tv Mornings With Maria Bartiromo FOX Business July 15, 2022 6:00am-9:00am EDT
one bank for now. for later. for life. chase. make more of what's yours. larry: this trillion dollar iran nuclear deal with no inspections mind you is a national catastrophe, travesty . maria: good friday morning, everyone. thank you very much for joining us. i'm maria bartiromo, friday jul. on the east coast. today retail sales send another view of slowing economy. stocks are slightly higher ahead of june retail sales this morning as well as more major bank earnings on tap giving us another look at how slow the economy has done and whether or not we are in recession right now. dow industrials up 72, s&p 50 up 6 and nasdaq higher by 16 and a
half. the june retail sales number out at 8:30 a.m. eastern expected to be up eight tenths of a percent. month over month, we will have the numbers as soon as they hit the tape. we will take a look at the earnings coming up after a bunch closed lower yesterday when jp morgan reported lower than expected earnings. today we await earnings from citi, wells fargo, blackrock and whole cost of others. nasdaq actually traded by the close by 3 points and s&p 500 finished down 11 and a half, again, a pretty good rally at the end of the day to take stocks well off of the lows of the day. although questions persist that who is actually advising president biden on financial policy, his staff lacking business experience and pushing a costly climate change agenda that has soaked inflation and sent prices higher.
prices are pulling back below $100 a barrel as president biden travels to saudi arabia. the world's largest exporter of oil to try to convince the saudis to put more oil on the market to get gasoline even lower. we will have the latest on the president's trip coming up. gasoline prices meanwhile are continuing to fall from the highs of the year, triple a reporting national average today of 4.57 a gallon. checking markets overseas, markets in asia overnight were mixed as china recorded the weakest growth rate in more than two years. the shanghai composite down one and two-thirds percent, the hang seng in hong kong better than 2%. european markets are higher. take a look at the euro zone right now as we watch wall street also bounce. ftse 100 up 39, cac up 15 and dax index higher by 155 with the italian president rejecting the prime minister's resignation.
mornings with maria is live right now. ♪ ♪ joe manchin dealing a crushing blow to president biden's agenda and democrats ahead of midterm elections. the west virginia democrat telling majority leader chuck schumer that he will not support a spending package with climate provisions or new tax increases on companies or wealthy individuals. it comes as the nation faces 13 straight months of surging inflation as democrats are still trying to get through a reconciliation package which includes higher taxes and trillions in more spending. manchin's office released a statement saying in part, it's time for leaders to put political agendas aside, reevaluate and adjust economic
realities the country faces to avoid taking steps that add fuel to the inflation fire. joining the conversation all morning long this morning is fox business dagen mcdowell, ken hahoney, great to see everybody this morning, thanks for being here. dagen, you to give it to joe manchin. he's sticking to his guns even as chuck schumer pushes and pushes and i will point out that the deadline to get a reconciliation package is approaching and they can't do much after september 30th so chuck schumer wants something done before september 30th. joe manchin is not having it with inflation in 40 year highs. dagen: they don't see it as a problem for the american people. as the wall street journal pointed out the other day, americans are suffering the largest reduction in real wages
since the 1970's and thankfully there is some realism and even financial wisdom in washington which you see in the form of joe manchin saying we are not spending another dime making inflation worse and we are not going to raise taxes not even on corporations because that will hit the supply side at a time because of the fed reserve we are going into a recession if we are not already in one. and i love the headline on "the new york times" website about this, manchin rejects climate and tax talks, a crushing blow to biden's agenda. keep talking about the crushing blow after blow to the american way of life because of this fiscal policy and because of this monetary policy. maria: yeah, and why should anybody be surprised? i mean, look, what has happened
in the last year with inflation going 1.4% to now 9.1%. ken, as if they're not listening at all to even think about pushing further spending and higher taxes. we are about to get another potentially 1-point rate hike making our borrowing that much more that expensive. higher borrowing costs, higher food and higher inflation and now chuck schumer and the democrats want to raise taxes. >> nice. the only adult in the room, seriously. washington, d.c. will be a state right now. nine for justices in the supreme court, kill the filibuster, pass the capitalist rate and spontaneously combust the economy and the spending program, aren't going directly to it was targeted. it was going to favorite cities and favorite mayors and thank
god for manchin, only adult in the room that prevented things that are not recognizable if not for him. dagen: hey, maria, can i add one quick thing. dagen: i want to apologize to the viewers because i know whenever i talk about this even at 6:05 in the morning, it looks like i've been shout-out of a cannon but makes me angry it's been brought on the american people because this dangerous inflation was completely avoidable. i just wanted to apologize. i fully acknowledge that i'm like losing my head a little bit but i think everybody is. maria: no, no. i don't think so, dagen. i think viewers appreciate your honesty. that's what i always hear and see on twitter and on truth social. people appreciate the fact that you keep it real and tell us if
it's not true, viewers, i'm pretty sure they want to hear as it is, dagen. so i appreciate you and i am grateful because, look, everything that you're saying is spot-on. we have been talking about this for a year and a half and unfortunately, you know, this administration and the democrat party wants to get their agenda through no matter what and it's a whole government approach whether it's the sec, new rules on corporations or the leadership trying to raise your taxes. it's incredible that they are continuing this. dagen: back at you. >> no stop. [laughter] maria: i love that cannon coming at me. let me say that tributes are pouring in this morning for ivana, the czech american businesswoman and ex-wife of president trump passed away. president trump announced death on truth social with glowing
tribute with the mother of his 3 oldest children saying she was a wonderful, beautiful amazing woman that led inspirational life, her pride and joy were her three children. she was so proud of them as we were all so proud of her. her 3 children donald, jr., ivanka and eric all released a statement saying in part, our mother was an incredible woman. force in business, a world-class athlete, radiant beauty and caring mother and friend. ivana trump was 73 year's old.
maria: welcome back, the earnings are streaming out, blackrock just reported a double miss on second quarter numbers this morning, take a look at the stock, down one and two-thirds percent as we look ahead of wells fargo and citigroup reporting before the opening bell and we will have numbers for you. we will let you know if it
affects markets. looks like we are looking at a firmer tone this morning despite jp morgan and morgan stanley reporting double misses yesterday and sending both stocks down. joining me right now macro cofounder and president julian bridgen. we are smack down in the middle of second-quarter earnings and looking ahead of another big week next week, how would you assess what you have seen so far and what do you expect in the second-reporting season? >> so i think obviously we have seen a series of disappointments and this is something that we talked about when we were last on your show. this is a really important make or break quarter whether we can see companies been able to push price increases through into a robust economy are starting to see some of the effects of the fed tightening and to weaken the economy and that start to weigh on earnings and ability to push those price increases through. so i think we've got a long way to go. i really want to see some of the
more consumer faces sort of companies in the next couple of weeks but i think this is a really, really cautious time in market. if you can hold it, great. pretty encouraging after horrible cpi and inflation data but i think this is a very critical quarter. maria: yeah, it's critical especially after all of the negativity going into the reporting season or remember jp morgan or ceo and looking for economic hurricane and he did continue to say that on the call yesterday although he backed away from the real severe expectations of a slowdown, but look, jillian, we are getting sales out this morning and putting money aside for potential future losses. what does that tell you about the macro story right now? how does it look to you?
>> there's no question we are slowing and possibly quite dramatically, maria. i don't think as things stand at the moment that we have a recession. it would be extraordinary unusual to have p mi still sort of above 50 and be in a recession but those risks are definitively rising. there's absolutely no question. the good news is that we have a little bit of a probably topping out of the inflation story. i think we may -- it may be possible that yesterday's numbers were the highest in some respects, not call but headline and i think the problem it's not going to back away, the inflation story, and we are already starting to see companies start to slow down in the labor market and as we all know it really doesn't take that much on that side for the ball to start rolling and once it
start rolling, you don't really stop it, maria. maria: yeah, that's what the fed wants, the federal reserve wants to slow brakes so now the market is betting increasingly on a full point hike when the fed meets in july 27th, that's in two weeks time. do you expect one point from the fed and what's priced in at this point. i would expect 75 basis points, i get that, but now we are talking about a full point. is that going to send markets lower? >> now, i think you are absolutely right, maria. it was pretty clear yesterday from governor that they want to contain the message themselves over the pace. i think we get 75. i think it's what comes with that. i think the rally yesterday which you can look exactly at the time when the market started to come on the become of two fed comments that the idea that it's a fed that's backing away and
becoming more doveish and less hawkish i think is ridiculous and this is a fed that's locked in the policy and what's to see the labor market between excess demand that they see and the supply for whatever reason that's not coming back and at the same time see this inflation and the key thing right now is earnings and how we ambulance out this initial weakness that we are starting to see the economy, companies to push through price increases where the price increases are pretty robust. maria: one of the reasons that we did have some buying yestery was the comments from fed governors, federal reserve governor christopher waller he's expecting 75-basis point hike and if retail sales are coming hotter than expected, he is
expecting to go higher. all we have been hearing is that the consumer is strong, jillian, and even though they may have been cutting into savings to pay for this inflationary situations out there, we continue to see a strong consumer. is that what we are going to see from the retail sales number today and how are you allocating capital right now in the face of all of this? >> i think you will see sort of okay retail sales in part because it is an inflation and it does include inflation and i'm very concerned about that, indeed. that shows signs on having to stop on a dime and in terms of allocation capital i for the first time started to allocate capital to bond markets. i think it's questionable how many rate hikes the fed is going to start to actually being able to deliver before we go that recession situation where i say
the odds are we are not in it yet but we are growing and i'm still sort of playing around, nibbling a little bit here because the stocks have come down a lot but i won't commit any money to the markets, maria, until i see what happens in earnings. it's an interesting point and we could get a solid bounce if the numbers are okay. maybe we can punt the problems into the third quarter and we will be looking at september, october, but am i really bullish in market? no. maria: not at a time when things are slowing down so much as they are. >> correct. maria: julian, great to see you, thanks very much and we will talk soon, have a good weekend. julian brigdon this morning. that is because of an activist investor, elliot management reportedly acquiring a stake of over 9% in the company making management firm pinterest
largest investor. we know what happens now, pinterest reported full year profit last february despite being down nearly 50% this year. we will see if this ends up in in and out takeover. quick break, president biden's advisers telling americans we have made progress on the economy despite prices going up on everything. and then the tables have turned on aoc after being hackled on the capitol steps and why are some are pointing out the hypocrisy. it's the hot-topic buzz, coming up. stay with us. ♪ ♪ ♪
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progress the administration has made on the economy as americans suffer from 40-year high inflation. joining me right now texas congressman pat, he's a member of the oversight and reform armed services committee and air force veteran. congressman, great to have you on the program this morning. thank you very much for being here. >> good morning, maria, thanks for having me on, appreciate it. maria: so what would you say is progress from this administration's agenda so far? >> it's a progress in the wrong direction and that was just a bunch of word and i continue believe what i heard off of that clip. as you mentioned inflation at 40-year high, 9.1% and what's scarier, maria, inflation was up which -- the average american family is going to lose $5,000 of purchasing power, real wages are down as well so, yeah, it's
been horrendous economic record for joe biden and to sit there and try to spin it, that's -- that's pretty interesting. maria: well, it's actually been an extraordinary year and a half. i mean, from one policy to the next, you're seeing failure whether it'd be economic policy, foreign policy, the botched withdrawal from afghanistan and, of course, then there's the wide-open border which there's actually no acknowledgment congressman. you've introduced the bill that would force the federal government to reimburse texas for the money spent securing the border. tell me about that and how much money do you think that is? i believe the operation lone star was a 3 billion-dollar program. what kind of money are you looking at in terms of reimbursing texas? >> well, national -- we know that border security is ultimately it's the federal government's responsibility, governor abbott in texas launched operation lone star in
march of last year and our legislation aims to have the federal government reimburse texas $1.4 billion because texas is bearing the brunt, we share border with mexico and what joe biden's policies have done have made every state a border state. maria, the worst month we have had with border crossings was in april with 234,000, that's 1200 and 58% higher than it was the last april that president trump was in office and then it was only to be eclipsed by the latest data that we had in may which was almost 240,000 illegal crossings, so it's ten times worse and that is -- that has to be layed in the feet of joe biden. maria: are they making a bet that all of these people, up 930%, that doesn't include the got-aways, people in the country and caught on surveillance camera but they got away.
do they just make the assumption that all of these new people in america are going to vote democrat? i mean, what's the point here? >> you know, it's left turn after left turn to appease their far -- the far-left base. 2.6 million people have crossed the border illegally under joe biden's watch. 700,000 got aways, known got away, 3.6 billion, more than 22 in the united states. the bet is that the descendants of these people will break democratic but what we have seen in texas along the southern border, 85, 90% hispanic americans that live there and they are leaving the democratic party in drove. mayra flores election, and ryan gee, 18-year rep. republican nominee, we are going to do very well along the border because those folks are at the tip of the sworder of an open border, porous border,
they are sick of chaos, cartels and the corruption and the crime. maria: i mean, we have been documenting crimes that were committed by certain illegal migrants who have come in. we've been documenting at least 50 people that were apprehend who had were actually on the terrorist list. i mean, it's actually extraordinary what's going on here meanwhile the house passed the annual defense bill and that includes pay raise for troops thank god including inflation bonus for some. congressman, was this enough and what do you make of the defense bill now initially joe biden wanted it much lower but, i mean, we've got incredible extraordinary issues around the world with our adversaries rising on the march. >> it's amazing, maria, sitting on the armed services committee, passing the defense authorization act and both times joe biden want today essentially cut military, he wasn't accounting for inflation whereas china was rearming and they are
spending 7% last year alone and even higher this year. 850 billion-dollar package, it restores trump-level spending is what president trump wanted, reverses that you had mentioned joe biden's defense cut and modernizing, critically modernizes our military and nuclear arsenal as well conventionally along the lines and we have to keep up with china and the threat. maria: so you're happy with the end result then? >> yes. yes and considering the republicans are in the minority, this is by far the best product we could have expected. maria: all right, congressman, good to see you this morning, thank you very much, sir. and thank you for your sir. >> thanks, maria. >> congressman joining us. president biden touching down in saudi arabia to ask the country's leadership for more oil on the market. we are taking you live to jeta when we come back.
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watch this. save up to 25% when you bundle home and auto. call a local agent or 1-888-allstate for a quote today. maria: welcome back, president biden's middle east trip continues today. he's going to meet with the crown prince of saudi arabia mohammad bin salman. >> president biden is speaking in the west bank committing in two-state commitment. later on he will travel to jeda, first u.s. president to do the flight from israel and first trip to the middle east as commander in chief. currently again president biden is meeting with mohamed who just
spoke and biden will visit the church before arriving to saudi arabia where he will meet with prince with mohammad bin salman because the u.s. claims mbs approved killing of jamal khashoggi u.s. resident and fiancee spoke out ahead of presidential meeting accusing biden of embracing dictators. now the meeting in and of itself is drastically different from the tune that we have heard from biden in the past who previously refused to speak with the leader. >> it's heartbreaking and
disappointing thing. >> back home biden faced harsh backlash that he's backing down from pledge to prioritize human rights and the white house in contrast argues that this is a two-day stop in jeta as crucial step to improve u.s. relationship with riyad and it's of u.s. interest without trying to overlook human rights abuses. again, president biden will touchdown in saudi arabia in just a couple of hours time, maria. maria: all right, alex, thanks very much. we will be watching your reporting and the president's arrival. alex hogan in jeta. joining me to talk about two-star marine corps general. general arnold panero is here.
i want to get your reaction to the president's middle east trip so far and what do you think comes out of this trip with the saudis? >> well, maria, on a lighter note i want to thank you for inspirational segment of your italian heritage. like yours both sets of my grandparents came from italy in 1900s and they were restaurateurs but they claimed to make the world's best meatball. we call her pop sergeant and she only spoke italian but you know her if you crossed her up and she started and you were not going to get any of the great meatballs. thank you so much for that. maria: my god, i love that story. i bet we had very similar upbringings in our italian heritage because when our ancestors came over from italy they had very strict ideas and
they were pretty much married to the values of that italian upbringing. >> absolutely. i've benefited it from it and my youngest grandson now year and a half his favorite male is spaghetti and meatballs so he's growing up in the right way. >> i love the the meatball story, oh, boy, i'm glad that you caught that segment. thank you so much. i want to thank ancestry for doing such a great job and coming up with the background of my family because, look, at the end of the day we are all immigrants, right, we -- >> right. maria: our ancestors came to america searching for opportunity and that's the reason we go back to talk about policy, to talk about cherishing the values of america and that is freedom and liberty. >> amen. and that's why this trip to middle east that you have brought up is so important because we need to restore and repair these important relationships in the middle east
with israel, with palestine, particularly with saudi arabia. he will also be meeting with the gulf states where we need to put together nato tight coordination council and a lot of our interest. we also have to understand that we have to look at the long market history and we are not always going to be in agreement with some of the countries we have to work with. if you take saudi arabia, for example, one of the reasons that we did so well in the early stages of the gulf war is during the reagan administration we gave the saudis airborne command and control and we trained with them for years and that was that ability for our aircraft to basically with precision take out so much of the iraqi forces early on. think about other countries, france, from years during the cold war were not a member of the nato integrated military command but in the revolutionary war france hadn't been fought with us side by side we might
not have done as well. we have to take things in stride. in terms of what we want to achieve, you want to keep the peace treaty and stabilization in yemen. you want to counteriran, saudi is leader of arab world. they hate iran and irans hate saudis. our interest coincides there. they are the only country that have excess capacity for oil. we certainly in the u.s. should be a major independent exporter of oil. we aren't right now but we could be so there are -- and build on the abraham accord. there's a lot positive that could be accomplished during this very important trip. maria: well, i'm glad that you mentioned iran, general, because now the word is that a deal is all but done for the united states to get back into the iran deal and that's one of the reasons that the saudis didn't even take president biden's phone call several months ago and this president has stopped short. yesterday he stopped short that
he would bring up jamal khashoggi. the whole storyline has changed with oil prices have gotten all the way up to 120. he wants the saudis to pick up the job on putting more oil on the market so that he doesn't have to go to american producers and go against the progressive's climate change agenda. >> well, maria, unfortunately train has left station. we ought to pay attention to lieutenant general jim clapper, former director of national intelligence during obama administration and it's not realistic and practical now. we need to figure out working with saudis and working with israel and other states at risk to figure out frankly keep iran from getting a nuclear weapon. they are one of the few countries frankly that would use a nuclear weapon and i think we
deter russia and china but this is a very worrisome thing but inking a new deal. it's not going to happen. we have to basically -- iran need to understands that we are not going to permit them to get a nuclear weapon and you're correct on oil, we've got to stabilize the oil prices and -- and continue to push in that area. saudi oil is very important to our european allies and we are trying to get them to reduce their dependence on oil and gas from russia which they continue to still buy and put money in putin's war. maria: using the revenue to continue to create death and destruction in ukraine. we will keep following that and we will see if anything comes out of this meeting. general, it's been a pleasure talking to you today. before you go, let me ask you, grandma branero's meatballs, did
she put bread crumbs? >> she claimed her recipe was top secret. i'm pretty sure yes, she did there were bread crumbs in the meatballs. maria: that makes a big difference. general, great to see you, great conversation. >> any time, thank you. maria: general or who would panero this morning. aoc calls capitol hill heckler as social media calls her out. don't miss ask maria the street edition where we take to the streets to get viewer questions, wait till you hear what they want to know, we have questions your way. you are watching mornings with maria live on fox business. we will be right back.
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maria: welcome back, we have breaking news right now. wells fargo earnings have hit the tape, they are below expectations, the company reported earnings for the quarter of 73 cents -- 74 cents a share, rather, that's below the estimate of 80 cents a share. revenue coming at $17.03 billion, below the estimated 17 and a half billion. wells fargo shares are down better than 3% right now on this earnings miss for the second quarter.
again, wells reporting with 74 cents a share below estimate of 80 cents a share on revenue of 17 billion, below the estimate of 17.5 billion. stock down 3% on wells. it is time for hot-topic buzz and boy have the tables turned on congressman alexandria ocasio-cortez, aoc is now complaining on twitter that she was heckled, yeah, she was heckled on the steps of the capitol this week and tweeted this, it's just a bummer to work in an institution that openly allowed this but talking about it only inviting more, just really sad she writes. but just last week aoc was mocking supreme court justice brett kavanaugh for leaving a dc restaurant after protestors forced him to leave, dagen mcdowell, and then they followed him home and there was no comment from aoc as we watched our supreme court justices who are conservative get mocked and
harassed. dagen: right, this is shortly after brett kavanaugh was the target of assassination plot worth noting as well. i'm going to quote lydia soprano when it comes to a oc, poor you. i will call this willful and blindness but it's not willful. she doesn't understand now she sounds. this isn't intentional blindness and deafness to what's going on around the world and across the country. it's just that it's about self-involvement and it is just about ego and ego centric congresswoman who really can't see beyond her own mirror that she clearly stares into quite a bit during the day. maria: does she not recognize
ken mahoney how hypocritical this is? i mean, all of these supreme court justices have been harassed and now she gets heckled on the steps and she says it's so sad. >> she's a walking double standard and as dagen said, kavanaugh, that was pretty serious. someone on his property looking to kill him with a gun. reminds you aoc, there's pictures on twitter kind of surfacing of her on the border and showing grief a couple of years ago and hearing all the border crossings and aoc is nowhere to be found. we are not stupid. that's why this double standard is very obvious and she should just go away at this point. maria: yeah. well, markets are bouncing this morning. we will slip in a short break and come back with more earnings. we are waiting on citigroup earnings, we will have those as soon as they hit the tape with
maria: welcome back. rewarded for shopping, lolly is the first rewards application where users can earn bitcoin bishoping. joining me is the ceo and co-founder, alex adleman. congrats on the company. the company sees bitcoin as a global alternative currency. tell us how you see this playing out they the future.
you've got the recent crash in crypto, has anything changed? >> no. it's like people realize there's only 21 million bitcoin and with p inflation at 9.1%, people are looking for a hedge on that inflation. so a lot of people, myself included, believe bitcoin is a great hedge during this time and during most likely upcoming recession, people are looking to save money now more than ever and we've created the best rewards platform in the world. maria: alex, i don't understand. why is bitcoin a hedge? i mean, why would i look at bitcoin to hedge me against sky high inflation? how does that happen. >> if you're zooming in, bitcoin has clearly taken a bit of a dip but if you zoom out, bitcoin's the best performing asset of the last 10 years, the fundamentals haven't changed. for 13 years it's done exactly what it's meant to do. since we launched, bitcoin is up 5x. so our users have very happy.
if you earned 10% back on purchases, that's effectively 50% back over the last four years since we launched. maria: ken ma hone is with us this morning. ken, jump in. >> year-to-date, we have hyper inflation, 9.1% cpi, p. ppi was up also. i don't see the hedge correlation. you're coming in basically i would say bitcoin's down 30% year-to-date, inflation's rising, i'm also told that bitcoin's great transferring money. you've got other providers. so i'm just trying to get my head around where is this thisinflation hedge because if that's the case we would have seen it this year. >> fundamentals haven't bitcoin's only asset that 4.5 billion people with internet connection with move around the world and so i think the world
is still trying to figure out what that price actually is but two years ago bitcoin was about 5 to 8k. so i think we're seeing the price correction occur and people are trying to figure out what's going to happen during an upcoming recession. bitcoin has made in the last recession and so this is what it was made for so it's a moment of truth for bitcoin and we'll see what happens with it but so far our users are shopping twice as much as they were before this last dip so people are -- they say stacking the dip to earn more bitcoin considering there's only 21 million of these. maria: well, maybe, but it's certainly but a pressured time for the industry. you've got bankruptcies. dagen mcdowell, jump in here. just yesterday we learned that celsius filed for chapter 11 bankruptcy row techs, right,
taking -- protection, right, dagen. jump in here dagen. >> alex, you're mentioning the bright spot if you will of the run-up in crypto and bitcoin over what did you coast, the last 1 -- quote, the last 10 years. this was an unprecedented time of an a expansion of the money supply and stimulus from central banks around the globe, over that period of time. crypto and bitcoin have never lived through a period that's just beginning of the destruction of money. >> yeah. the destruction of money happened in 2009 with the financial crisis. dagen: not really. not -- the balance sheet has never gotten back to $800 billion. it got down to several trillion but never back to where it was before the financial crisis. >> yeah. the fed's printed trillions of dollars over the last couple years with covid. bitcoins was made for this environment. dagen: but it got juiced in price because of that stimulus, period. that's why it went up. that's why it's still the best
performing for now as you quoted asset class or one of the best because of that stimulus. >> yeah. and we're about to hit probably a global recession, definitely a recession in the u.s. and i think that people want to save money, people are looking for something to retreat into and they don't know what to do. so i think bitcoin is an option for many people because it has set fundamentals, it has set rules that everyone in the world can seem everyone has the same source code, the same rules. people are looking for truth in the form of money and it doesn't exist with the fed right now. maria: well, we'll be looking under every rock for sure and continue following the story, alex. thanks very much. thank you, sir. we will continue to follow the crypto story. dagen, ken, stay right there. the next hour of "mornings with maria" begins right now. maria: and good friday morning,
everybody. thanks very much for joining us this morning. i'm maria bartiromo. tgif. it is friday, july 15th. your top stories right now, 7:0. today retail sales and another view of a he slowing economy, stocks are higher this morning. we've got a pretty good bounce underway ahead of the june retail sales report as well as more bank earnings on tap. this giving us another look at just how slow the economy has become and whether we are in fact in recession right now. the june retail sales number coming out in an hour and-a-half, 8:30 a.m. eastern, it's expected to be up 8 tenths of a percent and we are waiting on a number of earnings this morning. markets closed mostly lower yesterday after jp morgan reported lower than expected earnings, kicking off the second quarter earnings season. today we're getting earnings from wells fargo, citi, and a host of others. wells fargo just reported a double miss a few minutes ago and that stock is down 3%. yesterday dow industrials down
142, the nasdaq actually finished up of on the session with some positive comments from some fed governors. that helped the market rally at the day's end. nasdaq was up 3 points by 4:00 and the s&p 500 was down off the lows, down 11 points at 4:00 on wall street. questions are persisting about who is in fact advising president biden on economic policy. his staff lacking all business experience and pushing a costly climate change agenda that has stoked inflation and sent oil prices higher. this morning oil prices are back below $100 a barrel, but well off of the highs of the year. take a look. we are looking at brent at 101, 17, up 2%. crude oil is now at 97, 40. that is up 1 and two thirds percent this morning as president biden travels to saudi arabia. the world's largest exporter of oil to continue to convince the saudis to put more oil on the market to try to pressure gasoline prices even lower. we'll have the very latest out of the president's trip to saudi
coming up. gasoline prices have continued to fall from their highs of the year, they're down again today. triple a reporting a national average of $4.57 a gallon. meanwhile, markets in asia overnight traded mostly lower as china reported a contraction in the second quarter and the weakest growth in more than two years. the shanghai composite down 1 and two thirds percent, the hang seng in hong kong down better than 2%, that set the tone. european markets are higher if the physician of value searching. ft 100 up 65, cac up 38 and dax index higher in the triple digits. italian president president rejecting the prime minister's resignation, meanwhile. "mornings with maria" is live right now. and it is time for the word on wall street, top investors watching your money. joining me right news is rose cliff capital ceo, mike murphy s ken mahone and horizon chief
investment officer, scott ladner. great to see you all. thank you for being here this friday morning many ken, kickings things off with you with tensioner story, wells fargo just reported weaker than expected number at 74-cents a share versus an estimate of 80 accidents a share, also a miss on revenue, stock is down almost 3% right now. blackrock, jp morgan and morgan stanley also reported a double miss. we're looking ahead to citigroup. it's out in about an hour's time and of course another big week for earnings. what is your take-away so far on the earnings period, ken? and let me just share with you this from the morgan stanley call yesterday. james gore p man, the ceo, said this, the stock was at 120, now the stock is at 72. i like buying our stock at 72 and i get benefit of retiring $3.10 dividend shows strength of our capital position and resilience of the business model. even though morgan disdisappointed, the earnings call was optimistic and
investors are looking for bargains after a selloff in stocks. how do you see it. >> i think the jp morgan report stands out, putting more money towards loan reservers. reserves. it talked about the economy. the puck is going for more bad loans and reserves. with banks, maria, they thrive on a kind of nice deep yield curve. we're not seeing that. in fact, we're seeing yields invert, we're seeing twos and tens and twos and fives. the yield curve is troublesome for the banks. i don't think they're going to make earnings numbers based on the yield curve and with bad loans, i think the other place to put your money is in the banks -- i think there's other places than to put your money in banks quite frankly. maria: blackrock on 4.53 billion revenue is a miss there as well. scott, yesterday it was really the fed that moved markets at the end of the day. governor christopher waller said that he's expecting a 75 basis
point hike at the next meeting even though markets were pricing in a full point. he did add, though, that if retail sales, housing data come in t hotter than expected he is willing to go higher, he is willing to vote yes on a one point. we're waiting on retail sales this morning, an hour and-a-half away. we are expecting the consumer to still look strong. is that going to be enough to keep markets higher? the estimate is for a gain of agent tenths of a -- eight tenths of a percent for june retail sales. scott. >> maria, thanks. probably not, unfortunately. what we really need to see, we need to get the fed out of the way. this year has really been an exercise of the market leap frogging itself over and over again to ratchet up rate hike expectations and bring them all forward and bring them all forward quickly and we think that's probably a pretty good thing. if you think about what's going on, the fed needs to get inflation under control, need to get rates higher quickly. they need optionality into their system. they know they're hiking into a
slowing economy. the faster we can get there, that will end up making the the market more comfortable. if the fed is seen on being pause, whenever that happens, that's when the market can get comfort and say listen, the fed has two way risk. they have the option to cut if the economy really starts to turn or they have the option to continue to hike. but until we get the place where they seem to be two-way risk to the fed, market probably going to continue to struggle. maria: do you want to buy stocks here or stick to the sidelines and raise cash? >> we're still sticking somewhat to the sidelines and raising cash. we want to be invested. we want to be invested more in the defensive side of things, more in the u.s., more in the defensive sectors, not as much in cyclical stuff right now because we do see the economy slowing, we see the market reacting to the ever faster rate hike expectations. that's the time when you sort of hang out and stay a little defensive but have an eye towards when we can get more aggressive.
we think we can get more aggressive when the fed is seen as finally getting there. when they can get there quickly that's when we can get more aggressive. maria: is that a year end thing or a 2023 event? >> we think it probably has a shot to happen by time we get to the fall but how the cpi numbers and ppi numbers come out and sort of how they go through the market will have a lot to do with how quickly we can get there but probably no chance until we get to the fall. maria: mike, i like looking at the banks because you can really get a sense of what the consumer's doing but you can also get that sense in tech the, right, mike? i'm really looking forward to seeing what apple says. the start of technology earnings is next week. apple is one to watch. that covers the consumer spending, it covers china, it covers supply chain. but we're going to get microsoft, meta, twitter, all among those reporting but they're also among those laying
off workers, mike, slowing hiring plans on these growing economic concerns. what do you expect to hear from the tech companies, mike and does this worry you that we're starting to see layoffs? >> good morning, maria. the layoffs, no. because i think as the fed is raising rates, these big tech companies, again, we talk about it often but they're run very well. they know how to maximize profits for shareholders. so the fact that a they're laying people off right now doesn't surprise me. but maria, i think if you step back for a second like we talk apple, apple's up 12% in the of last month. microsoft is up over 8% in the last month. so yes, they've had selloffs but i think going into this -- these quarterly numbers next week, i think people aren't as bearish as you would probably think or what you would expect for big tech. so i'm very positive on big tech. i think to your question, people should be allocating known the markets right now. when you get the s&p 500 down
20% year-to-date, you should be putting money to work but when apple announces, when microsoft announces, there may be a beat, there may be a slight miss but the selloffs we've seen from their highs create opportunities so i expect strong quarters from big tech, i expect continued innovation from big tech. i expect the consumer to still be strong and i expect those stocks to rally even from here. maria: mike, you're looking at venture opportunities and lots of alternatives. in this environment, mike, do you find more opportunities to become a seed investor, to look for unicorn opportunities because valuations are lower? has it been more opportunistic for you? >> it has been, maria. it's very interesting because a year ago there was so much capital in the private markets that companies didn't need -- they could just go to one specific investor or try to look for one investor to get money
in. now as the money isn't flowing as freely, we're seeing so many more opportunities to invest and sometimes invest in down rounds. now people are realizing private markets don't just mean prices go higher. we're seeing many some great companies run by great management teams that are actually being repriced with the public markets so we're seeing an opportunity. we'll put more money to work this year than we have in the last two years combined i would say. so yes, great opportunity right now. maria: wow. well, that's a big statement. that's great to see you, mike. thanks very much, mike murphy, scott, please come back soon. great to see you, gentlemen. ken, we're thrilled you're with us all morning long. great word on wall street. thanks. much more ahead had. coming up, voters putting progressive district attorneys on notice as they push back on soft on crime policies. we will get into it when we come back. plus, ohio congressman jim jordan is here on biden's trip to the middle east and record high inflation. joining the conversation all morning long this morning, dagen mcdowell and ken mahone.
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maria: well, progressive district attorneys across the country on notice as americans grow tired of their soft on crime policies. a new op-ed in the wall street journal this morning, a referendum on crime is coming in november, and progressive prosecutors should be worried writes kim strassel. she writes san francisco's ouster of chesa boudine may prove the norm instead of the exception. dagen, i'd say she is spot on. dagen: she is. i would encourage everybody to read this. there's 2,000 elections coming up for prosecutors and sheriff and a lot of these decarceration
candidates which means we don't believe in putting dangerous criminals behind bars, they are going to get shellacked, these far left wing candidates because, again, the american people, particularly in major cities across the country are not going to stand for this, the criminals are the victims and the victims are not even allowed to defend themselves as witnessed with jose alba here in new york city, the man whos was working at a bodega who was thrown into rikers island by manhattan da alvin bragg initially with a bail of a quarter of a million dollars. we're not going to stand for that anymore many these prosecutors have to stand up for crime and punishment. so those who commit crimes are going to be punished. not the law abiding res dents og
residents of all these cities and states. maria: i don't understand why that's not the rule now. i mean, i don't understand why they are so soft on crime. what are they thinking? as if it's going to end any other way other than serious crime committed on ordinary people. dagen: well, they're pro-criminal and anti-cop, anti-police. that is who they are. this is the social justice warrior. the justice is not for, again, law abiding residents of all these cities. they somehow think that criminals need to be coddled and that's what we've seen. and it's not unlike inflation that it starts out small, you know, as kevin hassett was describing it yesterday, it starts out in small way that's the vast population of any city can't really see it but now you walk out in the street, which i
do at 3:00 in the morning every workday, and it's right in front of you and you can't avoid being attacked and alvin bragg they in new york has sent the message that if you defend yourself, he will throw you in jail. period. so the victim gets thrown in jail but not the criminal. maria: he very disturbing. let's take a break. when we come back texas oil pros tuesdayers are feeling -- producers are feeling left in the dust as joe biden looks overseas for energy production instead of here at a home. congressman chris stewart is here to weigh in on what that. can't stand the heat? senator elizabeth warren slams a car bore on our hillary vaughn's face after a question on the safety of supreme court justices. it's the hot topic buzz, it's coming up. ♪
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texas this morning with how american oil companies feel about the president's trip right now. good morning to you, lauren. >> reporter: maria, good morning. i sat down with five ceos and presidents from the oil and gas industry in the permian basin. these are men who love the outdoors, they love to hike and camp and fish. they love the environment. they're frustrated. they're demonized and they're all about the transition. they want to be part of the solution. >> they talk about energy independence in america and we have all the resource toss be energy independent but we're not. what frustrates me is that you're really throwing the baby out with the bath water. >> reporter: these oil fields of west texas are blessed with billions of barrels of american oil with billions more waited to be extracted. >> there are 12 billion barrels of oil yet to be produced in the permian basin alone. >> reporter: on the other side of the basin in new mexico they're bogged down with red tape. >> the permits are 12 months.
we talked a lot about that how do we navigate this when we have been demonized and nobody wants to put new capital in and it's not flipping the switches personally when it takes 12 months. >> reporter: the industry is dealing with labor shortage, delays for crucial products like sand for fracking and casing for pipelines. major suppliers say they're nearly impossible to get. >> i'd like to see steady growth, knowing we're part of the economy, a l valuable part of the economy. >> reporter: as president biden travels to saudi arabia to ask for increased oil production, u.s. companies say the solution to our crisis is right here at home. >> our president's over there today, sucking up to the crown prince, and he's going to be asking him for more oil, i'm sure. if i'm a betting man, i'm saying it's not going to happen. >> reporter: and it might scare a lot of people, maria, to think that even if the saudis were to give us more oil, there's not
much they even have, that they could give us. it's a scare hely thought and we're -- scary thought and we're in this position that we don't need to be. one more fun fact for you. oil revenues coming into the state of texas where i am in the month of june, $1 billion. i mean, these are companies that do good and try to lift everybody up by lowering the cost of energy in the cheapest and cleanest way possible. they don't want help. they just want everyone to he get out of the way and let them do what they know they can do better than anybody else, maria. maria: yeah. it's a great point that you make, lauren. at a minimum they don't want to be attacked for trying to help with solution as you put it. lauren, great to see you. thank you very much. president biden traveling to saudi arabia later today, set to mean with the crown prince to ask for that help with more oil on the market. joining us right now is utah congressman, chris stewart,
member of the intelligence and appropriations committees. good to see you this morning. what do you think comes out of the trip to saudi. >> i don't think it's going to be what the president hopes for. i was in saudi arabia a few weeks ago. i had a chance to meet with the crown prince, with he defense and foreign ministers, with the minister of energy. here's the deal. this president has demonized the saudis, demonized the crown prince personally and here he goes hat in hand and i don't think they'll give him what he he wants. what a ridiculous situation to find ourselves in. a seventh grader could tell you if you shut down u.s. production like the president did from the first day he was in office, that we would find ourselves in this situation. where we're now dependent on saudi arabia, venezuela, other foreign producers. as the other individualses said, the oil company executives said a moment ago, we could do this ourselves. we should be doing this ourselves. we were a net exporter of energy
just 18 months ago, this is absurd to find ourselves in this position. maria: yeah. meanwhile, he is arriving as we're told, john kirby told fox yesterday that an iran deal is all but down. we're waiting for the go-ahead from the iranians. so he's meeting with the saudis who hate the iranians and do not want the west to be partnering with iran and he's got an iran deal in his back pocket so obviously that's going to come up and back at home -- yeah, go ahead. >> well, i was just going to say with every one of these leaders that i met with in the region, the first thing they wanted to talk about was iran. they're daytona beachly concerned -- deeply concerned about this. it's very clear that's the first thing on their mind and it's the least thing the president president can help them with, seems to be willing to help them with. maria: meanwhile, the president writes an op-ed about why he's
going. we know why he's going. you've got your colleagues on the left trying to push through more spending, congressman. senator joe manchin apparently dealt a blow to biden and the democrats' agenda yesterday when he told chuck schumer he will not support a spending provision. manchin's office released a statement saying in part this, it's time for leaders to put political agendas aside, re-evaluate and adjust the economic realities the country faces to avoid taking steps that add fuel to the inflation fire. they keep putting fuel on the fire with the forgiveness of student debt, with pushing of more taxes. john barrasso told me, they're talking about one and-a-half trillion dollars in new tax. on what planet are they living that they want to make things even more expensive for american consumer as we pay 40-year high
inflation. >> well, once again, this is something that a child could understand. just like we just talked about with the oil and gas industry, it's very self-evident. so is this. and the inflation that we're seeing which by the way hurts the poorest among us. look, if you get picked up in a limousine every morning, you don't care about the price of gas. you haven't filled up that limousine in careers. years. if you're living an afluent life in new york and washington, d.c. it doesn't impact you. if you live in the west like i do and you drive a pickup because you have to use it for your work, this is a painful thing for almost everyone. and they don't understand how painful it is and they clearly don't understand what causes it. because as you just said, they want to do more and more. they want to throw more fuel on that flame and god bless senator manchin and senator sinema as well for them having the courage to stand up to their own colleagues and say this is
insane. it makes no sense. it's going to make it much worse. maria: well, we know that american consumers are reacting. we'll see how -- what happens in november in terms of how they vote, congressman. it's good to see you. thanks very much for being heres this morning. congressmanchris stewart in utah this morning. quick break and who is advising president biden on the economy? we can tell you is it not the people who have worked in the private sector. we're digging into this shocking report about the lack of business experience in the cabinet. stay with us. ♪ someone like me. ♪ someone like me. ♪ meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪
♪ ♪ we all need a rock we can rely on. to be strong. to overcome anything. ♪ ♪ to be... unstoppable. that's why the world's largest companies and over 30 million people rely on prudential's retirement and workplace benefits. who's your rock? maria: welcome back. treasury secretary janet yellen earlier this week pitching a russian oil price cap during a meeting with her chinese
counterpart, it comes as china continues to buy huge amounts of russian oil despite western efforts to sanction moscow following its invasion of ukraine. joining us now, dean chang. dean, great to see you. is china being complacent here? they're trying to claim that it's neutral and yet look at all of the money it's sending to russia. russia's using that money to continue to crush ukraine. >> well, the chinese are trying to have it both ways. so they aren't openly violating sanctions at this point. they are buying russian oil which as far as i can tell they seem to be doing in a fairly legal fashion, especially because they haven't signed on. it is worrisome that the russians in the last quarter apparently registered $24 billion worth of oil sales to china but also to india. maria: exactly.
and what is the ccp's overall agenda here? >> the ccp's overall agenda is of xi jinping and vladimir putin agree the worst catastrophe of the 20th century was the collapse of the soviet union. both of these countries oppose the united states, both of these countries see it in their respective best interests to work together to frustrate the u.s. in the case of beijing, they also understand in some ways a lot better than either you putin or even joe biden that economics and money is what makes the world go round. so the chinese are still buying russian oil, they're buying russian minerals and oil price cap on russian gas actually serves beijing's interest because they will happily scoop up russian oil and below market prices. maria: as it continues to pursue global domination from sri lanka, throughout asia and a throughout the west and
potentially brazil. the list is long. now you've got nasa administrator bill nelson expressing concern about chinas' space program and that the ccp's potentially landing on the moon and boxing other countries out from exploring the moon, dean. your take? >> the chinese really do often have very long-term interests and goals and at least in space they have made no real effort to hide that. their efforts include establishing facilities on the moon. it will be robotic over the next three to five years. but after that, they're probably going to send people to the moon. they're talking about a sample retrieval mission from mars, they want to be the first country to actually bring a a piece of another planet back to earth. they are even talking about establishing missions to jupiter and neptune. the neptune mission will probably be nuclear powered.
we are looking at the chinese basically trying to expand their presence across much of the solar system. something to think about here is that up until last year, every picture from mars has been from an american spacecraft. china is the first country other than the u.s. to land and send pictures back from another celestial body. maria: that is extraordinary. let me bring ken mahoney. >> i go back to the olympics and see the diabolical smile of putin and xi. they knew whats was going to happen next which was continue vacation of ukraine. the thing for americans, it seems like it's all the headlines, we'reon to something else and yet the atrocities continue to take place. at what point do americans say, when do we stop writing a check.
we can't keep up with china writing checks for oil. how is that going to kind of end this war, how can it end the war for that matter with americans at some point, how much more can we keep supporting this? >> well, i think one of the things that hopefully is going to occur is that chinese companies are now going to be heavily scrutinized and if they don't match our audit requirements, they should not be listing on the new york stock exchange, basically getting americans to invest in these companies. without an audit trail you're in a sense buying pigs in a poke. i think the other aspects here is that the rest of the world is also he realizing steadily that china's behavior with regards to debt and other things is not that of a good actor. now, the chinese are getting very ticked off about that but hopefully we're seeing the rest of the world starting to say no thank you to chinese investments, to chinese offers to build infrastructure, often
at incredibly high interest rates. maria: well, i don't know about that, dean. because, yes, higher interest rates have begun to stifle the chinese economy because we did get the latest data this morning and you're talking about the worst performance in two years with a contraction in the second quarter and the securities and exchange commission chairman, gary gensler, says he is doubtful that china and the united states will reach an agreement on the audit deal. as you know, they're trying to get the chinese companies to agree to open their books and follow the rules of america, if you want to be listed on u.s. exchanges or get delisted so he doesn't think a deal's going to happen and yet you've got companies like blackrock, larry fink, others pushing investors to invest in these chinese companies, in effect telling them to fund the ccp's expansion. we all know the ccp wants to overtake the united states as
the number one super power so why are we allowing investors even military investors and the federal thrift fund, government employees, to invest in these companies that at some point may very well turn around and wreak havoc or try to wreak havoc on america. doesn't the policy start at the top? we don't have that policy from this administration. they're soft on china. >> well, the administration is, for example, talking about lifting tariffs without a chinese quid pro quo there definitely is a mismatch between the hard ball the chinese are playing and the weird sort of hacky sack that this administration seems to be playing. maria: yeah. i guess you -- we'll have to wait and see if in fact the deal happens to delist these companies. dean, thanks very much for being here this morning. >> thank you for having me. maria: all right. dean chang joining us there.
quick break and then offices are rebounding but not in the location you may think. we're going to talk post-pandemic life for corporations when we come back. and then five for fighting's john ondrosik is here with the new song he created to benefit the people of ukraine. wait until you hear this. plus, own a piece of hollywood history, julian's auction shows us incredible movie pieces from stars like marilyn monroe. you won't want to miss it. you're watching "mornings with maria" live on fox business. ♪ you've got the best of my love. ♪ oh, oh, oh, oh, you've got the best of my love. but i'm as busy. and thanks to voya, i'm confident about my future. voya provides guidance for the right investments. they make me feel like i've got it all under control. [crowd cheers] voya. be confident
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maria: welcome back. companies are moving out of big cities and commercial real estate is booming in the burbs. joining me is jll america's market ceo, john gates. john, great to see you. thanks very much for being here. i love how many changes we're looking at post pandemic. tell us about the trends in commercial real estate right now. >> well, there are few trends. thanks for having me, by the
way. we're seeing more activity in innovation markets like raleigh and san diego and then there are in-migration markets across the southern portion of the u.s. miami has greater activity, austin texas does, nashville, atlanta than in some of the traditional gateway markets like chicago or san francisco. maria: so how tough is it to adapt to the different locations? i mean, how easy is it for companies to be switching locations or expanding in some of the burbs? >> well, those are long-term decisions, obviously, and we've seen what that happening for quite some time because of population growth. so companies put officeses where people move, where they can hire people and people have been moving to those markets for quite some time so those are
long-term trends. they're big decisions and long-term decisions. maria: what a areas are you seeing growth right now? talk to us about where you're seeing growth in commercial real estate and some of those large buildings in big cities, are they needing to do new leases? are they -- what's happening with some of those companies that have decided we don't want these big buildings anymore, our employees aren't coming back. >> well, two questions. so we see occupancy levels that are closer to pre-pandemic levels in cities that are generally in the southern united states and that would be 85 to 90% and then it would be a lower percentage in other parts of the country. the buildings that are less occupied, it tends to be an age thing. so new and in a great location with great amenities is a thing and newer buildings have much higher levels of occupancy than older buildings and then older
buildings we're starting to see a trend where you start to reimagine them. i live in dallas and as an example, in the of last week there were three older office buildings in the cbd that the owners announced they're going to convert to multifamily housing and so you'll start to see them reimagined and repurposed and have a fair amount of capital invested in them. maria: yeah, john, do you see commercial real estate owners changing the way they operate? in other words, are they doing lots of retrofitting post the pandemic? >> sure. again, for older office buildings, you've got to reimagine them and there is a capital intensity that's probably necessary around those. that's a trend that actually started pre-pandemic and what we see in downturns and coming out in upturns is an acceleration of pre-existing trends typically. so they become more amenitized
and maybe reimaged into another use like multifamily or apartments is a common thong thingthat's happening. maria: ken, jump in here. >> there's a quality of life, lower crime and shootouts every day. i get that, a lot of these buildings have transformed themselves, multiuse. they will be for apartments. the same cities that people are moving out, how are they going to be able to convert some of these staff intensive buildings to residential buildings. whats else could the buildings be used for? >> i don't think the big cities -- if you think long-term, i think we're in a few years of change right now but urbanization is -- that's been happening for a couple hundred years and so if we think a
little longer term, i think there will still be plenty of people the that want to live in urban environments and so the need for physical real estate will still be there. in the near term, some of the older buildings it's like throw be a little bit of a -- likely to be a little bit of a challenge to have occupancy. people still need housing. they still need a place to work and will still want retail and amenities, it will happen. so when you have a building that maybe doesn't have the occupancy that you want, you start to think of uses that folks want in the near term. we talked about housing, retail amenities and other things like that will help in the near term. maria: yeah. all right. great analysis, there. john, thanks so much for weighing in on all of that. we so appreciate it. >> thank you. maria: all right. great to see you this morning. john gates joining us. coming up, no questions, please, senator elizabeth warren dismissing a question from our own hillary vaughn, slamming the door on her.
wait until you hear the hot topic buzz when we come back. and then we are turning the tables on me, our viewers on the street get to ask me some of their burning questions with the ask maria street edition coming your way. stay with us for that. ♪ this girl is on fire. ♪ this girl is on fire. ♪ she's walking on fire. ♪ this... is the planning effect. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity.
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senator an activity group paying the people for location of justices do you think this has gone though a far at this point? >> -- end of conversation, that is the "hot topic buzz" senator elizabeth warren's response to fox news's hillary vaughn asking if activist groups for supreme court justices, is going to a far offered up to 200 dollars to anybody who sent in real-time locations of conservative supreme court justices dagen i assume they wanted locations in real time to harass them elizabeth warren don't have want to hear it. dagen: harass them or --
kavanaugh was just a target, as i said earlier, of -- assassination plot. but this is what she has to say to this, clearly she is okay with -- they are not protesters, they are violent instigators putting bounty yes on heads of supreme court justices so she slams the door i would hide too she should start wearing a brown paper bag over her head, when you believe, in putting people supreme court justices, in harm's way for your own political gain, she believes in something standing up for something that is illegal for her own political benefit. maybe she could borrow that east bunny costume from the white house so people won't recognize her i would hide in shame if i were elizabeth warren but i don't think she
really knows any shame at this point >> ken how do you see it? ken: same way dagen sees it seriously answer the question, this is a democracy we get to talk, to have issues disagree on but you are taking this to really a dangerous level, saying what people are in real time, what is that about like getting ice cream to harass maybe worse yet, then -- the administration, you know, read teleprompter don't answer questions from leadership or lack thereof, so-called transparency not there, so does surprise me. maria: no problem doxing people did you go theing addresses phone numbers on social media harassing them in restaurants the next hour of "mornings with maria" begins right now. . maria: good friday morning. thanks very much for joining us this morning, i am maria
bartiromo, it is i friday, july 15, your top stories right now 8:00 a.m. on the east, breaking news right now -- we have better-than-expected earnings of from citigroup hitting tape citigroup reported earnings 2.19 a share. that is much better than the estimated 1.68 a share the stock is trading up, and revenue right now -- 2.19 a share, on revenue of 19.6 billion dollars. this is a beat across the board on earnings and on revenue, 19.6 billion in revenue, and -- earnings per share 2.19 a share, is better than expected, on citigroup we will see what the company says about putting money aside for to loan loss reserves whether or not similar to what we saw at jpmorgan but getting the second-quarter results at first blush they are better
than expected, revenue is also, better than expectations, as more than 19 billion dollars, versus 18.2 billion, we want to know about lending obviously, but many want to know about the capital markets, and how capital markets performed in the last three months because we -- we did see, a number of misses in the financial services sector citigroup reporting earnings and revenue above expectations, sending stock higher going into this report, we had a firmer tone in terms of the markets broader markets up this morning 125 on the dow industrials, and you also have some constructive comments from ceo talking about the tested globe environment the macro backdrop, but citi's he effort to continue to show growth despite a troubled
macro environment again better than expected on citigroup much better than we've been seeing in banking this morning kwloouf got a beat for citi 2.19 a share versus estimate 1.68 revenue at 19.6 billion better than estimate of 18.2 billion we are going to be watching citi helping the market stock up 2 and a quarter percent on this beat has dow industrials, right now up 124. and the market higher going into it so we are waiting on more earnings this morning, of course, the banks will continue to report, the bank of america next week, goldman sachs, next week on monday, then it is off to the races with regionals technological stocks as well, we are looking at earnings period but also asking the question who is i reviving president biden, particularly on economic policy, the people who do not know business, a new report finds 62% of biden point who deal with business matters the have narrow experience in
business cliz janet yellen told us inflation was transitory has zero private sector experience white house director of national economic counsel brian deese sent a years at blackrock before a policymaker on average appointees have 2.4 years business experience compare to president trump's cabinet you had 1 years experiencing on average, in private economy from the people in the cabinet joining the conversation all morning long this morning dagen mcdowell, ken mahoney talking about cabinet for awhile now because we have could admit policy errors are not just joe biden's fault it is entire cabinet the democrat leadership. dagen: where did you say deese worked? blackrock a couple years. dagen: black trok has been a hive of bad left wing ideas for years that is -- to
detriment this survey makes reveals important point about lack of private sector experience, but do excuse bad policy out of this administration, because i don't even believe that you need to warm in the private sector to, understand basic economics. and basic idea of how this country functions, and prospers and succeeds they could talk to people in private business, rather than cast investigating them they could talk to everyday america stay in touch, with the outside world outside of their bubble in the left wing "luniverse," you could work in government but still have a -- even a soup song of idea about what is good for the nation.
. yep. maria: ken will unfortunately, the nation is feeling the effects of this bad policy i would say bad policy equals bad outcomes then we have a lot in last year and a half. ken: 2.0, a look under hood of the federal reserve members there -- two being a damema five government jobs entire life guesss what zero in private sector, not bill offed on skill set other factors, it applies that we have to creative federal reserve with cabinet appointments because they themselves don't have any business experiencing. >>i i do think we seed is to stop targeting jimmy carter, jimmy carter probably waiting for a ring-a-ding ding from this administration how to solve this problem, james
freeman pointed out it is even the end of his administration, jimmy carter, started trying to moving toward less government, in some regulation like price of airline tickets the inflation that he carter was detailing with was long set in stone. in the early 70s because federal reserve didn't do anything about it, it was running 9% a year thereabouts because policy mistakes in, say, 773, jimmy carter era was garbage but this is a heaping landfill compared to to what carter gave american people. maria: i will tell you who knows what is going on our next guest spot on on this market, and this economy she put our viewers ahead of the game and i am going to ask miss stephanie pomboy to take a bow when she comes up going to react to a big week in
economic data coming up don't miss her predictions coming up, then turning the tables, you are asking me the questions, this morning, ask maria street edition is here coming up later this hour you are watching "mornings with maria" live on fox business. . >> mama told me don't ♪♪ ♪♪ i said hey, i was wrong again ♪♪ ♪♪ wrong again ♪♪ ♪ worth is giving the people who build it a solid foundation. wealth is shutting down the office for mike's retirement party. worth is giving the employee who spent half his life with you, the party of a lifetime. ♪ ♪ wealth is watching your business grow. worth is watching your employees grow with it. ♪ ♪
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well, today wraps up a week of data including economic inflation data as well as beginning of the second-quarter earnings period citigroup first bank reporting double beat on second-quarter earnings sends stock up 3 1/2 percent better-than-expected earnings as well as revenue follows jpmorgan morgan stanley blackrock wells fargo
missed expectations, sent their stocks lower as you can see, we are getting a bounce this morning on jpm and morgan but down yesterday blackrock wells fargo reported this morning both lower by about 2% and 1% respectively june inflation data hotter than expected cpi and ppi arriving 9.1 the, 11.3% year-over-year joining us president mac stephanie pomboy you have been spot-on on this market thank you very much for incredible work, and putting our viewers ahead of the game, with your predictions over the last seven months. stephanie: thank you so much maria that is sweet, although to get comfortable -- in my experience, the second you start to feel good about
yourselves market gods throw thunder bolts in your direction i am keeping my head down looking at what is next to come there is a lot we still have to get through. maria: that is what we want to talk about access the week that was how do you read the inflation, and earnings news so far got another big week ahead next week technology, and regional banks reporting what is your reaction so far to what we've seen this week what that means for second half of the year >> the inflation in the earnings, numbers all blend together, in terms of with a we can expect about, our earnings growth going forward, you know as i talked about, for months and months and months with you you the reason forecasting earnings recession so long ago ppi murdered intraaccelerating faster than cpi the ability to prices increases along implied significant pressure for
companies being ignored in the market now coming into focus people starting to realize that earnings picture is -- is much less fantastic than they previously believed, but the estimates are still very slow to come down, as of last friday, the consensus looking for 10% growth for o s&p earnings this year, as i know i think not only what we have growth we will have an outright profits recession we could have worst profits recession since 1970s, actually isn't surprising given inflation data we are seeing is the worst since around that period as well. so, that is my from take away from data suggests we've got a lot more work to do in terms of of bringing earnings estimates down, and bringing them actually into recession, territory we are not close to that yet. >> stephanie oil prices have come down, estimates have come
down, a bit not as much as you would like to see and you also have a rally in stocks in the last month or so, i want to know from you what has changes since you made predictions, here you are back in march, of this year, talking about the macrostory listen to this ten tell us what changed watch. >> the cpi ppi, the ability to pass along higher info costs, is the most negative since 1974. that was not a good time for quarterly profits or stocks, so i think this is the story that is being met, the economy was headed into a very sharp slow, if not recession before we layered on 110 dollars a barrel oil prices, we are headed towards -- inversion with great speed -- never been
-- a good sign. maria: stephanie before we heard jamie dimon talk about economic hurricane before larry macdonald said waiting on lehman brothers moment on this program a couple weeks ago you were there first has anything changed in terms of prediction for the second half? >> a not really i guess what changes between now and then has been changed for the better interest rates, moved up a lot i am not just talking about, because of fed tightening or curve but specifically in corporate bond market one issue that has yet to drop, you know basically we have seen, a massive move in fact the largest move in history in the investment grade and junk yields the jufrng yield has gone gone from 4 to 8.7% in six months, more than double, and the investment grade yield up 200 basis points, so, people have -- prior interest rates have a
heck of a time trying to service that as we knew going into this whole situation, we have this massive swamp companies couldn't even cover interest expense before rates started to move higher an issue yet to drop we will start to see that play out as earnings estimates come down because obviously, a companies are making less money, the ability to service their debts gets more diminished the other thing ahead of us the employment slowdown, you know o obviously, with, growth, slowing, that is anybody one predictor of employment growth you don't run out hire people if you are losing money. so, when we go into this recession you are going to see employment growth contract big time we got a little bit of inkling, in household survey down second month, second of three months, so that is
telling you that employment is headed much lower soon. . >> and on surface looks like this great report, but obviously, when you look at -- underneath headlines you are seeing cracks we've seen layoffs begin in the tech sector, so, there is there is that, in terms of early indicator dagen here is dagen. dagen: there is so much i want to ask you. where you see dark times right in front of us for the economy you talked about how strapped the consumer has become, already was even at the beginning of this year, so what are you thickening about what federal reserve does here? to fight inflation, to avoid it, avoid it becoming you know an extended decade long period of virulent inflation like 70s that governor said yesterday that once the fed lifts,
2 1/2% expected this month that would be close to neutral niether stimulates demand i thought for sure given backup the sell-off in stocks that we've seen that they would have backed off, already. you know, my sense was that powell didn't have stones as it was to continue to ford despite destruction of financial assets appears they are going to continue to move ahead, and allow the deflation of asset bubble it concerns me because, i vie it as asset bubble clearly fed doesn't think it is that extended and risks that are big, so, you know, i keep this could they are going to pause, but so far, powell has proven me
wrong. we will see. maria: all right. we will leave it there stephanie to have you as always a thanks for weighing in all of that retail sales in 10 minutes' time, and we will see if consumer shows cracks stephanie pomboy joining us this morning, one artist showing support for ukraine to show his latest song, live. . ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it!
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ukrainian people ukrainian president zelenskyy joining me the man finance ministers, john great to have you great to see you. thanks for doing what you did that was so emotional watching you sing in ukraine tell me about the song why you made this video how the trip was >> a pleasure to be with you big fan of yours longtime fan thank you for having me. it actually started with you you go afghanistan ironically written about you afghanistan, after withdrawal of quickly found myself in bed with many incredible groups drug allies one group called save our allies started by sarah wife of a o o catastrophically injured husband in afghanistan, green berets working on various efforts war broke out i had written this can one man save the world about ukrainian people fortitude, i had a thought of playing with polish orchestra
pollnd has been so good i reached out to save our allies they said let me get back to you we have connections there called me said how would you like to play this with ukrainian orchestra i thought therl kidding i was on tour quite a few with me one day email with plane ticket to krakow, me and wife had a long talk that night next day i hopped on a plane kissed her good-bye, and 48 hours later, i was in kyiv preparing the video in front of another maria that a is symbol of ukrainian independence, that was destroyed by putin the beginning of the war, it was surreal heartbreaking inspiring. maria: ask amazing. and you must have actually felt the strength that you were spiking, sparking as a result, watching sing on the ground there what was reaction from the ukrainian people?
>> they were the moment filming the orchestra i noticed in corner of my eye entunnel or of military folks toward us the general had approved us filming he told me president zelenskyy had approved it said let me hear it out orchestra you could see them kind of writh, started to play the passion vigor halfway through song general starred filming is i lost it there were tears finally finished the song this moment of silence that felt like two years, two seconds, but, as you said, we felt the weight the reason we were there sharing music with people fighting for survival. . maria: oh, my god get being chills can you signing a little right now? >> well i am at sheraton 5:0
a.m. so let's who was this comedian, the superman ukrainian i don't know but he's got everyone thinking can one man save the world? ♪♪ >> oh, my god that is so fantastic. with a was your impression of president zelenskyy that man is incredible, what courage. >> hey, we offered him a plane ticket he said send me singers knowing him and family probably going to be killed we haven't seen that kind of encourage in the decades he is the person of o you are time we have to support him we can't let putin devour ukraine it goes way beyond that you know talk about everyday about all of us one person can't save the world can't do it alone we are americans, we have freedom. >> it has become personal for you hasn't it afghanistan now ukraine, john it is great what
you are doing, thanks very much, our hearts and appraisers go out to people of ukraine and those impacted by away we appreciate all that you are doing john thanks very much for being here thank you for singing that on air live for us day that was amazing >> all proceeds to save allies please support them, and, again, maria, i loved you 20 years you are amazing thanks for what do you. maria: i love you back, thank you so much john joining us this morning we will be watching come back soon, thank you so much we have breaking news retail sales coming out as we speak, the expectation, as you know, is up 8/10 of a percent for june retail, number up 92, off 101 best levels of the morning we are off the highs of 93, what does that mean for the retail sales number we all want to know has the consumer slowed down?
in spending? because of worries about inflation, and about an impending recession we are you will say also waiting on june retail sales number out with a market up in triple-digits, up 1 -- 1% retail sales up 1% that is better than expected we were expecting 8/10 of a percent retail number month of june up 1% for the month retail sales interestingly not too big a change in markets nasdaq has gone negative now down 24 points, and retail sales number is out and is in fact better than expected, with a gain from month of june of 1%, versus estimate of 8/10 of a percent dagen mcdowell your thoughts what we're seeing in terms of market reaction off the highs, with the retail sales number. dagen: you are seeing a pullback in dow futures right here we are also, with
interested in hearing about ex-ought month-over-month there, again, we are expecting, to see on a perceive waiting for that, so, retail sales surprising to the upside a little bit, recovering from decline in month of may, one thing i will add, is these numbers are not adjusted for inflation, so you still had extremely high gasoline prices so that a is one of the reasons, that you see these numbers may be come in higher than expected, is because, you are paying more for same items that is not organic , core growth. it is just prices are higher so inflates overall number. >> real sales for the month up 1% for the year you are talking about gain of 8.4%, overall for the year, year-over-year on retail sales, markets have pulled off the highs with retail sales this morning better than
expected, could mean that the federal reserve does stay real aggressive with sales number as stronger than expected level, this reaction, already all about -- dagen: out the strength. maria: strength of real. dagen: retail excluding those up 1% significantly higher than expectations the expectation was for increase of 6/10 of 1% so numbers are to the plus side, but it certainly doesn't slam the brakes on what the federal reserve is going to have to do to fight inflation. maria: yeah, we are seeing on a impressive federal reserve, and likely, even more aggressive because waller yesterday said depending how retail sales housing look, will dictate whether i am for a 1 point increase in fed funds versus 75 basis points, retail sales crossing right now better than expected 8.4% year-over-year up 1% month-over-month, markets pulling back, dow industrials
still higher by 83, nasdaq negative by 24. we will be right back. . . ck... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care, you get a different kind of bank. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire
maria: welcome back. president biden is traveling to saudi arabia, this morning, later today he will arrive less than 3 years after the president called the saudi nation a pariah nation, national security was asked if biden will bring up murder of "washington post" contributor jamal khashoggi yesterday. >> watch? >> -- >> he knows that there are -- conversations that need to be had, with foreign leaders, and somes of those conversations are not a going to always be easy, but they are still important to have he will not shy away will not be bash full also, isn't in habit of
previewing private conversations before they've occurred >> joining us right now, to preview the trip and take a look at the administration, is ohio congressman jim jordan ranking member of the judiciary committee a member of he oversight committee also author of the book do what you said you would do. fighting for freedom, in the swamp, congressman great to see you this morning. thanks for being here. >> you bet good to be with you, maria. >> so what shouldddd b meg, witmeg, the issa i eet ree yrsea angsss papa e,eantedddd e the to shake >>nk thiehi kenowenot this is about, this is about joe biden begging saudi arabia to increase production help with oil problem in gas prices we have in united states. and should not surprise us he asked, opec increase production iran increase production venezuela increase construction probably should not be surprised going to
saudi arabia did same thing when we should be drilling domesticly putting back in place keystone, that makes sen, but to live here in washington don't seem to get the fact folks in wes challenge ohio, that i represent make things grow things move things five dollar gas kills economy the driver the main driver in this 41-year high inflation rate we have. maria: i mean just seems like it is such a hypocrisy, yet if those people have any conservatism in them forget it they will not stand behind hymn, a different story then, and then they are telling us that aoc was heckled on steps of the capitol she complained yet no problem with
harharassing supreme judges senator warren slamming door on fox reporter >> senator activist group to pay for locations of justices do you think this has gone too far at this point? >> maria. >> the end of the conversation >> the intimidation by left to intimidate supreme court, pro-life americans i have never seen anything like it, 50 crisis pregnancy centers churches that have been attacked vandalized set on fire in 10 weeks, that is how concerted this effort is to go after the supreme court try to bully intimidate the court, and we even had witness katherine glenn forfeiture has to have a security detail testified six weeks ago came back to testify yesterday, and had a security detail with her because now threats even go to her all effort to intimidate i
don't think going to work the american people get it they appreciate what the supreme court did, in respecting the constitutional and sanctity of life don't appreciate intimidation from left we have an assassination attempt on a sitting justice of the united states supreme court. and nancy pelosi waited days after that until she passed legislation, to protect the justices families that is ridiculous this has gotten from left >> no comment whatsoever doing hearing after hearing of january 6, yet just totally ignoring the attacks on a man's life, the supreme court justice kavanaugh, what have we learned out of january 6 hearings? i mean i haven't heard any of this -- these leaders talk about the issues that are important to americans like inflation, like the wide-open border what have we learned in
january 6 hearings? >> we lied i know that lieded about travels lied about ellis documents lied about yet from eric hersman lied about secret service lied about me twice past week said we're not in business of corroborating what witnesses say. are you kidding me? what kind of investigation as that because, according to what has been reported it was said star witness a few weeks ago what she indicated, under oath in a hearing wasn't accurate so that is a we that many false statements misrepresentations, we don't get to see the evidence, we yet to to transcripts to participate in any of this i think again, the country, understands what is going on here this is purely political, all designed to go after president trump, all designed to try to keep him from running i don't think they are going to be successful i think he is going to run i think he is going to win, would be great for the country.
maria: so, tell me about the business that could get done for the rest of this cycle then? you are looking at august recess coming up, and then you've got, the deadline reconciliation package, chuck schumer trying to get a "build back better" version joe manchin knocked it down they want to raise 1 1/2 trillion dollars. good bless joe manchin i don't think going for tax increase ridiculous spending they want good news we learned today, the story just broke last night they are coming after secretary amendment rights democrats have announced going after, a ban on so-called assault weapons so like we've said they want get rid of second amendment we are going to republicans conservatives are going to defend your first amendment liberties second amendment liberties we are going to defend the constitution. maria: we will be watching
all of that, jim jordan great to see you. thanks very much. >> you bet thank you >> hollywood's hottest pieces up for sale at auction, we are shown items from stars like marilyn monroe among others don't miss it. we'll be right back ♪♪ ♪ ♪ . you're an owner. that means that your priorities are ours too. our interactive tools and advice can help you build a future for the ones you love. that's the value of ownership. dad, when is the future? um, oh wow. um, the future is, uh, what's ahead of us. i don't get it. yeah. maybe this will help. so now we're in the present.
. maria: welcome back, hollywood on auction block juliens auction teaming up with turner motives to showcase auction off some of most iconic memorabilia check it out four day action more than 1400 items maria lynn monroe among others joining me juliens auctions chief financial director martin what have you got at auction tell us about it >> really cool 1700 items on auction block starting today with estate of james garner
tomorrow ladies day marilyn monroe elizabeth taylor, "star wars," harry potter, this is one for the record books. maria: i love it do you have any elizabeth taylor's jewelry i borrowed a payer of eagerness at al smith dinner black tie one of the earrings i wore were elizabeth taylor i know i board them one time what have you got >> incredible jeweler from original estate sell a for elizabeth taylor 2011, shoes, et cetera, fantastic collection, elizabeth taylor loved diamonds, this is well represented in this auction incredible items for sure jane
russell costumes from gentlemen prefer blonds, how much about that do they command >> estimate two >> leotard famous the dress in movie there is no business like show business 1954, that is also estimated 80 to 100,000, there you can see marilyn with jane russell, they are also part of that as well that is incredible. >> have do you have anything there that that you were going to pick up i know there is also an iconic blouse from marilyn movie let's make lot of >> stayed at he benevolence of beverly hills hotel 1960 we have that blouse, she wrote
notes, but we have speaking of earrings maybe these for next dinner inventory promotional marilyn wore, how to mar marry a millionaire 60 to 80,000 on those incredible, some -- >> going with a biggest -- yeah? >> no, no, please continue >> -- storm trooper helmets, storm trooper helmets estimated 200 to 300,000 possibly worn by one of the -- as well 1977 "star wars," first one new hope this is incredible this is fantastic, look at this. highly sought after items one of six originals from the movie fantastic piece to have, of course, harry potter
franchise, highly successful, going to give you the other one. 2001, yes there you are. >> absolutely -- obviously, people are spending money, an these kinds of memorabilia even in the face of a recession then. >> yeah so what we're seeing a flight to quality if you will, people leaving untangible world crypto, stock market, and. collectible, the market they are tangible, also we're seeing people coming because they need liquidity there was -- liquidity buyers and he sellers together >> good to see you. thanks for update we will
watch the auction martin nolan from juliens, thank you, ask maria i will answer questions from you, it is the edition next. ♪♪ ♪ . ♪ with my hectic life, you'd think retirement would be the last thing on my mind. hey mom, can i go play video games? sure! ...after homework. thankfully, voya provides comprehensive solutions, and shows me how to get the most out of my workplace benefits. what's the wi-fi password again? here... you... go. ...
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maria: welcome back. woohoo, it's time for the big buzz of the morning instead of me asking the questions, we decided to go to the street and give our guests an opportunity to ask me some questions. this is ask maria, street edition. the first question. >> hi, maria, i'm kyla from canada and i was wondering what your favorite song be to sing at a karaoke night? maria: wow what a question, um, i would have to go with aretha franklin's favorite actually this song was first sun g by dion warwick. and it goes like this. the moment i wake up ♪ [laughter] maria: that is my favorite song. [laughter] i hope that's not going to be putting your head down all day. okay next question here we go. >> hey, maria.
i'm monica from colombia. so i was wondering. what is your favorite quote? maria: well, actually, i do have a favorite quote, and my favorite quote is from the great late maya angelou and her quote goes like this. "when people show you who they are, believe them the first tim" i think that i've shared that quote over the years with dagen, and others, on this program, and i love that quote, dagen. we've talked about this a lot, because it's an education when people just show you who they are. don't get fooled a second time. believe them the first time. dagen: amen to that, maria bartiromo. maya angelou actually taught at wake forest university and she was a tour deforce in so many ways so i love that you love that quote. maria: yeah, she really was, and i want to thank our viewers for sending those questions, that was fun.
ask me anything you'd like for " ask maria street edition" whether it's fun or business or politics, i'm here. dagen mcdowell and ken mahoney its been great with you this morning. thank you so much. dagen: thank you, maria, always. >> thank you. dagen: hope you have a great weekend. maria: have a great weekend, everybody. we end the show on a big rally up 312 points, citigroup better-than-expected earnings, pushing markets higher this morning, right from here we go to "varney" & company stu take it away. ashley webster in for stuart. ashley? ashley: thank you, maria. when i wake up ♪ but my all-time favorite song and clearly i don't know the lyrics but thank you very much, maria great stuff and good morning, everybody, indeed i'm ashley webster the one who can't sing in for stuary varney today. senator joe manchin dealing a big blow to the democrats. he says he won't support climate spending or tax hikes for the wealthy in
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