Back over to you thats going to be a topic of more importance as we get through the back half of the year ylan, thank you. A move to crypto now, especially facebooks libra. The president took to twitter to say hes not a fan of bitcoin or other cryptocurrencies adding, quote, facebooks will have little standing or credibility. Libra a major topic on capitol hill during the fed chairs testimony. Take a listen. We agree that libra raises a lot of serious concerns. And those would include around privacy, money laundering, consumer protection, financial stability, and those are going to need to be thoroughly and publicly assessed and evaluated before this proceeds now weve got mark cuban sitting down with deirdre last night, saying that facebook is out over its skis. Im not a big fan of what theyre doing there. I think its a big mistake not so much because of what will happen here in the United States, but what will happen globally theres going to be some despot in some african country that
Data out this morning was up slightly joining us for the entire hour is from ariel investments, pushing back against the earnings theme youre feeling good . Id say im better than the market is feeling. I think the market is looking for soft earnings, maybe 3 decline in earnings. Were hoping that we might get a positive number, but not as bad as the markets think lets drill down on all of the big stories. Lets start with you, bob. All three major indices at new highs. And let me show you, a nice group of Retail Stocks hitting new highs. Walmart, home depot, dow tjx, autozone. A small group of Consumer Staples breaking out to new highs. Proctor and gamble, colgate, starbucks a 52 week high for them the Payment Systems, mastercard, visa, visa the biggest gainer of the year up 36 . They have been on fire recently. Finally one last point, the vix down to 12 and change. This is sitting right near the lows for the year. Obviously august is a slower part of the year, but even so, a pretty low
down almost 9% but we will start with maga and the president touting the four stocks what we re now calling the trillion dollar club we have four trillion dollar companies. one is apple, one is microsoft, one is google, one is amazon you have amazon, google, apple and microsoft. you have an a, g, a, m, you have a maga heath is joining us from the global conference. congratulations as always on the conference good to talk to you. great, thanks, carl great to be here. you don t cover all of the names in that group but you cover a lot of them. i wonder is it any different covering them or is there more responsibility how much is the market relying on the fates of those four companies? we look, those are our tech leaders. that s what the market is looking to in a lot of ways when you talk to investors, those have become market stocks. they re reflective of the direction the market is going and reflective very much on investor sentiment on where they expect the market to
The market is broken or bent. Give me a reason. That was intentional, wasnt it . Seema m owith the top stockso buy but first bob pisani. Last week you had your opportunity. And the markets have gotten considerably cheaper the multiple, forward multiple, price earnings multiple on the s p 500 has gone down considerably two weeks ago it was 18. 5. Thats historically high the 20year average is 16. At friday we were 16. 6, the lowest since the election. We crept up with the rally, 16. 9, but you get idea its getting cheaper now the big debate is with what weve seen here at the open today, are we at a tradeable low here can we anticipate the market wont have another big move to the downside weve had a big move down. Its the indices are way oversold so makes some sense you get it back. A little bounce. The correction is only six days old. Some people calling it a technical correction, not based on fundamentals. Others dramatically disagree with that idea look whats happened the dow has regai
Welcome to squawk alley. Im Carl Quintanilla with michelle carusocabrera, john fortt. Sara eisen has the morning off we have a vote in the house on the budget elon hi guys, the house has passed the final version of the 2018 budget, clearing the way for tax reform to be completed without any help from democrats. Now, were told that they have reached that 215 marker that they needed in order to get this passed there were at least 19 republicans that voted against this doesnt appear that any democrats supported this Minority Leader Nancy Pelosi even called this budget immoral and a raw deal now, some of the republicans who voted against this, those are expected to be protest votes over the potential elimination or capping of the state and local tax deduction, so there is still going to be a lot of really tough negotiations under way over the next few weeks as republicans hammer out the details of their tax bill. But for now, a big step forward and something that can give them some crucial