knockedut world cup. defending champion lost to south korea. sweden and mexico move on. >> they were the world champions four years ago and now make it through the group stage. that is news. neil: thank you very much my friend. following up on that in on that and the marketeer with the interview of larry kudlow not only did he kind of echo the fact the administration bill is in the top line when it comes to the chinese, but he also indicated so far they haven't heard bk from the chinese. it's interesting what i got out of kudlow's remarks is the fact that he sounded a lot more aggressive certainly than the official white house relying on this committee that will come the ways are the mechanisms by which you judge unfairly. he that as it made about 55 points here. way too early to sort of see the

way this ends. the fact ofhe matter is it's better to be up and down unless you're sure at this market. for the time being a lot of the traits sensitive issues would dominate the dow and of course indicate the direction the dow can go since these are all global institutions coming back today to the light of caterpillar and bowing in others are bouncing back. the first is advisor brian wesbury, "forbes" publisher. the first thing i got out of stewart's interview with larry kudlow was we have not heard from the chinese and secondly at least to me he sounded a lot more in-your-face than some of the official pronouncements we've been getting. that could be just me, but the upshot is don't expect any imminent trade progress to me at least very >> yeah, but you know what i'm positive for the very fact that larry is back in front of the camera and we need a free trader

like larry kudlow to balance peter navarro i think is a true believer. i think for all the turbulence in the market over the past couple weeks, we are looking for days or goes up 1%, down 1% you're not allowed. the market still believes that the end of the day trump is not ing to do something suicidal or navarro blake on trade. three and two have got to tell you the far more meaning now is that the defending world cup champion of germany has been eliminated. let like south korea. >> exactly. england is like running through this tournament like a gazelle. it's unbelievable. train to the fact that italy is not in this thing, but i feel some weird indation here. i continue. >> i actually think brexit is helping them play soccer better. but anyway, there are so many

good things going on today. one of the things i want to push back a little bit. i'm a fr trader two. why we shoot 12 we all the fact of the matter is we have let china, we have treated china with kid gloves for a long time. there's a reason for that. they started from nothing. they borrowed all the technology that the western civilization had invented. they grew 10% a year for 30 years, but now they are at a point where they need to grow up and do their own laundry. they have twice the high tariffs on us. almost three times the high tariffs on items we have a man. they need to lower those tariffs and may also need to stop this espionage. they have state-sponsored

espionage stealing secrets from the united states. everyone knows that in pushing hard on china to do that. we try to do it by negotiating, so let's be tough. i'm willing to be tough and take the risk. neil: better warn the american people. i understand where you're coming from. it's a very good point. i don't think american people are ready for the ramifications of trade work, particularly with china, that might or might not be justified. the chinese have root the trading system from their currency to their economy. it extends to lying about their economic reform numbers. having said that, it's going to take a while to resolve some of this and in the meantime, you're going to be looking at average folks been a lot more for a lot of items because we've got a lot of items from china. what do you think? >> ask him at the market fell 20% to 30%, that's not much compared to the 55% and fell in

a and 09. neil: are you envisioning that kind of a drop? the trailer gets out of hand and causes problems like that, i agree with you that the first symptom we are going to see is not a lower gdp growth. we are going to see a rise in inflation and if that stuff happens between now and november, and the republicans probably lose the house. erything tmp isng to try to accomplish including his own reelection in 2020 gets a lot steeper. this cautionary way they are approaching, i hear brian. i totally hear brian that we've got to get something reflexively done. neil: brian, what happens -- you remind me of her dearest markets of one s d. in this uncertain environment where we go up or down based on the progress in trade talks and the lack thereof. what happened?

>> you know what's interesting about all of this is businesses tend to at least over maybe -to-day, but they kind of look through a lot of that up 1%, down 1%, the volatility which should we are going to have profit that are 15% er aually 15% higheran theyr december 31st first and the markets don't reflect that yet. at the same time, we are now predicting a 5% real gdp number for the second quarter. unemployment is at lowe's we haven't seen since the 70s. i hear, rich, that if the markets drop and growth is taking on, wages are picking up yo corporations have to pay more and more to pick up workers because there are shortages these days.

right now this tradet everyby is talking about don't seem to be affect in our economy at all. in fact, we keep getting stronger, not weaker. is huge.m a ago. that tells me our manufacturing sector is actually expanding, not contracting. i think american workers are actually going to be better off by the time the election comes around andt's goingo benefit rns. neil:r whhank you both very much. i want along an item that the justice depar expected to okay disney's proposed acquisiti of fox asset and a whole bunch of other staff as soon as today. bidding on the same properties with the disney deal, but expectation is at least on aside

from "the wall street journal" that approval for that could happen as soon as today. ne else reported not. again, our sister publication, we are owned by the same folks indicating that is moving along very nicely. all of us was done months ago so they had a chance to get their ducks in order. robert iker at disney said that's one big advantage disney had certainly over comcast asking for it for the assets of the 21st century fox. way too early to tell. all key issues including disney, comcast and certainly fox entertainment are out. in theime, oil right now is a not only iran, that we don't want any more oil from them, bhe administrn is hearing and on ny other country to get oil from them. that would dry up all the oil worldwide in list prices which is happening now. state department advisor. you can educate me here. and the obama administration we have a policy that we are not

accepting oil from iran and we prefer you not get oil from iran and make your best effort to not get oil from iran, right? >> in the obama administration that along with financial sanctions really got their attention and put pressure on them. the obama administration traded that for a bag of magical beings. they laid the agreement to denuclearize iran, but these are powerful sanctions that target the most important industry in iran and the most important source of cash which they can use to do things like exp terroris for example going after that not just at their own exports and buyers around world. neil: let say we are able to succeed in getting not only iranian oil, but we don't want w.but all of our friends not to accept any iranian oil at all. it's a big jump forng

inventories and something to do with that. but that could change the supply demand equation. >> they've been doing two things. they've been going around not just our friends, but those who are not our friends like the chinese are example in explaining secondary sanctions will apply. if you ha mpany whether government related or not involved in the iranian oil trade will face sanctions from the u.s. and so far quietly a number of countries have agreed to do this. they just need to stop by november 6. they have time to do this, but we are also leaning on companies and countries to increase oil export. you do see some increase now especially going into the heavy driving season and a summer. that will be mitigated thigher e strength of the dollar in which oil has traded globally even if it never touches the u.s. and has the salutary effect on lower prices. things are going on. >> very good talking to you. thank you very much.

talking abthe supreme cour decision earlier on that as a defeat to public unions. i want to emphasize because i see no credit union membership has declined mightily. a little bit more than 6% of the overall private workforce. in the public sector arena, some states about six, 7% that are unionized. you can't enforce that. we will explain after this. man: i got scar tissue there.

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but i still feike i'm not gonna have enough for sounds likretirement.ing a lot. like there's something else i should be doing. with the right conversation, you might find you're doing okay. so, no hot dog suit? not unless you want to. no. schedule a complimentary goal planning session today with td ameritrade®. >> the president is meeting with younger americans to get their read on issues facing the country. en that starts. maybe what happened in the supr court. young americans and maybe we'll get a little bit of all. when he does come will take you there. the supreme court in favor of nonunion workers when it comes to paying public union dues. keep in mind this is something the public sector sees a lot more of them is much more vital to its future than the private

sector, 6% of workers are unionized right now. the botto line is at this time when it concerns public sector workers, one third of them are unionized. so this could change that mightily. john tillman, one of the key arguments in favor of doing this for at least giving people who t be forced to pay dues and option and it would seem that was the option. you don't have to. it was a five to four was a five what do you make of >> this is an amazing ruling overturning years of precedent. that's 5.5 million workers. they've had their rights restored. it's monumental. neil: obviously divided along with the political line and a lot of people looking at this as a targeting of unions, but the private sector has been happening in the public sector

not so much. what happens now? >> what will happen now is millions of workers and 22 states will start to assert their rights and some will at's the great tn the union and is ruling. people can still join the union. people can stillay money, but those people who want to opt-out of the union did not pay dues anymore won't have to. what that's going to do is level the playing field. to make the system a little more fair and most importantly of all the workers the right to pursue their own political speech and have it be in control of the union. neil: a lot of folks have come back in the death-defying thank you from the workers who bought out because they get the benefit of the contract arrangements that are made and they d't have to p the dues that make that possible. obviously not quite that black and white. what you say to that? >> that is wrong. that their argument. first of all, unions lobby to represent nonmembers. they asked to drive those people

long enough toplain about it which i ironic. secondly, the more important point is those numbers don't want the union to represent them. when they opt-out, they are not asking the union to represent them. they negotiate their own deal and that's the way it should be. they should not be dragged along. free rider argument is a false one. when the unions perpetuated for themselves. neil: what happened now? >> it's interesting. let's watch and see what the unions do. do they do which are local restaurant is by trying to win over union membership and get them too often because justice alito in his opinion said union members have to opt-in. when the union street that my customers and ask them too often are they going to affect regular inventory. neil: whall see. i'm sorry my friend alina go straight to the president of united dates talki young peop. we will see what else comes up. >> a young very good looking group of people. i hate it.

i hate that. please, sit down. great looking group. i'd like to be your age. i'd love it. how much. charlie, you're doing a great job. thank you very much. i am thrilled to here with such a very talented group of young americans. incredible achievement alrdy in your lives. we are joined today by student leaders from colleges and universities from all across our nation. you are the people on the frontlines of our movement to forge a future of true american greatness. we've done an awfully good job in the short period of time. had a lot of success over the last couple days in the supreme court. a lot of great things happening. a special thanks also to my friend, charlie kirk a turning

point, u.s.a. for being with us and helping us with th e thank you very much. spectacular person. i also want to welcome all of the young people that i have such respect for. union representatives. ere are you raise your hand. the toughest negotiators deliver found. that is good. i'm glad that you are here. you're participating in vocational and apprenticeship prrams and there's nothing more important. the beginning of something very big for all of you to have all of you with us. en masse. let me see, nasa, yeah. that is a good future because the president trump. we ohat up again. we opened it up. [applause] nasa was having i was going to

send the wrong direction, was heading in no direction. there is nothing happening and now it's happening. you heard me the other day when i was talking about it. but the rich guys do it. they love rockets. dave does, elon musk, all of them. they love the rocket business. just wanted to them for a lot of money. they need our land. it's good to be in the real estate business. let them send up our rockets. let them be the first to mars and we'll take all the credit. but nasa is very important and we also want a serious note are very much involved also from the military standpoint space. all about space for about space for us. space is a very big factor in the trump administration. very important for defense. each of you represent the future of the nation. you aren't afraid to speak the

truth and the truth as you know it and stand up for what you know is right, even if it means being politically incorrect on occasion. okay, i have been politically incorrect a lot in here we are. so it's okay i guess. [laughter] we believe in free speech on college campuses, not censorship. institutions of higher learnin ld be firms for open discussion. either way could be liberal, conservative, democrats, republicans. here it all out and make your choice. you may not agree with me on things. some people don't. some people do. but you have to have free speech. you bring fresh eyes to old problems because that's young people, you're not burdened by the failed thinking of the past. and you really have to say some of the failed thinking. some of it's very good. you understand for a nation to be successful, it must have a strong military and it must have

strong borders and security inside our country. we just had $700 billion approved the largest ever for a military. next year we approved $716 billion we will shortly be stronger than we ever were before. hopefully we never have to use it. we want to keep training, training, training we never have to use it. but if we have to use that, nobody is going to come close. you have to believe in protecting the entire constitution as written including the right to free speech and the right to keep and bear arms, second amendment. you know that a nation must be proud of its history to be confident and a nation has to be coident in its future. you must honor and respect our great american flag, which we do. everybody in this roomoes.

we are citizens of the freest, strongest and greatest nation on earth. also, i can say greatest nation ever to exist and we are getting stronger every day. i have to say you are in the prime of your life. actually, most of you aren't even in the prime of your life. you'll be in the prime of your life in about 15 years. going to make it as long as possible. you are doing a fantastic job and it's an exciting one. our economy is booming, confidence is soaring and there's never been a better time to be young and to be american. never been a better time. the opportunity now is incredible. unemployment for people under the age of 24 is the lowest in almost 15 years. think about that. shortly we are going to have the all-time best that we've ever

had. african-american youth unemployment is the lowest level in the history of our country. african-americanyment is the lowest level. hispanic unemployment is the lowest level in history. within unemployment is the lowest level in 21 years and will soon be i think it has very if we need another couple of months, frankly. soon we will build to say for women in unemployment will the lowest in history. thanks to our massive tax cut, young men and women entering the workforce are keeping more and more of the money they earned. so are older people, frankly. it is helping you get a stronger start in life. a lot of advantages. we have eliminated horrible policies that burden young americans. you are burdened by things that

were really, in some cases come insurmountable, including the individual mandate disaster. that's where you pay a lot of money for the privilege of not buying health insurance. one of the worst things it's god. people were devastated by that. they were paying tremendous e to pay for health care in the health care was no good and we have no health care programs. phenomenal.ed last week it's association program. associations of people. businesses get together in a bind across state lines. people have no idea. we have another one coming out from secretary a's are i weeks ng to be incredible. we are investing in job training and vocational schools so citizens of all ages can take advantage of new jobs inewospers

going through. we've never had prosperity like this. we have increased from the lip used the word worst in economic sense of our country by $7 trillion since my election. 7 trillion. i got nothing out of it except i'm very proud of it. it's a great number. gdp numbers are way up and we have another one coming out over the next fourive weeks. it'll be interesting for this quarter but we had 3.2. i went inside that black unemployment is the lowest in lowest in history.c unemployment if i would've said any of the things i just told you during the campaign, the press would've said what is he talking about? and yet, honestly what we are doing is far greater than what i would say on the campaign trail. could've won by even more if they would've used these numbers. but we are fixing the broken trade deals of which they are so

horrible. i can't watch them. it would be so easy for me not to do anything liker president. we are doing great. they are so one-sided in such an embarrassment in getting fixed very easily because we are the piggy bank that everybody wants to rob. both our friends andmies. frankly, our friends in many ways, certainly in terms of trade have been were devastating than our enemies. the deals are just horrendous. we had nobody watching. we had nobody looking. we are talking about trillions of dollars could not billions trillions of dollars. so we want to make fair deals, but we want those deals to be reciprocal here the reciprocal. we he countries that are friends. they have tremendous trade surpluses and barriers that are farmers can deal in our country and yet they'll send us million of cars and make a fortune.

european union. we love the european union. they make $151 billion a year. there is no company like that. this is just the european union. then we have more and we are working with china now and hopefully that will get straightened out. anywhere from 375 depending on the way you want to count it, 375, $000,000,000 to your loss. it is time for us to get smart. so as you continue to develop your talents and to make your mark upon the world, remember that nothing worth doing is ever easy. you have bad moments. i used to give speeches on success. i don't give them any more. you've got to love what you're doing. and if you don't, just do something else. especially at your age you have to love what you're doing. you never be successful unless you get lucky which can happen. if you don't love what you're doing, find something else.

if you don't let nasa, if you dot love space, do something else. for the people that do get over there and be with the space cadets. you've got to love it. if you don't love it, if not can happen. you have to follow your passion. you have to do what you want to do. you have to listen to people. you have to go around and say i know people that love things, but they're behind the eight ball because they are going into something that's not a good industry. if you can find something else because their industries that are so great in place is heading in the wrong direction and things. you want to try and be in the upslope if you can find your passion there. if you can't, still stick with which you have to stick with. speak your mind. ask questions. you are at such an important part of your life because you are making the decision for the rest of your life right now. this is your big time, your most

wanted. everybody wants you. you're young, smart, brilliant. this is the time that's really going to guide the rest of your life. it's a very important time for you. so just love it. to try and go into something where you can have a wonderful that's worthwhile because there are some things, it's tough. keep standing up always for your values. keep working with your classmates and your friends. keep loving your country. and one of the most important things, never, ever quit. never quit. i went to a great school. i went to the wharton school of finance. in that school and met a lot of people. a lot of people heading industry today and over the past very smart people. but i watched some of the people grow. i watched some of the most incredible brilliant sdents and they didn't make it like

other people made it because they didn't have that drive. they didn't have that never give up ability. i don't know if it's an ability or if you have it. you just can't quit. i've seen people quitting and if they would've held out longer they would've been successful. i've seen it so much. i've seen some of the most brilliant people that never made it because they were quters. they were just quitters. they just couldn't take it. they couldn't whatever. one of the things about loving what you do is it's not work and therefore you don't quit automatically. but you can never give up. now, you have to also have flexibility. you can't necessarily say i'm never giving a. you've got to be able to be involved. you don't go to a concrete wall when you can go over it or around it or under it or

something. you have to have flexibility. you have to always bble change course a little bit. but don't quit. there aren't a lot of people who have quit. if you were quitters, you probably wouldn't be here today. you probably wouldn't be here. but never, ever quit. i want to thank you all for coming. it's an honor to be with you. you are the future. you are the future of our country from the future of the world in many respects. we have a great country. we have tremendous potential. we have potential that has been untapped and we are finding out what that potential is in finding it out in ways and means the numbers that nobody ever thought existed. i just want to say, god bless you and your families and god bless our great country and have a tremendous life. you are off to the best start.

thank you. [applause] neil: you been listening to the president of the united states. the young crowd that obvious some in the arena more interested in space than anything else. the president did have a funny line that refer to all the rich billionaires like elon musk and those targeting space travel and the rest. let them go ahead and do it and we'll take the credit. kind of a funny line there. all of this at a time when the wind has been at his back as of late on some of these key races in the elections in the primary battles with the least key victories by candidates who supported the president and the president more importantly supported them. want to pass along a couple of items on the panel here. sad news to report, joe jackson, the father of michael jackson had died at 89 years old as he had been battling cancer. he succumbed to that disease

earlier today. course a very fractious relationship with his son, michael jackson. he was concerted a real hard drive or with the entire jackson family in the early days. he has passed away. certainly an icon whether you like him or his style, that he is gone. also, an update on whats ppening with the justice department apparently ready to clear the way for disney to acquire some of the assets the 21st century fox has put up and for which there has been a bidding war that includes the likes of comcast. there was a proviso to this. we are learning now that disney would have to give up his 22 regional sports networks in order to complete the acquisition now. obviously 21st century fox's up on this news as it earlier was. they're going to pay a lot of money in excess of $72 billion. no indication or response on whether the cell. comcast expect it to put in a

bid that would be higher than that. disney fame who had said given the fact this was proposed months ago that they would have the sort of big run up on getting the justice department approval and cleared by regulators that comcast would have to start from scratch. it looks like it's good for those issues involved. the response from comcast that will keep you posted. on this, socialist millennialist veteran democrat in new york. it was by far the biggest event of the busy primary night last night. a8-year-old hispanic woman who was given up for lost cause may be potential future speaker material. let's get to read on all this from the weekly standard and managing editor. and the former obama campaign regional director, robin biro. if i can begin with you, it is interesting that alexandra

acosta cortés victory in new york wasn't even close. like bernie sanders, bernie so is this a wedge in the democratic party? how would you describe it? >> yeah, i'm calling it that. that's what i predicted yesterday morning on fox business a.m. as a political director, the feeling is palpable. it is concerning for some of his more moderate like myself, that these things tend to level out. i saw this one coming. there's an anti-incumbent sentiment. i'm not at all surprised, but i am a little bit concerned. neil: talking about your former boss, mitt romney, despite differences he's had with the president, it's been a very fractious relationship a lot of times even though respectful. he coasted to a primary win, which usually means at least in that day you go on to win to

take in this case orrin hatch senate seat. what do you make of it? >> well, there's a couple things here. first of all, mitt romney put in a lot of work in utah. he's been up and down the state campaigning, right in front of his pickup truck on the meeting voters. is definitely put in the work. he was also supportive of the president's agenda where they agree, but it's also going to be a straight shooter. those are the presidents words when they don't. it's actually a very good fit in a number of different ways. as you say is going to coast to victory in november. hopeful sign coming out of utah for sure. >> made from a header to study things he would be reelected the way things are going right now. the president endorsed him in this race despite their past, what do you make of all of this? >> yeah, you have republicans

and people talking about republicans having this identity crisis ever since trump won the nomination. all of a sudden people say wait, democrats are facing an identity crisis, too. a lot of us have been talking about this for well over a year now. a year ago i talked to a congressman, democratic congressman who said you guys are talking about what's going on the right. no one is talking about it. i worry he said that a lot of elements of the days want to put us to the last and if that happens, i'm not going to win the general election. these primaries are certainly very interesting with both parties. it is hard to say what will come out of that, but the democrat certainly look like they are going for the more progressive left wing bernie sanders wing. the >> not all the time. maybe what happened in new york was an exception, may be caught off guard. he didn't bother debating her.

didn't take her seriously. you know this stuff better than i do. i amngther there's going toe confusion here and whether your party, democrats in general cannot coalesce around an individual for 2020, a cause. >> yes, the party is struggling as to what the message that probably did have a far superior ground game. she was going door-to-door and really put in the work. she has put in the work and, you know, we can't be complacent. incumbents cannot be complacent or they will come the midterms. neil: so much breaking news here. i want to thank you for this abbreviated time. i apologize for that. stocks up right now. the administration might not be so tough wheomes to cna. other ideas a approaches. e is an independt es t sort of thing so it's

opened up to their ideas. it doesn't mean there's any deal and it doesn't mean that either side. what it means is that you're still fighting. just not abruptly for another day. more after this. we started making wine

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neil: all right, we told you the department of justice breaks disney's bid to acquire some assets from 21st century fox, but there were some provisos like selling its regional courts networks. we did get a response running 21st century fox in saying they open and looking at all of these provisos here and that a transaction and they are confident in the creation will be completed within six to 12 months. waiting some of these ultimatums and provisos that the just department has kicked in, but soon to tell how this all fall

out. it won't be resolved immediately. susan leigh with some of the details on a lot of other stuff going on. >> the walt disney company to these regional sports networks and able to clear the antitrust hurdle to basically complete the purchase of a 21st century fox asset. we put in a call to the department of justice ourselves. our producer, lydiaoynihan got back an interesting response saying the bidding war may not be over at this point. doj says to recognize comcast may also have waiting for these fox asset to any anticipate as well in doj said that each potential transaction presents its own unique facts in there for competitive analysis and they have begun recently to review a potential comcast transaction. i'm not sure if that's something they're taking a look at preliminarily in case a higher bid does come through.

we do have reports today in "the wall street journal" that comcast is looking to cash up for a potential bidding partner. some tech firms might be involved in be involved is not an private equity names have been bandied about. this is only if comcast has to get into this bidding war that goes up to $90 billion. so far regulatory hurdles, the number one concern for comcast is disney has played in a conference call to basically sell the deal to the market they may have six months ahead in getting the okay for the government, comcast and the vertical mergers. at&t is a case-by-case basis and they may not get the okay. back to you, neil. trade to thank you very much. follow-up on what they have said about the regional sports networks. they don't appear to be incredibly keen on it, saying they are incredibly strong asset. all three televisions have valuable content and we are confident whatever the outcome

will continue to be incredibly bright. way too soon to judge whether this is a closed deal, done deal, whether they come in with a bigger deal. right now that is all anyone in the media industry is talking about, that deal. more after this. you're headed down the highway

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[inaudible conversations] >> why don't you leave my husband allowing? [inaudible] >> why are you separating families? [inaudible] >> i was transportation secretary elaine chao married to senate majority leader mitch mcconnell in the face of these protesters, why do you leave my husband alone. you saw that yesterday. a lot of venues in a lot of places and getting a little scary to a lot of folks saying we've got to chill here. "the wall street journal" james freedman is the future best-selling author i'm tell, i am watching

that. all of our time with this type of behavior. what's going on? like nas. it doesn't even make a lot of sense. her husband doesn't exercise executive authority and she doesn't exercise executive authority when it comes to immigration enforcement. it is an odd strategy and i think it not really a strategy because you look at democratic leaders chuck schumer, nancy pelosi singing to their colleagues, guys, let's tone it down a little. turn video -- dream to representative joe crowley who was bandied about as a possible future speaker. she admits being a socialist and the networks on cnn saying if i went, the appeals to a wing of the party in great enthusiasm. what do you make of that?

>> a good night for socialism. not for those of us whoalue. neil: some of the democratic winners have been more mainstream. i wonder what you make of this. clearly passion was with her. >> this is the battle for the party right now. on a policy level it is are they going to go on full on bernie sanders socialist model and those were your winters in new york and maryland tuesday night. or are they going to strike more of an approach like the clinton model, sort of acknowledging and trying to make it work for people. the political end of it is are we going be about rage and resistance and anger or are we going to be more of a party trying to speako moderate? you see the tensions with maxine waters with an angry response and schumer and pelosi,ch is

spending. neil: there's a lot of nastiness here. to dial it down, that might be impossible. >> lucienne schumer know that being the angry party, refusing to deal with people in public is not really how you swing voters. neilot, gives the impron that you guys are so wacky doodle. and it might not have been the case here, but up the middle richard nixon. >> 1972 is the same story. he ended up nominating someone who is not acceptable to middle america. neil: clearly the powers are aware about. republicans have their concern about the trade waran his own tweet. how does that play? >> they do. i don't think they welcomed the

latest battle over immigration because a lot of republicans, what they want to talk about what democrats don't want to talk about is the economy. we will see if the trade fights disrupted, but on present course the tax cuts are working exactly as hoped that capital expenditures going up your job creation going on. the latest survey from the labor department, more jobs than others. i think that's the plan. neil: thank you very much. the dow was up 102 points. a lot of the back-and-forth is do what the administration is sending out to china on this trade does. mixed messages that weren't relieved by larry kudlow on fox business this afternoon. we will explain. or its sign of intelligence? in crossing harsh terrain... or breaking new ground? this is the time to get an exceptional offer on the mercedes of your midsummer dreams

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can help you too. call one reverse mortgage now and ask for your free information kit. neil: all right stocks gains earlier in fact they're pairing here, there could be a number to this and i never like to assign too much at a given moment here, could be mixed messages we're getting out of the white house on maybe lighter than expected restrictions on china when it comes to investment and technology concerns in this country i say mixed signals because when larry kudlow was on with stuart varney he was still talking fairly aggressively and saying there has been no sign that the chinese have changed their posture when it comes to tariffs or any, offering up any concession at all, and maybe the reality of that hit home but it's hard to say and i wouldn't blame too much on this from the time being, let's get the read from the white house, now blake burman is there.

blake? >> neil you remember when the market was doing the complete opposite on monday taking a straightownward dive on the reports that the trump adminitration could have tailored investment rtrictions toward the chinese and then immediately after that, or as this was happe rr, the treasury secretary steven mnuchin put out a tweet saying on be half of myself and the president that is the case. we will have a statement out soon to sort of spell all of this out. soon ended up happening to be a couple days later the administration said today that what the president is supporting is essentially a beefed up cfius , as you know, run by the treasury department over seen by steven mnuchin, or the treasury secretary in general, and the president is the ultimate decide erin what the administration is trying to do is throw its support behind legislation, called firma, that would essentially they say beef up the cfius process and now i bring you back to the timeline because i'm told the president actually made his decision on what he wanted to do at some point last

week, the administration rolling it out today and larry kudlow had this phrase for how he sees all of this. listen. >> what you've got here is i call it cfius plus. an updated modernized version of cfius. it's not meant to be harder or softer. it's going to be very comprehensive and very effective at protecting our technological family jewels. >> so this is how the administration plans to deal with protecting technology, making sure that certain technological aspects can't be bought up by outside foreign interests. it comes, neil as the president is continuing to keep his foot on the pedal as it relates to criticism to harley-davidson the president tweeting out earlier wrote harley-davidson should stay 100% in america with the people that got you your success. i've done so much for you and then this. other companies are coming back where they belong we won't forget and neither will your

customers or your now very happy competitors by the way, neil the president will be in wisconsin tomorrow, one of the largest employers or at least one of the most recognizable brands in wisconsin, harley-davidson. neil? neil: all right, blake thank you very much my friend, blake burman. bruce rauner was warning after is harley-davidss that you've got to be careful, mr. president, when it comes to these tariffs. take a look. >> i've heard from manufactures in illinois that they are hurt by the tariffs and the tariff discussions, some of them are contemplating significant layoffs, some of them are looking to move their production to other places so i know it's having an impact. neil: so they told you that, governor if these were to go through they would have to take some serious action? >> yes, i've heard from manufactures specifically in illinois who havy have to do layoffs and move production if these tariffs come about. neil: all right, how real a worry that is governor over stating it? caterpillar is in the state, let's get the read from former south carolina republican senator always good to have you.

you know, it's a bit of a conundrum for a lot of republicans, they have a lassie-faire view of trade, the governments stay out the president saying i wish i could but obviously the governments involved in rigging things and other countries namely china so i've got to do something. what do you think? >> well the president's right. neil i've been a free-trader and so is larry kudlow, so that gives me some confidence having him inhe house.the president sas mpaign that he w going to use tariffs as leverage to get fair agreements around the world and there's no question that the world trading system over the last couple ofecades has stacked the deck against american production. we've taken down our tariffs for many other countries, yet they've kept many of their tariffs up, so the president is doing what he needs to do and i'll agree that tariffs should be a last resort, but in this case, it is a necessary evil get some level playing field for american workers and i think

these companies like harley-davidson, the governor are waving the white flag way too soon here. they ought to give the president a little room to negotiate and pushback. he's trying to create pressure that'll help the american worker neil: he's obviously leveraging the strong economy too. his argument is because of the strong economy and because the chinese are having a weakening economy they're in a bare market their markets been tumbling. they're moreed by this what do you think of that? >> well it's probably trueut we need to make sure we don't put china in a position w they can't save face. this has got to end up being a win-win and i know that the president again has some good people behind him, working this with china, and our hope is that we can come to a nice press conference with the two presidents here at some point, announcing the concessions that are going to create a better deal for americans. neil: well senator what did you make of some of these pries

last night including the super hard left turn in this new york district won by alexander cortez , 28 years old takes down a giant congressman joe crowley, who was on a short list to be the next house speaker if the democrats were to take over. you know, for the republicans, right? >> well it's even worse than eric cantor, because the person who beat joe was not only very liberal, a socialistic, believes in open borders, eliminating any kind of immigration enforcement t it doesn't s me, , because after working in the house and the senate for a number of years, a lot of these democrats run as moree but the inside, lotf them are very open border oriented. they won't blanket amnesty policies. this idea of nationhood is not as strong in their mind as it is in a lot of ours, so we see in california where the democrat parties within going, so it doesn't surprise me but it is

somewhat alarming because that is one of the reasons for the polar inside congress now is that democrats are going so left, that gap is getting larger and larger between the two parties. shes the anomaly though because most of the candidates the democrats have put forward in their nomination that have been moderate and not nearly as extreme or so about socialistic as ms. cortez. >> well you're right. the democrats have always run or at least a lot of them have run as being more moderate, but i think she is probably more of a reflection of the core base of the democrat party right now. they're not willing to say it. announce they're socialistic or that they want open borders but i've worked with them behind the scenes and that's pretty much what they want, at least a lot of them in the house and the senate, so they've disguised it a lot in their elections, depending on where they're

running in the country and they've been pretty smart this year about putting very moderate sounding candidates but i'm convinced even these moderate sounding candidates once they get inside the congress that they're going to be very different people. neil: always good having you thank you very very much. thank you, neil. neil: as we keep track of the deals particularly this the entertainment assets of 21sk of them the justice department essentially liking that deal but with a caveat, saying you, disney, would have to get rid of a lot of your regional sports networks. the indication is that disney is not too keen on that, even those at fox, james murdock have said there's a lot to like about this and those regional sports networks have some value here, so we'll see how that has sorted out. it's not a done deal nor have we heard yet from comcast which is also in a bidding war with disney that has a better than $72 billion offer ohe table

comcast could respond, hasn't yet, but we'll see. the read on all of that on a day we have deals that's b in town including c agra offering to buy pinnacle foods for about $8.1 billion let's get the read from david benson and center for freedom prosperity dan mitchell. dan mitchell, to you. the back drop regardless of what you think of these individual deals is that there is still big deals going on so whatever noise we're getting on immigration, whatever noise we're getting on trade is not deterring those who want to get bigger and have more ever what do you make of tt? >> it's obviously a sign that people are optimistic. they want to accumulate assets because they think that it's going to generate income in the future and that's fundamentally a positive thing. the only thing i would throw out there as a warning sign that we should keep in the back of our minds, what if this is just the fact that there's just toouch easy money that's been dumped in the system and people are looking for ways to use it?

that's the only thing that worries me. neil: david a lot of times what companies do, given what this tax cut has been is they buy stock or they might give bonuses to some of the workers and the like, but this is actually calculated move to buyout competitors so you could make the argument there's a potential reality of job loss is there because you're combining like entities so there are job losses what do you think of that? >> yeah, i don't think most m & a makes a lot of sense if there isn't cost synergies and cost synergies usually mean job losses. i think that m & a is going t end up being one of the smallest ramifications of tax reform, of that new cash flows that companies have that they get to keep. m & a will be on that list but i think that stock buybacks and dividends are going to be right up there, along with wages and bonus, but then the piece that has not been talked about enough that is by far the most

important is the increase in capex, in business investment. m & a can happen for a lot of different reasons, sometimes they can be good reasons. i think dan is completely right. it can also happen becau people hav access to cheap money and are doing some bad deals. it isn't like all m & a and our american corporate history has worked out very well, but really , what we want to follow e great sign of this ecomy is the capex. i think it's great business investment. neil: if you don't mind my veering into politics, gentlemen i do have a method to my madness this victory for this 28 year old woman who took down a house giant in the democratic congressional district, she has said, alexander cortez, that it's a system a self-proclaimed socialistic, loved bernie sanders, said this isn't very fair to average workers. she gets to washington she's going to change that, indicated

that companies should be paying more taxes, rich people should be paying more taxes. your thoughts on that then because you've got these two visions here at play, this election here. >> this is going back 50 years, the democrats went hard left with the radicals inhee 60 s now they're going hard left with socialism and what she doesn't understand, maybe she's well-meaning, but if government is too big and controlling too much, do you really think we're going to get r of tha by making government even bigger and giving it more power? neil: david one of the thins that's very clear in this environment, companies are on fire right now, the earnings are on fire, expanding plant and equipment they would come back to say despite these mergers, the fact of the matter is this government is the envy of the world, this economy is the envy of the world and probably someone like that is over thinking it overworrying what do you think? >> yeah, i think that the east wing of the democratic party getting a nice victory last night should not be looked at as a good thing for the way the

center of gravity is moving on the left and i think you're right, to the extent this reflects the continued populous angst, this i the left wing version of it and i'm no more encouraged by that than i am the right wing version of it and i certainly agree with you that companies that are prosperous doing well lead to lower unemployment and that's better for the american people, and all we have to do is get this trade and tariff nonsense out of our way so that we can keep this economy moving forward. neil: we'll see what happens gentlemen thank you both very very much. the dow widdled that big advance down to 43 points right now, a couple of other developments going on that might explain that that go beyond trade. we'll explore after this. what might seem like a small cough to you...

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neil: all right, we're waiting for the vote on the house floor right now and another immigration bill this is the last shot at this so-called modern alternative to the conservative one, that was proposed last week and shot down and did get a lot more votes than earlier thoug though 193 and this one is anyone's guess but it doesn't look good but things can be surprising here even if it were to pass in the house it could be an up hill climb the senate is a whole other matter washington is the epicenter a lot of big developments including the supreme court as it winds down

its season ruling in favor of non-union workers when it comes to do a lot of folks there and that front didn't want to pay them and now they don't have to, christina partsinevelos in washington on the supreme court reading today. christina? >> yes, i'm back in the bureau right n this is a significant decision affecting collective bargaining rights across the country. why because public workers now will have t opt into public unions and again the keyword there is public, not private unions. this came about from plaintiff mark janice whose a child care worker, a public childcare worker from illinois. he argued or asked the supreme court to overrule 40-year plus decision to force public workers to pay union fees when they aren't a part of the union. for example, mark janice said every month $45 would be deducted from his paycheck even though he didn't want to be part of the union. the unions argue that they no matter what when they're bargain ing for higher salaries better work environments they need to bargain on be half of union members and non-union

members and therefore they want to collect a fee for this process. the court though ruled today that these payments infringe on americans first amendment rights and also said given this is involving public workers, when you negotiate contracts and salaries you're negotiat with the government and therefore a fee is a form of political advocacy. trump took to twitter of course with a longer tweet than usual and said supreme court ruled in favor of non-union worke who are now as an example able to support a candidate of his or her choice without having those who control the union. we also have a big loss with the coffers of democrats so what does it mean by a big loss of coffers for the democrats? we know a lot of public unions do fund the democratic party and so that could be a potential blow but you do have some states fighting back. for example, new jersey are trying to push forth a bill that would allow public unions within new jersey to meet with employee s during the day in their office, think of it like a

sales pitch to get these employees to opt in to the union a part of that bill as well is that the employers would have 10 days to send the contact info of these union employees to the unions, so this is a very different angle that i'm trying to look at and this happened outside the supreme court so i asked the lawyers, mark janice's lawyers specifically about states fighting back. listen to his response. >> i'll add that the 10 day opt out window for workers is outrageous. deliberately designed to prevent workers from exercising their first amendment right to choose not to be a union member. this is an effort by public sector unions to prevent workers from exercising their rights that the court recognized today and so we're hopul that those laws will be challenged and ov >> and this is a big blow to public unions. now they really have t prove themselves and convince public workers that they should opt in and pay the fees. neil? neil: christina thank you very

much. actually was speaking here i do want to bring our attention we're now in negative territory here down about 20 points here. oil is having an effect here though energy stocks jumped on the much higher run-up and energy prices as aesult of the president's demand that not only is iran oil unacceptable on the markets but anyone who deals with iran in getting that oil that's unacceptable to us so a crackdown on that that has sent interesting i'm looking at the board of the big 30 the technology issues that were positive a little more than a few minutes ago like ibm are now negative. apple essentially unchanged microsoft has turned south, intel has turned south, so this seems to be a lot of the technology companies and keep in mind they would have some exposure to a delay in a trade deal or a concern that a trade deal can't happen as soon as expected, technology would be particularly vulnerable and was taking on the chin on the notion the administration was trying to limit not only chinese investment and technology but for a while remember the mixed

messages, maybe any country investing in our technology, the administration then tried to come out and say t was not the case, that they were just clarifying this. meanwhile, we're hearing from one fed governor that a gradual path of interest rate rises will reduce the risk of any serious policy mistake. some could easily interpret that as steady as she goes the federal reserve is still inclined to keep rising rates, raising rates i should say in the middle of all of this. it's anyone's idea but all of these are happening concurrently here and buffeting stocks or at least taking them off their higher levels, but as i so often stress here i try not to seize on a moment, a minute, a second, because i'm so old, i seen is again and again and again, just for today, they're nervous about all of that at this very minute. we'll take a snapshot. how many times do i say one snap , it's shot. we're back after this. see that's funny, i thought you traded options. i'm not really a wall street guy.

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>> you're going up against the queen machine as they call it. >> yeah, yeah, but do you know what? we meet a machine with a movement and that's what we have done today. >> i think it's very likely that the president will face a competitor in 2020. don't know who that'll be maybe multiple people but i think given the support he has in the party it's very likely that he would be selected as the republican nominee. neil: all right there were probably the big names last night big winners last night mitt romney of course winning in utah wasn't even close normally win the republican nomination you're all guaranteed to win the general election for orrin hatch 's seat so it's about keeping that republican seat but the one that shocked the world was this socialistic, self- proclaimed socialistic alexander cortez a very impressive woman whether you agree with her politics, 28 years old who took down a giant, congressman crowley, who could have very well been the next speaker if democrats had taken

control of the house, or do take control of the house. it's not going to happen now so the daily caller editorial vince coglianese aee carter. vince, what do you make first of all of cortez's victory here. very few saw it coming. maybe in retrospect we should have with crowley mailing it in when it came to sending in a surrogate to debate, and clearly not spending his money wise even though he had 3 million bucks to spend and she had all of 300,000 what do we glean from this? >> well i think there are a bunch of lessons among them the democratic party at its top ranks has basically taken its power position for granted despite the fact they're in the minority you watch as the fourth ranking democrat in this case conducted a lazy campaign, thinking that his incumbent all but granted him the seat yet again after holding it for 20 years that clearly didn't happen , also, the parties moving so far to the left the voters are certainly and i don't know if that necessarily signals a

blue wave for the democratic party. seems a bit schizophrenic within the party itself. they don't know who their leadership is going to be going forward and this could be a good thing ultimately for republicans because you'll have a party driven so far to the left by the time they reach the general election people are much more interested in maybe even donald trump's agenda than anybody on the left. neil: you know, lee let's talk about republicans then. you could argue its been a relationship between mitt romney and the president but they've largely gotten along, mitt romney isn't afraid to criticize him when necessary. thinks that the president will likely get re-elected but how is that going to go assuming he makes it to the senate? >> you know, i'm really curious about his statement saying i wouldn't be surprised if somebody ran against him if he's suggesting maybe he would if he were to get close does he know something that we don't know? neil: well i think that was in the context of somebody asking him about these party challenger s who might evolve but you're quite right. he did raise a lot of eye brows there that he all but expects it

>> and i just think that it's very clear that he's got aspirations to hold that office and get close to it. they do seem to have a much better relationship than they did certainly at one point and they've been able to remain cord ial, but the question is is that going to continue. mitt romney is a conservative and somebody who holds his values very very close and very very dear. i think what he says is what he is and i think the president has for the most part we know what his policies are but they're not traditionally conservative policies so i think that they might sharpen each other in some ways and i think that mit might hope to get down there and hold the president accountable to being a republican. neil: they're both pragmatic individuals too the president with his endorsement of mitt romney and mitt romney with his, well, quasi friendship for the president so you might be right but i do want to talk about michael bloomberg who apparently is seriously considering a 2020 run. not a good independent. he had tried and explored that before said it was a wasted effort not doable but it's a

democrat. vince what do you make of that? >> i think it's an impossible thing. among them the idea that the $50 billion michael bloomberg is going to go out and represent the democratic party as his front runner when the party clearly based on last nights results especiall prefers somebody that doesn't have anything to do with the 1% it's a liability for him on the democratic ticket. i don't think americans are in the mood and i think that cuts across both party lines. michael bloomberg while well liked in new york spent time there basically going, banning literally everything that one might want to do in public including smoking and styrofoam and big sodas all of that is the legacy of michaelomberg and ultimately i don't think that's going to play well with voters who have more populous leaning at this moment in time. >> look i think he would have a really tough time because he doesn't necessarily get people all that excited. the thing that i do think is really interesting about michael bloomberg is he is a man with a lot of ideas and he runs on something, not necessarily just against something. a lot of the democrats right now

are running on this resist platform and not doing anything. when you look at what just happened in new york with the congresswoman to be, she actually ran on a platform of ideas, we might disagree with them but she came -- neil: absolutely very focused >> s for everyone, we're going to have universal healthcare she was very specific about what she was going to do and i think this is something that's very important so bloomberg could come to the floor with a very very clear idea of what you're going to get and that could be veryng to democrats because right now the idea of resist, well it might energize certain people in the base it's not going to get people as excited as ideas and vision of what the future should look like. neil: we have a lot of candidate s likely running, i think by last count 213 democrat s are interested so it's going to be anyone's game and anne could slip through when that many are on a ballot, right >> that's true. anything could happen i just saw a poll today suggesting joe biden actually could be the

front runner in the democratic party and that makes the populous working class type but michael bloomberg you might talk about ideas. the singular idea he's known for is being a gun grabber and if anything i'd see him energizing republican voters to go to the polls to say they have no interest in seeing secretary amendment warn away by a guy who intends on doing that so this could really back fire if he gets close to a general election nomination. neil: well among republicans right? >> certain i think that he could energize republicans to go forward into vote but i'm not so sure that he's going to be the front runner. neil: all right too early to tell and again, 212 names to go through. not that many really. 210 all right guys thank you very very much. oil is going higher, i think that's having somewhat of an effect. they like it when it goes high enough so that it helps the energy components that's a given but when it gets to the point where the president of the united states is saying not only are we targeting iran oil but we're targeting countries that get iran oil as well and we'll go after them, just as

aggressively go after iran, that knocks their supply off the market, everyone else getting their supreme court playoff the market, bids up prices so there's a limit to how much you can like that sort of thing that and the fact that technology issues are selling off and continue to sell-off here. not awful and these issues have certainly raced to new highs here but it is weighing on the markets for the moment. 34 minutes after 1:00 p.m. eastern time, more after this. ♪ heartburn and gas? ♪ now fight both fast new tums chewy bites with gas relief all in one relief of heartburn and gas ♪ ♪ tum tum tum tums new tums chewy bites with gas relief

neil: you know, the one thing that's interesting about this president, when he crosses somebody or you cross him, then not only are you an enemy but anyone you associate with is an enemy as well, and this applies to oil. i have an explanation for this and it's a little involved but it goes something like this. we don't want any iran oil. he ripped up the iran deal, but now all these other countries that get iran oil ordeal in iran

oil he's going to go after them as well that if you use iran oil when i said i didn't want to use it and i ripped up this iran deal then you are no friend of mine, to market watcher on all of this larry, i think that i got that right? it's scaring the energy marke what do you make of that? >> well, a painful way, yeah, he's doing it at the right time, probably taking a page out of teddy roosevelt's playbook, on diplomacy but attacking when he's weak and other countries around are definitely not going to work with iran or they bank with iran so you have monster supply dro from api, it's spelling disaster and painful five days of rallying. neil: but it dropped it down

that was almost too much drop it didn't seem to be in sync with prior weeks and even months, so? >> yes, i'd love to say yes it's an anomaly but keep in mind this time last week, pia reported almost the same thing consensus was a 2.5 million-barrel drop, up being 6 million and 4 million came from pad two. the signs were there last week let's face it four countries with spare capacity and we all thought they would figure it out , it wasn't a difficult meeting, oil was down $65 a barrel i was looking for 60 and hoping for it, also we have money managers with the highest liquidation rate of futures since 2006 last week and also the highest amount of shorts put into the market since 2017 so the signs were there. we didn't see them. i didn't see them, i'm still short oil and continue to be so. neil: so the trade stuff how does that factor into all of this for you? >> well, the one thing it

factors in is china is the biggest importer of u.s. oil and i think that's something we need to pay attention to. i'd like to say i'm hoping i'm praying that this is all just risk. there's not much, there's not a whole lot of clarity coming out of d.c. so that in mind i think it's a lot of talk. i don't think we'll see a whole lot of action. i think the dust will settle sooner than later. neil: thank you my friend always good seeing you larry. >> thank you. neil: in the meantime, the republican governor, of west virginia, you probably know him that was big news a little over a year ago when he switched parties but more imp his meeting with the president yesterday to discuss something at stake, the coal industry. governor welcome. good to have you. >> how youl. good to see you, sir. neil: story of my life. so, let me get the update on the coal situation with you. obviously that's been a big

concern in your state but i'm wondering how it is going right now, because year after year, well the job losses have slowed where do things stanuin so >> things are better. things are a lot better, and i always refer to president trump as president trump but he's a great friend and sometimes i slip up and call him donald because we've been friends for a long time. he's doing an incredible job and he's the regulations and the main thing is just this, that we do have great quality miners and got great quality coal and all of that, but the long and short of it is people need to realize we can't do without coal in this country right now. there may be a day 30 or 40 years in the future when we could but not today and really and truly the life blood of the eastern coal fields and if we were to lose them, just think where we would be if we ended up natural gas or western bridge, we would have an economic melt

down like you can't imagine, a catastrophe that would be unbelievable because today if you have the eastern coal fie viable you could haul coal in a truck to do power to keep that utility running but if we were just solely dependent on the west and solely dependent of natural gas we expose this country to a situation where we could lose the eastern power grid and if we lose that we'd actually lose millions upon millions of people. neil: you know, governor while i have very big news that sort of shocked the political world in august or so where you left the democratic party you claimed at the time i'm quoting here, democrats walked away from me and you reflected on your late mommas a big fan of president reagans, she was thinking j it's about time, you came to your senses, so no regret over that? >> no, no regret whatsoever.

i've been a republican most all my life and everything and ran as a democrat won in our state but at time when president trump was winning and going away, so i have the voice of the people here and i love west virginia. i love our west virginia and i want to do just great and our state is if you could see, neil, and you would understand it immediately but if you could have seen the books when i walked in the o here, this state was dead bankrupt that's all there is to it and over and over and over, the previous democrat down here we had six great years of cut budget cut budget cut budget. i mean, red numbers like you can't imagine and $500 million deficit and everything all those are gone. west virginia is a hot ticket now and west virginia is really rolling in a good direction where we've got jobs,

opportunity, hope, you know we're attacking this drug epidemic but west virginia has always shined about its four beautiful seasons but we got a lot of good things happening today. neil: joe manchin the democrat is up by one poll in nine points are you surprised? >> well not really. you know, joe is a politician and he's smooth at what he does and everything, and but i really believe that race will really tighten. i thi he's a hard worker and a good man and everything and the president needs this seat and everything and there's a lot of us that are going to work hard and work hard to try to make thatappen but at the end of the day, joe is a politician and he's good at what he does and everything and so it may not feel bad. neil: governor jim justice thank you for your time. >> neil, thank you, sir. neil: in the meantime, it's all the rage my teenage boys are

certainly into it and i heard it was a free game but i keep getting bills for stuff that apparently is not free and apparently that's what fortnite secret is. i just didn't know. i do now. so will you after this.

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and for just $14.95 a month you get a credit, good for any audiobook. if you don't like it exchange it any time. no questions asked. you can also roll your credits to the next month if you don't use them. so take audible with you this summer... on the road... on the trail... or to the beach. start a 30-day trial and your first audiobook is free. cancel anytime, and your books are yours to keep forever. no matter where you go this summer make it better with audible. text summer15 to 500500 to start listening today. neil: do you ever get the feeling facebook can't get out of its own way an internal probe indicating a misuse of user data revealing that the company didn't know where that data went hillary vaughn has the latest on that, hey, hillary?

reporter: hey, neil i just spoke with someone at facebook familiar with this ongoing investigation and they tell me thousands of apps have been reviewed and so far 200 apps have been suspended because they raised red flags, facebook admits that they have a big challenge reviewing older apps because it takes time to piece together what data may have been scraped and if the develer did anything with it, tracking that data down can be tricky, but i also asked how they're convincing developers to hand overall of this information freely and they tell me if a developer won't participate with this investigation, they will be banned from the site for life. facebook's vp of product partnership saying there's more work to be done to find all of the apps that may have misuse misused people's facebook data but we're investing heavily to make sure this investigation is as thorough and timely as possible. right now facebook is operating two phases of the investigation. the initial review process but also investigating those 200 app s some of those things involve actual on-site

investigations, interviews and in-person audits. neil? neil: all right, hillary thank you very very much. in the meantime, are any of you familiar with the game fortnite? well it's all the rage and i didn't mind it when my teenage sons were playing i it's free you don't have anything to worry about. apparently not the case. all these extras and things cost money and right now it's like a second mortgage on my home. in fact the company in the latest month, $318 million off this, fox business deirdre bolton on all of that. >> i have to count my kids twice and probably your kids as well right? the reach, it is the world's most popular game hands down, 125 million people. by the way that's the population of mexico. neil: why is it so popular by the way? >> it's actually only a year old and it was actually written by somebody who lives in maryland and he said he almost finished his mechanical engineering degree at the university of maryland basically

built on his parents computer, and he would drive home on weekends to work on the game, microsoft bought a very very early version of it but right now some total epic games owns it and 10-cent from china owns 40% of that but you referenced it's making more than $300 million per month so as you know, probably from your kids bill that we sign, the game is free. neil: my kids are half of that by the way. where is the money? what are you paying for? >> so you pay to upgrade your characters. you can pay for example, for skins, is the cool term. neil: none of this is supposed to improve the game when the boy s explain it's just cool dad. well do you know what's not cool all the money i'm spending for you to get this. >> yes, some equipment so yeah, to enhance your character and enhance you have like a full-on character. neil: but it's really brilliant strategy. >> it really is brilliant and when you look at those numbers, that's like i feel like kids don't go very much to the movies any more but this is what they want to play so 10-cent which is

a chinese company that owns 45% of epic games does trade on the index for those who want to be adventurous and buy into something over there. neil: the few success stories they have these days. >> exactly, but clearly, yeah, this is a runaway and points to the larger theme o wre we're going. the allen & company conference is coming up we're talking about a lot of teams what's next in media what's next in technology pretty much everybody in this space says e-gaming is all about gaming. that's the future, that's why all of these companies -- neil: that's when you start playing with others? >> yes and twitch is well known you can actually my kids will actually watch other people play fortnihich seems odd but then a lot of people -- neil: they're hearing other kids right? >> yeah. neil: so you shout at them or do what i do like get the hell down heap for dinner. all their friends are hearing it right? >> yes. neil: so you have to be cognizant of that. >> indeed. neil: no sign of petering out? >> no sign of petering out and i think this is when we talk

about tech companies and what they're investing in we keep talking about artificial intelligence, enhanced intelligence or enhanced gaming really for these gaming compans fo that generation, basically anybody whose 18 or younger, gaming is what they care about. neil: all right so it's obviously got a cottage industry like you mentied twitch and all these other things that are attached to it but normally these are short lived events, do you remem minecraft? >> maybe a smart investor play, nvidia has these chips and that ceo loves fortnite, because a lot of nvidia chips were going into the cryptocurrency companies and people started to shy away fortnite picked it up so there are ways for investors to take advantage and nvidia is just one of them. neil: incredible. i don't know where it all goes. it's amazing. so any time your kids say yeah, but it's free, it's not! the company is brilliant. just brilliant we're down about

35 points right now. there is this flight to safety going on a run up in oil prices going on and a sell-off again of the fortnext ate phenomenon a sell-off in technology going on a lot of that is a direct issue with china. we'll explain a little bit more when we come back you're watching fox business news.

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that second immigration bill, second shot at trying to get something done on immigration failed overwhelmingly. the house rejecting the latest republican bill, and it was thought to garner potentially more votes than the conservative one that got a surprising 193 votes last week. well, this one only got 121. 301 nay votes. so now the issue is all right, what are they going do when it comes to immigration? come up with something piecemeal with daca to getting the kids reunited with parents in a separate measure, even though this is happening as we speak. a judge ordered it better happen within the next 30 days. on the right, on the left, failure on immigration and trying to fix it, like lie not going to happen. the president indicated to hell with it, this measure is not really worth it. wait until after the midterms to see what numbers are. that might be a risky strategy because the numbers could be problematic.

it failed. both measures going down in defeat, and shrug their shoulders and move on. what they move onto here is anyone's guess. the dow down 22 points. trade currents, so much going on. trish regan take you through the next hour. trish? trish: very busy, thank you so much, neil. down about 17 points. what a day for the markets. breaking right now, a market that is off session highs as the white house vows to get tough on china, and restrict chinese investment here in the united states, and we may hear more about trade when the president sits down with the president of portugal this hour. we're watching for it. i'm trish regan, welcome, everyone, to "the intelligence report." all right, everyone, break today, the reworked immigration bill failing on the house floor moments ago. pres