Lets begin with the record run for stocks, wall street eyeing new highs as we cook off the busiest week of the quarter. President trump standing by the 401 k , this is considering contribution caps as i away to ease the tax plan chuck robins will join us live to talk about the deal. Stocks are looking to make more history after the s p closed at a record high every day last week, marking it the first socalled perfect week in almost 20 years. Meantime, nearly 190 members of the s p are out this week, including amazon, microsoft. Thursday night will be a barn burner jim, whats important . I think one thing people have to know, were coming in hot its very rare we come in this hot to the biggest week there is whats going to happen, there are going to be some that do not hold up under close scrutiny this morning, the ones that did come out are setting the tone to make it so theres a way to be able to justify it, whether it be a little thing like or big thing like a tmobile. I come back and
John fortt on the New York Stock Exchange watch the markets set more record highs dows up 20. All about earnings. Investors awaiting the busiest earnings week of the quarter more than 160 s p 500 companies and 12 dow components are set to report Big Companies like mcdonalds, microsoft, amazon, alpha bet, and more on tap. Lets bring in john from charles schwab, also joining us here post 9, bob pisani were having a debate whether its tax reform or earnings. What say you absolutely the earnings situation with tax reform a cherry on the top. Were going to be down this quarter opposed to double digit in the prior two quarters, but thats because the Insurance Companies are getting hit on the hurricanes, that will change in the next quarter, and the oil profits arent quite as high because oil started turning around Third Quarter last year overall, we are near record high earnings and its the Global Economy expanding thats the most important thing right now expecting hurricane disruptions. On
Points nasdaq 1. 8 . This was a vicious rotation powered by wall streets newfound love for the Big International industrials and the u. S. Bank. You really want to buy a bull market that has eyes only for a couple sectors, honestly you have no choice this markets been all about rotation for ages. Theres not enough new money coming into the equity markets to driver up everything at once. It migrates from one group to the next, following specific sectors by increasing dominance of eps so when a company like cat piller reports a magnificent quarter investors have no use for steady drug stocks like Johnson Johnson no matter how good they are. They are very good manage manage managers want more cap to blow more money they need to sell something to raise the cash meanwhile, Exchange Traded funds are perfectly placed off this dynamic. You can sell and use that money to buy cyclical etf and swap into a financial etf everything set up to compound the rotation and exacerbate it, that my friends
Evans. And im bill griffin. Weak day for stocks again. Off the lows, but not by as much as weve been lately weve seen a sell off each day this week and then weve come back come back a little bit but still down triple digits on the dow right now. Whats behind the move and whether this pullback is worth buying plus a top money manager from aria investments will give us her pick right now. Youll to want hear that coming up new developments for the at t time warner deal, including talk of a potential complaint coming from the Justice Department david favor will have the latest for us shortly plus you probably heard President Trump set to speak at the white house in the next half hour or so after returning from that 12 day trip to asia well bring that to you live as soon as it gets under way. Going to talk about a number of things including taxes and trade and other things as well lets start though with this sell off day, the dow down more than 160 points at its low this morning, bob has mo
Colombia where he will likely field questions about the russia investigation. Thats live as soon as it begins. Now, my exclusive interview with bank of america ceo, find out what Brian Moynihan of 21st Century Glass stegal may not be as bad. Thats coming up. Unrolling Net Neutrality rules, the Michael Powell tells us why this is the right move in a first on cnbc interview. But, we begin with a very Good Exchange between steven mnuchin. Ylan has the story. Reporter it was testy. This was mnuchin mnuchs first testifying. Most of the conversation was focused on financial regulation. It is also met he has to face senator warren. Now, mnuchin said in the testimony that he does not support a return to glasssteagall saying that that would cause significant problems for financial markets, the economy, and liquidity. But on the campaign trail, President Trump said he supportings a 21st century version of glasssteagall. Today, senator warren tried to press him on exactly what that means. To get