Socks are in the green but they are off their session highs. The dow was up more than 250 points at one point. Now about 80 points lower. The s p hit a in record for the first time in more than seven weeks. Yes, kelly, it has been seven whole weeks. It was kind of fast come to think of it. Markets are reacting as President Trump comments on iran lets get the latest from eamon javers at the white house. Thats right. Earlier in the day, the president had sort f a belligerent sounding response. The president suggesting to reporters that youll soon find out what the u. S. Response would be tweeting out that iran made a big mistake here, but then in the oval office sitting alongside trudeau, the president said this. I find it hard to be it was intentional. If you want to know the truth. It could have been somebody who was loose and stupid that did it. Well be able to report back and youll understand exactly what happened, but it was a very foolish move the president many there suggesting it may have been just a rogue Iranian Military officer, perhaps a rogue general that was behind this shootdown and not something authorized by the iranian government as a whole. He suggested there that the United States government has more intelligence on this. He said we may be able to report back and youll know the whole situation. It may be that the president already knows more about the situation. Were expecting a broef briefing here for Bipartisan Congress congressional leadership in about an hours time well see if we can get more from the white house on that but the president s commented interpreted as a deescalation. Perhaps a president who wants to offer iranian a way to back away from the confrontation at this point. Thanks very much. Oil prices are soaring following irans missile strike. Hadley gamble joins us with the latest there thats right. In a briefing, the first in nearly a year from the pentagon, earlier today, we saw them confirming this was an unprovoked attack by tehran. Speaking from the u. S. Air force base in kqatar, the Lieutenant General said there are q4 global drone ha had not violated iranian air space at any time during its mission, con if i wering firming with craft was over the strait of hormuz b and falling off the iranian coastline. That comes from Iranian Press today. After attacks on the six tankers as well as a spade of rocket attacks over the last 48 hours as well as International Oil insulations in iraq, as you can imagine, tensions are running pretty high in this region certainly folks that identify been speaking to in saudi arabia and the uae seem b to be r worried and all eyes are on whats going to happen next in washington thanks. Stocks lost a big chunk of their gains after the comment, but were bouncing back. Back to bob pisani on the floor. A busy day there very busy and earlier on trade headlines and also on yawn ran headline, both here. Take a look at the s p we did hit the intraday historic 52956 or so. Sitting right on that right now. There was a late headline on china u. S. Negotiating teams may meet as early as tuesday this has this is the south china post to help us move up the blip there you saw about an hour ago. Why are we moou something central bank and fed euphoria and trade euphoria what we dont have is the fundamental issue and backdrop its not good onning Carnival Cruise line, lowering guidance, lower booker volumes, bookings in europe were not good and that stock is down close to 10 take a look at the vicks why is it up if were having new highs . Its simple. When it hits new highs, traders start reaching for protection because the market can move down easily dont be surprised about that. Finally behind me, we got slack an what a day it was for them. A lot of issues and concerns about that the direct listing, put trest here open 38. 50 trading above that right now, more important, 45 million shares at the open nearly 20 of the float. Everyone was worried wheres the buyers and sellers going to be and are they going to show up they showed up plenty. Grocery outlet up 35 . Lot of them just trading way, way above their initial pricing. Back to you. Nice day for an opening opening the door for next months fed meeting. The shift has been fuelling the bulls today bond prices are mooui inving hi, tenyear falling below 2 . Gold soaring to fiveyear highs, so what do investors do in this kind of market where everything it seems is going up including oil. Lets bring in davide eliassen. He expects yields to move lower from here. Lets begin there. Youve been right in terms of where it was going to go so far. Thank you, tyler. Good afternoon starting for quite a while ago when the tepyear was at 272. 80, i was looking for a two year target my next expectation is its going down to 150. I think it comes from three differing factors. First, despite all of the central bank stimulus, we are not going to sew inflation anytime soon that is going to push the bond yields down. I see the global uncertainties, what happens with the South China Sea where the u. S. And china have take b an antagonistic positions, thats going to come up sometime between now and next years elections. Those are making me bullish on treasuries if bonds perform as he suggests or even if they perform little bit he suggests, not much competition for stocks is that an argument of all the things being equal to put money in stocks to keep it there i think the market h do better as the short end comes down and yield curve steepens out that will take pressure off the liquidity and the Financial System so im generally pullish on equities everybody afraid of a new high. So am i. But ive been here before. Been doing it for many years ive seen many new highs when i got in the business, the dow was i think 1,000. So its not like first new high. Rates on the long end of before, the short end is too high. Theres a correlation, rates lower, stocks higher but the fed is determined to keep the economy going going to allow companies to continue to earn money, buy back stock and pay dividends. So i think were fine. On the way to 1. 5 , do you see an inversion of the yield curve . I see it, melissa, you have already seen that happen with three month to tenyear. I think you would see that happen with respect to the two to ten as well as the tenyear goes to 150 before that, i think you would see the two to ten as well the reason is that you have the head wind coming from several factors. Youre having a situation where the inflation just does not pick up and under those circumstances, it is difficult to justify eck wiities even with fed backstop when that is the only backstop there is would you answer how rates are not necessarily a favorable win for stocks, but also address the question b about financials. If i own them, are they a good place to put money in and if so, which ones and why i think the financial sector, weve seen whats happening in europe in japan the stocks trade about half the valuation as they do here in the u. S. Primarily because the spreads have gotten lore thats something im watching the most of. All the big downturns in the market have been generated by a financial problem. Not something in microsoft or intel or facebook or Something Like that. So thats what im worried about. Why the short rate, the short end coming down will allow the fed the companies to cut their deposit costs and give them margin theres two things happening here one, theres tremendous rate pressure because feds not going to i think the rate rise is over and were going to see a decline here secondly, with the Tech Companies from different angles are comeing after these companies. Im focusing on the biggest banks that have a profitability to invest in technology then sort of the Tech Companies themselves like visa, mastercard, paypay those are the names i own. The smaller you get, the more you have to r worry about or plan on consolidation and cost cut iting and things like that o drive earnings its going to be much more difficult. We have to leave it there thank you very much. Appreciate your time thank you coming up, more on todays big surge in oil up more than 5 . The head of commodities at Goldman Sachs is about to join us well talk ab bt how high oil could go if tensions are iran continue to escalate plus silicon valleys congressman, his take on the billion dollar plan to help the west Coast Housing crisis and the calls to break up big techs. Stay with us woman my reputation was trashed online. I felt completely helpless. My entire career and business were in jeopardy. I called reputation defender. They were able to restore my good name. If you are under attack, i recommend calling reputation defender. Vo theres more negativity online than ever. Reputation defender ensures that when people check you out, theyll find more of the truth, not trash. If you have search results that are wrong or unfair, visit reputationdefender. Com or call 18778668555. Xfinity mobile is a designed to save you money. Whether you use your phone to get fit or to find the perfect gift, youll use less data with a network that automatically connects to millions of wifi hotspots and the best lte everywhere else. So you save hundreds of dollars a year on your wireless bill. Xfinity mobile has the best network. Best devices. Best value. Simple. Easy. Awesome. Click, call or visit a store today. Your take on . I give credit to the ceo for taking a concrete step this is going to give land for more Affordable Housing development in an investment and its not going to solve the problem. It cost almost 50 an hour you have to be b making 50 an hour to afford a two apartment in some parts of my district so its a step, but its not quoing to fix the larger crisis. I thought it is a company with 92 billion. It seems a pretty expensive way. Give them a little breathing room while theyre under skutny. Is that the case you think googles Approval Rating is over 70 . I think theyve heard from local mayors and local Community Leaders that they have to be part of the solution and they dont want gridlock. They want to make sure the teachers teaching the kids of their employees can afford to live in the community. What i will say is the longterm solution has to be that google and other Tech Companies have to hire outside the bay area. Thats why ive been pushing to get tech into Rural Communities and communities cough color. If google keeps hiring, it wont keep pace with the housing being built. We have to tribute the gains of the digital economy. How many of the Homeless Population are teachers and drug addicts . Well i think the Homeless Population is mixed. Of course, but my point is gook l building Affordable Housing going to get to the root cause of the Opioid Crisis its not as severe as in other parts of the country, but i think the bigger issue is we need way to get them back into the workforce and thats not just shelter tha making sure that they have resume training, making sure they have Substance Abuse training faith in action was a nonprofit that worked well and we need the scale that translator two b problems. One is the homelessness problem, but theres another. Ornery teachers and firefighters cant afford to live there they have to live almost two hours away and i think the google grant goes towards both of those problems, but like i said, its a first step not a comprehensive solution let me come at the question in a different way what percentage do eyunni particular ly in the bay area o the Homeless People are chronically homeless and may suffer from some debilitating condition. As opposed to families that are homeless because they cant make enough money to live there its both i dont want to give you a statistic because i dont have them on hand, but i will say anecdotely you hear both many veterans, many have Mental Health issues. So part its a Mental Health issue, not merely an issue. A fair amount is Mental Health, Substance Abuse issue, but you hear cases of a san jose state professor sleeping in her car because she cant afford to live in the area or someone who just loses their job as a chef or a nurse or a teacher and doesnt have much family and becomes homeless so you have that as well i imagine the vast majority is still though people who suffer from Mental Health issue, which of course was president reagan who cut all of the Mental Health funding and cut a lot of those centers, that created a lot f the crisis b initially my briefing note say that is the bay area is number three in term of homelessness in the country with about 28,000 people new york, 76,000 but new york provides shelter to 95 of its Homeless Population and the bay area just 33 . If those numbers are accurate, why is the bay area falling behind on that measure why have they be been less effective at housing the homeless than new york has well im not sure of those statistics, but if true, its appalling we need to do r far more in building basic shelter my sense is that there hasnt been the priority on building the shelters and building the type of comprehensive services needed and i have called for far more investment in that. A lot of local leaders have and we have to do better congressman, if i could pivot back to technology in general and google specifically, you mentioned google has a 70 Approval Rating. Not sure whos being polled. Morning consult poll. Zpl so 70 what is your take on what google or big techs rate is in general . It seems like your colleagues are being made the enemy of the people with you know everyone from the doj to ftc to various committees in Congress Going after them well theres certainly heightened scrutiny and two krps one is a concern about privacy and antitrust. And speak er pelosi asked me to draft the internet bill of rights these Companies Need to do a better job to protect peoples privacy, to require consent, to notify data before their data is transferred and they need to make sure theyre not privileging their own products, buying up competition and we need to be skeptical of mergers that would diminish competition. Thats one set of concerns in washington but the bigger issue what you hear from colleagues is how do i get these tech jobs in my district in Technology Opportunity in my community . Tell these companies to help work with Community Colleges to create jobs where i am and i think one of the big divides in this country as were going through a technology revolution, every american is a consumer of technology, but not every american has had a pathway to participate in the jobs of the future and we have to solve that digital divide. Congressman, were going to leave it there thanks for your time appreciate it. Thank you coming up, a red hot xwrout stock is con pi growth and its up more than 50 can it keep rolling . Well explore that, plus the stock market rally petering out as the president talks tough on iran what tensions in the middle east could mean for oil which is surging today. Thats next on power lunch. Is what teamwork is all about. You cant do everything yourself. You need someone to guide you and help you make those tough decisions, thats Morgan Stanley. Theyre industry leaders, but the most important thing is they want to do it the right way. Im really excited to be part of the Morgan Stanley team. Im justin rose. We are Morgan Stanley. Shares are up 60 , 30 sales, with us now to discuss, analys analysts what do you expect, that its been supplied b, just not enough is that going to change . Can pi has been expanding, a lot to talk about and see. Ontario were still in a dynamic industry providing the real eck appearance so well see what happens in upcoming quarters. How is it with that explosion you say. 30 times revenue. Were expecting thing that need to come all those things happen at once. Theres a lot happening. Getting to 30 times revenue and need iing that expectation how does next leg, which is edibles, factor in does that need to happen as well because thats supposedly leaguized. It will been an expansion a large market around the world, but including, what you do to try to capture there then you can expand it with those that come on how big of a problem has the black market been. What is the assumption in terms of how many illegal dollars you can convert to legal sales in other market, b say the majority convert over, but its not an immediate win majority convert over over time which markets have you seen that youre starting to see in colorado and oregon more and more of the legal market take share. In canada, we havent gotten there yet. Havent had a consistent flow of product and distribution hasnt opened illegal market is broad and ontario, you have a license to open 25 stores in april, so were building what if canada is more like california as opposed to colorado yeah, exactly so theres a few Different Things going on. So california has a wide variety of producers, lots and lots of different brands and its fragmented then weve seen different states take different approaches that allow more consolidation and more fragmentation well see if the expertise in growing allow them to get consolidated i think canada has a bigger chance when i hear a stock is 30 times revenue, it says stay away why not . So you have an explosively exciting market. I think everybody axwree grees cannabis is going to be big. It is exciting then youre try iing to balance the volatility of when you see these things the thing b about it that