good morning, it is 8:00 a.m. in cupertino "squawk alley" is live. good wednesday morning

busy morning the president delivering his first state of the union address, applauding the work his administration has done on the economy, on jobs, on health care, and taxes. >> we enacted the biggest tax cuts and reforms in american history. massive tax cuts doubled the child tax credit we slashed the business tax rate small businesses have also received a massive tax cut roughly 3 million workers have already gotten tax cut bonuses >> the president mentioned taxes 15 times in the address, most since obama's 2012 address where it was mentioned 31 times. for more on all this, joined by microsoft ceo steve ballmer, founder of usa facts and owner of the la clippers good to have you good morning to you. >> my pleasure thanks, carl, good to be here. >> so much discussion this morning about shackles being taken off business, whether through taxes or regulation,

incentives to invest, that's why we are seeing the stock market for the past month where are you, what business and economy are doing and how stocks are reflecting it? >> well, my big thing with state of the unions in general, certainly last night, is hoping for a little more as a business person it is like a quarterly earnings call what did we do what are our plans, what are our forecasts. and we were late on forecast what is the jobs target? what are the plans to get there? where are jobs today just as an example this is not in particular this president, a general point if you will about where we are. so i listened to the speech last night, and a lot of the measures, what are the targets it is the targets. numerics, how do we measure it, not whether we pass a law, don't pass a law or budget, where are we really trying to go, what are

we trying to accomplish. >> steve, john ford. i think last time we talked, one of the things you focused on was economic mobility, the idea that if you start off in a difficult spot in this country, you can eventually get to a better place. education has to be a big part of that. i'm not sure we heard to your point about specifics about data, a lot about how that works in this current american environment. what do we need to hear. have you seen any proposals, do you have any ideas how to get mobility going in america? >> on education specifically, i would say a couple of things for presidents going back to 1980 to reagan, education is the number one word mentioned. we did a word count on all of the state of the union addresses. for president trump, it was still big, it was number five. the ironic thing is when it comes to k through 12 education, 99.7% of the money is spent at

the state and local level and in fact that's where the rubber meets the road no, we didn't hear much, but economic mobility is more than education, it's really helping kids that grow up in tough situations deal with all of the things, housing instability, safety in the neighborhood, parents who may have addiction and other mental health problems, and of course we heard little about that except crime and safety and that's still a problem in this country, although per person, violent crime and property, crime is down dramatically since 1980, but we didn't hear much about targets from the president last night. where are we trying to go on these things, what kind of success rate are we trying to get for kids who grow up in tougher sirk stabcircumstances s of educational attainment. >> not having targets is a criticism when you talk about

infrastructure $1.5 trillion. a big number but light on details of how we get there, even though it might be an issue to get both sides of the aisle to agree that we need. what else do you think we should have heard from the president when it comes to infrastructure and filling in the blanks? >> the infrastructure thing to me is the craziest 1.5 trillion, public and private. but what are we comparing to is that over ten years say it is. that's 150 billion a year. total government spent on infrastructure last year was 220. we're going to almost double it? that can't make sense. yet 150 million a year is a significant expenditure for the federal government there's $2.3 trillion spent on r&d and capital by private industry 150 is not going to move that a lot. so i don't really understand how it comes together, i don't understand where the money is supposed to come from. if you look at output, our

highways are in great shape, 3% defective. bridge quality has been continuously improving since 1980, and it's really the if you will smaller roadways, city roads that need improvement. hard to understand how that money will fan out the way the system works today so the infrastructure one to me, a little nutty about what we're going to get for what is a very large amount of money, or it is going to take real stimulus of private spend which i just don't see frankly above what private industry would spend otherwise >> right we're dealing with a president whose entire career has been about development of physical assets, maybe it is not so much about the money. obviously it is important, but if he's serious about reducing regs where it doesn't take 12 years to build a bridge as jamie dimon said on air last week. >> still $1.5 trillion a businessman has to say what do

you get for the money? bridges is one that particularly bugs me because bridge quality continues to improve with today's spending whether there should be regulatory reforms or not is not my point that's a situation where our country is doing a good job. so i just don't understand the blah blah blah about it. >> steve, your neighbor up there, jeff bezos, is looking for a place to put a new major headquarters first of all, are you clear on why he doesn't just continue building in seattle, and second of all, if you were looking for a place to put a new major headquarters in the country, what would be your major criteria >> i certainly can't speak for jeff or for amazon i can speak as a citizen in the city here. traffic is getting pretty darn bad and the competition here for tech talent, between amazon and

microsoft and now facebook and google, many companies have opened up here to me, the notion that looking for a second headquarters might make sense what would they put there, will there be a senior leader there, there are a lot of questions which i think are very much open where would i think to look, in places with great universities, desirable for young people to live, which means kind of a hearty, vibrant life, and pretty good availability of land and place to go build. that would be what i would look for. but hey, i'm three years out of the game so to speak four years out of the game hard for me to speak to it >> if we can stick with amazon for a second, partnering with jpmorgan and berkshire hathaway, do you think something like this could help some of the tech lash talked about, the big tech

companies if they're doing something for the greater good >> i don't think it will help. a company that dealt with tech lash with antitrust issues with the doj, i don't see that happening. but what they're doing, it is good somebody has to take the lead on really thinking through how to drive down health care costs it either has to be the government with medicare or it has to be big, private employers. to see three of the largest employers in the united states come together with really a goal for health quality but reducing health care costs, i say yo, bravo, you go. i find it pretty exciting. >> steve, you're a savvy trader. we have a lot of viewers who are trying to navigate the market, know when to get in, when to get out, when to hold. microsoft alone, we will hear from them tonight, 15 to 95 over the cycle. are stocks expensive in your

view or not? >> i would have told you stocks were expensive when microsoft was in the '70s, and i would have been wrong. and thank goodness that i held onto my microsoft shares, and in addition i own a bunch of index funds. there's a cycle going on that is -- feels a little bubbly to me, but i'm actually not a trader in the long run, i believe in index funds, long run, i believe in what my boys and girls at microsoft can do so i am excited for the long term i don't know whether we are in a bubble or not. i just like to see things i own appreciate and yet at the same time since i am not selling, we'll see. >> last i checked, your microsoft's top individual shareholder, you held it so long wondering what you think about the cryptocurrency like bitcoin.

you don't strike me as a bitcoin holding guy, correct me if i'm wrong. what do you think it means that this is a cultural moment around cryptocurrencies >> look, i don't get it. and i can't say i studied it i keep talking to younger people, friends of my son's who are in their 20s, and they'll swear by it. is it a get rich quick scheme? i don't know feels a little bit that way to me oern on the other hand, the technology is super important. currency stuff is a little bit -- i think it is the wild west in terms of understanding how much value might be created in the cryptocurrencies. >> finally, steve, some viewers want to know what you think of blake griffin, and on a day where we're getting nfl to fox on thursday night, just the on-going dynamic between linear ratings, nfl versus basketball,

where are we headed? >> well, i'd say a couple of things mike griffin is a fantastic basketball player. he really sort of built the modern clippers franchise, and he is a great human being. love the guy, but for us to keep evolving and improving our team and getting where we need to get, which is to win championships, we're not going to step back and stop winning, but our goal is to win a championship we needed to make the move that we did that's kind of where things are there. in terms of tv broadcast rights, it is a tricky world now people aren't sure quite how to play the transition to digital i'm excited myself from a product perspective about all of the augmentation, augmented reality, virtual reality we're going to be able to do, but it's going to be a little wild and a little woolly and we're working

closely with our local broadcast partner fox to do things in the smartest way possible. >> nba has long been considered one of the more savvy leagues in ser terms of tech. lot of things with social media we have to play with in years ahead. >> the nba is the rising sport here in the world, here in the united states, and frankly, the nba, going to be awhile before we catch soccer, but basketball is number one in china 300 million basketball players we're pretty fired up. >> they do love it steve, we hope you'll come back soon always good to talk to you thanks so much. >> thanks, folks, appreciate it very much. >> steve ballmer from seattle. when we come back, legend tom siebel is with us with more reaction to the president and the state of the union address. it is the last day of the month. january has been a tear, despite sell offs the last couple of mo "uays

resqwk alley," back in a moment you traded options.y, i thought i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade

stocks coming back from a two day sell off, although all of the dow gain is bowing. gentlemen, good to have you. by the mentality intact, dow is a hard read because of reliance

on va. >> it is not the level of yields but change i also think the fed is removing the fed put that's been in effect for 20 years, it is a time line in the first quarter of several pivotal events that might cause it to be obvious the fed is removing that put >> is that going to be made clear today or not >> low odds they do it in today's meetings medium odds before congressional testimony and high odds they give a different message in march. but yes. >> david, yesterday we saw the sixth down day so far of the year lot of talk about valuations here, but then again, we have strong earnings season, s&p 500 so far growing on average 11%. what do you think. is now the right time to buy in or do you want to wait for another dip like we saw the last

two days. >> if i have moneyon the sidelines, i would wait for another dip. we have not encouraged people to get out of the market, but you point out a couple of important things one, earnings are strong but at the same time evaluations are elevated what's happened the last couple days is equity markets have been reminded bond yields are rising. we had a sharp move in bond market the previous two days, friday, monday that was sort of a wake up call for equities big risk for this year in our view that bond yields rise more than the equity market was comfortable with i'm not sure that's going to happen, but the risk remains >> what is a level of comfort for a yield, if you get to three, does that make you more nervous than we are at 7 >> it does three is kind of a line of demarcation at which point

valuations come under some degree of pressure sort of the holy grail of figuring out what's the right number, what causes equities to fall off but at the same time, strong growth in fourth quarter this year, looks like earnings will grow at 16% or so. so it is a tug of war we're going through now, but to go back to the original question, i want to wait for a little pull back if committing cash into the market >> any state of the union effect in the markets today we're about 100 points off the high on the dow, but as carl points out, that's all bowing at this point and the s & p also very much off the highs, but still in the green. did we hear what we expect are investors paying attention to that? >> trump has about 40% support that's firm, and 40% will never

support him if he walked on water, so he is going for the middle 20%, if you can peel off 11% of that 20, you have your 51%. that's what that was about, going to the middle. as far as infrastructure goes, i see no chance this year on the heels of stimulative tax cut, why vote for a stimulative tax cut bill where you need it is 2019, and the fed is overtightened, that's the time for infrastructure bill. >> overtightening by next year that's going to require. >> sure. >> inter day meetings or 50s or what >> keep in mind that we're talking about europe not even getting to zero in the deposit rate until 2019 probably we have japan affixed at zero on the ten year their room to maneuver is minimal, and they're already talking three rate hikes we had a large rate hike if you

use the shadow fed funds bottomed spring of 2014 when qe was tapered because of forward guidance, rate suppression we had a huge rate hike already. >> we're going to see. ecb, doj stories with our own central bank it will be an interesting set up thanks a lot talk to you next time. coming up, former gm vice chairman bob lutz for his take on the president's jobs and manufacturing claims stay with us >> chrysler is moving a major plant from mexico to michigan. toyota and mazda are opening a plant in alabama, a big one. and we haven't seen this in a

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welcome back to "squawk alley. let's get to don chu >> we have modest moves in european stocks one day after posting the worst performance since november, mixed picture as you can see. wrapping up january with the fourth positive month in the past five, up more than 1.5% still underperforming the overall s&p 500 by a wide margin there's strength in the euro and

uk pound looking at major european markets overall, 3% gain for january. dax in germany up 2% london ftse is posting decline the german ten year bond yield surged to multi year highs this month, really the watch is onto see what's ahead for european central bank and overall stimulus strategy. number of european stocks to watch involve companies based in sweden electroluc electrolux, reporting earnings above forecast, adding it expects stronger demand in europe and north america this year also have volvo with 11% jump in quarterly sales for 2017 the truck maker achieved the highest ever sales and operating profit on the flip side, eric son,

posting wider than expected loss it expects continued weakness in the chinese market h and m taking a hit after quarterly results are below expectations company ceo says h and m needs to transform amid global shift to online shopping back to you. let's get over to morgan brennan for a news update. >> here's the cnbc news update at this hour u.s. officials announcing brenda fitzgerald, director of the cdc resigned, after reports she took tobacco stocks after she took the job in july. health secretary accepted her resignation. michigan state university trustees have named john engler as interim president in the fallout of the nassar scandal. he was governor from 1990 to 2002, is a michigan state

alumnus. russian president vladimir putin telling his country's athletes to forget about doping scandals when they compete in the upcoming winter games. and united airlines passenger who tried to take her emotional support peacock was turned away because of health and safety concerns. she bought a ticket for dexter so he would have his own seat. you could say dexter ruffled feathers back to you. aside from the vulture, a peacock is probably the last bird i would turn to for emotional support. >> by the way, united shares are up probably on that today. former transition secretary

under clinton joins us dow is up 143. injury, we have a short amount of time to get our patient to the hospital with good results. we call that the golden hour. evaluating patients remotely is where i think we have a potential to make a difference. (barry murrey) we would save a lot of lives if we could bring the doctor to the patient. verizon is racing to build the first and most powerful 5g network that will enable things like precision robotic surgery from thousands of miles away. as we get faster wireless connections, it'll be possible to be able to operate on a patient in a way that was just not possible before. when i move my hand, the robot on the other side will mimic the movement, with almost no delay. who knew a scalpel could work thousands of miles away? ♪

the president's plans for infrastructure, one of the keystones of his first state of the union address last evening we have more on what we learned. good to see you. >> we didn't learn that much from the president he talked familiar language about infrastructure but white house officials are eyeing mid february to release this plan,

expected to run 10 to 15 pages in length with much of the work left to congress to fill in the gaps now, this has been in the works since early in the trump administration last year, but the most material change since then is the price tag. >> tonight i call on congress to produce a bill that generates $1.5 trillion for the new infrastructure investment that our country so desperately needs. i will be asking congress to approve legislation that produces a $1 trillion investment in infrastructure of the united states. >> the initial package will target a trillion dollars in total investment with $200 billion in federal outlays both numbers i am told expected to go up as the administration seeks to secure votes from democrats which are needed here. private sector participation will be welcomed but not mandatory. the initial $200 billion comes from cost cuts across federal

agencies in the budget, and the resources are going to be divided among six key groups the largest is $100 billion. that's going to state and local incentives the government wants municipalities to come up with their own revenue streams. the remaining 50 billion is split. think about the hyper loop, permitting process reforms, retraining the labor force this legislative battle uphill at best. we will talk about that in the 1:00 hour. there will be an application process, once a bill even passes after that, you have to secure permits. guys, this will be a multi year process if it goes anywhere on capitol hill back to you. >> thank you very much for that. for more on all this, we are joined by bob lutz, former vice chairman of general motors and

rodney slater, former secretary of transportation who joins us here good to have you both. >> thank you. >> we talked to ballmer about challenges in infrastructure his point was that bridge fault is getting better, not worse >> well, it's getting better, but that doesn't mean we don't need the kind of investment that's being discussed i want to actually commend the president and the congress for giving this issue the kind of attention it needs we've had a number of years where we have gone without investing in infrastructure as we need to having been in the seat that secretary chow is in, this was good news for her. she has a quality team they can help make the case to the american people that this would be a good investment >> would you need to raise the gas tax to do it >> well, you probably do the last time gasoline tax was raised was in 1993 that was during the first year of the clinton administration.

it was first for deficit reduction. he made a commitment to balance the budget, get our economic house in order, then in 1997 during the term i was secretary we were able then to take the 4.3 cents for gasoline for deficit reduction and move it into the trust fund. we haven't had that kind of infusion since that time we need to seriously consider that kind of investment. >> mr. lutz, what did you think of the president's speech when it pertains to infrastructure? $1.5 trillion is a lot of money. is that disappointing to you >> no, not at all. i think it is vitally necessary, and frankly the data that i'm seeing is at odds with what the former secretary said because the average age of the american highway is at record levels. it is now at 28.7 years. crumbling infrastructure like that, whether roads, bridges or

whatever is a drain on the economy. it causes problems, it slows transportation, it creates accidents, and it is just something that we have to live with now, as far as raising the fuel tax in order to pay for it, i always say we've got almost the cheapest gasoline in the civilized world, a nickel here or dime there with the weekly fluctuations in gas prices, nobody will even notice it >> we haven't heard at least in the details of the white house proposal is whether technology plays a role in infrastructure seems to me a lot of cost over time is maintenance, knowing when to maintain, preventing things breaking down in the first place right now, a lot of companies, talking about the internet and how it will allow that is it too late to include technology in this proposal and how should it happen >> not at all. first of all, let me say to bob

lutz i don't think that we are disagreeing at all i've always valued his opinion and i think that in the automotive industry we have really a revolution under way when it comes to combining technology with the, quote, manufacturing of the automobile. we have automobiles today that have the power, the technological power of the space shuttle. as we look to a few years ahead when we'll have autonomous vehicles that can totally drive and operate themselves, you will then see what was but a dream some years ago we started to invest in this kind of technology during the clinton administration we made gps available for civilian use we also started to invest in smart roadways but that's been 20 years the day of realization is on us and i think that any investment in infrastructure should include

technology i also want to say that i think the investment in broadband is very critical as well. investing in infrastructure is about more than investing in concrete, asphalt and steel. it is investing in the hard side and the soft side. you raise a great point. >> not nationalizing 5 g >> definitely not. companies like verizon, at&t, they would say let us play the lead role we have to play with government as a partner in that process. >> mr. lutz, what about workers. talking a lot about investing infrastructure do we have the labor force that we need to help build $1.5 trillion in infrastructure projects do they need to be trained do they exist? >> i am sure america's construction firms women rise to the challenge. this isn't like a gigantic flood gate, it will be doled out,

projects approved, engineering and construction firms will gear up to meet it, but if you ask me is this good for the american economy, well, yes, because it is going to create enormous employment in all the fields that have anything to do with infrastructure >> if i may just add there, i think because of this revolution that's occurring, we really have the opportunity to attract more talent, much like the space program allowed us to take the case of investing in math and science to schools all across america, building up the pipeline, leading young people to consider engineering, we have the same effort under way now when we think about a transportation system that thinks for itself, a transportation system that is safer because of the advancements in technology i think this is an exciting time one other thing we have to

consider is that you have a lot of people who may have challenges who are currently in the industry we need to have an education and training program that ensures that those individuals are able to do these jobs of the future. >> the president made reference to that. >> he did make reference to that as well. >> bob, one final note i am fascinated by what's going on in arizona with autonomous. you said provocative things about the future of the car in general, but can infrastructure, can a program marry what private industry is already doing on autonomous at least? >> well, the autonomous vehicle using very precise digital mapping, down to four inches, plus the array of radar and ultrasound sensors for object or obstacle detection, and the maps will be embedded in the cars, so there doesn't need to be

anything external. what will need to be done is traffic signals will have to go from being red, amber and green, they'll have to go to something, a signal that cars can receive, but that's not a big deal. where infrastructure will come in is when i would say 15 to 20 years from now, when everything is fully electric and we will have to have embedded cables in the freeways to echarge the vehicles on the freeway as they're traveling at whatever speed. but that's, you know, that's a ways out don't laugh. that's coming for sure >> that's true 5 g helps us get there, right, bob? >> absolutely. >> bob, mr. secretary, great to have you >> thank you now to don chu for market flash on chicken stocks.

>> john, they're falling pilgrim's pride, tyson, moving lower. what we have are u.s. foods and cisco, two biggest food distributors in america for commercial food service operations are now suing the chicken companies in federal court, saying they have colluded to fix prices. those in the restaurant, hotel industry, couple of names to watch. we reached out for comment courtney will let you know if they get back to us. >> thank you very much. billionaire time siebsiebel after this short break you always pay

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i am scott walker. what the volatile week of stock says for the rally we ask rick rieder what it means to the markets. getting ahead of facebook earnings is there disappointment in the cards after a run for the stock? the sneaker trade, is that back one says yes and the perfect way to play it call of the day. that and more top of the hour. see you in a bit. >> see you then, scott, thanks. over to rick santelli at the exchange >> hi, carl. it is exciting on the trading floor when you have a fed meeting. back in the old days, they weren't two day meetings, it was one day. this day is exciting, even though most don't expect anything exciting to happen. there's always an atmosphere here to that end, i have former

governor mark olson, from 2001 to 2006, going by memory there, what a smart, wise gentleman and when we were talking off camera, i continued to press the issue i have been talking about over several santelli exchanges about if the fed truly does three, possibly four raises of quarter point, i think it will smashup the yield curve and cause it to convert. his answer, he has been at meetings, many decades of dealing with the way the fed approaches certain issues, and his answer was a good answer he said they will model the yield curve. now, having said that, i want to think. is it possible for the fed to truly model the yield curve. i'm thinking in the past it was difficult. he even brought up there were times allen greenspan and the investors in the old days when i was in the bond fits physically,

they did things that had certain rates of inflation that they thought would call rates to zoom but it was not think about what happened since 2018 if you think the conundrum was this big, i think distortions now are this big i think modeling the yield curve will be really difficult as a matter of fact, i think there's a lot of modeling caused federal reserve in many aspects of the government to end up with wrong answers. having said that, let's look at where yield curves are in the u.s., we're steeper than 52 basis points we settled at end of last year we are at 59 basis points. around 274 and 215 you look at the german curve, the euro curve they're at 121 the next one in terms of steepness is france. 97 and minus 40. they're 137. finally italy, 232

there's distortions here think about differences incur s in curves. think about how it is into relative value yield trade the only point i make, if you believe there's four tightenings in 2018, you should be running to sell ten year note yields, running. if you don't believe they can, doesn't mean yields go up, but looking at a different scenario playing out. john ford, back to you >> thank you, rick santelli. when we return, the president reflecting on the state of dreamers and extending an offer to democrats to push forward immigration reform billionaire silicon valley legend tom siebel joins us with his take next.

president trump's wide ranging state of the union address last nigtd covering everything from taxes to immigration to infrastructure spending this as disruptive technology continues to tra transform the industry for more, we're joined by tom siegel and of course the founder of siegel systems. not too long ago sold o oracle. tom, great to have you here onset. last you and i talked, we were talking about governments a ande internet of thingses mareking the spending more efficient.

how much u of that is happening with infrastructure and how much should it be a part? >> it will be huge with everything on smart cities the use of iot and ai to optimize safety, cybersecurity, optimize traffic flow. route optimizations for airlines so ai and iot plays a major role in all of these initiatives in infrastructure and defense intel. >> are the right people at the federal level and at the state and local level actually engaging on getting the right technology platforms involved from the beginning when we're talking about spending you know $1.5 trillion on infrastructure? >> i'll give you a feel for the level of engagement. recently, we won an award to do ai predictive maintenance for the entire u.s. air force. that's a large contract. the british came out and visited us and is involved, the vice chairman and joint chiefs of

staff. so i would say this is taking place at a pretty high level and a week later, had the opportunity to meet with the secretary of state so i think that this is about as senior as it gets as it relates to embracing this digital transformation and you know, capturing the genie in the bottle of ai >> sounds like you think the reputation of the government or the public sector as a technological philistine, good change could be in a new era like that. >> if you, carl, if you see what's happening today in defense, logistics, in predictive maintenance, by using ark i, these people are running the defense can basically double the throw way weight of the u.s. military by about 100% this is without building any new machines so i would say the government is very much at the leading edge of

this particularly in inintel, transportation, defense, logistics. it's, they're not being dragged along. >> what do you make of this new partnership with amazon, berkshi berkshire, jpmorgan trying to k tab l health care costs? i think dr. cosgrove said yesterday health care data is doubling every 73 days is ai the magic answer >> unquestionably precision medicine will be the largest field for ai and iot hard stop. and i think that if these company, these companies in the medical business, walgreens, css, mckessen in san francisco if amazon just goes into the pharmaceutical business, these companies are gone we're going to see huge changes in health care with precision medicine use iing ark i, oit

disease prediction, ai assisted medicine this is, this will be unquestionably the largest market tr artificial intelligence >> immigration has been a hot button issue across the nation also in silicon valley, i know you are growing at c3 i0 t are you hearing what you want to hear from trump administration in getting the most talented engineers? >> we are. we're doubling our work norrfor this year, next year the students graduating out of stanford, harvard, illinois, berkeley, getting their masters and from south korea, from china, from europe, we're making them go home this is crazy. we should be stapling green cards to their diplomas.

this is a major brain train. we're spending enormous federal dollars, tax dollars, training and educating these people and then we don't allow them to work for us makes no sense at all. >> tom, wish we had a lot more time we'll continue to conversation hopefully soon >> thank you squawk alley is back after this

you may have heard by new, republican lawmakers and aides say a train carrying them to a policy retreat in west virginia has struck a truck for more, let's get to elan. >> that's right, carl. authoritying are still assessing the level of damage. nbc news reporting that one person was transported to the hospital but the driver of that dump truck does appear to be okay now vice president mike pence is expected to come to west virginia here later on this afternoon followed by president trump tomorrow the white house and the national security team have been made aware of this incident everyone is being briefed and we'll bring you more as we have it >> thank you very much greg walden by the way, our

chairman of house commerce committee tweets a picture saying we're fine, but our train hit a garbage truck, members are medical training are assisting the driver fs of the truck so we'll watch that closely ahead of a big night of earnings tonight. you'll be busy on tech then tomorrow night as well >> equal come an microsoft among others >> let's get to judge and the half >> and welcome to the halftime report our top trade this hour, rally watch. stocks snapping back following the worst two days in more than a year m why more volatility in the weeks ahead could be good for your money with us today, joe, josh, steve, ker kerry, erin brown. we do begin with those markets bounce iing back another blue chip blowout from boeing it's sending stocks higher today.