see how that fares over the next week. we will keep you posted with all of this going on. both the judge and gregg are extraordinarily competitive. >> we have rebuilt china and its time we rebuilt our own country now. [cheers and applause] gerri: breaking news this morning to the war of words escalates as china calls president trumps trade terrorist extortion. he said the terrorists are working big-time. train to the white house to announce details of snapback sanctions against iran that go into effect at midnight tonight. gerri: investors not to worried about global tensions global tensions at the doubt and he made six straight week of gains. >> u.s. stock market futures are all in the red at the dow jones on 25 points in the s&p down four points.

stocks opening high-risk trade tensions in u.s. sanctions on iran. the ftse down 14 and the cac down six. the dax down 67. >> stocks in asia are mixed as japan's nikkei edged slightly lower of the shanghai is at 1.3% on fears of a growing trade work. and then there is this. >> what to do, what to do. >> what to do indeed. christopher robbins. gerri: to prove they are no match for tom cruise says mission impossible takes the top five the weekend box office. we will have the winners. "fbn:am" starts right now. it's 5:01 a.m. in new york on monday, august 6.

good morning i'm christina filling in for cheryl casone. gerri: and doing a great job. i'm gerri willis and forlorn femininity. lots of news breaking this morning. we begin this morning with china lashing out at president trump overnight. attacking the president for his trade policies caught in an extortion and saying it's wishful thinking for the president to think china will back down from it parents. this in response to slapping a 25% tariff on $2 billion worth of chinese imports in the president showing no signs of letting up. >> i really like president xi and i respect china greatly. but they've done it off our back. they've taken $500 a year for many years. we have really rebuilt china and its time that we rebuild their own country now.

kristina: administration officials warning china not to underestimate trump's resolve. >> fairness to get china to change its behavior they need to understand that. if they don't change their behavior the pressure will continue. the president made that very clear. every country on earth wants to take while part of the united states always to her dutch are made. i say if they come, tax them. let them make or build product in the u.s. in either event it means jobs and great wealth. the white house going ahead with free imposing sanctions on iran. secretary pompeo on his way home. they remain in place towards the iranian government radically changes court for sanctions lifted under the 2015 nuclear

accord. president trump didn't address iran's military posture in the middle east. >> the iran deal is one of the worst deals have ever seen negotiated of any kind. 1.7 billion. they didn't use that for terrorists. they put that in their swiss accounts. i guarantee that. gerri: a second round of sanctions will be restored in november are expected to target iran's oil and shipping industries. trade to six people under arrest in venezuela after a failed attempt to assassinate president nick kola madura. two trains carrying explosives are decimated as the leader spoke in a military parade in caracas. john bolton on "fox news sunday" denies any u.s. government involvement. >> if the government of venezuela has heard information that they want to present to us that would show to potential violation of u.s. criminal law will take a serious look at it.

in the meantime, what we should really focus on is the corruption in the oppression at the madura regime. >> oppositions warned that they may use the attack to crack down on its critics. venezuela's economy is in chaos with inflation to hit 1000000% this year. the producer price admits will be released thursday morning. economists expect prices at the wholesale level rose by three tenths of 1% driven by transportation costs. the consumer price index comes out on friday. the estimate will be two tenths of 1% like the ppi report, it could also show the impact of rising prices on the u.s. economy. giving us a sneak peak of what we can expect from the galaxy note nine. >> good morning, tracey.

>> just days to go until the galaxy note nine is officially unveiled in new york city. samsung posted the video for the smartphone on its youtube channel practically confirming it will be the first phone to support one terabyte flash memory so it will have 512 gigabytes of built-in memory as well as support for a 500 gigabyte micro xt card. that is something the iphone doesn't support them by comparison offers 256 gigabytes giving a run for its money. was there a winner for this weekend? >> for a second weekend in a row at the box office, mission impossible moving on to first place. >> how many times has the government betrayed him?

casting aside. how long before man like that. >> disney is christopher following chart of expert patients with an estimated $25 million. despite attempts make coming in third with an estimated $12.35 million in rounding out the top-five mamma mia mia here we go again and equalizer two. true through mission impossible i have the movie to sue a 12-year-old boy. it was fun. it was a lot of fun. i had a great time. superlong. >> not as good as the previous one. >> girl kind of the same in order to mean. it sounds like fun. let's move on to a serious topic. good news from food stamps.

gerri: according to the latest numbers from the u.s. department of agriculture, to .8 million people have dropped off food stamps. this is consistent with the downwards trend we've seen enrollment in the last three years but also the trump administration attempts to reform the program as federal and state levels of government. but can also point to the improving economy for contributing to the continuing decline in food stamps. gerri: coming up from a powerful earthquake hits a popular indonesian tourist site. the latest on the situation. u.s. corporate profits are booming in many companies are raising prices. is the threat of inflation rail? meanwhile, stock u.s. index futures see any downward trend this morning. the dow down 23, s&p 500 down three points i paid the nasdaq down four. you are watching "fbn:am."

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killed after a 7.0 magnitude earthquake struck the indonesian island of lombok. hundreds injured and thousands displaced on the popular tourist island. the gospel devices search and rescue teams expand their efforts. that area is still recovering from it at the six-point four magnitude quake that hit last week. a small plane has crashed in california killing all five people on board. dash cam video shows the plane spiraling down into a parking lot. a little more than a while ago -- a mile away from the airport. no one was injured. the artists is known as mrs. garrett on the long-running sitcom the facts of life has passed away. >> i've got to get going panic attack in iraq come to scrub the the floors, clean the windows. everything has got to be perfect. kristina: her family said she died peacefully at her home in

los angeles. last year she prevailed she been diagnosed with lung cancer. the team tied by many rose to stardom in the facts of life spinoff different strokes in 1978. ray was 92 years old and that is what is happening now. gerri: i love those shows. there was so much fun. moving on now to earnings. u.s. companies are reporting earnings for the most recent quarter thanks to the trump administration's tax cut in the u.s. economy firing on all cylinders. the potential effect of terrorists on inflation could cause some companies to raise prices. how will this affect economic growth? david nelson with ballpoint asset management and medical leave. welcome to you both did great to have you here this monday morning. thanks for coming in. i want to start with earnings numbers. this is really a blowout number. 80% reporting in and we see

growth of 24.2%. 24.2%. as you take a look at this, michael, this is vegas since the recession. what is behind the growth? >> a multitude of factors. first, coming into the trump administration we are sitting on the largest cash balances on the personal and corporate side. with a sickly seen since we started measuring cash. the economy took it to basically another level when you combine the largest deregulatory event in the united states is the largest fiscal stimulus in the history of the united states we see afloat through the earnings on the second quarter since the tax cut. gerri: make a good point. because its tax cut that least as part of the reason behind the growth is it sustainable? some people say it's all going to go away very soon. >> 23% year on year is not sustainable.

10% figure after i think is completely doable. this is not a short-term sugar high and not a short-term boost to the economy. this is ongoing. a stimulus that will continue for quite a long time for corporations. they have less incentive overseas. i'm pretty encouraged and i think you see a play out of the economy. to confirm with a really strong jobs report on friday. trent are you all right, pardon me. somebody in my ear. turn to inflation now. i want to show you these numbers. we are expecting three tenths of a percent of peer. cpi two tenths of a percent. these are some of the fastest inflation growth was seen in a long time. cpi would be the fastest growth since 2012. could we get some price on the upside? more inflation percolating through the economy then analysts expect?

>> inflations have been tricky. it wasn't so long ago. i would say there's a possibility. this is ultimately good. a long way away from inflation becoming a problem in our economy 2% from a 3% inflation is a healthy, long-term, much harder for the u.s. gerri: would then sell it without inflation that nobody knows what it looks like or how to think about it. david, would you see for the fed's favorite inflation measure? they are not looking at toppling cpi, ppi. they are delving into the nutters. >> the key number for them is wages. two by 7% right now and frankly we have to do a lot other than that. i don't think these numbers are alarming. i would agree with michael on

that. energy is a big part of these numbers and there is a cap on energy. the cartel like structure doesn't exist in prior decades. rapidly becoming an energy powerhouse that puts a lid on products out there. kristina: very interesting. rate hikes in september or december. that's what the u.s. very interesting in the coming months because this inflation could reach down and hurt its earnings are going. things are coming on today. >> thanks for having us. trade to california wildfires claim his seventh victim is president trump proved for china. the latest on the situation. meanwhile, heat rivers hammer in in the northeast. adam klotz has the forecast. we'll switch to the stock index futures to see everything in the red dow jones down 23 points, s&p three and nasdaq down to .5.

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environmental laws which aren't allowing massive amounts of readily available water to be properly utilized. it's been diverted into the pacific ocean. this also is tree clear to stop fire spreading. kristina: excessive heat waves in california as well. gerri: adam klotz is live in the weather center with your forecast. good morning. >> good morning. the forecast about the august temperatures continuing to get really hot again today. early this morning close to 80 degrees in new york city kid in that direction into chicago and kansas city. nearly 100 as we speak right now in phoenix. it is only getting hotter up to 114 today in phoenix. real extreme heat in the desert southwest. running up to 92 degrees in new york city. 86 degrees in chicago. 100 degrees in kansas city and dallas. it feels like temperature when you add the humidity getting close to triple digits up and down the east coast.

renée knew all the way down to d.c. to get temperatures in the middle 90s getting up close to triple digit the next couple days. the west coast with the real extreme heat we are seeing triple digits. up to 114 degrees in phoenix. getting up close to it in northern california where they've been hiding a lot of those wildfires. up to 106 degrees. it is sticking with us throughout the entire country. pretty tough. thank you for that report. we appreciate it. wells fargo admits that glitch led to hundreds of home foreclosures. american airlines kick simpleton off a plane after she bought a seat for her $30,000 cello.

we will explain. u.s. stock index futures in the red or the dow down 21, the nasdaq down to. you are watching "fbn:am." ♪ ahoy-hoy. alexander graham bell here... no, no, my number is one, you must want two! two, i say!! like my father before... [telephone ring] like my father before... ahoy-hoy! as long as people talk too loudly on the phone, you can count on geico saving folks money. fifteen minutes could save you fifteen percent or more on car insurance.

>> we have really built china in their own country now. >> the war of words escalates difficult to treat terrorist acts torsion. they are working big-time. kristina: details of his staff asked sanctions against iran go into effect after midnight tonight. gerri: investors not to worried about global tensions with the data and instead straight week of gains.

kristina: u.s. stock futures are probably still in the red at the dow jones down 22 points. s&p three points when the nasdaq to one trade uncertainty. stocks open higher as traders consider trade tensions in u.s. sanctions on iran at all of those indexes in the red beard the ftse down 17 from the cac down six at the dax down six. >> japan's nikkei edges slightly lower about the shanghai is one point to nine or 133% on fears of a growing trade war. i'm happy i'm reading this, but if you like chocolate and want to go to italy, we have just the job for you. "fbn:am" continues right now. it's 530 the morning on monday,

august 6. i hadn't thought of to all of you wake up this early. i struggle. gerri: good morning. i'm gerri willis and for lauren simonetti. serious news here, president trump's foreign policy plan on sunday. kristina: gillian turner has the details from washington. let's go. >> and around the world to her on president trump's foreign policy and "fox news sunday" touching on everything from china to iran. the kicking off with north korea there's a whole world waiting with baited breath for another trump kim summit. the national security team laser focused on one thing. >> her priority is the nuclear station. kim jong promised he would do it and he would do it in a year.

does the administration is hopeful about the on going negotiations with the north, they are naïve. >> the point may well come. there's nobody in this administration starry eyed about the prospects of north korea do nuclear rising. >> keypunch back against the president risk. he also echoed secretary of state mike pompeo when the foreign relations committee except the interference. >> the idea that the trump campaign was beneficiary of a concerted effort together with the russians to affect 2016 election. >> bolton touching on the ongoing trade war with china, what he calls the mature regime in venezuela and iran but the u.s. is on track to impose the so-called sanctions beginning

tomorrow. 18 months in, president trump's agenda is largely focused on u.s. foreign policy around the world especially remarkable for a president who ran on a platform centered almost completely around domestic issues. in washington, gillian turner, fox news. as a trade war with china intensifies, president trump to twitter and wrote because it tears we will start paying down large amounts of the $21 trillion in debt accumulated much by the obama administration. china's state media slams the president saying he is starring in his own streetfighter drama of extortion and intimidation. the democratic strategist and former homeland security consultant and thank you both for joining us this morning. i want to start with you, mustapha. we just heard it and in general over the weekend tariffs are working big-time.

do you think it's too premature? >> i think it's very premature. the president -- we often talk about farmers, the china just announced they'll be imposing sanctions on lng. we are about to launch three lng terminals out of fear in the united states is on track to be one of the largest exports of lng in that jeopardizes this. the president is riffing like he does but in trade deals. it seems like he does not. >> i'm going to wait on that. it doesn't seem to be backing down at all. what do you think is happening because the president trade policy is working do you think he has a plan? >> a great economic policy.

it's completely booming the tax breaks that every american family is feeling. he has enforced here the economy well how to contemplate international relations and trump is a negotiator and that's what is the same thing that everyone was saying with north korea and when they were backing down from coming to this summit but ultimately that have been. trump is planned along came here was that to contemplate this by saying he doesn't know what he's talking about is actually what's premature. we need to wait and see what results out of the terrace. the master just doesn't work to china's benefit. we have a lot more that china's toys when they enter the united states than we do u.s. goods going into china. they have to really be contemplate their strategy particularly because we have a president that's an america

first advocate. that's why he is really with his base. the american families love what trump is doing with our economy. >> agriculture is being head which is why we have finally coming in. i want to focus on you if you're talking about the fact the president has said that china or the united states has been apprehended china. listen to what he said specifically about the tariff battle. >> the chinese market is down 27% in the last three or four months. they've taken $500 billion a year for many years. we have really rebuilt china and it's time that we rebuild their own country now. train to mustapha, your reaction. >> will come of the president keeps making a civic gem. we are the largest economy in the world. the best quality of life in the world. when the president keeps saying

we've benefited from all of this, with undefeated from trade. trade is good. and so it doesn't make any sense. when we start saying the president succeeded in north korea, the president has not exceeded. he had a summit and after the summit would seem that north korea has gone to. we have seen dave hardy escalated a program on their missile program. he had a great summit. he had a bunch of great photo ops. but he had no results. if we start to see the same thing happened in china with this trade war, it could be devastating for our economy. the president does not have a good track record when it comes to these types of negotiations. >> it was much more than a photo op. there's been nothing from north korea in terms of their missile test being or anything like that and in terms of the

negotiations. it was actually a really great summit. the reason the photo op came out is not factually true. >> let me tell you why there's no testing. the reason there is no testing is because they don't need to test anymore. they actually have nuclear capability and a ballistic missile that can reach the united states. that's why they are not testing. they haven't stopped because the president trump at the testing is stopped because they've got the capabilities they don't get to test anymore and that's a good way to understand. kristina: we will leave it there. thank you very much for the nice debate this morning. >> thank you paired >> good morning. gerri: wells fargo is admitting to a glitch that caused some customers to lose their homes. kristina: tracee carrasco joining us with them. wells fargo admitted that a calculation error may lead to as many 400 homeowners needlessly

losing their home. into the formula with the to determine if there was qualified for federally backed program. as a result of the area, 625 customers are incorrectly denied upon modification with 400 of them losing their homes. wells fargo set aside $8 million in the second quarter to fix the problem which only works out to about $20,000 a homeowner. kristina: unbelievable all the bad news coming. another draw for them. meanwhile, an expensive cello. the story about american airlines causing problems. >> another black eye for the airlines. a woman on an american airlines flight session was kicked off before takeoff because of the size of her cello even though

she bought a seat forward and claims they assured her husband she would feel up to bring it on board. a music student from chicago flew down to miami to perform in a music festival who said she didn't have any problems getting her $30,000 to look to miami but on the way that the flight attendants could drop the flight claiming the amount was too big. she believes it's because the flight was overcooked. the the incident was a miscommunication about whether the cello met the requirements to fit on board the particular aircraft she was fine. she was revoked for another date to get paid for her hotel, accommodations and everything. another issue for these airlines. >> especially because she was able to fly one way with it. the makers of the cala are offering a sweet cake. >> we love our job, but we might have another one here. the maker of the tele, ferrera

rashad became 460 sensory judges who are going to be paid to taste the products. according to reports, this is the first time they are recruiting nonprofessionals did you have to pack your suitcase because you have to be willing to relocate in italy. tough job. 60 people will be picked then narrow it down to 40 taste testers after a three month training course. >> sounds better all the time. we live in italy, eat chocolate all the time. do you really need to be paid? >> three months training to refine your palate. thank you very much. gerri: coming up come the trump administration prepares harsh new penalties for hackers that the u.s. select your red for the survey shows small business confidence at an all-time high. what does that mean for the u.s.

economy? take a look at the stock markets in what is going on there. all three in the red. the dow donate 10 current s&p 500 down nearly three. the nasdaq down nearly two. you are watching "fbn:am." just another day on the farm. or is it? this farmer's morning starts in outer space. where satellites feed infrared images of his land into a system built with ai. he uses watson to analyze his data with millions of weather forecasts from the cloud, and iot sensors down here, for precise monitoring of irrigation. it's a smart way to help increase yields, all before the rest of us get out of bed.

kristina: welcome back of the sketchier caught up on what's happening now. the dow jones done 16 points. s&p 500 to .5. nasdaq three quarters of a point partially due to trade uncertainty. top administration officials devising new penalties against hackers that are and will trade in the u.s. electrical grid. hackers working for the russian government claimed hundreds of it tons last year in a campaign against the energy sector. the hackers have the ability to cause major outages from inside the control room. saudi arabia has excelled the master of the kingdom and recall that some diplomat to the canadian embassy has expressed concern over saudi arabia recent arrest of human rights campaigners and women's rights activists as well. the kingdom also says it's freezing all the business and investment transactions of

canada. meanwhile, canadian consumers are boycotting american goods. the change in pace came after the president -- president trump sought 25% tariffs on canadian ale and 10% on the lebanon. president trump also referred to canada's prime minister justin trudeau is very dishonest and weak on twitter in june. that is what is happening now. canadians are we so mainstream. meanwhile, business owners are very upbeat about the economy according to a new survey. the wells fargo small business survey jumping 12-point during the third quarter to its highest reading in the 15 year history of the survey and that means more businesses are inclined to ask band operation, add new employees. what hurdles to their face turned wells fargo senior economist mark fichtner. great to have you on the show. thanks for bringing the story exclusively to us.

let's talk about these numbers and why are they so strong. with behind the strength of the confidence. >> it reflects the strength of the economy. the gdp growth we saw in the second quarter really lifted a lot of businesses. we saw that when i looked at the underlined details of the gdp data which shows strong growth of proprietors income. proprietor incomes measures the income of noncorporate businesses which are really the small businesses captured in our survey which are businesses with two to $3 million a year in revenue. these are long services are folks who put the sound system in your home. this is truly mainstream. kristina: these are the people who hire america. they employ most americans can assert that more than the s&p 500 companies. what could derail this if anything. are you thinking about inflation? you're an economist after all. >> we did see it back in 2015

and 2016 when the global economy slowed. the fastest growth in small business has been in the energy producing states, texas, oklahoma, north dakota, colorado. if we did see a slowdown that make cool things off of it. even then we see fairly decent growth. it just wasn't as strong as it is today. kristina: interesting to see how it's playing out in the stock markets as well. strong performance from small-cap stocks, too. the trade were interred certainly affects s&p 500 companies and many of them already announcing they are going raise prices. are these small businesses in your survey, do they not have to worry about any of this? >> that is certainly a concern then you see people mention it. not a question that actually deals with that, but people mention it unsolicited say they're a little bit concerned. they are not concerned about that as workers.

that's their biggest concerned by far is being able to find workers that they need. 35% of small businesses plan to add workers, not just hire someone who's leaving, but to expand their staff. that is their top concern. if the terrorists were to slow overall employment and income growth throughout the economy that would be a negative. that's not really the issue. gerri: the issue is jobs. getting the people you needed to those jobs. thanks for coming on. appreciate bringing it to us. >> good to be with you. kristina: tiger woods struggles at the percent invitational while justin thomas wins the day. in baseball they probably buy the boston red sox gives them the sleep over the new york yankees. u.s. stocks index features all of the red right now. the dow jones -- the nasdaq rips up a little bit. the dow jones .co points in the

s&p 500 down a little over two points. you are watching "fbn:am." stay tuned. too cold for camping? too hot to work? nah. this is the gator xuv835. with game-changing heat and air, it's never too anything for anything.

gerri: welcome back to "fbn:am." tough we can as the bridgestone invitational. he started the day off with two birdies on the first hole sounds good good things about the rails, shot a 73 tied for 31st place. ouch. justin thomas on the other hand put on a show. his first win was an emotional but hurry. his grandparents were in

attendance. his grandfather had actually played in this event many, many years ago. thomas came up for a beating tethers tinted by four strokes. kristina: bill belichick watching the red sox take on the yankees last night. the yankees took a four [roll call] one blade. bringing in two runs with a bases-loaded in what would've been the final out for an aggressive time to much to handle it first base. this page printers just just reacting for the rug talks tie it in the 10th inning. [cheers and applause] >> just in the middle. and through. wow. kristina: a lot of head shaking going on in the room right now. the walkoff single put the red

sox complete a four-game sweep and widened their lead in the al east. gerri: his first career nascar race is able hold up martin truex junior in the final act of watkins glen at just 22 years old. it's the second youngest driver who won a race this year got a little help from teammate jimmie johnson to get to the railing. he ran out of fuel just after the checkered flag. so johnson used his car to push them along. look at that. coming up, u.s. not backed sanctions against iran set to take effect around midnight tonight. reactions in london when we come back. you are watching "fbn:am." year, i am sorry about that.

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>> the trump administration to impose sanctions early tomorrow morning at chris beauchamp, market analyst joining us right now. good morning, chris. the sanctions that are imposed and of course it's going to hurt the economy, but what about europe and the countries in europe that do deal with iran. >> that's the interesting thing we've seen. the germans having pressure put

on them to stop the ship at to everyone. while the u.s. can do damage with the sanctions come in its full cooperation from allies as they walk out of the agreement a few months ago. extinctions connected pacs and trade impacts of oil prices. >> the realms of geopolitical tensions how far that will go and what they might do in the straightforwardness that the key element or the situation. they move higher and higher in the supply continues to rise. the question is how much further can make out. you can then see quite significant acceleration or prices to inflation in markets around the globe is difficult to tell. >> you have unemployment in iran in double digits inflation. how can they continue to survive

with the sanctions imposed by midnight tonight. >> from the 19,922,000 conversations can hit countries and it's how hard they have to repress and keep the lid is the big question. we know it is becoming a major flashpoint. they can push the iranian government to the negotiating table. >> we've been talking all morning about strong earnings but i won't go there this morning. it's time to toss it over to "mornings with maria." chris you jump, thank you so much for being with us today. it is yours. >> i can't wait to see you ladies. you've got a really good story. it will make everyone in this country really angry. right? thank you so much, for. i can dagen mcdowell in for maria bartiromo.

top stories at 6:00 a.m. eastern. tough talk on trade to china fired back against president trump. state media blasting the administration saying extortion won't work. president trump doubling down on policies over the weekend at a rally in ohio. >> i didn't do anything with trade. just kept quiet. let them continue to take advantage of us. he would've been up another 40, 50, 60%. eventually you would've had to pay the piper. we are going to make our country so much richer than it ever bad. trade to trade uncertainty weighing on the markets. 17-point gain on the dow futures right here right now. the markets have shrugged off everything going on with tariffs and trade fight after gains on wall street last week of the dow industrial for five weeks in a

row. in europe checking at the moment we have gains across the board as well. the dax and index up one third of 1%. in asia overnight, the shanghai composite the worst performer of their tab one and a 3% in shanghai. devastation in indonesia. a major earthquake killing dozens of people in more than 100 aftershocks felt throughout the region. another scandal for wells fargo. gerri will be up shortly discussing the banks revealed that hundreds of people lost their homes because of a computer glitch. there were foreclosed on unfairly. let's talk about the compensation that will be coming out. samsung taking on the iphone and confirming upgrades to its galaxy note nine. talk about a dream job. the maker of new tele-is hiring