than 1%, 71, 72 point gain there. so what you're looking at here, a rally all across the board, the industrial, technology stocks, you name it, they're up today, big deal. neil cavuto. it is yours. connell: it would be but connell in foreneil. you have done so much. you're busy. welcome everybody, to "cavuto: coast to coast." we have a lot to cover next couple hours. stuart getting to the markets. big story on the border developing. we'll get to in a few minutes. let's get started with the u.s. markets on "cavuto: coast to coast" surging today right around session highs. remember for context, we're coming off of the best quarter to stocks as measured by the s&p 500 in a decade this is kind of following through on this, helping to keep the rally going. some of the data on manufacturing, it rebounded here in the u.s. in march. before that, overnight, our

time, we found out that china and its manufacturing activity actually expanded, we say actually expanded, because it hasn't been expanding there. the first time in four months we're seeing that. maybe all the fears we've been talking about a slowdown in the global economy have been overdone? at least for today. let's get to fidelity investments global macro director and also the world famous art laffer. they are both with us today. what about every story, for however the last many weeks or months has been about a global economic slowdown. we come in on monday, we're saying maybe we overdid it. did we? >> i think so and what has been going on is that the global economy has been slowing for over a year, led by china, which in turn caused slowdowns in europe. and the u.s. kept going but then started to slow down maybe about six months ago.

and so, you know the only thing i ever see people point to what is likelihood of a recession in the u.s. is the yield curve which recently, slightly inverted for a moment but has been generally flattening and to me that is not enough. and so what we saw overnight with the pmi especially in china was a little bit of a sigh of relief that the chinese slowdown may be starting to stablize here because the chinese government has been stimulating its economy. so me this actually has a lot to do with china, maybe not pulling the rest of us down. but the u.s. economy been fine. the the consumer strong. there is little signs of excess leverage of the recession was never base case for us in the u.s. neil: that's fair. only question was the retail sales figure which a lot of people expected to see bounce back after the government shutdown really didn't, but that

said to his larger point, art, things do look good here. do you read into the fact maybe it is not as bad in china as we thought? what do you make of that? >> they look really good here. as your next guest said, that is good news for the world economy, that is good news for everything. the reason we have inverted yield curve in my view and we're part of a world community and interest rates are arbitraged across all the other countries if you have a bad economy in europe, japan, china, some others that will cause inverted yield curve in the rest of the world but not the u.s. it will push the u.s. down some that is very true. it won't push us into recession at all. the u.s. economy is one strong light in a sea of darkness. it is very attractive being here watching what is happening. but it does pull us down, connell, your show should be connell from sea to shining sea if you ever did neil's show. not "coast to coast. neil: is that the name.

it has nice ring to it. i will check with neil on that. >> do that. neil: before we changed the nail of his show. i tried that before, it didn't go over. i called it connell "coast to coast, last time i hosted for six or eight months. i'm kidding. >> uh-oh. neil: art, you bring up rates, right? we're in this debate whether market based rates bottomed out here with the yield curve not being inverted to your point and what should the fed do about raising rates? the president got into this, cut rates. your buddy steve moore, by the way generated enough controversy on his own apparently -- isn't that craze? >> it is craziness. neil: that is kind of a side issue whether he should be appointed, he will be appointed but approved on the federal reserve board. he was on with neil, talking about the debate about rates, someone's name we all recognize came up. that leads us to longer

discussion. that is my long introduction of this when we come back. >> what do you think of your former colleague larry kudlow had to say, cut rates now? >> that happened in december, that was a week before christmas when the fed raised rates i was really outspoken critic of the fed saying this is a big mistake. arthur laffer taught me this, the four pillars of prosperity, free trade, less government spending, low tax rates and it is sound money. neil: art, you taught him he says. you get the blame so to speak. >> i will take the blame on that every day of the week and twice on sunday. neil: i figured. >> i think steve is very qualified to be on the federal reserve board. neil: what about on the rate issue whether we should be cutting rates? >> i'm a big fan of the fed and i'm a big fan of powell's by the way, so you know. i thought the president did the right job with hiring him. i think powell has done a great job. so i'm not a critic of his, i think in december he should have

waited a little bit and taken his time. with monetary policy takes a long time to act. there is no need to rush to judgment on things. wait a little while. earlier raise had ajit terry hit on the market. the decent one had a big hit. the world may be slow but the oxen are patient. it shouldn't have been done in december but jay powell is doing a great job. neil: what about your view, i know on the other pillars we could have a debate about free trade policy and certainly spending policy. >> spending policy is certainly one of the pillars. neil: could use -- >> five taxes, spending, sound money, minimal regulations free trade. those are the five pillars. that is where you want to go. i think steve will be a good board member. neil: fair enough.

jurrien, what about your view? we need to cut rates and market rates are already falling, wonder whether we reached the bottom but what about the whole debate we're in? >> i agree with art that the fed has a done a good job, whether they had a misstep in december or not, time will tell. they moved policy from extremely accommodative to basically neutral. most estimates where sort of the neutral rate is are around 2 1/2. that is basically where the fed went. they pivoted in a pretty dramatic way. to expect them to pivot towards rate cuts at this point, that may be a little bit too far. if the stock market was falling and the chinese economy was not getting any traction and the yield curve is doing what it is doing maybe that is different story. neil: stand pat? >> essentially the market is putting the fed on notice that it may be too restrictive and, you know we'll see. but if the economy is okay and

stock market certainly is pricing that in, then i think the fed has luxury of waiting a little bit. as things continue a few months from now, maybe that is different story. for now i think the fed is in a good place. neil: thank you for joining us on sea to shining sea. >> thank you very much, connell. see you later. neil: get us all in trouble. new poll, actually a "wall street journal" poll. interesting findings, finds that fewer people have doubts about president trump after the conclusions of the mueller report were released. so if that is the case if mueller is kind of in the rear-view mirror what we were just talking about, the economy, is that now at the wind at the president's back when it comes to politics or comes to re-election? "wall street journal" editorial page assistant editor james freeman here with us in the studio. what do you think of james? >> great to be here, thanks. neil: what do you think of the numbers? if mueller is behind him, more to come out and all the rest, if

mueller is behind him politically, the economy is in good shape, that should set the president up? >> you haven't seen so far a huge bump in approval ratings maybe that happens as people digest the news. maybe people didn't think much of the collusion theory to begin with. neil: that might be closer to the truth. >> so it wasn't a big mover of opinion some might it would be to have it resolved. i think clearly if you look at history a strong history is very good for presidents running for re-election. people tend to put an asterisk on donald trump because of the unique nature of first his candidacy, then his presidency. he came in and won despite having fairly high negative approval ratings or disapproval ratings. i tend to think he will get reelected because once again looks like the democrats are moving toward nominating someone who is unacceptable to large parts of the country. that was the case in 2016. he doesn >> i'm looking at a primary

process moved so far to the left responding to the grassroots of the democratic party or i should say the meese active of the democratic party, every single senator running for president backed the green new deal, which means among other huge interventions in the economy socialized medicine. it is process geared to catering one extreme segment of the american economy. neil: in 2016. why a lot of people's assumptions how the election would turn out are wrong. get back to the president on his numbers, you're right, needle hasn't necessarily moved dramatically one direction or other post-mueller. to look at economic models, we did a story on this i think, income bent president, first time his party has been in power first term back after democrats were there, strong economy, that person, unidentified should win but is it different this time in

that this president's locked in approvalwise mid, maybe mid 40s something like that and can't get over the hum? >> i think that is the question there. connell: yeah. >> one obviously benefit of this, you see it in the poll kind of confirming what we already knew which is impeachment is off the table. there is not a lot of public appetite for further investigation. connell: right. >> so a lot of people on the left saying he would wouldn't finish his term he is toast. he definitely will be able to run for re-election now, history says with a strong economy he is in a good position to do that. we see in this recent data, it has been soft up report on u.s. manufacturing today. services ism report, thursday. connell: what did you make of china? that was kind of surprising, we thought things were falling apart. maybe not so fast in china? >> maybe at the margin a little less leverage the trump

administration has they try to wrap up the negotiation over the next month? i think potentially the very good news economically, you look at the ism report, you look at others, trade is a drag right now. not just the amount of it, but also the perception that there is a kind of a shadow over it until the tariffs get resold. i think it is probably too optimistic to say all the tariffs go away with a deal but i think the barriers come down and you get a economic tailwind as they try to get it resolved as they do fairly soon. neil: good analysis from james freeman. as we move on, we want to highlight day two for lyft in the public markets, the ride-hailing service. the stock is getting absolutely hammered. it is down 11%. under $70. well below the ipo price on second day of trading. that and more as we continue. we'll talk about the border as well, the other big story of the

day with the security at the border, certainly in the conversation, the homeland security secretary actually just ordered a surge of border agents to the southern border as the president threatens to close it. now as james mentioned trade. that is an issue. u.s.-mexico trade if border were to close. that is an economic angle we'll cover. stay with us for that. see you "after the bell," 4:00 p.m. eastern. we see how the markets close, they look great, up 247, 248 on the dow. we'll be right back. you wouldn't accept an incomplete job from any one else.

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apprehensions on our southern border this month. that is by far of greater number than anything i saw on my watch in my three years as secretary of homeland security. connell: interesting comments from jeh johnson with neil as homeland security secretary kirstjen nielsen ordered customs and border patrol to send more personnel to the southern border, as the crisis you heard jeh johnson talk about continues. former acting director under president trump, thomas homan is here. interesting to hear the former secretary under president obama to use those terms and numbers this is crisis. >> i respect jeh johnson very much. i worked closely with him, fy 14, fy 15 when the surge happened. he did a righteous thing he recognized crisis. it was a crisis when he controlled it. so the democratic administration. now the numbers are much worse but they don't recognize this is crisis. call it manufactured crisis.

this is politics at its worse. connell: what do we do about it? that is the simple question? >> a lot of things to do about it. congress needs to close the loopholes that entice people in the first place. asylum laws need to be changed. detain people wanting to see a judge. after arresting them you can return them to mexico but not -- they need to find them, remove them. they have to show there's a consequence to violating our laws. if you lose your case there is no integrity in the entire system if the order don't mean anything that is not executed that would drive numbers down? unjeh johnson i did that, the -- connell: numbers went down. the president talked about doing a couple things here. undoubtedly to try to increase leverage and get some things you're talking aabout done. one is the threat to close the border. he said it might happen as soon as this week. since that happened a number of

brought up economic concerns. we do 1.7 billion in trade between the u.s. and mexico on daily basis according to the chamber of commerce. they say it would be disaster if you close the border down. do you think that is something should be talked about? >> absolutely. connell: the president says, administration says they're not bluffing on that? >> this is more than national emergency the we're talking about national security. what people fail to recognize, when the cartels push these large family groups across the border, they're pushing drugs and bad guys through unmanned section of border because border patrol is tied you with these people. this is national security issue. president reagan shut it down over murder of one dea agent. a tragedy. 70,000 people died from opioid overdoses smuggled through the southern border. ms-13. i'm not saying everybody is criminal. we is national security crisis, shutting down the border temporarily -- connell: you know obvious for more, you can't do it too long.

>> i don't think you need to do it so long. mexico needs us, more than we need them. hit them in the pocketbook. connell: we would be hurting ourselves. putting up with some pain in order to get to larger cause? >> absolutely. better cause is national security and sovereignty of this country. look the criminal cart else are operating without restriction. and mexican guest needs to hold these criminal cartels that smuggle people through mexico across the border, investigate them. these guys are making billions of dollars on trafficking. they operate with impunity. mexico needs to do more. connell: before we let you go, cutting in aid to three countries in central america, guatemala, el salvador an honduras, the rationale whether you think it is good idea? >> when i would have done first, ask them all the money we gave them past three years. account for it? did it create jobs or help the poor or line their pockets? before i did that, maybe they did that i don't know. connell: maybe they did that -- >> where did the money go to? did it go to the right place.

if it is not working, pull it back. there is a lot of effort by the secretary right now to try to find prosperity -- she meant with central american country trying to build opportunities for central americans down there. she is working that with large u.s. businesses. they are working that issue. holding back money, will send a strong signal. you need to take care of the people. the united states can't take care of the whole world. >> tom homan, great to see you especially here in new york. >> great to be here. connell: some of the energy stocks as we shift back in the market. rally is broad-based but energy stocks are up, exxon, chevron, chesapeake. talking pretty much across the board, oil hits highest level at 61.14 a barrel, in almost five months. we'll be tack, talk about that as we continue here on "cavuto: coast to coast". each day our planet awakens with signs of opportunity.

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>> off the better than expected chinese manufacturing data. also continuing to monitor shares of lyft as we know, the company went public on friday. 25 billion-dollar valuation, as you can see from your screens, that stock down around 10%, so it is a second day of being public. not going so well. seems more and more analyst community it is weighing in, showing some concern about the fact that lyft has exceptional sales but has not yet turned a profit. as we know the company lost $911 million last year. this doesn't bode well for larger rival uber, set to go public, the idea, the same, high sales, not figuring out profitability part of puzzle. pinterest, obviously not a competitor, certainly another

company, expected to go public later this year. meantime, back to you in the studio. connell: watch that day two, right? after the ipo as opposed to day one. reporter: lowest offering price even. connell: below offers price. deirdre at new york stock exchange. we shift gears to talk about the house judiciary committee authorizing a vote to authorize subpoenas for the mueller report, democrats are calling for full report to be released unredacted as soon as possible. bring in former fbi agent. idea of getting this thing without redactions, doesn't seem realistic. what is the take should happen? >> what should happen is probably what is going to happen. we have an attorney general in bill barr, who is a straight-shooter and he recognizes very well we have a situation. there is grand jury material in that report and he knows, very

well, that that cannot be released. it is forbidden. rule 6-e of the federal rules of criminal procedure forbid that. connell: we've been talking, from our perspective about the president kind of moving beyond this, you know, whether it is the stock market or the economy or other policies. now that the conclusions are out, how do you move beyond it, you need to release as much of the report as possible. otherwise people keep bringing it up over and over speculating what is it in i would think? >> there is political desire which is understandable, maybe even a public desire to move beyond it. but, if the report is going to point out to us problems, significant short comings in our two major intelligence agencies, the fbi and the cia, and those are going to have to be addressed. connell: what do you, as someone, who worked at bureau, what do you make of the criticism that has come in of the fbi?

all warranted or you want to learn more what is your take? >> well our beloved fbi has gotten a lot of criticism and some of it is justified but the bottom line, and i think the report is going to point us in that direction. the bureau was led down the rabbit hole by bad information from john brennan's cia. that has to be closely examined. it is a legitimate thing for both intelligence committees, house and the senate to look at, what we have here is an intelligence failure. when you step back and look at it, foreign actors, be they russian or british led americans astray into this entire investigation. connell: now, the back and forth on this is of course broken on political grounds. i guess one of the reasons i bring up how much of this report we will get, we have people on one side or the other, president was working with the russians, no matter what you say and the other side saying this thing pretty much clears him.

congressman eric smallwell has been making headlines on that topic. he was on with neil. they were going back and forth what the mueller conclusions means over the weekend. get your take on it. >> do you know something, for example, in the mueller report, that others are unfamiliar with? because to call the president a russian agent other to make that charge amidst a report that has headlined there was no collusion, really makes folks where are you coming from? >> well, neil, i'm not going to apologize for loving this country and being someone who benefited from free markets -- connell: that wasn't my question. my question was, where. >> i will defend that every single day. connell: you called the president a foreign agent of russians. >> he acts on russia's behalf. connell: if the report says the president was not a russian agent, congressman, would you say the president is not a russian agent? >> the president acts on

russia's behalf. i don't need to see the mueller report for that. connell: back to thomas baker on this. it doesn't matter whether the report is released. my point, more you get out there the less of that maybe that you end up with. what is your thoughts? >> well, connell i agree with you 100% on that, the congressman speaking with speaking from a very political point of view. it is dill -- still discouraging to hear that what is more discouraging, john brennan, former head of the cia using the same words to describe the president of the united states. it will come out in the report that there was no justification for that and the actions of these people, brennan and those around him, those who did this will have to be closely examined. whether or not people want to move forward, it has to be examined and rectified. we owe that to the american people.

particularly these congressman owe it to the constitution. connell: thomas baker, thank you for coming on today. we will move beyond all this, get back to talking about the markets, with the dow up more than 250 points. the rally continues on wall street. in terms of what all that might mean for 2020, some candidates are reporting fund-raising numbers today. the man you see on the screen there, is one coming out of the gate with a lot of momentum and surprising a lot of people. we'll talk about what that means when we come back. nt to follow s rather than worry about how to pay for long-term care. brighthouse smartcare℠ is a hybrid life insurance and long-term care product. it protects your family while providing long-term care coverage, should you need it. so you can explore all the amazing things ahead. talk to your advisor about brighthouse smartcare. brighthouse financial. build for what's ahead℠

connell: first quarter fund-raising figures for the 2020 candidates, and democratic presidential hopeful, kind of surprising figure to some people, that he raised more than $7 million since launching an exploratory committee in january. new hampshire political reporter paul stein houser on this, the

bus, mr. butti dea g, or mr. pete is getting on the ground. maybe it has to be in iowa before you get to new hampshire if you're pete buttieg, he has been getting positive press. he raised a decent amount of money, what are you seeing on the ground? >> the latest proof there is something behind all of that media buzz we've been seeing from mayor pete. seen a couple articles on fox news from mayor pete. $7 million since january 23rd. first candidate, potential candidate to put out his numbers. you do that when you like what you have. obviously the campaign likes what they have, so they wanted to show the numbers immediately. 7 million will help mayor pete, connell. it will help him with campaign staff, making this campaign a little larger. he had about 20 staffers. they're in the process of doubling that. they moved into a new campaign headquarters in south bend,

indiana. >> right. >> it will help with the idea who is mayor pete. up until a few weeks ago people would say who? connell: trying to figure out how to pronounce his name. >> there you go. connell: but there is something about him, that has people coming back and trying to find out more. candidates and people, how would this 37-year-old match up. with donald trump and general election. i would think strategically before we get to that type of conversation. you have to figure out who he has to knock out in the primary. what lane, i don't know what you think, it is going to have to be a like beto o'rourke. that is who he compared to. if he takes some of those votes he is in better position. what do you think? >> i think that is a smart point. i asked mayor pete last week about that. he wasn't letting all the fame, large crowd, all media attention getting to him yet.

he is trying to put his head down, looking forward to seeing good campaign cash numbers starting to buildout his organization. he will use this money to put staffers on the ground in new hampshire, first primary state, in iowa, the first caucus state. when he has been put up in iowa and had volunteers to help him out at the events. he is getting buzz here. connell: a lot of people agree he is a smart guy, harvard, rhodes scholar, military background, mayor affairly small city but what about on the issues? sometimes depending what you read, tough to pin down. some say it is the other. how far left for lack of a better way of asking in the primary is pete buttigieg than other candidates especially on economics? >> listen, when it comes to health care, "medicare for all," bunch of other issues, green new deal, with a lot of rivals for the nomination who are pretty

progressive on issues. he is supports "medicare for all." believer in the green new deal and some of the things that resolution, that controversial resolution pushes for. yes, he is progressive, he will be competing against beto like the others for theer, like nomination. he is pretty close to them on issues. one of the reasons he is catching buzz. a, he is 37 years old. youngest person in the field. afghan war vet. would be first openly gay president if he makes it to the white house. some things make him stand out. he is a very good speaker. well-received on the campaign trail and iowa. connell: has a lot of buzz. he has amount of dough. that always matters. paul, we'll continue to follow this. obviously everyone continues to follow, maybe you heard the news late friday night into the weekend, former vice president joe biden, still top of the

polls, still polls the best against president trump, just about all the polls on head-to-head matchups. he has accusations of inappropriate toughing brought up by a politician in nevada. you wonder what that means. charlie gasparino is here. and gop fund-raisers noelle nikpour. charlie start with you, that it doesn't mean he won't necessarily not run but might have trouble raising money. what are you hearing? >> his supporters. i know a lot of his supporters on wall street were pretty quiet over the weekend. some of the comments i got back, raising some doubt he might go through with it. connell: he might actually not run? >> this is different party than the republican party. you're guilty before you're innocent on this stuff. but i will say this about joe biden, okay, people that know him, he loves his wife. he is not, never really heard rumors about him running around washington doing inappropriate stuff but there always been this

talk about him being overly touchy. he has done it, does it with women. i believe he does it with men. then on top of that, extra layer is there is whole social media thing that goes on with, with trump, people that troll in favor of donald trump where they essentially send around photos that are manipulated about him doing extremely disgusting things we don't have to talk about with women, even children. connell: taken out of context but -- >> all that could stick. connell: in this case, the woman made accusations that are seen by many people being credible. it does bring up a question about what the impact, put up vice president biden's statement, he made a statement about this over the weekend so we have that, many years on the trail and in public life, i have offered many handshakes, hugs, affection, what charlie is talking about, never did i believe i acted inappropriately

said the former vice president. if it is said i did so listen respectively. never my intention s that enough. >> i think his statement was fine. it was a very well thought-out statement but we have to take a look and sit back here. i am being a woman, very sympathetic, be in the "me too" movement, i believe in the me-too movement when it comes to sexual harrassment or rape or unwanted sexual advances this is affection. we had better set the road straight. can men not be affection @. what if someone greets you? i'm from the south. we hug. >> we kiss on the cheek. connell: i understand that. let me ask you a question about that, some people said more in the eye of the beholder or person receiving it, how they think about it, as opposed to what societal norms used to be. if the woman thought it was inappropriate,. >> why didn't she say something?

connell: she did now. >> that is the point, guys, she did now. she is not obviously supporting joe biden. who will be the biggest fish to knock out? joe biden. connell: no doubt. >> she will start with this. i won't say she wasn't creeped out he put his hands on her shoulder, kissed her, whatever, if you're that creeped out, doing the "me too" movement in height of everybody coming forward, applauding taking down people, why don't you just take him out. is he not going to announce, she goes ahead says he needs to not even run. oh, my gosh. come on. >> i just, she should have said, mr. vice president, enough at the time. >> dick durbin came on a show says it will not phase joe biden from running or not running. he will not have any trouble raising money. >> i'm just saying i'm dubious. i believe in, you know, i'm a big believer in the "me too" movement. i don't engage in that type of

behavior but i'm telling you can't be guilty before being innocent. that is setting -- connell: you said something really interesting, charlie at the very beginning i want to ask you, gets to the point what he will do next. he often raises throughout his career, a lot of money on wall street. you reached out to some of these people and it was crickets? >> they would not go there because i think they all know in the democratic party, which is far more pc than the republican party on these issues, that this could be like a nail in the coffin. >> but you need -- >> i'm not saying it is. he is not saying one way or the other. >> if he ran and got the nomination he will be running against trump. trump has his own issues. >> noell, i'm talking about through the nomination. he can beat donald trump. there is no doubt. every poll. connell: he is the best matchup.

>> why not people taking him out by this time? if this is only thing he can get him on, when he touched so-and-so on the shoulder. >> they can't get him on anything in the harvey weinstein les moonves vain, that the he touched people. >> touched. >> unwanted in public. connell: get back to, this how sometimes -- >> let as be real clear. this was not a room, they were in a public setting, all these things are in public settings. connell: right. >> where was the cry of outrage back then? connell: guys, thank you. good to see you. charlie. if anything we're adding to gains around session highs. 265 on the dow, very, very good day for stocks. had data which we talked about here and in china. 10-year treasury yields, we're looking at that, inverted yield curve has gone away. inversion is not there, for the second day in a row.

maybe that is positive as well. we'll talk about that as we continue. also getting into the mark zuckerberg story, calling for more internet regulation. why would someone like that do something like that? we have some theories. we'll get to them as "cavuto: coast to coast" continues. you need. over to you, logo. liberty. liberty. liberty. liberty. ♪ for a nasty cold, take dayquil severe with vicks vapocool. whoa! and vaporize it with an intense rush of vicks vapors. ahhhhhhhhhh! dayquil severe with vicks vapocool. the daytime, coughing, stuffy head, vaporize your cold, medicine.

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connell: mark zuckerberg calling for regulations on internet companies. basically he says facebook is passing the buck. thanks for joining us, explain what you mean, if you can? >> thanks for having me on. i think in the op-ed that facebook put out, it says that it has been taking a lot of heat for mistakes that it has made in moderating online content, for decisions that it chooses to make about what you see online. so it asks the government to step in, start policing your speech for it. whenever you outsource censorship to the government, it is not just a bad idea, it is one that violates the first amendment. that is idea i pretty strongly oppose. connell: that is interesting. others oppose mr. mark zuckerberg for other reasons. he shouldn't be making rules about his own company. yours is, a little bit of a different approach. so i guess, i should ask what do you think should happen? nothing? >> we have a long tradition of

free speech in this country dadeing back to founders, american people should decide the relative value and merit of ideas and not the government. so whatever props, perceived or otherwise are plaguing the platform at this point in time leaning in for more government control and government-based censorship is not the path forward. connell: but the companies then have no responsibility at all to regulate themselves? or just the marketplace ends up regulating them? what is the philosophy there? most people agree that, certain types of, i know there has been debate what is hate speech, what have you, certain types of things, that ended up on facebook, even whole fake news debate, maybe we should do something about, or to your point they should do something about. how do we get there if it is not the government? >> facebook has an army of engineers and technologies and they have a lot of ways that they can address some of those

issues in a viewpoint neutral way, doesn't involve bias or discrimination or government regulations. but my time as regulator, in d.c., we often see largest companies in sectors calling for heavy-handed government regulation. it is not usually done as charity measure. connell: right. >> you have large first movers, heavy-handed regulations are tailor-made to business models. that operates to insulate large companies from up starts and cometics. big companies have tons of lawyers, tons of lobbyists. connell: they're already in the space, right? , now if you get it regulated the way you quote, unquote want, hard for other people to get into the space, that is what history shown, right? >> right. connell: what will actually happen in this case? if i had to bet, i think we probably are headed towards at least some sort of regulations, whether kind mark zuckerberg

wants or not i don't know, whether europe goes down that road? what do you think actually happens? >> i don't see the idea of gaining traction, hopefully not. i see it mainly as a pay of passing the buck for at love criticism that facebook has been receiving recently trying to shift the blame and responsibility on to the government. connell: interesting. interesting discussion, brendan, we don't have anymore time, we'll continue with this. brendan carr, thanks for coming on from washington. >> thank you. connell: in a moment, back to the market, trade related stocks are driving us higher. accounting for half the dow rally. we'll come back to cover it. hour number two, cavuto "coast to coast" just ahead. ♪ is

connell: we have a nice rally going here in the stock market to start you off. around the world, really, on a monday. manufacturing data both here and there has been positive, helping to ease up some of the slowdown

fears and you see it, asia, u.s., up across the board, 267 on the dow as we start hour number two of "coast to coast." good to be with you. i'm connell mcshane filling in for neil. as we talk about the slowdown fears going away, there is maybe a new economic fear that is growing here. we have been covering it throughout the program today with both businesses and trade leaders, warning against the closure of the southern border as the homeland security secretary has ordered a surge of agents there. so we want to talk about that. former i.c.e. senior attorney john guyen starts us off with his analysis. we know to talk about the border, this has been acknowledged, we played the sound bite from president obama's secretary of homeland security jeh johnson last hour, he said this is a crisis. the numbers are really rough. the president wants something to get done about it. he's warned, he says i'm going to close this thing down this week. a lot of people say boy, be careful there, because there's

some economic risk. a lot of trade on a daily basis between the u.s. and mexico. what's your take? >> that's absolutely right. thanks for having me back on. closing the border is an absolute last ditch effort and a huge mistake to do in a situation like this because it's not going to solve the problems. the president has learned he can't stop the influx of migrants coming in from central america and from mexico by simply changing the asylum processes and changing the rules. he's been shot down by the federal courts on a regular basis. he says fine, i'm going to close the entire border down and make everybody very, very, very uncomfortable unless we come up with a solution to this. maybe congress will act. maybe mexico will get in gear. maybe the three countries where most of the migrants are coming from will get their act together and solve these problems where they begin. that's really what i think the president is trying to do. because i don't think shutting down the border is ever going to work. connell: we have been flashing some of the numbers on the side of the screen as we have be talking. it shows exactly what we are talking about, $1.7 billion i believe it is according to the chamber of commerce back and forth on a daily basis between

the u.s. and mexico. it's a lot of trade. to your point, and the point of many others, there is a risk here and it may hurt us more than it helps us. the other argument is that you know what, mexico would be hurt more, we've got to do something. what do you say to people who say nothing else has worked and i'm willing to take a hit on this in terms of the economy because of the larger cause. what's a better option? >> well, i think that this is the beginning of a negotiation point. mexico has to stop the transit of individuals coming from central america into the united states. they have to stop them and not allow them to go through mexico for this to work because our asylum laws are extremely generous, our border is extremely porous. we do allow many people to come into the country who have a small chance of winning their asylum cases. we just do that. that's what our laws say. we have to change our laws and we have to address this problem from the source. that's how we are going to ultimately change all of this. cutting off aid to the three countries, to honduras and el salvador and guatemala, that's a

good start to at least get them moving into action to solve the problem where it's at. connell: that doesn't hurt us as much as this would. you like that approach. >> absolutely not. connell: okay. what do you think happens next here? >> well, i think that this will get mexico to kick into gear. i believe it has already. they are changing their visa transit process where they are not going to allow individuals who don't have visas to just go through mexico to make it to the united states. listen, our country should allow in people who are fleeing from violence and from desperate situations. however, we simply can't handle the numbers that we are looking at right now. you have seen the photos from el paso, people living under the bridge downtown because we have no place else to put people so we can process them, make sure they have the food, the health care, everything they need in order to be safe in this country. we cannot handle the numbers we are dealing with now. wea we have to solve this problem. cutting off aid to central american countries is a good start. getting mexico to help us in partner is the next move.

connell: good idea, says john, closing down the whole border, not worth it in terms of the economics. thank you. good to talk to you. let's get into this a little more in terms of what the political back-and-forth is as well as the economic worries. blake burman joins us from the white house. blake? reporter: the political part of this is the white house says the president is completely serious about the possibility of shutting down the border. over the weekend they put officials on television, kellyanne conway saying in no way at all is this a bluff. one source telling fox today that they wouldn't be surprised if indeed the president follows through with this threat to shut down the border by week's end. if the president decides to go down that route, it would be a major economic story. let me try to paint some of the picture here as it relates to trade between the u.s. and mexico. this is according to the ustr2017. exports, the u.s. exported some $243 billion in goods to mexico. that's the second largest market for the u.s. only behind china.

it accounts for roughly 15% of all u.s. exports. that includes, for example, $19 billion in agriculture products. now, the scale just as big for imports. the u.s. imported $314 billion in goods from mexico in the same year, 2017. again, the second biggest player for the u.s. that accounts for roughly 13% of all u.s. imports. there were $84 billion in vehicles imported along with $25 billion in ag products. the white house's top economist, kevin hassett, we got to speak with him on a windy north lawn driveway earlier today, and he didn't have very many answers when we pressed him with questions as to what this could mean for the economic picture here in the u.s. if the president follows through. listen here. >> you know, there's a lot of stuff that moves and exactly how customs and border patrol deal with that is something we have to confer with them about. reporter: should it be

[ inaudible ]? >> it would increase -- there would be potentially more stuff sourced in the u.s. for awhile but you know, it's something we would have to talk to customs and border patrol about. reporter: they have been instructed to accelerate sending some 750 personnel down to the southern border with the possibility of bringing that number to 2,000 or maybe even higher. they are also expanding the program that keeps asylum seekers in mexico while their court cases are pending here in the u.s. connell: blake, thanks for that. my read on it is if that's the north lawn, the wind would be basically blowing north to south in washington today. reporter: i think we're a little east to west. it all means a bad hair day. connell: that's your real hair, blake burman. reporter: it is my real hair. you're right. it's north to south. i apologize. connell: otherwise i would see it in the rose garden. thank you, blake burman. windy day.

one thing we see from president trump with all of this, what blake is talking about, it's certainly looking or trying to keep some of his bigger campaign promises, whether it be the border story and also what we saw last week with regard to health care. from the hill, editor in chief bob cusack joins us right now. also from washington but safely inside of our d.c. bureau is bob. that's obviously what he's doing. we have seen this a number of times. let me start with immigration. i want to ask about health care as well, with all these economic numbers on all the fronts looking so hot. what do you make of the president making immigration a front and center issue? i'm sure he would say i don't have a choice, this is a true crisis. >> yeah, that's absolutely right. i think this is something that got the president elected. that's what the president thinks. it's interesting now that the mueller probe has concluded no collusion, it's interesting that he's not pivoting to independ t independents or the middle. he's sticking by his campaign promises, this is popular with the base, and certainly i think

this is just a move that he believes in, number one, and number two, he thinks as you said, that there's a crisis here. he's got to address it. connell: what about the health care thing? it was really interested last week to hear the president of the united states seemingly unprompted really say we're going to be the party, the republicans, we are going to be the party of health care and everybody looked at each other like hold on, i thought that's why the democrats took the house, because they were the party of health winning issue for them. what did you make of that? >> this was a surprising move and it surprised a lot of republicans on capitol hill, including in the senate. they didn't get a heads up on it. now, president trump is seeing a problem and it is a problem for the republican party, health care is something that democrats do better on. i think he's trying to fix it but how will they get there? they obviously didn't pass the obamacare replacement after john mccain voted it down. then the other question is even if they are able to unite behind

a plan, something they really haven't been able to do for over a decade, well then, it's got to move in congress. the democrats are certainly in the house, they have the house now, they're not going to move the republican plan through. connell: exactly. to put it all together, quick final point, we are up today in the dow 260, and kind of the narrative or discussion behind that is that hey, maybe these fears of recession were overdone. china had some decent data, we have had pretty good data. some say the best idea politically for the president would just be to talk about that, the economy on the broad scope, jobs, the economy, drive it home. what do you say? >> i think that's good advice. i do think if they are able to get a deal with china, then you are going to see the market really take off. but i do think that's what it comes down to. if the economy is good, usually the president gets re-elected. connell: all right. bob, good to see you. when we return, new signs out of china that signal this market rally in some ways could just be getting started if that surprise number is backed up by some more

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connell: great way to start the quarter, so far for the stock market. nice rally going, 255 to the upside on the dow. we had strong manufacturing data out of the u.s. and also, left side of the screen, out of china. that's helping to lift stocks and has some people question where they stand on this economy, whether all the talk of recession or slowdown was overdone. let's bring in deirdre bolton from the new york stock exchange, and mark matson, fairfax global market ceo, paul

dietrick joins us. that's kind of the theme today, funny things seem to change day to day. if all our talk about economy slowing down and the u.s. maybe being on the brink of some sort of recession, maybe we were way ahead of ourselves on that. how do you view things? >> well, we are slowing down. we went from almost 3% growth last year and we are going to go down to about 2.4%, 2.5% growth this year. but people forget that during the last four years of the obama administration, we had 2.2% growth and we had a bull market during that period of time. so you know, we're seeing a slowdown in growth. we don't have the tax cut this year that kind of boosted earnings and everything else. but this is real growth. connell: the story out of china was interesting because that surprised a lot of people. everybody's been talking about how much trouble that economy is in. not to say it was a blowout figure but any kind of expansion at all came as a surprise.

>> yeah, that's a great point. first of all, it's a surprise so already we had positivity coming into monday morning from that, then it was also the fastest growth in manufacturing for eight months. not only was it a surprise but that's a pretty significant marker. a lot of traders here this morning were talking about that saying we didn't even really have to look too much at the pre-market action just coming in today, we knew this was going to be a day in green. that's certainly what we are seeing. even just looking at the breakdown of sectors that are outperforming, financials, also industrials, another very strong spot, and energy, as you have talked about with some of your guests, price of oil. connell: mark, what's your read? >> well, you said it, surprise. all the knowable, predictable information is already in stock prices so when a surprise comes up, markets go up. investors need to be diversified long term. that doesn't mean just the united states. that means diversified internationally. so china, asia, europe, most

investors are too hyperly focused on the u.s. and miss the global diversification opportunities. connell: let me ask you sort of a followup about what if we do get this trade deal, in the relatively near future with the chinese, say the next couple months, is all of that priced in already, therefore it wouldn't be a surprise? what do you think the market has in the system already? >> yeah, the market is an amazing information processing machine. it's all in there. only unknowable things in the future are going to change prices so predict the next 100%, the next 100% is always up. no one can tell you accurately where it is. connell: except paul. he knows. i will ask him next. what do you think, paul? >> i think that if there's a trade deal, and we are seeing manufacturing expanding in the two largest economies in the world, china and the united states, that that's going to be

a real boost and i think we're going to see a really good 2019. connell: you can make an argument that this all delays it a little bit, because neither side had that much motivation, i don't know how much truth there is to that, to sign the deal as they would, say, you know, let's just say from china's point of view, you're china and your economy is a complete disaster, the whole idea has been we better get this thing done yesterday, but if your economy's not as much of a disaster, you have been able to provide the stimulus, maybe you don't have the same motivation and you can hold out for better terms. what do you think? >> yeah, that is certainly, i'm sure, playing on both sets of leaders' minds. we do know these talks are continuing. i do still think we've got one positive economic data point, again, it is on manufacturing so we can't ignore it, but that's just one piece of the puzzle and i do think the world's two largest economies, you want to find some kind of framework, it is definitely in both sides' best interests. i hear you're saying china maybe gets a little more wiggle room ahead of talks later this week,

but by all accounts, both sides do want at least something set up that both sides understand. connell: the stock market's doing great today, up 260, but we can't ignore rates. is there a sense from people you are talking to that interest rates maybe have bottomed out here? >> well, yeah. i think that's mostly what we've heard from the fed, right, the last time that we heard from the chairman jay powell, he basically said no more interest rate increases this year, and you know, maybe one, maybe two next year. i think what that has kind of been adjusted for, that's part of the reason why we are seeing financials a little bit higher. it is a rising tide lifts all boats kind of environment. connell: 249, 2.50 on the ten-year note. we didn't know where the bottom would be but we have found it which would be important to the stocks and the economy as well. everyone was talking about an inverted yield curve last week. >> yeah. hard to predict interest rates, too, but i don't see any long-term inflation kicking in. investors should be diversified. look, u.s. stocks, 146% on the

s&p the last 18 years, international small stocks, 320%, emerging market stocks, 550. stop trying to predict interest rates. start looking globally to invest your money. connell: i see where you're going. thank you, all three of you. appreciate it. speaking of a global outlook, boy, like it or not, we will get into brexit coming up next. that can only mean one thing. ashley webster must be on his way in. he will talk about what is next for theresa may and company, whether boris johnson takes over. we have no idea what will happen next in the uk. maybe ashley does. he will be in next. we are up 250 on the dow. great start to the week on wall street and to the quarter. we'll be right back. what if numbers tell only half the story? at t. rowe price, hundreds of our experts go beyond the numbers to examine investment opportunities firsthand. like a biotech firm that engineers a patient's own cells to fight cancer.

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ashley: not april fool's. here we are again. connell: it's not over. you have been telling me things got interested in the parliament. ashley: in the middle of all of this never-ending debate, you could argue it got more interesting with about a dozen or so proetesters in the galler stripped down to their under wear. it was a climate protest. connell: of course. ashley: he said carry on. order! put your clothes on, order. that's about the most exciting thing that's happened. they are debating four motions today that have been selected by the speaker. two would give you a softer brexit, one would have a second referendum. the fourth gives parliament control. here we go again. if there is a consensus for one of these plans, the big question becomes now what. connell: what are the odds on each? i know that's how you think of it. they bet on everything. ashley: the one that got the most votes last time round was this remaining in the customs union.

it only failed by eight votes. it's up again for a vote. that could get across the line today. then it's up to the prime minister whether she accepts it. it's not binding. she could accept it, try and attach part of that to her deal, or a suggestion today, there should be a run-off. theresa may's deal against this custom union. connell: okay. the other thing obviously is the future of theresa may. it's pretty much assumed she will be out of a job at some point. ashley: before the end of the year. connell: i have been reading, i don't know if this is -- you know, people who hear this, they know him better than the alternatives, say boris johnson might be -- ashley: he wrote that himself. connell: i'm sure he did. ashley: boris is actually not quite liked among the snobby elite. connell: that's the way the system works, it makes it tough for him to get in. ashley: it does. and the conservative party, some of them have a problem with boris. much like donald trump, the elites in washington don't like him, the rest of the country does. connell: he could be elected, president trump, here by the people. ashley: right.

as the new conservative leader, it would be harder for him even though he's popular around the country. talking of theresa may's future, if she tries again for number four attempt to get a deal done, maybe this week, if that goes down, don't be surprised if the labour party, the opposition parties, puts down another vote of confidence. if she loses that, that would probably trigger a national election and everything is up in the air. connell: final point, jeremy corbyn on the other side, sometimes in politics with one side losing, the other is clearly winning. i don't get the sense that's necessarily the case here. ashley: he has ditherred so long on the issue of brexit, do you support the people's vote again, what do you support. he's been supporting customs union but he's not seen as a very strong leader and has frustrated his own party members. i don't think he's a strong candidate for number 10. you never know. connell: you never know. keep an eye on things, make sure everybody -- ashley: keeps their clothes on? connell: exactly. behaves themselves. keeping order. all right. in a moment, back to our own crazy politics.

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connell: all right. back to the border as the homeland security secretary kirstjen nielsen ordering a number of agents to go down to the border and help out, as the president has been threatening to shut the whole thing down if he deems it necessary this week. so with that, fox news senior judicial analyst and host of "the liberty file" on fox nation, the judge, andrew napolitano, is here. nice to see you. we have had a lot of discussion here as you might expect on fox business about the economic impact of this decision if the president chooses to make, predictions that trade would come to a halt and chamber of commerce says it would be, no matter what you think of the issue, a tough issue. but what about the legal recourse, maybe some companies or some others would have if the border is actually shut down? >> there's closing the border

and there's closing the border. connell: yeah. >> if he closes the border to every person or thing, that would trigger enormous economic impact and litigation immediately, back to which in a minute. if he closes the border but leaves it open for those who have valid travel visas and valid commercial interests, there will be minimal commercial interruption. connell: we don't know, just to be clear, which option the president is considering. >> no, we don't. he says he's going to do it this week and somebody will read his executive order. but there's a couple things that are going to be problematic if he closes the border totally. you are going to get a lot of litigation because that is a material interference with contractual obligations. connell: from companies. >> correct. the government cannot interfere with those kind of contractual obligations without paying for the damage that the government causes. connell: even when they are cross-border. >> correct. you are going to see that type of litigation happen immediately. you are also going to see litigation because it's a

federal statute that says if a person is seeking asylum, literally running from their home country, because of repression due to their ethnicity, let's say, united states government has to accept that person. the president can't interfere with that. so if he closes the border absolutely you will see two species of litigation. asylum and commercial. if he allows for certain exceptions it will depend on what kind of exceptions he allows for. connell: so it sounds to me, who knows what's going to happen this week or whether it's this week or not or maybe it never happens, there is a way to do this, if you have a political goal of gaining leverage and not expose yourself to too much but you have to be very careful -- >> he really does not want to harm american companies. connell: you have to have a ton of exceptions. >> if ford is waiting for parts, ford motor company is waiting for parts made in mexico -- connell: which they would be. the whole supply chain. >> the supply chain goes back and forth across that border. not just talking about texas. talking from california to the gulf of mexico.

it's an extraordinary amount of commercial intercourse. i can't imagine this president wants to disrupt that. connell: this could be just something he's talking about to try to get some leverage. >> i'm laughing because this morning, i saw a clip of jesse waters shouting at the fence, mexico, you're going to pay for the wall. that's what he wants leverage over. he does not want to stop automobile parts from going across the border. that would interfere with american jobs. connell: it would. we'll see what he does. i want to ask about the mueller report as well. democrats in the house are going to vote wednesday authorizing subpoenas for the release of that report. they are going to try to bring people in to talk about all this and also, jerry nadler wants it without redaction. >> the attorney general has no choice but to redact, for something called 6e. you will hear a lot about 6e. connell: i know. >> in the next couple of weeks and maybe months. 6e is a section of the federal rules of criminal procedure which prohibit the government

from doing what jim comey did with hillary clinton, releasing damning evidence or evidence of guilt without charging the person. so when a person is not charged but the government still has evidence of guilt, they're not supposed to release it. remember when comey said we're not going to charge but by the way, here's the evidence we have. bill barr doesn't want to do that and can't do it under the rules. the report is going to come with many, many, many pages blacked out. jerry nadler and company want to see what was blacked out, who will resolve this, a federal district court judge. the chief judge for the united states district court for the district of columbia will probably resolve it in a couple of weeks. in the past three times the courts have looked at this, the government says we don't want to reveal, congress says we have a right to it, they sided with congress. connell: good to see you, judge, on both top ooicstopics. one republican actually said he didn't think this mueller report should be released at all. listen. >> what do you think of this back and forth, two weeks is not good enough?

>> well, i'm in a really small minority. i don't think the report should be released at all. i'm frankly surprised so many republicans think it should be. a lot of republicans think the investigation was false from its inception. if the investigation was flawed from its inception, why is the report not also flawed? connell: the california rnc committeewoman joins us on this topic. i'm sure trey gowdy is right, he's in the minority here. the president has basically said i have nothing to hide, get it out there. what's your thoughts? >> well, in this particular unusual situation, i think that there has been a lot of public demand for this as well as congressional demand, and it was actually unanimous when they took a vote a couple weeks ago on this in congress. i do think in this situation that as much of the report should be released as is legal but as judge napolitano just told us, not just 6e but other categories of information, underlying information that mueller may have relied on in

his conclusions that are protected from release by court rules, so whether attorney general barr wants to release them or not, he's not able to do so without a court order. i frankly question whether it's going to be productive to release those types of information, grand jury testimony, 6e, and some other categories. connell: if you think about it from that perspective and especially the president's opponents, i'm sure this is how they are thinking about it, the most damning of the information out there hypothetically, if any of that exists, we know there was no indictment of say the president or people close to him, certainly, on conspiracy with russia. if there's any kind of evidence at all then that most likely would not be -- we wouldn't see it, right? >> well, the democrats right now are very desperate to seize on a anything they can to salvage their egos from their humiliating miscalculation of this situation politically. so what i see is if that information gets out, that sort of smears people and i think there probably is some information like that, that casts people who are innocent in

a critical light, that's going to be used to kind of have more of a sideshow here. there is a balancing here. we have to balance the needs of the press and congress' demand against the rights of private citizens as well. there are reasons for these rules. these rules are there to protect citizens. what is left on the table in this discussion is the number of people dragged through the mud in this investigation and have had to spend a lot of money and they have to go on with their lives. people who were never indicted, never going to be indicted, didn't do anything wrong. among the subpoenas that congress wants to issue later this week include for the white house counsel, don mcgahn, for other attorneys in the white house counsel office, for reince priebus, hope hicks and steve bannon. these are people who served political jobs in the white house. we now know there's no reason to believe they committed any crime because there's no indictment, yet congress wants to trash them and humiliate them. there needs to be a balance here. while we should satisfy public interest in the report, we need to respect boundaries that are there under our law and are also

subject to a balancing test. connell: always good to see you. thanks for coming on. we appreciate it today. we are going back and forth between those type of stories and the markets all day long. continuing the rally on wall street, up 268. lyft, just day two, has not been positive for this ride hailing company. we talked so much about it on friday. it's backed a little off the lows, still down 10.5%. on day two as a public company, lyft drops below its ipo price. more in a moment. you wouldn't accept an incomplete job from any one else. why accept it from your allergy pills? flonase sensimist relieves all your worst symptoms, including nasal congestion, which most pills don't. and all from a gentle mist you can barely feel. flonase sensimist.

connell: all right. so if you thought there were no blockbuster videos remaining, you would be almost right. there is literally one. one in the entire world. it is not closing down. that's the good news today. kristina partsinevelos is in bend, oregon. she had to go to bend, oregon to find the only blockbuster. there she is. how's things? reporter: things, the store just opened and there's tons of customers coming in. 15 years ago, there were 9,000 locations all around the globe. as you can see, this is the last blockbuster on the planet that still operates on the same old ibm computers. the fact that you still need your membership card to get through, if you are a customer. they are obviously selling memoribilia. you've got new and old dvds. i want to try to find a customer, daniel, who just happens to not be nearby.

come here, daniel, if you can. you traveled from where to come see this location? >> from colorado. reporter: why? why did you come all the way here? >> i had doctors' appointments and lived here, and my wife asked me on the way to r redmond -- excuse me, i was on my way to the airport, my wife asked me to turn around, get a picture of blockbuster. we were one of the first customers a long time ago. reporter: there you have it. literally customers, tourists are traveling here to take pictures, buy the tee shirts. you have stock here. all new movies, even "vice" is coming out on tuesday, they already have it here. they order some of their dvds or they go to a local store and buy it on tuesday. it's very specific but you can find everything here that you couldn't even find online, like "young frankenstein." this is an example of how this store plans to stay profitable because they have customers, local ones and tourists. back to you. connell: i was trying to think what i would do with one of

those. i remember my dad actually still has one of the players, the ones that play both the dvd and vhs tapes, the dual thing. very, very modern. i would probably take them to his house and play them. kristina, good stuff. good reporting out there in bend. tell dan, your producer, we said not only hello but tell him in the future, just try to stay out of your shot. you are doing a live shot and he was walking in the shot. did you see that? did you notice that? reporter: don't tell him. you can't tell our viewers that. connell: too late. look at him. where is he? he's trying to get away from the camera now. come on. oh, that's not dan. that's the guy who doesn't know why he's there. he had no idea why he was there. back to lyft for a moment. $70.75 a share. you know, it's funny, down 9.5% today. it's dropped below that ipo price. it's actually off the lows. it was below 70 when we checked it earlier in the day.

sorry to interrupt. tried to get to you late. we had very important news from the last blockbuster on the planet earth before we talk about lyft. that's like the past and the future, talking about the lyft ipo and the last blockbuster. i said to deirdre bolton earlier, day two is always kind of interesting for some of these companies. you get all hyped up on day one, and the money's raised, the ipo happens, the price kind of spikes, and boy, this is disappointing. what do you make of it? >> it's a pattern and if you think about it, it's a particular pattern when you have money losing technology companies which is what many technology companies are at the time that they do their ipo. there's a lot of statistical research that says if you could be in at the ipo, at the issue, you know, great. if you can't, you're probably -- your initial public offering stocks tend to underperform the market rather badly. this one just got right to the

underperformance right from the start. connell: the obvious followup will be what happens to uber, right? will we see that pattern continue or is that maybe a different situation? >> i don't think it's really different. i mean, uber is a massive burner of cash and you know, would obviously -- that horizon is kind of long for those guys. there's a big knot of similar technology companies getting ready to do the same thing. slack and all these guys. i don't think the pattern's going to be different. i think the only thing you can do if you're an investor, if you think something has the potential to be a long run, amazon kind of huge mega-home run hit, great. but you look at something like slack, those markets, those are not gigantic, gigantic markets they're after. connell: say you thought -- i think it was charles payne, who is coming up next, he was talking about this last week.

say you think that about one of these companies, you love it. you don't have to, history shows, get in now, right, right at the ipo. you could wait, maybe you wait six months and if the company's in good shape, maybe that's a better time. >> that's absolutely right. part of it is that it's just very tough to assign metrics and measurements to companies that are technology companies that are bleeding a lot of cash. it's much more a thumb in the wind kind of thing than when you start to have regular earnings announcements. yes, you can absolutely jump in that thing later when you see stabilization. connell: good to see you. always good analysis of these type of things. so the dow has been hovering right around session highs. had a really strong session today, strong economic data, up 265 at the moment. goldman, top of the screen, 3m, united technologies, caterpillar doing well. we'll be right back. fact is, there are over ninety-six hundred roads named 'park' in the u.s. it's america's most popular street name. but no matter what park you live on, one of 10,000 local allstate agents knows yours.

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. . connell: happening today, the

2020 democratic presidential hopefuls are pushing their agendas, something called, the we the people summit. edward lawrence is covering it. what is happening, edward? reporter: this is put on various unions here, so members can get to know the candidates on democratic side. in fact some of them are seeing the democratic candidates for the very first time. with so many candidates together in one room, eight of them so far here today at the warner theater. this is very important for many of the members. former secretary julian castro wants to invest in education. wants teachers should get raises. minimum wage should be $15 an hour, everyone should be allowed to have health care, every american. these messages are resonating with them. one in fact from d.c. was a contractor at an airport. he just wants the candidate to listen to his issues. >> i work at airport, 56 years

ago, these contractors, who we work for who makes all the money but pays the employees no money. i haven't had a race in more than 50 years. reporter: obviously very concerning for him. they want to see workers races increase. senator cory booker has already gone. senator all my klobuchar is up on the stage. a members are excited about a couple folks coming up. beto o'rourke will be here next. after him, senator bernie sanders. back to you. connell: edward lawrence in washington. that push from the democrats and their progressive policies continue comes amid new pushback for calls to break up big technology companies, facebook and others. americans for prosperity president tim phillips on that. his group is launching an ad campaign politicizing this antitrust enforcement. tell us about it, tim. >> we're launching ads to urge

senators on judiciary committee to oppose senator warren's legislation. it would say to tech companies, you built a great product a lot of americans want to use. you have been too successful so we'll ten in to break you up. that is not fair. in the end it will hurt consumers, limiting innovation and lessening the good products they have to choose from to make their lives better. connell: that is having that your argument will be heard, i was surprised how bipartisan, you mentioned elizabeth warren. you also hear from republican. >> you too. connell: hey, you know what, maybe this is political, they're not fans of the tech companies, you're trying to push back on that to make a counterargument, right? >> absolutely. folks in both parties have a misguided idea here. what will happen if you were to do this, this would harm innovation be the very products that american consumers have come to enjoy on a daily basis

to make their lives easier and better and more enjoyable. it's a bad idea that is too heavy-handed. government picking winners and losers, in this case deciding to penalize tech companies because they have been too successful in the mind the government? connell: right. >> that is not a good idea. it won't help american consumers and it is not fair to these companies. >> let me ask you a little bit about history. the dow hit a session high. we're having a great day on wall street, up 277 or thereabouts. 26,200 on the dow. relatively recent history we went through antitrust concerns about microsoft. did you feel the same way then? >> we did. this is not a new argument that is out there. you have always emerging companies or technologies that do very well, that very good products that gain market share, government wants to step in to decide to play referee.

that is picking winners and losers right. >> bureaucrats and politicians never a good idea to decide what is going on. connell: you would have been fighting against teddy roosevelt? you say it is never a good idea s that true? >> well it is, the in the vast majority of cases it is not a good idea and what it does, it politicizes the antitrust arena of government. it i -- brings politics into what should be a staid conversation what is generally unfair monopoly versus what is just a very good product. connell: where is the line? could you see a point where facebook, say, for example, would be a monopoly? it is not now but would be if? >> i don't think you have, we're not a, anywhere close to that line. they have a product -- here is where a danger could happen though. facebook recently called for working with the government to bring a bunch new regulations on

themselves and that sounds good. here is what it does. it can lock in competitive advantages for established companies have that resources, bureaucracy in place to handle new regs. connell: you think that is mark zuckerberg's. >> i'm not casting aspersions. the consequence can give a unfair advantage. at&t, in the 1900's, cutting-edge in the 1900's, they did the same thing that locked in regulations that game them a near six-decade hold on communications in in country. connell: until they were broken up. >> facebook is a great company. it doesn't need to lock in regulations to protect its place. let innovation to occur. let the next wave of entrepeneurs, maybe include facebook as well get even better products for americans. connell: tim, good to see you a good discussion. we're up 257.

around the session highs. we'll see you at4:00 with melissa francis. the market is closing up. here is charles payne. charles: good afternoon. this is charles payne. this is "making money". markets with a rally amid surprising bounce in china manufacturing. olive branch for the trade negotiations and surprise rebound in u.s. manufacturing. china's top negotiator on his way right now to d.c. this as beijing banned all forms of fentanyl and delayed additional tear rivers on u.s. autos and parts. homeland security secretary kirsten nielsen orders more border personnel. former homeland security secretary jeh johnson is here. he will give us his take.