Stories, 6 00 a. M. On the east coast, markets extended losses as tech is pulling on the major intimacies, the Ripple Effect from the u. S. Downgraded credit status gallon gesture, nasdaq, s p 500 lower after the close the most highly Value Company apple at 3 trillion market value coming out with earnings along with amazon in numbers tonight we are previewing this morning. Initial jobless claims at 8 30 a. M. Eastern before the july job report dropping tomorrow. Check european markets, the bank of england making his decision on interestrate at 7 00 a. M. Eastern going into the number stocks are lower. In asia overnight check at the markets it was pretty much mostly lower with the exception of China Shanghai a small gain. President trump is expected in washington, d. C. This afternoon facing four charges related to the special counsel case on january 6. Meanwhile as President Biden lounges on the beach some coverage of the stunning testimony of Hunter Bidens former business associate devon archer cooperating the joe biden was involved in hunters business meetings a new oped calling biden an enabler. Joining the conversation Strategic Wealth partner mark capper Portman Square group mike baker and restoring american editor for the Washington Examiner nikki weiss. Mornings of marias life right now. Maria former President Trump will be in the d. C. Courtroom at 4 00 p. M. Eastern he is expected to plead not guilty on four charges related to the january 6 special counsel investigation, trump writing on truth social the latest fake case brought by cricket joe biden and arranged jack smith will hopefully be moved to an impartial venue with the unbiased nearby state of West Virginia and possible to get a fair trial in washington, d. C. Which is over 95 antitrump. Joy to me anticongresswoman and house of the house ways and Means Committee claudia tenney. Good to see you, thank you for being here. The right comments has been speculated that jack smith wanted to take a jury and assess the case. Absolutely guaranteed hes going to get an indictment in d. C. They almost have to say donald trump to say to a democrat and they say impeach, remove or put them in jail which there lusting for putting donald trump in jail, this opens up something for donald trump and he can get this removed because its not going to be a theory of his peers and the jury that will be fair. As a defendant trump could make a huge case and roll this into the election that happened in 2020 he can bring witnesses from all the states a huge issue, this case or decision in 2020 when trump lost the race was decided by 42000 votes and three swing states so coming in and showing the election irregularities and proving he believed that he won the election regardless of what anyone thinks i dont think anyone will truthfully know but this opens up a can of worms and trump can go after anyone i would be surprised if we see him go after dr. Fauci for what he did in his role in interfering with the selection and all we see is serial interference with election thats what we see with every one of the issues starting all the way back to the russia collusion hoax impeachment one in impeachment two in the deanery six show trial verilog go raid and now the information comes out to link joe biden to his son hunter which is what its all about hunter is a proxy to get the money for the influence peddling in. What is joe biden selling, he is selling influence not that thats unusual in washington but he used his son and we saw bribery potentially and all the charges could come in a defense trial with donald trump so i think the democrats couldve gone too far again on the issue. Maria that is interesting you talking about a length of time were President Trump could demand deposition in discovery. That takes time jack smith is talking about doing a trial in 90 days. Would President Trump get a fair shot if they shorten the time frame so much or is he going to get the ample amount of time to do the discovery, get the emails and make sure his lawyers are up to speed on all the evidence. If that is the case doesnt that go beyond the timeframe of one year which is when the next election is happening. Who is a District Attorney or charging officer and a special prosecutor to decide how long the trial goes under our system of justice defendants have rights live the right to subpoena and bring witnesses and they have a right to prove that their innocent but the standard that the defense, the prosecutor has to prove guilty beyond a reasonable doubt that is a tough standard and i dont see how they can create an artificial timeline you have to produce your evidence by now trump can take this on forever its a real mistake for the democrats and there was a recent interview that Tucker Carlson was doing with devon archer who gave his bombshell testimony talking about joe and contributed the same room and he said hunter is expert in knowing the guy. In this case hunter is expert knowing the big guy if you put together the bombshell testimony they came out from the fbi informant from senator grassley, the two whistleblowers in the irs thanks to jason smith created the whistleblower for irs agents and you put it together with the laptop this is a clear case against joe biden its ancient statutes being brought into play not relevant to donald trump and were criminalizing free speech and metaphor fight like hell now is a crime this is what our country was founded on is a dangerous path we are going down with this prosecution. It appears so but you hit on something thats so obvious to many of us every time theres serious evidence against as president , joe biden and his family through 176 specific activity reports massive testimony, stunning testimony or bank records to indicate all the millions of Shell Companies which made their way into biden family accounts the very next day we get an indictment of trump or extra charges of trump its very obvious that theyre taking the story out of the main street media headline so the Mainstream Media has Something Else to cover. Even former president obama warned President Biden about trumps political strength during a private meeting in june according to the Washington Post obama vowed to do all he can to help his reelection so a couple of questions. On the one hand all of this noise around Important Information about biden then you have attacks on trump the very next day and what about the notion that some people are talking about at the end of the day biden is not going to make it hes going to pull out because of all of the bribery racketeering into will be the democrat nominee is it Michelle Obama . Im curious that they would meet like that, this is all coordinated and calculated by the most powerful government arguably and the world the department of justice is coordinating this you could see Merrick Garland who i think should be impeached or removed immediately for his malicious prosecution and whether you like trump or not this is not what should happen to any citizen love the little former president and president obama really has a stake in joe biden staying there many people think is the guy behind the scenes so maybe there is a Michelle Obama and the way hes coming forward and setting this up, maybe obama is allowing this to happen in to open the door for michelle let joe go by saving face. Maria congresswoman claudia tenney, always a pleasure. Thank you so much. Stay with us. Well be right back. Tourists tourists that turn into scientists. Tourist taking photos that are analyzed by ai. So researchers can help life underwater flourish. 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Maria welcome back Vice PresidentKamala Harris taking the lead as President Biden is back in delaware on another vacation. Harris filling your schedule to trips to florida and wisconsin and reportedly expected to respond to speak about the july jobs report out tomorrow something typically done by the president , new report finds biden sister valerie pushing for Meghan Markle as a woman she was support for president here is a sister on Good Morning Britain last year. Its wonderful to have limited politics and we embrace all women and welcome her to come in. I get it she was doing a softball interview and looking for something nice to say but i will say prince harry the only thing that i feel bad or sad for prince harry or sympathetic is the fact that is married to Meghan Markle at this point. Maria she does not have the popularity that one would expect to run for president. The comet seems to be a little offbase. I bet you it will be a different story if it was a conservative woman. Without a doubt. We heard about, Kamala Harris and Michelle Obama keeps coming up and then you throw in Meghan Markle. Its pretty ridiculous but at the same point in time to mikes point and shows how much frustration is out there with President Biden and the fact that the guy has been a complete noshow since he took office, anything would be better than what we have right now. They are setting the table really hard there is a major rehabilitation for Kamala Harris and you can see that her scheduling going on in the idea that they patched things up. This is political survival, the president and the team of strategist have decided we have to do something because Kamala Harris, her popularity is terrible but slightly above joe biden. The idea that they could fix Kamala HarrisPublic Opinion by putting her in the limelight this is a quote from the democratic aide i would want have a visible role heading into the election. How has this ever benefited her before every time she gets in a camera is an absolute disaster. Its true biden is taking a backseat. We had the basement strategy in 2020 now we have the beach strategy where hes gone for ten days at a time doing who knows what. The idea that Kamala Harris could pull this ticket on her own is laughable. Maria im wondering if it says something about state of affairs that the democrats are actually acknowledging in deciding well its time to put a new phase out there pretty new Washington Examiner report citing rnc data the President Biden spends that should tell you something. Maria which is why im not sure anything changes with, the harrison charge, the same group in the obama cabal will be running the white house in this country. It seems a different strategy is to push joe to the side and march out Kamala Harris so they can display shes capable of taking over the position as something were to medically happen to him i feel like thats with the trying to do and when she disappoints that gives them free reign to back someone else i gavin newsom. The strategist in the white house understood there was a drumbeat with the Republican Party the said in the slogan for 2024 is a vote for joe biden says youre okay with president harris, never doing some to counter that messaging early. Maria we have to talk about devon archer testimony and all of the biden family scandals are becoming too big for the Mainstream Media to ignore. Up until now there has not been any coverage but we have an editorial to show you coming up. Futures extended the losses were expected to decline at the start of trading fractional moves after the downgrade. Were also all in on watching apple and amazon. That will be the story tomorrow. 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So, i went to a second hand specialist who also offered nonsurgical options which felt more right for me. So, what id say to other people with dupuytrens contracture is this dont wait find a hand specialist trained in nonsurgical options, today. I found mine at findahandspecialist. Com. Maria welcome back futures indicating the decline. Dow industrial density four, nasdaq 1056 and nasdaq down by better than 2 , a selloff marking the worst day since february, the selloff coming after Fitch Rating Service downgraded the u. S. Credit rating putting focus of the 32 trillion and other in debt, joining me chief investment strategist sam stovall, thank you for being here. We want to get your take but lets talk about the downgrade, assess the impact of the fitch downgrade on the u. S. Debt. Good morning maria always a treat to talk to you. Basically i think is a catalyst that has triggered what was the needed digestion of names i as a comparison to 2011 when the s p downgraded of people came out ad said its based on old data, et cetera but it did serve as a trigger because we were looking at the market that i gotten ahead of the supply lines if you will. The nasdaq was trading within 25 above the 200 Day Moving Average and we saw the s p up 28 since october low and the nasdaq up 46 since that low. They could do for a pause. Maria its a great point were looking outside gains for somebody tech names and tonight you have apple and amazon reporting earnings. Its another busy day, regeneron, warner bros. , kellogg all coming up before the opening bell but after the close of most highly valued company and a 3 trilliondollar market valuation is going to be the one to watch given its size and the window into so many issues, what are you expecting out of apple. Earnings are very important, this appears to be the trough quarter in this early intercession. But what weve been finding is in the reporting period, seven of 11 sectors have seen improvements in their earnings expectation, technology is expecting to post only a 1. 1 decline but starting to pick up hitting 11. 5 growth in the Fourth Quarter and 17 growth next year. Apple is a situation that we will see continued year on year softness in terms of sales mainly because of tougher comps last year the expectation is the apple along with tech see improvement in the Fourth Quarter in moving into 2024. Expectations have been increasing in Getting Better in terms of the economy. Adp reported 334,000 jobs well above expectation. Jobless claims out this morning at 8 30 a. M. In tomorrows july job report. Economists expected 20000 non foreign payroll to be added to the economy, for the month unemployment steady at 3. 6 . Do you think the overall tone and sentiment in america has changed and people are no longer expecting a recession. Where are you on the issue. You know im a big believer in history and ive been saying since a beginning of the year whenever we had an s p that is shown a positive january after a negative year in the First Quarter low did not go below the december low in those three things lined up the market was higher 100 of the time and not by 25 average. History is a great guide. But it does so you can be very surprised, were not expected recession but we do think strong economic numbers in particular the Employment Data will cause the fed to raise rates one last time in september and we do know historically the market does very well in the pause. Before the fed starts to cut which we anticipate in 2024. Maria here is mark tepper. Good morning. If we go back to 2011 when it downgraded u. S. Debt, the market sold off about 15 over the course of the next two weeks. I dont know if thisll be near as bad but if the market does continue to selloff. It was down 1. 4 yesterday what is the Winning Strategy would you get more defensive right now or would you use this to buy the dips in the highgrowth stocks . Good morning, good question if you are a shortterm trader basically you let the market take you where it wants to go in traditionally in a digestion of gains you gravitate toward the defensive areas, consumer staples, healthcare, utilities. I would be advising clients because were longerterm focus to take advantage of the declines because the 50 Day Moving Average is less than 3 are where we are today and you have other retracement levels that would imply a 5 were in 8 decline on s p 500. Things would have to be bad to see 50 retracement since october 12 low. I would say going forward, stick with those sectors that are the growth oriented areas. Add to that industrials may be financials are among the strongest performing sectors when the fed has ended the tightening program look at Companies Like advocate express, arch capital, property and Casualty Insurance company, Charles Schwab and pnc financial. Maria even though you think the fitch downgrade acted as a trigger for people to digest the games that weve seen year to date you would be putting money to work at this market even if we are approaching a rocky. I think the market got ahead of itself. I think it is in need of a digestion, what they say a correction in time or price. And that will set us up for a good end of year raleigh once we get past this easily week. Maria good to see you, thank you so much. Sam stovall joint industry look at qualcomm, the stock of the premarket is down 8. 5 after the company be on earnings but missed on revenue expectation. Qualcomm reported a 25 decline in smart phone chip sales and expects a new round of layoffs to cut cost. The stock is up 20 year to date but this morning a real haircut of fate. 5 preblackrock facing congressional heat for the esg investing in chinese company. We will get into that. The show might go on, the latest development in the sag strike next. Stay with us. Your record label is taking off. But so is your sound engineer. You need to hire. I need indeed. Indeed you do. Indeed instant match instantly delivers quality candidates matching your job description. Visit indeed. Com hire at pnc bank, you can find us in big cities and small towns across the us, where our focus is to always support the people who live and work there. Because you call these communities home, and we do too. Pnc bank. Wealthchanging question are you keeping as much of your investment gains as possible . High taxes can erode returns quickly, so you need a taxoptimized portfolio. 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Maria welcome back to the other headlines were watching police are searching for the passenger involved in a hitandrun that left ten people her in new york city yesterday. The driver of the stolen vehicle attempted to flee the scene but he was tackled by new yorkers until the police arrived. Police say the driver hit a yellow cab and drove through pedestrians in the sidewalk before colliding with the second car. After 100 days on strike members of the Writers Guild of america said they have been asked by the alliance of Motion Picture and television. Enter pictures to meet this friday to negotiate this would mark the first of the two sides have met since i walked off the job and may, sag actors called it sounds unchurched eyeglass mother called for better protection against the use of artificial intelligence, they would like higher wages and more residuals for content on streaming services and some of the headlines this morning. The House Select Committee on the Chinese Communist party launched an investigation into blackrock msc i in the companys role of facilitating american money and investment into Chinese Companies some of which are tied to the Chinese Military. The chairman of the Committee Mike gallagher joined me yesterday to discuss the investigation. We found msc i blackrock have invested in companies that produce military aircraft, the aerospace technology, the artillery shelves and advanced Nuclear Technology that invest in Companies Like bgi genomics that collaborated with the Chinese Military on foreign persons without the consent and others to be complicit and forced labor and human rights abuses in china. Your pension, your kids College Endowment should not be funding if it entered americas adversary and thats whats happening were at risk of funding our own distraction. Maria jonathan you have been saying this for so long, good to see you the Atlas Organization founder author of the decisive decade jonathan d. T. Ward thank you for weighing in on this. Is this enough, there is an Investigation Underway but why were the companies in the index is in the first place some of the Chinese Companies are already under sanction by the United States and they are still right there for american investors to plow their money and in doing so they funding the expansion of the ccp. That is right in exactly were getting to the heart of the problem. When you look at the list that the select committee put out these are pretty heinous Companies Companies that are part of the military plating against the United StatesArrow Corporation military ship building and Company Subsidiary applying russia with body armor and assault rifles its an atrocious list of list on the screen with the military thats what refunding through her pension, endowments so blackrock and msc i that is the heart of the problem if theres any two companies that are prime movers and how were losing the competition its the ones that are creating indexes that funnel and enormous amount of American Capital intra primary adversary, that contradiction is why we are going to lose the war at this point so to be able to start to pull back and hold our Companies Accountable and recognize that chinas entire strategy for global dominance is about the companies, their corporations are what they used to enact the Global Strategies and they get financed by us. It shows of the committee gets it and it shows that they have teeth and recognize the Business Leaders and businesses are part of the problem and thats what has to be dealt with. Furthermore the military companies but also companies in the index these that are part of the human rights atrocities. I wrote about this in the decisive decade you can go through testimonies from the concentration camps in changing and cross reference with the blackrock index and find the same companies that are part of, i put them in the book its pretty alarming im very glad to see the committee taken action and action be the beginning of showing the companies, blackrock msc i that you have to do different you cannot do this anymore. Maria is probably one of the most important issues that ive been raising for several years. The fact that the thrift fund is the 401k for Government Employees and a housing option for the Government Employees to putting that into Chinese Companies. Its outrageous but doesnt the real tone need to be set from the top the administration has been sitting on an executive order to put limitations in place to invest in these companies and they are sitting on it. Look at what china is doing the state security is calling on its own citizens to join the counterespionage, beijing says it will offer reward and protection for citizens to provide information heres at the state department had to say about that move. We do have concerns encouraging citizens to spy on each other of great concern were closely monitoring the implementation of chinas espionage law which is written greatly expands the scope of what activities are considered espionage. Maria that is one law i listed several laws that the ccp has put in place since marching to hong kong over the last couple of years that enable them to walk into any company and raid the place and still the intellectual property the way they did at bain. The new counterespionage updates one that is ten years old that expands the definition of intelligence gatherings that were Due Diligence whether youre a lesserknown diligence that youre conducting illegal activities is a big unknown is about china locking down and getting ready for confrontation and eventually conflict with the United States and the region essentially. That is where we are in the taking action that are clear and consistent and they demonstrate a broad intent to be ready for conflict with the United States and the territorial conquest in the region. I think at this point we should understand, those understood this was coming for a long time have been vindicated by the prcs action but we dealings with the broadspectrum policy that is designed for a showdown. That is always been part of the design of the rejuvenation of the chinese crew the main idea leads into confrontation. La. Maria they keep sending peoe banging for communication for china is saying is willing to maintain communication with the United States on a possible future visit to washington beijings newly appointed foreign minister chinese minister xi jinping replaced qin gang, he has not been seen for more than a month last week. He also removed two of the top generals over the nuclear force. Interesting developments with the changes in position in the chinese government. It is early to no concrete reasons but generally speaking it has to do with loyalty questions that is a main priority maintain control and loyalist around him certainly qin gang was a loyalist in his rise or so it is often thought the other side is anticorruption. From the beginning has been his primary public platform its why president xi remains popular in the peoples republic of china so if he has to shake up its probably within one of the two categories or both perhaps. Maria you talking about china getting ready making trades prepared for conflict with the United States lets not forget the chinese apprehensions of chinese nationals at the southern border is up 1300 over the last year. Mike baker, jumping former cia i had to throw that out because something is going on that theyre sending all the chinese nationals. It is very strange. It would be almost impossible to imagine summer not tied to the chinese regimes. A quick question we talked about the flow of money through blackrock and others into Chinese Companies. Im curious about your thoughts and concern over the other direction. Chinese aggressive investment in the u. S. And everything from farmland to Mining Operation to influence local regulatory policies at the state and federal level in their efforts to influence our neighbors in our own region in Central America and honduras is a perfect example in recent mo months. The committee for Foreign Investment the United States is been one of the most longstanding and active tools that the u. S. Government has in this entire picture so reviewing Chinese Investment has dropped very significantly in recent years. That is something that i think people have their hands around a little more significantly but primarily in the tech sector this is a broader problem whether its farmland and a lot of it they want to be able to feed and provide energy which they cant do from inside china itself some of that comes from the United States. Were going to have a broader problem is not Just Technology or capital i tend to think capital is the most important piece of the moment and technology is being resolved to some extent in washington at least people have grabbed that as one of the main pieces of the problem, will get a deal with the broader whole economy and thats what people dont yet understand. This is the restructuring of the entire Global Economy so it does not depend on the peoples republic of china so theyre not beating us in trade. We look at the shape of the Global Economy, the u. S. Allies amount for one half in more depending on how you added up with the emerging world is growing and thats where the strategies are focused so we dont have strategies to beat them in the emerging world so if you talk about Central America or latin america or brazil, chile places where we have a have strategies and so long and were preparing to lose the global game because we dont understand it yet as much as we talk about it. For sure its one of the reasons we ask whether not this president is compromised. Its good to see you, thank you for weighing in on all of that. Jonathan dt ward on china. Vehicle shipments have been falling since the pandemic boom why one ceo says industry is ready to hit the road again. Mornings with maria live on fox business. Stay with us. 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Thank you its been exhilarating we launched the company over five years ago and crossed her fifth anniversary bringing together phenomenal Leadership Team built around a vision to create the greatest rv Retail Company the world has ever seen with admission around building exceptional customers experience in sales, service through the owner lifecycle. Weve grown to a hundred stores from 0 and five years in 33 states from coast to coast. We crossed 3 billion in revenue last year and sold 150,000 rv in july we had fun with it and gave it away. A customer in cincinnati. A year ago, youll appreciate this, 100,000 rv to a military veteran that serve the country for 20 years and she came in and we told her this is 100,000 sale, work and have fun and we tore up the contract. Maria what a great idea she mustve been so happy. 100 stores, 3 billion in revenue and four and half years, faster than google, tesla, even apple in the innovation stories every day where it is the growth come from now lets call it the next 3 5 years. We will keep it rolling with the Phenomenal Growth in five years and there is a tremendous amount of life space so were in 33 space understates an opportunity to grow in the market that were in as well as new markets will be building new stores and elevating the Customer Experience if we do a great job of delighting the customer in taking care of them in service they will come back and buy again into getting again thatll be a big differentiator to help accelerate that we launched the blue compass rv briand and new briand were putting on the 100 stores from coast to coast. Thats awesome tell us about the Customer Experience a real rv boom during the pandemic for sales have cooled during the last year, what would you say about Business Today were looking at the pictures of what people do in an rv, tell me about the Customer Experience, why do i want an rv. People absolutely love the outdoor lifestyle and experience we got a big pickup encoded and there was a big surge of rv sales we can talk about economic challenges of last year but the demographics are great when i got in 2017, the big customer with the baby boomers and 10000 retiring a day between now and 2030 so we have a great demographic. Maria isnt that the sweet spot in terms of people who want to go to the rv root. That is a solid study hard working americans are 100 american industry and they saved their whole lives, they were card and they want to see america and enjoy the free time and what is exciting the last few years weve seen a much higher percentage of younger buyers jumping into the rv and the manufactures are building much Higher Quality entrylevel products i rv when i was a kid in the entrylevel products were not so great now they of solar, wifi, better quality and we can see a whole new customer coming in. Thats what im talking about with the Customer Experience you walk in one of these things its like youre in an apartment. Its an amazing. What about supply chain issues that we heard about you able to get the component and product that you need in terms of the supply chain today . We do its amazing, its an amazing industry, 80 of the rv sold in america are built in northern indiana, almost 100 are built in america. Maria and native american story. Industries very resilient so they were able to ramp production to meet the surge and demand and 21, 22 the record year for production of rvs, unlike auto who had supply chain disruption, rv was able to ramp it up coming through the surge. Maria how do you scale this and taken to the next level you talk about 3 billion in revenue and a short timeframe for a half years, what are the trends that will keep the growth level at this elevated level. For essence around the Customer Experience. Now we have the briand coast to coast. Were halfway there will even out and all of our stores and 23. Its very powerful because rv years love to travel the buy and michigan, new york, travel to florida, out west and having a company that is there for them, things break down if their airconditioner breaks that in texas they want to get it repaired and replaced and really focusing on the Customer Experience. Maria what about the price of gas in the price of getting the spot that you need. How easy is it to find where youre going to parking rv in different areas. What about any issues in the price of oil, when oil goes up do you typically see a stall in sales, do people worry about that. All of that hidden year, you can imagine during the covid surge people were dying to be outdoors buying rvs and record rates in last year 15 months ago between gas prices, the relentless rise in Interest Rates along with raging inflation and all came to hit the consumer. Our biggest indicator of buying an rv, rv sales is Consumer Confidence and they hit a 40 year low last june. We saw rv sales dropped significantly in the last half of 2022 and continue to be a tough environment on the rv sales side. Maria in the future are you out of that . I think we have another year of tough sledding from economic condition standpoint. Maria the macro story impacts you. The second largest purchase for customers in a lot of cases so they are saving and its a big purchase. Interest rates are higher so the rv service demand is great and were going to settle 40000 plus rvs but theres definitely an impact on our consumer. Maria is good to have you. Thank you so much. John fernando joint industry will be back with more orythn wl street. Stay with us. Th. Switch to a king suite or book a silent retreat. Silent retreat . Hold up yeeerp . I cant talk right now, im at a silent retreat. Cashback on everything you buy with chase freedom unlimited with no annual fee. How do you cashback . Chase. Make more of whats yours