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tv   Mornings With Maria Bartiromo  FOX Business  May 21, 2024 6:00am-7:00am EDT

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♪ ♪. maria: good tuesday morning everyone. thank you for joining us, i am maria bartiromo tuesday may 21, your top stories 6:00 a.m. on the east coast, examining the consumer, features indicating a lower opening for stock prices as we await major retail earnings from lows and macy's both out before the opening bell, the nasdaq over by 24 and as a be hundred by lower button one and a half. we are previewing target and nvidia out tomorrow nvidia closely watched report after a 200% rally in the stock in the last year, we will preview the numbers, tomorrow federal reserve minutes, more fed presidency and three rate cuts is a pipe dream is divided of initiation lames grocery chains for rising prices, double-blind capital founder and ceo jeffrey gundlach is coming up in the next hour he will give us his thoughts on the macro story,
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investment priorities in this market and commodities and will get into all of that with a major investor, dunlop was gold extended its record performance, copper and silver pulling back after hitting recent highs in the last couple of weeks, european markets underselling pressure, take a look at the eurozone, now 41, the cat condo 95 and dax index lower by 122. in asia overnight that hang seng index down better than 2% that is the worst performer. back in new york a critical day in president trump touch many trial as it enters the 20th day, michael cohen admitted to stealing tens of thousands of dollars from the trump organization as a former lawyer takes the stand and bottles that would judge merchan, the judge is considering another request for the trump team for dismissing the case altogether they said the prosecution is yet to prove a crime. former georgia state representative is with harvard
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law professor alan dershowitz in the front row of the courtroom yesterday and they will tell us exactly what went down and what they witness. joining the conversation former assistant secretary to the treasury monica crowley, the monarchy group founder john lonski and cheryl casone. "mornings with maria" is live right now. those hitting the tape, let's get to the numbers. >> better-than-expected numbers and the stock is reflecting that more than 1.5% acumen for 367 the estimate was 294, 29.4 billion on revenue in the estimate 21-point to it's a good double beat and even after home depot same-store sales fell by 1.4% but the estimate was five and a half to the downside that's better-than-expected they affirm the full year outlook for 2024. another positive addition to this report and they're
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basically saying it was small scale repairs, people are buying big ticket items because nobody's buying and selling homes. home depot said that's not happening, lows on a smaller scale better-than-expected, there's the stock. maria: thank you so much we will watch the other ones, the retail that were waiting on, time for the hot topic of hour former president trump touch many trial entering day 20 former legal advisor to michael cohen will return to the witness stand, robert castello will return for cross-examination today, one day yesterday judge merchan clashed with costello he said reporters threatened to hold costello in contempt if he continues to stare him down during this testimony, costello confirmed that trump did not know about any nondisclosure of women
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payments to stormy daniels inchoate admitted on the stand to stealing money from trump he still tens of thousands of dollars from the trump organization, 60000 when including taxes, the defense team will rest their cases trump calls for the case to be terminated. >> we asked for termination of the case there were no crimes we did nothing wrong and i want to get back to campaigning i'm representing hundreds of millions of people nobody seen anything like this this is a witch-hunt, cricket joe biden the worst president in the history of our country by far to damages political opponent. a highly political judge, and you know what the crime is. maria: yesterday could've been a
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pivot in the case, cheryl casone your reaction. >> it was an afternoon in court let's go back to the revelations of michael coleman putting 20 grand in a paper bag, keeping 30000 for yourself. once again michael cohen was discredited and yesterday was supposed to be the prosecution in the rehab of the witness the whole point of redirect was to rehab michael cohen to restore his credibility to the jury it didn't happen it wet morphs south for the prosecution and when costello took the stand that's when things blew up in the courtroom so it's going to come down to who the jury believes, we don't have hard evidence this is he said he said in court and without westerberg there i'm not sure the jury is going to buy anything. maria: that was incredible when trump's lawyer said to michael
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cohen you stole from the trump organization and he said yes, i did i stole $30000 i said it was more money coming to me and i said $30000 and when you grow set up including taxes they talk about $60000, your reaction. >> the of the prosecution's star witness as opposed to stormy daniels who is a actress that admitted on the stand that she hates donald trump would like to see him in prison michael cohen is also admitted that an ease now an admitted liar and a thief in a court of law and legal observers are saying if michael cohen had been prosecuted and convicted of the crime of stealing from the trump organization he would've faced 15 years in prison so what he admitted to is far worse than the fake crime that they're trying to plaster donald trump with this but no evidence of falsification of business
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records and no evidence presented to the jury whatsoever in prosecution did not even stated a crime this has devolved into a circus in the circus because it's a disgrace in the huge blemish on the constitution and the rule of law and due process. >> the trump team said dismiss this immediately you still have not proven any crime. i really want to know what ticked off the judge so much to tell the reporters to get out of the room and the only people that could be of the lawyers in defense and what specifically happened will talk with georgia state representative vernon jones coming up he was in the room and harvard law professor alan dershowitz was in the front row he had a front row seat there to tell us they were in the courtroom, they will share what they witness, john lonski how do you see it. >> another failure for the democratic party this is a political trial and it's backfiring and not working,
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trump's lead continues to grow with the polls and another piece of evidence showing us how inept the democratic party is even when it comes to trying to serve their own interests. maria: we will keep a spotlight on that for sure, with the interviews coming up were just getting started, more federal reserve presidents raising concerns that the three planned rate cuts this year may not happen at all, chief investment strategist sam stovall is here to weigh in on rates, earnings of the macro story. young conservatives on "mornings with maria" corresponded emily sturridge coming up what's happening on the market college campuses what's getting into it, you're watching "mornings with maria", we'll be right back. ♪ ♪
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at no additional cost. that's wonder made possible. evernorth health services. maria: welcome back let's take look at rates the tenure is lower ahead of the federal reserve meeting minutes which are out tomorrow the yield at 4.42% down almost two basis point cleveland federal reserve president loretta signally that three rate cuts might be out of the question now, she said i was on the record before saying i was at the median forecast which was three. the developments in the economy and would not think that is still appropriate, join me cfr chief investment strategist, great to see you. i know you are projecting a first rate cut to happen in september followed by second cut in december. has anything changed in terms of your expectations given four months of elevated inflation kicking off at 2024.
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the beginning of the year our expectation we would see three rate cuts in wall street that of anticipating for five or six cut in september is likely to be the first rate cut with a follow-up in december and every election year since 1992 except 2012 had a great height or a rate cut take place with many occurring in the september. , it is not unusual for the fed to show or attempt to show that they are apolitical. maria: john lonski, jumping, any rate cut is going to be contingent on the disinflation very slowing of domestic spending of the u.s. economy and once that happens you may see a series of rate cuts i don't
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think there will be anything to stop a material climb by the employment rate, shrinkage of job growth and the like. it'll feed onto each other as an appointment begins to rise, consumer spending suffers as it comes in under expectations, companies have more layoffs, et cetera. maria: it is a great point, i'm wondering how much is priced into the market how strong the consumer really is, you're expected to decline a 5% that's going to happen during the cell in may. because of ongoing concerns about evaluation in the geopolitical backdrop, tell us more. >> sorry i didn't get to say hi to john but i appreciate his points. our expectation the fed realizes when they make rate adjustments all they are targeted below the horizon so they have to make the best guess for the coming 9 - 18 months out there.
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our expectation gdp will be two-point to percent year on year for 2024 and come down to about 2% in 2025, ditto for 26, there is a slowing that is expected in our belief were likely to see retail sales hold up relatively well but our belief is that the fed will be looking to cut rates and do so two times at 24 and four times at 2025 as they see the data tell them that the higher rates are doing what they expect and that is to slow the overall economy, bring up unemployment rate to four-point to level by the end of 2025, to slow the economy into with anticipating. maria: it is interesting i know the market adages sell in may and go away for the summer.
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i'm reading a note from tom lee, the s&p 500 is closing out a strong week with the gains on the s&p 500 internal gains for the month of may of about 6%. we expect markets to shift and fear of may to buy in may. as each week has passed this is been the case. were talking about a big week for a.i. this week microsoft is hosting the window and surface a.i. event yesterday today until thursday microsoft build a.i. and of course wednesday the big story of the week nvidia is reporting the first-quarter results let's talk earnings what are your expectation for nvidia and what do you want to say with overall earnings. in terms of growth. >> overall. has been better than anticipated this is the 48 of the last 50 quarters in which the s&p actual results have exceeded end of
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quarter estimates in first quarter were expected to be up 3% according s&p capital iq, 5% with ten of 11 sectors outpacing and seeing upward revisions, we've also been seen seven of the 11 sectors see improvement in 2024 estimates and 2025 with the estimates pointing to close to 50% year on year gain for the coming calendar year. i think we could see another digestion of 5% later in this. , third quarter traditionally is a challenging. in the market especially in the election year as uncertainty rises but if we can get a year to date lot before july 31 that every time that is happened since world war ii the market posted as return. maria: we will see in see what
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nvidia does tomorrow night, good to see you. thank you. sam stovall joining us. a quick break, the senate is planning to revive the porterville but the house already said it is dead on arrival, victoria sparkz is here on where she stands on that. coming up, stay with us.
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maria: welcome back president biden begin with the speaker of the house mike johnson a minority leader in the senate mitch mcconnell about border legislation the white house said biden called for republicans to stop playing politics and act quickly to the porterville and consisting of thousand border patrol combat drug smuggling to make our country safer according to the white house, prior to speaking with biden speaker johnson wrote this on x, leader schumer is trying to give his vulnerable members covered by forgettable on a bill which failed it shouldn't reach the house the bill will be dead on arrival, joining the indiana congresswoman and house judiciary victoria sparkz, good to see you why you think the
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democrats want to revive the porterville after it failed? >> their playing politics for sure, they have tough races for the senate and they want to put a lipstick on the pig and make it look like they're trying to do the border security and they completely failed and don't have a serious intent and it's full of loopholes and is not a serious legislation is a message and talking points for demo democrats. maria: this is a talking point in an election year to make people believe that they care about the white upper border. >> of course, american people have seen what happened and i don't think you're going to buy that and that's a last effort to hold the senate and they're trying to make it look like they're doing something but they don't have legislation for border security they decided to let the cartels control the
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border and control a lot of our cities and country and this is very dangerous to chase in cahoots with china that is a very, very serious situation. maria: what you mean in cahoots with china. >> think about fentanyl over 100,000 americans are dying every year. we didn't have that many people dying in wars and 90% of fentanyl is produced in china cartels are financed by china and mexico government that is so corrupt and controlled by cartels and they have been allowed to have the lawlessness killing americans of putting national security risk we have people coming from china crossing the border and we don't know who's doing it, this is very, very serious. maria: it sure is, i'm trying to understand why president biden thinks or doesn't think that the border deal with anything the
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republicans wanted nobody wanted the folks to go back to the drawing board and come up with the new immigration policy they just wanted the border secure but this allows for 5000 people in before the government would shutdown the wide-open border inviting want to vote the democrats want about. >> is all performative, this is an obvious cynical political ploy because democrats in the congresswoman is exactly right but looking at the polling in the top two issues are inflation in the economy in illegal immigration in the wide-open border trying to rearrange the deck tiers on the titanic to make it look like a doing something but my question for the congresswoman. is anything between now and november in the end of the year that the republican majority in congress can do about the border. >> i think unfortunately i was very disappointed with the foreign aid package that was a
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serious way to make a stand on the border and i was very disappointed that a lot of my colleagues decided to hold the ground and speaker of the house i don't see any other opportunities to have a serious concrete meaningful legislation that would make a difference to reform some of the asylum procedures and instill some of the remaining policies we need to get them back and put pressure to control the border. i don't see anything else because nobody wants to shut down the economy fortunately we should for a serious issue but republicans are not going to do it and were talking about democrats build with lots of loopholes there are way more loopholes than you probably even realize. maria: it's a great point let me ask about foreign policy russia vladimir putin speaking with iran interim president yesterday
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after president died in a helicopter crash on sunday putin called an outstanding politician and a true friend of russia who made invaluable contribution to relation between iran and moscow, how do you think this impacts russia and iran going forward with the new interim president and place putin was in china last week in the u.s. official said they are concerned about china's support of russia's war in ukraine, your thoughts. >> the reason their concern china finance this work for two years pressure in iran helped provide pressure and also russia has helped iran and china in stabilizing the middle east and taking control of continents like africa around the world and their concern that they do nothing about it we still allow to have access to financial markets and we didn't do anything about russian oil and a
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lot of grandiose statements. i'm tired of the grandiose statements of this administration of mishandling of foreign-policy whether it's middle east or europe and president biden and europeans haven't been taking this more seriously and escalated a very concerned situation and it can escalate further and will happen in the middle east by involvement by countries in russian china. maria: the white house released a memo titled this as president biden fights against corporate price gouging maggie dominic sides with it, the ministry should disclaim with the biden top economic priority is fighting inflation lowering cost and their blaming morgan enter major corporations. biden singling out grocery stores claiming they're making a profit and urging them to finally pass savings on to the consumer, the right so-called
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maga comics would set off an inflation bomb. it's amazing that they're trying to come up with a word about maga and the economy, maga no mention of their spending on his watch $7 trillion of borrowing and spending from reflation induction and responsibility act forgiving due to loan debt, green energy tax credit and blaming grocery stores and maga, your reaction. >> i think we have a serious discussion, what bidenomics is a socialist policy by karl marx, the biden administration had failed policy and a lot of fronts with the supply chain and whether were dealing with energy but they have been subsidizing in the corporation to the government and trying to control financial markets and in essence
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control the memes of production and financial market, that's what socialist really is and let's talk about the subsidies that went to few connected to the government. that's why we have this problem in the little guy can barely survive and now they're trying to use the government power to pick losers and winners in the winners are going to be people that can pay contribution to biden's reelection campaign and the losers will be all of us, this is a serious discussion that we need to have. this level of spending and subsidy cannot continue destructive inflation will destroy the middle class and people of low-income. maria: people are feeling it, good to catch up thank you for being here victoria sparks joining us. a quick break, the state department is being slammed this morning over offering condolences to iran after the death of its president retired four-star president jack keane is here with the middle east tensions, jamie diamondhead team
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his requirement may soon than expected it is coming up, stay with us. ♪ ♪ ♪ this week on "mornings with maria". tomorrow the epicenter of the biden border crisis shifting to arizona retired border patrol chief chris klem is here, consumer bankers association ceo lindsey johnson's report on the health of banking revealed and friday content creators are challenging the potential u.s. band of tiktok hedgehog ceo john matz reacts. it's all right here on "mornings with maria"
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maria: the biden administration is being criticized for offering condolences to iran in the official statement from the state department following the death of iranian president abraham bracey killed in a helicopter crash with the country's foreign minister this weekend on the death of iranian president raising others, it expresses official condolences this is what the memo says as spokesperson math matthew miller was grilled on this yesterday. >> what is a official condolences. >> on the united states government. >> i'm not sure why your offering condolences if he was as bad as you say he was. >> we regret any loss of life you don't think you're sending contradictory messages. >> we were asked by assistance by the iranian government and we would offer assistance largely
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for logistical reasons we were able to provide that. >> the u.s. deputy ambassador to the un robert wood is facing backlash for staley to observe a moment of silence at the un security council to honor him. joining me strategic analyst and chairman for the study of war general jack keane. i know that the ayatollah chance debt to america. did raising chant death to america why are we offering condolences is a he against america and wanting america dead? >> absolutely and just recently a couple of weeks ago we watched iran deliver hundreds of missiles against israel and the u.s. led a coalition to defeat the missiles. we would be offering any kind of condolences lionized in our honors for someone who was
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killed thousands of his own people. that is well-documented. ever since the 2022 demonstrations over the young woman who was killed for wearing a hot machine there has been a thousand people that even publicly executed as a result and raisi hangs people by a crane in public view and in the last few weeks teenagers who have been resisting the regime he is a butcher in the thought that we would pay any homage to him whatsoever is a disgrace. maria: i don't understand who's running the show this is like a cartoon, we are all talking everyday about iran in the support of terrorism. we know there behind hezbollah, hamas we offer condolences. >> what is really happening is you administration in which said time and time again they have
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got to change the strategy to iran, they are seeking the destruction of israel to the removal of the united states of domination in the middle east. we appease them and try to work diplomatically to achieve a mutual understanding that iran will be a responsible nation, that is not going to work and the reason for the condolences and the reason right now as we speak a member of the nsc brett mcgurk is conducting meetings with iranians to try to work towards the end once again to appease the iranian regime, that is why the deputy and passenger to the un stood up when they were honoring raisi as opposed to walking or remaining in his seat. that's where the state department is officially offering condolences and to help them find the helicopter this is
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not a friend this is an enemy and should be treated as such. maria: you have to wonder who is running the show president biden railing against the international criminal court thankfully for requesting arrest warrant for israeli prime minister benjamin netanyahu and his defense chief, here's what he had to say. >> we reject the arrest warrants against israeli leaders. whatever these warrants apply there's no equivalence between israel and hamas and it's clear it wants to do all i can with civilian protection, let me be clear allegations against israel by the court of justice and what's happening is not genocide, we reject that and we always stand with israel and the threats against the security.
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maria: except when we withhold weapons to israel, benjamin netanyahu slammed the statement calling it a complete distortion of reality and it's exactly what the new anti-semitism looks like. general keane, your reaction? >> the icc cannot be taken seriously this is a politicized organization that has political objectives and here is condemning israel by issuing arrest warrants from prime minister benjamin netanyahu in the defense minister. the reality is whole boss entered israel and butchered the people in a barbaric way and raped women 1200 people killed it was a genocidal attack for sure and israel's response on any level looking at it is responding and according to international rules this is a just war and response you spy a democratic society and asking
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the military to defeat the people who butchered the citizens of israel. there is no immorality in any of that and no genocide when they've gone out of their way. extreme measures to protect the civilian population that hamas wants to be murdered and wants thousands to be killed. there is 300 miles of tunnels inside of gaza to protect the fighters of hamas, the killers there is not a single bombshell to a tunnel to protect the people of gaza, think of that. >> thomas is responsible for the protection and safety. they want these people martyred into think that the icc would point the finger at the leaders of israel who recently responding to a barbaric attack and using the military to judiciously find a war on the conditions that i've never seen before with the population held hostage and having to prosecute
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the war in and around the population that is quite extraordinary in the icc should be summarily ignored. maria: the wall street journal writes, the icc disgrace is itself over israel, this morning op-ed from the editorial board the committal court has lost more than the plot and requesting of arrest warrants for benjamin netanyahu and his defense chief with leaders responsible for october 7 the icc has lost sight of the distinction between the deaths grout and the bomber pilot, we are learning that george clooney's life a lebanese human rights lawyer and cofounder of the condition for justice help convince the icc prosecutor's to move forward with the arrest warrant for benjamin netanyahu, your reaction? >> i'm sure there's lots of people like her and others were supporting this there are four or five countries in the world led by south africa, bolivia and
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others that appeal to the icc that israel was committing genocide. there is a huge undercurrent of anti-semitism in the world and the veil of ministry has been pulled away there is a wound in the scab is exposed in a terrific to see it on full display by an international body and certainly by others reporting a falsehood that israel is committing a genocide. it's a disgrace going on in full public view inside of the united states and also around the world. we are to stand by israel every time the president opens his mouth to talk about what's going on in gaza, you have to remind everyone that's what's happening is a threat against the very existence of the state of israel and the people in the right to live there have got to be defended. maria: it would be wise to review the video of october 7 watching the monsters take women and children on their bikes and raping them and taking them away
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from their families. we will keep watching the as a reminder it's great to see you, thank you so much. >> great talking to you. maria: general jack keane. a quick break president biden president trump going head-to-head on fundraising. who's coming out on top. we'll talk about it after the break. you're watching "mornings with maria". ♪
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maria: welcome back a one-time wall street titan whose downfall shocked america i then boast has passed away at the age of 87. cheryl casone with more details. >> a wall street legend infamous for being caught up in insider trading scandal that rocked the nation has died at the age of 87, he passed away in his california home according to his daughter, the one-time financial titan rose to fame in the 19 '80s gaining his fortune their bets on the shares of takeover candidates before he was convicted for insider trading in 1986 he was sent to prison for three years and fined $100 million a staggering amount of money at the time. his demeanor inspired the movie
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character gordon gecko played by michael douglas in the 1987 film wall street, the character's famous line, greed is good. j.p. morgan chase ceo jamie dimon a good friend of the show may be retiring sooner than expected the 68-year-old attended j.p. morgan chase investors meeting on monday when he said the timetable for retirement is not five years anymore, maria spoke with him earlier this year about a potential successor. >> you lead j.p. morgan masterfully and congratulations to you i know you have three or four more years on the contract but of course you think about succession, do you have in your head who you would like to have as your successor? do you know? >> it to the point decision but i think the board has five people or six since they know the ones i do it in bigger quality and we think about it
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every day. >> the latest, in response to about the succession plan actually. president biden said the campaign trail with stops planned in new hampshire and massachusetts biden will speak on the pack act before heading to boston before two campaign receptions this is immigration is a top voter concern, and boston their planning to spend $3,200,000,000 for services for migrants is sheer on top of the 427 million they already spent that's democratic governor announced the chelsea silvers home and homeless veterans are to be converted into an emergency migrant shelter and in oklahoma the administration threatening to sue the state that allows police to arrest migrants and send them out of the state, that is similar to legislation passed in texas and iowa both of which hit with lawsuits. then there's this for the first time this election cycle the trump campaign is out on brace the biden campaign forgetting
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76-point to million dollars in april that's compared to biden 51,000,008 comes despite the limited former president is spent on the campaign trail thanks to the nearest trial, the trump campaign trails biden overall fund with 192 million in cash, biden's campaign manager taking a shot at team trump saying it continues to burn through cash and lag behind the garnet aggressive campaign with no ground game and interest in talking to the voters that they need to win in the trump campaign hit back and said the only people left in america who support joe biden are out of touch billionaires in hollywood it turns out even though they are done giving to a feeling campaign is seems, the final george clooney headlining the fine fundraiser for joe biden, julia roberts will be there that seems to be where he's getting his cash from for the most part. maria: that's happening to the
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hollywood buddies. >> the democrats are getting all of this money but they're not getting any bang for their buck is seems that biden falls behind the polls and that's going to continue to be the case. biden and company in hollywood and wall street billionaires the support biden are out of touch with the american people, they're tired of inflation, they are tired of heavy-handed regulation from the u.s. government. they are tired with a failing education system to say nothing of the degree of which there fed up with woke this. >> don't forget the wide open border as well as the wokeism. you've got to ask yourself are you better off today than four years ago, most people would say they're not better off. >> the answer is a resounding no and what were seeing now will 2016 energy with the celebrities
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remember in 2016 this is clinton at all the fundraisers with all kinds of celebrities and it didn't work for her and itzhak would work for joe biden and when you look at the fundraising numbers for the last month the fact that president trump be joe biden by $25 million tells you the all of the law fair in the weaponization of the legal system against president trump is a huge backlash and a lot of people particularly small donors are rallying to the president and i think in fact if there is a conviction even if there's not a conviction coming out of this case out of new york it's good for another 2 - 3 points for donald trump. >> you wonder if that helps his conviction. breaking news macy's earnings hitting the tape, let's get back to cheryl. >> became an unadjusted basis 27 cents a share the street was looking at 15, the revenue 4.85 billion, a slight miss on revenue the street was looking
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for 4.86 billion, again they have a turnaround plan and place and we will see if they can execute that this quarter speed when the stock is down 1% of the dow industrial positive right now up a fraction. stay with us, we'll be right back.
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after last month's massive solar flare added a 25th hour to the day, businesses are wondering "what should we do with it?" i'm thinking company wide power nap. [ employees snoring ] anything can change the world of work. from hr to payroll, adp designs for the next anything. uuu, this looks romantic. [bell sounds] welcome, i'm your host, jacob. —hi. —hi. do you believe in ghosts? meanwhile, at a vrbo... when other vacation rentals have no privacy, try one that has no one but you. hi, i'm stacey, and i've lost 60 pounds on golo. (guitar music) this belt i used to wear, way down at the first and second notch, it's the only thing i've kept from before losing weight and i'm keeping this because i'm never going back.
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maria: welcome back. good tuesday morning everybody. thanks very much for joining us this morning. i'm maria bartiromo. it is tuesday, may 21, 7:00 a.m. on the button on the east coast. hope you're having a good tuesday morning.

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