Out of congress as opposed to just these executive orders from the president that are taking quite a bit of heat over the weekend. Yeah, look, david, i think that there is a sense initially that it was a white house grab and it kind of went through the weekend, there was a recognition that, wait a second, maybe it is a grab if youre going to give 400, 100 has to come from the states and many of the states including red states are in trouble. The thing that is most compounding people is that 12 of the people who make 80 to 100,000 get this bizarre payroll tax cut when the problem is not the people employed but the people who are unemployed. I think that its arer so counterintuitive our old friend larry kudlow always believed in that. We have secretary mnuchin right now, which is terrific lets do it lets do it. Go ahead, jim. Mr. Secretary, always good to see you on squawk on the street. We get a little bargaining done on the show. How have you been . Good morning. How are you . Im doing
The National Retail federation reporting on average, shoppers spent 6 less this thanks giving weekend thn they did a year earlier. Friday, it looked like it was going to be better. 11 lower in total. Online sales were all sort of on to them at this point. Today dubbed cyber monday, the traditionally Biggest Online shopping day. The consumer will spend 2. 5 billion online in one day. Well check in with Courtney Reagan in 20 minutes along with our industry analyst. And we have congress returning from the holiday recess today. Legislators have less than two weeks to figure out how to keep the government running. Funding set to expire on december 11th. Fight over spending bills comes as the party is also debating immigration. So lots going on over this holiday. Really wasnt a holiday weekend. People did work on friday. We missed you, joe. Good. Yes, thank you. Nice to be missed. Were going to talk oil in just a second. Another Washington News today, the Supreme Court is going to hear argum
Well go over to japan and tell you whats going on there. Lets get to our road map here. Youve got mail. Verizon aol, 4. 4 billion. Why is armstrong selling the company he runs and why verizon is buying a content business . Plus as we mentioned, we are seeing red in the premarket. Stock futures are lower as that selloff in bond continues. Another month of weak numbers from the gap. Retailers april sales came in below consensus blaming, what else . Youre thinking weather . No. Strong dollar. Thats what they are going with at the gap. Verizon agreeing to buy aol 50 a share, 4. 4 billion a cash. The dow component says it will help build digital and video platforms to drive future growth. Tim armstrong will continue to lead aol after it becomes a whollyowns verizon subsidiary. The ceo of aol was asked why he did this deal now. When you look at where we are today and where we are going, we made aol as big as it can be in todays landscape. If you look forward five years, youll be in a space w
That drone that Kara Swishers showing you. Does it have seven tamcameras or something on it . It is fascinating. Any anybody familiar with the Drone Industry knows about those cameras. It could really take off. A new report says jpmorgan could lay off 5,000 people by next year. Is this a broader issue for the Financial Sector . Many parts of financials have suffered the last couple of years. Is there normore layoff to come . Going to the front lines, we have the ceos of three major banks all here exclusive on closing bell. We begin with the markets. An hour to go to the close, the dow is down about 40 points right about the middle of the trading range today. Giving up. 2 . Caterpillar interestingly the big weigher there, down 2 on the session today. The s p weaker by 2 1 2 points. The nasdaq which yesterday closed at a record high today giving up a little bit of that. Down about nine just below 5,100. One featured market were following closely today, natural gas sinking like a stone ar