Maria we have breaking news this morning, we will take you for a live look out of new orleans, look at this, we are tracking tropical form barry this morning, making its way toward expected landfall in louisiana, we are bringing you the very latest developments this morning and live updates all morning, stay with us on the developing story, joining the conversation, Fox Business Network dagen mcdowell, the American Conservative Union chairman mat sclapp and michael block, great to see everybody this morning. Great to be here. Great to be here, im glad its dry. Maria im glad its dry too. We have a storm that we will be tracking, look at the markets, michael, another record high yesterday. Record territory once again, dow industrials up 95 and nasdaq up 24, to what do you attribute strength once again in consistency . Dow jumping above the 27,000 mark for the First Time Ever yesterday. A couple of weeks ago jay powell was waffling on path to rate cut later this month and he came out this week in his testimony and prepared remarks and burned doveish credentials, we are heading towards rate cut, we will take whatever appropriate action is the phrase he used, therefore Federal Reserve has to keep supplying the safety net for markets. Thats going to provide, no, but instills confidence and creates backdrop for doing so and here we are. Dagen yesterday it wasnt macro but micro to drop plans to curve drug rebates, rebates given to middlemen, discounts negotiated by pharmaceutical companies, big concern that this would upend drug pricing, send drug prices as we head into an Election Year even the aarp was concerned about this, we might not like the way that the the entire drug Pricing System is set up now nevertheless you saw Health Care Stocks, cvs, the owners of pharmacy benefit managers rocket higher and that was a big thing yesterday. Maria United Healthcare accounted for 27 of the move yesterday. Yeah, ive been getting more cautious on the markets very recently, only 3 sectors that im still overweighed on in Sector Allocation model, health care is one of them. Im not exactly disappointed to hear all of that, hopefully consumers will get their fair shake but the health care more complicated than it seems, dagen, at first look on how you actually have government take a role in the drug prices. I think one of the reason that is you saw Health Care Stocks go up is they were fearful that Health Care Premiums would go up, most people believe that rebait would reduce prices to consumers, its a tricky balance. Dagen the goal of the Trump Administration was to redirect these discounts to the patient, the people who were drying the buying the drugs, seniors and medicaid. The way it was set up today it wasnt so easy as to say we will get rid of these rebates, nevertheless i wonder if President Trump reprices the idea that the federal government is going to negotiate Medicare Drug Prices which he talked on the campaign. Or double down on the idea of bringing in some type of price control regime which a lot of free market people have a bigger problem with. Maria the president commented on the markets yesterday, it was generic but here is what he sai. We hit 27,000 on the dow. We are up a couple of highest points. The highest in history for those who like the stock market. I view it as jobs. Maria this was broad comment about the market but as you say important to point out that it was real micro largely, the gains. Dagen right, you mentioned United Healthcare and i do want to point out net drug prices in the country after rebates an discounts, this is something that the wall street journal editorial writes about today that drug prices after rebates and discounts were up 1 and a half percent in 2018, that is lower than overall inflation, so that is really incredible. A lot of that is generics, Record Number of generics being passed by the fda. As we see stocks going higher, crypto is being talked about. The president actually weighed in and tweeted about crypto currencies last night. Im not a fan of bitcoin and other crypto currencies which are not money and value highly volatile based on thin air, he writes, unregulated Crypto Assets can facilitate unlawful behavior including drug trade and other illegal activity. If Companies Like facebook want to become a bank, they need to follow banking rules. Interesting, how Many Companies over the years have been wanting to become a bank like a walmart, now youve got facebook with crypto, what do you think about that . Dagen i doubt that they would have to register as a bank. You have to figure out how to regulate them. Its the wild west. Its very much the wild west and im looking at bitcoin here, trading around 11,600 at this hour, nice rally off the lows, still well off the alltime highs, but im thinking about all of this and thinking about President Trumps tweet there, let me Say Something controversial, a lot of people would argue that Something Else that has value based on thin air and thats the american dollar, fiat currency. Dagen steve forbes. Maria good oped by james grant. This is what steve yeah, big advocate in Gold Standard. Why does something have value, because group of people agree that it has value. Right now what is bitcoin worth because people trading and buying and selling saying that it does. Why is gold at 14. 08 maria but the dollar based on the faith of the u. S. Government. Absolutely. And thats been going on for well over 200 years. Thats the position. Maria dig point. When Donald Trump Tweets like that, remember, he had social media, that was a shot across at facebook, if you think that we are not going to scrutinize everything that you do as youre shutting down conservative voices left and right, be ware. I wouldnt say i really take as wild west, more like outer space. [laughter] dagen im dropping a continent was little bit of itch fest and i hope we show the video. [laughter] dagen no representatives maria the Technology Companies there in a couple of weeks, inviting all the biggies to the white house in the coming weeks. Dagen we will show the video i hope later in the show of Sebastian Gorka getting in a verbal fight with some cnn contributor who writes maria that was a real fight at tend of the day. Dagen gorka did not start it if you watch all of the video. Dagen i was up late watching videos from the rose garden. [laughter] maria lets talk nancy pelosi, she continues to take on her own caucus, squashing potential rebellion with freshman or trying, anyway, including congresswoman alexandria ocasiocortez who has implied that pelosi is a racist, the speaker commented yesterday, watch this. I take offense because i address offensive tweet that came out of one of the members offices that referenced essentially as segregationists, our members took offense to that, i addressed that. How they are interpreting and carrying it to another place is up to them. Im not going to be discussing it any further. Maria missouri congressman clay called out new congressional members telling fox news this, such a weak argument to say she was being picked on and that four women of color were being picked on by the speaker, tells you level of ignorance of American History on their part as what we are as democratic caucus. Democratic primary voters value alexandria ocasiocortezs endorsement more than anybody else except expresident s. Shes the unofficial head of the Democratic Party. Identity politics is a dangers cocktail. You have aoc taking on the first woman speaker basically calling her a racist and calling other democrats racists and saying that this is all because they are women and women of color, for republicans watching this, its popcorn time because this just seems like crazy land. Maria we have been hearing about racists in america from a lot of democrats, thats where they go immediately. Dagen this rhetoric its destructive and poisonous and people on the right have called this. You are not allowed to disagree with anyone on the left on their ideas, you will be labeled bigot, you will be labeled racist, you would be labeled misogynist, if you call people on their ideas, finally nancy pelosi is getting a taste of it. Two editorials in the journal about it, one from kim strassel, kim strassel writes, pelosi is premadonna, the feud with the squad in quotes may imperil democratic chances and nancy pelosi knows it and thats why shes trying to shut down the rebellion and people need to stop comparing to the tea party. The tea party was rebellion in the Republican Party based on ideas, they were furious about the bank bailout and pushing back in spending, they were pushing back on ideas. Maria yeah. Dagen this is name calling because again and when the speaker says you need to tamp it down because youre going jeopardize our leadership, our control of the house next year, then you get called a racist and a bigot. Maria do you agree that this could impact the theres no question look, maria, this is all part of what we are seeing in polls that a majority of democrats now associate with being socialists, aoc associates very clearly with Bernie Sanders and the idea that they have the grab the socialist mantle, even liberal nancy pelosi is not progressive enough for aoc and the crazy socialist. Dagen she got a path on that, its never enough. Maria doug colins, Ranking Member judiciary calls aoc the cospeaker, speaking of, lets talk mueller testimony, the former special counsel speaking before congress this upcoming wednesday, now, this is a big roll of the dice because he said he wont say one more word past the report and you will have republicans there that will ask him questions when did you know that there was no collusion, how come all of your staffers were hillary donors, how come you didnt look at what happened in early 2016 in terms of the fbi and the cia putting the thumb to stop donald trump . If you look at bob muellers answers, they are different at different times, he has said, i couldnt indict the president because of opinion, i couldnt indict the president because there was nothing to indict him for, what is he going to Tell Congress a third answer, the very thing hes accusing the president of doing is giving different answers in different times, what bob mueller is guilty of, after watching that man stumble through that statement that was written for him at his press conference, where he said he would never comment beyond report, he had press conference, now he is going to congress, im telling you, i think the republicans are going the eat him up, chew him up and i think he will perform badly and democrats will be sorry to called him in. Maria i dont think he wanted to go. I agree. Dagen you want me to do my bob mueller impression again . Here is bob mueller, volume of the report on one arm and volume 2 on the other, drop them on the desk and hes going to read from them. That is exactly whats going to happen. Hes going every question will be referenced with an answer directly from the report. Maria thats what he said he is going to do, short break, louisiana is bracing for worst this morning. This is going to be a major weather event for a huge portion of the state of louisiana. Maria Tropical Storm barry expect today strengthen and massive storm surge, we have the latest, we will take you there coming up. Nike in phoenix suburb, flagthemed shoe, back with that, stay with us. The ai i want . Well, insurance its all about trust and speed. I need it to guide this analyst to customize Flood Coverage for this house. So that this team, can inform this couple, that their payment will arrive faster than this guy. Hey. 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Lynn brad replaced by mike james. Those are your headlines, maria. Maria all right, cheryl, thank you so much, ice prepare today round undocumented immigrants this weekend, one city mayor is fighting back denying agents access to any police databases, wait till you here this. Dow industrials closed above 27,000 for the first time in history, s p 50 closing in record territory, markets continuing momentum, up 87 right now, we will take a look at markets when we come back lick fast like a cookie dough ninja. Apply that same speed to the ford hurry up and save sales event. For the First Time Ever get 20 estimated savings on select ford models, plus earn complimentary maintenance through fordpass rewards. It all adds up. Dont you love math . So get here asap because tasty deals and summer go fast. Get in or lose out on 20 estimated savings on select ford models, plus earn complimentary maintenance through fordpass rewards. While managing your type 2 diabetes why think about your heart . 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Maria welcome back, markets are moving higher this morning, the dow celebrating record high yesterday, take a look, breaking 27,000 for the First Time Ever, Federal Reserve chairman jay powell finished second day of testimony yesterday before congressional leaders spoke to the senate, he hinted at possible rate cut could come later this month in july, next meeting and, of course, after that september and we keep asking the same question michael block, why are we talking about all of the rate cuts when we have an economy that seems fine, that seems strong, 51yearold low and unemployment. Part of the issue is confidence and getting the rate cut in place, what itll do, the yield curve its inverted, usually that signals recession, sometimes it becomes a selffulfilling prophecy. Fed rate cut could mitigate issue from existing and could really help to instill confidence in the system, get cap x, get wages higher and Everything Else that goes with it. We have this inflation yesterday, actually came in higher than expected, i will say im going through the numbers here, cpi this morning, the categories that were higher were areas that were depressed and im showing month over month, im talking apparel, used cars and trucks which had been flat the previous up but energy costs were down, food was under control, those are obviously not in the core manager but, you know, we are looking at something chugging along here, a lot of professionals and investors i speak with would say that december rate hike was a mistake, maybe thats 2020, at the same time they were saying the same thing. Maria now that we are talking about rate cuts. Again, this is not what this is not a first order phenomena thats going to get growth back to 4 on gdp. Maria how does it point to weakness, he said housing, those are the two items, we will get pmis, purchasing manager index, thats where we saw the corners of weakness in the economy, pmi. Dagen manufacturing job growth was weaker than last year. The fed is going to cut rates euphoria, be careful what you wish for, longterm Interest Rates are going higher, right, still extremely low, 2. 12 , the low being. 95 on july the first, 52week low, what started the market route last year, higher longerterm Interest Rates, 3 and a quarter, long way to go before it gets to that, 3 and a quarter is what sent market into a downward spiral. Absolutely. Maria lets get to oped, judy shelton, new wall street journal, the fed could use golden rule, gold is money or a legacy form of money, the Gold Standard is reputable even superior form of monetary organization and if gold could once be brushed aside as form of money, that time is no more. With private Companies Competing to bring digital gold to block chain. Yesterday we had forbes media chairman steve forbes on the show, and he said that sheltons viewpoint will be used against her. First shot against judy shelton u question on the Gold Standard, they dont want her on the Federal Reserve, they will try to do to her what they did to steve moore and herman cain, i think you will see fireworks, the empire does not want maria wow, so that was all planned in terms of the response making putting stake in the ground. No coincidences comrades. Maria to be clear steve forbes is recommending judy shelton, you also would like to see shelton on the fed. I do not agree with that. My issue with shelton, talking about the Gold Standard does not disqualify somebody. The u. S. Dollar is doing a good job as the worlds reserve currency because its backed by the full faith of the u. S. Government, that seems to be working right now. I dont see this needs to go back to golden standard. My issue with judy shelton shes shown inconsistency in past comments, shes talking about rate hike and then 6 months later shes talking about they should cut rates down to 0. Maria that sounds like jay powell. More extreme than jay powell and i had the issue with it, meeting her background, this doesnt sound right. At least we are talking about policy and not somebodys personal problem. They went after their personal lives, at least we will have a policy debate, so democrats should brush up on what the Gold Standard actually is. Especially in dc theres a club to Federal Reserve of who is qualified and who is not qualified. I love the fact that donald trump is looking outside the club. Sure, sure, someone who has business experience. Look at jay powell, jay powell was on the fed but he also has business and legal background which i always thought would serve him well, time will tell whether that continues to be the case. Dagen politically it might. Again f youve had to deal with sharp elbows in a business and that certainly will serve you well dealing with a businessman president. Certainly, by the way, if you want to debate Stephen Moores policy maria all right, we will get to that. Meanwhile President Trump is not backing down in the census fight, finding way another to get around Citizenship Question, we have revised plan coming up when we come back, midair scare, passengers injured after intense turbulence in the sky, what the travelers are saying about the cabin chaos, stay with us. So. How are you feeling . 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. Award winning interface. Award winning design. Award winning engine. The volvo xc90. The most awarded luxury suv of the century. Maria welcome back, good friday morning, thank you so much for joining us, it is friday july 12th, 6 31 a. M. On the east coast, breaking news this morning, bracing for barry, Tropical Storm causing flooding in louisiana, expected to get much worse as it intensifies, we will keep on it, the president has declared a state of emergency in louisiana. Markets meanwhile are rising once again on top of another record day yesterday, the dow industrials right now looking up 80 points at the start of trading, s p is up 7 and nasdaq futures higher by 24, this on top of yesterdays historic clow, dow and s p ending in alltime high, dow surging past 27,000 and staying there closing above 27,000 for the First Time Ever. It did go above 27,000 a couple of days ago, Global Market this is morning, european indices also going higher, ftse up 18, cac quarante up 34, dax in germany up 8 points. Fractional moves, best performer china, up almost half a percent. Exports down 1. 3 in june, thats from a year ago. The border battle, Vice President mike pence heading to southern border this weekend with members of the Senate Judiciary committee, some are refusing to go this as ice raids reported starting this week and local politicians pushing back on that. Terrifying moments to report, air canada flight forced to make Emergency Landing after turbulence sent passengers flying out of their seat. The company will keep its manufacturing in the state, details coming up. All the stories coming up but first top story this half an hour, Vice President to head to border as Custom Enforcement planning roundup as early as this sunday, some cities are planning to fight the Trump Administrations plans. Chicago mayor, for example, lori, permanently banning ice from accessing citypolice databases, ordering the Chicago Police department not to cooperate with any raids, joining me right now u. S. Attorney, good to see you, thank you so much for joining us this morning. Good morning, maria. Maria what do you think about this pushback that shes basically saying, you will not be able to access any of the police files so you wont know where any of the illegals are to ice . Sounds like obstruction of justice to me. I dont know why the federal government should tolerate that from any local official, they are trying to execute the laws of the United States and thats clear obstruction. I mean, that seems to be the most simple example of obstruction of justice you could come up with. Maria let me ask you about the raids, though, what are you expecting on sunday when you see this roundup of illegals . Well, i noticed in the media report former ice director under obama john sanwig made comments that he thought, he questioned advisability of pub sizing the raids. I have to agree with john, typically in Law Enforcement Operational Security is important for the safety of the officers and effectiveness of the mission and to announce them ahead of time, i have to question that and and to me it makes me think this is more political than really material and we know, i mean, physically they can only round up hundreds or even maybe a thousand and the problem is much bigger than that. Maria it was leaked, though, its not like to administration came out. Probably. Maria it was leaked. The president has talked about, important to define it, these are people who have registered to be here legally as asylee, the immigration judge says you lied or you dont qualify, we have over a million of these people here who are now ready for deportation and havent been deported, its not a roundup, its like the regular process to taking people that go through process, they have to go home. Maria youre right, they shouldnt call them roundups. They have deportation orders, theyve gotten due process, theyve utilized overly burden system of adjudicating the claims of asylum and its time for them to go and and so its just if you and i ignored a court order like they are allowed to do, we would end up in jail. And we have, you know, limited ability to go and round people up and local officials that are obstructing our ability to round them up to me, i just dont know how to explain that. Look, the left is for open borders, pure and simple and we shouldnt beat around the bush, they want open borders and anybody with a brain that analyzes all of the implications of that should know that thats bad policy and people that are for open borders shouldnt be elected. Wewe have a big problem on our hands. Dagen they call it decriminalizing border crossings, ken who is acting director of citizenship and immigration services, he did comment on these raids, he said they are absolutely going to happen, so he was on the record at the white house telling reporters yesterday. Just a couple of things, one, a lot of this is on the republican shoulders when they controlled both the house and the senate, they did nothing to deprive funding for sanctuary cities, chicago is a sanctuary city, california is a sanctuary state, they could have done something, they controlled the power of the purse when they were in control in the house and they could have done something, either you comply with federal immigration laws or youre not getting this money, this money, and this money because you cant do that through the court system and you cant really do it through the executive branch. Thats the power of congress. Can i just say one thing, these raids, what Everyone Needs to understand that they do happen regularly, maybe theres some big effort coming up this weekend, super weekend future weekend, the raids happened all of the time, obama deported about 400,000 of these folks a area and no one said anything. Dagen i have my figures. Trump is deporting him less people and they are calling it like a crazy thing. Dagen President Trump is deporting 150,000 people less based on figures we have, fiscal year which ended last september, 256,000 roundings, 256,000 deportations. During obamas peak 410,000 deported and only 55 of them had criminal convictions, so there was they called him the deporter in chief that year when he got to that number. Maria mueller is testifying on wednesday, let me ask you quickly about the census, the president announcing he will not put in place executive order to add citizen question to 2020 census, instead gather citizenship information data from the government that the government already has, watch this. Im hereby ordering every department and agency in the federal government to provide the department of commerce with all requested records regarding the number of citizens and noncitizens in our country. We have great knowledge in many of our agencies, we will leave no stone unturned. Ultimately this will allow us to have an even more complete count of citizens than asking single question alone. It will be we think far more accurate. Maria the president is not letting up, he made the comments at the White House Social Media summit yesterday after the social media summit conversation, whats your reaction . Well, i think the president is trying to make the best of what kind of turned out to be a bad situation, you know, their handling of this census question is reminiscent of the firing of jim comey, the firing of jim comey, i think i know you will agree was a righteous decision and the right thing to do but the way they handled it was, you know, they had one explanation and they had another explanation, they didnt have their act together and they embarrassed themselves at that point. The Supreme Court found the same thing on the census question. They basically said, look, theres all kinds of legitimate reasons to ask that question, why are you making up reasons and they sent them back and basically paddled them for making up goofy explanations for what they were trying to do. That was kind of that wasnt their brightest moment. The good news is we know how many illegals are in the United States, we dont really need to ask that question and as the president said, mainly probably through Social Security and irs records, they can come up statistically with a pretty accurate number of how many illegals are in the United States and where they are and how they are impacting, you know, all the resource that is i impact, education, Health Health care, prisons, that data is out there, so and we have ample data to know that we have a serious problem at the border. I think in real terms, but it is frustrating that this could rise to level of Supreme Court case what should be a fairly obvious relevant question. Maria thats what i keep saying, isnt this why we do a census, anyway, we will keep watching that. Lets preview Robert Muellers testimony, former special counsel, will testify in front of congress this upcoming wednesday, ahead of the testimony the House Judiciary Committee vote to go authorize subpoenas to former Trump Campaign officials, bud, these officials have already spoken to mueller, they spent hours with him already but now theres a whole new set of subpoenas to talk with people like jared kushner, 12 subpoenas. Right, theyve been interviewed, this is harassment. But look, the house is saying, we want access to all your investigation, mueller, which theyre not entitled to. They are not entitled to take things that have been obtained to grand jury subpoenas, criminal justice system, Law Enforcement has to get information thats supposed to be kept private and theyre not allowed, they shouldnt be lewd to drag that over into the political arena, to some extent they are entitled to hear from those people themselves because they are not supposed to see all of the information that mueller had but in this case they have pretty much gotten access to everything, it constitutes harassment. Mueller is not going to give them what they want, he will come in there and any question thats related to the fruits of the report he will point it back to the report but theres other questions to ask mueller that the democrats probably dont want answered, you know, how soon did you determine that there was no collusion and why did this why did this investigation go on for 2 years, how did you 450 page report and not analyze the origin of the steele document. Maria i spoke to matt gaetz, certainly thats one of the key questions, when did you know there was no collusion because when you think back he takes over what in april, april. He sat on it and we had november midterm elections. Good to see you, sir. Good to see yall. Thank you, state of emergency in louisiana, Tropical Storm barry marchs through the storm, we have the latest when we come back. Not again. Limu thats your reflection. Only pay for what you need. Liberty, liberty, liberty, liberty with sofi, get your credit cards right by consolidating your Credit Card Debt into one monthly payment. And get your Interest Rate right. So you can save big. Get a nofee personal loan up to 100k. Maria welcome back, dozen offense passengers injured during severely turbulent flight. Cheryl air canada in australia trying to make Emergency Landing in hawaii after unexpected turbulence violently threw passengers from seat, more than 30 people were injured. You just watched everyone who wasnt wearing the seat belt hit the roof like a jack in the box, it was pretty scary to see. Cheryl one passenger hit the sealing so hard that she broke casing of oxygen map. Google has admitted that employees are listening around customers, contractors are actually hired worldwide to key in some recordings and conversation that is people have with google assistant, company says Research Related to better understanding languages, accents and dale elects. Nike still Going Forward with opening factory in arizona, the company made announcement despite governor announcing he would block state money for the facility after nike pulled the shoe that featured the betsy ross American Flag and controversy, former nfl quarterback kaepernick sparked outrage when he reportedly told nike that recalled era when black people were enslaved and appropriated by White Nationalist groups. Nike did not address controversy and announcing plan for 184 milliondollar factory that will likely have about 500 jobs attached to it, maria. Maria all right, cheryl, state of emergency declared in louisiana as you heard Tropical Storm barry battles through coast, live in new orleans with the very latest, stay with us. Oh man, its got a mean face on it. It looks like a piece of candy. Look at the interior. This is nice. This is my sexy mom car. I would feel like a cool dad. Its just really chic. I love this thing. Its gorgeous. I would pull up in this in a heartbeat. I want one of these. That is sharp. The allnew chevy blazer. Speaks for itself. I dont know who they got to design this but give them a cookie and a star. 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. Or trips to mars. 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. Maria welcome back, Tropical Storm barry spiraling toward the louisiana coast expected to bring heavy rain, gusty winds, massive flooding all the way to Florida Panhandle. Doug is covering the story in new orleans this morning, doug, what can you tell us . Well, i could tell you the storm is about 90 miles out to the sea moving in northwesterly direction, sustained winds 50 Miles Per Hour, devastating speeds in open sea for someone who is out there in a yacht, boat or oil rig at this point. Probably not going to be tough wind situation here although it may be a category 1 by the time it reaches landfall landfall i should say but we got a little taste of rainfall earlier this week in new orleans when we saw some of the earlier bands, low pressure passing through, flooded the streets heavily here, French Quarter under water, some others giving taste of preparations that they need to make, keep the storm drain cleaned and sandbags in front of windows and doors, all that sort of stuff, John Bell Edwards imploring people to make sound decisions. We are anticipating a category 1 hurricane at landfall which at this time we believe will be saturday morning. Obviously there will be updates between now and then and Everyone Needs to Pay Attention to to the track. This is going to be a major weather event for a huge portion of the state of louisiana. Also urgency of the storm President Trump in a tweet he said to everyone on the gulf coast, as you make preparations to protect your homes and loved ones from flooding in the coming storm its imperative that you heed the directions of fema officials, working closely with them, please be prepared, be careful and be safe. The city hopes that 120 highvolume pumps will handle the load but they admit they were expecting 10 to 20inches and they say that volume is something that they cannot handle at this point. Adding to the trouble is the mississippi river, we will move position in a little while, you can see 100 yards behind the camera now that the sun is coming up youll be able to see it but in any event, because of the rainfall we had in late spring and early summer in the midwest, in the Missouri River which feeds into the mississippi and comes downstream, that river is already high, expected to be at 19 feet above normal level, the levies are anywhere from 20 to 25 feet, right on the dangerous edge here, how much rain we get, we cannot predict but we will be watching closely and the city is allegedly prepared, back to you in new york. Maria in terms of the rain there and beyond those borders, i mean, you said this could go as far as the Florida Panhandle . Right, it covers a wide swath of the gulf of mexico coast, so we have seen in recent years how a lot of the hurricanes which struck the continental United States have picked up speed and intensity before making landfall, we are watching for that, you know, its still 90 miles out, 50milesperhour sustained winds, perhaps going to be a category 1 hurricane by the time it reaches shore but we will see. Maria all right, doug, thanks so much. Still ahead daring operations, stunning video to show you from the coast guard, check this out. Seizing millions of dollars in drugs from the pacific ocean, details in mornings with maria, when we come back youll have it, back in a minute. P 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. Maria welcome back. Good friday morning, everybody l. Thanks so much for joining us. Im Maria Bartiromo. It is friday, july 12th. Your top stories right now. Breaking news this morning, were bracing for barry. The Tropical Storm already causing flooding in louisiana which is expected to get much worse as it intensifies. President trump declared a state of emergency there. Oil rigs and refineries are being evacuated right now. What it could mean for oil prices, coming up. Stocks are higher, futures indicate another rally at the start of trading. Dow industrials up 82 points, s p up 6, nasdaq futures up 20 points on top of yesterdays historic close. Both the dow and s p ended the day at alltime highs yesterday. The dow broke 27,000 and stayed there. The s p was up 6 and change. The nasdaq was lower. Global markets this morning taking a cue from wall street. European indices are higher across the board. Fq100 up 18, cac up 30, and tax up 9 points dax up 9 points. In asia, gains there as well. Shanghai composite up almost half a r percent. There are signs of slowing in the economy of china. Exports there down 1. 3 in june from a year earlier. Imports down 7 and a third percent. The battle at the border, Vice President mike pence is headed to the southern border today, taking members of the Senate Judiciary committee. Some are refusing to go as i. C. E. Rates are starting this weekend. Low l call politician low l call politicians are local politicians are pushing back. Well tell you about it a drug bust at sea, the video of a the coast guard overtaking a submarine loaded with cocaine. Its incredible what the coast guard was able to do. Joining me to break it down, Fox Business Networks dagen mcdowell, the American Conservative Union chairman, matt shlapp and michael block. Great to see everybody. Great morning. Great to be. Maria how about that coast guard video. Dagen i saw it because the president retweeted it. Maria yes, he did. Dagen this is just a reminder of what people who serve this country do to protect us. Do to enforce the laws in the nation. We watched the entire thing because, again, it gets even more hairy. Maria its really stunning. Dagen my favorite story today is that amazon is going to spend 700 million over six years, retraining onethird of its workforce, 100,000 people in new skills. I just think that this is an incredible move and its a reminder of how powerful the private sector is. And you can have businesses in this country that begin educating people when theyre young reryounger rather than mam go to college and spend a quarter Million Dollars and retraining people to make sure theyre prepared for new technology. Maria they have to right now, right, because technology is changing the way we operate, changing the way business operates. The ominous side to this is its a third of their workforce and theyre going to study automation. The question about manufacturing jobs and the softness of them, its a real question. Robots, automation and the impact on human beings and their ability to get jobs. Maria its real. Its only going to accelerate as things go on. You have to ask yourself, how smart do you want these computers to be . Right. This is evolution. We want more of this. I mean, believe me, theres plenty of ai experts i know and theyre fascinated by the idea of the sin sing layer at singul. Maria talk to elon musk, wozniak, they think its dooms day. 40 of jobs could go away because of ai. Dagen theres a world we could create with automation and technology and computers. Like the tesla. It makes you a better driver but you still need a human behind the wheel. Maria so far, yeah. Coming thicome up this morning,e conway joins us this morning, along with Kevin Mccarthy, plus former u. S. Ambassador to germany, Robert Kimmet joins me as well. Our top story this hour, cracking down on illegal immigration. Immigration and customs enforcement, i. C. E. , reportedly planning a nationwide roundup of undocumented immigrants beginning this sunday. The move coming just weeks after President Trumps decision to delay that operation. Vice president mike pence is going to be visiting the southern border later today. President trump addressed the surge in illegal immigration yesterday. We must have a reliable count of how many sit citizens, noncitizens and illegal aliens are in our country. As shocking as it may be, far left democrats in our country are determined to conceal the number of illegal aliens in our midst. This is part of a broader left wing effort to erode the rights of the american citizen and is very unfair to our country. Maria joining me right now is North Carolina congressman, House Republican Conference Vice chairman and Homeland Security committee member, mark walker. Its good to see you. Thanks very much for joining us. Thanks, maria. Maria what do you want to see out of the raids this weekend. Tell me your ideas or solutions for the crisis at the border. I think we have to start with understanding specifically your audience that these are people who have already had their day in court and ruled against, so this is not something that were just going into homes or i. C. E. Is just going to homes and grabbing random people. These people have their process. I would also add this. President trump has a long way of catching anything close to how many people that president obama deported as well. Thats exactly right, congressman. Matt shlapp. What is it about the issue of immigration, and this is something youre a real expert in, where the American People dont get to hear the facts about what the people who want to simply follow the law are trying to do with things like making sure people who go out of the asylee process get sent back to their home country. This is just common sense. The segment you played from President Trump yesterday, if the truth be known, and we looked at this and have this locked in from our data, twothirds of the country believe its okay to ask an individual here in the country are you a citizen or not. This is the kind of propaganda we see coming from the rad l calradicalleft and sometimes the mainstream left to dumb down some of the crisis and the things were seeing. Six months ago this wasnt a crisis wit with nancy pelosi and chuck schumer. Maria let let me ask you abt alexandria ocasiocortez sparking controversy again. Shes calling for the end of the department of Homeland Security. I. C. E. Is under the department of Homeland Security. Would you get rid of Homeland Security too. I think so. I think we need to undo a lot of the egregious mistakes of the bush administration. Maria so you sit on the house Homeland Security committee. What do you think of getting rid of dhs. Im the Ranking Member on terrorism and counter intelligence. I would say the Washington Community is reeling after we find out from Kamala Harris and am oc that joe biden and nancy pelosi have been closet racists this whole time. Now shes calling on the department of Homeland Security to be abolished. I can tell you right now, and i had the chance to go to all the different classified breachings from the national briefings from the National Security agencies, we have over 1,000 ongoing investigations with the fbi due to terrorist activity. Far left being led by the squad, if you will, dont understand the basic principles of security in the United States of america. Congressman, do you really think that ao and the other members of the squad as you put it dont understand it . Is this a political agenda . Do they have a real agenda . Theres a lot of people saying shes just playing politics. I simply do not think she grasps or has the level of understanding needed not only to speak on these issues but even to serve in the United States congress. She was duly and fairly elected. This isnt just about the squad. I guess nancy pelosi likes to make it that, but if you go back and look at the humanitarian aid which the democrats have been calling for for the better part of a year and sometimes rightfully so, it wasnt just the four people that voted against this. It was close to 100 democrats. We want to make sure were putting a spotlight on how far left the Democratic Congress is leaning these days. Maria how is this going to play out . All of this Division Within the Democratic Party, how do you see this evolving . Not very well. Ive been here four andahalf years. From North Carolina. This is the first time that i have observed or even looking back through history that nancy pelosi has began to lose this kind of control from her base. I think she has some strong support but these ladies love the attention, love the lime light, love the social media world and what it gathers from the far left. I dont see it going away anytime soon. Maria let me ask you about trade. President trump is traveling to wisconsin today, pussin pushinge passage of the usmca. I spoke with mark short earlier this week as well as Steve Scalise and i asked them when are we going to see this bill come to the floor, any deadlines that theyre expecting. Listen to this. We think if its brought to the floor, it has the votes to pass. Likely its going to look more like this fall, i think at this point, maria than the summer. Maria mark short said earlier on the program that hes expecting nancy pelosi to bring the usmca bill down for a vote in the falls. Is that what youre expecting or is it not happening this year . Well, i think its definitely possible that that happens. Id like to see that happen. America is better off with usmca than current law. Current nafta. Weve got to get it done. Lets create more jobs in our economy. Maria where do you stand on usmca . Will you vote for it . 100 . Listen, when justin trudeau, the canadian prime minister, who is no fan of trump, when hes here at the capital, lobbying for something that would continue to improve the trump economy, absolutely its a good thing. And my state, 300,000 jobs are impacted. Across the country, could be connected with more than 22 million jobs. This is good for the economy, good for the country. Once again, democrats are more concerned about the politics and their hatred for the president than doing whats best for the American People. Maria all right. Congressman, we will leave it there. Well keep watching this. If he doesnt get usmca passed, which is a a deal with our friends, mexico and canada, i dont know what the other deals that hes working on looks like. This is real important to get this passed, isnt it . Most definitely. It needs to happen now. Maria congressman, good to see you. Thanks so much. Coming up, millions stolen in cryptocurrency, how much was hacked, thats next. Daring operation, the heartpounding video from the coast guard as the coast guard seized millions of dollars in drugs on that submarine. Weve got the details coming up. Stay with us. Baby pull me closer. In the back seat of your rover. That i know you cant afford. Like that tattoo on your shoulder. 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. Or trips to mars. 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. M a welcome back. We mentioned a Heated Exchange at the white house yesterday. Cheryl an intense shouting match happened in the rose garden yesterday. Sebastian gorka confronted a correspondent from playboy. This is a group of people that are eager for demonic possession. [ laughter ] [ indiscernible ] come over here and talk to me, brother. We can go outside and have a long conversation. Are you threatening me now in the whthe white house . You are a punk. Youre not a journalist, youre a. Cheryl punk. Cheryl the secretd to step in to calm everything down. Todays pricing of budweiser in its initial Public Offering in hong kong has reportedly been delayed. Reuters says the holdup is after the Company Guided investors towards the lower end of the ipos range. Budweiser brewing company, apack, is the largest ipo this year. According to the prospectus of the company, if the offer price cant be finalized by monday in hong kong, then the ipo will not happen. There is the Parent Company in the u. S. , that stock is down 1 andahalf percent in the premarket right now. A Japanese Cryptocurrency Exchange has reported a hack. The thieves allegedly walked off with 32 million worth of virtual money. Remix point which runs the exchange apologized. Theyre investigating the breach. This of course after not just jay powell but President Trump brought up some pretty big concerns about libra, facebooks proposed cryptocurrency. Maria i was surprised the president weighed in on that. Well, maybe not. But interesting. And what a reaction in the rose garden yesterday. Dagen both of those blowhard need to show some dig any. Maria at thdignity. Dagen it. It is the rose garden. It is not your living room. Maria which is why he said shut up. Dagen they were both wrong. Show some respect to the president , to the people there, to the country. Again, if you this is not a bar. It is the white house. Pipe down. Maria i agree with you. Coming up, barrys oil impact, louisiana bracing for a potential hurricane. Were taking a look at the price of crude oil next, its at 60. 35, brent at 66. Then, the trendiest drink of the summer, a new coffee youll want to drink and then take a picture with. The colorful concoction coming up, weve got them onset. 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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. Maria welcome back. Tropical storm barry, the storm headed toward louisiana, affecting Oil Production in the gulf of mexico. Some drillers shutting down rigs. Joining us right now is director of energy futures, bob yoger. Thanks for joining us. From what you know now, what kind of disruption do you think this causes in terms of oil supply coming out of the u. S. . Well, there is a 50 of production shut down in the gulf right now. Gulf production is about 17 of total u. S. Production. This is really going to be a flooding event the refineries are at risk here. Louisiana has about 4 Million Barrels per day of Refining Capacity. Three of the top 10 largest refiners in the United States are in louisiana. There is the risk right there. Gasoline is the risk. Gasoline is already at a shortage in the United States. We had a large refinery in the east coast go down recently and the price of gasoline relative to crude oil rallied significantly as a result of that and its in danger of rallying further if theres damage in the gulf. Dagen what about have the refineries really improved their ability and backup systems ability to operate or get back up after the storms . I think it was Hurricane Katrina and rita that knocked out so much of the Refining Capacity for literally i think in some cases weeks because they couldnt deal with the water and get the power back on. Yes, its they have, and they are an engineering enginel the refineries. Its a refining chemistry project on a grand scale. You can only take so much of surge, of wind, and in this case its going to be storm surge. If you flood out, it is what it is. Its hard to stop that. Its hard to deal with Mother Nature on that scale. When you think about we allalls thought that every timel prices spike or gasoline prices spike thats a terrible thing for the american economy. Things have switched. Now were a net exporter. When prices go up, how does a that equation now work . Well, its an interesting situation here. Because demand is going to get hurt also. Nobody is going to be driving in the gulf coast area. Theres a significant population there. So while supply is going to get hurt which would tend to drive up prices, demand is also going to get hurt. Also, weve become an export economy here. The exports leave through the gulf. The gulf is where the storm is at. Exports are going to struggle to get out to the customer at this point. So theres going to be some consequences from that. And you make the point that its going to hit demand. It could also hit overall gdp. There could be a little hiccup here on some of the growth metrics and ive seen companies actually report when there are storms like this, they actually have some issues. I guess one question is you talk about how were a net exporter and a big part of that is natural gas now. Natural gas has been very depressed. Could we see disruption here in some of the lng exporting that goes on . In the shortterm, yes. Theres no doubt. Everything that leaves the gulf will be disrupted for a couple days. It will skew all the numbers, especially in the Weekly Energy report. Theyll be hard to figure out. I submit my numbers to the agencies every week. It will be a doozy moving forward. It will be complicated. I was surprised, natural gas is actually lower this morning. I guess that implies that the storm is out of the natural Gas Production patch here and that will start to come back sooner rather than later, probably a little sooner than people were figuring yesterday. Maria knowing the supply situation weve got right now, is oil priced right, do you think . What are you expecting in terms of the price of oil this year. My target in the near term is 62. 50. Theres a beautiful trend line here. We have tail winds that should support mainly gasoline. When gasoline is at a shortage, were 10 Million Barrels behind last year in gasoline storage, you have to blend more gasoline. You need crude oil to make gasoline. Thats a very healthy situation. Of course, you have a big strong storage in crude oil this week. We had draws for the last four weeks. The iranian situation. We do have tailwinds. We have a weak dollar developing here also. The weaker the dollar goes, the more dollar you needs to buy crude oil and the crude oil price rallies. So you have nice reverse you have some nice tailwinds here. 62. 50 would be my immediate target. I think thats getting a little topetoppy, thats where he witho run out of momentum. Maria thanks so much. Coming up, china is slowing down. The beijing economy creeping along with huawei calling on the u. S. To lift export restrictions. Weve got new data this morning, import and export out of china which was weaker than expected. Then the daring drug seizure, the coast guard seizing thousands of pounds millions in drugs from the pacific ocean. Dont miss this dramatic video thats coming up. Stay with us. Lick fast like a cookie dough ninja. Apply that same speed to the ford hurry up and save sales event. For the First Time Ever get 20 estimated savings on select ford models, plus earn complimentary maintenance through fordpass rewards. It all adds up. Dont you love math . So get here asap because tasty deals and summer go fast. Get in or lose out on 20 estimated savings on select ford models, plus earn complimentary maintenance through fordpass rewards. Who used expedia to book the Vacation Rental which led to the discovery that sometimes a little down time can lift you right up. Expedia. Everything you need to go. Maria welcome back. Good friday morning, everybody. Thanks so much for joining us. Im Maria Bartiromo. It is friday, july 12th. Your top stories right now, just before 7 30 a. M. On the east coast. Breaking news, were bracing for barry, its a Tropical Storm already causing flooding in louisiana. Its expected to get much worse as it intensifies. President trump declared a state of emergency. Were tracking the storm and its impact as it nears landfall. Markets pointing to another record day. Dow industrials right now up 78 points, s p futures up 6, nasdaq futures up 17. All on top of yesterdays historic close, both the dow and the s p 500 hit alltime highs yesterday ending the day at new records. The dow surging past 27,000, as you see there. The market was up 227 points on the dow and 6 points on the s p. Global markets are higher, european gains actually, the dax index just slipped into negative territory. Fq100 up 12 points, cac in paris up 24. Dax index is now down 1 point. In asiaove asia overnight, marks finished higher across the board. There are signs of slowing in the economy the china. We had exports and import data out this morning. Exports were down 1. 3 year over year in june, i imports down 7 in china. An incredible drug bust at sea, the amazing video of the coast guard overtaking a submarine loaded with cocaine. Wait until you see this. Were going to bring it to you coming up. Amazon tops 1 trillion in value. It comes ahead of prime day and the sale starts monday. Were taking a look at the state of retail later this hour as amazon trades at 2,010 a share. What a move, what a company. Then, the super colorful drinks and where to find them, youll want to take yourselfy with a yy with a cup of latte. New Economic Data from china Shows Chinese export growth declined 1. 3 for the month of june, imports were down over 7 . This comes as huawei is calling for the u. S. To lift all restrictions on exports. Joining us right now is former white house National Security council member, Robert Kimmet. Thank you for joining us. What happens if the u. S. Doesnt do a deal with china . How do you see this playing out . I think on trade overall there will be a deal. It wont be the end of our trade negotiations with china. We are at the outset of a decadeslong competition with china in both political, military and economic, financial terms. Similar to what we went through with the soviet union for roughly 40 years, leading up to the fall of the berlin wall. I think there will be a trade agreement in the near term and part of it is because of what you just reported, that is, continued softening in the chinese economy. They can only grow if they are part of the Global Economy and that has to include a trade deal with the u. S. Maria yeah, i understand. But the chinese reneged on all the big ticket items. The u. S. Wanted the chinese to put in law that its unlawful to steal from the United States, steal intellectual property which has been a regular practice for decades. So will the president or should the president do a deal that includes just china buying more stuff from the United States and not adhering to the important big ticket items like ip theft . Short answer is no. And i think the administration, the president and his negotiator, secretary mnuchin and trade representative lighthizer have made very clear that enforcement is central to doing this deal because youre exactly right. There have been past deals with china across multiple administrations, the chinese are quick to sign but slow to implement. Maria are they really going to stop stealing, do you think . I think that we have to assume, since they have decided that they want to weaponize the economic component of their National Security strategy maria thats right. A that not just in the u. S. But around the world theyre going to continue to look at ways not to simply develop the technology themselves but to stl it from those of us who have spent decades developing technology of National Security significance. Maria the more important issue is the National Security risk around china, right. They are building up their military. Theyre putting military bases across the world. They want to overtake the u. S. As the largest military. Absolutely. I give the chinese credit. Theyve been open and transparent. If you look at china 2025, made in china 2025, and china 20 a 2, they make it clear they want to be the preeminent power. In economic and financial terms. We have to recognize that while our struggle with the soviet union was predominantly political and military, with china its going to be on all four axis, political, military, economic and financial. Maria. Maria good point. Let me turn to the 2020 race and the Foreign Policy issues around it. Former Vice President joe biden is slamming President Trumps approach to foreign poll civil listen tpolicy,listen to this. His erratic policieses and failure to uphold democratic principles have affected our reputation and place in the world. Let me start today by reminding everyone maria so he went on to say, im all about open borders, im going to make sure to have open borders and have others come into this country as they need to. Whats your reaction to all of this, ambassador . I havent read the speech, maria. The press reports and what you just showed to your viewers suggested to me this was general criticism, rather than any specific proposal, specific details. At one level, im always happy when Foreign Policy is discussed and debated in president ial races. We sometimes see too little of it. I would say for the former Vice President , why dont we have those criticisms of his come up in the next democratic debate because i dont think his differences are only with President Trump. I think there are quite a few differences in the Democratic Party. Lets have a good debate. But lets be specific and resultsoriented rather than simply rhetorical in our criticism. Maria there are a lot of issues to talk about. Look at turkey and russia, another issue. Turkish president erdogan announced the country is receiving a new air Defense Missile system from russia. It could make turkey eligible for u. S. Sanctions. What should be done here . Whats your reaction . Its very troubling, maria. Listen, any time a nato ally buys equipment or technology from a nato adversary, we have to be concerned. And by the way, that includes air Defense Missiles from russia, it also includes huawei components from china. So these things are linked. And i think that at the end of the day, youre right. Under the sanctions law, those will be considered now that deliveries have begun in turkey. At the same time, lets remember that turkey is a nato ally. It is a country of 360degree importance. Every direction you look from turkey, we have National Interests at stake. And therefore, not just we, but i would say the europeans who have not done themselves or us any favor by keeping turkey at arms length, need to do a better job of coming into close dialogue with that important country. Maria then theres iran. A top pentagon official saying the United States is considering deploying the military to guard commercial ships in the strait of hormuz as irans provocations have gotten higher and higher. What should be done . Is the u. S. Responding well . What do you think . I think that is the appropriate response. We have for decades had a bipartisan consensus on the importance of freedom of navigation in the persian gulf area. On wednesday, british war ships had to back iranian war ships away from a british tanker moving through the straits of hormuz. I think the u. S. Has to be prepared to do that both individually but i think on a multinational basis. The british reminded us were not the only ones with Capable Military forces, capable naval forces in the persian gulf. We simply need to keep that vital strait open and if the iranians want to make a challenge those tankers are not going to be able to defend them. Maria as a former ambassador to germany, whats your take on europes response to iran and whats happening . The u. S. Has tried to explain to the europeans why its imperative that they align with the United States but theres waivers in terms of europe getting oil and gas from iran. Tell me how you see europes reaction and what might change. Europe has h begun in my view to recognize how difficult this issue is with the iranian announcement that its going to move toward reestablishing its enrichment program. Up to this point, the europeans who very often see the agreement as the goal rather than implementation of the agreement, i think were too tied to the old jcpoa, the joint comprehensive plan of action. It said nothings bough nothingf tear teaterrorists. These agreements have to be more comprehensive. I think youll find that those waivers on oil imports are going to diminish significantly, perhaps go away entirely. We have to find Common Ground with the europeans. Maria for sure. All right. Well be watching that. The u. S. Needs allies on this. Let me take you back to domestic issues. The former special counsel, Robert Mueller, is testifying before congress this upcoming week on wednesday. You worked with bob mueller. You know william barr as well. You know all the players ahead of the testimony, the House Judiciary Committee voted to authorize subpoenas to former Trump Campaign officials. Ambassador, what are you expecting out of Robert Mueller and how do you see this . Whats your reaction to all of this happening . I did have an opportunity to work with bob mueller in the bush 41 administration and with alattorney general bill barr. I know these to be highly ethical, highly patriotic people. Bob mueller is a straight shooter. He said the conclusions he reached are reflected in his report. I dont think he was enthusiastic about testifying but he has answered the call to testify. I think he will hew very closely to his report because that was his responsibility under the law that appointed him as special counsel. Maria . Maria hes going to bed all sorts of questions like when did you know there was no collusion, what about the team you put in place that were perhaps favorable to Hillary Clinton and unfavorable to donald trump. Again, i think he believes that the report speaks for itself. I think even as he is asked those questions, hell go back to that report that he believes is the appropriate summation and exposition of what he and his team did during their investigation. Maria you dont see this going anywhere . Why bring him back to testify. Hes been very clear, everything i said is in the report. Again, i dont think testifying was his first choice. Maria right, right. But again, hes a patriot from his time in combat service in vietnam, through his service in multiple administrations. Again, i would think that he would prefer just to let the report speak for itself. That does not appear to have satisfied some members of congress. He has answered their call. Again, i would expect him to hew very closely to his report. Maria well be watching that. Ambassador, great to have you this morning. Thanks so much. Thank you, maria. Have a nice weekend. Maria and to you. A quick break and then amazons milestone, the Technology Giant is surging days before its prime sales event. Now at a trillion dollars in market value. Plus, ready for a closeup, the coffee youll want to drink and pose with, next onset. Stay with us. Dont want to break your heart. Want to give your heart a break. I know youre scared that you might make a miss tay. Mistake. Theres just one life to live. Got some layers in there, huh . The more, the merrier. Got to have this stuff in the morning. Oh, thats too hot. Act your age. Get your own Insurance Company. Carlo, why dont you start us with a little bit of cereal . You can spread it all around the table. And were gonna split the warm hot dog. And ill have a glass of grape juice to spill on the carpet. Oh, uh, do you want some to spill . Act your age. Get your own Insurance Company. Oh, uh, do you want some to spill . 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. Maria welcome back. A news alert, the air canada flight that experienced severe turbulence on its way to sydney is planning to resume today, according to a spokesperson for the airline. All of the insured passengers have been released from the hospital. Meanwhile, theres a dramatic video to show you. The moment a u. S. Coast guard team stopped alleged drug smugglers. Cheryl the coast guard was chasing a submersible craft in the pacific ocean. The video shows crew members yelling in spanish to stop vessel before they jumped on top of it. The vessel was spotted off the coast of the ecuadorian, colombian border. It was carrying more than 17,00. That is valued, folks, at 232 million. Well, President Trump tweeted do you believe this kind of bravery. Amazing drug seizure. Watch. He put the video on his tweet as well. Lets take a look at shares of ford in the premarket, stock is higher, trading on reports that volkswagen plans to invest in the selfdriving unit. It would value the startup at 7 billion. An official announcemen announct the top of the hour. Technicolor coffee. Lg and the Pantone Color institute opening up a threeday popup cafe in the soho neighborhood. Bathey will serve upall kind of, inspired by the fashion color report, including pink peacock and tangy tumeric. Its named after the popular oled tvs. We have not only the t lattes onset for all of us to try, and theyre very colorful, also some of the treats you can get if you go down to the cafe. We should also say that the food is going to be free. New yorkers love free food. So, you know maria buy a coffee, you get the food. Cheryl there you go. Its three days only. I dont think theyre even charging for the caffeine the coffee. These ar are lattes. This is the pink peacock im holding. Theres the pepper stem which is the green one. Maria thats the green one, okay. Cheryl the fe tumeric, if you like ginger, you might like this. Just try it. And then matt, youve got the aspen gold with you. Theres going to be cake balls which you can eat which is vanilla cake, white chocolate. The cake dawich which is like wafers. Maria is that ice cream. Cheryl its like a big oreo cookie. Dagen this is made with oat milk. Pantone, they basically catalog every color in the universe and i have this is what i keep my credit cards in. Its a panstone little swatch, thats a lot of credit cards. Maria it is. Cheryl its kind of a combination of food and fashion. To your point about pantone, theyre always coming up with theyre basically the color police, if you will. Dagen yes, they are. Maria beautiful. The cake is gorgeous. Cheryl this is actually an instagram scar, the case itself. Its almost like a volcano case. Called the explosion cake. If you open it up, which i dont think were going to do, because i dont have a knife so thats on me dagen i can just break it in half. Cheryl beyonce, katy perry have instagramed that cake. Dagen its got sprinkles inside. Cheryl theres all kinds of stuff on the inside. Dagen we can find a knife. Im sure i have one in my purse. Well cut it open in the next hour before the show is over, we will slice this cake open and show you the explosion, assuming its not made of styrofoam. Cheryl its the real thing. Maria good stuff thanks so much. Quick break and christmas in july, amazons twoday shopping ex traveextravaganza starts on s the company hits a major market milestone. Details up next. Stay with us. Need a little time to wake up, wake up. Maria welcome back. Amazon with 1 trillion reasons to celebrate. The ecommerce giant briefly marking that valuation yesterday for the First Time Since september. It comes as the companys popular prime day is stretching over two days this year, beginning this monday. Joining us right now, burt flickinger. Thank you for joining us. So much to talk about, trillion dollar market value and prime day. What are you expecting out of prime day. Prime you day this year, two days, so sales should double over 7 billion, which will be an alltime record. To put it in perspective, alibaba with singles day is over 30 billion. So amazon can add singles day and amazons unstoppable on prime day or any other day, selling hundreds of items a second that no one else can match. Is there some sort of risk that with prime day theres going to be a lot of loading of purchases into those two days, could that affect, say, backtoschool for a lot of Retailers Including Amazon . Great points. It will affect backtoschool for everyone that you referenced. And at the same time, though, it will add more prime members so amazon with over 100 million prime members will probably add millions more. And at the same time, with price discovery, people even if he or she spends the same amount of money will buy more units. So it will raise the standard of living and also lower prices and thats one of the reasons maria and dagen report every day the fed can be more accomodative because amazon is a key catalyst in price deflation and a lack of overall inflation. I agree with that as well. People think of amazon as a retail company. If you actually look at how it makes most of its money, its the idea that it provides Cloud Computing to all these entities including the federal government. Its another example of a tech company with left leaning owning the washington post, all the left leaning political views, but getting involved in politics. When is that understanding more firmly realized by the American People. Comprehensive insights, matt. What it does, it creates recordbreaking innovation but it also creates economic infamy. In that point, a i do a lot of antitrust work and amazon is, through the accommodation of prior administrations, both sides, has gotten subsidies as has walmart to put trillions of dollars of taxpaying retail out of business, to subsidize amazon which hasnt paid any taxes in two years on 400 billion in retail. Whats interesting to us is maybe people are donating to the wrong people in government. Not saying theyre donating to the wrong party. But people who are elected with union money are typically in the states that vote to subsidize amazon to put unionized retailers and their workers out of business. Maria wow. Really important conversation there. Burt, thanks so much. Thank you. Maria great to see you. Still ahead, President Trump hits the road taking his trade agenda to wisconsin today, details next hour, right here, mornings with maria. Stay with us. Driverless cars. All ground personnel. Or trips to mars. 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 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. Maria wellback thanks for joining us. Im Maria Bartiromo tgif friday, july 12 top stories right now 8 00 a. M. On the button on the east coast, breaking news this morning, we have bracing for barry Tropical Storm causing flooding in louisiana expected to get worse President Trump declaring state of Emergency Oil rising refineries evacuated as we speak futures another strong day opening of trading this morning, dow industrials, futures up 84 points s p futures up 6 the nasdaq futures up 18 points, we are awaiting on Producer Price index ppi for june is out in 30 minutes time economists are expecting it to be unchanged monthovermonth, similar to the cpi yesterday we bring all the numbers, of course, yesterday a surprise on the core cpi you want to stay tuned for ppi this morning, futures higher on top of a historic close yesterday dow and s p ended alltime highs. With dow cracking 27,000 and staying there, up 227 points on day almost 1 , Global Markets taking a que from wall street trading up, ft 100 in london up 12 cac quarante in paris up 26 dax index in germany positive territory gaining 6 points right now, in asia overnight, markets higher across the board, fractional movers numb, on upside, there are signs however that the economy in china is continuing to slow. We have new data out this morning, exports in china down 1. 3 month of june yearoveryear imports fell 7. 3 yearoveryear. Eborder battle Vice President pence headed to southern border taking members of Senate Judiciary committee some refuse to go as ice raids are reportedly starting this weekend, local politicians pushing back on raids as well. More trouble for cryptocurrency, President Trump weighing in saying not a fan of bitcoin warning facebook it may need a banking charter to break into the field wow big comments there, democrats divided speakers house unanimous santa anas says no longer comment being on feud with congresswoman alexandria ocasiocortez democrats go after freshman more on public battle coming up al those coming up friday morning to break it down dagen mcdowell, the American Conservative Union chairman, and Market Strategist third search on advisers michael block. Greet to be here. Maria rally in stocks on heels of a week Powell Powell powell, ecb as well. Ecb dagen pounds out top of the show big News Health Care yesterday, was catalyst one thing i want to point out we havent touched on dime larry makes mercedesbenz among other things guided lower this morning in europe, the stock was down then fwaul went green, back down it is, down 1. 7 this hour, forboding for u. S. Uts into industrials that is what i am thinking about microside. Thank you for bringing that up good point we will watch daimler down back down. President trump is traveling to wisconsin today pushing for the passage of usmca trade deal on heels of the president announcing he will not put in place an executive order to add Citizenship Question he will gather citizenship information from the data that government already has, the president making the comments after the White House Social Media summit yesterday. Im hereby ordering every department and agency in the federal government, to provide the department of commerce with all requested records regarding the number of citizens and noncitizens in our country we have great knowledge in many of our agencies, we will leave no stone unturned. Ultimately this will allow us to have an even more complete count of citizens than through asking the single question alone. It will be we think far more accurate. Maria joining me right now counselor to the president Kellyanne Conway a plesh to see you thanks for joining me this morning. Good morning. So what about this this new idea to get the information in terms of how many people in this country are illegal, versus legal, do you think the president is going to be able to get that data from the existing data in government . Yes, we do. It is just unfortunate detractors to that inclusion of that question tied us up with litigation for so long, there is still yet to issue a compelling reason why we in this country cant ask are you a u. S. Citizen when census takers knock on your door the trajectory theologic gather citizenship information through 90 of the country to other means i think what the president did yesterday is important again takes o obstacles away from data sharing amongst different departments and agencies, and it compels and encourages those departments and agencies to share information so that we can get the information this information is important, for any number of Public Policy issues, i take objection to those who are screaming as they usually do that you are detering people from being in the census from complying with census a lot of people politely decline i know people say you have a right to know how many people in house ifar 18 or over 18 fog else think about invasive questions, federal government questionnaires ask including census many people dont want to answer they do for reasons that this government has said we spend 20 billion dollars president has remarked the census is important constitutionally prescribed exercise so why not get it right why not make this census supportive to the changing lifestyle changing democracy of a nation. Another indication of pushback whatever the president wants to do, from his critics, in the congress, the dems let me ask you about the crisis at border. He caved i want to make clear quickly president didnt cave he is finding other means, to gather this information, seeing that it was tied up in with litigation number two too many people who play lawyers constitutional experts on tv are not reading chief roberts opinion from Supreme Court he didnt ray of legal constitutional entitlements to exercise he raised rationale said leaving an opening i think the department of justice is trying to juaning through that time is of the essence differently to gather this under investigation this administration will. We will watch that you are headed to the southern border with Vice President , mike pence, members of the Senate Judiciary committee today. Tell me what your expecting we to me u. S. Immigration inappropriately is planning roundup on saturday tell me about border what you think you are going to see when an end to loopholes that, basically encourage all these people to come to the southern border . All grease questions i would start answer pointing out cnn poll of all outlets in july 2 showed that whereas 45 americans said there was a quote crisis at southern border in january it is now 74 . So people are seeing the images you witnessesed firsthand i will do that day chairman of the Judiciary Senate Committee Lindsey Graham invited all members of the Committee Bipartisan delegation, going should be going every democrat now pulled out from declined from the beginning if you said would go now not in manifest i got word this morning that is ashame, they are unserious unseemly about fixing the border crisis easier to screen and cry hear in washington, d. C. , than to go look for themselves i think the Vice President chairman graham are leading this delegation this visit so we can see for ourselves, and let me also say that kevin, acting secretary others are reporting that some of the crossings are down, but we still we are on track for a million illegal crossing a Million People presenting themselves at border if we dont get under control i think the ground softened a bit more americans calling it a cries more denied it is a cries now saying it is importantly two weeks ago you a had Congress Starting to do their jobs by passing 4. 6 billion dollars, in humanitarian aid. Right. Every democrat exception of four the squad that doesnt do squat if you dont count manager covers, and twitter all day, they are the ones who i think are inoccurring ire of Speaker Pelosi and others that started because they are only the only four democrats to deny any kind of aid they voted against democratic bill only 95 nats voted against aid package that passed why is that important . Because you are going from manufactured outrage about quote manufactured committing billions of dollars to it, this will help we still have a National Security crisis, we have to secure our southern border the president mentioned last night just last night that people are working on mexico they have been helping as you great deal with their southern border, and so that we can help with their northern border our southern border there is so much work to do we will be talking to can you see tom Border Protection i am happy to join at the border. I think guys and gals working so hardest unfortunately pushed away to lead leave post at border to take care of children who are sick, and bring kids to hospitals, what i saw was incredible, all the kids being put in the dangerous situations, but when aoc went there had all other ideas, are you going to be able to see Detention Centers where aoc said Drinking Water from toilet bowl now calling nancy pelosi a racist Kellyanne Conway. Quick. It is getting hot over there, so that is completely denied debunk she had has no proof for making outrageous claim anybody who repeats it without evidence sharing in her lie her lie and crying about it just this week same member of Congress Told the new yorker radio show we should get eliminate all differently historicals they see are unserious people dont have facts, eliminating ditch hs created in response to 9 11 tragedies would eliminate fema secret Service Immigration and costumes como. You name it, this is not even serious let me end with this, because Vice President was there yesterday, to witness off logged half a billiondollar cocaine lerntz seizure ever by brave u. S. Coast guard that cocaine seized because this policy is tough on drugs, that wont make it into coworkers our communities our kids, we got to keep it up the president is very serious about keeping the drugs a lot of what i am doing has to do with point person in the white house, for the president s combating drug crisis making tremendous strides we have to keep this out of our communities, so all the people who denied taking this trip today are just just not serious democrats that come toll table on daca Supreme Court has committed to i can at a it up next term no other than president obama said hey i am putting this law in place but i dont think it is legal. It is probably not legal. That is probably the best antidaca people will say, so if i were democrats would i get more serious about Immigration Reform Public Opinion on president s side with respect to this. People understand the issues i agree for sure, youve got the daca issue then youve got usmca, which we will see if nancy pelosi brings it to the floor in the fall. President is on for that day she is getting pressure i believe from 31 democrats who are representing districts that trump in 2016 Vice President was in california talking about this this is great for Farmers Ranchers manufactures employers employees, lets modernize trade agreements with mexico and canada. And lets get a vote on that, lets will get a vote on drug pricing in a bipartisan fashion the humanitarian aid package great step forward in that regarded. Thanks so much is we will be waiting to hear your your reaction, to the border, when you come back, thank you. Coming up breaking for barry tracking the Tropical Storm as it makes its way toward landfall in louisiana this morning latest and live update when we come back a june Producer Price index out in 15 minutes expecting it unchanged, but you never know what the core looks like we haves surprises with cpi yesterday we will see if it impacts markets up next, stay with us. 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. Louisiana state of emergency now in effect, mandatory evacuations taking place, as residents brace for what could be the first hurricane of the season fox meteorologist is covering the story joins me from Fox Weather Center good morning to you. Good morning whether or not hurricane strengthen probably wont really have big difference on impact, the impact all from amount of water in the area, as you can see do have hurricane warnings in effect along the coast here of louisiana that is what we could see winds up to 75 millionaires t Miles Per Hour a disorder storm good news if more organized going over such warmer water right now would have a chance to strengthen a lots more than i think it will have we are starting to see more action around the center of the storm that doesnt bode well what problem is in our side that is we dont have a lot more time, very warm water here going to be talking about rainfall totals problem maria rainfall totals 10 to 20 in which these between new or liens baton rauj a significant amount of flooding we will continue to track. Ricking with the latest there stay with us back next up with Kevin Mccarthy. Cant see what it is yet. Re . What is that . Thats a blazer . Thats a chevy blazer . Aww, this is dope. This thing is beautiful. I love the lights. Oh man, its got a mean face on it. It looks like a piece of candy. Look at the interior. This is nice. This is my sexy mom car. I would feel like a cool dad. Its just really chic. I love this thing. Its gorgeous. I would pull up in this in a heartbeat. I want one of these. That is sharp. The allnew chevy blazer. Speaks for itself. I dont know who they got to design this but give them a cookie and a star. Dear tech, dear tech, lets talk. We have a pretty good relationship. Youve done a lot of good for the world. But i feel like you have the potential to do so much more. Are you working for all of us, or just a few of us . Can we build ai without bias . Ai that fights bias . Ai that helps us see the bias in ourselves . We need tech that helps people understand each other. That understands my business. Dear tech, dear tech, dear tech, dear tech, lets champion data rights as human rights. Lets use blockchain to help reduce poverty. Lets develop new solutions with the help of quantum technology. Lets show girls that stem isnt just a boys club. Lets make a difference in peoples lives. Lets do it all. Together. Lets expect more from technology. Lets put smart to work. 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. Maria welcome back defied democrats House Speaker unanimous santa anas squashing a potential rebellion with freshman including alexandria ocasiocortez, implied pelosi is a racist, the speaker commented on feud yesterday watch. They took offense because i addressed requested my members census tweet that came out of one of the memberss offices that referenced essentially segregationist members took offense at that i addressed that, how they interpreting carrying it to another place, is up to them but i am not going to be discussing it further. New poll by inspire shows democratic primary voters value alexandria ocasiocortez do. More than anyone else except expresident s congressman a pleasure to see you thanks for being here. Thanks for having me. What about that what what about this poll saying people value aocs como. More than anybody except expresident s. Goes to core no donninger nats this is socialist Democratic Party what is the policy, they really sheer calls herself a socialist democrat just shows how far left the Democrat Party has modified that moved, it is socialism versus freedom why i think President Trump is reelected. Do you see this taking place on the floor how do you deal with this, in terms of relaxing to for example aoc suggesting nancy pelosi is racist. This is not a family fight this is an internal war going on. You see it in every bill they try to bring to the floor, whatever bill comes out of committee, they have to take it further left, they have to offer more amendments to the socialists and party cannot pass anything. Usmca switching gears we know four and others may very well make it real hard for the president , to have his victory, you said in the past you think the votes are there, but we are all watching trade agreement between u. S. Mexico and canada, the administration, possible sending a deal to congress by september he went 1. Are we going to see this brought thought floor. This is power having speakership when republicans lost it the power goes to unanimous naps. So nancy pelosi is holding this up if she would let this come to the floor be voted on it would pass the floor right now. I am concerned longer she waits the harder the votes become because you are getting closer to president ial election, this really should be a vote we take before we leave on the august break, we should deal with this, we should deal with loopholes at border there are things that need to get done but they are not doing anything. Maria wow, so mark short was with me expecting her to bring it to floor after summer recess probably if fall is that what you are expecting. I expect it to happen it will pass, but why not do it right now . It only brings another 100,000, about 170,000 jobs into molecular makes us stronger economy going bigger you watch the market make a new record yesterday, probably a new record today, we are getting stronger think about what power that gives us, with our negotiations with china. He wouldnt be we want to be in that position why hold back if we know this is going to pass. You make p a lot of good points especially with china let me ask you about social media that summit yesterday the president hot meeting at the white house, heated molts between members of the press and rose garden leader you were at summit you have been there vocal in terms of social media companies, it was you said you want to have legislation so people understand what their doing with our data. Where are we on that . Do you think we are going to see legaislation i think we will see legislation i have been trying to work in a bipartisan margin if something on internet offering it free, you are not the client you are actually the product. Facebook created to get data you are concerned what they use data for i am more concerned about third party and others, data is kind of like a private property, it is my private property so i should know we should have a levelplaying field whatever data somebody can collect, should i be able to move it should be able to delete it selling it maybe should i be able to be given some proceeds in the process, i think privacy is very big concern when you look about what democrats offer they want to break things up, you know what that doesnt do any anything, to stop our privacy, then it harnesses a problem when it comes to innovation, want to make it a utility the worst thing that we can possibly do so i think there is a real point how we protect our privacy, our data, and actually go forward he competitiveness weve got to make sure there are other companies n can rise up google was not first Search Engine but are they allowing other companies to be able to compete we found in 2013 they were not they were being noncompetitive to a number of Companies Got fined but allowed to fix that themselves, 90 all searches go through google if you are not on first page, about 90 those people drop off, they have a great deal amount of power, whether they started, dont be evil that is no longer their motto, you know i want the internet free and openly i dont want people using this power because they dislike somebody else to use it to stop them from having a voice. You make a really good point new story on going contractors listening to recordings of people using Virtual Assistant admitting it the president on censorship of conservative voice in 2020 election how wore that is. Very important it is important if somebody has apple liberal voice trying to stymie that in the process remember what happened here, these companies become so powerful now using their philosophy if you disagree with them, that you cant have a voice. That is not what the internet is about weve got to allow something go forward you have witnessed it yourself when conservative voice out there do she shadowed ban you make people not able to see it push you further down if they push your message down to lower pages push somebody else up makes a difference we watched inside, googles on headquarters day after election, people crying people talking about, are trying to help other people win over others, that is not their place it is nots something they should be doing. I remember that, because theory so powerful now we are noticing it, influence we will watch that real important story congressman let me ask you about new fundraising numbers you have been doing well showing first half of 2019 broke to republican fundraising record in the house over 33 Million Dollars, where does that money go . Congrats on fundraising you have been doing. Well, it goes to try to win this house back, because all these questions you just as asked me usmca would be done loopholes on border would be done, why is it not the democrats control the speaker has the power, when we want to curve back spending we are in a box right now because nancy pelosi has power. This goes into combat, we can win this majority there are 31 democrats who sit in seats President Trump carried we simply need 19 seats to win majority we have a smaller hill to climb, than the democrats did two years ago. And of those 31, 13 of those the president won with more than 6 points we are getting great recruits in here, across this country, and this is going to be able to get the message occupant and sure remember all democrats who are running, who said they wouldnt support nancy pelosi . Then they voted for her for speaker now supporting her on the floor but not just supporting her they now become a socialist Democratic Party calling for impeachment, not doing what the public really wander them to do think for one moment what aoc chief of staff tweeted this week, he challenged the voters to tell them one thing that democrats of accomplished for the Kitchen Table of america. Maria right. Then went on to question this legislative mastermind refers to speaker, only democrats precise their failing at their attempt to really take control over this country. You think you can take the house back in 2020 we will be watching Kevin Mccarthy good to see you, sir thanks so much. Thank you. Kevin mccarthy in washington we have breaking news waiting on june Producer Price index hitting tape momentarily, we are looking at a market going into this number rallying dow industrials at highest morning up 94 points, s p up 7 and one half nasdaq up 21. Estimates on ppi unchanged, for the month of june although yearoveryear, we are expecting the number to be so of 1. 6 this was similar situation that we were in yesterday, with the cpi, the pii is just hitting the tape right now. And it is higher than expected right to Lauren Simonetti up onetenth of a percent go for it. This is for month of june maria the numbers hotter than expected this is what we saw yesterday with cpi for Producer Prices what businesses pay to stock their selves. The number for june from may up 1 10 of per cent if you xout food and energy that core number up 3 10 of one percent hotter than 10 expected i persistent out month of june is first full month, that he higher tariffs on 200 billion dollars of chinese goods was in effect so we are seeing, some of these this trade war reflected in the numbers. You know it is interesting that hotter than expected that was the situation yesterday. And, of course, this is the pii whereas producers are paying you go this this is not customer but larger producers paying little more than expected, still not up to the feds 2 target though, lauren, talking 1. 7 move yearoveryear. Exactly so still not at that shth at a, maria but target maria some people are saying this is certainly what they said yesterday, that inflation is saying hello again, some Market Participants reassessing the aggressiveness or needed aggressiveness of this rate cut plan. But these are two numbers now backtoback 37 because obviously, you can say Producer Prices inflation would show up first then eventually maybe, may be not but could get passed on to consumers. Maria yes. So this is first number that would be impacted, i got to say before this number came out the Dow Jones Industrial average was up 93 points now we are up 88, s p exactly the same, up 7 points so this number is not moving the market maria. Maria thank you so much lauren lets get to gerri willis reaction from this panel first before New York Stock Exchange gerri willis covering stocks. Good morning, everybody. That is rights lauren called it exactly right not a big reaction, to this number from the markets but believe me they were watching it why . All they care about is Interest Rate right now will they get on july 31st Interest Rate cut what they want from Federal Reserve, they want to see basis points, maybe that takes that entirely off table with days report whats stronger than expected. Was stronger than expected 23 this number had been Even Stronger you could have seen a selloff this is something that the markets carry care very much about. I got to he will you also a china number on ppi, their wholesale number earlier this week was low, low, low, through the floor that economy seems lower cost at the wholesale level cpi out yesterday, upside surprise as well sort of momentum building on the idea that maybe prices are starting to step higher here. But with the fed being so strident so certain about their action i mean i have never seen a Federal Reserve chairman be so clear about plans, not a big being today but we will certainly be watching this. I know health care was a big part of the rally yesterday, watching unitedhealthcare, the president s decision on pricing we will check back with you thank you gerri Willis Michael what is your reaction to ppi number hotter than we want it . Yes, i am reading directly from the buyer of labor statistics report here i quote, most of the june advances attributable to margins for final demand tried Services Moved up 1. 3 trade indices measure changes in margins received by whole sell aers retailers so what does this tell us that we had news on health care yesterday, where the distributeors getting a break to preserve margins also more importantly as you and lauren pointed out this is where the new tariffs are kicking in so a lot of upward pressure on this. Again we can cherry pick through this show points of weakness points of very he think 2 the point is netnet higher, stocks are not react that much bond market see if yields back up more. Stock market is irrelevant the yield on 10 year what you want to look at 2. 13 . There it is. Dagen that is up from where it closed yesterday 2. 12 , so again, higher longerterm Interest Rates a result of jay powell talking about going to cut rates to preserve Economic Growth will give higher long term rates i point out core rate Producer Price index up 1. 7 in last 12 months through june still the smallest gain since january of 2017. But actually was slower or lower than 2 than the 1. 8 in may well contained. More reasons to say lutz cut rates. Dagen you dont cut rates if economy is a healthy as this what i am scratching my head about a rate cut the end of this month. Dagen what does fed see on the horizon disinflation deflation. Optics not disinflation or deflation but nation is not on fire by any stretch of the imagination that is tweeted at me you will 12 like that is nice i can cherry pick data the too that is fine [laughter] you already a tweet on that. Oh all right okay. So look we got a market that is hold on to gains this morning, in the double digits yields up two basis points 2. 13 President Trump taking on cryptocurrencies tweeting last night i am not a fan of bitcoin other cryptocurrencies not money, and whose value is highly volatile and based on thin air, unregulated cryptoo asettles can facilitate unlawful behavior including drug trade illegal activity added if Companies Like facebook want to become a bank they need to follow banking rules interesting you said earlier this was a hit to facebook that they were watching everything nothing going to go we are responding. Shot cross the bow i think president is telling Big Tech Companies we havent figured out exactly how we are going to come after you but we are going to make sure we pick lane and come after you and he told me couple weeks ago legislation will be needed that will that will create competition, dagen. Dagen yeah absolutely, this is the president he does have that tendencies to want to weigh in on everything this would be there is that resentment that kind of saw that at the social media summit yesterday, that again he feel Like Companies are out to get him, then i am going to hit you back, words are better than actually legislation put it way that. Jawboning is okay recall making regulation not so much. President trumps rhetoric what he says move markets impacts pricing you talked about driving pricing earlier Companies Realize the president regulatory regulators watching what they do it matters. To be a clear the Trump Administration wanted to see the rebates these are these are drugmakers give rebates to the middle men the pharmacies benefit managers, who negotiate medicare driving prices those rebates go to the companies customers. Dagen what Trump Administration was trying to do was trying to fix it and then again there is so much pushback from the lobbyists from people and they were worried, arp was worried about higher prescription priegs for seniors and politicians worried about prior Prescription Drug prices for seniors going into Election Year we point out the Trump Administration was trying to fix a problem this is a Profit Center for companies. They ostensibly wanted this better for consumers unfortunately a herk Herculean Task to fix this. Congress is moving forward on this this issue, is not going away. Dagen but as it stands today in terms of the overall governmental trying to negotiate Prescription Drug prices for medicare it is against the law for the government to do that directly. The president and in the past talked about government doing it talks about it running for the presidency in 2016 even i think as early as 20150. It 2015 interesting to see now that they couldnt do this what happens 234ekz. A quick break let me point out once again, wrapping this story up, the june ppi is out it was up a little higher than we expected up 1 10 of a percent for core 3 10 percent yearoveryear, 1. 7 you saw is a little pullback looking at doubledigit move in the dow another record high when market opens Stuart Varney up next will weigh in on that nike first ever running shoe up for grabs in auction of the worlds rarest sneakers what it will cost you how you can something that a payer this have costed kicks back in a minute a special patriot from the tennis channel. Welcome back to court report for fox business i am Jonathan Novack laid championship match set after thursday pors semifinal action in london. Serena williams one win away from equaling mark roets alltime record at slam dispavpd in straight sets could claim 24th major title this weekend. Really not about 24, 23, 25. It is about going out there giving my best effort. No matter what i do i will always have a great career. She will face former world number one for the title after romanian swept aside, in straight sets, 26 winners on her way to first wimbledon final. Dont forget wimbledon prime time hits air friday at 2 pm eastern. I am Jonathan Novack. Award winning interface. Award winning design. Award winning engine. The volvo xc90. The most awarded luxury suv of the century. The volvo xc90. 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. Maria welcome back, dow cracked 27,000 mark yesterday stayed there for the First Time Ever joining me host of Varney Company Stuart Varney to take a look at market will not quit. Who would have thought. You knew it said it yesterday. Well come on, i dont want to take credit for this maria i am going to give you the credit, i remember on Election Night 2016, i remember you saying right after paul krugman said market is going to crash i heard Maria Bartiromo say no, it is not it is going straightforward up you were right. Thank you. Who would have thought . I mean really who would have thought 18027 policies good for business for an economy, that is going to lead to growth, i am mean sense. I think that trumps critics were so overwhelmed with their contempt for the president with their emotional response to the election that they were blinded complete blinded what is happening in our economy that is why i say who would have thought they couldnt imagine it but look what weve got. We got open higher again this morning well above 27,000 on the dow, by the way, maria, we are now up exactly, exactly 10 trillion dollars in value since election day 2016. 10 trillion dollars, how about that. Maria incredible, what a number stu, spoton. Love it. I snow more 150 minutes see you stop of the hour. You got. It Varney Company top of the hour every day, 9 00 a. M. Eastern right here on fox business after mornings with maria first hey if the shoe fits 100 rarest sneakers ever made up for grabs how you can snag a payer of the most coveted kicks that is next. Keep it down there. I have a system. Keith used to be great to roadtrip with. But since he bought his house. Are you going 45 . Uh, yes. 55 is a suggestion. Its kind of like driving with his dad. What a sign, huh . Terry, can you take a selfie of me . Take a selfie of you . Yeah. Can you make it look like im holding it . He did show us how to bundle home and auto at progressive. Com and save a bunch of money. 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Life line screening. The power of prevention. Call now to learn more. Maria violence in ohio courtroom Cheryl Casone. Cheryl Something Else this happened when two as opposed to of elizabeth pledgeer tried jump her killer dale williams. All right one Family Member was hit with a taser, both were arrested pleaded guilty to that crime in 2017, his sentencing is rescheduled after that happened. Air france plans to swap bordering passions for facial recognition between new york jfk and George Bush International airport in hoouvent air france using by metric bordering in atlanta los angeles, dallas, Company Wants to bring facial recognition to all u. S. Airports by next year. Bidding in tens of thousands sothebys auctioning off 100 pair rare sneakers, sotheby experts say the could understood toesh handmade with a waffle iron,also for sale receive lacing sneakers in back to the future 2 160,000 dollars, big shoes. 160,000 dollars. Yeah what are you supposed to do with sneakers wear them or put on a shelf. I would put them in a pretty box. If it had betsy rosss flag on it yes. Maria good one. I made a 00 dollar bet you are going to where i that up i won all right. Maria who is going to pay. Myself, yeah, what else is new. Cool. Sneakers stuff people bid on at auction old worn sneakers. Dagen sole made on waffle iron at least made in usa right. Do you get to make waffles that have the. As if better made than concurrent crop of sneaks they are selling. Ridiculous. Totally. One flew behind president barack obama during inauguration did you see that photo around internet i dont think was photo shopped. You are right, stay with us. Need nobody wake up neighbors 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. 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When you are the big piggybank that other countries have been ripping off for years to a level that is not to be believed, tariffs are a great negotiating tool, a great revenue producer and more importantly, a powerful way to get companies to come to the usa and to get companies that have left us for other lands to come back home. We stupidly lost 30 of our auto business to mexico. If the tariffs went on and on at a higher level, they would all come back and fast, but very happy with the deal i made, writes the president. He goes on, if mexico produces which i think they will biggest part of deal with mexico has not yet been revealed. China is similar except they devalue currency and subsidize companies to lessen the effect of 25 tariffs. So far, little effect to consumers, companies will relocate to the United States. You want to respond to the president s tweets . You have been critical of his tariff policy. When he brags about the revenue coming in, hes bragging about taxes. Hes bragging about higher taxes. It might not be directly on american consumers, but it is on american businesses importing goods into the United States. And secondly, worry about the amount of money were borrowing just as much if not more because who are we borrowing it from . China. Do you agree that given chinas behavior, their goal is to overtake the United States in terms of our military, National Security . He doesnt have a lot of levers. He has taken on china and hes fighting back maria first president to do so. For people in this country for decades were ignored and lied to by politicians and business leaders. Kudos on that. Maria yeah. Your thoughts . Yeah, look, i think if we dont get serious about china were in big trouble. This is a National Security question as well as an economic question. I just hope we can make the right decisions Going Forward because theres a lot at stake. Maria when you talk about tariffs elsewhere, thats a different conversation. You cant call the china story the same story elsewhere. Yeah, no. You got tariffs, you got huawei and youve got critical infrastructure. Maria as we look at this market rally, we have a market that is about to take off once again. Record high territory. Little celebration in order. It is time to cut the cake. Last hour we showed you technicolor lattes. This is the explosion cake. This is lg. Tell us about this. Explosion cake. You are going to have the big thing about the cake is when you open it up, its going to quote unquote, explode. It is filled with all kinds of candy. Maria awesome. The trick is to do it in front of the cameras. Maria too big of a deal there. Not such a big explosion. I want to do it on camera. Here we go. All right. Explosion cake. This is katy perry ordered this cake, they love it so much. Good job, maria. Maria thank you. There you go. Its filled with different colors, obviously. It is also filled with candy, covered in sprinkles. This is vanilla cake, in case anybody wants to know. Maria its filled up. Explosion cake. Its pretty. Its like geraldos vault. Im glad you said that before i did. Maria we can cut another piece. Here we go. Look at that. Hey maria there you go. Shes got almost 300,000 followers because of this cake. Its beautiful. Good job, cutting the cake. Maria does it taste good . You tell me. I tasted one maria the cake balls . How is that . Take a bite out of that. Maria this is the cake by the way, you can have these in soho in manhattan today through sunday. There are certain things we dont eat on tv. Oreos would be one because your teeth would be black. Maria thats not ice cream. Thats cake. Its cake. So good. Maria yeah . Okay. Bring on the sugar. This is great. We will enjoy this cake while we say to our audience thank you so much for joining us. Its been a great week. Have a great day. Seize the day. Dagens got you covered monday and tuesday. See you next week. Matt, mike, thank you for joining us. Have a great day. Stuart, take it away. Stuart just gave me an extra ten seconds. What am i going to do . Maria i owe it to you. I owe it to you, and more. Stuart good morning, maria. Good morning, everyone. Who would have thought the day donald trump was elected the 45th president of the United States, the dow was at 18,000. Now its crossed 27,000. That remarkable trump rally has added nearly no, exactly, exactly 10 trillion added to the value of all stocks since the day the man was elected. Who would have thought . Nobel prize winner and New York Times columnist paul krugman forecast a stock market crash. How wrong can you be. The pundits got it wrong on the economy as well. How many of them figured out that tax cuts and deregulation would set up a boom thats still going strong . They have been whining about
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