josh brown. >> bristol-myers. moving average convergence. they're all 54 and change right now. stock book set to make a big move on long. think it might be out. >> buying the september 70 calls, unusual activity right now. >> have a great weekend. >> you too. >> thanks for watching. starts now. and happy friday everybody, here's what's on your power menu. clashing over climate change. ceos and big business slamming president trump's decision to pull out of the global accord. the white house expected to address the controversy in it's daily briefing. we will bring that live the moment it happens. it should be rather spicspicy. unemployment 16 year low, but still nearly six million open jobs in america. where are all the workers? we're going to highlight some new ideas to create even more jobs. and it is your disaster. stock cratering more than 25% this hour. we asked, can this company be restored? i'm brian sullivan, that pun will matter in a second. "power lunch" starts right now.

you might need some hardware to fix it. lock it "power lunch." the may melt up. all of them hitting highs yet again. all three on track for a second straight week of gains. and check out the day's movers within the averages. canada goose soaring almost 10% on it's earnings beat. the apparel maker. 60% since the ipo in mid-march. broadcom, it's rallying. beating estimates and giving an outlook. here's what else is happening. kkr raising more than $9 billion for it's most asia fund. and sets a new record for the region. goldman sachs under fire for buying bonds in venezuela. now the wall street journal reporting that goldman's trade was not reviewed by top

executives. and new york's attorney general claiming that exxon mobil misled about how it accounts for the impact of climate change on the operations by using internal estimates that were different from it's public estimates and statements. and speaking of climate change, big business, not happy with president trump's decision to pull out of the global climate agreement. taking a live look at the white house briefing room, shortly, sean spicer and the head of the epa, scott pruitt are going to speak to the media, we are going to carry that live when it happens. in the meantime, elon moonny is live in washington with the latest on the fallout. >> the backlash against president trump's decision to withdraw from the paris climate accord continues to grow. goldman sachs ceo tweeted for the first time ever to say that the move is a setback for the environment and for america's position in the world. now nec director gary cone who was previously coo at goldman told cnbc this morning that he was caught off guard by the statements and he defended the

administration's move saying that america first does not mean america alone. >> we have a very important seat at the table. the other world leaders are always involved with us and we're involved with them and we're going to continue to have that position in the world. >> still several executives are leaving the president's ceo council. among them in bob ieger says that he is resigning as a matter of principle. elon musk say it's real and leaving is bad. he's leaving too. now the ceo's of ge, intel, and dow chemical have all criticized the decision, but they said they would continue to work with the president. we're reaching out to other companies in the white house councils to see where they stand. and of course, we'll see how sean spicer and scott pruitt tackle the criticisms when they hold the joint press conference. back to you. >> thanks so much, we'll get back when the press conference starts. russian president vladimir putin reacting to the united states' decision to pull out of the

accord an a panel with megyn kelly earlier this morning. here's what he said. >> translator: i wouldn't judge president trump because president obama made the respected decision, maybe the acting president didn't believe they were well thought out. maybe he thinks there's not sufficient resource available. so this really requires very far consideration, but in my mind one could well stay inside the paris accord because they are our friend, but effectively what one could do is alter the united states obligations within the paris accord. >> very different reaction from european council president donald tusk who affirmed to the accord during a news dmompbs brussels with the chinese premier. >> today we are stepping up our cooperation on climate change. which means that today, china and europe have demonstrated solidarity with future

generations and responsibility for the whole planet. we are convinced that yesterday's decision by the united states to leave the paris agreement is a big mistake, but against climate change and all of the research, innovation, technology progress it'll bring will continue. we're always allies with the united states. >> the largest public pension in the u.s. is speaking out against president trump's decision to withdraw from the paris climate agreement. we're joined by ann simpson who is the investment director of stainability. it's good to have you. especially to talk about this specific issue. they have supported the paris agreement, but is that because of the principle of the agreement or because you have investments in the companies that also support it? >> yeah, we view financial issues as paramount here. where a lermt investor, we invest globally for generations to come. so climate change is something we can't ignore.

it is not all about risk, it's also about opportunity. but, the markets really wanted that global plan that the paris accord brings. so that we can deploy capital and go good stewards of the money that's entrusted to us on behalf of our members. >> do you see any possibility as the president yesterday was eluding to that there is the potential for the u.s. to reenter if there are more favorable terms. some of the european allies came out with a statement yesterday saying that the accord as it stands cannot be renegotiated, but is there any potential scenario in a you could envision from where you sit? >> the important voices at the moment are coming from finance. and we're talking about the need for a policy framework in a will enable us to make that transition to a low carbon economy. in that, we'll be able to manage the risks that climate change produces, but we'll also be able to put money into the opportunities that it presents.

now, given the global consensus around this agenda, we see real momentum behind the paris goals because like it or not temperature rise is taking place, sea level is rising, and whether or not everyone signs up to the plan, money has got to be deployed. >> ann -- >> in light of those risks. >> michelle here. i'm confused when you say the markets wanted this deal. markets two days in a row now, record highs here in the united states. they seem very uninterested in the fact that the u.s. has pulled out of the paris accord. >> i'm talking about the financial institutions that went to paris, calpress was there. it was $24 million calling for the governments of the world to come up with a plan, a plan that had ambition and plan that really gave the policy framework for the investments. >> i don't understand when you talk about a policy framework that leads to change because here in the united states, for

example, emissions have gone down because of great innovations, for example, in natural gas, i mean, it really seems like innovation and the markets have been far more effective than top down statements and force from governments nrd to make changes when it comes to emissions. >> no, you're absolutely right. i think in a innovation is actually driving a lot of the shifts in the global energy make. certainly in the u.s. we've seen the abundance of shale gas providing a cheap alternative to coal. and that's really been a major contributor to the improvements and emissions in the united states. the importance of the paris agreement is that close to 200 countries have signed up for the same goal of limiting temperature rise to two degrees. so in that, we need public and we need private sector initiative. the policy framework helps provide stability within which capital can be allocated, but we know full well that the technology driving this and the

financial efficiencies that we see driving this are extremely important. and that's why we have momentum. >> yeah, and there are now more alternative energy jobs than coal jobs as well. do you anticipate, ann, that the pace of change for technological innovation around cleaner energy is going to slow down and more importantly because we are cnbc, we are a business news channel, how do you invest around that trend? >> right. well for us because we're a global ambassador, we're looking at this not just in the united states, but in a whole wide range of markets internationally. and our two factors to consider here are both the risks which are coming, potentially from extreme temperature, from sea level rise, just two examples of what climate change is bringing. that means we have to make sure our portfolio is robust. and we understand how those risks are going to impact our investments and coming decades, but we also, and this is to your point, absolutely. there are huge opportunities in this transition as well. and it's important to note that

in the paris agreement, this concept of what's called the just transition is called out explicitly that there needs to be attention given to the impact on the work force, the impact on communities as this transition goes ahead because new technology will bring new opportunity, but it will also change the structure of the demographics of the work force as well. >> new technology always does to that, thank you, ann, much appreciated. >> my pleasure. >> all right, let's get now jackie deangelis, the weekly counts are out. question not stop putting oil rigs in the ground, can we? >> we can't. and that's one of the reason that prices are lower today. this was a record 20 weeks in a row that we've been adding according to baker hughes and actually this week, we saw 11 new oil rigs come online. the total is 733, and that's up 408 from a year ago. back over to you. >> all right jackie, thank you very much. we're going to check on oil later on. big business versus the base. the president shunning the

former in favor of the latter. did his decision to leave the paris climate accord. you might have heard something about this. the backlash from business sure to come up during today's press briefing. we're going to bring it to you live at about 1:30. first the unemployment rate falling to a new 16 year low but hiring also slowing. the time for new thinking to create more new jobs? we have an idea, we'll debate it straight ahead.

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welcome back to power lunch, unemployment rate dropping to a 16 year low. drop creation also dropped sharply. steve leaseman here to put it all in context for us. >> that's a tall order. what we learned is that job growth in the u.s. economy slowed down, but didn't learn precisely why. because there aren't enough workers out there. or because the economic growth is slow. the lack of workers are holding back job gains. bond market took it as gaining. now we're later inning with the 216 level of where we were earlier. 250 some time since the election. 138, and those lousy revisions, march and april taking off 66,000, but the unemployment rate, the product of a separate sur ray went down as well to

4.3%. they were forced participation also fallen. average hourly wages, okay, up 02, but not a sign of a strong labor market. here's what's happened to the average. stepping down, 201 in february, down, down, down, now we're doing just 121,000. we expect fed officials will dismiss the weakness as mainly due to volatilely. we've had lousy may unemployment rates. the unemployment rate is below the average. so fed officials think is the long run rate. past the past hour saying it was a quote, good number. it rains on track for rate hikes. looking past this week. >> so, no changes in the views and what the fed's going to do as a result of this number? >> astonishingly not. >> and yet i see yields falling. >> guys, you have the -- i come up with these ideas on set. they have the fifth probability chart in the background. narrow, just do like the last

week or so. you'll find that it's still 91%. >> why are yielding fall so low? >> i have the theory. my theory is always this, the only thing you can tell for sure out of bond yields is the outlook for inflation. i don't believe there's a real growth forecast in it. they're so good in the back there. 91%, and that's higher. >> listen -- >> we're more sure about that. >> don't want to mention that chart going up 23% from where it was before. >> i know i'm going against every headline even in our own fine news organization. >> and that stopped you when? >> never, i love it. this is a strong number -- >> tell me why. >> there's not enough workers. wages are going to be set. wages creeped up, we could see -- >> i want to believe you. i want to believe you. >> there's 5.7 million open jobs in this country -- >> i want to believe you. >> workers to where the jobs are. >> i will tell you a here to lay it backs up, if you have the mix of jobs being towards the low end -- the low wage end of things. they have a lot of restaurant

workers, other workers coming in there, retail workers, whatever, come in, and if that is the reason why job growth -- those are the additions to jobs in there, you could have wages be relatively soft in there. ultimately over time, brian, what we need to see if your theory is right, if it's one of not enough workers, you will see wages bid up, and that'll billion a true sign of a tight labor worker. >> steve, thank you. >> no, thank you. >> no, thank you. >> it's friday. buffalo wild wings, ceo sally smith moments ago says she will retire by the end of the year. smith has been at the helm, i believe, something like 25 years. but of course, they've been sort of attacked by activists and investor partners right now. they want seats on the board. they want major changes there. sally smith, ceo of buffalo wild wings saying she will step down by the end of the year. all right. well it is not fake news to say that this may be the most hated bull market in american history, new highs nearly every day, and still no one seems to believe

it. and perhaps it is finally nearing it's peak. listen to this, according to citigroup, u.s. listed the attracted 30.8 billion in may. that sounds really good. except, etf's devoted to a american stocks posted 785 million outflows. all the inflows were due to international stock flows and fixed income, warning sign? or speed bump. let's bring in ben mendell and dan sculley. head of equity model portfolio solutions. wealth management i dhut fits on a card, guys, thank you very much. ben, i'm going to start with you. the flows, it's just one measure, are you seeing any indication in your da that that this amazing run finally start to peter out? >> i think it's pretty mature to say it's petered out. so we're across our multiasset book of business, overweight equities, broadly diversified. so it's a bit in the u.s., but it's international consistent

with that flow store you are seeing. now given that positioning, i think we're much more comfortable looking at u.s. data that indicates a sturdy and steady u.s. economic cycle then one day that suggests that the u.s. economy is overheating. what's the conversation we'd be having right now if the job's report was 250 instead of in the low 100s? we'd be having a conversation. this is the end of the u.s. cycle. the skmi overheating. we have the seeds at the end of everything, including the market cycle. so, you know, when we see slightly weaker report like we do today, it takes some upside out of projections to be sure, but we're not having the fundamental discussions about the length of the business cycle. >> are you about that, about what we saw this morning relative to the market? >> sure, i think the jobs growth is obviously slowing down, but we think -- and we observed that over a year ago, the rate of change on job growth really started peeking before, and the

reality is that the u.s. is way further advanced in it's recovery than other parts of the world. so it's actually not that surprising that we are reaching levels of job growth that are way more normal or reasonable for an economy reaching full employment. what i would say, however, is that the u.s. jobs data is but one data point or one input among a series of macroinputs that are outside of the u.s. that have been stronger recently. including industrial production out of japan, including manufacturing out of china, including a lot of manufacturing data out of europe as well. and as you know, those regions are much lower in the recovery than the u.s. and frankly we think that's informative to in terms of favoring cyclical companies that have lagged so far this year. and that's one area we're putting emphasis on. >> gary cone this morning saying they are focussed on you six and recognizing that it's been down 1% over the last year and they think that they have progress there. couple that with the fact that we've seen jobs every single

month being lost from the retail sector, how is policy affecting what's happening on the ground in the economy. >> i think policy is one part of that. i think particularly as it pertains to the skills mismatch, that is a secular issue, there's demand out there for technology and engineering and we don't have enough supply of highly skilled engineers to fill those roles. sop that is a policy issue that we obviously need more focus on. i also think there's some secular issues that are going on in the retail space as it pertains to e commerce. that sector is taking share away from traditional brick and mortar. the policy issue needs to focus on some educational and initiatives that need to fill that mismatch. >> quite final word, ben? >> when i look at what's out of field, treasury yield at 2 a 16. the direction of travel is clear. they're going up. i think the timing is very

difficult -- >> i'm going to write that down. i've been hearing that for 18 years. >> that's true. >> any day now. >> that's very true. let me bring one factor that, central bank balance sheets are putting 100 basis points of treasure on global bond yields and that's starting to trend this year. >> all right. we'll leave it there. thanks to both of you. >> thank you. let's get to morgan brennan with a market flash. >> hey, check out a communications companies, higher after a successful launch after the megasatellite. which is the most powerful commercial broad band satellite ever built will be chasing for wi-fi on airlines. they are currently allowing passengers to use their mobile devices in midair. meanwhile, wonder lick upgrading to sold after a successful launch. event risk has reduced and it sees a tolerant market ahead as that new satellite takes time to

fully integrate. taking a look at shares, they are up 5.5 almost 6% in midday trading. guys. >> morgan brennan, thanks. two stops, but two very different stories today. our disaster and our sunshine stock. straight ahead. that schwab billboard. oh, not so fast, carl. ♪ oh no. schwab, again? index investing for that low? that's three times less than fidelity... ...and four times less than vanguard. what's next, no minimums? ..o minimums. schwab has lowered the cost of investing again. introducing the lowest cost index funds in the industry with no minimums. i bet they're calling about the schwab news. schwab. a modern approach to wealth management.

if you can figure out retail, you're smarter than we are. two retailers are going in wildly different directions today. first restoration hardware.

dropping more than 20%. high end furniture retailer matching forecasts, but cutting it's annual profit outlook, that is down 27% right now. after being in a prolonged downward dog, lululemon shares are in a sun salutation, whatever that means. ennot only that, it's raising it's full year forecast for the year, i have no idea what i just said, but sounds good. >> you don't know what that is? >> hey, sun's out. >> close, thanks. >> white house press secretary sean spicer headed will address the press today. that's of course one day after the u.s. has pulled out of the paris climate accord. we were going to bring you that live when it begins. don't go anywhere. power lunch is back in two minutes. where's jack? he's on holiday. what do you need? i need the temperature for pipe five. ask the new guy. the new guy? jack trained him.

jack's guidance would be to maintain the temperature at negative 160 degrees celsius. that doesn't sound like jack. actually, jack would say, hey mate, just cool it to minus 160 and we're set. good on ya. oh yeah. that's jack.

zblrngs hi everybody, i'm sue herrara, here's your cnbc news update this hour. rex tillerson is defending president trump's decision to withdraw from the paris climate accord. happened during a photo op with

brazil's foreign minister at the state department. walmart is testing a new delivery service. employees delivering the order on the way home from work. they will get some extra cash as an incentive. the pilot program is taking place at two walmart stores in new jersey and one in arkansas.

>> real estate and industrials moj the best performing s&p groups energy and fanls are the sectors lagging. buffalo wild wings rallying. ceo sally smith will retire before the end of the year. brian as you just mentioned, was that largely expected by investors? >> i don't think so. the market is saying it's not, but the fight with the partners, somebody probably figured that something was going to give. she's been there a quarter century. >> yep. >> but good job, but they're not happy. if you are looking live -- you are looking live at the white house press briefing unless you're on the radio. in which case the press briefing room at the white house. sean spicer and scott pruitt will take the podium to take questions on the administration's decision to leave the paris climate accord. obviously we'll bring that hearing to you live -- not

hearing, press conference. this day and age, maybe it'll be a hearing. who knows michelle. >> it feels like a hear, doesn't it?

he's angry, but for the long-term, it'll be okay for him. >> do you think it's bad for jobs in the short term? >> well, i don't know that it's bad for jobs in the short term, but he's making the case that it is. you hear sean spicer do the same thing. >> having pulled out. pulling out is good for jobs. if he stayed, it would have been bad for jobs. >> exactly. >> exactly right. >> i was having a little discord pans in in my brain. didn't make any sense. mark, what do you think? >> good politics is not always good policy. and this is a bad move for public policy. i don't think it's about short term economic gain or short term economic pain. i think this is about the long-term. it's about american leadership in the world. we have in effect separated ourselves from many of our traditional allies. number two, the real issue is, the future of jobs, future of jobs in an emerging field of

renewable energy, more efficient if you will, automobiles, cars, trucks, and buses with, this is a basically a surrender of america's international leadership. >> explain that. i don't see how that is. explain to me why -- giving money to the chinese while they do not reduce their emissions, while the europeans try to reduce their emissions and punish their consumers with much higher energy costs, while we would put people out of work in this weren't as a result while subsidizing growing inin ining . how are we giving up our leadership? >> the thrust of the paris agreement is for nations to set voluntary standards towards cleaner air and more environmental stainability. there was nothing mandatory in this agreement. this is an agreement which really, like a handshake agreement where every country could set it's own, if you will targets. the president could have said, i believe that we should set targets differently than perhaps

the previous administration set targets. so there was a way, if you will, and not that i would have agreed with it, for the president to proceed without withdrawing from the treaty. we've surrendered leadership on this issue to the chinese and to many others. that's not good for america, it doesn't make america great. >> joe, corporate america has made very evident it's disdain with the decision yesterday. but, to be fair, the corporate side got watered down trade language. back off calling china a currency manipulator. did they think that the president wasn't going to have to make some decisions to please his base? >> well of course, and just because they didn't win today doesn't mean they won't win in the long-term. one thing that donald trump has proven over the short period of time he's been president is his ability to turn around, to do a 360 even sonnon some of his decisions and to be against something one moment and then to change and be forth. he thought that maybe it was

obsolete and change his mind. the same thing is true with regard to this climate treaty. today, he's against it, he's stepping out and saying why? the people in pittsburgh elected me, not the people in paris. and that's the way and i want to sustain jobs. and tomorrow or at some point in the future, he'll change, retool this deal and business will be happy and environmentalists will be happy. and his base will still be happy. donald trump i think is in -- >> joe, i don't understand. listen, yonds, i'm driving home switching rated owe stations. the media is a having a collective meltdown over this. and i don't understand why anybody is surprised with all do respect to everybody out there. if you listen to what he said in the campaign speeches, this is what he said basically that he was going to do. you don't have to agree or disagree, if you're in wisconsin, if you're in pennsylvania fwhb you're in michigan, those are the states

that delivered the presidency to donald trump. and listen to what he's done. >> absolutely right. milk issues, wisconsin, he's talked about german car imports, that's michigan. >> coal, that is pennsylvania. >> he's paying attention to the base. that's what he's doing. >> we can't cut back on education or job training. if the labor market is tight because we don't have workers with the skills we need for the

jobs that are available that needs to be addressed. so i think this bears a very close watch. >> joe, you worried? >> the number keeps coming down. that makes me feel better. of course job growth could have been better than it was. at least that you see more part-time workers for economic reasons getting jobs, rejoining the work force the way they want to. that's a good thing for america. the economy is slowly moving in the right direction. >> all right guys, good to have you on jobs friday. >> see you guys. >> mark and joe. all right. the white house press briefing due to begin any moment now. we'll bring it to you live when it happens. first to rick santelli at the cme with today's bond report, rick. >> well, thank you. all you have to do is look at april # and it shows you everything you need to know. that on the left side you'll see what was low yield close of the year right around 417, we're lower. if you look at the high point on the chart, that was rejection when we got close to 244.

so it should be no surprise that it took us down. here's a weird chart. this is the first two weeks in november of 2016. but i want you to look at is unless in less than two weeks, yields move from 177 to 236, now open it up to present day, many are saying where can the bond market go now? well that thinly traded almost 50 basis points. that would be something to think about. and finally, october 1st on the dollar index, listen, the dollar index has been spongy all year. it continues to drift lower and the same pattern as stocks. except for the other direction. and speaking of directions, don't touch that remote. big stories coming up in two minutes after power lunch returns.

sean spicer and john pruitt. >> i'm going to try keep this relatively short on his hand. >> well, it's good to be with you this afternoon. and i wanted to first begin by saying that the president made a very courageous decision yesterday. on behalf of america. he put america's interests first with respect to environmental agreements and international discussions. i appreciate his fortitude. i really appreciate his leadership in this matter. the decision over the last several weeks has been one of a thoughtful deliberation, he heard many voices. voices across a wide spectrum of advantage points, and the president made a very informed, and i think thoughtful and important decision for rt country's benefit. what we have to remember when it comes to environmental agreements and international agreements with respect to things like the paris agreement is we have nothing to be apologetic about as a country. we have reduced our co 2 footprint to levels of the early 1990s, in fact from 2000 to 2014

we reduced to up over 18%. and that's been largely accomplished through innovation and technology, not government mandate. when we look at issues like this, we are leading with action and not words, i also want to say, exiting paris does not mean disengagement. in fact the president said yesterday that paris represents a bad deal for this country, it doesn't mean that we're not going to continue the discussion. to export our innovation, to export our technology to the rest of the world, to demonstrate how we do it better here is i think a very important moosage to send. he indicated that he's going to either reenter paris or engage in a discussion around a new deal with the commitment to putting merck earthquake if. he said routinely, he's going to put the interest of american citizens at the head of this administration. that's in trade policy, that's no national security, that's in border security, that's in right size in washington, d.c., and he did that with respect to his decision yesterday on paris. no, with that, we would be happy

to answer any questions you have. and i don't know your names, you'll have to forgive me of that. if i just point to you, we'll just go from there. yes, ma'am. >> thank you. >> hello, mary. >> just hoping you can career this up once and for all. yes or no, does the president believe that climate change is real and a threat to the united states? >> you know it's interesting about all the discussions we had through the last several weeks have been focussed on one singular issue, is paris good or not for this country. that's the discussions i've had with the president. that's been my focus. the focus remained on whether paris put us at a disadvantage and it did. economic disadvantage. with the entire agenda of the previous administration, we still fell 40% short of the targets. it was a failed deal to begin with, and even if all of the targets were met by all nations across the globe, it only

reduced the temperature by less than two cents of one degree. that is something that the -- the president focussed upon with respect to how it impacted us economically, and whether there were good environmental objectives that were achieved as a result of paris. his decision was no, and that was the extent. >> yes or no. >> yes, ma'am. >> the mit scientists who helped with that report say that trump quote badly misunderstood the findings of that report and that in fact, take no action temperatures could rise a devastating 5 percentage points. specifically, specifically, what other science -- >> there were other studies published. there were other studies published at the time. the mit study was something that as you indicated showed two tenths of one degree. they didn't have a corner on the market. there were many at that point, we provide those two you. what's clear about paris, what's clear, is if you go back and look at the criticism that was

being levied against the paris agreement, it wasn't just from folks in this country who wanted to be ratified or critical of the processes, the environmental left was very critical of paris. in fact, james, james hanson is an individual who said at the time it was a fake and a fraud. and the general council of the club said the same thing. if you go back and read, there was much criticism, largely because, large lit because it did not hold nations like china and india accountable. as you know, china did not have to take any steps until 2030, india had no obligations until two and a half trillion dollars of aid, were provided. and russia when they set their targets, they set 1990 as their baseline which allowed them to continue emitting more co 2. in this country, we had to 26 to 28% reduction in greenhouse gases which represented the clean power plan and the agenda of the past administration.

>> mr. pruitt. >> yes, sir. >> i'd like to go back to the first question that was asked that you didn't answer, does the president believe today that climate change is a hoax that something of course he said in the campaign when the pool was up in the oval office he refew to answer. i'm wondering if you can speak for him. >> i did answer because i said the discussions and i have had over the last several weeks have been focussed on one key issue. is paris good or bad for this country. the president and i focussed our attentions there, he determined that it was bad for this country. it hurt us economically. it didn't achieve good environmental outcomes and he made the decision to reject the paris deal. >> right there. yes, sir. >> thank you. given the fact that you and other administration officials haven't been able to outline the president's views on climate change, why should other countries believe that the president wants to negotiate a deal in good faith? >> as i indicated in my comments yesterday, and the president emphasized in his speech, this

administration and the country as a whole, we have taken significant steps to reduce our co 2 footprint. to levels of the pre-1990s, how did we achieve that? large by because of technology, hydraulic fracturing, and horizontal drilling that has allowed a generation of electrici electricity. you won't hear that from the environmental left. we need to export clean coal technology. we need to export the technology and natural gas to those around the globe, india, and china and help them learn on what we've done to achieve good outcomes. wove led with action, not words. paris, truly, paris at it's core was a bunch of words committed to very, very minimal environmental benefits and cost this country a substantial amount of money and put us in an economic disadvantage. yes, sir. yes, sir. >> does the president believe that -- or did the administration believe that any additional deal on partner emissions paris or a subsequent deal -- >> i missed the first part.

>> does the administration believe that any deal, whether it's a revised paris griemt or another harvard emissions deal, either as a treaty or some other form? >> well, i think it's clear with respect to the paris agreement that there are concerns by the administration, the president expressed this constitutionally in his speech yesterday, i have similar concerns that it should have been submitted to the u.s. senate for ratification. i think it depends on the nature of the deal. what you actually negotiate. if we're talking about exporting innovation and technology to the rest of the globe, i would say not. i would say that that's not something that needs to be submitted to the u.s. senate. i would say however, that if you're setting targets, if you're setting emission targets that are enforcementable, domestically through regulation or statute, very much so. the voice of american citizens across the country needs to be heard through the ratification process. >> yes, sir. yes, sir. >> thank you. obviously a lot of people from the white house are not willing to answer this question of what the president's view is on

climate change. so let's talk about your personal views. in march, you said there's tremendous disagreement about the degree of human impact. and you would not agree that it's a primary contributor of global warming. would you agree that human activity contributes at all to global warming? >> i don't know if to global wa. would you agree that it's a crib for at all to global warming? >> i don't know if you guys caution my process, but that conformation process i indicated that global warming is a curing. human activity atributes to it in some manner. measure of -- to my prespecific the degree of human participation is -- what do we do about it. does it pose a threat as some say. people have called me a climb skeptic or denial, i don't know what it means to deny the climate, i would say that they're climate exaggerators. in fact, many of you, i don't know if you saw this article or not but the climate of complete

certainty by bret stevens that was in the "new york times." talked about -- i'll just read the quote from this article. anyone who's read the 2014 report of the ipcc knows that while modest 0.85 degrees celsius warming the err in the 1818 -- to say this isn't do to the deny science isn't to acknowledge it honestly. and look, with the gait what the american people deserve is a debate, obvious transparent discussion about this issue. what paris represents is a international agreement that puts this country at a disadvantage with very little benefit environmentally across the globe. >> if we deserve a debate -- >> can i ask a follow-up

question on that sir. why is that the arctic ice shell melting, why is the the temperature rising, why is the hottest temperatures in the last dead dates -- >> we've been in the high 80s since 1989. >> but sir, when nasa says that 95% of the experts in this area around the world says the earth is warming, and you are up there throwing out information that's saying well, maybe this is being exaggerate requested so forth, it seems to a lot of peep around the world that you and the president are just denying the reality. and the reality of the situation is that climate change is happening and it is a significant threat to the planet. >> let me say this, and i've said it in the confirmation process and i've said it yesterday, we've done a tremendous amount as a country to achieve reductions in co 2.

we that. we'll continue to stay engaged. we are part as you know, of the ufcc, that progress encourages voices by countrying around the gones. we're going to stay engaged and try and work through agreements and achieve outcomes that put america first. this is not a message to anyone in the world that america should be apology jesk of its co 2. we're not going to agree to frame works and agreement that put us at an economic disadvantage and hurt citizens across the country. yes, sir. >> they're worried your putting your head in the stand. >> there's no evidence of that. >> thank you administrator. your fellow senator says that why he has full confidence in the president, in this he is very nervous about lower level

career government employees in the e pa and in the state department and actual executing what need to exit the climate accord. as the administrator bpa what do you say to your own senator? >> what's important to know, the president said yesterday that the targets set in paris, the 26 to 28 targets are not enforceable and will not be complied with. the green climate where united states committed $3 billion of funding is not going to continue. that's the case and going to be immediate. there are discussions that are ongoing with the justice department on the steps that will be taking to execute the withdrawal and the exit. that's something that's going to be happening over the next several weeks. as far as the targets and green climate fund that's immediate and clear. yes, ma'am. >> your peer leaders made it very clear the deal can't be

renegotiated. how does the president renegotiate a deal when the other parties aren't willing to come to the table? >> well it's an indicator. it's either approach. >> but who? they're not going to sit down at the table. >> well that's up to them right. what america, the united states has a seat at the table, after all we are the united states and we are leading with respect to co 2 pruk, we've made tremendous progress, if nations around the gloen seeks to learn from us with how we reduce or co 2, we're going to share with them. cls just a quick follow up. you're the epa administrator should you be able to tell the american whether or not the president believes the climb chang is a hoax? where does he stand. >> as i indicated. there's enough to deal with the paris agreement and making an informed decision about this important issue.

that's what our focus have been over the last couple weeks. yes, sir this gentleman right here. yes. >> thank you. isn't it of concern that united states has broken a promise to 190 countries and the president did not address that particularly point? and second, you've several times raised that the lowering of co 2 levels. isn't the reason for lower co 2 levels for blocking the smock stack spews that now allowed the current regulation that the administration's opposing? >> as i've indicated we've reduced our co 2. the first part of your question, i forget. >> snlt it of concern that we broke a promise to 190 countries and how does that help our credibility? >> well truly, this gentleman's question back here, if it was a promise that was enforceable and going to -- this country it should be ratified as a treaty.

the closure here -- there are provisions in the clean air act that allow for lawsuits to be filed domestically to compel rogeliolation to meet those kinds of percentages. this was much about a constructional and legal concerns as anything else and the president dealt with that. again, the important thing is it put us in economic -- the world applauded when we joined paris. i think they applauded because it knew it was going to put this country at an economic disadvantage. the reason european leaders want us to stay in because they know it will continually shackle or economy. that's all i've got i've got to get the airport. thank you very much. >> our word is not our bond? >> why did you celebrate in a french restaurant last night? >> earlier this morning the may

jobs report was released showing that americans seeking jobs are having more success finding than any point in the last 16 years. there's a lot of positive signs coming out of job market. over 600,000 private secretary jobs have been added since the president took office. unemployed fell a full prejudicial point since january. unemployment is noun 170,000 since the president took office. the coal miners are getting back to work. the president's not going to stop until everyfull employment. that's why we're working tire leslie on policies that will keep the economy going, with a tax plan that will leave money in the pockets of hard working americans and making it easier for businesses to drive. an infrastructure that will

generate $1 trillion of investment and putting people back to work. repealing and replacing the job killing obamacare with the system that encounters competition and drives prices down. in a system mask regulatory reform to reduce unnecessary burdens on manufacturers and key industries. you can expect the president to be focusing more on jobs this month and hoeding events in washington and outside pushing his progrowth, pro-jobs agenda. later this afternoon, the president will be signing two bills, both passed with bipartisan support that help protect us who protect us. our nation's veterans and public safety officers. first the public safety officers benefit improvement act of 2017, which was cosponsored by judiciary jack and brept of york. it will reduce the unaccept l

backlog of families waiting approval -- the second is the law enforcement american hero's act, which also passed in the senate and assist state and local law enforcement in adding veterans to their forces by prioritizing the department of justice funding to law enforcement agencies that is used to hire veterans. it's critical that we support our veterans and the loved ones of those who have paid the ultimate price while protecting or communication. the president is glad to be signing these bills today. also, in washington today, education secretary betsy devos visited the public schools this morning to show -- and celebrate the launch of department education new disability act effort. state did the secretary

tillerson met with -- where he will join to participate in the 2017 australia ministerial consultations. prior to to his arrival he will deliver remarks and reach with allies and counter parts to discuss security issues. with that i'd take a few questions. kevin. >> thanks sean. i want to ask about the push for the travel ban to the u.s. supreme court. is it fair to say that one of the reasons that the president wants to keep this going is obviously now we have a full court and panel, but also because it gives the white house perhaps a chance to build on some momentum, especially if you look back yesterday. is that part of the populous. i'd also like to ask as a follow-up about the xl pipeline, can you give us an update in terms of jobs and development? >> i think what we said with

respect to the executive order in question has been fairly consistent. so last night we asked the supreme court to hear this important case and are confidence that the president's executive order's well within his lawful authority to keep the nation safe and protect the community from terrorism. the president is not required to permit people from sponsor and shelter terrorism. pretty consistent with what i've weave talked about. i don't have an update -- are you talking about in terms of production, i don't have that tip. zeke. >> thanks sean. you asked about the personal views on the president's climb change, you said you haven't had that chance to have that conversation with him. now it's been 72 hours, what does this president believe in climate change? does he still believe that's a hoax? >> i have not had an opportunity to have that discussion. blake. >> do you know what the president believes --

>> i think administrator pruitt pointed out what the president is focusing on is making sure we have clean water and air and the best deal for the more than workers. blake. >> quick question for you on related to the climate agreement. why does the president feel it's important to continually introduce carbon admissions and export clean energy technology? >> i think he understands the importance of clean air and clean water as i mentioned and healthy environment. but also doing so in a way that provide the american workers and our economy a way to grow. but obviously as administrator pruitt pointed out, we got a lot of technology we can ex part to other countries and help them. >> a quick question as it relates to climate change. definition of climb change is a change in the earth's weather patterns.

the administrator said today he does feel there is some value to the studies that say the earth is warming somewhat. does the president share the e pa administrator's thoughts on the topic and why has the administration sort of backed away from using the words climb change? >> as i mentioned, i have not had an opportunity to specifically talk to the president about that. eamon. >> thanks sean. yesterday president came to a dire economic picture of the united states were to stay in to paris of course, and yet dozens of top ceos of american operations lobby the president to stay in the paris climate. why would the president argue that this is bad for the economy if all those ceos are saying, you know what we need to do this? is the president right and all the sector leaders wrong? >> i think the president took from a lot of individuals, and there were other sectors very

concerned and frankly there were some companies and organizations that are among those that you mentioned, while they wanted to stay in also expressed concern about the target levels. at the end of the day the president's number one priority is the to get the best deal for the american people. i think one of the thing we got to remember the president was clear on the campaign trail about his position on this. he was clear that he was going to negotiate the best deal for american people. if you look at all of the deals that we have, whether the trade deals, paris, the president's made it very clear he's committed to getting the best deal for america, mesh's workers and manufacturing. >>. [ inaudible question ] ? >> i don't know at this point. jim. >> thank you sean. president's critics are claiming that pulling out of the accord will lift china as the global leader. do you agree or what does the president say about that? >> i think the president said it

was a bad deal yesterday because countries including china were not making progress in their footprint. they weren't doing enough, america was carrying the weight. hopefully we can get a better result for our company in the world. john. >> thank you sean. yesterday. president macron of france delivered a sharply worded speech in english attacking the president on the climate change decision saying it's bad for all our children. and he specifically called on scientist to come and move to france. what's the president's response? >> i think the president has made clear since day one, that his job is to protect the interest of this country and our citizens. as he said yesterday he was elected to represent pittsburgh not paris. >> thank you sean. "the washington post" has

reported that the administration is considering returning the properties to maryland and new york to russia, what was the issue to that? >> the state department issued comments on that earlier saying quote, the u.s. and russia has reached no agreements, their projecting negotiations further along than they are. they've been clear where we stand on that. charley. >> has the president been following the kathy griffin l melt down and does the family want a personal apology? >> does what. >> does the family want a personal apology from kathy griffin? >> yeah the president, first lady and secret service has made it clear their view on those thoughts. steve. >> sean, it's been a matter of curiosity in this town for a couple of days now. is the white house going to provoke executive privilege for comey? >> that economy committee hearing was noticed and it's gtd to be reviewed.

>> so that's not a no? >> i'm just saying i don't -- didn't literally -- my upsing the date was that are hearing was just set. i have not spoken to counsel yet i don't know how they're going to respond. jen. >> two questions, one on the tax bill and the debt sealing. in the rose garden yesterday the president said something about our tax moving along. we heard something about drug in -- is that what he was referring to? >> secretary mnuchin and comey was here a few months ago laying out what they want to see in legislation. they've had several discussions in the house and senate, bipartisan industry groups. i think the reception the president's initiative has received he's moving along better with membership and file members. >> we've been getting mix messaged from the administration

whether you'd like to see a clean debt bill. can you explain what the president's feeling on spenting -- >> i think both secretary mnuchin and director mull via any weighed on this, it's something we're going to work with congress on. we're not there yet. jessica. >> thanks sean. two questions. number when you knone, we heard administrator talk about his decision on the paris climate. he said he's not his decision that -- so what what are steps the administration is taking to engage? and secondly, climate is going to keep hard between the u.s. and china, will you try to replace that intersection of interest with something else? will you continue to do some technological corporation with the chinese, do you have any thoughts on that? >> this is a decision that was made this afternoon.

i think the president is going to -- he looks forward to talking to leaders in both parties on ways we can engage in that. he'll continue to talk to world leaders but that's a process that has to evolve. >> china -- >> what's that? >> the relationship with china that a point of cooperation, have you guys given thought to how you'll manage? the model was you manage temperature with climate by having cooperation and this was previously an area of cooperation. there's other areas that the house is working on with china but do you revision some type of relationship with the chooinds government? >> the relationship that the president has established with president xi is amazing. they'll continue to build their relationship and talk to each other whether it's this, north korea, or other areas they're beginning to work together there.

i think the great thing about this issue is the relationship the president has and continues to build with president xi is one that will allow them to move forward. >> thank you sean. in a recent statement by senator mccain he said that vladimir putin is a threat to the united states's security u.s. than isis. has the president had any conversation with you about that comment? >> no he hadn't. >> sean, secretary knew shin said -- this morning he wants a clean as well -- this morning ga gary comb said the administration is able to do whatever -- and the freedom caucus said they want spending cuts. what's the administration willing to take as far as spending cuts to get the debt sealing? >> i think that was the nature of what jen was asking and i think that is a conversation our team is going to have with congressional leaders and other

states called freedom caucus. i think there's bipartisan recognition that we need to get that done. so secretary mnuchin, director comey and mulvaney will continue to work with leaders to figure out what it takes to get it done. april. >> sean, could you tell me how is the president dealing with the facts that there are several mayors from the bipartisan group who are against the president's withdrawal from the paris. how does this president move forward with what he's saying about making coal great again and taking the -- walking away from the economics of clean energy and then walking out of paris when you have mayors who are saying we're going to continue with the paris agreement? >> if a mayor or governor wants to enact a policy, on a range on issues their accountable to their own voters and that's what they should do.

we believe in state's rights so if a low cattle, mu necessanicir state wants to enact a policy that their citizens believe in that's what they should do. >> one other question. >> i will tell you with them, with respect to elected officials, i think there are a large contingent of officials that were very pleased and applauded him for that. >> republican and democratic. [ inaudible question ] >> we have bipartisan support for it. >> lastly, there are numbers of reports where knew senses have been found at african-american museums and also there were very negative word spray pained on lebron na lebr lebron jaime's home. what is the president saying about this? over the last 130 plus days

people feel there has been a divide from that and this white house? >> i would disagree. we need to denounce hate in any form and any act. this president made it clear from election night to inauguration that he wants to unite this country moving forward. katelyn. >> thank you. did president say anything -- >> i'm not privy to conversations that individuals had with the president. >> can you clarify the conversation that the russian officials had with -- >> i cannot and as i've mentioned the other day we're focused on the president's agenda and going forward, all questions on these matters -- >> how can you not answer questions when the president tweets about it? >> we'll folks on his agenda and all questions on this matter will go to outside matters.

>> people -- that would be helpful. two thing, do you guy haves any update on the search with the fbi director? >> as i mentioned yesterday or a couple days ago the president is heading up can candidates. when we have an update we'll let you know. >> you say you haven't talked to president yet about when he believe the climate is a hoax. can you have that conversation and report back to us in the next briefing? >> if i can i will. >> does it mean that members of this administration helped the president to make the decision to withdraw from the paris accord without knowing where the president stands or whether or not he thinks -- >> my understanding is individuals gave the president advice on the deal at hand and he made a decision on what was best for the country and our people on the merits of the agreement. >> we know the president heard a

lot of points of view on both sides of the issue and maybe there was a false impression that it was a difficult decision and he was waivering. in the end was this an easy decision or close decision? >> i honestly don't know. the president is the ultimate decider and when he comes to make a decision or gets the information he's required he lets us know he has a decision and he announces. >> another thing. there's a lot of talk about renegotiation. why renegotiate the united states have the authority to reduce the targets. t why not do that. >> the president believes it's in our country to renegotiate the deal. >> president signed a waiver yesterday that the latest campaign promise to move the embassy to jerusalem, yan you said this was not to hinder any peace deal, how confidence can

the people be -- >> i think when the president signed an order no one should consider this step in my way to be a retreat from the president's strongest point to support israel. the president made a point to negotiating a deal between israel and the palestinian consuming an obligation to defend american security. the question is not if that move happens but when. >> but he promised on the campaign to do it on day one is there a time frame? >> his ultimate goal is to get peace. t not if it's when. francheska. >> thank you sean. following up on katelyn's question, is it still the administration's position though that jared kushner was in the meeting with the russian favor as a representative of the transition representing the president? >> as i said to katelyn we're

focused on the president's agenda and these questions will be referred to outside counsel. >> does the president still have confidence in jared kushner? >> absolutely. >> thank you sean. one of the waivers of the white house relief apply to all white house appointees, was that aimed at -- did the white house have steve bannon's communication with bright bart in mind was that -- and any response to director shaw's claim if you needed a retro active waiver you have violated a rule? >> this didn't have to do with the law or regulation this has to do with the president's pledge. he's the ultimate decider on that. this isn't with respect to a law or regulation. what we discovered was that several individuals on staff had

previously worked for media organizations and in order to continue having those discussions and advancing the president's agenda and priorities it was important to make sure all individuals had the opportunity to be able to speak to the media about what the president was doing to make the country stronger. for what it's worth today happens to be a national leave work early day. i hope you all get a chance to participate if you can maybe go home if you participated in national donut day, go home early and work it off. with that i hope you guys take advantage of that day. have a great weekend. thank you. >> all right that is the end of the press conference scott pruitt and sean spicer. pruitt attended to discuss yesterday's decision but nothing came out of that. he was essentially asked the same question five or six different ways about whether the president personally believed in climb change for his part. spicer was asked if -- he said

quote, it will have to be reviewed. cnbc's own, jay verse asked what the president had to say about why so many companies, ceos are against the climb withdrawal. we got the whole gang here larry kudlow. cnbc crib contributors and legends as well. lary your take on the press conference. did we learn anything? >> well, not particularly, or at least i don't think so. >> we got a lot of same questions. >> right. >> they tried to pin the president down on his personal beliefs. >> let me make a point here, presidential speeching of this magnitude, major major speeches, that's the policy. as i worked in the white house years ago, when you have a big

presidential speech no matter what the subject is that's a forcing or compelling device to have all the different opinions inside the government, and this one was a real back buster if you will, tre difference of opinion, that's ironed out because you know you got a speech deadline and you know you got to put it on a teleprompter and you know you got to deliver and that becomes the policy. anybody what wonts to know what trump really believes with respect to about president and his policy, just read the speech. that's all. there's no if, ands or buts that's the way this works. >> ron? >> i'd agree. i'd disagree with the stance substance of some of the things administrator prosecute has to say, he said the paris climb disadvantage the u.s. economy

and he said the u.s. economy has done well. which is what the paris climate treaty calls to ex sent wait anyway. i don't understand disadvantaging the economy when the economy's done reasonably well. >> but the decision yesterday did have an affect on the mark on weakening the dollar which is something the president has wanted to make exports atraffic. larry, is there an advantage to the performance of the dollar n this? >> no i don't think the circuitry went that far. i really don't. let me just say -- >> i like the way you put that. >> and they're not that good yet so i'll just put that in, they're gaining on it but not quite there yet. but this business, with respect, but the fact of the matter is if you were going to put heavy regulations on various forms of

power and fuel, okay, you are basically cutting off economic growth, that's what you're doing. now, one of the interesting thing of this whole debate going back to the g7 meetings, germany militants on this, its turns out angelo market has to increase coal production significantly, why because he put all her eggs in the renewables basket and she also ruled out b, renewable which is nuclear power. the renewables didn't have the freight and they have to go back to coal. in the meantime -- one minister said we don't have energy, energy's in short supply so all the prices go up, i don't want that to happen here. that's one of trump's key point.

he never said he doesnsay climb change is an issue. >> president obama also called his appeals all of the above. here's a point i want to make with respect to the environment. the e pa was established under richard nixon in 1970, we had the montreal porter call in 1977 to shrink the hole in ozone layer. the economy has grown scantily throughout those periods without any ill effects from those agreement. with the e pa was enacted in 1970 the economy was 1/4th the size it is today. >> in the last administration, in fact in the last term of obama we had just a huge overflow of new regulations,

whether it was the clean air act, the meth that i know measurement. e pa went wild over this. there was a war, obama raged war on fossil fuj. he saw it and they came after it. he never saw it coming. they hated coal but they hated fracking too. if you look at the last two years that's where they went. >> larry, that's not economic accurate. >> guys -- >> it's 26 to 28% target, was an obama target and trump and his advisers do not want to meet that because it will probably really damage the economy. so let's get it out of the way and stop it. >> that is zpeskly though. if regulation here because less owners because the u.s. has withdrawn, what's the likelihood for multi national energy

companies that international regulators slap u.s. companies with new rules because they want to keep the playing field level. >> it's also in accurate for administration members to say that china, while current being one of the largest producers is also rolling back on coal. they're in fact stopping the production from 100 to 150 coal plants in china today, that's moving forward. i said this in a piece this week, i'm not a tree hugger, but we also have to play and live in the sand box that ought to be kept clean. >> guys we need to go but i need to make this point -- >> china and india are getting all kind of latitude that the united states -- >> they can grow their -- >> forget the merits -- >> yesterday was a political speech was it not, we are forgetting one big thing, politics. the president was delivered the presidency by wisconsin,

pennsylvania and michigan. so far he's talked up on trade, talked about coal and steal, that's a gift of pennsylvania, and he's again out illegal differenting of milk from kaa canada, that's a gift of wisconsin. the president is at least doing and saying what the people that got him elected want him to do? >> he is keeping his promises -- >> you can hate him for it -- >> we don't have to use the word hate but -- >> politically he is delivering on his promises which are ultimately policy promise ls. and i want to go out with this point. i've thought about this for last 24 hours and read his speech several times. i believe on the policies donald trump is the most conservative president we have had since ronald reagan. i say that to any never trump conservative friends you're wrong. donald trump may be even more conservative than ronald reagan. this was not an outcome many people thought but just look at

this. this is the decision po pull out of this paris accord, i'm not sure any other republican would have made that point. >> that's a very good point i agree with you completely. thank you. >>. >> i don't think they would have either. >> that's right. diamonds are forever. sales hitting a record high in the u.s. welcome to holiday inn! ♪ ♪ whether for big meetings or little getaways, there are always smiles ahead at holiday inn.

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you saw it here live, white house press secretary sean spicer and prosecuuitt addressie media with the climb change. amon. >> yeah michelle, the significance here is this is the first time we've seen a major consist. between the white house. this is a -- ceo president, we had a prayarade of ceos in and

of the white house in the early days. today we see a real split over this chiemt plang issue. a lot of big businesses wanted the president to stay in. elon musk already re-signed as a rule of the president's decision. so i asked sean spicer, the president saying this was be an economic calamity if the u.s. were to stay in. are the ceos wrong when they talk about the economic impact of this. and spicer said the president is focused on achieving the best deal for american people. the implications is the ceos aren't out there looking for the best deal for americans but the best deal for themselves. the president has decided he's not going to be with the main stream business community on this issue he's going to be with his political base. that's a political turn that i

don't think a lot of people would see. >> eamon thank you very much. the oil market closing for the day. jackie this could be a week to frg if you are long on oil? >> yeah you can say that brian, closed around 47.5. the session low was 4676. the low we saw was base on the fact that opec was going to add hear to the cut. producers around the world are preparing to ramp up output to rival each other. we're already seeing it here in the u.s., up 26 weeks in a row. the week we were up -- pardon me, a drop of 4% for the month were still flat at this level. >> thanks so much jackie. stocks marching higher

hitting an all-time high. let's bring in john augustin and michael, president and portfolio manager with permanent portfolio funds. michael, did you expect to see funds hitting highs based on the data we got this morning? >> i don't know about highs. corporate earnings having strong, interest rates are reasonable. you're getting economic growth. at some point being passed it's going to promote further growth. it's little resistance to stocks going higher. the low in unemployment was 4.3 today. it might be expected it will be tough to create more and more jobs without a fiscal policy. i wasn't surprised by it. >> john, we keep hearing phrases like little resistance,

stabilization, is the market at this point in the u.s. economy luke work? how would you describe it. >> the fed outcast thinks we're growing and we'll see if that hold. as for markets, we'd agree with michael that the fundamentals are still improving and we'll notice today what catch our attention about stocks today. so we would say the economy's a little over lukewarm. the fundamentals are sport and stocks and once again stocks are powering through a political issue. it's the fifth time we've seen this since brexit. >> michael, what are are you saying to -- do you look at it and say interest rates are going to be low, that's very good for stocks?

>> i see interest rates at a trading range and yields are at the high level of that range maybe a while back, maybe they're graf stating towards the low end. it was a material move for one day but the overall context for thing i'm not sure it matters. maybe it means with the weak job numbers -- >> it does seem to be something bigger to you than you're worried about? >> not at the moment. you do run the risk that if the right policy prescriptions are not put out there or going forward, that we're going to get economic growth that we've had, likely the conditions will exist that we've had for the last several years and we won't get that dynamic growth. if cooperate earnings slowed down then you won't have a stock on -- you need to provide that foundation for them to continue to move up. to the extent you don't have the right policy mix you'll going to potentially cap that upside at some point.

>> john, quickly you said earlier that the base buyers are broadening. who's coming in and are they going to see that value that's potentially created? >> couple thing there. first off that basis for instance utilities and staples are the leading sectors now over the past month, primarily not only in stocks but in gold and bonds. that's what we mean by broadening out. recently broadening out in the saeshlgts now broadening out in the smaller mid-caps, we'd see that good for markets and investors. something we're taking advantage of. >> we saw the best equity flows in five weeks we'll see where that takes us. thanks to both of you. appreciate it. news alert, we've diamonds on the set, they're beautiful and expensive. we're going to put some in our

pocket and run out of here. what's fuelling diamond sales, we'll find out coming up. hey gary. oh. what's with the dog-sized horse? i'm crazy stressed trying to figure out this complex trade so i brought in my comfort pony, warren, to help me deal. isn't that right warren? well, you could get support from thinkorswim's in-app chat. it lets you chat and share your screen directly with a live person right from the app, so you don't need a comfort pony. oh, so what about my motivational meerkat? in-app chat on thinkorswim. only at td ameritrade. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. and at $4.95, you can trade with a clear advantage. ...better than a manual, and my hygienist says it does. but... ...they're not all the same. turns out, they're really... ...different. who knew? i had no idea. so, she said look for...

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♪ the old add image is true. diamonds are forever. jewelry sales of $41 billion in 2016. joining us now for "power lunch" exclusive is steven lucio. he's the ceo of forever mark. good to have you here. my understanding from forever markoff debeers is the really special diamonds. >> it's literally 1% of all the diamonds that are produced all over the world are good enough to make it into the world of marks. so they really are the prizes. >> the number i just quoted was that jewelry sales or diamond sales? >> that's diamond jewelry sales in america. america for decades have been the important market. this is a new milestone, to breakthrough $40 billion, five years of growth in diamond

jewelry sales. 50% of the world consumption of diamond jewelry here in america. >> whose the average buyer? >> it's a broad market. even thinks engagement rings when you think of diamond, then anniversary gifts. that's been the mark for a long time. we're seeing now this strong growth in women buying diamonds for themselves. they can be single woman or married woman. they like them as gifts but that doesn't stop them acquiring more pieces on their own. it's a great new growth segment for us. >> what's dropping the value yum is it larger stones or a large volume of larger stones? >> the purchase market which is the strong growth market over the last couple of years it tends to be the smaller stone. i think when women feel when

they get that rock home it should be a gift but went they're buying for themselves they want something more designer more unique. >> i love this, the self-picture market in diamond. when you look at the diamond market what percentage is self-purchase now versus a few years ago versus gifts? >> if you go back five years ago about a percent of picture. 2013 was self-purchase. if it goes fast maybe it'll reach the east and japan and hong going it's 60% purchase, 40% gift. >> is this the millennial with the disposal income they're not saving but buying something shiny for themselves? >> yeah. that's interesting. when i saw the numbers i figured this must be the millennial target.

they're the most people that buy often. nearly 60% of that sales/purchase market are married women. >> brian sullivan pointed out during a break, cigna jewelry is down and diamond jewelry sales are doing well. is there a broader story within the market? >> yeah i think we're seeing big changes in the market as well. people working hard to try to adapt the format. we're seeing more much of diamond jewelry through ecommerce. that's now over 20% of the market and growing rapidly. double digit growth all through last year and the four months of this year. those jewelers who have strong channel approaches are doing better. >> are these parting gifts that you brought for us? >> well, we -- >> donuts today. >>wy never give it away. >> we brought some really of

course amazing pieces to show today but i think the interesting thing is the trend. these pieces were a lot more smaller diamonds, these are the sorts that are driving the sale picture. >> all right well -- >> it's hard for men to buy, imagine men trying to pick this for you, so it'll be easy to buy yourself. >> there you go. we'll new yorker during the break. thank you so much for coming in. brian. >> beautiful segment guys thank you. "trading nation" in the hot seat next. we figure out just how much more this amazing stock market rally may have left in it. stick around. i love how usaa gives me the peace of mind and the security just like the marines did. at one point, i did change to a different company with car insurance, and i was not happy with the customer service.

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already, stop us if you heard this before. the s&p 500 is trading at new record highs. the "trading nation" team judith sanchez and erin. judith i'll start with you, how much more leg do you think this stock market has left in it? >> it's interesting. we've seen an expansion in the pe and that's what driving the

rally, and we've seen positive earning numbers and those are great. the problem is we're seeing economist pull bag on the growth for the year. we're seeing washington that's having trouble pushing an agenda. who knows of the course of the summer we may see washington hanging its dirty laundry out to try. at the recovery this is unusual for pe, it should be high. and we're caution at this point. >> erin she mentioned pe, and pe is earnings, that's what you do. do you think that evaluations are getting a bit stretched here? >> for certain sectors and for certainly the bank stocks and growth stocks we're seeing evaluations against stress. when you split up between value and growth, your value evaluations still look pretty low. so i think if we see investors switch from these high evaluations into your value, not

only do you have some decent valuations that are recently but you got better growth. in 2017, the s&p value indentation has higher expected growth than the growth index which seems we're still lookingt double-digit growth, and very stable when it comes to revisions. we haven't seen big revisions come down about for 18 months, we're looking solid, we may suggest investors want to switch from these popular momentum stocks and start taking a look at value again. >> how dare you say people should get out of the momentum stocks? they're the fannings, they're unbeatable. for more trading nation, go to our website tradingnation.cnbc.com. buffalo wild wings stock is rallying now. the ceo saying she will step down sooner than expected. was this a big win for activists? what's happening for the company and the stock? we'll think it over in the

commercial break. some traders believe they need to be smarter than the market to make money. the challenges that the trend is reality. it represents a collective actions of all market participants 37 when the broad market is heading higher, so are most of the stocks many it, rather than bucking the trend, acknowledge the direction of the market and plan your trades accordingly.

it's what busch is known for. what are you known for? oversharing. in fact, i have this thing. nope. nope. [sfx: buschhhhh]

buffalo wild wings shares rising this afternoon. the ceo announcing her intention to retire. >> we're going to chalk this up as a victory. they got three board seats, short of the four they've been pushing for. marcazo criticizing smith costs have been going up and foot traffic has been slowing. buffalo wild wings financial performance. fighting back, questioning

mcguire's business accumin pointing out that borders failed, while mcguire was sitting on the board. sally smith will stay on until the end of this year or until they find a ceo replacement, the argument is we have the stock underperforming the s&p 500 over the last year. and basically, costs are going up, foot traffic is slowing, business is down. >> if this is a win for them, it appears to be, we can expect a lot more franchising, rather than store owned, which in theory improves the cashflow? >> and also isolates them from higher labor costs, right? and higher capital costs when it comes to rent. which means it's more profitable. >> it lays off more of the responsibilities and the burdens on the owners of the franchises? >> while you get licensing fees, steady stream of capital. >> excellent. thanks, susan. check please is next.

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time for our ends of the show genius, we call it check please. new highs, the nasdaq is up 16% this year, it's the most hated bull market in at least recent memory. nobody seems to be thrilled that stocks keep going up.

mcdonald's, apple, visa and boeing are up more than 20% this year. like in five months, six months, and nobody seems to care. >> it's not making the front pages of the newspaper, it's unnoticed, it seems. not unnoticed, the diamonds we had on set. >> i'm checking you out to see if i can spot anything from the last segment. >> no, but i enjoyed this conversation about the self-purchase market growing. where women buy their own diamonds. >> i like that. >> and like you said, the diamond sector like everything else, amazon. it's moved online. >> if you're going to buy a big rock, you should probably check it out first. >> blue nile had that idea years ago, decades ago. >> mine is the dollar euro chart. is this the ancillary effect of the white house withdrawing from the paris accord. the real movement came after the jobs report this morning. the dollar is down about half of a% which is a pretty stunning

move. we'll see if the white house can force that. >> expensive. >> kayla, thanks for joining us. enjoy the 32 mile an hour ride on high speed rail back to d.c. many. >> thank you. >> thanks for watching power lunch, "closing bell" starts right now. ♪ i'm walkin' on sunshine you know, it doesn't make sense to play that if we're stuck in here. >> and this is not my choice, i'll go on the record, but it is apropos to something coming up here on the program today. >> that's true, it's not just the weather. >> as a matter of fact, it is about the weather as well. it is a gorgeous day in new york city. finally. i mean, we finally have spring. >> but there's more to it than that. >> but we always have something else to the story. >> layers. it's always like an onion, we're peeling all back. >> welcome to "the closing bell."