Transcripts For FBC Varney Company 20240712

Dead flat to start the morning but you never know, of course, where it is going to end up and thats why you have to watch every minute. I promise. Take a look at this. The nasdaq in record territory, fueled of course by big tech and for those of you who wonder why we talk about these stocks so much, here is why. They are all going to open at record highs, starting with amazon. Today will make six days in a row that it has hit an alltime high. Apple at 384 bucks, that stock up 40 in a month. Microsoft, 215. That stock is up 25 in a month. Facebook also continues to surge, despite an ad boycott and negative pushback from civil rights groups. Netflix, clear lockdown winner and its been said on this program that we are indeed entering the golden age of streaming. We will talk about all of these stocks and more, tech winners throughout the program. They are remarkable. Its going to be a big day at the Supreme Court. It is the last day of the term and a decision on whether to release the president s tax records is expected. That should come next hour. We will be covering that. To the campaign. Joe biden will outline his economic plan today. Ahead of that, Bernie Sanders, the man who is so far left, the democrats united against him. Well, hes cheering bidens vision for the economy. He calls it more progressive than fdr. We will get into that. Wow, do we have a jampacked three hours for you. Im Ashley Webster. Stuart will be back on monday. Varney Company Begins right now. Ashley lets begin with that jobless claims number, 1. 31 Million People filing for unemployment last week. Lets bring in susan li. Susan, what more can we dig into this number . Susan well, its the 14th straight week of declines and thats also by the way the smallest weekly total that we have seen since the middle of april. Continuing claims, longterm Unemployment Benefits also dropping slightly to 18. 1 million in the week and we have to factor in we had a lot of distortion in these numbers given the july fourth weekend and friday was mostly a holiday and that means applicants also had one less day to file. Now, the seasonally adjusted data tends to be volatile around these major holidays because the timing differs slightly from year to year but the takeaway is that the unemployment picture is improving. Still at historically elevated levels, yes, and with 30 states pausing or pulling back on reopening, lets see how these numbers hold up. I think it can be implied that new layoffs are being offset by those hiring and also being recalled off furlough lists. Ashley indeed. We are heading in the right direction. Maybe not as quickly as we would like but nevertheless. Susan, thank you very much. Another grim prediction on the markets, this time from the bank of america. They say the s p will finish off the year 2020 at 2900. Right now its 3167. They say its because the economy is not totally in the clear from the virus. All right. Good time to bring in market watcher Gary Kaltbaum. Gary, what are your thoughts on b of as prediction . I dont believe in predicting six months out. We are still dealing with a pandemic. You have what we call a pretty big election coming november 3rd, also. Too many variables and all i can tell you right now is we can talk s p all you want. You have the most split tape i have ever seen. If you own the financials and the Energy Stocks and cruise lines and airlines, you are still getting killed but if you own all the tech, which every week i come on and say overweight the tech, you are making a lot of coin right now. The only thing i would tell you in the near term, its just its overheated here and things are just very extended. I wouldnt be surprised to see some vicious scare days but i think the major trend is still up. Ashley vicious scare days. That is a little troubling, is it not. Gary, i want to talk about big tech. As you know, we are seeing high after high, day after day. Its looking like nothing can slow these stocks down but do you worry about the gap thats growing between these juggernauts and the Broader Market . Should we care about that . Absolutely. It is the biggest divergence i have seen since 1999 and im talking about the rest of the market versus tech, internet. You can add in biotech and things like that. You are going to get eventually heading back to the norm, where we will see a day where the dow is up 100 but the nasdaq is down 50. Again, for me the major trend is what matters most. The major trend in these Technology Areas is up right now, and theres a reason everybody worries about it. We always talk about microsoft but even at this big, gargantuan stock, they are growing at 25 a year and a lot of names im buying into are growing 100 and 200 a year versus you know whats happening, financials arent growing, airlines and cruise lines, you know whats happening there. There is a rhyme and reason for it and you are seeing it on a daily basis. Ashley all right. Gary, hold on for a second, if you will. I want to focus on tesla because susan, elon musk is saying they are close to technology that will let cars drive themselves completely. They take over. Susan hes been promising that for a number of years now but theres consensus among analysts that teslas selfdriving technology probably one of the best and most advanced out there. Musk is saying tesla is very close, he says, to being fully autonomous, level 5 driving technology. That means a car can drive all by itself. Musk goes on to say hes confident that we get to at least basic working in this technology maybe by the end of this year. Tesla is currently offering a partial automatic driving system called full tilt driving. It still requires drivers to be alert and behind the wheel but tesla is working on what he calls new technology that will make it more automated like heat projection or cooling systems that allow the computers to work better inside the cars and this is something that musk describes as amazing. He was speaking at a high tech for um in shanghai by video lin. In 2017 he said full selfdriving would be available in six months. Its been three years and counting but during that time, tesla is now the worlds most valuable car company so he made promis promises, right. Ashley kind of getting used to elon musk but you cant argue with the stock. Thank you very much. Lets talk about ford. Their ceo is responding to criticism from employees who apparently are not happy about making those Police Interceptor vehicles. Lauren simonetti is here. The ceo is not backing down. Lauren morning. So the ceo is defending fords making and selling of the Police Interceptor vehicles. He says they help police to do their job and they keep officers safe. This is what he wrote. Its a quote. The issues plaguing Police Credibility have nothing to do with the vehicles theyre driving. Its a response to a request by some ford employees to discontinue the cars as part of a nationwide push and we have seen this from other companies where they limit police resources. Fords not doing that. Ashley no, they are not. All right. Thank you very much, lauren. Quick check on the price of gold. We talked about this early in the week. Its near a nineyear high. Good time to bring in bring back Gary Kaltbaum. You know, your note says you love gold stocks or perhaps love is too strong. What do you think of gold . I like him as a friend. Whenever i love something in the market, it goes the wrong way. Look, gold stocks just broke out of range. Golds at new highs. Its very simple, the maniacs of the Central Banks are racing to the bottom with their massive money printing, trying to crush each others currency, and thats what raises gold prices. I think we are probably at the beginning of this move and i think theres a lot more to go near term. Maybe they pull back but i think gold stocks are leer here to str right now. Ashley Gary Kaltbaum, just friends with gold. We will leave it there. Great stuff as always. Thanks for joining us this morning. Of course, we cant check gold without checking the price of bitcoin. We havent brought bitcoin up for awhile now. Lets take a look. Its been climbing steadily higher with gold over the past few months after its march low of around 5,000 bucks a coin. Do we have the price on bitcoin . We wait with bated breath. No, we dont, im told. We will get back to it. Lets check the futures. That jobless claim number not really affecting futures that much. Essentially flat as we said. The dow off just four points. The s p up 10. The nasdaq, though, up again more than half a percent. Take a live look at the at capitol hill where the White House Coronavirus task force will take part in a health care summit. That is happening at the top of our 11 00 hour. Of course, we will bring you any headlines out of that. Dont expect joe biden to speak out against calls to defund the police. Hes now saying some funding should absolutely be redirected. We will have more on that later in the show. And President Trump says we need to safely reopen schools across the country. My next guest has nine children and you can bet that rachel is ready to reopen those classrooms asap. Its coming up next. Come on in, were open. All we do is hand you the bag. Simple. Done. We adapt and we change. You know, you just figure it out. Weve just been finding a way to keep on pushing. Safely reopening our schools. We want the schools to be open and going in the fall and most of them i think are looking at it that way. Its very important. Were finding out that learning by computer is not as good as learning in the classroom or learning on the campus and i think youre finding that, too. We want to learn in the classroom so our schools, we want them open in the fall. Ashley well, you heard the president , pushing hard to get our schools to reopen for the fall semester, but here in new york city, schools will look a little different come september. Mayor deblasio says it will be what he calls a blended classroom, part online, part in person learning. All right. Thats one way, i guess, to go. Lets bring in rachel camposduffy, fox news contributor. Great to see you. We know youve got nine children. The question becomes how critical is it to get them back in the classroom fulltime . Listen, i have to tell you, the few months that we did covid home schooling, its very disruptive to learning. Not all children can do it well. We have different kids, some do well with it, some dont. Kitdz with special needs, kids with learning disabilities are really suffering and if you look at whos pushing this, ashley, the teachers unions have come out in favor of these kind of partial to total shutdowns for School Coming in the fall. I dont think its a surprise they are big supporters of the Democrat Party and i think these kind of democrat special Interest Groups know that its very disruptive to the economy, to families, and i think thats what they want going into the election. I think they think their chances are better if the economy and if peoples lives arent back to normal. Ashley i agree. Rachel, i know you have two children in college. Avita and jack. I think we have pictures, you dropping off avita here at the university of chicago, proud parents, both. Now the ivy leagues will be canceling all fall sports until next year. I guess the question to you is how is the virus going to affect your childrens college experience, do you think . I got nervous when i heard harvard wasnt going to have a normal schedule because chicago tends to track with harvard, but she is going back in the fall. However, my son who goes to the university of wisconsin madison, they are doing partial, you know, online learning. I think as a parent who pays tuition, that makes me mad because the science shows that kids arent passing the disease or the virus on, they are also not likely to die from it so i think there are other measures that can be taken because i think the consequences of not going to school are greater than the possibility of spreading it through schools. Ashley those that are critical of President Trumps push to get these classrooms open for the fall say look, you dont have enough Safety Measures in place and the local School Districts dont have the funding or the money to take all those necessary steps. How would you respond to that . Well, there was a lot of money that went out the door from the government, then make it available. Some of the concerns School Districts have is they are afraid of liability. I believe the government ought to do something to protect schools because obviously, there are going to be outlier cases. Somebody may get hurt but to shut the entire system down for the few outliers that may get sick or get hurt from covid doesnt make sense. We need to actually protect our schools from lawsuits, we need to provide them with whatever they need to social distance, but honestly, i have nine kids and i can tell you, you know, we know how to protect our kids and our teachers when theres a flu season and its really not that different. Ashley does it worry you when you look around the country and i know its in the south and southwest where we have seen this spike in cases. If the classrooms are now back in fall, does it worry you, especially as a mother, you worry about the safety of your children. We worry all the time. Like i said, we go through flu season all the time. I frankly feel like classrooms will be cleaner than ever, that theres going to be more hygiene practiced in the classrooms than ever before. I know i feel that way when i have flown on the airlines recently. I think theres some good practices that we all picked up from covid but i think this idea of shutting down our schools which ultimately shuts down the economy in a big way, i think theres a little bit or a lot of political motivation behind this and i think its i think we are right to ask the question why is the teachers union, who is the biggest supporter of the Democrat Party, why are they pushing this. I believe personally that they are putting taking out trump, thats their top priority versus taking care of our kids. We need to get back to school. Ashley all right. We have to leave it there. Rachel camposduffy, looking remarkably well rested for having nine children at home for week after week after week. Rachel, as always, you look great. Thank you so much for joining us this morning. I dont know how you do it. Rachel, thank you. Thank you, ashley. Ashley lets get back to that call we were talking about from the bank of america. A little bearish on the s p for the year. But lauren, come back in. They say its partly because the market is loving these stayathome stocks which i guess suggests they think the market believes people are going to be staying at home longer. Lauren exactly. And they say the s p, as you noted before, will close at 2900 by the end of the year, which is bearish, down 8 from where we are now. Saying that the market is not pricing in the allclear. Thats why some of these stayathome stocks, tech stocks, also the online retailers, they have been winners. If you look at service now, if you look at their annual performance, its up 50 . Splunk and workday up. These are the cloud and digital Work Services that Companies Need when most of their employees are working from home, ashley. Ashley all right. We get it. Lauren, thank you very much. Lets move on, turn to joe biden, if we can. Bring in susan li. Susan, he just unveiled a huge new proposal to invest in american businesses, right . Susan 400 billion over four years, he says to increase purchases of u. S. Goods and services and then throw in another 300 billion in new research and development in u. S. Technology so thats 700 billion in total and that is also proposing, by the way, to tighten up trumps buy american laws so he wants to tighten the buy american laws that are pushing companies to consider u. S. Companies first before they buy elsewhere, and he says that the Government Agencies are actually able to get around these rules so he wants to tighten that up so u. S. Governments and agencies will buy also from this plan as well. Buying and focusing on labor policies and a lot of people see this as very similar to President Trumps proposals. The Biden Campaign says this plan for manufacturing, innovation, will bring back jobs, they say lost over the past year and create at least five million more but you know, if you think about it, he also wants to strengthen workers rights when it comes to collective bargaining, not exactly republican, and also repeal the tax break for u. S. Companies that move jobs overseas. That might get some applause. But we will be hearing from him later on today from pennsylvania. However, wall street is concerned that a biden win would be bad for the economy, bad for stocks and he has by the way addressed this this week as well, biden, saying he will take it slowly. I dont know if thats enough, though, to maybe alleviate some of those concerns, especially when hes going to hike those corporate taxes. Ashley yes. To 28 , i believe. Susan, thank you very much. We are getting ready to start another day on wall street and as we wait, the dow just slightly lower, call it flat. The s p and nasdaq also slightly higher. Well be right back with the opening bell after this. Introducing stocks by the slice from fidelity. Now you can trade stocks and etfs for any amount you choose instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. Ashley all right. Lets take a look at these futures. Just a couple minutes away from opening the dow flat, the s p just up slightly but the nasdaq up more than half a percent at 10,734. You know what, the markets seemingly are overlooking the fact that virus cases are on the rise across the country. Over 62,000 reported yesterday. That, by the way, is a new single day record. Lets bring in market watcher d. R. Barton for this. D. R. , great to have you this morning. Why such a muted reaction from the markets . At one point it was every headline would have an impact but not so much these days. Yeah. Its not that theyre not in the headlines, ash. If you look every morning at the new york times, the washington post, im watching those, we are seeing those hit but i think what traders are seeing despite these new alltime highs in virus cases per day is that the mortality rate, the number of deaths, has remained quite low. What i think that means is that maybe the uptick in that number wont come for another couple of weeks and so i think weve got kind of clear sailing for the markets between now and then, until that mortality rate starts picking up a little. I think we are also learning to treat the virus a lot better and the markets are taking that into account, that we are not having as many deaths. Ashley you know, we talked with Gary Kaltbaum earlier, and he was saying hes a little concerned about the gap that continues to grow, the chasm between the big tech stocks and that are just motoring ahead and the rest of the Broader Market. Do you have any concerns about that . Well, im looking at those kinds of numbers, we look at how many stocks are participating in a rally, and i dont see the chasm quite as much as gary is but theres a reason for it. Those big megatech stocks continue to grow their revenues at faster clips than smaller companies, so the money keeps pouring into them. I think thats not necessarily a bad thing but i dont think we have quite the chasm that quite the chasm there. I think a lot of Different Companies are pulling on the oars. Ashley we should mention politics. The election about four months away. Does that play into the psyche at all of the markets . Yeah, i believe it certainly does. Its quite interesting because as the numbers come out that show President Trump trailing, we still dont see the markets taking that into account so much. I think that the markets are waiting to see how the numbers look after the conventions in whatever way, shape or form they take, and for now, they are giving that whole political thing kind of a free pass until that happens. Ashley yes indeed. All right. Great stuff, d. R. Stay there, as the bell starts to ring and we get another trading day under way. Somewhat of a muted day in yesterdays session. The major markets finishing on the upside so lets take a look at the big board. We are expecting somewhat of a flat beginning. Of course, who knows where its going to go throughout the day and where we close. As you can see, very muted at the opening, down five, four points. Cisco, microsoft at the top. Down the bottom, united health, exxonmobil, some of the Energy Stocks. Thats the very definition of flat even though theres a lot more red on the screen than green. Lets take a look at the s p if we can. As we said earlier, bank of america has somewhat of a bearish outlook saying it will be around 2900 at the end of the year. We soon shall see. Its up a quarter of a percent at 3177. Lets take a look at the nasdaq. Continues to push onwards and outwards. Guess what . Hohum. Another alltime record, up 69 points at 10,562. Up little more than half a percent but for the nasdaq, thats become a daily occurrence. Now, next one. Amazon, another day and yes, another fresh high. Come in, susan li. Is there anything stopping this stock right now . Susan not much. The stock seems to be unstoppable especially heading into earnings on july 22nd later on this year and analysts are now starting to predict a small profit for the march to june period and thats during a period when we had a Global Pandemic and the higher spending that was promised by jeff bezos in order to combat it so he has a small profit being priced in. The rally in the stock past 3,000 has many analysts trying to keep up because i was looking at the analyst calls. Only a quarter of amazon analysts have a price target above 3,000 but only one analyst is calling it a sell. Everybody else says hold it or buy. Its a favorite of wall street and they do expect the pandemic trends of shopping online, cloud computing, to only accelerate from here. Ashley yeah. Its certainly not going away, thats for sure. D. R. Barton still with us. Amazon, what can you say . You know, they are doing so many things so well, ashley. We talked about it many times how well they are executing. We still havent seen them roll out some things that are going to be coming on later in the year. We are going to see them roll out their Delivery Service thats going to compete directly with fed ex and ups. They are just now starting to get pill pack going and to really push that on their site and some of their other health initiatives. So they are far from showing us all the tricks they have up their sleeve. I just think you got to keep adding this to the portfolio. I certainly am. Ashley very good. Lets talk about alibaba, also on an absolute tear. Susan, i guess the question is, does this mean china is making a comeback . Susan yep. Thats the main reason why the stock is up 20 in the past week. 20 . Gained by a fifth. That is thanks to that long rally in china. In fact, the longest rally in two years over in shanghai with eight Straight Days of gains. Alibaba, chinas biggest company, we know that, briefly overtaking facebook as the worlds sixth biggest company, by the way, and three reasons for the surge, as i mentioned to you, the bull market thats being called on by the Chinese Government and that means more money will go into these recognizable chinese names like alibaba. Also secondly, indications of a sharpening recovery in the chinese economy and consumer, by the way, we are looking at the tesla, the car Sales Numbers after covid there. Now, also third, this is important because they have a financial arm that they break out separately for the company thats worth as much as paypal on its own so think of 200 billion. People think that it will be setting up for an ipo later on this year in hong kong and that helps lift sentiment for alibaba when you can raise all that money. Ashley another behemoth juggernaut type of stock. D. R. , you like alibaba . I love alibaba. This is one that we talked about as a legacy stock. You want to have own it. I think if you cover your eyes and dont look at your portfolio for five years, you are going to be really, really happy that you have alibaba in there. I think for the time being, this little push up, its not little, 20 , as susan said, is not over. We cant underestimate how much it means for the Chinese Government to have all of their people opening so many new accounts this week with that editorial that came out in their top financial journal on monday. Ashley right. Very good. Alibaba, baba. Quick check on the big board while we are just under way on wall street, about four and a half minutes into todays session. As you can see, the dow just off slightly, down 13 points. Still above 26,000. Lets take a look at the tenyear yield, if we can. Its been down around 0. 6 , there it is, 0. 654 , down about a basis point. Not much yield out there. Thats why equities are doing okay. Checking gold, its been right around a nineyear high, above 1800. Just essentially flat today at 1820. There you go. Just slightly positive. 1820 per troy ounce. Bitcoin, do we have bitcoin . We teased you earlier. There it is. Down 40 bucks but still at 9,470 on bitcoin. Also oil. Lets not forget oil. That barrel of crude right around 40 bucks. We have been stuck there for awhile, off 32 cents. Still at 40. 59 for crude oil. All right. Now lets take a look at bed, bath beyond. Stocks down, sales down. They are closing 200 stores. Lauren, i guess they got hit hard by the pandemic. Lauren im surprised by this because when you think you are in a pandemic, you order from bed, bath beyond because they sell cleaning supplies, home goods, kitchen wares because you are cooking at home. That didnt seem to happen for them in the quarter. Their sales fell 49 versus last year. They even brought on recently new management to right the ship but right now, they are focused on operational efficiency. Thats why bed bath is closing 200 of its stores, about a fifth of its total number in the next two years. Still, wheres the plan to engage customers . Shares are down right now by about 9 and this year, they are down 39 . Ashley no more 20 coupons out there. Lets check activision blizzard. D. R. , got about 30 seconds. This is a stayathome winner we dont talk a lot about but you like it. I love it. I think that when we have had these stayathome dips and other stocks take a bit of a hit, activision has not. I believe theres a couple of reasons for that. Number one, their pipeline of games is so strong with world of warcraft and all the games they have, they have a new one coming out in the fall, plus their esports arm is going to be a place that people are going to turn to for entertainment while we are trying to get live sports up and running. I think this is a winner going into the end of the year. Ashley full of optimism today on a number of stocks. D. R. Barton, great stuff to have you this morning. We really appreciate your input. Thank you, everybody. That was a good segment. As we are seeing the dow starting to lose a little ground, down 77 points on the dow. All right. Gyms across the country have been ordered to shut down during the pandemic. We know that. But now they are demanding to stay open. Golds gym president and ceo says there is evidence that the Fitness Industry is not spreading the virus. He will join me in the 11 00 hour to make his case. Take a look at the recent coronavirus cases in the state of texas. It has now forced the state to cancel the Republican Convention just one week before the big event. The chairman of the texas gop party will react to that next hour. And take a look at facebook. That stock right now at right around 243. Record close, another record for facebook among all those tech stocks. This despite major backlash from civil rights groups. What will those issues will these issues ever stop . Doesnt hurt the stock. We are on it next. 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. Wow. Jim could you ipop the hood for us . . There she is. Turbocharged, right . Yes it is. Jim, could you uh kick the tires . Oh yes. Can you change the color inside the car . Oh sure. How about blue . Thats more cyan but. Jump in the back seat, jim. Act like my kids. How much longer . Exactly how they sound. Its got massaging seats too, right . Oh yeahhhhh. Oh yeahhhhh. Visit the mercedesbenz summer event or shop online at participating dealers. Get 0 apr financing up to 36 months on select new and certified preowned models. Ashley all right. Lets take a look at these markets, if we can. The dow as you can see off 77 points but the nasdaq has hit yet another alltime high, intraday high, that is, so the nasdaq right now at 10,542, up another 50 points. Lets take a look at walgreens. That stock is down after reporting earnings. Lauren, we talk about it a lot, the pandemic. I assume driving people away from their actual stores. Lauren yeah, thats the case. Its a dow stock, it swung to a loss in the quarter even though sales did rise to about 34. 6 billion but expenses, cleaning the stores, paying the workers more money, it cost walgreens about 700 million in the quarter. This is interesting, too. People stopped going to the doctor as frequently so they filled fewer prescriptions and when they went into the store, they downgraded. They bought cheaper items. Just yesterday, we told you walgreens struck a deal with village md to put doctors and doctors offices into dozens of their stores. So walgreens trying to right the ship here but stocks down 7 . Ashley yeah, it is indeed. Lauren, thank you. Want to take a look at facebook, if we can. They are still in record territory. All this despite Major Companies boycotting advertising on their platforms, pulling their ad dollars, demanding more censorship. Look at that stock up at 244. New highs for facebook. Lets bring in mark douglas, ceo of steelhouse. Great to see you this morning. You run a marketing company. Seems like theres always black eyes for facebook and even zuckerberg himself, Mark Zuckerberg criticized for not really taking it seriously. The stock continues to go on and the company goes on. It doesnt seem to really slow the company down. Yeah. What youre saying is that facebooks success is very intertwined with the success of their customers. The customers depend on facebook to drive traffic to their website and as long as that dependency exists, youre not going to see the boycotts that really affect facebooks revenue and therefore not affecting stock price. Ashley youre not worried about all these advertisers saying all right, until you do something about censorship, we are not going to advertise with you, and on the screen we have a long list of these companies. Normally that would be very negative news, but you say not such a big deal . Yeah, you are seeing the power of direct response marketing. Facebook in q1 had good numbers again because all the direct response to advertisers are committed to the platform so i think these ad boycotts are not really going to affect facebook. The longterm threat to facebook is data. Facebooks ad business is fueled by data and if you start seeing boycotts in terms of what feeds that data engine or User Engagement continues to decline, then you might see a longterm negative trend for the company. Ashley or perhaps more government regulation. Yeah. I mean, in some sense. I think facebook actually somewhat welcomes government regulation because it kind of shifts the blame or you know, peoples opinion from them to the government. But certainly in the eu, theres more regulation around data so that kind of regulation could affect them. But the company, you know, the advertisers are just so dependent. My company, we have hundreds of advertisers, none of them have boycotted facebook because they depend on the facebook ad platform. Not a single one. Ashley lets move on. Lets talk about twitter, if we can. They are reportedly working on a new subscription platform. We havent heard that officially from the company. There was an ad put out for a position that suggested they are going to have a pay platform. Is that a good idea for twitter . I think they floated this idea before a number of years ago but it never gained any traction. Twitters influence in the world is up there with like a facebook and instagram but the size of their audience is not. They are a fraction of the size of facebook and instagram. So to me, i dont really see the play in terms of subscription for twitter itself and the other subscription possibilities arent a clear play. I think kind of the frenzy around a single job posting getting everyone up in arms about it shows everyone how much influence they have but youre not going to see i think any immediate move to subscriptions right now. Ashley as always, great stuff. Mark douglas, steelhouse ceo, thank you for joining us today. Youre welcome. Ashley all right. Some quick breaking news for you. The Trump Administration reportedly preparing to Ban Companies that use Chinese Companies including huawei. Susan . Susan because we are getting this from reuters now. Looks like the Trump Administration is finalizing these regulations and they will bar any company that gets any goods and services from the specific Chinese Companies like huawei from getting any government contracts. Amazon for example gets around 1500 to take temperature checks of their workers from one of these Chinese Companies and we know that amazon has been bidding against microsoft and getting some of these defense contracts for its cloud computing. What is the impact on microsoft and amazon, these type of Companies Going forward if indeed this new rule is finalized. We know that huawei has been on the trade blacklist and previously, there was uncertainty actually in the Contracting Community around the actual enforcement and implementation of this rule. But looks like the white house is making it very clear now that it will not be delayed and waivers will be difficult to get. Ashley yeah. All right, susan, thank you very much. Did you see this headline . It reads quote, trumps last line of defense is the economy. Biden and democrats must knock it down. Begs the question, are we all just rooting for a Strong Economy . We will get to that story. Also check out walmart following the news of their new walmart plus service. My next guest has been bullish on walmart for a long time. What does he think about them now . We will have that story next. Just over a year ago, i was drowning in credit card debt. Sofi helped me pay off twentythree thousand dollars of credit card debt. They helped me consolidate all of that into one low monthly payment. They make you feel like its an honor for them to help you out. I went from sleepless nights to getting my money right. So thank you. Ashley all right. Welcome back. Take a look at walmart, if you can. Up almost 5 now since announcing their new walmart plus service. Lets bring in michael zakkhour, author of the new retail. You have been bullish on walmart for a long time. Question is, can they take on amazon . So this is a battle of the giants. Really, what it boils down to here, its walmart versus amazon. They are the two biggest retailers in america. Amazon obviously has the edge in technology and digital infrastructure. Walmart has the edge in physical infrastructure. Amazon is racing to catch up with the physical, walmart is racing to catch up with the digital. But yes, im still bullish on walmart. I think they will continue growing. Really, what we are seeing is in the covid era, the big are getting bigger and with the number of midlevel retailers falling by the wayside and going bankrupt, the market share for walmart, amazon, target and costco is only going to grow. Ashley yeah. All right. We are going to move on. Lots to get to. Look at bed, bath beyond. I think you said its bed, bath and beyond help. They are closing 200 stores after their sales dropped almost 50 in the second quarter. The question is, can retailers like this bounce back from coronavirus . Yeah, so i dont think so, ash. We are really entering an era here, what we call the great acceleration. Anything that was trending before the covid19 in retail and consumption has been pushed forward through the great acceleration so the middle market retailers, the companies that are overleveraged in, you know, high capacity real estate plays with no discernible experience or advantage in price or convenience like amazon and walmart offer, this is just one of many, you know, i talked about them like you said about six months ago, beyond help and now we are seeing that happen here and its just a acceleration of what was happening already. Ashley any other names that are familiar that are in the same boat, michael . Well, i mean, you know, some of the obvious ones, macys is on the ropes, jc penney, sears is basically a zombie. I think what really, the hope here is that consumers in the u. S. Are still spending, they are supporting the economy. My hope is for brands and retailers across america to look at what we call the new retail unified commerce platform, that completely integrate online, offline and technology are going to be the winners going forward. Ashley great stuff, as always. Thanks for joining us, michael, on the trials and tribulations of retail in this new environment that we live in. Thank you very much. Much appreciate having you on this morning. Coming up, we have arizona congressman andy biggs on the latest rise in virus cases in his state. Fox Friends Weekend cohost pete hegseth will join us. You know he will be fired up. And wall street journal Dan Henninger on joe bidens latest plan to supposedly revive the economy. And speaking of joe biden, the stars are literally aligning for him. We will explain how, coming up. Keep it here on fox. What do you look for when you trade . I want free access to research. Yep, td ameritrades got that. Free access to every platform. Ely. Do you just say yes to everything . Hm. Well i say no to kale. Mm. Yeah, they say if you blanch it its better, but that seems like a lot of work. Now offering zero commissions on online trades. We charge you less so you have more to invest. Ashley welcome back, everybody. Im Ashley Webster in for stuart varney. A look at the markets. A muted start to the thursday session. The dow off 85 points. The nasdaq posting another intraday high. It motors on. Nasdaq at 10,558 good for another. 6 of a percent gain. Well look where big stocks are today. The ones we watch a lot. They are driving the nasdaq. Amazon shares up to 3119. Alibaba, again, strong, strong move today up 1 1 2 . Alibaba 261. Often called chinas amazon of course. Both those stocks hitting alltime highs again today. It is a daily occurrence. Well look live at the Supreme Court. Any minute the court is expected to rule on a big fight over who can see President Trumps tax returns and financial records. When we get that decision we will bring it to you immediately. Talking of, data coming up, one of my favorites every year, every day, every week, i should sigh, the latest read on Mortgage Rates. Are they going any lower . Susan record low, 3. 03. A drop for a point from last week for the 30year fixed mortgage. It is worth living for. 15 year down to 2. 51 for the 15 year fixed mortgages. Freddie mac says the filings are heating up as record low Mortgage Rates are spurring on homebuyer demand. They caution remains to see whether the demand continues if covid cases continue to rise if it hinders Economic Growth eventually. Mortgage applications jumping 5 last week up over 33 from last year. Buyer demand is surging. It has been incredible strong since midmay. Last week freddie mac says there is distinct possibility that rates could go sub3. That is when i will be buying. Ashley yes, come on, sub 3 on a 30year fixed mortgage. That is remarkable. Susan yeah. Ashley susan, thank you. Staying on housing highend homes are rebounding to prepandemic levels. Lauren simonetti, how is that market looking . How good is it . Lauren the housing market, its following the job market a lot of ways. Wealthier households were able to retain their jobs. In many cases because of the low rates they decided to trade up their homes, to buy bigger homes. Cillo says listings are down 9 from june of last year. Whereas in may, it was down 50 . So the wealthier buyers, they want more space, they want better amenities, in some cases new locations, out of the suburb abouts, out of the city toes the suburbs and even rural areas, ashley. Ashley yes. Anywhere that has got lower taxes. Lauren, thank you. Lauren yeah. Ashley virus cases are surging. People are unable to make full ontime housing payments. Lauren, this issue. This is a given the number of people out of work. Lauren alltime high. 32 of americans did not pay their july rent or mortgage in full. 19 paid nothing at all. According to Apartment List but there are two things to note here. Because the bills werent paid by july 1st, doesnt mean they wont get paid. A lot of people are just behind. Many tenets are so concerned that banned, foreclosures, banning those, soon to expire, depends where you live. They say i dont want to be thrown out of my home, let me cobble together what i can to try to make this payment. Ashley all right. Thank you, lauren. Interesting numbers there. By the way, some airbnb hosts getting a nice boost in income. Susan what is that about . Susan airbnb says hosts in rural areas saw 25 jump in earnings in the month of june, compared to last year. Not compared to the covid months of april and march. Rural areas defined as fewer than 100 inhabitants per kilometer. They earned 100 million in june alone. Bnb, found despite coronavirus losses the company is beginning to see encouraging signs they say for the hosts. According to the report, airbnb guests visited more than 13,000 u. S. Cities in june alone. More than 200,000 airbnb hosts in all 50 states, plus washington, d. C. , earned at least 500 each. Of those, 170,000 hosts earned more than 1000 each. Airbnb founder says travel changed forever because of coronavirus. International travel less popular. Travelers heading to more local, domestic, drivable vacation spots instead. We were expecting airbnb ibo this year. That has been delayed. It is still own the table for 20206789 we have to see. Ashley all right. People want to go where other people arent, i guess. Away from the maddening crowd. Interesting stuff, susan. Thank you. Take a look at whirlpool. This stock right now is just down about 2 . Lauren, it appears though, overall, to be a lockdown winner lauren need a new dishwasher, ashley . Ashley always. Lauren a surge in Mortgage Applications could benefit Companies Like whirlpool that make appliances. Many new suburbanites will need for their homes. Some analysts say whirlpool shares could see a vshaped recovery. Theyre down today. Theyre also down about 6 this year but it has been a pretty good week for the company. So maybe this is a start of the housingrelated rebounds that cohelp companies that contribute to your new home. Ashley yeah. Maybe another encouraging sign. Lauren, thank you. Check the market if we can. The dow now dont close to 100 points. We really drifted down since the opening bell. The s p still flat. Again the nasdaq still hanging on to that nice more than half a percent gain at 10,561. New record intraday high on nasdaq. Walgreens reported earnings. Retail casualty of the virus t apparently cost them 750 million in Third Quarter sales. That stock of course, not surprising, slipping. It is costing the dow im told 22 points. So there you go. About a quarter of the losses. Walgreens down more than 7 . 1. 3 Million People filed for unemployment for the weekending on the 4th of july but it is the 14th straight week the jobless claims have fallen. Good team to bring in scott shellady. Scott, great to see you. Whats the Economic Data telling us right now . Whats your sense . Well, my sense is that we thought things were a lot worse than they are but theyre still bad, right . Because think about this, Mortgage Rates just talked about, theyre low, not because the economy is on fire, right . Weve got too many things in lockdown hangover. Until we can fill a stadium or theater, until we fill bars or restaurants or fill subways and buses the economy will not be able to have this vshaped recovery. Three things i look at are still flashing yellow. We have gold. People are rushing there because theyre nervous. 10year yield still 65 at least it was when i came in the studio. There are issues out there with everything telling me slow your roll, stay in your lane. This is something that will take a lot longer to get through rather than a short, sharp, recovery. We have a bankruptcy every week. We have like Aircraft Carrier of bad news that keeps slowly rolling at us through the ocean. Ashley part of that bad news is continued rice in cases. Based on background, youre still in arizona still, scott, one of those areas that has seen a surge in cases. Kind of describe it for me. Mike pence, yesterday, the Vice President , believed, that these states, including arizona are starting to flatten the curve. Starting to improve in arizona do you think . Yeah i do and, you know, here in scottsdale and phoenix, we have seen a sharp rise. We test more. It is younger people. The Insurance Companies would like to have a word with everybody being young people are erratic. They have higher prices for young insured drivers. Young people will do what they are going to do. That is the problem. We have icu beds that start to get full. The press will tell you a lot of those are not all covid patients. Some people waited to come in the hospital because of the lockdown. So there is a lot of misinformation out there. Yes we had a spike in cases. I still say this, it feels better here than it does in illinois or indiana. The attitude and, what people are doing on a daily basis with their habits. We have an issue in america. Were mixing up the word fear with the word danger. Were afraid of things we probably shouldnt be afraid of sending our kids back to school. We do Dangerous Things without fear, driving them to school. We have to get ahold of the word fear and danger. Because right now those things are being too muddied up. Ashley great stuff, scott shellady. Of course things are feeling good in arizona. You are in scottsdale out on the golf course. Beautiful, warm sunshine. Someone has got to do it, i know, scott, appreciate it. Thanks. Ashley the white house pushing for another round of stimulus that may cost up to one trillion dollars. It could include more checks for those earning less than 40,000. Payroll tax relief. Limited Liability Protection for businesses and relief for the hardest hit industries but our next guest, well, not too happy about all of this. Lets bring in grover norquist, founder, president of americans for tax reform. Grover, i understand where youre coming from before i even ask you the first question but wont this help the economy . Well, remember that is the president s wishlist. That is what the administration would like. They would like to take taxes down, perhaps take the fica, Social Security taxes to zero for six months or so those are all great ideas. We need better protection from tort law, suing people who go back to work or suing people who make vaccines to cure this disease. The problem is that nancy pelosi has a vote and she controls the house. So when you ask the president s ideas which would help the economy, lowering taxes and getting protection from crazy lawsuits that would slow down Economic Growth, nancy pelosi, likes lawsuits, trial lawyers give a lot of money to the democratic party. Nancy pelosi would rather write checks to cities and states to give money to Government Employees rather than to people that, to hiring people in factories and so on. So good news is, that theyre talking about a trillion as the highest numbers since nancy pelosi was talking 3. But i tend to think that the most important thing we could do is make sure we dont raise taxes. The president , republicans in the senate are very clear about that. Whatever you do to solve a temporary problem should be temporary. Dont create permanent projects that will be paying for forever because of the temporary problem. Jobs are coming up well. I think the most important thing we can do extend the trump tax cuts, make sure people understand expensing will be permanent. Lower rates will be permanent. Theyre threatened by our friend mr. Biden who wants to take our corporate rate from the 21 which is average, okay, compared to the rest of the world, up to 35 by abolishing the entire trump tax cuts. Sometimes he says 28. Sometimes he says 35. Either way we have higher business tax than china and somebody trying to decide where to invest would be on taxes better off in china. That is not where you want to be, but that is where biden promises to take us back to. Big question, what is going to happen in the election and, really need to do is make sure that we keep unemployment falling, employment growing. Ashley right. Businesses stability. Ashley heading in the right direction. Yeah. Grover, you are on a roll this morning. Well have to leave it right there. But you made your points very clearly. Grover norquist, thank you so much for joining us. Apparently we do have a ruling on the, whether prosecutors in new york and congress can get access to the president s financial records and tax returns. Are we going to wait to see if we get that on the air right now . We are reading it right now. Lets take lets lets go tod lawrence. Bring in edward on this. Edward, what do you got . Reporter i am reading headline is this, pap pierce that Trump Supreme Court ruled for the District Attorney, ruled for the District Attorney in manhattan, cyrus vance to allow tax returns to be received by the manhattan District Court. Justice john roberts wrote the opinion. Im actually going through it right now. To get, he goes through the opinion, all back cases, back to clinton, talking about issues that happened there, for this justification. So we will come back with you, ashley. Reading the order right now, does appear in the first case, one of the two cases, this is versus vance. Manhattan District Attorney, appears the president may have to turn over his tax returns. Ill going through this now. Well get back to you. Ashley interesting. So, basically must give up that Financial Information, the tax returns, financial records, to the new york city District Attorney. Do we have paris den ard with us, black voices for trump, 2020. Paris, thank you for jumping in here. Get your reaction here on the decision by the Supreme Court . Look, you know, clearly disappointing. At the end of the day the American People are more concerned about their own taxes. Tax day is coming up and American People want to know that taxes can be kept low. President trump has called for a payroll tax relief for a lot of americans, in the face of covid19. There is recent study show that would be disproportionately helping black americans in a positive way because of the way we are taxed at higher level. So i think the American People are more focused on reducing their own taxes rather than looking at President Trumps taxes from years, if not decades ago. It doesnt matter. In 2016 it didnt matter. In 2020 it wont matter. What matters is getting country open again. What matters is economy for the American People, not looking attacks returns of donald trump when he was a private businessman. I will also note that the American People have seen him in, as president actually give away his entire paycheck to different parts of the federal government. Department of education, department of homeland security, veteran affairs, et cetera. They see him lead on the efforts of being a selfless Public Servant not taking a salary. Ultimately this is about partisanship about d. A. In new york and democrats in congress who are just hellbent on trying to be a distraction to this election. Ashley well, he has been fighting this, paris, for some five years now. Obviously he is not going to be very happy. Certainly a defeat. We have no idea what is in this information but could this end up hurting the president with four months to go before the election . No. I dont see this hurting the president. Look, democrats have tried since 2016 to undermine the will of the American People and suppress the vote. They have tried it with the russia collusion. That failed. They tried it with the all the other things they through at him. Nothing is sticking with him, nothing is valid. Nothing is true. Theyre trying to do it with the culture war theyre engaged in. That will not work, because this president is focused on putting America First and Americans First and focusing on american exceptionalism and greatness of our country, the greaters in of our history and greatness of the promise of america. They can try the latest tactic use tax returns to create a wedge issue. Again the president will focus on the economy, opening up the economy. Opening up schools, making sure the American People know he is fighting for everyone. He is fighting for least of these. He is fighting for black americans. He is signing executive order today that is action that will be focused on promoting prosperity for the hispanic community. So this president is focused on the people and empowering the people and empowering communities and families, not focused on his own personal tax records. They are going to try it but it is not going to work. Ashley leave it, stay right there, if you can, paris. Im noticing the dow, off 183 points. Obviously investor see this as a negative. Lets get back to Edward Lawrence. Edward we know the vote on Supreme Court on the screen, 72 it wasnt a close run thing. Exactly. In the decision from justice john roberts, very interesting language that he uses in this. He says with 200 years of past our court established no citizen, not even the president is categorically above the common duty of producing evidence. He is going on to say we reaffirm the principle today and hold the president is neither absolutely immune from state criminal subpoenas, seeking his private papers nor entitled to a heightened standard of need. So clearly they say basically the president is like every other individual. Now also in this, it says the arguments presented here and to the court of appeals were limited to absolute immunity and heightened need. The court of appeals however has directed that the case be returned to the District Court where the president may raise further arguments as appropriate. So this may not be over. Back to you. Ashley that is interesting. Also we are expecting a second ruling, pretty imminently here, related to the house of representatives, democratled house of representatives. Reporter exactly, ashley. But that one, is sort of a doing net. That one is sort of the dragnet that the house put out all financials not only related to President Trump and family members as well. Were waiting for that ruling to come down. This was less specific in terms of what they were looking for. The case in manhattan was very specific. They were looking at 2016 payoffs between President Trump and Trump Organization related to hushmoney, leading up to the election. Ashley good stuff. Edward. More to come, i know, youre on it. So i appreciate that. Just get back to the market very quickly. As you can see, now the dow is off some 200 points. Still down just. 8 of a percent. We have seen an acceleration in the selloff since we got the ruling from the Supreme Court saying yes, the financial records of the president , actually stems to a subpoena, that was issued to Donald Trumps long term Accounting Firm maziars, that asked financial records turned over to a grand jury as part of a criminal investigation. That request was refussed. Now the Supreme Court says manhattan d. A. Has right to see the records as part of a criminal investigation. Lets get back to paris denard if we can. I expect well hear from the president at some point here, another example of throwing everything at the wall to see how it sticks. That is the how it feels. Back to your original point, no matter what is it inside the records you dont believe that could do damage that could have impact on the outcome of the president ial election . No. I dont because as i understand it will go down to lower courts and president makes additional arguments. So it is not going to be, made in the public, but i think that we have to focus on whats important is the hypocrisy of the left. Theyre so focused on President Trump and his taxes or his businesses and theyre not focused on joe bidens son . Where is hunter biden . There are legitimate documents, legitimate cases to be made about burisma and payments that he did and things he did with ukraine and money, using even his brother, frank biden i believe his name, using the vps name to get contracts in florida. We need to be honest about this situation, if that is where democrat want to go. Ultimately as i said before the American People are concerned about their own taxes. Theyre concerned about their own small businesses. Theyre concerned more about their livelihoods, putting food on the table rather than looking at backlogs of President Trumps financial records this is another example of the left trying to go after this president and trying to undermine the will of the American People, because they know enthusiasm is on the side of this president. Fundraising is on the side of this president. Rnc has the boots on the ground ready to go. People are ready to vote for donald trump again and theyre using every tactic, the left is, to try to stop this momentum but it is not going to work. They tried it multiple times before. They failed each time. Theyre going to fail again. Donald trump will be reelected as president of the United States. Ashley stay there, back to Edward Lawrence for more information. Edward. More nuggets. Second case is out, were reading through it to get the decision on the first case, talking about the manhattan District Attorney. We can tell you Justice Kavanaugh and Justice Gorsuch wrote concurring judgments. Those are two justices President Trump put on Supreme Court. They both say the Court Unanimously concludes that a president does not possess absolute immunity from state criminal subpoena but also unanimously agrees that this case should be remanded to the District Court where the president may raise constitutional and legal objections to the subpoena as appropriate. So again, very interesting nuggets coming out of this one. I will get back to the second case. That is the house of representatives trying to get financial records from the trump and trump family. That just came out. Were reading through it. Ashley very good, edward. Get your reading glasses back on. Lets bring back paris. Paris, while all of this this going on we talked about the polls. I dont believe to be honest with you in polls, that is proven time and again, president ial election in 2016, brexit out come in uk but the polls are showing joe biden with a, what you would call a solid lead, in most of the polls if not all of the polls. When Something Like this comes out you concerned this may add to the biden momentum if in fact he has momentum . I dont think joe biden has momentum. I think by sitting in his basement quarantine in delaware and doing nothing and letting President Trump take all the heat and all the pressure, as the leader of the free world is working to his benefit because he is not, he is not leading. Joe biden is not out there on the campaign trail. President trump is. He is making the case. Right now people want a scapegoat. People want to point fingers at someone in the midst of all this President Trump is leading. He is leading on issues of school choice. He is leading on the issues of opening up the economy. He is leading on issues of opening up the schools. We know single mothers especially are impacted by having these schools closed. The president will be impacted by the negative sentiments going on in the country right now because it is hard for Many Americans. Theyre uncertainty right now about what is going to happen for our future. We saw in the may and june jobs numbers that the economy is strong. That were going to bounce back. This is july, and election happens in november. If you look at polls in the past, President Trump and other candidates have been down but we know that we cant trust polling entirely because a lot of times they dont look at likely voters. They go at registered voters. But we know the enthusiasm is the on side of this president and it is going to continue. Well come out of covid. The economy will bounce back. The economy is growing and which can see it has positive impact in may and june. So were looking forward to watching the poll numbers of likely voters and enthusiasm, continues to be in the president s favor as joe biden continues to do absolutely nothing from his basement in delaware. Ashley paris denard, thank you so much for being on hand today, paris, to discuss this, these rulings from the u. S. Supreme court. Paris, thank you very much. Just to kind of recatch those, they say yes indeed the manhattan d. A. Can get access to financial records, taxes of President Trump from his Accounting Firm this has been going on for some time, but yes, says the Supreme Court as part of a criminal investigation, the manhattan d. A. Can get access to those, but on the second issue, the u. S. Supreme court throwing out rulings that allowed democratic led congressional committees to obtain President Trumps financial records. That is a victory for donald trump on that one. The first one by the way could go back down to the lower courts. We may not be hearing the end of this. As this is going on, the dow dropped more than 200 points. Coming back a little bit as this news is die digested. Lets take a break. The democratic mayor of houston blocking a Republican Convention from going ahead just one week before that big event. The question is, what were their plans to keep people safe . Im asking the chairman of text sass texass Republican Party coming up. Home goods, up a dollar at 44. Cintrons andrew left said about that stick stock back in may. Listen. Small company overstock, they came out this morning, imagine april was up 120 over last april. Ashley guess what . Since saying that on our program the stock has skyrocketed well let andrew left take his victory lap after this. It was 1961 when nellie young lost her devoted husband. Without him, things were tough. Her last option was to sell her home, but. Her home meant everything to her. Her husband had been a High School Football coach and it turned out, one of his former players came up with an answer. 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Learn how you can use a reverse Mortgage Loan to cover your expenses, pay for healthcare, preserve Retirement Savings, and so much more. A lots changed since 1961. Since then over a million Older Americans have used a reverse Mortgage Loan to finance their retirements. It meant so much to nellie, maybe it could mean as much to you. Call now and get your free infokit ashley all right. Breaking news at this hour, the Supreme Court of the United States just ruling on access to President Trumps tax records. Edward lawrence has been pouring through the manuscript and all of this. Edward, what have you got . Reporter it was a win for the manhattan District Attorney. They can get the president s tax returns t was a loss for congress. The house committees that have subpoenaed, this dragnet of subpoenas, the court ruled 72 basically they cannot do that. They will not get that information. What theyre saying here basically, when Congress Needs information for intelligent legislative action it unquestionably remains the duty of every citizen to comb ply however congressional subpoenas from the president indicate special concerns regarding the separation of powers. The high court is saying the lower courts did not take those concerns of separation of powers into account when they made their decision, basically remanding it back down to the lower court. So the bottom line is, the house will not get the data theyre looking for, a dragnet of data from a number of Accounting Firms, banks, on the president and his family, related to Financial Information and as well as tax returns t goes on to say in the opinion from Justice Roberts. To narrow the scope of conflict between the branches, the court should insist on subpoenas no broader than reasonably necessary to support Congress Legislate tiff objective. Now the specific request in the subpoena serves an important safeguard they say to unnecessary intrusion into the office of the presidency. So basically taking account here about how wide the dragnet was to get this data. So again, as you said, a win for the manhattan District Attorney. A loss for congress. Back to you. Ashley great stuff, edward, thank you very much. I want to bring in jon decker who joins us on the phone. John is a fox news radio reporter and he is also an attorney. John, thanks for jumping in here. The Supreme Court basically rules that donald trump is not immune from state grand jury subpoena over financial records. What is your reaction . Is this a surprise or not . It was not a surprise to me, ashley. I heard all three hours of oral argument. Seemed to me based on question and answer part of oral argument, the justices were uncomfortable granting what the president s lawyers wanted immunity from any type of investigation while the president is in office. What is interesting to me just beyond the 72 ruling is that the president s two Supreme Court appointees, justices neil gorsuch and Brett Kavanaugh joined the majority. They ruled against the president in that particular case. Ashley as for the other issue, john, the democrats in congress basically trolling for a lot of things n that case the Supreme Court saying no, you cant do that. This was not a surprise to me either based upon the question and answer portion of oral arguments. Why is that . What we heard over and over again from the justices, both the liberal and conservative justices on the court, ashley, is that you needed to have a legislative purpose for seeking all of these documents, all of these financial documents that these various committees were seeking. There was a lot of skepticism as to whether or not these congressional committees had indeed a legislative purpose for these particular documents. Ashley so a win on that front for donald trump. But to get back to this first issue, john, where do we go from here . Does it go back to the lower court . Is there still an opportunity for the president to and his attorneys to challenge this and prevent those records from being handed over . It is a very good question. It will probably be at least several weeks before the court issues a formal judgment that would trigger the turning over of these records but if i was the president today, i would feel good in terms of which case i won and which case i lost. If the president had lost the house case, i think it is very likely that you and i, and the rest of the general public would see the president s financial records. Not so the case with the other case involving the manhattan District Attorney. Reason being because those records ultimately would go to a secret grand jury and those records presumely, ashley, would be kept secret. Ashley right. That is a good distinction. Terrific stuff. Jonjon decker, fox news radio ad also an attorney. Thank you for jumping on the phone for us. We really appreciate it. Absolutely. Ashley all right, thank you. As we digest to all of this. I want to go back to Edward Lawrence who has more nuggets for us. Reporter nugget, reaction from cyrus vance, a democrat. Manhattan District Attorney. He says in a quote, he release as statement, this is tremendous system for our nations system of justice and founding principle, no one, not even the president is above the law. Our investigation which was delayed for almost a year by this lawsuit will resume, guided as always by the grand jurys solemn objection to solemn obligation to follow the law and facts wherever they may lead. This investigation now kicking back up. This is the investigation into the 2016 payouts, what payouts were made by President Trump. What payouts were made by the Trump Organizations related to hushmoney for a number of women who came forward alleging various things against the president. Back to you. Ashley interesting stuff, edward. We just discussed with jon decker, what happens now . Can the president , can you appeal the u. S. Supreme court, goes back to a lower court . Could this be dragged on even more . Reporter i have an answer to some of that, ashley. In the case with the manhattan District Attorney it does say some of these aspects can go back and some, arguments can be made in a lower Court Related to other things on this. So this legal fight may not be over for the president. The tax returns may not be available next week so to speak. On the house side, it does get remanded back down, the other case, second case gets remanded back down the lower courts. They could go through the lower courts if they want to, would end up at the lower courts and end up back at the Supreme Court, when the lower courts take into account separation of powers. On the first case, a clear victory of manhattan District Attorney but they left a little bit of light, there is some argument could be made in the lower courts. Ashley all right. Great stuff, thank you very much, Edward Lawrence as we kind of delve our way into the rulings by the Supreme Court on Donald Trumps tax records, his financial records. As you can see, market off some 237 points on the dow. That is still less than 1 off. We did see the market move lower as we got the ruling from the Supreme Court. Nothing too drastic by any means. Well take a break and have more varney after this. You want to sell it. But sit on your hands. Look how much youre up on it, but you dont sell it. This will be the first 2 trilliondollar company. Ashley your track record is very impressive. Andrew left. Thank you for joining us today. On very busy news day. Im so glad we got you in on these stocks. I want to bring in congressman andy biggs, if i can, republican from arizona, great to have you. Before we get into other things, just your reaction to what the Supreme Court just ruled on President Trumps tax returns. With the manhattan d. A. What is your thought . Well, the, from the very beginning, this has been a witchhunt. I think, kind of disappointing this is going back. It is going back, in reality of itself. There is no probable cause of any kind of criminality here, what they want the records for, go through, search them, to see if they can come up with some kind of a misbehavior or misconduct. That is a witchhunt in my book. That is abuse of power, abuse of the system. Im really disappointed in some respects how this is going to go forward. Ashley but that dragnet effort by Congressional Democrats did fall and was voted down by the Supreme Court. Im sure youre happy about that . Yeah. Absolutely. So you got the legislative process that is kind of been, castigated by the court. But that is a good thing. But i mean the fact that you will allow this kind of broad baseed investigation with narrow parameters, we have with anybody else on probable cause type issues i really have a problem with that. Ashley so did the Supreme Court. Well leave it there. I want to move on if we can to the virus. We know that the, weve seen a spike or a surge if you like, in, in states like, as your own in arizona. How do you think that is being handled . I heard Vice President pence say yesterday that he felt states like arizona were doing a good job flattening the curve again. Is that what youre hearing . If you look at numbers, ashley, we had hospital rate, a hospitalization rate decline by over 100 in the last 30 days. The case fatality rate climbed by over 130 last 30 days. The ventilator usage remains only 573 . 53 . Theyre ask still room there. Normal utilization of icu beds. But even in the icu, only 53 of beds are covidrelated beds. Were flattening it out again, there is so much hysteria and panic generated, you have high positive or detection rates. Were detecting a lot of cases. You know what . Were still managing them very well in arizona. I think thats important to remember. Ashley very good. Congressman, andy biggs, thank you so much for jumping in this morning. We do appreciate it. Youre looking at picture of the Supreme Court there. We got ruling on the financial and tax records of the president. As a result of all of this, weve seen the dow go down now 334 points. Down 1. 25 . We have got more president ial tweets for you after the break. Experience the adventure of a bigger world in a highly capable lexus suv at the golden opportunity sales event. Lease the 2020 nx 300 for 339 a month for 36 months. Experience amazing at your lexus dealer. Always have been. And always will be. Never letting anything get in my way. Not the doubts, distractions, or voice in my head. And certainly not arthritis. New voltaren provides powerful arthritis pain relief to help me keep moving. And it can help you too. Feel the joy of movement with voltaren. Ashley all right. Well, following u. S. Supreme court ruling the president has been absolutely lighting up twitter this morning. Lets get to the tweets beginning with this. We have totally corrupt Previous Administration including a president , Vice President who spied on my campaign and got cut and nothing happens to them. This crime took place before my election, everyone knows it, yet all are frozen stiff with fear. No Republican Senate judiciary response. No justice. No fbi. No nothing. Major horror show reports on comey and mccabe, guilty as hell nothing happens. Catch obama and biden cold. Nothing. A threeyear, 45 milliondollar mueller hoax, failed, investigated everything. Won all against the federal government and the democrats. Send everything to politicallycorrupt new york which is falling apart with everyone leaving to give it a second, third and fourth try. Now, the Supreme Court gives a delay ruling they would never have given for another president. This is about prosecutorial misconduct. We catch the other side spying on my campaign, biggest political crime and scandal in u. S. History, and nothing happens. But despite this i have done more than any president in history in the first 3 1 2 years. The president getting a lot off his chest this morning. Lets take a look at the market. Weve been following the dow downward progress shun. Were down off 344 points. Also the s p and nasdaq as you can see moving lower. Come in susan li. Are we tying this to what we heard from the Supreme Court. Does that answer the sell sentiment . Susan markets dont like uncertainty and couple news from the Supreme Court and rising cases of coronavirus. This is spurring, having people take money off the table, given that weve seen 26 record closes for the nasdaq. Why not cap some profits with a little bit of unknowns. I dont think you can discount the fact this might also play into the election overhang this gives biden a better chance of winning in november. Those are some of the factors i think that has people probably selling a little bit today. The nasdaq we should point out a little better contained with all the tech names there. So tech names still gaining if youre ashley all right. Thank you very much for that, susan. Lots to talk about and another hour to do it. Varney company the third hour begins right after this. Marco. polo marco. polo marco. polo marco. polo marco. polo si . Marco. polo scusa . Marco. polo ma io sono marco polo, ma playing marco polo with marco polo . Surprising. Ragazzini, io sono marco polo. Si, sono qui whats not surprising . Geico helping you save even more on car and motorcycle insurance. Ahhh. Polo. Marco. polo now get an extra 15 credit when you switch before october 7th. Ashley welcome back, everybody. It is coming up to 11 00 a. M. On the east coast and the markets, as you can see, in the red. We started off fairly positive, although the dow struggled all morning but now off on the dow 436 points. S p down more than a percent. The nasdaq down. 8 . Good morning, everyone. Im Ashley Webster in today for stuart varney. We go straight to a fox business alert and a live look at the u. S. Supreme court. Just moments ago, the court ruling in favor of the new york prosecutor. That means the president s financial documents can be released. Lets bring in Edward Lawrence, if we can. Hes been following this from the very beginning. Can you break it down for us . Reporter yeah. Released specifically to the District Attorney, not released to the public as of yet, as part of that investigation. This is a split victory, actually, for the president. The house of representatives that had this dragnet of subpoenas looking for information from the president , Financial Information, taxes, also from his family, the lower court ruled that was just too broad or the High Court Ruled that was just too broad. In an opinion written by chief justice john roberts, it was 72, that says congressional subpoenas for information from the president indicates a special concern regarding separation of powers. In that it writes that the lower court did not take into account that separation of power argument, therefore, they remanded it back down, a win for the president. In the other case it was a win for the manhattan District Attorney, cyrus vance, who is a democrat, by the way. Vice president or former Vice President joe biden tweeting about this just now. He actually retweeted one of his tweets from october of last year saying this. You want to talk about corruption, i released 21 years of my tax returns. Release yours and shut up. He requested vance requested the president s tax returns as well as other Financial Information from the president and his Trump Organization related to payments made in 2016 to various women accusing the president. In the decision Justice Roberts writes no citizen, not even the president , is categorically above the common duty to produce evidence when called upon in a criminal proceeding. The manhattan District Attorney responded to this. In a statement, he said this, our investigation which was delayed for almost a year by this lawsuit, will resume, guided as always by the grand jurys solemn obligation to follow the law and the facts wherever they may lead. In this case, the High Court Says the president s lawyers can make further arguments in the lower court but they lose the argument that the president has total immunity from criminal prosecution when hes in office. The markets may not like the fact that now we have another investigation hanging over this president still. Back to you. Ashley yeah. Thats very true. Thank you. The dow down almost 500 points. Certainly selling off on some of this news. I want to bring in now todd piro, fox news guy, also an attorney. Very accomplished. Todd, i just want to, if i can, read a statement from jay sekulow, counsel to the president , reacting to this. He says quote, we are pleased that in the decisions issued today the Supreme Court has temporarily blocked both congress and new york prosecutors from obtaining the president s tax records. We will now proceed to raise additional constitutional and legal issues in the lower courts. Your reaction to that . So what hes celebrating is the timing of all of this. All throughout all media today, you will hear the president lost one and won one. But the big question is what comes next. Yes, it is true that the president did lose the new york one but one key line, this is what sekulow is referring to, court of appeals directing it go to the District Court. Where the president may raise further arguments as appropriate. Ashley, you have been around this game a long time. You know that more arguments means more time, means more Court Proceedings and potentially means we come back to the Supreme Court, potentially. You know as well as i do, Supreme Court doesnt operate like a regular lower court, where it hears things every morning and comes out with decisions in a week or so. Things take time at the Supreme Court. Thats why sekulow is celebrating. I call it the new york decision versus the congress decision. On the congress decision, not only did the president get some good language there saying look, congress has to meet these four things, im not sure that congress did, you then get to say but if Congress Wants to fight this again, its going back down to the lower court and then we have this whole long process all over again. It begs the question of before november 3rd, will we know the president s numbers and based upon what we are hearing today, i dont know. Im not so sure. I dont think so. Ashley yeah. These things have a habit of being dragged out, no doubt. Were you surprised by the margin on the vote here, 72, especially on the new york cyrus vance issue . Look, its less the margin and more of who is involved because we have this view based upon the kavanaugh hearings that these people are solely partisan and they are going to go in lockstep with the party that nominated them. We do have to take a step back and realize judges adhere to the law and based upon their interpretation of the law, they come to decisions no matter which party nominated them and no matter which individual nominated them. So no, kavanaugh seems like hes a really by the book numbers guy. Same thing with gorsuch. You know, alito and thomas are a little older, little more of maybe a little more politicized and thats why you get their two but no, im not surprised by this. They are going on the letter of the law and this is what the letter of the law says. No president is above the law. That said, there is a way to gum things up in the judicial process and thats what sekulow is referring to. Ashley drag it out. Great stuff, todd piro, for your insight, really appreciate it. Thank you very much. Lets bring in charles payne, if we can, joining me now as i bring charles in, i look at the dow and its off nearly 500 points, charles. Is this a reaction to this investigation and the ruling today . Whats the psyche right now do you think of the markets . You know, i cant really attribute it to anything else, ashley. I know that mnuchin was on television at the same time, i looked over everything that he had to say, nothing that i think would necessarily spook the market. I do think the most overriding concern for the market right now is whether what congress does between now and july 31st. We were already sort of in a tenuous situation, not vulnerable like we were obviously a few months ago but after that big runup i think theres a lot of anxiety about getting things done between now and july 31st, another major package to sort of push us over the hump, if you will. So i think what we are seeing right now is sort of a kneejerk reaction to the notion, to the idea that possibly, you know, cyrus vance and the manhattan d. A. s office gets this information and immediately leaks it to the media, it becomes something of a major issue. I think its pretty clear that the stock market wants President Trump to be reelected and im not talking about people who work on wall street. Im not talking about the masters of the universe who fly in on their private jets or helicopter in from the hamptons. Im talking about the stock market itself. You know, where you know, just today we have bidens new economic package. Its purported to be moderate but we are talking about admittedly higher taxes and i think there would be even higher than they are even saying right at this point. The market is smart. The stock market understands these things. Filtering out all the other stuff we talk about in the media, the stock market loves lower taxes, it loves fewer regulations, it loves progrowth policies. I will give you an example. In the uk they just passed a major stimulus package. Part of that package is to lower taxes in Key Industries like hospitality. So whenever you want to get an economy going, thats exactly what you do. An economy as vulnerable as ours will be going into next year, to actually see higher taxes would be economic suicide and the stock market is telling us that right now. Its not something i think will have a lingering effect beyond today but the initial kneejerk reaction is sending us a message we should heed. Ashley the voice of reason and calm. I already feel better. Charles payne, great to have you. Charles we came back 80 points. Ashley you did your job, young man. Fantastic stuff. Thank you. I really appreciate it. He does. I always feel better when charles is around. He is always optimistic, he always makes a lot of sense. Lets take a deep breath. Tell you what, isnt this a good time to bring in pete hegseth, who is always fired up and always positive, i may add. Great to see you. Listen, i want to get your reaction first to what we heard from the Supreme Court. Cyrus vance, the manhattan d. A. , celebrating a bit today but you know what, this thing could still drag on. Whats your reaction . First of all, grand jury secrecy rules in new york should shield these records from the public certainly until the election and indefinitely if rules are followed. Now, we have seen what the deep state and that includes the d. A. , that includes what democrats want to do, what they are willing to leak and how quickly they are willing to leak it. Letting it loose even though it is going back to the court does have potential implications for the president but weve got to step back for a second. This has been a targeting of a man in search of a crime from the beginning. This is just an extension of that. The voters who voted for President Trump knew who they were voting for, that he was a disruptor, that he has been a businessman in new york, that he had been involved in politics, and that he decided to run because he loved the country and was going to put it first. He didnt want his tax returns to be a distraction. So he fought this all the way and he should continue to fight it. But the president tweeted an hour ago president ial harassment and hes entirely correct. People see that. These are people attempting to go after him because they cant beat him at the ballot box. They are going to get another chance in november. Theyve got joe biden on the ticket which does not bode well for them and they know it. So they are still trying to find every avenue they can, in this case court challenges. The president has lawyers, too. He gets to challenge things, too. Has a lot of prerogative. There will be a lot of heat about these headlines but not a lot of light and certainly very little insight you are going to learn. I dont anticipate seeing any tax returns and even if we did, i dont think the people that support the president are concerned about his business dealings. They are concerned about the president ashley right. Couldnt agree more. In his tweets this morning, he got a lot off his chest and talked about the comey deal, the mueller investigation, the Previous Administration spying on him before he had even moved into pennsylvania avenue. You know, listen, hes got a point. What was the outcome of all of that . Zero. Zippo. Nothing. Nothing for america. We dont even mention, you got that list, you dont even mention we glaze over impeachment which wasnt even about mueller or russia. It was about a phone call with the ukraine. You know what i mean . Its all been so conjured and its important for the president to tweet these things because its easy to forget the surveillance and russia, the whole russia hoax and bob mueller and the way james comey, everyone around him targeted him. You have to remember that and that theres been almost no accountability for those people, yet they keep going after him. I think its a demonstration of his strength, frankly, that he persists this far. Now we are in the middle of covid19. Hes saying lets reopen the schools. Hes being forwardleaning about opening businesses, encouraging optimistic about america, and they are trying to drag him down with everything they can. So it doesnt surprise me one bit and im glad the president tweets out the full record because people need to remember that in november. Ashley right. Been a heck of a three and a half years for him, no doubt. Pete, i want to show you, if i an, this new opinion piece in ayu od. It i l line l l en defen def biden b it d democ draemtsocratsknock wn. Do ay i mean,mean, if if its its blackblacnd he same same am,am, pete . W all arent wenet a wlle all wanngn economy as ameri ame as awhole, becausbeeca berely,ly, this sayl to me. Democrmoscr doncrt dcrt a good economy because they are not going to win t win elect eion. N. We used to be. Were not anymore. Now its he you use every asset at your disposal, including the things that make America Great to try to tear President Trump down in order to get political power. In this case its the economic miracle that he created out of the obama years because of what charles just talked about, tax cuts and deregulation and other things. Then covid19 hits, he does the responsible thing. Now we are trying to reopen and its the height of hubris and insults to average people working their tails off to rebuild their businesses to root for their failure so that maybe when they go to the ballot box on november 3rd, they think you know, maybe its time for a change. Thats all about political power from democrats. All they should be doing is cheering for people to come off the unemployment rolls, go back to work, provide for their family. Ashley they should. They should. They wont. This doesnt surprise me one bit. Ashley pete hegseth, you are always fired up. You have such great energy. We didnt even have time to get to the hegseth school of Higher Learning and all that stuff. We have to save that for another day. As always, thanks for joining us this morning. Really appreciate it. Get them open. Get the kids back in the classroom. Thank you very much. All right. We will talk about Fitness Centers in four states, gyms demanding to reopen. Going to get into that issue and so much more when Varney Company returns. Exactly when the stock market will reach its bottom, weve got to be prepared for this to last a long time. If you assume that youre out of work for nine months but you end up only being out of work for. And people you can rely on. Im a Dell Technologies advisor. Me too. Me too. Me too. And if youre a small business, were with you. We are with you. Were with you. We want to help. So well be right here. At home. Answering your calls. Providing support. And standing by you every step of the way. Bye bye. Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. I think the Supreme Court made it clear that its not congresss business how the president spends his personal funds or anything else. The democrats have been investigating this president nonstop on everything for the past three and a half years, so i dont really think anything substantial came from this. Im confident that the president is going to continue to lead this nation and do the things the American People want him. Ashley all right. Lets move on if we can. As part of the Oversight Committee, the democrats of course want to pick apart the response to the coronavirus. They are going to go after the president. My question to you is, who do you go after or what do you go after . We want to make sure the republicans on the Oversight Committee want to make sure that tax dollars are being spent efficiently. We want to make sure that the federal government is transparent and accountable to the taxpayers. For the past year and a half since the democrats regained the majority, their primary focus has been on trying to embarrass the president and the only bombshell revelation thats come out of the hearings on covid19 is the fact that the five democrat governors practiced bad policy in protecting people in nursing homes. So i think the republicans have really oneupped the democrats on the investigation thus far on covid19 because the president has done exactly what hes supposed to do. The cdc has issued warnings. We have had democrat governors who it seems like want the economy to stay shut down. They have disregarded the cdc guidelines and as a result, Many Americans lost their lives. I think the republicans focus with respect to covid19 is now to try to make sure that anyone who made errors are held accountable and we want to know the facts behind it and thats what our focus is while the democrats continue to try to embarrass the president. Ashley as they do. They use this term bungling and say the president is guilty of underplaying the threat and as a result of that, we are seeing these upticks and surges in cases. How would you respond . We are going to see more positive cases because we have reopened the economy. But what i look at, the metrics i look at are the hospitalizations and mortality rate. Those are still extremely low, much, much lower than projected so i think that you know, we have a fact that we have to reopen the economy. We cannot do as the democrats want to do in their tilt towards socialism, we cannot pay people to not work. We have to operate the economy. The economys the most important issue, it always is, and i think that the president has done a great job in shutting the economy down, giving us time to flatten the curve to make sure that we understood this virus. Now we know exactly who the most atrisk population is and we can proceed. We can protect those that are most vulnerable while still reopening our economy but the democrats want to obstruct, the democrats want the economy to falter because thats the issue they know they are weakest on with the voters is the economy. Ashley all right. Great stuff, congressman james comber, republican from kentucky. Congressman, thank you for taking time to chat with us this morning. We do appreciate it. Thank you. Now to something completely different, as monty python would say. The Major Airlines are having problems getting people back in the air. Business is surging, though, for private jet companies. Theres kristina partsinevelos. Come on in. Your picture is in a private jet. You are going private jets these days apparently . Kristina well, i know maybe you and i or maybe im not driving them but we know air passenger demand has plummeted dramatically due to the coronavirus which is why airlines in general are trying so hard to ensure and convince people it is safe to fly again which is why im at Teterboro Airport in new jersey. We are taking a look at the cleaning process for private jets. After 90 days, this private jet company, they use a cleaning product, a twostep process, they disinfect and protect with a product called bioprotect and they use it on about 100 aircraft and their terminals across the country. The ceo tells us that they believe it is the cleaning process that can help protect against covid19. He went on to tell us in an interview, too, for those who can afford it, more people are hitting the skies because they believe its safer in smaller planes. Listen in. 25 of our new sales have come from firsttime private jet flyers so we are seeing a pretty Significant Movement from a new Consumer Base thats now sticking their toe in private jet travel. Kristina the Global Airline industry is expected to lose 84 billion in 2020 which is why they are adamant about getting people back on the planes. Unfortunately, theres a little bit of a slowdown now that 14 states have enacted domestic quarantine rules. So overall, we know that commercial airlines are definitely not operating at their former traffic levels but these private massive jets that are libehind me are seeing a rebound and much quicker rebound because more people are willing to dish out the dough to hit the skies. Back to you. Ashley i wish i could do it. Looks good. Thank you very much. Couple of quick stock checks for you. Look at disney. Starting today, disney world park in orlando will resume ticket sales and Hotel Reservations and, by the way, if you have already got an annual pass, you can visit the parks starting today. That stock, though, in a down market. The dow off 500 points. Disney down. 5 . Okay. Now check these two airlines. American and united, both are extending their suspension of flights to and from hong kong, citing the citys new Virus Testing mandate that requires all crew members to supply saliva samples upon entering. Those two stocks in this tough market both down more than 6 for american and united. Now this. Why work from home when you can work from the beach . I have been saying this for years. We will tell you which island wants you to set up your office, surrounded by sun and sunshine or sand and sunshine. Im in. President obama seemed to have a lot of celebrity friends. We know that. Now joe biden is hoping to muster up some star power of his own to win the election but do voters really care or is it just special effects . Thats next. 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. Ashley applause, applause. Joe biden, mr. Hollywood himself, living for the applause from alist celebrities, celebrities like tom hanks or jennifer aniston, even snoop dogg but the question is, does all that tinsel town support translate to actual votes . Thats the question, right . Lets bring in Hillary Vaughn on this story. Hillary . Reporter well, the Biden Campaign does have a new Virtual Campaign strategy and the idea is try to turn a celebrity Instagram Follower into votes. They have a new initiative called team joe talks where they have celebrities on instagram like Debra Messing with Campaign Officials to try to get support among their instagram supporters but the idea of using hollywood to make a candidate more popular and win over then the popular vote isnt new and also has a track record of not always working. Hillary clinton in 2016 held backtoback events in cleveland with jay z and beyonce and lebron james but still lost the state. Bernie sanders has a history of packing out arenas with a rock star lineup with bands like Vampire Weekend and the strokes but he still fell short of the nomination twice. Elizabeth warren had john legend out on the trail but celebrities do one thing for campaigns. They bring in a lot of cash. Pete buttigieg had the most celebrity donors of any candidate this cycle and we talked to someone who says that celebrities and campaigns do a lot to bring in the money. Theyre not there to really hear the candidate. They are there to see their favorite star. So at a fundraiser when you are paying money to sit down, you are paying 10,000, 50,000, whatever it is, to sit and have dinner and see your candidate or the president speak and you have a star performance. That helps raise money. Reporter biden just like clinton in 2016 has been endorsed by some of hollywoods elite including jennifer aniston, tom hanks and cher and Kamala Harris tonight will be hosting a fundraiser on behalf of biden with a celebrity lineup including dj cassidy, Jermaine Dupree and beverly bond. The big question is does it bring in money . That money may not always translate to votes. Ashley . Ashley thats very true. We will see. Interesting stuff. Hillary vaughn, thank you very much. By the way, joe biden finally responding to wall streets worries about his impact on the economy. Roll that tape. Wall street is worried about biden, the progressive biden gets elected and prounion biden, is it going to hurt things. Its going to help things but guess what, hes supposedly likely to raise salaries, likely to increase work on infrastructure, invest more in the economy. Hes likely to grow the economy. Ashley all right. Are we convinced . Lets bring in Dan Henninger, deputy Editorial Page Editor for the wall street journal. Dan, look, joe biden is going to be releasing his economic plans. We know they look a lot like what Bernie Sanders has been proposing but hes pushing to buy american, clean energy, caring economy, he says, and racial equity. What do you make of all of this . Well, what do i make of it is that i think the Biden Campaign itself is very concerned that donald trump is going to be successful at painting joe biden as a captive of the left wing of the democratic party, and so they are putting out this economic plan with some talking points in which they emphasize growing the economy. But the proof is in the pudding, ash. Bernie sanders himself was just saying in the last 24 hours that joe biden could be the most progressive president since fdr, and if you look into the details of the Biden Sanders unity plan, that 110 pages of detail, what i think becomes clear here is that we would not even be getting something reflecting the economic policies of barack obama. I think they are moving to the left of that and i would associate it with the economic proposals of elizabeth warren. She was the one with the plan and her plans were to significantly regulate the private economy and spend money to try to make up for that on things like infrastructure. But make no mistake, this is going to be a move to the left reflected mainly in a lot of regulation of every industry in the United States as miss warren proposed. Ashley you mentioned the Bernie Sanders, more progressive than fdr. I want to move on and talk about the almost 59,000 new coronavirus cases on wednesday. In your new oped, you say pandemic and protests are weighing heavily on the election so the question becomes, has it helped or hurt President Trump . Well, the coronavirus has been a wash, i think, but the two together, you know, either event, the coronavirus or the protests, would have been enough for the lifetime of anybody, any single event. We have had them both simultaneously. The coronavirus shut the country down, sent people home, closed schools and they have been home focused very sharply on what is going on and since may 25th, the country has been full of protests in the wake of the george floyd killing. It has been a grim three or four months for americans, no question about it. I think there was an outpouring of patriotism in reaction to all that on fourth of july weekend. I think the president s mt. Rushmore speech went over very well and i think people want an exit from this status quo. You can just feel it in the kind of shifting in coalitions. We had these terrible shootings in new york and chicago over the weekend and you have black leaders and black pastors saying they want protection, they want the police to protect them, not to defund the police. So i think these two events are really weighing heavily on the election. People are focused on them and it will depend on whether President Trump can address the hopes and fears of people coming out of the virus and these extraordinary protests. Ashley yeah. Extraordinary times overall. Dan henninger, great stuff as always. Thank you for joining us this morning. Always appreciate it. By the way, amazon is putting Washington Redskins gear, pulling it from its site as it joins calls for that team to change its name. Sellers dont have much time to react. We will explain. Also, golds gym pushing to reopen all locations as the pandemic keeps some doors closed. The company also dealing with a bankruptcy filing. These are tough times. We will speak to the ceo next. Hey, can i. Hold on one second. Sure. Okay. Okay safe drivers save 40 guys guys check it out. Safe drivers save 40 safe drivers save 40 safe drivers save 40 thats safe drivers save 40 . It is, thats safe drivers save 40 . Hes right there. Its him hes here. Hes right here. Hi hi. Hey thats totally him. Its him thats totally the guy. Safe drivers do save 40 . Click or call for a quote today. Wind blows through my hair dont care if people see me dancing in my car i got you stuck on my mind and i feel so alive and fly and freely floating through the open sky and if it shines or rains oh i cant complain its still a Beautiful Day because i got love, got love got love, got love its a Beautiful Day got love, got love got love, got love can i be washed away [vocalizing] as long as i got love, its a Beautiful Day. Fund taxes matter too. Every time a fund manager sells a stock it triggers a Tax Liability for you. And the higher the turnover the more you have to pay in taxes every year. And heres the worst part, because of high turnover, you actually might have to pay taxes even if the fund itself loses money. Thats why you want to own low turnover funds whenever possible. The less you pay in fund fees, the less you pay in taxes, the more wealth you can accumulate. Ashley all right. Lets take a look at the markets for you. We have been in the same range now for about the last half an hour. We were down more than 500 points on the dow. We are now off 485, down nearly 2 . The s p down 1. 5 at 3124. The nasdaq too, after hitting another intraday high, has now turned negative, down about. 75 at 10,417. Thats how the market stands at this hour. Meanwhile, this. The popular and expensive gym chain, equinox, is starting to reopen locations but buzzfeed reports that instructors are worried about getting sick and to make it worse, they say they are getting big cuts in pay. Workers accuse equinox of paying them under minimum wage as they rebuild their revenue stream. People not happy, at least some of the workers at equinox. Lets stay on the Fitness Industry, why not. A group of gym owners are writing a letter to governors demanding that they allow Fitness Centers to reopen. Adam zeitsiff, president and ceo of golds gym, signed that letter and joins us now. Adam, welcome. You say theres evidence that gyms do not spread the virus. Make your case. Thanks for having me back. I appreciate it. You know, this letter is a great example of a bunch of highly competitive brands across the industry coming together to get our voice heard. What we have been under a lot of unproven scrutiny over the past four months. Listen, the letters purpose is to let governors know as an industry we have been working for months cleaning protocols, distancing guidelines, sanitization guidelines, really to help our communities safe and let them know there is really no clear evidence at all that gyms are the problem. Gyms are not the problem when it comes to the sfred pread of the virus. Thats what we wanted to get across, letting them know look at the evidence to see whats out there. Ashley have you had any response yet . Anything, any positive response . You know, we have been getting some communications back from our Industry Association partner. We saw some great positive response with the mayor of miami when he said im going to close gyms and was presented with the facts and reversed his decision, let them stay open because of all the work we have done over the last four months as an industry. Ashley so the question becomes, then, how can you make sure your gym is safe . Listen, as gym operators, big or small, the biggest thing for us is we have been in this industry because of the health and wellbeing of our community. Thats why we do this. So when we really want the governors to know we are an essential part of peoples lives. Exercising regularly in a clean gym with proven equipment, proven facilities, especially during a pandemic, really can help people feel better, function better, sleep better, and improve their overall physical and mental health. Thats what this is all about. We have to stick to the cleaning protocols, stick to the distancing guidelines, the sanitization, protecting our members and our team members and we can overcome this together as an industry. Ashley very quickly, you know, listen, how hard is it to, you know, stay afloat in an environment where you cant open and you are getting no revenue in but youve got your expenses going out . How hard has it been . Its been extremely difficult. Most gym operators, you see some big brands like golds gym out there but most gym operators are small independent Business Owners who are struggling to stay afloat, and thankfully got some help from the government and their local communities but it is hard. We have no revenue when we are closed. We have no curbside delivery, we have no pickup and things of that nature. So we as an industry have to stay and fight and prove we can help people in times like this. Thats what we are trying to do. Ashley all right. Very good. Adam, thanks for joining us. Best of luck, as you continue to survive in these strange times. We appreciate you coming on. Thank you very much. Lets take a look at apple, if we can. Their maps data apparently shows that the rate of driving is actually going down. Susan, what does that mean for the economy . Susan potential warning sign. Thats what it means. The four states we are seeing a record surge in these new covid cases, not surprisingly, they saw a decline when it comes to driving in these apple mobility numbers. Talking about florida, texas, california and arizona. As a whole for the entire country with more than 30 states that are pausing or pulling back on reopening, apple mobility shows that theres been a dropoff of 6 the past week across the u. S. After its recent peak, recovery peak in july. Rbc Brokerage Firm says it was still the busiest driving weekend of the year, the july fourth holiday coupled with less flying for folks, then cheap gasoline, 2. 18 a gallon on average across the u. S. , cheapest in at least a decade and by the way, a quarter below what you would normally pay during these times. Ashley interesting stuff. Staying kind of on this theme, i want to stay on driving, looking at snapon. They sell those tools that diagnose car problems and make car repairs. If driving is down, susan, how are they holding up . Susan the iconic red and white vans, the company has been around for 100 years and after initially being sold off during the outbreak of covid, its been recovering a little bit as of late. Investors see it as a dividend play, has a great history of distributing payments on time, and not only does it do repair work but also works on aviation, aerospace, oil and gas, also sells tools to repair technicians and finance to franchises that want to buy the cars and this is a tradeable name for you in reaction to those mobility numbers. Ashley all right. Great stuff, susan li. Thank you very much. You remember, we told you about the chiefs star Patrick Mahomes Historic Half a billion dollar contract. Eyewatering. But that huge paycheck, yes, he got it, comes with a huge tax bill. We will tell you how much hes paying uncle sam next. 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Watch your favorites from anywhere in the house with the Xfinity Stream app. Free with your xfinity service. Now any room can be a tv room. Stream live tv, on demand shows and movies even your dvr recordings. Download the Xfinity Stream app today to stream the entertainment you love. Xfinity. The future of awesome. Ashley i love it. I love it. Zach brown band. You know what, people, look, youre stuck in the city, youre probably daydreaming about the beach at some point. One island says if you have to work from home, you might as well do it there. Sounds good. Susan, where are we talking about . Susan barbados. You can be visafree and work there up to a year. Its called the 12month welcome stamp and its the islands way to try to attract foreign visitors after tourism was decimated by the covid19 outbreak. Tourism is a lifeline for the island economy, accounting for over 40 of gdp and 30 of its jobs. Barbados claims the island is covidfree, recording 98 cases, seven deaths and visitors will need to be tested, but tourist cities and countries like that offer a number of incentives for travelers. You will get shelter, food and medical costs. Some offer discounted air fare. Mexico offers free car rentals. I like the idea of working with the background of crashing waves. Dont you think . Ashley you have to get in line. Im just applying for the bureau chief position at the barbados bureau for fox business. Sounds like a plan. All right. Lets switch to sports. Take a look at amazon. Lauren, they are pressuring the Washington Redskins to change the teams name, right . Lauren and they told sellers you cannot list Washington Redskins merchandise on amazon. They have 48 hours to remove that gear or have their accounts deactivated. The Washington Redskins, they have been criticized for decades for their name and logo being disparaging to native americans. Right now, the team is conducting a thorough review of the potential name change but reportedly, they are not going to use the logo, whatever the decision is, on the name. Fed ex, walmart, nike, target, they have all been criticalill. Amazon is now the latest. Ashley yeah. Following that story very carefully. All right. Lauren, thanks very much. Lets stay on football. Patrick mahomes, hes a rich guy. We know that. He signed a record deal worth up to about half a billion dollars. But the question is, we are asking today, whats his tax bill looking like . Susan a lot. We assume mahomes will need to pay the top federal income tax bracket of 37 . Then there are the socalled jock taxes which athletes have to pay to the state where they play and earn their income so these jock taxes are calculated by dividing the workdays including the practice and games in the city by the total number of workdays for the entire year. So they are not going to double tax you, though, because players will pay the taxes in the lower state that they live in or that they play in. So in Patrick Mahomes case, he lists texas, very smart, because texas has no statewide income tax. Good for him. Taking all that into account, we did the math and on his guaranteed 477 million, mahomes would pay 214. 3 million to uncle sam. Now, if mahomes were a kansas City Resident that means he would owe a little bit more. He would probably owe 4 million more in taxes. He would pay 218 million. At the end of the day he takes home around 263 million over those ten years, if he of course continues to the entire contract. But thats not all. We havent even factored in endorsements. Hes a spokesperson for bose, oakley, state farm, adidas and for a man that won a super bowl before he was 25, i think he deserves it. No . Ashley yeah. Why not. Oh, to be young and talented like that. Wow. Hes not hurting, as they say. All right, susan, thank you. Take a look at this, why dont you. New york city mayor bill deblasio painting black lives matter where . On the street outside trump tower. On new york citys famed fifth avenue. I am waiting for the president s tweet on that one. All right. More varney right after this. My name is christine payne, im an associate here at amazon. This device is giving us an Accurate Temperature check. Youre good to go. Have a good day. The safety of Amazon Community is very important. Youre good to go, sir. Thank you if i can take care of everyone who is sick out there, i would do it in a heartbeat. Step onto the blue line, sir. I have to take care of my coworkers. Thats how i am. This is my passion. Have a good day. I have a son who is 10 years old. I say, you know, mommy loves to help people. And he said, wow, one day im gonna be like you too. Im gonna be a doctor. He make me cry. Have a good day out there, okay . [camera man] actually anyone 50 or over is at increased risk for shingles. The pain, the burning my husband had to do everything for weeks. And the thing is, theres nothing you can do about it [camera man] well, shingles can be prevented. Shingles can be whaaat . [camera man] prevented. You can get vaccinated. Frank they have shingles vaccines whaaat . Thats what i said. Were taking you to the doctor. Not going through that again. [camera man] you can also get it from your pharmacist talk to your doctor or pharmacist about getting vaccinated. Ashley oh, by the way, by the way, a quick reminder for you, tomorrow well be reading our friday feedback segment. You can still have time to get the comments, suggests, questions, in. Please be kind. Email us varney viewers foxbusiness. Com. Weve been in the same range for a while now. Neil cavuto. It is all yours. Neil i send a lot of nasty emails too. I hope you read mind. Let me know how that goes. Always good to see you, my friend. Were only an hour away from the Town Hall Forum with barbara corcoran. Aint too hot for real estate a lot of people are trying to avoid it like the plague mainly because of the pandemic, but a lot of it has to do because the rents so high. What cities are like right now post the pandemic and new world order that says, you know what . I dont need the commute. I dont need