Dow is up 25 points. S p is up by 2. Nasdaq up by close to 7. Overnight in asia, better than expected Economic Data coming out of japan. Factory output rising. 1 gain to the nikkei up by 166 points. If you take a look at early trading and european markets youll see at this point thing, relatively flat. Red arrows across the board. None of these major averages down by even 0. 2 . A race looking at how european average, up on asia. They read articles like that. They dont last long in these websites. No, they dont. I guess thats the same way with print. Were going to talk about the top stories. Do you like a fourday week where you have a friday off or a fourday week definitely a monday. Its pay it forward, right . Pay it forward. You dont do anything for the friday off of the foreday week. But were youve put in five last week and get three off. Its already tuesday, everybody. Monday is gone. Its better. Its better. Among our top stories this morning, price of crude and the only markets well be watching an opec meeting in vienna thats coming up on thursday. Most are not expecting any coordinated action on production at this point. But crude prices as you know have almost doubled after hitting threeyear lows in the winter. Down around 27 now, briefly above 50 at one point last week. There was a lot of scuttlebutt, display disruption, the new guy from saudi arabia, its all happening. Thats going to continue to be something that affects Everything Else. Anyway, its a holiday short trading week. Today, look for april personal income. And then the march smp caseshiller home price index out. As well as pmi and consume confidence for may. On wednesday, were getting may ism manufacturing and then the feds beige book. While on thursday, its may automatic so sales and adp wait a second, are you kidding me . End of the month. Friday . Friday . We just did that, honestly. Time goes fast were youre having fun. Oh, my god. The may employment report. The may employment report. Its still may. Its may 31st. Okay. That is amazing. Why do they keep taking that shot . Do they want me to look over there . They love us. Its two because of wapner. Wapner is out. He had an emergency issue. Im not allowed to do that hand signal on air, am i . Yeah, i know which one. Not here, either. Its cable, why cant i do that. Were so effective with our censoring. Anyway, familiar comments from st. Louis fed president jim bulliard speaking at a conference in seoul. Bullard said that the markets seem to be well prepared for a summer Interest Rate hike. I love traders theyre such babies. You think theyve been clear enough that maybe theres one coming in june or july . Do you think everybodys ready now, they got out some of the bad trades that might go wrong or something . Indicating a 30 , to 35 chance in june to 60 eat your food, eat your food. We coddle. All right. Here comes the airplane. Here comes the airplane. Open up. We coddle these people, dont we . This time, i think theyve been pretty transparent. God forbid, weve got to now, theyre moving it over. Just two cameras. You are so smooth. Yeah. Its me. Lets tell you about new developments in the drama over Sumner Redstones media empire. Viacoms directors vowing on monday they are not going without a fight. In a letter to shareholders, the six independent share shoholdery they plan to contest any battle. They believe Sumner Redstone is legally competent to act on his free will. A letter comes from redstone issue bd his spokesman who said he was considering ousting ceo chair Philippe Dauman from the board. That move to control the shares if redstone is deemed incompetent or dies. Shares of viacom have dropped about 50 in the last two years as its Cable Network suffer from viewers cutting the cord. The stock has risen more than 15 since redstone is removed from the trust. Many believe redstones daughter shari is behind the move. Shes supports les moonves over at cbs. You dont cut the cord on things that theyve got to have. Spongebob suddenly isnt as important. Its constantly new content that comes through. Comedy central with jon stewart. You know, it depends on espn, maybe advertising issues and down slightly. But comcast has been adding. Comcast has been adding. I mean, this is an issue that people saw coming for a long time. Its an interesting chess game when you realize that there was just this battle to deem him incompetei incompetent in a different lawsuit. Right. Its a classic when you come after me. Its a classic soap opera thing with families. People eat it up. I didnt read the article today. At this point yeah. Stocks to watch today. Jazz, Jazz Pharmaceuticals is buying celator for 1. 5 billion. 30. 25 a share double from basically where it was. The Company Announced that its treatment for a deadly form of leukemia helped older highrisk patients live longer than those who received standard care. That was that a late stage cancer trial. The coo of airbus says a slowdown in bookings this year is normal. The company has only secured 92 of those orders through the first four months of 2016. John laney says as long as airbus matches order, theyll be happy. Suncore said operations north of alberta are expected following a Massive Wildfire in the area, suncor has moved 4,000 employees back in the region and bringing in another 3500 this week. Air franceklm says it is in talks to sell a stake in its catering unit to chinas hma group. That business is worth about 529 million. Hma is stepping up Global Expansion agreeing in april to buy Swiss AirlineCatering Group for 1. 5 billion. Reuters reports several japanese and chinese suitors interest in cit unit. First round bids for the leasing a fleet of over 350 planes are due in june. And the ceo of singapores noble group yousef aliriza has resigned. After being accused of overstating its assets by billions of dollars. Known shares since then down about 75 . Back to the markets. U. S. Equity futures, again, last trading day of the month. You can see there are green arrows. Dow up by 20 points. S p, a point higher. Nasdaq up by 5. We want to check out the treasury market. Joe was talking about the fmoc comphevn comments. Take a look at whats happening with the dollar. Right now, looks like in the currency markets the dollar is down by the euro and yen. The euro is trading at 1. 1146. The yen at 1. 1105. Gold prices look like down slightly. The dow and s p are coming off their best week since march. Lets get more on this holidayshortened week on wall street. Julian emanuel joins us now director of u. S. Equity and strategy at ubs. Along with don sciutto. Are either one of you june or july in terms of a next rate hike . More likely, july. If youre going to do it, you might as well do it in june. Might as well and doing it are two different things, do you think they will . I think they will. Theyve laid the groundwork. Ive on an advocate of they should be doing it. British is not going to affect the yen and euro as much as people think. Its going to affect the pound. I think holding Monetary Policy back because you convince xi to move rates were talking about how sensitive the fed is to the notion that they surprised someone. What is that all from . Are they generally, are they too worried about the slightest market tremors or whatever happens . Do they watch it too closely . And then do they take it to heart when people blame them for like a 200 or 300point selloff . They know that cant happen. Are they too sensitive . Theyre not day traders by any respect but the fact is you look at the financial crisis, things are more intersected than ever. By that respect theyre prudent about thinking about prudent . They are. Its been eight years. When was it 2000 almost 09. We never had a fed that was this intimately involved with this aspect of our life. You can say the same thing with Central Banks. Were not at 4. 9 unemployment. Fact is, the fact is, if you look at the last three or four weeks the markets actually like the fact that the fed is calling the shots now, as oppose to the markets guiding the feds in a lot of ways which has been the case since the taper. The bottom line is, weve done nothing for a year because of entering into the socalled titan cycle. Weve only got be a quarter point so far. Everybody is waiting around. Weve made very little headway, whether it was the oil, oil collapse and the dollar. But it is difficult for the dollar to make headway in a tightening phase . I think whats happening our valuation are relative to activity. Theyve stretched those. Not at secure row Interest Rates. Again, relative to zero Interest Rates. Aggregate Economic Activity to drive it broader. U. S. Markets have difficulty going up. The real question is not whether the fed raises its rates 25 basis points or not, its what is the glide path towards their quote unquote normalization rate i have no idea what that should be. Neither do they, unfortunately. There seems like theres two issues. One is the fed doesnt want to surprise the markets and the markets are still 30, 35 pricing in a rate hike in june. The second is they dont want to lose credibility. After talking up the game, warning people that a rise is coming. If you dont do it in june, youre going to have to list ton a month of people criticizing you . Youre 100 correct. Remember week at a Year Anniversary in june. Theyve got 25 basis points out of it. If you really felt you needed to go where you needed that level of advertisement, you should have had more. Part of the problem for the market is, when you look at the data, the market wasnt anticipating the fed to go. The fed is data dependent. When the markets look to data, the markets said they dont need to go. Then they come out with the rhetoric and thats where they put the credibility on the line. Thats the mistake. Monetary at this stage should not be leading the economy. They should be following the economy and moving along with it. Theyre well ahead of it. Thats the problem that the markets get into every time they do something. All right. So if at some point, we think that the markets are or that the rates are going up for good reason, can then traders finally go, okay, this is actually positive . I think the last month has told you that its positive. If you look, the most encouraging thing, again, about the fed taking back the narrative in a lot of ways is the fact that financials have outperformed defenses as much as they have. And thats a very good sign. I dont know what youre talking about the fed took back the narrative. The only reason the fed has gone positive is because the markets indicated them strongly enough to say we can go up. Theyre scared and feckless and tiptoeing around normalizing rates. And its been nine years. Its a new world. And you know, coming off of zero is not an easy thing with the value, well see what happens. Were getting there. Yeah, well, well see what happens when they can look at rate effectively. Do you think were higher by the end of the year both of you . For the country . No, the stock market. Stock market . Probably not. We wont be higher . No. So theres headway . The fed is much farther along than the actual economy is. The economy is struggling. Its got global headwinds. Its got deflation head winds. Its devaluation, its not cheap. Gentlemen, thank you. When we come back from the garden state to the golden state. Hillary clinton cancelling Campaign Events in new jersey and announcing a fiveday swing in california. Later, well talk politicses with former Texas Governor rand paul hell join us. Takeover deal announced just moments ago in the Utility IndustryGreat Plains Energy buying wesstar energy. The deal is worth 60 per share. Closed at 52. 92 a share. W wesstar is the largest utility in the state of kansas. Bernie sanders rally was interrupted by protesters yesterday. Animal activists. Secret service covered sanders immediately and stopped the activists. At least one was met with a police baton. The group direct action everywhere took credit for the protests. They said they want to end violence against animals in the United States. Why is Bernie Sanders the target . Thats a good question. I read a couple reports on this and never got that. The rhetoric seems to cause violence at his rallies. Im not saying hes lopsided. It just seems to be his message. It just seems to be his message causes a lot of violence. Weve heard that before. Violence at a trump rally, even if theyre sent in by sanders people. Its odd for Animal Rights activists to be protesting at they want more of a socialist. Protesting him from the left. They want animals to rule us all, i guess. Bernie sanders is not the zoo director getting the flak about this. What are you going to do . Yeah. I know. The tranquilizer, it doesnt work. He was already hurting the child. He was dragging him around. They were very concerned about it. Its a terrible situation. Weve been there. I been there to see the gorillas with the family. I think he was one of the guys. Theyre so cool. Theyre awesome. They definitely interact. It looked at first like he was protecting the kid but then hes dragging him around. I get the same expression from you. The same grumpy the same gorilla attitude. For those of you who havent figured it out yet, ben white in politico is here. Weve seen Hillary Clinton saying shes cancelling some events taking place in new jersey muling out to california. Is that because she has to . It is because she has to. Shes probably going to get the nomination the total number, the last thing she wants on that day is the final head line to be Hillary Clinton loses california to Bernie Sanders. That would embolden sanders to go to the convention and demand more from her and it would look like she doesnt have a hard grip on the nomination. She leafs new jersey to go to california where polls show theyre pretty much tied. So she could avoid that negative headline but bernie won california. Maybe he can win enough superdelegates. Its important that she wins california. Even if she wins california is it a given no, Bernie Sanders has said he will be in the campaign throughout and not concede until the convention. Its not a give at all unless she wins california. To say shes won the biggest state in the nation. Shes got a big lead in the popular vote. We need to organize to take on donald trump here. Come into the fold. Its going to be tough either way. Its a lot easier. People say a tough primary makes you stronger. That may not be the case in this situation . Im not sure that is the case. Given how angry supporters are who think the superdelegate thing is not at all fair. Its party insiders. They think the Party Nomination process has not been fair. Its going to take a while to bring those people on board. If you remove the superdelegates would Hillary Clinton still win . She still has a couple more million votes and pledged lead in delegates. California is say proportional state so each will get delegates there. Youll have more pledged votes from sanders any way you cut it its hard to make the argument that he should make the nomination. You saw the huffing post piece that had to be taken down, it was a blog. It was a blog. This guy says hes got sources in the fbi that says an indictment is theyve decided to do it and theyre trying to figure out with justice, about how whats going to happen if they recommend it, and then justice decides not to do it. I just wonder where theres smoke theres fire. Does anyone have sources at the fbi who know this . People do have sources at the fbi. People who penned this piece, i dont know. And the delay on that saying that he had sources at the fbi. Whether its true. You can make some calls . Let me call josh gernstein. Maybe trump its been 11 years ago. 11 years ago. I know youre not a fan of this piece but this is based off of a document that was recently released. I know, though is donald trump worth the 10 billion that he claims . He should have said im mitt romney, im only worth 200 million. Then you find out oh, my god, hes actually worth 1. 5 billion. Were arguing about were arguing the question is the candidates veracity. Right, however, we are arguing about is he at thing the truth to voters . Hes telling the truth about exaggerating. Hes got my name on it. Let me just tell you what he said . How do you value that . Some of these valuations are based on nothing, okay. The piece says he claimed 575 million in income. Hes actually counting all revenue. Thats not the bottom line. The bottom line is a lot lower than. Six months ago, they told me the same thing. I know you dont care whether donald trump says what hes worth. And why because this is a new document out in june. Now hes the presumptive nominee for president. I think it matter what is he says about his own net worth which is one of his biggest claims to the nomination. Fabulously wealthy. So it could be 15 we dont know. The American People deserve to see them. People dont care about that. Maybe they dont care but i would like to know. Talking to billionaire and financialists who go through and value the properties . Right. It looks like hes overvalued the golf properties. In new york, westchester he values that club at 50 million. In a tax dispute, his lawyers valued it at 1. 35 million. That sounds like when you value your house, when you tell people how much its worth and when youre trying to decide what to pay. Its 1. 5 billion or 10 billion. I dont know, 1. 5 billion, ill take. I would, too. But i think it matters to americans. At least the other candidate she is dishonest. Her email scandal is a big deal. Yet, you make it seem that i dont care about hillarys scandals and i do. I wish politico will start looking at the foundation stuff. Josh has written a lot about the foundation. Shes got major honesty problems, too, joe. What sounds better, politico or the puffington post . Which if youre going g ting t merge youre on the marriage of these two. Wel