>> you don't care about the debt? >> in maryland near the harbor. >> what? >> the new one down at the national harbor. >> it's like 180 yards away from the -- >> right across the river. >> and so we do like that. we do like las vegas. steve wynn will do a marvelous job. >> thank you for being here. >> thank you. "power lunch" begins right now. thank you, scott. i'm melissa lee, here is what's on the menu. stocks rebounding. is it the white house's bullish take on the economy? is this the bounce you buy? we'll debate that. a brutal day for stocks in brazil thanks to a growing political scandal for the country's newly enstalled president. the latest details and the ripple effects of the latin american markets straight ahead. why millennials are saying bigger might be better when it comes to looking for a job. this huge edition of "power lunch" starts right now. ♪ go big or go home

♪ go, go ♪ go big or go home ♪ go, go welcome to "power lunch." as melissa mentioned a major average is bouncing back a bit from yesterday's big selloff as we take a look at the dow right now, we are higher by about 40 poin points s&p 500 up by 60. walmart is up over 2% on the back of their earnings report out before the bell. meanwhile, cisco down sharply. the company giving i a weak outlook for the current quarter and announcing 1,100 new job cuts. shares of athena health up 20%. disclosing a big stake in the company and saying its shares are, quote, significantly under belly. tyler? >> thank you very much, courtney. welcome, everybody. we begin with breaking news. sue herrera as your news desk, sue? >> right now we know one person has died, 12 others are injured after a car slammed into a crowd

of people in times square. it was the height of the midday lunch hour. at this point, it is not believed that this deadly crash has any link whatsoever to terrorism. officials with homeland security telling nbc news the incident, quote, appears to be an accident. multiple sources also confirm the driver is believed to be a 26-year-old man from the bronx who has a history of driving under the influence, arrests and other infractions. they are calling him a suspect. he's currently in custody. witnesses on the scene describe the seeing the four-door sedan, which you can see there, it's kind of a plum colored. it's flipped over on the sidewalk. and there was some smoke coming from the hood a little bit earlier today. jonathan also reporting that he -- he's with our affiliate wnbc that this driver allegedly made a wrong turn as well. he tried to go up the street instead of down the street. it was the height of midday lunch. it was very crowded, as you can see from some of these still

pictures. times square itself has been cordoned off. it's been shut down. governor andrew cuomo is on his way. bill de blasio is on his way to times square. jonathan also reporting that the driver appeared to be visually impaired when he was arrested, as if he was allegedly under the influence of some kind of drug. so, you are up to date. there is going to be a press briefing in about 20 minutes. we'll monitor that for you, ty, and bring you any new developments. >> melissa is very familiar with that area doing fast money. much of times square has been turned into a pedestrian mall. >> that's the irony of this. >> i'm not sure whether this accident occurred in that area of times square or on one of the more conventional sidewalks. >> we're not sure of that either. it's kind of hard to tell from the pictures. >> right. >> exactly where, but the fact that there were a lot of people in the middle of it indicates that it is either right at the

beginning of where they kind of direct traffic away from it. >> right. >> or right around where that particular area is. >> can you tell us where it is? >> some of the pictures look like it's -- the street is fork, 7th avenue and broadway, right around that area, literally across -- two avenues over from where the nasdaq market site is. >> and you'll be there later this afternoon. >> hopefully unless it's on lockdown. >> thanks, sue. >> you're welcome, guys. busy day in washington, of course. brian sullivan is in the thick of all the action. let's check in with him now on capitol hill. hi, brian. >> hey, ty, thank you very much. thoughts and prayers going out the families injured. we had to come to if new capital of wall street, that is washington, d.c. as usual, there is a lot going on down here. so we're doing sort of a split-location "power lunch" for you. earlier today, you had treasury secretary steven mnuchin in the senate talking about finance reform. you had a house committee hearing on tax reform and coming up in about 90 minutes you have a classified session with u.s.

attorney rob rosenstein about james comey. as always, we have full team coverage for you. amen jafers. let's start with ylon. >> brian, this was steven mnuchin's first appearance as treasury secretary here on capitol hill, testifying before the senate banking committee. so, a lot of the conversation and discussion was focussed on regulatory reform. there was a particularly heated exchange with senator elizabeth warren in which he tried to press him on his position on glass steegle. >> tell me what 21st century glass steegle means, if it doesn't mean breaking apart those two functions. it's an easy question or an impossible question. >> it's actually a complicated question. >> i'll bet. >> there's many aspects of it. okay. the simple answer which we don't support is breaking up banks from investment banks. we think that would be a huge mistake. >> this is just bizarre. >> i tried to catch up with

secretary mnuchin as he was leaving the hearing to see if he wanted to clarify that position any further. here is what he said -- >> i was very clear i thought in the meeting. we don't support a full separation of banks and investment banks and i thought i was very clear on that. >> and secretary mnuchin has offered to meet with senator warren in the future to discuss their differences. and senator warren told me she is happy to take him up on that. >> i'm sure we'll see much more of you all throughout the day. for now, let's go to the white house with amen jafrs with more news of the day. amen? >> hi, brian. they're gearing up at the white house for an east room press conference with president trump and also the president of colombia side by side. it will be the first time we've been able to see the president on camera, perhaps reacting to the appointment of a special council, robert mueller the former head of the fbi appointed last night by the department of justice to oversee this sprawling russia investigation. up on capitol hill, reaction was fairly positive to that

selection from both democrats and republicans, including the speaker of the house paul ryan who had this to say -- >> the appointment of the special council, i think, helps assure people and the justice department that they're going to go do their jobs i independently and thorough which is what we called for all along. i think it was perfectly appropriate to do that. in the meantime, we're going to keep doing our jobs. we're going to keep our russian investigations going with our intelligence committees. >> paul ryan saying it was perfectly appropriate to do that, but that's not what the president of the united states tweeted this morning -- here is what the president said early this morning on twitter -- >> with all the illegal acts that took place in the clinton campaign and obama administration, there was never a special council appointed. the president going on to say, this is the single greatest witch hunt of a politician in american history. brian, we'll see whether the president says something similar later today here at the white house or whether he's back to the measured tone that the white house took in releasing his statement last night. a whole lot to watch for later

on this afternoon. >> yeah. i think the president will be taking two questions, correct, president of colombia, two, president trump, two. they'll both be about this issue, i would imagine. >> you would imagine, but you can't say for sure. we don't know exactly how much he'll take. that's the standard process. it also depends on who he calls on. there's a lot of art to this. if you call on somebody you know as a burning interest in some other subject you might be able to make sure that the president doesn't get a question on this. we'll see how they handle it. >> we will in just a little bit here. thank you very much at the white house. >> you bet. now let's talk more about the economy. let's talk more about confidence. let's talk more about everything that is going on in the d.c. drama, comey gate whatever you want to label it. how it's going to impact you, your money and the economy going forward. ron krissy, jared bernstein joining us here in the russell senate rotunda. thank you for joining us. >> good to be here. >> jared, before we get into the economy, i want to ask about the investigation robert mueller appointment. obviously well respected on both sides. >> yes. >> do you believe that at the end of the this investigation if

there's no collusion found, if there is no need for further action, will the democrats let it go and move on? >> i think many probably will. you know, the democrats are not a monolithic and can't speak for everyone, but what i'm hearing is a ton of respect coming out for this special council who has been appointed, i think, they did a very smart job in picking this guy, robert mueller. i think there will be a lot of democrats asking for precisely this. if the outcoomb is as you suggest, some will definitely back off. >> we can't speak for all of america, but we'll try. the three of us will represent the entire country, ron, because all the stuff that's going on here, boldfaced big font headlines, newspapers, news coverage around the country, is it going to negatively impact u.s. economy? we ask for this a reason, 4.4 unemployment rate, 5.7 open jobs, initial jobless claims this morning at 28-year low. housing is doing well and wages are rising albeit slowly but theorizing. is this drama behind us here

enough to screw it up? >> not yet, not in the short term. what i'm looking at, you look at the federal reserve of atlanta, they say they'll revise the gdp growth of the quarter to over 4%. yes, the markets are doing well. how long does this really cripple washington. if people around the world look at washington, d.c. and say this is a dysfunctional place. they can't get anything done, then i'll start to worry, brian, and say this could have a negative impact on the markets. >> i'm more bullish. while ron makes great points, i think anyone who has been paying attention and looking at washington has already concluded we're pretty crazy and dysfunctional, and not just with the arrival of donald trump by the way who adds a level of cra cra to the equation that is very significant, but in terms of gridlock and dysfunction, it's been going on that way for a while. so i think what's behind your question is very important which is separating the real economy from the noise and the real economy is doing a lot better than the noise. >> thank you. we wanted to flip it. we've been asking will this derail the trump agenda.

his gop agenda which is separate and distinct from the trump agen agenda, but the economy is good. ron, if this distraction, this dysfunction, whatever you want to call it because it is serious, is it enough to knock the economy at the knees enough to bring it down? >> only if this goes on for years. years and years and years. we have no idea how long this investigation will go on. i agree with jared bernstein here, muller was a really good -- >> you can call me jared. >> muller was a very good pick, one that gives confidence to republicans and democrats and soothe a lot of the pressures going on. but if this goes on millions of dollars of investigations year after year then you start getting into trouble. >> go back from a market perspective, neither of you are market experts but the market is supposed to be a discounter for the economy and vus. in 1998, the ken star report was being sort of produced before it was released, the market wavered. in fact, s&p 500 fell fairly considerably when the star report came out, the market

rallied. the market doesn't like uncertainty. do we believe that whatever the outcome is, the ultimate outcome either way, do you think that we'll have this period of uncertainty and sort of dislocation, ron? >> no. i think the uncertainty is what we saw yesterday. i think the market reacted to what does a special council mean. as you go on and get a final conclusion one way or the other, the markets will say finally. >> the markets are irrationally -- rationally moving up on the kinds of positive underlying economic news you hear out of the federal reserve where the market gets too far over their skis is when they start thinking about big tax cuts are coming. you know, that's already been a heavy lift. >> we got to go. guys, thank you very much. we have the rich aunt so to speak of the federal reserve that might be there to back us up should we need it. ron, enjoy this beautiful day in washington, d.c. it's about 100 degrees. tyler, back to you. >> gentlemen, thank you very much. still ahead, retail had a rough run, but walmart a bright

spot today, beating expectationings. what does this mean for the broader retail sector. going to take a closer look at that. first, another political scandal, this one in brazil. sending stocks there sharply lower. the latest details. plus the ripple effects on the rest of the latin american markets next.

welcome back to "power lunch," everybody.

stocks staging a bit of a comeback after yesterdays's steep losses. bob is at the new york stock exchange with what is driving today's gains. hi, bob. >> hello, tyler. a little less drama than yesterday. i want to show you the market internals of what's going on. the bottom line is there's no follow through to the selloff. right now the breath is about even, 4-. involvety was notably higher. it was significantly heavy at this time yesterday. sectors, the old leaders are back. teches are back. banks had a horrible time the last month are doing a little better. industrials are just flat. consumer staples, defensive group slightly to the downside. one thing worrisomworrisome, th ten-year yield, the banks had a rough time. particularly the regionals are already in correction territory as you can see off of their 52-week highs. just hit back in march here. heavy volume etf still low, big names by spy, the s&p 500 and

russell 2000, heavy volume. people are still trading around yesterday's businesses. emerging markets etf, lot of volume in mexico, peru, chilli and south africa. maybe that has something to do with the news today. we're going to talk about brazil, its president temers president there in jeopardy right now? >> that's the big fear, bob. this fear that the political crisis is returning to brazil. that's one of the reasons we're seeing such a big move in brazilian assets right now have. one of the country's major newspapers last night o global reporting that president temer has been recorded sis cussing payments of a bribe to silence the former speaker of the lower house who helped orchestrate former president's impeach chlt and in jail for bribery charges. the president's office came out defending temer, denying these allegations but were already seeing calls for a snap election from opposition parties and for impeachment proceedings to begin. think tank says these

allegations if proven to be true have the potential to delve the administration into a profound political crisis and delay temer's reform agenda which wall street had been betting on. some of the major companies getting hit, petrobras. the brazilian etf is down more than 14%. and it's not just stocks. the currency feeling the pain. weakening against the dollar. brazilian real off by around 6%. the fallout spreading to argentina, brazil is its largest trading partner. off just about 3% as you can see. and you're seeing selling across the region, though. latin american etf down over 10% on pace for its worst day since 2008. melissa, i just got off the phone with a friend in sao palo said the political atmosphere in brazil right now very tense as you can imagine. >> thank you. so, stocks rebound from the

biggest selloff of the year, how should investors position their portfolios from here. bill, it's always great to have you with us. how should investors view this bounce, particularly when the hardest hit sector yesterday the financials getting barely a bounce in today's session? >> yeah. we still like the financials, so i think you have to think about where you think things are going and whether you think the economy is continuing to improve. i would even throw the global economy in there. so we think it is. and i think that's likely to when you get some of the safety trade to come off and as you've seen some of it in equities. it's hanging around on the bond side. you see yields come back up, that should help lift the financials sector especially if you got economic growth in the backdrop. >> were you telling clients to put money to work in yesterday's session and do you see the green arrows across the board, at least for now, as proof that maybe we have seen the worst of whatever sort of downturn we

will see? >> yeah. we think it's going to turn out to be an opportunity. it's really hard to say we've seen the worse just because we just don't know anything yet. i mean, it helped to have the special investigation or investigators on it, but at the end of the day, we're doing it so many -- >> i guess that's going to be the heart of whether or not you believe this bounce or don't believe the bounce. what is it that we need to know? do we need to know whether or not there are, in fact, or were in fact links between trump's campaign and russia? what do we need to know and what drove the markets to record highs in the first place? >> i think you're right. that's the perfect question which is -- i actually think what we need to know is this going to be such a distraction -- forget whether true or not, is it going to be a big enough distraction that it's going to take the administration's eye off of the pro-growth and tax cuts, et cetera. i think that's right on. that's exactly what you need to think about. but i think you're right to also

point out, i don't think all of or at least where you were with your question, i don't think all of this rally at all since the election had to do with necessarily the thoughts that that was coming. certainly part of it, but a lot of it has to do with the fundamentals have actually just gotten better. we've seen the global economy improve. the proof is in the pudding in first quarter earnings here in the u.s. yes the earnings will probably slow down a bit in the second quarter, but they're still likely to be very good earnings year over year for 2017. >> bill, do you need a pullback for an opportunity to get into the market beyond just one day? >> i mean, we would have said, hey, we weren't waiting for a pullback any way. we know it's going to come. it always comes. we had moved and we still think it's a good idea to perhaps think about having a little more exposure to europe. we moved some money over there in mid april and still like the idea, you know, it's maybe some relief now to have some there in the sense that you kind of have a little less political turmoil which seems odd to say given

what we were talking about at the beginning of the year over there and the rise of populism which seems to have fizzled out quite a bit. >> bill, thanks so much for joining us. bill stone, pnc. >> thank you. tech stocks bouncing back after yesterday's selloff. the names leading the sector coming up next. in july of '98. i did active duty 11 years. and two in the reserves. our 18 year old was in an accident. when i call usaa it was that voice asking me, "is your daughter ok?" that's where i felt relief. it actually helped to know that somebody else cared and wanted make sure that i was okay. that was really great. we're the rivera family, and we will be with usaa for life. usaa. we know what it means to serve. call today to talk about your insurance needs. this is where i trade andrs. manage my portfolio. since i added futures, i have access to the oil markets and gold markets.

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worst day in nearly eight months yesterday. so financials are in the green. that's a reversal from yesterday's steep drop. zions, black rock are leading the charge there. the sector is still negative for the year. tech stocks the standout today as well the nasdaq 100 outperforming the s&p and the dow thanks to 1% jumps in facebook, apple and amazon. different story for cisco, however, despite an earnings beat disappointing current quarter guidance and announced 1,100 new job cuts. that stock is down nearly 8% right now. it is the biggest loser in the s&p 500 today. guys? >> thank you very much. coming up, we'll get the latest from the times square incident. a car plowing into pedestrians, killing one. plus, is the russian investigation a distraction for the white house? what can we expect from the first overseas trip from trump? bill richardson is on deck. and biometrics. in 574 branches. all done by...

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♪ hi, everybody i'm sue herrera. here is your news update at this hour. a car plowed into a car of pedestrians in times square

earlier today, killing one person and injuring 19 others. the driver has been identified as 26-year-old richard rojas who has a history of dui arrests. prime minister theresa may says her government will reduce net immigration by a third to below 10 0,000 if it wins britain's june 8 election. that's reaffirming conservatives made and broken since 2010. >> it is right that we want to bring that migration to sustainable levels. we say those are in the tens of thousands because of the impact that that uncontrolled migration has on people, particularly the lower end of the income scale because it can hold down people's wages. it can mean a displacement of jobs. and also it puts pressure on public services. >> former fox news chief roger ailes has died. ailes founded fox news in 1996 and built it into a cable network power house.

he left the network last year after a series of sexual harassment claims against him. the palm beach police report said that he fell, he hit his head about eight days ago and as a result of that there was some serious bleeding. that is the news update this hour. i'll send it back over to you guys. >> sue, thank you very much. let's take a look at the markets right now have. all the major averages are higher. interesting nugget about the dow, the industrials finish the day higher, it will be just the second gain for the dow in the last eight sessions. morgan mentioned cisco a couple minutes ago, but to add to the bad news for that tech giant, right now it is the biggest percentage loser on the dow, on the nasdaq and on the s&p 500. that is a hat trick you would rather not have. >> down about 8% when the market shyer. down to the bond report, rick tracking the action at the cme. rick? >> well, thank you. you know, today charter tens pretty much shows you everything you need to know. there has been a deterioration and there was also a big run-up

that occurred in november. of course, but here we sit, basically not many bases points off the low yield close of the year, you see it on that chart at 217. you open it up a little wider for the dollar index, november 1st we had to tag on an extra month or so, why? because you could see the last time the dow was an an important level we were concentrating on another half a percent low. these are key levels you want to pay attention to them, but there's no dismissing whether it's margin calls or changing in margin throughout the system. the treasury volatility of late may have some more lasting effects. it certainly looks like there's a muller trade going on with respect to equities and all the political ramifications that moved the market yesterday. tens minus twos yield curve. look at one year, you can see we're flattening again. the simple version, two, three, fives are unchanged today. this has been a dynamic in place for a while. and if you really want to see it, you have to open the chart

up. zoom that back to five years, now that flattening jumps out at you and the end of last year for the most part was the countertrade. courtney, back to you. >> thank you very much. now back to brian he is in washington standing by with the very special guest. brian? >> courtney, thank you very much. yes that is republican representative marcia blackburn from tennessee. >> good to be with you. >> i asked jared bernstein, a democrat who worked in the obama administration at the top of the show if the muller investigation ends and they find nothing, there's no collusion, it ends without recommendation for action, did he think most democrats would simply drop the russiaish shund and move on. he said he thought they might. i'll flip the question to you, congresswoman. if it comes out as a worse case scenario what robert mueller may find, would you support impeachment? >> i am going to support the investigation to get to the bottom of what it is. i don't think they're going to be grounds for impeachment. i really don't.

and what we have to realize is that on november 9th the democrats started this push toward let's have an investigation, let's move for impeachment before he was ever sworn in. so, i look at all of this as another chapter in this saga. what we have to do is realize the american people have given us instructions that they want to see things done. and they want tax reform. they want the health care issues fixed. they want an infrastructure bill. they want broad band expansion. and those are deliverables that they have set for us. >> and well, you laid it out for me perfectly congresswoman. that's why we're here today. >> yes. >> because the question is, with all of the comey, russia, trump issues going on. >> yes. >> this house, the people's house, will the senate, will the house of representatives freeze and get nothing accomplished? >> no, not at all. we've already passed about 220 bills out of the house this year

so far. >> 220 bills this year? >> 220 bills. yes, we're moving forward. >> that have been passed? >> we take bills through our committees. we get them to the floor. these are democrat, republican, bipartisan bills. i've got one today. we passed out of our health sub committee with joe kennedy over the counterhearing aids. time to do something like that. get the cost down on hearing -- i mean, there is a wllot of wor that we are doing. do we understand that people expect us to deliver on these things? you better believe we do and we're trying to meet those expectations. >> that's a nice surprise, 220 bills. the american public, our viewers are looking for the biggies. >> they are looking for the biggies. >> infrastructure, health care, corporate tax reform. where do we stand on personal income tax -- i know there's a big hearing right now going on in the house, where do we stand on personal tax reform? will the bill get passed? >> a bill will get passed. it's going to focus on simplification which is

important, whether on the individual or the corporate side. it's going to be bold. it is going to be balanced. and it is going to be a push for permanence with whatever we end upcoming out. i think the house will probably go a little bigger and a little bolder than our friends -- we will be more aggressive. >> on the corporate tax side? >> both, both. i think you'll see us push -- >> would you support a 50% corporate tax rate? >> i would. i think that would be great. i know the president would like to see that. but you know, what i think is important to realize is the house is going to have items they want to do. the senate is going to have their approach. and the administration is going to have their approach. the important thing is meet the deliverables. >> two final quick questions, congresswoman. we appreciate you taking time. which is number one do you need the president's backing to get any of this stuff done? number two, on a personal level, would you like to see the president put down the phone? >> couple of things there.

number one, yes. i think that tweet less, unless it's about the good things that we are passing on the hill. i think that is important. >> put down the twitter in other words. >> yeah. are we going to get things done? yes, you're going to see it -- >> do you need the president, though, congresswoman? >> you need him. he's got the megaphone. he's got the megaphone. so, the imperative for us is to focus on the job, the task at hand. and to deliver what the american people want, which is to clean up health care, get rid of the aca, insurance marketplace, focus on tax reform, simplify and lower those individual rates. simplify the corporate rate. get some economic growth going because the agenda is all jobs, jobs, jobs. >> we appreciate it. thank you very much for joining us. >> you got it. good to be with you. >> if you asked how many bills congress pass this year, she did ask me and i said four, she said 221, i think that was probably a

pleasant surprise for many of our viewers and want to go bigger and bolder on tax reform. there you go. >> i for one hadn't heard about the over the counter hearing aid bill. congratulations to congresswoman blackburn. we appreciate it. thank you. president trump kicks off his first foreign trip tomorrow just as things heat up into the probe of possibly interference from russia in last year's election. what's at stake on this trip for the president? joining us is someone who has been through some white house distractions. bill richardsons. governor, i'm going to get back to the president's trip, but i want to begin with something that i know you have studied and may well have based on your home state of new mexico a personal stake in and that is the announcement today that the united states intends to start the renegotiation process of nafta. it is after all a 25-year-old or there abouts treaty. does it need to be renegotiated

or updated? does it need to be scrapped? and if it needs merely to be updated how? >> well, if it's scrapped, that would be a disaster for mexico, u.s. and canada. it needs to be modernized. it needs to be updated. for instance, it was negotiated not during the digital age. it doesn't affect ecommerce. energy issues, mexico had significant energy reform allowing foreign investment, u.s. investment in their offshore and their oil and gas. that needs to be updated. rules of origin, two, issues so that manufacturing is protected by american and canadian and mexican industry and not let the chinese that are anxiously coming in and hoping nafta falls apart to take over those latin american and mexico markets. >> the business round table -- >> yes. >> the business round table says nafta has been good for american

workers. has it been? >> i believe so. i was a border governor. it's created a lot of good jobs in new mexico and our border, i think border states. has it been great for america? no. i think mexico has probably benefitted a bit more. but i'm a free trader. i believe that it has enhanced competitiveness. i think our agriculture has benefitted a lot. american agriculture, corn, many other products have been the main beneficiaries. but as a border state, it's been good for us. and i think we need to update it, make it better, modernize it but stop this talk about the wall and renegotiating nafta and getting out of it. that is not helpful. >> governor richardson, if we can move back to president trump and his upcoming trip, he's traveling to a number of countries and there's been some concern that he doesn't entirely grasp the details. of some of the classified

information he's privy to. is that a concern for you as he embarks on this trip? >> well, sit a concern of mine because he's going to israel, one of our best allies and apparently disclosure by an israelen intention agency was made. that's damaging. he's going to saudi arabia, this anti-muslim rhetoric of the white house and the president can't be well received. saudi arabia is one of our main allies. he's going to see the pope. i like the fact that it's religious overtones, going to the western wall, seeing the pope, hoping the saudis help us with muslim countries. this should be a positive trip for the president. these are allies. then going to europe, re-enforcing nato, the european union. i hope he does that. i hope he doesn't wake up and need to tweet early in the morning which would upset the entire foreign policy potential success. he needs success right now.

washington is in turmoil. you know, i thought the congresswoman was a bit disingenuous. i was in congress 15 years. you know the first thing that you're worrying about right now with this turmoil is how does this affect my re-election? do i separate myself from the president a bit? and i think the congresswoman saying this was a democratic initiative all of these problems, you know, the flynn problem, the problems of the disclosure, the russia investigation, president caused all of this himself. so a foreign trip is good for him. it would be good for the country. i hope he has a good trip. >> the investigation into the alleged russian meddling in the u.s. election did not begin on or after election day. it predated it. let me turn to another area that i know you have great expertise in and that is north korea. the president last week said i believe his words were he would be honored to speak to kim jong-un and kim jong-un

responded roughly in kind, saying that if the circumstances were appropriate he would sit down -- there he is smiling little bu da faced little man that he would be happy to talk to the president. what would the proper circumstances be, if any, for a face-to-face between the president and kim jong-un? >> the proper circumstances would be after there is a lot of methodical, thorough review by the president's national security staff talking to our allies, japan, south korea, getting china to do more to pressure north korea, to curtail their nuclear and missile activities, but not at the beginning. that was an unfortunate remark by the president saying he would be honored. but at the same time, i think eventually, eventually it's going to be the united states and north korea on a bilateral deal that affects the region but

brings our allies into the consultation. so, you know, the president has unorthodox ways of approaching foreign policy. his remark was not good. he shouldn't have made that about being honored. >> but you're not opposed to him as a matter of principle to the two of them sitting down after some of the architecture is put in place? >> i think if there's a good deal for the united states, i would consider that. but i wouldn't throw that out before -- especially in this state of enormous differences and tension. he's really made south korea our big ally very nervous with that remark. he's made the japanese very nervous with that remark. the chinese, you know, i think they're trying to help more, but i don't think enough. i would put more pressure on the chinese. >> right. >> i would pursue more sanctions against north korea right now, but saying he would be honored to meet this guy that is not very good to the region, the

united states was not a good step in my view. >> governor, thank you again, as always, we enjoy having you. go to bill richardson of new mexico. still ahead, a bright spot in the retail reck. walmart surging nearly 3% on an earnings beat. have they figured something else that others can learn from? that's next. looking for balance in your digestive system?

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they didn't break down how much is third party sales. children's place reporting a strong quarter across the board shares up only marginally. they performed better earlier in the session and a scene of retail shares plungining 30%. now, they own specialty apparel brands, ann taylor and lain bryant, 4,900 stores. there's a lot to unpack when we talk about retail, but i want to get back to walmart now and check in a little bit. we have both jen who is with us and a cnbc contributor and we have brandon fletcher. thank you for joining us today. so i guess i'll start with you, what did you think, brandon, when you looked at walmart's quarter. was there anything not to like in there? >> yeah, just the notion they're still not going to hand any money out, right? it's not that they don't have capacity to increase their earnings any time they want given the scale value they have in each of their stores. it's that the ceo has explicitly

pointed them to growth. and if you're explicitly pointed to growth, those are the only metrics you want to be worried about. you would be excited about the online growth, excited that stores are holding up. you would be okay with international having a little more profit, but you're not going to get the push in terms of the bottom line for a little longer. >> jim, is it grocery, is that the answer? is that the differentiate tor? that's not something amazon can do, at least tomorrow especially the online pickup option they have in almost 700 stores now. >> yes. they'll have it in a lot more stores because they're continuing to add that into the walmart stores. i'm a big fan of walmart. i agree that they may see lower roi going forward because they have to do a lot to make it work but it is all working. when you get 1 1/2% growth store per store sales something is size of walmart, somebody gives up a lot of market share. target was down.

there's a 3 percentage point spread between those two and they do the same thing for a living pretty much. so i think what walmart is doing, what doug has done and retailing 101, making everything their work better has been fabulous. >> you are an admirer of mcmillen. >> i am. >> as a retailer. what specifically has he done to change the shopping experience at walmart? >> i described doug as the reincarnation of the original sam walten. he basically said we're not going to be undersold. the stores are going to be decent to shop in. we'll go back to what we were. they have literally been able to do that and done it across an enormous number of stores and having run retail all my life, man, there is nothing harder than that. making all the stores going in the same direction at the same time. and they've done a fabulous job in improving fresh produce and things like that inside their stores where they were not getting good reviews before. >> i get that you guys love walmart. i mean, that's coming across loud and clear. if i were an investor, though, i

would be concerned about where it's been and how it's traded. walmart traded like a tech stock this year. what more and in terms of valuation, take a look at those metrics the pe is close to five-year high. >> sure. >> for walmart. >> sure. >> so is that already priced into the pe is 4.high. what's the catalyst the keep it going? >> we have a mark performed rating on this. we raised our price target on these earnings from 78 but that's not where the stock is traded. we don't think you're going to get that incremental lift for quite a while. they told you it wasn't going to be earnings but the belief was sir vieshlt -- when you see these retailers get crushed in multiples because you don't think it's going to last a long time.

costco which -- holds it up there. that's what we think is what went on into the stock. >> jan you have been pressured in calling stores that's going to go out of business. what's your next one? >> i don't have a next one but may have list of about 20 that i'm worried about. that runs the gentleman met from inside the mall to off mall but most of my kern is that if you're small and highly le veried and have been bought by private equity, it's hard to make a retailer go broke that's not highly levered. if they're highly levered they can go down and we've seen a bunch and will see a bunch more. >> thank you. while millenniales are saying bigger might be better when it comes to looking for a job. next. team here at ally. if a sports team had over 7...

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. list of top companies where job seekers in 2017. we're joined by susan welch. this list is fascinating. a lot of them are large companies we talk about everybody day, most of them publicly traded, alphabet,

amazon, facebook et cetera. why these big companies what are they doing right? >> there are two things, one, they are brand names. we use them every single day. you don't go through a day wow using amazon, faeb or google. and they're doing exciting things. they're creating new industries and categories and people want to -- there's no more job security so why not get your credentials with one of the companies that's doing something so impactful. that having being said it's very hard to get a job at any one of these examines. million of people apply to google for a job each year. >> million people? >> yes. guess how many open jobs there are right now for google? 957. >> when they put uber on this list they're not talking about being a driver for uber? >> they're not. uber surprised us when we saw

the list -- >> uber has had some history. >> it has. but that's secondary to what people like the excitement of what uber's doing. >> potential ipo. >> yes. i think it's much the excitement of being a company you can say to your friends your work -- statement for twitter and a lot of companies on the list. >> amazon was number two despite the big report from the new york art l about maybe it's not an exciting place to work. how did it land at number two? >> it has a fantastic reputation for perks and people are attracted to this tech world and the perks of the tech world. it's a long shot that you would get -- these are the companies people yoorn to work for. >> thank you susie. is second hour of power is two minutes away.

we'll talk to dan quayle about trump's agenda. "power lunch" will be right back.

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hour of "power lunch." i'm tyler mathisen and here's what's on the mean yew. the trump administration wants to renoekt nafta. details on the president's effort to modernize what he call the symbol worse trade deal ever. plus a new university of chicago reports that says the level of economic uncertainty in america is right now is even more extreme than in the precedent to the stock market crash in 1987. we'll introduce you to a company that is disrupting the big business of helping people make babies. "power lunch" starts right now. i'm melissa lee. stocks rebounding after yesterday's big drop. it was worse day for stocks this year. the dow up by 54 points. s&p add b 10. nasdaq up 42 points. brazil's skands l hurting the

etf stock company more on that. that is down 14%. athena health is soaring today that's up 21%. >> i'm counterany reagan, we're seeing big moves in the currency market. margaret brennan with more. >> dramatic moves in the currency right now. you can see that playing out against the pound, the pound weaken against the green back, that started around 1:30 eastern. we've seen other currencies following similar moves. it doesn't seem to be an obvious reason for this move, there's head scratching going on. it is extending. we're making calls and we'll get back with you with more as we get an in sight. back over to you. we are all over the

happenings in washington they're impacting your money. brian sullivan live on capitol hill. back to you. >> thank you courtney. this is the new wall street. if you want to know with the new wall street is run it's right here in washington, d.c. thanks for joining us. >> thanks for coming down here. >> my pleasure. and there's a lot going on today. it's something that's probably not getting much attention as it deserves is the big fight over the future of nafta. you've obtained a letter which may indicate certain big changes to our trade relationship and nafta may be about to change? >> big changes but not perhaps as big as the administration may have previously planned. the letter sent on behalf of the u.s. administration from the trade -- two key congressman and the people negotiating nafta was significantly different. it was watered down from a draft

that had been circulated, we moved all the specifics from what the u.s. wanted to negotiate. it removed revenues to trade deficit, to untrade practices. the letter read in part, we will continue to view elements of nafta and where appropriate, update u.s. support to address the challenges faced by u.s. consumers, businesses, farmers, ranches and workers in increasingly global economy. there is acknowledgement on behalf of the house where certain businesses can't be torn apart. the mrg is taking a bit of a different tach, it's trying to win over certain democrats who have urge this not just changes. >> the food administration might be apt because when you were talking about the letter and the way they moved big chunk my initial thought was it sounded like a menu nothing on it.

we could end up with something that's dramatically different right now or drakly similar to what we have now. >> potentially. there's also a bit of different for how big a role congress will play in that. there are so many lawmakers who represent states and districts that are heaviry reliant on trade. you saw 18 republican member this is week urging the u.s. trade representative not to make drasic changes. i want to share with you what mexico and canada said when this letter came out today because we did get reaction from both of the two trading parts on the north and the southern border. this is what they said in part, the mexican government welcomed the letter. they said quote, our countries deserve a modern instrument. and mexico's foreign minutesster at the state department said --

it's an opportunity to address what they call new realities. >> one wonders based on what the mexican representative was saying that if we could end up as oppose to a biliteral deal where it's one country negotiating with another country, if we can get a cent y trilateral deal? >> maybe we can trademark that. but in march canada's foreign minister said this will be a trilateral deal. the u.s. has not come out and said that on the record but the two other partners both appear committed to that. what's interesting brian, deputy attorney general rod rosenstein is just about to do an all-senator briefing, it's going to be clarified talking about the firing of the former fbi director. this is an administration wanting to show it's still

committed to the economic agenda and certain things that had promised what happened even while this drama is playing out in the background. >> sounds like the nafta elimination may be another one those that gets tamped down with the reality of coming kayla. >> yes, they have 90 days to figure out what the noekting stance will be. >> let's bring in now the former vice president of the united states dan quayle. mr. vice president good to chat with you again. thanks for joining us. >> thank you. >> you heard kayla's reporting getting the letter, do you believe the president is coming to the realization that it's a lot harder to get thing done than people think. you can say what you happen on the campaign trail but when you approach the realities of roughly 535 million women on capitol hill each with their own agenda and power that everything is going to look different than

you promised the person people? >> i think the president has said this a number of times that things are far more complicated than he aped, that the job was much more difficult than he has envisioned. take the nafta agreement for example, during campaign he said we're going to, you know, get out of the nafta, withdraw. and there was some discussion of withdraw at the very beginning of the trump administration and now -- i haven't seen the letter i was listening to the report, now there seems like there's going to be not withdraw but there's beginning to be renegotiation, and the renegotiation is going to have a lot of consultation with the congress, consultation with the canadians and the mexicans and i think the end results that there will be modernized, and changed. i think there will be changes good for us, kwad and mexico. there's no reason to not update this, but i think president

trump, look he ran as somebody completely outside of the establishment. completely outside of washington. so he essentially took on everything. now as he took on everything, you know one by one by one instead of campaigning he's got to govern and it's a whole different role and responsibility. >> and of course enks we just talked about whether it's the renegotiation of nafta, tax reform, corp tax reform, infrastructure or healthcare everything the president says he wanted to do is clouded over. do you believe that the president of the united states, donald j. trump is going to be i believe to effectively govern and get anything done under this massive shadow that has now befallen him? >> he's got an immense challenge ahead of him, yes. i do believe he's going to change course. he's going to be looking at what can i do to get my agenda

through. he's got a little bit of breathing room here, not a lot, because i don't know what's going to happen this afternoon or tomorrow. we does have a very important trip coming up, his first foreign trip which will be massively covered and he's going to important places, saud ra arabia, israel. he's going to the vatican he's going to meet with g 20. this is going to be his first trip they're going to size him up. this is an interesting election of countries, starting off the first visit to saudi arabia and israel, the vatican, the three significant religions to see what he can do in the middle east and with isis and what's going on there. when he comes back he'll come back to a somewhat continuing fire storm, if you will. i do think that there's been a lot of speculation, here's the bottom line for me.

donald trump was a very successful businessman, he's a very successful politician, he got elected president. i think what he's done is to take the business model that he has and try to transfer that to the oval office, it doesn't work. the office makes the person, the person occupying that office doesn't make the office. identify said that before and it's true having been there, the office molds the person. i do think he's going to say, okay the business model where you have four or five different competing sections reporting to you, chaos is a good thing. in the manhattan and real estate world in the trump world as a businessman, fine it worked. it's not going to work that way in washington, d.c. from a govern's point of view he's very smart, flexible, the art of the big deal and i think he going to take time out, i

hope he does, and figure out how that white house should be structured to govern. >> tyler mathisen here at the headquarters, what do you think of special counsels and prosecutors? >> i don't like them. i think any time they're necessary is if there's a serious crime that's been alleged, committed and if the justice department can't handle it, congress can't handle an investigation, they don't have criminal jurisdiction obviously, i'm one of those that don't believe there's no there there. i do not believe there was any collusion between the trump campaign and the government. we've had national security advisers state that. but now that you have a special prosecutor it's a whole new ball game. i don't know what the mandates's going to be of that special prosecutor but you look at every special prosecutor -- they find things you're not thinking about, and a lot of times these

things comes with it's cover up, obstruction of justice that has absolutely nothing to do with the collusion between the russian government and the trump campaign which was non-exist talent. so the decision has been made. you have to go forward, you have to accept the decision, but no. from a personal point of view and experience i don't like it. >> many vice president i'm going to ask you a couple questions which i'm asked people today which is this, many in the elected party have been talking about russian and impeachment since day one, since the president was elected. do you believe that if the mueller investigation find nothing, no collusion, no action required that the democratic party will be able to let it go and help get things done? and also, if there is evidence of collusion or something -- action is required do you think the republicans would impeach

the president? >> we're a long way away from that discussion. every since the day of election forget about inauguration, day of election they're talking about impeachment before he's in office. so that goes without saying that's where they are. first of all, we don't foe how long the special prosecutor's going to be -- how long it's going to take for him to conclude his investigation. we don't know what the parameters are, what's the mandate, we don't know wat mandate is. it could be a couple years, six months. as i said i don't think they're going to find any collusion. are the democrats going to cooperate with this administration, even if the prosecutor comes back and find nothing and gives a complete bill of health, no they're not. they're absolutely determined to bring him down -- >> you believe that -- he called it a witch hunt this morning sir and sounds like you'd agree with that characterization?

>> he's got all the democrats lined up against him in unison. he's got most of the media lined up against him. you got the sort of, never-trumpers out there, you got the establishment department that's never been supportive of donald trump. but look, don't underestimate this guy. we all, including myself underestimated his political skills on the campaign trail and people are underestimating him now. they're saying he's finished, we're going to have impeachment he might as well move on. this is wrong, this guy is a fighter, a winner. and i'll tell you what, the more garbage he takes from the democrats and the media and the more unfair criticism he takes the hard they are base get. i lot a lot of friends in that base of his and they are fed up, they were fed up with washington before and they're really fed up now. >> just quickly speaking of the

media, i know you were close friends of roger ailes, he died today, a poll rising figure loved and hated by many. i use to wok for fox, mr. ailes give me a shot, i know you have a special relationship with mr. ailes as well? >> yeah i'm in the camp that loved him, as my wife marilyn also loved him. he was a visionary. he saw -- and we talked about this in 1986 when he was helping me on my re-election campaign, i said roger you know what, with the media it's left tuof senato and republicans they don't have a chance, we got to figure out, maybe we buy one of those three networks. and we were always talking about and he had a vision tried to get ahold of one of those three

networks well that didn't work out. he created fox news and he saw an opening. i think he also started cnbc. >> he did. >> yes. the guy he was a genius, a visionary. he saw an open requesting look what he did with fox news. rupert murdoch bought in, financed it and it became a giant. now it's much different. you want to see what's going to happen to fox news, i don't know but they'll start talking about this down the road that they miss roger ailes. >> and he came out a warren, ohio. dan quayle, mr. vice president thank for joining us. we want to check on the markets right now because we are just off the session highs. the dow up 103 points. a triple gain here after the the worst day of four stocks the

nasdaq up 10%. we saw the big move on the mortgage in british pound. we saw a curious move we have the dollar strengthened and the market strengthened along with it. they're talking about a report that's out on zero hedge pointing to may 3rd testimony by james comey, the fbi ex director saying he was not perished in any way to i know an investigation. we're just bringing that to you because we are seeing the market impact through there are other reports out there saying that the question he was specifically asked was whether or not the department of justice or the ag, the attorney general has pressured whether or not they pressured him to end an investigation. so, it's not clear that he's actually referring to president trump but this is being circulated because if this

problem goes away the coast is clear for the trump agenda. >> here's what's coming up on "power lunch." stocks bouncing back after melissa mentioned, after that drop yesterday. can the mark shake off the d.c. drama? are we more uncertainty about the economy than we were in the financial crises, according to one indicate we may be one uncertainty. the baby business, the company that's trying to make bundle of joy as well as bun ls of money. all of that coming up. ok, let's call his agent. i'm coming over right now. the newly advanced gle can see in your blind spot. [ dinosaur roars ] onboard cameras and radar can detect danger all around you. driver assist systems can pull you back into your lane, if drifting. bye chief. bye bobby. will even help you brake, if necessary. it makes driving less of a production.

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welcome back to "power lunch" passing it over to julia. >> facebook moving further into live sport. major league baseball and facebook talking of partisanship bringing games this season. they're bringing games to facebook page and it'll be leave for everybody tomorrow. they'll be broadcasting a local feed. this does speak to neighbor's focus on live video to keep users engaged and to compete for ad dollars. it involves amazon buying streaming rights. guys back over to you. >> meet the new networks. julia thanks very much.

stocks are sitting at session highs making a back back from yesterday. the dow remains on pace for its biggest monthly loss since january of 2016. with us now are shannon, head of asset allocation and portfolio strategy with boston private wealth. also with us is cnbc contributor michael pharr. he's the president. and whatever titles he's got at farm miller washington in washington. shannon earlier today press secretary mnuchin says he thought 3% economic growth was highly acheefbl growth goal. i wonder if i feel the same way especially if the feds is race g interest rates? >> we've seen softening of economic data last month but

today's fed report and the initial jobless claims report are both pretty strong. i think 3% is probably a little as spir rational but i think we're on track even without reforms that we've been talking about as it relates to particular a high stimulus package to that rate g dp. >> let's say you're a middle-aged couple and you got 15 more years in the market. you're thinking about expenses for college and retirement expenses, shannon, how would you recommend people allocate their assets right now? >> i think we're still focused on equities and that relates to the growth we've seen. not only here in the united states but also outside of united states. equity offers the tub for significant growth over bonds and n a rising and interesting environment.

we're thinking bonds are important as a part of a strategy and offers a cash flow stream -- >> so how do i carve up my pie? >> i think if you have 15 years we're still looking at something in the neighborhood of 60 to 70% in equities longer term. within that 60 to 70% of equities we want to see some global diversification but there are rates attracted outside of the united states. >> michael it's courtney, i'd like to ask you about the other things we haven't talked about this hour because so much attention having given to washington, d.c. underings and the fed. some things there are two optimism when it come to fed heights. are you still thinking two or one and why does that matter? >> i think it matters because they're still going to be reacting, the fed's still reacting to economic conditions.

what we're waiting to see is will this latest news out of washington change the economic conditions. we saw a rouge rally in the tenure and saw the matter sell off. why? because it's still in my opinion coming down to tax reform. markets in my opinion are still similar do they get tax reform or not. if they don't you're going to see what you saw yesterday. if somehow the president's ability is limited in its ability to get this tax reform in agenda advanced -- >> that implies tax reform is tacked to the market somehow -- >> yeah, that's the point. so if mark starts to fall and interest rates start to fall because you have a flying into bond market and safety is the fed still going to seal like they need to do a lot. without that tax reform what gives this economy a goose, i

think that's the big question as the federal reserve is stepping back. >> it sounds like you think the mark that have a prk e of 18 is fairly valued over joefrlly valued. >> i think fairly valued. long long therm they will be, fully valued i don't own, i don't try to buy and trade stocks very much. when you get scared in a mark it's time to check your discipline. am i where i should be, i'm going to own stocks for the next 20 years i'm not buying and selling on news like this. >> already shannon and michael thank you very much. a ugly day for one retailer, a bad day for a big name and good news maybe for all of us. the good, bad and ugly coming up next.

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at&t network security helps protect business, from the largest financial markets to the smallest transactions, by sensing cyber-attacks in near real time and automatically deploying countermeasures. keeping the world of business connected and protected. that's the power of and. hi everybody welcome back to "power lunch." i'm sue herrera here's your cnbc news update this hour. more confusion regarding michael flynn. gop senator richard burr says his panel has not received a

response yet from flynn's lawyer on whether flynn will comply with the subpoena correcting his earlier statement. >> general flynn's lawyers said that he would not honor the subpoena and that's not a surprise to the committee. but we'll figure out on general flynn what the next step, if any is. the european union has fined facebook $122 million for providing his leading information on its buy-out of over members of the juries service, whatsapp. the fine comes days after watchdogs ruled the company has prone its strict data protection rules. chris cornell the lead for the band sound garden has committed suicide. he and the group plays at the fox theater last night. today a medical examiner said he kids themselves in his room

after the kon serve that night. he was 52 years old. back to you. checking on the stock markets the dow is up by 129 points, good for a gain. s&p 500 up, nasdaq is up by almost a% right now. oil market closing for the today let's get to susan at the commodity desk. >> oil price up 1% and also west texas a discoveriry from the early recession declines on 1%. so prices dropped after a report of undisclosed tact between trump campaign and unfamed republicans. attentionive focused on the opec meetings taking place where there are oil signs like russia and saudi arabia about extendeding the cuts by 9-dnine

months. a pull back on alaskan crew production prices are moving today. today's fried first of the good, trades are up 40%. the pharmaceutical releases data on its tasks to combat cancer. on to the bad, the cisco is down. announcing 1100 new job cuts. it's an ugly day for scene of retail. the women fashion retailer say it no longer expects customer traffic to stabilize. shares down 40%. melissa become over to you. >> thank you very much courtney. the first four months of the trump administration has been interesting. are we more concerned about the economy now than we were after the 1978 mark crashed. one indicator says yes. that's next on "power lunch."

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welcome back to "power lunch." get a quick check on the markets. we're sitting now your session highs move up in the dow, we are up 144 points, that's quite a reversal from what we saw

yesterday. tie? >> if you feel what's going on in washington make the credit seem more normal and the future uncertain you're right. steve leaiesman has the data to prove. >> the length of donald trump has been more tumultuous than the 1987 stock mark crash and the 2013 financial crises if you can believe that. index deviced by congress from stand ford the election of president trump stands as the third biggest source of uncertainty in the 30 plus year history. it's eclipsed on by the 9/11 terrorist attack and the battle chief in 2011. thing like black monday, the gulf war crises, you need to get to 9 slash 11 and fiscal cliff to find where the index gets higher than those two things.

the index looks for mark on john certain. and thing like congressman, the fed-ex and the white house. it also pressures on housing decisions about to expire. in the last 12 months the index shot up for brexit, didn't stay there. month after month you can see there it's coming well above the long-reason average of 110. uncertain in the long run can kurt the economy, wrong the comments put out in the paper, quote, can retired both investment and rehiring become decisions that need to be reversed. politicians, you outstanding to keep that in mine in threatening to shut down the government which is when this things first started. when you look at the growth of the obama years part or some of that can be linked to the uncertain -- >> you and i have been following this stuff a long long time.

as you look back to that chart all the way back to black monday -- >> yes, yeah yeah you were there i was there. >> we were there. as you recall those, which to you was the most uncertain times? >> the thing about the trump era is the consistentsy of the uncertainty it's day after day. i think it's interesting, when you think about stuff the president wants to do that's good stuff it also creates uncertain. reforming the tax system needs to be done, but the idea that this is blocked by the healthcare uncertainty, and the idea that now this is august and it mayne be longer, you think about the shadow. i will say it may be worse than the '87 shock market crash but the crash -- it's been sideways since february and that may be par of it. it may be that the uncertainty is weaning down on where the mark can go. >> for me nothing matched t2008

financial crises. >> i completely agree. >> when i looked at this data i was amazed. >> i don't understand the conclusion of the newspaper headlines and so on. that seems like a subjective things. >> what they use is use alamaguer richl. a lot of new tough -- >> are these millennials doing this? >> no speech davis from chicago does this. using more computers to look at the head lines, not at the meeting but the occurrence of words, plus they in clues the dispersion of economic focus -- >> i like that but i don't like the headlines. >> they wark to make it on objective is my point. brazilian stocks getting harmed but does that make it great to buy. "trading nation" coming up. the company that wants to make money and make babies too.

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welcome back to "power lunch." we been bringing you exclusive coverage of cnbc all week. we're pleased to present distributor number 13. this base is tries to make it easy for couplup that are facin advertisement issues -- let's bring in david slanger who's ceo of progress any. thanks for coming out today. your company has changed business models but it's also about helping couples facingter advertisement issues. what is your business now? >> our business now is for comprehensive -- procedures

like, vf but also preservingfer advertisement through egg freezing. >> how big is your mark? >> between 3 and $5 billion but part of the goal so to improve assets and increase the mark size. >> you want to serve clients like facebook and alphabet why is it important for them to pay for your services? >> the market for employees now is competitive. these companies feed to have robust benefits. covering fertility make a strong culture statement about the females of the work force and also the statement that views and employee have a pore value for family business. if company's doesn't private fertility couldn't they suffer medical cost when employees use -- and suffer from bad source of medical stream. when employers provide fertility

couldn't through prog any they'll benefit two ways. >> so they'll benefit more over the long run and save makeup if they pay for your services? >> exactly. >> one of your pitches is you're trying to help people use the best services even if they're the higher cost services. how do you manage those cost and make sure the cost aren't too high to make this a business? >> inf fertility world cost -- but the clinical outcomes are another. we're able to dplon strait to employers when they provide a robust fertility benefit through us they'll get a better value. >> what do you bring from that experience to that start up? >> i've been in healthcare for 22 years, and the thing about healthcare you can have business and do thing for people. weaver all about doing great thing for people, we're helping

people have family. my experience at web md was perfect for prog any. prog any is serving consumers and helping them have a better healthcare experience. >> david slanger thanks for joining us, we appreciate it. >> let's take a check on the markets right we're close to session highs. triple digits for the dow up by several points. returns we've seen in financials in the past couple of hours, the financials are up by almost 20 percentage point. we're watching brazilian stocks. trading nation team stacey gilbert, and chad. chad, why don't we start with you in terms of the funds for brazil, it's been a top forming market and it helped the eem. it's 5% of the eem, do you see

value here? >> no, i'd say away from brazil. corruption has always been the critical issue in brazil. investors thought that that was behind them and obviously now they know that that's certainly not. couple of issues, the reason why the market moved higher is because they thought reform was coming and that would improve the economy there. we believe on the full-tindamen basis the economy's going to be slower than expected. in particular, they're major customer is china and i believe that china is also their reforms are going to have a major impact with the the brazilian mark. we'd stay away at this point. if it goes down another 20% and swell if the currency depose down another 20% we'd start picking through the rubble. >> stacey, are you finding any -- when it comes to the

brazilian etf? >> melissa good to see you. i would stress this is the optimal time to use options, you have that embedded downside protection. to chad's point if things get worse here you have that protection there. let's put what ewz and that's beginning to be our proxy for brazil. let's put into perspective what the market is pricing in. looking to year-end the market is profiting in almost 40% mark. that's almost up or down 30% from current levels this is a volatile and risky market for sure. if we were to compare that to the u.s. the move is almost 45%. so there's a lot of potential, to chad's point there could be a lot on the down side but we are seeing investors start to hope for there is a rally back up and we see that start to move.

>> for more in sight go to trading nation.com. back to brian now. coming up after the break we're going to dive into trump and the markets and why a short video clip is sending the dow stocks higher. back with peter cohen of securities. back after this.

welcome back to "power lunch" at the white house where nbc news confirmed the former independent senator is now a front runner for the post of fbi director. we saw a whole host of candidates parade through the white house yesterday. we saw a number of candidates on camera, but now the reporting is that joe leiberman is the front runner for the position. no decision made.

i just talked to a white house official inside the west wing a few moments ago who told me when i asked if this was the announcement was today or tomorrow, the official said, "could be," hang on for that, and expect an announcement in the next 48 hours, but we don't know when. back to you. >> amazing, eamon. when you think a previously bold-faced name, bang, it pops up again. thank you. >> reporter: so fascinating how to watch how it's perceived by democrats, a candidate for vice president with al gore, but now someone democrats view with suspicion. see how they take this as well and idea of a political figure taking over the fbi. that could have people weary as well. >> if i can grab a democratic senator in the office building, i'll ask. thank you very much. >> reporter: why we're here. >> exactly. the new wall street. thank you. joined now by peter, my

first question i hedge a bit and be careful with the words because there is a short video clip around the internet of james comey in a hearing, may 3rd, under oath asked by senator from hawaii about whether or not the attorney general the doj could ever influence the fbi stopping an investigation, and comey answers, effect evidencely, yes, but doesn't happen in my experience. this seems to be part of the market extrapolating that out to mean bigger things about the president. we don't know. i'm not going to ask you to comment on that, but the market did rally when this popped up. are we that sensitive now to every kind of headline about the investigation? >> well, clearly, headline driven market right now, and i think hearings next week with comey is supposedly going to testify before house oversight will be drilled over the comments made. you start to see yesterday

republicans circling the wagons around the president, pushing back against the image of james comey as hero here and questioning, you know, why didn't he resign or speak up at the time? i think that clip will be played a lot. >> the republicans are going to use that clip to say, look, okay, this is the -- the democrats say, no, proof is nothing, asking the question specifically about the attorney general or department of justice, back to square one, which, where is square one? where do we stand in terms of the market, the economy, and political agenda, which is what you do. >> where we are now is republicans on capitol hill don't necessarily view this policy agenda as the trump agenda. we think they've been talking about for years now, talking about obamacare for seven years, talking about tax reform for years, a plan by 2014, and that's the discussion now. they are trying to get on the same page, so work is going on every day behind the scenes, and it's very helpful right now. the pressure is off because they are not getting asked -- they are not ambushed by reporters

every five minutes about medicaid and border adjustment, but asked about things like jameis comey so they focus on the real work behind the sacene. i returned from a hearing about tax reforms, ceos of major corporations there trying to move the ball forward. >> is there some way that this could help the trump agenda -- or the gop agenda because trump is here and the gop can get stuff done? >> absolutely. >> away from the president. >> breathing space 15 little bit now. that being said, it's a black box what's happening in the investigation, so, you know, what is the black swan out there that throws this all into jeopardy, but as of right now, there's nothing to go on. the president, you know, administration doing what they need to do, and bob mueller last night, let the facts come out and just keep going. members of congress are focusing on what they can control. all the other things are outside their controls. they can't watch cnn all day or

cnbc. >> whatever you want. >> or twitter. they can't -- >> hopefully not here. peter, great analysis, thank you for joining us. tyler, again, very short video clips going around, the democrats say it's not worth anything. republicans say it's worth everything. it is moving the market. back do you. >> thank you very much." check plez" is next, and the interview on "closing bell, brian moynihan. we, the device-loving people, want more than just unlimited data. we want unlimited entertainment. so we can stream unlimited action. punch unlimited robots. watch unlimited romance. if you're into that. but we also want more. like unlimited hbo. can i stop dying now? no can do mi amigo. it's unlimited. besides, you're really good at it james! don't settle for any unlimited plan. get at&t unlimited plus. and, now get the amazing iphone 7 on us.

off the best levels of the session, but higher. thank you for watching "power lunch," and thank you, courtney, for joining us. >> thanks for having me. >> closing bell, and a big "closing bell" starts right now. ♪ >> hi, everybody, welcome to the "closing bell," i'm kelly evans at the new york stock exchange. who are you? >> wilfred. lucky to have you here, just in time. >> just in the nick of time. beads of sweat running down. >> hot off an exclusive interview with brian moynihan. i'm in for bill griffeth. today, stocks rebound, and in 45 minutes, president trump is expected to give a news