♪ ♪ maria: big show this morning, chief of staff to vice president mike pence is here, marc short, joining us to talk art the bored and house member house judiciary mat gates on iran. judge andrew napolitano talking about the citizenship question, economic to george w. bush here to talk about the federal reserve on day one of that meeting, house minority steve scalise on minimum wage and american professional golfer christy kerr, inventory from wine business, don't miss a moment of it, fox business

network dagen mcdowell as always, pwc partner and cfr -- mitch roschelle and lindsey bell maria: markets this morning, quiet situation going do what could be fireworks in next 2 days, dow industrials down 71 points, nasdaq down 27, federal reserve jay powell testifying before the house financial service's committee later this morning, markets are watching specifically to see if powell's comments indicate signs of a future rate cut, a lot of people yesterday, jon hilsenrath said, well, if it's not july, it'll be september, lindsey, you have a lot of thoughts on this. >> yeah from the testimony today and tomorrow, i'm not speaking anything new out of fed chairman, he will stick to the language that we heard in june that he's here to support the

economic growth that we've seen so far, i don't think we will hear anything about the change of monetary policy or any type of rate cut, how much it will be if there is one to come, and the thing i think that the investors in the market are really going to look for is going to be what he says about the risks to the domestic economy at this point in time because he pointed to a global slowdown and trade tensions as reasons to reason to consider rate cut, parsing those words, we don't necessarily a rate cut is needed at this point in time, by the way, inflation is another reason why they are considering rate cut but we don't think it's needed at this point in time, habit impacted growth. >> we will find out how divided the fed is on the topic, the minutes are also coming out tomorrow, i think it's 50-50

split, do you cut or not cut, i'm with you, lindsey, i don't think he's going to have a script and stick to it. dagen: many people have made much about what they would call the politicization, did i say that right, of the federal reserve with president trump talking about jail powell to cut -- jay powell to cut rates, to cut rates, you know democratic lawmakers will going to harp on the fact that president trump called out jay powell and try to make that an issue and get powell on the record. he'll really got to navigate this very carefully because you know try to make it about president trump, they do about literally, even shopping at home depot which we will get later. >> especially maxine wattes -- during.

dagen: charles payne used to make light of when congresswoman watters would say grill other fed chiefs because asked questions that they weren't prepared to answer or correct her. that will always be interesting, if the fed chief's testimony can deliver some fireworks, maybe that will happen. maria: we got light on china, resuming trade talks, representative lighthizer and secretary steven mnuchin spoke with counter parts yesterday, larry kudlow weighed in on it last night, watch this. >> these are preliminary discussions, staffs will be meeting, details will be poured over, probably visitations will be arranged, this is the -- the restarting of a process that was

going pretty well, a lot of headways as you know and then stopped out in may when we believed china and team reneged on a number of agreements. maria: they didn't want to put into law, that's unlawful to steal from the united states intellectual property, we will see what happens, the u.s. allowing sales to chinese telecom huawei now where there's no national security threat, what do you think markets do with this? >> i think that's somewhat baked in because a lot of that has been leaked. nothing that came out of yesterday's conversation that we really know, we don't have the transcript of it and i think the market yesterday was a little edgy because of trade was back in the news cycle but until we know something definitive, i don't think markets are going to really react. dagen: the word constructive, if you ever watched the robust -- [laughter]

dagen: sounds meaningful, but it's not really that meaningful. it's not bad but what does it really mean? hey, at least talks are like continuing or at least progressing. >> they are talking. >> i think you will hear how trade is impacting the u.s. over the next several weeks as earnings comes out and you hear from coo's and cfo's on the ground real-time operating in this environment where tariffs have been in place for over a year. dagen: if you read the details in the book, any pressure that businesses are feeling or particularly smaller businesses. >> it's very regional, you can see where in the country, if you get the farm belt and the country, they are starting to feel pressure you know it has something to do with trade. >> political implications. maria: when's your estimate of earnings? >> decline 1.8%, i think we will get positive growth when it's all said and done, the s&p 500 has beat initial earning

estimates since 2009 so i don't expect any change this quarter, what the important thing -- third-quarter numbers come down expecting slight decline, fourth quarter is still expecting almost 7% year over year f trade continues and tariffs remain in place to remainder of the year i expect the numbers to come down sharply. maria: title does the baltics suggest the worst is over, increasing dramatically since the first quarter, indicater of economic growth, she's basically saying second half may not be as bad as some people were expecting. let's talk about what you mention, dagen, president trump lending support on home depot, using twitter, facing backlash over contributions to the trump campaign and subsequent calls to boycott of the retailer. truly great patriotic and charitable man, bernie marcus,

cofounder of hem depo, at the age of 90 coming under attack radical left with often used weapons, they don't want people to shop at the great stores because he contribute today your favorite president, me. these people are vicious and totally craze but remember there are far more people, deplorables in the country, quote unquote, markets -- marcus voiced support for the president and talked about the president's policies, dagen, actually moving the needle on economic growth which is, of course, obvious to all of us. dagen: i need exedrin to deal with this. bernie marcus along with kim langone created one of american success stories in terms of not only employing americans but empowering americans, how long

ago did bernie marcus leave? he hasn't been involved in the company 15 years, guess what, you're hurting the people who work there, you're not hurting bernie marcus, he's not givingateway to president trump, he's giving it away to charity, let's spit on success in this country, that's where we are. maria: why can't he have an opinion to say that president trump is doing a good job and moving the needle on economic growth without being just roasted over the call? dagen: you're only allowed to have free speech unless your free speech lines up with what they think and say and it is a problem particularly on social media of the left really dominating and having the so-called loudest voice. >> to be fair, president trump has come out against nike, harley davidson for their

different operating practices, so he has also done the same -- dagen: and, and on this program i have called the president on all of that, the leader to have free world, commander in chief don't take sides when it comes to business, don't go out of your way to hurt business. but this boycott call is just absurd of the absurd. do you agree? >> think about the supply chain there, small business owners who are contractors, those are the people who shop there, those center people who work there, so you're really harming the engine for economic growth at the local level. maria: we will take a break, battle on the hill, two high-profile lawmakers trading barbs over progressive democrats, thousand war of words, disappointing second quarter, despite being one of the most successful ipo's of the year, stock is getting tumbled

this morning, we will be right back. i can't tell you who i am or what i witnessed,

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car insurance so i only pay for what i need. oh no, no, no, no, no, no, no... only pay for what you need. liberty. liberty. liberty. liberty. ♪ maria: welcome back, facial recognition in the spotlight today, government's use of controversial technology, cheryl with the news, cheryl. cheryl: morning, officials from department of homeland security, includes customs and bonder patrol and tsa expected to face tough questions, immigration enforcement representatives will not be on hand but the agency's use of technology to scan driver's license databases without individual's consent is expected to be a point of discussion. some lawmakers are calling for regulation. all right. shares of levis sharply lower,

almost 7%, the company suffering growing pains following initially public offering in march, sales growth will slow due to weakness and the company also spent 29 million in cost associated with launching that ipo. well, one of the biggest pieces of news to hit streaming friends is moving out of netflix. [laughter] [laughter] cheryl: yeah, friends is set to move to warner media newly announced streaming service, hbo max, it's going to feature content, media library, movies,

cnn, tnt and a lot more, no word on how much is actually going to cost to subscribe, early reports say it could cost than hbo goes currently which is 13.99 per month, maria, i pivot back to you. maria: that's really funny, everyone can relate to that, that's really funny. listen, it's getting crowded out there in terms of streaming service, with the valuation nesm félix is out, you have to watch your back if you're netflix. >> they're being disrupt bid the old-school cable companies, the question is now that everyone is separating, at some point you will have to bundle back together, right? you can't have 10 different -- >> i cannot have 10-dollar plus subscriptions just so i can get one show, right, at some point everyone will want it back the way it was.

dagen: i did resubscribe to hbo now because i wanted to watch pretty big little lies -- little lies. some show that you need to be be able to watch and rewatch, is it friends, because you have friends in the sopranos together, that's kind of a marriage-made in heaven. >> friends were one of the most watched shows and both of them are out. maria: that's a big bite, earning season in focus, europe is down this morning, we preview second quarter earning reports, we are in it, now, in the second quarter reporting season, then it is party time, soccer fans gearing up for parade celebrating the women's world cup champs, we will talk about it, back in a minute.

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maria: welcome back, take a look at future, there's uncertainty with 2-day fed meeting where jay powell will testify in front of congress, we are waiting to hear what the chairman says during first day of testimony on capitol hill today, joining us right now anderson capital management cfa peter anderson and good to see you this morning, thank you so much for joining us. what are you expecting from jay powell and what's priced into the markets? >> well, i'm expecting some really bland testimony, i think that he's really in tough situation, maria, he isn't the first chair that's been under

pressure or criticism by president, if you look at history, lbj, if you look at history, he actually physically assaulted his fed, from that perspective trump isn't being that tough on the guy, however, it's a public display and because of that he's going to be extremely cautious, try to straddle both sides of the field as they say. maria: what's your take on the broad backdrop right here and whether or not the economy really warrants a cut in interest rates, europe is not generating much growth, we know that, asia is questionable where china is and the u.s., lindsey just said she's expecting earnings from second quarter to be down 1.8%, third quarter to be down 2 tenths of a percent but the third quarter to show a gain, what's your take. >> i don't think earnings will be that tough, that might be the average earnings growth or decrease, when you look at individual stocks, for instance, i own 18 stocks, i'm hoping that all 18 stocks will show better

earnings performance and down 2%, that's one point, the other point is i think the u.s. do not need interest rate cuts right now and the momentum that we've had recently, you're looking at the fed future's market, we always reference that as an incentive or indication that rates should be cut, well, maria, if you look at the history of that too, you find the fed's future market really doesn't have a great track record of predicting those kinds of things, i would actually throw that out of the picture, take a look at the economy, unemployment rate is exceptional right now, job growth might have slowed a bit but in general i think we are doing very, very strongly. >> peter, good morning, mitch roschelle, i want to pivot a little bit. [laughter] >> right now we have the s&p 500 up, but if you look at the small cap stocks they are down and down considerably double digits, going into the second quarter

earning season, are we going the see earnings departing a big difference in time of large caps versus small caps to make sense why there's big difference between performance of the stocks? >> yeah, i think that's pretty obvious, the classic story is large-cap stocks, multinational, they are going to be under much more pressure from international perspective but the small caps, they are really in sweet spot because they generally are very concentrated on u.s. revenues and as i said, if you buy the thesis that the u.s. is strong, it makes obvious sense to me that small caps should do very well continuing on in this economy especially when you look at the alternative, there's a lot out there that's uncertain, that trade negotiation isn't really wrapping up the way most people thought it would, so small caps look to be very attractive space right now. maria: peter, when you say the

economy is doing well, what do you make of the bond market, though, what are we talking the inversion now at a month, the yield and short-term treasury higher than long-term notes for more than 30 straight sessions, as much as 1 quarter percentage point, most since 2007, while the economy feels real strong, what's the bond market telling us? >> well, the bond market, i mean, again another history lesson, this is going to contradict what i said earlier, maria, if you look at inverted yield curves, perhaps they do pretend recession, we have to put that in perspective. we get too caught up in the mathematical modeling details which the fed is very well known to do, all this stuff has to be in moderation, right, certainly we look at inverted yield curve but i would not run the country based on the fact that yield curve is inverted. i do not think that that gives you 100% accuracy at all of

where the country is heading, my sense look at the window, interest rates are very, very attractive and things are very strong and continue to stay strong despite pressure from people saying that rates should be cut at this point. >> peter, lindsey bell quickly, where do you put new money, if you have dry powder on the table, where do you put it to work, the stock market is up 18% year to date, the bond market is giving some mixed signals, what do you? >> individual stock selection, that's the key point opposed to putting in etf. start using common sense, let me give you an example, the cybersecurity, we are all so paranoid about that and banks all kinds of international operations and because of that, we know that business will never slow down, so if you're looking

at a company like palo alto networks, they are in the sweet spot of that growth, those are the stocks that i own where i don't have to bother myself is the yield curve inverted, what is the fed going to say today, just take a look at the basic business aspects of these companies and their very, very -- maria: thank you very much, split among high-profile democrats could affect race of 2020 to the white house, more of war of word between pelosi and ocasio-cortez, launching exclusive beauty line, where you can score next up stay with us. (vo) the hamsters, run hopelessly in their cage. content on their endless quest, to nowhere.

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july 10th, federal jay powell on the hot seat today, headed to capitol hill later this morning for day one of 2-day testimony to congress, investors are waiting on any hints of suggestions of future rate cut, we will see if it happens in july, what he says about the economy right now, right now futures are lower going go into that testimony, decline of 74 points, s&p is down 9 and nasdaq down 28. this as the action on wall street yesterday was mix as you see the dow is down 22, s&p was up 3 points and nasdaq was up 43, all major indices, less than 1% of record highs, european indices down, cac quarante in paris down 6 and dax index in germany lower by 68. in asia overnight, markets finished this way and also mixed story there, japan was down a fraction, china was down a fraction, hang seng and hong

kong up a third of a percent as kospi in korea. most signs of economic slowdown in china, produce of price index for june showed no growth from a year earlier in terms of inflation. democrats divided back here at home, battle between nancy pelosi and congresswoman aoc is heating up, how the public spat could affect the 2020 race, wait till you see what's going on down there. lady gaga launches beauty line, exclusively with major retailer, find it the one place you can get it. celebrating world cup, big parade happening later this morning. story this half an hour, acosta, alex acosta facing calls to resign over handling of the case involving financeer jeffrey epstein, he was a u.s. attorney at the time, this week federal prosecutors charged epstein with allegation of sex trafficking in minors, of minors, acosta defended actions in 2008 and applauded the efforts happening

in new york, president trump weighed in yesterday along with chuck schumer, watch this. >> he's been a great, really great secretary of labor, the rest of it we will have to look at it very carefully, we were talking about long time, a decision made not by him but for a lot of people, i feel bad for secretary acosta because i've known him as somebody who works so hard and i i feel very badly about the whole situation but we will be looking at that and looking at it very closely. >> i'm calling on secretary acosta to resign. it is now impossible for anyone to have confidence in secretary acosta's ability to leave the department of labor, instead of prosecuting a predator and serial sex trafficker of children, acosta chose to let him off easy.

maria: joining us right now former hillary clinton presidential campaign adviser democratic strategist and blueprint strategy founder antjuan seawright along with jonathan madison, good to see you both, gentlemen. thank you for joining us. >> good morning. maria: seems like the focus is on acosta and not epstein. >> well, i think you can do both. maria: we haven't heard -- i haven't heard a word about epstein. >> both democrats and republicans, the good news about the secretary is the fact that we see democrats and republicans acknowledging the fact that this is a problem, he needs to resign or he needs to quit or released from his duties. maria: i don't think you're seeing that at all. blanket statement saying alex acosta -- >> it's not. maria: a lot of focus on acosta and no focus on jeffrey epstein, that's my point.

>> if you read the hill, democrats and republicans who both agree that he needs to resign. maria: i'm talking about jeffrey epstein. >> i heard exactly -- well, i think the criminal justice process will push it out. democrats and republicans say that he cannot effectively due his job and you and i know that it was a secretary under barack obama, they would force to resign. >> we know that sex trafficking is a deplorable crime and hearts go out to victims, having that being said, you know, i think it really comes down to, you know, one the fact that there's no broad consensus on whether or not acosta should resign, so, i quite frankly disagree, maria, that all republicans and all democrats are saying he should resign. >> i've never said all, i said calls from both sides. don't put words in my mouth.

maria: there are calls from some on the right. >> i just we wanted to clarify that. maria: my question was about why is there no focus or conversation whatsoever about what jeffrey epstein and who he hung out with for so many years on plane back and forth trafficking women, young women and doing what he did, all i'm hearing are trump officials, alex acosta and nothing about jeffrey epstein, that's the point i started the conversation with, jonathan. >> and that's my point too, maria, i think the bigger focus needs to be on epstein, i mean, he's the person who committed this crime and the real fact is that weight of the crime is what pulling on acosta, i'm an attorney, actually, maria, you have to have concrete evidence, concrete evidence to pursue a case. now, i can't look back into a time frame or time machine as to what evidence he actually saw but i can say that the rules of ethics require you to have

evidence to prosecute, he's an attorney, there's attorney-client, and so it all comes down to the fact that epstein is a person that committed this crime, acosta, whether or not and to what extent he was involved as pulled down by the sheer weight of the crime. so i think we have to -- wait, almost done, i think we have to take a step back, one, who committed the crime, two committed the sexual, you know, predatory. maria: why was he let off easy? anybody have an answer for that? no? dagen: he should have spent more time, chuck schumer is calling for alex acosta but friend from editorial journal points out, saw to downgrade sex offender status in new york which also the new york post has reported on where he was required to

register where he had had a home here, they wanted, they pushed back on labeling him a level 3 sex offender and the judge in that hearing was outraged at the request from office. people representing da here, wasn't aware of what was going on and lower-level prosecutors but nevertheless prosecutors, jeffrey epstein got off very easily for what he is accused of then and accused of now, the journal editorial also points out democrats shouldn't get away with implying alex acosta is guilty of prosecutorial abuses without evidence. maria: do you think ant-juan that he should resign? >> i think you will see a lot of -- >> what about van? >> i think the buck stops with the secretary, no way he can effectively do his job knowing what he knew and not

acknowledging the fact then and trump's administration part for nominate to go this process, to this office, to his role as secretary and not fully investigating all the things that come along with that. maria: there's real division within democrats of a lot of things but most recent fight is showing the divide, freshmen alexandria ocasio-cortez doubles down on her feud with house speaker nancy pelosi. the speaker down played the influence of far-left progressives, far left members of congress, they don't have much influence in the house, the comments coming after border aid package, aoc hit back calling puzzling quote, unquote, going further by saying this, it's not even the four of us, it's like these ones, what the speaker said, it's not true, it's just wrong, as progressives it's okay not to vote for the legislation to make a point, antjuan, what kind of effect on the party more

broadly, they've been saying that they want to help the crisis at the border and when it comes down to putting money where your mouth is, voting for the $4.6 billion aid bill they vote no. >> the question directly has no effect, look, as the speaker layed out there are 4 votes, balance caucus and two return to 218 in 2020 election, the 3 and 4 members that sometimes the right wing media give a lot of attention to have no idea what it's like to govern or work in the minority, they came into the congress in the majority and so pelosi have the big picture to think about, the entire caucus, i think she's doing a hell of a job of balancing that in that the end of the day, we have the majority in congress not because we want deep democratic blue seats but we won places that donald trump won in '16 where we were able to win in '18, we have to look very broad and big

picture when we have conversations within the party. maria: yeah. dagen: antjuan, it's dagen mcdowell. nancy pelosi, the speaker, knows that it takes more than a big social media profile. >> absolutely. dagen: ability to take a really good photograph to lead and ultimately do the right thing and i point to nancy pelosi getting her caucus together to vote for that aid to the border to health and human services to help unaccompanied minor who is were in the united states, aoc did not vote for that. >> she did, look, i don't want to pour water on aoc's side or any other 3 members who may not have voted with the speaker, i think that everybody has their own individual politics within the caucus, we've seen that on the republican side as well with the tea party and the traditional conservative parts of the caucus but i think what republicans seeing as traditional things within our party and diversity we have within the democratic party, i

just don't think we can allow the differences in votes of legislation distract us from the big picture and return us to majority in 2020. maria: all right, jonathan, final word. >> i would agree, gave paul ryan a hard time, we saw how that turned out, you know what, i think that, you know, pelosi and,aoc need to get in a room otherwise they will have a difficult time ahead of election. maria: thank you, new legal challenge to obamacare playing out in field's court, cheryl. cheryl: panel of judges in new orleans asked attorneys pretty tough questions, the panel appeared to be skeptical about whether the affordable care act can even survive asking whether its requirement that most people have health coverage is unconstitutional, health insurance for 20 million people

can be at risk here, expected to land in the supreme court at some point. apple no longer selling 12-inch mac book, center, wider, apple has now cut the price of new 13-inch mac to $1,100, here is the company up 27% so far this year. and star maybe born at amazon, lady gaga announced new line of beauty products to laboratory brand, the makeup available on amazon starting in september, gaga said that she chose amazon because she was able to basically build her brand her own way, somebody else has done well with makeup is rihanna. maria: thank you, cheryl, new move for crate&barrel.

we will tell you what's on the table next. party time, soccer fans gearing up for a parade through new york's canyon of heros celebrating world cup, back in a minute. since my dvt blood clot i was thinking... ...was another around the corner?

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that's a blazer? that's a chevy blazer? aww, this is dope. this thing is beautiful. i love the lights. oh man, it's got a mean face on it. it looks like a piece of candy. look at the interior. this is nice. this is my sexy mom car. i would feel like a cool dad. it's just really chic. i love this thing. it's gorgeous. i would pull up in this in a heartbeat. i want one of these. that is sharp. the all-new chevy blazer. speaks for itself. i don't know who they got to design this but give them a cookie and a star. maria: welcome back, headlines across america this morning, la times reports the lapd moving one step close the other permanently adding drones to arsenal of tools, the approval allows pilot program to move forward making permanent will now be considered, it's been

nearly 2 years since the civilian police commission approved strict guidelines for using the remote control devices in dangerous situations, the dow this morning news reports ut austin promises free tuition to students with family incomes less than $65,000 in 2020, this starts in the fall and it will more than double the number of students getting a free ride, ut austin officials estimate cover 8,600 students graduate and out of state students are not eligible, transferred students are, though, chicago business crate&barrel restaurant today, takes cue from ikea opening restaurant called the table, plates, chairs are right from selling floor, table success could result in restaurants in other crate&barrels, actually.

[laughter] >> my question is, taking page out of ikea's play book, will they have swedish meatballs? dagen: elementary school cafeteria from 1970's, this is more upscale. i encourage people to go by there, it really will knock your socks off. maria: ralph lauren had restaurants too, they are doing ralph's coffee, retailers getting into food, interesting. dagen: i don't see the connection between the american west and coffee but, again, which is the origin of the ralph lauren style, anyway, i digress. maria: winners on parade today, parade later this morning, highlights in sports coming up right after this break, back in a minute. this is the couple who wanted to get away

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maria: welcome back, somewhat exciting mlb game, jared max with all the highlights, jared, good morning. jared: great game last night, all the talk about baseball being juiced, not much popping the ball last night, only 7 runs were scored after joe gallos, pete alonso with bases full and said aloha, two-run single. 4 3, american league got out of a jam and in ninth inning new york yankees closure, struck out 3 batters, american league won seventh straight all-star game, 4 to 3. the mvp cleveland indians picture, one of 3 pitchers, no

relation to justin bieber, won mvp and got shiny redford pickup truck. just as the catch, about to win, george washington comes out of nowhere and delivers the body slam. boom. there it go, george washington. 29.6, tons of paper, this is the number to beat today at new york city parade, 27 tons of paper after u.s. woman national soccer team, festivities begin 9:30 a.m. eastern time today, the ladies' champions of soccer, champions to fight for equal pay, your voices have been heard. yesterday senator joe manchin from west va -- virginia that would introduce funding unless the united states soccer federation agrees to pay et

cetera women players the same as it does the men. dagen: problem fifa, the prize money for the world cup for men is 10 times greater than it is for the women. it's a problem with the sanctioning body. jared: they are setting the tone, the women's soccer, different than men, people have been playing soccer around the world a long time and shined for longer than united states men have, women's soccer, we are the leaders in the world here and we do have the best in the world. dagen: the nascar champion pointed out, it's not a global conspiracy to underplay female soccer players, when i won nascar championship there were at least 10 other drivers making more money, it's not just about championships, it's about ability to generate revenue.

let private industry step up and pay the women and give them money for endorsement. maria: it's about how much revenue and the men are bringing more revenue, having said that, the difference is big. >> you can close the gap because it's becoming more popular sport in the u.s., look at the stadium, completely filled, there's revenue there. dagen: the people who are horribly underpaid are female basketball players, women who play in the wnba do something about this sanctioning body because -- they literal i will have to play year around and shortens career. >> it comes down to business, how many people are going to wnba games, there's not the tv contracts there and that's where it comes down to. maria: the difference is so stark. >> it's stark. dagen: not enough in new york, if you're a female basketball player to rent an apartment on your own, it's not enough money. it's disgusting.

jared: maybe that's a de blasio problem. maria: catch jared sports report 24/7, siriusxm 115, still ahead, sky high horror, delta engine breaking down mid flight, more of the dramatic video next hour right here mornings with maria, stay with us. liberty mutual customizes your car insurance, so you only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪

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a visual snapshot of your investments. key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity. maria: welcome back. good wednesday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is wednesday, july 10th. your top stories right now. all eyes on fed chief jay powell today, it is day one of his two-day testimony getting underway this morning in front of congress. investors are awaiting any hints or suggestions towards a rate cut in the future. we'll be watching closely, parting through the words. trufutures are pointing to a lor opening, dow futures down 65, s&p down 7, nasdaq down 20 points. it was a mixed day yesterday on wall street. the dow was lower, the nasdaq and s&p finished with modest games. the nasdaq, up 43 points. all three major indices less than 1% below all-time record

highs. in europe this morning, stocks are edging lower. investors waiting on powell. european markets down, with the fq down 6, dax down 62. in asia, take a look. pretty much fractional of moves, worst performer was shanghai china down almost half a percent. more signs of an economic slowdown in china. the producer price index for june came up showing no growth from a year earlier, no inflation on the producer side there. border crisis, arrests at the border decline sharply as mexico steps up efforts as part of the deal with the united states. a major ruling on twitter, a court says president trump cannot block critics from his account. now congresswoman alexandria ocasio-cortez is facing a lawsuit of her own. wait until you hear this one. the frightening moment on a delta flight, an engine fails, forcing the plane to make an emergency landing mid-flight. we have the late e. all those stories coming up. joining me to break it down,

dagen mcdowell, mitch rochell and lindsey bell. great to see everybody this morning. >> good to be here. dagen touched on this earlier, but the independence of the fed and jerome powell reiterating that in his testimony is going to be extremely important, i think. because look at what the trend you're seeing. we saw in mexico the finance chief resigned. in turkey, granted there have been questions about central banking policies for some time, got fired by the president. what we're seeing is a politicalization of the central banks and that is something that the fed wants to stay away from. maria: you don't want to see that at all. dagen: i was going to point out that nick timerose who writes about the federal reserve for the wall street journal writes an extensive piece about there is bipartisan support for jay powell. maria: within congress. dagen: john kennedy says i think that powell has done a,

quote, damn good job, senator richard sel shelby, there's a lf support for him. maria: boeing poised to lose its place as the world's largest plane maker to airbus after a rein of number one for seven years, this is what the crashes have done and this really underperformance in terms of the 737 max. >> i think there's 150 them that are sort of in limbo that were ordered and not delivered because of the issue. so that's a big -- that's the most popular plane they sell. maria: boeing's stock has taken a hit on a all of that. coming up, mike pence's chief of staff is here, mark short, along with senior judicial analyst, judge andrew napolitano, he'd lazere is here as well as steve scalise, an and kristie care as well. escalating tensions in tehran, the u.s. is looking to create a coalition of allies t to pa l

troll waters -- a patrol waters around iran and ye yemen. matt gates teaming up with democratic congress pmademocratm a a. congressman gates defended the amendment jed. >amendment yesterday. >> the legislation would require any president to come back to the congress after 60 days and particularly that would apply in the conflict that we could potentially see with iran. i don't believe that a 2001 authorization to use military force is applicable in the year 2019 or beyond. i think we need to update the conditions and terms where we would send america's bravest patriots into battle. maria: joining me right now is the florida congressman himself, a member of the house judiciary and armed services committees,

matt gates. good to see you this morning many thanks for joining us. >> good to see you. maria: does that thinking, that sentiment also hold true if iran attacks the united states? >> no. maria: can the united states go back at iran if it attacks it without going to congress, my question. >> of course, even if we saw iran preparing an attack we would maintain first strike capabilities under the current war powers act, the president can maintain a conflict for 60 days. our issue is that no president should be able to keep our country in war for months or years without ever coming back to the congress. that's just not what the constitution says. maria: i understand that. so as a member of the armed services committee, how serious is this threat from iran? >> it's very serious. iran engages in malign influence all over the globe. they continue to enrich uranium, it's noteworthy they're nowhere near weapons grade enrichment now. if they were to break to the bomb, we would have to build an international coalition to resist that outcome. as we sit today, i don't believe

that it's the obligation of the united states to avenge qatari's oil or a robot with blood. i don't think that the war hawk calls for conflict at this moment are well-founded. i think the president's strategy has worked very effectively with iran. i think he's pulled us back from the brink of war and hopefully now we're building a stronger international coalition. we see the brits more engaged, seizing that iranian oil headed to syria in the port of gibraltor and ultimately we'll bring iran back to the table without bloodshed. maria: you think the europeans will align with the united states against iran? with these waivers in place, europe is trying to get its oil and gas from iran, still in business there, not wanting to shake the boat. >> well, the president's maximum pressure campaign is what has brought us to this moment. i agree with senator rubio, cruz and cotton, who urged the administration not to grant

waivers to companies but to keep that pressure on. i think the fact that you saw britain seize that iranian oil that was headed to syria through gibraltor shows there is resolve within europe because, look, this is europe's problem too. there's nobody in europe who wants to see iran obtain a nuclear weapon. iran getting a nuclear weapon is precisely what was going to happen under the obama era iran nuclear deal. maria: he let me ask you about the breaking news hitting the tape this morning. u.k. ambassador to the united states has resigned. this follows the leaked e-mails where he was critical of the trump administration, this is the cover story of the financial times this morning that yesterday the president tweeted about him, saying this whacky ambassador that the u.k. foistered upon the united states, is not someone we're thrilled with. i don't know the ambassador but i'm told he's a pompous fool. today we sees resigning. what's your reaction to this? >> it was pretty dumb for the

former ambassador to make comments about the trump administration as america is enjoying some of the greatest prosperity and success certainly in my lifetime and i think the fact that we are still working so closely together on iran and other issues in the world shows that the u.s., united kingdom relationship is enduring beyond the personality of one ambassador and i'm sure when they send someone else to fill that role, that we'll be right back working together as we always did. maria: it's a the cover of the financial times this morning on this story after the president's tweets. let me ask you about digging deeper here. a house panel is 1r0e9in votings week on whether to subpoena a list of current presidential advisors, including jeff sessions, rod rosenstein and john kelly. what's happening here? i know you have been knee-deep -- >> it's nuts, right. maria: i'm sorry. >> it's totally nuts.

our democratic colleagues can't take a hint that the country is ready to move on from the mueller report. they view the mueller report as a screenplay they're trying to bring to life in the form of a movie by bringing people back to reenact various lines and contributions. it's preposterous to suggest a dozen or so democrats in congress will be able to get more than robert mueller got after 22 months, $30 million, dozens of prosecutors apfbi andi agents, thousands of witness statements. we can rest assured there was no criminal conspiracy between the trump campaign and russia. maria: what do you want to ask robert mueller when and if he does come down to testify? because we know that christopher steele has been under scrutiny. we know that the investigating of the investigators is in full mode. you've got william barr looking at it. you've got john durham looking at it in terms of what happened early in 2016 and how that group

of individuals tried to put their finger on the scale to try to stop donald trump. where does the investigation stand today. >> >> we see the attorney general put an intense amount of focus on ensuring that this type of corruption never happens again in our country to any other president. when it comes to mr. mueller's testimony, we have a lot of questions about bias, how he assembled the team. we want to know why he flipped the expectation that americans are innocent until proven guilty. seemed as though mr. mueller thought people were guilty unless he was able to clear them. i think we've got a lot of questions about that as well. maria: christopher steele, the author of the dossier, has been scrutinized, reportedly grilled by justice department officials in a 16 hour interview last night. the interview was credible enough to extend the russia investigation. so where are we on this? do you think we're going to see accountability here? we know that the fbi was told by the number two person in europe that christopher steele's information was not credible and

yet they still used that dossier to get a fisa warrant to spy on american citizens because they were part of the trump campaign. >> we even saw reporting that the british government itself had given information to representatives of the united states indicating that christopher steele was not credible, that he was working on false information from russians and that he was simply trying to meet an election dated line with this information and that it wasn't fully vetted or checked out and was largely intended to influence the election. this gets back to mueller. why did robert mueller not investigate the russians who were trying to influence the united states election by putting flawed information into this steele dossier that then resulted in pol in -- we don't w the intelligence community to be politicized against political adversaries. maria: when do you think robert mueller knew there was no collusion. there's a theory he knew there

was no collusion months before he announced it and he sat on it so the mid-term elections would come and go. >> we knew from the beginning. ten months into the investigation, the lovers were texting each other that there's no there there and in lisa page's deposition, she said they were talking about the fact that there lacked any evidence suggesting a criminal conspiracy between the trump campaign and russia. so there was never evidence that suggested this was the case and i think largely was intended to distract from the fact that you had russia trying to discredit democracy itself by undermining president trump. maria: do you think robert mueller will be asked that when he testifies in a week. >> i'm certain of it. i'm absolutely certain of it. maria: good to see you this morning. thanks so much. coming up, twitter lawsuit, a judge's decision about president trump's social media presence, having immediate implications on another outspoking lawmaker, details coming up. engine failure, a delta flight forced to land after scary moments in the sky.

more dramatic video coming up. stay with us. ♪ i don't want to hear sad songs anymore. ♪ i only want to hear love songs. ♪ i've got hear my heart up in s place tonight.

maria: welcome back. funeral services for former chrysler ceo lee iaccoca being held today. cheryl: lee iaccoca will be remembered in a funeral mass in bloomfield hills, michigan. before leading chrysler, he created the iconic ford mustang, helped launch the minivan, the k car and ford escort. he saved chrysler from bankruptcy in 1980. he died last tuesday at 94 years old. well, some sky-high terror to show you. incredible video taken by a delta passenger shows a badly damaged plane engine which forced an emergency landing this week. you can see the loosen incone rattling, bouncing around on the

mouth of the engine, tough to see. passengers reported the entire cabin filled with smoke as a result of this. the flight was en route from atlanta to baltimore. it had to land in raleigh, north carolina. no reports of any injuries, luckily. and then there is this. it's the end of the road for hippies, surfers, the beet le, it's over. volkswagen will stop making the iconic beetle. the last one rolling off the assembly line today. they will focus on making a compact suv. i will say, if you're aboard a plane and you lose an engine, you only need the other engine to work, just to comfort everybody out there. the jets can fly with one engine. maria: oh, okay. cheryl: in case you see an engine go out on your plane. maria: good info, thank you. cheryl: you always have to worry about this. maria: there is a census fight that is deepening, a judge striking a blow against the trumped medicintrump administras

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maria: welcome back. so the citizenship question battle goes on. a federal judge in new york blocking the justice department from switching out lawyers, handling of a renewed effort to add the citizenship question to the 2020 census. president trump tweeted this, so now the obama appointed judge on the census case, are you a citizen of the united states, won't let the justice department use the lawyers it wants to use. could this be a first? house democrats are preparing to

schedule a vote on holding the attorney general and commerce secretary in contempt for not cooperating with subpoenas and congressional investigations looking into the origins of the citizenship question. joining us now is judge andrew napolitano. these subpoenas are so ridiculous in my view. i mean, they're trying to subpoena something to say what's the origin of the question. i mean, they just want to fight the trump administration on every turn. >> there's no question they want to fight the trump administration on every turn. the wording of the statute that allows the census bureau to add questions other than how many people live here requires the census bureau to give a rational basis, a reason for the question. so when the challengers and the doj representing the census bureau, the challenge to the census question and the doj asked a representative from the commerce department what is the rational basis, what is the reason for this, wilbur ross

refused to give an answer and sent instead a bureaucrat, unfamiliar with the president's thinking and unfamiliar with secretary ross' thinking and the bureaucrats enforced the voting rights act. the reasons the courts don't believe this is the sense census department doesn't have anything to do with the voting rights act. this is not a believable reason. that is the reason the supreme court ruled as it did. fast forward a week later. the doj brass reads the supreme court opinion. the commerce department brass reads the supreme court decision and says we lost. we're not going to put the question on. start the presses rolling and print these forms. the president hears the lawyers say to the judge, judge, we lost so the case is over. we're going to start printing the forms. the president goes that's fake news. it was his own justice department saying it to a judge

in lower manhattan. after that happened, the lawyers resigned from the case. 11 lawyers on one case in the doj. the top experts on administrative law and the census. they all resigned from the case. the doj attempted to replace them and yesterday the judge said you can't replace them. now, does the public really care who the lawyers are representing the federal government in a case? yes, if the lawyers think their client is not being truthful to them and if their clients is the federal government. maria: when we go back to the actual origins of the story, the question is are you a u.s. citizen. shouldn't that be in the census? >> well, the long history -- maria: i mean, really. >> it was in in 1950. it was then in in 1960. maria: what's the purpose of the census? >> to count persons. the constitution only allows one question. how many people reside there? federal statute in my view in defiance of the constitution

allows ancillary questions if the answers allow the government to do its job. dagen: the support said the commerce secretary has the right to add the question but you have to give us a legitimate reason as to why. this falls on wilbur ross' shoulders, quite frankly. he fouled up. this is the holding up the soup cans incident, trying to say don't you worry your pretty little head about your soup going up because of the steel and aluminum tariffs. it's a foul-up on behalf of the commerce secretary. >> what is the rash l nail basis for it -- rational basis a and why don't they articulate what the rash l nai rational basis i. the president said we want to know who a citizen is for reapportionment purposes. the doj said that has nothing to do with this. it's a major setback for the attorney general and for the department of justice and for the president. in fact, it's such a setback that in my view the president's going to sign an executive order very soon, perhaps in 48 hours

in order to attempt to bypass the courts. i don't think that will work. i think the injunction will prevent him from enforcing it. dagen: carlos gutierrez backed up what would be the democrats' argument against putting the question on the census, saying it hurts the count. that people find out they're going to be asked whether they're a citizen or not, that illegal immigrants or even immigrants might not respond and carlos gutierrez seconded that yesterday. i heard from a census taker when i was part of the household survey for the unemployment rate years and years ago. she said that she always argued that -- she told me personally, it's very hard to count what the true unemployment rate is particularly among latinos because even people who are here legally won't open the door if they hear you're from the federal government. >> what does the census count? does it count citizens? does it count citizens and legal residence? does it count all persons?

answer, it counts all personses and that's the basis. maria: i've got to talk to you about social media. a federal appeals court said president trump cannot block twitter followers. now congresswoman alexandria ocasio-cortez is facing a lawsuit of the same issue. she is blosking followers all the time. now the president can't block followers. there's a summit at the white house for social media. you've got to believe that legislation conversation is going do come up against social media. it's sort of a whole ball of wax. the whole issue about the president not being able to block users, your reaction. >> when the president said his social media statements are official government announcement, he made that a government website. they can discriminate on the basis of viewpoint. the president can't do that. i don't know that alexandria ocasio-cortez, if this is a government website, she can't discriminate. if it's a private twitter account, she can.

the president said this is not private, this is government. that forced him to keep it open to everybody. maria: i see what you're saying. esocial media summit will be a platform for supporters, writes the wall street journal today, for the potential legislation. when i had the president on last week, a week and-a-half ago, he called into the show, i said, look, do you want to see competition, would that be a better outcome in terms of leveling the playing field. >> he said yes. maria: he said you're going to have to see legislation to lead to competition. it looks like legislation is coming for social media. >> legislation that i com may co enhance competition. competition always lowers the price -- there's no price, but improves the product. the decisio yesterday to say yot -- the decision yesterday to say you can't pick ands choose who followers are when you run a government website is based on the first amendment. maria: two issues, in terms of that story and the legislation

for social media. devin nunes is suing twitter. president trump said he's unfairly treated on social media. do you think we'll see legislation? >> probably. maria: that's what the president said, probably. >> some of the companies want legislation because they'll capture the regulators. maria: they're not overseen like media companies. dagen: you can't sue them for defamation. i think they lose that legal protection. i think one of the first things that would happen is they would lose that legal protection. >> we are seeing a little bit of a crack in the wall with respect to amazon. that's another story you asked me to be prepared for. used to be you couldn't sue amazon if the product you bought at amazon was defective. you would have to sue the manufacturer of that product. the court ruled you can now sue amazon. maria: all the retailers wanted it to go that way. they thought amazon got a free ride. a lot to come, the border crisis, mike pence visiting the

southern border this friday. i'll speak with his chief of staff, mark short, next. stay with us. 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.

maria: welcome back. good wednesday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is wednesday, july 10. your top stories right now, 7:3. jay powell on the hot seat today. it is day one of his two-day testimony. his prepared remarks will come out at 8:30 a.m. eastern. that's when the embargo will lift. that may very well be the time that markets move. we will have those remarks for you at 8:30. one hour from now. ahead of the testimony, futures are pointing to a lower opening. the dow will open down 57 points, s&p down 6 and nasdaq down 15. this after a mixed story on wall street yesterday. all three major indices less than 1% below their record highs despite really fractional moves yesterday. the nasdaq up 43 points, that was the best performer. global markets are mixed.

ithe cac is higher in paris by 3 points. the fq100 down 4 points and dax in germany lower by 52. in asia overnight mixed performances there as well. as you can see, fractional moves across the board. more signs of an economic slowdown in china. no growth from a year earlier in china. top story this half hour, crisis at the border, mike pence is headed to the border this friday. his visit takes place amid a growing outcry over conditions at migrant detention centers. the department of homeland security says there's been a 28% decline in border enforcement action since may. many are attributing that to mexico's input. joining me right now is mark short. mark, always a pleasure to see you. thank you for joining us. >> good morning. maria: what should we expect from the vice president's trip to the border, what is he looking for in terms of priorities? >> what we've seen obviously in the last several months is a

historic crisis at the border where you have literally over 1 million migrants will be apprehended at the border this year, in part because of how great the economy is. we've had over 6 million jobs created since donald trump was elected, over 600,000 construction jobs is creating a magnet for people wanting to get jobs here. but the challenge is, we don't have the resources right now to safeguard and protect our border and that's what we're trying to work on to fix. what you're going to see the vice president do is take a group, bipartisan you said, senate judiciary committee down to detention centers and really highighlight what is happening inside there. candidly, there's been a gross mischaracterization of what's happening. when democrats go down and talk about concentration camps, i mean, maria, concentration camps what nazis used to gas jewish children to death. what you're seeing in our border is law enforcement going to protect the lives of migrants, bring them in to safe shelter and help the children find

foster care in the united states. the comparisons and the rhetoric is absolutely absurd. the president asked the vice president to go down to the border and showcase to the american people what is happening in the centers and that's what we look forward to sharing. maria: that is so wrong that there's such a mischaracterization. i spoke with number of border sources because i took my show to the border a couple months ago and what we saw was just stunning and i spoke with them before and after aoc went down there and after the meeting they told me that it was hostile from the get-go. she doesn't believe anything. she questions everything. when she went to the detention center she said people were drinking from the toilets which was absolutely not true, a lie. so i mean, it's good that the vice president's going to be with senate judiciary folks because the public needs to hear the truth. i mean, the pictures you're looking at right now are of children having crossed the border on their own. it was really so sad to see how many kids are being put into

dangerous situations because of these loopholes. >> right, maria. so that's the other part of the trip that the vice president will try to highlight. we still need more help from congress. we've had more assistance from mexico in the last month than we've had from congressional democrats in ten years in trying to secure the border. the 28% decline is attributed to mexico. we have so many challenges in our laws. one of the things the vice president and secretary pompeo helped negotiate last month with mexico is a remain in mexico policy. many of your viewers may not know this, other than mexican rule, which says if you're not from mention h mexico, we can'tu back. we have to keep you here in the united states and go through the adjudication process. this will keep the migrants in mexico as they seek asylum claims in the united states which will help protect some of the flow as well. there is no doubt that our border and facilities are over-burdened. it's not just the last couple months the administration has tried to bring attention to this, the first budget president

trump submitted to congress asked for more resources at our facilities, back at the second month of the presidency. democrats have refused to give us resources. we're trying to draw more attention to it, to say we continue to need additional resources to fix the problem. maria: what's the answer when you pose that question? they say they want an end to the chaos. they say they want an end to what they're calling disastrous conditions. and yet they won't agree to provide more beds. >> that's exactly the conundrum we're trying to shed light on and we hope we'll be able to show that more in the coming months. the challenges, the far left of the democratic party believes if they're giving more beds it allows the trump administration to detain more migrants. it also provides the ability to have more humanitarian assistance to provide facilities for those coming across our border. we hope to shed light on it. maria: let me move on to china, because the u.s.-china trade talks are slow-going. robert lighthizer spoke over the phone yesterday with chinese's

vice premier and vice president penvice pencevice presidentpencn usmca. will it come down to the floor for a vote? >> we think it will. we're objects miss particular. mariaoptimistic.i think the reae likely to happen this fall. we're hopeful of it happening this summer. we're going to remain encouraged. we're going to keep pushing for this. when you see the vice president travel as he is today, he's going to congressional democrat districts that need the trade deal for their own constituents. it creates jobs and commerce. today he'll go to agricultural districts represented by a democrat. in that district, a lot of agricultural produce is exported to mexico and canada. we'll be making the case, this is all the more reason you need to help put additional pressure on speaker pelosi to bring it to the floor for a vote. we think its has the votes to

passion. likely it's going to look more like this fall i think at this point than the summer. maria: and so what about china? is the president -- does the vice president want a deal to get done with china or the fact that they have reneged on some of the most important big ticket items, is that a deal killer? >> i think we're all encouraged that since the g-20 those conversations have opened back up. the president's encouragement with the chinese premier. for decades, i think american presidents have been led with the notion that if we could open access to markets, you're going to see freedoms flourish in china. a that has not been the case. they continue to on press religious minorities, they don't allow the freedoms we enjoy in western democracy. they've cheated and lied on a lot of trade deals. this president said we're not going to tolerate that anymore. so what they've been i think reluctant to do is agree to many of the enforcement provisions the administration is trying to put into the trade agreements which i think are necessary. you've seen china steel intellectual property. you've seen them force the

transfer of ownership. this administration is not going to allow it anymore. we're encouraged the negotiations have restarted. we're hopeful they'll be a deal. as the president said, it's not that we need a deal, we want to get a deal but many manufacturing companies are leaving china. i think they're facing more pressure right now. maria: does the u.s. have an alliance? do you think that there's a plan b in terms of doing the deal with vietnam, the philippines, and the regional players if there's no deal? >> i think you're going to continue to see the administration look to strike trade deals on an individual basis. that's what the president said. he didn't like multilateral deals. he's been negotiating individual deals. maria: he said he wants bilaterals. he joined me on the show a week and-a-half ago. he said he's talking to japan and india. we're waiting on more developments there. there was breaking news bow thet the u.k. the ambassador has now signed.

the president hit back, said he was a pompous fool. what's behind this? >> well, maria, i think the reality is that his effectiveness has been limited based upon the news coverage. so we're glad to see that he's resigned and we look forward to working with the new ambassador. maria: tell me about the vice presidental trip to ne new hampshire, abrupted canceled about explanation. >> it's one of those things i'm not able to talk to you about today. again, i think as the president indicated, we'll have more information on that in the coming weeks. maria: in terms of the trip coming up, you've got the border trip on friday with the vice president going to the border tell me his priorities going into 2020 in terms of legislation. is it more economic stimulus? is it social media? where does the vice president see the priorities going into this new election? >> well, maria, the vice president's priorities are the president's priorities. right now, congress we think the biggest opportunity is getting a trade deal done with the united

states, mexico and canada. that will be our primary push throughout the fall. maria: you said that you think the bill comes to the floor for a vote in the fall. >> we're optimistic we'll get there this fall. maria: do you think it's going to pass? >> we think it has the votes. there's enough -- the reality is, there are 31 congressional democrats residing in districts that donald trump won in 2016 but more importantly they are districts that create manufacturing jobs in the auto industry or agricultural jobs because we've provided additional access to dairy farms in wisconsin and minnesota. we think the votes are there to pass is. there needs to be additional work with speaker pelosi. she holds the keys to bring it to the floor for a vote. maria: thank you so much. mark short this morning at the white house. battle in the skies, airbus makes gains on boeing to become the world's largest plane maker. what it means for jobs in america, coming up. and then gender reveal gone way

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maria: welcome back. boeing is about to lose its title as the world's biggest plane maker to rival airbus. cheryl with the details. cheryl: the rise of airbus follows the grounding of boeing's 737 max jets after two

deadly crashes. boeing said the deliveries of commercial je jetliners fell by more than a third from a year ago. deliveries of the boeing 737 max jet were suspended back in march. the aerospace giant is working on changes to the plane's flight controls and the software. boeing has been the top plane maker for the last seven years. head west if you want to launch a successful startup. it's the finding of software company volusion which analyzed the 2017 census to come up with the best location for a fledgeling business to survive. the winner, washington state, the seattle, tacoma, bellevue area, earned a entrepreneurship score of 99. austin texas coming in second followed by san jose. rounding out the top five, nashville, tennessee and denver, colorado. well, it was a gender reveal

that took a really bad turn in australia. look at this. a driver spinning out to make blue smoke only to have the car burst into flames and the smoke went black. the driver escaped. the blue smoke quickly again there going black. the driver has been fined $1,000 and now can't drive for six months. an unfortunate turn of events. but it was a boy. if anybody wasn't clear on that. [ laughter ] maria: thank you, cheryl. wow. cheryl: yeah. maria: crazy. cheryl: one way to do it. dagen: gender reveals, prom proposals, what else, mitch? >> those are top of my list of profound stupid dity that we hae to get rid of. dagen: stop acting like you're the first woman to of ever conceive. i will say that to anybody that is pregnant on instagram. maria: quite the reveal. quick break and then the whiskey business, a world class golfer

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♪ whiskey river, take my mind. ♪ don't let her memory talk to me. maria: welcome back. whiskey and golf. the british open, the fourth and final major of the golf season you now just over a week away. rory mci'lll mcilroy and brooksa among the favorites. joining us right now is lpga golfer, kristie kerr. thanks for being here. >> thanks for having me. maria: tell us the connection

and why you wanted to back this whiskey and be this ambassador. >> we've been in the wine business since 2008. '06 was our first vintage of curvature. with our kerr sellers partnership, -- i'm studying to be a sommelier. they know about a lot of different spirits. so i went over to scotland to play in the scottish open and went to the distillery, saw what they're doing, saw the system of aging and i thought -- i geeked out about it and we just hit it off and formed a. maria: that's terrific. you mentioned your wine business. you also have this wine business. how long have you been in the wine business. >> since '088 we'v08 we've beene wine business since our curvature brand. 2015 was the first vintage of the kerr reserve which got 93 points by wine spectator. you can go to ker rsellers.com.

maria: the second biggest pinot noir. >.>> this vintage is special to you, being 2002. tell us about that. >> when we decided to do the partnership, they said what year resonates with you. i said why don't we do the first win i ever had. 2002 is the vintage. maria: how great. dagen: with the ticker tape parade for the women's soccer team going to happen in lower manhattan today, technically not ticker tape any longer, what's it going to take for female at leads to get paid on the same footing as men, whether it's soccer or golf? what needs to happen if you've got one thing? >> that's a pretty loaded question. but -- dagen: i know. for a minute and -- >> in all of sports, women's sports gets 4 to 5% of the spend from corporations. so i think it really is going to

take the corporations to step up and see that women's golf and women's sports has value. most household decisions are made -- a lot of them are made by women, at least 70% of the household financial decisions are made by women. i think we have great corporations like cme group, aig, a lot of corporations that have stepped up. evian has stepped up to -- dagen: that's what i said earlier. >> -- to raise the purses. we're getting there slowly but surely. we have a lot of companies in men's golf that don't spend a dime on women's golf. dagen: boo. >> i don't think that's right. it's the dawn and age of the women and, you know, we're here. maria: tell us what you're expecting from the open. >> well, women's or men's? maria: women's. >> okay. well, it's going to be in london this year so that's going to be pretty amazing. i mean, i played at woburn before. it's a great test of golf. maria: how about the men's.

people talk about tiger again. >> tiger's here and royal porthrush is quite a venue. so everybody will be watching. maria: kristie, great to have you. congrats. thanks so much. jay powell on the hill, markets are watching as fed chairman testifies before congress later today. the embargoed comments out in 30 minutes. back in a minute. (v the hamsters, run hopelessly in their cage. content on their endless quest, to nowhere. but perhaps this year, a more exhilarating endeavor awaits.

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maria: welcome back good wednesday morning. thanks so much for joining us. i'm maria bartiromo. it is wednesday, july 10 top stories 8:00 a.m. on the east coast, all eyes on federal reserve chairman jay powell this morning testifying on capitol hill this morning, his prepared remarks will come out, out of the embargo 30 minutes too we bring remarks 8:30 a.m. eastern, they may very well move markets head of the testimony futures pointing to lower opening for stock prices 9% has been steady as the markets await jay powell futures indicating a decline 56 points on dow, 6 1/2 points lower on s&p, nasdaq down 15. after mixed day on wall street

you do lower nasdaq, s&p 500 moderated gains all three less than 1% below record highs 43 points higher on nasdaq yesterday global markets this morning little changersed to lower, european incomes mostly lower take a look fractional move ft 100 down 6 cac quarante up 3 dax lower by 56 in be the asia overnight mixed there as well as you sue fractional u.s.-china trade a trucks both sides holding constructive phone call netflix farewell to sfrendz a new home for streaming we tell you where, celebrating women's victory fans already lining the streets of new york, for a big parade, all stories coming up wednesday morning joining me to break it down fox business network dagen mcdowell, pwc a purpose mitch roschelle cfr investment

strategists lindsey bell. >> china called yesterday moving sloerl but all about the fed. >> at least they are talking but in half an hour going to get, remarks could be a nothing burger i think carefully chosen words we may not learn much more than wait and see. >> in the morning jpmorgan this morning basically write what you have been saying for weeks that is it is not about what fed is going to do it is about questioning whether or not any cut in rates really going to -- move needle. dagen: no meaningful impact to our economy or global economy might signal fed worried that alone is bad if they cut. maria: . >> absolutely you usually need five percentage point cut to see stimulus in the economy that is what we got in 2001, 2007 we don't even have that. >> if a cut could almost be symbolic fed is interested in keep growth going willing to

make concession to see if that happens. maria: i question why talking about rate cuts unemployment story at 51-year low, 3% growth in the first quarter, but, of course, we are on doorstep of second quarter earnings you are expecting a decline in s&p earnings. >> right consensus estimate decline 1.8% i think will come in better than that slightly positive. >> sales expectations also very low 3. % positive growth, that -- 3.7 positive growth. >> coming off 5 and one half, and 9 1/2 before that i think better will help bottom. >> the strong dollar is going to weigh on foreign sales for those s&p 500, who have sales abroad. >> absolutely 43% of the s&p 500 revenues come from overseas 8% coming from asia. maria: important point because europe has been really hard-pressed to generator generate growth there we don't

know number in china. >> you are starting to see a slowdown in europe, that is being driven by, the slowdown in china. germany huge manufacturing economy obviously, and they send machines for automobiles to china china is not applying them the ripple effect is starting to occur in slow down in china being impacted significantly by trade. >> all this this morning joining the conversation hours minority whip steve scam east here host of "varney & company" stuart varney weighs in don't miss a moment right now a look at top story that is jay powell on capitol hill investors keeping close eye on fed chair testimony before house financial services committee today thursday he speaks with senate accommodates embargoed for 25 minutes comments 8:30 a.m. eastern we will bring them to you very well may be market moving to see if powell indicates we will see a rate cut in the future whether july september we don't know,

joining me right now former chief economic adviser for george w. bush, great to see you how are you? >> into doing very well, thanks for having me. >> have what are you expecting from jay powell today? >> well, i think you are -- earlier comments are probably right, i guess he would be cautious it is not that he doesn't know be a is planning to do obviously, you know going to be numbers between now and decision time but i think, powell is a guy actually listens carefully to the other members of the committee. he is not someone who necessarily makes up his mind in advance and tries to persuade everybody else, so i think the only uncertainty that there is between now and then is how other members feel about the state of the economy, and i think he will be cautious because i think he is going to want to hear how those things play out. maria: so let's talk about state of the economy because that is what we are debating we just came off a quarter, that showed 3.1% growth, we've got unemployment at 51-year low how do you characterize

things 2 backdrop. >> well i think things look good. the reason i am slightly hesitant it does look like we are is getting close to the top, and obviously, indicator of that is actually labor market where i look first if you look at labor market we know there are a number of things going on first of all, job creation is still good, if you look at the numbers 171,000 over past three months, still well above when we need to keep up with population growth, but it is considerably down from where we were last year so it looks like we are getting closer to the peak being the employment rate is pretty much level, and the other thing that we look at is wage growth, wage growth is kind of right on target right now, what you expect for wage are getting when you are at the peak of an economy, is that wages grow as the rate of inflation plus rate of productivity, which is right about in low 3s about what we're seeing right now things look good but they look kind of like where stable at the top, the or thing i would say

maria is that if you look at other indicators good news best news is investment, so investment is still strong, i think we had 6% growth in the first quarter. that is very important. we are still above 3% that we need to kind of keep pace with with long-term growth rates, that is good. the -- to the extent that there are negatives it would be flattening in housing markets flattening in industrial production, again those are indicators that we're getting close to the top. maria: i mean the journal reported a couple months ago that capex it was up 20% and now only up 3%. >> right. maria: so you are saying you are talking about when you say investment? >> yeah, that is -- right, exactly. so if you -- when you say it was up, remember the reason it is up, is you are comparing it to the previous two years if you look at last couple years of the -- obama administration, i don't i mean to be political but during that period of time, capital

expenditure quite good. >> i agree it wasn't like president obama was most pro market president, although i will tell you know compared with what we are hearing right now he looks like margaret thatcher -- we do have some uncertainty going forward. in terms of politics of it. but, again, back to the numbers, if you just think about what we're seeing right now, the growth in investment is still very strong relative to where it has been 37 so that is still okay. and -- the best indicator you know is a told you before this is what i believe is best indicator of future growth is market if you look at s&p 500 change in s&p 500 over the past three or six months, it is indicating about 2% growth for the next four quarters you know 2% is not break out growth but not recession either. >> how contingent is this growth story on a deal with china? so we had tucson resume

yesterday trade representative lighthizer and treasury secretary mnuchin spoke with chinese counterparts on the phone yesterday both sides say trying to get negotiations on track u.s. is now allowing sales to go to chinese telecom giant huawei if no national security threat but look this has been slow moving we know the chinese reneged on all-important issues u.s. wanted in that deal do you think we will see a deal how contingent is u.s. growth on a deal. >> i do think we will see a deal. but i i also do out in suffer delusions of grandir on that either when you look at china ask how much does it mean to united states it is important, china is a huge economy second he were largest economy in the world, but if you ask how much do we exexport to china as proportion of our gdp it is less than 1% so suppose we would have doubled that that would be enormous he suppose we were to double that next

year you are talking about equivalent 4 months gdp for united states matters not trivial but not it is not going to just transform our economy when with people look at thing say trade with china is killing the economy i don't buy that i am not a fan of tariffs i don't like the antitrade policies in the first place. maria: right. >> but i don't think that that has had a terrell negative effect on our economy. >> people recognized national security threat as relates to china, and for so many years ceos just so interested in getting a foothold to sell to 1.4 billion people in china forgot to protect their own products we recognize that the chinese have stolen that intellectual property and are beginning to beat america at its own game we are going to continue following that i got to ask about this white house summit holding a social media summit tomorrow at the white house, big tech leaders not on the invite list many there about faced intent

consensusorship last month i spoke with president about plans for big technology listen to what he said i found it interesting i got to get your cake. >> how concerned are you that intelligent ask ask skoentz are sensureing conservatives right up to 2020 election. >> they make it very hard for people to join me on twitter they make it very much harder for me to get out the message, they make it -- it is incredible, yeah. maria: what are you going to do about it companions the enormous amount of power if they could even stop the president of the free world -- >> twitter is terrible what they do, they don't let you get the word i have had so many people come to me, sir, i can't join you on twitter i see what is happening one hundred percent. maria: would you rather see competition or do you want legacy coming down to twail -- >> you may need legacy legislation to create competition. >> what they did is that legal are they breaking the law mr. president. >> i don't know whether i tell you what, they should be sued.

>> they should be sued. many said after that we might sue them. we were talking about google in particular he said, legislation will lead to competition, where a do you think about this regulation on the horizon for big tech. >> well, i don't know if it is on the horizon i worry about regulation, you know i can think back a decade or even 15 years ago when we were worried about microsoft taking over the world, you know there is always a technology that we are worried about taking over the information space. and what we've seen in that field the good thing about that field is that because it is so dynamic you see knew things coming in all the time competition tends to be pretty strong even on its own. maria: yeah. in the tech area look there is plenty of competition, on the airwaves fox does has one take on things, if you watch cnn you are going to get a completely different take on

it, so, probably should not have said that on your -- >> you are right, because cnn has a defend tonight different take i want to end where we began federal reserve if fed cuts rates this year do they look less independently because of the president's prodding, taunting of jay powell. >> obviously, president trump is a bit more public in his criticism than other presidents have been this the past, this is not a new phenomenon nominee ask alan greenspan whether he suffered criticism from other presidents, will that he did -- will tell you that he did. >> the issue here is the fed has an important job, and its job is to maintain, low inflation rates, and to make sure that we have stable employment, that is their job. maria: yeah. >> i think that is is why most economists favor independently fed i think that i love to see

that continue. maria: ed great to see you thanks so much. >> thank you. >> coming up a new home for friends immediate streaming service hbo, first bigget. >> word cup parade in new york city celebrating the team's big win. we take you there live 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

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maria: technology media giants to season valley idaho for a big conference that will draw apple ceo tim cook to disney head bob iger, jackie deangelis on the ground with the very latest good morning to you. >> good morning to you maria that is right going to be the has a who of tech and also media coming together to have conversations about the industry, but they also talk about politics, sports philanthropy bike, hike here, sos this ulterior all eyes on sheer yee redstone arrived

yesterday everyone wondering if announcement about personallying between viacom and cbs, tadmissible and sprint merger waiting for regulatory approval a lot of eyes on dish is waiting to see if it scoops up assets to pathway forward for that deal to happen, so people are looking not only to try to grab a glimpse of sherry redstone but warren buffett spotted here yesterday sheryl sandberg, murdochs, ceo participant of fox business as well tim canoga jack dorsey name it not at social media summit tomorrow because they are all here, in idaho. this theme part of the conversation is about tech and media coming together how tech companies are sitting on a lot of cash potentially looking to acquire, and scoop up some of these media assets speaking of i want to give streaming news netflix has announced that friends will leave it

streaming service having a seat on warner media new service launching next spring, an idea how things are moving along, within this space maria. >> all right jackie great we will be watching your reporting all day thanks so much jackie deangelis idaho. >> markets waiting on fed chairman jane to released prepared testimony 11 minutes before testimony before house financial services committee we will bring comments as soon as these embargo is lifted 10 minutes. >> women in workforce speaking to a ceo worked with big names google general mills she will join us on set, stay with us. ♪ ♪ ♪ ♪

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start-up looking to relying parenting populate payments launching more than a million dollars seed funding founder, ceo sam great to have you on show. >> thanks i feel like this specific corner fin tech is the rage companies trying to get that consumer to get digital payments through them how are you going to compete. >> nobody using cash as payments grows interesting thing industry hasn't evolved as much as it should have on service side what we found is that all of the he merchants business owners desperately seeking transparency this industry functioning more like used car sales everyone charging a different rate, hidden fees we've got

transparency through sales force professional women formerly hn sidelines, top labor force of women maybe make up in skin care to friends, now selling financial services in their communities. >> how do you get comfortable with selling financial services it can be a daunting industry. >> we have we've only course we train women from across the country to sell in their zip code once skills it is all about relationship building, these are relationships most had dentist bookstore hair sal on those selling into community then become almost like payments mayor of that zip code come to the chamber of commerce meetings everyone knows them it is fun, to get to know all the business owners in your community you are helping at the same time making a lot of money. >> how did you find the process to be do i think there is a lot of money for these

type of finish tech start-ups. >> i do you have to be smart for us we focus on angel investors very suspected, we didn't want to raise money first round didn't know with if we need to raise next year what we did was we -- seasoned institutional -- sorry investors not uncle bob it was people have a lot of experiencing partially about not only make money but helping at the same time it was a really great process i would say that our conversion rate of people we talked to people who gave very high. and because it is really exciting to be part of a company doing really well good at the same time. >> i was going to say sometimes hard to get meetings with angel servers how did you make that happen pretty brief. >> focused on very adheres group of investors we wanted people of color we wanted more than half women, we got there so it is really just word of

mouth networking talk to go anyone you can talk to making sure people in the round believing in you in the mission, also care about investing in something that is going to do really well, and you know women have a greater return on investment in terms of investment money than men do, if you look at stock people realize investing in women is investing smart. >> i love it congrats thanks for joining us, coming up markets waiting on fed chairman jay powell to release prepared testimony moments from now, just ahead of the appearance before house financial services committee we will have embargoed comments after this break battle for the border new data to show dip in anprehensions last month. mm, uh, what do you do for fun? -not this. ♪ -oh, what am i into? mostly progressive's name your price tool. helps people find coverage options based on their budget.

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wednesday, july 10 your top stories right now just before

8:30 a.m. on the east coast, breaking news this morning, we are waiting on fed chairman jay powell prepared remarks out right now. as day one of two day testimony is about to get under way ahead of the testimony, futures right now pointing to a lower opening want to get right to edward lawrence the embargoed news. >> federal reserve chairman will tell the house financial services committee the economy remains solid, but 3.1% cbpgdp growth first quarter business sme. investment slowed second quarter kwa will tell committee since last fed meeting interceptor over trade and concerns about the slowing global economy weighs on u.s. economy that inflation pressures will look muted going forward, now the fed estimates that inflation is running about 1.5% for pce about 1.6% core pce he says the fed will carefully monitor inflation, and outside risk to the u.s. economy powell

morningsed specifically trade development federal debt ceiling he brexit has possible issues that need to be resolved to fix uncertainty in this market many acknowledge several members fomc case for more accommodative monetary policy forward testimony focuses on inflation crosscurrents in the economy you can being see walking a line in testimony where there is the case, to keep the rates, exactly where it is also a case to see that the rate could be cut, the federal reserve chairman is clearly walking that line maneuvering very divided federal reserve. maria: edward we are parsing through comments downside sainz may meeting crosscurrents remerged greater uncertainty so crosscurrents talking about slowing global economy and uncertainties over trade, let's take a look at markets here see if we we got a turn around had negative performance before embargoed

comments looking at futures pointing to a gain in the market dow industrials up 14, s&p up 3, nasdaq up 20 quick dagen mcdowell take on comments that were embargoed until now. >> touches on jay powell does what we have been talking about on this program worry spots in the u.s. economy would be housing investment declining in the first quarter, and decreasing second quarter also manufacturing out pickup truck, declining in first quarter and decreasing again in second quarter those are have two with worrisome spots in u.s. economy looks like he is again, laying the groundwork for a rate cut ma thaib mot in month of july there are enough bright spots in this economy for the fed to watch and wait. maria: he says consumer spending running at a solid pace you are right housing manufacturing two weak spots and uncertainty around trade, markets have turned around we are looking at positive performance get to gerri willis floor of new york stock exchange right now reaction there, gerri. >> hey maria that is right these guys down here see this

as a positive you can tell by looking at futures right this very minute, we were negative as much as 58 points in break before news came out, now we are up 15 points, look. people here don't expect the federal reserve chairman to draw a line is between today and what he is going to do on 31st but almost did remember the last meeting he said ounce of prevention worth pound of cure looks headed that direction what traishdz were telling me one of the things interested in seeing him sigh, is talking about the yield curve version fixing that would mean rate cut, defending independence idea doesn't matter what he says there could be overreaction to anything he does say. as you can see, the takeaway right now is ultimately positive, the markets are saying this seems a statement that globe economy is weakening, therefore more likely to do a rate cut back

to you gerri thanks so much i thought interesting that he starts his commentary by thanking the congress i highlighting independence of federal reserve thanking congress for independence, a lot to go through obviously, this has impacted market i want to turn to the battle at border also looking at economy, apprehensions are down 28% last month according to department homeland security after mexican government agreed to step up immigration enforcement in effort to avoid heightened tariffs earlier in the program i spoke with vice president mike pence chief of staff marc short about declininging apprehensions. >> watch. >> more from mexico in last month congressional democrats in 10 years trying to secure border 28% decline is really about tributed to mexico, we have so many challenges in laws, where one of the things that the vice president and secretary pompeo helped negotiate last month with mexico, is is remaining mexico

col may not know other than mexican rule that says if you are not from the mexico we can't return you back we have to keep you here in the united states go through adjudication process. maria: important point he made joining me house minority win louisiana congressman steve scalise always a pleasure to see you thanks for joining me. >> morning good to be with you before apprehensions i got to get your take on economy ahead of congressional interview with jay powell we have embargoed comments he says current expansion in 11th year says housing investment declined first quarter decreased again second quarter manufacturing output declined first quarter, decreased again second quarter how worried about headwinds in the economy right now. >> you know i think you are seeing two different things happen, just last week you saw over 240,000 new jobs created, so there is still good signs i do think we need to get beyond these trade talks, wars, get rid of the tariffs but ultimately get to better agreements for america it

needs to start maria as you know with usmca there is no reason why that hasn't come to floor passed speaker pelosi needs to schedule that for a vote with will help create more jobs remove uncertainty let us focus attention on china not just america but all friends warn the world want us to take on china because they to me we are the only ones who can if we do that, if we get that resolved, get beyond trade issues that are hanging a cloud over our economy, i think the best is yet to come. maria: really important point that you make in fact the chairman of the fed said that he sees these cross currents first time used that word crosscurrents as trade tensions concerns about global growth, that has been weighing on economic activity on outlook according to powell will say this when he testifies to financial services committee coming up in m a kep of hours on an

reasonions, i met with secretary homeland security a few days ago to talk about prices what he needs from congress congress frs doing, starting to get relief but he made the point to say, that when mexico finally engaged president trump, hung tariffs over their head they said we will help with the crisis, they put thousands of their own agents at their southern border it had over 20% drop in people coming across the mexican southern borrowed illegally we still have too high a number coming over right now the big thing even mix officials us there this the broken asylum laws in america a magnet telling people to come here illegally they know they can read from a script, many, by the way, have turned downs asylum in mexico how can you ave credible claim for asylum when you turned it down from another country you came through coming in droves 3,000, 4 thoun illegally abusing young kids bringing them over they know a ticket

in they get a certificate literally to be a here at least five years before court date, and with secretary told me over 75% of those people don't show up for the court date five years later, this is a broken system needs to be fixed takes congressional action you need to change the law, president trump, hasized that he wants to so many of we need to get it solved quickly. >> what i was going to say isn't onus on you and colleagues you've got to may go changes in the congress in terms of these asylum standards. >> absolutely the president pushed envelope as far as he can done things by executive action had a positive impact he worked with mexico, and got mexico to help engage, had a positive impact, but it still, when jeh johnson president obama's homeland security secretary is saying how bad today at border that tells you how bad it is yet pelosi doesn't want to address the problem wants it as a political issue, so she won't bring any bill to the floor, to solve this problem, but look, i think people are fed up with this looking at it

watching, every democrat on presidential stage, saying they want free taxpayer benches free health care for people here illegally seniors waying more waiting in longer lines people p preexisting conditions facing deductible they want to give it will away illegally. >> the question was do you does your governing include giving health care to iells, they said yesterday. >> your spec the vote in the fall or not happening this year. >> i think definitely possible that happens would i like to see that happen, we will be, willing to work i've got a whip team in place specifically for us usmca. >> revenue brady and up met with teams ready to help deliver lion's share of votes but a big win for the country

not just republican win, democrats win unions win america better off with usmca than current law, current nafta we've got to get it done create more jobs in our economy you. maria: one of the issues with nafta was wages, you know companies would put their production in mexico, and pay a fraction of what they had to pay in america, let me ask you about the minimum wage wage bralt dovetails data from cbo says it examined the house democrats man for 15 dollar minimum wage mandate would limit 1.3 million jobs in the united states, explain that to us congressman. >> yeah, maria even gets worse than that speaker pelosi with a nts to bring this bill to the floor, that would -- eviscerate mills of jobs we have seen in cbo report as many as 3.7 million job in america would go away the entire state of oklahoma that is how massive their job loss would be, they don't address

it at all not concerned about that. they recognize that it is a real problem for them they might have trouble bringing that bill to the floor so many democrats are afraid to vote for a bill that will eliminate millions of jobs in that same report cbo talks about how it will push millions more millions more americans below poverty line they will literally create more families in poverty in america, with that bill, and we've got wage growth growing right now without that bill, because there is a shortage of workers augusts know, millions of openings for jobs good-paying jobs, with really good wages that are growing, why would they want to bring a bill that is going to not only destroy job growth but literally to evisceration 3.7 million jobs entire state of oklahoma. >> that is incredible, 3.7 million jobs, that is obviously, so much worse than about what we even thought, so congressman what is your answer, to the skeptics say we have income inequality problem. >> look what is happening in

the economy we are seeing the lowest unemployment amongst african americans monday mornings hispanics in history of company seeing wage growths go up, maria and it has been stagnant over 8 years under obama 8 years every quarter, less than 2% growth now finally seeing growth high wages go up get more of that let's have more wage growths, not less. why would you want to eliminate that, look at this, in the last few years we have bean women-owned small business increase by 50%. why would you want to bring policies that are going to destroy that? that are going to undermine that so i think this shows the country, the big defy between republicans and democrats in washington, most nats in america don't want to see wages evaporate they don't want some of the things the democrats are proposing like green new deal, and medicare for all limgz the entire private sector market with free insurance, for people here illegally, again, shows you the booi divide a disconnec between nancy pelosi and

middle america. >> a disconnect between nancy pelosi and alexandria ocasio-cortez a disconnect within the party. >> ashould a i am -- ashame to see. >> we had one of the women on show you are right lots of job creation we will talk more about that. >> thank you. >> steve scalise. >> d.c.. >> world cup in being new york city celebrating a big win stuart varney weighs in next then we take you there live, check out all the action, first we've got a special update from the tennis channel. >> welcome back to another tennis channel court report i am cani wimbledon saw woemz quarterfinals in action former world number one moved on, strycová first to reach grand! story serena williams, in first match of the day serena defeated fellow american in a

title he contested three met saturate, serena admitted this one wasn't easy. >> i just needed to fight, allison was played so great throughout whole tournament beaten so many amazing players -- players had great years not giving it to me i needed to step up take it, and that is what i had to do. >> serena's work not done came back out to center court for mixed doubled with andy murray winning in straight sets, don't forget catch coverage of the mens quarterfinals wednesday on tennis channel 4 pm eastern. >>

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maria: parch politics in the way of a great american win joining me right now to host "varney & company" stuart varney to weigh in big parade today. >> i will be cheering them on believe me i think they are a great team they played brilliant soccer, best in the world case closed, i just hate to see politics intruding here. you know i really don't like it when the captain of the american team says no she is not going to the fening white house on appearance on cnn basically telled world yes love to go meet aoc speaker pelosi, and love to see mr. schumer but no will not go to the white house, because she deteshs president trump i

want to watch soccer don't want in back of mind what is going on with politics here, frankly i think the democrats have grabbedhold of the world cup now running it as a sideshow. to back up their policies. >> i don't like that at all imz i just don't like. >> it it is very sad i agree with you, by the way, did president invite them yet. >> i don't believe he has. >> he she says not going nay. >> not going anyway. >> i know what about the rest of the team does she speak for everybody? >> that is a good point that is a good point, because remember there was that other player who made sure that the flag wasn't stepped on picked up flag american flag after rapinoe threw it aside. >> yeah, yeah, divisive should not be dividing you want to unite in support of a brilliant team come on. maria: i know that you are right, thanks so much, we will see you more in 10 minutes

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>> welcome back hooray for team usa a big world cup victory in new york city with a ticker-tape parade throughout lower manhattan kristina partsinevelos in new york city good morning. >> good morning what a perfect day for a parade, the sun is shining we are just north of battery park the parade will start 9:30 eastern we run up battery park to city hall along canyon of heroes, 20 6

parades along the cathcelebrating victories what you are seeing is start of parade starts 9:30, there are some motorcyclists over there, female moktorcyclists making her story we know a lot of people lined up according to the city as of monday people that public was able to get passes taken within seconds people excited another man told me came from las vegas to celebrate the fourth win world cup win for u.s. women's national team since the 1991 ticker-tape parade viewers will probably noticed used back in the day for stocks, today expect confetti absolutely everywhere people can throw it on to the crowds, we are going to be here bringing you the information, having going to be, a scrum soon with mayor perhaps discussing equal pay perhaps discussing just the situation political situation but, overall, the people so far are

excited to celebrate, their national u.s. women's team we are bringing all information as of 9:30 eastern time back to you. maria: awesome looks great thanks so much we will check back with you throughout the day kristina partsinevelos, in new york still ahead futures rebounding, now up, in the triple digits on fed chairman jay powell comments that we brought you 30 minutes ago, we got final thoughts in all-star people when we come right back you do up 111 points. stay with us. ♪ note ♪ apply that same speed to the ford hurry up and save sales event. for the first time ever get 20% estimated savings on select ford models, plus earn complimentary maintenance through fordpass rewards. it all adds up. don't you love math? so get here asap because tasty deals and summer go fast. get in or lose out on 20% estimated savings on select ford models, plus earn complimentary maintenance through

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maria: welcome back. 30 minutes away from the opening bell. futures now up 100 points on fed chairman jay powell's prepared testimony. we brought you the embargoed comments earlier at 8:30. let's go through them to see what's moving this market. you have a favorite in here? >> yeah, in the last paragraph it says fed chairman acknowledges that some fomc members quote, saw that the case for a somewhat more

accommodative monetary policy has strengthened, end quote. i think that's one of the lines the market is hanging its hat on. if you look backwards, the fomc members were 50/50 on whether or not to cut so this may be perceived that it's tilted and -- maria: people are reading this as we are going to get a cut. >> yes, i absolutely think that. what stuck out to me, he says government policy issues have yet to be resolved, including trade developments, federal debt ceiling and brexit, meaning that fed cuts aren't necessarily going to save us from these policy issues that need to be resolved. maria: he's obviously listening to dagen. you pointed out housing is a weak spot. >> continues to weaken in the second quarter. again, i don't get it. how does a quarter or half point cut by the federal reserve really rescue us from all of these problems, particularly the weakness overseas? maria: it's trade, though. i like the fact he brings in cross-currents have emerged. that's the trade uncertainty.

>> that's robust. maria: patience. >> as a voter, sometimes cross-currents push you in the right direction also. maria: looks like it's pushing the right direction today. market is up 100 points. have a great day, everybody. that does it for us. "varney & company" begins right now. stuart, take it away. stuart: good morning, maria. good morning, everyone. the democrats stake out positions that move the party further and further to the left. okay. we are going to deal with the fed and the market in a moment but some of the things the socialists are now pushing for, just take your breath away. for example, aoc now says she wants to get rid of the department of homeland security because it runs immigration policy. can you imagine? open borders and no deportations of illegals. try this one. joe biden wants to cut the prison population by more than 50%. that's what he told an interviewer in south carolina. that's radical stuff. the socialists will be front and