Good thursday morning, welcome to squawk alley. Im Carl Quintanilla with john fortt. Julia boorstin joins us for the hour at post 9 sara eisen is off. A lot to watch today the dow breaking through 24,000, now up, intraday record and strong day for the nasdaq, too getting news john mccain is on board regarding the Senate Tax Bill of course, it is the last trading day of the month joining us, dan morgan, senior Portfolio Manager. Before that, elon with more on mccain senator john mccain is a yes on the tax reform bill he had been one of the key undecided votes on the republican tax plan, but he said in a Statement Today that though this is not perfect legislation, he does believe that it will grow the economy and add more money to the pockets of middle class families this is key for republicans. They also got a boost when Lisa Murkowski of alaska said she would support the bill, as well, so the only two vocal holdouts appear to be senator ron johnson and senator susan collins, so it look
Factor, tax cuts. A deal in the senate looks very likely. Yes, there is lastminute bargaining but all 52 republican senators including john mccain voted to get on with the debate. That is a positive signal. President trump in full Campaign Mode in missouri yesterday pushing a tax deal hard. He says tax cuts pour rocket fuel on the economy. Oh, the crowd loved it. Thats our show today. 24,000 on the dow, tax cuts and a liveaction presidency. Varney company is about to begin. Senator claire mccaskall, is doing a tremendous disservice, she wants taxes to go up, shes weak on crime, shes weak on borders, shes weak on illegal immigration and shes weak on the military, other than that, i think shes doing a fantastic job. [laughter] stuart that the way you get a democrat senator to vote with you as a republican . He took you could te he took a shot right at missouri senator claire mccaskall, shes a democrat. The debate on tax bill is under way. A number of senators still have concern but surel
Reasonable, but i dont buy it i i cant plug in the same numbers that they are plugging in but these are really smart people over at mkm, mel. You and i both respect their work a lot, but i think were going to see apple top 1 trillion long before alibaba does, and then i think it will be another American Company that comes right on their heels you mentioned facebook and microsoft. They are both close, and i think boast those could also beat alibaba. In terms of the numbers mkm makes the argument that the 720 multiple by 720 and heres the kicker, they point out, pete, that alibaba has hauls blown away consensus forecasts and thats why they seetrillion fo them first. And i tend to agree with jon. I think apple actually gets there first but i think alibaba is right on their heels. I think they are second, and they have a great opportunity. When you look at the Growth Numbers that you just cited and some of the ideas of what they have done in terms of acquisitions of late, including in the
Since december. A big day for housing. Well get new home sales in an hour. After an historic day which saw the dow fall minutes into the trading session before closing down 588, futures are serging. Chinas central bank announced its lowering the Bank Reserve Requirements by. 5 . Its the fifth time in nine months theyve done this. The question is what are we going to get out of it . I thought the more important story than the cuts of rates is that maybe theyve stopped the game of trying to prop up individual stocks. The stocks are just not companies that you would theyre buying sock pickup truck. Theyre buying web van. And i think whats going on is this may represent a more serious attempt by the Chinese Communist party to put people to work or something. They could spend their money fixing the sewer systems. Maybe theyll start doing serious work to help their economy. Does that mean today is your chance to get out, to sell your least favorite names . Yes. I have to tell you, when i see
Index is up a fraction. In asia overnight, japan and hong kong higher as you see there, the other markets still closed for a holiday, new details this morning about the man behind the deadliest mass shooting in history, Stephen Paddocks girlfriend divulge jing concerns about possible mental issues with Stephen Paddock as investigators reveal veg was was not the only city he considered for attacks. The latest of investigations as first victims lay to rest. Lawmakers are questioning the need for socalled bump stock, the devices are soldout, new questions surrounding the regulations coming up. Did apple give uber permission to watch your screen. The troublesome report this morning on the access that the Ridesharing Service may have been granted to your phone. Plus, cam newton apologizing. During this whole process ive already lost sponsors and countless fans, i realized that the joke is really on me and ive learned a valuable lesson from this. Maria wow, the star quarterback after sexist