we will speak with oppenheimer funds cio krishna memani in minutes. earnings season kicks off with mixed results. jpmorgan and wells fargo's reports. facebook shares down after announcing big changes to the website. mark zuckerberg says it could cause user engagement to fall. abigail doolittle is with us as we are halfway into the trading day and stocks reach record highs yet again. >> the rally simply continues this year. take a look at the s&p 500, dow, nasdaq. major averages up more than half a percent, the dow up more than .8%. continued optimism about the effects of tax reform as earnings season gets underway. earnings on a year-over-year basis will grow 11.8%. it seems investors are feeling good about the current situation . as we have weekly gains, the best since last week, two solid weeks in a row. the dow almost 2% on the week. lots of bullish momentum. -- fromke a look at the a point and percentage standpoint. biggestp top 1.8%, the boost for the s&p 500. this as suntrust has raised its , saying $1400 per share shares are fundamentally very

final thoughts with michael cloherty, kathy jones, and krishna memani.il sales, psi, something you got your focus on? kathy: your usual for the time a month. decent readings on both. the important thing about cpi is that on a year-over-year basis, it's slightly higher for technical reasons. we had that big dip last year early in the year. if you are looking year-over-year, it will actually outperform what most people's expectations are. jonathan: michael? michael: same. the regional sales data we have had, we had so much momentum recently, but even a soft month, you still have a very good quarter. an impressive gdp number. i think we will pay more attention to the inflation data. jonathan: at what point, michael, does that tax cut, i'm going to spend more money kick in? does it at all? michael: i think it does. normally, when you get tax cuts, it's coming out of recession and everyone's terrified and you don't spend the money. you get one at this point in -- and you are much more likely to spend. you will start to get withholding changes going forward so

krishna memani, head of fixed income at oppenheimerfunds.cusing on trade, the fate of nafta. we will be live in montreal, next. from new york, this is bloomberg. ♪ >> i am mark crumpton with first word news. president trump is due back at the white house tonight. he just left switzerland after addressing the world economic forum. foreclared the u.s. open business, as he pitched his america first agenda as beneficial for the world. he held talks with the leaders of britain, israel, switzerland and rwanda. next week he will have his first date of the union address. the spanish government is challenging the candidacy of catalonia's fugitive ex-president to lead a regional government. the parliament of catalonia will debate and vote next week on whether to reinstall carles puigdemont as the leader. the deputy prime minister said today as a fugitive, preached puigdemon cannot be reelected. in paris, thet seinnes river is at record levels, close to a 34 year high. dozens of residents have been forced to read -- leave their homes, after heavy rains