Hold onto gains today have the third positive day in about four sessions as we look at some big gainers on earnings front. Under armour we talked about. Thats the biggest gainer on the s p. That quarter came in better than what was feared even with a one cent loss. Analysts looked for four cent loss revenue. Also better. Stock down 30 so far this year. A bit of a correction higher this morning. Also what stands out to me on earning front is tech outperforms. Paypal earnings out last night. Thats a big part of the story. Wait until tonight. Its like playoffs. I mean, its one particular big night. Microsoft, amazon, big for seattle. Intel coming out. We expect to hear from the new cfo for the first time. Look for that on closing bell. Google. I dont know if i have ever seen a thursday night quite like this one. Its going to be big if you look at the ad market which everyone is. People will watch alphabet. Also looking at alphabets smaller business, other bets including devices, but then amazon and retail as you were trying to read into a little bit earlier get a sense of exactly what the shipments look like on ecommerce. The macro continues to be a tad uninspiring. Durables were a miss. The atlanta fed downgraded estimate for tomorrows q1 gdp number. They are down to. 2. Jpmorgan went to. 4. So whether it was weather related or tax refund related, the consumer well see what the number is. The expectation is they didnt help the quarter at all. Very low. We might see a sub 1 number for Economic Growth. The economy is how strongly will it rebound . Weve seen this pattern before. The fed thinks that its going to rebound a lot of the mainstream wall street economists think the economy will rebound. Thats why the market doesnt seem particularly p lly upset b. The number is important and well go through and see components like Consumer Spending to see where the weakness is. The consumer is standing at home ordering in apparently. Thats why theyre not going. Grub hub up 19 on earnings this morning. Revenue and earnings beat outlook higher. That stock is up 56 over the past 12 months. Along with dominos at 187. Used to be a 10 stock. Now 187. May be one of the best stocks ever as their comps come in. Threeyear stat, 31 . Ordering a third more pizza than they were three years ago. Envy of the Restaurant Industry right now for how fast they launched onto technology and mobile payments. If you look at pizza hut, really lagging behind. Its not just pizza. Its the technology that dominos put in place. Another theme well be watching in earnings today especially from the big cap tech names like microsoft and alphabet and amazon is repatriation. We got in the tax plan from the White House Team yesterday that they want to allow this onetime tax for overseas earnings to bring it back. That will help pay for some of this. We dont know the rate and the companys plans. Will that actually create real Economic Growth is one of the biggest debates out there right now. Lots of different angles to explore on this tax thing. I mean, i was asking some frustrated questions yesterday about what happened to conservative economic principles. This whole idea of dynamic scoring coming from the highest point in the executive branch certainly interesting. Interesting twist. I know well explore that with many guests today. Well talk to jeb in a few moments. Chairman of the House Financial Services committee not just about dodd frank but also the tax rollout yesterday, whether or not you were satisfied with the degree of detail. Its still early days. Well be talking about this for literally months as the market tries to parse what elements of the proposals are deficit helpful, deficit hurtful, along with the political calculations of how this fits into health care and a bunch of other things. Hard to tell just whats realistic. Muted Market Reaction to the announcement yesterday notable in the fact that maybe investors saw it as an opening bid. An opening bid in the art of trumps deal. Indeed. For more on markets, joining us now, chief Investment Officer of global credit and exclusively from morning Star Investment conference in chicago, claire hart. Welcome to both of you. Mark, i want to start with you. You are looking at a number of areas including housing, banks and financials that you see as positive. Based on what were hearing out of d. C. About the need to spark Economic Growth, how does your being positive on areas like that square with the dire circumstances that were hearing out of washington that call for these massive tax cuts . Well, thats interesting because we really i dont think need too much tax cuts. The economy is doing well. There are parts of the economy that are doing excellent and the consumer is as healthy as theyve been in ten years. You look at gaming companies. Youre seeing las vegas up 10 . Housing Companies Earnings up 15 . Look at the banks and financials and they just reported the big six earnings up 25 . Were really in this midst of a global earnings recovery and the fundamentals are still very healthy particularly for the consumer and housing. These sectors, housing in particular, are still mid cycle so we still have several more years of, i think, 10 growth ahead. So there are Good Investments out there. You have to pick the areas where you still have growth ahead and so tax cuts will help but the consumer is very healthy. Thats what earnings number show. Do you see it the same way and what do you think should come out of d. C. That would be positive for the markets . I think what weve seen come out of d. C. So far is actually quite helpful in that i feel like the market is discounting tax reform. Obviously we dont have a lot of details yet as to what it might look like. Were moving in the direction which the market is happy about. Obviously maybe a muted response, but i think, again, corporations are excited and expected in the markets to have a lower tax rate, and so far were moving in that direction. Well get more details which would be helpful. I would agree on the point around the consumer. I know this quarter and in recent months some of the news about the consumer on the retail front is deemed wobbly. I would say overall i agree with that point. Consumer is actually healthy, and i think the consumer is being choosey about how they spend their money which is to me the consumer sort of being responsible about how they spend their money and so i would agree with both points i believe. Mark, how seriously should investors take the trump proposal, the 15 Corporate Tax rate . Whats your working number . So i think its probably going to be closer to 20 , 25 . If you look at trumps numbers, the 15 Corporate Tax rate, that could lead to inkrecrement eeall growth. Nevertheless, were going to get tax reform, and what this means for the market is youre going to have more deficit spending. Under reagan you had federal debt basically 20 of gdp under bush it was 35 . Its now 77 federal debt as a percent of gdp. It could go to a hundred over the next decade. It will need to be financed with new bonds and fed could taper the Balance Sheet so all things equal what does it mean for markets . It means term premium is going to rise over time and see higher rates even if a more modest package goes through and finally in terms of the overall growth impact, i think its going to be relatively modest. I think youre looking at maybe 0. 2, 0. 3 contribution of growth so dont have such High Expectations for how this is going to influence the economy. However, be wary of what this means for the markets in terms of treasury rates. More supply in the context of the fed tapering should lead to higher yields particularly higher risk premium in the long end of the curve. Are the stock market i, particularly paul ryan have proposals that are budget neutral and be the focus for Trump Administration doesnt seem to be toeing that line at all. Markets going to care ever . I dont honestly think they will. I think what the markets like and as investors we all agree on this point, the markets like to know certainty of whats going on, so when people talk about the budget and the deficit and sort of planning over ten years and what could impact be, i think most investors realize that is a long time period to forecast, and so again i think what investors really care about is getting facts and details instead of worrying about 1,000 things that could be, look at what we get and discount that into the market. I think its sort of im a longterm investor. I think it will be more shortterm. All right. The party with the credit card likes to spend. Thank you. Well continue to track the story. Still ahead on squawk alley, exclusive with Keith Meister live from the active passive investor summit and busy week in washington. Well hear from House Speaker paul ryan on tax reform and nafta and health care and Larry Summers, why he calls the president s tax reform plan extraordinary illadvised when squawk alley comes back. Ing . Oh hey john, im connecting our brains so we can share our amazing trading knowledge. Thats a great idea, but why dont you just go to thinkorswims chat rooms where you can share strategies, ideas, even actual trades with market professionals and thousands of other traders . I know. Your brain told my brain before you told my face. Mmm, blueberry . Tap into the knowledge of other traders on thinkorswim. Only at td ameritrade. House Financial Services pushing forward with a new plan. Financial choice act. The proposed plan calls to replace dodd frank easing financial regulations on bank. Joining us, Jeb Henserling of texas. Good morning. Good morning. Has a lot of things youve been calling for. Repeal of the volcker rule. Repealamendment. Does congress have the band width to take this up . Yes. This is clearly a this year priority. Unfortunately dodd frank represents a greater burden on American Business than all of the other obama era regulations combined. Its dragging down our economy. Its run of the reasons that weve had the slowest, weakest, most tepid recovery in postwar era and why paychecks stagnated and savings yet to recover. We absolutely have the band width and now the opportunity. Were beginning to see a lot of charts that look at consumer credit, look at bank loans, cni loans, real estate loans and they are all rolling over. I wonder how much blame you put on dodd frank for the way those charts look. Well, again, dodd frank has been a huge drag on the economy. Its one of the reasons we suffered through 1. 5 to 2 gdp growth throughout the entire obama era. I believe that we have a lot of capital that is poised to come out of the sidelines. Optimism. Business optimism is up. Consumer optimism is up. They need something to come out of washington. Thats why its important to get fundamental tax reform done. Its why its important that we have Economic Growth for all Bank Bailouts at the core of the financial choice act, that we have regulatory relief for our Community Banks and our Credit Unions that help fund a lot of our entrepreneurial ventures and small businesses. Entrepreneurship is at a generational low under the burdens of dodd frank. Its incredible. Thats the feeder stock of jobs and business and future and weve got too many garages in america that are full of old cars and they need to be full of new startups. Congressman, i know this regulatory relief theme is very in right now. We talked last week to one bank regulat regulator, vice chairman of the federal reserve, listen to what he said about rolling back dodd frank. Listen to this. We seem to have forgotten that we had a financial crisis, which was caused by behavior in the banking and other parts of the Financial System, and it did enormous damage to this economy. Millions of people lost their jobs. Millions of people lost their houses. Taking actions which remove the changes that were made to strengthen the structure of the Financial System is very dangerous. Its very dangerous. How do you respond to that . Well, number one, what mr. Fisher ought to know is that what caused the cries nis tsis first place was federal regulators and federal policy and sending Financial Institutions to loan money to people for homes they couldnt keep in the first place. Of all of the subprime loans that were backstopped by franni a fannie and freddie. You cant make a case there was a lack of Regulatory Authority to stop the financial crisis. So unfortunately what washington did was engage in activities of washington greed, the greed to have power and control over the entire economy. The bottom line is dodd frank failed. It promised it would lift the economy and it hadnt. It promised it would end too big to fail. It promised it would safeguard the economy. It promised it would safeguard the economy and not necessarily lift it. There are still loans happening. You go back and read president obamas quotes. He said that dodd frank would lift the economy. Go back and check. They also said it would end too big to fail. It codified it into law. It said it would help consumers. Bank fees are up. Ranks have increased. Heres what we want. We want to better capitalize banking system. We have said that for banks that choose a 10 simple leverage ratio, that they can opt out of most of the dodd frank regime. Its an option. 98 of all banks, 98 of all banks let me finish this one point. 98 of all banks that had 10 simple leverage ratio survived the second worst crisis. Its about capital and not federal control. I think one could argue that consumers have born the brunt of some bad actions from some Financial Institutions. Youve been critical of the Consumer Financial protection bureau. The bureau said nine months ago that 11. 7 billion of relief had been provided to consumers through their actions. 3. 6 billion in monetary compensation to consumers as a result of enforcement activity. They point out 700 million of compensation a couple years ago after citibank was found to mislead consumers about some actions that they had taken, which of that is bad . When you say that the cfpb is a rogue agency. Would you roll back those actions . What we do in financial choice act is we create an agency that is a Law Enforcement agency pure and simple. The constitution says congress is to make the law. The executive branch is to enforce the law. We have an agency, i think the only second Government Agency since the deal, which has been found unconstitutional by a three judge panel by Second Highest Court in the land found structure unconstitutional. We have two dozen major federal Consumer Protection laws on the books. We want an agency to enforce it. We also want there to be due process. We want there to be checks and balances. We want to ensure that they actually help consumers. The number one Consumer Protection is competitive, innovative, transparent markets. Too often cfpb has hurt markets. Again, its one of the reasons that we have 15 fewer credit cards and theyre costing 200 basis points more. Its one of the reasons that free checking has been cut in half. Its one of the reasons that for many good credit worthy borrowers, auto loans can go up as much as 500. This is an agency that, number one, has hurt marketplaces with respect to fines i assume some of these people are guilty. Some of these people may be innocent because they didnt have their day in court, and so we just dont know. We also know this was an agency that was asleep at the wheel at wells fargo. That had to be the l. A. Times to break the story and l. A. City Attorneys Office to pursue that. This was an agency that was asleep at the wheel. The major problem is too often they hurt consumers and are not subject to checks and balances and due processes. We want them to enforce the law and not make up the law. Mr. Chairman, well watch the choice act. Wish we had time to talk taxes today. Maybe next time. Good to see you. I look forward to it. Thank you. Jeb hensarling. Still to come on the show, we have Keith Meister live from the hedge fund event where david faber is reporting today and awaiting comments from House Speaker paul ryan. Check out the nasdaq hitting the Third Straight alltime high ahead of the mother lode of tech earnings. Squawk alley back in a moment. In an accident. S when i call usaa it was that voice asking me, is your daughter ok . Thats where i felt relief. Were the rivera family, and we will be with usaa for life. We take you to the white house. The president and first lady welcoming the president of argentina and his wife to the white house. The two will conduct a working lunch later on this morning. This was sort of a pattern we had seen in recent weeks. Today its been overshadowed by a lot of domestic policy but the president making time for at least one foreign dignitary. Some point to the fact that this is the second latin american president to visit the white house. The first was the peruvian president. Its not one of our closest allies and friends south which would be mexico. That trip was canceled over tensions amid nafta which are still going on right now. Interesting relationship between the two. They were somewhat Business Partners in the real estate world. Goes back about three decades but during the campaign for president , Hillary C