Obamacare and keep the government open plan includes new domestic spending, all of this contrary to President Trumps election promises and the Republican Party is still divided on taxes and theyre still several votes short of agreement on Health Care Reform. Despite winning the house, the senate, the white house, the republicans cannot get anything done. Thats the current state of politics. On the money front, its all about these guys, the fabulous five. They are sucking in all the money. Theyre all at record highs while the rest of the market remains fairly flat and today, speculation what apple will do with that, a quarter trillion mountain of cash. Thats all there is speculation with a shareholder dividend. Divisive politics and really big money, thats what we have for you today. Varney company is about to begin. Thats america today, more than 40 arrests were made on may day, that was yesterday, of course. Tens of thousands across the country took part in violent antitrump demonstra
Neighborhood jumping fences and forcing his way into two separate homes. Ann ruben is there for you to bring us an updatement ann are officers any closer to getting this burglary suspect to surrender . Reporter the man appears to be barricaded in a home down this street. Police have been talking to him for hours trying to get him to come out peacefully. As you mentioned this all started 9 00 a. M. This morning managers at Oreillys Auto Parts say they saw a suspicious man and woman come into the store. The man began shoplifting while the woman distracted them. He took about 600 worth of misdemeanor of as police came in the front door the man ran out the back jumping the fence and heading into a neighborhood. Residents say he then went into a home where a 19yearold pregnant woman was sleeping holding her at knifepoint. Family members say he let her go but remain hold up in the house thats where hes remain. The swat team known as merge has been out here. They ultimately used a bullhorn to
Im wilfred frost alongside Courtney Reagan. Good morning. Good morning to you. You had quite a busy 24 hours. We have, indeed. Well get to those specifics in a moment. Lets hit the markets. It is 5 00 a. M. On the east coast. But first breaking news. The u. S. Military launching tomahawk cruise missiles against radar sites in yemen. This comes after incidents earlier in the week when the ship was fired on by a rebel controlled area. Well have headlines on that for you throughout the day. Markets, as you can see right now, pretty soft. Were down over 100 points for the dow. 108. The s p down 14. 5. Nasdaq down about 30 points. Significant weakness off the back of yesterday when we were broadly flat. We did have the minutes from the fed, they didnt change expectations. Were still looking at a 66 chance of a december rate hike. So, in the end, a relatively mixed day. But broadly flat. Down about a half percent to 1 for the week as a whole. The nasdaq is the laggard. Tenyear treasury note,
Look at crude, which has been dictating terms for equities lately. Relatively unchanged on wti, about 50. 18 per barrel. For brent, 51. 88, barely higher. Rbob gas edging up a bit. Well get back to the markets in a bit. Breaking overnight, the u. S. Military launching tomahawk cruise missiles against radar sites in yemen after incidents earlier in the week where a navy ship was fired on from a rebel controlled area. Now to this mornings top story, embattled wells fargo ceo john stumpf is out retiring Effective Immediately. Tim sloan taking over the top job following the highprofile scandal involving their sales practices. News came out after the market closed yesterday. Looks to be up about 1. 5 in extended hours. Notably above 46, a level we havent seen in some time. Helping. Helping. Yeah. Wilfred frost spoke with tim sloan late yesterday and asked him if stumpfs departure was a necessary condition for the company to move on. I think johns decision to retire is one that, you know, is
Welcome to squawk on the street. Im Carl Quintanilla, david faber, jim cramer at the new york stock exchange. Get to wells in a moment. Premarket weak on the back of disappointing chinese trade data, renewing concerns about global growth. Europe down more than 1 . Yields here falling back to 1. 75. And oil still fighting it out just above 50. John stumpf said departure comes amid that scandal thats engulfed wells fargo. Tim sloan is now the new ceo. Sanger will be nonexecutive chairman. Jim, happened suddenly, tensely worded press release. Your thoughts after seeing that tape. Well, first, when i asked stumpf whether he would resign, that was regarded at that moment as a radical question. Almost idiotic. People said what are you kidding me . Jumping to conclusion. And i just felt that the way went through the crisis the crisis is a very simple lesson. You lose your job whether you know about what happened underneath or you dont. Now, you can say jamie dimon didnt lose his job, very dif