A warm welcome to Worldwide Exchange on cnbc. Im wilfred frost. Im seema m infa for sara eisen. Good morning. Good morning to you great to have you with us lets get to the Global Market picture. Its an encouraging one. Yesterday, record closes note just for all three main indices that youre looking at, but for the russell, for thel transpor as well. The nasdaq up 0. 8 the s p and dow up about 0. 6 . The year for the w3ow thats roughly one every four trading sessions. E extraordinary statistics rp r yesterday. Utilities the worst. Could be another positive set of record closes. The dow higher by 72 points, nasdaq by 10 s p by 5 it was a riskon day for the bond xdarket. We saw selling of bonds. Yields rising. The tenyear pushed up to 2. 39 , where it sits this morning as well global stocks have had an encouraging start to the week. Letse1 look at how asia perford overnight. Mostly tof4npside. C the shanghai upqnearly 1 , hang seng up about 0. 7 one event to watch this week will be the bank of japan polic meeting which kicks off tomorrow the japanese nikkei closing down 0. 15 . Lets look at early trade in europe european stocks yesterday breaking a threeday losing streak the french mityok index, the c 40 seeing gains of 1. 2 . Slightly lower on the day. Mixed trade for europe, though still early. The Economic Data to watch is the uk gdp number which1 comes out friday lets look at broader markets. Oil prices up about a half percent today. Wti, 5 p gold prices are flat today 1266 is the price of gold. Dollar board, which slipped a bit yesterday, not seeing much happening today. The euro did just turn around by 0. 3 it was down a little up a little after we got the germann ifo Business Sentiment data, which was belowok expect ts but very high. Last month a record alltime high that boosted the euro fractionally the dollar markets, bitcoin to round things off, standing at 19,000 depending on which futures market you look at flat roughly speaking for the day. The ceo of one surging cryptocurrency stock is sounding the alarm on the crypt o craze. Thats right. Even the ceo of a cryptocurrency play does not think value is justified. Shares of longfin have jumped 1,240 in two days after agreeing to buy another cryptocurrency zedo. They dropped 18 following comments that tceo and the te chairman said on fast money. He said longfins 3 billion plus market cap is not a reality. Its not justified. Cmcf1 o im developing a goodw31 count. This market cap is not justified. If you look at mynirevenues, i value my ip pricing at ok 5. Longfin agreed to purchase w ziddu from another company meridian ziddu is a micro Lending Company that uses the same blockchain tmcnology as bitcoin, thei. Eq cryptocurrency itself has surged more than 1700 this year. He called the cryptocurrency phenomenonje as a euphoria e1a so he said compare it to myw earnings, this is not justified. This is different than saying a yptocurrency co overvalued or eundervalued, whe its not based on earnings at all. This company has no revenue. His own company, the other company isxn]on profitable. When you look at ziddu compared to longfin, its not profitable. It has nodrevenue. Their underpinnings is Blockchain Technology. When they put out the press and said Blockchain Technology, analysts say thats all it took to get the skyrocket in the price. Another example of companies or coins doing well because they have blockchain or bitcoin in their title or even an announcement of them acquiring a company in the4ispace. You will see the stock surge on that news. The important thing here, the ceo of a company is talking it down now that doesnto necessarilyl eq talking down bitcoin itself, where thats a differentj fact. This is not a cryptocurrency itself engage in transactions they use cryptocurrencies to do micro lending but not exactly a cryptocurrency as you would look at bitcoin or oethereum its important to differentiate between the cryptocurrency space and the Blockchain Infrastructure that lives on. Great stuff thank you very much. Fast money continues to have the best guests broadly onko topic. Theres a pair of economic reports on the wall street agenda november Housing Starts and Third Quarter currenti account are out. Minneapolis fed president , kNeel Kashkari is speaking this afternoon, firste he will join squawk boxee at 7 10 a. M. Eastern. He did not vote for a rate hike as well as continuing to have a where Bank Regulations should be heading to where the consensus is he wants it tot79 ase to softened. Carnival and Darden Restaurants report before the open lp stocks to watch today include mcdermott and Chicago Bridge are merging the combined company will hav1 revenues of about 10 billion and a backlog of more than 14 billion activist investor Starboard Value bought a 10 stake in cars. Com an s. E. C. Filing shows the purchase was made earlier this month. Starboard believes the shares are undervalued and sees the ÷zn8sold to a private equity fi. Shares of roku are higher. An s. E. C. Filing showse Morgan Stanley bought a 5. 5 passive stake in the maker of streaming devices. Wellc]p o is expaendi ingh role of mary mack. She took over the business last year from garye tolstedt. This is expanding her role she has donee a lot to help the tidy up and being rewarded for that, i guess. Forced reward, i guess, because they had to remove some people either way shes beent for good work since. nheicoe1 reporting better expected Quarterly Results the parts supplier attributes the growth to recent acquisitions the company says it will continue its aggressive Acquisition Strategy next year shares of extended stay ho ceo and is raising its fullyear guidance getting more details into what may have caused yesterdays deadly amtrak Train Derailment in Washington State. eh the, tsb says the train was traveling over 50 Miles Per Hour faster than it should have]v5 n at the time of the ] gderailmt three people were killed and 100 injured when the train derailed sending cars on to the interstate below well have a live report coming up later in the show this trainx was goingl frome1 seattle to portland, oregon. This derailment happened on the way in southern tacoma your home e1area. An area that ive been to ive been on that train many times. Tragic story. Q a live update from the scene coming up later in the show. Ugz next, the dow is about 200 points away from the 25,000 mark well hit will we hit it before the end of the year thats a big question on everyones mind. You information to help answer it when we come back. Tc lets begin. Yes or no . Do you want the same tools and seamless experience across web and tablet . Do you want 4. 95 commissions for stocks, 0. 50 options contracts . 1. 50 futures contracts . What about a dedicated service team of trading specialists . Did you say yes . Good, then its time for power e trade. The platform, price and service that gives you the edge you need. Looks like we have a couple seconds left. Lets do some card twirling twirling cards e trade. The original place to invest online. Welcome back to Worldwide Exchange. Im seema mody lets get you up to speed on the Market Action. Asia did have a positive session overnight. In china, the shanghai gaining 0. 8 hang seng below 30,000 a gain of 203 points chinese tech stocks helping the hong kong equity index outperform overnight the nikkei slightly lower. Were looking ahead to the bank of japan twoday policy meeting kicking off in tokyo tomorrow. Early trade in europe, a mixed day so far the dax, 13,303. Down 8 points. Ftse 100 higher by 21 points the uk gdp print comes out on friday french equity index slightly lower. Lets look at futures. It was a record setting day on wall street. The nasdaq surpassing 7,000 for the first time ever. The dow has had 70 record closes for 2017 you can see early trade here, premarket trade, we are higher 61 points for the dow. Nasdaq higher by 8 alex dryden from jpmorgan joins us the key factor given the u. S. Market record highs that continue to arrive and deliver is tax reform. To what extent is that priced in already and will we get a further rally the day President Trump puts pen to paper . I dont think it is fully yet priced in. When we talk to investors, there still remaining a slight skepticism about this bill making it over the final hurdle. If some investors are still in a holding pattern, though most of this is priced in i think whats interesting about this tax bill is over the last week its changed in nature. Go back one week, it was about Corporate Tax reform bringing down the headline rate from 35 closer to 20 as details have been nailed down, this has shifted away from Corporate Tax reform to focus more on the individual that changes the Economic Impact it increases the chance of Inflationary Pressure in 2018 by putting more money in the back pocket of the consumer in the u. S. That changes and boosts Economic Growth for next year. What about the fiscal deficit argument in terms of the National Debt being high, can this sort of fiscal stimulus be afforded is that a question we need to tackle in 2019, 2020 that wont derail markets in 2018 i think the fiscal argument is very interesting. We are essentially taking out another credit card in the name of the u. S. Taxpayer for a whopping amount of 1 1. 5 trillion fiscal issues, they bubble along in the background. They affect longterm Economic Growth they dont weigh on shortterm economic and market performance. I dont think this is something we worry about in 2018 or 2019 this is maybe a five, tenyear down the line issue. Alex, the outperformance in markets in december with two weeks to go has been notable if you look at the s p 500, nine out of 11 sectors are positive for this year. Tech is up nearly 40 for 2017 if you think that tax reform is not fully priced into the market, where is there room to run . I think what were looking at is a stronger Global Economic back drop. The tax reform bill will help boost growth, particularly going into next year thats why we continue to see momentum building behind some of the more growthier names going into next year we think the tech rally can rumble on considering the strong economic back drop in the u. S. And the strong backdrop in the Global Economy could there be opportunity in energy thats the worst performing sector, down nearly 8 so far this year. Weve seen some stabilization in the oil price well be noting the deals being done with opec and whether they remain committed to the cuts that they have discussed if they can, that stabilization in oil allows Energy Companies to start finding a new equilibrium, planning around that new oil price, giving them an opportunity to dust themselves off and have a decent 2018 but we have to watch a fluctuating oil market in order to work out which way that sector will be moving. Alex, thanks for joining us still ahead on wall street journal, tax reform front and center on wall street today. We have the latest from washington when we return. Building a website in under an hour is easy with gocentral. From godaddy in fact, 68 of people who have built their. Website using gocentral, did it in under an hour, and you can too. Build a better website in under an hour. With gocentral from godaddy. Trust 1 doctor recommended dulcolax. Use dulcolax tablets for gentle dependable relief. Suppositories for relief in minutes. And dulcoease for comfortable relief of hard stools. Dulcolax. Designed for dependable relief. What we do every night is like something out of a strange dream. Except that the next morning. It all makes sense. Fedex powers Global Commerce with vast, farreaching networks. Deep knowledge of industries. And, yes. Maybe a little magic. Welcome back to Worldwide Exchange. Im wilfred frost. The Market Action looking good today. Record closes for all three of these yesterday. On top of that, the dow, transport and russell 2000 looks like a positive day again today. Up 63 points for the dow, 5 points for the s p, and the nasdaq 8 points. A good riskon day yesterday shaping up the same way today. Tax reform is taking center stage in washington as a massive overall plan nears the finish line the house is expected to hold its final vote on the bill today with the Senate Following soon, perhaps today or tomorrow. Congressional republicans hope to have legislation on President Trumps desk as soon as tomorrow lets bring in john harwood. Good morning what do you expect today from the house and the senate tomorrow i think the tracks are greased for this thing and well see passage in the house today. And if they bring it up in the senate today, theyll pass it today. If not, theyll do it tomorrow weve seen all of the critical swing votes fall into line behind this legislation. Republicans got the vote they can do what President Trump asked, which is deliver this by christmas. Susan collins, how much of a critical vote was that from her yesterday . From Susan Collins . Yeah. She was one of the people who sank the effort to repeal obamacare. She had been on the fence on this bill, though she voted for it when it went through the senate she says that she is confident it will have positive growth effects, and that the bill is in return for her vote, she gets concessions on Health Policy and subsequent legislation to protect healthcare for some of her residents in maine theres a lot of dissent about this bill, a lot of criticism of collins for buying these arguments. If you look at how mainstream economists modeled this bill, theyre saying its not going to have the deficit neutral impact that republicans are advocating. I talked to mark warner, centrist democrat, he says this is mistimed for the economic cycle. And that because of that, because its not deficit neutral, because its not well targeted, its not going to have the effects. He calls it the single worst piece of legislation hes seen in the senate. This is why economists from left to right have said we will not see the Growth Numbers that the republicans themselves have cooked up. What were seeing now is a nation where weve already built up 20 trillion in debt you add that 2 trillion to the 20 trillion, now you have a level of debt that frankly, if Interest Rates simply go up 1 , you will see 1 160 billion a yea of Additional Debt payments, right off the top. Now, that is one of the two main criticisms of this bill one is the Deficit Impact. The other is how its targeted this bill, according to the tax policy center, by 2027 will deliver 83 of its benefits to the top 1 john, in terms of the fact that were getting criticism from the democrats, thats not surprising in itself one confusing aspect is the Deficit Impact would traditionally be a republican argument against this stimulus as opposed to a democrat argument, but the way its turning out its almost the other way around in the past republicans have used deficit arguments to criticize democratic spending programs republicans favor Smaller Government, democrats tend to favor larger government what weve seen in practice is that democratic administrations, both clinton and obama have brought deficits down after republican tax cuts made them bigger. We could expect that cycle to continue but republican goal is not really deficit reduction for its own sake its to have a Smaller Government they think lower taxes, freer markets, Smaller Government is the way to go. Thats what theyre indicating with this tax plan john, thank you very much we look forward to the next couple of days to see if it gets over the line. Time for our top trending stories. President trump taking center stage at the disney hall of president s disney parks presenting the latest addition to the Magic Kingdom attraction, an antronic President Trump. And yes, it speaks a striking resemblance to actor jon voight, known for her performance in anaconda among other movies, and the father of Angelina Jolie thats what twitter has been talking about,how this animatronic version of donald trump a likeness to jon voight doesnt have much resemblance to President Trump rob lowe is thanking california firefighters with a home cooked meal the actor showing his appreciation for crews battling massive wildfires tearing through Southern California with a spread of spaghetti and burgers. Low eshg posting th lowe posting this photo to his instagram. Doing phenomenal job. It looks like the office could be making a comeback nbc is in early talks to revive the beloved series steve carell would reportedly not be involved in the new installment. I have to say, i dont like the sound of this, based on the uk version, which