Component earnings joining us for the hour is stephanie link great to have you here i think thats exactly where we should start we had earnings from walmart and cisco. Cisco is the drag on the dow how would you characterize how it reflects back to the Broader Market last quarter the same thing happened where cisco disappointed and walmart posted a better than expected number. This is what this economy swhat this market is enterprise spend is weak on trade concerns and uncertainty and thats not Getting Better any time soon versus the consumer being very strong those numbers are very impressive 6. 6 stack comp for walmart. It actually kratd. Ecommerce sales 41 . Estimates are going up for walmart and going down for cisco and i dont think theres a lot of visibility at cisco even if you listen to that Conference Call they were disappointing across the board. You got to pick your spots of where you want to be well dive deeper into each of those Companies Reports ahead. Stephanie will be wit
Exchange. Im wilfred frost. Im Courtney Reagan in for sara eisen on this friday morning. We made it absolutely right. Happy friday lets get to Market Action we did see a half percent of gains for the dow yesterday. The s p and nasdaq just either side of flat week to date, all three are up more than 1 the dow slightly leading the pack is up 1. 2 . We expect a small positive open today. The dow up 34 points tenyear treasury note, we have seen yields slip over the course of the week. Even though the theme of the year has been a steep ee eenenel curve, we have had a flat yield cur curve. Looking at trading overnight, japanese nikkei average closing down just slightly thats about the only average in asia that closed lower for the session. You can see the shanghai higher by a third of a percent. The hang seng up 1. 5 . The dollar was fluctuating yesterday between second starety mnuchins comments about the dollar and President Trumps comments to joe kernen later on. So asian equities we know
Go big or go home good friday morning. Welcome to squawk alley. Im Carl Quintanilla with jon fortt and here at post nine. Record highs on the dow and s p this morning all major averages having best month coming as the president addresses the Economic Forum in davos sw davos switzerland yesterday declaring america is open for business sat down with our joe kernen for more well turn to Michelle Carusocabrera in davos this morning. Hey, michelle. Reporter hey, carl, President Trump on a full court press to convince investors around the world to invest in the United States. Trump reiterated how pleased he is about the Corporate Tax cut, what it does for american competitiveness and how its leading to bonuses for workers as a result. I think that the tax plan has been even better than we thought. What did happen that nobody considered is that at t started, but they immediately followed hundreds of companies are giving thousands and thousands of dollars to their workers and now you have almo
Yields dont strengthen. Ten year approaching 2. 34. Road map begins with the tax reform push. Tech is under fire. Senate Intelligence Committee is calling for public testimony from executives at twitter, facebook and google. Another equifax apology. The companys interim ceo shares their new strategy to protect users data first up republicans pulling out all the stops to push their tax reform plan which includes cutting the corporate rate 20. Gary cohn said he disagrees with those who say it will cost 2. 2 trillion because it will be paid for with growth. We think we can be substantially be above 3 gdp growth with what well accomplish on deregulation and tax reform said i he agrees they would have preferred 15 but 20 on corporate is a bright red line, a bright line test if they were going to do that and do repatriation this would be like speaker ryan talked about. It could just happen the fact is that those of us who have gone through what looks like a plan have no idea what it means. I
And the nasdaq pole volting 9. 5 , it was the fang stocks that led the charge higher. Yeah, facebook Amazon Google and now alpha bet. Weve got a marvel there is still one more rotation going on. This time back into the nasdaq. What gives . How did these stocks suddenly get their groove back . First as we put out last week tech never really goes out of style. If its really good it just simmers and waits and then pounces. This is an ageold pattern yi urged to you buy these tech stocks while they were down rather than abandoning them. How is it that this doesnt always seem to work. For one thing these fang stocks truly have no flies in them. They have a good story to tell. When we have a major move into the industrials and they are stretched as they have been these uber tech stocks dont seem as expensive as the rest of the market. Take facebook. We know we need to analyze this stock based on what we call the out years. By some estimates facebook is trading at a slight premium to the avera