Transcripts For FBC Mornings With Maria Bartiromo 20240712

One hundred thousand cases a day. New york expanding the list of states on quarantine list as well. Markets this morning the first day of the Third Quarter, futures indicating this morning we are going to see a decline at the start of trading to kick off Third Quarter. Dow futures down 109 points and s p futures down 9 and a quarter. Yesterday u. S. Markets closed strong Second Quarter in the green in hope of additional stimulus. S p 500 yesterday up 47 points at 4 00 oclock on wall street. Markets had their best quarter in more than 20 years, take a look. Secondquarter numbers, up 17 on the dow, 30 on the nasdaq. Defunding the police, new york city cutting the Police Budget by 1 billion, some including like alexandria ocasiocortez says it isnt enough. Ray kelly will join me live at 7 30 a. M. Eastern joining me on the movement and what it means for already rise in crime throughout the country. A new era of trade begins the u. S. Mexicocanada trade agreement is in effect. Wilbur ross will join as well as tensions with china. Global markets this morning look like this. The cac quarante down 45 and dax by 49. Germanys Manufacturing Sector contracting in june, purchasing manager index to 3month high. In asia overnight, markets were mixed. Markets in hong kong closed today as its the anniversary of handover and marked with protestors, Consumer Confidence did see a rise in the month of june as you see the nikkei average was up 3 quarters of 1 . Shanghai composite in china up one and a third percent. Some of the top stories that we are watching this morning, breaking overnight, Hong Kong Police making their first arrest under new Controversial National security law, a maintain into custody for holding a hong kong independence flagless than 24 hours after approved measure. The sweeping legislation to crack down on decent and imposes prison terms on anyone convicted of success, subversion or terrorism. The arrests coming on the 23rd anniversary of britains handover of hong kong to china. Prison for life. Warning for dr. Fauci, could see major surge if social distancing guidelines are ignoredle. We cant just focus on those areas that are having the surge. It puts the entire country at risk. We are having 40,000 plus cases a day, ill not be surprised if we go up to a hundred thousand a day if this does not turn around and so i am very concerned. Maria it comes as several states set new records and roll back reopening plans. Texas reporting singleday record of nearly 7,000 covid19 cases. California reporting more than 8,000 cases. New cases on monday alone. Governor newsom expected tosome tougher stay at home measures in an effort to curve ahead of holiday. Now people coming from covid hot spots, california, georgia, idaho, louisiana, mississippi, nevada and tennessee will also have to quarantine for 14 days or face a fine before going out in about in the 3 states. Remdesivir shortens the Recovery Time to covid19 the only drug that has been approved by the United States. Gilead scientists which make remdesivir charges 3,200 for each treatment. Up 1 and a half percent this morning. New york city cutting 1 billion from the Police Department for next years budget, reducing overtime and trimming size of the board by more than 1100 officers. The boys are summer are back, Major League Baseball officially returns today. Players have a few weeks to get ready for new season. They hope to return next year. And futures pointing to lower opening this morning for stock prices. We are coming off strong Second Quarter, of course, best quarter in more than 20 years as stocks rebounded from the initial coronavirus downturn, the market had a great Second Quarter. Treasury secretary Steven Mnuchin and Federal Reserve chairman jay powell pledging stimulus during house hearing yesterday as many efforts are set to expire. Joining me right now mainstay capital chief investment strategist david, joining the conversation michael lee, michael strategies, Arkansas Governor Mike Huckabee and former president ial nominee himself steve forbes. Tell us about the sectors youre seeing more growth. What are you expecting to be the winners, how do you allocate capital in Third Quarter after we wrapped up such a Second Quarter . We had a great Second Quarter. All kinds of records were set for market indexes and markets actually hit their high around june 8th and we have been moving sideways since then. Thats what we expect going into the Third Quarter. So, you know, the areas that have continued to do well, it, cloud stocks, ecommerce did well during the lockdowns. As we have the renewed concerns about covid, those will continue to do well and they are doing well over the longterm, so we have the barbell strategy for equity strategy with those those sectors on one side, those stocks on one side. On the other side, what weve had since april are the energy, they got beaten down a lot of the market, february and early march. Theres a long road ahead of us but those areas are doing now in recovering and thats on the other side of the barbell, so we have the mixture now of the longterm secular growth stories on one side of the barbell and the cyclical on the other side. Maria steve, jump in. Steve yesterday joe biden appeared in badly, what is possibility of huge possibility change in november which would not be good in terms of regulation, taxation alike, when is that going to weigh on the markets or is it starting to do so . David we will start to have impact on the markets leading up to the elections. Markets hate uncertainty, as you know, steve and theres more uncertainty as who will be in office its we look at the data over time, we look at the studies over time, theres a lot of belief as to how much impact whether its republican president or a republican or democrat as president but in the leading weeks up an months to election, as we get closer is the uncertainty. Markets want certainty of the election. Something very different happened, but it was about placing certainty on it. So that uncertainty will start to create more volatility in the markets leading up to november. Maria yeah. Steve not just uncertainty but the tax increase. Maria go ahead, steve. Thats a good point. You have two different policies here. Steve, youre talking about a tax increase should biden win the election . Steve should biden win the election, not to mention all of the deregulations and the new president if it is biden, coming in and taking away all those executive orders which pushed back the regulatory barriers that we had. Maria thats a good point and what about that, david, is there a view on wall street at this point in terms of where this election goes. We know what we have seen in the polls, do you expect that markets start trading down if they start believing that the policy changes significantly, steve makes a really good point. Joe biden has been talking about raising taxes and the most important Economic Voice that hes going to have according to my sources is elizabeth warren, whether shes the treasury secretary or stays in the senate, shes going to be a key voice in Economic Policy and she wants wealth tax, she wants higher taxes overall. David we talked about the impact that the Federal Reserve and other stimulus measures have had on the markets in the Second Quarter, over the longterm the stock markets trade on corporate earnings, corporate earnings are impacted by things like taxes and regulation, so if there is a change in how regulation is impacted, how taxes are impacted and thats adverse to corporate profits, that is adverse to the stock market, clearly. Maria all right, real quick on junes job report, the expectations call for 3 million jobs added last month as the jobs market rebounds and you saw job growth in may. Is this price intoed the market, any thoughts on the jobs report and impact tomorrow . David if you look at what happened in may we were expecting decline of 8 million, adding jobs. If we have that kind of result again, would be very positive surprise even anything better than what is expected, so clearly what we are seeing is the economy is recovering faster than many had expected, we are seeing a lot of positive Economic Data come through there. Theres concerns about covid but the economy is recovering a lot faster than many had expected by this point in time as we head in Third Quarter. Maria all right, we will leave it there. David, pleasure to see you, thank you so much, david kudla, big show, commerce secretary wilbur ross is here to talk about hong kong, Chinese Company threats and usmca. Next hour former nypd commissioner ray kelly to talk about growing Defund Police Movement Starting with new yorks new budget and then in the 8 00 a. M. Hour florida senator Foreign Relations committee marco rubio talks about Chinese Companies posing a threat to National Security. Hes introducing new legislation this morning and then next digital founder jimmy lai on the growing unrest in hong kong, all that coming up but first the word on wall street, its coming up macys earnings and whats in store for Third Quarter. Stay with us for that. Then american salutes, one company honoring veterans waving the American Flag high and strong, youre watching mornings with maria on fox business. Mission Control 5 4 3 2. Ignition and liftoff. vo audi etron. The next frontier of electric. They get that no two people are alike and customize your Car Insurance so you only pay for what you need. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Which we cant control, and lets now look at our goals. In other words, we only want to take as much risk as is necessary to achieve our goals. Maria fox business alert, protest erupting in hong kong as sweeping National Security laws strip the city of its freedoms and that goes into effect today. Today is also the 23rd anniversary of hong kongs handover to china, day historically marked by prodemocracy protest, Hong Kong Police made first arrest overnight under the new National Security law using Water Cannons to fight the crowds and when youre arrested for this it could mean prison for life. Joining me right now the former u. S. Ambassador to Asian Development bank curtis chang, good to have you this morning, sad day for hong kong frankly. Your reaction to this new law and really the police are in force right now. Yeah, very much, i think for all of those people who like me visited and lived in hong kong its a very sad day for hong kong and really for the hong kong people. My focus is on the business and economic side of things. I think really now whats happening protests but also hong kong business, International Businesses have to take time and assess what is the impact to have law under Business Operation in hong kong which i think many are hopeful continue to be Business Center but the new law does not bode well in the near term for hong kong. Maria you have so much going on here and its really not just hong kong, i agree with your sentiment because hong kong was a financially hub for the world and it just no longer is. Overnight the federal Communications Commission took action against chinas technology threat, deeming hauwei and zte as National Security threats, meaning the companies cannot use federal funds to purchase equipment from hauwei or zte, the relationship between china and the United States clearly changing, what is the impact of this new ruling from the sec in your view . Sec ruling focuses whether Telecom Companies can access kind of Financial Support for purchase, maintenance of equipment from hauwei and zte and i i want to take a step back and the focus is on what will happen in the near term but not just 27 years, 5 years which was time with hong kong was supposed to remain autonomous and be able to run its own affairs. Focusing on the business side, now the time where u. S. Companies really have to rethink and reassess the operations, hauwei and zte ruling also underscore the importance of not just looking at supply chain and staffing and Regional Headquarters but also locking at their ikea exposure and should companies not just using hauwei or zte but many other apps, things like zoom, even, that people have rightly expressed concerns about in terms of security. Maria well, look india, australia, japan are also having challenges with china today. Maria and very good point. Yeah, very good point about those about that tik tok and zoom, india has banned the applications because of the National Security risk. I want to get your take on legislation marco rubio is introducing today. He launched a bill to give Refugee Status to those at risk of persecution and would require state department to designate as refugees especially humanitarian concern for hong kong residents who are suffering persecution. What do you think about that and a time that we have so many people unemployed. 45 Million People have applied for Unemployment Benefits, we will get the latest numbers tomorrow k the u. S. Afford to get the hong kongers who are facing what they are today . You know, i tell you im very supportive of this bipartisan bill. Its not just senator rubio, senator menendez and when you look at the legislation, ive only seen the descriptions of it. Remember, there are still 23 years in which hong kong supposedly will have the system of one country, two systems and i think its absolutely right not just for the United States but also the uk, canada, australia and other countries to think about what we can do to hong kong people. I would go further to encourage u. S. Government and others to welcome not just people feared for persecution but welcome entrepreneurs and others who will invest from hong kong. What made hong kong great are its people and its time for the world to think what can they do to help people, outside of hong kong to build businesses also. Maria clearly china wants a bigger reach and bigger control over hong kong, breaking another promise in terms of keeping autonomous for 5 years like you said weve got 20 plus years left. We will be watching, ambassador curtis chin. Stay tune because jimmy lai will joining me live at 8 30 a. M. Eastern and we will speak with senator marco rubio about the legislation that he is introducing today. He is coming up as well. First 2020 race is heating up. What new polls are showing and why the voter Enthusiasm Gap could be deciding factor. We are back right after this break. Stay with us. The best tv experience just got better because now you can watch all your favorite hulu shows and movies on xfinity. Youre only a voice command away from Award Winning shows like the handmaids tale, to new hits like little fires everywhere. And fx originals you can only watch on hulu. Thats just the beginning of what you can experience with hulu on xfinity. Tv made simple, easy, awesome. Maria former joe biden at first onmara press event in nearly 3 months and says he will not hold any more rallies for the rest of the campaign. President trump canceling alabama rally as well due to coronavirus surges across the country and a new poll from usa today, biden holding 8point lead but the same poll showing President Trump in enthusiasm with nearly twice as many trump voters excited, quote, unquote about their candidate. Governor huckabee, your reaction to this. Ive been questioning how its possible that the law and order president is trailing during what has been an incredible moment for the destruction of property and crime rising across our country . Mike i think a lot of it has to do with the fact that the president has had difficult time getting on track with the balance message, but this news about the enthusiasm issue is huge and i cannot emphasize enough that if your voters arent that excited to go vote for you they very well may stay home and the difference between joe biden and he is enthusiasm and President Trump is the difference between a saltine cracker with slice of cheese at steaming sizzling plate of fajitas, the people who are for trump will swim across a river at flood stage and the people who are for biden might sleep through the whole thing. Maria well, you know, you make a good point in terms of the enthusiasm and steve forbes, i want you to weigh in here because you are seeing these numbers and 4 years ago people were talking about Hillary Clinton in the lead and they just did not believe the polls. There was the silent majority that the governor is talking about in terms of the enthusiasm for trump. What do you see . Steve see well, i think the silent majority is there but to play off what the governor said the president must need to get positive narrative and not let the other side dominate the agenda which is what they are doing now and why hes taking such a hit and on the enthusiasm side, we must also, though, caution ourselves that the democrat turnout in off year elections 2017, 18, 19 has been phenomenal, you saw it again in georgia, they may not be enthusiastic about biden but sadly they are ginned up to get donald trump out of the white house and we also have huge battle in trying to keep control of the senate, so the key thing is start to dominate the narrative, focus on a couple of issues and hammer them home otherwise theyre just going to just nibble away and we are going to be in trouble. Maria yeah, we will keep talking about this this morning. We have commerce secretary wilbur ross coming up. He will join me to talk about growing unrest of hong kong as usmca begins to low, wilbur ross coming up next, plus america reopens, one salon on rodeo drive in la back open for business, we will take you there, stay with us. 300 miles an hour, thats where i feel normal. Having an annuity tells me my retirement is protected. Protected Lifetime Income from an annuity can help your Retirement Plan ride out turbulent times. Learn more at protectedincome. Org. Maria welcome back, good wednesday morning, everybody, thank you very much for joining us, im maria bartiromo, it is wednesday july 1, lets take a look at where markets stand 6 31 a. M. On east coast, futures indicating decline at start of trading this morning as we kick off the Third Quarter. Coronavirus cases are spiking at alarming rates unfortunately thats unnerving investors. S p down currently lower by 7 and a quarter. Yesterday u. S. Markets closed at strong Second Quarter in the green on hopes of additional stimulus and there was also portfolio moves happening on the final day of the Second Quarter, buying up stocks as you see. The dow industrials finished 217 points, almost 1 , the nasdaq was up 184 and the s p 500 was higher by 47. U. S. Markets had best quarter in more than 20 years in the Second Quarter. Global markets this morning mostly lower, thats the secondquarter numbers and strong with nasdaq up 30 . In europe this morning germanys Manufacturing Sector contracted at a slower pace in june. Purchase manager index up 3month high, nonetheless ftse 100 down 30 points and cac quarante down 31 and dax lower by 55. In asia overnight markets finished mixed. It is marked with protests and arrests in japan in hong kong, by the way. In Japan Business confidence plunging for the worst levels since 2009. Consumer confidence rise in month of june, best performer was china. More help could be on the way for Small Business hit by covid19 pandemic, Cheryl Casone with those details right now, cheryl. Cheryl thats right, maria, good morning. The senate has passed bill that gives Small Business owners more time to apply for role of the payroll protection program, the ppp, was due to expire midnight last night moveed to the eighth, forgivable loans to pay workers and the house needs to sign off on this measure. The companies deals with effects of coronavirus, the company saying that production has dropped 40 in recent months and doesnt expect air traffic to return to precovid19 numbers for at least 2 years. Air bus in premarket is unchanged rite now. Also watch boeing today. Finally a look at what is trending on on foxbusiness. Com, disney hiking espn disney plus service, 5. 99 a month for new subscribers in august. Youtube tv, monthly asking price of 64. 99 after cbs which brought more channels to platform. Walmart has hired 265,000 veterans as part of veterans Welcome Home Program with more than 44,000 promoted to higher paying roles. Those are your headlines, maria. Maria cheryl, thank you so much. Protestors filling the streets and police. Making first arrests under the National Security law using water cannon on activists as the world just watches, joining me right now commerce secretary wilbur ross, thank you very much for joining us, your reaction to what is takes place, the new law. If you protest, hold up a sign which many are doing, holding up an independence flag youll be arrested and potentially face prison for life and probably in china, your reaction, secretary . Secretary we obviously think its a gross violation of human rights and also gross violation of the original treaty under which they turned hong kong over from the british to the chinese and thats why weve done away, we are doing away with hong kongs special status in terms of our trade relations. Chain he has china has made hong kong no longer a special heaven. If its not special to the chinese, it couldnt be special to us. Maria what kind of retaliation are you expecting from china given this pretty much consistent pushback on on these communist partys behavior . Secretary well, we will do they will do whatever they think they should do, the point is they cannot ignore what is going on in hong kong. We did not ignore it. We took Decisive Action and its up to them but it would be a little strange to retaliate against someone who is responding in a very measured and mild way as we are to gross abuses that they are doing. Maria secretary, would the United States consider giving Refugee Status to hong kong residents who are facing persecution . Youve seen the legislation that marco rubio is introducing requiring the state department to designate as refugees of special humanitarian concern hong kong residents who suffer persecution . Secretary i havent seen the legislation so i dont really have a comment on it but we do maria but you do know you know this idea has been around, right . Youve heard the proposals for the United States to open up its borders to hong kongers, what do you think about that . Secretary well, i think you have to be careful with blanket measures but i havent read the details of the rubio bill and therefore i really dont want to comment on it until i have. Maria all right. Let me move onto hauwei because this, of course, you have been showing real leadership on, u. S. Companies can no longer use subsidies to buy equipment from Technology Giants, where does this go from here and does this impact the economy in the United States given the fact that so much business was being done with u. S. Technology companies and hauwei . Secretary well, first of all, the main users of hauwei and zte equipment here were the small, rural telecoms, sec has a proposal floating around to compensate them roughly a billion dollars for the removal of that equipment. Thats a good thing to do and it will help facilitate the advent of 5g from nonhauwei, nonzte sources. Second, weve been encouraging other countries also to Pay Attention to the clear National Security risks in letting hauwei or zte provide the 5g service. 5g is very different from the earlier 4g, 3, 2g in that it is a softwarebase system and that means that its very, very hard to separate one part of it from another. The 4g was more of a physical equipment system and therefore you could probably separate the delivery of the service through the cell phone from the main core. We dont believe thats really feasible with 5g and the problem is in case there is a side door, a back door in the equipment, youll never really know it until its too late when they open it. So we think its a genuine security issue and i applaud the fec for the action they are taking. Maria yeah, its pretty extraordinary. Its like we cant get away from the Chinese Communist partys Espionage Campaign any way we try. It feels like things have gotten much more aggressive coming out of the ccp, is that a fair statement since xi jinping was named leader for life . Secretary they have a 2020 plan to become the most dominant player in technology, to get to the plan since most sectors are pretty behind of so to get to their plan they feel like they have to steal technology in order to try to catch up. Thats a very, very unfortunate development but its not excusable. Maria quite dangerous. Let me ask you, secretary, i want to get into nafta, the replacement usmca in a second. I have to ask you about this new Chinahong Kong law because it can be applied extra territory, so are you worried about americans who are currently living in hong kong, could they be hauled across the border to china, tortured, jailed for life . Secretary well, one would certainly hope not but i believe that theres a god chance that all companies who have used hong kong as their headquarters for asia will begin to rethink whether the new rules, the new relationship between hong kong and Mainland China, what are those rules, hong kong be favorable place to have headquarters as it used to be. Used to be hong kong a very special place, it had rule of law, Telecommunication Systems and people guarantied freedom. As you change that, you are changing the fundamental attractiveness as it plays for people to do business. Maria yeah, this is a this is a really important point that this potentially threatens americans who live in hong kong and initially i didnt realize that it was actually applied extra territoriality. Let me ask you about usmca. The usmca in effect, the deal with foster trading relationship with u. S. And north american partners. Give us the impact and what kind of growth are you expect as a result of this within the coming couple of years. Secretary well usmca is very important because the former nafta treaty was filled with holes and it caused a big increase in our deficit with our two big trading partners. Prenafta, we had many years trade surplus with mexico. Accumulative since nafta we have incurred more than 1 trillion of deficits with mexico, thats trillion with a big t. Mexico and canada are the two biggest trading partners that we have. For many of the states, a third of their exports in some cases even more go to canada or mexico, so its a very, very important thing both for Agricultural Products and for manufactured products especially automobiles. The second problem with the nafta had been the rules of origin, meaning what percentage of a car or other product could come from outside were poorly written. They really had so many holes in them because what they said the rule only applied to specified parts and if those parts as has proven to be the case, no longer are using cars, it was no use. Plus, they said any part not covered by the rules would be deemed to be made in nafta country regardless where it was. Well, that means basically all electronics were not used in cars way back when nafta was put in, now they are. Well, it was useless, now we are doing it by the percentage of the total value of the car regardlessly of which is involved. Maria really good point. Secretary much better enforcement procedures. Maria a lot of important points. Secretary it would likely result in a hundred thousand new jobs. Maria all right, a hundred thousand new jobs, we will take it, secretary wilbur ross, good to see h you, we will be right and crucial when circumstances become difficult. Back. Maria welcome back, saluting our veterans, the Colonial Flag Foundation doing just that through its flagdisplay events. Foundation with healing of 911 attacks. Joining me right now colonial flag ceo and owner paul, paul, great to have you this morning, thanks so much for being here and thank you for what you are doing. Tell us about healing field and how it led to this effort. Paul well, thanks for having me on, the first week of september 11th and read newspaper article about how people were puts claims and amount of 3,031 and i rallied neighbors and some of our other Business Partners and we were able to put a field of 3,031 flags the eve of 9 11 anniversary and they showed up and it was relevant and meaningful and blew me away and i decided that im going to take a break from it and went back to pentagon and went to ground zero and decided to call the thing the healing field and about a few months later i started getting inquirers from people across the country and the next year we had 5, two in texas and one in new jersey, next year we had 33. We set up Nonprofit Foundation to help other communities do this and do it well and learn some of the mistakes we have made and successes we had so they could do that in their communities. Maria thats beautiful, what about the field of honor event. This is more specific to the military . Paul well after a few years we started getting inquiries not just september 11th, but memorial day, 4 of july. We have done over a thousand and then the rest will be healing fields tied into child abuse prevention, mothers against drunk driving and september 11th on patriots day and so the field of honor, it takes it brings to awareness and funds to veterans organizations that are trying to get a start and local level communities engage veterans most proximate need. Maria its a beautiful thing, paul, thank you so much, thanks for joining me. Paul swenson, thanks for joining us. Stay with us. 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A Medicare Supplement plan helps pay some of what medicare doesnt. You know, the pizza slice. It allows you to choose any doctor, who accepts medicare patients. And these are the only plans of their kind endorsed by aarp. Whew call unitedhealthcare today and ask for this free decision guide. Maria welcome back, time for the morning buzz. First up cheers delta flyers, airline bringing back beer and wine on domestic flights to firstclass, michael, your reaction. Micheal traveling now is as stressful as it ever has been and why not make it easier for passengers to take the edge off. Maria next up major power move iphone 12 rumored to come without a power adapter, so the Technology Giant reportedly trying to save money on packaging and shipping, buyers will receive a charging cable, the next iphones rumored to have 5g hardware, waiting on the 5g hardware, governor, what do you think . I think its pretty cheap of apple to take out the things that you need to make your phone work. If theres really that tight on shipping, put it in plastic bag and hand it through window. Come on, apple, a lot of us have taken many bites out of you and its time for you to deliver something. Maria thats the whole point, you will have to buy more stuff and spend more money on the phone. Finally luxury liner, check this out, lamborghini unveiled pricey yacht, the price tag a whopping 3. 4 million. Steve, what do you think, thats not a bad place to quarantine . Steve i was just going to say, the nice thing about that you dont have to wear a mask or worry about any that kind of thing in the ocean but im wait for lamborghini to do conversation of bat mobile. Thats what im waiting for. Maria we are waiting for that as well. You have macys on the tape, fedex is higher, all that come. Word on wall street. Macys is one of the heavy hitters reporting earnings, it all start next hour right here mornings with maria live on fox business. Maria welcome back. Good wednesday morning, everybody. Thanks so much for joining us. Im maria bartiromo. It is wednesday, jewel first. July 1st. Your top stories right now, 7 0. A new real at in hong kong as the National Security law goes into effect. Police are cracking down on protesters everywhere, making their first arrests overnight using Water Cannons on activists. Americans in hong kong and hong kong citizens living outside of the city are not safe from this crackdown. At u89 30 00 a. M. Herein 8 3u live to hong kong to speak with jimmy lai coming up. Markets this morning on this, the first day of the Third Quarter are trading lower. Futures indicating a decline of better than 200 points this morning. The nasdaq is down 46 and s p 500 down 18. Yesterday, u. S. Markets closed out a strong Second Quarter in the green on hopes of additional stimulus. It was the end of the quarter and it was one of the best quarters on record. The dow industrials were up 217 points, the nasdaq was up 184 and the s p was up 47 points. In fact, the markets had their best quarter in more than 20 years in the last three months. The dow industrials were up 17 . The nasdaq was up 30 and s p was up 20 . Defunding the police, new york city is cutting the Police Budget by a billion dollars. Some people including congresswoman alexandria ocasiocortez are saying it is not enough this morning. Former nypd commissioner ray kelly joins me live this morning at 7 30 a. M. Eastern, he will weigh in on this movement and what it means for rising crime throughout the country. Mornings with maria is live right now. Macys out with Quarterly Earnings this morning. Cheryl casone with those numbers right now. Cheryl just crossing. Were taking a look at macys. They came in line with estimates. Remember, they had given us some preliminary data. The loss expectation of 203, that came in. They lost 2. 03 a share and the revenue came in just above 3 billion, 3. 01 billion, that was exactly in line with the estimate. The commentary is whats interesting. They did book some cash because theyve been selling real estate. They talked about that, big story here. Theyre not giving any outlook for 2020. This goes with a trend of other companies weve seen that will not give us an outlook or any guidance or the rest of 2020. Now, nearly all the stores are now open. What theyre saying now is theyre going to deal regionally with coronavirus case is, region by region, and theyll continue to monitor their stores if employees indeed do get sick, trying to keep stores as clean as they can and also we should say that right now theyre talking about the month of june, the Curbside Pickup is a big story for macys. They say stores are performing ahead of expectations. Theres macys on the screen right now. Its at seven bucks a share right now. Back of to you. Maria we also have big moves in fed ex were going to get to, some of the top stories this morning, right now. Breabreaking overnight, hong kog police made their first arrest after a controversial security law, a man taken into cuss city for holding a hong kong independence flag after Chinas Parliament approved the measure. Its aimed at cracking down on dissent, imposing prison terms for anyone convicted of subversion or terrorism. It applies of to americans living in hong kong and hong kong citizens who live elsewhere around the word, a message to the rest of the world from china. A warning from dr. Anthony fauci, he is stressing that the United States could see a major surge of new covid19 cases, up to 100,000 a day if social distancing guidelines are ignored. Several states set new records and rolled back reopening plans this week. Texas reporting a single day record of nearly 7,000 new covid19 cases. California reporting more than 8,000 new cases on monday alone. Governor newsom expected to issue tougher stay at home measures today in an effort to sur b curb the spread of the virus. New york Governor Cuomo adding eight more states to the quarantine order for travelers, meanwhile. In seattle, crews have removed concrete barriers from the entrance of the socalled chop zone. But protesters almost immediately jumped in to preserve the copfree zone, using plywood and trash cans to construct a makeshift barricade. The mayor is demanding the city council investigate one member who she said violated to law when she led a protest to her home. Its time for this mornings word on wall street. Joining us now is michael lee, mike murphy, great to see you guys this morning. Thank you for being here. Mike, its been way too long. An earnings roundup. We saw macys earnings come out this morning, mostly in line with expectations. The stock is up, coming after yesterdays better than expected earnings from fed ex amid a surge in residential deliveries. Is this surge in shopping promising for macys . Good morning, maria. It has been way too long. Great to be back on. Macys is not something that id be looking to invest in right now. I think you can look at fed ex and macys as two Companies Heading in very different directions. Fed ex has the coronavirus behind it so that wind is at its back, pushing people to order of more online. Whereas macys needs to get their customer out of the store and start shipping start ordering online and i dont know that they can do it. We love fed ex, a lot more upside. I would stay away from macys even down at these prices. Maria fed ex shares are up 11 andahalf percent. You already own it, right. Would you add more to it after this big runup weve seen, mike . I would, maria. Well be looking at that when the market opens. Its a huge opening for the stock. Remember, fed ex, go back a year andahalf or two years, this was a 275 stock. So theres been a lot of mismanagement at the company. But it looks like now mr. Smith is getting things on the right track. So this tail wind for the company is going to help but if they can manage the company a little bit better, i expect fed ex back above 200 very soon, so yes, we would buy more. Maria all right. Lets look at the second half of the year. Today we kick off second half of 2020, despite volatile markets due to the coronavirus. The past three months saw stocks soar. It was a great Second Quarter. The s p 500 seeing its largest single quarter gain since 1998. Michael lee, what do you think about the Second Quarter and does the trend continue onto the second half . Well, maria, every time weve had more than a 15 gain in a quarter, the following quarter has always returned positive returns. Its happened eight times. I think you look at two key drivers in the market right now. The first one is liquidity and the second one is the Economic Data coming in way ahead of expectations. First, i think the key driver behind markets is liquidity. Thats not going anywhere. In may we saw the largest corporate debt issuance in history, so no trouble with liquidity there. June saw the largest equity issuance in history. I dont think the fed is going to take a step back or restrict liquidity. It seems like a lot of the Economic Data keeps coming in better and better. Im sure the rate of change will slow down. Yesterday, the expectation for Consumer Sentiment was at 91. It came in at 99. 8. We are looking at a vshaped recovery of some sort. At some point that should level off. The market is off to the races. This is usually a multiyear trend that most likely started towards the end of march. Maria all right. So what do you want to do here in terms of allocating capital, mike . What sectors do you think are going to be the growth sectors of the second half . So, i like technology. Thats the easiest place to put your money. The other sector you want to look at is biotechnology. So that sector, that sector was on a multiyear rally until the infamous hillary drug pricing tweet in 2015. I dont know if that caused the top but that was the top. Weve been range bound for close to five years. I think that sector is poised to explode hes februaryl especialf coronavirus. Those are the two sectors id be deploying capital to to right now. Maria lets talk about the backdrop here. This morning we get the adp Employment Data out at 8 15. At 8 30 we get the Market Manufacturing pmi, at 9 45 we get the fomc minutes at 2 00. Whats your take on the backdrop . Do think we are going to see growth, Economic Growth in the third and fourth quarters . I think you will definitely see growth, maria. I think that the economy right now is like a coiled spring. Its really ready to take off when we get the fear of coronavirus behind us. So the administration has given provided so much liquidity, along with the fed, to the markets. That when we get the fear that comes with coronavirus and a potential second lockdown, when we get past that, youre going of to see the economy really start to hit on all cylinders. Although its been a great Second Quarter, its still a great time to look for quality names that have been beaten down because of corona that should do very well in q3 and q4 of this year. Maria does the slowdown and recession that were in right now, does that get elongated because of the spikes in coronavirus across the country and governors hitting the pause button, theyre not going to reopen after all. Right. I dont think so, maria. Because if you look at it, we were all scared in march. We didnt know how the story would play out. But now weve seen the playbook. Weve been there. Weve done that. So any sort of shutdowns like weve seen from texas or if theyre required to come elsewhere, theyre temporary and the market will look past that. So were really looking at what comes post corona, which post corona is coming. When we get there, you have a lot of Economic Growth and you have higher market prices along with that. Maria all right. Nice second half strategy, guys. Mike murphy, michael lee, good to see you both. Much more ahead this morning. Coming up, former nypd commissioner ray kelly is here to talk about the growing Defund Police Movement Starting with new york citys new billion dollars taken out of the budget. In the 8 00 a. M. Hour, florida senator marco rubio is here talking about Chinese Companies posing a threat to National Security. He is introducing new legislation today. Next, jimly. Lee jimmy lai on the growingunr. We take you live to california, rodeo drive, right there. Purdue farms chairman is here to talk about the Coronavirus Impact on our food supply. Home is where the heart and recovery is, we talk about where americans are finding new beginnings. 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If you have ever wondered how can i, just one person, make a difference . This is your answer. So many are still suffering. So dont wait. Call the number on your screen call or donate now at mercyships. Org maria new York City Council voting to cut its 2021 Police Budget by nearly 1 billion, that is still not enough for some democrats. New york congresswoman alexandria ocasiocortez says, quote, defunding the police means defunding the police. And that the 1 billion cut is not a victory. Governor Mike Huckabee, your reaction . You just wonder where do the people get these ideas. The first place they ought to start cutting is in the Security Budgets for people like aoc and mayor deblabio. If you really believe theres too many Police People in new york, then take the ones from you and travel around with a group of social workers when you go out in public. The thing that doesnt make any sense whatsoever is that this is the kind of thing that will cause people to load up the uhaul and get the heck out of new york as quick as they can and all i can say is, will the last person out please turn out the lights and save what little electricity will be left. Maria unbelievable. Its a scary sight when you consider the crime numbers and how theyve been shooting up, steve forbes, like shooting in new york. Steve yes. A complete reversal of what we saw starting in the early 1990s under Rudy Giuliani where the murder rate went from 2,000 deaths a year down to almost 200. Extraordinary achievement. It reflects, maria, a loss of nerve of city leaders, not only in new york but in places like chicago, seattle, minneapolis and elsewhere. It shows the bankruptcy of progressiveism. They have no answer about crime. They have no answer about homelessness, no answer about taxes, no answer about the decline in the quality of life and so they see this and this is why its going to be a major issue and it also tells the police, maria its not just the 1 billion. It just tells the police were not going to back you up. So dont make any decision that is going to make trouble for the politicians and we saw in the 70s where that led. It leads to thousands of deaths. Thats blood on the streets. Shame on them. Maria unbelievable. Im looking at a story from june of this year, mike lee. There have been 38 murders over the last 28 days. Thats twice as much in the same period at last year, according to nypd stats. This years murder count is on par with new yorks murder total five years ago. Maria, lets be clear. When theyre defunding the police it is not where all the limousine liberals live in the upper west side. Its in the poorest and most vulnerable neighborhoods. The people with the least will be affected the most. This is an absolute disgrace. And i echo governor huckabees sentiments that the first dollar that goes away from the Police Budget should be from mayor de blasios security detail. This is just an absolute travesty for those of us that saw new york when it was a disaster under David Dinkins and rebuilt under mayor giuliani and bloomberg and to see it reverse in a short period of time, its just heart breaking. Maria it really does feel like a different place, new york city. Coming up at 7 30 a. M. Eastern ill get reof to all of this from former nypd commissioner ray kelly on the massive budget cut, live on mornings with maria, coming up. We have a fox business aletteret right now. United airlines is boosting the flight capacity as the country tries to reopen, the Airline Planning to fly 25 of its schedule in the month of august, up from 16 in july. It represents 25,000 domestic and international flights. Coming up. And well take a break. When we come back, purchas purds share man is here, important chairman is here, important conversation coming up. Stay with us. Its pretty inspiring the way families redefined the word school this year. Its why, at xfinity, were committed to helping kids keep learning through the summer. And help College Students studying at home stay connected through our university program. Were providing affordable Internet Access to low income families through our internet essentials program. And this summer, xfinity is creating a Virtual Summer camp for kids at home all on xfinity x1. Were committed to helping all families stay connected. Learn more at xfinity. Com education. Maria welcome back. The u. S. Food industry hit hard by covid19, from supply chain issues to multiple outbreaks at processing plants. Companies setting safety guidelines for workers. Joining me right news is purdue farms chairman, jim purdue. Thanks very much for joining us. How has the pandemic impacted business and how are you keeping workers safe . Its been quite a roller coaster ride, maria. This is our 100th year anniversary. We had all kinds of plans set up for this summer that unfortunately we werent able to do. But weve been working very hard to protect our workers and try to continue to provide chicken to the supermarket business. Maria let me ask you about the state of the u. S. Food supply chain. You know, weve talked a lot on this program about the swine flu that has gone on in china now for over a year. At one point my sources were telling me there were a million dead pigs in china because of the swine flu and in some cases they were still sent to the slaughterhouse to make meat and i just wonder if that has impacted the Food Supply Chain and should the United States be concerned . Well, i think youre always concerned when you have a situation like the african swine flu. It did have an impact on protein around the world. Of course, in the chicken side of the business we werent impacted by that but its something that we are always on the outlook for. Maria so in terms of the pricing, did it impact prices . Because i was told that because of the swine flu, pork prices and meat prices were rising but it also impacted chicken because people were buying a lot of other things. Including chicken. Yeah, initially chicken prices went up when there was suddenly a cutback. Then prices went down. Overall right now were below chicken prices a year ago. The market is down. And because weve been about 5 reduction in eggs being hatched, there is going to be probably due to supply and demand, probably an increase in market prices coming up probably this year, i would guess. Maria yeah. I mean, i mentioned the swine flu because now there are reports that this is actually has the potential to become a pandemic. Were going to watch that story. Let me ask you about the pausing of the reopen offings due to the covid spikes. We are seeing more spikes across the country and youve got places like texas, california pulling back in terms of the reopening. Is this affecting business . One thing, we have a website, purdue. Com, we deliver to doors. Pork, beef, lamb and chicken and turkey. That business has started to pick up again. It was in high demand in march, april. Its starting to pick up again, as the pandemic is starting to show itself in some of these other places. The supermarket business we were about even, in other words, for orders we were able to fill them for the first time in the last few weeks. Of course, 4th of july its up about 10 which it normally is this time of year. So overall, demand has been pretty strong. Were a Retail Company so we were able to supply supermarkets. We only have about 20 , 25 food service which was a portion of the business that was down dramatically and so we were able to really feed into that supply of supermarket and online business. Maria all right. We will leave it there. Jim, congratulations on 100 years, just an Incredible Company and i know that your family is proud of the incredible legacy of purdue. Jim purdue, thank you, sir. We will see you soon. Coming up, a lot to of come, former r nypd commissioner ray kelly is here. And then home of the billionaires, los angeles one of the top global cities, the winner coming up. We are back right after this break. Feel the thunder. Lightning and the thunder, thunder. Thunder, feel the thunder. As a caricature artist, i appreciate what makes each person unique. Thats why i like liberty mutual. They get that no two people are alike and customize your Car Insurance so you only pay for what you need. Almost done. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Maria welcome back. Good wednesday morning, everybody. Thanks so much for joining us. Im maria bartiromo. It is wednesday, july 1st. Kickoff to the second half of the year. Take a look at markets, 7 29 a. M. On the east coast. We are kicking off the Third Quarter as coronavirus cases spike at alarming rates. The dow futures right now at the lows of the morning, down 222 points, nasdaq futures lower by 447 and s p futures lower by 20 points. It was a very good quarter and yesterday the dow industrials were up 217 points, the nasdaq was up 184 points and the s p was up 47. Check out the quarter for the Second Quarter, the best quarter in more than 20 years. The dow, nasdaq and s p 500 up in the double digits, the nasdaq was up 30 in the Second Quarter. Global markets are lower. Take a look at european indices where the fq100 is down 62, cac is down 66 and the dax index is lower by 161. In asia overnight markets were mixed. Markets in hong kong are closed today at the anniversary of the handover is marked with protests and even american citizens in hong kong are not safe from chinas latest crackdown. More on that coming up. First, mississippi is taking an historic step to retire the last u. S. Flag of to feature a confederate emblem. Cheryl casone with a details. Cheryl the state flag which has flown over mississippi for the last 126 years must be removed within the next 15 days. The governor signing a bill yesterday, officially retiring the controversial flag which features blue bars, white stripes of the confederate flag, following weeks of Racial Injustice protests across the country. Theyre going to develop a new flag which people will vote on in november. Tributes pouring in for actor, director and writer, carl reiner. He started his career in the 1950s on sid caesars show of show, he went on to create the Dick Van Dyke show. Then he teamed up with mel brooks to play the straight man in the 2000 year old man, producing five comedy as bums. He directed movies and took acting roles. Carl reiner, the father of rob reiner, died of Natural Causes at his home in california, he was 98 years old. And finally, heres a look at what is trending on foxbusiness. Com. Survivors of Harvey Weinsteins Sexual Misconduct and harassment have been awarded a nearly 19 million settlement. The payments resolve two separate lawsuits and must wait for approval by the bankruptcy and district courts. The late show with Stephen Colbert won the title of the most watched Late Night Program and this, more billionaires live in new york city than any other city in the world. With 113 calling the big apple home last year, maria. And those are all your headlines. Back over to you. Maria well see if some of those billionaires start moving out with some of the policies, like defunding the police. Thank you so much, Cheryl Casone. And thats what were talking about right now. Defunding the police. New york city voted to slash nearly 1 billion from its Police Budget. Making it the largest funding shift in the country. New york city mayor de blasio announced the plan earlier this week. The mayor weighed in yesterday. I believe it is our mission to readies tribute resources to those who need them the most. Its time to do the work of reform, to think deeply about where our police have to be in the future. 1 billion is shifted away from the nypd in a variety of manners. Maria now, new york congresswoman alexandria ocasiocortez is slamming this budget cut. She says its just not enough. She tweeted this out, Defunding Police means Defunding Police. And she said this at the podium there. It does not mean budget tricks or funny math. This is not a victory. The fight to Defund Police continues. Joining us now is former nypd commissioner, ray kelly. Its always a pleasure to see you. We appreciate your time this morning. What do you think about ocasiocortezs response, its not enough, the continued move to defund the police goes on . I think the whole concept of defunding the police is ludicrous. Some twisted way, theyre trying to get revenge for the murder of george floyd by just striking out at Police Departments indiscriminately taking money. I hate to to say this, i agree with her in some ways. What happened yesterday was an accounting gimmick. They moved a class to be hired in july of 1100 recruits, basically moved it to october. School safety entities that are inside the Police Department, it was funded by the department of education anyway. It wont affect the core on of f presentations of the nypd at all. Operations of the nypd at all. Im totally against defunding the police. It shows the disingenuous nature of mayor de blasio. Hes claiming its a billion dollar hit. Hey, well go with that. But it certainly isnt. Maria thats really interesting. So this is just funny math and you agree with that. Is the nypd going to see major cuts, though, even though you feel that it is a funny its a little bit of a pr move . What kind of cuts are we going to see from the Police Department . We dont know. You know, the mayor is if its going to happen, hes sort of hiding the ball. The budget was signed last night and thats the document thats going forward. So, you know, well have to see. But that hud announced two days ago, thats not doing it. Thats not making a major inroad into the department which again is a good thing. But its just not being truthful on the part of the mayor and the city council. Maria so let me ask you about the crime numbers in new york right now. New york city is seeing a major spike in violent crimes. There were 63 shootings reported in the city just last week, 63. Compared to 26 during the same time a year ago, according to to the nypd. Its not just new york city. Big cities in general across the country like chicago, minneapolis, have seen a jump in shootings. Commissioner, what is behind this . Well, certainly its a cause for concern. Basically whats behind it, the Police Backing off from being proactive, not only in new york, as you say, but in other cities. Here in new york city, the mayor eliminated the anticrime units which is which is such an important entity. They were so instrumental in fighting violent street crime. So this is sort of a signal that were surrendering. Now, we are accepting violent crime. Were going to unfortunately continue to see crime go up. You know, for many years we were proud of calling new york city the safest big city in america. Unfortunately, i think that title is going to be very much at risk. Police are told to stand down. You can see it during the protests, during the disorder here. They didnt use tactics and strategies they had available. The mayor was much involved in the operations, he said he talked to the Police Commissioner 50 times in one day. So we have a problem here. No question about it. The city took a body blow with the coronavirus and if you layer on top of that this the exploding crime problem, i think the Business Community in new york should be very much concerned about this. Maybe we need an intervention from them to the mayor or something to be done. The bail reform laws which i know youve spoken about, these are horrendous and, you know, its unlike any other place in the country. Virtually every other state in america, the judge can make a determination if someone is dangerous to society. Not here in new york. Maria and it feels like a different city. You know, theres a new poll shows that the majority of new yorkers oppose the cuts for police funding. They want to have a Police Presence and they dont want to see the defunding. I know that you, as Police Commissioner, you first banned chokeholds back in 1993 when you were commissioner under mayor dinkins. What about that . And what other things might be discussed to make people feel like there is some reform going on and some changes, but not taking away cops ability to defend us and to defend the rule of law . I said i think we can do meaningful reform in the Selection Process of who becomes a police officer. We need a much more sophisticated and deeper capacity to determine individuals who are not suited for policing. Plus, i think we also need to give the ceos, the chiefs, the commissioners the ability to terminate, to get rid of Police Officers who are problematic, who have a demonstrated pattern of abuse, verbally or physically and those patterns are out there. You can see it fairly quickly. I dont see either of these things being discussed anywhere. I know there is a bill in the house, a bill in the senate, the president has an executive order. I would hope that theres some coming together on these things but it doesnt look very promising right now. Maria so you mentioned police not getting the support of the mayors and the governors and theyre feeling it. Nearly 300 uniformed officers have filed retirement papers from may through june 24. That is a 49 hike from the 183 officers who filed during the same period last year, according to the nypd. You also have hundreds of officers calling in sick right now in atlanta because of the Rayshard Brooks charges of murder against those cops. Youve got questions about qualified immunity. That is one of the issues in terms of the police reform. Talk a little about whats going on in terms of the forces out there right now. They dont want to come to work. I mean, why would they want to confront a criminal when they dont even have the backing of the mayors and the governors . Right. Thats a very good question. This is not what they signed on for. Cops signed on to become part of a very noble calling to help people. They want to have the full gamut of powers that the Police Officers have traditionally had and they see that being taken away from them. They see them being arrested. They see them being disciplined. A lot of them are rushing to the exits and its unfortunate because you want that experience. You want to have people who have been around the block, sotospeak. But, yeah, retirements are way up here and im told theyre up in other cities as well. And im not certain what you do to stem the tide right now in the short term. Maria ray, do you think that mayor de blasios going to to get elected again . Do you have any plans to run for mayor, ray . He is term limited, mayor de blasio. And thats why hes particularly dangerous now. Because we have another 18 months here and he says theres going to be a lot more changes in the Police Department. I thought your point about billionaires staying was excellent. Because people are leaving new york. You know them. I know them. And in the zoom economy, sotospeak, its pretty easy to do business in other places and the crime wave or the crime layer is just compounding the problem and making some people really want to leave new york. Maria yeah. Well, they were leaving before all of this because of high taxes and homelessness on the streets. So as we wrap up here, mayoral run, ray kelly . Sounds good g. No, i dont think so. Thats nice be mentioned like that. Thank you, maria. Maria its good to see you this morning, ray. Thank you so much. Commission e always a pleasure. Thanks for being here. Byebye. Maria commissioner ray kelly. Stay with us. Well be right back. Now is the time for a new bath from bath fitter. Every bath fitter bath is 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. And my side super soft . Yes, with the sleep number 360 smart bed, on sale now, you can both adjust your comfort with your sleep number setting. Come on pup, time to go. Can it help me fall asleep faster . Yes, by gently warming your feet but can it help keep me asleep . Absolutely, it intelligently senses your movements and automatically adjusts to keep you both comfortable. So you can really promise better sleep . Not promise. Prove. And now, during the lowest prices of the season, the queen sleep number 360 c4 smart bed is only 1,299, save 400. Only for a limited time. To learn more, go to sleepnumber. Com. Maria welcome back. Well, home may be where the heart it, but according to my next guest it is also where we will recover from the effect of the pandemic. Joining me right now are the coceos of standard industries, david winter and david millstone. David winter, good to see you. You are pushing a Home Improvement tax credit. What would that look like and tell us what you would like to see in terms of stimulus for housing. Good morning. Were talking about a 30 refundable Home Improvement tax credit that does two things. First, it puts money back in the average middle class American Homeowners pocket for doing wellneeded Home Improvement as well as spurring nearly 10 million American Workers whose livelihood depends on the Home Improvement industry back to work. We think its a simple proposal that should have bipartisan support, getting america back up and running again. Maria so david millstone, i really love your op ed, the both of you, writing this op ed, talking about how in many ways American Homes is the anchor to any community, major financial asset, as lawmakers think about a next stimulus package to get us out of this, you want to make sure that they think about tax credits or some kind of support for our homes. So what kind of an impact are you expecting such a tax credit to have on Everyday Americans . Yes, twothirds of americans own their own homes. For those americans that home is their single biggest financial asset. More important than Retirement Savings or anything else. And people obviously own homes in every state, ever town, every comal county it is every small county. It is red states, blue states. This is a great moment. I cant imagine anyone who has been in their home for the last three or four months that doesnt have a long list of projects, whether its remodeling the kitchen or building a home office or making more space for the kids, as they would absolutely love to do. At the same time, we bring back more than 10 million individuals whose livelihoods depend on Home Improvement economy and those are american jobs through the entire supply chain. Maria yeah, you make a good case. Steve forbes, jump in. Steve, you have been advising the president on the reopening plans. What do you think about this idea . Steve the more things we can do to get this economy moving, the better. Even though the numbers have been good. Income late summer, early fall, were going to need some real boost starting with the a payroll tax holiday and things like that. But i want to ask the davids, years agony middle class american individual or family could buy a house. Now for millions of americans, tens of millions of americans housing prices have soared out of sight, for two reasons, one, increasing use of land restrictions and the huge time it takes to get development approval. In texas you can get a Development Approved in a matter of weeks. In california it takes five to 10 years. Is there some way we can put a spotlight on why owning a home has now become so difficult because of these crazy regulations and dragging feet on approving projects . I mean, sure. I mean, this is go ahead, david. This is a real issue. You see it obviously in dense urban environment as well as suburban environments. And its part of the problem. In addition, we need to make sure that mortgage financing is readily available to all those that are looking to move into their new first home. That being said, the American Home has had a pivotal place in american history, in american families, and what were trying the to propose here today is something that will for not just peoples ability to improve the place where they live and work and increasingly are schooling their children in todays covid world, but also increase the value of their largest financial asset. Maria yeah, and thats what you want to see. Real quick, guys, before you go, let me ask you david millstone about business today. Because you guys run a Global Building Materials Company and we talk every day about how housing is one of the leadership sectors and its going to be the growth sector taking us out of this. Have you seen an impact recently over the last six months, hows business . Weve certainly seen an impact and as people move out of cities to some extent, there is a trend toward deurbanization, we have seen some benefit from that. The truth is, so much of the Building Materials supply chain are small contractors, lumberyards, painters, plumbers, electricians, who cant go for a month, two months, three months without work. And this is work that is ready to go, can be done safely, because its done with masks on. Its often done at a distance. And so we think about restarting the economy and rebuilding america, we think rebuilding americas most important infrastructure which is the home is a great place to start because the home is more important to people now than its ever been. People are spending more time there. Maria it sure is. And its a whole economy of people thats ready to go. Maria all right. Well be watching and see if the administration buys into a Home Improvement tax credit. Gentlemen, thank you. David winter and david millstone joining us there this morning. Thank you. Maria quick break. Coming up next hour, digital founder jimmy lai is here on the growing unrest in hong kong. We take you live to hong kong. First, how you can get a better deal on college by just asking for it. The morning buzz is next. 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. I geh. Common bird. E. Ooh look over here something much better. There it is. Peacock, included with xfinity x1. Remarkable. Fascinating. Very. It streams tons of your favorite shows and movies, plus the latest in sports news and. Huh run the newest streaming app has landed on xfinity x1. Now thats. Simple. Easy. Awesome. Xfinity x1 just got even better with peacock premium included at no additional cost. No strings attached. Just say peacock into your voice remote to start watching today. Maria welcome back. Time for the morning buzz. First up, consistent yea kanye t congratulates his wife, Kim Kardashian on a major financial milestone. He tweeted this, i am so proud of my beautiful wife for officially becoming a billionaire. You weathered the craziest storms and now god is shining on you and our family. Well, kim sold off a 20 stake in her Cosmetics Company for a reported 200 million, kanye west became a billionaire back in april after the success of his yeezee sneaker line. Ive heard of two income families but two billionaire families, how do you like that . I would love it if my wife became a billionaire. Kanye and kim just showing off, number one the significance of celebrity in the country, the ability to coordinate your brand and your image through social media and to to really monetize that. Look, its good, classic american story, people making the most of themselves. Maria yeah. Well, she probably doesnt need a break for college for north west. Bargaining for college is all the rage. Some families ready to negotiate tuition prices right now after what theyve been through. Many colleges are responding, expected to make tuition cuts up to to 13 . Governor huckabee, apparently all you have to do is ask and say, look, were not getting the same schooling, were doing it all online, were expecting a cut and you may get it. Yeah, the two most disappointed people in america are Lori Loughlin an felicity huffman, they spent a lot of money and all they needed to do was ask for the discount. [ laughter ] maria well take a break. When we come back, senator marco rubio is here to talk about the unrest in hong kong. Hes got new legislation introduced today. Well be right back. Oh, we love our new home. Neighborhoods great. Amazing school district. To break oh, we love our new home. Ndown your cardboard. Thank you. Violation. Violation. I see youve met cynthia. At least geico makes bundling our home and Car Insurance easy. And it does help us save a bunch of money. Two inches over regulation. Thanks, cynthia. For bundling made easy, go to geico. Com good wednesday morning. Thanks for joining us i am maria bartiromo. It is wednesday, july 1, top stories right now 8 00 a. M. On the button on the east coast, there is a new reality in hong kong this morning as National Security laws goes into effect o police are cracking down on protesters, making their first arrests, and using Water Cannons on activists americans in hong kong, hong kong citizens outside of hong kong are subject they are not safe from this crackdown 8 30 a. M. Eastern we will take you live to hong kong speak with businessman and activist on frontlines of the protesters jimmy lai joining you dont miss his take on chinas that little tightening gripe when it means for hong kong and world coronavirus rising at large rate dr. Fauci warning United States could see the 100,000 new cases a day in 15 minutes time we get a look at impact it is having, on jobs in america, when the adp report is out 15 minutestime tomorrow big jobs number for june, first day of kwaird quarter futures pointing to lower opening with lows of the morning are dow futures down 226 nasdaq fighters lower by 55 s p are futures down 20 points yesterday, markets closed out a strong Second Quarter in the green, hopes additional stimulus at close yesterday dow industrials up 217 points nasdaq up 148, s p was up 47. It was a great quarter u. S. Markets just closed out, best quarter in 20 years dow industrials up 17 in Second Quarter, the nasdaq up 30 and s p 500 up 19 , in a Second Quarter, fedex delivering for investors soaring take a look stock premarket after earnings beat last night the Company Getting a boost from only shopping during the pandemic, feddex up 11 and a quarter percent, defunding the plooif new york city cutting budget by a billion dollars some including ocasiocortez saying it is not enough former nypd commissioner ray kelly telling me last your defunding Police Movement is ludicrous new york will no longer be the safest city mornings with maria is live right now. Will. Maria Global Markets this morning, are looking at a a negative tone flack ft 10000 down 65 cac quarante are inis down 68 dax in germany lower by 172, that is down 1 1 2 asia overnight markets mixed, mathematics in hong kong, of course, closed today, as it is anniversary of the hand over of hong kong to china, and it ising marked with protests, joining the conversation this morning, michael lee Mike Huckabee steve forbes a great show great to see everybody this morning thank you gentlemen. Good to be here. Good morning. Good morning. Maria we have this fox business alert right now the world is watching hong kong today, as protesters fill the streets as chinas Controversial National security law takes effect, it also impacts americans living in hong kong, hong kong citizens living abroad, Hong Kong Police made first he arrest under new bill firing water canons to fied crowd next guest leading a bipartisan bill to give Refugee Status to some hong kong citizens joining me florida senator Members Senate he Foreign Relations Senate Appropriations committee, chairman of the senate Small Business Entrepreneurship Committee marco rubio senator great to have you this morning thank you so much for joining us. Thank you, thank you for having me. I want to get to your bill in a moment give your reaction to this law, what really concerns so many people, is that this law seem to be sending a warning, to the United States. And other countries, because several parts of the security legislation, take aim at the perceived role of foreigners political activism in hong kong reaction. I think anyone that travels to hong kong american businessman or anything for that matter is out of their minds what this basically says that law says whether chinese citizen or resident hong kong or not if you have said things done things critical to Chinese Government step foot on hong kong they reserve right to arrest you being arrested by chinese authorities not like being arrested by americans you can be put in indefinite detention not a real trial two canadian businessmen right now charges with septicemiaing used as retribution against canada for arrest attempt to exextradite a leader of huawei very Dangerous Development but i think signals beginning if not acceleration of the end of hong kong as a o Global Center for finance and commerce. Senator when is this going to stop and how is this going to stop . I mean clearly the Chinese Communist party has been using this pandemic as cover to gain more ground, they invadeded india other day 20 soldiers in india dead militarizing South China Sea for the years after saying they wouldnt now o overreach in hong kong most people dont realize that if you are even if you are not a resident of hong kong, article 38 says that foreigners who support independence for hong kong for imposing sanctions on the Chinese Government could be prosecuted, upon entering hong kong or Mainland China is the rest of the world with the United States, in seeing, this law, and the impact of it . Yee you asked when is it going to stop . It isnt going to stop the Chinese Government br president xi made decision putting pedal to the metal we seems not just a rising power bust to be the most paurl country in the world not hiding it now pushing hard whether india, swimmings taiwan what they are doing no hong kong moving forward hard we need to be prepared for that i hope the rest of the world yes, the rest of the world realizes that is happening i go think for Different Reasons some more vocal about it than others many countries depend on china for the consumers trade afraid to be cut off willingness to threaten people with that they cant say too much or they are going to i think lose, because of the their leverage because of the the amount of money they owe, flatout bribe the government officials. And to silence being a being wees that is major challenge. That is the that is the whole point senator, because, the Chinese Communist party will go into small countries in africa, and, by the way, europe as well say look we will give you Huawei Telecom infrastructure free you can owe us pay us later then immediately they become indebted to the Chinese Communist party they have to roll over with things like this because that is one of the strategies, so the federal Communication Commission yesterday taking action against huawei and bte the fcc designating both about National Security threats companies cannot use federal funds to purchase equipment from huawei or vte follows indias ban on tiktok, and others, are mez moves appropriate what is the impact. They are not only appropriate they are long overdue to go back to the point you made not just huawei they will go into a country say we are going to build you a port the president makes them look good getting a port build maybe money on side for them as well what happens you cant pay what you owe them they take over the port, and it is their companies their workers they bring into your country to do this especially true in africa we see a little bit in latin america, and in developing countries around the world, and it is a major problem look, i think this all waking up to this long overdue credit to this Administration First administration, sort of taking this thing on this is going to be work of a generation this is going to be work of multiple administrations, i hope were waking up to this reality begin to take action. Maria well ag barr, bill barr was on show last week, he told me, that one of the problems are Companies American companies, looking at the growth in china and saying look we got to get growth we got to sell widgets to 1. 4 billion people in china they are using their short term profit motives ahead of National Security for america is that part of it . Do you think the corporate sector no doubt about it. The National Security threat . Yeah, look two things at play number one a lot of Multinational Companies have in United States prl multinationals supply chains tied into china manufacturing invested in it you know, they understand long term is best for them people in charge arent going to be around long they are thinking short term the second appease they want access to that market at it, chinese they have hope one day able to sell Many Companies depending what were talking about have embedded in stock price valuation the anticipation that they will one day have some access to Chinese Market there are Multinational Companies participating cooperating with china and they want access. All right, quick on your bill, you are launching a bill to give Refugee Status to hong kong residents at risk of persecution under the chinese new National Security law, weve got 45 Million People having filed for Unemployment Benefits weve got, lots of pressure in this country, how do you answer skeptics critics who say how could you have a bill to bring refugees from hong kong knowing what they are facing, yes but do we really have availability here, with all the pressure on jobs . For americans . Hong kong is not even the city, so we are talking about a very small number of people frankly too many that face persecution you have to have proven that you have well founded fear of persecution not talking hundreds of thousands of people i mean a small, the least we can do i am going to tell you right now things going to happen within hours they are going to go after and arrest a bunch of these people we know well prodemocracit activists, that is going to happen. Wow, we are going to be speaking with jimmy lai in a few moments before you go senator, the senate extended the infliction deadline for the paycheck protection program, to august 8th coming hours before it was set to expire with more than 130 billion dollars, in in leads funds unused what do we need to get this economy, up and moving again is this working the ppp plan . It is working. I think most companies that are going to benefit from it have already utilized it i dont expect you are going to see 130 billion dollars with dollars fly out six weeks but it could help a few companies most important thing we need to do come back with money left over, and target, smaller businesses with restart faundz, but ultimately it is important to reminder everybody we there is no Government Program we can structure that can a replace a functioning economy it is important for people to than us we need to get the economy going again. Good point. We cant replace economy with Government Program we can hel lower pain we continue to replace it. We cant replace it. Thanks for leadership all above we will see you soon, sir thank you. Thank you. Senator marco rubio next dill founder jimmy lay on frontlines of protests in hong kong joining me to talk about unrest there, stay with us for that. Maria welcome back, we are awaiting the june adp report expected that it will be 3 million jobs added to the economy, in the month of june, in a the adp number out two minutes time michael lee, you think this is priceded in . Priced . I think if we ge get a huge number around three million way above it or below it will move market if anywhere in the neighborhood i say a million jobs, i dont think it will move the markets much. Okay weve got the it looks like lower than actual three million coming out right now 2. 3 million lets get to Cheryl Casone has the numbers. Cheryl right maria that is exactly the number about the estimate as you mentioned was for three million a gain it came in, at a gain 2. 369 so below expectations, this moment, as we look at headlines crossing i do want to say that is big change from the number we actually got, last month a loss of 2. 76 million for jobs report you are mentioned earlier in the show going to be tomorrow friday a holiday expecting three million nonfarm payrolls added to employment rolls for june that was after that surprise we got in may of a gain 2. 5 million, Unemployment Rate tomorrow expecting 12. 3 also to Mention Senate before i send back to you saying adp number is showing that, basically with decrease 2. 369 the private sector jobs that we have this was estimates missed a little bit looking at dow no big reaction in markets tomorrow initially claims we gettish in claims june jobs report. Maria are a lot coming out again, the june adp number thank you, cheryl 2. 37 versus estimate three million i point out may ising revised upward, so may we thought we had losses but revised upward to a gain your reaction to numbers. I think they show if obstacles are taken out of the way this economy is ready to take off. And, excuse me one of the one of the surprises, is that the coronavirus thing so far has not dampened animal spirits of this economy if they dont overreact focus on people not wearing with masks the like, i think, the economy recovery is going to continue no major lockdown i think we learned enough not to do that again. Maria apparently 70 jobs, added in the last month, were Leisure Hospitality cubs michael lee reaction. Look, this is actually when you look at realizations from last month, you went from minus 2. 7, to plus three million a five million job recoveries 5. 75 million a lot of hospitality jobs we lost they are going to come back keep coming back the recovery of this economy, from the coronavirus, continues, to surprise to the upside it really defies expectations one of his market gets more into numbers maybe rebalancing after a about fantastic quarter in equities this reinforces the thesis rivering much, much quicker than even rosiest expectations i think great to see for ail americans. I dont know why this market has not reacted to the maying revisions i agree with you a huge point here may was down, two plus million jobs being revised, are to show a gain in the month of may, of 3 million jobs youve got a gain 2. 37 million in month of june, governor huckabee, all of the data that with weve been seeing the last couple weeks, are showing growth you had a good retail sales northbound good jobs number good adp weve got june jobs report release tomorrow morning because of july 4 holiday we get it tomorrow what is your take on what is going on with this economy now 126 days away, from the election . Well the before people vote remember donald trump led in a very Strong Economy, and that means, that rather than this economy and coronavirus dropping like anvil it was more like a bungee cord went way down snapping back because we had good tax policy good regulatory policy Strong Economy to start with, the president ought to celebrate that. We are, of course, in middle of america reopening, we are going to take you to california, next one salon on rodeo drive back in business we will take you there much more ahead you are watching mornings live on fox business. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Maria america reopening one salon rodeo drive are officially back in business next employees known all over the world emperor of hair alfrom kardashians joan collins proprietor of beauty salon heart of of Beverly Hills more than 25 years yesterday finally opened doors again at new location joining me salon owner Elgin Charles great to have you this morning thank you so much for joining us. Thank you, maria, for having me on. How does it feel to be reopening epg what kind of demand are you seeing . Tell us what you are expecting from this important day today. Right, feels great to be you know back in business. And to change location to rodeo drive more exciting but a lot of restrictions because of covid19 we have to have door screening, also have sanitizers we have glass partitions between and sanitized chair, because the ladies when they come in, they are very paranoid because you know quarantined we let them know were taking steps seriously. Of course so you are doing all you can, to make people feel comfortable and safe even as california is reporting thousands of new cases of coronavirus. Yesterday alone l. A. County reinforcing masks, social distancing elgin tell me about opening, and making sure your clients and you are doing everything that you can to keep them safe, what kind of pushback from california in general from officials there, that want to basically put a pause button on the reopening . Well, i dont think they should. You know. Corona around now maybe four, five months weve seen, the decline, back up people starting to go out being more relaxed this is taken seriously put on mask, everybody should so that you dont pass on any kind of you know, saliva, anything that comes from passing on so someone else if you wear a mask the thing we should do, wash your hands when i do clients i use gloves each one i dont want to pass on any of my germs to anyone as well, also i want to protect myself i am standing here in front of everybody working, and doing one client after another so i have to make sure, so i am serious about this as well. Really, really dad for us if hair salon i am glad you mentioned this, because, weve got Small Business owners we speak with all the time they poured heart, soul all money into businesses, shut down has cost them a lot. How significant has shutdown been for you you import all time, energy money into your own business you are proud of it you were closed what impact did that have. It mad a major impact, account my numbers about about half what i was doing. Thank god for only sales, are selling my hair, wigs, about hair Care Products would help out a lot, you know, looking said that i wanted to best hair in the world and that helped my sales too really helped me out i started doing, the youtube channel, it also youtube, fashion and stuff, and all this happens to even things out but get back to really start making money because you know it is difficult with main source of income has been taken away from you you have to wait very difficult. Of course, i am sure your clients are dying to get back in, it has been several months here, i finally got a haircut the other day, and i did not realize would be talking to emperor of hair thank you so much for are expertise i wish you the best. Social media that is where you can find me. All right, we are looking Elgin Charles headed he to foxbusiness. Com all there, quick break then a lot more to come next digital founder jimmy lai here to talk about about hong kong this morning you are watching mornings with maria live on fox business. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. 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. Well well good wednesday morning. Thanks so much for joining us. Im maria bartiromo. Wednesday, july 1, kick off second half of the year markets 8 1 a. M. East coast Dow Jones Industrial average off the lows, down 151 points right now down, about one half of a percent nasdaq down 28 s p 500 down 111 2, we told you adp employment report missed expectations slightly for june but may revised sharply higher, still we are seeing growth in jobs, the month of may a decline in jobs 2. 7 million to increase of jobs at three million, that was month of may, june you also have job creation of 2. 3 million jobs. Future indicating lower opening for kick off Third Quarter coronavirus cases spiking large rates in the United States markets just came off best quarter in more than 20 years, in fact last three months, have money o moving into stocks in a big way the dow industrials up you 17 in quarter, nasdaq was up 30 in the quarter he s p up about 20 for the a Second Quarter Global Markets this morning mostly red in a european indices right now down across the board ft 100 down 36 cac quarante down 48, dax in germany lower by 123, here too we are looking at market thailgs off the lows. In asia overnight, marks mixed best performer with china actually, as you will see here, up 1 1 3 hong kong closed today as anniversary of the happened over of hong kong marked with protesters, throughout hong kong overnight. There is unrest happening right now, as we speak in hong kong, thousands of protesters, swarming the streets of hong kong following the page of Controversial National security law todays demonstrations marked 23rd anniversary of hong kong handover from britain to china Hong Kong Police making first arrests under new bill firing water canons to fight crowds steve forbes what is most concerning about this new law seems sending a law a warning rather to the United States, and to other countries, because several parts of the security legislation, take aim at perceived role of foreigners new rules apply to those people, who are not residents of hong kong with article 38 suggesting are foreigners who support independence for hong kong calling for imposinging sanctions on Chinese Government could be process kud upon entering Mainland China you could be on the ground hong konger living in china at risk american living in hong kong could o be at risk of getting arrested. That is right shows that china now feels that it is grip worldwide the question now not just hong kong what are we going to do to make sure, there is no moves major moves made against taiwan . That is going to be next on there is we are going to have the face some very hard questions there what effective steps are we going to be taking in South China Sea to counter moves china put in there make it clear that were taking military subinstantivesteps to weep Waters International not defactoid chinese in india we should rampup talks of india in terms of joint defense the lining urging indiaaway remove restrictions internally on Foreign Investment they want Foreign Investment but pretty they know how to do bureaucracies there if india opens up stronger india is good largest democracy in the world so it is not just hong kong, what other steps substantive steps are we taking change military strategy and the like to show the region, we are still there. Maria all right. Joining me right now live no hong kong right now, is founder of next digital Majority Shareholder as well jimmy lai thank you so much for joining us first off can you tell us what is going on in streets of hong kong right now . Explain to us what you are seeing, jimmy on the ground. Well, people are very nervous, because the future of the next is worse than the most pessimistic expectations people are very nervous, and now people have the pays of leaving living in communist i am sure this law will change the behavior of the people from now on when they call on the phone or communicate in social media they will have to be very careful they even have to be careful to talk to their friends, if talking on something so to be cautious will not turn them over, so this is the sea change here. Maria a see change and youve told us everything he go changed when xi jinping became dictator for life, irwant our answer to get a sense what is happening on the ground you have been front line for over a year are you walking freely do you fear you are going to get of arrested . And what chinese warning is it could be prison for life, jimmy. Right, right. Well, i even went out today, because normally we have demonstrations but this year, only very few people were out, i am sure that the activity has really scared a lot of people off. I am not worried because i think i cant wore if i wore i cant do anything or say anything so, you know, i just whatever comes i have to i have to be up to it. But, you know, definitely yeah. Have is a sea change here. Are a umhmm tell me about sea change what can you tell us that we dont know already in terms of what that sea change feels like, jimmy . Well, i am sure businesspeople will feel the pinch recently because the about National Security law is you superceding our law of basic law also override our council, so people who do business here will not of the protection of the world law and what they have to do to get is to bribe officials, who have power over them especially this is especially serious for financial business has to transacting, mutual trust, so i cant see how you know, the International Financial center. Maria interesting i always thought of hong as Financial Hub you cant think of it that way nightmare. Right. Lawmakers are launching a bill to give Refugee Status to hong kong residents at risk of percent roougs would you be interested taking that on. No. Would you i am going to stay until the last the day, you know. I cant stay last day i think last day is now i have to stay until the end of it until you know i cant stay everybody you know everybody by law can is is either arrest or gone i cant go away if i go away i mile i also undermine the Democratic Movement this is too much responsibility to take. To be going away, no. I wont go away. Maria you have been arrested already a couple times are you expecting to get arrested again . What did they do to you when they did arrest you the way this law reads that you can go to prison for life. Right, i know what is going to happen to me. You know, i may have to go to prison i dont know because when the government has no respect for law, about youve been red line here. They will do anything according to necessity i dont know what they are going to do i dont care if i dont know why should i care . Jimmy are police using force on protesters . How are they have a handling protesters ocean. The totality of the police increased because people are actually being subdued, very afraid i did not see them today i think really have effect of frightening people. You know what is concerning here are new rules apply to people who are not residents of hong kong either you could be living in the vancouver, and hauled across get arrested if you were to go to hong kongor china get of arrested because you said something bad about ccp, and there are will americans living in hong kong too subject to this lay americans in hong kong what do you think the impact of this is going to be, given the fact that now any american living in hong kong probably is saying to themselves i better not go anywhere i will get arrested. Well, i think everybody has to worry about this. You know, what chinese thinking is they only use the law for for the punishment and they intend to use the common law for the red on one hand, National Security law, the chinese law socalled law, and all er on the other hand the common law because of two Exchange People in business will have no choice, what they are trying to do is trying to be singapore, singapore is very different, you know singapore the government has to face the people, and to each other, but now this Hong Kong Government has beijing has affect on people, they dont care about people never looked at a a cause of the demonstration on protesters, of the protesters. They all. Maria they clearly the suppression, suppression, suppression. So they dont care they dont care about that they only a care about the quick jimmy before you go, what is the Chinese Communist party o motives as you see the it. Motive indefinitely to of hong kong and another is send a message to the International Community that if you integrate interfere with our intern affair we will do more draconian measures imposed on hong kong just want to send a message, to the International Community, stay away. The more you going to give us pressure the more we are going to wow, are jimmy you are a brave man to continue doing what you are doing, we will be watching, from afar, and rooting you on thank you so much jimmy lai for joining us this morning. Thank you. Owing look at atrocities going on right now in hong kong. Well be right back. Maria welcome back we have adp report out earlier this hour growth in jobs in both may and june. The may number revised from loss of more than 2 1 2 million jobs, to actually, a gain of 3 million jobs in the month of may, you also had, a growth in jobs, in the month of june, Lauren Simonetti is taking a look at that this morning, lauren good morning to you. Maria we live in crazy times where we can revise numbers just like that. The question that everybody wants to know has unemployment bottomed the answer is likely yes, but are we going to get those 19 million jobs lost back likely not all of them the bottom line recovery in job market is probably a long the positive you mentioned this, adp said 2. 37 million jobs added in june may revised to three million gain from a loss nearly as steep a huge revision to upside jobless claims they have trended down the past 12 weeks, tomorrow sand expected 1. 3 million claims would mark another week where they come down, continuing claims, for those that continue to be unemployed also moving downside but there are signs the worst of job market may not be over if you look at state of california, they have a renewed surge in infections businesses there have to report layoffs, 35 of reported layoffs in june permanents laifrz two times as many as may, so many businesses are faced with a choice they can call back, for a furloughed workers or perhaps invest in automation, some will go with the latter unfortunately, i want you to take a look at this, maria nfib says 14 businesses who accepted a ppp loan still expect to lay workers off after using federalmen especially as rise in cases in south and west we have seen a spike about in people in education especially certificate eligible classes, that is a sign that workers fear their job will not come back, and they will need a new pandemic proof skill set if you will linking 600 spike sense before pandemic, kouksz liquor accounting for instance, so bottom line recovery is ongoing, are but will be are splintered, larry kudlow others are optimistic employment rate returns to Single Digits by end of year 12ed to come 12. 3 for june we get that tomorrow larry kudlow on this program last week said he is expecting unemployment rating to below 10 by year end, about we will be watching that we will see you later coming up see you later facebook we are looking at companies that are fleeing advertising, on their platform impact on social media, all coming up back in a minute. 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Fleeing facebook ceo zuckerberg has agreed to meet he with companies that have dropped ads in his platform more than 400 largest brands cocacola starbucks clorox pulled out from facebook over stance on hate speech governor huckabee reaction . Well i think Mark Zuckerberg is in a lot of trouble because he is operated this is platform in a way that a decided that they would pick and choose the winners and losers every free speech not going over a lot of people are back up it he has to decide is he a common carrier or is he an editorial director of a newspapers only, that is his choice he has to make it needs to make it quick. Maria umhmm steve forbes how do you see it . I think he is in a no win situation. Trying to police this whole thing. And i think some of those tifz will come back he has powerful platform they have got to make he has to make a bigger effort, as to the others like google bigger effort to make sure all voices are heard fine to police junk we all are in favor of that but theyve not done as much as they should to make sure, that conservative right of center voices have a fair hearing they keep knocking them out and now paying a price for it, because now left is coming after them too. Maria yeah. Well, i mean we will see what happens with Companies Mike lee there are calls for a breakup ag barr said the other day one of the ways you fix power, overall powerfully companies is antitrust. All Tech Companies have away too much power the problem they own washington so i wouldnt hold my brett for that also say Companies Pulling advertisements, they will be back, about they are cutting advertising budget trying to make a political statement at the same time, the most powerful advertising platform created they will be back this is just posturing. Next week going to look at competitors to the the companies like, parlor competing with twitter we will talk about that in monthlying weeks dont miss that conversation next week, stay with us more mornings with maria live on fox business, right after this. Yyeah yeah hey, hey maria if you were questioning why the market is down in the face of job growth, you were right. Take a look at futures. A complete reversal. We say goodbye to our panelists. Thank you so much for joining me this morning. Markets have completely reversed course on job growth in may. Job growth in june. Have a great day, everybody. Varney Company Begins right now. Ashley webster in for stu. Take it away. Ashley good morning, maria. Thank you. Good morning, everybody. Yes indeed, the market way off its lows and coming off a historically positive quarter. Take a look at this, the numbers remarkable. The best quarter since 1987 for the dow, up 17 . The s p up 19 , the nasdaq led of course by big tech, up a whopping 30 . Its all about the reopening and the recovery. Now, heres what turned around the market this morning. 2. 37 million private sector jobs added in june. Thats according to adp