Transcripts For FBC After The Bell 20240712 : comparemela.co

Reporter what a difference a day makes, right . A major turn around for the markets. The dow on pace to snap a threeday losing streak. The s p and nasdaq on pace to snap a fourday losing streak. The dow up 139. Nasdaq up 184. It is all about the technology, my friends. Apple, amazon, microsoft, google, facebook all up today. Amazon leading those fang stocks. Why . Bernstein upgraded that stock saying the selloff in that stock was a good reason to buy. Dont hold back here. What the bernstein analyst had to say. What else is going on . Interestingly tesla, battery day, weve been talking about them on the network all day long, right . If you want to know what the big money thinks, guess what . One analyst says this would be a snare tiff change for tesla. An important day. Stock is down as you see. What is going on . Elon musk saying company will not likely reach selfsufficiency in batteries until at least 2022. Well definitely watch that, well definitely watch battery day. So far not so great. Existing home sales on fire here. This is an important part of the economy. Home sales in august up 2. 4 , month over month as you can see right there. Hitting highest levels since 2006. Hit way back 14 years ago. Rising for the third consecutive month. A big day for stocks. A big day for the economy when you look at the existing home sales. Back to you. Connell very strong. All right, gerri. Lawmakers battling to reach an agreement on a new spending bill. Have to get it done by next week to avoid a Government Shutdown. Meanwhile not republicans meeting to discuss the vacancy on the Supreme Court a lot happening in washington. Blake burman from the white house all the details for us. Reporter connell, President Trump saying earlier this morning he will unveil his Supreme Court nomination over here at the white house on sat i today. The president got an assist today from someone within his own party he usually dungs on, that being mitt romney. The out saw senator saying the confirmation process should go forward. It increases chances that president could have Ruth Bader Ginsburgs seat filled potentially here in the coming weeks. I havent spoken to him about senator romney but senator romney is recognizing what any of us who take a cleareyed look at precedent recognize, that the precedent is on our side here. 29 times has there been an appointment during an election year. 29 times. Reporter you mentioned that spending bill. Republicans and democrats still have to hash out by next thursday a shortterm bill to fund the government. Funding for farmers remains a key sticking. At this hour. Some harsh words today from the Senate Majority leader Mitch Mcconnell who contends that democrats are abandoning farmers while democrats say they want to get a deal done. It basically is a message to farm country to drop dead. If you dont do what weve automatically done, largely without negotiation in the past, which is to replenish the ccc. Were committed to arriving at an agreement because we dont believe the government should shut down. We are not the party of Government Shutdowns. They are. Reporter connell im told over here at the white house theyre continuing to monitor the negotiations up on the hill. As you can imagine the white house like everyone else doesnt want to see a Government Shutdown coming up from a week next thursday. President trump is set to leave the white house hour 1 2, headed to pittsburgh, pennsylvania headed to a Campaign Event there. Connell just one of those just about every night these days. Thank you. Blake burman. Melissa. Melissa treasury secretary Steve Mnuchin and Federal Reserve chairman Jerome Powell testifying on capitol hill today. The duo addressing the need for more stimulus as parts economy continue to struggle. Talks between democratic lawmakers and the administration have stalled. Edward lawrence with the latest. Edward. Reporter both treasury secretary Steve Mnuchin and Federal Reserve chairman Jerome Powell say Congress Needs to act, put more money into this to help Small Businesses. Now both of them say Payroll Protection Program as well as the cares act in general helped boost this economy and save possibly 51 million jobs. Listen to this. A big part of the, of the good Economic News that we have had results from the fiscal support that came with the cares act. So it deserves a lot of the credit for keeping people spending and keeping people, Business Confidence and household confidence high. Reporter powell field ad lot of questions why the main Street Lending facility for companies has not attract as many takers. He said 230 loans for two billion dollars has been allocated or in the pipeline. Still a far cry from the 525 billion given under the paycheck protection program. Financial services chairwoman Maxine Waters wants to know the facility could not give loans under 250,000. I would be fine lowering that to under 250,000. I will consult with chairman powell. There is not much interest below a million dollars. It would have to be a different kind of facility. It wouldnt look like main street. Reporter the bottom line the economy is doing well cord to those two, moving forward to boost it more. Both of them believe another fiscal stimulus policy is needed. The fed chairman says the projections the Federal Reserve has with gdp growing at 5 next year is assuming that there is another fiscal package happening. He would not say how much. Quickly in another speech, charles evans, the president of the chicago fed said he thought the next package should be 500 billion to a trillion dollars. It is first Federal Reserve chairman, or Federal Reserve president actually put a number to this. Back to you. Melissa those are enormous numbers, edward, thank you. Connell . Connell lets talk to doug holtzeakin about this. Doug the American Action Forum President , former Congressional Budget Office director. Talk about all the numbers we want. The political reality seems were not getting stimulus anytime soon or relief, whatever you want to call it, before the election. Do you agree with the two gentleman, jay powell, Steve Mnuchin, it is still needed . I think they made the case you need targeted relief in certain parts of the economy. Certainly secretary mnuchin mentioned aid to schools, getting schools reopened. There is a lot of money that could be used for ppe, for testing, for modifications to schoolrooms. That would be helpful. Some of the senate provisions included the same kind of assistance to businesses. If they had to modify their work spaces so employees come back safely and customers can shop safely. There are things that congress can do that can help boost the recovery even more. This is not a situation where simply writing a big check, 3 trilliondollar heroes act is really the right thing to do. You have to figure out your strategy and execute on it. As you point out not much is looking like it will happen. Connell almost a foregone conclusion now, especially what weve seen the last few days, that were not getting there. Right. Connell please tell me though, at the very least they will be able so avoid shutting down the government. What do you think . I think they will. That appears to be on a completely separate track. The continuing resolution is something that administration and Speaker Pelosi in particular agree while that should go through in quote, clean fashion, thea onl oy a apleplein on ofieces piecesffagreemenagreeme. Atats the end endatat short sho shoho they seethey seem have settltlen ecy i i i dec decemec d the the t we we g goingng to t monto the comdiomdi corpoon assis a a rm that i big a big stickinnt at moment. Col l l tal talk t hea hea cainute. You you e wrabotouttoday. Ayay th ere has as bee a of of o tal abt since sincece the dhe dhehr rbaginsburgginsburgausergrgooko ke likeratsra make thisthis a a bigssuess,ue big bgergengent already hay y n in thehehe gn. Gn ereere a healt hhealt car rel rd theeto befor the suprsueme cee shortlyhortlyho at elecelti. Theutheurehe o oba omacarecacao affoafrdable care arace e e msme up for discussion or debate again. How do you think it all plays out . I think it is amazing. Here we again are talking about this law. It has been a decade. Were still talking about the future of the Affordable Care act. To me all the attention focusing on likely reimas for Ruth Bader Ginsburg and their attitudes towards the Affordable Care act really misses the point. The key is the u. S. Senate. If the law is struck down there will have to be some replacement provisions f republicans control the senate they will have some say what those look like. They will have to negotiate with democrats to get it done. That will be a hard work but that is a key piece of it. If somehow democrats take over the senate, youre going to get the Affordable Care act on steroids back. So there is really no scenario in which the law doesnt get changed if it gets struck down. It could come back in small pieces or come back in very big form. Really depends on the senate. That is the key race. Connell your larger point that control of the senate is more important if this is your priority than the next Supreme Court nominee and thats interesting because there has been a lot of talk the last couple days maybe republicans are willing to pay a political price, hypothetically for getting their Supreme Court nominee through but youre saying it wouldnt be worth it about that price was control of the senate . If you care only about health care, and Affordable Care act in particular, that seems like the wrong focus. It is the senate that matters, not the Supreme Court. If you want a Supreme Court with more conservative justices for many, many years to come, then thats the right focus. Those are two very different questions. Connell right. It is a much broader question when youre talking about the Supreme Court rather than the Just Health Care but in the short term though, if you want to get something through you have to have the senate in your control and criticism of the republicans quite frankly of the last few years and the president , there just hasnt been a plan. President said i will have a plan in a few weeks, even today, Kaleigh Mcenany said it and there hasnt been a plan. Were hearing rumors again there will be more executive orders on health care that will be rolled out this week perhaps thursday at an event in north carolina. I look forward to that eagerly to see what those might be but i think the reality is there was a huge missed opportunity early in his presidency with failure to get a genuine repeal and replace of Affordable Care act through. Since then there is no chance to anything legislatively. At that is what you need in this situation, legislative action that gets a bill to the president to sign. Connell that seems like so long ago, that battle we had. Doug, thank you, always good to see you. Douglas holtzeakin from washington with us. Melissa, back over to you. Melissa all those battles just piling up, not making a lot of progress though. Anyway, taking action against the second wave, uk Prime Minister Boris Johnson ordering a range of new restrictions to combat the rapid rise of coronavirus cases across the uk as the Company Moves to alert level four, the second highest level on the alert scale. The Prime Minister warning britains to not expect to return to a normal social or work life for at least six months . Oh. Unless we take action the risk is that we will have to go for tougher measures later when the deaths have already mounted and we have a huge caseload of infection such as we had in the spring. Melissa sounds awful. All right, restrictions set to go into effect on thursday including new requirements for pubs, restaurants and Entertainment Venues to close by 10 00 p. M. In all areas of england. That seems reasonable. It urges people to work from home where possible. Well be right back. Hi, im pat and im 75 years old. We live in the mountains so i like to walk. Im really busy in my life; im always doing something. Im not a person thats going to sit too long. In the morning, i wake up and the first thing i do is go to my art studio. A couple came up and handed me a brochure on prevagen. Ive been taking prevagen for about four years. 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We do this, together. Bounce forward, with comcast business. Connell fox business alert from nike has just reported better than expected earnings and the stock is up big time, 8 plus in afterhours trading. 95 cents per share, the most recent quarter for nike. The wall street estimate was down at 47 cents. Obviously that is much better than expected. Revenue also topped expectations at nearly 10. 6 billion. So nike, it seems like on the strength of sales being up in china, its revenue in china went up by 6 as china bounces back from the coronavirus while north american revenue down 6 . Nike look for that stock a big gainer tomorrow. Up 7 in the afterhours. More on that to come, as we continue, big shoes to fill. Senate republicans vowing to give President Trumps eventual Supreme Court nominee on the floor to replace the late Ruth Bader Ginsburg. The numbers, as we bring in foxs chad pergram live from capitol hill. The numbers for republicans starting after today looking good, right, chad . Reporter thats right the numbers are working in the republicans favor and the reason, Senate Majority leader Mitch Mcconnell has been talking to a lot of senators the past couple days, mitt romney, the republican senator from utah indicated this morning he thought it was appropriate to go ahead and consider a Supreme Court nominee this calendar year. That probably guaranties them the votes to go ahead later this year. Here is Senate Majority leader Mitch Mcconnell on the schedule. The next step will be for chairman graham to lay out the way to handle this in committee. When the nomination comes out of committee, then i will decide. Reporter democrats are still fuming over the way republicans blocked president obamas nominee for the Supreme Court in 2016 merrick garland. Senate democratic leader Chuck Schumer said republicans argued the next president should pick that nominee. He accused republicans of duplicity. Were supposed to believe this specious, flimsy, and dishonest argument that it is about the orientation of the senate and presidency or how angry republicans are against democrats and big scary things we might do in the future. Reporter other bit of news on capitol hill the house of representatives was supposed to consider an interim spending bill to avoid a government shut down at the end of the month today. That has hit a snag. Im told in the past 30 or 40 minutes they might reconsider a retooled bill tonight. That according to majority leader steny hoyer. Nancy pelosi and secretary of treasury are trying to speak by phone to reengineer this. They have a little bit of time. The problem is a provision important to farmers not in this piece of legislation. In fact Senate Majority leader Mitch Mcconnell said leaving this out, the message to the farmers, his term was quote drop dead. They have to work this out in the house of representatives first. The speaker is talking to mnuchin. If they get that worked out, they will put that on the house floor later tonight, then move it over to the