through the at&t network, edge-to-edge intelligence gives you the power to see every corner of your growing business. from finding out what's selling best... to managing your fleet... to collaborating remotely with your teams. giving you a nice big edge over your competition. that's the power of edge-to-edge intelligence.

good morning it is 5:00 p.m. at cannes lion it's 11:00 a.m. on wall street and "squawk alley" is live ♪ good tuesday morning welcome to "squawk alley." i'm carl quintanilla with jon fortt at post nine of the new york stock exchange. obviously, a big morning morgan brennan has the morning sau off, but the president announcing he will meet with

china's xi that has the markets surging with all the major averages up well over a percent, as we are less than a percentage away from the all-time high. let's get to bob pisani. >> and the fed and central banks and tariffs and trade. we saw that this morning look at the s&p futures. here you are about 4:00 a.m. you saw the marks move up. this is whatever it takes 2.0, that he would help so 30, 40 points just on two basic ideas. and not a lot of action on that. in terms of the market, all the trade relating, steel, metal stocks, all on the upside. a lot of the semiconductor stocks also on the upside, micron there, advanced micro there's steel stocks there's the ones that are moving the market overall here. dovish central banks everywhere. draghi's attitude, i'm telling you, is basically whatever it takes 2.0. asset purchases that were so well known back a couple of years ago, they have considerable head room they could keep buying stuff

that's out there, including of course, corporate bonds. australia's central bank recently said more likely than not, they're going to cut rates further. we're not even waiting for any recession. we're going to get out ahead of everything all the central banks seem to be feeling this way the fed's got this very fine needle that it needs to threat tomorrow that's what narcotics are waiting for. could they get ahead of the slowdown, by laying the groundwork for rate cuts but they can't sound too panicky. this is that fine needle and everyone keeps saying, well, we have very limited clarity on the global trade war impact. we don't know. and that's why they're getting very aggressive, because they're worried about that okay, this is nice cover, but a change in attitude from a couple of years ago when we have a downturn and then we do something. now we don't even have a downturn meantime, did you take a look at financial services stocks? what's been on fire this year? mastercard and visa? look what's down today on a big, big up day this is that facebook effect there are some concerns out there that they might, in fact,

succeed with this crypto they're trying to get through and may have a big impact on the financial payment business overall. this may be up on a day like today, both down on facebook's commentary carl, back to you. >> speaking of that, bob, facebook did unveil its cryptocurrency plans with the launch of libra, its answer to bitcoin. ceo bradley tusk is here at post nine to talk about that and a whole host of other issues so the general take is that it's not happening today, but they are playing a long game, and if they can get people to trust them, this is going to work. what do you think? >> i think it's smart for two reasons. one is from an underlying standpoint, there's a lot of money being made potentially in payments most people want the fastest, easiest, cheapest solution out there. and if they're already on facebook and it's seamless, you'll keep spending more and more money on the same platforms. the second is, we're not talking at the moment about anti-trust or privacy violations or hate

speech facebook has just gotten a torn of bad press time and time again for the last 18 months or so and it's because bad things keep happening and they have no other narrative to counter it. now there's this counternarrative of libra, which is a legitimately interesting idea >> it looks to me like facebook is using the android playbook here google created an detroit, but then really, google mobile service on top of android is really the business. and they're saying, okay, we're putting libra out there, but you know, our -- >> aws is another example of that so absolutely. and that's smart to do, because they've built all of this giant infrastructure and i think on one hand, they know that they've got 2.3 billion people on the platfo platform there's going to be some erosion, because the trade-off of what i'm getting compared with the privacy i'm giving up, some people say, this trade-off doesn't work for me. but the more and more there are other functions on the platform that are really interesting for you, the more you're willing to

say, all in all, i'm better off. >> i think what's interesting is the level of cooperation they're getting from other franchise players, right did that take you? mastercard, square, uber, andreess andreessen, obviously? >> a lot of them are buying through the notion that the more you can have people on a centralized platform, the better off you are. uber is saying, if we think facebook will continue to have a couple of billion customers, we want to do whatever we can to have access to those people. the real divide is between the core crypto people and this development. this is, in have many ways a centralized cryptocurrency, right? it's facebook. one of the biggest and most important companies of the world. when people first started investing in krcrypto, it was a pirate-like mentality of we don't believe in central banks and people who were early adopters may be pretty wary about something like that. but i don't think that's what facebook is going after in the first place. >> do you think it has implications for those other names? >> it does in the sense that if you're looking at the long-term

growth of those other cryptocurrencies, if people will say, you know what, libra is just fine for all the stuff that me a as a normal consumer needs to do, i think that's a risk to it the only people who are really going to transact in people like bitcoin, i don't think they believe in facebook anymore they do in the u.s. government zplp this is a really international play and developing markets more than anything if you're in zimbabwe or venezuela, why wouldn't you put your savings in this and it's going to open up all kinds of markets for small business, for transactions that are going to be protected from corrupt government interference. >> in two ways one is the kind of currency inflation you see in places like venezuela or argentina or zimbabwe two is an with t lot of people facebook but they don't have other banking services and it may be that in facebook, that's no longer an issue. >> so does this in effect create

some of that international digital commerce boom that arguab arguably bitcoin has failed to do is this stable enough when you close to real identity and real brands on top of it that it will get built on top of it >> if you're a block chain fan, facebook putting this much resource and this much of their credibility and future into the technology is an incredibly good sign so for example, i'm working on my foundation to vote in the elections over block chain on their phones, this is a positive development. if you're a hard-core early bitcoin adopter, you may not be comfortable with this notion of globalization. the only question all of this is, we keep talking about these global platforms and alibaba or ten cent tend to be very limited to china whether this is the one that

breaks through to all of it, i don't know but even if facebook can just cover most of the 2 billion plus people on the platform, that's pretty global. >> we keep building walls on the internet now and maybe in global payments maybe there'll be a big duopoly in global payments >> there certainly could it will be interesting to how justice and the ftc how they're thinking about already looking at splitting up instagram and whatsapp and facebook. starts thinking about, what this thing, libra, that you haven't even launched yet, but at the same time, thepotential for yo to have this massive, you know, control over global payments is concerning so and look, maybe what facebook will say is, we care so much about libra, and that's where our future is, that we're not going to fight a big breakup of what happened. because ultimately, this is where we'll double down. i don't know, but it adds another layer of complexity on both sides >> unique this might force them to choose what they mean because the rhetoric so far has been, big is better. >> look, if their view is, we

really think we can get a monopoly or a duopoly on a global payment system and that's far more lucrative than what we're doing -- and ultimately on the news feed. you might say, you know what, hey, knock yourself out. here's your news feed. do whatever you want on it i'll worry about payments. >> is this where we see that they've really learned are they looking closely enough at the dark side of money. because they didn't with global communication. here's a quote from david marcus there's no better way to demonstrate the evolution of ou thinking, what we know we should control and what we cannot control, a network that enables billions of people to move money around the world should not be something we can or should control. a cynic would say, that sounds like facebook's libertarian humerus all over again >> or you can look at it and say, they have learned

because what we've all figured out on the content side is they can't police all the content if only 1% of facebook users are trying to do bad things, that's still 23 million people, which is about the size of texas so fundamentally, when they tried to police all content themselves, it's been a disaster so in a way saying, you know what, we're not even going to pretend we can do this we're going to put it out there in the broader system. is not a bad move. and facebook really made a point of saying, we are going to cooperate with authority if there's any sort of investigation that you're using this for illicit drugs or sex trafficking, don't come to us for protection we're going to hand over absolutely everything to the fbi on day one, which is very different than apple's approach to a lot of this one of the things they're trying to do to differentiate themselves to be clear that we are the krcrypto of the system through and through. >> that's putting a twist on the whole privacy apple debate let's move to ipos

chewey, beyond meat, crowd strike all up. is a slowdown coming or will it continue we had a discussion yesterday how bankers are pricing conservatively, but market is staking fre ining it from there. >> i'm an early uber investor and i look a lot at where the stock is doing, and it's okay, but just barely. if you want the benefit of the balance and the honeymoon and the benefit of the doubt, i don't think you can wait eight, nine, ten years before going public and raise literally $10 plus billion in private capital and say, oh, we're a new start-up, we're figure it all out. and if you look at the balance that beyond meat is getting, they move much faster and people say, you haven't figured this out yet, you're not supposed to have

you're only "x" number of years old and when you're a we work or airb airbnb, i don't know if you have any honeymoon left so i think the ipos for the companies that move faster have more balance than some of the big -- >> by that logic, these other guys are probably scrambling to come to market >> and scrambling to figure out, you know, at what price are we not going to all of a sudden plummet. and even uber is still barely treading water is there at what point is the bounce too much bounce zoom priced at $36 a share, which is already above the range. i believe it closed the first day at $62 now it's around $98? >> that seems very rich to me. >> they could have used the money. >> and if you look at beyond meat, there's a lot of regulatory headwinds the kind of world that i tend to look at, you're going to have both on the industry side and you're going to see this campaigns being run in states

that say that they can't label themselves as meat in supermarkets and things like that and on the left, all the anti-gmo crowd coming at them saying, this is not sustainable, this is not good for the environment. there are companies like maple hill that are doing it in a really sustainable way, but there are challenges that the market hasn't quite spent enough time thinking about yet. >> we'll worry about that in a couple of quarters, once they put a couple of earnings together wish we had more time, but thanks for coming on >> appreciate it >> still to come here on "squawk alley," why more than 70% of respondents to a survey from cnbc's technology executive counsel, they're not confident in the government's ability to protect your data. and later, delete your facebook account that's the message from virtual reality pioneer jeremy lanier. he joins us at the bottom of the hour in the meantime, the major averages continue to surge across the board the dow is up 369 points

an pced nasdaq both up better th aernt we're back after a quick break feel that? that's the beat of global markets, the rhythm of the world. but to us, it's the pace of tomorrow. with ingenuity, technologies, and markets expertise we create the possible. and when you do that, you don't chase the pace of tomorrow. you set it. nasdaq. rewrite tomorrow.

mno kidding.rd. but moving your internet and tv? that's easy. easy?! easy? easy. because now xfinity lets you transfer your service online in just about a minute with a few simple steps. really? really. that was easy. yup. plus, with two-hour appointment windows, it's all on your schedule. awesome. now all you have to do is move...that thing. [ sigh ] introducing an easier way to move with xfinity. it's just another way we're working to make your life simple, easy, awesome. go to xfinity.com/moving to get started. today, cnbc unveils the first-ever technology executive council survey the group comprises 100 top tech executives from some of the world's largest companies across all industries and sectors we asked the group about regulation in the face of growing data privacy concerns.

the majority of respondents tell us they support the enactment of privacy laws similar to what now exists in the eu but there is a hiccup with the regulation process more than 70% of respondents also say that they have no confidence in the u.s. government's ability to protect consumers' data privacy. meanwhile, the reliance on data continues to grow. over 70% of respondents say their companies are using more than half of the data that they collect. and for more on the cnbc technology executive council, you can head to cnbc.com/tec now, let's bring in two members of that council, mastercard's ed mclaughlin and dr. elissa j. abdullah from xerox. good to see you guys thanks for coming. interesting in particular i think is this jdpr response. elissa, start with you are you surprised at all by

that because for a while, gdpr was talked about as this bogeyman, but it seems like as soon as it came out, people said, oh, okay, let's go >> no, i'm not surprised i think, first, you had big data now, what do you do with that data when you think about what do you do with that data? then comes data privacy and data security and now people want to be constituents of their own data, right? they want to control it themselves so i'm not surprised, i think. and i'm not surprised that it's growing, as well lots of other states in the united states and lots of other countries are now kind of catching on and forming their own regulations and so i think you'll see more and more and more and this will grow and grow and grow >> so, is there any conflict between the idea gdpr, like regulation, pretty good, but we don't necessarily trust the federal government, i don't know, on a case-by-case basis to actually regulate privacy the right way? >> i think when you look at what the gdpr did, it provided a

great clarity for how to handle the data, what disclosures that citizens got and the great thing for us at master card, it was in line with the data policies that we already had and data policies that we have globally, that allowed consumers to understand, here's how your data is being used i think particularly in the u.s., the risk is a patchwork of regulation what wept for security can't be in conflict what we want to provide for autonomy or anonymity? so how do you combine those two things and that's difficult the real point of legislation is to say, what are the principles that we as a society want to adhere to and then practices for how it's implemented to industry who understands how it works >> what do you think is more important? the international conflict resolution of regulation or the intra conflict we have between the fed and states and so forth? >> i think every regime needs to

get great clarity for operating there. and we work with regulators around the world on how to do that so one is really important and we can see how that applies globally what we do as a global company is take the best practices we see everywhere and apply it to everything we do >> and we asked respondents how important various technologies are to the company's strategy over the next 12 months. cloud came up on top as being critically important machine learning was also way up there. ai -- i mean, in a way, it's surprising, because some other things were in there, including block cain i guess, facebook would have raised its hand really high on that one what's your take on that >> i think it's all part of consumerization. what's really at the cusp right now of consumerization ai if i think about my mom and my dad and my family, then they're not thinking about ai. they're using it and don't

really know it with, you know, their smartphones and things like that, but what really makes sense to them is cloud that's what they're dealing with every day. if you think about it like that, i think society thinks of ai as a little further reaching. and cloud as something i'm using now with my email, you know, with data storage and all of those type of things >> thanks, ed and alyssa >> as we go to break, take another look at beyond meat today. shares off the highs of the session. did manage to get awfully close to 200 earlier today and that does pass the market cap of names like domino's and the gap and some others. the dow is making to looking it three out of the last four here are the names dropping e' ue games today as wrep 377. back in a minute the ai i need? it's gotta scale across my business. starting here, in procurement,

helping us find the right suppliers. then here in logistic, to avoid disruptions! here in sales. even here! i'm talking about ai we can build to work... here, predicting trends. and here, wherever our data lives! and here, working with all our other ai! i think we're done here. expect more from ai. ibm watson.

it's been quite a session for european stocks. markets there set to close momentarily. dom chu's at hq with a breakdown of the action. dom? >> even greener than we are, straight across the board for the major forces today being led by 2 plus percent chains in france and germany as well that establishness being fueled in large part by mario draghi's promise to take action with rate cuts or asset purchases if inflation does not reach the ecb's target and goals that sent the european currency, the euro lower against the dollar and inspired a few tweets by president trump who called those ultra-low interest rates in europe unfair to the u.s. and accused mario draghi of weakening their currency deliberately draghi hit back moments ago saying that he targeted the exchange rate. one of the big stock is deutsche bank also bloomberg saying and reporting this morning that the bank could replace its chief

financial officer, as well a spokesperson declined to comment to cnbc on that topic, but reiterated that the bank is working to, quote, improve its sustainable profitability. shares of db now down around 9% this year. other movers, watch danish hospital and equipment company ambu which is down and watch si siltronic as well. shares taking a bit of a tumble after it issued its third profit warning this year-to-date in 20 2019 let's get a news update. for that, we'll go to sue herrera over at hq >> good morning, carl. good morning, everyone here's what's happening at this hour iranian president hassan rouhani says his country is not seeking to wage war against anyone but at the same time, he stressed that it will withstand mounting u.s. pressure and emerge victorious. this during an event inaugurating a new terminal at imam khomeini international

airport. rescue efforts underway ach an earthquake in southwest china left 13 people dead and dozens of others injured. firefighters arrived earlier today and rescued at least eight people a your highway and sections of other roads are closed police guarding the cemetery where mohammad morsi was buried today. morsi's son says his father was buried alongside other senior figures of the muslim brotherhood in cairo and german cans horror angela merkel appeared unsteady and unwell as she met with ukraine's president under the hot sun in berlin. her body basically was seen visibly shaking. afterwards, she said that with a few glasses of water, she felt better merkel turns about 65 years old next month we wish her well that is the news update this hour back downtown to you guys. carl, back to you. >> all right, sue, thank you very much. when we come back, a deeper dive into facebook's new crypto

offering meantime, the major averages holding on to some steady gains here we're at 2924 on the s&p we're back in a minute but we're also a cancer fighting, hiv controlling, joint replacing, and depression relieving company. from the day you're born we never stop taking care of you. from the day you're born the flexible class schedules d me tremendously. allowed me to go to work full time, run my catering business and be a mom and parent. when i reached this accomplishment, it was like, it's here, it's happening, it's now. we at southern new hampshire university are the ones who succeed. we are the ones who break through.

with facebook's unveiling of its latest krcryptkricrypto offa are the indications for the

industry and any possible regulation our seema mody has a look at that back at hq. >> facebook says its new offering will be regulated, but it's unclear by which agency according to michael morris, one will likely be the finance crimes enforcement network, both at the federal and state levels. for companies like square, venmo, western union and now libra, the focus will be on the movement of money and knowing who the sender and receiver is the question is how exactly facebook will use its platform and technology to verify users to reduce the threat of money laundering now, the krholders would be abl to accrue interest as such, those tokens are likely to be considered securities, which would fall under s.e.c. jurisdiction

>> will become instantly systemic and will have to be subject to the highest standards of regulation. so that's of operational resilience, include cyber, it's of any money laundering, counterterrorist financing protections. >> meantime, bit kpoin back above 9,000. analysts for the most part who track bitcoin and other cryptocurrencies say facebook's entrance into this broader space will broaden the appeal for digital coin so we'll have to see if that happens. bitcoin now at 8986. >> huge story today. with us for more on today's launch of crypto over at facebook is virtual reality pioneer jaron lanier, one of the original pioneers of the delete facebook movement. i have to imagine you're not a

surprise of this move, although maybe you'll surprise me >> you know, it could turn out to be a good thing it's the first time facebook has said, hey, you know, what we want to do in the future is make money by offering goods skpand services to our users instead of to third parties that's always been the problem with facebook and google if they're beholden primarily to advertisers, they gradually optimize themselves to be these manipulation engines for the whole world. and that makes the whole world kind of nutty. it makes politics nutty, it makes people kind of nutty and if what they're doing is financial services for you, you're the customer, you're the party we have to please, that might turn out to be a good thing. you know, i always want to be the optimist so that's the way i can surprise you. >> so, you think it's a more direct revenue stream, relative to the end consumer than, say, their current newsfeed business. >> yeah, now, on the other hand, this could do terribly, terribly badly. one of the problems with these

giant global networks is that they for some reason have a psychological inability to admit their own power. facebook still wants to think of itself as like a start-up, as just another player, whereas actually, it's this giant global thing. so just like at the start, like a local newspaper, they might have thought, okay, facebook's great. it will promote me practically for free but then what actually happened is that newspaper lost its identity and in the giant flood of facebook doesn't exist anymore. and the same thing could start to happen to national currencies and i'm thinking of the smaller ones in the developing world it might at first expand the number of people who have financial services it might grow economies. but it will quickly overwhelm the smaller developing economies. and this could really not end well this might end up as kind of in the same way that social media has, as a -- >> and i'm torn -- jaron, i'm torn on that, because if you're in venezuela or zimbabwe, that could be a really good thing, if

you get some currency from a tourist who comes through and you're able to put that in a libra-based account, then you're protected, aren't you? if hyperinflation takes hold and otherwise, the money that you had would be worthless >> yeah, but on the other hand, we've already seen the prototype of how financial services can take advantage of the poor we have payday lending places. and we have furniture rental places that are abusive and many, many other scams and you can start to see these things become practically built into the developing world, keeping them down in the long-term. so, you know, this thing is such a double-edged sword and it's going to so much be in the details. and right now, one of the things i dislike about it is, i don't feel like it's being presented with complete honesty. on the one hand, there's this idea, well, we've set up this nonprofit, it's going to be decentralized. but on the other hand, hey, it's

a subsidiary >> it's the android playbook, isn't it google kind of created android and it was out there in open source, but the only practically usable version of android for most people has google mobile services on top of it. so if you really want to build a business on top of android, you need google. might this be similar? yes, libra is out there and part of this consortium, but facebook is positioning itself to really be at least in the poll position for building business on top of, right? >> of course, of course. in principle, i don't mind companies doing things for customers. i don't mind big companies doing things for a lot of customers. so, the android, this premium thing we're talking about is not necessarily a terrible thing what i think is confusing is when the customer isn't really the customer that's really what upends markets and capitalism in the world. but this thing, you know, another screwy thing about this

it's calling itself a cryptocurrency, but actually, in practice, it's putting all the special policies of cryptocurrencies off for some hypothetical future date it could start without being a cryptocurrency it's also lm like with this coolness dust that has being added to it. and we all need some coolness dust, i guess. >> it does suggest, though we've had some this morning jaron suggest that there's been a minimal amount of consumer degradation and trust. you look at engagement it's held up pretty well their quarterly earnings, the stock price is fine. that they are sort of on offense again. do you go along with that? >> well, they're absolutely on offense. and they don't really have a choice they're kind of backed into a corner they're backed into a corner by regulators and the funny thing about facebook is that even though people use it, they also hate it they're stuck with it. it's not perceived as beneficial choice, but as an unfortunate requirement, by almost

everybody. and you know, they might be able to survive that. that's not necessarily an impossible thing but i want to give them the benefit of the doubt, i really do the problem with facebook is that it doesn't perceive itself honestly it seems to continuously be shocked at its own security breaches it seems to be shocked at its own policy failures. it doesn't seem to have an ability of self-assessment and that's what i want to look for. i want to see that kind of maturity and we haven't seen it yet. >> it's a common complaint, to be sure. jaron, it's really important actually, your take is good one for us to get today and helps our viewers. thanks >> oh, hey, thanks for having me >> jaron lanier. and we are getting some comments from larry kudlow eamon javers has the latest >> and we're also getting an official readout of that trump/xi phone call earlier today. here's what the white house is saying took place during the call they're saying the president spoke with president xi earlier this morning the two leaders discussed the

importance of leveling the playing field for farmers, businesses through a trade agreement, this includes addressing structural barriers to trade with china and reforms that are enforceable and verifiable and they discussed regional security issues and look forward to meeting again in osaka, japan, at the g-20 summit. larry kudlow was just out here on the driveway gaggling with reporters. i asked him about that reporter thatted a occurred earlier about the report of demoting jay powell he did say that they are not considering any efforts now to change jay powell's status larry kudlow was also asked extensively about the president's phone call with xi jinping and just said that he believes it's better to be talking than not talking he's glad that they are talking. and finally, i ask him about the president's tweet about the german dax the president suggested that the

draghi comments were driving the dax up and that was unfair larry kudlow said that the president believes that there is a policy, he called beggar thy neighbor in place in certain parts of europe and they want that to stop >> eamon, thank you. >> you bet still more to come on this morning's rally still ahead, but beyond meat turning negative just a moment ago. down more than 16% from its highs of the day but still up 34% for the week we're backft aui bak aer qckre (osamah) cancer is... the ugliest disease mankind has ever faced. (henry) i thought it was unfair. when-- when you hear those words that you get diagnosed with cancer. (osamah) successfully treating it still remains one of the most enormous challenges facing us today. we realized that, if we developed the technology that could take 2-dimensional patient imaging and convert it into 3-dimensional

holographic renderings, we could enable surgeons to dissect around the cancer so we can precisely remove it. when we first started, we felt like this might just not be possible because computing power just wasn't there, but verizon 5g ultra wideband will give us the ability to do this. we won't rest until we see this technology being able to change lives.

feel that? that's the beat of global markets, the rhythm of the world. but to us, it's the pace of tomorrow. with ingenuity, technologies, and markets expertise we create the possible. and when you do that, you don't chase the pace of tomorrow. you set it. nasdaq. rewrite tomorrow.

i'm scott wapner today, stocks surging on positive trade news. the fed is meeting in washington all of it directly impacting your money we'll debate where the rally goes from here with morgan stanley's mike wilson, virtue's doug seafoo. and it's our call of the day and the investment committee will tell you whether it is time to buy it and john and pete are both here on the stocks likely to move based on their options activity. we'll see you at noon. guys, we're about 15 away. see you then >> indeed. thanks, scott. now let's get to the cme rick santelli has got the santelli exchange. rick >> thanks, john. i'm really excited today there's so much going on that we could learn from i'm going to call this one the fluid dynamics of central bank liquidity. kind of a physics lesson of central bank activity. and it's really pretty easy, okay we have two buckets here and we

pour some water in this bucket, starts to still up, and then we connect the two buckets and watch what happens no matter how much liquidity you put in that one, you'll end up with the same in both of them. let's say we have a lot of global economy buckets here. doesn't matter which one we put the liquidity in, does it? because ultimately we are all connected and it's going to always seek a similar level. i say central banking policies are highly contagious. if you want to get business way, let's substitute contagious for fungible because it is all fungible and when i hear the president say, oh, my god, the dax is up more than our market, here's what i would say he needs to kind of ponder is that mario draghi is filling his bucket up really large and as he does, the first order of economic response is that the

strongest country is going to benefit. because it has an economy that warrants a much higher valued currency than the rest of the countries, so it benefits. and that benefit is going to have feedback loops back into the u.s. at the end of the day, mr. president, do you really want mario draghi type versus jay powell i don't know that's a good decision think of the ultimate price that we pay with tariffs, i heard someone of our channel talking about the president of the bike company and at the end the response was, oh, my goodness, this whole situation is making it so my kids won't have a bike no what he's doing it is making it so your kids may have a future we need to think bigger! and ultimately, do you think it's going end to well by constantly filling the buckets up and artificial lly creating first order economic response because somewhere on the back end of this is going to be a big payday and if jay powell and company could be pensive and patient i'm not saying they can't give

back one, take one in when things get better, but ultimately, following the model of what japan and now europe are doing, does it really make sense in the big picture i don't think so carl, back to you. >> rick santelli, big day today, and will be tomorrow, as well. it's been almost exactly one year since the first shots in the trade war between the u.s. and china, a war that is affecting some states more than others the dueling tariffs could shake up our 13th annual ranking of america's top states for business and for that, we turn to who else but scott cohn, who's preparing toe ining to unveil t rankings next month and joins us from a state that has a lot to lose hey, scott >> absolutely. we're in oakland, california, carl at the port of oakland, they specialize in container ships, transporting the bounty from toe places like china. agricultural exports for the

first four months of this year up 12% from last year, including a 5% increase to china the bad news, exports were down about 3.5% last year as the trade war took hold, although overall volume was up. dianne feinstein in a letter just yesterday said she's hearing from california companies small and large about the pain the tariffs are causing them in ways that damage their competitiveness and in some cases threaten their existence at the same time, the maritime director here in oakland says some companies are finding ways around the tariffs >> what we feel from talking to customers and talking to users of the port is that they are finding other markets. they're tapping other things, they're being creative of where they're sending their products to other countries >> reporter: countries like vietnam, taiwan, and korea, but with some tariffs going up, as much as 25% this month, there's a question about how long that kind of workaround can be sustainable. and take a look at some of the

hits last year from the big stha states that we're looking at 60% drop in the exports from louisiana, 34% from illinois california was down half a percent. texas and georgia did manage slight increases last year, as we were going into top states, we were talking about the trade war more or less in theory. now, it is real. we will reveal our 2019 america's top states for business rankings on july 10th guys >> one of my favorite things on the network. scott, looking forward to that thanks and after the break, nasdaq looking for its third up day in four some names helping the cause this morning a lot of chip names. got to expect that has to do with optimism on china 'rba ia nu we're the slowskys.

we like drip coffee, layovers- -and waiting on hold. what we don't like is relying on fancy technology for help. snail mail! we were invited to a y2k party... uh, didn't that happen, like, 20 years ago? oh, look, karolyn, we've got a mathematician on our hands!

check it out! now you can schedule a callback or reschedule an appointment, even on nights and weekends. today's xfinity service. simple. easy. awesome. i'd rather not. facebook announcing a new mobile wallet offering and that has the world buzzing about possibilities. big-name backers just secured another $50 million in funding with us now is jason brown jason, welcome >> thanks for having me. the thrust on your pitch paying down credit card let's talk about lib ra why is this important or not especially in the world where you're operating >> a lot of people are comparing this to bitcoin. but this is different. betting the asset is going to go up and libra threatens the

government that issue currency and the banks that store it and the actual transmission network. people don't understand how disruptive this could be if it does take off. >> does it allow you to get into markets outside of the u.s. if you eventually choose to do that or anything you would be interested in building on top of domestic >> so, for companies like tally that are not a bank but doing financial work, it's actually a really big disrupter right now just as an example we announced tally save which is an automated saving service that gives people points for setting money aside and all automated. for us to do that, we had a partner with the bank to get the insurance because it is illegal for a nonbank to hold funds where libra you can store value and transmit that value across borders. i think if it takes off, it could become a worldwide currency, which is pretty disruptive even for government's ability to control access to funds. >> when you say if it takes off, what are the hurdles

is it regulatory or consumer adoption is it just internal execution? >> this is a horrible time like literally they couldn't have picked a worse time do we want to trust facebook the other is the regulators are sharpening their knives right now. you just gave them a bigger steak to cut in to so, i think it's from an outsider perspective, it will be interesting and i think i'm rooting for it and at the end of the day, it could be good for consumers. >> do they have to trust facebook you could create your own tally wallet and facebook's name doesn't have to get mentioned. >> i get they set up this group of independent folks but i think most consumers are going to associate this with facebook so, i think that's dpoeg going some headwind. what will happen remittance internationally. primary way people get money out

of first world countries because it's immediate secure and then you'll see a really slow adoption at the point of sale from being able to pay for things and pay bills and stuff it could be slow from there. >> this is big picture here, but if entire countries and currencies are being intermediated why would they allow facebook to operate in their country. >> if i were china, i would say absolutely not this would be the perfect way to get money out of china i think there is going to be headwind there for some countries, this could displace their entire currency i don't think people are giving it enough credit >> what is driving right now, the pitch starting off was save money if you're dealing with credit cards credit cards are horrible to deal with it and a lot of people could embrace that is that what is driving now you're expanding into savings. >> our view is that eventually all of us will have a completely automated service that can do all of our thinking and work financially. look at the ultrawealthy they have family offices that do

all of their work and all of their thinking getting them to their goals and we built a platform capable of doing that our first product was the first and only automated debt manager and expanded to savings and what the $50 million of savings we're going to roll out more fls services this year for us, things are really empowering because we and it theoretically could make it so it's zero costs to pay bills and transmit money and things like this could be good for us. >> it's an exciting space and we like it when people do smart things with their money. thanks >> thanks. healthy gains maybe 80 points off the session high. we're up 324 back in less than three minutes. . stand up if you're a mother. if you are actively deployed, a veteran, or you're in a military family, please stand. the world in which we live equally distributes talent.

but it doesn't equally distribute opportunity, and paths are not always the same. i'm so proud of you, dad! man: i will tell you this, southern new hampshire university can change the whole trajectory of your life.

a lot of cross currents today. markets off the session high but still up 326 beyond meat has turned negative, as you can see now down almost 4.5% after hitting a new all-time high. we mentioned, as well, facebook did turn red a moment ago as it's a very big day for that company and the launch

>> does fake meat spoil? how long does that take? you know what is up big, snap, snap chat. is it back from the dead i don't know >> overall, chips. anything china related wynn all leading the s&p we'll see what the afternoon brings let's get to the judge >> stocks are rising and yields are falling and the fed beginning its most anticipated meeting in months. your money front and center this hour this is the halftime report. >> clarity may be 26 hours away. the fed countdown is on. decision hour 2:00 p.m. tomorrow but investors aren't waiting as stocks surge today staples, reits and utilities all hitting new highs again today. what does that mean for the rest of the market? plus, the man who nailed the market in 2018 >> price does not make us more