tv FBN AM FOX Business May 11, 2018 5:00am-6:00am EDT
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i'm jamie colby. thanks for watching "strange inheritance." and remember -- you can't take it with you. help! get me out! i'm stuck. >> all of these changes have happening because america is being respected again. [cheers and applause] >> and breaking news this morning, president trump taking victory lap last night after he announces details of summit meeting with north korea's leader. cheryl: and it's going to be another busy day at the white house today, the president set to announce a new plan to lower drug prices, and also going to meet with auto ceo's to discussing rolling back obama era emission standards. >> stocks got a big lift yesterday, back to end of year
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lows as volatility ease, the dow up 197 points. cheryl: taking a look at oil, fell back overnight, near recent highs, 741 is bid right now. bank of america on the brent side we could see 100 bucks a barrel. >> i hear inflation. could be big-time. we will be following that. checking out u.s. futures, thes -- the nasdaq just on positive east side. cheryl: now all of the major averages there are slightly in the red. >> in asia chinese stocks post best week in three weeks in hong kong the hang seng over 1%, japan's nikkei also up 1%. cheryl: if you are in the market for luxury suv, rolls-royce has this for you, yes, it's going to
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cost you. fbn:am starts right now. ♪ ♪ gerri: cheryl: well, yeah, it's friday but still the breaking news continues to roll in this morning. the trump administration is imposing new sanctions on iran. this the first step towards cutting tehran off from the global economy since the president pulled out of the iran nuclear deal this week. the treasury department targeting several iranian companies and individuals saying they have been operating illegal currency network in uae to fund
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the country's military. gerri: president trump set to unviolplan to lower prescription drugs this morning, the administration wants to move some drugs out of medicare part 3 and pursuit them under part d, that's where private companies negotiate more, bottom line, the president is backing off negotiation for drug prices. fox business will carry the campaign. cheryl: the president scheduled to meet with automakers. fool economy standards expected to be part of focus. the administration wants to cut back on obama-era omission regulations as the president took rally in indiana last night. >> good morning, gerri and
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cheryl, president trump in indiana, he told a packed house that he's going make america strong again. >> this is truly an exciting time for our country, jobs are booming, remember, i told you, i told you. [cheers and applause] >> confidence is soaring and optimism is at the top of every chart. >> it's easy to see why the president picked the spot, unemployment of 2.2% best in the entire country, over the past two years, manufacturers return to the area creating more than 10,000 jobs with resurgence of recreational vehicle market. during rally the president point today recent successes like three american hostages being released by north korea. i had tin credible honor of greeting three brave americans who had been held in north korea and we welcomed them back home
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the proper way. [cheers and applause] >> senior administration official says the release was not precondition to the face to face meeting with the north korean leader, in fact, adding this was not even asked, the white house says singapore was selected for the june 12th meeting with kim jong un because security for the president can be ensured, also the country has the facilities that can handle a meeting of this magnitude, the white house says right now this is going to be a one-day meeting, back to you. gerri: thanks for that, meanwhile senate democratic leader chuck schumer is criticizing the president saying he's weakening u.s. foreign policy, listen. >> it is so troubletology hear president trump say that kim jong un treated the americans excellently, their release should not be exalted, it should be expected. gerri: men time mike pompeo set to hold first press conference at secretary of state this afternoon after meeting with
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south koreans foreign minister. cheryl: apple wants to get into your wallet literally. gerri: we will talk about that tracee casual -- carrasco will talk about that, good morning. tracee: goldman sachs will launch credit card, apple-paid card which could launch as early as 2019, this would reportedly replace apple's current reward's program with barkleys. gerri: goldman driving the new consumer on new heights. >> ceo and many other executives will leave bankrupt store with big knows all while liquidation sales across the country are still going on and hourly employees will be out of job come late july when the stores close for good.
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cheryl: we were talking at the top of the show, rolls-royce has an awesome new vehicle. as gerri mentioned a lot of rolls-royce fans are not on board with this one, first suv, the colonin, named after the largest diamond ever, 325,000-dollar price tag, but it can drive through 21-inches of water, cut right through deep snow and cross shifting desert sands, of course, while passengers in backseat are drink ing champagne in the built-in refrigerator. cheryl: i just want a rolls-royce. we have a lot more coming up this morning, president trump announcing details of the summit with the north koreans but what do they need to do to make sure that this deal has got team.
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brad blakeman is coming up. experts are worried about the volcano in hawaii with erupt any minute and boulders can be as big as refrigerators there. taking a look at u.s. stock market futures, looks like the dow is pointing 399, s&p 4 and nasdaq 1 and a half. you're watching fbn:am this is frank. sup! this is frank's favorite record. this is frank's dog. and this is frank's record shop. frank knowns northern soul, but how to set up a limited liability company... what's that mean? not so much. so he turned to his friends at legalzoom. yup! they hooked me up. we helped with his llc, contracts, and some other stuff
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gerri: welcome back, let's ge you caught up on what's happening now. dow up 39, s&p 4, and the nasdaq up 2 and change. officials in hawaii are warning that the volcano kilauia could erupt any time. governor says mass evacuations may occur if more cracks are detected. around 2,000 people have fled homes. look at the pictures, kilauea has destroyed 36 structures, gets worse there. a nurse has been charged with involuntary manslaughter in the
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death of of foreign security adviser h.r. mcmaster. he fell and hit his head at senior care facility and accused of falsifying documents to make it appear that she followed the necessary procedures, sad. and a disappointing stock debut for largest initial public offering of the year receiving weak reception from investors yesterday, far below 27. weak pricing after several insurers reported disappointing earnings. you have to be a tech stock to get better valuation. cheryl: no kidding. we have a lot coming up in the world, june 12th, the date, we've got it in singapore, time and date set with the president's historic meeting with kim jong un but trump is
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make it clear he's not going to agree to another bad deal for america. >> i think it's going to be a very big success but my attitude is and if it isn't, it isn't, okay, if it isn't, it isn't, but you have to have that because you don't know, we are not going to be talked into an iran deal with the negotiator john kerry refused to leave the table. cheryl: let's move to what's going to happen next, what does president trump need to do to get this right, here is a man that's going to weigh in on this, he's worked for three presidents over 30 years, he's got a lot of summits in his background, former white house deputy brad blakeman, good morning. >> good morning. cheryl: from your vast experience of planning the summits, are we on the right track right now s this administration on the right track and what does the president need to achieve do you think at this one possibly 2-day
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meeting. >> we are on the right strak, we are leading from strength, that's exactly the position america wants to be. the deliverables for every summit need to be managed. finally end to the war between north and south korea. that is a huge mile milestone, something not accomplished in decades and the second deliverable is team put together in order to negotiate final denuclearization of the northern peninsula of korea. that's very important. we are working in steps to that. it's not going to happen overnight, not going to happen with one meeting, most important thing put the process in place, donald trump will not be played. the deliverables must happen within his term, no kicking the can down the road, not for the next president, they have to deal with it now. cheryl: he's had no choice to deal with it, past presidents have not because we were talking
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about potential nuclear war just back in december, so that's the threat, that's why we are here now. you said on the past on the show that do you believe north korea is really china's problem, do you still believe that or do you think north korea is our problem in. >> no, north korea is china''s problem as long as they need to survive. kim was recalled to beijing in order to face the music of president xi who said you're causing me autolove oh problems, i don't need this, you need to tone it down, guess what, he did. >> two things that have happened, that conversation obviously between the chinese and north koreans, the blast of the nuclear site, testing facility in north korea was worse than thought. you look back at the north koreans saying they are going to come to the table and finally talk to the americans it was after the reports of the nuclear site's
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destruction. so that plus sanctions, do you think that kim jong un is now vulnerable? >> absolutely. he's coming to the table in a position of weakness, we are coming to the table in a position of strength. we have now china doing things that they have never done before, that is get their stepchild in line, two stepchildren of china, one is a good one taiwan and the bad one north korea, we need to continue the pressure on china. cheryl: before i let you go, i want to make sure on what's happening to targets in israel in golden heights, tit for tat is really developing, you worried about destabilization of the region even more so than what we are witnessing right now? >> no, iran needs to be held to account, they have been funding terrorism, we are going to find out how important the other
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signatories to that deal are when iran decides what they're going to do next. israel has right to defend themselves and they are acting in self-defense. we can't play both side against the middle like we have done in past presidents, now the president is saying, i stand with israel and for once america is being a fair dealer by standing by ally. cheryl: maybe this time around considering that the president pulled out of the iran nuclear agreement, that pressure, the sanctions putting back into play maybe benefit to israelis and give them some sense of protection if you will from ally which is us. brad, thank you very much. we appreciate you being here this morning. gerri: coming up, this summer blockbuster. so scary. there's a new movie out that
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wants to become a summer shark classic and no, it's not shark nato. the dow up 37 and the nasdaq up 3. you're watching fbn:am [fbi agent] you're a brave man, mr. stevens. your testimony will save lives. mr. stevens? this is your new name. this is your new house. and a perfectly inconspicuous suv. you must become invisible. [hero] i'll take my chances.
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the new movie the meg, splash at the box office this summer, this is a thriller comedy and hopes to rival summer blockbusters such as jaws and shark nato movies, you catch the meg in theaters on august 10th. gerri: not my kind of movie. the dow up 39. s&p up 4. the nasdaq up 2 and, of course, all checking oil. all eyes on oil today. cheryl: we have the bank of america call, 100 books on brent, the global contract but that would affect wti, we are up 2 cents, all the energy companies this week have been seeing build-up in the market. gerri: you bet. wti, west texas intermediate and as you take a look at this, a lot of contraction and supply going on, iran may not be
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producing very soon, 3.8 million-barrels into the marketplace every day, opec constraining production is too, so that's been big pressure on prices. cheryl: brent prices will affect europe, this isn't how we opened at all, the ftse is barely in the green. pressure in europe. dax down. gerri: mix. cheryl: coming up, finally some justice as the fcc hits robo caller with massive million dollar fine, you go justice department. not too late on getting on mother's day deal, mother's day is this weekend. you're watching fbn:am.
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>> those hostages came out with respect. we didn't pay for them. we are going set the table. we are going to make a great deal for the world. cheryl: three americans freed from north korea, president trump is gearing up for historic meeting with kim jong un. singapore, that's the place, we've got a live report from washington coming up. gerri: stocks got a big lift yesterday an inflation worries and volatility eases, the goldilockses economy, people. cheryl: oil fell back overnight from recent highs, right now up a penny u but bank of america says you want to watch the brent contract, globalcat, 10 bucks a barrel, that could hit west texas group. gerri: u.s. stock market futures all in the green, oh, no, now the nasdaq has turned negative 1
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and three quarters points. dow up 31. cheryl: europe the same thing, switch in direction right now, the markets are open in trading, we opened up higher for all of the markets, ftse, cac, dax slightly in the red. gerri: chinese stocks posted best week, hang seng over 1%, japan's nikkei up also 1%. cheryl: uber unfailing a new plan to deliver food by drone, fbn:am continues right now. ♪ ♪ gerri: 5:30 in new york friday may 11th, good morning o i'm gerri willis. cheryl: good morning, i'm cheryl casone, no drones for me in new york city, i'm putting that out there. gerri: if it's late and the food goes bad, it's tricky. cheryl: that story coming up as well. we've also got a lot of breaking
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news to bring to you, president trump has picked singapore as the venue for highly-anticipated meeting with kim jong un, that's going to be june 12th. gerri: griff jenkins with live from washington. griff. griff: by the way, no food deliveries by drone to the white house because you can't fly one near there. i digress, president trump says he hopes the summit will be a very special moment for world peace and maybe further signs that kim is serious about denuclearization pledge. satellite images from san francisco base reportedly shows significance reduction in number of buildings around one of north korea's nuclear sites, this as the 3 american prisoners touched down on u.s. soil on historic moment in the morning and rallied in indiana last night that strong leadership that got us here. >> do you remember everybody in the fake news where they were saying, he's going to get us into a nuclear war, he's going
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get us into a nuclear war? you know what gets you into nuclear wars and you know what gets you into other wars? weakness. griff: not everyone agrees, chuck schumer says the president's middle of the night home weakens america's policy. >> no great accomplishment of kim jong un to do this and when the president does it, he weakens american foreign policy and puts americans at risk around the world. griff: the free americans are doing well and in, quote, good spirits this as south korea's foreign minister makes first visit to washington today to meet secretary pompeo setting ground work for talk south korea a little later this month.
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gerri: north korea, one of many geopolitical issues facing investors today. also the u.s. decision to back out of the iran nuclear deal and fighting breaking out with iran and israel, despite anxieties, stocks are up but will this last, let's bring in shan ohera and matty lea. shan, i will start with you, dow back in positive territory for the year ending just up over 24,781 which is last year's close, 24,719. good news for stocks, i have to he told you the goldy locks economy, nobody knows that it continues, do global actions take focus here, what do you see is more important to traders in in coming days, global tensions or the economy? >> probably a little bit of both. with regard to global tensions
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and potential conflicts, generally speaking if you look at the last six major conflict that is we have been involved with, the average return 30 days prior is about a little down a little less than 1% n the 30 days after the conflict starts, the market tends to rally. uncertainty is the real culprit if you look at those types of numbers, as far as the overall economy, i think that's the driver. i think these numbers that have been coming out here lately on the core cpi being under what people thought and gdp being slightly better than what people thought, the earning season that was coming through, terrific earning season, all that sets up pretty well for stocks. looking forward my big concerns would be there's massive inwinding of the balance sheet. gerri: that's a big thing that we don't spend time talking about. good economic news on inflation expectations point to tbloaldy locks economy but spoiling the
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party could be oil prices and by that, we mean brent, not west texas intermediate as cheryl has been saying all morning, it's not just iran that boosts prices but collapsing corruption in venezuela that could push present to the key hole, what impact does it have on markets and economy, how do traders respond, matt? >> well w i think we all have to be prepared for high oil prices. i know i'm preparing by look at oil service stocks, that's a sect or that seems to be undervalued and u.s. oil productions at a record high right now and we are predicting another million barrels through day to 2019. gerri: all right. well, sean to you, are we going to 100 bucks a barrel? >> you know, i'm not an energy expert.
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i do think for the last year or two op ebbing has been talking own book and push prices higher. the big problem is going forward is oil is an input into almost everything fanned that increases the cost of doing business then that effectively probably causes a problem on people's bottom line and that would be drag to the market. gerri: matt, what is outlook for prices right now. >> one hundred dollars of barrel this summer is not out of the question and certainly within next 18 months depending on the global response to the u.s. pulling out of iran. if our allies get behind us with that and they enforce the sanctions a lot of oil will come off out of production from iran. that's going tight tennessee oil market a lot more and what that will mean is that any shock that is come out of syrian conflict f israel and iran get into a war or escalate what they are doing
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right now, i think higher oil prices are inevitable. gerri: sean, quickly, the president is talk about cutting drug prices today, make serious cuts in drug prices, what do we see as impacts on stocks this afternoon? >> i think it probably puts a little pressure on the big pharma names. i think if you're going to play the sector you will probably look at the biotech names instead. one of donald trump's classic issue. it's a big battle between demographics which is the big driver for future use and net margins. gerri: matt and sean, thanks for coming on, great talking to the two of you. >> thanks for having me. gerri: tracee carrasco joins us with more on that and other
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headlines. tracee: uber will deliver food by drones. the u.s. department of transportation chose 10 state and local governments and a number of companies like alphabet, intel, fedex and ub the other work together on this commercial drone program. gerri: i will believe it when i see it and major crack-down on robocalls, we are so excited about the story. tracee: this is the story you're talking about, fcc fining a florida man $120 million for allegedly making nearly 100robo calls, tricking people into buying exclusive as he called them vacation deals, adrienne denied any, quote, fraudulent activities and said these were legitimate tale marketing. cheryl: stop calling us in the middle of the night or all day long. lately that's been chinese. tracee: i've gotten that one
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too. gerri: 5:00 o'clock. cheryl: mother's day is this weekend. tracee: mother's day this sunday. a lot of businesses celebrating offering deals, mom with freebies, moms get free 25-dollar dining card saturday and dining, hooters feel meal with drink purchase, ufc gym, free workouts, check social media, promotions online as well. gerri: is it me but who takes mother to hooters. cheryl: that's really not a good place. i'm just going the say that. tracee: the free meal might be enticing. gerri: tracee, thank you for that. coming, game of thrones and drinking. >> what would make our time truly enjoyable would be some wine. >> no wine.
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>> i am opposing drinks. [laughter] gerri: all right, so it's friday, perhaps not wine but maybe some scotch we will tell you about the new dpring johnny walker and it's like starbucks, if you like starbucks and want to support the military, now is your chance, we have a great story about dog tag brownies, u.s. stock market futures, it's a mix, the dow up 37, the nasdaq down almost a point.
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gerri: welcome back, checking u.s. stock market futures right now, dow up 35, nasdaq down 2 and change. house speaker paul ryan has set may 17th for deadline for nafta negotiations ensuring changes could pass through the house before midterm election. the u.s., canada and méxico are focusing on rewriting rules to running the trade of auto parts in the deal, how much should a car or an auto, vehicle, how many parts should be made in north america. israeli nonprofit is honoring
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president trump, the organization says the temple coin expresses their joy and gratitude for the president's decisions to move the u.s. embassy to jerusalem. that historic move is happening monday. for you game of thrones' fans out there, this could help cool your nerves, a white walker scotch inspired by the hit series. the special scotch is coming to the realm in the fall. i know you'll be looking for that. cheryl: oh, yeah. well, the scotch, not the show. i have to catch up on the show. anyway, gerri, thank you very much. not only is the month of may military appreciation month but today is also spouse military appreciation day. in honor of veterans starbucks is teaming up for the entire month with dog-tag bakery to bring awareness and funding to
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our veterans and families. joining me to discuss the partnership ceo of dog tag, mayingen, good morning. >> good morning, thank you so much for having me. cheryl: may first to june 4th, 8,000 starbucks will be serving dog-tag brownies, made in georgiatown, one bakery, you do so much more than that, tell us about dog tag and how you're honoring and also training our veterans and their caregivers? >> absolutely, we are a nonprofit based out of washington, d.c. so right in the heart of georgetown we run down dog tag bakey, you can come in for cup of coffee but the real magic is what happens above it. in our coffee is a classroom, military spouses and military caregivers, they come in for 5 months and in the classroom they go through seven courses by georgetown university professors, they graduate with certificate in business administration, from georgetown
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university school studies. cheryl: 64% of graduates in professional careers, another large percentage are continuing their education, starbucks really took notice of you several years ago and really brought you into the fold to starbucks. what does it mean to have you support you in such a big way on an international, national scale? >> well, i think it really shows the dedication and the need that veterans and military families are getting the support and it's really not a handout, it's a hand-up, starbucks recognized that very early on which we are grateful for, the partnership is capability to get our mission out, really kind of igniting the human spirit for those who have served country, providing them an opportunity to earn an education, using bakery as living business school, help them understand what does the next step look like and what cousin it look to have purpose. starbucks took the initiative early and shared value of that.
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cheryl: starbucks has commit today hiring 25,000 veterans by 2025. this seems to go with the company'smontra to do that, they've got their military theme stores opening around the country. you're helping veterans and caregivers more importantly too. really build a new life, kind of retrance intoición that, are we still seeing in your opinion a difficult transition for veterans that are coming home, simulate back not only to regular lives but into the work life as well. >> you know, the military, i come from a marine corps family where my father and sister both served and you go from a very specific culture to civilian workforce where everybody -- everything is an opportunity. military caregivers are facing difficulties getting into the workforce because of what the military demands of a family of moving so frequently, you know, difficulty of getting jobs, a lot of volunteer work and our
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goal is to make sure that we don't serve just the veteran but the family and ensure what the opportunities are at but also know the value. cheryl: megan, we are thankful to veterans and service members serving around the world and spouses and caregivers, this is military appreciation month and we appreciate what you're doing as well. >> honor to be able to do it. thank you for the opportunity to come on. grateful for the partnership at starbucks as well. cheryl: it's a big one. >> thank you, have a great one. gerri: great story, love the story, heart warming, has everything going for it. coming up in sports, in golf, johnson shoots a 66, best round ever at the player's championship but up and down day for tiger woods, look at him, will he make it, i don't know. jared max will have the highlights and russian president
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vladimir putin isn't quite the athlete he used to be. we will tell you why his latest hockey outing was a big fat disappoint. cheryl: he didn't score 15 shots? gerri: he's so closely guarded, i'm telling you. u.s. stock market futures, let's take a look, dow up 32, nasdaq down. you're watching fbn:am
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nashville might be music city but when predators are home it's hockey city. 2-0. 2 minute 6 second. the tone had been set. jets kept engines going all night. mark had a pair, winnipeg wins, 5 to 1. it's all over now, snapped, they've gone past the red sox, martínez home run of eighth inning broke tie and red sox beat the yankees 5 to 4 last night in the bronx. red sox pitcher david price says -- curtail his video game playing, addiction to video gaming. he will cut back.
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worst ceremonial. no carpel tunnel. he's the host of ninja warrior and nfl network, watch the photographers in fear. pretty bad. before the season, francisco challenged his high school alma mater. they watched lindor come back to shave golden locks. [laughter] jared: come on, francisco taking one for the team just northwest of orlando. southeast of jacksonville, florida. dustin johnson shot 66 tied with five others for the lead. 6 under par, tiger woods played
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up and down, one bright note for tiger, eagle the par 9 hole, phil nickelson tough day. did you see vladimir putin yesterday? look at that. last year, last year he scored 7 goals. cheryl: only person that you scored goals. jared: what do you do? he's just too good. >> great player. cheryl: jared, thank you so much, good friday stuff. you can catch jared fox report fox news headline 24/7, siriusxm 115. gerri: how will europeans react
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keeping eye on global escalation tensions. mike, how worried are investors about the issues with north korea and iran? >> well, judging by this week's market price action not very because the european markets look set to close higher for seventh subbing setszive week in a row and u.s. markets to post best week since march, the only barometer of risk that i can think is rise of oil prices with u.s. crude $70 a barrel. that for me the barometer lies. cheryl: bank of america is predicting predicting that brent could hit $100 a barrel, they are saying 2019, 6 bucks behind it, that's
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$94 a barrel. what do you think that would be and do you think 2019 could be 2018 for the calls to come through in. >> yeah, i'm not really that bullish, certainly not bullish to the extent of $100 a barrel. we need to get to $82 a barrel first. when the consensus starts to get adjusted higher, that's the time to maybe call shot on top. but if we do get those levels, then gas line price wills go through the roof and that could push the global economy and the u.s. economy into recession. gerri: aren't we really talking about higher inflation at any rate? >> i think we are, and i think the numbers that we are seeing at the moment don't really reflect that, you are seeing u.s. inflation which is trending in around 2%, inflation here in the uk is around 2.5% declining, european inflation is at 1.2%
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and declining. so at the moment divergence what the headline numbers are telling us and oil prices are telling us. gerri: all right, it's amazing. michael, thank you for coming on today. cheryl: thank you for watching fbn:am, we now send it over and say good morning to maria bartiromo, maria, how are you this friday? maria: really great, cheryl, thank you so much. ly see you in a few minutes. tgif, thanks for joining us, i'm maria bartiromo, and it is friday may 11th, top stories right now 6:00 a.m. on the east coast. and historic summit president trump confirming that he will meet north korean leader kim jong un on june 12th in singapore, that after welcoming home three american who is were detained by the hermit kingdom yesterday 2:00 a.m. during rally in indiana last night, the president also touted the strength of the economy under his administration. >> here at home the great news keeps rolling in, 3.3 million
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new jobs since election. if pe would have told you during the campaign that we would create 3.3 million jobs in the short time everybody back there, the fake-news media, everybody back there would have said, can you imagine. maria: meanwhile on wall street investors concerns over run away investment, futures higher up this morning, dow industrials fractional move but the nasdaq is lower by just 2 points. yesterday the market was up, dow industrials up nearly 200 points, sixth straight day of gain, dow up 196, almost a percent. s&p up almost a percent and nasdaq as well, 65 points higher, almost 1%. the markets are lower, take a look. ftse down a fraction. cac quarante and dax down a third of a percent. in asia overnight, markets
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