Slightly. The Chinese Markets were closed for the dragon boat festival holiday. The nikkei ended flat. Down by 4. 5 points. In europe, some of the early trading, youll see right now it looks like things are flat for the dax. In germany the cac is off, and in london stocks down by a third of a percent. Crude Oil Prices Last week were all over the map. Ended up down 50. This morning down to 49. 57. Several headlines out of europe this morning. It is the euro moving following comments by mario draghi. Draghi signaling the bank is not yet ready to unwind simplus measures decemb s simplus st s measures. Lets look at the euro, at 1. 11 right now. A greek government spokesman denies that greece will opt out of the next bailout payment. Athens was weighing the option, but the greek spokesman said there will be a solution reached when european minute centers and minute centers and i sglooifrnlgts ministers meet. British airways saying Computer Networks are operating normally today after an outage this weekend forced the cancellation of hundreds of flights. The usual pictures, people sleeping on benches. Whats the solution on sometimes they put the metal arms there to keep you there, so you have nowhere to go if Something Like this happens. The airline says it will operate a full schedule from both health throw and gatwick, the two london airports today. An electrical malfunction knocked out the Airline Systems handling the flights, bags and the Customer Service. It affected 70 countries. 170 airports. The company says it is working to get the delayed bags back to passengers. Analysts estimate the disruption will cost about 90 million in lost sales and customer claims. Thats the parent right there, iag. Down about 2. 5 . It wasnt a hacking situation, but its hard to imagine how it knocked out the website and internal sites. We take a lot forev granted when we go. Did you see the story about no laptops on planes period. On International Flights period. The airlines fighting back because what will you do on that flight . The movie options are not that great. Not only that, a lot of these planes, not for International Flights but for domestic flights, a lot of them dont have entertainment. They say bring your own device. This would just be laptops and just international, i think. But businesses are worried if youre putting your laptop under the plane, that that yatcreatesl sorts of issues, laptops could get stolen. You need to simplify your life. I know. You dont even have a laptop. Whichever you can get on a phone, right . Right. There will be a day where they take the phone away, too. They already do sort of. I put it in my pocket. In airline mode, right . I dont know what that is. I put that in there until the last minute. I always think ill get a couple emails as were taking off. Breaking the law. It does show you how dependent we are on what we on this entire grid. Lets get to the developing situation out of north korea. The countrys official news agency reporting that leader kim jongun supervised that test of a new Ballistic Missile and ordered the development of more powerful strategic weapons. The latest test landed in the sea off the countrys east coast. The leader was quoted as saying this test would in his words make a greater leap forward to send a greater gift package to the wrayankees for greater amern prove investigation. President trump returning from his first overseas trip and a lot of news about Jared Kushner. The president is back from his whirlwind world tour. Today the focus turns to Jared Kushner in washington, d. C. After reports that kushner had tried to open a back channel of communication between the trump team and Vladimir Putins team in russia. Some indication that some of the meetings that Jared Kushner held back and during the transition may have been towards establishing that. But john kelly, the secretary of Homeland Security was on tv over the weekend saying thats no big deal. I think any channel of communication, back or otherwise with a country like russia is a good thing. Multiple ways to communicate back and forth is a good thing with any country. Particularly a country like russia. The president himself issued a statement in support of his soninlaw, heres what the president said over the weekend. He said jared is doing great job for the country. I have total confidence inspect everyone and is working on programs that will save our country billions of dollars. More importantly hes a very good person. Its truism in washington that if the president has to put out a statement saying he has total confidence in you, that often means that you have a problem, well wait and see where Jared Kushners future goes inside the white house. Theres been an expectation when the president came back from this foreign trip we might see a shakeup in terms of staff and team inside the white house. Well wait and see whether we get news on that today. A light public schedule for the president today. Sean spicer, the press secretary will be briefing at 2 00 this afternoon. So we might get more news then. I havent watched you know, i want to have a nice weekend. So i didnt watch a lot of cable. This isnt what you do all day long. Heres the thing, i dont want to pop your narrative, but please dont. I know. Its painful. Im trying to figure out if this happened with kushner in december, how was he working to clued with the russians to win the election when the election was in november. I didnt see anyone i didnt watch that much. Because i dont want to. On cnn, more frothing which we talked about last week. We talked about the frothing. I can see the frothing, but i dont see it, because im at the health club. All i see are the lower thirds. I dont know what frothing sounds like. You can see it. Theres saliva in between theres a lot of frothing. I got you. Did anyone say if youre doing this on december 8th or 10th, how are you unless youre superman and you fry quickly around the world. Remember when he did that, and he turned back time to rescue lois lane. Im all in on this. Im following you. How do you collude in december . How . How . How do you collude in december . Thats a question for the fb fbi. We know the fbi has questions for kushner. That little detail didnt affect anyones reporting of the story. The meetings that kushner had with the russians a lot of this has been out there over the past several months in different reports in the media. So what were seeing now is people responding to the fact that the fbi is apparently looking at kushner. That is the catalyst for this recent movement. People are saying what does that do for the president . And did kushner push for the firing of james comey. Obama talked to russia. Joseph andrew, just one point to make. If it was all perfectly he wouldnt be reporting on it . The fbi wouldnt be investigating if there was zero problem. We dont know if theres a problem. But the fact that this is not like the media includinclue col. The federal government is looking into this, fbi is looking into it. Full stop, end of discussion. We can talk about it when they come up to a resolution. Its not collusion because it was december. You dont have any the fbi the fbi has already determined that the russians have been involved in some way in our elections. Right. First. Two, there are people who are part of the trump campaign, and im not putting kushner in this yet, who have been involved in conversations with the russians that the government is investigating. Now kushner is one of those people and theres conversations that some people are not happy with. You have a mike. You dont have to yell. I do, because it pains me that were having this conversation and youre making light of it as if its completely and utterly wrong for anybody to be reporting it. Just the in december nobody pointed out the whole all of the smoke youre talking about depends on the fire being before the election and that people colluded with russia to try to do the emails. We all dont know what ultimately happened. We dont. And maybe let mueller decide something, but theres no fire yet. So looking at what kushner was doing in december has no effect on whether he tried to get trump elected and his team. You cant rig the election in december. Im not trfrothing at this story. You are yelling. It hurts me too much. Youre really standing up for yourself today. Im sorry. Its too early. Its not about the election, its about whether there is a back channel and whether thats okay. Why wouldnt it be . Mccain will tell you its not. Members are there are lawyers former lawyers from cio, former lawyers for the nsa. The list is long of people who seem to think this is so far from being standard behavior we dont know whether the kushner thing turns into anything or not. If you have john kelly saying that the fact that john kelly says it is okay, that is you have president obama getting a private he was the president. When the mike was off trump was president at that point, too. In transition. Youre referring to the microphone thing. Where i can do more after the election, but i dont see anything russia unless you have that collusion beforehand, having a channel to russia to talk about syria or isis or any of that other stuff is not a criminal act or something thats even negative. The russians themselves thought it was weird that he suggested using a secure line with them. Theres people reporting that the russians brought it up. The russians asked Jared Kushner for that. Ive seen both of them but also the reports that suggested that he, the russian reported back that it was a strange request. They thought why sometimes the russians leak false information thinking we would pick up on that. But they thought why would they be doing that p it wasif it was friendlier administration coming in. Theres a lot of smoke. Well find out. People are not waiting. Since november 8th they have not waited. A lot of people had their heart set on hillary being president. They did. Its been difficult for them to accept this. If m it may never happen. But at some point, someone wins 30 states, you know, actually wins pennsylvania, michigan well see. States that republicans have not won in 40 years, you have to say this is the way we do things. We have to say hes it happened. I have to we have to deal with it. Sure. Well see what happens with the investigation. You have to deal with it. There may not be an impeachment and he may serve out his term. You have to deal. You just got to deal. The markets keep setting new highs. Markets are dealing. Be happy about there. Theres a lot of things to be happy about. Probably with the republican democracy, it will not come crashing down today. Joining us is peter boockvar. Great. He thinks they will come crashing down. And jim tirnay. You look like dan quayle. I thought we had the Vice President on today. He does. How do you spell potato . Ill pass on that one. Boockvar, you think the markets are so bifurcated that all these new highs are led by tech and the underpinnings are weak or that no. Outside of technology, the s p is up about 22 this year. With the market kapp weightcape s p, they can cover up the buying and we have to reconcile the flattening of the yield curve, and the continued weakness in the dollar. When you look at the markets, you look at the s p, you have to understand whats driving. Technology is almost 25 of the s p. Why utilities . Its the lowering of Interest Rates, the concerns about the direction of the u. S. Economy. If you see the tenyear sitting at such low levels, utilities look a better play . That much more attractive. Thats weird. Jim, you are bullish . Do you listen to peter . Does he make sense . Makes sense. The one dichotomy in the market is financials have not done much to date. For the market to be as high as it is, financials have to come along in play. I think the low Interest Rate environment hurt the financials, but if the economy is as strong as the numbers paint it to be, the financial also rals will rae year goes on. So the lead story in the journal, these guys are just as ineffectual and i dont know how to describe the Republican Party at this point. You saw this, tax reform, theyre not even its just any of the ideas they had, they cant agree on the slightest way to do this maychltthis. But the marketfeels like the postelection rally, some of the sectors that boomed, they have tailed off. Other things have picked up the slack. Technology is one of the sectors that has picked up the slack. The market is trading more on the numbers as opposed to what could happen. Thats a good thing. If anything happens if washington, its probably upside. So we cant do the cant do the border adjustment. Cant do business interest deductions. Cant do repealing the deduction for state and local taxes, because cuomo would have a heart attack. I was trying to count how many congressional leaders or how many congressmen are in those areas. You have to belief california, new york, new jersey, connecticut. Thats a big voting block. You have to believe repatriation happens. Its billions of dollars sitting overseas. That comes back, you tax it. Those are real revenues that the government can count. When that happens, there are a handful of companies that will benefit. Look at apple. 25 of its market cap is sitting in cash overseas. They can use that way more productively than sitting in a foreign bank account. To your point, the republicans in the house, more than 21 can vote no against that deduction. They alone can eliminate that possibility. Gentlemen, thank you. Thank you. Thank you. When we come back, breaking down our first look at President Trumps middle east policy. A rundown of trumps visit abroad coming just after this. Finally. Hey ron theyre finally taking down that schwab billboard. Oh, not so fast, carl. Oh no. Schwab, again . Index investing for that low . Thats three times less than fidelity. And four times less than vanguard. Whats next, no minimums . No minimums. Schwab has lowered the cost of investing again. Introducing the lowest cost index funds in the industry with no minimums. I bet theyre calling about the schwab news. Schwab. A modern approach to wealth management. Welcome back. President trump is back home after his first trip abroad, we have the first look at how his administration will handle middle east policy. Joining us is the principle for Albright Stonebridge group. Thank you for being here today. Thank you for having me. What do you think of the president s first trip abroad . I think it was a lot of rhetoric over substance. The president in saudi and in israel talked about doing more to confront iran, to prosecute the war against isis, and announced a number of deals, many of which were already underway during the obama administration. He got a warm welcome, im not sure the substance matched the rhetoric we heard. Having said that, relationships with israel and saudi arabia had been stretched with the previous administration. This was certainly a different feel to the visit, maybe simply because of a different view on iran and having both saudi arabia and israel welcome him in such a way, what does that tell you about what might happen in the next four years . I think clearly they gave him a warm welcome. He appreciated that. The question is where what that means on the ground. With regard to the war against isis, the Trump Administration has taken largely the same approach as the obama administration. The question they have to face is whether theyre going to step that up significantly by deploying for example more american troops on the ground in syria or potentially iraq. Thats a decision they have yet to make. Which would be a real change. But i think would also come with significant risks. How much of deciding what we do with syria depends on our relationship with russia . A lot of it depends on our relationship with russia. Clearly the russians are an important actor there. They control the skies in syria to a large extent. And whether they do more to reinforce the regime, do more to support iran, hezbollah will be a really important question in our policy towards syria. Also frankly whether they allow us to continue supporting the opposition in the ways that we have have. What do you think about the relationship with iran . The deal was fraught with doubts, concerns about where we go from here. Its one the president campaigned against when he was running. Now we have this deal, but an uncertain future with where we wind up with this. What do you think happens in that relationship . What do you think happens with that deal . So, this is another example of where, as you said, President Trump campaigned against the deal, he continues to say it was a horrible deal. And imply that we should withdraw, but the actions that the administration has taken over the past few months suggest something else. I take it we would all be concerned if he came in and ripped up that deal immediately. Hes this for four months maybe theyre trying to figure the best way about doing this is . Actually i think theres a good case to be made that theyll continue to comply with the deal. I think they realized over the past couple of months, better to have the deal in place, in some cases harder to get out. But if they were to put this deal on the slow burn, then would see iran restart the centrifuges, progress again towards developing a Ballistic Missile capability with potentially a nuclear warhead. What happens in nine years . People talked about the end of this year, tenyear deal, at that point iran was going to be able to have the ability to go ahead and become a nuclear power. What happens in nine years and counting . The deal doesnt allow iran to possess nuclear weapons. Thats clear. The iranians have foresworn that deal and its clear they wont be allowed to develop nuclear weapons. But they will be able to enrich y uranium. So in nine, ten years the iranians can restart their program but the monitoring elements will be in place. Well have more visibility into what they were doing than otherwise. Thats part of the reason why i think the deal is still a good deal for the u. S. Okay. Prem, thank you for joining us. Thank you. Coming up it was a tough fourday weekend at the box office. Spending on the top ten films brought in just 165 million. The worst memorial day weekend in 18 years. Well run through the numbers next. Her