Transcripts For FBC FBN AM 20240714

It is tuesday, august 6th. Fbn a. M. Starts right now. Nothing else compares. Cheryl welcome to fbn a. M. Good morning im cheryl casone. Deirdre im deirdre bolton, in for lauren simonetti. Cheryl lets take a look at how your money is moving this morning after yesterdays 767 point plunge on the dow, the s p losing 3 . We have green arrows. Were looking at buying this morning, dow is up 189, s p up 23, nasdaq is up 80, looks a little better. Deirdre this is a after yesterdays huge losses. In asia, you actually still have pressure on the markets, this is selloff day two. Youll see on your screen, the nikkei, hang seng and kospi all lower. Cheryl you have that pressure on europe. You also have the eu responding, looking tha that a crash may bee likely. The ftse is down. Cac and dax are now up. Deirdre yesterday was all about safe havens. Gold is off highs from yesterday. If you look at bitcoin and weve been seeing this more and more over the past six months, when u. S. Equity markets sell off, bitcoin goes higher today, know exception, up to 12,000 and change for bitcoin. Cheryl the flight to safety really registered with the 10 year treasury yesterday. The yield is actually higher right now which means a little bit of deflation in prices for bonds. The flight to safety we saw yesterday reversing this morning a little bit, 1. 76 . We have not seen that 10 year at that level since 2016. Deirdre tensions continuing between the u. S. And iran. Here is a quick check on oil. You can see where it is moving higher. Cheryl lets talk about the behemoth in the room for markets, breaking overnight, china is now denying that the trump administrations claim that its manipulating its currency is true. The countrys central bank added it has not used and will not use the yuan in the trade dispute with the United States. The Stock Plunged yesterday, big losses for markets on trade fears after china let the currency weaken. They suspended purchases of u. S. Farm products. Stocks are poised for a higher open this morning. Dow is up 191, s pes is up 23 and a quarter, nasdaq is up 81 andahalf. Deirdre white house trade advisor Peter Navarro telling lou dobbs that yesterdays selloff was a massive overreaction. I think what happens in these kind of things is you get the day traders moving, you get a little trend trading and before you know it, theres a lot of volatility and good people lost some money today because they got shaken out of the market. But the underlying fundamentals are absolutely solid as a rock. Cheryl for more on this lets go to edward lawrence, hes in washington. Edward, good morning. Reporter good morning, cheryl and deirdre. A gut punch for farmers in the United States. The Chinese Commerce Ministry Spokesperson confirming that china will not buy u. S. Agriculture. That spokesperson also saying that a plan to roll back tariffs of agriculture being imported into china may not happen Going Forward because of everything thats happened here. President trump now saying that china is a currency manipulator. In fact, the Treasury Department announced that it is a currency manipulator, adding it to the list. Steven mnuchin will work with the International Monetary fund to eliminate that advantage. Devaluing currency would minimize the impact of the 10 tariffs the president plans to add on september 1s 1. All of this has trade associations worried. The president or head of the American Apparel and Footwear Association says they feel pinched in the middle. We cant deal with this. We have no way to deal with this. And we honestly feel like were pawns in an International Chess game and were going to get hurt and its going to hurt the economy and now its showing up in the market. So we hope that the president will see the light of day and stay away from the consumer because hes headed in our direction. Reporter at the last fac facetoface trade talks chinese sources tell us the chinese delegation told the u. S. Side they would not add back any of the concessions the u. S. Said they made. Sources say the chinese told the u. S. They would not change their laws based on a trade deal. Now theres signs the chinese are pulling back. The president said the chinese were supposed to buy u. S. Agriculture. Now it appears that ag buy will not happen. Deirdre President Trump claiming that chinas manipulation of currency proves that its economy is taking a hit from u. S. Tariffs. That is very much President Trumps view. Obviously investors in the equity market yesterday had a different take. Cheryl breaking overnight, chinas government is standing behind hong kongs chief executive carrie lamb, calling its support firm and steadfast. This is after two months of some very violent protests that has disrupted hong kong and the way it operates. Widespread strikes hit yesterday, bringing the city to a standstill. Hundreds of flights have been canceled at hong kongs airport. Youre looking at the violence on your screen. Police fired tear gas at five different locations at the city. Protesters continue to challenge beijing. They say they are prepared to die for the prodemocracy movement. Deirdre President Trump slapping new sanctions on the venezuelan government, freezing all government assets. President trump issuing an executive order immediately banning American Companies and individuals from doing business with the government of Nicolas Maduro and its supporters. John bolton warned china and russia not to double down in support of maduro, saying that venezuela may not repay its debt to them after maduro falls. The u. S. Recognized Opposition Leader as venezuelans legitimate leader in january. Cheryl now to whats happening at home. President trump is expected to visit el paso and dayton tomorrow after strongly condemning racism in the wake of two Mass Shootings. The total death toll is now at 31. Deirdre two extremely sad events. Griff jenkins with us now from dc with more on the white houses push to Bipartisan Solutions to gun violence. Reporter the president says its time to put partisanship aside and find Common Ground solutions and he denounced White Supremacy and hate. In one voice our nation must condemn racism, bigotry and White Supremacy. These sinister ideologies must be defeated. Hate has no place in america. Mental illness and hatred pulls the trigger, not the gun. Reporter some democrats say the president s words dont go far in your. Bernie sanders tweeting this. Today mr. Trump made a statement disavowing hatred and White Supremacy. I say talk is cheap. Tell mcconnell to pass gun safety legislation. The American People want it. The majority leader issued this statement, saying Senate Republicans are prepared to do our part. He added, partisan thee a theatd campaign trail rhetoric will take us further away are from the results the American People deserve. Former president obama is also weighing in, not mentioning President Trump by name but saying this in a statement. We should soundly reject language coming out of the mouths of any of our leaders that feeds a climate of fear and hatred. Down in texas, el pasos mayor who has not always seen eye to eye with President Trump had this to say. Hes coming out here on wednesday. Ill ask President Trump to support our efforts with any and all resource thats are available. Our recovery is no small task. Reporter as for renewed calls on gun control, cheryl and deirdre, the house passed a new background check bill back in february but it stalled in the senate. The real question is, can divided washington get anything done on this issue . That is really only time will tell. Cheryl Griff Jenkins live in wash son. Griff, thank you so much. Today Ohio Governor mike dewine is expected to unveil new gun and Mental Health measures after a gunman opened fire of the course on that packed street that killed nine people. Dewine packed Senate Leaders on passing red flag laws which would remove guns from a person found to be dangerous. President trump is also supporting those laws. Deirdre Officials Say the shooter fired off at least 41 rounds with hi ar15 rifle in jt 30 seconds. He had up to 250 rounds on him. One of the victims, his own sister, investigators have spoken to his friend who arrived to the area with them. A motive is still unknown. A memorial with candles, flowers and balloons is growing. You can see it in the downtown district. Cheryl now to north korea. They are threatening to take a, quote, new road, after they fired two more missiles. This is the fourth launch in less than two weeks of. This comes as the u. S. And south korea start their new joint military drills. Now, north korea is calling those drills a flagrant violation of peace talks. The United Nations is reporting now that they accuse north korea of funding its Nuclear Program by stealing 2 billion from banks through cyber attacks. Deirdre the pipe bomb mailer we have details on that, Tracee Carrasco with us now. Tracee, whats the latest. Tracee caesar sayok pleaded guilty to sending pipe bombs to prominent democrats and other people opposed to President Trump. Prosecutors were seeking life behind bars for the 57yearold. A Manhattan Federal Court judge sentenced him to 20 years in prison saying the bombs were not designed to explode. Sayok apologized to victims before being sentenced. Gatehouse medias parent company, new ynewmedia is buyin. It combines the two largest u. S. Newspaper publishers. Neither snow nor rain keeps postal deliverers from delivering the mail. Sometimes the heat is too extreme. One postal worker cooked a steak on the dashboard of the delivery truck. An Arizona State representative sent a letter to the president of American Postal Workers Union to look into the working conditions. And thats whats happening now. Cheryl i have fried eggs on arizona sidewalks in my past life, so its true. We are following a Global Market selloff that is now heres the good news has reversed course overnight. You had a lot of pressure in asia. Now, investors in this country are saying lets start buying. The dow is up 207, s p is up higher as well. Nasdaq up 87 and a quarter. Coming up next, the trade war with china hitting a fever pitch. Are any hopes of a deal by 2020 dead in the water right now . And why switching to paper straws may have been all for nothing. Youre watching fbn a. M. Have draining o have a dri. Have a drink on me. Have a drink on me. Have a drink on me. 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. Cheryl washingtons trade war with beijing has hit a fever pitch. The Treasury Department labeled china a currency manipulator as the countrys central bank let the yuan depreciate. Chinas Commerce Ministry announced they stopped buying American Farm products. All of this is retaliation gone wild. Lets bring in riley walters. Riley, this really has blown up the stock market. This trade war seems to be neverending. Now the concern is that theres not going to be a deal. Theres going to be no deal. Not even a bad deal. Just no deal with the chinese. What do you say . Well, the tariffs from last week, the announcement yesterday that chinas a currency manipulator, these things dont bode well for the trade talks. It really brings in the question of whether we can get a deal at all before the next president ial election. You know, im going to go out, im going to say im an optimistic. I think we can still get a deal done. It makes talks that much harder. I think the president wants a deal. I think china wants to return to some sort of stability in u. S. China economic relations. They are going to try to want a a deal too. All these issues make it that much harder to get there. Cheryl its interesting because the president keeps saying, and this is a loaded question, im sorry, but the president keeps saying that tariffs dont hurt the u. S. And Peter Navarro says tariffs dont hurt the u. S. Theres evidence out there that says we are starting to see the effects on the u. S. Economy of these tariffs. And the Federal Reserve already cut rates. We know theyre thinking about it. This seems to be kind of lost at the white house right now. Is there some strategy that were not thinking about here, is there a secret strategy thats in play . I dont know if theres this grand strategy out there. Folks like navarro, they really put more of an emphasis on u. S. Exports. They dont care about the consumers as much as they do for example manufacturing exports. If you look at the numbers, even if china is devaluing its currency, we are still paying 5 billion a month to the u. S. Treasury for buying imports. I mean, they are collecting taxes from americans and the datas clear about that. Cheryl i do want to read an American Farm Bureau Federation statement. I think this hits home for so Many Americans that are watching throughout the country right now. This is what they say. Chinas announcement that it will not buy any ag products from the United States is a body blow to thousands of farmers and ranches who are already struggling to get by. A prolonged trade war hurts the American Farmer, riley. Yeah, i mean, its just one blow after another. A certainity i think for u. S. Farmers is almost dead and so trying to find alternative markets that are profitable is difficult and they just cant continue to rely on u. S. Bailout anymore. Cheryl i dont think its going to happen. Youve got air china cancelling flights and maybe september talks between the two countries but i think its all really up in the air. Riley, thanks so much for this. We appreciate it. Thank you. Deirdre when we come back, markets are rebounding the this morning after yesterdays big losses. Look at that green on your screen, thats a big change from what we saw 24 hours ago. A bipartisan roadblock, more details on this, california facing legal trouble after trying to block President Trump from the ballot in that state. And if you would give up money for your time, you are not alone, the incredible lengths people will go to for more vacation when fbn a. M. Returns. You dont got to go to work, work, work, work, work. But you want to go to work, work, work, work. You dont want to go to work, work, work, work cheryl what would you do for unlimited time off . Would you take a pay cut. A third of workers say they would do just that. A new study says the average amount people are willing to give up, one quarter of their salary. 63 of those people by the way are millennials. Experts warn this may not be worth it. Just because you have the time off, doesnt mean youre actually able to take it. Deirdre stocks sold off yesterday, the worst day of the year. Two superstar market guests with us now, michael lee, wealth portfolio management, jimmy lee, good morning to you both. Michael, given the futures rebounding now, was yesterdays selling overdone or is it justified . I think it was overdone. Whenever you have large moves in either direction, the underpinnings of the market, theres a lot of computer based algorithms that pick markets in either direction. Today expect it to go higher. We saw it go substantially lower yesterday. Deirdre how much of the green on the screen is due to the pboc governor saying china will not use the yuan as a tool to deal with trade disputes or do you dismiss that as pr . I think its all pr. I think investors are realizing the selloff yesterday was possibly a great buying opportunity for longterm investors. Thats what i believe. I think thats whats really causing a rebound. I do believe that we can get a lot more volatility as the negotiations are playing out in the public and so be mindful of that. For longterm investors its a great opportunity to cash to work. Deirdre where would you put the cash to work. Its incredibly important to be diversified. I think a lot of portfolios are underbalanced. Growth stocks have done better than value stocks over the last few years. Investors should make sure they have a balanced portfolio. Dividends are okay, especially if youre wait and see in a sideways market. Deirdre michael lee, what would you be buying right now. You can go along the s p 500, we had a huge move to the downside yesterday. Were well off the highs. If you go back 18 months or so, since these trade disputes started, every one of these selloffs based on negative trade news has been a fantastic buying opportunity. I think we make new highs this year. Deirdre all right, how high . Hopefully much higher. [ laughter ] but, look, you can get were at 16 times earnings at 3,000. Maybe we get up to 20 times earnings if the 10 year stays below 2 . So that puts us up to like the 32, 3300 mark. Deirdre all right. Heres hoping. 401ks, people will be pretty happy. Jimmy, i heard you say more volatility is on the way. Lets just say for arguments sake theres no continue ive testify trade definitive trade deal. Does it matter . I think it does matter, timings very important. The Election Year is coming up next year and the chinese know that and so i think investors were hoping for a trade deal before the end of the year. Im still hopeful we can get one. Whats really important is that investors need to focus on underlying economy here in the u. S. Were still very strong. The data suggests that the economys still growing and it is robust. Companies are coming out with good earnings. This puts more pressure on the fed to lower rates and so thats bullish for stock investors and so i think people need to focus on the longterm and try not to focus too much on the news daytoday. Deirdre thank you both. Cheryl lets take a look, were just talking about the action on wall street this morning. We have a rebound in your futures market. Asia had a really rough night but europe is coming back and now we are too. Dow is up 226, s p up 26 and a quarter, nasdaq up 92 and a quarter. Were going to talk more about that and weve got this, the trump economy is booming but is it enough to keep him on top in 2020 . And an icon of americas luxury clothing world shutting some of its doors. The heartbreak coming up on fbn a. M. Show me how to fight for now. Once i figured it out, you were right here all along. Slather it all over, dont hold back. Well, the squirrels followed me all the way out to california and theres a very strange badger staring at me. No, i cant believe how easy it was to save hundreds of dollars on my Car Insurance with geico. Uhhuh, wheres the camel . Mr. Big shots got his own trailer. Wheeeeeee believe it geico could save you 15 or more on Car Insurance. carrying up to 50 times its tbody weight. Essly marches on. It never questions the tasks at hand. But this year, theres a more thrilling path to follow. father kids. Change of plans vo defy the laws of human nature. At the summer of audi sales event get exceptional offers now 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. Can we build ai without bias . How do we bake security into everything we do . We need tech that helps people understand each other. That understands my business. Weve got some work to do. And we need your help. We need your support. Lets expect more from technology. Lets put smart to work. 2,000 fence posts. 900 acres. 48 bales. All before lunch, which we caught last saturday. We earn our scars. We wear our work ethic. We work until the works done. And when it is, a few hours of shuteye to rest up for tomorrow, the day well finally get something done. deirdre heres whats going on in the markets right now. U. S. Stock market futures are heading higher. Im going to turn here so i can read on your screen. The dow indicating to open up 220 points, s p 500, 26, the nasdaq, 90. In asia, stocks falling. Youre going to see red, so following the pattern on monday. In europe, stocks are turning around right now. We have to note, youll see where you have the ftse, the cac and dax all heading higher. Chinas central bank setting the yuans official Reference Point at a stronger level than what we saw yesterday. Cheryl so far, the president s got a lot to celebrate when it comes to the trump economy. The u. S. Has seen job growth for 106 consecutive months. We have unemployment, 4 or less for the last 17 months. Consumer sentiment on one of the best streaks since the 90s. Weve had the biggest bull market run ever. Is President Trump though going to be able to overcome this trade war with china, which has no signs of easing, and of course tensions with north korea, all of this goes into the 2020 election. Lets bring in Washington Examiner commentary writer tiana lowe. Good morning. Good morning. Cheryl people have cherem memories, hes have shortterm memories. These could have longlasting effects, the trade war with china, the issues with north korea, adding iran to all of this. Is this going to a affect trump do you think next year . Trumps has two tickets to reelection. One, this economy right now and, two, calming down on twitter. Who knows if he can achieve the second one. The first one can be achieved if we get a deal with china. If this persists and if we keep on seeing these selloffs and if we keep on seeing yields plummeting, then maybe not. Because right now we are sort of if you look at every metric, we are overdue for a recession. Yet, we still have this great gdp growth and were able to maintain both low unemployment and low inflation and most pivotally, for the average american this is the first time in years theyre seeing wages go up. Cheryl to add to your point, and this would be good for the president , is consumer sent sentiment. Weve seen that trend higher during his presidency. If the consumer is saying i feel pretty good, ive got a raise, ive gotten a raise, my 401k is doing better, then hes got that. The other side of this is whats interesting is that this gives the democrats nothing to run on. I mean, they cant hit him on the economy. Theyve got to come up with Something Else or it is going to be a win for trump in 2020. Certainly. We saw this with the quarter two gdp report that it is consumers who are feeling this economy right now. And thats good because it means high cash flows. And when you have a democrat saying its not going to be a return to some sort of obama era politics where were going to nationalize one fifth of the economy with medicare for all or we want Green New Deal packages and we want to bring up the Corporate Tax rate, i think the average voter may ignore the tweets and say i like this economy. Cheryl weve seen polling show that the president people approve of his policies, voters do, but its the rhetoric that a lot of people are finding a hard time to deal with. Before i let you go, the issue of gun control has come up again. We say were not going to politicize it but we do after two Mass Shootings over the weekend. Nancy pelosi not willing to come back to washington. Last week in the he di the debae democrats rarely spoke about it. Where are they on this and why arent they willing to come back and talk about actual gun reform. The issue is that the sensible options that could reasonably pass through Congress Without violating the constitution, like gun violence restraining orders, like red flag law as the president pointed out earlier, those are not the ones that are politically expedient, they dont advance an agenda. Politicians are more interested in burying the hatchet in their opponents backs than saving the lives of americans. Cheryl thank you for your perspective this morning. Deirdre taxpayers are going after california for targeting the president s taxes. A Bipartisan Group of voters is suing the state over what they call an un unconstitutional attt to keep President Trump off the state ballot. Cheryl todd piro has more on what could turn into a massive legal battle. Reporter the four plaintiffs, two republicans, one democrat and one independent, joining in a federal suit, blasting the new law as an attempt to add additional qualifications for the presidency. Under the law, candidates must disclose five years of federal income tax returns in order to be listed on the states primary ballot, in an effort to give voters details about a candidates finances. Heres the governor ss attempo justify the law. Ever since president nixon released his returns, its become the norm in this country that president s of all political stripes release tax returns. Reporter those suing say the california laws changes the requirement to run for president , violating the first and 14t 14th amendments in the process. They add that california politicians in the zeal to attack President Trump passed a law that unconstitutionally victimizes california voters. Its an obvious legal issue that the state cant amend the u. S. Contusion. The courts cant stop this abusive law fast enough. Its important to note that the last california governor, jerry brown, vetoed a previous version of the same law saying it creates a slippery slope and asking what other documents could be demanded depending upon the Political Party in power, such as health records. Back to you sh. Cheryl you know the saying about good intentions . Mcdonalds in the u. K. And ireland switched to paper straw as part of a global effort by the company to help help protect the environment. Despite the effort, theyre not being recycled. The technology needed to process the paper straws isnt available yet. Mcdonalds said theyre working on a solution. They didnt give a timeline for when thats going to happen. Deirdre futures indicate a higher open in a few hours. You will see green on your screen right now. Dow is up 225, nasdaq, 88. Still ahead, President Trump pointing out chinas currency manipulation to the Federal Reserve, will it force jay powells hand to cut Interest Rates more than previously expected . Well give you the odds. A new study shows weed is growing, we have the nations hottest spots for marijuana use. Keep it here on fbn a. M. Relax, relax,. Take it easy. In crossing harsh terrain or breaking new ground . This is the time to get an exceptional offer on the mercedes of your midsummer dreams at the mercedesbenz summer event, going on now. Lease the gla 250 suv for just 329 a month at the mercedesbenz summer event. Mercedesbenz. The best or nothing. Termites, were on the move. 24 7. Roger. Hey rick, all good . Oh yeah, were good. Were good. Termites never stop trying to get in, we never stop working to keep them out. Terminix. Defenders of home. Cheryl the Federal Reserve is planning a new system that would allow payments to be made to banks around the clock, 24 7. The system should be available in 2023 or 2024. The feds currencies testimony can take days for a transaction to post between banks and of course theyre closed on weekends. Citigroup and jp morgan are lobbying against the new system. They say it would actually delay the spread of faster payments. Deirdre u. S. China trade war may force the feds hand after yesterdays selloff, investors are pricing in another rate cut by the fed at next months meeting. President trump accused china of currency manipulation. Heres the tweet. Are you listening Federal Reserve . This is a major violation which will greatly weaken china over time. With us now, Daniel Demartino booth. She is a former fed dallas advisor. Good morning, danielle. Glad to have you. If you look at fed fund futures right now, some investors are pricing in three more cuts this year from the fed. How likely is that on a scale of one to 10, in your view . I think its a pretty high probability of about nine, actually. Its almost a certainity. If you look at past fed rate cutting cycles, they tend to on average cut about one quarter of a percentage point per month and that would put us actually lower than what history would expect and when you see moves like what we saw yesterday in the march he get and how violently the market and how violently the probability increased that the fed will cut on a more aggressive path, you start to see how little jay powell and his peers control and theyve kind of hamstrung themselves and they used a as a the reason for the cut is the trade war and looks like theyre keying off what transpires between china and the United States. Deirdre would you say the trade war is more in the drivers seat than jay powell . It appears to be the case right now. Just based purely on Market Pricing of where it anticipates the next rate cuts to come from and on top of that, we see that if the president was trying to use september 1st as a ploy, as a negotiating tactic, now that we ratcheted up to being a full blown currency war, he wont be able to back off. You had someone saying how much is this hurting the farm belt and weve seen in the latest Services Data that the outlook for businesses is the lowest for the last 12 years, so that could be very problematic Going Forward if we see the industrials recession that we know has set in in the United States begin to bleed into some of the Service Sector data. Then jay powells got excuse me, hes got problems at home and abroad to contend with which would explain the market further pricing in rate cuts towards the end of the year. Deirdre he has a tough job, no matter how you slice it. There was an op ed in the wall street journal, arguing for an independent fed. We have a blush on the screen right now. Blurb on the screen. They say we are united in the conviction that the fed and its chair must be permitted to act independently in the best interest of the economy. It continues. What do you think of the former fed heads getting together to make this kind of statement . Theyve certainly been unanimous in their having one voice. I dont dispute. In fact, i applaud an sanction fully that the fed maintain independence. Because of th the reason why jay powell decided to cut Interest Rates, the fed has never eased policy because purely overseas activity that has nothing to do with the domestic u. S. Economy, i think theyve shown they may be independent of the white house, but theyre not independent of things going on outside of our borders, outside of our economy. Deirdre some would argue that were now a more globally connected economy so it may be different times. Danielle, thank you so much. Thank you she we are in Interesting Times after yesterdays huge selloff, we lost nearly 800 points on the dow. Look at futures right now. The dow is up 250. S p is up 29 andahalf. Nasdaq is up 96 and a quarter. How things can change overnight. Well, still ahead, it is straight out of back to the future. Roads . Where were going, we dont need roads. Cheryl how flying cars are one step closer to becoming a reality. We all have lazy days but youve got to see this stubborn pooch giving a slot had. Hillaryh a run for itsmoney. Coming up on fbn a. M. Laid back and lazy. Pour it on easy now. Were changing whats possible every single day. , and if you run a business, that means a lot. We create Financing Options for your customers. To help them get the things they love instantly. Our data provides insights into what your shoppers have already bought. So you can offer them what they might consider buying next. Our financial and Tech Solutions are changing whats possible in all sorts of ways. So, how can we change whats possible for you . Cheryl like doc brown said in back to the future, where were going, we dont need roads, weevilwell, nscis showing off a. It hovered for about a minute. Japan is looking to have commuters in the skies by the 2030s. After yesterdays brutal day for u. S. Markets, futures are pointing to a higher open. Weve got bargain hunting going on. Dow futures are higher right now. There we go, the dow is up 245, s p up 28 and three quarters, nasdaq up 93 andahalf. Asia, the blood bath did spill over into asia, red across the board. Europe, this is interesting. Theres a mix well, actually, no, the cac an dax are higher, along with the ftse. Lets bring in nick watson, a fund manager. Youre looking at europe and the u. S. Right now, was this selloff just an overreaction . Im not so sure it was a big overreaction. I think the overhang of trade wars is something that markets have been dealing with for quite some time. The u. K. Is roughly flat. Within the u. K. You have to be sensitive. Sterling had a bit of a bounce. The ftse 100, generally struggles to make headway. The more domestic part of the u. K. Market has been resilient. Cheryl you have the eu saying theyre not willing to go back to the table with boris johnson. Does this signal a hard crash . Its something we have to Pay Attention to. They have established positions at the moment. Theres a degree of playing chicken on what will happen on october 31st. If you have discussions around the g7, which is happening in france towards the end of august, there might be the opportunity for the backwards and forwards. Cheryl its not over yet, as we say. Nick, thank you very much for being here. Thanks for your time. Cheryl lets talk about disney. Tracee carrasco has all the he details on what were watching which is all about disney. Tracee shares of disney have returned, 29. 2 this year through august 2nd. The Third Quarter has seen a string of Box Office Hits including the recordbreaking avengers end game. The quarter also saw the rollout of its new star wars attraction at disneyland, the attraction opened at disney world in florida later this month. Theres lots of excitement over the new streaming service, disney plus, which launches midnovember. Analysts expect 1. 75 per share on revenue of 21. 47 billion. Retailer barneys fights to stay afloat. According to the wall street journal, the luxury retailer has filed for bankruptcy protection. Barneys new york currently operates 13 Department Stores and nine Warehouse Stores but plans to shut down most of its locations. Sources tell the journal that barneys carries approximately 200 million in debt. Marijuana usage is on the rise. A new study by the Rockefeller Institute reveals the number of people who admitted to monthly marijuana use in states where it isnt allowed has risen 3 33 in the us since 2002. The number rising in states where its legal to 47 . Oregon where mauer wa marijuanal takes the top spot. Finally, take a look at this. A dog just doesnt want to go for a walk. No matter what. This dog is not going anywhere. Theres the video. [ laughter ] tracee you see the furry friend sticking on the sidewalk of new york. Its gone viral with about 2 million views. Look at that, just does not want to move. Thats a monday for me. Cheryl ha has your dog done. Tracee yeah, in the he snow. Cheryl thank you very much. We have a lot more coming up. Samsung and apple duking it out smartphone supremacy. Are they going in the wrong direction . Why dumber phones may be the smart idea. Dont leave me hanging on the telephone. Dont leave me hanging on the telephone. Is 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. 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. They are ruling out smart watch ahead of unpacked event, thats this week, theyre going to show off a new phone. A new phone. Note 10. Cheryl right. They may unveil the foldable phone again. We have every phone ever made. This is the gordon geico phone. Youre the cool kid if you have that or zach morris in save by the bell. Look at all the phones. We have all these out here for a reason, people are keeping their old phones for longer, they dont want to pay a thousand dollars, i dont know if people will pay 2,000. Cheryl samsung is 2 grand. Thats what a laptop going to set you back and will do more than foldable phone. Grant it its a phone and when you open it up 7inch tablet. If youre traveling a lot, maybe something that you want because you get one less device but why not have tablet that has wifi service or lte service that you can connect. Also theres not companies coming out, its more about the texts, emails, phone calls, thats it. Right. A couple of interesting reports over the last few months that are the next billion smartphone that is Global Market action overnight go out will be exactly that, be able to make calls and texts and cheaper. Cheryl how much cheaper . Maybe 100 but now seems cheap if youre paying a thousand dollars for iphone 10. Right. All the new iphones are in thousand dollar range and certainly whatever samsung announces. We talked a lot about before but with 5g rolling out, if its a 2,000dollar phone it has to be 5g enabled and we are not there yet. We are not there yet. We are still solid year from 5g, anything that you get now is going to be outdated within the next 9 to 18 months. Do you have High Expectations for foldable phone . Journalists got a hold and the 5g samsung was a mess. It was a disaster, im curious to see if they fix everything that they were going to fix. They would be smart to come out and drop the price a few hundred bucks just to say, you know, here we go. Cheryl we have old phones, new markets and jump on wall street with maria bartiromo. Maria good morning, everyone, happy tuesday to you, im maria bartiromo, tuesday august 6th, big day today after the selloff yesterday, top stories right now just before 6 00 a. M. On the east coast. Markets are poised for bit of a turnaround this morning, tripledigit rally after yesterdays broad selloff by the yuan against the dollar, dow, nasdaq and s p seeing their worst day of the year yesterday, 767 lower on the dow, Global Markets this morning are a bit better on the session this morning, although we see that it is fractional, ftse 100 up 2 points, cac quarante in paris higher. In asia overnight the red was across the board, it was off of the session lows but nonetheless shanghai composite down 1 and a half percent as was kospi indicate an ex