That is taking over. It is thursday, it is july 11th. Fbn a. M. Starts right now. Wal walk away, walk away, walk away, walk away. I will follow. I will follow. Cheryl welcome to fbn a. M. Good morning. Im cheryl casone. Lauren good morning. Im lauren simonetti. Let us take a look at how your money is moving this morning. Youre going to like it. The nasdaq will open at a record high today. The s p 500 will recross the historic 3,000 level as investors say a july rate cut looks like a lock. Cheryl the 10 year has been sensitive to all things Federal Reserve including the expectation of that rate cut. As you can see, the yield is 2. 04 . Actually a small fall today. We have seen the yield on the rise recently. Lauren the oil rally certainly continues. Wti at a sevenweek high, 60. 76 a barrel with a Storm Brewing in the gulf of mexico, Oil Platforms being evacuated. Cheryl as u. S. China trade talks on the phone, were waiting for more confirmation of further meetings between the two countries. Its green across the screen in asia. Lauren in europe, stocks are trading to the upside as well. Its a nice day worldwide. You have the london market and paris market up a fifth of 1 . Cheryl breaking news to bring to you, Iranian Military gun boats tried but they failed to seize a British Oil Tanker in the strait of hormuz. U. S. Defense officials told fox news the five iranian vessels only backed off after a british war ship approach, t threatening to open fire. This comes after irans president warned the u. K. The consequences for seizing an oil tanker in the strait of gibraltor last week. Lauren iran is enriching uranium beyond the threshold laid out in the 2015 nuclear deal. President trump tweeted this, that more sanctions against iran are coming soon. Cheryl well, in other news this morning, social media is going to be in the hot seat in dc today. The white house is holding a social media summit which is likely going to discuss the president s claims that conservative voices are being silenced online. I dont want to say whether or not theyre doing something but i will tell you theres a lot of people that want us to, and theres a lot of people all you have to do is pick up a newspaper and read it or see it or watch fox or some other network, theres a lot of people that want us to take action against facebook and against twitter and frankly against amazon. Lauren th the companies being accused wont be at the summit. Facebook and twitter andal taked alphabet were not invited. Representatives from the companies will be present on capitol hill next week before the house judiciary to discuss antitrust claims that might be coming down against them. Cheryl well have more on that topic later on in the shoasm now to this, jay powell is going to be in the hot seat today in dc. The Federal Reserve chairman returning to capitol hill to testify on the economy and Interest Rates before the Senate Banking committee, one day after appearing before the House Financial Services committee. Lauren well get more on powells first round of testimony to congress from edward lawrence. Good morning to you, edward. Reporter good morning, cheryl and lauren. The Federal Reserve chairman, jerome powell, laying the ground work for a rate cut at the end of the month. He outlined how the weakness in the economy comes from the global slowdown and trade tensions, starting to seep into the u. S. Data. Still, the Federal Reserve chairman touting this 11year economic expansion with unemployment at nearly a 50year low for the past 15 months. What were hearing, were hearing this quite a lot from people who work and live in low and moderate income communities, is that there really hasnt been a recovery for these people until recently. Reporter powell was asked about president ial pressure on whether he would leave if he was asked by the president to either step down or say that hes fired. The Federal Reserve chairman says he has a fouryear term and he is not going anywhere. He then talked about three uncertainties which could cause problems. First, brexit. The federal debt ceiling, which has not been dealt with. And trade tensions. Now, in business context, the fed says theyre hearing that especially the trade tensions with the chinese trade agreement is sort of concerning to a lot of their contacts. Weve agreed to begin discussions again with china and while thats a constructive step, it doesnt remove the uncertainty that we see as overall weighing on the outlook. So i would say that the bottom line for me is that the uncertainties around global t growth and trade continue to weigh on the outlook. Reporter powell says ratifying the usmca also would clear up some uncertainty. He says the fed will use all of the tools in their power to help the expansion continue, pointing to the fact that low unemployment has reached people reached segments of the population that have not been touched by expansion up to now and bringing them back into the workforce. Back to you. Lauren edward, thank you very much. Keep it here on fox business for complete coverage and anal sis of jay powells second day of testimony on capitol hill. Cheryl Robert Lighthizer is expected to meet with House Speaker nancy pelosi today to discuss the way forward on passing usmca. The add medicin administration s congress to approve the deal as soon as possible. White house advisor mark short says he thinks the agreement will be voted on this fall. Vice president mike pence is going to promote the benefits of usmca during a stop in california to. Lauren Steven Mnuchin has been urging u. S. Companies to seek exemptions from the president to resume sales to huawei. Huawei has been blacklisted by washington. President trump in a concession as part of the trade truce with china agreed to grant exemptions in case thats would not affect national security. Cheryl strike two for the trump administration, a second federal judge rejected a request by the Justice Department to change the team of lawyers in the census case. The department wants to replace the team who had been defending the administrations plan to add a Citizenship Question to the 2020 census. The judge agreed with the first judge. Heres what he said, a shift in counsel at this late stage may be disruptive to an already complicated and expedited case. Lauren the nypd reportedly did not check in with multimillionaire jeffrey open timepsteinsince he was labeled l three sex offender since 2011. Cheryl alex acosta defended how he handled epsteins sex trafficking case in 2008. He blamed the palm beach district attorneys office. The Palm Beach State Attorneys Office was ready to let epstein walk free, no jail time, nothing. Cheryl across the take said the u. S. Attorneys office intervened a brought a new charge that required jail time and registration for epstein as a sex offender. The state prosecutor at that time said in a Statement Wednesday i can he emphatically state that mr. Acostas recollection of this matter is completely wrong. Lauren Deutsche Bank under investigation by the Justice Department. Cheryl tracee carrascos got details on that. Tracee good morning. The u. S. Justice department looking into whether Deutsche Bank violated antimoney laundering laws when working for a malaysian fund. It has been at the center of a fraud scandal that led to 4. 5 billion being stolen and even throwed the downfall of the former malaysian prime minister. Corruption in puerto rico, the former puerto rican education secretary along with five others arrested on allegations they used over 15 million in federal funds to pay for lobbying at illegal hiring of political allies. Puerto rican government tweeting yesterday the allegations against the people arrested today are a shame. Buckingham palace breached, a 22yearold man was arrested in london after he scaled the front gates at Buckingham Palace and broke into the queens res depositioresidencewhere she wast away. It took police about four minutes to apprehend the man. This is two days after the 37th anniversary of a similar case when a man was arrested after he broke into the queens bedroom. And its raining money. Drivers on a highway in georgia pulling over to cash in after a door on an armored truck flew open, sending thousands of dollars in cash flying through the air. But its not a payday for the driver. Local police are asking those who picked up the money to return it or else face misdemeanor charges. Roughly 175,000 still missing after the mishap. Thats whats happening now. Lauren i guess the cameras will show who took the money. Tracee who pulled over and stopped. Cheryl thank you very much. Lets take a look at futures on this thursday as we get ready to hear once again from jay powell on capitol hill. He helped markets yesterday. Right now, futures are higher, dow up 73, s p up 8, nasdaq up 28 and a quarter. Still ahead, Elizabeth Warren going after Corporate America again. But this time her strategy may go up in smoke. Were going to explain. And parents are hiring coaches for their kids. But its not for sports or their math homework. Weve got the outra outrageous w trend coming up. Youre watching fbn a. M. Some nights i wish that this song would end. I could use some friends for a change. And some nights im scared youll forget me again. S to mar. 4. 95. Delivery drones or the latest phones. 4. 95. No matter what you trade, at fidelity its just 4. 95 per online u. S. Equity trade. Content on their endless quest, to nowhere. S, run hopelessly in their cage. But perhaps this year, a more exhilarating endeavor awaits. Defy the laws of human nature,at the summer of audi sales event. Get exceptional offers now. Dear tech, lets talk. You blaze trails. But you have the power to do so much more. Lets not just develop apps, lets develop apps that help save lives. Lets make open Source Software the standard. Lets create new plastics that are highly recyclable. Its going to take input from everyone. So lets do it all, together. Lets expect more from technology. Lets put smart to work. Cheryl the next trade conflict with france is over tech. U. S. Trade officials are looking into a french tax that could affect Companies Like google and amazon. Trade representative Robert Lighthizer says the u. S. Is very concerned that the tax unfairly targets American Companies. So this proposal would apply a 3 tax on revenue that the tech giants get from targeted ads and digital marketplaces within france. Lauren. Lauren Climate Change is a top concern on the campaign trail. Senator Elizabeth Warren running for president reintroducing a bill requiring Public Companies to disclose critical information such as Greenhouse Gas emissions. Warren also wants to hold Companies Accountable for their contribution to these environmental risks. But what cost will this place on Corporate America . We asked rebecca walter, walter wealth participate ceo. Good morning to you. Good morning, lauren. Lauren is this fair, her proposal . The problem is this. You cannot apply this kind of cost on public American Companies when 1. 3 billion in india, and people in china, wont have anything to do with any kind of Climate Change measures that will stop and prevent Climate Change. The other thing thats a big problem for American Companies is its legislating their viewpoint that frankly is still not proven and exclusively accepted across the board by everybody. Youve still got scientists out there that say that the earth has been changing its climate for thousands of millions of years and, therefore, how do we know its actually huma human involvement that has this kind of impact. Lauren this is the taste of what were getting from the left and how Corporate America could respond. Give us a taste of what you expect to hear from jay powell today, day two, this time before senators. I was really surprised. Obviously the market reacted yesterday, he was doveish and we do expect a rate change. I dont think its going to be 50 basis points. Lauren what do you think it will be . I think 25 and then well be stuck. Thats going to be it. Thats okay. Im not really huge on a rate change cut right now anyway. I think the june jobs report was enough to keep us at a pause. But if they want a cut, the market priced it in yesterday. It went to 3,000 for the first time and i was like oh, my gosh this is really crazy. I was surprised his comments on Facebooks Libra and his comments on the debt ceiling and really paying our bills and not leaving them to the next generation. I thought he was really insightful on that and since the debt ceiling is so close, i think there will be a focus on that today with the senate. Lauren senators probably anxious about the need to raise the debt ceiling, maybe sooner than they would like to. Yeah, absolutely. Lauren we have the futures higher. We can expect to he see morallies on wall street today. Is it warranted . How high do the markets go . Lauren, of course everyone is really happy that they are going to get this rate cut. We went down since friday. Its really been this weird world of things are not acting normal. Normally we get a great jobs report and the markets happy about that. They were not happy about that because they thought we were not going to get a rate cut. When powell came out, his first comments before his actual testimony, we were happy. Lauren rebecca walter, thank you very much. And obviously what the chairman says will move the markets today and it looks like to the upside. Thank you. Thanks, lauren. Cheryl still ahead, the tsa is making major changes thanks to a report that you heard first right here on fox business. Weve got details coming up. And its consultingaif consulting dr. Google wasnt bad enough for your health, another service wants to tell you the multitude of things wrong with you. Yep. Youre watching fbn a. M. Im hooked on a feeling. Im high on believing. That youre in love with me. Most of us dont know how much data we use, but we all know were paying too much for it. Enter xfinity mobile. Americas best lte with the most wifi hotspots, combined for the first time. When youre near an xfinity hotspot, youre connected to wifi, saving on data. When youre not, you pay for data by the gig. Use a little, pay a little. Use a lot, just switch to unlimited. Get 400 back when you buy the new lg g8. Call, visit or click today. Lauren the Transportation Security Administration making changes, thanks to a report by our very own hillary vaughn, after she reported that the food catering trucks were allowed to pass through airport gates without proper screenings, the tsa asked inspectors to change the screening process for the trucks. In a new memo, the tsa recommending that food trucks and their searches be conducted by tsa employees and not outside contractors or airline workers. Cheryl hillarys back with us with a look at the investigation into how facial Recognition Technology is being used to keep our borders secure and whether or not officials are coverting using your drivers license photos. Hillary, good morning. Reporter good morning, lauren and cheryl. Customs and Border Protection and the Transportation Security Administration said to lawmakers yesterday in a hearing, facial Recognition Technology is not being used to spy on americans, and they dont see this technology as surveillance at all. What were doing is absolutely not a surveillance program. Were just replacing the evaluation and scrutiny of the physical id with the secure algorithm. We dont do surveillance. Reporter they responded to reports that i. C. E. Has been scanning through millions of americans drivers license photos without knowledge or consent. They do scan drivers license photos with states that have a written agreement with dhs that marks citizenship on their drivers license so they dont need a passport to cross the border. Law makesers grilled the cbp and tsa over whether or not facial Recognition Technology recognizes some faces more than others and that can lead to discrimination because a false positive or accidental flag could mean people get detained for no reason. The data right now is that women and darkskinned people are misidentified more than anybody else. Age, race, and sex. That women and darkskinned people. Yes. Reporter the cbp also addressed the cbp day a take breach that exposed thousands of traveler photos. Wagner said they are investigating and there could be criminal action taken against the subcontractor that was hacked. Lauren and cheryl. Lauren hillary, thank you. President trumps claims that conservative voices not being heard online will be the focus of a social media summit taking place at the white house today but facebook, twitter, and google reportedly not invited to attend. Cheryl our next guest says without those companies present today it will be more of a spectacle than a summit. Lets bring in tech analyst ian wishinggrad. Basically, theres an analysis in wall street journal that says without the companies present it will be like a campaign event. Its like an island