Good morning, everybody. Welcome to squawk box here on cnbc but this comes after a backdrop of a pretty big decline on friday on friday the dow was down by 700 points and this morning its up by 200 points you have the s p up by close to 20 points and the nasdaq up by 26 but we are getting to the end of the month and thats when we start to take notice of what has been happening with declines that we saw on friday push the dow and s p 500 into negative territory for the month of june. If they want to make that up they have two trading sessions left before we get to july so over the next two days the dow would have to make up 1. 5 if it wants to be positive for the month of june. S p would be up 1. 2 its up by 2. 8 . Lets take a look at what has been happening with the treasury market the treasury yield the ten year is the one that we always pay the most attention to it seems to be yielding. 645 . And i think he is going to have interesting things to say too in terms of trying to put it i
Achieve strong Sustainable Growth and safeguard against downside risks. The group offered no specific actions to combat the virus. How disappointing was that look, i think this is the same problem, central bankers are dealing with a biological problem that is then going to spill over to economics, probably means fiscal help what are we talking about here lets talk about restaurant closing, malls closing how about the people who work at the places, thinly capitalized companies that are supposed to pay these people Steve Liesman i worked with him this morning, excellent drop in there, par suited into their office one point the Federal Reserve was saying well stand back behind people whose insurance for instance isnt paid off for a hurricane. I think that its up to treasury and incumbent upon treasury to say were going to work with Small Business, if you have a problem, you can come to us, because thats where the real pain is going to be. We dont want the only retailer to be walmart when
Creditors what he called terrorism. Meantime, greek banks remain closed today. The atms are running out of money. The ecb is holding a Conference Call today tole try and decide how long to keep a life live at the banks. Meantime Germanys Angela Merkel will meet with Frances Francois hollande today. And theres a meeting of creditors today. We were talking before the show it just is confounding to me just watching it happen. It almost looks like you get so defiant at some point, youd almost rather inflict your own demise, than have it inflicted by somebody else. And i think thats part of what happened here. Merkel saying by the way, she thinking the greek Prime Minister basically drug his people into a wall. If youre a creditor if youre a socialist and smart money like thought that would never happen. Once it happened i guess all bets are off. You cant assume that theyre going to have some sort of all attitude about in the middle east, about democracy, no longer do i think we can expect
Welcome to squawk alley, im carl quintanilla, sara eisen, john fortt on the new york stock exchange. We are moments away from the house ways and Means Committee set to officially release their long awaited tax reform bill weve already gotten some details, we are going to bring you that live as it begins as we await for the official rollout, lets bring in from washington Steve Liesman from the white house, with us from washington, as well, labor secretary under obama and with us at post 9, larry kudlow what an hour its going to be. What a day its going to be. Its the fiscal and monetary today as we await a fed chair payment. Theoretically cool. I dont know hold up its going to work out. Quick take from what i gather, its dribbling in. I like the business side, from what i gather. I dont know every detail, but its basically what we put together in the campaign two summers ago, lower corporate rate, needed expensing, repatriation those are the basic Building Blocks we think will be a boom
Trading, youre already going to see that things are fixed there as well. The dax is higher as well as the cac. Ftse relatively flat. The tenyear note. Yesterday the yield was settled in, back above 2. 4 . This morning still sitting at 2. 416. If you check out crude oil prices, which were slightly higher yesterday, this morning wti is up 28 cents to 4. 65. Couple big stories to watch this morning. British Prime Minister theresa may triggering a brexit. Signing a letter to invoke article 50. The letter with be land delivered to the European Council president in one hour from now. Todays actions mark the start of official divorce talks between the eu and the uk. Wilfred frost will join us at the bottom of the hour to talk to us more about brexit. Fed impending home sales come out at 10 00 a. M. Charlie evans, Eric Rosengren and John Williams will start to speak later today. Well watch for that. In an interview on cnbc yesterday, which hopefully you did not miss, because we told you not to