Right now. Welcome to power lunch. Im melissa lee. Stocks are trading in a very narrow range ahead of the fed. At the top of the next hour, the dow managing to hit another record intraday high. The nasdaq trying for its 11th gain in 12 sessions. Apple on pace for its Third Straight day of gains. It is up in the past weekment a number of big retailers also on the move walmart hitting another 52week high it is up more than 8 . Target, dollar general, the biggest winners in the s p right now. We begin this hour at the white house. Justin trudeau will arrive shortly for a meeting with President Trump. Trade, the topic eam eamon javers live. Reporter not a lot of the pomp and circumstance that you see with head of state meetings. We are waiting for Justin Trudeau to arrive any time now there has been a lot swirling around the bhit houwhite house s morning. The president woke up to an article in which thomas barrack, the real estate investor, criticized him saying the president is better than this. He is frustrated with some of the president s rhetoric no response from folks at the white house. The expectation in the west wing is if there is any response from that, it will come directly from the president himself, a phone call from tom barack directly to the president of the United States the president expressing skepticism on twitter over the broadcast Television Networks going directly after the nbc news network with all of the fake news coming out of nbc an the networks, at what point is it appropriate to challenge their license . Bad for the country. Here is the headline he is objecting to trump wanted tenfold increase in Nuclear Arsenal, surprising military the reporting from nbc news is that was the meeting at which trump expressed that view about nuke lars weapons, after which, Rex Tillerson expressed that he thought the president was, a, quote, moron, unquote. Is the president aware the fcc does not grant licenses to Television Networks. White house officials had no comment on that. What does the president want to talk about he wants to talk about the stock market today he says, stock market has increased by 5. 2 trillion since the election on november 8th a 25 increase lowest unemployment in 16 years. If Congress Gives us the massive tax cuts and reform i am asking for, those numbers will grow by leaps and bounds makeamericagreatagain the president is talking about some of the economic increases under his leadership we will see if there is any news coming out of the meeting later on today Prime Minister trudeau also meeting with congressional leaders, the topic, nafta. Kayla tausche covering that side of the story from the other end of pennsylvania avenue Prime Minister, Justin Trudeau and foreign minister christie of free land met with the ways and Means Committee for about an hour. Trudeau noting the importance of the committee since it takes the lead on trade. Leaving the meeting, trudeau said it went very well in prepared remarks, trudeau touted the volume of u. S. Trade with canada and thanked the group for inviting him Committee Aides say canada requested it regardless of the fact of whom invited whom, the fact of the meeting existing underscores a u. S. Alliance. Nafta trading partners worried the white house might be proposing purposely unpopular demands in this weeks nafta negotiations to justify pulling out of the deal. Some of those points, called poison pills, would require a higher share of u. S. Parts in automobiles, for example, and let any new deal expire after five years President Trump, himself, telling forbes magazine, i happen to think that nafta will have to be terminated if were going to make it good. Otherwise, i believe you cant negotiate a good deal. Perhaps thats why trudeau wanted to meet with members of congress to share canadas fears before facing the president himself. Those negotiations on nafta happening about five miles away. They will go until sunday after being extended two extradays we know this is an issue that Prime Minister trudeau has brought up to the president before they discussed it when trudeau visited the white house in february he made a call to President Trump in april at the behest of trumps soninlaw, jared kushner, to convince him to stay in the deal. Well see how much leverage fru d trudeau has this time around for more on this upcoming fight and the slog to get this done, we are joined by Austin Goolsbee i would argue that for audience, taxes probably more relevant than trade let it start there do you believe despite controlling the house, senate and white house, that the gop will fail to get any meaningful tax reform done at the minimum this year . Yes at least a twothirds chance that, yes, despite controlling all of those, they are not able to do it if you specify tax reform the way we always thought of tax reform, like what Ronald Reagan did where we broaden the base and lower the rates, i think 100 they basically just just have given up on trying to pay for the tax cuts they are going to do they are now just trying to figure out what size of tax cut could they pass and how could they put together a coalition of 50 plus one alan, i described on morning joe, the gop is the u. S. Mens soccer team of legislation if you know what im talking about. I actually dont, because im not a soccer fan a lot of expectation, no result it wasnt good. We lost last night. The point im trying to make as chris kruger and others have noted, there is a chance the gop risks going 0 and 4 on the four big Things Health care, that looks out. Tax reform, maybe not. Border wall, uh. Infrastructure, looking less likely do you think there is really a chance thats goingto happen i think that there is an excellent chance that they will go 0 for 4 to use the idiom from my favorite sport. The main reason is that the Republican Party is tremendously torn by all of these and many other issues too including trade policy this rift between President Trump and the more populous wing of the Republican Party, which after all prevailed in last years president ial election, and between the washington congressional wing has never been bridged i see no prospect of it. Doesnt that unusual instruction guarantee something gets done even if it is very watered down and not quite as potent as first outlined thats a great point. Will that satisfy the gop base will watereddown, weak victories satisfy the kind of republicans voters in particular that put President Trump over the top . There is reason for real doubt about that lets switch to nafta if we might as Prime Minister trudeau gets ready to meet with the president. Do you think nafta survives . It feels as though the president preel really doesnt want it to . The president doesnt want it to the thing i call the trump protocol on policy is that we should not spend more time thinking about trumps policies that he announces than he spent coming up with them. At the end of this sentence, we are going to have a surface the trump protocol i think he has just spouted off ideas. We should put tariffs on mexico. We should pull out of the wto. We should pull out of nafta. I dont think they are actual positions. I think if they wanted to find Common Ground to revise nafta, they could they could take things that were in the tpp that all three of the countries, mexico, canada, and the u. S. Agreed to they could make changes like that in nafta. If they are going to force the poison pills, they will blow up nafta. The entire u. S. Corporate sector is going to go bonkers if they do that. The stock market, i think, would take a very serious hit in the shortrun. There will be chaos in the supply chain of the u. S. Manufacturing sector alan, austan, thank you very much lets go to dominic chu. We have a Big Development with regard to the boy scouts of america. Today the board of directors nationally has unanimously approved to welcome girls into its iconic Cub Scout Program and deliver a scouting program for older girls that will enable them to advance to the level of eagle scouts for the boy scouts of america, another Big Development here we should say that according to randall stevenson, the chairman of at t, who is also serving as the boy scouts of America NationalBoard Chairman says the record of producing leaders with high character is amazing. He was adamantly in support of allowing gay scouts to come in the bsa has offered coed programs since 1971. The next big step with regard to the kind of integration of genders, so to speak, in one of the most iconic organizations in American Youth does this mean that girls can become boy scouts or there will be programs for girls within the boy scout rubric they dont necessarily become boy scouts or cub scouts cub scouts will have girls and boys and allow a progression where boy scouts have this eagle scout designation, the highest level you can get. It will allow girls to progress to that level. So i guess you can say within the overall construct of the boy scouts of america, girls can be part of that you were wondering would girls be called boy scouts would a girl say im a boy scout or would it just be a scout. The cub scouts are for younger kids, right . Then you graduate up if you are male, you go into the girl scouts from what, the brownies i was not only a boy scout, i lived in a tent for three months teaching boy scouts in west virginia, three months in high school, mostly to get out of the house. What happens when the cub scouts graduate up a female cub scout, they become members of the boy scouts or scouts they will rename it and call it tapestry this also happens on the International Day of the girls the timing is interesting. The girl scouts of america, i just economiced the twitter feed no word on reciprocal privileges for the girl scouts. The head of the Worlds Largest money manager shares his tape on where the money is right now. Bob pisani joining us on the new york stock exchange. More on what larry fink had to say this morning on squawk box. The important thing is mr. Pink came on and said, there is a lot of money still sitting on the sidelines. He mentioned particularly in japan and germany. Overall, it is good to be the biggest asset manager in the world. Look at the stock, folks this is a historic high. The numbers were really good i want to show you some of the numbers a little bit below the headline numbers the situation with revenues are up 14 this is the biggest asset manager in the world asset manager up 17 thats a lot when you are the biggest guy in the world how would you like to have margins of 45 total etf. 1. 6 fritrillion how much is that that is about 55 of all the etf assets in the world. They are in a big fight with vanguard over pricing. Right now, lets just say black rock is doing darn well. Lets show you a couple other movers mcdonalds caterpillar, boeing, visa, what do they have in common, alltime highs, all of them we are seeing multiyear highs in all the other names a quick note on banks. They are a little weak usually, a day before we go into the earnings season, starting tomorrow, with the banks, you usually get some weakening as the numbers are announced. This is what is happening today, although not to any great extent back to you. The g. E. Story is very interesting. Please, pick up in terms of the possible difficult dividend cut the dividend remains a top priority it is not necessarily saying we are committed but saying it is a top priority among other priorities presumably. Remember what exxon said, remember what chevron said people owned these primarily for the dividend, because they abandoned any hope there would be an increase in oil. People have abandoned General Electric hopingthey are going to turn to companies around regardless of the personnel changes. People own it for the 4, 4. 5 dividend yield there is an echo with what the oil company said everybody is owning it for one around one reason only what are you going to say . The dividend is not under review the dividend is not under review management may be. Bob, thank you very much. Tyler, that may be a good metaphor 16 of g. E. s revenue is oil and gas. They were buyers when everybody else was a seller. A news alert in the bond market tenyear up for auction and santelli, whats the demand, rick b minus boy minus. So it was above average auction, the second of the day, i might add. In particular one, 20 billion, nineyear, you could call them tenyear notes the grade, b minus, yield, 2. 346, pretty spot on. Pricing counts a lot the other aspects were actually pretty good. 2. 54 bid to cover. Thats since march of 17 that was this year 69. 1, indirect the best since january of 17 this year. 6 versus 7 ten auction average on direct was a little light dealers take shy of 25 . We have everything out of the way. 12 billion, 30year bonds tomorrow auction not going badly. This was the highest yield at an auction since march of this year if you recall, we had to go back a couple years with the threeyear notes thats because the curve has flattened. Tyler, back to you the Deadly Wildfires continue to burn out of control in Northern California. Beyond the human toll, quoucouns homeanmas d ny businesses have been destroyed after the break, we will talk to a winemaker in napa. Its not just a car, its your daily treat. Go ahead, spoil yourself. The es and es hybrid. Experience amazing. Whyour boss . Ork for . Yourself . Your family . Our Financial Advisors are free to realize a plan to fit your familys unique needs. Well listen. Well talk. Well plan. Baird. Despite the best efforts of many brave firefighters, the wildfires in Northern California continue to grow 170,000 acres burning, 70 people are confirmed dead and 3500 structures have been destroyed aditi roy is live in napa with more reporter we are standing in front of one of those 3500 structures this is a winery here in napa. It has been leveled. The rubble is all that remains here it is one of five wineries that have been destroyed or damaged by the wildfires that list could grow even longer as there have been more evacuations overnight. Across napa, dozens of rest T R Restaurants and wineries remain closed if you look at the list, you might notice a lot of familiar and iconic names here in the napa valley like the meadowwood resort as well as carnaros resort and spa and silverado among the wineries, you could also notice familiar names like bearingger all of this having a big impact on the tourism economy this is a very popular time of year for people to travel to napa the Wine Institute says that californias Wine Industry generated 114 billion in Economic Impact in the u. S. Last year alone we talked to a winemaker in sonoma this threw a little bit of a curveball in our model we hope people are aware of whats happened and they come and taste our wines and enjoy them and that our sales will continue to grow reporter he says the Silver Lining for him is that most of his harvest was already brought in thats what we are hearing what does impacted mean what does that mean . Reporter a lot of these businesses are closed because of Power Outages much the French Laundry was closed on monday because of a power outage and because of road closures people cant get to these businesses that does not necessarily mean they have been destroyed like the building you were standing in front of exactly reporter this is pretty unusual. Gotcha. Joining us on the news line, napa valley winemaker, john hoffliquor with alpha omega winemaker in california. How have you and your business been affected . We have a long power outage that forced us to go back to traditional winemaking and rethink a little bit the way to make wine the old style. That forced us to change a lot of the operation most importantly, i think we are focussing on helping the community and making sure the lives of others are a little bit better through our efforts, helping our workers. Their families and friends and find a bed and a shower if we can and try to help as much people as you know the human tragedy of the loss like a big spike in pollution, in any major city, the quality of the air is really the problem right now that is affecting tourism mainly somehow the grapes but the grapes at this time of the year dont have permeability. The vintage is quite stunning and the quality is there without struggle, you dont have great success. We hope for the best of the vintage. Tourism is down because it is very hard to breath. Within two or three days without the fire, that problem should be solved first of all, best thoughts and prayers to you and your family and friends and everybody affected we talk about the business side. The estimated retail value of the California Wine crop annually is 34 billion. This is a massive industry how long does it take to get a vine back up to where it is mature enough to grow a wine grape . All i know is about the philoxra grape of a century ago how long will it take some of the vineyards to physically recover . Vineyards are great fire breaks, because the only thing that can really burn within a vineyard would be grass that gross and farmers actually mow these. As soon as a fire reaching a