You might need some hardware to fix it. Lock it power lunch. The may melt up. All of them hitting highs yet again. All three on track for a second straight week of gains. And check out the days movers within the averages. Canada goose soaring almost 10 on its earnings beat. The apparel maker. 60 since the ipo in midmarch. Broadcom, its rallying. Beating estimates and giving an outlook. Heres what else is happening. Kkr raising more than 9 billion for its most asia fund. And sets a new record for the region. Goldman sachs under fire for buying bonds in venezuela. Now the wall street journal reporting that goldmans trade was not reviewed by top executives. And new yorks attorney general claiming that exxon mobil misled about how it accounts for the impact of Climate Change on the operations by using internal estimates that were different from its public estimates and statements. And speaking of Climate Change, big business, not happy with President Trumps decision to pull out of the Global Climate agreement. Taking a live look at the White House Briefing room, shortly, sean spicer and the head of the epa, scott pruitt are going to speak to the media, we are going to carry that live when it happens. In the meantime, elon moonny is live in washington with the latest on the fallout. The backlash against President Trumps decision to withdraw from the Paris Climate Accord continues to grow. Goldman sachs ceo tweeted for the First Time Ever to say that the move is a setback for the environment and for americas position in the world. Now nec director gary cone who was previously coo at goldman told cnbc this morning that he was caught off guard by the statements and he defended the administrations move saying that America First does not mean america alone. We have a very important seat at the table. The other World Leaders are always involved with us and were involved with them and were going to continue to have that position in the world. Still several executives are leaving the president s ceo council. Among them in bob ieger says that he is resigning as a matter of principle. Elon musk say its real and leaving is bad. Hes leaving too. Now the ceos of ge, intel, and dow chemical have all criticized the decision, but they said they would continue to work with the president. Were reaching out to other companies in the White House Councils to see where they stand. And of course, well see how sean spicer and scott pruitt tackle the criticisms when they hold the joint press conference. Back to you. Thanks so much, well get back when the press conference starts. Russian president Vladimir Putin reacting to the United States decision to pull out of the accord an a panel with megyn kelly earlier this morning. Heres what he said. Translator i wouldnt judge President Trump because president obama made the respected decision, maybe the acting president didnt believe they were well thought out. Maybe he thinks theres not sufficient resource available. So this really requires very far consideration, but in my mind one could well stay inside the paris accord because they are our friend, but effectively what one could do is alter the United States obligations within the paris accord. Very different reaction from European Council president donald tusk who affirmed to the accord during a news dmompbs brussels with the chinese premier. Today we are stepping up our cooperation on Climate Change. Which means that today, china and europe have demonstrated solidarity with future generations and responsibility for the whole planet. We are convinced that yesterdays decision by the United States to leave the Paris Agreement is a big mistake, but against Climate Change and all of the research, innovation, Technology Progress itll bring will continue. Were always allies with the United States. The largest public pension in the u. S. Is speaking out against President Trumps decision to withdraw from the paris climate agreement. Were joined by ann simpson who is the investment director of stainability. Its good to have you. Especially to talk about this specific issue. They have supported the Paris Agreement, but is that because of the principle of the agreement or because you have investments in the companies that also support it . Yeah, we View Financial issues as paramount here. Where a lermt investor, we invest globally for generations to come. So Climate Change is something we cant ignore. It is not all about risk, its also about opportunity. But, the markets really wanted that global plan that the paris accord brings. So that we can deploy capital and go good stewards of the money thats entrusted to us on behalf of our members. Do you see any possibility as the president yesterday was eluding to that there is the potential for the u. S. To reenter if there are more favorable terms. Some of the european allies came out with a statement yesterday saying that the accord as it stands cannot be renegotiated, but is there any potential scenario in a you could envision from where you sit . The important voices at the moment are coming from finance. And were talking about the need for a policy framework in a will enable us to make that transition to a low carbon economy. In that, well be able to manage the risks that Climate Change produces, but well also be able to put money into the opportunities that it presents. Now, given the global consensus around this agenda, we see real momentum behind the paris goals because like it or not temperature rise is taking place, sea level is rising, and whether or not everyone signs up to the plan, money has got to be deployed. Ann in light of those risks. Michelle here. Im confused when you say the markets wanted this deal. Markets two days in a row now, record highs here in the United States. They seem very uninterested in the fact that the u. S. Has pulled out of the paris accord. Im talking about the Financial Institutions that went to paris, calpress was there. It was 24 million calling for the governments of the world to come up with a plan, a plan that had ambition and plan that really gave the policy framework for the investments. I dont understand when you talk about a policy framework that leads to change because here in the United States, for example, emissions have gone down because of great innovations, for example, in natural gas, i mean, it really seems like innovation and the markets have been far more effective than top down statements and force from governments nrd to make changes when it comes to emissions. No, youre absolutely right. I think in a innovation is actually driving a lot of the shifts in the Global Energy make. Certainly in the u. S. Weve seen the abundance of shale gas providing a cheap alternative to coal. And thats really been a major contributor to the improvements and emissions in the United States. The importance of the Paris Agreement is that close to 200 countries have signed up for the same goal of limiting temperature rise to two degrees. So in that, we need public and we need private sector initiative. The policy framework helps provide stability within which capital can be allocated, but we know full well that the Technology Driving this and the financial efficiencies that we see driving this are extremely important. And thats why we have momentum. Yeah, and there are now more alternative energy jobs than coal jobs as well. Do you anticipate, ann, that the pace of change for technological innovation around cleaner energy is going to slow down and more importantly because we are cnbc, we are a Business News channel, how do you invest around that trend . Right. Well for us because were a global ambassador, were looking at this not just in the United States, but in a whole wide range of markets internationally. And our two factors to consider here are both the risks which are coming, potentially from extreme temperature, from sea level rise, just two examples of what Climate Change is bringing. That means we have to make sure our portfolio is robust. And we understand how those risks are going to impact our investments and coming decades, but we also, and this is to your point, absolutely. There are huge opportunities in this transition as well. And its important to note that in the Paris Agreement, this concept of whats called the Just Transition is called out explicitly that there needs to be attention given to the impact on the work force, the impact on communities as this transition goes ahead because new technology will bring new opportunity, but it will also change the structure of the demographics of the work force as well. New technology always does to that, thank you, ann, much appreciated. My pleasure. All right, lets get now jackie deangelis, the weekly counts are out. Question not stop putting oil rigs in the ground, can we . We cant. And thats one of the reason that prices are lower today. This was a record 20 weeks in a row that weve been adding according to baker hughes and actually this week, we saw 11 new oil rigs come online. The total is 733, and thats up 408 from a year ago. Back over to you. All right jackie, thank you very much. Were going to check on oil later on. Big business versus the base. The president shunning the former in favor of the latter. Did his decision to leave the Paris Climate Accord. You might have heard something about this. The backlash from business sure to come up during todays press briefing. Were going to bring it to you live at about 1 30. First the Unemployment Rate falling to a new 16 year low but hiring also slowing. The time for new thinking to create more new jobs . We have an idea, well debate it straight ahead. Usaa gives me the peace of mind and the security just like the marines did. The process through usaa is so effortless, that you feel like youre a part of the family. I love that i can pass the membership to my children. Were the williams family, and were usaa members for life. Theres nothing traditional about my Small Business. I count on my dell Small Business advisor for tech advice. With one phone call, i get products that suit my needs, and i get back to business. Welcome back to power lunch, Unemployment Rate dropping to a 16 year low. Drop creation also dropped sharply. Steve leaseman here to put it all in context for us. Thats a tall order. What we learned is that job growth in the u. S. Economy slowed down, but didnt learn precisely why. Because there arent enough workers out there. Or because the Economic Growth is slow. The lack of workers are holding back job gains. Bond market took it as gaining. Now were later inning with the 216 level of where we were earlier. 250 some time since the election. 138, and those lousy revisions, march and april taking off 66,000, but the Unemployment Rate, the product of a separate sur ray went down as well to 4. 3 . They were forced participation also fallen. Average hourly wages, okay, up 02, but not a sign of a strong labor market. Heres whats happened to the average. Stepping down, 201 in february, down, down, down, now were doing just 121,000. We expect fed officials will dismiss the weakness as mainly due to volatilely. Weve had lousy may Unemployment Rates. The Unemployment Rate is below the average. So fed officials think is the long run rate. Past the past hour saying it was a quote, good number. It rains on track for rate hikes. Looking past this week. So, no changes in the views and what the feds going to do as a result of this number . Astonishingly not. And yet i see yields falling. Guys, you have the i come up with these ideas on set. They have the fifth probability chart in the background. Narrow, just do like the last week or so. Youll find that its still 91 . Why are yielding fall so low . I have the theory. My theory is always this, the only thing you can tell for sure out of bond yields is the outlook for inflation. I dont believe theres a real growth forecast in it. Theyre so good in the back there. 91 , and thats higher. Listen were more sure about that. Dont want to mention that chart going up 23 from where it was before. I know im going against every headline even in our own fine news organization. And that stopped you when . Never, i love it. This is a strong number tell me why. Theres not enough workers. Wages are going to be set. Wages creeped up, we could see i want to believe you. I want to believe you. Theres 5. 7 million open jobs in this country i want to believe you. Workers to where the jobs are. I will tell you a here to lay it backs up, if you have the mix of jobs being towards the low end the low wage end of things. They have a lot of restaurant workers, other workers coming in there, retail workers, whatever, come in, and if that is the reason why job growth those are the additions to jobs in there, you could have wages be relatively soft in there. Ultimately over time, brian, what we need to see if your theory is right, if its one of not enough workers, you will see wages bid up, and thatll billion a true sign of a tight labor worker. Steve, thank you. No, thank you. No, thank you. Its friday. Buffalo wild wings, ceo sally smith moments ago says she will retire by the end of the year. Smith has been at the helm, i believe, Something Like 25 years. But of course, theyve been sort of attacked by activists and investor partners right now. They want seats on the board. They want major changes there. Sally smith, ceo of Buffalo Wild Wings saying she will step down by the end of the year. All right. Well it is not fake news to say that this may be the most hated bull market in american history, new highs nearly every day, and still no one seems to believe it. And perhaps it is finally nearing its peak. Listen to this, according to citigroup, u. S. Listed the attracted 30. 8 billion in may. That sounds really good. Except, etfs devoted to a american stocks posted 785 million outflows. All the inflows were due to International Stock flows and fixed income, warning sign . Or speed bump. Lets bring in ben mendell and dan sculley. Head of equity model portfolio solutions. Wealth management i dhut fits on a card, guys, thank you very much. Ben, im going to start with you. The flows, its just one measure, are you seeing any indication in your da that that this amazing run finally start to peter out . I think its pretty mature to say its petered out. So were across our multiasset book of business, overweight equities, broadly diversified. So its a bit in the u. S. , but its international consistent with that flow store you are seeing. Now given that positioning, i think were much more comfortable looking at u. S. Data that indicates a sturdy and steady u. S. Economic cycle then one day that suggests that the u. S. Economy is overheating. Whats the conversation wed be having right now if the jobs report was 250 instead of in the low 100s . Wed be having a conversation. This is the end of the u. S. Cycle. The skmi overheating. We have the seeds at the end of everything, including the market cycle. So, you know, when we see slightly weaker report like we do today, it takes some upside out of projections to be sure, but were not having the fundamental discussions about the length of the business cycle. Are you about that, about what we saw this morning relative to the market . Sure, i think the jobs growth is obviously slowing down, but we think and we observed that over a year ago, the rate of change on job growth really started peeking before, and the reality is that the u. S. Is way further advanced in its recovery than other parts of the world. So its actually not that surprising that we are reaching levels of job growth that are way more normal or reasonable for an economy reaching full employment. What i would say, however, is that the u. S. Jobs data is but one data point or one input among a series of macroinputs that are outside of the u. S. That have been stronger recently. Including Industrial Production out of japan, including manufacturing out of china, including a lot of manufacturing data out of europe as well. And as you know, those regions are much lower in the recovery than the u. S. And frankly we think thats informative to in terms of favoring Cyclical Companies that have lagged so far this year. And thats one area were putting emphasis on. Gary cone this morning saying they are focussed on you six and recognizing that its been down 1 over the last year and they think that they have progress there. Couple that with the fact that weve seen jobs every single month being lost from the retail sector, how is policy affecting whats happening on the ground in the economy. I think policy is one part of that. I think particularly as it pertains to the skills mismatch, that is a secular issue, theres demand out there for technology and engineering an