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Transcripts For FBC After The Bell 20240713

From the white house, Lauren Simonetti on markets and. Lauren with, dow down 1000 points we start with you. Lauren good news t was off the lows of the session. This is ugly. What a way to start off the new month and new quarter. The dow down 973 points. Broad selloff. President said it would be tough new weeks. Number of Coronavirus Infections in the utz top 200,000. If investors were spooked they got more spooked. Boeing, American Express by the way leading the losses on the dow today. Setting the tone this morning was the private employment number. You know what . It is an old number. It only counted half of march before the lockdowns in states throughout the country. That was a negative number. It sets us up for what well see tomorrow morning, Unemployment Benefits. Those numbers, Goldman Sachs is saying we could see 5. 5 Million People file for first time Unemployment Benefits tomorrow. Five 1 2 million on top of 3. 3 million we saw the week before. So that is an ugly part of the s

Transcripts For FBC Varney Company 20240713

A far better measure is the ten Million People who filed for jobless benefits in the last two weeks. Fed governor lockhart just told maria the jobless rate is already more like 10 . Clearly, we are in an employment crisis, and another report that comes up at 10 00 eastern will likely show the Services Sector in collapse. Thats a strong word to use but its accurate. Later this hour, we are going to talk to larry kudlow, the president s chief economic adviser. I will ask him how bad is it and he will spell it out. Look, with nearly 300 million americans under a stayathome order, the economy is shut down. Morgan stanley says that between now and june, the economy will shrink by 38 . That would be a depression, the likes of which we have not seen before. Travel, shut down. At the airport tsa checkpoints, they are processing two million fewer passengers every day. Thats down 93 from a year ago. Those flights that do take off, virtually empty. Public transit ridership, down 75 . Commuters ju

Transcripts For FBC Varney Company 20240713

Gain of about 170 points, after the biggest oneday gain since 1933. That was yesterday. Today might be a different story. At the moment we are looking at a gain of 166 for the dow, a drop for the nasdaq, maybe down 34 points, and the s p down about 11. Mixed picture this morning as investors try to get to grips with this new package and what it means for the economy. Also influencing the market, the president s statement that he would love and he used the word three times, he would love to get the economy back up and running by easter. Thats just two and a half weeks from now. It is a goal rather than an absolute. Critics say its just too soon and many state and local governments reject the president s time frame. Meanwhile, the call for Domestic Travel restrictions keeps on growing. Some officials at the white house suggested that anyone leaving the new york city metropolitan area should be confined to 14 days quarantine. As of now, lockdown, stayathome orders are in place for well ov

Transcripts For FBC Varney Company 20240713

Quote, dont go to crowded places. Look, thats going to slow the economy. We dont know by how much. Remember, friday, larry kudlow was on the show, told us that targeted stimulus is being considered. The fed is being urged to take steps, too. Were watching for any announcement. Heres the other big problem. The price of oil is tumbling. The saudis have launched a price war, promising to flood the world with a glut because russia wouldnt agree to production cuts. American drillers will take a huge hit. They cant make a profit at 30 bucks a barrel. 31. 89 right now. Look at this. Money pouring into treasury securities, pushing the yield way down to yet more record lows. Takes your breath away. We were down to 0. 31 at one stage. Now we are 0. 41 . Extraordinary. It has to be said, the United States is in a better position to weather this storm. That jobs report was a blockbuster. Look at italy. Its locking down a quarter of its population, locking it down. That lwill ensure a deep recessio

Transcripts For FBC Varney Company 20240713

Stocks will surge when this is over. Now look at this. An overnight tweet from the president. Quote, the United States will be powerfully supporting those Industries Like airlines and others that are particularly affected by the chinese virus. Big bucks coming. The president is clearly on board with the rescue plans that deliver trillions of dollars to industries and individuals. Who gets help and how its delivered, thats going to be hotly debated but there is a new sense of urgency to push that money out there. Here are the latest virus developments. Todays primary in ohio has been canceled by order of the governor. Primaries in florida, arizona and illinois will go ahead but the results are likely to be skewed by what may be a low turnout. Mcdonalds will close its dining rooms. Takeout and drivethrough okay, but no eating in. Chickfila, starbucks, they are encouraging takeout. The Kentucky Derby has been postponed. Very tight restrictions around the San Francisco bay area. Residents

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