good morning it is 11:00 p.m. at the nuclear summit in singapore. it is 11:00 a.m. on wall street and "squawk alley" is live ♪ look if you had one shot or one opportunity to seize everything you ever wanted one moment to capture ♪ ♪ his palms are sweaty knees weak arms are heavy there's vomit on his sweater already mom's spaghetti ♪ ♪ he's nervous >> good morning. welcome to "squawk alley." i'm carl quintanilla with morgan brennan and jon fortt. we'll get straight to the top story, that is the summit with president trump and kim jong-un. discussions between the two are

ongoing and have moved more quickly than expected. michelle caruso-cabrera is in singapore for us today and joins e again with the latest. hi, michelle. >> reporter: hi, carl. the hotel behind me is where kim jong-un, secretive leader of north korea went out sight-seeing asight-see i isight-seeing the largest glass, the tallest waterfall, rain forest dome, a wat waterfront park with futuristic installations, it's described. reuters reported as his motorcade came in yesterday when people took pictures, security guards, unclear if it was singaporean or north korean security guards, would actually take phones away from people and

demand that they delete photos they very much tried to control the viewing of him now famous security guards jogging alongside of him that we've seen multiple times when he does ride in his motorcade. once again, appearing in front of the media the whole nation here is really quite curious about him. there were crowds lined up as his motorcade moved through yesterday. how did we all get here? whether or not this summit wasg, there have been moves of back and forth with doubts about whether or not we were ever actually going to get here. >> talks at extremely high levels with north korea. >> there's a very substantial chance it won't work out that's okay. that doesn't mean it won't work out over a period of time. but it may not work out for june 12th but there say good chance it will happen. >> president trump calling off the planned summit with kim jong-un. >> based on the recent statement

of north korea, i've decided to terminate the planned summit in singapore on june 12th. >> we'll see what happens. it could even be the 12th. we're talking to them now. they very much want to do it we would like to do it we're going to see what happens. >> reporter: the president there saying we are talking to the north koreans and that, apparently, is a change from what was the case up until just yesterday. >> so, we're looking at june 12th in singapore. that hasn't changed. and it's moving along pretty well. >> came from north korea, holding a personal letter from kim jong-un to the president, regarding the upcoming possible summit. >> you'll be in singapore june 12th. >> one week, preparations, they don't work just ask hillary what happened to her in the debates. so i've been preparing for this all my life. >> reporter: so, we are one hour away from june 12th because it is 11:00 p.m. here in singapore. we are ten hours away from the

beginning of that summit we've learned more, even more of what's going to happen tomorrow, one-on-one with president trump and kim jong-un, with only translators, then a wider meeting with advisers, then a working lunch. the president will speak with reporters at 4:00 p.m. now he's leaving at 6:30 p.m at this rate, guys, who knows? there are reports that kim jo jong-un is leaving at 2:00 p.m so the whole plan is getting much shorter it's hard to know whether that's good news or bad news for the ultimate outcome of the negotiations remember, the mission for the president of the united states is to try to get north korea to give up its nuclear weapons. >> indeed, michelle. the tick-tock has been changing the last couple of hours stay with us john harwood is in washington. john, starting to see some reports about the sticky game of who gives who what first

do the north koreans get some kind of firm security guarantor does the u.s. demand denuclearization pledge? that will be the story tonight into tomorrow morning. >> yes and i think it is quite unlikely that we're going to get a major denuclearization step from the north koreans, but the question is, do they commit rethorically? do they try to get to a place where you could have an exchange of concessions and agreement the fear among those who don't think the president trump is in a good position at this moment is that he would make a deal with kim for future promises while giving concessions immediately that might be adverse to the security of, say, south korea, japan and others in the region but as michelle said, we just

don't know what's going to happen we can read tea leaves we can read the statements that the president made before about how it's going to be his touch and his feel and he'll know within a minute until this thing happens we don't know what's going to come out of it. >> michelle, for years, both north korea and the u.s. have had very different definitions of what denuclearization could mean and what that could look like given the fact that the white house has signaled that these talks are moving faster than expected, the two countries' definition is coming closer together and should we be greeting this with a healthy dose of skepticism at least in terms of north korea, which has made pledges before >> reporter: last thursday u.s. secretary of state mike pompeo was asked very directly, have your definitions of denuclearization moved closer together he said yes. the reporter then said can you elaborate? and he said no so, we haven't gotten many

details, but north korea has, he says, committed to denuclearization under the y definition that the united states has, which is north korea declares what their capabilities are, that then there's a verification process, then there was an irreversible dismantling process. the north korean definition of denuclearization is that all possibility of nuclear weapons leaves the entire korean peninsula. that means the united states withdrawing troops, removing nearby submarines that have the capability of firing nuclear weapons and removing the nuclear umbrella that it holds over south korea. in other words, a defense that the south korea if ever attacked it will use its nuclear weapons in defense of south korea. north korea wants all that have to go away that is their definition of denuclearization how close the two have gotten, we don't know.

>> shelly, what are people there saying about the impact of this shift? we've seen it from the olympics just to moments ago of kim jong-un walking through the streets of singapore whatever actually changes as far as international relations and denuclearization is probably going to take months or years to actually play out. this image shift is happening in real time. what are people saying about the impact of that >> reporter: definitely, feeling a shift in kim jong-un's image and, of course, the fact that it's happening in singapore. we're seeing interesting scenes happening in the lead-up to tomorrow's summit. we've got trump and kim jong-un cocktail and happy hour menu in singapore's bars and that kind of sort of softening in his image, perhaps

that's what kim jong-un wanted all along. he wanted to look less rogue and perhaps the epitome in all of this will be, of course, happening in less than ten hours from now when he sits down or perhaps shakes hands in the first minute when he meets with the u.s. president, donald trump. of course, what do we say about that interesting you bring that up. recently after the interkorean summit at the border village in late april, kim jong-un's approval rating -- it's funny i say that, but kim jong-un's approval rating in south korea, among south kos has gone up. they are liking him more so than before the interkorean summit. let's remind ourselves what kind of relaxed charisma he managed to show at the border, inviting his south korean counterpart to the demarcation line

that kind of portrayal as a state leader is something that i'll be watching tomorrow as well. >> that's a key point, how he's viewed in both north korea and south korea. sorry, john. one last point >> i wanted to say i hope we keep a separation as to image as reflected in polls, as reflected in the desire of south koreans to lessen tensions and the reality of kim he is a brutal dictator. he runs one of the worst countries in the world he now wants something he wants economic assistance from the rest of the world the question is, is he willing to give up anything in terms of the rogue behavior he is engaged in or the nuclear weapons program he has developed in defiance of the rest of the world for those benefits we don't know if he's willing to do that. >> right we hope to get some clues in the next few hours michelle, shari, john, thank you guys

we'll watch that closely heading into tonight >> another major global event this week, the world's most watched sporting event, the 2018 world cup in moscow. 32 teams over 32 days and the kickoff in three days. cesar conde is the chairman of telemundo group. owned by our parent company, comcast. good to see you. >> thanks for having me. >> i think a lot of americans still, at this late stage of the game literally, have blinders on when it comes to soccer's success. >> we're extraordinarily excited as you can imagine this is the first time our company will be broadcasting the world cup. it's literally the biggest sporting event on the planet starting in three days for the next 32 days, much of the world and many parts of the united states literally stop to watch the world cup. and for hispanics and

enthusiasts in the united states, soccer is like a religion the world cup is its cathedral there's a tremendous amount of excitement building. >> cesar, my household is a big time soccer household. it's like a religion with my family as well, to use your words. the fact that the u.s. is not in the games how much does that affect viewership? >> we would all have liked to have seen u.s. team in but having said that, all the best teams in the world are participating. many of the past world cup champions will be participating. to keep in mind some of the biggest athletes on the planet are soccer players messi, renaldo, all the big names will be participating in the world cup. it will be an exciting next month. >> cesar, how much are a couple of digital trends, mobile streaming and over the top, how much of an impact is that having on the business of world cup thus far i imagine the lion's share of the revenue is still going to

come from people watching, and more traditional tv. but what kind of inroads is digital making >> we'll absolutely see the lion's share seen on the traditional screens. having said that, we have prepared and we'll have the most multi-platform coverage we've had in our history of the world cup here in the united states. and so fans are going to be able to see it at any point across any platform, any device we'll certainly be stream iing n our telemundo deportis app as well as nbc app. we're excited that fans will be able to consume it in any way possible, in any way they desire. >> cesar in football, we always say you want a big market in the super bowl you want new york, dallas. is there a country match-up that would be best for business >> i think what we always aim to

have is the two best countries in the world and the two best teams. i think we would love to see one of the big, most followed soccer athletes and players in the game nrk , in the finals. of course, we'll be cheering here in the united states for many of the spanish-speaking countries. mexico, peru, colombia and many of those -- some who are going to be in the world cup for the very first time, like panama and some like peru who are coming back for the first time in 36 years there are great human interest stories that will be coming out of this world cup. >> i want to go back to that digital question and poke more on the money part of it. what kind of advertisers are specifically looking to get on thosedigital channels on over the top and what kind of consumer are they expecting to reach there? >> look, i think we've seen a tremendous amount of interest from advertisers and our partners in the world cup. they clearly want to get in

front of this once in a lifetime audience it's a massive audience for them we have seen a tremendous amount of interest not only in broadcast but in the mobile and digital platforms. i can give you an example. our friends at sprint are going to be the exclusive providers of the half-time show they'll be doing a tremendous amount of things on digital platform we've seen all the major advertisers come out and support a cross platform they understand hispanics, our generation -- and they're young, multi-cultural, mobile and linear at the end of the day they want to get in front of this high-growth consumer that's being driven by the world cup that you'll be able to see on telemundo. >> finally, cesar with the olympics we talked about the infrastructure, manpower, streaming hours that comcast has put together for that event. are there similar metrics here >> yeah. we're making an unprecedented

effort to bring the most comprehensive coverage across the platforms of the world cup to the united states 1500 hours of content from russia in addition to that, an incremental thousand hours exclusively for digital and mobilelatforms in the united states 500 plus team members are on the ground, all focused on bringing an incredible experience of the world cup here in the united states for hispanics, but most importantly to soccer enthusiasts. i think everyone knows that soccer is better in spanish. >> we can't wait for the weeks to come. thanks for coming on and talking about it, of course. be sure to tune in to the world cup on telemundo when it begins this thursday. >> when we come back, what a week in media is ahead of us at&t, time warner prepared to learn their fate that. merger decision, we think, will come tomorrow. ricoh's kara swisher is here to talk with us about that. it'll talk to the fcc chairman

aj pai dow is down ten. squawk alley back in a moment.

we will speak to fcc chairman ajit pai shortly. tomorrow, one man might change the future of media, as we know it senior judge richard leon for the district of columbia will decide whether to approve at&t's

billion dollar acquisition of time warner. and rico's co-founder and editor kara is with us. thanks for being here. >> on set. >> on set. here i am. >> landscape for m & a when it comes to mia a technology is shifting either way, what's the impac this at&t/time warner decision going to be on what we see over the next three to five years >> it will probably go at&t's decision everybody thinks that. it depends on the rules that the swrunlg puts in place around it, if at all. once it rules in their favor, which most people feel would be a shock if it didn't more smchlt & a. everybody needs to bulk up this bulking up of all the companies not just the telecodes but all the companies is inevitable as they try to compete in all areas from distribution, content, entertainment and everything.

>> how much a rebuke would it be to the feds to lose this it looked up front, you know, like in a vertical sense this wasn't traditionally the type of case. >> and it smells political, trump's antipethy to cnn overall giantsattling it out is disturbing on one level, that verizon needs to bulk up you don't think of verizon needing to bulk up but, in fact, they do. what bothers me, especially around the net neutrality things is that all the big players are benefiting, despite this repeal, and all the small players, who are responsible for innovation, are probably going to suffer under both these cases. >> so you're of the camp that the rollback of these net neutrality rules are only going to make the big guys bigger?

>> of course they can afford it it's like the privacy rules, only the big guys have 15 lawyers able to manage this. where will innovation come from? who will clear out the field, the new netflix, the new amazons get created. or maybe this is what we're in, seven or eight massive companies not a single company like microsoft used to be, but seven or eight companies that control our entertainment. >> but are engaged in hypercompetitiveness. >> sort of. >> with each other. >> sort of do you think amazon is a competitor to google, really they all have carved out their lanes and do well carving out their lanes. they're peripheral competitors but is apple a competitor to facebook precisely i don't think so you know what i mean it doesn't seem like it. i suppose you could on some level. if you had to really put them against each other, goog sbl facebook just split up the digital advertising business they're competitors but are they >> are you convinced if at&t

wins, consumer prices go up minimally if at all? >> i don't think that's really the issue. it's an issue of if they can get access to each other's content i think that's the big issue around here, what at&t has to promise around time warner content and things like that. >> will we be moving forward with a judgment tomorrow or will this all go to appeals court next >> depends on what the trump administration and justice department wants to do i think this case is a bad one for -- i'm not a lawyer, thank goodness i think most people feel like it's a bad case and will probably pass and then open the way for all the others comcast, which owns this network, is looking at making the play that disney has been trying t for newscorp -- i mean 20th century fox assets it would be a good day for bankers, i guess. >> comcast holding its annual shareholder meeting this morning. all of comcast proposals and

directors were elected as expected this comes ahead of judge leon's ruling, as we mentioned. if at&t wins, we can expect comcast to make its offer for fox's entertainment assets official this week here is what ceo brian roberts said about his interest in m & a today. >> as we discussed during our recent conference calls and webcast, opportunities arise for us to create more value for our shareholders like we did with nbc universal. our current offer for sky as well as our announcement last month that we're considering and are in advanced stages for an offer that fox is selling are perfect examples of this importantly, we set the bar high we haven't been and will remain disciplined. we are well positioned and have substantial opportunities for current growth in our businesses and are confident and excited about our future. >> as all this has been going

on, kara, comcast stock price has not been doing well. it is down in the low 30s. even though we talk about disney all the time and the powerhouse that it is content wise, i mean, its stock price hasn't been doing so hot either in this era of netflix. >> google, amazon, apple, they own the distribution systems as distribution systems are changing you have to bulk up you feel sorry for at&t, which you never thought you would. so comcast, at&t, they have distribution on cable. one wonders where that business -- >> everybody is accusing everybody else of owning distribution they can lock everything down. at the same time you're saying it's really facebook and google

who control the distribution that matters. >> is it on the phone, is it on this it's a complicated situation with all these companies and so i think everyone is sort of wondering what's better, to be a pure media company, like disney, which sentially, except for abc it has the abc network it's just a broadcast network. you have to wonder what happen th all these companies as you move forward and who owns what of which and where people are getting their information. >> one point that analysts have made is that part of the reason you've seen the weakness in comcast shares, would regulators actually allow it to take on those additional assets? >> and then there's the whole regulatory issue as you move forward. that's all very confusing. some of it is wrapped up in politics it's not clear it's a real mess out there you'll see much more m & a everyone is going to get while the getting is good, in terms of assets then you'll see a remaking it's how strongly do the internet companies remain in

this it was in my head, that apple would buy disney or something like that. >> some are surprised it took amazon this long to get an exclusive sports streaming. >> that's the most important part sports stuff is the most important part nbc has locked up a lot of rights and fox and things like that that, to me, is the most interesting part what's really valuable is live sports, news, things like that you'll see netflix get into news it's going to be a very confusing time, i think. >> what is news anymore? >> good for you, jon, becae you're tald talent will always rise. >> i'm going to remember you called me talent not talent ed but talent. there's a difference. >> we're just cogs in their giant corporate wheels. >> thanks for joining us on post nine. >> any time. >> kara swisher, recode. net neutrality rollback, obama-era rules are officially over fcc chairman ajit pai is with

us, up next. first, jackie deang lielis is wh us. >> reporter: b part of the american steel revival hard to believe three years ago you could hear a pin drop in this room, employees say that's not the case, obviously, now. we'll be talking steel, jobs and it's a trump story, too, when "squawk on the street" returns

a facility that's been closed since 2015. jackie deangelis is suited up with more. hey, jackie. >> reporter: good morning to you, guys. this is a big day here at u.s. steel in granite city, illinois. as you said, this plant has been closed for three years it's rebooted, reopening and starting the production process today. now the american steel industry

has been praising president trump's efforts to help level the playing field for the industry, since he took office first, that eo saying steel for pipelines needs to be made in the usa, not imported. then in section 232, imposing tariffs, strong demand has helped this company, too this is an american revival story. it's a jobs story. 500 people are going to be working at glass furnace b some of them are rehires some are new hires when blast furnace a starts up, another 300 people will be hired. there's a significant impact also on the otherall community >> the huge impact on the community when the steel mill is shut down, businesses close, crime rates go up. all kinds of problems. it's a wide impact on everything, the whole economy.

the feeling here, the energy here when it waso quite three years ago. fears of a trade war, especially with china, certainly an issue and it's a rick that the employees have thought about here the company has thought about as well they're worried that if it gets overblown there's always the possibility of shutting this plant down again for right now, there's a lot of optimism, there's a lot of hope and this is a story showing how some of the policies are working in real time to put people back to work, guys. >> stocks in the green as they await the trump/kim summit meeting. italy, the big gainer, economic minister saying the government is committed to the euro

german automakers unable to shrug off the tensions between the u.s. and european allies after the g7 all moving lower today >>t's get to sue herera with a news update at this hour sue? >> good morning, jon good morning, everyone north korean leader kim jong-un touring singapore today, you saw that live on cnbc, including visiting the gardens by the bay flower dome on the eve of tomorrow's historic summit with trmp and ahead of that meeting, president trump getting an early birthday surprise from singapore's prime minister he received a cake today with the caption celebrating birthday a little early president trump turns 72 on thursday spain's new prime minister trying to help 629 migrants on a rescue ship stranded in the mediterranean, allowing the boat to dock in the eastern port of valencia after italy and malta

turned migrants away issuing a statement saying it is our duty to avoid a humanitarian catastrophe. and philadelphia waking up to massive flooding this morning, heavy rain creating flash floods overnight, prompting several water rescues. the rain, though, has started to taper off a little bit that is some good news jur you are up-to-date i'll send it back to you guys. >> thank you, sue. >> you got it. the end of net neutrality is here ajit pai is with us on set his long-time push to overturn the obama-era rules. dow, up two points about buying ? a little. thought i could de-stress with some zen gardening. at least we don't ha to worry about homeowners insurance. just call geico. geico helps with homeowners insurance? good to know.

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today marks a big change for the internet net neutralityversing regulations prohibiting internet providers from slowing internet speeds or charging for higher delivery ajit pai, always good to have him back. >> thank you for having me on. >> heated rhetoric, even today pelosi tweeting that americans deserve better when are we going to see the benefits of what happens today >> from this day forward our interest is making sure that we have a free and open internet

and consumers are able to get better, faster, cheaper internet services that's what i hear when i travel across the country, from los angeles rosebud, south dakota, to georgia a couple of weeks ago. this is the framework that will lead to the better internet that consumers want. >> you traveled to how many, 26 states >> 28. there are a lot of tools in the tool box that the fcc has used, including in hurricane disaster zones. that's something we can all agree on. >> you think we're at the cusp of a wave of investment in rural development? >> absolutely. these are ten underserved areas where building up networks are as hard as it is 34 million americans offline we'll see get online acres lot of human capital that's been sitting on the shelf for too long. >> a lot of focus on the existing service providers and the debate on whether those big players get bigger now that these regulations being rolled

back seems to me there's another piece in this puzzle that's all the satellite providers you've been green lighting, spacex, these other future internet providers from space. how do they play into this broader landscape? >> as a regulator, we embrace technological neutrality we want every company to be able to compete for the consumer's dollars. getting satellite innovators into the marketplace is great. new and wireless companies can compete, that's also important more fiber providers that nobody has ever heard of, critical to providing access we want all of them to have a fair chance to compete at the end of the day and the economy will be stronger because of that. >> my feeling has long been that this whole net neutrality brouhaha say red herring that it's about broad competition. if people everywhere had a wide swath of options for service, competition would work it out.

we saw it play out in wireless but we're not there yet. so how long before we are? does 5g and the spectr stuff you mention start to solve that problem so people across the country have options >> 5g will be tremendous and all the competitors, for example, will make a major competitive force. that's part of the reason we're moving so quickly, to get more 5g spectrum into the workplace. >> so how long >> hard to forecast but we're moving quickly in july, for example, we're holding a $2 billion auction electrical cooperatives, small cable companies in small towns we want to be able to move quickly. that's something where you put your finger on it, that's what consumers are concerned about. getting access getting competition. that's the regulatory approach we embrace. >> a number of states, i think it is 29 as of last month, have taken some sort of measure how

will you proceed with that >> take a look at it on a case-by-case basis inherently it's something that has to be regulated by the federal government however many local jurisdictions to have tha bite at the regulaty apple. the approach we embraced, i think, is the right one. >> if there is a case of a provider throttling coverage in any way, will you have to enforce it to make an example of them do you expect to have to do that >> absolutely. we'll be a cop on the beat the federal trade commission is expressly empowered and joe simons has said he will take a look at competitive conduct in the economy and that's going forward with the way the

consumer will be protected as cops on the beat. >> a controversial move when you said that isps, internet service providers, theira collection, data use ought to e belong with the fcc. at the same time, isps and all the information they have on us. since then facebook's cambridge analytica scandal. amazon came out with the fire tv cube which sits in between the consumer and the set-top box and will know by voice what you're watching you feel vindicated? >> look, regulators are looking at the android platform as well. all i will say is that it proves my basic point, federal trade commission is the right place to regulate privacy for consumers online you don't care if it's a network operator or content company that's holding your sensitive information. you want that information to be protected, regardless. the ftc is the only agency that

can consistently protect you when you go online. >> can it, though? i guess that is part of what probably the consumer is concerned about. we see all of these abuses regarding data happening but nobody really going to jail. no huge crackdowns or fines imposed. do you think it's going to take that from the government's end, no matter what the regulator, for people to feel comfortable that something is really going to change? >> i can tell you i recently testified along chairman siemens at a hearing and he was very clear ftc would be an active cop on the beat when it comes to unfair trade practices, unfair methods of competition when it comes to privacy he's an expert in this field i'm very confident that he and the talented staff of the ftc will protect consumers consistently going forward. >> i don't know if i can get you to comment on at&t/time warner. >> we're going to a break, i think. it will be interesting to see the decision. >> that and this, net neutrality, the two big events for the week

you must have some thoughts about that case and the potential effects on competition. >> to be honest, i have not had a chance to study the briefs, watch the trial proceedings. we've been focused on trying to modernize our regulations. i haven't had a chance to dive in, in sufficient detail, to give an opinion. >> you will read the ruling, i'm sure >> yes, to see how the judge analyzes all the issues. >> getting into the question of distribution earlier with kara swisher. do you think about not just isps, but also social networks as distributors of content amazon, apple as distributors of content? and then what does that mean from the fcc's perspective when it comes to diversity, when it comes to being the cop on the beat that is your beat >> to me, it reinforces the need for a light touch market-based approach and technological neutrality in 2017, two companies had 100%

of the growth in digital advertising, google and facebook the environment is very different than it was ten years ago. it's important for the government not to say okay, we've got the regulations on a certain sector of the economy and none on the rest of the economy. they need to have a consistent level of regulation in order to ensure that everyone has a level playing field. >> going back to this idea of satellites beaming broadband back down to earth, how do you plan to regulate that? that seems like unchartered territory in many ways. >> those satellite companies you mentioned to be able to deploy in low-earth orbit we have to grant them the authorization to send the satellites up, the authorization to use the spectrum that is critical to beam the access back to earth and then streamline on the ground from our perspective we want them to be able to execute on the business plan in an innovative way without standing in the way as a gatekeeper

consumers don't care what technology is brought to bear to bring them on the right side of the digital twied. satellite, wireless, whatever it is, they want them to have a chance to compete. >> we've been talking about 5g, as jon mentioned earlier. >> yes. >> remember that episode a few months ago, the suggestion it should be a nationalized effort, government-run >> yes. >> what clarity can you give investors on that right now? is that being thought about seriously? >> i stand behind the statement i made very strong lichlt the market, not the government, is best positioned to drive innovation and investment. especially 5g, to build the small-cell networks that are necessary for the future, fiber used for wireless. the market is best positioned to deliver. >> is the debate, is it a no brainer? is it a dead issue in washington or is it still being talked about? >> other people might have different views. from our perspective at fcc, our goal is to set the table, the policies that are necessary for innovators able to take action if we set the table, i the

u.s. will be well positioned to lead in the 5g revolution. >> what is going to determine whether we do lead in the 5g revolution i know you have pele studying 5g midband spectrum. what's the next kind of marker that we should watch to make sure that the u.s. maintains the pace we need >> spectrum, we've been very aggressive just a couple of weeks ago we keyed up a number of brands useable for 5g the biggest roadblock will be wireless infrastructure. networks of the future will look very different instead of 200-foot cell towers we'll see hundreds of small cells operating at high power. to be able to deploy those cells we need to have a framework that embraces that new kind of infrastructure we shouldn't make all these small cells jump through the same environmental, state regulatory and and federal regulatory review. if we don't do that, these

networks don't have to be built. capital will flow to other countries, which are much more interested in claiming 5g. they want to win the 5g race we need to make sure that wireless infrastructure, our policies are designed to promote a business case for deployment. >> that will be a big story for us, as is net neutrality thank you for coming by, mr. chair. >> pleasure. thanks for having me on. >> ajit pai, chairman of the fcc. three-year notes were up for auction moments ago. rick santelli of the cme group, what was demand like, rick >> demand was about average. i gave the auction a c minus, charlie minus for demand straight up or straight down, i should say, at 11:30 eastern $32 billion three-year notes, to september 2010 when it was $33 billion. and today total of 54 billion in supply in 76 minutes we'll have 22 billion ten-years. the data

2.664 was the yield at auction pretty much right there in the wi, one-issue market offer spread if you continue to look through everything, everything was basically average to a little light. 2.83 to2.9 ten auction average. 51.4 on indirection. 52 is the ten auction average. everything a little light. but i do think that the next couple auctions are going to be huge to give us some insight into investors because we have two auctions today, wrapping up by tomorrow because the big rate announcement by the fed comes on wednesday. back to you. >> that's right. all waiting for that thank you, rick santelli as we go to break, take a quick check on the markets dow up close to session highs. 37 points. s&p, 2726. and thenhere's bsx, boston scientific stock reopens after some activity earlier today. news oa takeover approach. squawk alley is back in a minute

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here's what's coming up on "the halftime report" top of the hour judgment week for stocks what's really riding on this five trading days with the summit, central bank meetings and important economic data front and center plus, the shark's big shakeup. kevin o'leary making big changes to his portfolio we'll find out what he's buying and selling. the oil mamgers set to surge, according to one analyst it's our call of the day

we'll do that and more see you at noon. we're less than, well, ten minutes or so away see you then >> looking forward to it see you then >> this year, at e-3, the annual video game convention, without any new consoles launching, content and competition will hit game -- with hit game fortnite in focus julia boorstin is in los angeles live from the microsoft theater at e-3, after speaking with microsoft's head of gaming julia. >> morgan, that's right. new and exclusive content and easy access to that content was the focus of microsoft's big xbox announcements yesterday microsoft showcased 52 new games. 18 of which will be exclusive to xbox, also announcing it's buying five game studios microsoft's head of gaming phil spencer telling us about the growing importance of its game pass subscription service, $10 a month, to which it's adding new content and features >> what we're seeing today in gam pass is not only an

expansion in subscribers but the people who subscribe play more games. it drives higher engagement. >> with epic games fortnite taking the gaming world by storm on both consoles and mobile devices he tells us thgame's success has been a win for microsoft >> fortnite has been a huge success for epic games it's great to see that we love when big hit games do very well on our platforms we're seeing that, we're continually working with epic about how to make that game even bigger they're doing a lot of e sport work this year exxbox has always been a great place for games. >> fortnite's success poses a threat to rival game makers including electronic arts which announced it's launching a battle royale group. just like fortnite's 100 person mode they reiterated an overweight

share on this. they also announceda subscription service it's more expensive than xbox's, and it launches this summer. >> thank you, julia. and "squawk alle wl rht ckft this.beig when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. every day we hear from families who partnered with a senior living advisor from a place for mom to help find the perfect place for their mom or dad thank you so much for your assistance in helping us find a place. mom feels safe and comfortable and has met many wonderful residence and staffers. thank you for helping our family find our father a new home. we especially appreciate the information about the va aid and attendance program. i feel i found the right place. a perfect fit. you were my angel and helped guide me every step of the way

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what a night it's been in singapore, as kim jong-un has gone out on the town complete with cheers in hotel lobbies and selfies with the foreign minister of singapore on social media good chance that by the time you wake up tomorrow morning, we'll know a lot more about how this two-hour session between kim and the president goes and we'll even get more clarity now that we know the president is going to make a media availability on his way home >> market not exactly reflecting it, but the stakes perhaps raised a bit in this, given what happened with the g-7 meeting in canada throughout the weekend. just real questions about where the stability is, but for now, the market seeming to shrug it off. >> by the way, this is just chapter one in what's going to be a very busy week in terms of news because all eyes here on the tradingfloor on the fed, which is going to be expected to raise interest rates on wednesday. and then, of course, europe on

thursday, and the possibility of tightening for qe, which everyone is watching here. >> and at&t/time warner, those two crazy kids going to be allowed to get hitch >> we'll find out tomorrow if inflation is running hot with cpi, so buckle up. in the meantime, let's get to the judge and the half all right, welcome to "the halftime report. i'm scott wapner our top trade this hour, the huge week for stocks with tonight's summit, central bank meetings ahead, economic economic data all coming in the next several days. what really is at ake for your money this week? with us to debate that, joe terranova, jim lethenthol, josh brown, jon and pete najarian, and with us from toronto is kevin o'leary, chairman of o' shares etf and a cnbc contributor. stocks modestly higher ahead of so many critical events. the dow is coming off its best week in three months pete, you tell m