Good friday morning. Welcome to squawk on the street on this final friday trading session of the year. Im Carl Quintanilla at the new york stock exchange, along with melissa lee. Thats a good song. I actually requested that a few moments ago. Cramer and faber had the day off. The market has a few jitters as we enter what is going to be an interesting day. Of course, the meeting at the white house, 3 00 between the president and some congressional leaders. As for europe, getting some data out of japan overnight and some data out of europe. Currently red arrows across the board, in london, paris, and frankfort. Our road map begins at the white house. Congressional leaders set to meet with the president , 3 00 p. M. This afternoon. Senator reid has already said hopes of a deal are fading quickly. Just two trading days left until the cliff. And its not just the fiscal cliff. Wind farms and dairy are set to get hit. The ports of the east coast and gulf coast are bracing for a potential stri
Europeant fridays summit overrode the u. K. Prime minister David Camerons objections. They nominate former luxembourg premier for the European Commission president. Raging battle in europe. Phone calls over the weekend to smooth things out. All diplomatic. You really wonder what the effect is. And very personal. It wasnt just, we dont approve of his policies. And 9 00 we have the i assume milwaukee, aism read on effectively Manufacturing Activity in the midwest. 9 45, chicago purchasing. Pending home sales, National Number at 10 00. At 10 30, dallas Manufacturing Activity. Of datais a whole lot effectively in three days. No warnings. But this is the day for argentina, on the brink of default. Back to 2001 decision, bankruptcy for argentina. You have followed this more than i have. Is a hedge fund making the nation bankrupt . No, but hedge fund led by paul singer is effectively saying you have to make good on the Interest Payment that has and theus for 13 years u. S. Supreme court said,
Alone. President obama will sit down with Texas Governor rick perry to discuss the emergency. He will not be at the border or the influx contact where the influx continues, but he will be in dallas. He will not visit the border at all. White house correspondent Phil Mattingly has been covering the story. The white house made the request for emergency funding yesterday. Will that be enough and how are the democrats and the republicans reacting to it . Administration officials willingly acknowledge it is a shortterm solution to what has become a major problem. The 3. 7 million breaks down into four tracks. The first is the capacity track. They need money to fund places to put these kids. Assistanceso foreign , where you see the state department trying to work with guatemala, el salvador, honduras, trying to work on deterrence on that front. You also see money going to the Justice Department. Youll also see money going to customs and Border Patrol. There is an enforcement aspect to this.
Yesterday, the s p 500 has fallen 3 before paring losses into the close. The index begins trading at its lowest level since april. Fed chair janet yellen has expressed confidence in the u. S. Expansion. Economy looks to be on track to achieve growth of around 3 . Directors at american drugmaker abbvie had reversed course on the plan 53 billion takeover of shire. They say shareholders should vote against the deal because in the u. S. Crackdown on tax inversion. Itsie had planned to move legal residents to the u. K. After buying a reddish company, that would have lowered its tax bill. Add fee says new rules undermined the reasoning for takeover. Plunging after the bell, down as much as 28 percent. Subscriber growth slowed because of a price hike for new customers. Fromces competition hbo. Here is the ceo of netflix. Closely to our members. As we add more and more original content, we are more valuable to consumers. We are seeing in adjustment period. Over the longterm, consumers pay for
And the british pound is now trading higher. How much of a big deal is any of it . Central bankers have made clear they will do whatever it takes. The safety net is there. Economists love to pore over these numbers, but when you look how investors are reacting, they seem to be looking long. Long on the british pound. It will be expensive for you to buy those suits in the u. K. , tom. Moving on, data in the u. S. 7 00 to get the Weekly Mortgage applications. Fomc. E im watching, got a bead on that . Everyone seems to be paying attention to it. If you look at fomc Meeting Minutes the last few times, it has been somewhat of a muted reaction. Seems like we could get the same today. Im looking for the pivot, but i dont think we will get anything anytime soon. No learning to speak of. That 4 00, with a thing called soccer. I think that is getting a little more focused than the fomc. I dont think we will see another sevenone game. Wells fargo on friday. We go to a busy week next week on earni