Transcripts For FBC Cavuto 20240702

That helps the market. We have irans foreign minister saying if this continues the us will not be spared from this fire. Doesnt unite buying interest at the corner of wall and broad, very little to do with whats going on in israel and the middle east but a lot to do with concern some of that is going to rub off on the markets. There was the uncertain outlook that happens in the middle east, thats Royal Technology stocks in general, the nasdaq in correction territory. Lets look at the significance of that. The chief global strategist and former executive, good to see you again. What do you make of the fact those comments out of iran, markets dont respond, they dont think it will be 50 years ago, known used to no need to overstress. Reporter we are responding to that rhetoric and it got us on edge. We had some positive aspects, and every time you get good news, the trepidation they mention the box, the strong gdp, what it does is sets up the fed to continue our hawkish narrative, that got us on edge on top of the geopolitical events. Neil what do you make in correction territory, a lot of this is over done, nasdaq itself, 20 of the year, that is the way to go. You are taking my talking points for me. It is not fun. The market will correct 10 every 18 months on average. I like to throw these stats at you. What is scary are the mega caps, the leaders, the generals, they are retreating, and they want to get positive news out of meta it retreats, its not good. Im watching 340 very closely because it closed lower on the day. When we get positive news we are selling off, sentiment has changed and our eyes remain on geopolitical headlines. We had some certainty, it didnt happen. Thats where the concern is. Economic data is mixed and it is positive but thats not positive for the market in that the fed may raise rates and that could have a drag on us over the longterm. Ashley neil i was noticing the thirdquarter gdp report rocketing ahead 4. 9 on the Consumer Spending and a lot of people buying. And travel, master card indicating the same, a lot of stronger consumers, the reason i mention this is the backdrop for the economy is sounder than some think or is that the word that it is so strong . It its not a what have you done for me lately attitude but what do you do next, it feels to us like we are finally peeking out and negative news, visa and mastercard, they are down. The consumer has been resilient. How long can they stay resilient, jamie dimon, a storm coming, we see the storm and the market is in the middle of that storm. Stocks that are highest, they are getting hit and you see the correction in the nasdaq as dramatic as it is. You have two big ones, three, apple next week and nvidia, weve got a nice topic, not going to talk about that. Next time we will talk about that one. There are a lot of head winds and the stocks that are feeling at the most right now are the ones that make headlines. Watch the russell, driving this market, had little intraday reversal, closing 4. 9, thats a bit of a pause and relief, russell is a key support area. The iw when, this 16165 level, a resistance going back years and we are testing key support levels. It is holding now. If that can restand withstand this in powells speech, the tie i am wearing is apropos and right now we want to drink a lot of booze, the halloween themed continue so it is scary. Neil it didnt last long but weve been there and we revisit, how does the market adjust to that staying around a while. Is this a brief visit to key levels . The question becomes what will get us to rally from these levels . When you have that geopolitical crowd over your head it is tough to be optimistic. The guidance is tepid. A lot of these companies are beating guidance they lowered. Pfizer lowered by half. If they beat do we rally on that or will it be like what we expected two weeks ago. The narrative on these calls is giving us a leary affect that right now doing good things lately, what is the next leg higher, we can stay on these levels and have those seasonal head winds take us a little higher but to call for the next leg of the blue market to continue i need to see Something Else and we are not seeing it in these quarterly earnings. Neil what you said at the start of a conversation the market isnt ignoring the middle east anymore. It is well aware of these inflammatory developments. The fear is escalation and it involves us, markets overreact before things start to happen. If it stays limited to that, it would rally but if you hear the rhetoric in iran, they will see some extreme volatility over the coming weeks. Neil some other choice words, thank you very much. On the markets where we are going in the mood of the market, my special guest is david solomon, what he makes of this environment. He has been cautious about the uptick in activity. We will find out tomorrow. We mentioned iran and the foreign minister talking about genocide and all that, not constructed for human beings let alone investors. Trey yingst with these fastmoving Development Including his real carrying out its biggest raid in gaza after the initial attacks. Reporter we are following breaking developments, the Israeli Military says a Deputy Commander inside hamas, the military leader of the entire organization was killed in an israeli airstrike, this is significant because it shows how israelis are targeting the heads of hamas. We have new video for you, a raid in the northern part of the gaza strip, the israelis took in bulldozers and infantry troops to destroy another of hamas and Islamic Jihad cells including antitank guided missile positions, gaza continued in the past 24 hours, early this morning a number from israelis, conducted over the past day. We hear the israelis are hammering gaza from the air and the grounds. We dont expect the raid to change the calculations, whether to encourage these forces to continue their efforts and continuing to destroy hamas. I want to followup on a story from last week, we spoke to a man whose father is being held hostage inside gaza, one of 224 people, he just found out from one of the hostages that were released that his father is alive. He wasnt sure when we spoke to him but listen to what he had to say. She was with a group of people who were alive and well. One of them was my father. First time to understand he is alive and well. Reporter we talk about the explosions and airstrikes and rocket fire that does continue into southern and Central Israel but this is a story about the people who are waiting for their loved ones who are being held by hamas inside gaza just behind me. Neil the retired us army navy general, always good to learn a great deal every time we have you on. Let me ask you about these reports that is real might be delaying the Ground Invasion at least on a larger scale. We want to make sure we have support with materials being provided, simplifying it, what do you make of that . Its preparation, the raids we saw yesterday and earlier, making sure they target any ambush sites getting away and from the Ground Invasion, making sure logistics is set. The operation in hamas has begun for a while. The idf is trying to cut off the head of hamas, thats why they are targeting leadership, some good news, a major leader has just been killed recently. They targeted command and control nodes of hamas cyber attacks, intelligence operations, psychological operations, making sure they are prepping for the Ground Invasion itself. Neil i might be over interpreting, striking irani and proxies, 26 of them this past week, separately to that point, irans foreign minister is saying genocide in gaza continues, the us will not be spared. From going after them, for them going after us, it will lead somewhere, not sure where. Dana there is potential for conflict and thats not good. Iran has got to watch itself. Iran is poking the us military and the us which is a lot of capability. Iran getting us proxies in syria to attack two of our bases, she a militias to attack two bases in iraq, what they are doing with hezbollah, iran, needs to be careful and iran needs to be afraid of what the us can do. We shouldnt be timid as we move forward in talking to iran. We should be strong because we are strong. Julie turkeys president says strange things, i thought he was on our side. He just lately said that hamas, they are not terrorists, they are freedom fighters. This follows on top of events and comments going back two weeks, the uss gerald ford, a sign that we are going to escalate this conflict and make it worse. He said a lot more to condemn is real and to praise hamas. What do you make of what hes up to . Surprised at those comments from president erewhon of turkey, turkey is in nato, turkey continues the kurds as absolute terrorists, maybe they are, maybe they arent but hamas, no question hamas is a terrorist organization, they butchered and killed 1400 innocent civilians. Neil we give him weapons and help him out. Im wondering what we are getting out of this, this relationship as a fellow nato member. We are getting a lot, the use of turkish bases, our victory against isis from 201418, turkey is a nato member. The fact that they have istanbul and access into the black sea is also key. In turkey, there have been decent relationships with israel, they cooperate so his comments are surprising. Adam thank you, your incredible service, on all of those developments. In the meantime, he has been speaker for about a day now. We didnt see the one hes having with the United States senate. I will explain and explore after this. Explore endless design possibilities. To find your personal style. Endless hardie® siding colors. Textures and styles. Its possible. With james hardie™. Is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. This is Spring Semester at over 13,000 us school districts, which have become top targets for Ransomware Attacks. But theres never been a reported Ransomware Attack on a chromebook. 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Neil you argued when it comes to aid we had to shift our focus and attention from ukraine to israel. You recall the 106 billion plan intended to help both countries bad, that it was a bad deal. What did you mean by that . One hundred 6 billion that focuses more on ukraine than the immediate threat to our ally in the middle east, israel. The focus should be on israel. 5 of the annual pentagon budget degraded 50 of military hardware, when you dont send american men and women to ukraine. Neil the foreign aid to those under attack, most republicans if not all, in the case of ukraine, thats dropping fast. On the Senate Energy committee, Small Business committee, very good to have you. Where are you on this debate . It seems many candidates and a lot of republicans included in the newly minted speaker of the house, interested in separating those two. They need to be separated. Israel needs to be supported. In the next two weeks, israel has three active borders. In addition down in yemen, the houthis launch rockets that reach israel as well. On the other hand, ukraine is a 7 or 10 year war. Think of this for a second. 200,000 people have died, we need to focus on a peace plan in ukraine but right now israel needs help, they are about to be overwhelmed by enemies. Any type of combining these fundings will slow down the process, dead on arrival in the house and will slow the process in the senate. We need to help israel out yesterday. Neil what does that mention by extension to ukraine . I am worried that may be we are pulling back. Maybe we are. We need to have a fierce debate on ukraine, controversial in our own caucus, controversial in the house, seeing more problems with our funding going towards them. Ukraine a struggling to find people to fight the battle, the Political Class wants to fight, the war is going nowhere. On the other hand, israel is rocksolid in the senate and the house, the best president we could get, mike johnson in the house, is funding for israel, and a policy to secure the border. Neil when people looked at mike johnson, speaker of the house and with virtually no experience, last time i checked Abraham Lincoln had very little experience when he was elected president. Im not equating the two but theres concern that if not for Donald Trumps support and the fact the m so by aga part of your party, it is proof that donald trump is the guy and it is his party and no one elses. What do you say . I know mike johnson very welcome his wife kelly, four wonderful kids, my wife loves him, thats the character, the quality of these two people, mike johnson is being called, you will see his goodness, faithfulness, gentleness, and he does have the ability to bring people together. He managed the largest caucus, the republican study committee. Weve seen them on a daily basis. However he is portrayed in the press, he is a genuine person. Hes kinder and gentler in private. Neil is it Donald Trumps party . Looks like donald trump will be the nomination for the president will campaign. I think the senate has its own personality, the house has its personality, thats the way the Founding Fathers meant it to be. Neil thank you for taking the time. We are waiting to hear from Sam Bankmanfried. If you get a chance to state his case, if he doesnt, hes looking potentially at jail for the rest of his life. We are on that after this. The biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. What can you do with spy . As an independent financial advisor, i stand by these promises. As a fiduciary, i promise to be the financial steward that you and your family need. I promise to put your longterm Financial Wellbeing above any short term transaction. Everyone has a big picture. 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The defense indicated they would call two witnesses are on their second right now. This could be any minute. I will give you a little color. He has been very fidgety, taking drinks of water, thats very unlike what weve seen him for about this case. You know that he knows exactly what is riding on this but hes not been shy about talking to the media. What to expect from his testimony, he is going to argue he made mistakes. Is not a criminal. He believed he could get customers and investors their money back. We know from a lengthy defense motion that he will look to blame a lot of this on the advice of Legal Counsel as well as lack of regulation in the crypto industry but none of those have argued regulation or not, fraud is fraud. It is not unusual in high profile cases for the defendant take the stand. The risk is obvious. He could alienate the jury, Say Something the prosecution can jump on. He risks saying something the classaction lawsuits could use to nail him a civil trial. Every defense attorney weve spoken to covering this case has a set it is a hail mary but his only hope of getting off. Thats because the prosecutions case has been damning but its based on the words of three inner circle members who have turned on him, not screenshots or incontrovertible spreadsheets that show he orchestrated that fraud. At the case of numbers. Hearing from a defendant, a very human moment. We talked about this before. It only takes one juror for him to connect with that can mean a hung jury. We are waiting. Hes about to take the stand. He will be fighting for his freedom today. Neil cant wait to see what happens then. Up until yesterday, 93 Mass Shootings in this country justice will year. We had 94, 18 killed, 13 others injured. Those numbers could rise. Nate foy in lewiston with the search for the guy who did it. What can you tell us . Reporter the manhunt is ongoing for the man police say carried out the worst mass shooting in maine history, 18 people killed, 13 injured. We didnt learn a lot about his whereabouts. Authorities described this as the early stages of the investigation so they want to be careful with the information they put out there but they explained about the horrific things that happened last night, explained he walked into a Bowling Alley just before 7 00 last night and murdered seven people, 12 minus later police say he went into a billiard bar and restaurant and murdered 8 people. Three others taken to the hospital later died. That gives you the total number of 18 killed. They previously referred to him as a person of interest. Hes now wanted for 8 counts of murder and the reason its only 8 is ten of the victims have yet to be identified. He is described as armed and dangerous. If anybody sees him you are not advised to approach him. Instead you are told to contact authorities. This is a man who just trained firearm instructor, also in the army reserve and has documented Mental Health issues. He recently this summer spent a couple weeks at a Mental Health facility, he complained about hearing voices and has threatened carrying out a shooting at a National Guard base in maine. This is a very dangerous man with a weapon as we saw last night. There are shelter in place orders in effect in multiple towns across maine including lisbon where his car was found and there are reports that its possible he may have gone south to massachusetts in a chevy. We are working to confirm that. Thats not confirmed right now but authorities did not give specifics in terms of where they believe he is. Their presence at the state, local, and federal level is scattered based on the variety of evidence they are taking in right now but the message from the governor and local Police Chiefs and state police is just sending their sorrow to the families that were impacted. Not that any community could expect anything like this to happen but this community blindsided by what happened last night and the governor saying get it will be a long, healing process. We will send it back to you. Lauren 20 thank you very much for is that. Some jewish students were locked in a library in new york university, rattled by an islam hill hamas protest, the demonstrators issued a statement after this. Tech when you have auto glass damage, trust safelite. My customer really relies on his cars advanced safety system. [alarm] instructor veer right. [ringing] instructor and slow down. Tech so when he got a cracked windshield, he turned to safelite. Were the experts at replacing glass and recalibrating your vehicles camera, so automatic emergency braking and lane Departure Warning work properly to get you back on the road safely. Instructor and that means a lot tech schedule now. Singers safelite repair, safelite replace. bobby my store and my Design Business . Were exploding. But my old internet, was not letting me run the show. So, we switched to Verizon Business internet. They have business grade internet, nationwide. vo make the switch. Its your business. Its your verizon. Your best defense against erosion and cavities is strong enamel nothing beats it. New pronamel active shield actively shields the enamel to defend against erosion and cavities. I think that this product is a gamechanger for my patients it really works. Neil an alert about jewish students who boarded themselves at a library at new york university. Today at the same university to protest hamas on campus. Alexis. Reporter we are seeing this show of support for israel in Washington Square park, want to pop up the camera if we can, look at what is happening, hundreds of people including protesters who are here as well but also people calling for support of israel, talking about that ongoing violence. Large protests like this show what happened at Washington Square park, where appropriate a steady and rally in Columbia University in new york see a show of support through the Palestinian People. Thats the student for justice in palestine group, other groups, dozens of campuses calling on the United States to divest from his relapse occupation and genocide of the Palestinian People as the jewish students we talked to, they feel unsafe and targeted. We talk to people on both sides. Young people do not support the genocide in palestine, the occupation of palestine so we are here to show support. Reporter using the death of innocent israeli civilians, innocent jews, using these as a way to legitimize their movement. Reporter tensions are boiling across the city and other campuses like cooper union in which you mentioned, we talked to some students who said they were in the library at the university in new york, college in new york and they saw propalestinian protesters banging on the glass of the library and startled many students, until librarians locked the door. Watch this. [chanting] reporter cooper union tells us the library was only close for 20 minute as the student protesters moved through, expanding some of the students remained inside at that time. Back here in Washington Square park, keeping a close eye on this proisrael rally. Other protests are planned not just at College Campuses but across the country in the coming days. Neil this is the latest example but it does scare you. The group of demonstrators put out a statement of their own, would like to make clear that the protest was not targeting students or faculty but the institution itself. They said we would under any circumstance, antisemitism, many members of the protests werent jewish. Gop strategist charlie gasparino, journalist extraordinaire, thats their statement. I want to hear from a number of leaders who say enough already. Charles this is a Tipping Point in academia and a Tipping Point with donors and people who give money, mark rowan, bill ackman who is a graduate of harvard, graduate of wharton. For years, this is not a criticism but for years people like ackman kept giving money to the institutions. These institutions kept thumbing their nose at Academic Freedom and western culture and civilization and increasingly became radicalized and funding it. In looking at this, writing a book about corporate wokesm, they woke up one day and realized all the money they threw at woke incubators, colleges came around and has fueled the most disgusting antisemitic neil now they close up. Charles this is decades of domestication of americas youth. We went from the towers came down and recognize our fight was not with islam but with the terrorists, the militants, now fastforward we have people pretending hamas and hezbollah are the equivalent of the naacp. They are terrorist organizations hellbent on destruction. They say it out of their own mouth. Neil how can you ignore what happened a few weeks ago, 1400 be wiped out in 24 hours . Charles there are people who didnt know where gaza was on a map who have decided they are experts on this subject matter but more important, they attached hamas to the righteous indignation. Neil they said israel had this coming. Charles the reality is colleges have been teaching this garbage for years and years, guys that are freaking out. Neil jewish students go to these colleges and funded by jewish money. Charles and that they literally funded antiamericanism, antiisrael, antiisraeli rhetoric and teaching at these schools, they waking up to the fact that 50 million in 2018, do you think wharton wasnt woke in 2018 . Of course. Neil they drew the line at this. Charles the freedom monster. You cant walk it back now. Neil what about punishing them . Those who signed on to this letter, we are not ever going to hire them. Freespeech is freespeech. The worst kind, the deplorable kind, if you look at the environment they structured here where you can be a conservative, you can be banned from campus, your republican you can be banned from campus but there is some type of moral nuance to hamas, thats a dangerous predicament that i can hear it to a universal standpoint whereas we saw many times in the past, didnt know a black hole was there but eventually it does start grabbing stars apart. We preach to the event horizon. Neil turkeys president is a little out there but is likening hamas to freedom fighters. That is a nato member. You know what i am saying . These pro hamas demonstrations, hamas charles i cant remember the number but a lot of money to Harvard Business school. Do you think Harvard Business school wasnt woke . All these financiers literally finance neil dont you think they will start giving money again . Charles even if they stop giving money from now on, they created a monster that will be hard to put the genie back in the bottle. It is impossible given all the money theyve given to support this garbage. Look at this. These ideas are baked in. We should not be wasting our time trying to justify the unjustifiable. If you remember when we had that crazed lunatic who took the rifle into the streets and started mowing down Police Officers in the name of justice for black people, even if you are of the opinion that black people are aggrieved, the one day you wouldnt be talking about that would be today after someone murdered people who wore a badge in your name. If you say there are real issues the Palestinian People have real grievances that is fine but if there was ever a time you could put those grievances to the side it should be the time when people showed up at a Music Festival to maim and rape and murder. Charles we have to ask how did this get legitimized, beheading of babies get legitimized, we are not talking neil the protesters said that didnt happen. Charles how do we get to the point, you have to say the financiers, these are people i like, no strings attached, financed miseducation of american students. And this went too far. This is what it is. Neil this was the Tipping Point. It is bigger, the tail end. It is decades of this. When the New York Times is using hamas as a primary source, you realize how deeply embedded this has been. Neil a lot of news organizations are the same ones who immediately said that hamas attacks on hospitals and gaza charles we are in a culture war financed by people who finance these institutions. The best time to plant a tree was a hundred years ago, the next best time is today. We need to start today but we look at the tailwind of where this began a long way from home. Neil we are a long way from home. The dow down 220 points. You cant buy great conversations or moments that matter, but you can invest in them. At t. Rowe price our strategic investing approach can help you build the future you imagine. T. Rowe price, invest with confidence. Is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. 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Heres why you should switch fo to duckduckgo on all your devie duckduckgo comes with a builtn engine like google, but its pi and doesnt spy on your searchs and duckduckgo lets you browse like chrome, but it blocks cooi and creepy ads that follow youa from google and other companie. And theres no catch. Its fre. We make money from ads, but they dont follow you aroud join the millions of people taking back their privacy by downloading duckduckgo on all your devices today. Neil this might be big news, it calls for 25 pay raise. Doesnt mean the deal is done. A lot of people are looking at how to pay for that. The National Association of manufacturing has more than a vested interest in this. Good to see you. Big pay raises for autoworkers and all that but that means a lot of cost, they are going to go up. You have to look at the cost of manufacturing for any product, to make sure we are competitive. This agreement, it is good to get these behind us. Im not just looking at the automakers but small and mediumsized manufacturers that are part of producing the product that go into those autos and a lot of those manufacturers are making tough decisions and had to say we have to lay people off and some closing down. Neil some of your members said we are scaling back. We are in a world of hurt. Overall cost is a factor in all the decisions, labor costs are part of that, the availability of labor is another issue. And and an onslaught of regulations out of washington, ramping up the cost of doing business. Whether you like the former president or not, to pile on, get the economy kicking things off and insult to injury. We updated something we call the crane study, the researcher on this, shows the cost of regulations in the United States for all businesses is 3. 1 trillion. That cost has assumed over the last few years. Neil the bottom line doing well even with that. They are doing well. Im worried about the head winds. If you look at the cost of regulation it equates to 12 gdp, it equates to the size of the manufacturing economy. Not suggesting this but if you put the money back into the economy you could double manufacturing capacity in the United States. We are not saying all regulations are bad. There are some that are necessary to help us with safety. Neil those are the big areas, safety and health. Zoning and proper projects involve at that could add decades and that is the local side. I look at chips. We made a commitment to make sure the rest of the world doesnt leave this out when it comes to manufacturing silicon chips for computers. We need certain minerals to go into those. We cant access them. It takes 15 years to get a permit to open a mine. What happens if china does not have that type of product, all these regulations cost 50,000 per employee per year, just to comply with regulations so that cost is adding up and adding up. 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The call is free, and theres no obligation. You know medicare wont cover all your medical costs. So, call now and see why a Medicare Supplement plan from a company like humana just might be the answer. Adam are going to be talking to solomon, Goldman Sachs ceo tomorrow to get his take on this but have seen a few of these in the past. Now here is the big money show