Close to 85 points. Nasdaq up by about 27. Also take a look at treasury yields. Yesterday at one point the 30year hit a record low yield again. The 10year is yielding above where it had been. 1. 458 . Lets take a look at what happened overnight in asia after those strong results here in the United States. It carried out through the night. The hang seng up by 1. 6 . In europe in the early trade markets are stronger there as well. At least most of them. The dax is up 1. 5. The ftse just went slightly negative, but take a look at italy. That stock narcotic up about 2 . Spain the ibex is up 1. 9 . Crude oil prices, you can see equities higher this morning. Yesterday wti closed at a twomonth low. This morning up. On todays economic agenda, theres one report. Expected to show inventory rose slightly, but we have plenty of fed speaks today. Cleveland fed president spoke overnight in sidney. Chef said maintains stability in the Financial Markets should not be an explicit goal for the ed. A lot of discussion after the financial crisis of 2009, what role should the fed play. She argues the central bank should use Interest Rates to head off a crisis if better suited tools fail. Former fed chairman ben borrow nancy is in japan this morning. Officials say bernanke discussed what they can do to end deflation and achieve sta sustainable growth. Im surprised joe, did you not read this in the times today, no ignoring the alarm bell sounding over bonds. Commentators with breath less over stocks yesterday, but smart people know you have to look to the bond market. Where do you hide from the brexit . Anywhere. I dont know. Stocks might be one might be one idea. In Corporate News shlgs the securities and Exchange Commission reportedly investigating whether tesla breached security laws. Looking into the auto makers failure to disclose the fatal crash in may involving one of the vehicles with self driving technology. According to the wall street journal, the investigation is in an early stage. No world on whether regulators were watching squawk box for the last three weeks as we talked about whether a ceo is in an position to Say Something is not material. Its not and then go ahead with the secondary offering and all the other stuff that happened. We beat this horse to death and now its kind of interesting theyre looking to see whether we get a determination. Ive seen an article written to death i think it was on article watch or something that the pedestal is starting to crumble a little under elon musk. Theres at least some cracks. I think thats premature. And from investors who see him as a visionary who built somebody unbelievable. I have spoke within a a lot of tesla drivers who are not bothered by any of this. Look, the car is fantastic. I tell you, i interviewed elon musk a long time ago. He has just sold pay pel. Tesla was a glimpse in the eye. The hyper loop, the electric car, he was bald and he became her suit. He was bald. He hairline was back to the middle. He cured baldness. Hes amir cal man. Yes. I dont know about hyper loop, but he is like hes like a ware wolf and he was really a bad kind of bald too. So i mean, hes a visionary. He can make anything happen. Yes. If you want to google it, google it. Bald elon. He was well on the way to a q ball. Youre dying to get him on the show, arent you. Would my life not be completely. All ecoa. Theres a ten year chart. Coa. Theres a ten year chart. That was right before the financial crisis it was up in the 40s. And will im not going you know, this is not necessarily an implication. Were not running out of how do they say . Why are you writing on your hand. Stuff i have to remember to. If i dont issuing i will forget. You and sarah palin. Its a reminder list. Its somebody i have to email. Anyway, ten dollars, 10. Alcoa trades at 10. Thats where it trades. The Company Still expects growth of 14 in the global auto market. So many cars use aluminum now, but nothing has happened. If you talk to anybody in the aluminum industry, they would say theres dumping, trade issues that come underway. Low inflation. But the main thing a lot of them say is dumping from china. Could anyone else have done anything . R restructured the company. Sea Gate Technologies cutting 6500 jobs. Also raising Fourth Quarter revenue and xerox is reportedly going to buy rr donly. No deal is imminent though. In jan january, xerox was planning to split. You dont remember that . You said he didnt last. Right. News breaking in just the last hour. International tribunal has found theres no legal basis for chinas nineline. Thats the line on the map where they claim rights to the South China Sea. Suggesting china has interfered with traditional fip piano fishing rights. Joins us now with the big question. Are the chinese going to listen . They said they dont care what this organization says. Yes, theyve already come out quite strongly saying they are going to not accept this case. In fact, this case is really a landmark decision that could have widespread implications across asia. The issue is chinas role in the South China Sea. China has basically laid claim to the entire body of water or almost the entire body of water. Many of its neighbors who are u. S. Alleys as well such as the philippines have long disputed beijings position. They went to the hag and has been arguing the claim in court. Now, this case was very closely watched because it was seen as a litmus test of how china approaches International Institutions and international law. It was also seen as a possible precedent for other countries such as vietnam to negotiate its own claims and then washington has also been closely monitoring this particular ruling because beijing has been challenging washingtons role in the region as well as the u. S. Led Security System that has long been in place here and really laid the groundwork and foundation for economic rise. Now the court handed down the ruling and it ruled against china. Saying that chinas claim and its description of the nineline has no legal basis. Already, michelle, the Chinese Government has been issuing plenty of statements. The Foreign Ministry said they wont accept this. The defense Ministry Said china will do everything it can to protect the sovereignty as well as the maritime rights. Whats worrying people here is the fear this could all lead to greater conflict. If the court ruled against china that it could lead to more aggression on the part of the chinese. Thats one of the things people are watching here and quite concerned about at this point. Wanted to point out issuing thanks so much. It is the reason were focused on this. In a time when the sentiment is very negative, this kind of decision could have pressured the stock market lower if it were already down, i think it would have done it more. This event, which i think there was a time you said this had happened, you should be worried. Nobody cares. Youre feeling a bole yens . Bole yent. One day it went above. Youre listening to the technician from yesterday. No, im saying a bole yent is when people all of a sudden get to where she said, 2400 s p. People go what is happening . To answer your question, will we escalate to some cold war level, who knows. Lets talk to two people here and see if either one of them. Well do the micro, macro, everything. The s p 500 finally traded alltime high. Nasdaq is trading alltime high. Jason pride, just from looking at the notes, do either one of you guys think that were not just set up for this horrific fall because of all the risks out there and the market is extended. Do you think this is a break out and potentially bolish . Youre worried about brexit now. You werent before. Youre doing a great job with our comments. Keep going. Hes a little friendlier to the market . Im friendlier to the market, yes. Not many people are. Theyre all like nervous nelly. Ultimately markets have done really well when theyve had reasons to be nervous. You solve those issues, markets have been able to rise. Today we continue to operate in a bad news is good news. By that, i mean we have pro proactive issues. That checks ecb. Seems to check the fed. If you were to come if you woke up out of a long sleep and someone said all right Interest Rates are really low and theyre expected to stay low. Inflation is not a concern almost anywhere in the world. Very few alternatives to anything else. Jobs are up and were at 4. 9 unemployment with no inflammation. All these things you put together if you hasnt been told for the last year and a half that things were so scary, all those project higher multiples. Weve got a full equity waiting, but were nervous. Weve got a full equity because of the things you said. A lot of the backdrop is set up for a decedent equity environment, but at the same time, equity valuations are above average. About 15 above what i consider to be fair. Its not 20 times. Its not extreme levels, but its high up. Were in the seventh year of an expansion now. You have a number of things you can pile on to each other to tell you, okay, this is a little bit riskier of a situation than where we were two or three years ago. Completely agree. Most recessions dont die of old age. They usually die when things heat up too much. They dont die of old age. Theyre killed. Theyre killed by something. The yield curve. Not a gladly slipping yield curve. I think people could miss this. The New York Times sayi in savvy economists know you look at the bond market. We should all be terrified. Isnt the bond market really the fed market . Yes. The sfral banks are dominating every Interest Rate thats set from short to long. Its not an economic predict terror at this point. Theyre responding to the global backdrop. They are. I think what do you in this situation you do recognize that equities are preferred over fixed income because the fixed income return is so meager, you position that way. You find other ways to build in defense. Were using options. Were using quality investing within stocks. Were tilting towards minimum toll tillty. Were trying to dampen the volatility as much possible. Youre assuming, i guess, that Interest Rates are going to stay low for a very long time. We heard from george yesterday. She was saying look she didnt vote to raise rates in june, but that was a timing issue. She might very well vote to raise them at the next meeting. Were not assuming that. Fixed income along the way. Is going to get reasonably hard in a rising environment. Bothey i mean, how do you kn . People have been wrong on this. Effectively trying to work through globalization. Then effectively its one set dealing with one policymaker, dealing with one set of economic decisions. We may be going back to that. Globalization is getting a bad rap. Theres certainly more there, but to the extent the Financial Markets have become just that. You cant just think about what is unemployment in new hampshire. That wind up driving things. Where you set up was, the fact is growth becomes exceptionally valuable. Hopefully well starlt getting that in the third quarter. This should be a little bit of an Inflection Point Getting Better than the last four or five quarters where it was an earnings recession. That should be better too. I think thats happening, but at the same time the Earnings Division coming from analyst right now. We thought we were coming out of it. We saw a pop upward and now the analyst revisions have turned negative yet again coming sboog the Second Quarter earning reports. Were sitting facing a large number of analyst. Just when the prior year numbers reflect weve dropped off,those are going to start showing positive too. We go from a dollar to two, great from a base math perspective. Certainly helpful. Paid to be nervous. We are paid to beer er beer when you have fixed income and a third of the fixed income basket is delivers negative yields. Are you apologizing for having to have some equities. I am. Alltime highs on the s p. You know, in a market thats gone from, you know, 800 in the dow when i started to, you know, to 18,000, its hit a lot of new highs. I havent been nervous at every single new high. Joe tries to make me apologize on air every time im here. You tried this. That i would say would be good, chemoengineering. Do you believe in Global Warming . Yes. Go back. See you later. Check the reports, joe. When we come back this morning, we will talk about Todays Campaign events. They are less about the head liners and who is sharing the stage. Hillary clinton will be joined by senator bernie sanders. Donald trump will campaign with potential vp pick mike pence. He was campaigning with chris christie. Well have the latest from the campaign trail next. Bernie sanders will join Hillary Clinton at a rally this morning. Mike pence will campaign with p donald trump. Lets talk politics. Youve havent endorsed anybody yet. No, im going to vote for the republican nominee, whoever that is, im assuming its going to be donald trump. Do you have anany doubts . I think as we get closer to day, people are realizing it would be awfully difficult on a practical basis to deny the votes of 13 million republican primary voters. I think we have to Work Together just as the song said. But youre not you still havent endorsed him and theres 13 million primary voters. A lot of people would think that. Shes laying out pretty stringent defenses. Mr. Trump, if its between you want to endorse him right now . Look, im happy to endorse donald trump as our president ial nominee, assuming they the will of the convention carries that out. If for some reason it doesnt, i will support the nominee. Bernie sanders going to endorse Hillary Clinton. The moment everyone has been waiting for. Is that going to help . To some extent shes already begun the process of unifying the Democratic Party. Hes an important step in that process. I think senator warn endorsing and supporting her went a long way toward bringing in the stands of the sanders electorate she needs. A lot of that work has been done, but its important to go into the convention unified. We were looking at a Party Platform that was put together that is further left than any Democratic Party thats ever been put together. That doesnt always make a huge difference, but the platforms are there to guide people and say this is where we would love to be at some point, but what kind of candidate will she be . Does that push her further left . It does. You saw that throughout the campaign. Having that primary challenge really it moved her further to the left and gave her some are real reason politically to emphasize certain issues. Does it really mean anything . Will she push for 15 minimum wage, will she push for a public option in health care. I think the first two almost certainly yes. On the third, health care is going to continue to be an issue. Its something she cares although about. I dont think anybody on either side of the aisle going to. That doesnt rule back that expand it. Correct. Which is why i pointed that out. Im not sure this Democratic Party or anybody wants to unwind the legislation. The republican platform is full of stuff theyre not really going to try to do either. A platform is a platform. Going into the convention, youll final have both candidates pick their vp. Who do you want to see. Donald trumps job here is different than Hillary Clintons job. He has more work to do in this process. He has to try to unify the party. He has to try to keep the various strands. I think hillary has a lot of work too. She has a very unanimated voter where donald trump has very animated voters. I think her opposition is animating the voters. Ive seen the this process up close. Both the first lady and serving a high level in administration. I think for her it is who do i want to work down the hall from. Thats a load of ma larky. She wants someone to help her win. I actually sgee disagree with that. She needs somebody who is going to get a security clearance at this point. We heard a lot of names. I can admire any of the people who have sbeen named on that list. They all have constriction and depth and length of the experience. They all have policy theerexper. Donald trump needs that on the ticket at this point. I would be happy be any of these men or women. I think he really would love to surprise. Look, im a big Mitch Daniels fan. He probably would not do it. He has not supported trump. And actually said some things about him. I know. I do think look if it were mike pence, hes a very experienced legislat legislator, has a great record in terms of his economic policies and this is what people need. This is why were in such separate straights in this country after seven years of president obama who should have brought us together and yet were falling apart. In large measure it is because were experiencing economic desperation that is reflected across the world. We need a change in our tax policies in our regulatory policies and any of the people who skr been named this far would move donald trump far along that way. Could be a scary country after the election. Lets hope not. Not if we get tax relief, joe. Both sides, the opposition is helping both sides get their voters out, but it is really like hard opposition on boeds sid both sides. Theyre thinking well, if he, it is hard. I agree with you. The crown try is very particularized. Very said that, i think there are more strands in the general electorate available to Hillary Clinton rights now. That may be true. After the election is done. I dont disagree. Thats why this pick is so important. He has work to do. Hillary clinton picks someone she comfortable with. She doesnt need to do that to occ sdur t secure the base. Its going to be another policy whomever she chooses will not be able to wash away the fact she represents a platform that is fundamentally flawed and will not provide the relief she hopes to provide. We need to get out of this segment and you justice said stuff michael would have to respond to, but sorry you dont have time. Just one quick thing, i understand that donald trump offering a vision for change for this country, the question is is it acceptable change and is he a acceptable candidate for the change. Thats the access. Hes going to choose a Vice President ial nominee to run with him to provide the kre desh e den shls. We dont know that yet. Its an important pick. Coming up, the brexit the fallout from the brexit. Just a day away. Tell you what to expect. I love this. Got a lot to say about this. How do you characterize someone that gets picked . Theres no election. What do you say in the papers. She was all of them say she ended up with the job. Its weird. As we head to break, heres a look at yesterdays s p 500 winners and losers. , so you lar banks app now what . Holl youeep upith the nedemands of todays Digital Economy . Nothe facts some believe thewont need a Traditional Bank down the road, so at cognizant, re helping banking and Financial Services companies s ink dital, be untraditional, and reimagine whathe bank of the future can be. Our ients can now leverage to predict their financial needs d provide more contextualized products and servis. Wee creating new ptforms our ieso customersanverage to predeffortborrow,invest,needs lend, transawhereverwhenever th choose. And were gitizing the way banks ru drivineffiencies and delivering new value r their cuoms in return. Digital works for banking and financial servic. Letsalk about how digital wofor your business. Welcome back to squawk box. The s p to a new high. The transition of power in the uk is just a day away. David cameron is holding his final Cabinet Meeting as prime minster as theresa may prepares to take over tomorrow. Cameron will tender his resignation to the queen. May had been expecting a nineweek race to become the next prime minster until her opponent, andrea leadsom, withdrew yesterday. May has take an hard line of leaving the European Union, although she was a remainer earlier. She said shell make sure a brexit happens. The pound is moving higher this morning. 1. 31. Where do you hide . Weve been doing segments, where do you hide from the brexit . I guess stocks. Either the fotse or the s p or the dow. Or maybe asian stocks. Theyve all been doing pretty well. The way the different papers try to talk about this. How do you talk about what happened over there . The eword appears nowhere. No one was elected. Uk and lines up a new leader. Lining one up. The washington post, she lands the job. Landed the job. Lands it. New york times came up with becomes the choice. Becomes the choice to lead i dont know who is choosing and then i do know, but its not the people. And then which usa today to become prime minster. So its all sort of what happened. So how does it work. The parties vote for their leaders. You can pay to be a member of the party. If you want to be a member of the labor part, its 25 pountd. Is it a democracy, republic . What is it . Did the people elect theresa may. The party elected theresa may and the people elected the party. You know who wants the system, the republican establishment wants to be able to install either the nominee or the president. Theyre still crying and. Whats so funny when you talk about the gop, all of the rules that are in place that makes it really hard to dislodge donald trump from this position, they put them in in response to rand paul a couple of election cycles ago. They want this ieblt. Yes. They got smart a long time ago. They already selected Hillary Clinton right from the start with super delegates. Right. Ive wish her well. I do. Weve never been a straight on democracy. What about Boris Johnson. Why didnt he stick it out . Maybe he should have stuck it out if that guy hadnt stabbed him in the back. Im not sure we got the whole story on why Boris Johnson backed out. I swear theres something we dont know. When you read about that massacre the next morning, did they know something . What happened to Boris Johnson because he could have done it. He was so popular. Can you hear this. Theyre cleaning right there. Is that what that is. Oh, maybe in the prison yard. Someone is maybe bureauing underneath to try to escape from does this guy know were trying to do a television show. I doubt he cares. They cant hear this at home, but were all shaking. Hes got a bright yellow shirt. Is that where its coming from. Right here. Oh it is. They got the jackhammer going over there. Okay. Good. Working guys. I like those guys. Were going to bring them back. A lot more manufacturing jobs. Those are coworking class heros instead of moving money around. We get to do some good. We get to highlight these things. I get paid to bs. You do. The brexit taking a toll on the rest of europe. Will grow by less that 1 this year and only slightly faster in 2017. Italian banks have been under pressure. Started before brexit. Brexit made it really bad. Higher today. The question is how are they going to fix the fact they are all undercapitalized. I would point out the italian hasnt grown since the euro. Unicredit, banco popular. You dont even have to think about this. Im jealous. You know what ill never do is dan rather and nicaragua. Did he. He used to say that. We may prepare that. You dont even have to think about it, do you. When you speak spanish, do people think its perfect. No, i have a slight accent and i make grammatical errors. One of my favorite shows was on and we see you monte dei paschi, banco popular. What kiennd of accent do i have. American. No, im going to do it. I dont know if youre allowed to say that word. May be, youre right. Welcome to the parking lot. I did. I think i said welcome parking lot. Coming up, an international guy, mark grant says forget the fundamentals and forget technical analysis. Hooe going to tell us how hes putting money to work with stocks at an alltime high. A quick check of whats happening in european markets right now. Ftse is up, but barely. Mary buys a little lamb. One of millions of orders on this companys servers. Accessible by thousands of suppliers and employees globally. But with Cyber Threats on the rise, marys data could be under attack. With the help of at t, and security that senses and mitigates Cyber Threats, their Critical Data is safer than ever. Giving them the agility to be open secure. Because no one knows like at t. S p surging to an alltime high. Next guest says that something is truly different this time. Joining us right now is mark grant. Hes is chief fixed income strategist for hill top securities. Youve been warning for a long time these treasury yields would go down down down and stay down. Im guessing you havent seen anything thats changed your mind in the last week. No, nothing at all. The 10year treasury started this year at 2. 27. The average economist forecast was for mid year at 2. 78. You know ive been saying lower. Weve now had alltime lows ever in the history of the United States. Were back off them a little, but nothing is changing my mind. Mark, its becky actually, surprise. Hi, becky, how are you. Michelle is right here too. Youre looking basically at a lens. You cant see anything back. Thats true. Weve been watching whats happening with yields, also watching whats happening with stocks as the s p hits new highs. Does that give you faith stocks may be a safer place to be. I dont think their a safrl place. Safer than away you thought. I should say. Safer than i thought. What happens is a lot of Japanese Central bank is throwing a lot of tremendous amount of money here. For a couple of reasons, one, is michelle just pointed out, their significant problems in italy with their Financial System and their growth. Then of course the five star party got control of the mayor seats in turn in rome so is the United States is looking like a safe place to invest for both equity and debt and our yields in the United States for treasures and corporates are significantly higher than what you can find in asia or in europe. So were seeing debt and equity huge amounts of money coming into the United States. I think thats what is driving these markets. Do you think its a fair assumption . You have told us Interest Rates down low for a very long time. If thats the case, do stocks look more attractive . If youre looking at zero percent Interest Rates around the globe, you could have much higher multiples than were dealing with right now. I think thats the hope. Also remember that, you know, there are pockets of money that are mandated to be in certain places. If the mandate is to be in equities and it looks scary in the European Union and it looks frightening in japan, money is going to come. That money is going to come into the United States where its certainly much safer and also were not nearly ads bad a financial condition. Also to be fair to your comment, as yields go down, people are going anywhere they can to try to get a return on their capital. Euro zone go away . Or eu, does the eu finally collapse under its own weight . Are you asking me joe in your italian accent or your new jersey accent. If i let myself go, i speak cincinnati, which you dont want to hear that. Believe me. Its like kentucky almost, but what do you think, does it go away. I think the euro zone is in significant trouble. Italy, the nether land, we know what happened in britain. What about the currency . What about the euro itself . Gone . Its not going to be gone, but if the euro zone starts to break up further than it has, its certainly going to come into question what the value of it is. Were pushing back against globalism a bit in different countries. Does that mean that all voters are the same . Are the voters in this country going to elect donald trump the same way brexit happened in your view . Yes, i think donald trump is going to be elected because of the famous words of that great economist, wc fields. I never vote for, i always vote against. Thats interesting. All right. You make some crazy calls and i know theres a lot of people that think thats crazy, but you know what, well see. Thanks mark. Coming up Small Business success story. Pies have been called pop tarts for grownups. Founder joins us next. Stem for its called predix. Its gonna change the way the world works. Ok, im telling my brain to tell the drone to get you a copy of my resume. Umm, maybe keep your hands on the controller. Look out ohhhhhhhhhh. You know what, im just gonna email it to you. Yeah thats probably safer. Ok, cool. Igoing to clean betteran electthan a manual. Was he said sure. But dont get just any one. Get one inspired by dentists, with a round brush head. Go pro with oralb. Oralbs rounded brush head cups your teeth to break up plaque and rotates to sweep it away. And oralb delivers a clinically proven superior clean versus sonicare diamondclean. My mouth feels super clean oralb. Know youre getting a superior clean. Im never going back to a manual brush. A small pastry business hitting it big. Mag pies is a company that makes all natural jam filled artisan what do you like to say . Artisan. I think its artisan. Often called pop tarts for adults. Although, i thought pop tarts were pop tarts for adults. Anyway, they are hitting shelves nationwide. Joining us is megan richie of meg pies. Thats a pretty good name. We named it mag pies at first because i thought people would have it with the bird. My name is meg. But most people called me maggie when i was selling mag pies. I like meg pies better. I cant believe the way this is working out for you. And you look like what are you a senior in high school now . Thats very kind. But you see this movie joy or whatever it was. She needed to get a mop on qvc and they made a movie about her. And these are going into starbucks nationwide . They are. Today. When you found out about that, what did you do . Did you jump up and down a little . Its funny. No one ever shows up at your door with a huge check and balloons. You temper your excitement a little bit. Its a lot better than that. Today ill go out and see them in the stores and ill get excited. How are these different . How are these different than pop tarts . I think the thing that sets them apart most is the taste. Theyre all natural so theyre made with an all butter pie crust. So you get that really delicious taste of butter. Theres a nice salt content to the crust that counteracts the sweetness of the icing and jam inside. This is a good start for me. And brown sugar in there too. Yeah. We have two flavors debuting. Strawberry and cinnamon brown sugar. You can warm them in a microwave or toaster oven. Thats what i do with pop tarts. Youre a small producer now. Now you have to be a huge producer. How do you ramp up production like that . It was a steep learning curve for sure. We started out of our personal kitchen. You cant make that many in our kitchen. Not at all. We have a comanufacturer so we have somebody we work with closely to scale a bar recipe and make them according to our, you know, quality and what we want them to taste like and be like. And theyre great. They help a lot. They definitely help us be able to reach this many stores. Can you put them on store shelves, too, or just starbucks . Its not an exclusive deal with starbucks . Not at all, no. We were originally going to grow our Regional Business and sort of keep expanding a little bit outside of new york. And well continue to do that along side this national launch. You launched a Small Business, so it can be done. Congrats. Thats fun. Can we try one . I want the brown sugar one. Please do. Once you said butter and salt, it was like im set. I cant wait to taste it. Congratulations. Thank you. Think what she can do when she grows up. When we come back, the s p 500 hitting a new high. Well get investment ideas from investment strategists at wells fargo. That is next. From worst to first after a hornl start to the year the s p 500 rallying to new alltime highs. Will earnings season keep the second longest bull run in history alive and kicking . Its primetime for amazon. Think of it as black friday in july. Rolling deals all day long with the number of sellers participating this year doubling. And the Live Streaming wars are heating up. From facebook to twitter to snapchat, all offering Live Video Services to the masses. How these companies and others are looking to capitalize on the latest trends in social media. Ben lair is here to explain as the second hour of squawk box begins right now. Live from the beating heart of business, this is squawk box. Welcome back to squawk box here on cnbc, first in business worldwide. Im joe kernen along with michelle carusocabrera. Becky was doing great, but, you know, she stuff happens when this wonderful thing which you just got back from maternity leave. But there are things that happen and so its us. Just us. We hope she feels better. We suddenly have a lot more responsibilities. Right. And that drill wasnt helping. The whole place was going like that. We didnt want to induce labor. Futures at this hour are higher and were going to talk more about yesterdays record close by the s p and the nasdaq in just a minute. Were indicating up another 86 right now. You stay in a trading range long enough and people think thats a permanent upward limit. Right. When you go from 800 on the dow to 18,000, there are so many upper resistance levels. Thats a biographical reference youre making. It goes back i think in 1980, around there. It stopped for ten years, right . There were a lot of highs made between 800 and 18,000. And a lot of thechl werent permanent highs. Theres a lot to worry about as we hear every day from all of our guests. So much uncertainty. Theres uncertainty, apparently. Im uncertain whether theres uncertainty now. I am not uncertain about that. I am certain there is more uncertainty. Youre certain theres more uncertainty . Im certain theres the same amount of uncertainty. All right. Okay. Heres whats making headlines at this hour. Alcoa shares on the rise this morning after an upbeat earnings report. Beat estimates by 6 cents with quarterly profits of 16 cents per share. Alcoa is performing well in a weak environment. 10year chart hasnt moved. Its never been able to get back on track. S. E. C. Is probing tesla for failing to immediately report a may crash involving a car operating in autopilot mode. Thats according to dow jones. However, tesla told cnbc it had not received any communications from the s. E. C. On the issue. The flurry of fed speak continues. Dan tarullo and neil cashcarry all scheduled for public appearances today. Cleveland fed president loretta m megster spoke in australia this morning saying she did not want to see Financial Market stability evolve into a third mandate for the fed. And a developing story this morning, judges at an arbitration tribunal in the haig everything goes to the hague. Why does it go there . When i was little i thought it was a building, not a country. Who is the . Right. Across the large swath of the South China Sea. The ruling that will be claimed as a victory now by the philippines. Judges also found the chinese Law Enforcement colliding with philippine Fishing Vessels in the sea. And china which boycotted the case said it will not be bound by any ruling and control the region is valuable because more than 5 trillion of global trade passes through the South China Sea each year. China has been accused of ramping of control by building the artificial islands on reefs on which it has added airstrips and other militarystyle installations. All right. Back to the markets here. It was a record day yesterday. Looks like it could be repeated today if it were to hold. The s p 500 closed at a new alltime high. The benchmark also hit a new intraday high. Nasdaq posted its best close of the year breaking above the 5,000 mark for the First Time Since last year in december. Joining us now is cio of wells fargo investment management. And president of the wells fargo investment institute. And sara malek. Thanks to both of you. Do either one of you feel really bullish that getting through old highs can extend into something tangible for the bulls . Like a good return for the year . Do either one of you feel that way . We still think that equities are the most attractive asset class. In our portfolio for the platinum portfolio group, we recommend investors take a more defensive stance. Were moving to a more balanced portfolio. We are replacing with defense contractor raytheon. This is a good to put on the radar. They have a new ceo that came in in 2014. They invested in rnd. Were seeing the best Revenue Growth weve seen from them since 2007. You like raytheon. All right. Darryl, what this is what i was singing. Its weird. Because youre not going to hit if youre out at 5 correction or 10 correction. Or if youre where weve been for the past two years, its hard to make new highs and then extend those when youre 10 below the old high. Its hard to do that. So the only time you can break out to new highs is when youve broken out that first day to new highs. Thats the only time you can eventually move higher. Yet everybody that comes in here is always negative whenever youre it seems like its like oh, no, this is overdone. At least in the early stages of these things. Ive seen that over 20 years. Thats the way things are. Are we going are we going to go to the old trading range . I dont know about 2400. But weve actually remained pretty bullish. We remained bullish through the spring and raised our target price to 2,240 by year end 2016. So thats another 5 from here. Weve got a range of 2,190 to 2,290. I think the story of this year is largely all the things the market could price in that didnt go wrong. We all thought the recession was going in the beginning of the year. We thought emerging markets were going to tip over. Theyve recovered. Certainly dollar oil has stabilized. So thats actually pushed us through a number of those ranges. So you youre just a bottoms up. Youre not really that concerned with the overall market, right . So what besides raytheon then . We are concerned with the volatility in the market. Thats why were looking for companies that have their own catalyst that can do well on their own. Companies such as mgm. We dont think its a gamble to own that company right here. Theyre opening a new casino later this year. Where . In maryland. Theyve also been cutting costs. Theyre ahead of you were so dry with your pun there i almost missed it. Raytheon was on the radar. Its a defensive company. Also looking at their Las Vegas Convention business. Were seeing more visibilities in business there. So we really Like Companies like this which have identifiable catalysts. Companies you can own in any kind of environment. Because we think volatility will continue. I always think of tia as a pension fund. And the yields are punishing Pension Funds aroundhe world. Is there going to be hell to pay at some point for these nevermet investment goals in some of these . I mean, how does that play out . You obviously just switch to stocks, right . Why fight it . Our focus is basically on finding the right equities to invest in in the portfolios. Thats what our group is focusing on. Most pensions would say they need somewhere between 6 , 7 cash flow to meet distributions, have some type of real rate of return. Thats going to be tough to get to over the next couple of years. Because weve brought forward a lot of the return from the equity markets. Bond returns this year have been nothing short of extraordinary across the board. Right . But its across a quality spectrum and everything. They will have to bring it down. I think the expectations. So many people are reliant on those thinking theyre going to get income and its just, theyre not necessarily in the stock market. Theyve gone they heavily rely on bonds. Theres a shortage of them in the world. It sounds very scary to me eventually. Right now its great. But when you dont get your check when youre retiring i was just looking at this data the other day. When you look at endowment foundations. I think the myth in the market place is that people and particularly institutions have run from the alternative space. When you look at the actual data, theyve been increasing allocations to alternatives. Hedge funds, private equity, blah blah. Actually able to distribute nice cash flow, income, yield in this environment. All right. Great. Thank you. Movie theater chain amc announcing its buying odeon and uci cinemas. And ceo adam aaron will join us just a couple of minutes to discuss the deal. All right. Coming up, its primetime for amazon. Shoppers can expect to find big deals but for the company it goes beyond Free Shipping and 50 off your favorite shoes. Details of amazons plans next. And back on capitol hill. Loretta lynch will face tough questions in a house judiciary hearing. A chairman of that committee joining us to tell us what they are hoping to hear. Squawk box will be right back 37 as amazon embarks on its Second Annual primeday, expectations are high for consumers and investors. Courtney reagan joins us now with more. Youre all excited about this. Were hours into it already. Prime members expect better deals right now. And expect the company to acquire more prime members. Thats the key here. Research partners estimates that 63 Million People in the u. S. Only are now prime members as of the end of june. Amazon has never actually disclosed its total prime member numbers. Their goal is to get more to sign up for prime even if its initially for the 30day trial. The challenges is to turn them into paying members typically, though, about a 70 retention rate. Prime members are more valuable spending about 1200 annually versus 500 a year for nonmembers. Estimates last years primeday generated between 400 million in sales. This year it could double. There is data that shows primeday actually helps other retailers. Especially walmart which is offering Free Shipping all of this week for anyone as well as a 30day free trial for its shipping pass membership. And that is actually about half the price of what amazon offers for prime. Exciting. I know anecdotally, courtney, that im a prime member and i order more because its just easier. First thing i do is check does amazon sell what i need. I dont want to ever go to the store again. Sometimes i will even pay slightly more on amazon because the Customer Service is so much better. From what store . Amazon. Groceries or everything . I have everything delivered. So do i. Did you try your megapi pie . Yes. Its delicious. Its an artisanal pop tart. Everybody wants to buy food and where they want to buy it is starbucks. How much fun is that for retailing . Did you see the pockets of joy. No. I am joyful now because i have this much left. Okay, sorry. Im going to start selling on my stoop in brooklyn. She was on last hour for meg pie if youre just waking up. How important is prime . Sounds pretty important to me. But, quantify it for us. I love madeup retail holidays . We have done so well with things like valentines day, mothers day, and fathers day. Now we made up a new one, prime. Lets make up one in july thats one of the crumbiest months of the year. Its terrific. July is a horrible month. They come out and say were going to do more business than black friday. Were going to do more business than cyber monday and they do. Last year they did 415 million. And this year if they double it, it will be a huge home run. But everybody had big business on primeday last year. Whos everybody . Walmart, macys is, target, and online . Yeah. This year everybodys playing the game. Kohls ad, 20 more off if you buy it online. Everybodys playing the game. But amazon is going to have an enormous day. And walmart has already said today for the next five days well give you free prime membership, they call theirs Shopping Pass but its the same idea. Normally its 49 bucks. Now its free. They get you to play the game, be in for 30 days for free. You can get your delivery. So theyre playing the game. Theyre going to do a big volume in the next few days. They lowered prices for 90 days just to compete with amazons game here. Amazon is going to put in a lot more prime members. What about last year when there was that trending hashal primeday fail because they were selling things like shower heads and weed whackers. A crappy yard sale. When you do 417 million in a day, you dont give a darn about how people say it failed. You think they could double it. Theyve got twice as many third Party Players as they had last year. And theyve got twice as much stuff on sale. So can they double it . Maybe not. But well never really know. But theyre going to be one heck of a lot better than last year because theyve got so many more people buying in and more prime members. I think theyve got 70 million members right now. You said 60 and change. But its going really fast. Where could they get to . Where do they get to . Well, lets see. They own the world now on online except for alibaba. Now, remember, alibaba when they do one of these, does 12 billion, 14 billion in sales. But theyve got 1. 4 billion people in china. You may have noticed. I noticed. But my point is you can make this a big business worldwide. And so amazons trying to make this a worldwide day, not a u. S. Day. So i dont think theres any real limit on their ability to make this happen. When you can sell 400 items a second worldwide, can you not sell 800 items a second . Sure you can. Can you sell a thousand a second . Yes, you can. Let me ask you something. Youre a retail guy. How much time do you think about their Cloud Services which is considered to be a huge driver of their growth . I dont spend any time thinking about it because amazons not really part of my group. Amazons destroying my group. So i only focus on their part of the business thats truly retail. But we know they dont make money in retail. All the money theyre going to be make is out of the cloud and their services. On the retail side of the business, theyve lost money forever and they probably arent going to be making any in the near future because they run at such low gross margins. Okay. So they really can damage everybody else a lot and they do. And so it makes it very tough to compete with them because they have a zero cost of capital and they have this business thats going to keep everybody investing in them. Then they keep running the other side just for volume. And thats not going to change. If you have to compete with amazon especially on primeday, you have to give them credit. Thanks so much. Thanks. All right. Coming up, amc theaters doing a deal across the pond buying londonbased odeon and uci cinemas. Adam aron will join us after the break to discuss that acquisition. The futures at this hour continuing to show some good gains. Open up about 80 points on the dow and up over 9 on the s p. That would be another new high, obviously. Today, were seeing new technologies make healthcare more personal with patientcentric, digital innovations; from selfmonitoring devices that can interpret personal data and enable targeted care, to Cloud Platforms that invite providers to collaborate with the patients they serve. Thats why over 90 of the top 25 Global Pharmaceutical Companies are turning to cognizant. Our domain experts, technologists, digital and data specialists, clinicians and scientists are transforming the way Clinical Research sites collaborate with pharmaceutical companies, and enhancing Patient Engagement with innovative platforms and solutions. Our populations growing healthcare needs present growing opportunities for our clients to advance the future of medicine with digital, and improve the quality of lives. Movie theater chain amc announcing moments ago its buying londonbased odeon and uci cinemas. Its about a 1. 1 billion deal which amc says will make it the largest theater operator in the world. Joining us is adam aron, the ceo of amc theaters. This is a historic day for our company so im delighted to be with you. Whyd you do the deal . We did the deal because the combination of amc and whats known as odeon and uci cinemas creates the largest Movie Theater chain in the world. Having the number one position is a great thing for us. Beyond that over the past few years, amc has introduced a lot of amenities like reclining seats, better food and beverage, alcoholic bars in lobbies. Were going to bring all those theater renovation skills to europe. We will be a first mover in europe with plush reclining seats for moviegoers. And yet theres another big factor. Were just a few weeks after the brexit vote. The pound versus the u. S. Dollar is at a threedecade low. I do believe that we might be the First Company to announce a billiondollar acquisition in europe. Taking advantage of the Currency Exchange rate. I dont think were going to be the last. There are some real bargains to be had in europe for american companies. I want to talk more about that in a second. Tell me how do you think its going to go . You have a shareholder event coming up on another deal with carmike. You had to delay it because there was concern about the price. Whats up with that . Well, thats youre correct in everything that you said. We had a separate billiondollar acquisition with Carmike Cinemas to become the largest Movie Theater chain in the United States. I think weve heard some concern from carmike shareholders that they think we got too favorable of a deal in the merger agreement we struck. We are a very disciplined buyer. We bought odeon and uci at a bargain price in europe. You think the votes going to go your way . Theyre going to vote for it or no . Well, well see. We said were a disciplined buyer. We said that amc and odeon, largest Movie Theater chain in the world is sufficient appetite for us. If the shareholders dont want to go forward with amc, thats their prerogative. Having said that, we are committed to both deals. Were interested in both deals. But what if they say no . Would you pay more . Well cross that bridge when we come to it. Right now were locked and loaded where we are. We are going to be talking with Carmike Cinemas this week to see if they are ways to salvage the deal. The deal for carmike and amc estimates the shareholders of both companies. It gets marginal quickly above 30. Well see what happens this week. Ive interviewed your boss, he says he wants to control 20 of Movie Theater chains in the entire world. Where do you stand if you get both of these deals done . Well, were helping him in that regard because were the second large est player in the United States. Were about to become the number one player in europe. Put us together, just amc is the largest Movie Theater chain in the world. Were on a good start to his stated goal to be an important player worldwide. Got it. Adam, thanks for joining us. Adam aron, completing the deal this morning for big movie chain. Coming up, Loretta Lynch will be in front of a committee today. Bob goodlatte will join us after the break. Take a look at u. S. Equity futures at this hour. Theyre positive. What are you doing right now . Making a cake ayla reminds me of like a master chef and emiana reminds me of like a monster chef. Uh oh. I dont see cake, i just see mess. Its like awful. It feels like i am not actually cleaning it up whats that make mommy do . doorbell whats that . Swiffer wetjet. So much stuff coming up. This is amazing woah. Wow. Now i feel more like making a mess is part of growing up. Stop cleaning. Start swiffering. smash like an administrativeyou dont assistant. Dustrial strength your 3 oclock is here. But theres one thing you do. Its called predix from ge. The cloudbased Development Platform thats industrialstrength strength welcome back. Among the stories front and center, Small Business sentiment is on the rise. The National Federation of independent businesses says its monthly index rose to 94. 5 in june from 93. 8 in may. That is the Third Straight monthly gain. Starbucks increasing some prices at its u. S. Stores as of today. Company says increases will amount to 10 to 20 cents per cup on certain sizes of brewed coffee. And one of the stocks were watching today is Sage Therapeutics. They had a phase two trial of a new drug to treat postpartum depression. In preparations under way in cleveland. Ahead of next weeks Republican National convention. Eamon javers joins us. Is that where you are now . Wheres the rock n roll hall of fame . Its around here some place. They are already here putting the finishing touches on the Convention Center here behind me for the rnc convention. We got an interesting piece of significant political news late last night in which a federal judge sided with a virginia delegate to the Republican National convention who does not want to vote for donald trump even though thats the way his state went. The judge saying he does not have to be bound by that commitment. That plays a role in the Political Uncertainty we might see in this Convention Next week here in cleveland. The political Platform Committee also working diligently yesterday. We had a chance to stick our nose into those proceedings. Interesting developments there because theyre coming up with a platform that donald trump may or may not abide by as a candidate or as president of the United States. Of course weve got all of this speculations swirling around town today as who donald trump might select as his running mate. A lot here to Pay Attention to. But were going to watch the Platform Committee and the rules Committee Later on this week with the political intrigue that people think might be coming here. Whos the fourth . Is it flynn or corker . Well, were looking at flynn at this point. But he has made the general has made some comments about abortion that may or may not disqualify him. Tried to walk those back. So thats maybe were looking at three and a half then. Youre looking at newt gingrich, youre looking at mike pence the governor of indiana, and governor chris christie. All of whom are doing apprentice style tryouts traveling with donald trump, meeting with him. Not clear which way hes going to go. Does he feel he needs an established current figure or somebody from the outside just the way donald trump has been a breath of fresh air from the outside into the political establishment here in cleveland . Eamon, what do you think the rules committee, are they going to surprise anybody and announce theres going to be a vote on whether or not you can unbind the delegates . I dont know. You know, that ruling from the federal judge yesterday might make it more likely. Might give that side the unbinded delegates side of the argument more momentum. But you talk to republican officials here like i did last night when we got to town. They are not expecting total political chaos. But they are expecting a wild ride, they said. Were going to have to wait and see what happens. My sense just personally having done this for a few years is that the people who are opposing trump at this point dont have a candidate. They dont have an organization. Trumps got all of those things in his camp. That seems to give him ultimately control here. Well have to wait and see what happens. Its been a year politically unlike anything weve seen. This could be a Republican Convention unlike anything weve ever seen. And kasich might not even show. Right. The local tv news this morning was covering kasich. The question is whether he will show. Will he speak . Will he endorse trump . You know, its really something when you have a republican governor in a state where the Republican Convention is and hes saying hes not going to come to the convention. That gives you a sense of just how torn the Republican Party is. You know, i was talking to a couple of big Republican Fund raiser types last week. And they said that among the donor class for the Republican Party, this is really tearing apart friendships. People have known each other for 20, 30 years, worked together. Some decide to go with trump. Some decide to sit on the bench. All those relationships are being torn. Youll start to feel that this week. Eamon, thanks. Back on capitol hill, Loretta Lynch is going to face some tough questions on the Hillary Clinton email probe. At a house judiciary hearing this morning. Joining us now the chairman of the House Judiciary Committee bob goodlatte. I dont know, man, congressman. Tough to get anywhere. We just talked about grand kids and golf, she could say. Although i think bills only got grand kids and thats a baby. How long would that take . It wouldnt take long. And a lot of questions raised by the president earlier on making his own comments about this case. Loretta lynch meeting with secretarys husband, former president who appointed her United States attorney when he was president of the United States. We have then the fbi director outlining step by step all of the violations of the law she committed. And then saying, however, were not going to indict her and then the attorney general saying were going with his recommendation where the custom is a, the investigators dont usually hold a press conference. And b, the prosecutors are usually the one who is make the decision about whether or not to indict. So lots of questions. And we will take it step by step. Its a little strange when i mean, ive seen a cartoon that has Justice Department people saying, you know, weve launched an investigation of ourselves and we found ourselves innocent. I mean, its the Justice Department thats supposed to bring these cases and youre going to be talking to the a. G. So shes going to say i mean, i can sort of hear it already. Shes very skillful. Sometimes i wonder whether the whole comey thing, it was interesting but i wonder if it starts to come back on republicans when really you dont have any theres no teeth to any of this because youd have to deal with the Justice Department which has a political appointee. The fact of the matter is there is a case because this Justice Department has indicted and convicted seven people under the espionage act, five of whom were incarcerated. Two of whom had similar circumstances to her. They were not incarcerated but they were convicted. The question here is about Hillary Clinton. Not about the Justice Department. Is she above the law or is she not . What does this say to other americans . We found out last week. We already know the answer to that, we dont we . Id like to hear her say it. Right. Well, good luck. I think itll be interesting to watch. But what about my point that i think they did a poll also, congressman, if secretary clinton had been indicted shed lose like 1 or 2 of her support she already has. I dont know if any of this matters to the people that are going to vote for Hillary Clinton. It may not, but i hope we not lose sight of the fact that in addition to political campaigns and politics, we also have the rule of law and its one of the chief responsibilities of government and elected officials to uphold the rule of law. And thats what this hearings about. Mr. Chairman, good luck. At least should be some good theater once again. Got all your questions ready. Well be watching. Were ready to go. Okay. Thank you. Coming up, Facebook Live budding as a new News Platform while twitter is inking deals to stream the national conventions. Look at how social media is quickly becoming the new age of tv. Check out the futures at this hour. Suggesting a positive open. Dow higher by 80 points, s p by another 9. 5. A fresh, new record high. Alltime high thats never been here before. Live streaming going primetime. Facebook becoming a new hub for video, live events, twitter also trying to up its game in the space inking a deal to stream coverage of the gop and democratic conventions on its site. Joining us now is ben lair of thrillist video group. This video got more than 54 million views in just two days. Told us during the commercial break its up to 75 million. This is what you call branded content. Opposed to unbranded content . Its an advertise m. Thats the new word for advertisement. Yes. So you dont call them advertisements anymore. You call it branded content. Facebook live. The ability for everybody to stream video all the time whenever they want. Is our jobs in jeopardy here . I dont know that Facebook Live would be the reason your jobs are in jeopardy. Theres so many reasons why that would be the case. I think Facebook Live is just another example of how much power facebook has. Live is something they want to focus on and theyve started to award it in the algorithm. If you are a publishers publishing to facebook, they have said without saying, you have to be making live content if you want us to take your content seriously. You know where im going with this, right . Tv and the phone and the desktop all merging into one. At some point. Yeah. I mean, tv i think what were seeing is actually like history is repeating itself 30 years later. 30 years ago you had the sort of beginning of cable tv. Like, the real beginning of cable tv where every big Cable Network we know launched. And 30 years later, the pipes have been replaced. So whereas the cable tv pipes were the most important pipes. Today its facebook and google and snapchat. This is where content distribution is happening. The media businesses that are going to be built for the next 30 years are going to be built on these pipes and not on the cable tv pipes. Democratization of the ability to go live. The woman streaming the aftermath of the shooting on Facebook Live. Yep. How to use an andrew question, how should we think about that . Is that a good thing . Is that a bad thing . I mean, what i think well, i think that example was a very upsetting thing but i think its a good thing in that i think the democratization of anything is generally a good thing. I think theres amazing content being created that hasnt been seen or content that could have been created. And i think it creates opportunity. Its also going to really mess up the media business. And the way people spend their time. You know, back people had to select from a specific linear stream of content and scheduled viewing. Today the bombardment we have, theres more content than could ever be consumed. I still dont understand thrillist. A video is relatively new for thrillist. Its new for us in weve been creating content for ten years and have a voice and a mission as a content company. Now were figuring out new ways to tell stories. It seems that would be id start with video for content. But you already well, we started with written articles, with images because that was, you know, just like the New York Times. You know, we started with a format and now were taking on new formats. But obviously important step and one that could eventually be i think well be creating more video than is written a year from now. Did the Cider Company how did all that work . They say make us a video and well pay you this . We were spending time with them about what theyre trying to accomplish and how theyre trying to build awareness for their product. We came up with a content series, a number of pieces of contents. Some written stuff. Some video for how we could help create awareness and help sort of tell their story. And one of those pieces of content was this video that we created that happened to go viral. And the video was really good. I think that the video itself going viral was you never know whats going to go viral. Many say make us a viral video. Thats not what you want to be in. You want to help brands tell their story. We have a great brand and our demos are great. We skew a little bit probably older. It would be nice to skew younger. Thats because of television though. Well, i want you to create a viral video for squawk box. I just said we dont want to be in the business of creating viral videos. How are you going to help us . You think were going to be out of business for so many different reasons. Your issue is not going to be related to i think you guys create great content here. I think that the challenge is that you guys are going to have are a going to be about distribution and figuring out how youre not only reliant on creating content thats on a linear tv stream for people in front of a tv. We post on facebook. I posted Facebook Live from iran. And how did that do . Im curious. It was very interesting because the iranians squeezed the pipes so its very difficult. And they actually dont allow facebook so we had to go around. But super interesting. For you guys creating content for different environments and not just taking the existing stuff you do and snip it down and send it out through facebook but think about how youre publishing to Facebook Live, publishing in the new environments i got to tell you, i see a lot of junk go by. They get two people who are its super early. Acting like us, trying to act like us and its not good. If i do say so myself. But as a premium content brand, as a brand that stands for something, you guys dont have to sort of fall to that lowest common denominator of brands creating garbage. You know how to create great live content. I think theres an opportunity for all brands who are creating premium content to open their minds and how to create outside of the normal pipes. I guarantee you you have big advertisers spending against your tv that would love to spend against this show in different formats. Ive got to hire you, i think. Because i dont know what the hell youre talking about. I tried to get him to do a podcast with me. No way. Wouldnt do it. Why wouldnt you do that . Im not on facebook either. Well, then we have bigger problems. These are small problems. But i need to hire you to tell me what to do. He just told you to get on facebook. You can log on right now. What about my myspace . Thats probably still the most important. Its good you still have that. The producers want to put a camera in my house. Right. So you can be on power lunch later in the day. Thats a good idea. Right i would say do the camera in the house. Damn. And hes telling you for free. Well see. You bill people, right . I dont, actually. So if facebook is becoming tv, does their multiple drop down to a more cable or tv multiple . Well, actually one of the interesting questions is going to be to facebook, snapchat, google, do these Companies End up becoming content owners and not just distributors . Right now it looks like 10 to 15 Cable Networks packaged into one. Its the most powerful platform of distribution thats existed. The question is eventually do they do they buy buzzfeed or multiple Media Companies . Do they create your own stuff . They recently hires a buddy who had been at College Humor whos a content guy to come in and lead content there. Heres the thing. Facebook right now has a trailing pe of 72. And theyre moving towards doing what we do. Right . Live stuff. So comcast needs a pe of 72, dont you think . Its working on that. Yeah. I would take that. At what age does the hipster beard not work, in your view . When did you shave . I shaved this morning a little bit. This is as short as its going to get. Its good because youre young. Is there a i was talking about this at home actually. Because we were watching some tv show. And the guy, i think he was like late 40s, he looked like he didnt look hip. He looked like he lived under an overpass. That might just be a specific issue for that guy. No, no. Harvey wienstein, not good. Well, thats a different story. Tell me what age. This is really i appreciate the being thought of as being young, but i really am not an expert. I am young, but im not that cool. Do you know who don johnson is . Of course i know who don johnson is. This is a crazy conversation. Condescending. Yes. Very condescending. Ben, it was great. Thanks. See its the content. Look at whats happened here. This is awful. Coming up you told us not to go to the basement. I thought okay. Stocks you need to watch when wall street opens for business. And then at the top of the hour, a new high for the s p. The current bull market adding some 13 trillion in the pockets of investors since the low of 2009. Nu veen investments bob doll is going to join us to discuss this market run and if it can continue. Here are the futures. Up another 84. Thatd be another new high. My mom loves giving me advice. She even gives me advice. About my toothpaste and mouthwash. But shes a dentist so. I kind of have to listen. She said jen, go pro with crest prohealth advanced. Advance to healthier gums. And stronger teeth from day one. Using crest toothpaste and mouthwash makes my. Whole mouth feel awesome. And my teeth are stronger too. Crestpro health advanced. Is superior to colgate total. In these 5 areas dentists check. This check up . So good. Go pro with crest prohealth advanced. Moms right. Again there are many things you dont like coffee. Strial strength but theres one thing you do. You guys okay . its called predix from ge. The cloudbased Development Platform thats industrialstrength strength lets take a look at a couple stocks to watch this morning. Amc entertainment is buying odeon and uci Cinemas Group at a deal vailed at 1. 2 billion. Amc remains committed to buy Carmike Cinemas. Seagate technology, the hard disk drive maker boosted revenue guide for the quarter that ended july 1st. And shire won u. S. Approval for a new drug to treat dry eyes. About 16 million americans suffer from that ailment. If you missed it earlier, we were talking a little bit about David Camerons going to resign tomorrow. I dont know. I missed the whole election over in great britain. You tell me that mps did something. No, the party vote zblps i know what happened. But its fishy to me. Its no way to run a country, i dont think. You want the leader of the country to have been voted in in an election, as youre saying. And they dont do that there. What a concept. My point was in all the papers today, they say she landed the job, she was she ended up as the person those are not so there she is. So she is the is it madam Prime Minister . I think its just Prime Minister. Here it is after i said all that, we found this cartoon. I really dont want it shes talking to the queen. And that is theresa may. I really didnt want it to be a coronation. I thought they stepped away from that. Its a symbolic monarchy. Youve got to check in with the queen over there. I know you do, but you see what theresa may was wearing. I dont want to call it a coronation, but thats what it is. Wheres bo jo . He would have been so much more fun. With the hair and everything else. Theres another election coming up with lots of hair. Still to come this morning, scott cohn has traveled the country to bring us the top states for business. This is a cnbc proprietary thing we do. Hes going to join us to reveal number five as we kick off the big countdown. The winner will be revealed on the closing bell later today. This is lulu, our newest dog. Mom didnt want another dog. She said its too much work. Lulus hair just floats. Uhh help me doorbell mom, check this out. Wow. Swiffer sweeper, and dusters. This is what im talking about. Look at that. Sticks to this better than it sticks to lulu. Thats your hair lulu mom, can we have another dog . laughing trap and lock up to 4x more dirt, dust and hair than the store brand stop cleaning. Start swiffer ing bring on the bulls. The s p hitting a record alltime high. And stocks around the world are rallying. But can the summer sizzle last . Well talk to top market watcher bob doll. The wait is over. Bernie sanders finally endorsing Hillary Clinton perhaps today. And were hitting the court with warrior Andre Iguodala. Well get his take on the rise of tech in sports and his new teammate kevin durant. The final hour of squawk box begins right now. Live from the most powerful city in the world, new york, this is squawk box. Welcome back. The Republican National convention is just a week away and the bush family will be absent from the proceedings. Msnbc political analyst spoke oneonone with jeb bush in kennebunktport, maine, yesterday. Its the first time bush has actually talked about it. Welcome back to squawk box. Were going to talk about what was said. She was previously employed by jeb. You wouldnt think he would necessarily go to msnbc. But i thought his remarks were measured. I thought that anyone asked about hillary, he gave sort of back handed compliments to trump on his use of media and sort of the ability to put people into certain he was wonkish and low energy. Lying ted. Little marco. And he kind of gave i mean, he did defeat 16 other people. Given what donald trump said about both, you know, his brother and even his father, you know, theres bad blood there that wasnt going to be fixed. You can see the dow up 87 points or so. Checking out the markets right now in europe. Also a lot of green. And certainly, you know, its not an overstatement to say that everything is confounded. That the apocket liptic version of what was going to happen after brexit. Ill never forget Christine Lagarde saying all economists agree. All of them. She said that with that iron view. Just had no clue that she sounded the more she talked, the more she made it almost always wrong. The bush interview, were going to run some in the next half hour. Here are some of the stories investors are going to be talking about. You just saw the futures. If that keeps on going, well have another fresh record alltime high which is the statement. A fresh new record alltime high where the averages have never been before ever. Thats redundancy upon redundancy. The current bull market has added 12. 6 trillion. A tribunal found this morning there is no legal for china the ninedash line on the map which gives them, they say, china saez, gives them much of South China Sea. The tribunal suggests that china has interfered with philippines fishing rights. Risk of collision with philippine vessels. Ben bernanke is in japan this week. He told japanese Prime Minister shinzo abe the bank of japan has steps available. Discussed what the boj can do to achieve sustainable growth. I havent seen any wripups that say specifically what those steps were. I assume it has something to do with helicopter money. Maybe thats a bad assumption. In Corporate News, the s. E. C. Is investigating whether tesla breached securities laws. Specifically regulators are looking into the automakers failure to disclose to investors that fatal crash that was way back in may involving one of its vehicles with selfdriving technology. According to the wall street journal, the investigation is in an early stage and may not lead to enforcement action. Few stocks on the move this morning. Alcoa earnings and revenues topping forecasts even though Aluminum Prices continued to fall. The Company Continues to perform well in a low pricing environment. With alcoa expecting strong double digit growth in 2017. Sage therapeutics shares announced upbeat results for a phase two trial for a new drug to treat postpartum depression. In the recently concluded quarter. Thats a smaller than expected drop. United also said that fuel rices during the Second Quarter were likely higher than it had previously expected. Thats weird looking, that chart. All the way up and lost maybe the rise in oil prices . I dont know. You know, also, remember right after the paris terrorist attacks, dramatic drop in travel to europe. I know. Jpmorgan Ceo Jamie Dimon weighing in on the wage debate in the New York Times. Why were giving our employees a raise. Hes hiking for thousands of employees. He said led to many thinking that the next generation will be worst than the last. Many employees who will receive this increase work as bank tellers and Customer Service representatives. And he says above all it will enable more people to share in the rewards of economic growth. This is not any type of federal mandated program. This is a private company deciding it has the wherewithal to raise wages. Lets not get too excited. I think hes going did you read hes up to the average for the lowest pay goes up to like 10 which is a couple of dollars above 7. But its still, if they want to attract good people, its smart to do. Number two, theres plenty of room. Because hes talking about 10 and 12 per hour jobs hes talking about here. No one wants to be in a 10 or 12 an hour job five years after they start at jpmorgan. I dont have any problem with corporations finding a way to do this and it makes sense and can come back. I absolutely agree. Never should be mandated. I wrote a book where i said i dont think there should be a minimum wage anywhere ever. The Huffington Post will write about you calling you cruella de vil. The world hates bankers, the elizabeth warrens of the world. If this is the game you got to play, this is the game you got to play. Especially when hes been criticized by some for not being political enough in the past. And jamies been you know, he will tell you hes a democrat. Hes been a democrat as long as ive known him. And at one point he said im barely a democrat. Anyway, the s p 500 closing at a record high. Don chu joins us with what is powering the index. My guess would be stocks. That is for the new record alltime high. Im going to say it again. Its a fresh new record alltime highs. Get it right. Put the average where is theyve never been before. Rarefied air. Good. Good. Thats a new one. I will say that one as well. Lets talk about whats happening right now. Speaking of jamie dimon, the big purchase of stock he made on february 11th that called the bottom for at least this year of stocks in 2016. If you look back over a couple of years, yes, we were just where we were about may 20th of last year. As you talk about the s p 500, lets take a look at two of the sectors within the s p that have joined the s p 500 at these record high levels. Maybe one of them youll understand. But this one maybe not. Industrial stocks as a sector overall are sitting at fresh record new whatever you want to call them alltime highs. Industrial is a big part of this rally. Well see if it continues. The other one is when we talked about over the past few weeks, months, arguably. Those div dent paying stocks. Toilet paper, paper towels. Whatever you want to call them. Those things up about 13 over the course of the past year. And they join the s p 500 at a new, fresh, rarefied air alltime high, whatever you want to call it. There are a couple of places to look that are not yet there in terms of the overall market. The dow and the nasdaq compos e composite. Close, but no cigar well say. 0. 7 away from an alltime high. And the nasdaq about 4 away from that as well. Michelle, as we talk about whats going to happen internally with the markets, theres a few sectors to watch. Financials, they are not near a record high because of the financial crisis. And technology, Telecom Stocks because of the old dotcom bubble. Those are stocks to watch as well. Its going to be awhile, guys. Cuban . What is that . Thats a monte kristo. Light that, less of a fresh alltime high. It stinks. Anyway, we are now in full theres a backhoe out there. And it is theyre not doing it right now. But every time that thing goes into the ground, we feel like a fracking earthquake. It feels like an earthquake. A fracking earthquake. From fracking. Now, thats a prison yard. El chapo needs one of those. Instead of doing it with a spoon. This is difficult. I honestly think becky got nauseous from all this. Becky was here this morning. Shes not feeling well. Thats why youre stuck with me. Were doing a show here. They dont care. Its so loud. Stop. Theres mike. Mike, tell them to cut it out. Hopefully well be able to hear bob doll chief equity managing director over the noise. Bob, good to see you this morning. Good morning. Im going to go back to something i said in the first hour. If you read in the New York Times today where they gently chide the breathless tv reporters about the new alltime highs for stocks. They point out that smart people really look at the bond market and that the bond market in theory is telling you a story for which you should be terrified. Help us square that. Is it that this stock market and bond market are telling different stories . Or forcing everybody into stocks because who would want to put their money into a negative yield . I think what the bond market is reacting to is what is happening overseas. If we did not have negative Interest Rates in the world, our 10year treasury would not be in the midones. It would be probably over 2 . So that sets up a valuation comparis comparison. All of a sudden valuation gets interesting. So i dont think the low Interest Rates are a reflection of a bad u. S. Economy. Its a reflection. Which does have economic problems. I think the issue for the stock market is earnings. Ill make three points. One was the first quarter. Dollar is no longer going up. Earnings are likely to surprise to the upside. And number three, to have comparisons in the third and Fourth Quarter. Thats why the market is moving higher. In theory, if you have negative rates, you can pay an extraordinary multiple. Right . How high . How much should you chase a thing like a utility or something thats giving you a yield in this environment . So i cant get my mouth around the words that the multiple is going higher. It could, but thatd be icing on the cake. To me the necessary condition for a better stock market is earnings. I think this bunch to the new high is what its telling us. Were not going to get better earnings. Not great. But good enough. All you need is for multiples to stay where they are. But people say theyre not going to stay where they are. Eventually Interest Rates are going to go up. But i think between brexit and the previous jobs number which pushed out further, that made the multiples more sustainable. So why shouldnt we be at 17 times earnings . Perhaps we will go there. Where are we now . Quote dependable earnings and dividend rates have gone higher. I think inside the market thats the tension. Do we continue to own the staples or the industrials back to the two sectors that were just reported at new highs . I think youll lead to the cyclical side of the economy. Rates are going to creep higher. Because Global Growth is going to be okay. Better than the fears of brexit, certainly. But not vigorous where were going to get Interest Rates that threaten the market. Where is the multiple based on this year and nexts s p. Im guessing a flat multiple of where weve been. What is it . Im asking you what is it. 17 times. 17. At kra iz si stops its at 22. Correct. And crazy tops look. If we knew where Interest Rates and inflation are, i. E. Very low levels, could be at alltime highs. I think the deflationary fears, the memory of 08 h09 will no allow those levels. All right. Thanks, bob. Good to see you this morning. All the best. Coming up scott cohn is live in one of the states. The sun is now everywhere. See. Hes very tricky that way. He wont give us. Tell us something, scott. Well, here we are. Were in the top state for business. Were going to count it down all day. And the countdown is going to begin with state number five coming up on squawk. A state that i think is going to generate a lot of interest. Well have that and another diabolical hint when we come back. One of the most fun days of the year at cnbc because the countdown a on all day on cnbc. We are revealing americas top states for business. Its our tenth annual study. Scott cohn is in the top state which he will reveal later today on the closing bell. Thats why we dont put a locater above him. But hes going to reveal what . Number five . The runner up here, scott . This is where the countdown begins. Yeah. Were in question mark, question mark, question mark. Thats the top state for business. Well see if you can guess it. A lot of interesting guesses coming in on twitter. The hash tag there is top states. This Research Began back in february. There is a serious study behind this. Youll be able to see later today where your state stacks up. Lets get rolling with state number five. North carolina, the tarheel state comes in at number five this year with 1522 out of 2500 points. Thats up from ninth place last year. North carolinas best category is access to capital. The second best in the nation. Money flowed into the state last year both Venture Capital and Small Business loans. That despite a raging controversy over the states lack of inclusiveness. Not only has the socalled bathroom law drawn criticism from business, this is one of only five states with no discrimination protections for nondisabled people using public facilities. That hurt the state badly in our quality of life category where it lands in 30th place. Jock growth was healthy last year but unemployment remains above the national average. North carolinas individual income tax rate is 5. 75 . The state and local sales tax tops out at 7 . North carolinas largest employer is walmart. The largest industry is manufacturing. This is North Carolinas sixth appearance in our top five. Its best finish . Third place in 2011. So we were reporting last week from raleigh asking the question about whether North Carolina could be competitive with all of those issues with the discrimination protections. The answer by the numbers is clearly yes. But by those same numbers, if North Carolina did not have that bathroom law and all those issues, it almost certainly would be in second place this year. And its very possible that that would be where i was standing today. But its not. So where am i . Lets give another hint about the top state. Original colonists. What could that be . Tell us what you think. The hash tag is top states. Guys . Scott, did distinguish who was last year . Virginia . Last year was minnesota . Minnesota. Thats right. So whenever things change, is it because things change in the states . Or do we sort of last year that became more important. No. It was pretty consistent with last year. The thing that changes from year to year is how we weight these ten categories. Its based on the heaviest category is the workforce followed closely by cost of doing business, infrastructure, economy, and down the line. And again we have all of that including our sources this year at top states. Cnbc. Com. So is last years in the top five . You got to watch all day. I mean, you know b, i could be im not asking you for the number one. I cant even get a is it in the top ten . Is it bigger than a bread basket . Its bigger than a bread basket, yeah. I knew thats all it would give me. I dont know what that means. Me either. Theyre all bigger than rhode island. Thank you. Scott cohn. I thought i knew yesterday. But now that new clue may be something that doesnt mean one of the original colonies. Some other okay. That looked out west, didnt it . Im guessing west. Coming up, its good to be taylor swift. It doesnt suck to be taylor swift. That is for sure. 170 million made in the last year. The pop star topping forbes list of highest paid celebrities. Oops. Well tell you again how much she made next if you werent listening. As we head to break, check out the market milestones from yesterdays close. The s p 500 hitting a fresh new alltime never been there before record high. Squawk box will be right back. 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 cla250 for 299 a month at your local mercedesbenz dealer. Mercedesbenz. The best or nothing. The first stock index musicwas createdughout over 100 years ago as a benchmark for average. Yet many people still build portfolios with strategies that just track the benchmarks. But investing isnt about achieving average. Its about achieving goals. And invesco believes doing that today requires the art and expertise of highconviction investing. Translation . Its time to bench the benchmarks. Taylor swift taking the number one spot on the 2016 forbes list of the highest paid celebrities so far away above anybody else. Its just incredible. The pop star earning 170 million over the past year following the success of her 1989 world tour. For 2016. And the earnings are the highest of her career more than doubling last years 80 million. You got to follow her on instagram, dude. Its fun. Ive seen two of her concerts. She works so hard at those concerts, does so many concerts. She had that one little i mean, she had that thing with who was that . Kanye or something . He was mean to her on stage. What a jerk. And she was also a little pitchy and she just soldiered on and its amazing. The haters gone that hate hate hate hate. Coming up, stock up more than 40 this morning. When we return. Hi daddy gain the freedom to fumble with the new water and shatterresistant Samsung Galaxy s7 active. Buy one now and get the samsung gear s2 for free. Exclusively at at t. Welcome back to squawk box here on cnbc. Whats making headlines this morning . Well, the personal Computer Market continues to slump but not as badly as the negative forecasts. New figures show that idc show that pc shipments were down 4. 5 from the last quarter compared to last year. That is a smaller drop than the 7. 4 that idc had forecast. And Hillary Clinton will, in fact, receive Intelligence Briefings ahead of november election despite protests from House Speaker paul ryan. In a letter to ryan, the director of National Intelligence James Clapper said he would not withhold briefings from any officially nominated candidate for president. And shares of Sage Therapeutics are surging this morning. Involving a trial for a new drug to treat postpartum depression. Joining us here with more is meg tirrell. Is it different than other antidepressants . No. Theres nothing strictly approved for postpartum depression. So Sage Therapeutics is testing this truck which works on a different way on the gaba resenters on the brain. Theres a chemical in the brain that goes down and so helping keep that chemical at higher levels, they can help with postpartum depression. So this was a small phase two study they conducted of its drug sage 547. What they found is in a majority of women in this study, i believe 10 of 11 i think in the treatment arm achieved remission after 60 hours of treatment. And then several kept it out until 30 days. And so this is pretty exciting. Estimates are up to 15 of women experience postpartum depression. Thats a large number of people without great Treatment Options right now. Its a bill . Injection . Right now this is their lead molecule. Their most advanced theyre testing is an iv infusion. And the treatment time is 60 hours right now. Across the blood brain does it need to get into the brain . I think it acts on the gaba. But this is something to ask the ceo whos coming on power lunch. Good, michelle. Remember that question. Yeah. And this is phase two. Thats only for safety. Id be worried immediately about messing with brain levels. Exactly. And so what they actually found was that adverse events were more prevalent in the placebo arm than in the safety arm. Theyre being careful. Its a small study. And what does gaba do . It makes the end product of gaba is the the brain chemistry is something im still learning, to be honest. You asked the iv question. 60 hours of iv treatments are intense. Theyre developing a pill as well. Thats another drug in their pipeline. Its all around this brain chemistry. Theyre also testing this in a severe form of epilepsy. Theyre going to take them into other mood disorders as well. So you have to be in the hospital for two and a half days for an iv . Yes. Thats why theyre developing a pill. This is very severe postpartum depression. Theres nothing out there for this. Thats why the stock is really surging this morning. Now to politics. The Republican National convention is just a week away. The bush family will be noticeably absent from the proceedings. Msnbc analyst Nicole Wallace spoke oneonone with jeb bush yesterday. Trump, you know, to his credit was very smart at exploiting these kind of opportunities. Hes a master at understanding how the media works. More than anybody ive ever seen in politics. Kudos for him for kind of creating the environment and then manipulating the environment to his effect. The tragedy of this, though, is that there isnt going to be a wall built. And mexicos not going to pay for it. And theres not going to be a ban on muslims. None of that is this is like an alternative universe he created. The reality is thats not going to happen. And people are going to be deeply frustrated and the divides will go in our country. In this still will continue to stagger instead of soar. And thats the heart breaking part of this is i think people are going to really feel betrayed. Joining us now from washington, john harwood. Theres probably not going to be a nationwide 15 minimum wage. Theres probably not going to a Single Payer Health care system or public option. Theres probably not going to be Free Education for people that make less than 125,000. The second bush didnt reform Social Security which he promised to do. Were not out of guantanamo. So, you know, i guess thats somewhat interesting to list all the things that arent going to be done. You never know until you try, do you . Well, i think youre right about most of those things. They will not happen. I think the difference that jeb bush would be highlighting is that the some of the aspirations that democrats are pushing are at least a little bit more in the realm of the normal where donald trump is talking about things that his own party john, no. Securing the southern border, i dont know. Maybe its i dont know whether its a wall or something else. But that you know, i dont know if i i mean, it can be hyperbolized and you can make it sort of a talking point, hold it up as like a great big terrible ugly wall that no one can get over with barbed wire or make it something that means were going to secure the southern border. And actually enforce the rule of law that we have in terms of immigration. The other one is what hes changed to not muslims but from specific areas where theres active oois sis involvement. Country, yeah. Im not sure that Free College Education is an easy it may sound more politically correct. I mean, who doesnt want Free Education . I want that too. I wish the government would cut me a check for about 10 million and for everybody else. So i could probably sell that. But, you know, im not sure what it means. You know, i thought jeb was fairly measured. And given how i thought so too. And given how acrimonious that the whole primary season was and what was said about his father and his brother and everything else, you cant expect jeb ever to really come around. And im sure his feelings are still hurt. So i thought it was a pretty you know, he didnt take the i mean, romney was a thousand times worse with what he said. His bitterness. Yeah. And i think the way that jeb bush was talking in that measured way gives you a sense of some of what was lost in terms of his ability to lead and govern. He wasnt a successful primary candidate. And he acknowledged that. But hes got a lot of brains and hes got a lot of yep. Good policy. Governing ability. Hes smart. He wasnt the right guy. History, it wasnt the right time for a third bush. Can you tell me about joe, dont you think its interesting that his brother is going to be appearing with president obama today at the service in dallas but of course is not going to be attending the Republican Convention. Only in the sense that its a former president and its a totally different sort of appearance. Oh, yeah. Sure. Whos going to be the veeps on both sides . I think its going to be clinton cain and trump pence. Donald trump will appear with mike pence tonight. After a flurry of speculation after going to a general like mike flynn that he is leaning toward the political choice. I think mike pence would give him more youth and vibrancy. It would be very old ticket if it was newt and donald trump. Right. And mike pence is very solid among conservatives. Hes solid among religious conservatives. He also has a tough reelection race in indiana that Vice President ial contest might be an exit, escape route. Now, tim kaine is somebody who, again, very collegeial. Although he is prolife, thats something that some in the party complain about. But that didnt stop him from getting elected governor of virginia, Democratic National committee chair, and because his democratic buddy Terry Mcauliffe is now the governor, if he gets picked it will not cost democrats a senate seat which is critical because they if they win the senate, it might be by very nar row margin. Well check back with you. Thanks. Coming up, Golden State Warrior Andre Iguodala is here. Well get his take on technology and his new teammate kevin durant. And we head to break, take a look at the equities. Stick around. Youre watching cnbc, first in business worldwide. Tokyostyle ramen noodles. Freshly made in the japanese tradition, each batch is small. Special. Unique. Every bowl blurring the line between food. And art. When you cook with incredible ingredients. You make incredible meals. Fresh ingredients. Stepbysteprecipes. Delivered to your door. Get your first two meals free blueapron. Com cook. Sports and technology are more intertwined than ever. And perhaps nowhere is that more true than the bay area. Now the Association Want to drive their members further into tech. With us is Andre Iguodala. He is a Golden State Warrior and a member of the 2015 championship team. So close. I was sure that that was Pretty Amazing for basketball. Was it okay . Are you okay with i mean, for basketball its good, right . For basketball its good. Business is doing really well. It certainly is. Interest is at an alltime high. We broke almost every record throughout the course of the finals. Even the western conference finals. So thats a good time for basketball players and basketball owners. And we did talk a little bit off camera. I mean, with technology. Youre there. You cant help but be i dont know. There are different parts of the country known for different things. If youre out there right next to silicon valley, theres no way by osmosis. Right. At the heart of the Tech Industry. We have our ownership part of our ownership has come from the Tech Industry as well. A lot of connections have been made, a lot of networking. Theyve really embraced our team. You know, ive tried to spearhead that communication between the athletes and the Tech Industry. You guys might feel good you might have some seed money. Talk about that a little bit. Steph curry doesnt make nearly as much as some guys that ive never heard of that arent named steph curry. Timing is everything in nba. Got a new tv deal. I believe its about 24 billion. Just starting to kick in. So the money just started this year. You got a lot of guys hes making what 10 million. Stephs around 12 million. What is he supposed to be making . Hell make what hes supposed to make next year. What will that be . Around 25 million. 26 million. The owners are doing well. The moneys split in half. He shouldnt get as much as mike holly 153 million over five years . Timing is everything. I dont know even if Michael Jordan was a top paid mplayer thats another thing. When youre on a team that wins a lot, you get a lot of notoriety as we should. And steph has proven hes the best point guard and best player arguably in the world. He has about 12 months. How many games did you win regular season . Last year we won 73. So kevin durant comes. Im ready to go 93. But people tell me thats not the way it works. I think if a guy steph curry has a team pit and thats great. But shouldnt kevin durant be able to come in there and be additive and its not going to be a problem with the way golden state functions as a team . Its going to be a great addition. Its a great addition. You know, i was in a few meetings trying to get him to persuade him to come our way. Hopefully i had some type of impact. Happy hes going to be a big impact to our team. It doesnt seem fair. You were golden state last year. Now youre golden state plus kevin durant this year. I would be protesting. Its like having a great cast in a movie. Everybodys going to play their roles and then some guys, you know, are going to do a little bit less for the better of the team. Kevin was willing to sacrifice. But were not going to make him do that too much. Can we go back to the money board . I understand youre involved in trying to avoid the awful story of the nba player who makes tons and tons of money and then blows it. I wouldnt consider it blowing it, but not having a proper education or understanding of how finances and money work. Theres a lot of unscrupulous majority of nba players, you know, bring in theres not much financial education. Especially a lot of the school systems. We didnt have an opportunity to go to private schools and then when you get to college, they never teach you how to start a credit line or how to get a loan on a car, things of that nature. In nba at a young age, because the talents taken us out of the position that we came from. The Nba Players Association and the nba as well, were making really long strides in getting players the right information and education. Can i see your phone . Yes, you can see my phone. They told me you carry a cracked phone. I do have a cracked phone. This one isnt cracked. You carry two phones just like me. Yes. Why do you have a cracked phone . I was supposed to ask about the phone you didnt want to replace . Just didnt feel like i should buy another one. You dont like to spend money. Thats a good trait. Yeah. I have my vices, but i try to save as much as possible. What are your vices . I dont think you bought that at joseph a. Bank. Mens warehouse. Beautiful. So this is july 19th. This is the first one, right . Yes. And youre sort of spearheading it, right . Im talking about what are we calling it . Nba Players Association tech summit. Tech summit. Yes. Youll go from a to z. Youll start with pretty basic stuff and go right into during the crash course in the Tech Industry. And nba players were directly involved with the tech world whether we know it or not. And media content and wearables, you know, directly can anyone come to this . Do i have to be an nba player . So there is a gap between i need this. Im not on facebook. How tall do i have to be . Current nba players and former nba players. As you know, the average career for nba players is three to four years. Yeah. So we always try to give our players many options postretirement to, you know, get into life after basketball. Because there are many, many years of life. Its a great idea. And you you know all this stuff already and youre going to help guys . I dont know all of it, but ive been through it a lot. I had a lot of help with, you know, different houses. Ben horowitz those are good names to drop. That goes a long way on cnbc, yeah. Theyve helped me out a ton. I got a chance to meet Warren Buffett once and Keith Lampert dropped some gems on me not too long ago. Been able to meet some interesting people who have, you know, helped me in know, helped turn, i want to help out my fellow nba players. Great, thanks. Well be watching next year, too. Looking forward to it. It will be fun. It will be a good rematch. Its not set in stone. Weve got some good teams in the east. Who else . Spurs are always a great team. And they just signed paul gasol. Youve got to be careful of what popovich has under his sleeve. People have doing a lot of dying. I like derrick rose for the knicks. They have a very nice lineup. Is ben simmons going to be a great player . Only time will tell. We have a kid named chris dun, and i like the young kid in l. A. Who just came from duke. Ingram is his name. Hes about 610. Hes from providence. I like the lakers kid. Hes about 610, 150 pounds. Once he gains some weight thats lebrons leg. Thanks for coming in, good to see you. When we return, jim cramer will join us from the new york stock exchange, dont move. Real is touching a ray. Amazing is moving like one. Real is making new friends. Amazing is getting this close. Real is an animal rescue. Amazing is over twentyseven thousand of them. Theres only one place where real and amazing live. Book a seaworld vacation package and eat free. Lets talk to jim at the new york stock exchange. So far so good, jimmy, with what weve been talking about, it looks like another strong session, like the Global Markets are almost in sync. Were going to get all of these earnings fridays the day, obviously. What should are financials important and will there be glimmers of something to keep this going when we see those . I think there were twoparts of what was wrong with the negligen financials last time, the other was the recognition they had huge numbers of oil loans that looked like they were going to go bad. Oil has doubled since then, so maybe a little bit less secur y securitity. United reported a little bit better than expected revenue, and thats igniting the airlines. Thats been joe and i have been around. Lets get the airlines going. People just say the transports are not confirming. If the airlines get going, youre going to be surprised. You have the banks and airlines going higher. These are groups that havent participated so i like it. I was trying to figure that out. What was it, jim . What happened in the last five months . I think michelle was right. I think we under estimated at a level of gloom, also stronger dollar, but i think people were afraid to go to places, and i you know, that really hurts these international airlines. Notice southwest is only down about 4 . These guys rolled down 25, 26, 27, because theyre international carriers, and i think you get any sesation of weakness, next thing you know, youve got a group that can bust out thats done nothing and the guys fighting this rally, joe, theyre going to start losing something. Can we all just focus lets say on apple. Apple is not over 100. Were going to rubout n out of options to say this markets bad. And im still hearing it. Sometimes people think im being rude to them. Analysts say were at the highend of the range and theres a lot of uncertainty and i think its going to be very volatile. Thats what you want to hear, though. I thought cgate was going to cut its dividend. That was last night. And a lot of people giving up for debt. Look at this thing. Its soaring for a take over. Amazon prime, maybe this is gigant gigantic. How about people saying pekomon go, wow. R. Donnelley said, who was that guy john walter, and i look, robert allen, that was a couple years ago. Do you know that was, like, 20 years . Time flies. All right, guys. See ya. Squawk will be right back. Dont move. Amazons Second Annual prime day is in full swing. Some customers reported difficulty with check out. In a tweet, amazon is working to resolve the issue. So you hear tomorrow night . I dont know. I think were going to hear later. Make sure you join us tomorrow. Squawk on the street is next. Ill be here. Good monday morning, welcome to squawk on the street, im carl quintanilla, the new york stock exchange, a day after the s p hits a new high, futures indicate the blue chips could get very close and the nasdaq might go green for the first time in 2016. European markets are stronger, and the uk up over