morning along with california congressman darrell issa, great to see you this morning. >> rnc chairman mcdon isle is here to talk boycotts and debate as well, acting director mark morgan to talk immigration and former ceo of toys"r"us, former target chairman jerry to talk u.s.-china tariffs, taking a look at toys, former federal reserve chairman, capitalism in america, alan greenspan, talking global market and the fed. don't miss a moment of it. futures lower, lots of nervousnesses over the china situation and tariffs, yesterday markets finished up with encouraging economic data, fears of global slowdown, sparking up rally, nasdaq up 176, the u.s. maintains pressure on hauwei, washington refuse to go grant licenses for u.s. companies to do business with the chinese telecom giant after beijing refuse today buy american products, this according to bloomberg. tit for tat continuing for hauwei and the u.s. >> well, it's about cooperation and noncooperation. president trump and the administration did not start off with you have to buy this, they started off with you have to make fundamental changes that you have to demonstrate how you are doing it but it did turn into commitments from the chinese for particular items and so it's only natural that you would become linked and, you know, eventually they are going to keep commitments but as you know right now china is if you will not in a spending mood and not contributing mood, they cut down on projects in africa, they are beginning to feel the pinch of lower gdp growth. maria: you think so? i know that they have been working a lot in africa and putting hauwei infrastructure. >> they are, that do it exclusively by sending workers, it's been 6 or 7 major projects canceled or postponed just in africa and it's a good sign that they don't have unlimited pockets to do it. maria: markets are -- this is all sort of day by day, yesterday triple-digit rally, today we are looking at triple-digit loss at the start of trading. >> that started wednesday of last week, the fed cut rates, perhaps not as much as this week, guidance was a little less doveish. we have new tariffs and and americas try to digest, not sure if it's really as monday looked or not as tuesday looked, we are in that -- we are probably exactly where we need to be, trading 17 times, so the valuations look good but still uncertainty. takes away some of that uncertainty and make us feel much more comfortable about getting back and making the investment decision. >> what do you do then, stay away or buy into retail? >> two things, if you're long-term investor stick with your game plan, if you're thinking about retiring in 20, 30, 40 years, the market presents a great opportunity especially on those -- on monday and down 10%. companies doing great things and bounced, we traced about half of that. you want to look for value. maria: we want to talk about this as interest rates continue below 2%. the rates are telling their own story. what's your take on all of this? >> what's certainly the balance of the u.s. economy, we haven't seen much evidence that these super low mortgage rates have boosted the housing market, but you've seen a surge in refinancing activity that the wall street journal is reporting and, again, if you go through the math, half a million dollar loan at 5% rate is about $2,700 a month in terms of your payment at 4% the monthly rate falls to less than $2,400 a month, that's a huge savings month over month and surge in refinancing activity which is incredibly -- put it this way, the 30-year fixed rate mortgage as of yesterday average is 5% back in november. maria: good deal. dagen: this is what gives the economy, again, our economy is strong because of the consumer, this gives more money in their pockets. maria: one stock we are watching is uber, uber is cutting costs related to ipo and increased competition abroad for disappointing numbers, art, would you step in here? >> you know, uber, when you look at the comparison, they have to report the day before, the good news with both companies, actually step back and say we will stop competing against each other head to head and in terms of promotion, both companies gna went down in the quarter, the the prices are not in price war with each other, just takes another quarter for the guys to get away from that initial -- maria: big reaction this morning. >> when you have a doapoly, they will have to reengage, lyft was taking market share, uber was stalled in existing u.s. markets, if you're stalled in your u.s. markets and talking about expansion overseas, you're not making profit in those established markets, you have a story that you have to explain. uber doesn't have an explanation as to why they're not making money in new york city. >> yeah. >> part of all has to do with overline cost structure, ability for both companies to exist and be public for couple more quarters. >> $5.2 billion loss in 3-month period. dagen: competition in international market, revenue fell 24% from a year earlier, chinese competitors recently entered the ride-hailing market there. maria: there you go. dagen: i'm not going pronounce it because i will destroy the chinese name. maria: the white house holding another meeting with tech companies regarding online extremism, this is just one issue that these companies are facing as the republican party suspended ad-buying on twitter after senate majority leader mitch mcconnell's campaign accounts was locked out. incredible story yesterday and keeps having ripple effects. these protestors, darrell, were outside of his house, he puts the video online and he's the one who gets campaign account shut down. >> this is one of the interesting problems at twitter is what is the first mean, does it mean leftist organization want it to be or consistency, right now twitter doesn't have a consistent policy, they take everything aknock dash neck -- -- a >> you have tulsi gabbard suing google and and then you've got twitter pulling things like this where we know that there's bias against republicans. dagen: another issue that the white house and washington and our law enforcement officials will need to tackle and it'll be discussed today with the special meeting companies is the rise of extremism online, violent extremism and the wall street journal has a story today about how the fbi surveillance proposal is setting up a clash with facebook because the fbi is soliciting proposals from outside venders for a contract to pull vast quantities of public data from facebook in search for potentially violent extremists online, it seems like law enforcement at the federal level has been so focused on say, radical islamic terrorism since 9/11 that they've kind of missed the growing problem -- >> the next timothy mcpay. >> with white nationalist ideologies, of the 850 domestic cases 40% involve racially motivated ebbing treatism and the majority involves white supremacists, this is increase focus, the companies are required by law to weed out pedophiles and child pornography, so what about terrorism whether it's coming from overseas or grown here at home. maria: instead they are shutting down mitch mcconnell's account. dagen: that's violence, it was video of violence that was news but they suspended the account. maria: what's going to happen, do we see legislation against these companies? >> call to action by the person who does it and the carrier, when you yell fire in the movie theater you're responsible, when you demand that people protest somewhere, you could be in fact, passing on especially if you know the group, passing yourself into real liability. dagen: i think they will lose the liability waiver that they have, they are not liable for user-generated content because they are not, quote, media companies, this -- >> the carrier rules. >> exactly, that goes away and only takes an act of congress to do away wit and open them up from lawsuits who -- from people who they feel they are wrong. maria: the reason that devin nunes is actually suing twitter right now, he's calling them content creators. dagen: right. maria: a lot to talk about this morning, then there's hong kong, short break, when we come back, hong kong protests not lighting up: demonstrators occupying the city's airport this morning, don't plan to leave any time soon, you the response after this, facebook loses key battle over face recognition, massive fine, when we come back after this. 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maria: i thought so. >> you get a third competitor in here and that's going mix things up, the beauty of it there's low-entry costs, if you get out there, you're getting on an app, the consumers can price compare on an app realtime and opens -- >> losing money is barrier to entry, most people enter a market that has at least potential profit. >> right, no, but silicon valley has funded a lot of things that lose money for decades, here we are a decade in, but there's that hope, right, the hope that one day this will generate a profit and i guess the question for investors is how long are you willing to wait for that, we are now 10 years in, are you willing to wait another 10 years? yeah, i think that's a great point, if you look historically, companies coming public, you want to see 5 and 7 years, uber waited almost 10 years, too late, valuation got too ahead of themselves. dagen: they couldn't go public because they were run so horribly by the founder and they had a culture of what i would call misogyny and that was one of the things, it was just appalling, the treatment of women within the company and what they were even doing outside of the company. the recklessness, has certainly turned that around, that's one of the reasons they didn't go public. maria: there's competition across the world, dagen, you mentioned the chinese competitor, a competitor in middle east, all the real growth markets that uber want to get in are facing local competitors. >> if you look at numbers in latin america, main drivers of growth and this quarter got caught in half, they are very much the engines of stalling foreign markets, uber eats, these technologies are so immersed in everyday lives as consumers and so convenient and we assume that they'll be profitable business but the reality the friction with economy has not proven itself to really deliver profit to shareholders. maria: sounds like you you would say away from the stock? >> absolutely, i've been bearish before the ipo. maria: let me ask you about facebook, u.s. court, users can sue the company over facial recognition technology, directly address privacy concerns posed by facial recognition according to american civil's liberty union, your reaction? >> it's warranted, the standard operating procedure for social media networks is to ask for forgiveness instead of explaining permission that we are granting them. when people find out what you're doing with data, you didn't explicitly explain to them, how many times we clicked off to agree to terms and conditions and the onus is on us to some degree but we don't assume that the company will do such nefarious things with the data. i think ultimately, there's enough out there publicly understanding that we don't foe what they are doing, much more double-opting, triple-opting, super confirm that you know we will exploit your data for profit. maria: what hypocrisy with this fbi surveillance proposal where facebook is pushing back, fbi looking for outside contractors to monitor social media companies for potential threat setting up a possible conflict with facebook and other companies over privacy, dagen. dagen: right. i brought it up briefly, it's not just facebook that the fbi is looking to work with, also twitter and other social media companies and the law enforcement is under incredible pressure to identify hate ideology online and potentially try and weed out these people who become violent and these mass shooters, here is the problem, facebook is trying to fix itself and send the message that it is protecting people's data, but now the fbi, so the fbi put out a proposal for outed venders to contract to pull those the data off these social media companies and it appears as if this operation by the fbi would violate facebook's ban against the use of data for surveillance purposes, we should point out facebook does cooperate with say subpoenas an warrants, it reports any child abuse it uncovers suicide risk, but this is big data. this is big data collection and -- and also works in with facebook, have ftc fine that it's dealing with, so is the federal government going to put the hammer down. >> the fbi's trust is a little low based on peter strzok and the things that went on before the last election, i'm glad they are saying outside contractor because nobody really trust it is fbi. >> two things the fbi has been doing surveillance monitoring since 2012, they are looking to step it up but irony and dagen alluded to, facebook do it to us and they don't want federal government to do it. they can't have it both ways. maria: he's suing the government, andrew mccabe is suing, trying to make it look like they're all clean in all of this, we will talk about that, we appreciate you joining us. coming up could end markets where they started monday, thiss president trump with renewed calls, we will have all that when we come back, stay with us. liberty mutual customizes your car insurance, so you only pay for what you need. i wish i could shake your hand. granted. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ managingaudrey's on it.s? 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maria: welcome back, good friday morning, everybody, thank you so much for joining us, i'm maria bartiromo and it is friday august 9th, top stories 6:31 a.m. on the east coast, markets are pointing toward a lower opening this morning, triple-digit decline with dow industrials indicating 151 points selloff at the start of trading, s&p futures down 19 and nasdaq futures lower by 66. this on top of big broad rally yesterday, the dow, nasdaq and s&p up over 1.4% at the close, look at the nasdaq up 2 and a half quarter percent, 176 points higher and dow up 371 points. s&p and nasdaq turning positive for the week after all that volatility, global markets this morning look like this and hereto negative tone, ftse down 16 and dax index in germany down 130, uk economy shrinking for the first time since 2012, gdp numbers out there in the ukn asia overnight, markets were mixed at the close, nikkei average and kospi up fractionally, the others lower, in china july cpi, consumer price index up 2.8%, driven by higher food prices, 27% surge in the price of pork, china producer price to deflation for the first time. rising tensions with russia once again, u.s. fighter jets intercepting a pair of russian bombers near alaska. this follows a similar incident in may, parents giving up guardianship of their kids to get more financial aid, loopholes starting to get the attention of lawmakers and we will take a look at it. apple's million dollar, tech giant willing to pay big money to researchers who can find security laws on its phones before hackers do. first top story this half an hour, stocks after volatile week after potential currency war with china, markets markets areg are lower but pretty much flat on the week now, joining me right now vantage point chief investment officer wayne, god to have you this morning to weigh in, so a real volatile week and now we are pretty much not far from where we started the week, but interest rates, the 10-year, very low, down, below 2%, what does that tell you, what's your take away from the wild week? >> maria, i think it's really just a reflection of the declining growth rate that is we see around the world, you know, we have seen central bankers globally to hopefully provide monetary stimulus but i think equity investors, i think in volatility like this you really have to have a long-term horizon and for those types of folks this might be pretty interesting time to be involved. maria: so getting into the market here? >> well, i think you have to have an objective that has a longer-term so you don't get shaken out of the market for those currently there. maria: four central banks cut interest rate this week. >> amazing, that focus makes assume, well, this is the start of everybody doing it, ecb has talked about it, bank of japan, the bank of england ready to move and obviously our fed looks like they are going another 50 basis points at some point in time and that race to the bottom causes a lot of investors to say, wait a minute, let's step back and see how this plays out. maria: where is ecb going, they are already negative, right? dagen: on monday the entire yield curve in germany was negative. >> right. dagen: i want to ask a really simple question, art, why is this disruptive because certainly in my lifetime i've never seen anything like this felonily where interest rates are negative, where if you aren't lending money to a country, for example, you to pay for the the privilege of lending money instead of borrowing. >> right. dagen: what does this do to the banking system and economies because it just -- again, the world is literally been turned upside down. >> exactly correct. so you can have a sound financial system where people are willing to lend money if interest rates -- zero interest margins, european banks are a disaster right now because of this, when we talk about the negative interest rates on the german 10-year, down 60 basis points, it's not as though you will hold that for 10 years, someone will buy at higher price, you buying those at negative 50 basis points hoping ecb will take 2 points higher. dagen: hot potato. >> very much so. maria: what about that and president trump voiced his disapproval over the federal reserve again yesterday by the way even as the fed just cut as your president he wrote, one would think that i would be thrilled with our very strong dollar, i am, the fed high interest rate level in comparison to other countries is keeping the dollar high making it more difficult for our great manufacturers like caterpillar, boeing, john deere, car companies and others to compete on a level playing field, substantial fed cut, there's no inflation and no quantitative tightening, the dollar will make a possible for companies to win against any competition, we have the greatest companies in the world, the president writes, there's nobody close but unfortunately the same cannot be said about our federal reserve says the president, they have called every step of the way and we are still winning, can you imagine what would happen it if they would call it -- what's your reaction? >> i think they are taking measured approach in terms of how they are evaluating the company, i understand the president would like to move fatser but the point that you made in europe, negligent i have interest rates and where they are, 20-year mortgage at 0%. we don't want to be in a situation such as that. the federal reserve is looking where we are in terms of the economy, remember, we still have in the united states pretty decent year not only in equity returns but growth orientation in the u.s. still 3 to 5% range. maria: yeah. >> maybe later we can say not true. the president is right on this one. maria: really? >> the president is right because we have been looking at an old matrix, up, down, the rest of the world is looking at currency manipulation and we can call it what they want but when they lower rates and our dollar gets artificially high, that should be looked at by the fed in a different way than they did in all the years which presidents kept bragging about the strong dollar. maria: we know that he obviously made a mistake given the fact that last were talking about 3 rate hikes and talking about 3 rate cuts. wayne, the dollar is obviously cutting into earnings very quickly here, would you buy stocks, do you think we will see a slow growth later in the year? >> i think that right now what you're seeing is an elevated dollar, however, if you think about where we are with fiscal policy with monetary policy i think it bodes well for domestic companies, those who have international exposure will take a hit on that and cap x will also reflect that but i think longer-term investors will be just fine. maria: thank you so much, be sure to join us in 8:00 a.m. hour, i will be speak k with former federal reserve chairman alan greenspan to talk about all of the above, russian bombers intercepted off the coast of alaska, lauren simonetti with headlines. lauren: good morning, maria. intercepted with fighter jet in international air space according to north americans, long-range nuclear capable russian bombers were headed off yesterday just north of alaska in the sea. planes within alaskan and canadian air defense identification zones where aircrafts are expected to positively identify themselves, this was the second time this month that russian aircraft were spotted in that area. malaysia filing criminal charges against 17 current and former goldman sachs director other scandal. prosecutors in malaysia and the u.s. claim that bond sales by goldman for the state investment fund help former malaysian leaders steal dollars from the fund that is supposed to help the economy. the directors face up to 10 years behind bars and fines if convicted. let's talk about apple, 1 million-dollar rewarded for anyone who can hack apple phone and computer, the company trying to prevent hackers from selling information to government, they will give you a bounty if you find a bug. maria: i feel like we've heard this before after san bernardino. dagen: they've always given people money to try and find -- in modern history. maria: high cost of higher education, parents giving up guardianship, can you believe that, giving up guardianship to get more financial aid. school safety, telling you about a new app to get parents peace of mind when they send their kids off to school for back to school season, back in a minute. most people haven't driven a lincoln. discover the lincoln approach to craftsmanship at the lincoln summer invitation. right now, get 0% apr on all 2019 lincoln vehicles plus no payments for up to 90 days. only at your lincoln dealer. plus no payments for upoh, come on. flo: don't worry. you're covered. 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>> no secret that the wall street journal has opposed president trump's trade policy going back to 2016 when the main street journal starts criticizing president trump and myself, that's when the worry -- >> if you look at currency manipulator, china has not been. if you wanted to call it currency manipulator, you would have done it years ago. whether this means it's simply opens the door wider for actions against china. >> basically in many ways nonmarket economy that's been trying to move toward market that has a lot of room to go. >> american consumers are going to lose very badly. >> the chinese economy, though, does have a lot of weaknesses, particularly a lot of leverage. they'll be harmful to them. >> because of the power that the big-tech monopolies have over influence public discourse and fair elections, if they can do this to me as sitting member of congress, running for highest office of the land, that means they can do it to anyone running for office if they don't like what you're saying. maria: major league baseball to keep ads on the field as fans have more options and ways to watch content. this is the most important intellectual property in all of television, why do you think that is? >> if you look at what espn is doing with consumer, when you look, they started there, they have first-movement advantage and when you think about my kids, i mean, they know bar stool more than they know cbs and nbc, incredible. >> probably worse before they get better, but in the short-term you are throwing all stocks out, so there's not a lot of discrimination happening and that creates opportunities. maria: your take on the minimum wage increase and what impact that has on small business? >> well, clearly it's a challenge but we find in our business the bigger challenge is labor availability, period. luxury hospitality company recently launched first luxury, luxury travel subscription service. >> for $2,500 a month you and significant other can travel, you can bring whoever you want, if you have in a tucson villa, look, book, stay and repeat. similar to rent the runway, maybe, when you rent a dress it comes to you, you send it back and you can get your next dress, that's the same way. maria: billionaire steven ross getting heat for upcoming fundraiser supporting president trump. ross is passive investor gym brand, customers are calling for boycott over his political stance, the fact that he's supporting president trump. dagen: in terms of steve ross and the related companies and soul cycle and equinox, it's not a church, get over yourself. about vehicle quality. and when they were done, chevy earned more j.d. power quality awards across cars, trucks and suvs than any other brand over the last four years. so on behalf of chevrolet, i want to say "thank you, real people." you're welcome. we're gonna need a bigger room. hey! i live on my own now! i've got xfinity, because i like to live life in the fast lane. unlike my parents. you rambling about xfinity again? you're so cute when you get excited... anyways... i've got their app right here, i can troubleshoot. i can schedule a time for them to call me back, it's great! you have our number programmed in? ya i don't even know your phone anymore... excuse me?! what? i don't know your phone number. aw well. he doesn't know our phone number! you have our fax number, obviously... today's xfinity service. simple. easy. awesome. i'll pass. maria: welcome back, new app is offering peace of mind to parents sending kids to class on school bus, here comes the bus delivers real-time school bus tracking and issues alerts when a bus is approaching a stop sign, joining me right now michael, thank you so much for joining us, tell us more about the app. >> well, the app is innovative, it's an application that is available to parents where solutions provides the bus management services in respective school districts and what the app does is it gives parents visibility on exactly where their school buses are relative to their assigned route and arrival times to specific bus stops. as you can imagine f you've had children like i have, there's a lot of anxiety around dropping kids off at the bus stop, understanding if the bus is late or on time, whether you missed the bus or not and obviously at the other end of the spectrum is when you drop the kids off, are they on time, will they be stranded at the bus stop, is the weather bad, and so it really helps participants -- parents reduce anxiety and it's a safe and secure application that gives parents peace of mind. >> sure, knowing exactly where kids are at all times. >> it's amazing. maria: how has the response been? >> outstanding, it's almost a viral application, i think the latest statistics is something about 1.4 million downloads, the app is only a few year's old, there isn't really a lot of promotion that takes place other than school districts that are part of the sonovia ecosystem and taken life of its own and not only 1.4 million downloads and something close to 400,000 daily users, useful and valuable app as it relates to statistics and usage. >> overlay my son's iphone so i know he's on that bus? >> well, there you go. dagen: why aren't you tracking his phone? >> he's now in late 30's. [laughter] >> conceptually, we can help you out. [laughter] >> on the other end of that trip, school probably likes to know what their logistics and planning and has to be very evenful and the school say, one of our 7 buses that's running late today, we can get started with the day, we know which classes will get disrupted. >> it was more focused towards the enterprise and not towards the consumer but because there was utility for the consumer, some school districts thought why not try this out and it's become very, very valuable, as it relates to knowing where the student is at, that's actually the next iteration of here comes the bus. maria: growth runway here. >> absolutely. we were plan to go leverage certain technology that is we've targeted towards the transportation logistic sector to be able to bring innovative school bus pass system into the equation and so when students have a specific type of bus pass and electronic bus pass will automatically register on to the bus and on board with the free management service so that the parents not only know where the bus is but they'll know that their child is on that. maria: excellent, michael, great stuff, thank you. >> thank you. maria: we will be right back, stay with us. 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. fun fact: 1 in 4 of us millennials have debt we might die with. and most of that debt is actually from credit cards. it's just not right. but with sofi, you can get your credit cards right - by consolidating your credit card debt into one monthly payment. you can get your interest rate right - by locking in a fixed low rate today. and you can get your money right. with sofi. check your rate in 2 minutes or less. get a no-fee personal loan up to $100k. dear tech, let's talk. we have a pretty good relationship. you've done a lot of good for the world. but i feel like you have the potential to do so much more. can we build ai without bias? how do we bake security into everything we do? we need tech that helps people understand each other. that understands my business. we've got some work to do. and we need your help. we need your support. let's expect more from technology. let's put smart to work. ♪ ♪ maria: welcome back, good friday morning, thank you so much for joining us, tgif, friday august 9th, markets are lower this morning, take a look at futures indicating decline of the dow of 132 points, half percent, s&p futures down 17 and nasdaq futures lower by 61, this on top of yesterday's big broad rally, the dow, nasdaq, s&p 1 and a half percent at the close on average as you see nasdaq up 2 and a quarter percent yesterday, 176 points while dow is up 371 points, 1 and a half percent. s&p and the nasdaq now positive on the week, global markets this morning look like this and there's weakness across board in europe, ftse 100 is off of the lows nonetheless down 5 points, cac quarante in paris down 44 and dax in germany down 112. we did get the gdp in the uk, the uk economy shrinking for the first time since 2012, contracting two tenths of a percent between april and june. in china july cpi, consumer price index was up 2.8% that was driven by higher food prices included 27% surge in price of pork. china's producer prices fell into depletion for the first time in 3 years, meanwhile gdp in japan up 1.8% that was for the second quarter in japan, pressure uncertainty over china trade this morning, the trump administration reportedly delivering another blow to hauwei wait to go grant licenses to american companies who want to sell their technology to hauwei, now there's a delay there. twit certify facing backlash this morning after freezing senator mitch mcconnell's campaign account, the republican party and trump campaign and others are freezing spending on the social media form, more on growing controversy coming up. the rush to refinance, homeowners looking to get better rate on mortgage, mortgage rates going lower along with others, all the stories coming up friday morning and join manager toe break it all down fox business dagen mcdowell, national holdings corporation chief mark strategist art hogan and former congressman darrell issa, great to see everybody this morning. romney mcdaniel is here, mark morgan is here this morning and former toys"r"us adviser jerry joining us, alan groan span talking the economy and rates coming up as well. don't miss a moment of it, big show coming up and, of course, we have seen real successful numbers at the border, we will talk to mark morgan about that given the president's partnership with méxico, darrell. >> if we can only get our congress to be as loyal to america as mexicans have been keeping their promise. maria: exactly. dagen: largest raid, workplace raid in the last couple of days in mississippi but i think want to see basically charges against the corporate executives for hiring illegal immigrants or not vetting them properly and that has to absolutely happen, it's not just about individuals but those who employ them. it is a federal crime and i think that that's what people will demand, absolutely. >> dagen, one of the things that's been a challenge, every time we turn a blind eye to over a million known illegals working in areas and we know where they are in agriculture and obviously in the slaughter business, what we do is we hide the fact that there is a legal way to get these workers, it just doesn't work well, the h2 programs and so on and so rather than being demand to fix it which congress feels like, well, it's not really much that demand, well, there would be a demand if we really started cracking down and it's one of the challenges that for 18 years we faced on the judiciary. >> the trump administration actually increased the number of h2v visas for the summers for seasonal workers for 30,000, for the summer they nearly doubled this year which is incredible and by the way in mississippi the unemployment rate there is at 5%, national average unemployment at 3.7%, 5% unemployment would suggest this they might be able to find legal workers in that state. >> the reserve business does a better job of true seasonal workers but when you look at producers in california, they are looking to say i need a worker year round, therefore, the undocumented worker works better than h2, h2 has artificial cost greater then a domestic worker and frankly senator feinstein, my hometown senator for years under the obama administration convinced the obama administration not to enforce because the farmers were her supporters and that creates sort of this second -- this law and then there's the real law. maria: unbelievable. great insights from you this morning, great panel, we have so much to talk about and focus this hour is the hawkeye state, 2020 democrats hitting the campaign trail at the iowa state fair where trade is key issue, democrats front runner joe biden taking missteps in the midwest, latest blunder while addressing education issues in iowa, watch this. >> science over fiction. they are just as great and talented as white kid, wealthy kids, black kids, asian kids. [applause] [laughter] >> truth over facts, washington examiner chief political correspondent byron york. >> good morning, maria. maria: is that going to cost him as 2020 democrats hit iowa? >> that's classic joe biden and he has done always this kind of stuff, it's not a factor of getting older, he's always done this kind of stuff, going to state fair can be a little bit fraught, there's been problems for candidates who have shown up there over the years, mitt romney made his famous corporations or people state there in 2011. if you remember a little further back thompson goes to iowa state fair and reported that he's wearing gucci loafers, you show up from washington, you're wearing fancy loafers and doesn't look good. maria: yeah. >> the number of missteps that candidates can make in iowa. maria: transparent. dagen: my favorite, byron is from john kerry when he was at the iowa state fair and he ordered a strawberry smoothy and instead of ordering, i don't know, eating a hot dog or something on a stick, and so he tipped a dollar on 20-dollar bill, so not only did he seem cheap but he seemed completely out of touch and robert gibbs famously got on -- i think he was on the phone to the people on the ground and said, somebody put a corn dog in that man's hands. they did it one moment and you never know how it might cement an attitude about a candidate and with john kerry that was a huge problem for him, married extraordinarily rich woman and he was a washingtonian out of touch with people in iowa and the rest of the rownt my -- country. >> maybe you should buy something associated with iowa, famous pork chop on the stick, they are really good. you can walk around and eat them in relatively unembarrassing fashion unlike say a corn dog which is made for pretty bad photo-opts. maria: great to watch this weekend, former fbi director andrew mccabe suing the justice department as you know over his firing, claims termination was unlawful and part of a plant to oust those disloyal to the president, peter strzok is coming up with similar claims, what's your take on all of this? they are trying to get tough here as ag barr and john durham get to the story which, of course, as we know is the origins of the russia investigation back in 2016? >> don't think they have much of a case, if you look at this andrew mccabe lawsuit, it says repeatedly that the president had an unconstitutional motive, not that what he did was unconstitutional or illegal because he had every right to fire mccabe from the fbi, but somehow his motives were bad, mccabe might have a better case had the inspector general not found that mccabe had improperly leaked information to a reporter and then lied about it after. >> right. >> so that really -- that really hurts, hurts your case and in the case of strzok, you have the same issue, you have these antitrump attacks that were all -- we are all familiar with that caused the special counsel robert mueller to dump him from the investigation, by the way, both of these suits are coming out in advance of the inspector general report, the michael horowitz report that's now expected to come out about labor day or after which is going to probably go into great detail about some of their actions. maria: it can't come soon enough, byron, you know how i feel about the story, releasing memos from interviews with justice department official bruce ohr shedding light on the origins of the russia investigation, darrell issa has done an incredible job, great work on this, judiciary oversight, your thoughts ahead of this ig report? >> well, michael herb wits is one of those ig's that both sides have to admits knows what he's doing, been there a long time, he's tough, you don't have to like him to know that his report will be taken seriously and i think byron said the right thing which is that everyone is going to have a way to try to spin this but at tend of the day that extensive report is going to speak for itself and it's going to speak louder than all the lawsuits. maria: yeah, we know that there was abuse around the fisa court, there was evidence which was not presented to the court, byron, do you think we will see accountability in any of this? >> well, it depends on what you mean by accountability. i mean, i think we should see public exposure of all of this, i don't know if anybody will be, you know, charged with anything but this is really a two-part process, congressman issa is right, michael herb wits has a lot of respect from members on both sides in congress so his report, i think, will be quite respected, it will be very complete, but it's only about the justice department, he's the justice department inspector general and the reason the attorney general barr announced a wider investigation being run by john durham, the attorney -- the u.s. attorney in connecticut, the reason is he wanted to go outside of the justice department, read the cia, he wanted to find out what john brennan and others were doing in those days in 2016 when they began spying on the trump campaign. maria: yeah. >> the horowitz report will be a big reveal but only part of the story. dagen: might have been in 2015. might have been in 2015 that information started coming in to brennan. >> the other thing that they can force the interview of current employee, as soon as someone leaves they have no authority. they will have to follow on but this is going to set a base, extremely important for people to know going into the election what the truth is, the one thing that you asked that really made me answered is what should this report cause us to do, the answer is never again let a fisa judge be lied to without some sort of way to double check when they are being misled. maria: yeah, we will get the john durham report when do you think? when are we going to see what he's uncovered? we don't know. >> i don't think you will see it quickly. maria: important story, byron, thanks so much. >> thanks, maria. maria: the u.s. hitting telecom giant as it rolls out new operating system, the strategy coming up. helping homeowners, bond yields those to refinance, we are taking a look when we come back. s $4.95. delivery drones or the latest phones. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade. >> welcome back, deadly rush hour shooting in houston, lauren simonetti on headlines, lauren. lauren: unbelievable, maria, police say the gunman is on the run after shooting and killing two people with this semiautomatic rifle during rush hour in i10 freeway, the gunman fired multiple rounds killing both men in the other car, we don't know the motive at this point. hauwei striking back against the u.s. blacklist descriptions releasing own operating system for smart phones and other devices, it's called harmony os unveiled to do at developers' conference as trump administration bans hauwei from using google's android operating system. the white house has postponed its decision on licenses for u.s. companies to do business with hauwei after china suspended purchases of u.s. agriculture. southwest pilot is bringing his war hero father's remains back home 52 years later. air force major roy knight, jr., shot down while flying in vietnam war, may 1967, knight listed as missing in action and declared in 1974. his remains were discovered earlier this year and his son brian who works as a pilot for southwest got to bring his dad back home, 52 years later. can you imagine? maria: beautiful story. lauren: i was tearing up when i was reading it. maria: taking a look at futures, expecting a lower opening, the president threatening the federal reserve again coming up and what do the level of interest rates mean to you, then baseball heaven on earth, the yankees and white sox bringing the field of dreams to light, details coming up, stay with us. kevin, meet your father. kevin kevin kevin kevin kevin kevin kevin kevin kevin kevin trusted advice for life. kevin, how's your mom? life well planned. see what a raymond james financial advisor can do for you. maria: welcome back markets are lower this morning, futures indicating a decline of 174 points on the dow industrials this morning, right at the open, the s&p futures down 21 and nasdaq futures lower by 76, new data from china producer prices fell into deflation for the first time in 3 years on worries over trade impasse, joining us to talk about markets and investing today chief investment strategist michael, michael, good to see you again, thank you so much for joining us. >> thank you for having me. maria: you've been on the show, a couple of months ago when pmi started weakening, you said negative on the market. >> we have been more concerned especially as we look 6 to 9 months where we continue to expect to see global economic indicators, we've now had the benefit of rates falling, the fed cutting and other central banks joining the fed and we think that's played out largely in first half by keeping market resilient, we don't think we have support in rise in equities and i think we have risks such as widening spreads and many countries with pmi's in contraction that will threaten the market in half of the year. maria: dagen, jump in here, as we look at chart of interest rates across the dproab, all the central banks across the world are cutting interest rate this is year, like 18 or something? >> it's a list and increasing, that's for sure. dagen: you said in the break that it's a slowdown contraction, normal after a tightening cycle and we have seen reversal of that but how do you factor a trade war and what looks to be currency war between the two largest economies in the world, that's the unknown. >> sure, in every slowdown there's always unknowns and in some cases impossible to model because they've never happened before or they are geopolitical, you can't model it like you can model interest rates or price of oil and so we know that bad things happen when growth slows, bad things happen in 2015, bad things happen in 2011, u.s. debt got downgraded, european banks going under and so we don't know every tail-risk that is going face the financial markets over the next 6 to to 9 months but as we think global growth has slowed down and likely continue to the odds of that tail event happening increases. >> when we go to u.s. economy the services are doing better than the manufacturing. >> yes. is there a reason why manufacturing sluedown afterwards or -- >> services is typically stronger and we focus on manufacturing activity because it is more sensitive to changes in costs like interest rates and the fed raising rates, service's activities usually stronger especially when you look at pmi's compare today manufacturing, the manufacturing pmi's have inventory component which services do not, in the last 30 years, inventory and globalization, inventory components have been weak, always averaged weaker component that the service's sector doesn't have that says index is sitting at 3-year low, starting -- we are starting to see weakness there, by the time you get san francisco's pmi's at 50 or below, that would be indicative of a recession. >> much larger service's component to u.s. economy than like a germany. manufacturing out of germany is much more important to us. >> yes. >> yeah, that's definitely possible, over the last 30 years, the companies have become u.s. service oriented, the equity market has become more global. we are exposed to some of the manufacturing activity overseas. >> we are all talking and looking at the reduction in the fed rates, the money rates but except for the u.s. nobody ran off any of their balance sheets from quantitative easing and we didn't do very much, what's that going to be when that tool hasn't been recharged if we lower interest rates but we still have all the money on the balance sheet and no ability to take it off without taking us into a further recession? >> well, you could only bring a horse to water, you can lower rates and people who don't want to borrow, it's not going to have the impact -- >> for japanese model could occur worldwide? >> you're starting to see in the u.s., fell in early 80's, they did so because interest rates were falling and they were borrowing more and more and more. if you look at savings rate today, the u.s. consumer has gone up, one side that's a healthy thing because they are not overly leveraged but on the other side if you are trying to get consumers to get, the backdrop we are in today suggest that that's less likely like it was in the past. maria: michael, what about the dollar and the strong dollar is something that the president talked about, he said yesterday on twitter he's not thrilled about it, he's calling for more fed cuts to help manufacturing companies, car companies and other compete in level playing field, congressman, i feel you said it earlier, my whole career or several presidents that i've watched and covered have said we want a strong dollar, we want a strong dollar but did nothing about it. >> of course, they wanted a strong dollar because it made buying consumer products cheep -- cheap but meant that they were buying them outside of the country in greater amounts, the president said we want to get things made in america which we can't have strong dollar without manipulation, lowering rates isn't just about stimulating the economy, it's about putting our dollar in a position in which you can compete. i think that's where the president is saying to the fed, look at the strength of the dollar as an indication, not just interest rates, we we have alan greenspan coming up, but it's a dynamic that he was always in the strong dollar world but if you want to produce in america export to the world, strong dollar hurts. maria: yeah, will it hurt second half of the year? are you expecting the strong dollar to cut into earnings and then obviously cut into the stock market? >> yeah. certainly headwind to the earnings backdrop and potential risk to emerging markets. in the last 30 years or so when the dollar -- most of the times when dollar has been riding, strong dollar in 10 years has been risk factor for merging markets and president trump wants his cake and eat it too, want cut rates, tax package appear great economy, if you have great economy you will have to have great dollar, dollar targeted strengthening when it peaked early last year, we believe it's more about the global weakness even if the fed will get more aggressive and cut rates, so too will everyone else some way or another. dagen: right, again, you want the economy strong but you want rock bottom near 0% interest rates, you don't like the trade deficits well it exists because the u.s. is so strong, what do you want, do you want the u.s. to be strong or not? maria: quantify real quick. >> earnings expectations will drop about 10%, that on top of some credit spread widening which we think will lead to point and a half, worst case scenario, but bad scenario will be 20-25% selloff. maria: in the second half? >> 20 to 25% saleoff in stocks? >> sure, we don't see earnings picking up until middle of next year. maria: we will leave it, great insights from you, michael from cornerstone macro, next federal reserve alan greenspan, we will talk about similar issues here. social media bias, talking about the decision to boycott twitter, ad buying after lock out. taking advantage of golden opportunity, highlights coming up. and get your interest rate right. so you can save big. get a no-fee personal loan up to $100k. experience the luxury desire of a full line utility vehicles. at the lexus golden opportunity sales event. lease the 2019 rx 350 for $389 a month for 36 months and we'll make your first month payment. experience amazing. and my side super soft? with the sleep number 360 smart bed you can both... adjust your comfort with your sleep number setting. so, can it help us fall asleep faster? yes, by gently warming your feet. but can it help keep me asleep? absolutely, it intelligently senses your movements and automatically adjusts to keep you both effortlessly comfortable. will it help me keep up with him? yup. so, you can really promise better sleep? not promise... prove. it's your last chance to save up to $600 on select sleep number 360 smart beds. plus no interest until january 2022 on all smart beds. ends wednesday. we all feel, we all love, we all cry. it's part of being human. sonoma county declared a homeless emergency in 2018. you have to know the individuals you're serving to understand their needs. working with ibm watson we can bring together data spread across dozens of departments. that gives us a fuller view of the people we serve. dear tech, dear tech, we need to look after everyone in our community. and we want to help our fellow human beings. ♪ ♪ maria: welcome back, good friday morning, thank you very much for joining us, i'm maria bartiromo, friday august 9th, top stories 7:33 on the east coast, futures indicating 172 points right out of the gate, nasdaq futures lower by 73, broad rally yesterday, the dow, nasdaq and s&p all up as you can see, 1 and a half percent higher on the dow, almost 2% on the s&p and 2 and a quarter higher on the nasdaq, in fact, nasdaq and s&p are positive for the week, this week after all the volatility. global markets this morning are also lower, ftse 100 down 9 points, cac quarante down 52, dax index in germany down 147, uk economy shrinking for the first time in 2012 contracting two tenths of a percent between april and june, in asia overnight, markets fractional and mix as you can see n china july consumer prices up 2.8% driven by higher food prices including a 27% surge in price of pork. china's producer prices fell into deflation for the first time in 3 years, in japan gdp was up 1.8% in the second quarter. the rush to refinance with rates so low, homeowners to look for better rate in mortgage, all the details coming up. if you build it, they will come, well yankees and red sox will play at the diamond made famous in the film film of dreams, all the stories coming up this friday morning. gun control legislation, senate majority mitch mcconnell speaking out on how senate will tackle gun control when it returns from recess in radio interview yesterday, listen to this. >> the assault weapon issue and that'll probably be discussed as well and we had input about 10-year period, the video dispute about whether it actually had an impact or not, it's certainly one of the front and center issues i think with possibly background checks and red flags will probably lead the discussion, but what we can't do is fail to pass something. maria: nra head wayne lapierre urging president trump to drop background checks, some voters are leaning more towards supporting tighter gun rules, joining me right now the chairwoman of the rnc rona mcdaniel, always good to see you, thank you so much for joining us. >> thanks for having me, great to be here. maria: what should we expect from republicans on gun control? >> well, i think mitch layed it out very clearly, the president has said he wants to prevent these types of attacks, he's open to conversations with congress about expanding background checks, red flag laws and a whole host of issues that the american people want to see our president and our legislature draft because they don't want to see any more of these attacks. maria: you do expect we will get legislation, we will get real change in terms of background checks and, i mean, the president already moved on bump stocks, right, what else can be done? >> well, i'm not going to get ahead of the president and the senate but i think mitch said something will be passed and i think that that's a full expectation that they're going to work with democrats, see where they can find compromise and they are going to work to make sure they can limit the type of attacks in the future in a way that actually works and i think that's part of it too, we have to look at what's worked in the past, look at other states and make sure we are putting something that's meaningful and that will actually work and help prevent what we saw in dayton and el paso this past weekend. maria: let me switch gears and talk about twitter outrage going on, republicans taking on social media now after twitter froze mitch mcconnell's reelection account for posting live stream of threats, the committee says it will not spend any money on twitter unless the situation is adequately addressed, rona, do you think twitter really cares that the republicans will not spend any money, is this enough not to make a difference? >> i think twitter does care because there's one person that has revived twitter and made twitter a household name and that's president donald j. trump and for them to arbitrarily apply different standard to conservatives that they are doing to democrats to allow the #massacremitch to continue and not allow mitch mcconnell to put a video out of people protesting outside of his house is a total double standard, we are going to hold them accountable, they need to come forward with how they are going the apply the standards and are they going the apply them equally the democrats and republicans. maria: yeah, look this is an ongoing issue and we see that there's incredible bias but the companies are more powerful than they've ever been before, there's a lot of expectation that they may put their finger on the scale going into the 2020 election, rona, so what are you going to do about it? >> well, there's concern and everybody is looking at it, the president si know i am, the campaign, brad, we are big users of the platforms and if they want to send a message that we don't want conservatives and we will be a monolithic platform were one voice for our progressive ideals, i don't think those platforms are going to exist, if they continue this type of -- of behavior where shadow-banning conservatives like they did to me, suspending mitch's account, we will leave the platform, we will find some place else to go. maria: let me ask you about gop fundraisers, the president expected to attend two events today, can raise up to $10 million, one of the hosts billionaire investor of soul cycle steven ross of the related companies facing major backlash this week over his support of the president, equinox and soul cycle to boycott but we haven't heard from them, this is what some are saying, ronna, what are you going to do here in. >> i think it's a sad state of affairs, there's a tyranny of the left right now, if you don't agree with our opinions, we will bully you, you can't speak of college campuses if you're a conservative, you can't host fundraisers, you saw what the castro brothers did posting the names of retirees, people who give small dollar contributions to president trump, it is really frightening the discourse that's happening on the left, we are not hearing the left call this out, the leadership, they are actually doubling down on putting people in a place where they are being threatened, livelihoods are being threatened and steve ross is going to be fine and going forward with this event but people should be able to give politically and not be banned or -- or shouted out -- shouted down by the left and i think this is a form of tyranny that we are seeing from those on the left and the progressive movement right now and it's not healthy for our democracy. maria: no, it really is terrible, he's the president, grow up already, you know, i mean, all of this constant pushing back against anything he's trying to do and upset and outrage over fundraiser, i don't think he can do anything about it, though, at this point, this is going to continue, the trump derangement syndrome. >> what i will tell them we will raise record money in july and keep raising record money and you're helping us raise record money because it's energizing the base when they see you -- maria: you think voters will react, you think the republican voters will come out more as a result of it? >> absolutely. i already had somebody e-mail me yesterday on the san antonio list and said guess what, i'm giving another check for the president because of what castro just did, so this is not the way our country works, we should not be calling people out for being engaged and involved in elections, that is a good thing and we should all want that. maria: ronna, thank you, thank you so much. >> ronna mcdaniel, taking a look there and then field of dreams fans cheering and the hit movie coming to life, who is behind it, coming up, back in a minute. (vo) the hamsters, run hopelessly in their cage. content on their endless quest, to nowhere. 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. -[ scoffs ] if you say so. ♪ -i'm sorry? -what teach here isn't telling you is that snapshot rewards safe drivers with discounts on car insurance. -what? ♪ -or maybe he didn't know. ♪ [ chuckles ] i'm done with this class. -you're not even enrolled in this class. -i know. i'm supposed to be in ceramics. do you know -- -room 303. -oh. thank you. -yeah. -good luck, everybody. maria: bond yield pushing mortgage rates to lowest levels in more than 3 years, grady, good morning to you. >> good morning, maria, those following bond yield have been cause for concern as you know for economists and investors but they might be reason to celebrate for people looking to buy a house or people who already own a house, mortgage rates have tumbled amid economic uncertainty, the 30-year fix rate mortgage fell to 3.6%, according to freddie mac, that's the lowest level since november of 2016, last year at this time the mortgage rate average around 4 and a half percent, it was even higher at its peak last november, the housing market, though, still struggling and unclear whether the low rate will attract people looking to buy their first home, but it could be a good time to refinance, the mortgage data and technology firm black knight says 9.7 million homeowners in the u.s. would benefit from refinancing, that's why up from last year, so the bottom line is even though yields on the 10-year treasury notes are extremely low, so are mortgage rates, so that's welcome news for homeowners and people looking to buy, maria. maria: yeah, certainly welcome news for economy, grady, thank you, 10-year, grady joining us there. take on housing right now, is this going to be what the housing market needs to give it a jolt? >> the overall affordability, the big piece of it, it's very important but what really means inventory and envicinityory issue is log jam, they get into multifamily that the exact point where we want them to shift and the other problem is that you and i are of the thaij we want to go in house and downsize into a house. >> they want small two story, we want small single story. >> you have the baby boomers and millennials fighting over the same inventory, the demographics are clashing. >> i didn't think of that. >> you're not old enough yet, when you get to be our age. [laughter] >> when we look at lowes and home depot this is good for them no matter what, whether you're rotating inventory or you're simply refinancing, there's going to be an awful lot of that investment, so there's definite good news, the question, though, is and you're putting it right, are we going meet the demand of the new generations which is in fact, not high density homes but relatively small homes, but they want them and they want them and they are not being built, not being built in california. dagen: inventory problems also related to people who are till trying to sell or thinking about selling have inflated expectations of what their property is worth and you need to have those prices come down in order for people to have a real expectation of what they are going to get, young people, they are with college debt, they will not go into debt for a home that in their gut is overvalued. maria: i like what donnie said yesterday, the rates from douglas, real estate is borrowing for free. you are right, prices have gone so high. dagen: alan greenspan's apartment over on the east river is on the market and prices have come down recently. maria: we will ask him about it. dagen: 1500 square foot 2-bedroom, 2 bathroom and reasonably priced apartment. maria map look at you. did you look at alan greenspan's apartment? >> they have open houses, i'm not going to tell you where it is, they have open houses quite often and it's green on the inside, green carpet. maria: great. quick break and then bringing the fields of dreams to life. >> hey, is this heaven? >> no. it's iowa. maria: when you'll see baseball heaven on earth coming up, stay with us. hmm. exactly. liberty mutual customizes your car insurance, so you only pay for what you need. nice. but, uh... what's up with your... partner? not again. limu that's your reflection. only pay for what you need. maria: welcome back, per certify veerps pays off, walk on the field with incredible play, jared max with amazing story in sports. jared: good morning, maria, the american dream alive in cleveland for 24-year-old from western arizona name damond, relentless determination to play in nfl was rewarded last night. played 2 years in college, unable to get tryout from major college program, look at him go, 86 yards on punt return touchdown, workout with cleveland browns with miami, aside from using guest passes to work out at gym 9 hours a day, he used laundry mat to charge his phone, he said he knew the vp of player personnel, he really didn't, got his way into a try-out and blew coaches away with speed, closing in on nfl contract, what a story. four months after winning the masters, tiger complained about his back, yesterday we saw why. tiger tied for 16th place. the leader is troy, better than johnson, looks like tiger will not be making the cut in this weekend in jersey city. if you build it, they will come. that's what they said in the the film field of dreams, first major league baseball in site of corn field court baseball heaven. >> hey, is this heaven? >> no, it's iowa. >> the yankees recreated scene, mlb will begin 8,000 seat stadium like the one used in the movie for next game august 13th, former wta monica puig got the first pitch last night. [laughter] >> first pitch, call it an eighth game set and match. >> cool. >> pretty cool. dagen: that's -- best baseball movie? >> field of dreams. it's a movie about a connection with a dad. it's just a sad. >> i think blue garrett, the mets story. maria: 42. >> the jackie robinson story. >> 42 versus 61 with the astros. >> a league of their own. >> another great one. >> favorite sports movie all time i will go with hoosiers. >> major league. [laughter] >> do it again. do it. >> just a bit outed. [laughter] maria: good one. dagen: makes me laugh and prevents me from doing this, i didn't mean to comment in conversation. jared: hats off to kid who is trying to make to the cleveland browns, he has sacrificed everything and you do that and it means something and the kid did. >> it's always been a challenge to have a major league team. [laughter] maria: catch jared sports report fox news 24/7, siriusxm 115, we will be right back, next hour with mornings with maria, back here c by consolidating your credit card debt into one monthly payment. you can get your interest rate right - by locking in a fixed low rate today. and you can get your money right. with sofi. check your rate in 2 minutes or less. get a no-fee personal loan up to $100k. 2,000 fence posts. 900 acres. 48 bales. all before lunch, which we caught last saturday. we earn our scars. we wear our work ethic. we work until the work's done. and when it is, a few hours of shuteye to rest up for tomorrow, the day we'll finally get something done. ( ♪ ) good friday morning. thanks for joining us. i'm maria bartiromo. friday, august 9 top stories right now 8 a.m. only east coast, markets lower, futures indicating a decline start of trading, we are off the lows nonetheless dow futures down 1 a 4 points half a per cent s&p futures down 20 points the nasdaq futures lower by 70 almost 1% there as well on top of a good rally yesterday check out dow, nasdaq s&p up over 1.4% at the close the dow up 1 1/2% s&p up almost 2%, the nasdaq higher 2 and a quarter% s&p, nasdaq positive for the week after ail that volatility, global markets this morning are lower take a look at ft 100 in uk, down 8 points cac california cac in paris down 52 dax in germany down 139. we have gdp uk this morning economy shrinking for the first time since 2012, contracting 2/10 of a percent between april and june asia overnight miksdz fractional moves, but nonetheless mixed in china by the way, thes consumer price index up 2.8% driven by higher food prices including 27% surge in pork china produce drairs in deflation first time in three years we got gdp out of japan, that was up 1.8% second quarter waiting on u.s. ppi this morning fresh round of protesters in hong kong activists gathering in international airport, one of the busiest airports in the world embattled leader issuing a dire warning on economy what pictures of protesters about incredible what is happening in hong kong battle at border intensifies number praevend illegally has fallen sharply in july what is driving that decline we are going to talk about that uber another speed bump there, the rideshare giant posted the largest quarterly loss ever that was 5.2 billion dollars in losses, stock is down are better than 8% this morning ahead of the open, stories coming up friday morning joining me to break it down fox business network dagen mcdowell, about national hold lgs corporation strategist art hogan former congressman darrell issa a big show former ceo of toys "r" us, and former ceo hbc, that is the chairman of advisories ceo jerry talking about tariffs and impact, former federal reserve chairman alan greenspan joining the conversation as interest rates continue rock-bottom stuart varney weighing in don't miss a moment front and center this morning what is most important to you. >> well, you said you know, interest rates rock-bottom they are not rock-bottom that is the question is where is the bottom? >> yeah. >> clearly going lower, that is going to affect our relationship with countries that have been taking advantage of outstanding having a strong dollar shipping to us but what is it going to do to their economies that is a big question, for the next quarters. >> emerging markets have really shown us the weakness with interest rates cuts for this week. >> and for dollar obviously, adversely affect he go merging markets dollar denominated not the talking i haven't heard anybody say out loud for a while thinking about it when you talked about uk into contraction we've -- coming up. maria: good point. >> after three easier watching slow train wreck there is actually going to be a point in time where brexit is going to have affect on already slowing economy. >> you think boris johnson gets its done october that is expectation. >> -- hard to back down from that line this is rhetoric stronger than anybody in this entire process he used not budging has brussels one end, guy in line on other saying, nobody is giving in, so this is -- >> europe has already had a hard time showing any growth. >> absolutely. >> what happens now. >> we want to to look at that the president planning to attend fund-raisers blake blaifk covering the story in washington, wow there has been so much hype over fund-raisers going on in hamptons. reporter: different fund-raisers good morning president trump is attending later today in hamptons one is at the the home of the billionaire steven ross real estate magnet owner of miami dolphins brought into latest controversy as his portfolio also includes investments in equinox soulcycle, ability tri calling for boycott, both companies put out statements describe ross passive investor saying they do not support fund-raiser ross will go forward with event back being away from the president's policies, saying in a statement quote, i have known donald trump for 40 years, while we agree on some issues, we strongly disagree on many others, and i have never been bashful about expressing my opinion, the trump campaign and rnc are backing ross. >> what i would tell them going to raise record money in july keep raising record money er helping us raise record money energizing our case they see you trying to surpass their -- >> you think the republican voters of come out more as a result of this. >> absolutely. >> ronna mcdaniel rnc on this show when president leaves white house for two you fruf fund-raisers in new hamptons kick off 10 day vacation in new jersey. >> blake burman at white house turn to battle of the border, apprehensions nourpts at southern border dipping below 100,000 the people for the first time in months bringing number to 892,049 in. >> mark morgan thanks for joining me this morning. >> of you talked to me before about this, we talked about mexico, and gather guatemala being a big part of this story, characterize kwhaur seeing versus what we saw six months ago at border what is behind that. >> it is dramatic, from maria from may to july, we have actually seen a total 43% reduction, and american people need to know this is absolutely being driven by initiatives negotiations with our international partners from this president, and this administration. the government of mexico we have been trying for a very long time for decades to get them to come onboard see this as a regional crisis join us as partners, that just has not come to fruition until recently now they have come together and acting as full partners seeing this as regional crisis large part due to their efforts why you are seeing the decrease. maria: what happens next? i mean yes, we see a good decrease here, and, obviously, a good partnership with mexico built where does this go from here? because i know that they are real fikxes need o to be done the flores agreement asylum standards. >> spot-on i am glad you mentioned that we are seeing dramatic decrease 43% last 60 days, we are still full-blown crisis, our daily a apprehension numbers excess 2500 full-blown, mexico stepping up government of guatemala stepping up, these are still not durable long-term sustainable solutions we still need congress to act for that. they have to come together they have to pass meaningful legislation to address those things you just mentioned. if not this crisis will not end. >> what is your expectation? you are going to come back from recess then what you have been anything guess done? >> no unfortunately i don't, that is why again this president this administration and hardworking men and women of the border protection frying very hard to do everything within legal framework to stem this flow address this crises because i do the not have confidence that congress will do the job they need to do to secure borders protect american people. >> video when i took the show to the border we went to el paso, texas it was incredible to me, the situation that i witnessed, where children were -- walking alone children weren't sure if part of a family, then re-- grand river completely dry so it was like so easy to get from el paso right across to for mr. awares mexico it was an education tell me about renting of children program is this still going on, where kids are being put in terrible positions? >> yeah, maria first of all, thanks for going down to the border i welcome you come any time i wish more people would when you go down there you see it you see the real crisis it is not manufactured, it is not made up you saw that so thank you for going down there, but, yes, it is still is going on, we are individuals are actually renting kids because they know that if you grab a kid, that is your passport to united states because laws are so broken that congress refuses to fix we have had ice agents from hsi deployed to border in focuses doing great job identifying fake family still happening today. >> unbelievable terrible stories one guy rented a child for 84 dollars i mean giving children so they can cross the border with kids look like a family then send kids back, are about the department of justice ice releasing near half of 700 illegal workers detained during one of the he largest immigration raids in a decade mark what kind of resources go into operation liking this? can they be utilized elsewhere? can when should we buns this. >> this is a targeted he enforcement operation what american people need to understand first of all the individuals involved, they are in this country illegally, they have been afforded exorbitant amount of due process some taken advantage others not received order of removal, and they still remain here illegally, what is really important, is that this targeted enforcement action was against the company i don't know specifics of this specific targeted enforcement but generally what they are doing is going after corporations that are intentionally wilfully hiring i will aliens to pay reduced wages to increase bottom that is important individuals seeking better life sploitdz by cartel coming to united states once in united states companies are further exploiting them how is that american dream. >> important point that you make, i know, that before you got to the border you have to deal with druglords, i saw that firsthand. that there are dangerous situations where you are getting shaken down before you get to the border and now -- do you expect we are going to see more pressure on companies, not to hire illegals? >> that is the whole point, i hope that not only are we enforcing the rule of law, this is a rule of law issue we have to -- apply consequences when ice applies consequences to companies we are sending that message you cannot intentionally wilfully hire illegal aliens to exploit further from your bottom line we should not allow that. maria: we are watching if we see heavier hand from government on this mark good to see you, for a long time there wasn't are it wasn't policed there is that, mark morgan good to see you. thank you. >> thank you. >> president trump tweeted what he just said series discussions taking place between mouse and senate leadership, on meaningful background checks i have been speaking to nra others, so that very strong views can be fully represented respected. guns should not be placed in the hands of he mentally ill or derarngs we had ms. life together for good and safety of our country o common sense things can be done that are good for everyone writes the president, a short break when we come back washington and wallet escalating trade sanctions could hit you as consumers harder than before former ceo of toys "r" us here will weigh in on how trade situation has taken a toll on holiday shopping yes, i said holidays. >> the controversial mover the hunt even after viewers slammed film as being sick and disturbing. back in a minute. i want to say ♪ ♪ i want to stay up all night ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ kevin, meet yourkeviner. kevin kevin kevin kevin kevin kevin kevin kevin kevin trusted advice for life. kevin, how's your mom? life well planned. see what a raymond james financial advisor can do for you. my body is truly powerful. i have the power to lower my blood sugar and a1c. because i can still make my own insulin. and trulicity activates my body to release it like it's supposed to. trulicity is for people with type 2 diabetes. it's not insulin. i take it once a week. it starts acting in my body from the first dose. trulicity isn't for people with type 1 diabetes or diabetic ketoacidosis. don't take trulicity if you're allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, or severe stomach pain. serious side effects may include pancreatitis. taking trulicity with a sulfonylurea or insulin increases low blood sugar risk. side effects include nausea, diarrhea, vomiting, belly pain and decreased appetite, which lead to dehydration and may worsen kidney problems. i have it within me to lower my a1c. ask your doctor about trulicity. protests, this time at airport in hong kong lauren simonetti with details. >> hi, maria thousands of demonstrators at the airport, some are holding up signs condemning police violence chanting for reform officials ramped up security to help passengers get to planes on time protesters in hong kong some violent began two months ago, over an extradition bill, businesses in the city every growing more concerned about the impact of the protests hong kong leader comparing the fallout city felt to a tsunami. nbc universal sticking with the movie the hunt, planning to release the controversial film that is scheduled september 27th despite significant backlash. >> every year, a bunch of elites kidnap almost lining. >> where they can see from. >> wow, and for support. >> not human beings. >> they are violent film about privileged vai indicationers hunting humans for fun critics point out huntsdz from predemeanor inhabitly republican states originally title was red state versus blue state universal says the film meant to show what a crazy world we live in in statement to fox news says it has no plans, not to release the movie. >> if you are looking for an expandable solar-powered home apply one on amazon 24,000 dollars apply this minihouse right there courts of the chinese company wzh group with bathroom kitchen remote control for the hydraulic system in the home that expands other folds it up marketplace seller lot ouo asked you contact them before you buy it shipping 1 thousand dollars prime doesn't cover it, i guess that is -- >> [laughter] >> have build your house so will oar powered 24,000 dollars? i don't know what do you make of that movie the hunt can you imagine if the other way around. >> i am wondering if it is going to encourage more backlash against conservatives, is it another call to act? >> it is crazy. >>. dagen: promotion some ads have been pulled after the shootings over weekend i know that espn that ads were yanked last weekend it is hard to know what the message is until you see the movie you can look at description hard to know you don't know what happens to the people -- the liberals in the film. maria: that is true a quick break president versus fed former federal reserve chairman alan greenspan will join me in first interview since a -- >> i wanna take my heart to -- i am gonna ride, take my heart ♪ when retailer getting he sales in the trade feud back in a minute stay with us. ♪ friday night -- you let it all hang out, ♪ ♪ ♪ ♪ introducing the all-new chevy silverado. with fifty industry-firsts. it's the strongest, most advanced silverado ever. that's it. i'm calling kohler about their walk-in bath. nah. not gonna happen. my name is ken. how may i help you? 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because i think we were talking i was talking with one executive at walmart recently he said a children's bike, a bicycle will go up to close to 200 dollars from 150, these are significants moves for consumers, in terms of price increases what are your expectations? >> look i don't know if president trump is take exceptions to tariffs, one category, poster child soirzed from china emotional product. toys baby -- having said that i think there is too much hysteria over this. there this is no way impact will be that substantial average xhern consumer talking 300 billion dollars goods, in a 14 trillion-dollar consumer economy and if there is a 10% tariff increase that much will not be passed on to consumers, this all this discussion about consumer pain i think might be more like a pinch, if anything at all to be honest. maria: okay you are not worried. >> having said that -- >> i am really not worried, capitalism pretty darn aadaptive our job is to fix this kind of thing when it happens so first thing try to renegotiate with suppliers guess what when yuan gets devalued the way it has the relative cost goes down already you have seen a third of that 10% vanish overnight with change in currencies more might be on the way may not be any difference at all when all said and done, you go back to you say do you want to make this or not give me a break, 5, 10% whatever it takes they don't do it try to source elsewhere not only them o pass it along if you do that do the math. maria: yeah. >> right? if you look at a few percent on 300 billion dollars, it is a fraction of 1 per cent in the average consumer yearly basket almost nothing you won't see it at all to be honest with you even if there were pain have we really reached the place as a country where we can't endure even a small amount of pain in pursuit of broader longer term geopolitical goals? i think this whole thing is way overblown. >> as somebody who negotiated those deals in asia what do you think is going to happen between the devaluation the ability to negotiate the fact, of course, it is based on your landing price not selling price, do you think going to be two or three percent or even zero out of the 10% tariff? >> it is going to be first thing would i tell suppliers i am not paying any increase at all you make it up figure it out, most of them will do that, i got to tell you that if they don't the will be a few percent, 10% notion if were 10% on anything would be small we're not dealing where that percentage i have done math checked five times a fraction of a percent a tenth 2/10% on average annual consumer basket not going to show up i don't know whether sales are good there or not that is up to people drying to negotiating deals built to try to make out bike story ask ask consumer disaster high prices everything that is ridiculous i know people don't want it not good, takes a lot of work to fix it, you know you have to move production one place to the other, by the way, we have had a lot of warning about, smart manufacturers already done that, but that takes work it takes energy and there is cost, no one wants to do it no one thinks retailers are take it on chin profits going down because of this some inflation. >> what do you think about wain being felt in china though because obviously, those concessions are coming on chinese side, what is that doing to factories there? >> well, you know it is for real, that people are working around the clock, and break neck speedy to move sourcing out of china if you apply anything futures in vietnam right now benefiting tremendously from this, their are alternative places to make almost all products may be not overnight but doesn't mean everyone is not working to modify the production rapidly as possible means less jobs in china the other thing when yuan gets devalued may make exports from china seem cheaper to us but imports more expensive to their consumer they are bearing the pain of this i am not slaying good or bad to have tariffs, i am not in negotiations i don't know, i just do believe quite strongly that the impact that is being talked about here is grossly extreme not a pain might be a pinch. >> wrangler jeans looking good old town road breaking records boosting sales at wrangler thanks to one line your take on that? >> well, look, it can affect anything a short senior period of time keep that in mind we value companies look what is going in cyberlong-term trend production is totally movable one thing you can't to be there will be countries companies selling into china you know that is for sure, he could affect their business in china, if you want to look who is heavily exposed that way selling manufacturing go a does to china my be reverse or working against them i am talking about u.s. consumer impact on them consumer is stronger than she has ever been, i don't see it is going to slow anything down. >> thanks so much. thank you. >> coming up trump versus fed former federal reserve chairman alan greenspan here joining me next first interview since coauthoring. . >> we've got ppi in half a minimum's time back in a minute. ♪ ♪ most people think a button is just a button. ♪ that a speaker is just a speaker. ♪ or - that the journey can't be the destination. most people haven't driven a lincoln. discover the lincoln approach to craftsmanship at the lincoln summer invitation. right now, get 0% apr on all 2019 lincoln vehicles plus no payments for up to 90 days. only at your lincoln dealer. with sofi, get your credit cards right- by consolidating your credit card debt into one monthly payment. and get your interest rate right. so you can save big. get a no-fee personal loan up to $100k. on a scale of one to five? one to five? it's more like five million. there's everything from happy to extremely happy. there's also angry. i'm really angry clive! actually, really angry. thank you. but what if your business could understand what your customers are feeling... and then do something about it. turn problems into opportunities. thanks drone. customers into fanatics change the whole experience. alright who wants to go again? i do! i do! i have a really good feeling about this. can the past help you write the future? can you feel calm in the eye of a storm? can you do more with less? can you raise the bar while reducing your footprint? for our 100 years we've been answering the questions of today to meet the energy needs of tomorrow. southern company thanks so much joining us. i'm maria bartiromo friday, august 9 top stories right now 8:32 a.m. east coast breaking news ppi just out in line with expectations, up 2/10 of a per cent month over men and women up 1.7% year-over-year exactly in play on with what we were expecting futures showing markets pointing to lower opening this morning as you see, not much movement after ppi dow futures down 120 s&p futures down 15 nasdaq futures lower by 57 three-quarters of a per cent on top of yesterday's rally in stocks markets up in triple digits across the board, global markets this morning are also weak taking a que from u.s., as you can see ft 100 down a point off worst levels of the morning should i point out uk economy itch shrinking for the first time since 2012 contracting two-tenths of a percent between april and june cac quarante down 44 dax in triple digits down 127 asian markets mixed fractional moves across the board in china july consumer price index up 2.8% driven by higher food prices including a 27% surge in price of pork, china ppi fell into deflation for the very first time infully years the gdp in japan was up 1.8% second quarter a fresh round of protests in hoang hong, activists gathering in international airport in hong kong one of the busiest in the world leader of hong kong issuing dire warning on economy stuart varney coming up with what this means for u.s. china relations uber a speed bump ride-sharing giant posted largest quarterly loss lost 5.2 billion dollars in quarter down 8% right now, sliding ahead of opening of trading this morning, top story this half an hour global monetary policy four global central banks announcing cutting interest rates this week coming after chairman jay powell announced fed rate cut last week president trump calling for more fed cuts to help manufacturing companies car mention compete on left playing field joining me former fed chairmen, dr. green spann always a pleasure to see you thanks so much for joining us. >> my pleasure maria. >> first i want your take on the economy today, there is all expectations that things are slowing down quite a bit, one of the reasons that we saw federal reserve cut interest rates what is your take on where we stand today in terms of of the backdrop? >> well, i don't think it has anything do with accounting interest rates but definitely -- soqging a sluggish economy at this stage, the long term unquestionably negative, but there are all positive signs in the short run, which suggest not about to tip into recession. maria: okay. you say you don't think anything to do with interest rates -- this slowdown this has nothing to do with cut in rates why did fe cut rates in your view? >> because the economy is weakening. maria: okay. >> and in their judgment i think in judgment of others that is the case. >> i mean also this move to keep up with the rest of the world, right? because you've got other central banks across the world lowering rates impacting currency certainly comagdz the dollar do you believe that is part of it? >> -- >> i doubted doubt it the federal reserve in united states deals with the american economic situation. and it is rare that foreign individual countries have an impact on our direct decisions to make interest rate orchestration -- increases or cuts some say the reason fd is considering more cuts dollar strategied as a result of such record low interest rates across the world we have new "the wall street journal" survey shows that economists see more than 63% chance of a september rate cut, up from 49% from last month's survey, dr. greenspan you think this is all about weakening of the economy? >> you have to go around -- survey those people i don't know who they are. maria: what do you mean you don't think we are having more cuts. >> i mean, i -- >> no. i am not saying one way or the other. i know what the fed is doing, i know what it just did. i know what the types of analysis that is going on within the fed that determines the next move and either direction. and i don't think there is anything out there which suggests anything imminent. >> being another rate cut? >> i didn't say. [laughter]. maria: last week you along with fellow former fed chairman paul volcker ben bernanke janet yellen wrote op-ed titled it america needs independent fed you right elections have consequences that certainly applies to the federal reserve as well as to other government agencies, when the current chairs four-year term ends the president will have the opportunity to reappoint him or choose someone new, that nomination will have to be ratified by senate we hope that when that decision is made, the choice will be based on the prospective nominee positives col tens both not political allegiance or activism dr. tell be more about that why you want to write this op-ed. >> well, i think concerned about political forces will drive -- inordinary informant loo drive choices of who become members of the federal reserve board, irrespective of their qualifications. and i think that whole article rests on the notion knowledge and ability is what determines who is a good federal reserve governor. politics does not or should not enter into the whole question. maria: i totally understand that i think everybody would like to see and make sure we have an independent federal reserve. like your fed when you were running the fed was very independent. but hasn't this been going on before? people are talking about how you know, so you know, so excited about how donald trump is pressuring federal reserve we didn't have twitter those as the one guest art hogan mentioned lbj used to pressure fed chairman in your lifetime all the years that you ran the federal reserve, during the greatest economic expansion we have ever seen, you have seen that kind of pressure before from other presidents. no? >> um -- i am trying to think of the last in time which century there was pressure to raise interest rates. other than lower them, in short, my recognition when president as you can see about interest rates to the fed invariably saying don't -- don't raise them. . >> but that is my point we have heard other presidents say don't raise rates before. and try to you know, try to -- you know, pressure the fed into going his way in terms of policy. . >> well, when did you hear the reverse on the part of presidents? >> well i will imagine would it be largely lowering interest rates not raising interest rates, i agree with you on that, but the point is -- >> i am saying. >> yeah? >> i am basically saying that is a very significant bias, towards the political system to induce lower rates, rates lower than they should be. that is generally been the case as long as i have been in business. >> yeah, where the pressure was to cut interest rates, to stimulate an economy right i get that. >> what about this conversation -- >> -- that is basically -- this is the way the system works the way -- it says it works, we have a basic procedure to evaluate the economy and the relationship of current rates to that economic change, and whether additional action is required, one way or the other, wholly independently of what the president may say, it is not that we don't listen to everybody. we did, presidents do have a voice if they have a logical argument they will always be listened to. but if the argument that carries not the politics -- >> i totally than us with this president because he is also a on twitter, it is magnified that much more in fact his conversation about the dollar for example, i mean i remember in my career several presidents i have covered all said they wanted a strong dollar right a lot of treasury secretaries kept saying we want a strong dollar want a strong dollar you know this dr. greenspan then they didn't do anything to boost the dollar they would say it but -- a lot of people felt in their hearts they really wanted a weak dollar isn't that true? >> [laughter] yes, it is. maria: would there you go just with this president it is different he says what he wants to say. . >> well, i am not speaking for the for this president. maria: of course. >> i can tell you i think. >> what can you tell me. >> basically tell you what i think? >> yes. >> i can tell you what -- the -- existing federal reserve is doing because i read the same papers you do. >> yes. >> but i don't have any inside information i don't want any inside information. maria: of course. do you think the tariffs based on what you know from tariff situation do you think that is going to cause further weakening? there is a worry that all gains that we had from tax cut plan certainly some vm as well as deregulation efforts may very well reverse because of pressure and uncertainty around tariffs. >> i am not -- jay powell is a very capable person. i've known him for years he is going to be has been, a eventual chairman i think -- no reason to question his capabilities i told him only half joking the presidential noise gets too loud i will render my earmuffs. >> a lot of things happening today seem to be totally different from when you were running the federal reserve, in terms of what you were trying to do. in terms of that incredibly long expansion. what would you like to see whether it be monetary or actually fiscal policy in terms of taking the pressure off with this slowdown coming? >> i would say 95% of the outlook so as far as as policy is concerned is fiscal policy the real danger that is out there the issue of budget deficits accumulating we have not had a budget surplus quite a long while we are running into next century budget deficit continuing we are going to talk about that on we will street this week thanks so much for joining us this morning alan greenspan there, we are going back to hong kong. -not this. ♪ -oh, what am i into? mostly progressive's name your price tool. helps people find coverage options based on their budget. flo has it, i want it, it's a whole thing, and she's right there. -yeah, she's my ride. this date's lame. he has pics of you on his phone. -they're very tasteful. he has pics of you on his phone. 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( ♪ ) again heating up in hong kong putting pressure on the u.s.-china relations the host of "varney & company" stuart varney to weigh in he enormous story your take. >> it could be a black swan event? comes out of nowhere, uncontrollable upsets world financial markets may be shaping up a bit like that maria you have been reporting on protesters going on now at hong kong airport there is another development here taking ugly turn. the chinese published photos and names of an americdiplomat hong kong they say holding meetings with hong kong opposition leaders they published details our state department says that is thuggish behavior what is going on in hong kong is a part of the u.s.-china relationship an ugly part of that relationship. where this goes i don't know, but those people sitting in at hong kong airport saying they are going to stay there until sunday carrie lam hong kong chief of staff no concessions she called for calm not much calm thus zbroor what i find compelling a lot of young people taking to streets afraid of their future they are afraid that china is taking over, this is hong kong is a place where they've grown up with western values, it is known as international hub, do you still see hong kong as an international hub? >> this moment, yes, it is not -- it is reputation as such not yet being destroyed but clearly under pressure i think hong kong is asia's principal financial hub, this kind of activity really disrupts activity. >> i know more 10 minutes' time see you top of the hour 9:00 a.m. eastern after "mornings with maria" thank you, stuart. >> uber shares sliding this morning after reporting a 5 and a quarter-billion-dollar loss largest quarterly loss ever we break down what is driving the back-to-back losses. stay with us. ♪ ♪ make it right ♪ ♪ from the couldn't be prouders to the wait did we just win-ners. everyone uses their phone differently. that's why xfinity mobile let's you design your own data. now you can share it between lines. mix with unlimited, and switch it up at anytime so you only pay for what you need. it's a different kind of wireless network designed to save you money. save up to $400 a year on your wireless bill. plus get $250 back when you pre-order a new samsung note. click, call or visit a store today. down better than 8% almost 9% reporting largest loss ever jackie deangelis on the floor. >> that is a pretty sharp sell-off for uber shares eps yesterday a loss 4.72. that was far he steeper than expected by wall street, also was a miss on revenue, the company blamed it on stock based compensation but even without that actually losses were about 30% worse in reprieve quarter they also said that uber eats the growth area of the business, was the estimates there fell short of what analysts wanted, in 2018 over 30 million riders introducing metric monthly active platform consumers in july over 100 million, 45 dollars ideal price 39.14 where we are now to draw attention to jcpenney because in jeopardy being did he listed from new york stock exchange under a dollar, that is why maria. maria: 8% move there, lower, jackie thank you. we will watch that looking at lower opening for the broader averages a short break then final thoughts from this all-star panel. back in a minute. ♪ ♪ sunshine -- hey ♪ ♪ key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity. you need decision tech. ♪ ♪ ... ♪ ♪ maria: welcome back final thoughts on this all-star panel, congressman darryl darrel issa. >> it's winners, losers of power play, winner is mitch mcconnell who made a point this first amendment rights were trampled on by twitter and loser s uber who doesn't have a car and also say lyft and it's starting to show in their profits and power play the president looking at the american people and saying i want to have a dollar that lets you export and gain jobs, and it's working. maria: it's a good analysis. >> i think if you look at this week the sky was falling on monday we'll probably close the week where we started the week and the message is we'll see volatility especially in the august month but as a long term investor you don't want to watch this volatility. stick to your plan. this too shall pass. all the things we're talking about we've talked about before, try to relax a little bit and enjoy. maria: cooler heads prevail that means by stocks i guess. dagen? dagen: i can't wait for what's coming out of the candidates visiting the iowa state fair and i do feel for senator corey book eras he's a vegan. maria: do we know that elizabeth warren is vegan? dagen: i don't think she is. not today. maria: thanks everybody, have a great weekend. "varney" & company begins right now. over to you, stu. >>stuart: good morning, everyone we're going to wrap up a difficult week for investors. stocks up and down and all over the place, but before we get to the action, it's worth remembering the dow is not that far from its all-time high, up 370 thursday, down maybe 100 at the open today. the s&p up 54 yesterday, down maybe 14 today, and the nasdac, boy it's back above the 8,000 level it will be, down 53 yesterday, i'm sorry up yesterday, down maybe 50 today. all right, that's the overall markets. then this uber, way, way down. it came in

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