Hillary clinton went after donald trump today, this as we get surprising details about Trumps Campaign finances we have all that coming up for you. And also a read on the economy. Well tell you what to expect from fedex, adobe, and k. B. Holmes coming up. A good crosssection of industries there. Very good. To see whats going on. Lets begin with Janet Yellens testimony on capitol hill this morning on the economy. You saw it live on cnbc this morning. Steve liesman has the key takeaways. Guess who talked about brexit. She didnt say the word but she talked about it. She emphasized the uncertainty over the brexit this thursday, the recent slowdown in job growth, and Global Economic weakness. A uk vote to exit the European Union could have significant economic repercussions. For all of these reasons, the commission is closely monitoring Global Economic and financial developments and their implications for domestic Economic Activity with markets and inflation. Ubs said overall the testimony is, quote a reminder that shes gotten cold feet about the pace and policy formation. They still see two hike this year. They think the economy will overcome these challenges suggesting the job market could pick up momentum from here. There was a suggestion that one takeaway from yellens testimony that its the chair whos looking to raise once this year unless theres a market turnaround in the economy. Steve, thats what people were looking for. Is there any way shell try to get the odds back up to 5050 for a rate hike . I dont hear it, kelly. Youre absolutely right to ask that as a question. Thats the first thing you ask as a reporter. Thats why all the stuff about we could raise in june a month ago . Thats why it was so important. Were not hearing that from her. The policy on hold and then give us a call then. And that may be after the summer. There were questions last week after the fed meeting about the feds credibility, whether it had been damaged. Do you think she did anything to restore that . Do you think she felt the need to address that . I dont think she did that, bill. The idea is that one jobs report or this slowdown could really change what is essentially a longterm policy tool is. There a way too step back. They didnt get into this idea of rulesbased which is something they supported before, but the case intensitier for it now. The idea that the fed has changed so dramatically, it came up once but really wasnt followed up on unfortunately. Well hear more from her tomorrow. I have to point that out. Tomorrow could be a little more fireworks, maybe the house a little more political, a little more strong in their feelings about fed policy could make it a different kind of day. Well see. And thank you, steve, for now. Our steve liesman. Now to the other big overhang. Wilfred frost is live for us in london. Whats the latest . You cant move without hearing the word brexit. Its that times ten for me here in london. Ive got the london Evening Standard hot off the press. It says at the top, goes head to head aztecs reject brexit. Interesting, though, of course, the picture focused david beckham. Theres a sense that all the politicians have said what they have said and now theyre making up their own minds. I was out and about today trying to talk to some voters, one particularly special group asking them if theyre going to vote and what their main issues are thats making them decide which way to go. One is that the group had voted. I asked her which way shes voted. Out, im afraid. And the main reason . Dont be afraid. Im not afraid, but im still almost undecided in having to make a decision and get it posted off. I had to decide one way or the other. I could have voted either way. I really have been so sickened by the grotesque bullying and brow beating of the remain campaign. Do you know . Im undecided, but i know you think im boarish, but im thinking theyre both out. I mentioned earlier that some of the politicians may be not getting all the focus now. I want to get back to the polls. David cameron was speaking earlier today in front of 10 downing street. Thats when the pound fell significantly. Not because of what he was saying but a poll came out and said what we have been suggesting the last few days, a little bit of a brexit. The markets are focused on each poll and im sure they will be over the next 24 hours. Its so much what the politicians are saying. Its what the people are expecting the voters to do, particularly undecided. Were just over a day away and theyre hardening up their views as we i think its going to be very close, and its anyones guess at this stage. The markets will keep moving whenever we get a poll. Thank you, will fred. That means it could stretch on through the wee hours of the neat and even for us. There are plenty getting results in around 2 00 a. M. A significant portion around 3 00 a. M. And then 4 00 a. M. London time. Well be around for a while. I bet those ladies loved will, dont you think . Hes such a nice boy. Oh, my gosh. That was awesome. Look at that. They just love him. Theyll answer any question he has. Joining our closing bell exchange, we have Stephen Guilfoyle ladies love him too and Rick Santilli from chicago. We have jane it yelling speaking today and tomorrow and the market is taking everything in stride. Are we just in holidaying pattern until the brexit votes are out, do you think . A lot of guys are. I know its been light lately, but today its just incredibly light, but both things are having an impact on us. Janet yellen sounding disappointed in her delivery. She almost sounded like she was frustrated with the market. Then we saw the bet fair not poll but gambling site. They have a 74 chance of a remain vote. That gave us a little pop. We got up to 2092, 93 where we met resistance and were in between those two levels right now trying to get one way or the other. I do feel were possibly pricing in a new event either way. You have a catastrophic selloff if people receive an expect vote and get real nervous about that, but being were this high, were kind of pricing it in and we may get a knee jerk. And we have george soros out there talking. I have to imagine the people will fred was speaking with, those kinds of dire warnings probably only make them feel more antiestablishment. I like the lady that said brow beating isnt something theyre ee nna theyre ee nnmored with with th. And then george sore soes, where do i begin with him. As an american, i think we should keep our mouth shut about what they should do, but ill tell you history is pretty clear how its progressed. What . 41 years ago it was about a Common Market. I remember the beginning chapters when i came in. That was about seven years in the making. But the Common Market was huge. It was a great thing. Those days are gone. This is about politics, pure and simple. Im not the first person to say it. Its about brussels and power consolidation, and i think the people get it. I think what they dont understand is the unknown to leash. I guess the markets are really just a betting site extension these days. You know, whether its about janet yellen, whether its about brexit. The fundamental underpinnings, theyre not talked about much anymore. Algorithms dont program about that. Were long on the tooth in the cycle. I wish it was more based on the fortune 500 company, good earnings, good r d, but it isnt. This is the market were dealing with. Chris, i guess youve positioned yourself with the european equities based on what you think the markets will do after that vote. How do you think it will respond and what are you doing with European Assets right now . Yeah, it is all about politics right now. The lead camp has not made a convincing cost benefit analysis that really supports a brexit decision. So we really need to separate propaganda on one side and valuations on the other side, and from an investments standpoint of view, look, european markets are very cheap. Theyre trading in an alltime high u. S. Market. Europes on 14. Not only that, but europe is trading on earnings which have been grinding down for four to five years right now. So the combination of cheap valuation, trump earnings, making european stocks look very attraction tirch right now. With regard to brexit, you get paid to invest now and if you take a threetofive now, you can sell that kind of money. Sarge, do you think that to chriss point once the coast is a little more clear people will look at the relative cheapness over there . I think once you get past the reaction, youll see the relative cheapness. I think come friday for the shortterm trader, youre going to see a reaction to the currency markets without a doubt, the debt markets and equity markets. This could be something rather significant on a short term. Lets not forget. This is a nonbinding vote. They have to do so much negotiation if they vote to get out, which they might not do. But if they vote to get out, it goes to the parliament, which will then consider the view of the people. They might not go ahead with it, but if they go ahead with it, theyll have two years of this and that at another thing the market has to worry about. This could go on forever. Oh, yes. Thank you for those encouraging words, sarge. Thanks, guys. Thanks for stopping by. Thank you all. Any time. By the way, spanish elections sunday. Look at who is elected in italy. I was over there years ago, it was kind of the yub start almost comical party. Hes a comic, and now theyre gong to be mayor of rome, mayor of turin. This goes far beyond just whats happening in the uk. Oh, yeah. Anyway, the markets are taking it in stride. The dows up 37 points. The s p is adding another 6 and the nasdaq, interesting will i a big laggard is only up 4. An intriguing question, is apples iphone 7 destined to be a dud even before it hits store shelf this fall . We have a special report on the new features that could be tabld for the iphones tenth anniversary next year. Fedex, k. B. Home, and adobe are reporting. Well tell you what analysts are expected. Plus adobes ceo talks with us exclusively. You dont want to miss his comments. Youre watching cnbc, first in business worldwide. Sir its the president mr. President were on mars. Switch to a video call. Sure, we can do that. Congrat. Picture from mars looks great. Its about Time Business Communications caught up. Go from an audio call to a Video Conference with the push of a button. Vonage. Business grade. People friendly. Using 60,000 points from my chase ink card i bought all the fruit. Veggies. And herbs needed to create a popup pickyourown juice bar in the middle of the city, so now everyone knows. We have some of the freshest juice in town. See what the power of points can do for your business. Learn more at chase. Com ink see what the power of points can do for your business. Man 1 man 2 i am. Woman exmilitary . Man 2 four tours. Woman you worked with computers . Man 2 thats classified, maam. Man 1 but youre job was Network Security . Man 2 thats classified, sir. Woman lets cut to the chase, here. Man 1 whats youre assessment of our security . Man 2 [ gasps ] porous. Woman porous . Man 2 the Old Solutions arent working. Man 2 the world has changed. Man 1 meaning . Man 2 its not just security. Its defense. Its not just security. Its defense. Bae systems. Keeping the power lines clear,my job to protect public safety, while also protecting the environment. The Natural World is a beautiful thing, the work that we do helps us protect it. Public education is definitely a big part of our job, to teach our customers about the best type of trees to plant around the power lines. We want to keep the power on for our customers. We want to keep our community safe. This is our community, this is where we live. We need to make sure that we have a beautiful place for our children to live. Together, were building a better california. Welcome back. The markets are moving higher. The nasdaq is lagging. Weve watched crude, which i, by the way, rolled over. Keeping an eye there. The energy space up 1 . Telecom, technology, where the materials are discretionary and health care is in the red today. Lets check out some of the movers. United continental creating higher after it said it expected Second Quarter passenger revenue to fall compared to a year ago. Thats actually a smaller decline than previously estimated, hence the gain of 3. 5 today. And carmax is lower on disappointing First Quarter earnings. Profits have fallen for three consecutive quarters as they face rising expenses, pricing extensions and stiff competition. A lot of used cars out there. Carmax reporting a 7 decline in finance income due to an increase in loan loss provisions. The new i phone 7 could have fewer changes than consumers might have expected. Josh lipton has more for us. Josh . Kelly, if youre waiting for big changes to the iphone, you could be disappointed. Thats according to the wall street journal. The model unveiled the fall was only going to boost subtle changes. Specifically the new phones will still have the same display sizes, 4. 7 and 5. 5 inches and the phones will not have a headphone plug making them thinner and more wa waterresistant. Were not sure if thats temporary or a permanent departure. This comes at a delicate time for apple. We know the stock is in the red this year and over the past 12 months giving worries about the health and future of the iphone franchise. Remember in q2 i phone units did slip year over year for the first time. A full 15 drop. What should investors make up this news . I caught up to pipers gene munster who city things apple can sell a lot of iphones even if changes are not exciting. Thats because there are a lot of people on older models, 2 x 50 million, who could still be waiting to upgrade. Munster said a lot may be saved for 2017 which will be iphones 10th anniversary. Back to you. The big news to me is getting rid of the head phone jack. Did a profungtry its going to be in the lightning jack. But what that means for existing head phones isnt clear. I wonder if theres any talk about converters. Otherwise i turned up hits on wireless earbuds. How many people are going to want this phone if theyre going to have to change their whole ear budd approach. Certainly we stress that apple is always tightlippeden about what its in its product pipeline. Regarding the headphone jack as bill just alluded to, the speculation would be that the lightning connector serves as kind of a dual phone as power charm and head phone connector but overall, the assumption here is you wont get a radical change. It would be thinner, waterresistant. If thats true, it would take away one advantage that samsung has. But we wait and we see. Yes, we do. Josh, thanks. Josh lipton. I know apple fans out there are going to roll their eyes at us asking these questions and being skeptical but an ironclad rule of retailing and just being a successful merchant is if you want people to buy a new product, you make it compelling. That being said, you still use a blackberry. Thats okay. But thats a whole different story. Even people who need to upgrade this time around, i can see them waiting another year if they know theyre getting a whiz bang phone for the 10th anniversary. If they know that. Otherwise the 10th anniversary. I dont know. Awfully smart people running apple these days. We all await that vote we all know about on thursday. And Facebooks Instagram is out with new data showing user growth doubling over the past two years but how long did that thai did you notice how they snuck the music in. Move ahead, kids. Also donald trump says the economic policies would throw us seatback into an economic recession. Whether clintons speech swayed them or not. 728 a month. Thats almost 9,000 a year now judy doesnt think that shell be able to retire until her mortgage is fully paid off. This is mike. Mike is also 65 years old. His monthly mortgage payment was 728 a month. Now mike thought he would have to work for another 12 years until his mortgage was paid off. And then mike heard that a reverse mortgage may help him. He called one reverse mortgage to get the details. Mike retired immediately after getting his one reverse mortgage loan. Maybe you too can benefit from a reverse mortgage. 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Thats been a drag on the nasdaq. You can see the biotech index, the ibb, is down 1. 5 . Bioamgen and especially celgene down more than 2 right now. Hillary clinton attacking Donald Trumps policies as his fundraising policies are called into question. John harwood has a recap. John . Kelly, just as donald trump tried to find that Hillary Clinton was dangerous, she tried to do the same on the economy. Shed note thad hed taken several companies into bankruptcy and unlike his priefr companies, she said you simply cannot threat on the cut a deal on u. S. Debt as donalds done. Heres Hillary Clinton. It matters when a president ial candidate talks like this because the world hangs on every word our president says. The markets rise and fall on those statements. Even suggesting that the United States would default would cause a global panic. Hillary clinton went on to ridicule Donald Trumps claim that he would make America Great, noting that several of his Companies Make their products overseas. She also said he wouldnt benefit average people because his tax plan is steered to the rich. Hed give billionaires a tax cut. Corporations would get 2 more billion. That means hes giving away to the 220,000 richest families than he would to help 220 million hardworking americans. Now, donald trump plans to hit back with a tough speech on Hillary Clintons ethics and scandals tomorrow, but donald trump also has a financial squeeze to worry about. Look at these numbers. Hillary clinton, her campaign has 42 million in cash on hand. Donald trump only 1. 3 million. He sent out a Fundraising Campaign in which he promised to match anything dollar for dollar. Well see if it works for him than his Fundraising Campaign has so far. Joining us right now is jimmy williams. He hosts decode d. C. Thanks for joining us today, jimmy. Thanks for seeing me, guys. President obama made it clear throughout his time in office that youve got to do something to help the middle class. Do you think thats what Hillary Clinton is going after . I mean she was really going after donald trump today burke when you talk about the economy, what is it that she can do or donald trump can do to try to help that middle class . Well, no one can do anything about the middle class unless Corporate America starting people their wages. Wages are stagnant for all intents and purposes. Thats not a good thing. Unemployment is low, but people are still looking for job, so Corporate America has to step up. Tax plans are tax plans and its the job of the people behind me to raise taxes or lower taxes. Both of the democrats and republicans have tax proposals out there. Mr. Trumps would add and this is not me saying this 9 9. 5 trillion to the next ten years thachlt is not helpful to our economic growth. Senator clinton has a different plan. Lots of economists have looked at what she has to say. In the long term theyre unsure. If you dont believe me in any of this, look at what moodys had to say. Mark zandi. He worked for john mccain in the 2008 campaign. He completely band Donald Trumps economic proposal. Its reminding me of the campaign in britain. About the economic damage and what one or the other would do. It is interesting how much of Hillary Clintons speech today was simply about donald trump. Is that what we can expect for the rest of her campaign . Sure, and vice versa. Its a battle of personalities, not so much policy. Thats the saddest part about this entire election cycle, is were not really focusing on what theyre saying as opposed to what theyre saying about each other. Thats the same thing that trup will s trump is saying, crooked hillary. Shes doing the same thing nchl the end, theyll determine who sits in the white house next year. Something tells me we know what the clintons have offered but we dont know what the trumps will. My gut is well probably go with the clintons. Were not here to argue policy per se, shes talking about on the one hand wanting to i mean donald trump wants to cut Corporate Taxes. She doesnt want to do that. On the other hand theyre also talking let me finish my thought here. On the other hand they both want to renegotiate trade agreements. But how do you make it attraction tip to help a company in the United States if youre going to keep the taxes so high it makes more sense to move them . What trump has proposed is taking the corporate rate down 15 . So basically thats unheard of. Barack obama sent a bill to the congress three or four years ago taking the corporate rate down and they never did anything on it. I get that were losing the Corporate Tax break, but you have to look at the loopholes. They would be paying a much, much lower wage not to mention what they would do with scorps, and that would devastate them. Thats the first part. The second part is the trade agreements. Everyone knew what was going to happen. I worked on the china bill, the africa bill, all those bills. And every single time we tried to put in work, the republicans voted against those. Now the republicans have figured out that sometimes trade doesnt help american workers. What youre never going to be able do is bring back manufacturing jobs like we had in the 50s through the 80s. Were not coming back. But what you do have to do is incentivize Corporate America and bring them back to high tech, et cetera, et cetera. Low taxes can do that, but were not going to press that. 50 . Jimmy williams there, responding to the speech of Hillary Clinton today. Time for a cnbc news update with courtney reagan. Hi, bill. Heres whats happening at this hour. The last Nuclear Power plant will close in california. It provides 9 . They have long pressed them to close diablo because of its proximity to seismic faults. A mall has been closed down in brussels after a predawn alert over a package. The metro was briefly suspended as well. At least a dozen protesters were arrested the morning outside the National Rifle ordination. Code pink blames the nra for blocking Gun Legislation on capitol hill. And americas favorite Fast Food Restaurant is chickfila. The chucken chain took home the top spot by a wide margin with 87 points on a scale of 100. Papa johns came in second. Thats the cnbc news update. Papa johns. The bread sticks are pretty good. Dominos, pizza hut. So chickfila is that i will throw my support behind. Heck, yeah. I dont discriminate. I eat at them all. I love them all. If im going go for chicken, i love el pollo loco. And bojangles. They wont let us go on. Youll start to hear music. What did i say. Thank you, courtney. On we go. Id like to thank my mother and the whole academy for this today. The nasdaq up ten. A leading trader will tell us what hes watching into the close when we come back. And were watching now for after the bell earnings for fedex, k. D. B. Holmes and adobe. Youve wished upon it all year, and now its finally here. The mercedesbenz summer event is back, with incredible offers on the mercedesbenz youve always longed for. But hurry, these shooting stars fly by fast. Lease the gle350 for 579 a month at your local mercedesbenz dealer. Mercedesbenz. The best or nothing. We have more testimony from janet yell entomorrow, weve got to the russell rebalancing on friday, but i think everybody is waiting for brexit. Dont you . No question about it, bill. Everyones talking about it. It will happen on thursday. Assuming its a close vote until they get the tally together and friday couple it with the russell. Its going to be quite a day. All things being equal, what would the russell rebalancing do to the market, do you think . One of the things that were seeing in these major events, everybodys coming out. A lot of this stuff ends up pairing off. I think the nature of the way its been, a lot of guys are looking at the selling opportunity. Look. Bill. There are a lot of conflicting things. Well theres been cash, the banking calendar has been slow. Well focus on the fed and elections later. But one of the things we were looking at is preannouncements, yet Something Else to put pressure on corporate earnings. If you have all this cash and you have rates that are negative, why isnt that coming into the market . It would be if people were exciting about it. See you thursday. Thanks. Kelly. Thank you both. A little more than 20 minutes left to go. The dow is hanging onto a gain. Coming up, well tell you what to expect from the Earnings Report after the bell. Plus, donald trump may be promising to make America Great again if hes elected president. But given his fundraising, he may have a hard time getting to the white house. More coming up. Welcome back. Facebook and instagram announcing today. Julia boorstin from San Francisco with look at that. Julia . Hey, kelly and bill, that right. Facebook has 500 million active users, 300 million who years data sharing. The community is increasingly global. 80 of instagram users are overseas and the users click like an average of 4. 2 billion times day. Instagrams growth is particularly impressive compared to twitter. Its growth has been stalling with it. And it reportedly has 150 million active users. It was said on cnbc this morning theres huge potential to grow inzbrams ad potential dollars. It can tap into facebooks 3 million advertisers. In contrast twitters advertiser number was just 130,000. Snapchat doesnt disclose advertising numbers. This comes amid facebook making investments. The wall street journal paying 50 million to Media Companies and celebrities to create video for facebook live. This is part of beta program. Quote, were working with these offers to work on experimentation with this new for matt. Facebook hoping the live video will engage users and draw ad dollars over from television. Guys . Ive got one. One of the first things you said. 80 of their users are overseas . What is that about . Well, just shoes just how global instagram is and the potential not only to have a massive user base here, but also grow overseas. So you know, we have to remember tha that all of facebooks apps are global. I wonder, julia, any signs that snapchat is stealing the momentum from instagram even as we talk all the successful numbers and the rollout . It doesnt seem like it. Snapchat is huge. I think were seeing a lot of users use these services aet the same time. Theyll have senate chat and instagram on their phone and use it for different things. Senate chap is for communicating where insta program is more for sharing. I dont think that the success of these two services is mutually exclusive but snapchat doesnt disclose as much because its a private company. Now that we have these numbers, its pretty impressive that instagram is twice as big on daily basis. It is. Thank you so much, julia. As you know, i joined instagram recently. I dont because i got ought of it which got me in trouble at the wedding. I dont know why. I saw one of you in a yankees head, sort of jay zesque, so it does make its way to me. Yes. I have nothing to say. Dont try to follow me on instagram. Its really not worth it. Weve come off the heise. The transport is negative. The vix is higher and the small caps. The nasdaq is only up 8. Our next guest is telling clients to sell rallies right now and hell explain why when we come back after the break. This is my retirement. Retiring retired tires. And i never get tired of it. Are you entirely prepared to retire . Plan your never tiring retiring retired tires retirement with e trade. Im in vests and as a vested investor in vests i invest with e trade, where investors can investigate and invest in vests. Or not in vests. Sign up at etrade. Com and get up to six hundred dollars. Thank you. Ordering chinese food is a very predictable experience. I order b14. I get b14. No surprises. Buying business internet, on the other hand, can be a roller coaster White Knuckle thrill ride. Youre promised one speed. But do you consistently get it . You do with comcast business. Its reliable. Just like kung pao fish. Thank you, ping. Reliably fast internet starts at 59. 95 a month. Comcast business. Built for business. All right. Ive still got jim crime never my ear. Not that its bad thing, but its distracting. We have Team Coverage right now. Susan li is back at Global Headquarters ready to preview fedexs numbers. Josh lipton is in San Francisco tracking adobe and diana olynick is following kd homes. Susan. Lets start with you. Theyre calling for eps growth of 23 . Revenue should be cobbing in at 12. 7 bill and that implies gains on the upside from last year. Analysts i spoke to last year, theyre looking for more guidants, but then they want updates on the 5 million merger with tnt. They want to talk about brexit as well since fed iks has a substantial european business. Thats something im watching for and the competition from amazon. Back to you. All right. I saw susan lis lips stop so i know shes stopped talking. Lets go to San Francisco and josh lipton. Josh . They talk about adobe. Its made the transition to the cloud. Investors have piled in sense that market low in february. Adobe stock is up some 30 . Its now up 20 over the past 12 months. Today wall street expects adobe to report revenue of 1. 4 billion. Also theyll focus on annualized recurring revenue thats a leading indicator for the health of that business. The bogey there is 3. 4 billion. On a call, Robert Matson says hell be listening for any color about digital meade yarks market strength and guidance for the longterm margins. Guys. Thanks. Just a reminder, kelly will be talking with adobes ceo in the next hour. Hell be talking with her before he even gets on the analyst calls. So yu get that news coming up. Die a narks what are you looking for on kd homes . For Los Angelesbased kb, were expecting revenue estimated at 747 mill. This on the heels of a big miamibased la nar. He thinks kb is pretty cheap and ripe for the picking of a possible takeover. Shares are up 18 so far this year. Weve seen the builders benefiting on this, especially on the cheaper end, so kb could benefit from that a lot. Bill . All right, die a nachl thank you. Thank all three of you. Back to you at the top of the hour when all those earnings do come out. In the meantime joining me on the floor of the New York Stock Exchange with the dow up 24 points right know, we have steven. Ive been remiss. Art cashin said the markets are 4 million to buy. Well keep an eye on thachlt what do you do with this market here . Clearly its obsessed with just a few things going on right new york now, all of them headline risks. What do you do . We think that the markets are going to end the year in the u. S. Slightly up. From our pe speckive, you see some of the rallies in the u. S. And use that. It ooh going have to be global. Its going to have to be very, very active. Sideways, its going be here for a while. And then also have the patience to move away from the headline risks. Brexit which is going to be a slow moving train. The elections which will be more grandparents day locked and focus on the person of the hour, the day, the month, the decade. I think the guidance she gave about whether its one and done, two, the spacing of the rates, i think, goes back to earnings, what theyre going do. There was a time when the fed signaled no rate hikes for a while, that was the greenlight to buy. Thats no longer the case, is it . No. Thats what narths are looking at. Also its a global Interest Rate right now. Weve been saying for some time this is a bankers world. So youve got the ecb driving medias. Similar to japan. So its not just the fed. Theres a lot of Global Demand for triple rated securities and theres not a lot of vendors for that. Theres only so much the fed can do. You have an okay economy, 2 . Not a recession in the u. S. Were not calling an end to the world. But trim some of your winners and go global. Just muddling along. Muddling along, i think, is the technical world. Good to see you. All right, kl. Were going to have the closing countdown. What are you coming one . Oh, boy. After the bell, tough tuesday. Donald trump, his rival Hillary Clinton slamming his economic plans. All filings show beleaguered donations. Well look at the businessmans bad day coming up. Youre watching cnbc, first in business worldwide. What are you doing . Getting faster. Huh . Detecting threats faster, responding faster, recovering faster. When your securitys built in not just bolted on, and you protect the data and not just the perimeter, you get faster. Wow, speed kills. Systems open to all, but closed to intruders. Trusted by 8 of 10 of the Worlds Largest banks. In a world held back by compromise, businesses need the agility to do one thing another. Only at t has the network, people, and partners to help companies be. Local global. Open secure. Because no one knows like at t. I am benedict arnold, the infamous traitor. And i know a thing or two about trading. So i trade with e trade, where true traders trade on a trademarked trade platform that has all the. Get off the computer traitor i wont. cannon sound mobility is very important to me. Thats why i use e trade mobile. Its on all my mobile devices, so it suits my mobile lifestyle and it keeps my investments fully mobile. Even when im on the move. Sign up at etrade. Com and get up to six hundred dollars. This is called a waitandsee market. Remember, this was all during testimony fed chair janet yellen which began 10 00 eastern time this morning. So we had a minor rally on the open this morning, but its been sideways since that time. I think what you want to look at is the bit of the bump we got toward the end of the day. That, traders tl me, is mostly due to oil, which paired its losses. Thats one of the reasons the market is in positive territory today, energy as well aztec stocks as well. Yellen, a bit of a on. She didnt do much, some will say. The fed will raise rates. Thats often the goal of the fed chair, right . Yes, yes. Were back to 170. That was the last print i saw. I dont know if its still there. A steady stair step there. Theyve been buying that recently out of fear what was going to happen with protection it. So this is sort of the thaw. Right. I was going to say that would suggest maybe they arent concerned about brexit, although the polls continue to not give us any clarity either. Thats going to be the case. Right up until thursday. Yes. The dollar rose. That was another trade that we had seen anticipating a brexit vote. So were back to 94 there. In fact, i saw it higher than that a little bit earlier. And the vix. The great fear indicator itself which plunged yesterday, came back a little bit. Were back above 18. Still, thats not signaling much fear right now. Not a lot of clarity, i think, for your the markets from todays testimony from janet yellen. Im not sure anybodys expecting much more when she answers questions from house members tomorrow. So, again, the investors are waiting to see what happens in london on thursday with brexit. We had a Global Investor on a little while ago who was saying european shells are so cheap relative u. S. Shares you could buy them and still make money on three to five years and especially the banks that have been so hard hit in europe because of the knellive rates and the fierce about what brexit would do to the european economy. Thats been a hard hit sector as you well know. And i think the european banks have a lot to do. If indeed they decide to leave, there are a lot of questions. You know, if the if they do if the uk does leave, what kind of costs are imposed . [ inaudible ] thanks, mary. See you later. Going out with a 20point game. The Alzheimers Association ringing the bell at the New York Stock Exchange wheel theyre ringing the nasdaq bell. Thank you. Im kelly evans. The stocks going out with a 23 increase. The nasdaq was lacking all day managed to post higher by 6. 5 points. Energy, a top former. The transports are weak today, down about 23 points. The vix continued to move higher. Even the small caps were weak on the session. Well have more on that. But the investors are set for a trio on big earnings and our reporters are ready to cover them all. Josh lipton waiting for adobe, and diana olynick will be joining us. Thank you, well be out to you shortly. Michael santoli along with kevin new mark on a tuesday and steve grasso will join us shortly as soon as hes finished on the floor. Mike, given what happened this morning the poll, i forget whose it was, coming out and saying, hey, theres still a bit of an impulse for britain to leave the European Union, but then we kind of improved the tone. Yeah. The market shrugged it auchlt it feels like it got into a neutral position. Obviously they got back a little bit of that latedate selloff. It seems to me, though, that the direction of surprise, of course, would still be if the uk votes to exit the European Union, but that doesnt mean that the market is necessarily going to be too jarred along the weight of that. A lot of stuff below the surface, you see the stuff that was weak today. On the other hand, the broad market pretty resilient. It was interesting to see lennar, beat on the bottom line had positive commentary. Well check. We talked previously how, you know, 10 or 15 years ago t housing stocks were like a good tell for the market. Nowadays, im not sure they tell you very much. You know, i would say we look to them all the time, but im not so sure that retail or housing or the markets the way they used to be. What about apple which arguably has been in recent past, theyve come out and talked about how theres not going to be major innovation for the iphone 7. My general view is that people who keep on looking to grow stocks for the future of the market are going to be disappointed largely because theyre very fully valued overall and i still continue to believe youll have to see strength in financials and strength in the Energy Stocks. Bethe way, apples reaction today up, you know, 0. 8 when you have that report from the journal saying dont expect that much out of the phone and then you have a lot of people crying that they might get rid of the head phone jack. Myself included. There you go. The market shrugging it off saying they dont expect much of it out of that. Also interesting that energy hung in there. Its absolutely true. You mentioned the transports were lower as well. They act like theyre on wheels. So it is interesting that Energy Stocks managed to hold up okay. You know, not much has knocked this crude oil rally off target. It still remains in a decent pullback. Steve grass sow here. Thank you. Theres a question on the hee yields and whether it should be tracking oil as tightly as it continues to. I think the complicated thing about oil and what you guys just touched on is that oil can be inversed to the actual Energy Stocks. Dont get confused. Theyre loaded with yield. Look at those top couple of holdings. For me youre starting to see a lot of e p buying. Thats different than what we saw last week or a couple of days ago. Think its a yield event versus a rate operate. E p, exploration and production. Exactly. We get fedex, kd homes, and adobe. At least we get earnings in what is otherwise a quiet period. You want to look at these companies ultimately for a better read on the economy. I think ultimately people know where the economy is and its a soft patch. If youre going to look for the transports or look never in the economy, i think youre better off looking with safety, the staples, the top tear energy. Thats where youre going to get the yield. As you and i discussed before yesterday, theres not a hecht of a whole lot thats going to change for me after this vote. I dont think people are going to be happy with where rates are. People are still going to be reaching for some type of concern on capital. Also fed chair janet yellen took to capitol hill. She was asked about a recent slowdown. We can play that for you. Economic growth has picked up at a weak pace and if that slowdown is a reflection of weak growth earlier in the year, im hopeful that well see stronger gains going forward. And while it is an important report, i would also emphasize that its important to never overblow the significance of a single report or a short a small amount of data. That said, Michael Gapen joins us. Heres a chief economist with barclays at post 9. The labor market which is the most important signal about expansion and contraction in the u. S. , no, you dolkt make too much about any one report, but the trend is awfully week. Its going to signal something more pernicious. How likely is that . That em ploit growth tends to lead all of those. Claims start to rise. Its one thing not to hire, its another to start firing. Its enough to put recession probabilities in. But 30 chance over the next four quarters. Mike, i have a question. For the last four or five years, job growth has been relatively good, right . Good. Month to month we hear its good. Somehow for some reason, its never the right reason to raise. All of a sudden years and years after 200,000 job as month, all of a sudden were on the brink of recession and we cant do anything because we might only get 50,000 job as mojts. Why is that . For years we were being told, dont worry. We were definitely in line with that. I think it makes sense to say we have three reports between now and september. I think what yellen said lets validate it. If they are and you get a uk vote to remain and Financial Markets stabilize, theyll be right back in there talking about september. Whats the number you think it will take for the next jobs report . For them 1rks 50. For me, a little stronger. 150 for a june number sfl. I think they need to see more than one. But as long as its 150, thats enough for them. It seems like shes grasping at this point. Every fed chair gets to that point where they seem beaten. She seems beaten. First we heard about china worries and brexit worries. Today we heard more about china again. So it seems to me theres never going to be a right time as you said before. I thought they wanted to get one out of the way before the it. Shes scrambling for another reason why they cant raise. Right. Its like walking into a bar and theres a sign, free beer tomorrow. If you want to be a little disparaging, yes. They found markets in the past. Not enough inflation. China and oil earlier this year, u. S. Labor markets now, they seem to find a reason to be cautious. Hold that thought for just a second. The Adobe Systems looks to be lower. Josh lipton has the results. Josh . Lets get you those numbers. Reporting an eps of 71. A revenue of 1. 4 billion. Thats smack in line with what the street was forecasting. Just looking through the release, Digital Media. Thats your creative products, document services, 3. 4 billion. That is also right in line with what analysts had forecast. Rb cnotes that represents about 65 of this companys total sales. On the call were going to want to hear more about the trends in Digital Media, Digital Markets and guidants along the longterm markets. Kelly, back to you. That doesnt surprise me. The stocks are up year over year about 25 . When the stock is fully valued its a great performer. When the stock is fully valued, you need to be well in front of what the consensus is. I dont think when we first started off this spot, we talked about safety. Im not sure if adobe fitz the characteristic of where you wanted to go. It was down initially on the print. Once we get that conference call, maybe you see them start to rally and start to pop it back because its been a great performer. It was a little disappointing. It was. Adobe has been an incredibly short one. A lot of people picked it up. Maybe from the mid750s to heig 90s. It was supposed to grow. Does this mean the fed gets high grades, mike . Adobe, sure, what i not. Or visa versa. The larger question before we let you go, going back to what we were saying, i suppose, if the fed cant raise rates at the next meeting, is it fair to say they might be one and done this cycle . Is that a real possibility. Yes. So assuming its labor market weakness that kicks them off, yes. I think its likely this could be it. Its astonishing. And its the one time. I still think its more likely than not you dont get that, but if labor markets are indeed rolling over, then its not a move from september to december. By the way, i want to draw everybodys attention to the guidance. 43 to 46 . The hp ink shares are popping higher by about 5 . Anything you want to add, guys, on hp . It would be the polar opposite kind of stock. This is kind of your cash cow. Adobe going the other way. Well speak exclusively with the companys ceo in just a few minutes. Thank you steve grasso and michael gain. Be sure to catch more of stev grasso with fast money coming up in the next hour. Mark zandi on why trump could trigger a recession. Were going get results in from fedex and what the numbers say about the state of our kmim and what they spent last month. Well look at whether thats a red flag. Youre watching cnbc. First in business worldwide. As a supervisor at pg e, its my job to protect public safety, keeping the power lines clear, while also protecting the environment. The Natural World is a beautiful thing, the work that we do helps us protect it. Public education is definitely a big part of our job, to teach our customers about the best type of trees to plant around the power lines. We want to keep the power on for our customers. We want to keep our community safe. This is our community, this is where we live. We need to make sure that we have a beautiful place for our children to live. Together, were building a better california. Welcome back. The dwight ants, josh lipton has it. Josh . Lets walk through the numbers. On the top line adobes dwight ants was from 1. 4 to 1. 7 billion. Analysts were looking for 71 cents. Remember, this stock heading into this print had been up about 30 off that february low, but now heading low in the afternoon hours. I know you, kelly, and jon fortt have the exclusive. Plenty to talk over with him. We plan to. Josh, thank you so much. Fedex earnings are out. Lets get to susan li with that. When it comes to eps in the quarter, were looking at 330 a piece. Analysts were called for 328. Revenue coming in at 13 billion. Analysts were looking for 12. 7. And were looking for guidelines right now. A full year of guidance. Back to you. Susan, thank you. Its a very steady stock in the last year or so. Its had some of the premium come out of it. Its not one of those transport stocks that people think has a real wide swing. Lets get more. A 182 price target 182. 50 price target. Appreciate you joining us again. They beat on the top and bottom line, the revenue number, especially, donald. Its starting to bear fruit, one, and, two, lets face it theyre the deliverers of ecommerce. Ups ground hasnt grown but fedex ground has. Why were they allowed to go forward with at t when ups was blocked. You have to understand the two dominant forces in europe are dhl and ups. Adding tnt to ups would have been adding to one of the two biggest competitors. Fedex is not. It made all kinds of sense and it did not put them in a dominant position as it would if it was ups. Youre probably right. They emphasized when jeff bezos was at the code conference, do you see it the same way . We do. Amazon, 105 billion, walmart, 525 billion. Onefifth the size of walmart. Walmart owns 300. Theyre the largest customer of swift, first or second largest customer of any major trucker out there. Shares lower by about a percentage point. Youre not going to get, you know, fedex is going to trade off their guidance. Its a well run company. If you agree with that, donald, what else do you see in terms of the may crow environment here as factor . Well, there are a couple of different marketplaces out there. Part of america is in recession and part of the consumer in the United States is arguably in a mild recession. But ecommerce is white hot. If youre an etailor, its an on going secular growth. Looket at the economy overall does not tell you anything. Fracking looks very different than amazon. Is there any glimmer of hope, donald. Thal the recession is starttology bottstar starting to bottom out . Were see 10g down volumes. Last year it was 10 . Although the cops are easier and easier, it is more negative on top of negative. And so, donald, what is the outlook when it comes to pricing . Do they give the shipper as little bit more leverage or does fedex have a decent pricing story . Think they have a decent pricing story. Let me tell you why. The what happens is this. People who have done business with walmart, when they went out and acquired trucks, it was an inive tish package tore. They realized how hartd is to hire pilots and pay for fuel and Interest Rates, et cetera. Amazon is one of the lowest operating margin customers they have. Because theyre so big, bus that kay any gauche rate it. Its not like they were making that much money. So if you lost the revenue, youre like, good riddance, i wasnt making much money anyway. Kd homes earnings are out. Lets get straight to diana olynick with those. Base earnings, 17 cents. We expected 13 kents. Housing revenue increased. They saw double digit increases in all four of the companys regions. Average selling price increased 2 . Net new orders up 8 . Jeff mets zber calling out the first home time buyer. He said were encouraged by the improved conditions in the Market Conditions and the recent participation from humidity buyers. The only other builders who were focused and as we saw earlier, lennar with a big beat, they had that. Some of the other builders in the last couple of years have really focused on the move up and the higher end pulte home. Again, a big beat, shares up 11 . Do you know what the share of kd homes was a little over ten years ago . 70 . Over 80. I bring it up to show you that years ago when kb beat, it was, wow, thats great for the stockmarket an an economy. Look. Rates are as low as they really ever have been. If theyre not doing okay now, theyre a bigger problem. First of all the estimate for this quarter was for 18 krenltds. They made 17. Thats why the stock is just sitting there. I do think theres a way to distinguish housing becoming a net contributor over this year and the comes years versus the house sector those two things can be inpen deb oftz each overing. Sure. You know, its weird. Rates are so low. Its kind of mindboggling. Its the generational thing. Did you call me old. Coming up, the ceo will join us exclusively on how his company is impacting the bottom line. First, though, donald Trumps Campaign, spending and whether it could prevent donors from getting money to his campaign. Using 60,000 points from my chase ink card i bought all the framework. Wire. And plants needed to give my shop. A face. No one will forget. See what the power of points can do for your business. Learn more at chase. Com ink welcome back. New reports shows donald trump is behind Hillary Clinton. The democratic candidate took aim at trumps financial record earlier today. Donald trump has said hes qualified to be president because of his business record. A few days ago he said, and i quote, i academy goim going to country what i did for my business. So lets take a look what he did for his business. Hes written a lot of books about business. They all seem to end at chapter 11. For more on, this lets bring in randall lane, editor at forbes magazine. Thanks for joining us. How big a deal do you think this fundraising gap is . Its a huge deal. Trump is already behind and hillary has 40 million in the bank. Trumps got about a million in the bank. Given that he has 70 employees and hillary has 700 employs, he has a lot of pressure. The problem is hes going to have a lot of problems getting money considering he keeps talking about how rich he is but doesnt give husband own money . Its the same prop that . Super person risks. Mitt romney always played down how rich he was. Compared to him. Donald trump is m many, many hes the richest. He told me in september he can say ive got it in real estate. He told me in december he had the money in cash. He showed us documents some of if youre a rich donor and youre looking at donald trump who in fairness as loaned his came. He goes back and foshlgt. The but its very hard to have one superduper rich person when people are less rich than he says he is. Randall, its evan new mark. Lets go two weeks from now, three weeks from now just before the conviction. If hes sitting there with a weak treasury, what does he do . Does he pledge his own money or bow out . Hes not bowing out. He could do that, without showing incredible weakness. This is somebody weve seen. He e says almost 800 million in cash and he says hes worth over 10 billion. Thats showing that he does not very any faith in his campaign, whos going to put him in. Right. The roi here oh. If he had made it this far with the way he kind of did a shoestring, you know, medial saturation kind of heavy campaign, its hard to make that announcement now he has to throw out that successful play book and throw out old establishment rules that have never been part of who he is. Thats a fair point. What hes done so fashion his roi is spectacular. I mean spectacular, what he spent to get the nomination is unprecedented. I was in his head quarters. There were no desks. So what hes done is completely flipped the script. The problem is now hes running a campaign where its not state to state, gorilla warfare. Hes running against one incredibly well financed opponent who has a well financed parties behind her. The polls are showing hes behind. Ful he was leading, it would be less of a crisis. Those polls change. But in the time being unones following the other. Thanks for joining us, randall. Its foom for a cnbc news update with courtney reagan. Heres whats happening now. Bipartisan senators hope to introduce a bill. Led by Susan Collins from maine and including bill nelson from florida held a News Conference saying their proposal aur as common sense solution. They looted shots and baltimored roads. The south African Party con dimming the buy lens. An increasing number of americans are near sighted. Women appear to be at the greatest risk. And former english schons it. Is for them to remain in the european leaders. Thats a cnbc news update at this hour. We now have David Beckhams vote weighing in. We need thad one. High cost drugs are continue ts to driven. We tell ten you who is here. To break down the Cloud Services and earning report. Were badge in a moment. Every year, the amount of data your enterprise uses goes up. Smart devices are up. Cloud is up. Analytics is up. Seems like everything is up except your budget. Introducing comcast Business Enterprise solutions. With a different kind of network that delivers the bandwidth you need without the high cost. Because you cant build the business of tomorrow on the network of yesterday. Because you cant build the business of tomorrow you guys be good[ bark ] ill [ bark ]later bye. See ya pal. Ever wonder what your pets do when you leave home . [ laughing ] aw you cutie pie. Aw. Aw. Aw. Aw. [ barking ] [ washing machine running ] partys on know what your pets are up to with xfinity home. Xfinity. The future of awesome. See the secret life of pets, in theaters july 8th. Welcoming back. Checking on the name, fedex down 1 . Adobe, dropped more than 4 . Kd homes is hanging onto a gain of about 2. 5 . For more on whats behind adobes earnings, jon fortt joins now with ceo of adobe, shantanu narayen. Thank you for joining us. Its at the high end of the range. Its this guidance thats got people concerned, so i know theres a bit youll want to say about if quarter. You said youre target 20g growth for the entire year, you got in growth. That imply as really, really strong q4 to hit the far get, i marriage. Give a little color on what you skpkts and how do guess confidence . First, i picture fiscal 16 too be a great year. O we raise our Digital Media from 3. 875 billion to 4 billion dollars. And today we actually stated we expect to meet or exceed all of our financial taim target for the year. It is a traditional q3. All systems are on track with respect to continuing to grow our marketing revenue at 20 per year. On eps as you can see, were also demonstrating significant leverage in the business. Let me ask you. You and i have talked several times how things look like theyre playing out. M a for example. Weve heard of plans for microsoft to buy linked in and we heard from jeff weiner. Youre targeting creatives and marketers. But tell me how youre going to nav gatd in this environment of giants increasingly . Does that make it harder for you comparison wise. Maybe even thoughing investors what you want to show them . I think jeff i think the area were in is a significant taunt for us. When you look at whats happening with creative expression. The amount of content. Did tall media had a cooperative quarter. We exceeded that. And its amazing that three years into this transition were actually adding record new annualized record revenues. When you think about digital disruption and whats happening with every business rethinking their online presence, were the undisputed mashlgt leader in that particular category. We have a difference yated offering. From that port of view, we think we have the assets requires to grow the top line and bottom line aggressively as weve been demonstrated. You were so ahead o the kwam. Especially with google and rack space beefing up and coming after you in some of your core markets, how do you stay ahead. I think whats happening in that particular space is now with our cloud transition, 81 is part of it. So we feel very good about it as well as the retention were seeing. With respect to what google and others are doing as well as amazon. From our point of view, that only helps us. It should actually help us reduce our overall cost of delivering the kind offer is fast that you do. Theyre potential partners and are looking to attract our business rather than compete with us. Shantanu, i want to talk abouting your stock and also mobi mobile, which you said in the past is drawing new creative subscribers into the ecosystem. Are both of those trends continuing along the same line . Is either slowing down. Is it time to put more into your cloud to boost it . First of all, a couple of announcements to make, jon, we announced the new interface design and that is doing extreme wale. We earned 15 of an lotic trance actions. Its clearly a tail wind for our Digital Markets business. We saw a potential increase for revenue in the last three quarters. We announced a major upgrade where theres deeper integration of the stock and mobile applications. Stock is one of the businesses were very excited about. Its extremely meaningful. Excellent stuff. Thank you for joining us. A new report saying Health Care Wont get cheaper. Whats it mean. Next. No. Its all about understanding patterns. Like the mail guy at 3 12pm every day or jerry getting dumped every third tuesday. Jerry every third tuesday. We have Pattern Recognition Technology on any chart plus over 300 customizable studies to help you anticipate potential price movement. Theres no way to predict that. Td ameritrade. A new report is out on what will be driving Health Care Costs higher. Bertha coombs has more. Bertha . Kelly, they see Health Care Spending growth up about 6. 5 next year. Thats about in line with what weve seen the last few years. Part of the reason is high cost drug spending they see stabilizing. So what is driving growth . Well, its one of the cheapest areas of health care. Its those urgent care and Retail Health clinics. Theyre very popular. We use them a lot. The doctors office, i have to call them and see if i can get in and sometimes i have to wait. But i can just walk into an urgent care. Its konked by my insurance. I dont even have a copay. Yeah. Doesnt even have a copay. Ites cheap and convenient. Its so convenient where we use them for routine ailments. They say over the last ten years spending at doctors offices have gone down 17 for those types of visits where urgent care visits are up nearly 20 . And they also say that the growing volume of use is starting to add up to overall spending. Last year highcost specialty drugs was the main driver of transition. This year its more transition thats driving trend sthoos that utilization is really causing a bit of an inflationary uptick. So what are companies doing . Theyre looking at narrower networks, theyre looking for more high deductible plans. And for us, that is going to mean continuing cost sharing perhaps even for urgent care visits. Back to you. Cmd would be one. I use them on the Upper West Side in new york. Me too. With the kids, they sauls seem to come down with a fever before the weekend. Or the flu before a big trip. Whats interesting is the same issue has come up where it should be covered by insurance in full or in part. You always got the impression they were operating in the gaps. I dont mean its a ripoff. Ive used it too. Theres a convenient for it. If its people are consuming more of this thing called health care. Its not that the price of the average unit of health care is going up in an inflation airway. I guess thats a better outcome. You prefer it that way. If youre getting decent results out of that exactly. The hyperloop. Dealing with the city of moscow, next. I take prilosec otc each morning for my frequent heartburn because you cant beat zero heartburn ahhh the sweet taste of victory prilosec otc. One pill each morning. 24 hours. Zero heartburn. Moscow is getting a hyper loop. Phil lebeau has more. Phil . Kelly, whats interesting is that this is the latest deal hyper loop one has designed to look into developing future hyper loop runs. But theyve not come in the United States. All of them have been overseas. The latest with the city of moscow, essentially looking into developing some hyper loop routes in and around the city, tied into the citys transportation grid. Again, these are possible routes. It doesnt mean theres a deal theyre actually going to start digging. Theyre doing this in development with the Russian Development forum. Listen to this quote from the executive chairman of hyper loop. The longer term vision is to work with russia to implement a transformative new silk road, a cargo hyper loop that whisks freight containers from china to europe in a day. It was just last month we saw the test sled for hyper loop one demonstrated outside of las vegas in nevada. Theyre looking at building a fullscale test hyper loop that they plan to test in the fourth quarter. Again, kelly, they believe by 2020, they will have a hyper loop transporting cargo somewhere in the world. Maybe in northern europe, now in russia. It will be interesting to see if any of these come together. We still dont know how much money would be involved, at least in the limited run hyper loop. Its fascinating. I love this story, the whole concept. Phil, thank you. This is going to cost does russia have the money to spend . You know, russia is the number one producers of memorandums of understanding that go absolutely nowhere. There have been thousands of understandings for development. They get you know, its a political tool. In moscow they look like theyre moving forward. Were bringing new technology. Its a political thing. I would bet a lot of money that that was impressive footage there. They were zipping around is our dog in it . Like the old sputnik. Its a race. I totally agree. If i had a rubele for every memorandum of understanding i ever witnessed in russia, i would be a very rubelerich man. It would get you nowhere. Adobe, fedex, getting a check on the stocks and what to listen for right after this. E differences. [ crash ] and reunited three decades later for a tour that sold out in three minutes. And your cisco hybrid cloud handled millions of ticket orders without breaking a sweat. Before all of this, [ crash ] the experts at cdw orchestrated a cisco hybrid cloud solution. Scalability by cisco. Orchestration by cdw. Andrea sikon. 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Do not drink alcohol in excess. Side effects may include headache, upset stomach, delayed backache or muscle ache. To avoid longterm injury, get medical help right away for an erection lasting more than four hours. If you have any sudden decrease or loss in hearing or vision, or any symptoms of an allergic reaction, stop taking cialis and get medical help right away. Ask your doctor about cialis and a 200 savings card stop taking cialis and get medical help right away. This man creates software, to protect this customer, who lives here and flies to hong kong, to visit this company that makes smart phones, used by this Vice President , this little kid, oops, and this obstetrician, who works across the street from this man, who creates software. They all have insurance crafted personally for them. Not just coverage, craftsmanship. Not just insured. Chubb insured. Lets take a look at shares of fedex, responding to the earnings. In anticipation of the Conference Calls that should get under way in a couple of minutes. Adobe down 4 . At 95, it was at 25, evan, five years ago. So its gained a lot of ground since then. You know what i would say. When you see Companies Like fedex and adobe, im not a bubbling optimist about the america, or the economy, or anything. But those are fedex and adobe, i cant really speak for kb homes, are wellrun companies, that have been steady growers over a period of relatively, you know, High Economic turmoil over the past few years. Theyre still going. Theyre still doing well. I think what well see in earnings season again is nothings going to come out as a big surprise. Youre not going to have a lot of aftermarket surprises. U. S. Capitalism will chug along fine. The can profits have been falling since 2014. Theyve fallen five quarters in a row, this will be the fifth quarter in a row. On the other hand, on a calendar year basis, for the earnings in 2014, 117 last year, the current estimate about 119 for this year. So its been down for five quarters in a row, but basically standing still. A lot of that was also the energy sector. Exactly. Therefore, the stock market was there a few months ago. It was repeated that weve heard from other folks when they said the industrial section is in recession. It is a concern if its not pulling out of that. I think a lot of things if youre worried about the auto sector coming off peak. That being a source of further weight on the industrials. Carmax had to increase its loan loss provision. As people try to sense whether that cycle has turned. Youre not in the market for a car anytime soon. No. The financing nowadays is so cheap, it was like, by the way, i hate to say it, im going to tell all those young people out there, youve got to be crazy not to lease a car or buy a home right now. Youll regret it a few years from now. Thank you both for joining us this hour. That does it for closing bell. Fast money begins now. Fast money starts right now. Were all over the two biggest stories impacting your money out of d. C. And london where the feds twoday testimony in the possible brexit has the traders listening. Wi wilfred is on the ground in london. We start with steve liesman. They seemingly looked over comments from the feds Monetary Policy report that could have big implications for this market. Markets were mostly focused on what the fed chair said in the q a session at the Senate Banking committee