tv Mornings With Maria Bartiromo FOX Business January 27, 2023 6:00am-7:00am EST
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inflation the pc index out today at 8:30 a.m. eastern as inflation cuts into growth even as the economy shows growth layoffs are rising, fourth-quarter growth running at 2.9% better than expected but down from the third quarter as job cuts expand beyond big tech down, s&p and ibm the latest to eliminate jobs but joe biden claims his economic plans are working. >> jobs are the highest and ameamerican history. in wages are up in the going faster than inflation over the past six months inflation has gone down every month and god willing will continue to do that. manufacturing to continue stronger than anytime in the last 40 years. and i don't think it's unfair to say this is all evidence that the biden economic plan is actually working. maria: unfortunately wages are not growing faster than
inflation markets are lower dow industrials down 15 the s&p 500 on ten and the nasdaq down 60 points as we look ahead to more fourth-quarter earnings. american express, and chevron, all on deck out before the opening bell this morning. were watching chevron after the company announced a $75 billion stock buyback yesterday those earnings expected to committed about ten minutes time. stay with us on the story the stock is up two thirds of 8%. stocks finish that session highs there buddy the federal reserve will over the pace of rate hikes. the next meeting is this tuesday and wednesday for a 50 basis point hike is expected some betting on it 15 basis point hike yesterday the dow industrials up 205 points by two thirds of 1% the nasdaq higher by 1991 and three quarters% higher on the nasdaq and s&p higher by 44 at 4:00 o'clock on
wall street the dow seen the longest winning streak since october 28. check the price of oil this morning since oil prices are higher, $88.60 a barrel. crude oil $82.11 a barrel that is up one and a third%. european markets look like this, take a look at the eurozone desa p100 is trading attended half-point the cat chron 12 and a half in the dacs index higher by 28 in germany. in asia overnight green across the board china is closed for the new year holiday, the others moving fractionally, "mornings with maria" is live right now. ♪.
maria: president biden going after republicans again yesterday by touting his economic plans with his trip to virginia. watch this. >> working to protect the gains that are policies have generated protect them from the macro republicans in the house representatives who are threatening to destroy the progress. this ain't your father's republican party, this is a different breed of cat as they say. as hard as it is to believe they want to pass legislation to do the following things they want to raise your gas prices, they want to cut the social security and medicare there actually threatening to have us to fall on the american debt. i will veto everything that they sent me. >> joining me for the hot topics all morning long fox business she also coney and union executive vice president brandon arnold. good morning great to see about. it's amazing joe biden gets away with this night kevin mccarthy has said time and time again
social security and medicare cuts her off the table. he says they want to raise gas prices, i don't know where he's getting all this he is claiming republicans wanted destroy the economy. >> there's a couple republicans that want to see the medicare and the benefits and the social security benefits the ages raised by kevin mccarthy to your point has made it clear that's not going to happen but what the president is doing is so desperate to get away from the document scandal and pivot on a national level he's willing to do anything to grab on to any straw that he can to divert the conversation and to attack the republicans for the economy is the most disingenuous i've seen him do but it shows how worried they are about perception and the mishandling of the u.s. economy by this administration they've had two years to steer this economy and look at where they sent to in the inflation chart on your screen. that is all you need to say.
maria: when this president walked into the oval office, growth was at three to half% before the pandemic and inflation in january and 2021 was at 1.4%. >> we are seeing red hereinafter red hearing from this president right now to read when you look at gas prices they exploded since biden became president, the sum of the first pieces of legislation they put on the floor was to increase production to drive down gasoline somehow he's going out there insane republicans are trying to increase gasoline prices so many of the presidents policies have done just that by restricting our ability to extract natural gas and gasoline to grow the size of her energy portfolio. i don't get where this presidents coming from i don't want to call fiscally dismounted
but it sure is hecht looks that way. >> i want to look at the economy intel is plummeting because of weak guidance, we quarterly numbers. yesterday the stock is now 9.5% in indicative of what's going on in the economy things are weakening and weakening fast the debate is out whether or not we will get a soft landing or a steep recession but anyway we see growth slowing down and we see that to a sharp slowdown in business spending that was going on with intel not indicative when you talk about intel and microsoft and other corporations when the base of the united states every ceo tells us that things are going to get worse. again the administration is mishandled things time and time again they cannot handle this whether it's a mild recession,
harsh recession will see with gdp tells us after the fact but it feels like winter from rough water in the market over the next expense. as many of our guests have told us onset. maria: were just getting started unfolding inflation story at 8:30 a.m. eastern the feds read on inflation we get the december pc index that will be when the all-star penn always and you, don't miss that all hands on deck the scammers are out as money runs tight how you can protect your finances from online banking scams, you watching "mornings with maria" live on fox business. ♪ (voya mnemonic.) there are some things that go better...together.
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maria: welcome back futures indicating a lower opening for the broader average fractionally speaking with looking at a busy morning of economic data intel is one that we are watching it missed the fourth-quarter earnings expectation when it reported a quarter the company gave weak guidance for casting a net loss for the first quarter as well the stock getting crushed 90 to quarter% on entail, join me capital cofounder senior portfolio manager, max good to see you thank you very much for being here. take a look at the intel story does not indicate a broader issue for the economy i know the consumer look strong but business spending we've been zeroing in on you look at microsoft cutting jobs and others produce a business component in business spending that is undermining otherwise growth in this economy, what do you see?
>> i think the issue with intel is company specific they've had structural problems with technology and losing market share advanced micro there is this company specific you see a slowdown in pc and a slowdown in consumers buying consumer technology, that being said a lot of others are specific to the company when you look at other chipmakers brought common operating on all cylinders in texas instruments which we have an investment that is doing well intel is reflecting a slowdown in the consumer but their problems are very specific they've been having issues losing market share for the last five years. we think that could be a turnaround situation and that is going to take a while. maria: what about inflation we have the feds preferred read on inflation the pc index coming out at 8:30 a.m. eastern and we also have spending and income levels coming out but the last piece of economic data is going
to be watched closely because it's right before next week's meeting the federal reserve is meeting on tuesday and wednesday most people expected 50 basis point hike but there's also a small component of people who are looking at a quarter point hike 25 basis points how you see this playing out your thoughts on inflation what it means for the federal reserve meeting next week. >> i think were seeing the markets reacting to the fed flowing down the rate of increase, they went from 75 - 50 in our attitude the property to gratuity five basis points in another 25 basis point. we think there near the end of raising interest rates. with that being said we think inflation is embedded in the economy everyone's putting in which direction the commentary of the fed we think will be restricted for a while and be tightening in the market is ahead of itself. i mean on the nasdaq area which is 10% for the year, we see inflation in the economy and it's going to take another 3 - 6 months so whack inflation, wage
inflation is there and while demand is going down consumers are still spending on the consumer side of the market so it's going to take a little bit but we think were at the end of the fed rate height. maria: that's a reasons markets are rallying in 2023 you're not alone in the expectation that largely speaking most people think the fed has done the bulk of the work in terms of getting inflation under control. the markets this morning are down but they have been appear to date what do you think is going to work in 2023 you look at a company like chevron were waiting for their needs to come out on chevron and they announced a $75 billion stock buyback program. last year chevron and all the major oil companies did really well as technology traded down. would you be following the same pattern cell tech but by oil and
oil related companies in 2023, how do you want to allocate capital? >> a great question we have an investment chevron and we think were near the seventh or eighth ending of this they've announced a buyback with them at $25 billion buyback on the books already. i think it's not a smart move of 75 billion in this political environment and the only announces 6% increase in the dividend. an all-time high and i think you're fighting for the last ten to 20% the stock in your downside could be a slowdown in the economy we like the investment but we think it's fairly valued. in terms of technology you see the nasdaq running backup a 10%. if the economy is going to truly slowdown in you have interest-rate staying at this level i think technology is ahead of itself will look into other areas we like the financials and we like cyclical set up in her and sold and we like specialty situations and technology but the general large-cap technology dominated the s&p for the last five or six
years we think they will struggle to shoot to regain leadership there's probably leadership gathering in 2024 but this year is a transition year the economy is slowing down in the evaluations are not that cheap. maria: all great points, great analysis that is certainly what we saw in 2022 from big tech, good to see you, max joining us this morning, we'll see you soon. your morning mover is hasbro take a look at the stock up in the premarket as they announced plans to cut the global workforce by 15%, that is happening in the coming weeks, hasbro issuing preliminary fourth-quarter results, revenue down 17% from a year ago hasbro joining the wave of companies laying off employees as this economy slows down hasbro shares down 5% on the news. quick break and cleaning house the national archives telling all past presidents and vice presidents to check their records to see if they to may
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maria: the justice department urging other former white house officials for high-ranking intelligence officials to go back protectively to review their own files just added precaution to see if they have retained any material. >> article to be able to talk about the later question. >> are you concerned that system for classified information executive branch may be broken? >> obviously i can't, on any specific investigation. maria: that was the attorney general of the fbi director dodging questions on the classified documents probe who has what the national archives telling former presidents and vice presidents to search for any classified documents that they may have inadvertently taken, the national archives special counsel also commenting and committing to meet with house oversight committee next week, joining us to walk us through is for the congressman member of the house foreign
affairs committee cory mills, good to see you, thank you very much for being here. where does this go, what you take on the document scandal and what we are really searching for, do we know what these documents are? >> i'll tell you we don't know what these documents are in joe biden has actually even been told by his lawyers and asked what these documents are so has plausible deniability of some sort there are two things one there is an over classification when it comes to documents where they want to air on caution and there will be things that are open-source. however, ts sci in secret classified documents that need to be protected this is what i'm very curious, for example when i go into a skiff for foreign affairs are armed services each one of our documents have an independent number on them and their collected to make sure no one is taking a document out. the idea there's no archiver record system where people know that there's actually classified documents still out for not just
years but in some cases decades when you talk about joe biden when he was a senator this is really scary when you have hunter biden or the documents which are strategically placed enemas filing as he claims in his garage these are things that can expose not just individual agents but operations can talk about classified information from trade to commerce to national security issues. it's really irresponsible that they're trying to say this is a misplacement if you will. >> what you going to do about it you're an elected official now you're on the foreign affairs committee, your five unsecured places where joe biden had classified documents. >> maria we have five places for unclassified classified documents that we know of so far. these keep coming up, the bottom line james comer from the oversight as well as jim jordan and the judiciary need to have a subpoena or investigation or an
inquiry into how the documents continue to be misplaced this is something the cannot continue to go on and put their agents in our country and other people at risk this is completely responsible on the president's behalf. maria: let me ask you about adam schiff he's announcing a senate run. he wants to take diane feinstein's california seat. he went on tiktok to vent about speaker mccarthy taking them off of the house until committee, florida's matt gaetz is now introducing the resolution which would bar shift from all classified information. why is he using tiktok when we know 60 states have already been tiktok from government devices and is over there and tiktok. >> is not surprising the democrats have continued to protect, protect when it comes to china and meanwhile don't protect when it comes to america we saw them recently and some of our votes like the strategic petroleum reserve to prevent
president joe biden from selling our spr to the chinese and young people arguing on behalf of the chinese to say this doesn't stop anything. adam swalwell and eric shift these are people that could have been removed from the committees they violated their sacred oath and they try to talk about a russian collision out of a committee they know they cannot be verified because it was classified nature they know for a fact that they cannot qualify when it comes to swalwell for a private security clearance, i held the ts when i was in the private sector as well. these are people that should be removed and are utilizing it as a vilified or victimized and meanwhile his china fundraiser off of it. i'm glad he's off and i'm glad ilhan omar will be voted off foreign affairs we must protect her committee's intercountry. maria: 's ascetic indigo for the pencil resolution. eric swalwell and adam schiff clearly have exhibited in a responsible way about information with all of the
leaks congressman so is this pencil resolution going anywhere? >> i'm not sure that's up to the said at the end of the day the houses continue to do its job i called rick scott yesterday he definitely wanted to push things but like you said you're talking about a guy eric swalwell who the fbi came and briefed speaker mccarthy and bakhtin speaker pelosi on their concerns for him to be on their. this is not about political partisanship this is about protecting the integrity of the committees and protecting the american people national security issues. >> i remember adam schiff with all his lies about russian collision and he had to know the truth. maria: at the time of the russian collision he had to know otherwise because he was the chairman of the committee. congressman i want to get your take on this unique gift you're giving your fellow house republicans treaty handed out florida manufacturing grenades branded with the gop logo with a letter explaining they reversed
developed for the vietnam war making it clear that grenades are not active, what is this about. >> is very customary for whenever people are coming in to get gifts for steering committee or other gop members on the freshman class, to talk about something from their state or something that represents her background or the committees they are on for me, these were made in florida and the military combat veteran bronze star and i said not just on the house foreign affairs but the house arms service committee. i think with the really upset about it did not give them what are these gifts i offered congressman ted lu who had an issue to make and one in a camper house majority on the back like i did for everyone else for obvious reasons. if they would get this upset about our borders and the centralization of our children or things like that opposed to a gift that would be really nice for once, this is cleared by the police in chief and believe leadership and home squad and
nothing more than a paperweight but you have ted lu and swalwell who were melting down over this. >> it's good to see you, thank you very much, cory mills is joining us, will check in soon. thank you. a quick break a congressional act to hold china accountable over its role in the pandemic. let's 0 in on that coming up next. roll with it how chipotle is getting ready for burrito season, what you need to know next, stay with us. dad, we got this. we got this. we got this. we got this. we got this. yay! we got this.
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straight games, dow industrial 2.5% since the beginning of the year the nasdaq up 10% so far this year end the s&p of five and three quarters% that head of the federal reserve upcoming week tuesday and wednesday we will find out the fed raises rates 25 basis points or 50, disturbing body cam footage shown in court on day two of the alex murdoch murder trial cheryl casone he. >> the 53-year-old breaking down as prosecutors showed the white and son maggie and paul were killed were not to be heard asking cops their dad aren't they, watch. >> yes barely checked. >> their dead. >> that's what it looks like. >> the shotgun the murdoch upon police arrival, he says his son was receiving death threats after a fatal boating accident, prosecutors allege he was the one behind the trigger of two different guns to kill his wife
and son the trial is set to last about three weeks. five former memphis police officers facing second-degree murder charges for the death of 29-year-old tyree nichols. all five were fired after nichols died in the hospital january 10. his family said he was beaten beyond recognition after traffic stop. memphis police say they could release the body cam footage from the arrest later today maybe tonight, four of those officers on bail several cities across the country are on alert for possible protest in the wake of nichols death and the body cam footage being released. >> more than 100 firefighters responding to a fire in los angeles yesterday police say they arrived at the two-story apartment complex in the westlake district for disturbance call the suspect refused to listen the cops set things on fire even throwing the objects at officers the blaze quickly spread the suspect arrested he jumped out of a window one other person was injured in all of this.
finally this headline not everybody is focused on weight loss for the new year chipotle is planning to hire 15000 workers in the united states in the next few months to keep up with demand during what it is calling burrito season, that's a real thing apparently. a spokeswoman says more daylight and warmer temperatures bring out customers in the restaurant the jobs are going to be part-time many which include getting the food prep. everybody that puts guacamole on salad with cheese is okay in my opinion. >> i'm with you, thank you so much. >> texas congressman troy introduced the new china white people died act, this would require china to pay back the $4.6 trillion of congressionally appropriated covid relief money spent in response to the pandemic. that originated in wuhan the
bill would ban federal funds to go into beijing until china pays the united states as money, joining us now afp i senior fellow in the chairman of the china policy initiative ceo and former deputy national council advisor for cheney steve yates is here, good to see you, thank you very much for being here this morning. unfortunately this administration is failing to keep china accountable for all of this they totally covered up, what was going on initially with covid and of yet have been forced to explain how a deadly pandemic leak from the wuhan lab. >> and morning it's absolutely true to me people in our country into any people national leadership level politics were completely blinded by the lust for a political contest in 2020 of where this virus came from
also obvious were chinese leadership under xi jinping deliberately decided to lock down domestically and allow it out into the world and then they lied and manipulated the world health organization and got the world health organization to lie and manipulate things that affected as a congressman points out millions of people, trillions of dollars in cost and is talking about the cost of what the government spent in response not the economic loss in human loss that not all created. certainly the government willing to do those things is not our friend and it's appropriate that he tried to draw the spying about them compensating but they haven't acknowledged responsibility and they aren't seeking good relations with us right now. maria: i would get your take on what this is about the former national deputy and looking in terms of security national security, looking at the adversaries of america i spoke
with the chairman of the house select committee yesterday mike gallagher join me on this program to discuss the potential china working on a bio weapon he said he cannot, if it's a bio weapon but is the possibility from brad when strep and the possibility for china to invade taiwan as well. watch this. >> 2024 is the yard looking at weaver presidential election so will be divided in distracted taiwan as an election in the king conspired via political warfare so he might choose the kinetic or hard power options 2024 is the year of maximum danger in my opinion. maria: that was pretty study what mike gallagher just said he's expecting china to invade taiwan in 2024.
what is the ccp's goals and was not a bio weapon? >> there have been multiple bio weapons that they have used, if you look at what happened with covid the effect was a bio weapon and if you look at what happened with fentanyl coming across an open border and attacking their communities and their families that is also a significant bio weapon. mike gallagher is correct that politics in the united states and taiwan are going to be an environment where you assume people take hard-line positions on china so they may not have the political need they do other times. i think at the moment the most important thing is the united states affirm a commitment to arm those that want to protect themselves and encourage allies to do more like japan to increase deterrence i don't see any inclination from the administration that they're serious about doing that right now and it's when they need to be moving. maria: that's why were questioning whether or not joe
biden is compromise given the fact that he taken $10 million from chinese officials tied to the ccp we've been studying china on this program for many years and we know the ccp has been buying imports throughout the world so they have a premier spot in terms of trade because they own the port they've also been buying up farmland, you're traveling to south dakota this monday to meet with kristi noem and to address legislative leaders on china's governor. governor noem introduced a bill to create estate board that board will review proposed transactions by foreign entities including china when they want to buy big important things like land, noem is signing an executive order that banned tiktok on state government issue devices. she is certainly getting tough on china. tell us the threat in terms of the ccp buying up all the land
of the parts of the acquired as well. >> thank you this is very, very important development in the united states and i strongly support any state leaders who want to step into this breach and do what they can within their authorities rather than making us wait for the federal government is a partisan divide to take action. what we have here we have a government in china like we discussed under discussed doesn't respect human dignity or quality control even themselves don't trust the later baby formula scandal where parents were terrified to feed their children because there was poison a baby formula inside china itself. if they're willing to release covid and fentanyl and poison their own kids because of lack of quality control why in the world would we allow them to have access to the agricultural land and influencer supply chain, they're not a responsible actor there different from every other government entity around the world right now so we have
to start putting in rational systems to monitor who's doing what with whom and allow the majority within our states in all of our states and territories to protect the american people are families in their jobs. >> integrate point will be watching our meeting with governor noem this is an issue that we care about as do our viewers. thank you, steve yates good to see you. we'll see you soon. a quick break, dazed and confused, president biden once again forgets the name of the congress person all while attempting a self-deprecating joke that he is stupid is making a buses money you're watching "mornings with maria" live on fox business. stay with us. ♪
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looking for 438 revenue was solid b when he came to 54.63 billion, there are $1.000000000 write off no. we were just talking about against the $75 billion stock buyback on top of a $25 billion stock buyback last year the business looked strong i don't see anything in the release that they're looking for rough waters added chevron the stock was higher about half 8% going into this and again, foreign half% yesterday it doesn't really look like what's on paper. maria: it also had an incredible year is 75 stock buyback stock
was up yesterday, we are waiting to see more permitting allowed so chevron can continue to explore in the permian basin, will report back on that the stock has a good chart over the last year and showing again instantly up yesterday, this morning pulling back on this masson earnings. it's time for the hot topic bugs. president bugs setting himself up to be the blunt of his own joke. watch this. >> when i was in the nomination i said take a see everybody and there wasn't a single chair in the place. i said that biden really is stupid, where is doug. congressman. he's around here somewhere. i've been saying this since the last campaign of the off your campaign, doug knows it, here's the deal they view the world from park avenue. i view it with the wealthy.
if everything works well with them it's going to trickle down and help the rest of us. maria: brandon, did you follow that? >> i don't know if that was funny or sad or combination of the two, he seems disoriented it doesn't seem to nobody's talking about. this is troubling if you're supporting biden into years because of his reelection campaign he does not seem to have his act together he does not seem to know what's up and what stock unfortunately. maria: initially you say that's funny it's really not funny because their adversaries are watching the same thing we are. >> were worried working to be more vulnerable from a military standpoint you were talking about china taiwan in the aggression, the russia ukraine and obviously the economy at home. it's becoming more clear to be over the last two years how much this president has been
protected whether was karine jean-pierre or jen psaki before him around claim he was leaving. he makes it very clear that he has a lot of people around to protecting them and i wonder if those are the decisions where they're coming from when it comes to foreign policy and domestic policy and clearly when he goes to a microphone or picks up a microphone there seems to be some confusion there. >> a lot of confusion. a quick break congress can vote on a bill written entirely by a.i. the a.i. threat is coming in were talking about gdp when we come back. ♪
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maria: welcome back. google gearing up for a second anti-trust battle with the u.s. department of justice, calling out big tech and google over dominance in online advertising. the doj wants google to sell the companies it acquired like linkedin over the last few years, it's trying to compete with other rising apps and emerging artificial intelligence. joining me to walk us through is the heritage foundation tech policy director, former department of he defense counter terrorism analyst, cara frederick. it's good to see you. thanks for being here this morning. doj suing google, they say google is dominant in its advertising business and they also want those deals that the company can has done over the of last few years unwound, like the
acquisition of linkedin. your thoughts on this. where this is going. >> i think this is really interesting and this additional lawsuit adds to a bevy of suits that google is facing. what is really important here and i think regardless of the mechanism, whether it goes through lawsuits or legislation like what senator mike lee is exacted to reintroduce targeting google's a ad tech business, eds speaks to the fact that google is conducting textbook anti-competitive practices by operating in the buy side, the sell side and operating in ad exchange as well. you had a google executive say that it would be like if goldman or citibank is owning the new york stock exchange. so i think additional scrutiny over these anti-competitive practices is warranted, whether or not it goes in congress or winds through the courts, it might take a lot longer but a very, very interesting development and a lot of energy behind all of this as well even
on the republican side. maria: that's what i'm wondering, though, how much energy at the end of the day is going to be given here because first of all, big tech is a huge donor to both sides of the aisle. and, you know, we've got section 230 that we talk about all the time that makes them -- they are not liable at all in terms of lawsuits because of section 230. is they that something you think that will go away because it's not just google we know. apple is being investigated for its app store potential dominance there, some regulators say and you've got the ftc looking at other big names like meta so where is this going at the end of the day? do you think we will see some of the power taken away of these big tech companies. >> one can only hope. the end of february, very interesting, there's a section 230 case, two back to back going up to the supreme court so hopefully congress will decide to actually make moves and not just look to the courts to do this but you're right, there's a lot of gridlock,s especially among republicans themselves as
they sort of shake the inertia of always being on the side of private companies. now that we've seen what private companies can do especially when they collude with the government you look at the twitter files an what a elon musk released i think it's very important for representatives like ken buck, again senator mike lee, to actually have that voice, gain purchase within their own party to effectively cut into the abuses that big tech has visited on the american people and our ability to be self governing in this republic so i do think that it's going to get some traction but we still have a long way to go in terms of holding big tech to. maria: and then there's technology and innovation that keeps moving on. i mean, we're talking this morning about chatgpt, law make aers are calling for more regulation on artificial intelligence as concerns are growing over the development of chatgpt. officials are warning that chatgpt could make certain jobs obsolete like education,
finance, software engineering, journalism, graphic he design. the end of the day, cara, you're talking about white collar jobs going away. you know, high paying jobs that require skills and lots of schooling. what is your take on what's going on with ai and should the government be involved here? >> well, one thing that permeated our understanding of emerging technology, especially when i worked at facebook, was what that technology always outpaces attempts to govern it so our ethos was shift, shift, worry about the consequences later, think about that later once we get the technology deployed. i think humans will have to level up in this instance. we know especially with open ai and over they've been doing, they had gpt three, now they have chatgpt. it is screaming ahead. the use of natural la language processing, allows machines to
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