The oil industry preparing for the worst. The president of the Louisiana Oil and Gas Association is about to tell you how barry could impact black gold and gasoline prices and you know what, you could even triangulate how it will affect stocks in the energy sector. On wall street, today the s p 3,000 is in sight for the third day in a row, but can we lock it in . Right now we are nine points above it. Got to stay tuned for my whole hour here. As for the dow, it locked in 27,000 yesterday. We are well above that right now at 27,274. The nasdaqs joining the party, on pace for a record close as consumer favorites like industrials and Technology Power todays run. Plus, President Trump joining forces with none other than the oracle of omaha . At least in his thinking, putting facebooks crypto ambitions under a harsh spotlight. Our top tech panel is here to tell us what it means for the Digital Currency world. Less than an hour to the closing bell on this friday. So glad youre with us. Could be another record day. Lets start the claman countdown. Liz breaking news. Shares of bud are sinking right now after the biggest ipo of the year has gone flat. Anheuser busch inbev just called off the planned initial offering of its asia unit. You can see the stock which fell as much as 4. 5 is now down 3. 66 to 86. 38. Heres what happened. As far as we know, the Hong Kong Ipo was expected to raise nearly 10 billion, but late yesterday, the companys asian arm warned that its expected to price in the lower half of the range initially indicated so they said you know what, call it off for the moment. Market conditions dont feel right. Parent ab inbev blames the cancellation on prevailing Market Conditions in the region specifically, but overhere, if they were doing it in america, Market Conditions are clearly very strong and bullish. Take a look. Investors are pulling out their telescopes, not their microscopes, as stocks reach for the stars at this hour. Weve got 58 minutes before the closing bell rings but the dow and s p 500 are smashing records like asteroids gone awry. On pace for the seventh record close of the year. This is going to be a very exciting and possibly historymaking hour. Specifically on the s p 500, guys, its on pace for its second Straight Record close. The tenth of 2019, but that 3,000 level which we are above right now, we havent closed there yet. Three days in a row we touched it for the First Time Ever. Here we are, 3,009 points. Stay tuned. We may close there. What would be pumping the brakes a bit on the index trajectory . We do have weakness in Health Care Stocks. I dont know if you own them. Lets bring up some of the names. Illumina, shares are on pace for their worst day in nearly three years, falling 16 at this hour. You can see its well off certainly the threeyear lows but today, it is not a good picture. The firm cut its full year revenue forecast to 6 . That is a huge drop from the prior expectation of growth of 14 . If you dont know, illumina makes machines that fuel the current boom in personal genome sequencing and is blaming weakness in the directtoconsumer market. The stock up 21 yeartodate and we are already more than halfway through the year. At the moment, a 57 clip on the stock brings it to 305. 77. Lets look at another Health Care Stock taking a hit. Widely held johnson johnson. Bloomberg reporting the Justice Department is investigating allegations that the company lied about the possible cancer risks of its talcum powder, baby powder. Right now, that stock is down 4. 66 . The Consumer Products maker which also makes as you know, tylenol, aveno, faces more than 13,000 talcum related lawsuits. J j has denied allegations that its baby powder causes cancer. Happening soon, we know President Trump right now is expected to visit Derco Aerospace in milwaukee, a subsidiary of Lockheed Martin. He will be there to tout the u. S. Mexico canada trade agreement, usmca. But the three nations are still operating off the old nafta because while mexico has finished ratifying the trade agreement, neither the u. S. Congress nor canadians have done so yet. What is the timeline . Canadas house of commons has it in their hands but our congress does not. They have yet to receive it from the white house, which indicates it wont send the deal to congress until at least september 1st. That apparently is causing a bit of strife between the office of the u. S. Trade representative and the white house. Trade chief Robert Lighthizer argues the deal should be sent to congress earlier, as in now, in order to give House Democrats more time to look at it, while the white house, on the other hand, plans to send the deal to congress later, possibly ostensibly to force deadline pressure on House Democrats. To jeff flock in milwaukee, awaiting the president , for the latest. Jeff . Reporter we just got the word, the president s motorcade has left the fundraiser en route here. This is derco. President trumps sign right out there. Its a company that employs about 250 people here in milwaukee that services and maintains military aircraft like the c130, the trans foport pla the f16 fighter and blackhawk helicopters. The president as you point out so artfully at the beginning of the show, just like the usmca ratification, a bit behind schedule. Quite a bit behind. The president is usually pretty good about timing but maybe hes raking in a lot of money at that fundraiser. This will be his sixth trip to wisconsin, by the way. Its because this is a very important state. This is one that he won, you know it was the blue wall that Hillary Clinton thought would not fall, pennsylvania, michigan and wisconsin, solid blue wall of states. Well, that wall collapsed and this may be one of the few times you hear democrats say we need to build that wall back up. As for the mca and the ratification, the president said nice things about nancy pelosi today. That follows earlier this week on the david asman program, bulls bears program, larry kudlow saying he thought nancy pelosi was being very accommodative to the usmca and were hearing sirens. I think that means somebodys coming. Maybe the president. Theres a chopper overhead. Very good sign. I would say stay tuned, liz. Maybe President Trump will be here to say this in person any moment. Liz you know, we are hearing hes about nine minutes out, jeff. What we are going to do, i need you to stay right there locked down. Stay there. We are going to take that live as soon as the president gets there to speak about the usmca. We are watching all kinds of tradesensitive stocks as well. Were watching this, too. Fresh records are within spitting distance again at this hour, and the markets appear to be giving all the credit to this gentleman on your screen. Federal reserve chair jerome powell, who not once but twice this week before congress made it really obvious hes leaning toward cutting Interest Rates at the Federal Reserve meeting which is two and a half weeks from today. With the dow solidly on pace to close above 27,000 for a second straight day, we are up 182 points right now to 27,270. 27,270. We have a question for you. With the bulls seemingly running on red bull, but the bears hoping to come out of their caves, what will we and what will investors see next . Dow 28,000 . Or dow 26,000 . To our floor show traders. I will start with you, tim anderson. You never know what might happen, right . That is a trick question . Liz yes. I mean, we are almost a quarter of the way there. Clearly im going to say 28,000. We get any clarity at all on trade negotiations and even on when and in what form brexits going to take place, thats going to be very positive for the large multinationals which the dow is heavily populated with. We see some strength the last couple days in the industrials and capital goods stocks. The transports are up almost 2. 5 today. Thats an index thats been laggi lagging. The dow, the s p and nasdaq, so thats a positive sign. And probably from that, some money that might be coming out of maybe a little more defensive stocks like consumer staples, utilities that had very strong runs in the first half, even some of the drug and pharmaceutical names which might be down for a couple other reasons also. They are weak a little bit. They typically track with consumer staples. Lot of rotation going on. Liz lot of rotation but out of big pharma and into defense stocks, and into, of course, actually Broader Market stocks, chris robinson. I want to pull up if we can a week to date or just a oneweek chart of the s p 500. You have to tell me, chris, because three days straight, theres been an attempt to close above 3,000. I know were talking about we see 26,000 or 28,000 on the dow, but lets weave the s p into this picture right now. Today may be that First Time Ever day. Yeah, i think so. If we can settle above 3,000 and then, you know, that will be something well look at all weekend long. You got to remember, too, anybody that, you know, in december, if you were spooked out of the market and got out, theres still a lot of people that have been waiting for breaks to buy. Weve had one or two but now they have a decision to make, right. If they missed this whole rally, the dow, theres still half a year to go. This is where i start to worry because now you have people who will throw in the towel, we got to get long. Thats when i get worried about a bigger selloff. Liz youre worried, but you still think dow 30,000 . Did i see that correctly, chris . Yeah. Its possible. What is that, maybe 5 or 6 more. You are talking about dow 28,000, thats about 2. 5 . Now were moving in these percentages now. That will be my worry. If we get the s p at 3,000, you are going to see a lot of people that missed the rally, call their broker and say i got to get back in. Liz lets bring the dean of the trading floor, ira epstein, in to be the tiebreaker. Youre always optimistic but also a realist. Tell me what you think. What will we see first, dow 26,000, will the bears come out and draw some blood, or will it be dow 28,000 and as tim made the point, we are already a quarter there. For all purposes, its 28,000. What youll see is on this next break, and there will be a break, there always is, those not in, want to get in, as chris just said. The fed has your back. If you fight the fed, youre dead in this business. They have the Balance Sheets. Theyre going to stop running it off. Theyre going to make Interest Rates cheaper and they told you yesterday, they will even increase the Balance Sheet if they have to. How do you fight that . You move out of anything that you have defensive and you put risk on on breaks. You dont necessarily buy a straight up move. Wait for the pullback. Liz but look at the fed funds futures. Those are the probability, the odds of a rate cut, quarter point, 82 in july and we just had chicago feds Charles Evans say weve got hes really dovish a half a percent cut by the end of this year. I said that to you yesterday when i was on. Liz you did. Thats why i brought it up. I think youll have two cuts, whether its september, the next one, or december, i dont care. You have two coming and the fed has determined like other Central Banks dont do this. We get ahead of the curve. Mr. Powell is ahead of the curve. The president s going to be behind them and you got an Election Year coming. Come o youre not going to have tight money, youre going to have loose money and you will drive this market up. Liz rate cuts mean borrowing costs go down, things become cheaper to borrow. We are watching all of it. Chris, tim, ira, thank you. Coming up, i want you to keep your eye on all of whats going on on the screen. Here you see the president s motorcade arriving. This is milwaukee. They are edging up against the derco plant, a division of Lockheed Martin. Lockheed martin, of course, as you were hearing jeff flock explain, make everything from the blackhawk helicopter to all kinds of defense operations. His remarks on the usmca are imminent. The president may give us more of a closer timeline of when u. S. Congress will be voting on this to ratify it. Dow jones industrials up 174. Mark the s p right now at 3,008. Anything could happen. As we wait for President Trump in milwaukee, ford and vw arent waiting around at all. Closing bell ringing in 46 minutes. Ford and vw, volkswagen, teaming up to develop electric and autonomous cars. Heres whats going to happen. Vw tossing 2. 6 billion into fords selfdriving car venture called argo ai and ford will become the First American company to use vws electric vehicle architecture to ramp up manufacturing. Its a win, because of hopes of cost synergies for both companies. Look at ford on the move, up nearly 3 . Volkswagen up twothirds of a percent. Good thing you dont need oil for those electric cars, because at this hour, black gold could be getting more scarce due to Tropical Storm barry. Because thats putting the brakes on gulf of mexico production. We take you to baton rouge for the latest on the crude prices when the claman countdown returns. 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. 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. Liz we have just showed you the motorcade for the president. Now we are going to take you inside the derco plant, where you can see the audience is waiting for President Trump. He will deliver remarks on the new sort of nafta 2. 0, the usmca deal. What we are expect toiing to se he may very well give more details on when Congress Might take it up for a vote to ratify it. Derco, where you see the workers, is a subsidiary of Lockheed Martin. Its a facility in milwaukee aerospace, they make aerospace equipment. We will bring you there as soon as the president takes the stage. 41 minutes before the closing bell rings, weve got an oil rig southwest of the mouth of the Mississippi River now reporting sustained winds of 76 Miles Per Hour and at least one wind gust of 87 Miles Per Hour. That according to npr. Landfall expected as early as tonight for Tropical Storm barry, which is barreling, this is a live radar picture, you see its almost there toward the gulf coast right now. This ones a nailbiter. It could very well turn into a category 1 hurricane before it even slams into the louisiana coastline. Look at these pictures already. Louisiana is under a state of emergency, as residents brace themselves not for wind, but epic sheets of rain and flooding, as much as 20 inches could be dumped along the gulf coast. We are also very concerned about storm surge. That is the kind of thing that tends to really push water from the gulf all up into the peninsula there. To the Mississippi River, thats expected to crest tomorrow at 19 feet in new orleans, where levees are only a few inches higher than that. But heres a shocker. Even as barry has already shuttered 53 of u. S. Gulf of Mexico Oil Output and nearly 45 of natural gas production, prices, they are barely on the move today at least. U. S. Oil producers have evacuated oil platform workers from 257 offshore facilities, halting daily production of more than one Million Barrels per day, but prices closed just up one single penny for crude today. In a fox business exclusive, lets bring in the president of the Louisiana Oil and Gas Association, representing more than 400 energy companies, including chevron, exxonmobil. Sir, thank you for joining us. I know youre under very difficult circumstances here. Are you and your group okay . Lets ask that first. Sure, thank you so much. So far here in baton rouge, the storm hasnt gotten here yet. Everyones going through their normal preparation procedures, getting ice and all the necessary supplies as were expecting to really start beginning to feel the rain and wind later this evening into early morning. Liz we know that 53 of the operations in the gulf have been shuttered at the moment, and then i thought to myself whats happening to the other 47 . Would we expect more closures or are we pretty much battened down for this storm . Unless the storm changes direction, i think at this point the platforms and evacuations that needed to take place, have taken place. Obviously the gulf of mexico is very vast, so weve got platforms and operations all over the gulf. So just those impacted by the storm have gone through the necessary emergency procedures to evacuate personnel and prepare for the weather. Liz you know, weve got seven rigs, 33 of the total, that have been evacuated. We also saw rig count itself for overall rigs in america down about five. Im just surprised to see that oil prices arent responding or firming up in a way that you would expect with that type of storm coming. They closed at 60 and change, barely even higher in the aftermarket session. Can consumers and investors expect that we wont see much change beyond this . I mean, unless something, you know, drastic changes, i think that the slight increase that we have seen as a result of the storm probably as the storm passes and we get activity going back in the gulf again, we dont see any major shutdown in refineries, we should see prices resume normal, really only on a much larger scale storm will we see longterm impact to prices. So much of our production has moved onshore, you know, were sort of protected a little bit from these hurricanes, much more so than in the past. Liz natural gas, though, is outsized in its gains at the moment, up about 1. 75 for nat gas. Tell us the sense of what companies that focus on that are dealing with. For example, i was looking and i saw chenier doesnt expect many closures of its operations. It seems like while it is a major human event, it might not be the worst picture for gulf of mexico operations. No. And thats correct. Fortunately, all of our refineries, including exxonmobil and all the others onshore in the gulf and the coast, get their product many different ways. We have a vast Pipeline Infrastructure so lng for the natural gas, they can bring in through pipeline from texas as well as the gulf of mexico, so theyve got different ways to bring the product in and same thing goes for exxon and the other, you know, petro chemical refineries. We can get it by rail, by pipeline, and obviously were not getting much by ship right now. The Mississippi Rivers closed. So because of that, we are going to access it the other ways and hopefully be able to keep the fuel being manufactured and sent all over the country to power this nation. Liz please stay safe, to you and your team. Thank you for taking the time to come on fox business. Thank you. Liz i think what hes saying is really interesting. We are looking at lng, the ticker symbol, big natural gas company, up three quarters of a percent. Not much impact. You can see right there, derco, the Lockheed Martin division in milwaukee making Aerospace Products awaiting President Trump. He will speak on trade and the new sort of additional trade actions out of the usmca. We are watching stocks that may be affected. Dont go away. We are also on a record run for the market. , is where people first gathered to form the Stock Exchange which brought people together to invest in all the things that move us forward. Every day, invesco combines ideas with technology, data with inspiration, investors with solutions. Because the possibilities of life and investing are greater when we come together. Their medicare options. Before theyre on medicare. Come on in. Youre turning 65 soon . Yep. And youre retiring at 67 . 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Last time we saw all three close at new records was july 1st so folks, you need to stay tuned because this could be yet another historymaking day. One of the nasdaqs perhaps most controversial names is elon musk, and tesla. Tesla is speeding higher, a potential sighting of the electric vehicle makers latest prototype is getting folks all charged up. Gerri willis with todays business brief. Gerri thats right, liz. A prototype may have been spotted on a highway in the golden state in recent months with its drivers seat empty. Autopilot had been a possibility from the getgo when the truck was first announced in 2017 but production on a fullyfunctioning semi which was set to begin earlier this year has been delayed to late next year, though shares are up 2 . Google caught in a new web. The tech giant admitting that an employee in holland leaked private conversations of Google Assistant users has been recorded without their knowledge. An investigation is ongoing. Shares of alphabet up marginally. Goldman sachs upgraded the [ inaudible ] to a buy. Shares right now down about 1 . Up next, the controversial monetary issue that has President Trump agreeing with his fed chair and the oracle of omaha, next on countdown. At comcast, we didnt build the nations largest gigspeed network just to make businesses run faster. We built it to help them go beyond. Because beyond risk. Welcome to the neighborhood, guys. There is reward. Beyond work and life. Who else could he be . There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. Your daily dashboard from fidelity. A visual snapshot of your investments. Key portfolio events. All in one place. Because when its decision time. You need decision tech. Only from fidelity. And is the Fastest Growing place to buy a car in the nation. 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You know, you wouldnt exactly say President Trump agrees with billionaire Warren Buffett on most things, but apparently the president is now ready to follow buffetts lead on this. Years ago we asked Charlie Munger what he thought of bitcoin and he said rat poison. Back then it was about 100 plus per bitcoin. Today its 9,000. Is it still rat poison . Probably rat poison squared. Liz thats Warren Buffett agreeing with his longtime chair Charlie Munger who was originally the one to call bitcoin rat poison here on fox business a couple years ago. Fast forward to last night, yesterday, when President Trump tweeted coa eed quote, i am notf bitcoin or other cryptocurrencies which are not money and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior including drug trade and other illegal activity. The president went on to criticize Facebooks Libra cryptocurrency project, saying it will have quote, little dependability, becoming subject to all banking regulations. That certainly affected Facebook Stock today, but with President Trumps and Warren Buffetts no nonendorsement be the nail in the coffin of cryptocurrency as we know it . We bring in John Schwartz, who covered Silicon Valley for more than 30 years, and we are also joined by Windows Central executive editor Daniel Rubino who oversees the largest news site focused on all things consumer technology. I will begin with you, daniel. You of course have watched through the years all these important developments from the internet to internet of things and now of course, cryptocurrency and its development. Whos right . President trump and Warren Buffett or people who are supportive of crypto . They are actually both right. I mean, the thing about crypto, its a very complex topic. Most people dont understand a lot of it. That said, there are risks with crypto that need to be addressed and should be in the Public Domain for us to talk about. Trump going on and talking about bitcoin actually did, i would say, more for bitcoin than against the dollar. After all, this is one of the first major acknowledgments of this currency and its going to have real big implications for bitcoin going forward. Liz its in its incipient stages. President trump will probably start welcoming and thanking people before his speech. Is he right . Does he put cold water on a nascent new development here . I cant believe i actually agree with President Trump on this. I agree with him on something. Not only do we have these individuals who have qualms about this, this is an idea thats fraught with all sorts of issues. Liz hold on. I have to interrupt you guys. Lets listen to the president now speaking about the market. Shes done an incredible job and she just did me a beautiful favor, keeping it a beautiful plant noopen in the great statef pennsylvania. Some people would say commonwealth. Ill call it both. All i know is theyre really happy in pennsylvania right now, and we love pennsylvania and i really appreciate what marilyn did. Im thrilled to be back in your great state, a state that i won and we won it not so late in the evening, a little bit early in the evening, actually, which is even better. We had a lot of support from your company, derco has been incredible. We have a lot of support here and one of the reasons im here is marilyn, one of the reasons im here are you, because we really have had tremendous theres a great spirit, great spirit in this company. Were here today to celebrate the triumphant return of American Manufacturing. You know what they said, its going to be gone but its not gone, its thriving and its building up at a level nobody thought possible. Everything we are doing to keep the Assembly Lines rolling full speed ahead, thats being done and were doing it right. Were proudly defending our most Important National resource, the American Worker. Thats what it is. Its Pretty Amazing how the American Worker has just really theres nobody like our American Worker. Were glad to be joined today by secretary wilbur ross. Wheres wilbur . Wilbur. Wilbur. Thank you, wilbur. Great job. A friend of mine and somebody whos very, very tough and very, very smart, senator ron johnson. Ron, thank you. [ applause ] and two real fighters. They fight for us, they fight for you and they fight like nobody. Representatives Glen Grothman and sean duffy. Thank you. Thank you, fellows. Thank you. I especially want to thank your general manager here at derco. Peter winkler. Peter. Peter. Good job. They were showing me some of the work they do. Its beautiful. Its complex and it is real stuff. Thats the real deal, right, peter . For 40 years, the patriots of Derco Aerospace have built and repaired parts for airplanes, jets and helicopters and you have done it with unmatched precision and unmatched skill. Really an incredible company. Recently, our entire nation was inspired by the mastery of your craftsmanship during our wonderful Independence Day celebration on the national mall. Its called salute, right . A salute to america. That was something. They werent sure, the fake news, they werent sure if people were going to show up. Did they ever show up, right . Did they ever show up. We had a tremendous it was packed. And it was raining. People said do i have a tent because i looked very dry. I said i wasnt dry and i had no tent. It was a rainy day but in a way, it was a beautiful day. When those planes and helicopters flew overhead, it was Something Like we havent really seen too much lately. Tremendous spirit and love in our country. That day, the United States marines soared overhead in a magnificent aircraft like the ones you support from here in milwaukee, the mv22osprey. Our country also witnessed the awesome might of the u. S. Navy flying another plane that you will soon support, the unstoppable stealth f35 lightning ii. [ applause ] i get to meet a lot of pilots. I once said to one of the pilots, he looked like central casting. Tom cruise but maybe better. Little taller, a little stronger. I said tell me, how good is the f35 compared to other planes, enemy craft. He said they have a problem, they cant see it. I said that sounds good to me, not knowing too much about it, that sounds good. But he said theres nothing like it. I remember, that was a long time ago now, toward the beginning. In addition, workers at this facility help maintain our massive c130hercules transport planes and our fearsome blackhawk helicopters and our f16 fighting falcons. [ applause ] pretty busy. What do you do in your spare time, by the way . Thats a lot of work. With the help of 280 pound americans at derco and you know what i mean, the usa truly has the best aircraft flown, the best pilots and we have the greatest pilots in the world. They fly they are pilots like no other. Made and maintained the best workers and best workers anywhere in the world, and im excited to hear that thanks to your new responsibilities for the f35, your company will be expanding its work force by 15 . Is that right, marilyn . Wow. Since the election, we have created more than six million new jobs. Nobody would have believed that during the campaign, if i had said six million jobs they would have said oh, hes exaggerating. I did say like four million but we got six million. I was underexaggerating. Including more than half a Million Manufacturing jobs. We added 224,000 jobs last month alone, which is a tremendous number, far greater than projection. Last year, u. S. Manufacturers reported the highest optimism ever recorded, so folks like marilyn would say were the most optimistic weve ever been. Would you say thats true . You better say yes, marilyn. She knows. I know marilyn very well. I know she feels that way. Were now the economic envy of the entire world. When i meet prime ministers and president s and kings and queens, they all start off by congratulating me on the great economy. Wages are rising fast and rising fastest for our blue collar workers. Thats exciting. You hear so much about the upper end. Well, they dont realize the blue collar, proportionately blue collar workers, manufacturing companies, these are the companies that are doing so well. Unemployment has reached the lowest rate in over half a century and we expect to soon be beating that. Africanamerican, Asian American and hispanic american unemployment have reached their lowest levels ever in the history of our country. And right here, in wisconsin, the Unemployment Rate is just 2. 8 among the very lowest in the country. Its a great state. Its a fantastic state. Doing some phenomenal work. Weve powered our economic turnaround by following two fundamental rules. If it hurts American Workers, we dont do it. Very simple. And if it helps American Workers, we definitely do it and we do it quickly. Its very simple. Our agenda is proworker. Profamily. Progrowth. 100 proamerican. Its america first, its make America Great again and you know what, now its keep America Great, because were doing awfully well. Were doing awfully well. To stop the offshoring, you know what offshoring is, of american jobs, i signed the largest package of tax cuts and reforms in the history of our country. Since then, 876 billion, thats a lot even for you, marilyn, has poured back into the United States from abroad. We Want Companies to invest, hire, build and grow right here in america and right here in wisconsin. We cut a Record Number of jobkilling regulations which will give the average household an extra 3,000 each year. So each year, the average household, you all see it, you all feel it, will get an average of 3,000. Thats a lot. Thats the biggest tax cut weve ever had in this country. By the way, i see the democrat platform. They want to raise your taxes. I dont think i dont know, maybe i havent been a politician too long, somehow that doesnt play well, right . They want to raise your taxes. Okay. Well figure that one out. We launched an American Energy revolution. The United States is now the number one producer of oil and natural gas anywhere in the world and its not even close. And with a couple of environmental approvals for certain pipelines, we can get that and really do something with that number. It will go up very substantially very quickly, especially in the state of texas. Were reversing decades of economic surrender and restoring Americas Industrial might. We surrendered economically. What we did was so crazy. We helped other countries. We never thought about our own country. We lost the magic. Weve gotten it back and weve gotten it back, i think youll soon see, greater than ever before. And your executives know this. Companies are pouring back into our nation. Automobile companies from japan and other nations are pouring back in. Many, many of the great Auto Companies are coming back into michigan, theyre coming back into pennsylvania, ohio, florida, north carolina. You have not so many jobs left. We had to get some more workers over here, i think. We have to do something. But we have Automobile Companies and other companies pouring back in and you have the greatest year youve ever had in the history of this state. This is a great state but you had your best economic year that youve ever had so thats great. Our nation was made of vibrant and strong and its got to be the most powerful, the best, it really was made with American Manufacturing and you know that a Previous Administration said manufacturing, youre going to have to take a magic wand to bring it back. Well, that was wrong. The Previous Administration, they allowed foreign nations to plunder our wealth and to pillage our factories. They sold out our workers and they hollowed out our industrial heartland but those days are over. I have to tell you, its not just the Previous Administration. Its been many administrations in all fairness to president obama. Its been many, many administrations. They allowed it to happen. They allowed our factories to close, our workers really to go to not have jobs. We created jobs for other places, for other nations and we sacrificed so many 60,000 plants, millions and millions of jobs were lost during i call them the stupid years but now were back into the really smart years. We had the smart years. Now were the really smart years. They were the stupid years, what they were doing was incredible. Nafta. One of the worlds worst trade deals ever. I know a couple of the others, we have been involved in them, too. World trade organization. Thats a beauty. You dont know as much about that, but nafta was a disaster for this country and were going to be replacing that very soon, hopefully with the usmca. And thats going to be something really, really special. Its going to keep jobs, one of the things i said to start off, i dont want people leaving this country, meaning companies. I dont want to incentivize companies to leave, fire their people, build product, sell the product over in our country, no tax whatsoever, so we end up with no jobs, no factories, no taxes, no nothing. Not going to happen anymore. It cant happen under our new agreement. [ applause ] ive been talking about this subject for 20 years. Liz all right. President trump, we need to interrupt at the moment as he touts the strength of u. S. Manufacturing before this crowd at the aerospace manufacturer, the division of course of Lockheed Martin. We need to get to this breaking news. Not only do we have a wildly positive market here, three records on track, but the federal trade commission has just approved a roughly 5 billion settlement stemming from the Cambridge Analytica privacy breach that facebook was at the center of. Right now, facebooks stock has done a complete turnaround. Earlier today, it was down 2 . It is now punched up into positive territory, up 1. 25 . Weve still got market watch senior tech reporter John Schwartz in the chair. What do you make of this . What does it really mean for the Company Moving forward . Well, its good its over with. This is the high end of what was expected to be a 3 billion to 5 billion settlement so facebook baked into their last Quarterly Results legal costs associated with this. Now once this has been passed, once the amount of money that facebook is spending on operating procedures, for security, thats the end of that era, although it does, again, highlight the problems that a lot of consumers and government officials have with facebook in terms of trust, in terms of regulatory action, and that is going to come up tuesday in the tech hearings in washington, d. C. , when facebook attorney is going to go up and talk to congress. This will be probably mentioned among other things. Liz fox business will be covering that as we look at the stock, the threemonth chart, you see that dip but if you go back to april a year and a half ago, we really saw the problem with Cambridge Analytica and the breach of users data, folks, what they did not give approval to use the data for all kinds of purposes, and facebook sold it out. Now we do have a roughly 5 billion settlement. The stock turning around, moving higher. But the entire market is looking at a broadbased bull run. Weve got five minutes before the closing bell rings. Its a historic day. Im going to go out on a limb and say we will close for the very first time above 3,000 for the s p 500. Nasdaqs at a record, same with the dow. Let us get to gerri willis on the floor of the new york Stock Exchange. Gerri . Gerri hey, thats right. I think thats the expectation down here, too, that we will get a new record on the s p 500 above 3,000. Lets look at winners and losers here. United health, big winner this week. Why . Because the president said he was going to overhaul that plan to cut drug prices by looking at rebates imposed by middlemen, right. Hes taking that away. So unh has optum rx, that stock higher today. Intel higher, meanwhile, j j down and down handily. This is one of the dow losers today. The bloomberg story making it official, a criminal probe of j j about whether the company lied about cancer risk to its talcum powder. Also, merck and pfizer lower. Also on this big headline about the drug industry. S p 500 winners and losers. Western digital, micron, humana, managed care name as well, and the losers include merck. Big week for managed care, for health care. Back to you. Liz okay. You know what . Weve got now exactly four minutes to go before the closing bell rings. We are going to blow out the breaks, folks. I do not want you to miss a single tick of a trifecta of record closes that we are on track for. Lets bring in some brad mcmillan, he has 161 billion in assets. Floor show traders, todd colvin, alan knuckman. Brad, on a day like this, were at the highs of history at the moment. You wait, right . You dont buy at the highs, or do you . You certainly can buy at the highs. If you think about it as the market moves up it has to keep hitting highs. With policy and fundamentals still solid, not a bad time to do that. Liz not a bad time. Todd, were looking thin volume. Not a huge amount of conviction behind the rally but i ace rally nonetheless. You dont see this very often . No you, dont, liz. Remember where this rally came from. This is fueled by reserve policy expectations. Chairman powell talking about rate cuts. Expectation, it is binary event coming up in july with the fomc. Will they cut 25 . Will they be more aggressive with more cuts, that will feed the market more . Or is it one and done . If it is one and done well see the stock market with some pullback. Certainly the momentum is carrying it forward and global Central Banks are the major reason for this rally hands down. Liz it is definitely a cheap money rally, when Interest Rates come down its a lot less expensive to borrow. That piles people into riskier assets. Alan knuckman, im looking at volatility plummeting 5 . This is nofear market. Do you have any fear . There is still more downside in the vix. The vix made lows at 10 last august. Were not anywhere close. That portends to the market moving here. You have to see the market meltup continue. You look for stocks that havent participated in rally. There are a couple dow dogs. Look at pfizer, down 5 compared to the dow up 15 . Not a dow stock but kellogg is in the same boring lane and that stock is down 25 . So you know there are a lot of things to be unlocked. There is still a lot of opportunity. Unless you have act crow agro phobia, the fear of heights. Liz i have claustrophobia, our fears aside, do you have phobias where you start to see people pile in sitting on the sidelines a little late to the party . Folks 1 1 2 minutes until were on track to see three record closes. Go ahead, matt. You mentioned volume earlier. People are not piling in. Theyre being selective. Rotation out of farm ma into transports. Transports lagged. They are 1000 point off their highs. They havent participated in this at all. There is room to the upside. Financials another one. Huge week as we approach earnings. Watchwatch out for financials. There are room to the upside. Liz brad, are you looking for financials . You like apartment reits and consumer staples. What else . You play consumer goal and Slower Growth and you play the fears. With Interest Rates low, things depend on rates, apartment reits in particular will do well. You can play defensive and play the growth. No, im not particularly wore woreried about that. Liz not a lot of worry with this particular crowd. Thank you very much. Cue the fireworks, everybody. The markets are closing out the day, not only at session highs but record highs. [closing bell rings] record highs across the board for the dow, s p and nasdaq. Print it there, gang, the s p closes above 3,000 for the first time in history. That will do it for the claman countdown. Susan cue the fireworks, cue the champagne. A record week for stocks. Were closing at new alltime highs. The dow up over 200 points once again. That is two Straight Days of record closes. Im susan lee in for melissa francis. Pretty good week and day. This is the closing bell. Im connell mcshane. President trump delivering future of socalled new nafta, usmca. Well bring you breaking headlines as the president continues. But a big day on wall street with fox business team