Different tone from the president on taxes and trade to immigration and obamacare, his message to the markets. Plus, the market rally returns as investors digest white house Economic Policy and that possibility of a march rate hike for the fed. And prepping for the biggest u. S. Tech ipo since facebook, snap is set to price tonight but will the ipo prove a boost to the tech market . First up in his first speech before a joint session of congress the president highlighted his plans for boosting jobs and the economy including tax cuts, trade deals and a major infrastructure program. I will be asking congress to approve legislation that produces a 1 trillion investment in infrastructure of the United States financed through both public and private capital creating millions of new jobs. This effort will be guided by two core principles. Buy american and hire american. I guess we can start on infrastructure right there, jim. People paying attention to the language, legislation that produces a 1 trillion investment in infrastructure. Not necessarily that price tag from congress itself. No, but i have been saying, ive been trying to boil it down one of the metaphor stocks, its martin marietta, why . They make the cement for the wall and infrastructure for the roads. This is a remarkable moment because im speaking to democrats and republicans today and both have said, look, hey, who was this guy . Who was this guy . And what thats being translated to is a wild rally. I mean almost as if, okay, this is what weve been waiting for, lets sit down. I mean, remember, yesterday was the end of the streak. And how many articles did you read the end of the bull . I saw on our own network so many times the sense it was over, as long as you push out the good stuff, like you said, when is Congress Going to agree to the infrastructure . I dont care, as long as its out there somewhere. He didnt take it away. He didnt come in with a negative thing. He came in with a positive thing. So suddenly i look at david and said, david, were going to get maybe the border tax but maybe not, were going to get the Corporate Tax reform this year but maybe not. All things that make sure the ball stays in the air and doesnt hurt you come in and the International Markets are strong, britain i know, but youre raising the right point, jim, which is that we didnt necessarily get any specifics. Thank heavens. Or details. Thank heavens. But the market is taking it very positively. Right. Certainly the speech was well received. People liked the more positive tone. Yes. But why is the market up so much . I think the market is up in part because theres a sense that we are not going to be in some sort of great civil war. It just was not polarizing. So youre saying the market is coming off of the tone . Because policy wise we have very little no, i have less than what i came in with. Yeah. Wilbur ross was coming out, i saw the crawl, the thing underneath, president says border tax policy, wilbur ross says no. Its even more confused but confused in a gentler and kinder way. Lincoln was mentioned, that old republican. Yes, he was. Not even with something i ever would have associated no. Malice toward none charity toward all thing yeah. It was interesting. But it was the tone that allowed people to say, well, wait a second, maybe things can happen. At the main time saying were going to have this rate hike, of course ive had omelets all over my face, turns out to be good taste and im going to put some western on it. Williams and dudley people now focused on march, why is that a positive for the stock market . Because you have jamie dimon talking about how we need rates up badly. And we saw i think it was the end of squawk rates up pretty sharply. Jamie dimon said the same thing yesterday and we didnt like it, today we have a rate hike and we love it. You also have lowes saying, hey, theyre spending, theyre just not spending at target. And people are just kind of they want that speech gave people a feeling of whatever was not so great yesterday, i kind of like it today. So to carls point you really think the tone matters . Yes, i do. Do you think thats i mean, i know thats artifice and theres lots of people i went over with before saying this tonight, i said if i say this will people say thats total triumph of form over substance, but im going with it. If youre going to put all this reaction on that, right, can it be easily toppled by another attack on the media, another mention of the border wall in mexico, another thing about voter fraud . How much of this is tenuous . Boy, thats a great point. You mean if he could just stay away from twitter for like 48 hours we could take the stock market to 4 trillion from 3 trillion . Yes. Yes. At some point theyre going to have to put a lot more meat on the bone though. Why . [ laughter ] you just want the promise out there. David, you dont have to cross the jordan river, you just got to look at it. Its true. Moses never made it. Never made it to the promise land. But maybe still a couple thousand years after they figured that out. All right. Well, you know, couple thousand years would be good for this bull market. Im saying i mean, i watch all the commentary after and i got these people i thought like hated the guy saying, well, that was the first speech hes ever given. Someone honestly said that. What were the other things . But it does make me feel there are a lot of people maybe shorts who were betting its over. The shorts have been so wrong about everything. They short lowes off of target, and they short the Dollar General off and they short the banks because at the end theres no rate hike and suddenly theres this era of good feeling breaks outd in congress and everyones covering everything. Funny you mention that because b of a ups target from 2300 to 2450 as investors, quote, capitulate into equities. I like that. Did you notice the bull bear ratio which i know no longer has the grav tas it used to but 63. 1, highest since 87. The streak, the dow, highest since 87. I happened to live through 87. That did not end nicely. 87 did not end nicely. Though we came back quick in 88, really fast. Look at you with the positive spin. Like that . But this b of a piece someone emailed it to me thought it was worthwhile. Over the last 80 years minimum market equity returned in a bull market was 30 . Theyre saying dont underestimate an old bull. Thats right. I like that. So maybe your question as to why and the old bull, maybe just, you know i put on my Virtual Reality glasses ours is not to reason. Just to do or die. I like that. Yeah. Yeah. Who was that . Fred astaire. On taxes of course we didnt get an explicit mention of border adjustment. We heard about a level Playing Field. Heres the president last night talking about a tax cut. My Economic Team is developing historic tax reform that will reduce the tax rate on our companies so they can compete and thrive anywhere and with anyone. It will be a big, big cut, at the same time we will provide massive tax relief for the middle class. We must create a level Playing Field for American Companies and our workers. Well. All right. Nothing new there. I have to read this in code. Nothing new. Same things. There was a bulletin went out to all the media, i didnt get it. I dont know. Im off that list. Sometimes they send it to the wrong address. Theres the tired trump bull market. That was the thesis going into this speech. It was the tired trump bull market. So people had abandoned it, they take profits and then we get the kind of, well, you know what, maybe the bull markets not so tired and you just everybody reverses. I mean honestly look at salesforce. Salesforce the number comes out thrks is about the psychology of the market. Okay. Can we stipulate among the three of us salesforce comes out and they issue earnings, right . Yes. And issue guidance and its right there. And initially stock goes to 83, goes up 3. When you go through the guidance send it down 4 even though the Conference Call is quite good. Yes. And now the stock up a 1. Only thing that happened is the president gave a speech. Nothing else happened. He gave a speech. Well, your point about the speech is good. But you also have dudley. Right. And williams yesterday basically saying the case for a march hike more compelling. They watch the show and realized they were off message china pmi. Beat. We mentioned german inflation getting to two. So all of these things are working in concert, right . Yes. Again, i come back to have you looked overseas . I mean, you wake up this morning and the overseas markets remember when the overseas markets were always down and had panic . The overseas markets are strong because the numbers are very strong. It is something lets say we were like three british guys, get wilf down here use that accent. He always sounds so good with the dinner jacket. Those are very significant gains for those three major european markets. My point is if youre in france right now, with le pen and stuff, are you talking about a better trump . No, business is better. And we had the tired trump bull market that is coinciding with the fact that the one thing that the banks really need and they have been the leaders was rate hikes. And the International Stocks that were trump stocks are getting the strong overseas market and all the bears have is palo alto networks. Great. Dollars getting stronger again too. Yeah, but people looking through that. Have you noticed in best buy they look right through the guidance from the First Quarter being negative . And thats what theyre doing right now with dollar tree. And theyre doing the guidance negative looking through the negative guidance with salesforce right now. Why . International . No, domestic companies. So goldmans point a few weeks ago that march would be the point of maximum optimism, i dont hear you disagreeing with that. I cant disagree with that. I cant. I mean, i just im looking at this. I want that fed rate hike so badly. And theyre giving it to us. Is it too early to Start Talking about as mike santoli asked on twitter today, 25 or 50 . Oh, geez, i dont know. Im trying to get past this idea that the bull market ended yesterday. Because it clearly didnt. And im just going over im parsing every word of that salesforce Conference Call trying to figure out why the stock is down big. By the time i come in its not down. The recuriel nature, everyone is being whiplash all seeing the International Markets being better, theyre all seeing who the heck thought wed have a conciliatory man speaking in front of congress . I mean it was conciliatory. Now look, the real cynical people are saying, well, he was phony conciliatory. But the fact is that hes kept the bulls in the air. Mr. Border tax, no border tax, we live to play again. Right. And moses by the way i think he had a Virtual Reality tour. Youre getting deferred comp at j. P. Morgan, youre dancing around those offices today. But wells fargo eliminating some bonuses for some of those fellas. Yeah. We got a lot more to get to. More discussion on the rally tomorrow, of course a big debut for snap, gearing up to what is anticipated to be the Biggest Technology ipo since alibaba. We got calls on intel, we got goldman on micron. A lot more squawk on the street from post nine in a minute. Hey gary, whatd you got here . This bad boy is a mobile trading desk so that i can take my Trading Platform wherever i go. You know that thinkorswim seamlessly syncs across all your devices, right . Oh, so my custom studies will go with me . Anywhere you want to go the markets hot sync your platform on any device with thinkorswim. Only at Td Ameritrade so beautiful. What shall we call you . Tom name it tom studies show that toms have the highest average earning potential over their professional lifetime. See . Uh, its a girl. Congralations two of my girls are toms. I work for ally, finances are my thing. You know, im gonna go give birth real quick and then well talk, ok . Nice baby. Lets go. Here comes tom 5 nothing, sps us from doing right by our ctomers. Ally. Do it right. Whoo look out. Morning getting busier now with auto sales. Lets get more with phil lebeau in chicago. Carl, last month ford sales dropped 4 here in the United States, little lower than the edmunds. Com, when you look at ford its sales and inventory what a lot of people are keying in on. Fords inventory in terms of its days supply dropped to 79 days supply at the end of february. Compare that with january where it was at 95 . So thats the improvement that people have been looking for. And, guys, its the same thing weve seen for months and months and months. Trucks and suvs are where the sales are at. Ford car sales down 24 last month. Overall ford cars in terms of total sales are now just one out of every four vehicles sold. Think about that. Used to be about a 50 50 split back in the day. No longer. Its all trucks and suvs. We get gm in 15 minutes. Guys, back to you. Phil, well come back to you on that. Phil lebeau thanks. Getting breaking news out of wells today as well. Well go to wilfred frost at hq. Wells fargo is taking further executive compensation matters this is affecting eight members of the 11 strong operating committee, the eight that existed before the 2016 sales scandal that includes ceo tim sloan, cfo and they will not receive cash bonuses for 2016, in addition some previously given equity rewards that vested during 2016 will also be taken back. The result is a total of 32 million of compensation being withdrawn for those eight people in total. That compares of course to the 41 million that john stumpf gave up himself. Chairman says these actions are not related to any findings of improper behavior. Theyre part of the boards ongoing efforts to promote accountability and put customer interests first. So of course that lack of improper behavior contrasts to the four senior managers albeit less senior managers that lost their jobs a couple of weeks ago. So these actions less severe in that regard. Tim sloan the ceo says i fully support the boards action and believe they are critical to wells fargos commitment to the customers. Just a closing line this press release does suggest there wont be further announcements until the full findings of this board review is released, which of course is april 2017, guys. Wilf, thank you very much for that. No bonus, couple of people have lost their jobs. They handling this right . I think so. My travel trust owns it. Its been a huge disappointment. Its obviously a company that lost its way, maybe its getting its way back. Stock has done nothing during the whole rally in part because of what did occur, but anything that makes it so its in the past Rearview Mirror waiting for not unlike what you see with the chipotle to use the financial analogy where youve got to see those checking accounts stop going down, the new ones open every month. But wells is going to, you know, you get a fed rate hike and people will be saying what was that cross thing . What was that check thing . Because fed rate hike is everything for these guys. Everything. Im with you. Everything. You say everything. I nod. Even with the curve flattening here since the election people watching that today. Well, you know, its really interesting when you go back over the home depot call, which i mention that because lowes is in the news, you talk about 40 per month for rate hike is not going to stop anybody from buying stuff. I do think that wells, we forget how much they are the housing stock. Now, they dont have they have a huge deposit base and people say deposit base obviously bank of americas got the biggest, but when you think about housing being on fire and its still not on fire, if you get housing on fire and get a little bit of vig here from the corporate from the deposits, wells goes to 65. Where does j. P. Morgan go . 100. J. P. Morgan now got 325 billion market value. It should. What its got a 14 multiple even though a great growth stock. I hear its got a fortress balan balance sheet. What kind like ft. Knox . Ive read it. All right. My gold finger could not knock off ft. Knox. No matter what nerve agent he was using. Thats why jamie dimon and lake are a powerful onetwo combination. Very powerful. Which of those two is james bond . So did jamie dimon. When we come back well get cramers mad dash and count down to the opening bell. Tomorrow at 9 00 a. M. Eastern an exclusive with mcdonalds ceo Steve Easterbrook. We cannot wait for that. Take another look at the premarket see if we get 21k or anywhere near it at the open. Back in a moment. Is happening before our eyes. Xty to seventy Million People are moving to cities every year. At pgim we help investors see e implications of long termegatrend li the pme time of urban e, ointing opportunitie to capture alpha in real estate, infrastructure and emerging markets. Partner with pgi the Global Investment management businesses of prudential. The market. Redict but through good times and bad. At t. Rowe price. Weveelped ouinvestors stay confident for over 75 years. Call us or your advisor. T. Rowe pre. Inve with confidence. Uh, yeah. What is . R, larry. The whole wheelie thin what do you mean . I just got this by to get around the plant floor. Right, but now Ge Technology nitors eve machine. Yeah, it brings massive amounts of information right to you. So you dont need that. We, it makes me look young and uh. Wi it. Timeo mon. Oh ill move on. Right intohe future. Ackwards. Youre going bkwards e tures all aund us not just on your lite tablet, my friend. Lets get to a mad dash on hump day few minutes before the bell. We didnt talk specifically about lowes earnings, made a few references, but lets get to it. Comparable stores 5. 1, people were looking for 2. 2, more than double. A lot of people felt maybe lowes wasnt going to be as good as home depot, i would argue they did better than home depot even though home depot is terrific. David, if you spend on your home, maybe you dont go out. You brought it up yesterday, we discussed it a lot, people staying home, theyre on their devices or playing video games, ordering pizza and fixing stuff up. There you go. Theyre not going to the mall. No, mall no go. By the way lowes isnt in a mall. Theyre stand alon