Wall street still trying to get a read on the situation, on the first trading day of summer which is today. Okay. We are off session highs at this very moment. The s p 500, though, any gain is a record close. It would be the second record close in a row. The dow is up 45 points at 26,798. The nasdaq hanging on by just a thread. Actually, its lower. Nasdaq down 11 points. Plus, its unique but successful, direct listing of slack for the next Silicon Valley unicorn, airbnb, wework could follow. And the banks getting a checkup in about 90 minutes. Raymond james ceo is here exclusively to tell us if hes stressing about the stress test. We are less than an hour to the closing bell on wall street. The end of a pretty good week for the stock market. Lots of news this week. Im Lauren Simonetti in for liz claman. Lets start the countdown. Lauren we need the show you these images from earlier today. Firefighters are still on the scene of a fire at the Largest Oil Refinery on the east coast. After explosions rocked the Philadelphia EnergySolutions Refining complex in the predawn hours. Minor injuries were reported. No cause of the fire determined but this complex refines crude oil into gasoline and Officials Say the fire damage could shut it down for an extended period, which may result in higher gas prices on the east coast just in time on this first day of summer for the summer driving season. Lets take a look at this. Futures rose sharply as a consequence, spiking 4 today. Elsewhere in energy, oil up 9 on the week on tensions in the middle east which provide more than a fifth of the worlds crude output even if we dont need it in the u. S. Because we are energy independent. Other countries do. We need shipping to be open in that region. In the stock market, take a look at the s p 500. May or may not make its second Straight Record close after touching record intraday today, but right now, its looking okay. It does have an up arrow just slightly. For the dow to make a record close, we are close but it might be a little difficult. It would be the first record close of 2019, but the blue chip index must rise more than 75. 22 points. The level you want to watch, the level we hit back in october, 26,828. Lets take a look at gold. Hitting a fresh new high as the precious metal is seen as a lower risk asset when Interest Rates may be heading lower. Citigroup sees gold hitting as much as 1600 an ounce over the next year. It is at 1401 now. A sixyear high. Over in the chip sector, Micron Technology leading the Philadelphia Semiconductor index down today. Jpmorgan lowering full year estimates ahead of results next week and cut its price target by 14 to 50, citing a tougher memory chip environment. The other issue facing investors today is the u. S. Curve on companies that do business with huawei. The Chinese Telecom accounts for about 13 of sales at micron. To one of our top stories today, the retaliatory air strike called off. Tensions certainly running high in the middle east. Why did President Trump stop the strike against iran after it shot down a u. S. Spy drone . Heres what he said in an interview earlier today. Reporter did you green light something or had you said if we do it, ill do this . What was the order . Nothing is green lighted until the very end because things change. I said how many people are going to be killed. Sir, i would like to get back to you on that. Great people, these generals. They said, came back, said sir, approximately 150. And i thought about it for a second, i said you know what, they shot down an unmanned drone, plane, whatever you want to call it, and here we are sitting with 150 dead people that would have taken place probably within a half an hour after i said go ahead. And i didnt like it. I didnt think i didnt think it was proportionate. Lauren airlines are canceling or rerouting flights near iran. United airlines suspending all flights between newark and mumbai and the faa is banning u. S. Airlines from operating planes over parts of the persian gulf and the gulf of oman. Who will make the next move and how will the u. S. Ease the growing tensions building in the middle east . Lets bring in retired Army Major General bob scales. Thank you for joining us. Hi, lauren. Lauren the message we are sending is dont mess with us, you wont like the consequences, but we need to examine a proportionate response. What is that proportionate response . Actually, its called a tenet of proportionality, is in international law. I mean, you dont bomb a major city to destroy a platoon position. Thats what proportionality means. In fact, in some cases, you could be tried for a war crime with disproportionate application of force. But what the president is saying makes perfect logic. I mean, there have to be red lines here. Clearly if the iranians are dumb enough to god forbid kill an american, then thats a red line. But have you noticed that over the last month or so of all this craziness, the iranians have scrupulously avoided threatening american lives in the middle east or elsewhere, for that matter. And i asked a friend of mine in the pentagon just this morning, i said how did this really go down . He said bob, exactly as advertised. He Said Lieutenant colonel came into his office and the president said how many people are going to die, he said sir, 150. He said lets dont do this. So theres no subterfuge here. Theres no wag the dog here. Thats actually what went down. Lauren but general, you know, theres a price of inaction as much as theres a price for action. So we have to do something. Would maybe get some allies to talk for us . Europe needs that oil, needs that gas thats coming from that area, even if we dont. Can we get them to intervene to facilitate talks with iran . No. Look, lets be perfectly frank here. We have all the cards in this game. And we ought to play our hand very carefully. First of all, time is on our hands. The sanctions are crippling iran. Secondly, the oil is continuing to flow. Just as you said earlier in your segment, we are a net oil exporter. Theres an oil glut in the world. This is not 1973, where saudi arabia can blackmail the west by controlling the oil. Theres very little iran can do. And the other thing is, their military, frankly, is incapable of a direct confrontation with the united states. So patience is the key word. The president is exercising that option. We have plenty of time to get this right. Lauren the president also said that he is willing to talk to the ayatollah. You see that happening . Oh, i think its got to happen, because you know, if iran gets to a zero net oil export condition, which could happen, particularly after the g20 next week, then irans got no choice but to go to the table to negotiate. The reason they dont do it is a matter of pride. Remember, this is a terrorist state and the idea of sitting down to the table with the great satan right now at least is beyond the pale but again, time is on our side. Lets take our time, lets continue to squeeze iran, lets prevent any more attacks on our oil assets in the middle east and wait these guys out. Lauren wait it out. All right. General, thank you for your insight. Really appreciate it. Lets get back to the markets because amid all of this, the markets still want to go up and after settling at a new record yesterday, take a look at the s p 500. Its up today, it just closed out its best spring since 2017. The average has seen seven straight positive spring seasons and so far its been up for three consecutive summer seasons. While were seeing some weakness today, can we expect another sunny summer for the markets or will continued geopolitical tensions, trade tensions, jeopardize all that . Lets get straight to the floor show. John corpina at the new york stock exchange, how much higher can the market go, because next week we are officially the longest bull market ever. The longest expansion ever. I think next weeks going to be a very important week. The information we get out of the g20, a date on the calendar we have been waiting for for a long time. Right now the sentiment is we will have some sort of amicable conversation between the u. S. And china. That will help our market. But overall, as we were talking in your leadin, the tension in iran, its clearly going to weigh on our markets at some point. The reality of that has not hit us yet. I think we are not really seeing through the clouds at this point. We are focusing just on next week. It is the end of the month. It is the end of the quarter, end of the half year. Thats something we certainly have to get through. But clearly, whats happening in iran and those headlines have been very concerning to me. We are just not seeing that reflection in the market. We arent seeing the s p and we certainly arent seeing it in the vix. Lauren to that point, chris, when we heard the president last night called off these attacks, you have to wonder, do you think he did that perhaps as one reason going into the g20, trying to cut a deal and keep talking with china, he didnt want the whole issue of provocation with iran clouding that possibility . I think that makes sense. Regardless of what your personal opinion is, seems like this time he made the right decision. Yeah, with g20 coming up, everybody would be all together, it would be one more thing to discuss. I wouldnt be surprised if Something Else pops up between now and the g20 because iran is obviously trying to get attention. They are hurting internally. Thats why theyre doing this. You know, countries that are solid at home, solid domestically, they dont pick fights with the worlds superpower. Lauren phil, talk about the energy market. You have oil moving on iran tensions but you also have this refinery fire in philadelphia, largest refinery on the east coast. What happens to drivers this summer . Well, it will be fairly limited when it comes to gasoline prices, mainly to the east coast. The good news is that if there is plenty of supply that can be piped in on the Colonial Pipeline into that area so the price increase you are going to see may be 10 to 15 cents a gallon on the east coast, should be shortlived even if this refinery is going to be down for a little bit. Dont panic. If you can put off filling up at least for a week, you might be better off. But the bottom line here is listen, gasoline demand is going up, prices are probably going to go up as well but thats a good thing, right . Because the economy is doing good. What about all those people that sold in may and went away . Come back. Look what youre missing here. Things are great. Come on back. Lauren you know, jonathan, that gets me thinking about the Federal Reserve here. You know, like oil prices being high and demand being high, this is a good thing and in some sense its almost an Interest Rate hike because the argument is if you are cutting rates, what are you seeing, what are you nervous about. Someone posed this question earlier. Im curious your thoughts. What if the fed just ditched the 2 inflation target because obviously were not seeing it, and just took it out of the equation. What do you think the fed would do . That would be a risky plan, i think, for them to do. I think what the markets react to, the known aspect of what the feds moves are going to be and how they orchestrate that. If they ever tried to do something that was so off the path that we have seen before from them, the markets would react unfavorably to that. It might be the right decision, but the markets will not be able to handle that type of deviation from the norm. Lauren chris, final thoughts . I would watch that 2 yield on the tenyear. Thats the pivot point. As long as it continues to sit right there, i think the rest of the summer, the rest of the year, the economys in good shape. We have seen this time and time again. We have these dips, the dips are to be bought. Lauren chris, jonathan and phil, we appreciate you. Thanks, lauren. Have a great weekend. Lauren you, too. Coming up, United HealthGroup Getting the green light from investors. Unh leading the dow 30 after the insurance giant announced plans to buy the payment firm in an all cash deal. United health is up, up, five bucks. Up next, trade chatter heating up as President Trump gears up for another g20 with chinese president xi jinping. Are we on the verge of a u. S. china trade war, trade truce . Well see. Countdown will be right back. With all that usaa offers why go with anybody else . We know their rates are good, we know that theyre always going to take care of us. 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Ive got their app right here, i can troubleshoot. I can schedule a time for them to call me back, its great you have our number programmed in . Ya i dont even know your phone anymore. Excuse me . what . I dont know your phone number. Aw well. He doesnt know our phone number you have our fax number, obviously. Todays xfinity service. Simple. Easy. Awesome. Ill pass. Lauren the u. S. Commerce department is drawing a line in the sand ahead of next weeks g20. It announced five Chinese Companies were added to the National Security entity list. The companies which are all super computer firms with military applications, they must now get government approval before buying u. S. Parts and u. S. Components. President trump and xi preparing for the g20 summit one week from today. Lets go to edward lawrence. You know, why is this Trump Administration so focused on technology in their trade negotiations as they try to cut a deal . Reporter yeah, the heart of this is about stealing that intellectual property, copying what the u. S. Does. Also, a National Security risk related to that entity list because the concern about the spying china could do related to this. One of those was a university actually that was already on the list. The university then changed its name and address to buy u. S. Components, that new name has now been placed on the entity list. The company used intel and nvidia products in their computers that they sell in china. Now, the u. S. Going forward also with tariffs on basically Everything Else china imports into the united states. White house economic adviser Peter Navarro saying its not necessarily going to be at 25 , those tariffs, but they are going forward. We are on day five of a sevenday public hearing about what items should be added to the list to be under tariff. This as trade talks could be restarting. Not to rock the boat, Vice President mike pence has actually postponed a speech he was set to give next week. That speech was about china u. S. Relations. He has given a similar speech eight months ago the chinese took offense with because he criticized the chinese about their oppression and control of their population there. Chinese sources are telling us they were watching the mood of that speech next week to see if the actual meeting between President Trump and president xi would actually take place. Next week before the president s meet, the two trade delegations will also meet. Obviously we would like to come to an accommodation with china, having them stop the economic aggression, but the president is look, we either get a great deal or we dont. Reporter the chinese would like to see the u. S. Trade delegation come in with a more conciliatory tone in these trade talks here. U. S. Trade representative Robert Lighthizer says it was actually china that has pulled back all the concessions they had made in the agreement, basically deleting 45 or so pages out of the 150 page agreement that dealt with enforcement and those concessions. President trump says the chinese need to put back everything that they had taken out in this agreement to go forward with something. Well have to see next week who ends up giving ground. Lauren theres a realistic solution that could potentially come out of all of this. Thank you. Lets take a look at carnival cruises, sailing into quite a storm. The big board overall, no storm here. In fact, all the major averages up over 7 for the month of june. Final trading day is upon us. Dow up 58. Next week, the end of the month. The worlds biggest cruise operator among the top laggards. Talking about carnival on the s p 500 for a second day in a row after cutting full year earnings outlook blaming the cuba travel ban. Also weak demand in europe. Carnival also getting downgrades by barclays plus several firms cutting price targets to as low as 50. Carnival is under 50 at 46. 78. Thats a decline of 4 . Up next, it was a risky move that turned into a 19 billion windfall. Now Silicon Valleys newest unicorn may soon become the ipo poster child. What slack did and if others might follow it find the gold at the end of the rainbow. Straight ahead on countdown. It all started under this buttonwood tree. Twentyfour people came together to sign an agreement that created the stock exchange. Just the right elements coming together. It started when scores more people came together, just down the street and traded bonds that helped pay for the revolution, and the nation it created. It started in an office on the corner where the