Are lower with tech underperforming. I am checking on volume on the bloomberg. From the 20 day average. Volume is lighter than we have seen as of late. Chipotle, the stock, it is tumbling after Business Insider reported there have been reports of illness on the west side. A website. Related to one of its locations in the los angeles area. The Los Angeles Health department has confirmed it is looking into the reports of illness and the company says it is aware of reports. This has been an ongoing issue for the mexican food chain. Shares down 3 . Elsewhere today, as we look at the reaction to this tax bill and its anticipated approval and a little bit. , thedollar and 10 year dollar trading lower by a 10th of 1 and the 10 year yield, which we saw surge over the past couple of days, up a basis point today to 2. 48 , highest level since bring. The dollar has since spring. The dollar has not done well, 2017 was not a year for the dollar, down and look at how it has done compared to recent other years. That metric in terms of the Economic Outlook for the u. S. , if you use the dollar as a proxy, not showing a lot of optimism, even in the wake of the tax bill and its expected passage. One group that has done well is the semiconductors. They camerising after out with earnings that beat forecasts and raised its forecast. It seems to have alleviated concern that the memory chip marker had peaked. This is the biggest marker of memory chips in the united states. The chip equipment makers are rallying along with micron and lam research. Semiconductors, their performance over the longer term. The Philadelphia Semiconductor index this your up 42 and surging past its previous high its set in 2000. Vonnie lets get to the president and the cabinet meeting. Pres. Trump great for the American People, a goes to final passage today in the house. Women andssmen and the senate will be coming over, the republican senate, unfortunately the democrats do not like to see taxcutting, they like to see tax increasing and like to complain. They do not get it done,. Ortunately but complain a lot we will have republican senators come over and republican members of the house come over. We will have a news conference. People are starting to see how. Reat this historic victory was the passage of the massive tax cuts and reform a lot of reform but the tax cuts super seat i said specifically use the words tax cuts. For 34 years they have been trying to do this and a have been trying to use form and i said we will talk about tax cuts, the heart of the bill is a tremendous amount of relief for the middle class, including a doubling of the child tax credit. The nearly doubling of the standard deduction. That will be tremendous for people and they will see results in february. This bill means more takehome pay. It will be an Incredible Christmas gift for hardworking americans. I said i wanted to have it done before christmas and we got it done. I want to thank the leaders, Mitch Mcconnell, paul ryan, and so many other people. We will go through the official ceremony in a little while when they come to the white house. We have a tremendous amount of talent. In the house. A tremendous amount of talent in the senate. They love this country. The bill includes a new family tax credit for dependence and make the vast majority of family farms and Small Businesses exempt from the estate tax. The estate tax was killing the farmers. Sell farmsorced to mays based on market prices and they do not have to do that and brings overseas profits back to the united states. The plan lowers the tax on American Business from 35 all the way down to 21 , probably the biggest factor in the plan. We become competitive all over the world and companies will not leave our country any longer because our tax burden is so high. We are towards the lower end of the spectrum as opposed to being the highest. We were the highest. It is above all else a jobs bill because the corporations who are already coming into the country and will start now pouring into the country, it is about jobs and they will build really Great Companies and a lot of jobs. We have already created over 2 million jobs in the election. The stock market is at an alltime high again, i think 86 times since i got elected. Unemployment is at a 17 year low. The americanated economy from washington over reach and cut 22 regulations for every one new regulation, the most in history by far. We have cut hundreds of regulations, allowing people to have their businesses and work their businesses and hire people. We still have plenty of regulation, dont worry, plenty of regulation and regulation is not the worst thing but overregulation was stifling our country. We have unleashed u. S. Military might on isis and today the coalition to defeat isis has recaptured nearly 100 of the territory once held by the terrorists in iraq and syria. Close to 100 and we will be finished pretty soon with the isis situation in those two countries. We are making it difficult for them to come here. We are fighting it very hard, Homeland Security and our great military. We are restoring Immigration Enforcement at levels that our country has never seen before and taking the fight to the criminal gangs like ms 13 where we are decimating the animals. They are animals. What they did was horrible. Are making the immigration system works for americans and clearing out towns of ms 13 gangsters. That is why we call on congress to fund the border wall which we are getting close to. We are working on that and will have a great wall, six different varieties of wall. We want to see through. We have a lot of help from the Border Patrol and from ice agents and getting their input on the wall. Who knows better than them . We want to see through, who is on the other side of the wall. We have wonderful prototypes have been put up. I may be going there shortly to look at them in their final form. We will be building the wall and doing lots of other things. Very importantly, we will be funding and closing the loopholes that undermine our enforcement, and we will get rid of chain migration and the visa Lottery Program. We have a Lottery Program where we take people from other ,ountries, in some places bringing in that people. People and through chain migration and the lottery, the man that ran over people on the west side highway in manhattan a month ago, two months ago, he came in through the these a lottery. These a lottery. Visa lottery. People in the neighborhood said he was horrible, nasty, mean, would not talk to people. They could see it coming. When they went to where he lives, they could see it coming. They said, what is he doing here . People in the lottery, they do not put their best people and the lottery, they do not say lets take our best people and put them into the lottery so we can send them to the united states. They put their worst people into the lottery. , in manyhat we get cases and that will not be happening anymore. We are ending the lottery and chamber gratian. Chain migration. He may have had 24 people come within an directly, ands, uncles, grandfathers, grandmothers. They come in because one guy gets in and you bring the whole family. Not a lot of jobs either. Ot a lot of working jobs we are rebuilding our nation and confidence. We are standing in the world as a different country and respected again. Today, the entire world sees america is coming back and america is coming back rapidly and strongly they are they see that with what is going on economically. Even before the tax cuts were approved. A lot of people thought the tax cuts have been approved. I heard a couple of folks, steve, gary, a couple of folks this morning thinking that the market has not fully digested what they have here. I do not think the markets have realized how good these are, for example, full expensing and other things. Things that are so incredible. One of the great things is bringing back perhaps 4 trillion back into our country. Money we could not get back because of our tax code and because of regulations. The money can now flow back into the country and produce jobs. And they can spend it where they want to. Americans are filled with excitement and optimism like they have not seen. We have seen the charts and busy as him for the incredible and busy as him for the incredible possibilities that lie ahead for this country. It is a blessed season. We have a blessed country. We are renewing our bonds of loyalty to each other and to the nation. This is a nation with tremendous spirit again and you see that. Housing confidence is the highest it has been in many years. Manufacturing is the highest level of confidence cents they started doing it many years ago. And business at the highest level of confidence. We are doing a lot of things and we will be meeting again, the cabinet will meet again shortly. Done a job like no administration has done. We get the final passage and we are awaiting the final passage. We have to go through one more vote in the house that is being done virtually as we speak. When that is done, you add all of that to what we have done in terms of regulatory and military, we have we are going 700 billion for the military, rebuilding the military as we cannot have a weak military in this age. We are rebuilding our military. And you add it all up and add the individual mandate, that is being repealed. And the individual mandate is being repealed, that means obamacare is being repealed. They get their money from the individual mandate. The individual mandate is being revealed. With this bill, not only do we have massive tax cuts and tax reform, we have repealed obamacare. We will come up with something much better. Whether it is block grants or taking what we have and doing something terrific. Obamacare has been revealed in this bill. We did not want to bring it up. Quite withle to be the Fake News Media because i do not want them talking too much about it because now that it is approved, the individual mandate on health care you had to pay not to have insurance , think of that, you pay not to have insurance. The individual mandate has been revealed. R. E other one is anwa a friend in the oil business, they say they have been trying to get it for 40 years. I did not know that. We are start going to start drilling in and were anwar, 40 years we cannot touch, that would be a massive bill and one reserves. Gest oil one of the biggest in the world and puts us in a level that we anwr has and been a big bill. Everybody has been trying to get that back to reagan. Everybody tried to get it but could not get it passed. It happens to be here. We did that at the request of the two great senators from the state of alaska. A very special place. Anwr anwryou that is a big deal. We will have Tremendous Energy coming out of that part of the world. People have wanted to do it for 40 years. I will ask ben carson, you can stay if you want because you need a prayer more than i do. Maybe a good solid prayer and they will be honest, is that possible . We will ask you to say grace. Our kind father in heaven, so thankful for the opportunity and freedom you have granted us in this country. We thank you for the president and for cabinet members who are courageous, who are willing to face controversy in order to provide a Better Future for those who come behind us. We are thankful for the unity in congress that has presented an opportunity for our economy to expand. So that we can fight because of debt corrosive debt that has been destroying the future and we hope the unity will spread beyond party lines. So that people will recognize we have a nation that is worth saving. And recognize that nations divided against themselves cannot sustain. In this time of discord, distrust, we ask that you give us the spirit of gratitude, compassion, and common sense. Give us the wisdom to be able to guide this great nation in the future, we ask in the name of the father, son, and holy spirit. Pres. Trump thank you. Mike, would you like to say a few words . Mike pence as i told you last night after the senate vote , i speak on behalf of the entire cabinet and of millions of americans when i say congratulations and thank you. Through ther seeing course of this year and agenda that truly is restoring this country. You described it very well, mr. President , at the outset of the administration we have been rebuilding the military and putting the safety and security of the American People first and have restored american credibility on the stage of the world. We are standing with our allies and standing up to our enemies. You promised economic renewal at home. You said we could make this economy great again. You promised to roll back regulations more bills rolling back federal red tape than any president in American History and have unleashed american energy. You have spurred an optimism in this country that is setting records. You promised the American People in the campaign a year ago that you would deliver historic tax cuts. It would be a middleclass miracle. Just in a short time that promise will be filled. I am deeply humbled as our Vice President to be here. Because of your leadership and because of the strong support of the leadership in the congress of the united states. You are delivering on the middleclass miracle. You got the congress to do what they could not do with anwr for what years and with tax cuts for working families in American Businesses what they have not done in 31 years. And you got congress to do what they could not do for seven years in repealing the individual mandate in obamacare. You said people you ignore knowledge people around this leaders want to thank in congress for their partnership and your outstanding team, the secretary of the treasury, steven mnuchin, gary cohn, ivanka trump, your great legislative team and the members of this cabinet who drove your Vision Forward over the past six months after you laid out a vision for tax reform. President , i want to tell you thank you, mr. President , i want to thank you for speaking on behalf and fighting every day for the forgotten men and women of america. Because of your determination, because of your leadership, the forgotten men and women of america are forgotten no more feared and we are making America Great again. God bless you. Pres. Trump thank you. I also want to thank the members of the cabinet. We have a fantastic team. Next year, we will go want to really do amazing things. We are making ourselves very strong again, right, general . He was not so happy the week when i met him, saying it is depleted. We are building it up rapidly and we will be at a level like never before. The members of the cabinet have been outstanding and i like the message nikki haley sent yesterday at the united nations, for all of the nations that take our money and vote against us at the security council, they vote. Gainst us at the assembly they take hundreds of millions of dollars and even billions of dollars and vote against us. We are watching the boats, let letote against us votes, willvote against us, they not vote against us and paid him 100s of hundreds of millions of dollars. That was a great message sent and i have a great comment on it as people are tired of the lived states, people that here, great citizens who love this country, are tired of this country being take advantage of and we will not be taken advantage of any longer. Thank you all very much. Thank you very much, everybody. We just heard the president talk about the gop tax bill, calling it a historic victory and says the tax bill will be done before christmas thanks to House Speaker paul ryan. And Senate Majority leader Mitch Mcconnell feared the final tax bill has been passed by the senate and the house will vote once again anytime now. That is because of minor changes by the senate democrats. President trump says the tax bill has essentially repealed obamacare. Or cut he says they will come up with Something Better to replace it with. Event antime, the the individual mandate in obamacare has been revealed. We get the latest from chief washington correspondent Kevin Cirilli on capitol hill. This is a big victory for President Trump because it comes with a tax cut and because it essentially makes obamacare unworkable. Did they kill two birds with one stone . Kevin yes and no. While the tax plan does repeal the individual mandate, a thing called the cautionary reduction very payment that will be wrapped into the continuing resolution this week that lawmakers have to vote on by friday in order to avert a Government Shutdown. President trump declaring victory in remarks before meeting privately with his that thisaying obamacare has been essentially revealed repealed. Mitch mcconnell made a deal with Susan Collins by saying the obamacare subsidy to share in reduction payments that state will be included and she would therefore vote for the tax plan. Yesterday, i spoke with several prominent republicans who said that is a nonstarter for them in their version of the cr. Obamacare weekend as a result but not fully revealed. Repealed. Ed republicans feel once it is in law, popularity will go up. Vonnie democrats expected to block anything that will come andof a cr proposal democrats are needed in that instance. Correct . Kevin to some extent, democrats want to have daca in the debate but in addition to the csr, obamacare subsidies with the House Freedom caucus says it will not allow that to be included at all in their cr bill they are hoping to vote on this week to keep the government open. In addition to that, Disaster Relief funding, something to be a divisive issue for republicans. While there is a lot of anticipation we will pass it onemonth extension through funding the government through january 20, there could be lastminute political hiccups along the way. If you are an investor, the big takeaway is still driving the conversation is not so much the impact of whether or not a shutdown, but the passing of this tax reform package. They what will negotiations and the potential Government Shutdown boil down to . Daca, funding for Insurance Markets . Insuranceding for markets, the obamacare subsidies. In october, President Trump dismantling the obamacare subsidies. Some republicans were against that, like a republican from florida and in the senate, Susan Collins. A lot of low income americans rely on the subsidy payments to get obama in order to get health care. Inlion in fiscal calendar year 2017, 7 billion allocated for these insurance subsidies. Obamacare enrollees qualify for these Cost Reduction subsidies and it impacts many low income americans and why people like senator Susan Collins are having a difficult time with the president s proposal to eliminate them. He has not entirely eliminated them, he has brought them to a month to month lifeline. That is why it is wrapped up in the cr. Vonnie we know there will be something of the white house later today as the president is scheduled with a meeting. Shery expecting a press conference at around 3 00 p. M. From President Trump and anytime now the house could start voting on the final legislation. T already passed the senate a second vote in the house. Vonnie our thanks to Kevin Cirilli on capitol hill. Shery coming up, bloomberg etf iq with scarlet clue garlic u, that is next at 12 30 new york time. Vonnie we are awaiting the house revote on the tax bill which could happen any moment, we bring you the latest of elements as they occur. This is bloomberg. Scarlet i am scarlet fu. This is bloomberg etf iq. We focus on the access, risks, and rewards offered by Exchange Traded funds. Longawaitedns tax cut has the dow jones etf kicking in cash. Ttip filings, we look at what regulators want to seen bitcoin etf filings. The list on china and on the internet