Buy timewarner a big power lunch begins right now. Welcome to power lunch, im melissa lee. Were just off session lows but stocks have accelerated losses here in the afternoon. Worst day in nearly three months stocks pushing lower following new details of the new Senate Tax Plan including a possible delay in Corporate Tax cuts. For all the details we have, lets head to john harwood in washington john the senates got a problem, their budget reconciliation rule allows them only to reducethis tax bill as we have seen emerge in the house, is going to cost more than that in the shortterm and also raise the deficit in the longterm. Also not allowed under senate rules. So what the senate is trying to do is make adjustments both to get the votes and also to meet the rules, one of those judgm t adjustments is going to be raising the Corporate Tax rate going from 25 to 15 . From what i understand, the senate will not delay immediate expensing, which is likely to be the stimulus part of this bill
Plus moving in the free market. And the Prime Minister of india meeting with President Trump today as major ceos make their way to the capital we kick off the final trading week the first half of the year after a week where the dow and s p did hit the highs. The fifth straight week of losses for the First Time Since august of 2015 well talk more about it later on but it puts into perspective how spoiled we have been for the First Six Months of 17. Stocks up about 10 year to date total return you had bonds up as well so you didnt have to give up anything on the bond side. Theres been so little down side volatility along the way so all of those things together has been this unusually quite rally and look at what happens there theres a risk that this numbing effect is taking place i dont know if you really see that, though if you look at the data, quite rallies in the first half dont fall apart all at once and in fact you have better than average second half upside and a little bit less d
Good monday morning. Welcome to squawk alley. Im carl quintania we go to d. C. With hampton pierson. In essence, we have the Supreme Court essentially partially reviving the trump travel ban heres the key points on what the court said decided to do today. Theyve agreed to hear trump appeals on rulings blocking the travel ban, six muslim majority nations. Theyre also lifting most of the injunction that blocked it from being implemented. And theyre granting trumps emergency request allowing parts of the refugee ban to go into effect now the case will not actually get argued until this fall before the full court, a court now at full strength reading one of the more interesting excerpts from the opinions of the various justices from Justice Clarence thomas in writing a dissent saying in part, todays compromise and thats in effect what they worked out, will burden executive officials with the task of deciding on parallel contempt whether individuals from six affected nations who wish to ent
Worldwide exchange. Everyone, on cnbc, im seema mody in from sara eisen. And im in for wilfred frost. See seema, a fantastic day, a lot coming up. A record high for the dow. Take a look at how futures are shaping up here on Tuesday Morning. A lot of earning to look at, in terms of walt disney, priceline among others here on futures trading mix, Dow Jones Industrials down by 2 points, s p down by 1 point. A lot of fed seekers coming up were looking at a tenyear field at 2. 6 , so a bit higher Economic Data out of china overnight, chinese missing expectations, the nikkei off by 0. 3 and shanghai up by 0. 1 . Shaking that data caoming out of china. A bit of a mixed market. Theyve been hovering between gains and losses the dax in germany, you cant get more flatter the german dax, ftse, in uk, all up by 0. 1 of 1 overall. Seema, the Economic Data well talk about in just a couple minute but still not having that wailing effect that people thought it was going to have either in asia or europe
North korea vowing revenge against the u. S. In response to tough new u. N. Sanctions over missile and nuclear programs. Former u. N. Ambassador john bolton joins us with more on what happens now. Illegal and unconstitutional. Chicago mayor rahm emanuel suing the department of justice blocking federal tax dollars for sanctuary cities. The doj firing back, saying what emanuel should be focused on instead of this. The white house is pushing back hard what they call an absurd report out of the New York Times about a 2020 shadow campaign. Well explain. First back to the markets. The dow climbing into the close to score, looking at that, another record finish. But oil that is moving in the opposite direction as opec meeting gets underway. Lets go to phil flynn watching action from the cme and Nicole Petallides on the floor of the new york stock exchange. Nicole, lets start with you. What exactly was driving the dow and s p to new records today . I want to point out, nasdaq up half a percent