Transcripts For FBC Mornings With Maria Bartiromo 20240712

Standout. Take a look, the nasdaq closing above 10,000 which is a now record high, the other majors under pressure. Ordering food delivery. Grubhub to be acquired by European Company leaving uber empty handed. Grubhub soaring this morning, almost 50 7 rather on grub hub. Dont miss that. Valuable insight. President trump headed to dallas to talk Police Reform as protestors continue to take to the streets across the country. We have all the latest happenings coming up. The next jobs in america, with more people working from home the cyber threat is growing. The growing demand of cybersecurity. Mornings with maria is live right now. Maria and Global Markets this morning are under pressure, take a look at burpan indices selling off the morning, ftse 100 down 122, cac quarante down 101 and dax index down 244 right now. In asia right now its red across the board, we will bring you all of that coming up. Oil prices are also sliding this morning along with stocks. This, of course, indicater, some of the top stories confirmed covid19 cases in the United States now surpassing 2 million as several states have seen a surge in new cases recently. One of those states arizona has been told to fully activate its emergency plan. The cdc warning of dramatic spike nationwide. A new report shows the number of daily infections in the United States is up about 36 . President trump headed to Dallas Church today to talk Race Relations and Police Reform, comes on the heels of emotional testimony from George Floyds brother on hearing of Police Reform. Im asking you is that what a black man is worth, 20 . This is 2020. The people elected you to speak for them to make positive change, georges name means something. You have the opportunity to here today to make your names mean something too. Maria and as calls grow to defund the police the sister of a protective Service Officer killed during riots says it would be wrong. It is a ridiculous solution to proclaim that Defunding Police departments is a solution to Police Brutality and discrimination. Nowhere in the nation to remove safety net that every citizen deserves from american officials. Maria republican and democrats working to pass legislation on Police Reform. We have the latest coming up. One of the fired Police Officers charged in the death of george floyd out of jail on bond, thomas lane posted 750,000. He was released from a minneapolis county jail yesterday with conditions. Lane along with 3 other officers charged with aiding and abetting seconddegree murder. His next Court Appearance on june 29th. A Prosecutor Says remains found under property of cult mom vallow are her missing children. Chad will be back in court. Jj vallow and kylie ryan had been missing since september. Martin, jr. , picking up first win of the season. Bubba wallace coming in 11th place, first africanamerican driver on top cur circuit in 25 years. Sharp selloff underway. Futures indicating a decline of better than 400 points after the Federal Reserve expects to keep Interest Rates near zero through 2022. The central bank predicting gdp will contract 6 and a half percent this year. Sees unemployment, second coronavirus wave as some states see jump of confirmed cases after the reopening and also leaving investors skeptical of quick economic recovery and thats why we see market tumbling there morning. Chief investment officer, steven, along with Dagen Mcdowell and mark tepper and Kristen Soltis anderson. Steven, let me kick it off with you, your reaction in the Federal Reserve . Probably positive, maria. We agree with them that its a ushaped recovery and thats why we have been scaling back on equities, we are still overweight because we thinks 11, 24 months from now the markets will be substantially higher. Weve come a long way fast. Theres a lot of chopping of wood ahead here, the process has created destruction thats not going to make a perfect recovery but netanyahu we are moving forward. I like the fact that the fed remains vigilant. Its like when we invest in companies, i like management teams that are worried. I would rather have one thats worried than overly optimistic. Maria it was no surprise that Interest Rates will stay low for a couple of years, we were talking about 2023 on this program which is what Cornerstone Macro has been saying. Are there negative impacts from rates where they are right now . Is that something that markets are unnerved by . I dont think, maria, as long as we dont go negative rates. I dont think the fed is inclined to do that. In fact, the easier they are near term, the least likely that is. Negative rates i think would be very negative as it has been in europe and japan but he didnt talk about that at all. What was different about yesterday, maria, he did actually state the guidance and youre right, i think most market participants, at least we have been thinking that as well and you have on your show, you know, unlikely to raise rates soon. In a way not a surprise. It was a debate whether they would begin restating guidance like that he did yesterday. Maria that was one of the changes. Mark tepper, jump in here . Mark yeah, so the fed will stay accommodative for a long time. Looks like they are trying to fight deflation. They will be there to backstop the economy. The stock market needed a breather anyway. It was at most over level in 30 years. You have seen catchup and in the last 3, 4, 5 days the worst performers. This shouldnt come to most surprise of most people. Its going to take a while for the economy to get back a whole, i mean where we were in 2019. If you thought it was going to happen this year you were overly optimistic. I think its going to take to 2022 for earnings to get back to where they need to be. Maria yeah, this is an important point that youre making, mark, what about that steven, because as valuations have continued to creep up no sign of retreat for the nasdaq. We had another record high yesterday. Nasdaq finished above 10,000 yesterday for the First Time Ever driven by Technology Stocks like apple, amazon, microsoft, they all closed at new highs as well. Steven, lets talk about valuations here and the issue that maybe we are seeing a pullback because of where we are in this market. Weve had a meltup even as things have been tough for the economy and with this pandemic. Thats true, maria. I think people get that. If you look at just the average, you kind of miswhats going on underneath the cover. Some of the Big Companies that youre mentioning, they have been growing earnings and revenues through this pandemic and are in a way their Competitive Position has been enhanced by corona and post corona world that we are now entering and theyre not cheap. They moved a long way, we get that. We are maintaining our core positions there, no, i wouldnt be adding to them right here. They certainly are good for some consolidation. The thing thats more interesting to us in the market right now is to play in those survivors, the ones that are going to make it through but theres a lot here because as you say matter of when the economy gets back to trend earnings, weve got it Fourth Quarter of 2021 which may be more optimistic than some, but its not today, thats for sure. Maria so so real quick on the last quick, stephen, let me ask you about the new spike we are seeing. I was on the phone with somebody in washington. We have to wait 2 weeks. We have to wait for the rioting and looting and peaceful protestors standing next to each other all across the country is going to mean a spike in cases. We will watch that in the next 1 weeks. We are not at the intubation period yet. Are you worried about things taking a step backwards . Look, i think we have to expect theres going to be a spike. Not just a demonstration. The americans have been out and about the last several weeks in a lot of states so we are going to see a spike. We are going to see a rising trend. I think whats making people comfortable is mosaic of solutions that seem to lesson the risk that if i get this thing im im heading to the emergency room. Those things together, the treatment protocols, the vaccine on the way, the better distancing, we will see, but its certainly another reason to be a little bit cautious here near term because we will certainly see a spike as as people get out and about. Maria all right, we will be talking about that in the next segment with the chief scientists at j j. Stephen, great to see you, you have been bullish and you have been right. Stephen auth, we are Getting Started this morning; a lot to come, coming up Johnson Johnson scientific officer on new efforts of coronavirus recovery. Andy mccarthy who says charges for attorney general Michael Flynn should not be dropped. You dont want to miss that with a lot of changes coming up. In the 8 00 a. M. Hour this morning dont miss chairman of iac barry dillar. And patrick reed to talk reeds cancer cure which used new experimental drug, big show coming up here. Quick break and next jobs in america, the country seeing rise in cybersecurity professionals if you work from home, plus work it out dance style, Youtube Influencer using dancer teams to keep fans in shape. You have to love that. We will be right back. 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Thank you very much for joining us, can you give us status check on where you are in terms of those trials for a vaccine . Yeah, we announced yesterday that we would be able to accelerate trials, phase 1 studies to start somewhere midjuly, thats with the fact we had better outcome in clinical studies, so that is now by the second half of july we should be going on Clinical Trials. Maria that is just wonderful news, sir. If the vaccine is successful there may be some struggle getting enough doses, right, convincing people to take it, a poll released yesterday by fairly dickens university more than a third of adults would not likely take the vaccine if available. Dr. Stoffels, how does Johnson Johnson plan to get to as many people as possible and talk about distribution, do you need to scale up distribution in order to get the vaccine widely available . We are scaling up already now, escalating manufacturing plants all over the world in order to reach next year up to a billion vaccines and even later, many more serving the entire world so that might be in the billions and by the way we have large Distribution Center as j j. We can bring the product to every part of the world but then, of course, collaborating with the Healthcare System in each of the countries and specially in the u. S. On making sure that the vaccine reaches every corner, every pharmacy, every vaccination site in order to make sure people can get access to it, and that will take large effort and collaboration with the Healthcare System. Maria tell me about the vaccine because your vaccine platform has been used to develop candidates for ebola, hiv, zika, the platform allows vaccines to be shipped and stored at temperatures that the u. S. And Global Supply chain can handle. What else can you tell us about the vaccine for covid . The vaccine for covid has been extensive study for animals. And we have seen very good immune response in animals. We have seen that several times where like you said the different vaccines we have developed we go from lab to animals and lab to humans. It was predicted that what we did for animals was predicted for humans. We have a high likelihood that we can come up with a vaccine. The question is Clinical Trials have to show whether its protective or infection and disease as well as safe. We have vaccinated so far 65,000 people in all the studies with all of the vaccines and the vector, the vaccine has shown to be safe. We are confident that we can get the safe vaccine efficacy needs to be proven. Maria what are your thoughts about reopening the economy having produced spikes in certain corners of the country . We thought we were on the way down but now we are seeing spikes across the country. Does this concern you, dr. Stoffels . It concerns me the number of people that are antibody positive are quite low. We have expected that many people would have gone through this. Significant risk for large part of the population, therefore, people have to keep discipline in how they go out and how they meet with friends and meet in restaurants. Discipline is the message here, how to behave in this new post covid period to avoid that theres a new pandemic or new significant and such. Maria when will you be manufacturing the vaccine . We are manufacturing in the u. S. , holland at the moment and europe, we will have manufacturing plans in asia and spread manufacturing to all of the regions where the vaccine will be needed. Maria terrific, great news, we love having you this morning, we will keep watching the development, thank you, sir. Dr. Paul stoffels joining us this morning, chief scientist at Johnson Johnson. Quick break, happiest place on earth, disneys reopening plans and when you can actually visit. 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So, yes, spare me the arguments about what the flag really means, i know exactly what it means, it means pain, it means anguish and embarrassment and the most shameful of the pages of the history of the United States and thats no small achievement. In the years and decades after the civil war the flag became the banner of hate groups. This is a flag for museums and flag for history books and a flag and a period in our history, horrific period to be studied, but if some racing fans enjoyment of nascar and their enjoyment of a race is somehow tethered to flying this flag, then you were never a racing fan to begin with. This only opens the door to more fans and people who can look at the sport and not be offended by what they see in high def on television and when they go racetrack. Maria im glad you said its to be studied because lawmakers are also speaking over confederate symbols, statutes, House Speaker nancy pelosi calling for removal of 11 statutes with ties of confederacy inside the United States capitol building. President trump will not consider renaming military bases after mark esper expressed openness after renaming bases named confederate officers. Kristin, what do you think about this . I was unnerved a year ago when they wanted to knock down Christopher Columbus statutes. There is something to be said about looking at our background, our history and seeing where we came, how much progress this country has made. You know, i wouldnt want to take world war ii out of the history books. I want our younger generations to understand where we came and and how our men and women looked evil in the eye in 1945, but what are your thoughts on this . I think theres a difference between between remembering and honoring someone and you can remember your history as dagen said, put it in a museum and make sure children are learning about it but its different name of honor like fort bragg. I think thats the difference. Can we remember the history without honoring those who rebelled against our country and did terrible things. There has to be a way that we can do both. Maria thats right, i agree. Quick break, taking a bite out of food delivery business, big deal announced today, we will tell you about the multimillion dollar grubhub deal. Work it out dance style. Uses dancing to shed the pounds. Thats coming up next. vo at audi, we design cars that exhilarate with versatility, whether on the track, or the everyday drive. Today, that philosophy extends to how we connect with you. We call it, audi at your door. Whether a remote test drive, shopping, tradein, or even service pickup, audi at your door can do this and more at participating dealers. The premium audi dealership experience, on your terms. Audi at your door. Some Companies Still have hr stuck between employeesentering data. A. Changing data. More and more sensitive, personal data. And it doesnt just drag hr down. It drags the entire business down with inefficiency, errors and waste. Its ridiculous. So ridiculous. With paycom, employees enter and manage their own data in a single, easy to use software. Visit paycom. Com, and schedule your demo today. Maria welcome back, good thursday morning, everybody, thank you so much for joining us. Im maria bartiromo, it is thursday june 11th, your top stories right now, 6 31 a. M. On the east coast. Markets under pressure this morning. We have a selloff underway, concerns over coronavirus spike and a full recovery weighing on investors, futures 100 points right out of the gate, s p down 48 and nasdaq down 115. Dow right now down 105 points. Let me show you Technology Stocks were really standout, nasdaq closing above 10,000, a new record high up 66 points on the nasdaq but the dow is down 282 and the s p down 17 after the Federal Reserve spoke yesterday which we have the details. European markets this morning are also selling off, ftse 100 is down 121, cac quarante down 107 and germany lower by 258 points right now. In asia overnight red across the board, slow and long fall. The major indices down. Worst performer was japan. Oil prices are also sliding along with stocks this morning, good indicater of demand, price of oil down 3 , 1. 11 lower at 38. 49. Major deal in food delivery business, Cheryl Casone with those details right now, cheryl. Cheryl yeah, maria, for many people lifeline this year, grubhub is being acquired by europes just eat take away. Com, this a 7. 3 billion all Stock Transaction thats going to create the Worlds Largest Food Delivery Company outside of china. Grubhub has proposed deal with uber we should mentioned collapsed earlier this week due to potential regulatory concerns. Investors are eating up shares of grubhub, punt intended, we should add that shares of uber fell on this news. Well, ford is recalling more than 2 million vehicles nationwide due to potentially faulty door lashes. The company says the vehicles may not have had their door lashes either replaced or correctly replaced under major recall that occurred back in 2015 and 2016. It could be a danger to drivers if this doesnt get fixed. The door can unlash while driving, folks. So far theres been no reports of injuries, again, maybe ford a stock to watch there. We go in the premarket, its actually under pressure, down almost 3 and a quarter percent. Thanks, guys. Here is a look at what is trending this morning on fox business. Com, disneyland to open with coronavirus Safety Measures next month. Theme park will require workers to wear face masks and temperature checks, meet and greets will also be suspended due to social distancing, again, get a reservation. Mens warehouse owner stake steps to stabilize business, capital expenditures, inventory purchase and reduced salaries for employees making a hundred thousand dollars or more. For mow the stock moved higher in extended trading. Goldman sachs outlines plans for u. S. Employees return to the office. An initial group will return to companys new york city, dallas, Salt Lake City offices on june 22nd, return to the office voluntary. Eligible employees must complete house questionnaire. Going to work will look a lot different, maria. Those are the news, thank you. Maria cheryl, thank you. President trump is travel to go dallas later today. We will be covering that later. The president expected to talk about Police Reform and Race Relations ahead of a dinner fundraiser, the Trump Administration reportedly weighing options including an executive order to address police abuse in the aftermath of George Floyds death, South Carolina republican senator tim scott is pushing back on critics saying that he is being used by the gop to draft his Police Reform bill. Republicans are trying to counter democratic proposals launched in the house earlier this week and joining me to talk about all of that, democratic strategist and host of star report podcast michael star hopkins is here and republican strategist jonathan madison. Jonathan, first your reaction to what is taking place and senator tim scott has been chose on the lead the effort to come up with reform ideas . Yeah, as Mitch Mcconnell said, you know, tim scott, African American understands some some of the challenges that are out there particularly with with regard to Police Reforms that are actually needed and senator scott said on numerous times hes actually had encounters with police that were aggressive. He understands from a personal level on how to actually deal with some of the issues. Im very breasted and intrigue today hear how he actually approaches the issues. I think its going to take a collective effort from the senate and the house but particularly Senate Democrats and Senate Republicans need to stop this political bickering and stop towing the line. The first step is immunity and one thing that we need to restore Voting Rights act and if you dont vote you dont have your full citizenship. One of the things that will pick up steam in the wake of what happened in georgia a couple of days, make sure that we are protecting peoples right to vote. Maria yeah, how has the administration handled this so far in your view, michael . Micheal i think the administration has been tone deaf in the last week and a half, 10 days. We saw the president come out at the beginning of george floyd incident and talked about what a tragedy it was and the tone shifted and the more we saw protestors on the streets and the more reticent the administration got and threats to dominate them or; you know, the incident we saw in lafayette park. I think that the Administration Needs to talk to africanamerican leaders and talk to Law Enforcement and bring the collective country together so that we can solve this because its not going away. Maria and jonathan, it was a response to what took place on the ground which was not just peaceful protestors but looters and rioters trying to flair things up. Jonathan absolutely, the movement is something that we need. Looting is something that we dont, right, so very important to keep perspective here. We need this movement. Its an amazing time in our nation to move the dial forward and we need important Police Reforms that are happening as a result of the movement. We need to ban chokeholds, abuse of power by Police Officers tasked with protecting us but what we dont need, maria, we dont need to Defund Police departments. Thats where i draw the line and to that extent i hope that we can come together and agree with that, agree on that. Maria yeah. What are you going to do . Go ahead. The idea that we are going Defund Police i think has been bad messaging on the part of some of the activists because its not what they mean we need to allocate funds so you dont have Police Budgets that are 50 plus, 60 of their budget. What we need to do is take a lot of the funds and reinvest them in education, in healthcare, in social work rather than having a bloated Police Budget where we have militarized local police that dont fit the actual need for what the city is dealing with and in those terms i do agree maria will they have the resources to continue to make sure that the rule of law is followed if you get broken into, who are you going to call . Absolutely, i had a Home Invasion when i was in college and i called the police because thats who you call but police shouldnt be responding to homelessness, police shouldnt be responding to people having mental breakdowns. Thats not their function. Maria what do you think of mitt romneys thoughts on the november election. The utah republican and pretty often critic of the president predicted that President Trump will win reelection this fall and he predicted that the gop will retain control of the senate, the lawmaker spoke to reporters after a Republican Senate luncheon yesterday and said all of this, your reaction, jonathan. Jonathan so im in inclined to agree with mitt romney. He has no incentive to make up numbers here in his head. He has a terrible relationship with the president as we all know and im inclined to agree that the president ial is going to mere the senate election, so to the extent that trump wins and succeeds, youre also going to see the same wave from the Senate Republicans. I do just have to respond to something that michael just said maria go ahead, sure, go ahead. Jonathan michael, who are you going to call if someone who is a victim of domestic violence, young lady, perhaps, calls the police and the dispatcher says, hey, im sorry, we actually dont have anyone on staff right now but do due to budget cuts, standby, everything will be okay, you cant say that. We need actual we dont need to Defund Police departments, we dont need to make those cuts and and if theres any reinvestment in those funds perhaps it should be to allocate it to Police Mental health and awareness, training programs, but i think its i logical to say maria certainly we need resources there. Yeah. Right. Sorry, maria. Maria michael, final word here, go ahead. Micheal i will say that republicans never have any trouble defunding health care, defunding social programs to help poor people, when we talk about Defunding Police maria i dont know if thats true. No one is talking about defunding health care. Defunding obamacare is something maria the republican plan is Smaller Government so that its not the government controlled healthcare, not defunding healthcare so that its the private Sector Health care. Go ahead, michael. Micheal defunding things like planned parenthood is often talking point of republicans and so we understand how jonathan we are not talking about that, michael. Micheal what we dont understand is take a holistic approach and solve problems. The big issue is overpoliticization of the big issues. We know how to solve and now we have to come together and figure out how to do it together. Maria yes, we do. Michael star hopkins, jonathan, gentlemen, great conversation, we will see you soon. Markets down 500 points. We will be right back. On people our advisors, associates, clients and communities gives us purpose, strength and a way forward. Today. And always. Now every bath fitter bathbath fis installed quickly, safely, and beautifully, with a lifetime warranty. Go from old to new. From worn to wow. The beautiful bath youve always wanted, done right, installed by one expert technician, all in one day. Weve been creating moments like these for 35 years, and were here to help you get started. Book your free virtual or inhome Design Consultation today. Maria welcome back, the number of americans working from home nearly tripled since the beginning of the coronavirus pandemic. Take a look at the numbers. New survey from creditcard. Com hope a majority continue to work from home. 80 would like to keep working remotely 2 days a week and 30 want to go work full time. Joining me right now creditcard. Com ted rossman, what do you think is behind the numbers and does it continue . I think people are really loving the fact that they can just roll out of bed, get downstairs and be at work. They are saving a ton of time on the commute, getting more time with their families, i was really surprised that people working from home on average are spending a little bit more but they are fine with it, they love the new lifestyle. Maria you also see more companies trying to accommodate people who are looking at life differently after this pandemic. I think flexibility is really key and i think theres really leg to this trend. Its going to have ripple effects on employers, employees, even the broader real estate markets commercial and residential. Im hearing a lot of demand from realtors further away from city centers. In some cases quite far because if you only have to go to the office occasionally people will go much further out, have dollars stretch a lot further than you did before. Maria yeah, people want to drive to work, they want to be able to control their own fate in terms of their commute rather than taking a train. What other trends are you seeing right now . I think that part is true. I think that might be more shortterm. I think what will last long term is this information economy. Weve already seen leading Companies Like facebook, for example, saying that about half of their workforce could be working remotely within 3 years, others like twitter, google, square, theyre also really going into work from home. Its something that people really like and i think employers are increasingly getting on board. They see that it could save them money in terms of office space and people are still productive. Maria yeah, even in some cases more productive. They are also spending more money. Survey is finding that people are spending more money on groceries and utilities while saving on child care and gasoline while working from home. I was surprised that the savings were so min call, it was only really 30 bucks a month in categories like restaurants, gas, public transit, child care, i thought people would have been saving more in those areas. They are spending a lot on things like groceries and utilities, groceries, you know, youre home more, eating more at home. I think that some is temporary, utilities that makes sense too, you are running more ac and appliances. Maria sure, makes sense, ted, great to get your insights on this, thank you so much. Thanks for having me. Maria ted rossman on all of the trends while we are at home in shelter home mode. Coming up, we have marked 25 years in mornings with maria, anniversary of 25 years last week, we will take a look at the latest hits facing leaks takes strength. So heres to the strong, who trust in our performance and comfortable, longlasting protection. Because your strength is supported by ours. Depend. The only thing stronger than us, is you. Dagen mornings with maria celebrating 25 years on the five years on the air last week and its impossible to wrap your head in the places that maria has been. All the stories that she has covered. This will give you a look. Good morning, im mornings with maria, welcome to mornings with maria, debut show. History being made today. We will be talking about this for many, many years. Maria have you spoken to xi jinping . I have a very Good Relationship but right now i dont want to speak to him. Maria europe is speaking on the idea that President Trump and your administration wants to ban or potentially slowdown the use of hauwei technology, is that what you found in europe . If the country adopts it and puts it in critical information system, we wont be able to share information. We wont be able to work along side them. Maria all equipment does not have vulnerability . Coming to you live from the World Economic forum in davos, switzerland. Maria wow, gorgeous. Look at this. Maria happy halloween, everybody. We are doing the big business of halloween and not just for people, you know. Look at that. Maria one of the famous gloves worn by the king, michael jackson. This has never been on the auction glass, is that right . Thats right, theres been a lot of gloves in auction but this one was in storage unit that no one knew about and it was over a decade and a half. [cheers and applause] maria today is a very special day for me. One year since i brought dusty home into my life. Dagen you not only have a giant brain, maria bartiromo, for business and Everything Else and one with huge heart. I love seeing you with dusty. Again, a couple of i would say the hallmarks of what youve done here are your coverage and identified the russia collusion hoax and also china and our relationship with china and what has really been going on, leading up to the pandemic. Maria yeah. I have been so honored to sit next to you every day for 25 years, dagen. You have just brought an incredible i mean it. You come every morning and you are ready to talk about the most important subjects of the day, so well read and i want to thank our audience right now for being so incredible and to just help us lead to the truth and make sure speaking out the truth, big thank you to our producers, copy editors, directors, stage managers, makeup, everybody here. Its a full team effort. We are so honored to say thank you to our audience for making us number 1. Its been an incredible 25 years. Congratulations five years, congratulations and thank you to all. Coming up elon musk a free Life Insurance program just for healthcare workers fighting covid19. So to all the healthcare workers on the front lines, thank you. Maria welcome back. Good thursday morning, everybody. Thanks so much for joining us. Im maria bartiromo. Is thursday, june 11. Your top stories 7 00 a. M. On the button. Markets under selling pressure this morning, we have a pretty good selloff underway. Concerns over a spike in coronavirus cases and a slow recovery weighing on investors. Some states are seeing a jump in confirmed cases after easing lockdowns, as the u. S. Surpasses 2 million cases of the coronavirus. Dow industrials down 576 points, also because the Federal Reserve chair jay powell saying yesterday the fed will continue to support what could be a long recovery. Were not thinking about raising rates. Rear not even thinking about thinking about raising rates. What were thinking about is providing support for this economy. We do think this is going to take some time. Maria this all coming after a mixed session on wall street yesterday, Technology Stocks were a standout. The nasdaq closing above 10,000, a new record high for the nasdaq. Meanwhile, a regulatory crackdown on amazon, the stock is under pressure this morning after a report says that the European Union will issue formal antitrust charges against amazon over treatment of third party sellers. The stock right now is down 1 and three quarters percent. The economic recovery continues, iac and Expedia Group chairman barry diller is here at 8 00 a. M. Eastern. Dont miss his insight on where the growth in the economy is coming from. President trump headed to dallas to talk about Police Reform as protesters continue to take to the streets across the country. Plus, the next jobs in america, the next job is in america, with more people working from home the cyber threat is surging. Were taking a look at the growing demand in the world of Cyber Security. Mornings with maria is live right now. And Global Markets this morning are under selling pressure. Europe mea mean in european indices down across the board. The dax index lower by 283. In asia overnight red across the board as well following the Federal Reserves warning of an economic recovery taking a long time. As you see, the worst performer was japan, nikkei down 2. 8 overnight. Oil prices are lower this morning along with stocks. As you can see. The price of oil 38. 085 a barrel. That is down about 4 . Joining the conversation this morning, Dagen Mcdowell, mark tepper and kristin soltice anderson. Great to see everybody. Dagen great to see you, maria. Maria confirmed covid19 cases in the United States have now surpassed 2 million. The nation hitting this grim milestone as several states have seen actually a surge in new cases as the reopenings take place. One of those states, arizona, has been told to fully activate its emergency plans. The cdc is warning of a dramatic spike nationwide. And new reports show that the number of daily infections in the United States is up by 36 . President trump is headed to dallas today to a church to talk about Race Relations and Police Reform. It comes on the heels of emotional testimony yesterday from George Floyds brother at a house hearing on Police Reform. He didnt deserve to die over 20. Im asking you if that is that what a black man is worth . 20 . This is 2020. The people elected you to speak for them, to make positive change. Georges name means something. You have the opportunity here today to make your names mean something too. Maria and as calls to defund the police grow, the sister of a protective Service Officer who was killed during the riots says it would be wrong. It is a ridiculous solution to proclaim that Defunding Police departments is a solution to Police Brutality and discrimination. Gets us nowhere as a nation and removes the safety net of protection that every citizen deserves from our communitys elected officials. Maria republicans and democrats are working to pass legislation on Police Reform right now. President trump is headed back to the on the campaign trail. Watch this. He will be holding a rally next friday in tulsa. It will be the president s first rally since early march. President trump is also working on rallies in other of states including texas, florida, arizona, and north carolina. Meanwhile, tesla on the version of becoming the worlds most valuable automaker, with a market cap of 190 billion, closing in on toyotas 210 billion valuation which includes treasury shares. Tesla was not making even making a profit earlier this year. Stock nonetheless at 1,001 a share. Under pressure this morning after closing above 1,000 yesterday. Starbucks accelerating its move toward more takeout options, the company is closing 400 stores over the next 18 months as it expands its carryout and pickup only locations. Star backs plans to open 300 of those stores in north america. The ceo, kevin johnson, says the changes are driven by the covid19 crisis and the need to offer a safe and convenient experience for customers. Shares are down 2. 5 . More stimulus money on the way, treasury secretary Steven Mnuchin says that the u. S. Needs additional fiscal stimulus, particularly for businesses struggling to reopen from coronavirus related closures. Mnuchin says hes open to the idea of another round of stimulus payments to help get people back to work. I say its one of the things we want to consider and the reason not to jump into cares 4 is hopefully we wont need a cares 5 and a cares 6 and were going to consider using all of our fiscal tools, working with congress, to make sure that we restore this economy back to where it was and where it should be and to make sure that the Many Americans that still dont have jobs get back their jobs. Maria joining me right now is Senate Joint Economic Committee Member and Senate Health education, labor and pensions community member, georgia senator, kelly loffler. Its a pleasure to see you. Thank you so much for joining us. Thanks for having me on, and congratulations on five years. What an honor to be on your show today. Thank you. Maria thank you so much. Appreciate that lets talk about the stimulus and what youd like to see. Where do you think are the holes right now . I know were trying to understand better where the cares act has landed and how its being distributed and how that plays out before another stimulus package is coming up. But what are you and your colleagues talking about in terms of the real need for a fourth stimulus package, senator . Well, its an important question right now and as we look at the efforts that weve put out through the cares act and cares 3. 5, its been around jobs. Jobs, jobs, jobs, so what can we do to get people back to work. This is the number one thing i think that weve done to help rebuild this economy quickly after implementing the cares act. Nearly 3 trillion of aid and roughly half of that still has to be deployed and ive actually spoken with secretary mnuchin about ideas i have for how we can continue to use that stimulus to get jobs built back up, get our employers open for business. We still need states to open, thats happening gradually. But here i am in washington, much of the city is still shut down. We need our economies to open back up. Maria yeah. I want to ask you about that, because weve seen a little bit of an increase of covid19 cases in pockets across the country. Thats raising concern of a second wave of coronavirus and whether or not its emerging. In georgia, the statewide shelter in place order ended april 30th. Today there are nearly 54,000 cases. Senator, how are we supposed to balance the idea that we want this economy back in a normalized zone and yet the more we come out and interact and engage, the more the risk increases for this pandemic to show up again in a big way. Were seeing spikes. Well, maria, were also seeing increases in testing so naturally were going to see more cases and we know much more about this virus today. We know its transmissibility. We need to talk about how we reopen safely. When georgia reopened, we continued to flatten the curve. Weve seen hospitalizations decline, the rate of death decline. Weve done it safely and people are thrilled to be back in their jobs, getting back to church and synagogue. We need to continue that dialogue. We had a hearing this week about getting kids back to school. Millions and millions of kids across our country and ive developed a plan called usa rise plan about how we go back to work safely, rebuild the economy at the same time. Meanwhile, managing the safety precautions we need to take around the virus. But the number one concern right now has to be getting people back to work safely. Maria yeah, these are all really important points that you make. Let me ask you about georgias primary elections on tuesday, people were seen waiting in long lines for hours to vote. Could this be a preview of what november will look like, these long lines . Can we get this done any more efficiently . Well, we absolutely have to. What we saw on tuesday is unacceptable. It really doesnt represent the best of georgia. I know well come together to fix those challenges. People have to have free, fair access to vote and we have to have confidence in the system so everyone who wants to vote gets to vote. And yes, in november we have to completely fix that and i trust the state, the counties are very much working on that today. Maria and what are your thoughts as the president now heads to dallas to talk about Police Reform . Weve got these movements across the country to defund the police, senator. Your reaction . Well, i think the president has done a great job of demonstrating what we need to do. He, like i, has mourned the loss of george floyd. Our hearts go out to his family. At the same time, im so glad to see justice being done quistly in that case. That needs to happen. We cannot, however, defund the police. This movement is completely wrong. In fact, we need to give the police more resources. We need to honor the work that the police force around our communities do. They do tremendous work for us, keeping us safe and i know the president is looking at how we preserve law and order and we can always improve. Thats what america does. Theres always room for improvement. And i trust that what comes out of this process will be positive. Of it will bring that needed change. So that Police Officers get the respect that they deserve, the resources that they need to keep our communities safe and i just i have to say thank you to our Law Enforcement community for everything they do every day across the community because i know they want the bad apples rooted out too. Maria yeah. All right, sense torn senator, o talk with you this morning. Thanks so much for joining us. Thank you. Maria thank you very much. Much more ahead this morning. Former federal prosecutor Andy Mccarthy is here on the outside attorney who says the charges against Michael Flynn should not be dropped. And then the founder of alexandria real estate, joel marcus, on the state of commercial real estate. Lot of changes happening there. Next hour, weve got the chairman of iac and expedia, barry diller with me talking about all things economy and digital and the state of the travel industry. Then an interview harry reid joining me along with his doctor to talk about reeds cancer cure using a new experimental drug. Dont miss that, its coming up. First, quick break and futures are down better than 500 points this morning after another record day for the nasdaq, what are driving markets this morning, why are markets unnerved after the Federal Reserve yesterday. Next up, jobs in america. The next job increase, the country seeing a rise in Cyber Security professionals who can work from home. Well tell you about it. Effortless is the lincoln way. So as you head back out on the road, well be doing what we do best. Providing some calm in your day. With virtual, realtime tours of our vehicles as well as remote purchasing. For a little help, on and off the road. Now when you buy or lease a new lincoln, well make up to 3 payments on your behalf. Maria welcome back. Facial recognition and bias, amazon is announcing it is halting the use of its facial Recognition Software by Law Enforcement for a year. It comes as pressure builds on companies to respond to the killing of george floyd. It follows ibm also saying that it will stop developing facial recognition technologies. I spoke with the founder of oculus vr, palmer lucky, about Companies Like google pulling away from contracts with the United States government just last month. Google walked away from that pentagon contract and you made you said when that happened, look, we cant have our leading Companies Walking away from government when they need u. S. Companies innovation most. Right. Well, this is a pretty unique point in u. S. History. Theres never been a point before in u. S. History when the most Innovative Technologies companies were shying away from work from the dod. This is why im a believer in the Defense Companies who say well do work for dod and were never going to back down. Thats why i started my company. Maria Dagen Mcdowell, this issue of facial recognition is real important and also the issue of american Companies Walking away from the government during such a critical time, thats what palmer lucky was upset about after seeing google walk away from the project may vein at the pentagon because its maven at the pentagon because the employees complained about working with the administration d. Dagen this is an issue of privacy with facial Recognition Technology and more than that, bias. There have been multiple studies that show that most algorithms in facial recognition are more prone to misidentifying black americans and other minorities faces rather than white people and i can go back to the study done by mit a couple years ago. In fact, it found significant differences in the accuracy of facial recognition systems, depending on sex and skin color. And there was a major government study funded study that came out in december that backed up that existence of bias. Thats the issue here. Amazon will continue to allow this technology to be used to fight Human Trafficking and missing children but a lot has to change in terms of the efficacy and the bias of this facial recognition. Maria and the privacy is a major deal. Thats why that company, ring, had to many problems, because youve got cameras at your door. Anybody who comes to your front door is being recorded and theyre making mistakes in terms of what those visions show. I think its really important to recognize that there are billions and billions and billions of pictures of americans in databases right now. Weve already seen facial recognition and tracking of faces and its all in a database right now. You know, china uses this to track its citizens. China tracks its citizens and then gives you a social score at the end of the year. So i can understand why this is such a slippery slope. Kristin, your thoughts . Yeah, this is why Companies Like microsoft and amazon have been asking government to do more to regulate the use of this technology. Typically Big Companies, they dont want government regulating, dont get in my business. In this case they want the government putting up grader guardrails. In Washington State they passed legislation in march of this year. A lot of jurisdictions dont have guardrails in place that we probably need to have companies feeling comfortable moving forward. Maria its a good point. Coming up, read before you share, twitters new warning about articles making buzz this morning. Plus, work it out dance style, meet the Youtube Influencer using dance routines to keep in safe. Back in a minute. Just dance. Going to be okay. Just dance. When you say what youre in the mood for, the xfinity voice remote will find exactly that. Happy stuff. If the groups happy, im happy. You can even say a famous movie quote and it will know the right movie. Thatll do, donkey youre expecting prince charming . You can learn something new any time. Education. And if youre not sure what youre looking for, say. Surprise me. Just ask what can i say . To find more of what you love with the xfinity voice remote. Maria new developments and somber news coming out of the lori vallow case. Relatives of the family say the Human Remains Found at the idaho home of vallows husband are her children. Police have not confirmed it yet. We know vallow was arrested in february, months after her children went missing. Daybell was taken into custody tuesday, bail set at 1 million. Joining me right now is criminal defense attorney, joe takapina. Great to see you this morning. Your reaction to all of this . I guess it was a long time coming. I dont think it was a surprise to anyone that this further implicate these two individuals, parents. The evidence that ive seen so far, we dont even know really what got them back to that house and got them the warrants to dig up the property. We dont know what evidence they had that enabled the court to sign off on that order. But the evidence ive seen so far is devastating. I mean, its really fascinating that theyre going to be able to post a defense. They lied to people about the where theres. Lauren bouts of the children. Bes evidence and seems like everyone around these two dies. I mean, their kids. Their exspouses. You know, 2019 was a heck of a year for them. A lot of people died who knew these people. Maria so whats their defense . I mean, joe, when you look at the facts here, the remains of the body were waiting on confirmation from police, the remains of the body are the kids. What will they say now . What will the husband say in his defense . You know, look, obviously i dont know what their positions, honestly quite frankly i dont care. Whatever the defense is going to be, i dont think its going to hold water. Let me say this. The one thing i could see happening is finger pointing, the husbands going to have a lawyer, the wifes going to have a lawyer. Theyre going to point at each other and say she did it, i didnt know about it, he did it, i didnt know about it. That could create enough confusion. I dont think as far as i everything ive seen about lori, her direct evidence of her knowing about the children were dead, were missing, were not where they were supposed to be, is obvious. Shes lied and has asked people to lie for her and this other individual, the husband, chad, i mean, his exwife died under suspicious circumstances a few months before they went missing. He bought a wedding ring for lori on amazon, by the way. Nice romantic touch. A few weeks before his previous wife died. So, you know, i dont know what their defense will be, maria. Anyone can come up with a defense. Doesnt mean its credible. Doesnt mean its going to work. But the evidence in the case appears to be overwhelming. I want to give people the benefit of the doubt and the presumption of innocence. Maria all right, joe. Thank you so much. Trying to understand this case, which is obviously horrific. Well take a break. When we come back, my exclusive interview wit harry reid, will e joined by his doctor to talk about his cancer cure. Teslas elon musk has a lot to smile about these days. Well tell you whats new coming up. Stay with us. Why bother mastering something . Because when you want to create an entirely new feeling, the difference between excellence and mastery is all the difference in the world. The lexus es. A product of mastery. Experience amazing at your lexus dealer. And mine super soft . With the sleep number 360 smart bed, on sale now, you can both adjust your comfort with your sleep number setting. But can it help keep me asleep . Absolutely, it intelligently senses your movements and automatically adjusts to keep you both effortlessly comfortable, and snoring . No problem. And done. Will it help me keep up with him . Yep. So you can really promise better sleep . Not promise. Prove. And now, save up to 600 on select sleep number 360 smart beds. Plus, 0 interest for 48 months on all beds. Only for a limited time. Now every bath fitter bathbath fis installed quickly, safely, and beautifully, with a lifetime warranty. Go from old to new. From worn to wow. The beautiful bath youve always wanted, done right, installed by one expert technician, all in one day. Weve been creating moments like these for 35 years, and were here to help you get started. Book your free virtual or inhome Design Consultation today. Maria welcome back. Good thursday morning, everybody. Thanks so much for joining us. Im maria bartiromo. It is thursday, june 11th. Your top stories, 7 30 a. M. On the east coast. Markets are selling off this morning, new concerns over a spike in coronaviruses across the country and a slow recovery. Thats weighing on investors this morning after we heard from fed chief jay powell yesterday. Futures at the lows of the morning, looking at a decline out of the gate of 640 points on the dow industrials. Thats better than 2 . The nasdaq right now is down 156 and s p is down 63. This after a mixed session yesterday on wall street where Technology Stocks were really the standout. The nasdaq closed above 10,000, which was a new record high with a gain of 66 points on the nasdaq. But the other major indices were lower, dow down 282, s p down 17 points. Global markets continued the selloff. The fq100 is down about 150 points, the cac in paris is down 132, and the dax in germany lower by 330. In asia overnight it was red across the board following the Federal Reserves warning on the economic recovery, saying it will take a long time, Interest Rates staying low until 2022. Down across the board overnight in asia with japan the weakest performer. Oil prices are down this morning, sliding along with stocks, the price of oil at 37. 96 a barrel, down better than 4 . This is the low of the morning on crude oil. It is a wrap for a popular reality show. Cheryl casone with details there. Cheryl, good morning. Cheryl good morning, maria. A e is pulling live pd following protests and civil unrest over the death of george floyd while in police custody. Live pd was on the air for 32 seasons, showed cops on patrol in realtime in cities around the country. A e suggests the show could return in a different format sometime in the future. In a Statement Given to deadline, they said they would meet with community and civil rights leaders and police departments. Live pd and cops, you may know that show, both taken off the air last week. Cops will not be returning for its 33rd season. Well, remnants of cristobal wreaking havoc on the midwest. In indiana, powerful winds pushing this semi over, overturned on a highway almost. Those winds along with heavy rains toppling trees, damaging homes. There goes the semi. More than 600,000 people are now without power in that region and then take a look at this, folks. Snow in june. The unusual summertime storm dumped more than a foot of snow in the mountains of colorado, denver, more than 15 inches. Parts of wyoming saw up to a foot in snow, especially along interstate 80. These wintery conditions again, its june shut down roadways for several hours. All right, heres a look at whats trending this morning on foxbusiness. Com. Disney fans petition for splash mountain to be rethemed after princess in the frog amid the calls for racial sensitivity. Fans want to retheme the ride after the princess tiana. Currently it is themed over song of the south which has been criticized for perpetuating racial stereotypes. A cosmetics change is exploring whether to close or remodel retail locations. Cocacola ends mlb sponsorship after three seasons. The company says it will still support 16 mlb teams at the local level and yes, negotiations continue maria for basbaseball to come back. The league and the owners and the players arguing about all of that. Its about money, of course. Back to you. Maria all right, cheryl, thank you so much. Weve got breaking news. Yesterday on the flynn case, blocking the department of justice, a Court Appointed attorney in the case of general Michael Flynn says that judge Emmett Sullivan has the authority and should dismiss the dojs request to drop the case against former National Security advisor flynn. Attorney general bill barr saying in a recent fox news interview it is up to the executive branch whether to prosecute, not the courts. Joining me right now is former federal prosecutor and Fox News Contributor andrew mccarthy. Good to have you this morning. Your reaction to what was learned yesterday . Well, i was taken aback, maria, by how political it was. I thought gleasons very long, very hot rhetoric memorandum starts out he comes flying out of the box by i think vastly overstating the predicate for the trump russia investigation, for cross fire hurricane which he really didnt have to do because its kind of far afield from flynn. But its just a fullthroated defense of the investigation and implicitly a defense of the kinds of tactics that weve seen revealed in all these reports. So im just really surprised. I shouldnt be anymore. But im surprised at how political it was and i frankly continue to think the legal position is frivolous. It doesnt matter whether you think judge flynn deserves whether the judge thinks or gleason thinks judge flynn deserves to have the case dismissed. Its the Justice Departments call in this system. If you want to complain about that thats why god made election day. It has nothing to do with how the case comes out. Maria but look at how sad it is to see how much politics is involved. I mean, we know that there was abuse at the fisa court. We know there was fisa abuse. The Senate Judiciary committee is going to be meeting later this morning. It is expected to debate the subpoena authorization over the fbis investigation into donald trump which was cause for crossfire hurricane. The federal governments probe into coordination between the Trump Campaign and the russian government has been knocked down. I reported it for years that the investigation saw surveillance abuses conducted by the fbi and andy, all of that, even though we know that the doj said at least two of the four wir wirets against carter page were unlawful, youve got politicians on the left refusing to acknowledge any of it. Youve got adam schiff going on tv saying theres collusion in plain sight even after we know that he interviewed many witnesses from the Obama Administration who all said the same thing. We have no evidence of any collusion. And yet they all go on tv and they say the complete opposite because they hate donald trump. You talk about politics. This thing has been laced with politics from the getgo. Yeah, it really has. And i think what youre honing in on is exactly what the attorney general is honing in on in connection with what theyre investigating because what he says his biggest concerns are, are the fact that this investigation was started with so little threadbare pree, politics had to be involved with it which matches up with what we learned from the Inspector General report. The stunning thing for anyone objectively looking at this is how they continued to pursue an investigation of the president of the United States and people who are associated with his campaign into the Trump Administration at a point in time where whatever little prdication they had for it had collapsed and they continued it for month after month after month and continued to go to the fisa court and every time, maria, swear under oath that the Trump Campaign, that the fbi believed the Trump Campaign was in ca kahots with the kremlin. Maria my sources tell me exactly where we are in terms of the john durham investigation, Lindsey Graham bringing witnesses down to interview them, heres what we know. Four fbi case agents have interviewed had interviewed back in 2017 the russian subsource. The russian subsources the guy who gave all of that garbage in the dossier to Christopher Steele to put it in. So the russian subsource was interviewed by four case agents and apparently the russian subsource told those four case agents, this is garbage, it was bar talk, there was nothing to it. So now we knew that they knew that, the four case agents knew that in january of 2017. So if john durham can prove that those four case agents told their superiors, told jim comey, told Andrew Mccabe, well, we interviewed the subsource and they said its all garbage, it was bar talk, so once they knew that the dossier had been disavowed and yet they went, continued to reup warrants into the Trump Campaign, reup warrants to spy on carter page, what happens to jim comey and Andrew Mccabe if in fact thats proven . Well, youll have to see what the chain of proof is. I assume that the higher ups are going to say they were insulated from that kind of detail about the investigation. But heres where i think the problem is for them. Not only did what you say happen, but they go back to the fisa court. I mean, this is mind boggling. They go back to the fisa court and they say they interviewed the subsource and they found him to be credible. They dont say what we found him credible about was that he says the whole thing is a bunch of nonsense. So it just seems to me to frame it that way under these circumstances evinces and intent to mislead the court and that will be the thing the Justice Department in particular finds most troubling. Maria thats exactly right. That my sources say could lead to jail time. Thats what were zeroing in on. Were waiting for the john durham criminal investigation results and of course well be talking with you about it along the way, andy. Great to see you this morning, sir. Thank you. Thanks, maria. Maria Andy Mccarthy joining us there. Coming up, the state of commercial real estate, the challenges employers are facing amid the coronavirus pandemic and getting employees back to the building, back to work. Stay with us. Maria welcome back. States and cities across the country are reopening but that does not mean that the coronavirus pandemic is over. In fact, there are now new covid19 hot spots emerging across the south and in california. Posing a challenge to the commercial Real Estate Industry as well as people start returning to work. Joining us now is joel marcus, the founder and executive chairman of alexandria real estate. They are leading the way if developing a covid1 covid19 ve and joel it is great to see you this morning. Thank you so much for joining us. I want to get to the vaccine in a minute. But you know, i think that your most recent Earnings Report truly exposed and told many investors who you are and that your tenants and facilities are in the fight to find prevention and cures for covid19. Assess the quarter and tell us where you stand in terms of your own growth at alexandria. Well, maria, its a pleasure to see you virtually and, you know, please stay safe and thank you for having me on. Yes, when we reported First Quarter earnings it was really, you know, satisfying. Our Laboratory Facilities we own and operate almost 30 million square feet on the east coast and the west coast in all of the key life science hubs and those laboratories have operated 24 7 continuously through the covid19 pandemic. And our people have been on the ground, really at the forefront of helping our tenants and our clients carry the fight to really fight this terrible pandemic. The quarter was really a very good quarter, most notably we collected over 98 of our rents and in fact the month of may we hit 99. 2 , as you know. Traditional office, retail and quite a number of sectors have really been hit quite hard but our sector, the one that we pioneered 25 years ago, the laboratory space, has really done quite well. We are also able to as you may know raise our dividend just a few weeks ago at the board of director level, 6 over last year. And were very, very pleased about that. Maria well, youve got receivables at record lows, healthcare and Life Sciences are obviously deemed essential and other tenants, generally larger and wellcapitalized. If youve got more than 70 of your tenants actively working on a coronavirus testing, treatments and vaccines, youve got a group that is in step with where the growth is certainly in this economy. You know, one of the reasons that you started coming on this program many years ago, joel, was because we thought it was real interesting that your real estate is housing healthcare. And you you know, it evolved because you saw firsthand a change in the malls, a change in commercial real estate, because you were living it. Walk us through that. What has happened in the last five years in terms of commercial real estate and what do you think that looks like once we get out of this . Because increasingly, youre seeing malls be repurposed, get rid of the brick and mortar, put in an amazon reDistribution Center, put in healthcare and a cvs. Tell us how you see it. Well, i think the three sectors that really have been really come to the forefront during this pandemic really have been the data centers have done quite well, obviously were operating here on this program virtually so the need for data and data centers and the we know what the cloud has done, the impact on the way we live every day has been spectacular. Another area thats been fantastic and i think a lot of people are moving into certainly the capital flows are logistics. Everybody is ordering things at home, whether it be food or necessities and so i think the logistical real estate sector has done exceedingly well. And then our sector has attracted its been a niche over many, many years but its attracting a lot of capital flows over the last number of years and were very proud of that. You know, the fact that these companies and as you said we have more than 70 of our client tenants that are focused on developing testing, diagnostics, we hope cures and therapeutics and most importantly vaccines. In fact, as you know, the white house announced project warp speed headed by very famous vaccine developer and really great person out of glaxosmithkline and theyve designated five likely companies that will be at the forefront, we think, of providing vaccines which will be safe and effective and really help protect us including merck, j offen j, p, astrazeneca and moderna, all who happen to be in our buildings. Maria real quick, before you go, whats different about your real estate, the lab facilities, et cetera, than other real estate and are you expecting new investment in terms of changing the way commercial real estate buildings look, given the fact that now people may not want that 60floor building and wait in the lobby to get your security clearance to get in and they may not want to be touching elevator buttons, et cetera. What kind of retrofitting are you expecting and what differentiates the Healthcare Real Estate from others . Well, i do think, maria, youre very correct. I think very large, densely packed buildings especially for pure office users, now that many of the Tech Companies and others have said we can actually operate virtually pretty well, i think theres two theories going on. One is the reality today in the covid19 era where many people really dont want to come back to work, people dont have child care or schools, so theyre stuck with their kids at home and cant get into work. Those who have lived with elderly parents and then those who have preexisting conditions. So i think traditional office, the malls have to really look at the distancing, the cleanliness, the air flows, as opposed to traditional labs which we operate which were very lucky actually have natural social distancing. We have 100 fresh air, 24 7. And they really operate today in a very effective manner. Maria fantastic. Joel marcus, great to see you, sir. Thank you. Well see you soon. Well be right back. Maria welcome back. It is time for the morning buzz. First up, read before you retweet. Twitter is testing a new feature to promote informed discussions. The platform will prompt users to open and read an article before sharing it. Twitter believes it will help users be more aware of what theyre sharing. You say this will solve the issue of misleading headlines. Twitter is such a wasteland, anything would be an improvement. If this forces to stop and actually think before they share something, i think that will make a big potential difference in the ability of folks to share misinformation, stuff that isnt really grounded in reality but makes them feel good. Maria dagen more reading, less rage vomiting on social media. Bah headline [ laughter ] maria yeah. Its true. Yeah. Its actually a practical step, right . Because you read something and, you know, people just tweet things and maybe they havent read the whole piece. Dagen they didnt read the first sentence of it. They read the headline. But continue. Maria yeah. Well, mark, your thoughts . Yeah, i mean, a lot of click bait out there, right. Like dagen said. You see the headline and thats about it and you kind of go from there. You know, its been an issue with social media for quite some time. I dont think they really have it figured out yet. Maria all right. Well take a break. When we come back we have the chairman of iac and expedia here, barry diller talking about everything in the economy from digital to brick and mortar, the state of travel, were going to get his take on the reopenings across america, its next hour, right here, mornings with maria. Stay with us. In neighborhoods across the country, youll see gratitude. Communities showing support in their own way. Our way is massmutual healthbridge, a free Life Insurance program just for healthcare workers fighting covid19. So to all the healthcare workers on the front lines, thank you. Myim 70 and i live in mill valley, california. Thank you. My biggest passion is gardening. I love to be outdoors. I have jaybirds that come when i call. I know how important it is to feed your body good nutrition. I heard about prevagen and i heard about the Research Behind it. Taking prevagen, i have noticed that i can think clearly. My memory is better. I can say that prevagen is one of the most outstanding supplements ive ever taken. Prevagen. Healthier brain. Better life. Yeah yyeah yeah hey, hey maria welcome back. Good thursday morning. Thanks for joining us. Im maria bartiromo. Thursday, june 11 your top stories right now 8 00 a. M. On the button on the east coast, the market is selling off this morning, it is accelerating concerns over coronavirus spike slow recovery on investors after jay powell yesterday, the u. S. Is now surpassing two million cases of coronavirus dow industrials down 704 jay powell says central bank will continue to support with a could be a long recovery. We are not thinking about raising rates we are not even thinking about thinking about raising rates, so what were thinking about is providing, support for this economy we do think this is going to take some time. Maria this all coming after mixed session on wall street yesterday intelligent stocks standout nasdaq closed above 10,000 at new record high, dow industrials down 282 points, of course, that selloff is accelerating this morning, ordering up major deal in deliver grubhub to be acquired by union food deliver company over seven billion dollars leading uber empty nd empty handed stock up of almost 9 right now, then next jobs in america with, more people working from home, cyberthreat surging taking a look at demand in the world of Cyber Security mornings with maria is live right now. Global markets are also selling off take a look at european indices ft 100 down 168 cac quarante in paris down 150 dax in germany lower by 347 points asian markets red across the board following Federal Reserve warning on economic recovery yesterday. Overnight you saw worst performer in japan nikkei average down almost 3 oil prices are also down this morning sliding with stocks, the price of oil now 37. 65 a barrel down almost 5 . Joining the conversation this morning Dagen Mcdowell, mark tepper Kristen Anderson great to see all this morning, on day that we have a sharp selloff underway look at futures indicating a 700 point selloff out of the gate the dow industrials worsening 20 minutes now at lows of the morning with decline, 26 and twothirds losses in energy dow down 721 points nasdaq down 146 s p 500 down 67, Federal Reserve yesterday, out out with press conference saying it expects to keep Interest Rates near o zero through 2022, Traditional Bank predicting gdp wicontract 6 1 2 some states seeing jufrn in confirmed cases after opening the country is doing more testing, so that is one reason for the spike in cases, but there are also looking at reopenings joining a meiac Expedia Group chairman barry diller thanks very much for joining us. Nice to see you even though i cant see you but nice to be with you. So many things so many things to talk about, i want to get your take on Digital Economy how only going to get duper, first let me get your take barry as businessman, the reopening, what were seeing across the country how do reopen safely what is your take . Well, i dont think you can i dont think that social distancing works in any concentrating are about aner a maefks probably need masks needs to be mandatory a period of time the only thing that will stop profession if we get overwhelming yubtime not only cases but ability of health to handle the cases. We are opening. There is once you start that process, you only go backwards, if there is a catastrophe. Yeah, it is true, i mean travel hospitality would you think one of the last sectors to open hardest hit by covid19 you are chairman expedia impact on travel do you think from perspective thickens going to look different when we get out of this in terms of travel . I dont think they are going to look fundamentally different, the thing is weve been telling airlines why they are not out there telling people, that actually if you are going to be in any atmosphere with other people other than maybe if you are outside wind blowing opposite dress, of peoples breathing, that the safestplace is probably airplane, because the air is recycled fresh air every three or four minutes 15, or 20 times an hour you couldnt be in a better atmosphere again presuming probably you will wear a mask but you couldnt we in a better atmosphere than in a plane, yet, afraid to fly i think what is going to happen people are going to i think recalibrate their risk profile to some degree based on desire, get out go around travel a basic desire. I dont think gets squashed i dont think think travel travel changes i dont think the procedures for cleaning this that plexiglass that you will craziness i should not say craziness it is not persistent is preventative but i dont think going to last that long will depend upon the strengthen of the virus and everything that weve done so tospeak bank Health Facilities so they can handle more cases. Some of youre businesses though barry have been so arithmetical you look at angies list above expectations, certainly, in the most recent quarter is resiliency are those Companies Part of the area where you are seeing an ability to continue to grow even in the face of weakness and slowdown elsewhere . Well it seems so now as you know i think that there is probably an inverse so to speak which is those companies that have benefited from a lockdown from people being at home. Once that lockdown eases, i think their growth probably will get back to something called normalcy. On the other hand travel other businesses severely impacted are going to r going to grow certainly going to grow larger than the ones that benefited. For a period of time, until you get you know real normalcy which is not going to come for sometime. It cant come. Maria so tell me about Digital Economy i feel were doing is only more prominent when we get out of this a permanent level i usually dont order delivery of groceries order delivery of everything i am doing it all. So i feel like it has been easy, of course, i am going to continue doing that. Do you think the Digital Economy trends only get bigger one of his we get out of this tell us how you see growth in that area. Well, it is look, it is inevitable we laid all tracks were laid the work last 20 years delay digital tracks in digital infrastructure. And so that has been there, you take it does you know it took a storm, of a lockdown storm to get people who had habits that just went off on without being informed by Digital Opportunities or easier than going and walking you know, easier theres a question as to whether it is a better quality experience, but walking down a corridor fic things off shelves put in things carry home do all that against looking at a stream, clearly, you know one is more efficient blp the same experience i know certify endipityseeing out of corner of eye waver you get in experiences, the quality i think may suffer some, but certainly the easy and convenience, of digital life, of course. Maria i get that in terms of commerce ecommerce, absolutely. What do you think about telehealth teleeducation these things that weve done doing last three months, would completely fundamentally change education, if in fact that is the case on the other side of this with teleeducation telehealth as well as with bullish there as commerce. I dont know what that who knows really, but that in fact it is not anywhere as good as the experience that the results are that the just learning he ability is deficient to classroom work that teleeducation has probably a very long way to go before it is any way a substitute. As far as health we all know a Health System where you are writing down things followers qs, as, paperwork stuff not digitaltized doesnt make sense the issue of privacy has been overwhelming bar to all of this but i think that over very of overtime people reduce fear encryption systems probably get better who would think that you are going to have paper files on a if it doesnt make any sense yefk telemedicine. It does, barry quick before you go, the one bright spot in this market, there has been massive meltup in technology, would you buy this market here markets down 700 points right now, what is your take on valuations where we are in terms of tech. I think the whole market, you i mean fueled by free money but i i cant imagine i think optimism, i dont get pure leap over this terrible damage that has been done deep damage has been done to this economy. Worldwide. You cannot have this kind of anything anybody any time anybody talks about v, i kind of gargle it is unlikely so i think that in the second quarter, when the numbers get announced in august or so. Yeah. And you see what damage has been done, i would think the markets would react. So you know i am skeptical right now. Gotcha great to see you this morning great to see you thriving staying safe please stay safe come back soon great to see you you, too. Byebye. We will see you soon stay with us. Well be right back. Effortless is the lincoln way. So as you head back out on the road, well be doing what we do best. Providing some calm in your day. With virtual, realtime tours of our vehicles as well as remote purchasing. For a little help, on and off the road. Now when you buy or lease a new lincoln, well make up to 3 payments on your behalf. Maria zoom censuring life streams blocking does events at least three times on accounts based outside Mainland China reality to go hong kong prodemocracy movements or Tiananmen Square massacre noonldz censorship happened not in amazons power to change laws of government opposed to free speech zoom is committed to modifying processes to further protect consumers from those wish to stifle community. People are not recognizing censors servers of zoom in Mainland China if communist government decides to censor things going to do it through zoom has done. It we have had wakeup calls last couple months about the ways in which the american and chinese economies are intertwined ways that puts American Consumers at risk whether supply chains dependent upon Companies Making things in china pharmaceuticals, et cetera, or telecommunications you ever seen rising antichina sentiment among americans not just republicans, republicans and democrats as they begin to hear more and more about what is going on there, and become more and more concerned about that influence in their lives. Yeah, mark . Yeah, this is classic china black lifting pretty much everyone that doesnt share their views now you have a zoom following in footsteps youtube facebook, already censored, you see very difficult to censor a live zoom meeting so really the only option they have is to shut accounts down, now issue i have here is zoom seems kind of learning on the fly so that is why i prefer microsoft with their application, microsoft has been around the block not making up rules as they go. Maria dagen what do you think i think this is quite concerning, and a wakeup call for a lot of people who didnt realize that the servers are in china of zoom. Dagen do i not use zoom, i will not use amazon dont ask plea to zoom with you because it is not happening for that very reason. Maria umhmm, yeah, we p pointed this out months ago important to reiterate what has taken place absolutely we will take a break whether we come back next jobs in america. Where are jobs country seeing rise in Cyber Security professionals can work from home we are going to check that out work it out, Youtube Influencer whose business uses dancing to cut pounds. Back in a minute. Maria welcome back, cybercrimes on the rise the targets people working from home. Because of the coronavirus, Cyber Security fim finding 7 employers provided work from home employees with an antivirus solution to protect device from cyberattacks the risk is real external attacks on cloud accounts up 630 from january to april according to report by Cyber Security Company Mcafee creating opportunity for next jobs in america, Cyber Security jobs joining me right now pc founder rob chang assess the situation are we more vulnerable at home . Well, i think the answer is it depends there are more people working from home clearly, an increases in 2019 saw great increase ransom ware through ports as well we have to opening up remote ports, make them so they are secure. I think in rush to do this some are not and that would make us less secure. Are you seeing new job creation, in cyberhe professionals tell us about the skill sets required, to a get a job in Cyber Security, we are really looking for the next jobs in america. We are zeroing in on cyberwe know this is rich with opportunity because it is rich with issues. Around cyberhacking but what is the skill set how are jobs there in in cyberright now. Okay actually Everybody Knows there is a shortage of Cyber Security professionals in the nation so people who get degrees are very ememployable make goodmen definitely place we need to focus as opening more ports people work at home as i said we need people with skills to not just open ports but to do it securely this needs training, and multiauthentication part of the security staff doing, remote access. Mark . Rob, what is the number one thing in your opinion, a Small Business not necessarily fortunate 500 Small Business can do to protect themselves from contradict attacks . The number one thing, by far most important thing that you should purchase be very careful about it antivirus last fine of defense against the ransom ware attack if antivirus not doing very good job you are going to getting infected consequences we learned are very dire. And how do you get the skill sets to understand the cyberissues well . What are the job requirements . Well theres lots universities now have, you know degrees in Cyber Security, even numerous organizations associations that are like cyber, so a lot of certifications on there is numerous certifications you can get you can get a degree in it so there is there is wide variety look only this is certainly Education System is investing in cyberthroughout the entire nation. All right. We will leave it there rob great insights we so appreciate it thank you so much rob chang joining tell us i point attention to this market worsened as we have been speaking down almost 900 points ahead of key Economic Economic data we are getting in five minutes dow industrials down 830 points well be right back. Then my exclusive interview coming up with former Senate Majority leader harry reid joined by doctor, dr. Patrick soonshiong talking about Cancer Treatment using an experimental drug. That is next. Advantage. Welcome back. Good thursday morning. Thanks for joining us. Im maria bartiromo. Thursday, june 11 we have breaking news on the Coronavirus Impact on jobs in america. We are standing by for initial jobless claims for the last week economists examining just over 1 1 2 Million People filed for Unemployment Benefits the last week we are waiting on Producer Price for month of may expected to edge higher a tenth of a percent ahead of numbers a serious selloff underway dow industrials down better than 800 points post Federal Reserve meeting yesterday what fed said about a long recovery, as well as concerns over a spike of coronavirus cases in a couple of pockets in the country, as the country reopens, so there is concern about a second wave of coronavirus, as well as concern about how long this recovery will take, after the Federal Reserve chairman yesterday said that Interest Rates will likely stay near zero until at least 2022ios down 813 points nasdaq down 169 s p 500 down, 78 points we are talking 40 plus million americans, having filed for Unemployment Benefits in the last 10 weeks this is 11th week we are zeroing in on, again, we are expecting another one and a half Million People have filed for job claims get to Cheryl Casone has the numbers now cheryl. Cheryl all right. We are going to few numbers start with jobless claims there goes dow a little bit of pressure there estimate 1. 55 million for the initial claims came in 1. 542 million below the estimates, and better than 1. 8 million we got last week so a tiny bit good news estimate range 1. 1 million to 1. 75, a little bit better there continuing claims, the estimate continuing claims 20 million actually came in 20. 9 million continuing claims hoping to see better number there, obviously, that would have been a good news for those that are on the ppp, look at excuse me for continuing claims, ppp program, from government looks like ppp for monthovermonth Producer Price indices this is inflation story looking at gain. 4 , versus april we had a loss of 1. 3 , you are seeing a little bit of edge up, on Producer Prices yearoveryear core down 1 10 this is for may, by the way, folks core down 1 10 seeing that 8 10 for the year core ppi decline up and down. 8 10 of a percent core ppi yearoveryear a little bit of loss. 4 , versus loss we got last month a little bit of good news piece there as we add up going back to jobsless claims quick i want to say, if you add up the 4. 265 million another one and one half million looking maria at 44 million, claims, still way ahead double the numbers we got back in Great Recession for initial claims rough numbers i brought up ppp hoping to see continuing claims number actually go down, this even though two weeks ago, you had a lot of country start to reopen that doesnt seem really helping out with the jobless claims picture so again, he number Producer Prices pretty much a little bit better than expected the monthovermonth, prices for producers that would be rough for the economy continuing claims number, wanted to see Something Better we just didnt get it. All right we got a market that is under pressure had been sharply lower before those numbers we Cheryl Casone thank you so much a market is worried about a spike in corona cases also worried how long this recovery will take, dagen your reaction to initial job claims 1. 54 million in the past week. Dagen numbers are dropping but that level still desperately horribly high for number of the people filing firsttime Unemployment Benefits since shutdown, 44. 2 million americans, have had to file for Unemployment Benefits, again continuing claims that close to 21 million still but if you look at size of the labor forceing into into the coronavirus shutdown, that is 27 , of the labor force, 27 , of working americans, had to go on unemployment. And one of the reasons this market is selling off is this, what jay powell said yesterday very gloomy millions of people may not return to prior jobs or industries, it could be some years before we get back to those people finding jobs, this is going to take a long time. And the markets reacting. Maria sure is dow industrials now lows of the morning dagen down 872 points on dow industrials, nasdaq down 168 he s p down 38. We got Economic Data of the day no surprise, for investors right here already selling medium there is this a ebb miracle recovery former Senate Majority leader harry reid says cancer free free of pancreatic cancer two years after diagnosis, the former lawmaker instrumental in passing some of president obamas most significant legislative achievements, act of act of Affordable Care act a new drug for recovery former Senate Majority leader harry reid dr. Despicable bioceo dr. Patrick soonshiong. Great to see you both thank you so much for joining us, senator, so great to see you, as you hear that you are cancer free that is wonderful news how are you feeling this morning . Like a million bucks. Whatever that is like feel good. Maria i feel good and you are attributing it to experimental drug lets talk about that, because people want to understand more dr. Soonshiong can you talk to uses about this experimental drug, and treating the senator. Thank you, maria. We have developed a National Cell you and i have in our body except engineered it to target the cancer, this is cells infused into patients with pancreatic cancer honored to be able to treat the senator. Maria so your company is innovative critical stage in Immunotherapy Company trying to harness power of immune system using natural killer cell how does it work . Well, what we do we have engineered the cell so we can grow it in unlimited supply. And as your tumor sadly especially pancreatic cancer to generate resistance the resistance marker pdl1 we engineered killer cell to go directly towards the cancer. And kill it so we infused this natural killer cell by infusing targets the cancer kills it we have natural killer cell in body tumor found a way to hide from this natural killer cell, this is now beyond what is called tcells, by doing so we are the first now to have engineered natural killer cell to target the tumor. Senator how were side effects . How was treatment . Walk us through what has certainly been a very tough road for you. Over the last couple years. Well doctors far too much there is a as changed the Health Care Delivery system in our country. He is a genius invented a drug abraxane for kinds of cancers. He is a man who i take three drugs used on all cancer patients. He doesnt do them the way others do he has lower doses not higher, lower doses nothing is that three separate agents he gives me he is the one that is manufactured the what he talks about are these cells that he invented, and side effects youve asked about those really have been fairly minimal. I do chemo lower doses he gives me sick a day or so but really side effects fairly minimal dont give up, every week every week, there is more work being done on Early Detection other methods treating cancer, cancer is a bad word dont let it get you down, just fight on. Maria c thank you for that. Thank you so much for that. And that is a tough piece of advice for someone in it getting your optimism will keep them going thank you let me ask you this. Dr. Soonshiong, because this is really powerful pancreatic cancer is spoechdz to be one of the biggest killers in all of cancer all disease you think this natural killer sell cannot only cure treat cancer but infectious zs inflammatory zs tell us other uses. When you when your body is born with a cell that protects you whether of infection whether you have a cancer, and as senator said thank you for the kind words senator but i think, i spent my life now trying to really convince my fellow colleagues, that high does chemotherapy we have been giving 20, 30 years is the wrong thing because we wipe out cells born with to protect our cells, so as senator says we used the drug abraxane to modulate, tickle the tumor so we can expose it once exposed we kill with natural killer cell. In terms of Infectious Diseases developing for treatments even like, coronavirus, where one of the opportunities used that in combination with convalescent serum, but i think specifically with regard to this cancer its not just pancreatic cancer we are treating we are treating patients with triple negative Breast Cancer we are seeing patients with complete responses so i think the whole era of now, using your own bodys natural immune system activating it finding the tumor killing tumor most important creating memory where we are going spectacular senator reed one of four patients given iv therapy through Compassionate Use Program designed for seriously ill patients who have run out of Treatment Options doctor congratulations to you how grateful we all are for your work senator let me switch gears before you go ask you, to look back in your incredible experience somebody navigated d. C. Politics as many years as you have where do you see bipartisanship going from here . You know the current level of discourse, you know the fights between the republicans and democrats. Here we are at a moment in time, where we are ripping our cities apart how do we come together what is your take . Everyone only takes a little bit of time i think with whoever new president is going to be, i think we need to understand, that we have to look back and how senate used to work, house worked well like British Parliament they can do pretty much whatever they want, the senate is not that way, the senate depends on collegiality getting along. I think we need to make sure that people understand that senate is broken but can be figuresed fixed. Do you think the democrats of acknowledge President Trump if he wins reelection in november is everybody going to get on the same train here . To a welive. We look back when president bush really lost went to Supreme Court, Supreme Court said now won. It was not a broken window not fire burning in the streets, we live in a country law prevails will continue to do that has been disrupted , because some of the things president bush President Trump has done, but we live in a Constitutional Government elected by law everything is going to be all right, law and order what we want thanks for being here prayers to you dr. Soonshiong, thank you very much an amazing experiential drug we will keep watching for sure stay with us. Well be right back. With versatility, whether on the track, or the everyday drive. Today, that philosophy extends to how we connect with you. We call it, audi at your door. Whether a remote test drive, shopping, tradein, or even service pickup, audi at your door can do this and more at participating dealers. The premium audi dealership experience, on your terms. Audi at your door. Maria all right. That is youtube fitness pop star gained more than two and a half million subscribers the fitness marshall seeing 200 jump in viewers since coronavirus lockdown joining me fitness marshall himself ceo, it is great to have you i am impressed wow we have been watching you dance all morning, what great idea, congratulations to you. Thank you so much so great to be here. So you are doing what you love you are dancing and that is what you love to do you are helping people lose weight doing it, how did you make this a business tell us how you did this. You know i felt like when younger i didnt really have a place where i sit or could just express myself be who i was i remember i got to College Audition to do be Dance Fitness instructor there was moment put the president s pop star on headed i felt like sexy quirky combination Richard Simmons bring itly i created a Youtube Channel able to access millions of people instantly. Unbelievable that is the thing how did you create Youtube Channel tell us how your turning what you love what you do so well, dance into a business, weve got viewers at home thinking i have this talent i have a different talent i want to create a Youtube Channel for myself how tough was it . It really was organic natural something that i loved to do i think that is most important thing i think the first tip is just find something that you are super passionate about what can you do, that is not just fun right now but you can see yourselves doing for years to come. And another tip is that there are a lot of Youtube Channels out there can be intimidating what you have that nobody else does your personality so you can be yourselves use that that is a week to you lastly the most important thing for me being flexible i thinkable able to adapt, and shift as things changing trends change, will help sustain a business take it from just something that your you have a hobby make it something that can last because trends always shift so just be able he pivot. Did you need to raise money to create Youtube Channel . How do you make money on this. Money has also a been interesting in the beginning i have never monetized any youtube videos because i knew popular music that was something that has made me to get creative diversity stream i took what i was doing on youtube live concert Events People did it with me in person i launched a youtube Membership Program where i take, what i offer on youtube like short three minute videos now offer 60 minute long form he versions of what is available to the public so i am able to give people a new experience engage with them in brandnew way through youtube memberships, as well as other exciting things that are on the horizon. I love it, what an entrepreneurial move great to have you good luck we will be watching dancing along request you we will see you soon thank you. We got a big loss on wall street this morning slrth the dow briefly down better than 900 points a minute aoc look where we stand we are taking a look at sharp selloff, on the worries over how long this economic recovery will take. After jay powell yesterday said rates are going to stay near zero will no 2022 at least, crude prices plunging, now oil is down roughly 7 , as you can see, 3681 last trade back in a minute. Incomparable design makes it beautiful. State of the Art Technology makes it brilliant. The lexus nx experience the crossover in its most visionary form. Experience amazing at your lexus dealer. Just for healthcare workers fighting covid19. Learn more at massmutual. Com healthbridge sawithout evenon yoleaving your house. Learn more at massmutual. Com healthbridge just keep your phone and switch to xfinity mobile. You can get it by ordering a free sim card online. Once you activate, youll only have to pay for the data you need starting at just 15 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. Its the most reliable wireless network. And it could save you hundreds. Xfinity mobile. Maria welcome back we are just 30 minutes away from the opening bell on wall street we are going to see a zbaent selloff right at opening of trading the Dow Jones Industrial average down 885 points s p down 82 nasdaq down 167 part on the heels of fed meeting yesterday the Federal Reserve said that it expects to keep Interest Rates near zero through 2022. Mark tenner that probably means beyond 2022 probably means 2023 they pledge to continue treasuries purchases qe quantitative easing forever mentioned that rate caps yield curve control in prepared remarks fomc straying that bottom line going to take recovery longer than some thought to get out of this mark . Without a doubt we have gone from 2300 to 3200 on s p literally with snap of a finger, so we were up 40 from bottom, the market was actually at point where it was most overbought in 30 years needed to consolidate there are huge discontext the economy reopens Unemployment Rate goes down, yet millions of people are filing for unemployment claims every single week, so what typically coming off major low about a 10 pullback, because up trend is strong, pull babs are viable so i would say a ton of support in that 2900 to 2000 zone where i would be adding the position. Maria i mean i think you have to kristen look at selloff in context than us we have had a meltup, for the last six months we have had this market near record highs nasdaq just hit another record high yesterday, above 10,000 you have to look at this he selloff 800 points right now in context of we are up thousands of points even throughout this pandemic. Sure i think folks are realizing news chaotic seems for average american looking at this these are scary numbers seeing but sort of tense in turbulent time from perspective i wouldnt expect to pay over long haul unless persists a couple more weeks. We will take a short break come back. Stay with us back in a minute. Those people should make a trip to michigan. Or kentucky. Or illinois. Where youll find our workers and dealers and engineers and technicians. Building for america. Were proud to employ more hourly workers than any other automaker in this country. Because we build for this country. Maria welcome back. Before we hand it over to stuart, let me show you futures. We are near the lows of the day. We will have an opening in about 30 minutes and it will likely be down 900 points on the dow. Thank you so much for joining us. Dagen, as always. Varney Company Begins right now. Stu, take it away. Stuart i think you got it right. Here it comes. Good morning to you. Good morning, everyone. Well, look, after one of the most explosive stock market rallies in history, perhaps we should expect a selloff. Well, thats what we are going to get today. The dow is looking at a 900 point loss. Same percentage drop or a little bit less for the s p, down 2. 6 . The nasdaq is going to be down 1. 6 . A huge selloff all across the board. The backdrop to it. First of all, 1. 54 million new