Transcripts For FBC Mornings With Maria Bartiromo 20240714

The host of the secrets of wealthy women podcast. And the editor in chief. Christopher bedford. I cannot wait to talk to you about the gym coming report. The former federal prosecutor indra mccarthy on the gym. I think his first reaction safe to say was in dismay. At what they said on twitter. Jody arrington is here on the china trade talks. In the Fox News Contributor. Adult in 101. Teaching adults to be adults. Lets check the futures this morning. To wrap up this month and this week. 175point point gain on the dow futures. This is ahead of sundays deadline on heightened tariffs. They weighed in on the china trade. They been taking a lot of money out of our country. Its hard for them to get used to the fact that it cant be that way. This is having a tremendous impact on china. The primary thing is tariffs. Its having a devastating effect. The president also mentioned trade discussions that took place yesterday. Ahead of sundays deadline. What you make of where we are right now and how the market is reacting in the months to come. I call it the four tees that are driving the market. Particularly with the trade trump in tariff. How are they going to source the supplies from here. It drives the markets without a doubt. You have to be aware that you have both bullish and bearish tweets that can run the market to 300 points in an hour. How to allocate money here. This is the question maria that we ask everybody. Given the run off in the performance of bonds for the plus side. Its up more than 20 yeartodate. Do year to date. Do you put money into treasuries. There is a risk there in terms of capital depreciation and losses. I would call the treasury market it looks very published. It looks like its probably can have a major pullback. I dont think you would want to put much money into treasuries here. I like great revolutionary company still. Weve had what ive called the bubble blowing and people are just waiting and sure. Im not sure its here. The two most important words in business. Thats easier said than done sometime. Its clearly that biggest overhang for investors right now. The trade battle has been going on for a while now and theres really no end in sight. Whats interesting to me is between the consumer and how businesses feel. This is a business that is reluctant to decide. Where to put a factory. They dont know how long the battle will go on. I know folks are predicting recession. There is a whole class of politicians who are hoping for her saying every day that we are headed for it. That we know if there is a recession. The president might lose reelection. I wonder how much that feeds into this fear. If someone is whizzing for a recession theyre hoping folks lose their job. To say on that night dash note one of the 2020 candidates. Beto orourke releasing a trade plan that has the tariff going away. Limiting Chinese Investment in certain sectors. Chris what do you make of this. They are very close to trump on trade. They like to bash the tactics. They would be playing on the same ball team they are the ones that havent forgotten. I used to be a come lately normal plan. Its new in the modern gop. They clearly didnt get that memo. Outside of immigration he tries to be more of a wall street salad democrat more of a moderate probusiness democrat. Farmers are really hurting. They are still backing President Trump. There are places where folks are hurting. People might actually start to switch even though their start to have smaller constituencies. On two separate Financial Aid packages. It is not that the present and the this administration are not sure of that. Breaking news that pro democracy protest leader was just released from custody. They are about to enter a 13th week this as china heads rejected a plan from hong kong that would appease protesters. This is according to reuters. They said this yesterday and i know there to talk about it later on the show. Were going into a long weekend you dont know whats can happen. When i can be able to trade on the information come monday. Hong kong is clearly an issue for the markets. It is sort of like the chinas manhattan. As the wall street for china although it is taiwan. I think its probably one of the only companies in the world that the United States would go to war to protect. The chinese want taiwan. They do want hong kong. With all of the different factions of politics and they have violence that is arising you cant control this. Its an unknown that being said i dont think you try to gain this. I will add this the chinese want these Peaceful Protesters to appear violent because it makes their case. That they need to come in and take greater control. Let some that some of what was going on in the airport protest. I want to move on to the ig report. They criticize the former fbi director. And that Russian Election interference. They violated Bureau Policies. In hopes of seeing a special counsel appointed. But no punishment. Just a reaction to this. When was the last time a top official was punished for something that a whistle blower wood or prison for. The only way that a person that is well known in the news gets raided by the fbi these days is if they work for President Trump. Then they might actually get the guns drawn. This is unbelievable but completely unsurprising. Hes not out of the water yet. With how he actually conducted himself and this is a bad mark on him. We can read that later. He violated fbi policies in his employment agreement. No prosecution by the Justice Department. They are not going to move on this ig report but we do have another ig report. They are looking at what the predicate of the original investigation. That has a huge impact for american liberty. Again, we will move on but thats one thing that this report points out. A dangerous example for over 35,000 current employees. He was running the fbi. Hurricane doreen is still dorian is still expected to gain strength. We are waiting for the latest advisory from the National Hurricane center that comes out at 8 00 a. M. The a category two storm expected to strengthen with the next 12 to 18 hours. An impact florida in the days to come. The problem with this the storm as we think its going to slow down so the impact along the space coast are going to be a major hurricane with Hurricane Force winds. Storm surge. And flooding rainfall. As you can see as we go further out in time that conan gets larger so uncertainty will it hover along the coast will it make impact and make landfall in towards florida on tuesday and wednesday and when well it be pulling northward. All of these questions we dont have the answer too. All of the state of florida is under a state of emergency. There will be evacuations today and then well had to monitor where the storm goes over the next several days. Slow moving storm is going to unload all of the effects of the hurricane. A lot of uncertainty here as we get through sunday, monday and tuesday. Not only for florida but along the coast here for georgia and the carolinas. There is a potential for this storm to hover and then move slowly northward. People need to be on alert. The forecast will change. For millions of folks along the florida coastline. Back to you. Do not go to the beach this weekend if youre to create a bigger traffic headache for people who are trying to evacuate that giant peninsula called florida. Shining a light. While u. S. Prosecutors are looking for the tech company. 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. Its the final days of the lincoln summer invitation even. Right now, get 0 apr on all lincoln vehicles plus no payments for up to 90 days. Only at your lincoln dealer. Sleep number 360 smart bed. 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Just another reminder of the value youll find at fidelity. Open an account today. The u. S. Prosecutors reportedly looking into new allegations against huawei. Prosecutors are investigating how they stole intellectual properties for multiple people and companies and how it reported cup employees from competitors. These cases were not covered in indictments earlier this year. They are planning to split the upcoming ipo into two stages. The state oil giants may offer some of the chain shares. It could be tapped for that kind of ipo. As well as hong kong. Both Major Business centers. Amazon is teaming up with the new york yankees to buy the yes network. They are part of the investigator. Yes as one of the 22 Regional Sports networks. They already own 20 but this puts amazon in the fray. Does it lead to the unbundling of the cable tv packages. Very good point. Futures point to a rally on the final trading day of august. We will show you more ahead. [music] oh, wow. 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But on the marketplace. They are chasing these tweets i wouldnt be surprised if we just dont get it back again. What if we get through august this is when the ceos ascent down and start doing their Group Budgets for 2020. They get more fundamentals. They are get out realize. They would probably know it in advance. Are you still positive on treasuries. And pick your duration. Would you put it even in the 30. The other one we will do 20 or 30. There is a really big possibility. There is a decent chance we get to this point. We will take that wager. I look at it at said to it two to two and a quarter. Would they start blowing out the size of the balance sheet. If that is the case. What happens is even have to have a shocker. I know everybody just thinks its a quarter coming appear. Do you see negative Interest Rates. There was no way that you get negative rates in germany. All of the way out to 30. While i say i dont want to give a percentage. Thats a copout. The fired fbi director slammed for his behavior. In the new Inspector General report. In tesla jacking up priceless siding those concerns. A big loss up in premarket after reporting secondquarter earnings. After reporting disappointing earnings last night. Its down 24 percent. I dont know what i just said. [ barking ] what about him . Lets do it. Come on. This summer, add a new member to the family. Hurry in and lease the glc 300 suv for just 419 a month with credit toward your first months payment at the mercedesbenz summer event. Going on now. My body is truly powerful. I have the power to lower my blood sugar and a1c. Because i can still make my own insulin. And trulicity activates my body to release it like its supposed to. Trulicity is for people with type 2 diabetes. Its not insulin. I take it once a week. It starts acting in my body from the first dose. Trulicity isnt for people with type 1 diabetes or diabetic ketoacidosis. 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Want Customer Insights . Weve got those, too. We use data to show you what your shoppers have already bought so we can tell you what they might consider buying next. And you can offer them the perfect products. That ceo gets it. From adding unique capabilities to your companys apps to bringing you loyalty programs, our technology and Financial Solutions are changing whats possible in all sorts of ways. So, how can we change whats possible for you . Welcome back. It is friday august 30. Your top stories at 6 30 a. M. Eastern. We head into a three day weekend and we wrap up the end of the month. Stocks rallied yesterday right now a 160point gain on the futures. Yesterday it was a major market rally on all three gauges here in the u. S. Gaining 326 points on optimism about u. S. China trade. Maybe the selloff in august over done nevertheless. They are still in the red for the month. It only has to make back about 500 points i think to be in the grain. Checking Global Market action. Fortyfivepoint gain on the 100. All of the major markets are up more than half of 1 in europe. Renewed hopes of china trade. Except in shanghai which was down slightly. Bracing for Hurricane Dorian. Possibly making landfall as a category four storm. It is the latest on the path in the preparations ahead. The Inspector General slamming jim call me. The former fbi director violated the policies and set a dangerous example of fallout ahead. Hong kong activists released from custody. Joshua long and others had been arrested for planning an unauthorized protest. This is another weekend of protest could be called off. Find out the fight that is bringing huber and lift together and the millions they are pledging to win the battle. The James Comey Ig report. The offer of the Inspector General. The summary focusing on the behavior during the trump russia investigation. That report finding that they violated bureau giro policies by drafting, licking and retaining private meetings with President Trump. The report goes on to say by not safeguarding Sensitive Information obtained during the course of the fbi employment and by using it to create public pressure for official action he set a dangerous example for the more than 35,000 current fbi employees. Joining me now the former federal prosecutor andy mccarty. At the top of the hour i was listening to you on the phone when you have this report that came out. There is a sense of dismay. In your voice. You know jim. What was your initial reaction. s disappointment degen because i thought it was a moment for self reflection. The report is really skating in the last thing i really expected was a victory lap on the proposition that you can stay one step ahead of the indictment. I dont think that is what we were striving for. I want to read those tweets before we move on. Soon after the release of the report actually it was on the same moment. It appears that he knew it was coming. They found no evidence that coming or any of his at tourneys released any of the classified information contained in any of the memos to members of the media. I dont need a public apology from those who defamed me. But a quick message with a sorry we lied about you would be nice. Into all of those who spent two years talking about me going to jail are being a line or a leak or ask yourself why you still trust people who gave you bad info for so long including the president. In the testimony in june 2017 he admits to sharing their memos with the reporter. He did not see that as leaking. I ask a friend of mine to share the content of the memo with a reporter. I didnt do it myself. I thought that might prompt the appointment of a special counsel. I told him about unclassified conversation with the president. What is your reaction to all of that. As long as were only talking about the content of the memo and not the memo whats the problem. You cant even wrap your brain around how ridiculous that is. I am laughing on the outside but believe me not on the inside. I just do not for the life of me understand that. And there is one argument that he evidently made about whether the memos were Government Property or not which i always thought was a preposterous argument on his part. Here he is a Government Official who is getting to head meetings with the president because hes a Government Official and to write government memos on government time using Government Property and then claimed afterward they were his own. And then when he was asked about how it was not a government meeting if youre the fbi director going to head dinner with the president to discuss substantial matters he said he was also there as a human being. I think weve gone to the point where the fbi was the one that ferrets out these preposterous arguments to the fbi being the ones making them. I dont think thats a place the fbi wants to be. Will there be well there be some punishment just for this report. Just for the leaking of this information . Lets not forget that theres already been accountability here. He is not the fbi director anymore and he left over something of a cloud thats only gotten worse since then. In the other thing i think people need to bear in mind is that this episode which involves his memos is a sliver of a much larger piece that not only the Inspector General but the Justice Department is looking at which involved in an overarching way a potential abuse of the investigation process particularly with the fisa court. This is not even close to being over. And the fact that they came down this hard in such a skating way on this particular piece of it i dont think bodes well for not only jim call me but the people that were around to making decisions. Although it does suggest that we will finally get some answers about what happened here. In the ig report yesterday. In one of the reports it pointed out that he violated policies and his employment agreement. Would there be an effort to take his pension away from him. This is on the Fox News Channel yesterday. Because he no longer works there. There probably would it be a pursuit to revoke his pension. Were talking about somebody i think he was general counsel. And then he worked at bridgewater. He made lots of money off his book. I dont think anybody is too worried about his pension. Im not suggesting is trivial. Not as a second order of priority. The important thing about the report really doesnt have anything to do with his handling of the memos is the fact that it shows from the very beginning they regarded these episodes of him meeting with the president especially the first one as evidence gathering exercises not just efforts to brief the president. And its clear from the beginning and that there was an investigation in which donald trump was the main target even though they were telling him he was not a suspect. Byrons can be is can be on later talking about this very thing. That it was that intelligence chief. They were ready to quickly record President Trumps reaction after this first meeting. That was a video teleconference that was scheduled for right after he came out. Of the meeting. Let me tell you what that is. I read a column about this. When he was first asked what his memorandums were his answer was while they were my recollection recorded. And i remember when i heard my old prosecutor was there. Recollection recorded as a term of art and the federal rules of evidence. And the idea that your memos could end up being admissible evidence in a trial. There is no reason you would be thinking about your memos in that way that you would call them my recollection recorded unless when you are writing them you thought of them as potential evidence in a criminal trial. They always thought about those as a criminal investigation no matter what they called it. And no matter what they told donald trump when he was president elect and then later president. Do you have any sense of when the ig report is coming out about the court abuse. That is a hard one to figure because of the attorney general bar initially said back in march that we might see it by may. And in what we heard was that more evidence became available. More people came forward. There was some talk it would be before labor day. Now theyre saying after september or sometime in early october. I imagine we will see it in the next two to four weeks. That is speculation. Its good to see you. We hope you have a great weekend. The farm efforts to settle thousands of lawsuits over the role in the epidemic might be falling apart. Lauren simonetti has the details. A brook of states. Pushing back that supposed to deal sane and does not bring in enough cash according to the wall street journal. The proposal cause for the family to give up ownership and pay 3 billion. The drugmaker is facing more than 2000 lawsuits say that the aggressive marketing. Helped clear the academic. It is now 812,000. That is up from 791. And the price of the model three jumping to 440,000. Tesla is currently building its first factory. They do warn though if there are retaliatory tariffs prices will go up again potentially in december. Researchers at mit coming up with a new trick for their autonomous robot. There they are. They can transform themselves all by themselves. 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Futures pointing to a higher open as we head into the weekend, 169 point gain on the dow futures, gains across the board this morning after stocks rallied once again yesterday on optimism about a trade deal. More than 1 gain on the dow, s p and nasdaq. Still all three market gauges are in the red for the month, declines for the month, the first since the month of may. 502 points on the dow, hey, it could make it back today. Potentially. That would put the blue chips in the green. Global Market Action, in europe stocks are moving higher, gains in england, france and germany. Asia overnight, renewed hopes of a china trade deal leading to gains. Fighting underage vaping, the ftc is investigating juul for allegedly marketing to children. We have the details. And amazon under fire, senators asking questions about the safety of items on the retail giants site. Plus, smart sneakers, nike will now let you control its latest selflacing sneaker with an app. Here to break it all down, Hedge Fund Manager r, publisher of trading with cody. Com, cody willard. Host of the podcast secrets of wealthy women, veronica dagger and the daily caller editor in chief, Chris Bedford. Good to see you all. Good morning. Dagen chris, what say you about comey . Youve got a few seconds. I cant believe the difference in the coverage of thats one of the things, its a really good way to gauge where you should be getting your information. When you see the New York Times come out with sharply criticizes, the hill will say scathing report and cbs says Inspector General finds james comey did not release classified information. This is completely burying the news. Dagen did they write that headline from the comey tweet and not the actual ig report . Where do they t get their cues. Dagen exactly. New york post, leaker of the free ford. Free world. Thats the best. Dagen thats the front page of the post today. To our top store i have this hour, china trade talks, beijing confirming it is discussing the next round of negotiations with the u. S. , saying its willing to work towards a solution with a, quote, calm attitude, you amid looming u. S. Tariffs set to take effect on sunday. President trump spoke to killmead on the high level talks. There is a talk scheduled for today at a different level and, yeah, theyve been talking and, you know, the fake news tried to say we werent talking last week and then the vice premier of china said no, no, we have been talking. He spoke to people and hes the vice premier. So we have been talking. We continue to talk. Dagen joining us now, texas congressman, jody arrington. Great to see you. What does the road look like from here on china trade talks . I think were within the, as they say in football, were in the red zone but this can be some of the toughest parts of the negotiations, especially around intellectual property. The president s doing the right thing by staying the course. This has required tremendous political will which we havent seen from politicians to date and chinas taking us for a long ride for decades and so its a painful process. I think everybody would admit that. I can tell you my farmers in west techs as feel the pain but they west texas feel the pain but they also understand whats at at stake and they know there are green r pastures in the future if we can get to a balanced and reciprocal relationship with china so they back this president as i do 100 and i think that china needs us more than we need them and i think at this point theyre feeling a lot more pressure and i think if you look at their economy and the loss of jobs and Companies Pulling out, this will all work out to our benefit and i think ultimately were going to get there. Dagen should we do no deal unless it includes those protections for our intellectual property, unless it tackles the really tough stuff, no deal unless thats in it . Absolutely, because heres the thing. Weve had politicians to date, whether its iran Nuclear Deals or paris climate deals or trade deals, where we havent gotten real substantive agreements. And weve settled for political window dressing. This president will not settle for anything less than whats going to be good for the american consumer, manufacturers, producers, et cetera. I think he stays the course. Lets get a real reset, lets hold china accountable once and for all. Theyre the biggest existential threat to the United States and go we dont stop them and hit reset now we will rue the day and we will do a disservice to our children. I think he needs to stay the course. Dagen cody willard has a question for you. You look out and you say that its affecting china, but probably not affecting the United States yet. Another six months or nine months, what happens if the gdp here in the United States turns down . What if there actually is some real pain that comes along . Will President Trump apand ap President Trump and yourself continue to have that political will . In terms of ag producers, and im from the largest Ag Production center in the United States in west texas, and i live in new mexico, by the way. You would be our neighbor. But the president has done the smart thing by taking the revenue on the tariffs and putting them back in to support or trade aid, to smooth out this rough patch for our farmers, for many example. So weve got to be smart in how we do it. I think weve got to stay the course until we get to this real reset. I dont see another politician quite frankly in the future outside of this conventional mold that President Trump is cut from that can actually hit reset and have the courage and the guts to push china and bring them to the table, if not to their knees, and get us to a place where americas going to have at least fair and reciprocal trade deal. Dagen congressman, heres Chris Bedford from the daily caller. Some friends ive spoken to in business said theyre predicting that were at the beginning of or already starting off a new cold war with china and as opposed to things deescalating, its more likely that businesses will be expected to decouple hell their links to china. International groups are eventually going to have to choose. Do you think thats on the horizon . It could be. I think that thats why its important that we deals like the one the president has struck in principle with japan, thats why we need to do the usmca, which is the much improved nafta or nafta 2. 0 with canada and mexico. So i think thats another way to put pressure on china, do more free trade deals in the asia pacific region. But again, weve got to do whatever it takes, because when this window closes, i dont see another political leader that has the stuff that its going to take to stay the course with china and thats what this president has in spades. And ive never seen it from another political leader. Dagen congressman, good to see you. You too. Dagen take care. Have a great weekend. Thank you. You too. Dagen tracking Hurricane Dorian, the storm strengthened to a category 2 storm overnight, expected to hit florida over the weekend. Rick leaven tall is live in delray beach, florida. What can you tell us . Reporter michael and irma over the last couple years, now theyre looking at dorian bearing down somewhere between Central Florida and West Palm Beach according to some forecasts and others putting the track further south including miami and the florida keys. So they are bracing for what is expected to be at least a category 4 hurricane with incredibly damaging winds and heavy, heavy rains lashing the coastline. So residents are preparing. Theyve been warned, a state of emergency is now in effect in all 67 florida counties and residents are lining up at costco, buying cases of water. They were at home depot an hour before it opened this morning to get pieces of plywood to board up windows. The lines at the gas station yesterday were all the way down the road and a lot of the gas stations have run out of fuel. And the governor warning people to get a plan in place, have seven days of supplies onhand and even vacationers are packing up and getting out of town. Heres what one told us. Our highest priority is the safety and security of the people in the path of the hurricane. Its something very important for me to be here. The storm looks like it could be a very, very big one indeed. Heading north sooner. I dont want to be on the road, taking a spot for people who actually have to do a mandatory evidence a actuation. Were on the road to he get out because the storms coming. I called this morning to see if we could get flights out and everything was booked up. Reporter the president actually canceled an overseas pa trips because of the severity of the storm and the likelihood there will be tremendous need for services down here. Extremely dangerous, dagen, are the two words that best describe the situation as they a anticipate with this massive storm bearing down on florida. Dagen rick, real quick, what have the roads been like down there . Because thats one of the biggest issues. You cant get a flight and the closer you goat the storm making landfall, the airlines have moved all their aircraft out of the area so thats not a possibility and people take to the roads and its literally like a parking lot up and down like all the way up the florida peninsula. Reporter yeah, were going to have to check on traffic conditions for you, dagen. I havent seen them yet. Were on the beach. We got called out here last minute for the early live shot. Theres no doubt, theyre going to get worse over the next couple days because storm is expected to start affecting south florida and the florida coastline by sunday. So people have 48 hours basically to get their stuff together and if theyre getting out, to get out now. Dagen thank you, rick. Didnt mean to put you on the spot, my friend. I was curious. Reporter its fine. Its fine. Dagen coming up, the effects of ecigarettes, why juuls ceo is warning nonsmokers to day away. Plus, a big bust at sea. The u. S. Coast guard seizing millions of dollars in drugs, more on the massive interception, next. At fidelity, we believe your money should always be working harder. Thats why, your cash automatically goes into a Money Market Fund when you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. Sleep number 360 smart bed. St sale of the year on a you can adjust your comfort on both sides your sleep number setting. Can it help keep us asleep . 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From adding unique capabilities to your companys apps to bringing you loyalty programs, our technology and Financial Solutions are changing whats possible in all sorts of ways. So, how can we change whats possible for you . Dagen stock alert, take a look at tesla shares, the stock jumping after china says it will exempt 16 tesla variants from a purchase tax, 3 gain on tesla. And a big cocaine bust in the eastern pacific. Lauren simonetti has the details. Lauren. Lauren the coast guard seized more than 2800 pounds of cocaine valued at more than 38 million from suspected drug smugglers last month. Three people were arrested. Some of the cocaine was found floating in the ocean. The seizure part of an effort to combat drug smuggling. The investigations piling up against juul. The federal trade commission is looking into whether the company targeted minors. The ceo, kevin burns, warning nonsmokers against the product. Dont vape. Dont use juul. Dont start using nicotine if you dont have a preexisting relationship with nicotine. Dont use the product. Youre not our target consumer. Lauren burns adding the longterm Health Effects of vaping are unknown. The fda and several states are investigating the way juul markets. And what is good news, alex trebek returning to jeopardy as he battles pancreatic cancer. Ive gone through a lot of chemotherapy and thankfully that is now over. Im on the mend and thats all i can hope for right now. Lauren and he looks great. Trebek announced his diagnosis back in march. The 39yearold says its going to be a good year for him, jeopardys 36th season starts airing next month. He finished season 35 while undergoing chemo with a wig, dagen. We wish him well. Thats a tough one. And is doing it publicly. Dagen here is to everybody who is getting an infusion today, going into chemotherapy. In the last five years ive seen women coming in to get a chemo infusion on their lunch break, by themselves, nobody there. And heres to all the men and women fighting this day. Coming up, watching Hurricane Dorian, florida residents stocking up on supplies. How the red cross is helping. Theres a rally on the final trading day in august after weeks of wild swings and were on pace for the worst month since may. Stay with us. Im proud to say i love this place. Good old small town usa. Give me a saturday night theres a company thats talked to even more real people than me jd power. 448,134 to be exact. They answered 410 questions in 8 categories about vehicle quality. And when they were done, chevy earned more j. D. Power quality awards across cars, trucks and suvs than any other brand over the last four years. So on behalf of chevrolet, i want to say thank you, real people. Youre welcome. Were gonna need a bigger room. 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. Fun fact 1 in 4 of us millennials have debt we might die with. And most of that debt is actually from credit cards. Its just not right. But with sofi, you can get your credit cards right by consolidating your Credit Card Debt into one monthly payment. You can get your Interest Rate right by locking in a fixed low rate today. And you can get your money right. With sofi. Check your rate in 2 minutes or less. Get a nofee personal loan up to 100k. Dagen checking futures this morning, were pointing to a rally on wall street. To wrap up this month. A gains across the board ahead of sundays deadline for heightened tariffs. Joining us now is kevin disney. Kevin, what say you, sir . Im glad august is almost over. [ laughter ] dagen is september going to be better . I think so. Theres two reasons for that. One, technically the market looks like the base will be around 2900. Were down less than 2 as you reported earlier, it feels a lot worse than that. People forget. The markets had an alltime high before august. I think we were due for consolidation. Youve seen breakouts in the last three days from shortterm trading perspective on the higher quality, more growth parts of the market here too. But the fundamentals havent changed that much. And then the news we got on the Retail Sector yesterday, again, just confirms how weve been positioned that the u. S. Consumer is still very strong and that cycle thankfully is lagging the corporate cycle thats decelerating and well be leaning into the markets for the rest of the year. Dagen i pointed out yesterday that corporate earnings, its a closely watched one because its after taxes, without inventory l valuation and capital consumption adjustments were up almost 5 from the prior quarter, 4. 8 . So that was a rebound in corporate profits. Theres been a lot of handwringing about the deceleration in the s p reported earnings. The last two quarters and probably whats going to happen in q3, its going to exceed expectation. Its been a healthy beat across the quarters. But people forget. Last year earnings were up over 25 for the s p 500. We havent seen that sort of sequential double digit growth since the 90s. It was around 6, 7 from 2012 up until we had the tax cut. So a little bit of a pause in consolidation is not unexpected, fundamentally. When you look at guidance and you look how things came in, the top line is still around 5 and the part that were looking at for an indicator that things are slowing down, can margins maintain at these levels. Were seeing high Profit Margins and good returns on capital. Whats your read on the retail investors. What would you say their biggest concern is right now . . The u. S. Consumer were to pull back, thats more of a psychological call, if you look at the wage growth, what happened in the u. S. , the highest wage growth is among lower skilled and semiskilled workers. They have the highest propensity to consume disposable income more. Target, costco, other retailers in that space, thats why we see stories. That growth is healthy. Its more about unemployment claims ticking up, if the labor markets were to have pressure the u. S. Consumer might pull back. The Balance Sheets are healthy, confidence is high. Its a tale of two cities, congeconsumer, great, healthy,. Spending. Corporate, has there been a downturn, is there a downtick and who is going to win . Which side of this push me, pull me is going to affect the other . Consumer going to pull at corp. He brett . I think the consumer keeps aggregate gdp ins positiv in poe territory through 2020. Stocks follow earnings in the big picture over the long run. Weve had earnings deceleration. Earnings really arent going to contract unless theres a recession. If you dont think theres a recession, the corporate earnings are going to probably do okay here. When you look at forward guidance, theres a couple hell sectors, energy, materials, the ones that are more globally sensitive to pressures outside the u. S. , thats where we see the deceleration. But the corporate side is slowing down. Lack of confidence or decelerating confidence because of not so much a tangible thing thats happening, its just whats going to happen with the trade deal. Whats going to happen with deceleration in germany and china right now. Dagen we have jobs next week, jobs in america, so the Labor Department is set to release the jobs report for the month of august a week from today. The expectation right now is for 155,000 jobs added, Unemployment Rate Holding Steady at 3. 7 . This goes to what you were talking about, this is what you need to watch to ensure that the consumer stays not just afloat but aloft because the strength in the consumer spending. The other notion weve been looking at is that what is the full employment number. Right. It was 4 or 5 . That drove fed policy, inflation, unemployment. Were still seeing workers come off the sidelines into the economy. The if you look at males over 20 years old, the Labor Force Participation is 5 lower than it was before the crisis. So theres ability for the full employment to keep on coming down and finally, at jackson hole and in the fomc meetings were seeing fed governors acknowledge that. This notion of what is full employment was established in the 50s or 60s by academics. The labor market number, thats going to rever go through a lotf other things. If we dont get a deal by december 15th then what. Its a world of sentiment and tone. The market is pricing a trade deal into possibly 2020. That might happen around heightened election season, be coincidence there. What the market has processed in the last three months is that this trade negotiation is beyond an economic relationship. Now i think the administration is telegraphed, this is a strategic relationship for the long term and not necessarily just about cheap labor, supply chains and accessing their markets. Certainly i think the thing that was in the mind of investors immediately is theres an emerging middle class in china, we want access to it. Anybody thats tried to open an office in china or work there, its very difficult. This forced technology transfer, all the other things that happened, those policies were acceptable when the economy was 20 its size 15 years ago. If you wanted to get there youre willing to put up with that. Now its part of a larger strategic economic, military, regional engagement and thats why i think the market has sort of said it could be a longer horizon. As long as we dont get it going backwards, as long as we have talks going on, its probably not too bad for sentiment. Dagen i saw it as an easy Corporate Tax cut that was handed to American Companies and multinationals, moving production there. They get cheap labor. Its a benefit for the corporate executives. Its a benefit for the bottom lines to the detriment of americans. And thats really kind of the message that youre hearing from President Trump, its like you were sold a bill of goods by Corporate America and by politicians on the right and the left and now its time to change things. Youre going to hear that on the campaign trail. The economy has goten so big, its more material now. Wage cost in china have been going up. Theres a middle class thats urbanizing. The competitive advantage of cheap labor has diminished in the last 1 o 10 10 years. Dagen good to see you. Thank you. Bracing for Hurricane Dorian, the storm gaining strength as it heads towards the u. S. Florida residents preparing for the worst. How the red cross is helping. Nikes tech savvy shoe, siri can tie the laces. We take a look. Tell me, baby. Whats your story. Where did you come from and where do you want to go. Come on. Tell me, lover. Are you lonely. The thing we need is im sorry . What teach here isnt telling you is that snapshot rewards safe drivers with discounts on Car Insurance. What . Or maybe he didnt know. [ chuckles ] im done with this class. Youre not even enrolled in this class. I know. Im supposed to be in ceramics. Do you know room 303. Oh. Thank you. Yeah. Good luck, everybody. Content on their endless quest, to nowhere. S, run hopelessly in their cage. 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. Val, vern. Im off to college and im not gonna be around. Im worried about my parents retirement. Oh, dont worry. Voya helps them to and through retirement. Dealing with todays expenses. Like college. While helping plan, invest and protect for the future. So theyll be okay. Without me . Um. And when we knock out this wall imagine the closet space . Yes oh hey, son. Yeah, i think theyll be fine. Voya. Helping you to and through retirement. Dagen welcome back. Im Dagen Mcdowell, in for mohammed bin salman. Its friday, august 30th. Bracing for Hurricane Dorian, the storm upgraded to a category 2 and is gaining strength as it moves across the atlantic. All of florida under a state of emergency for what could become a category 4 hurricane. The latest on its path and preparations ahead. Futures pointing to a higher open as we head into a threeday weekend and we wrap up the end of the month. Stocks rallied yesterday once again, thanks to optimism on u. S. China trade. The blue chips up 326 points, all three major market gauges you up more than 1 . Still, the dow and nasdaq and s p looking for declines this month. The first since may. Checking on glo Global Market action, in europe, gains in england, france and germany. In asia, same story on renewed hopes of a china trade deal with the United States. Only the shanghai composite there was slightly lower. Amazon under fire. Senators are asking questions about the safety of the items on the retail giants site. And smart sneakers, nike letting you control its latest selflacing sneaker with an app. Plugplus adulting classes, colle Students Learning skills on how to live in the real world, like paying taxes. Whats being done to help younger students learn important life skills, thats ahead. But to our top story this half hour, Hurricane Dorian bearing down on the u. S. , expected to pick up speed as we head into this holiday weekend. The storm could slam into florida as a category 4 hurricane. Joining me now, American Red Cross spokesperson, grace minehoffer. Good to see you. Tell us about the preparations in place right now. Good morning, thank you for having me. The American Red Cross has mobileized a group of volunteers from over the United States to respond to this hurricane, not only in florida but in georgia as well. We have Emergency Response vehicles that are already sent to support and assist once the storm has passed and at this time what we want to tell our communities is that they need to be ready. They need to have the supplies that they need whether it is water, food, medication, anything that they might need for their pets, they should have those available as of now, today. Families need to have a plan, where are we going to go, do we live near an evacuation area. What should we do as a family. Number three, they should stay informed, they should listen to the news, listen to the radio, watch tv and most important thing, download the American Red Cross free emergency app where we have all the most Accurate Information of the storm and tips of what they need to do now, during and after the storm has passed. Grace, this is veronica dagger from the wall street journal. What tips do you have for pet owners . First of all, especially in the state of florida, what we recommend is that they have their pets vaccination records in place because if they need to go to a pet shelter, these will be required, number one. Number two, find a place not necessarily it needs to be a pet shelter, theres hotels, theres family members, theres friends where pets can stay the night. Have the food and the water that the pets might need. Sometimes we forget the pets also are going to need water. Have the treats, everything that it might need to spend at least 72 hours of the storm. Grace, Chris Bedford here with the daily column news foundation. What kind of coordination is the red cross working on with local police, state police and other Emergency Responders to get people out of their homes and to your shelters . So we work very closely with the counties. We also work very closely with the police and fire departments. We are part of a group that starts planning way ahead of the storm. We have commitments with each county on what will be the role of the red cross. This may vary. In some counties we might manage the shelters prior to the storm. In others, we support shelters. We have trained county employees to also be part of the supervisors that will be assisting. Its different within each county but all of the counties we have made plans way ahead of the Hurricane Season where we sent this kind of letter of intent and we know exactly what it is that the red cross is going to support in each area that they represent or they have a local chapter. Dagen grace, thank you. Its good to see you. Thank you for the update. Coming up, smart shoes, no need to tie your laces. Siri will do it. We take a look at nikes new techsavvy sneaker. Plus, adulting 101, one university offering students a new class in life. Why its needed more than ever. More, ahead. Let me give you what you deserve. A Money Market Fund when you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. That a speaker is just a speaker. Or that the journey cant be the destination. Most people havent driven a lincoln. Its the final days of the lincoln summer invitation even. Right now, get 0 apr on all lincoln vehicles plus no payments for up to 90 days. Only at your lincoln dealer. Plus no payments for up to 90 days. My body is truly powerful. I have the power to lower my blood sugar and a1c. Because i can still make my own insulin. And trulicity activates my body to release it like its supposed to. Trulicity is for people with type 2 diabetes. Its not insulin. I take it once a week. It starts acting in my body from the first dose. Trulicity isnt for people with type 1 diabetes or diabetic ketoacidosis. Dont take trulicity if youre allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. Stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, or severe stomach pain. Serious side effects may include pancreatitis. Taking trulicity with a sulfonylurea or insulin increases low blood sugar risk. Side effects include nausea, diarrhea, vomiting, belly pain and decreased appetite, which lead to dehydration and may worsen kidney problems. I have it within me to lower my a1c. Ask your doctor about trulicity. Its an honor to tell you that [ applause ] thank you. Liberty mutual customizes your Car Insurance so you only pay for what you need. I love you only pay for what you need. Liberty. Liberty. Liberty. Liberty. Dagen President Trumps personal assistant reportedly leaving her post. Lauren simonetti has the details. Lauren i sure do, dagen. Madeleine westerhouse stepped down after she shared private information at an off the record dinner with reporters according to the New York Times. Westerhouse had her job since the start of the trump administration. She called leaks disgraceful breach of trust in the past. The white house has not confirmed her resignation. Democratic lawmakers are calling on amazon to remove unsafe products from its marketplace. The senators sent a letter to the ceo, jeff bezos, urging him to provide accurate warnings to ensure customers are protected. In a separate letter, congresswoman grace mang asked bezos to provide information on how amazon would block the sale of recalled products, after a report found thousands of items on amazon had been deemed unsafe. In the future there will be no shoe laces. For nike, that future is now. The smart sneaker uses siri and apple watch tec technology, jusy siri lace my sneakers and youre off and running. It will be available on nike. Com. No word on the price but how lazy are we, dagen, we cant lace our sneakers. I like my shoes laced tight. Lauren a certain way. Can you adjust . Sometimes i want super tight. Lauren for an extra fee, you can get certain tightness. Dagen thank you so much. What do you think of it. I think its real lazy. Thats like a fundamental thing that you have to learn and struggle with when youre growing up, like how to lace your shoes. I remember like countless hours working with my mom on that. It took a while for me. [ laughter ] are you good at it now or du have velcro. If only theres Something Like velcro. Oh, wait, you could use velcro. No wonder they have to teach classes on adulting. Right after that, your phone can tie your shoes for you. People cant find their way around the neighborhood anymore. Dagen i think nike is in a tough situation with the products that it makes overseas. I dont think that the quality is all that good. As a runner, im just not into their quality is just not there and i think there is that opportunity for companies that already make some of their products in the United States, like a new balance, underarmor bringing some production back here to the United States, i think this is a l real opportunity for brands to basicallbasically plant a flag n the home country. My husbands a runner, and hes all new balance, 100 what he will wear all the time. I think well hear more Companies Bringing their operations back, not necessarily in china, but other countries in asia. Vietnam. Dagen how long before President Trump goes after china i mean after vietnam, rather . H hes already annoyed that president obama gave them coast guard cutters, gives them military gifts, they dont buy military hardware from us. His number one focus i think is china. Dagen even though the i wonder why. Because the trade deficit with china is actually growing because the u. S. Has been so strong and china is weakening, so and then theyve cut off exports, like theyve cut off some of the imports of our agricultural goods or all of them in this month so its actually been growing. I dont think hes been tweeting that much about the trade deficit. He loves to talk about it. He sees that as a measure of theft even though its not. Its just an accounting mechanism, if you will. Not theft but loss. The main thing hell have to focus on is are they stealing intellectual property, are they imprisoning american businessmen, are they taking companies, saying come here, give us your technology. Those kind of unfair practices and then using all these Companies Going there, taking it, not employing anyone in the United States instead, those are the main things i would look at in winning the trade war. If only i had an app to lace up my wing tips. [ laughter ] dagen is there an app for that . Not yet. But you never know. Weve still got another hour and and15 minutes from the show. If case you missed it, here are some of the top money moments fe show. We think china is hurting. We feel that theres a lot of pressure on china for them to reach a deal and to actually hold the commitment to that deal which is something we havent seen in the past. Companies have gotten stuck in the tariff war. There are companies who have lost market share to other suppliers and chances are they wont get that market share back. So i think we need to see results and i am just im very surprised that the market is so eager to move on things like i received a phone call after everything weve been through. There is going to be some shortterm pain and Everybody Knows this. This is a trade war. But weve got to look at the longterm. Weve got to make sure that china stops exploiting u. S. Companies, make sure they stop stealing our intellectual property. Weve got to hold them accountable. Weve got to remember that for decades, other president s have just let china run amuck and finally President Trump is doing something about it and hes standing up to hold them accountable. Its an epidemic of vaping among High Schoolers and middle schoolers. Its not only in north carolina, its across the country. In one year, from 2017 to 2018, we saw like an 80 increase in reported use, just in one year. So we dont even know what the 2019 numbers are going to show. It affects the childrens lungs, their heart, and it leads to addiction to nicotine that can cause their lives to spiral. This new generation is very profound and very strong and very brave because theyre actually willing to go to the streets. How about that . There are a lot of diseases that are frozen in some of these gleglaciers. Theres a potential that a lot of diseases could escape. Dagen your reaction . [ laughter ] the selfcenteredness and consistent he seaconsistent sean who thinks because shes young and everybody else is young, that theyre the greatest generation that america has ever seen is just beyond me. But we have to put up with her. I just wish we didnt send as much attention to her. Netflix, the company says it just shipped its 5 bil 5 billioh disc. Somebody said i should get rid of my disc player, but i need it. Dagen you dont need your disc player. [ laughter ] dagen in france kevin cork is live in france with the latest. Kevin, i hope i got that right. You did a great job on that. Kevin, meet your father. Kevin Kevin Kevin Kevin Kevin Kevin Kevin Kevin Kevin Kevin trusted advice for life. Kevin, hows your mom . Life well planned. See what a Raymond James Financial Advisor can do for you. 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. Dagen students at uc berkley can take classes in adulting. The classes are taught by a studentrun program and teach real life skills like paying taxes, budgeting, how to search for a job. Joining me now, tom davison. I probably should have majored in it at some point. My wife would tell you that. I think its great. I think most universities, high schools, even grade schools are trying to figure out why we graduate without knowing basic stuff. How to manage your student loans. Kids are growing up, first generation that grew up with the entire information of the world if their pocket. Theyre dealing with digital wellness, dealing with bullying, they are dealing with how to build credit. None of us learn this stuff when we come out of school. We learn it by mistakes over time. Dagen its because they got rid of shop and home ec, some of the basic skills you needed to live on your own. Home ec needs a reboot. Thats one of the things were trying to do is bring these skills dagen talkdagen talk about he trying to prevent these problems from happening. We have about 6 million learners that get certified every year in these areas. We run everything from second graders up to colleges and beyond, team with the private sector to bring the skills. We build interesting games in social media, that allow you to go through simulations, you tear down credit, file your first w2, file your first taxes, things that are left out and schools dont have money to pay for it. We teamed with 4,000 companies, from the nhl to ma mass mutual d others who pay for the cost of this to go into schools throughout the country, its really a big idea. How do you educate the students before they get saddled with the student debt . We try to start, you take a school district, maybe in iowa or the black belt in alabama or native american reservation, we implement these programs on a cocurricular basis. Its done online so we can scale it. Part of the problem with education technology, what held it back is people throw stuff to the wall, youre never sure where it lands. We think teachers are saddled by a huge amount of work and responsibilities outside of their core teaching everyday. We need to give them tools to implement it on a cocurricular basis and track whether it works. We do that at a pretty big scale. Do you call your Second Grade Program childing 101 . Good. You should trademark that. What is the number one problem that the students, lets call it high school to college, 16 to 20 years, what is the single most important lesson they need to be taught. That transition from not all kids go to college. A lot of kids are thinking about that first job. Dagen a lot of parents are thinking about how to make sure that kid goes from high school to a job rather than putting them through college and taking on a quarter of a Million Dollars in debt. Yes. And i think we underestimate how big that transition is for families. Listen, some families youre lucky enough to have families that are thinking about this, are on offense, talking about it in eighth grade. We read stories about tutoring and things that come in, frankly families that can afford it. Were focused on kids in high poverty areas that dont have that conversation most of the time. Parents are involved with a lot of this stuff. They teach their kids. How closely involved are they with your programs and how to get their kids in, get them interested or is this more natural a amongst the children. Its a great question. Were hopeful that parents are engaged, it comes home to the Kitchen Table at night. I think the reality is, people are working pretty hard and a lot of the families that were lucky enough to work with dont have the time and they dont have the their kids are coming back and we want to be able to have that in the school to live on its own without the need of the parent component. But if it gets reinforced, thats incredible and kind of the best we could hope for. Dagen tom, good to see you. Great to see you. Thank you so much. Dagen tom davison. By the way, i want to say this. The colleges need to tell students that these are loans and not Financial Aid. There need to be rule changes in washington. The colleges are basically lying to kids and families about the amount of debt theyre taking on. They dont disclose it. Thats a huge issue. Tom, good to see you. Still ahead, Hurricane Dorian picking up speed. A live update from florida. Futures pointing to a rally at the he open on the final trading day of august. If the dow gains 502 points today, it will be in the green for the month. Give me one good trump tweet. Dagen exactly. I will not make predictions. Stay with us. I am everyday people. It means a lot. For starters, we provide you with Financing Options for your customers. That way, you can help them buy the things they love instantly and pay over time. And that turns them into serious fans. Hang on, theres more. Want Customer Insights . Weve got those, too. We use data to show you what your shoppers have already bought so we can tell you what they might consider buying next. And you can offer them the perfect products. That ceo gets it. From adding unique capabilities to your companys apps to bringing you loyalty programs, our technology and Financial Solutions are changing whats possible in all sorts of ways. So, how can we change whats possible for you . Is it to carry cargo or to carry on a legacy . So, how can we change its show of strength or its sign of intelligence . 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 with credit toward your first months payment at the mercedesbenz summer event. Mercedesbenz. The best or nothing. 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. Dagen i am Dagen Mcdowell for maria bartiromo, friday, august 30 your top stories at 8 00 a. M. Eastern. Bracing for Hurricane Dorian the storm upgraded to a category two, gage strength as it movers across the atlantic all florida under a state of emergency tore what could become a category four hurricane. The latest on its path the preparations, that is ahead. U. S. China trade in focus, President Trump saying u. S. China trade takes have resumed once again, saying china wants to make a deal beijing saying teams on both sides have maintained Effective Communications, this is a new round of tariffs on goods from china go into effect sunday. Futures pointing to a higher open as we rap up the month head into threeday weekend, 149point gain on dow futures a half hour from now we have root reading object strength of the u. S. Economy, personal income and spending out, 8 30 a. M. Or an we bring you those. Stocks rally on optimism about china trade deal a lot of trading based on purely on headlines, optimism front and center yesterday and this morning, Global Market action europe moving to the plus side, gains in england, france germany same story overnight u. S. China trade deal leading to gains in japan, hong kong and south korea. Speaking of hong kong activities released from custody joshua wong others had been arrested for allegedly planning unauthorized protest we have the latest plus new iphones on the horizon apple reportedly unveiling latest devices on september 10. That means your current iphone is about to be worth a lot less. All that so much more coming up this morning, publisher of trading cody willis the wall street journal Wealth Management report, veronica, daily caller editor in achieve Chris Bedford on outnumbered with me i am going to you have to stick with us i am making chris use his boston accent hold it we have to make people see that. So good to see you all this morning, top story this hour u. S. China trade talks President Trump saying negotiations will the pick up on a different level, blake burman is covering that story live at the white house hey blake. Reporter good morning to you tomorrow night at minute the tariff level will be increased on a host of products that are imported from china this deals with 300billiondollar batch as tariffs will be raised from 10 to 15 on a little less than half of that 300billiondollar batch, ahead of the tariffs going up, the president yesterday, in china today as well is saying that the talks are continuing on both sides a spokesperson for china from my ministry saying i can tell you the economic trade teams china United States al maintained Effective Communication second they go on to say we hope the u. S. Can show sincerity work with china find solutions to problems on the basis of equality and mutual respect, that spokesperson was responding to these comments right here from President Trump who called him yesterday for the Brian Kilmeade radio show said talks would be continuing at a different level. Talks scheduled there is a talk scheduled for today, on a different level. And you know theyve been talking you know, the fake news tried to say we werent talking last week the vice premiere of china said no, no, we have been talking he spoke to people. Well this is having a tremendous impact on china, i dont know if it is having impact on us i dont think so. Reporter all signs pointing to possibility of more senior lv discussions at some point in september, next month, between mnuchin, lighthizer and their counterpart, a specific date yet to be an nailed down back to you. Dagen thank you for that blake burman at the white house. Turning to the Inspector General report on james comey that report shows fired fbi director violated Bureau Policies during his time at the white house working in head of fbi under President Trump, by drafting leaking retaining memos of private conversations with trump, in hopes of seeing a special counsel pointed says not safe gawding special information during course of fbi involvement using to it create public pressure for official action comey set a dangerous example for over 35,000 current fbi employees during now Washington Examiner chief political spornt Fox News Contributor byron york something more disturbing in this report about that initial meeting between comey the briefing, by comey, of trump, explain it to people. Well tells as you blot what has turned out one of the most important moments of the whole trumprussia affair january 6, 2017, trump is is it sill the president electric, the intelligence chiefs Comey Brennan clapper, go to trump tower the job is to brief the president electr elect on russian interference in 2016 election that is fine but after according to prearranged plan they leave the room comey stays alone with president about elect trump delz about the with dossier allegation that in 2013 trump is in a Moscow Hotel Room prostitutes, kinky sex acts russian spy cameras captured it all, so this was completely unfounded never approved allegation in the dossier, comey springs it on him comey has always said he did that to just inform trump this story was out there, it was embarrassing he ought to mother it maybe it will get in press sometime, now we learn, that it was actually part of the whole crossfire hurricane trumprussian investigation, comey had a team waiting for him after preplanned this conversation, he had a secure laptop waiting for him in the car he started writing up the meeting as soon as he got out. There was a secure video teleconference that had been arrange forward him to meet with top officials crossfire hurricane leaders right afterwards hoping that perhaps trump would have given them something, unknowingly, of investigative value in that probe. It is astonishing is its not byron suspected this now in black and white. Comey in memoir says he told the president directly quote we are not investigating you you, sir. When in fact he had his Team Investigators waiting to debrief him, right afterwards. So i mean you can you can see why trump was angry about this. The other thing is from trumps perspective, first time president elect meets head of the fbi facetoface what does fbi achieve tell him . We know about you and those prostitutes in moscow. Trump figured something funky was up. What byron in terms of i want to point this out absentedy was on earlier he used the he said that a couple of years ago, when comey referred to the memos as recorded something was amiss term used in a federal ruled of evidence you are writing evidence recording evidence to be used in a criminal trial at some point down the road, i want to put this in perspective with what is going on and where does this go from here . In terms of truly uncovering the predicate of this investigation john durham is looking at fisa abuse do you think ultimately, jim comey does pay a price for this behavior because he is not being he is not being charged by the Justice Department indicted by Justice Department for what is in this current ig report. Right, he wasnt indicted Inspector General sent criminal referral about leaking classified information the decision was that comey had not directly leaked classified information he didnt leak it directly to the media, some of this information was classified after the fact, of comey writing this stuff. Of the and the Justice Department decided it wasnt a case they wanted to make. Now as far as the Bigger Picture it was little surprising that the Inspector General released this separate report on the comey memos because for a while there we thought it was going to be part of the big report we are still waiting on, about the origins of the trumprussia investigation. That you know we were thinking about getting in june, july now august is over. Looks like maybe mid to late september. Not sure. But the bigger question the biggest question i think in this is that hopeful will tell us to with a extent the obama Justice Department the Law Enforcement and intelligence agencies were actually spying on the Trump Campaign, and whether it was justified. We know that they got a a warrant to wiretap carter page we know used informant hopper we know sent undercover agent with Al Elizabeth Azra turk to london to talk to George Papadopoulos with a was going on we phone the fuller ig report will tells us about that. Dagen if there was absent predicate a legitimate predicate this campaign was spied on, with with no other reason other than to try and change the election, then what . Well, that look that is a deeply disturbing conclusion look we already know that in 2016 campaign, both major candidates were under fbi investigation, and you can see well maybe two skwirily candidates maybe fbi was too involved in political cases do i think once we find out everything that was done, whether there was a as you say adequate predicate for doing it, we need to we need to figure out what role the gi should and should not be playing in these things. Dagen just to be clear i was a just asking that question i was just posing that, i wasnt i didnt mean to draw inclusion on that but the ultimate question has to be answered was this going on to with a extent the spying on Trump Campaign and why, and was there what was basis of it as you pointing out here is a question byron i dont foe if you can answer it but i have asked this all along, wall street Journal Editorial Board wrote an editorial when president obama appointed jim comey as head of the fbi they said dont do it the mans record he is only trying to bunnish his own republicans as biggest boy scout, in the country. The journal wrote editorial saying to President Trump you are going to regret keeping this guy on as the fbi director, who in the white house who advised this president to keep jim comey in that job . His behavior whether it was with quatrone investment banker, whether what was done to scooter lib during vallely plain issue his reputation wul known looking out for one person one person only himself, how is he still in the administration . That is a huge mystery, there were people during transition, there were people in the trump transition, who were urging the president to fire jim comey, and by that they maintain fire immediately like take the oath of office step down fire comey get back up give you the inaugural degrees do it really, really soon. And what they said was, if you wait, if you wait months and there will be you know investigations, or issues that arise then it will look like you are firing comey for you know, going after you. And that is exactly what happened. So it clearly would have been better in retrospect, to fire comey, issue immediately, and you remember democrats were still extremely angry for what comey did not only july, of 2016 when he basically declared Hillary Clinton guilty but not indicted neither email case especially october 29, 2016 before election when he brought that case back up again, really, really angered democrats. Again because he is looking out for number about looking out for one person and one person only, now not looking out for liberals conservatives democrats republicans he is looking out for jim comey, byron good to see you by i know york. Take care. Read byrons column President Trump tweeting on Auto Industry General Motors once the giant of detroit is now one of the smallest auto manufactures there moved major plants to china before i came into office this was done despite the saving help given them by usa, now they should start moving back to america, again, question mark. Isuspect more tweets are coming, wonder what spurred that you today we will look for headlined to see why on the president s mind tracking dorian florida braces for impact what could be a category four hurricane we take you there for the latest. A Money Market Fund when you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. 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 [ soft piano music playing ] mm, uh, what do you do for fun . Not this. Oh, what am i into . Mostly progressives name your price tool. Helps people find Coverage Options based on their budget. Flo has it, i want it, its a whole thing, and shes right there. Yeah, shes my ride. This dates lame. He has pics of you on his phone. Theyre very tasteful. Kg two sppd to slam o into florida toward end of long weekend live if delray beach florida with more rick what can you tell us. We checked on traffic in south florida area appeared pretty much normal for rush hour friday morning but could get a lot worse next 48 hours as this storm bears down on florida coast, one of the reasons we havent seen a Mass Evacuations there have been no Evacuations Ordered they dont know where the storm will hit from Central Florida down here to the West Palm Beach palm beach delray area perhaps further south in miami they dont know what they do know forecasting at least a category four with 140mileperhour winds we are hearing from National Hurricane center this is 110 will get stronger with 10 to 15 storm surge likely 6 to 12 inches rain up to 15 inches in spots could cause severe flooding in south florida where already saturated from storms, people know this thing is coming they are stocked up there have been long lines force past couple days pretty much every Grocery Store every gas station, every costco every home depot people stocking up on boltdz water on food and plywood to board up windows doors, and fill gas tanks some ran out of fuel yesterday afternoon into last night, we heard from some tourists deciding to get out while they still could. North i dont want to be an on the road taking for people who have to do mandatory evacuation. We are on road, the storm unfortunately i called this morning to get flights out the everything was booked up. And, of course state of emergency declared in florida, all 67 counties, the governor speaking about it so has the president. Do not wait until it is too late, if you prepared and dont end up getting affected no harm, no foul, but if you dont prepare you are affected, you know that may be something that is difficult to recovery from. Unfortunately florida is too familiar with major storms as you know, so the folks here, i dont want the say they are used to it but they know the drill. Dagen rick particularly elderly people, it if being taken care of at home because again there is the issue of moving them into if not cared for in a nursing home you cant move them into a shelter it is very it is there are stories in every town, up and down florida when a storm is bearing down on the state like this. Reporter yeah there are a lot of elderly in florida a lot of infirm down here one of the things they look at is whether the facility they are in has the backup generators it needs to keep life support systems in place, a lot of moving parts they got to try to narrow down where it is most important, that they address those concerns. Dagen right, absolutely, rick be safe my friend Rick Leventhal delray beach florida. Josh kwa wong granted bail after charges for encouraging protesters we are bringing updates all morning long, save the day apple setting stage to unveil newest iphone we will tell you when what it means for the value of your old phone, like the one i just bought two weeks ago. [laughter] ahead. Come on. Im off to college. Im worried about my parents retirement. Dont worry. Voya helps them to and through retirement. Dealing with todays expenses. While helping plan, invest and protect for the future. So theyll be okay . I think theyll be fine. Voya. Helping you to and through retirement. Im looking at that truck wow thats awesome this labor day, everyones excited about chevrolet. Theyre all really cool cars. Woo, i love it i cant stop staring at it. Ride out the summer in a new chevrolet this labor day. Wooh its time to upgrade. Get zero percent financing for seventytwo months plus two thousand dollars on all 2019 silverado double cab pickups. 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Xfinity mobile is a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy an eligible phone. Click, call or visit a store today. Dagen breaking news out of the hong kong prodemocracy activists joshua wong released on bail. He had been charged with inciting people to protest in hong kong back in june. All we asked for us just to urge beijing and Hong Kong Government stop and return to cause for freedom. They reports rejected a plan from hong kong that would appease protesters according to. A good morning morning for averages past month has not been so great, the dow, down 1500 points, 5020 points for the month right now but as you know 500 isnt what it used to be, way back in 1987, black friday, that was a 22 move today it is 1. 87 not so big nasdaq down 2. 47 traders here telling us hey look the markets fade major headwinds conversation about trade worries recession performed precinct well if is theirs losing month since may anything could happen weve got a month end rebalancing volume is light we have a couple Companies Reporting after bell ultra beauty down hard premarket cut Sales Forecast coverup sales lowered profit outlook blaming . Women who are not buying Beauty Products cosmetics anymore disappointment for that refreshing to hear somebody not blame china impress beat last night raising annual forecast topping out estimates top and bottom line record revenue who would believe for pcpersonal computers selling into offices all over country and companies. Dagen back to you. Dagen thank you, gesture willis new york stock exchange. Coming up futures pointing to a rally at home follows weeks of wild swings, the markets on pace for losses in august but but but the bottom of the hour we get personal income and spending out, what will the u. S. Consumer look like . Making more . Spending more . Stay can yous stay with us. So you can save big. Get a nofee personal loan up to 100k. 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. Should always be working harder. Oney thats why, your cash automatically goes into a Money Market Fund when you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. Dagen welcome back i am dag for maria bartiromo. Friday, august 30 breaking news on u. S. Economy, just moments from now we will get numbers on personal income and personal spending for july. Futures pointing to gains to wrap this up month 14point gain 148. Gain dow futures, a 3day weekend coming off several days great Market Action seems trade tensions eased a bit, in europe, we have gains across the board, as well to tell you about, and england, france, germany the same story overnight you had gains across the board in asia except slight loss on shanghai composite. Right now, we wanting to to Jackie Deangelis july personal income spending. Good morning to you dagen fresh info from Commerce Department personal income for july was up 1 tenth a of one percent below expectations also below what we find in june personal consumption up 6 10 of a percent higher than half a percent estimate, also, well above personal spending in june as well, remember, personal spending accounts for twothirds of the u. S. Economic activity, meantime core pce price index yearoveryear that number was up 1. 4 slightly lower than the estimate, of course, that is what analysts and fed will be looking at. When it makes decisions regarding what is happening in the u. S. Economy, inflation, that kind of thing dagen. Dagen that is really low inflation, jackie 1. 4 on core pce, personal consumption expenditures index consumer ramping up spending in july, despite headwinds from global economy. Absolutely. And these are really important when you look at sort of Overall Economic picture how far consumers are feeling about the economy, when they are taking money out of pockets and spending it means they are comfortable, at least for now. Jackie thank you so much jackie deangelus joining me ubs global Wealth Management headed trading strategies good to see you, what do you make of this that is consumer that is still strong i know this is this is july so this is last month but nevertheless still health in terms of spending. Yes, and that is the reason why we are neutral u. S. Equities we have done with equities, but most done waiting what is happening internationally within u. S. , equity allocation remain consumer staples, communications, but weve under weighting sectors in crosshairs of trade disfutures. What make you change that. Better news on the trade front the uncertainty is much, much higher partly because we crossed 25 people thought was ceiling in terms of tariffs. That is right in terms of tariffs might go to 35 if china could be another country that is what is causing some pullback in investment in 2 2 private sector well. The issue uncertainty ubs out with a new report, on this very issue, saying that because of the heightened uncertainty the company as you were talking about has trimmed kwekt recommendations, what about your what about your fixed income allocation. Overweight also reflects consumer strong, the corporate to a certain extent especially manufacturing a bit weaker therefore overweight in fixed income u. S. Bonds have had a very rough quarter, and also emerging markets fixed income dollar denominated sovereign debt. If there is a resolution to the trade war you get bullish that the point back into equity markets . Or if not a trade war before election are you going to stay completely downgraded in equities. Good question i think you need to be nimble, and, as you see it, the news we got over this month, was not great, you know from point of view of the investor because increased uncertainty, normally followed at the same time increase in vix, correlation policy uncertainty index vices extremely strong. The volatility. Precisely yes what is biggest concern from wealthy individual investors . Much more than last year especially after 2. 4 predicting downside that is, you know, the conversation. Emerging issue markets exposure outside uas he emerging Market Equities much more enmeshed that the pulling back. Just more defensive. Because crosshairs of up but in crosshairs, the first move. Outside of this trade war, that is going on right now, do you have a broader outcome on u. S. Western china relations as far as business ability to keep up other ever return to how things may have been five, six years ago . That is a tough one i doubt we go back to where we were five, six years ago i think, doesnt matter when party in power you can see a the response you know to what is perceived as unfair trading by china so i doubt if we go back but everywhere economy grows it is hard not to deal with second largest economy in the world so if investor, that is people who try to dial back history dont usually succeed. Dagen but i think the president we can discuss this the president is focused on more fair trying relationship, than the one of the Major Concerns and you see it in the huawei headlines new investigation into huawei there was incredible report, about i think it was uc berkeley continuing to like essentially do business with huawei even coming into this year. Is this about stopping the theft of our intellectual property stopping forced surrender of technology avoiding about intelligence gathering operations of the government in china through surreptitious means that is what we are talking about, so not just because president said, even with all the rhetoric u. S. Companies can still do business there if we get a trade deal. One company is under plaid seems like doing business with china u. S. Universities. Not Just Research but students. Right go ahead. As you look at this even discussion here, is it all about china . Is there another factor that is even factoring into until a looking at market or is it all china all i dont think it is all china. Yes, it is more of china than just trade because china has been tightening monetary policy, as we speak. But because there is too much debt in that country, another factor is theups gains of trade how are they distributed i think that is not just u. S. Playing out in many countries even, developing countries that have benefited you know hugely frdistribution. To be clear i want to point this because i was mumbling u. S. Prosecutors proebldz huawei new allegations of intelligent theft there was a story on investigative peez down by the information that huawei sharply increased spending on researcher projects at university of california berkeley last year and this year immediately before the university cut ties with Chinese Telecom Company Berkeley accepted about a million and half dollars through four grants during february and march just of this year. Huawei has a history of stealing theft you were in big trial counsel 10, 15 years ago for stealing stealing from kisco the routers that makes the internet world run away from United States do you look at huawei those trade issues here, do you find companies that then you think maybe a cisco can benefit because people are are being forced not to use huawei . So that one thing i should say Investment Business never get into what should happen. Okay . [laughter] not recipe for success, therefore every morning i take that hat off i say what can globally happen how will it affect my portfolio how can i address scenarios that is the way what i said about covering President Trump i will discuss policy not personality, because you cant like it is pointless to argue about personality. Good to see you be well, President Trump tweeting on the ig report, the disastrous ig report on james comey shows strongest of terms how unfairly i and tens of millions of great people who supported me were treated life and liberties illegally stripped away by dishonest fool we should be given our stolen time back, coming up we are just about an hour we are 15 minutes away from opening bell shaking off trade and trade worries, recession, yeah, fears not present this morning, again, consumers spend cigarette personals spending up strongly, in the month of july. Stuart varney will weigh in on the volatile month weve seen apples big event tech giant setting the stage to unveil newest iphone we tell you what is in store what it means for the value of your old phone, and right now a special update from the tennis channel. Welcome back to Tennis Channel Court report for fox business day five u. S. Open biggest upset so far in the womens draw and coco gauff continues to shine, wimbledon champion stunned by qualifier in three sets, american closing out one of the biggest wins of her career on third match point, elsewhere cocoa gauff will be youngest woman to play in third round at open since 1996 after she took out opponent. Closing out victory 64 in the third in front of a house. 32 winners for cocoa in win next up defending champ osaka. Kick off daily coverage from new york airs daily 8 00 a. M. Eastern, i am danny schlesinger. For farmers here, this is our lifes work. But when a recall happens, perfectly good food goes to waste. Now, weve got away around that. Looks good. Were on target. Blockchain on the ibm cloud helps pinpoint a problem anywhere from farm to shelf. Its used by some of the biggest retailers everywhere. A nice lettuce. So more food ends up on your table, is that daddys lettuce . Yeah. And less food goes to waste. Were changing whats possible every single day. But what does changing whats possible mean anyway . Well. If you run a business, it means a lot. For starters, we provide you with Financing Options for your customers. That way, you can help them buy the things they love instantly and pay over time. And that turns them into serious fans. Hang on, theres more. Want Customer Insights . Weve got those, too. We use data to show you what your shoppers have already bought so we can tell you what they might consider buying next. And you can offer them the perfect products. That ceo gets it. From adding unique capabilities to your companys apps to bringing you loyalty programs, our technology and Financial Solutions are changing whats possible in all sorts of ways. So, how can we change whats possible for you . Futures slulgdz off trade recession fares inverted yk fierce about that a volatile month joining me host of Varney Company Stuart Varney, what say you sir. I say this market just wantsing to up. I get that feeling. Of the in fact, in the last two and a half years since President Trump was elected, ive gotten that feeling most days. The market wantsing to up, now there have been occasions we have had nasty selloffs most people an lives the market on my program said hang in there hang in there we are going back up again. I got the same feeling again today. What the dow up what 248 i think it was on wednesday. 326 yesterday. Futures show a gain of about what 150 this morning . Just wantsing to up as you said dagen foorz of fierce of a recession treated fears china trade tariffs trade fut would increase praises for consumers hurt economy hasnt transpired what weve got a market rally all over again as of right now i think we are about 900 points away from alltime record high poiseding to up at opening bell this morning good stuff would i say. Indeed works have to gain 502 points to be in green for month of august you never know President Trump is already on twitter, tweeting about myriad topics from General Motors, tweeting General Motors i understand, his fixation on that company u. S. Government u. S. Taxpayer bailed out that company, we lost 11 billion dollars roughly on that bailout so you i do understand even why he would target General Motors. I would point out i think one fly in the ointment this weekend in hong kong, as you have been reporting they have he arrested some protesters three protest leaders i should say bound the demonstration there could be a nasty confrontation saturday night i wonder if that would affect if it that transpires i wonder what effect on sunday what america is due to scomoef higher tariffs on chinese products coming here the key weekend, the confrontation in hong kong more tariffs how is this going to work out wont find out till Tuesday Morning when we open up. You will cover much more monday through friday love it love you mr. Varney, weekdays 9 00 a. M. To of an coming up save the date apple setting the stage, to unveil its newest iphone what you can expect, and what it could mean for the value of your old phone. From concerts to cocktails mick jonas launching his line of spirits when they will hit store shelves next. Down the road weve got a long waying to way to go, we try, get along while we can from the couldnt be prouders to the wait did we just winners. Everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. Now you can share it between lines. Mix with unlimited, and switch it up at anytime so you only pay for what you need. Its a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy a new samsung note. Click, call or visit a store today. Thats it. Im calling kohler about their walkin bath. Nah. Not gonna happen. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. Call. To save 500 off bath walls with your walk in bath. Or visit kohlerwalkinbath. Com for more info. For vehicles in china lauren simonetti. The move as trades at weakest level more than a decade model x, 810,000 yuan model three to 440,000 u. N. Tesla building first voes factory in shanghai, there is this announcing tesla cars from 10 purchase test would reduce cost levies that purchase tax on each vehicle investors liking it stock up almost 3 at 228. 11 a share premarket apple case in the spotlight again to unveil three new iphones september 10 pro phone models would reportedly include more advanced cameras sink the value of older iphones one expert saying iphoness could loss up to 30 resale worth, even new iphones could see 40 dip once rolled outspent money for a phone all of a sudden not worth as much, George Clooney nick jonas stepping up to the bar launching villa one tequila in major cities next month from 45 to 60 bucks a bottle cheers happy weekend. Jonas las vegas tequila thank you a market for that . George clooney is selling really well i drink a billion buck. A good tequila mixers that go with it. Something. It was a good tequila patronis founded by john paul sold for receiver billion dollars. A lot of expansion americans not the used to good tequila even high end stuff. Can we get on iphone really anything new to this thing . Tim cook iphone is baby little iterations of improvements and or actually gets worse sometimes, i cant use my headphones. Pushback on that i bought 10 the excess xs my phone was several iterations old it is made if you wait three to four years to upgrade you actually see improvement . Like charges dont work headphones dont work anymore improvements. Other things like airpod. Oh that is good. Batteries [laughter] yeah, maybe no you got batteries. I dont know. I think the people who work in apple stores are awesome. Yeah they are awesome, it is a great retail brand. Product so i love that. O so thank you so much lawyer hen a great weekend, childrens photos on Instagram Lauren simonetti. Final thoughts from all stars stay with us. Dagen President Trump just tweeting on jim comey. The fact that james comey was not prosecuted for the absolutely horrible things he did just shows how fair and reasonable attorney general bill barr is. So many people and experts that i have watched and read would have taken an entirely different course. Comey got lucky. Final thoughts from these allstars. Lets jump back to the markets real quick and say look, if youre out there worried about the markets, you need to take the long view. Its about the next 10,000 days, the next 27 years of your life. You cant get rich trading, day trading, momentum trading. Be careful out there. Look out over the long run. Dagen think about the things you can control. So for example, how much youre spending. If you are feeling nervous about your cash position right now, maybe cut your spending. In the meantime, personally im looking out for the next week to see whats going to happen with the job numbers, too. I want to see what that means for this market. I think we can expect more volatility as an investor. Just, you know, hang on, like cody said, and also on a day like today, there will be low volume so dont read too much into the moves. Im actually thinking about hitting the beach for Labor Day Weekend but i also really have to remember to be praying for the folks who are watching like my great aunt jean who are down in florida getting ready for this massive storm. They wont have the Labor Day Weekend we are. Dagen we will be watching that and covering that. Real quick, you will be on with me at noon on the news channel. Comey, what do you think . Sinister. Dagen sinister. The Video Conference after the meeting with trump, thats called evidence gathering. What was the predicate of that investigation . We are waiting to see. Cody, veronica, christopher, good to see you all. That does it for us. Right now, it is all about Stuart Varney for the next three hours. Varney company, you take it away. Stuart good morning, dagen. You are totally wrong on that. But lets get going. Good morning, everyone. We said it before and we will say it again. It sure looks like this market just wants to go up. Wednesday, the dow was up 248. Thursday, 326. This friday morning, up another, what, 130 points. I guess the yield curve recession threat has faded and we are no longer that worried about a china trade flareup. Sure looks like we are going to close out the month of august with a rallying stock market. Now then, hong kong could be the fly in the ointment. News today that three protest leaders have been arrested a day before the planned huge demonstration, which the police have banned. A confrontation is possible. However, there is