Good afternoon, everybody. Welcome to power lunch. Nasdaq hit new highs yerlearlie today. The dow and s p 500 under pressure merck a big reason for the dows decline. Shares down about 6 shaving 20 points off the dow merck is down 13 in the past week the Number One Health care analyst will join us to take part in mercks woes. Whats working check out amazon, apple and facebook all three hitting new highs. Check out some other movers. Amd down downgrade there. The stock down 20 in a week in arising market. Lennar taking a hit on its deal to buy calatlantic soaring by contrast more than 20 , almost 22 ge just keep moving lower down 2 when you have two jets thats what happens investors getting a little nervous. Reports that the Corporate Tax rate changes would be phased in over time rather than implemented all at once. As soon as these headlines crossed the dow turned 60 to 70 points down right now. The corporate rate wouldnt get to 20 until 2022 under this proposal the report does caution
First, we start off with the move in Health Care Stocks today. The sector rallying more than 1 , surging to an all time high. This as bio tech stocks continue to break out, tracking for their best week since after the Election Health care, the best performing sector for june, so did we just witness a major rotation of the market and could health care be the next hot area of growth. Yes to all of that . I dont know about all of that your last thing. Then i sort of tune out. I get that. But now, absolutely. Is there a rotation going on im not serp, be but i think people are realizing that valuations in health care make sense. Maybe bio tech isnt under the mike scope we thought it was and now, youre having some listen, i dont think the pfizer, Bristol Myers deal is going to happen, but when you start to hear speculation about things like that, it lead to a Healthy Group for the space. Its led by celgene. Look at the performance small u to mid cap names xdi is is up what, 30 plus percent .
Youll see how the european markets faired i had them mostly in the red. A wet blanket this week. Hasnt been a great week for your markets after what has been a very Strong Performance over the week. Its actually been up quite a bit. It has. Ten year note yield you ask and we can answer with 2. 15. Now were 2. 165. Theres a look at wti up 9 cents and bitcoin is 2,682. Were you reading my mind about my bitcoin segment no, i wasnt. I figured id throw that in there. Thats incredible. Were like an old married couple lets get to our road map and it starts with Health Care Related stocks they have been soaring Senate Republicans moving ahead with that obamacare replacement plan plus puzzling. That is how Ceo Doug Parker sees a plan to invest in American Airlines and mondelez ceo told jim why she is not afraid of an amazon whole foods deal. She is tough as nails. Shes one tough lady. Lets start with Health Care Stocks on pace for the best week of the year of course yesterday we saw a significa
Ceo will join us with a first on cnbc interview. It was really good. Breaking news from the white house. President trump about to discuss the Senate Health care bill. Kayla tausche has a detail and maybe some breaking news as well kayla . Reporter bill, we are expecting the president to make remarks from the blue room here at the white house in just about 15 minutes time but it comes as the white house and its cabinet agencies are trying to coalesce and put together a unified policy and a unified front in exactly what its stance is when it comes to health care. Of course, this as the senate is expected to vote this week on a procedural motion to proceed on the houses Health Care Bill its that sort of slate from which they can build, they can amend, they can potentially edit that as they see fit, but it is that motion to proceed that is going to come up this week im told by senior gop aides theres no date set for that just yet, but in terms of white house policy, a Senior Administration
Precheck profits though felt a bit short. Short. About 5 million that is because of commodities such as steel and engineering costs. We will be talking with bob shanks, the cfo, and about 29 minutes time. Alix the stock seeing a nice move in premarket. Coming up, we will have home sales. Then, we have the weekly crude inventory report. At 1 00 come at the u. S. Treasury will sell fiveyear notes. Yesterday, the twoyear was solid. What will be fiveyear be . Bloomberg will have special Coverage Later today. David the senate voted yesterday to move health care forward. This is despite the fact that there does not yet seem to be majority for any particular approach. We are joined by craig gordon, our executive editor of washington knows news. Rama. S about votea we could have dozens of amendments thrown out on the floor for people to take a vote on. Mitch mcconnell, it is like target practice. He is trying to figure out where he can get votes. What things are popular, and what things are no