fourth Quarter of 2018 economy tanked wasnt until fed final put tail between its legs realized it made a mistake i think i am going to change what i have been saying i have been saying we need 50 base i guess point i go for 25 still hoping that happens in july. Love them or hate them fed has a tough job statistically since 1960 two soft landing more or less engineered not a fabulous track record. The fed caused 2000 a huge because of the 2008, 2009 recession too long. You can trade most mistakes fed is making i dont want them to make a mistake too tight for to a long. You dont want to be too tight you dont want to be too ease i think powells mistake four rate hikes i think maybe a little too aggressive, but overall steven i think you would agree slowly raising Interest Rates someone is going to have to do it. It is a good thing the economy is strong. Rightly why do they have to raise rates. You cant keep them at this low forever. Right. You got people buying bonds for 2 , there is no there is no Inflation Expectation out there. Negative percent in germany. To have you pay to borrow. 70s are going to come back have it is great the myth fed people were going to have low rates for a long time, people are the fed said this is the new reality, said this. Scary what about people who dont necessarily want to be invested in the stock market but feel their hand is forced right now because that is the only way to find yields, savers they have been getting killed last decade. They have seen rate go down going up steady a couple years now goldman said with markets going down a quarter wizard of oz pretend more than they have to keep us confident not a depression next time a recession we know not getting a tax cut just had one not fiscal stimulus unless we go mmt very fic being. How have savers negatively affected stock market up 50 10 trillion dollars, this is a best possible time to have money get the money, put 40 money in bonds put rest in stocks, and, you know. 1970s theme cds, thank you so much, for your final thoughts. We are steven thank you we are going to take a very quick break, final thoughts from so you are allstar panel in a minute. Im really into this car, but how do i know if 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. Call j. G. Wentworth phone ringing j. G. Wentworth, how can i help you get cash . I want to pay off my debt and move into my own place. But i need cash now to do it. Do you get regular payments from an Insurance Company . Yes. In exchange for some or all of your future payments, we give you a lump sum of cash now. Call now, and youll also get 25 for receiving a quote. announcer call 877cashnow. 877cashnow. Thats 877cashnow. Deirdre final thoughts from our allstar panel. Jackie . Futures a little bit lower. Looks like we will open lower at this point. You would look at this and say its a great number after a record session on wednesday. You could see a little selloff going into the weekend. Not a problem. The stock markets were wrong. We are not going to get lower rates from the fed any time soon. Lets focus on tech unicorns, how they keep losing money. Deirdre huge points for consistency. Everyone is wrong. You know, we are definitely in one of the tightest labor markets. We talked about it all morning. I think we saw it in the numbers, that this speaks to the strength in the American Economy. Tons of Job Opportunities out there. Need to get more people participating in the work force. Deirdre charles . Good news is great news. Keep rooting for it, forget about the occasional dip in the stock market. By the way, its not just unicorns. General mills up 30 . Campbells soup up 29 . Its an amazing reflecting an amazing economy. Sorry if anyones missing it but its not too late. Deirdre wednesday, all new highs, right . It was crazy. Light volume, not a lot of people around but listen to the markets. Its pretty clear. Deirdre thank you all so much. Amazing morning. Of course, that does it for us. Varney company is up next. David asman in for stuart. David, take it away. David i got to second the emotion of Charles Payne on this market and whats happening with the economy. I think its great news. Thank you, charles. Thank you, deirdre. Good stuff. Good morning, everyone. Im david asman in for stuart. Good news, hes back next week. Heres the big story of the day. A big happy surprise jobs report. 224,000 jobs added in june. The bean counters only expected 160,000. Wages were up 3. 1 over the last 12 months. That is one tick less than expected but still very positive. 335,000 people reentering the work force, that is why the Unemployment Rate actually ticked up. Check market futures, they are heading lower this morning. A lot of that of course has to do with the fed. Thats after t