adp numbers, a little worse than expected.ot terrible either, just under 200,000 four private payrolls. stocks are down slightly. equity futures are down slightly after some record highs we saw over the last few days. we are on the markets again in 30 minutes. old-fashionedhen raffle-style fundraising meets crisis hollywood glamorous expenses? you get omaze, which auctions off experiences lottery-style with tickets as low as $10, and that is how little it took one woman to win a date with george clooney. experience a role in the next "star wars" or hang out with matt damon. with me are the founders of omaze, ryan cummins and matt pohlson. >> thank you for having us. >> you have been in operations for two years? >> that is right. we launched in september, 2012. >> you are saying in the last 12 months you have gotten bigger and bigger experiences. is a word-of-mouth that has caught on, or what has happened here? caught on, andh we had a finale success around the -- success around the finale band -- "breaking bad was quoted as pe

we are two hours away from the may adp report. the economy probably added about 210,000 private sector jobs last month. also on today's calendar, april international trade. a revision to first quarter productivity, may's ism nonmanufacturing index and the fed's beige book. check out the futures ahead of all of this. yesterday you saw a slight decline for the dow. that was breaking after broke a three-day winning streak we saw going on for the two indices. the nasdaq looked to be down 7 points, the s&p are 4 points below fair value. >>> in corporate news, the in the in the is reporting that gm officials increasingly believe that ceo mary barra will be cleared in the wrongdoing in the crisis. the automaker's internal probe is expected to name individuals and departments within the company responsible for that delayed recall. the investigation will also recommend corporate and personnel changes. in the meantime, gm is apologizing to the families of accident victims who have received recall notices for the replacement of detect fektiv

we have the may adp employment report.ncrease of 210,000 private sector jobs. at 8:30, we get april trade deficit numbers and revised labor costs and productivity costs. at 10:00, it's the ism services index for may followed by the fed beige book. we have notable earnings reports as well, brown-forman, the maker of jack daniels and southern comfort and home builder hovnanian are all reporting. >>> the european central bank is widely expected to give the sluggish economy a boost at its policy meeting tomorrow. investors price in action ahead of the meeting. cnbc's steve liesman has more on what is now expected. >>> the stakes are high for mar rowe draghi and the european central bank thursday. a special ecb edition of the cnbc fed survey shows overwhelming market expectations for easing to be announced. 65% of survey respond enthes expect them to take at least one of three substantial actions, lowering the refinance rate, cutting the deposit rate or announcing a long-term refinance operation or ltro. 48% of the 30 responden

selling going on before the adp number.of proof and positions that were established were long. so the passive trade, the liquidation trade, was the selling. then unit labor costs may imply structural issues with labor but the costs may imply higher costs and that is a negative. pushed yields down a bit. the two-day chart is the most reve revealing. last couple days, the two-day chart, staircase. now all of a sudden the 260 is a stop per. auger that rate is going to go down and challenge 2.56, 2.57. open the chart up, kind of satisfied its correction to the 2.60 level. two year to date charts, both etfes, one high yield, one investment grade they've had corrections. there is anxiety about the spreads. and not spreads here but relationships on the etf side. the last chart two day of euro versus dollar, little doubt with the meeting tomorrow that 136 is the battlefield. many thought it would be lower. what's the next area? 1.34 or back up to 1.40 so say traders. back to you. >> thank you very much. rick santelli. elon musk had

starting with the adp employment number. adp, the guys who processed 20% of the payrolls here in the country. when they are processing more it tells you people are hiring. >> we will see in the correlation of friday's report. >> not one-for-one but a good indicator. i asked them nonmanufacturing at 10:00. -- ism nonmanufacturing at 10:00. then the beige book. liters, not the g-8 will meet in brussels. -- the g-7 leaders. morning president obama met the president-elect this morning. >> you wonder if they will talk about a small bank in paris having trouble in new york. a small fine. works out to 1.25 years of earnings. >> we will talk about that this morning. >> yes, we shall. the 25th anniversary of the square, including the photographer who took the iconic image. amazing. hard to believe 25 years ago. tonight there is a hockey game. i have heard of it, called the stanley cup idols. new york rangers and los angeles kings. 8:00. >> what is your prediction? >> of course i want the rangers to win. i wanted to be six-game so the

. >> how do you square up what we heard this week from the likes of adp?han many had been expecting and what the employment components of the isms were telling us? >> i read the ism report, both on the manufacturing and the services side, to indicate that the outlook for hiring is very much improving, especially after we got the revised ism data. the adp report doesn't always track that closely with the bls figure, which is the one we're using as our baseline for the forecast. in fact, if you look at last month, the adp estimate is still well below what we got as the preliminary estimate from bls. i took note of it but it didn't cause me to revise downward our expectations. >> we have a big decline in unemployment rate last month, of course. is the labor force expanded now? is that rate going to tick up? >> well, last month we had the largest single monthly drop since the late 1940s. and that's very volatile number month to month, the number of people in the labor force. the number of unemployed, the number of employed. our expectation is that the underlyi

and the new adp employment figure came in a little light. adp says private employers adding 179,000 jobs last month. we get the government jobs report on friday. >> i was waiting for adp, so now i have to do some recalculation. >> 211, that is my number. i will not be here on friday. i may call in for you. >> president obama has arrived in poland as part of his tour of europe ahead of g-7 meetings. hans nichols is in brussels with more on obama's trip. you met with -- he met with the ukrainian president-elect, petro poroshenko, for the first time. what did they talk about? i imagine it is kind of obvious, but you know better than me. a substantive conversation about the future of ukraine and how to unwind attention. we saw a full-fledged embrace from obama. the meeting was important for a variety of reasons. signal to investors, to other institutional leaders that this is a person who can lead ukraine out of crisis. two, laura tango has a really -- 2, 4 shank out -- petro poroshenko is well and mediated to solve a problem and unwind tension.

adp came in below at 179,000. last month surprise brings it up to 238.rongest since the recession ended. those surges often follow by modest numbers. other economic data has been helped from a rebound from severe weather. it may have been the bounce back for the jobs report. economi economists will be slack and wages. here's what nfib reported. small business data shows more firms on that raising wages. though the number is below the levels of before recession. you can see that right there. 22%, 20%. but the official wage data 2%. wages seem to be rising fastest where there are scarcities of workers. wages are an area we will closely watch by the fed. i want to show you one other measure. here's the short-term versus long-term unemployment. remarkably stable. long-term unemployment coming down from 6.7 in april to 3.5 million. did these folks go back to work or drop out of the workforce? that's one of the big debates around fed policy. i could see a number. if it is 160 to 260 i would be pretty happy. i'm looking tef trend in wages and slacks. that will

i'm telling you, ignore that adp number too. it's meaningless, people. in fact the figures have no reliability as a predictor of what the big daddy, nonfarm payroll report will actually be. remember that's the only employment report that i'm telling you you need to predict and be worried about. you do need to predict and worry about it, though. however, while you're getting the weekly figures, the adp numbers you cannot ignore. as i look back on that came on the friday after the monthly jobs report, remember, five years worth of data, i was astonished at just how important this figure can be. any disappointing employment number leaves a lasting impact that can take weeks of declines in its wake. really. if it's followed by another bad number, you get a further decline, even if the market this fallen precipitously. after a series of bad numbers, you need to see three months of stability, no further job losses, not necessarily job gains before the market will actually stop drifting or plunging lower. i can't believe this. i did this work and couldn't belie

the tomorrow that adp numbers are coming. check for the processors and the country. wall street will cheer the numbers of not they will just yawned. we will get a glimpse anxiety will get tighter. >> tomorrow is that the ipo -- preview. >> we never watched the adp number it is always dramatically of. >> is getting a little better. charles: remember this is the place every night 6:00 p.m. eastern you do not want to miss a moment of making money. i will see you tomorrow at 11:00 a.m. right now the dobbs is up next. keep it here. fox business. >> good evening. the sergeants' five years and half the and captivity it may be over but the firestorm over the deal that set him free is only beginning. the army announced it will launch a new review into the circumstances surrounding his capture amid allegations from his comrades in his own unit that he is a deserter and should be brought to a justice for abandoning his post in afghanistan. >> you ask me three days ago i would have said firing squad i have had time to think about it with

. >>> payroll processer adp had a weaker than reported proposes so. employers added 179,000 new jobs. the federal labor department reports its numbers on friday. that report which includes the public sector has been weaker than the adp report. >>> 52% of the people surveyed say they had to make one major sacrifice top cover their rent or mortgage. the sacrifices include getting a second job, putting off retirement savings, cutting back on health care or racking up credit card debt. >>> americans will spend $12.5 billion for dad. just 63% of what people spend for mothers day though. closing tickets to sports events and gift cards are the most popular choices this year. are you feeling a little slighted? >> a little bit. i just want a day of relaxation. >>> coming up smoky the bear getting a makeover. the new look designed to boost his popularity with the social media salvey generation. >> eerie recording from deep in the indian ocean. the answers it could provide about the malaysia airlines jet that disappeared three months ago. i can't wait to get to

adp said employers added 179,000 workers, down from 215,000 in april. the economists had expected gains in may of 210,000. adp reports a preview of the labor department employment report which includes government jobs. that number comes out friday, and economists suspect that job growth slowed from the 288,000 positions created in april. >>> one state that is having no trouble creating jobs is north dakota. the hottest place in the country for people seeking work, but it's also the deadliest. the u.s. labor department said the workplace fatality rate in north dakota is five times the national rate. many people who lost their lives on the job work in the state's booming oil and gas industry . diane, fair to say that this is a big concern where you are? >> reporter: oh, absolutely, david. you know as i'm sure you know it's been a modern day gold rush out here. you have a lot of workers coming in the area to find jobs. many of whom are inexperienced, and the combination has led to more workplace accidents. jobs in north dakota's oil field can pay big bucks

investors scratching their heads after today's disappointing adp jobs report for the month of may. it was their weakest reading on the private sector since january. this report coming two days for the anticipated monthly them out of limit rating which will come out friday morning. keep in mind many investors consider adp to be a leading indicator for the nonfarm payroll numbers. is this just a blip? is the labor market really headed for trouble? let's bring in for a foxbusiness exclusive interview david, chief market strategist. this was a big miss. >> it was and to that end there has been in a lot of mixed data in the first half of this year. we had a negative 1% gdp report and attend down to the pmi data, we have seen weakness out of europe that will probably bring some ecb action tomorrow, the inflation data as well as the pmi in the real economic data. it's not a one-way ticket, but the good news is we are sitting here with record highs in the s&p and we are seeing the benefits-- cheryl: if the stock market fueled by central bank whether it's the fed or now the ecb that we are

adp will give us juice tomorrow, hopefully. trading volume has been disastrous, we're still about 20% below the average for the quarter on a day like today. not great. another waste of a clean shirt and bus fare to get in, but we're going to keep an eye out for the ecb, hopefully they'll have something to say giving us some sort of concrete evidence that they really are going to do whatever it takes. and then, of course, our own jobless or unemployment number which will always move a market. and we'll keep an eye on that. right now the money, the big picture is money continues to sit on the sideline, and the mattresses of the bond market. [laughter] there are a few beneficiaries. there are some beneficiaries in the stock market, mostly the safe havens, the utility stocks, the oil driller stocks, the technology -- liz: well, and let me bring in -- actually, let me bring in trent because you just talked about the mattress that is the bond market, 2.59%. you can still -- we've got a company in the 4:00 that basically provides hous

adp weakened. their jobs component, it improved as well. let's take a look at claims here. i think that's the next chart we have. this is the ism job gauge. you can see one went up, one went down, but neither is in a very impressive level relative to where they were right in here. so not looking for gangbusters from either one of these two. and now look at claims which you can see after a very long spike, has been on its way down, reaching new lows that we haven't seen since '08 or the recession began. tyler, when i put it all together, what i come up with is we should get good job growth in that 150,000 to 200,000 range. i don't see anything in any of these indicators that suggest things are going to be flying off the handle upwards of that 250,000 range. i would not price anything in the 150,000 to 200,000 range. >> 150,000 would be low, wouldn't it? >> it would be, but we've had this long-running 200-plus range here. there's not been a whole lot of snapback expected from the winter weather that we had. even though we started some of the other data, we didn't have a big d

the adp reported that 170,000 private sector jobs were created in may, below the estimates on wall street, for the government jobs reports it is friday. >> i would4? it is disappointing. suggests that monthly job growth is probably still south of 200,000 per month, about where we have been for the past two months. >> meanwhile, the trade deficit came in billions above expectations with a surge of imports from china. a higher deficit from growth. economists marked down the first growth products from a 1% delaney. the retail sector fell 3-plus percent. but they could find inventory levels too slow and are re-stocking the shelves in a robust economy. >> everything seems to be lining up nicely, if we can just avoid an oil spill in the gulf or bad winter weather or bad spring weather then yeah, we should be fine. >> on the rosy sign, the feds collect economic data from around the country and said activity expanded in all 12 of the districts. all the districts also saw strength in manufacturing especially auto and aerospace. the o-- outlooks for cnbc is better as well. the forecast 2.9% by yea

the payroll company adp will release its national employment report today, and then on friday the laborartment releases theirs. not a good day for stocks yesterday though. the dow fell 21 points. the nasdaq dropped 3 points. >> a food fight over hillshire brands. two companies are now actively trying to buy the maker of jimmy dean sausages. pilgrim's pride upped its bid yesterday to about $6.5 billion after tyson foods tried to move in. hillshire says it's willing to talk to both companies. >>> and newly minted billionaire dr. dre has gone on a west coast spending spree. the doctor cashed in some of his apple earnings to buy the l.a. mansion owned by power couple tom brady and gisele bundchen. dre paid $40 million for the four-acre estate. that's $10 million less than a asking price. anne-marie? >> he's having a good couple of weeks. jill wagner at the new york stock exchange, thank you, jill. >>> when we return, a photo failure. a wedding party gets a surprise while posing for pictures on a dock. a wedding party gets a surprise during pictures on a dock. super stain-resistant and scrub

starting with the adp employment number.who processed 20% of the payrolls here in the country. when they are processing more it tells you people are hiring. >> we will see in the correlation of friday's report. >> not one-for-one but a good indicator. i asked them nonmanufacturing at 10:00. -- ism nonmanufacturing at

adp expected out. this morning we are going to get trade deficit numbers. the other day manufacturing was messed up and today it will be clear. the nasdaq starts at 4234 after slipping three. thank you all right. >> that gives you an idea of how it is all going to work out. >> good morning to you now. that is great stuff. if you have not checked him out on facebook. let's look at what we are looking at this morning. i can tell you though, it does not exextend into the try valley. temperature temperatures we are in the upper 50s. i want to show you what the bay area looks like. you can see we have quite a bit of low cloud cover. you are in the south bay and still the clouds will reach us. it will be a hot day moving in quickly for today. we are going to keep our wind on shore. the triple digit heat a possibility throughout the region. forecasting a 103 degrees for you. not too bad today. 91. out in the try valley it is going to be pretty warm. right around 75 degrees in oa a oakland. as we head into tomorrow temperatures climb and then the day is hotter as w

service sector and jobless claims along with small business all improved relative to the prior month, but adpeakened along with an indicator of employment in the manufacturer sector. none of these indicators are particularly high level suggesting a blowout number. three-month average job growth after the big number in may surging to nearly 240,000. that was one of the best since the recession ended. in recent years, those surges have often been followed by more modest numbers. while other economic data has been helped by a rebound from severe winter weather, the outsize increased in april, that could have been the bounce for jobs. but weaker doesn't mean bad overall. the economy should still be creating jobs at around 200,000 on an average month, enough to lower the unemployment rate. but unfortunately, not enough with tens of millions of unand underemployed americans back to work. for "nightly business report," i'm steve liesman. >> so 210,000 is the average consensus. do you think it's going to come above or below? >> steve said earlier today he wouldn't be shocked if it was about 150,000.

adp has suggested, no, we will not get the 210,000 number. >> is that a warning flare for friday? >> the weekly unemployment claim -- it says something to me when economists overreached. of 200,000e months less numbers. they say, skyhigh. highest forecast we have ever done and we may have overreached. i hope we can get there. last-minute, what headwinds are using between now and the end of the year? we are in june. >> not a lot of risks out there. that is why we felt we could get 3% gdp. we are not getting it. the only risk i could see seems to be from housing. that increase in the mortgage of 4% last year seems to be calling down new-home sales of . housing construction is not what we thought. >> chief financial economist of bank of tokyo-mitsubishi joining us in studio. thank you very much. leaders of the world's most advanced economies are in brussels for a two day meeting. the summit was originally scheduled to be held in sochi. leaders of the world's top industrialized nations are meeting without russia. tom nichols joins us now from brussels. will we hear about more sanction

the adp, the rabbit payrolls number coming out. private payrolls number coming out. lower.ot the dax trading see, caution after yesterday. we saw the stoxx 600 drop from the six-month high -- the six-year high, i might a. -- i might add. i want to check out how tesco is doing after those numbers came in. had been expected. up 1.6%. apparently, the picture is. . if you are a customer. prices are being slashed. higher noting anytime soon, not for several months. companys never been so added. volkswagen is selling shares. all to get their hands on skandia, the swedish truck maker, selling shares to be able to pay for that acquisition. by -- is off by half a percent. once again seeing sales drop. car sales down 11% across this brand in italy. thank you. let's talk about what else is happening today. g7 leaders meeting in brussels today without president and 10 -- president cute and -- president putin. despite its absence, russia likely to feature prominently on the agenda. >> unless you want to talk about stalled eu trade talks with the u.s., the entire conversation will

adp number basically represents small to medium-sized firms. so that is partially why it never matches the jobs. professional services and small businesses missed their numbers. they came and but missed their numbers. i still think there is an underlying notion here that there is no sign of acceleration one more thing, skills gap. we're always hearing about employers saying they cannot find qualified candidates. but 75 percent of employers, colleges are not adequately preparing people. charles: listen, this is not an isolated thing. we have been dealing with this ever since the so-called recovery. >> into kate's point, some of that has to do with technology. a lot of these smaller companies are tech companies. if you think about the unemployment rate for technology companies, it's only two and three-quarters percent. salah lower than the national unemployment average. >> coming out of the recession, we should be creating more jobs. 184,000 jobs. we are a little below average. we are going nowhere, treading water. >> this lowers the bar. almost

will they disappoint like adp did earlier this week? private payrolls coming in under expectations. jobse looking for 215,000 to be added in america for the month of may. will it help the unemployment rate? let's have a little dig into italy and see if the luxury stocks are moving. maybe just looking across asia ada. pr prada did come out with numbers slowing. the euro was too high. it was stopping chinese spending when they were coming to visit cities like rome and london, not spending quite so much on luxury goods. the british pound is too high and the euro is too high. prada currently seeing low trading in hong kong. >> thank you very much indeed. running through the details of what we got from mario draghi yesterday, we are through the market open. investors still digesting what draghi delivered. what theseigure out words ultimately actually mean. >> we think it is a significant package. are we finished? the answer is no. we aren't finished here. mandate,e, within our we are finished here. >> are we finished? the answer is no and the implications of that are quite disturbing in

the market chatter is building around economic releases that come later this year, adp tomorrow. there's a key ecb meeting on thursday and the big nonfarm payroll report on friday. there is new data suggesting the individual investor may not be actively participating in the markets. maybe they're not making a lot. e trade is reporting that its customered averaged 14% fewer trades than in april. >>> pimco's total return fund suffered its 13th straight month of outflows. the world's largest bond fund posted $4.3 billion in net outflows in may. the fund was up by 1.25% in may and that beat 79% of its peers. andrew, i'll send it over to you. >>> thank you, becky. corporate news this morning, pill pillgrims pride. last week tyson offered $50 a share for hillshire. we'll see where that all ends up. hillshire at $58, up a little over 8% in the premarket. >>> apple says it will allow software developers to include virtual currency transactions in their applications. the announcement may pave the way for new forms of money to appear on iphones and 50i6789 pads. if you take a look at bitco

adp jobs report, not too impressive, but the beige book painted an optimistic picture of the u.s.y. ♪ watching "bloomberg west," where we cover innovation, technology, and the future of business. i'm cory johnson. the traditional business meeting may be the latest thing that silicon valley is making obsolete. many top executives are taking a page from the late steve jobs and shunning the conference room in favor of the walk and talk. the linkedin ceo is known for taking walks with team members and some of their trails -- on some of their trails at their mountain view campus. i spoke with him to see why he is taking it to the streets. ♪ show me the way. this is your regular walk? >> this is where it all begins. >> tell me why you started. >> it was practical that first. when we were at the earliest stages of hypergrowth, we were in the throes of facility planning. at one time, we had a lot of people and not enough space. one of our folks, who was actually responsible for training and fitness, he said, i've got a great idea -- in addition to reducing the demand for conference rooms,

big beautiful 10 adp display. it's a monster.ut what makes it different is it's absolutely bristling with ways of watching and measuring you and your environment. it has a wide angle camera that faces you. and it has a big powerful camera in the back that sees very well in the dark. that should be useful. an integrated depth sensor, a tablet version of the knex. the research is going to change a lot of things in our lives. data scientists have been trying to quantify not only human behavior but human interactions with other people. wearing quies he that track their movements and listen to the tone of their voice. researchers came away with all sorts of data about improving efficiency, at a call center, based on how fast people work after taking a break. now this sort of quantification is what google is after here. right now when you surf the web you're used to the idea that google serves up ads based on what you're look at on the last page. they could know that you and your kids are in the room, you are playing a game, what game

focus on the adp number we get wednesday as maybe a better way to do jobs and ism, a whole bunch of otherrces of private sector data. i'm not sure that helps the case today. >> quickly, joe. >> any revised gdp on this? >> no, this doesn't flow directly to gdp. people take the number and say it's equal gdp between 3 and 4%. this is not a number in our cnbc rapid update or typical economist plugs into their formula for gdp. >> it does seem to have more impact these days than ever before for the algorrhythmic world we live in, where headlines are making black boxes trade in certain directions. >> i think the term, revision, has a negative connotation. i prefer to think of these as re-mixes. >>> one bullish trader's trade on facebook isn't working out so well. how will they save face? tdd#: 1-800-345-2550 trading inspires your life. tdd#: 1-800-345-2550 life inspires your trading. tdd#: 1-800-345-2550 where others see fads... tdd#: 1-800-345-2550 ...you see opportunities. tdd#: 1-800-345-2550 at schwab, we're here to help tdd#: 1-800-345-2550 turn inspiration into action. tdd#: 1-800-345-2550

surprise for your technicians that in front of tomorrow's first of two employment reports, tomorrow is adphe bls, snugged up, taking the slack out right up spot resistance level. another key issue in between wednesday and friday, thursday in the ec be, meeting, great articles out. today, show it on the screen. britain has made a fool out of the eu. they must make a choice. play by the rules, or leave the european union. but that isn't the only article out. one of my favorites, ambrose eva evans pritchard, and europe has a bigger crisis than a british exit regarding mrs. lapen, had a good showing in the parliamentary elections. they wrote, she would instruct the french to get the great symbol of emancipation from the english occupation. where am i going? most of the discussion is the talk about the southern rates and the euro, but a bigger issue that's overlooked are the social issues involved. in other words, the ecb is trying to manage structural changes and reforms. they haven't done a very good job. but i think that alarm clock is much longer than the alarm that's ringing by the people.

adp today. both showed sub par hiring for the previous month. we know this isn't good news for the country. we want more people to do well. which usually means more wealth created and theoretically higher prices in the stock market. so we disbelieve the staying power of any stock rally. but is this a rational reaction? or an emotional one? you know what i'm beginning to think an emotional one. the more jobs to hire, it's plain bogus, here's why. most of the positive earnings surprises come from companies making more per each earnings of sales. it comes from beating the expectations. many companies have been beating expectations by firing. not hiring. >> house of pleasure. >> others are doing it by using technology better. still others are figuring out ways to pay smaller taxes. take walgreens. they jumped three bucks today. why? not because they're hiring a bunch of people to exxon band their staffs. no, we got chatter they're changing the company where its domicile to one with a lower corporate tax rate. and yep, walgreens roared. by the way, m

stock market today tells you that the trader think numbers will come in on the low end, closer to adp'ss are predicting. in the long run, fundamentally the governor's quite right. we need to get at this policy that has allowed policies to suck i estimate 5 trillion out of the u.s. by the way, what are they invest? they buy the debt the government didn't sell. we're paying them to delay paying their taxes. that's an insane policy. >> yeah. >> governor, i want to ask you, in a "time" magazine story published today you had this to say about hillary clinton, which i think connects to the economy and 2016. you said you can't be the candidate that shakes down more money on wall street than anybody else. i don't know, woodrow wilson, and be the populist. explain that. is hillary not right for the democrats, is that what i'm reading? >> well, unfortunately, we've come to a place in politics that you win elections by raising more money than the other person or the other parties whether democrats or republicans, you rush to where the money is. you go to the pharmaceutical company, the insurance c

we had a jobs number today in adp and the big enchilada of jobs on friday. it makes sense.s points would happen on one nonfarm day. grow up, people. a little volatility. there is a dearth of it so far. it's really more the ecb. there may be a separation. as we normalize what's going on in the european central bank is anything but normal. as a matter of fact, one of the bavarian finance ministers speaking on behalf of 418 saves banks said this. referring to the threat of negative deposit rates, he told german magazine "stern" we can say to savers now you must also pay a fine for your assets. sounds like the talk we had here in the beginning and interim period in innings of quantitative easings. savings, bankroll strategy. it wouldn't be bad if the strategies did what they were supposed to do. but the rest of this article points to the fact that they don't. what's the reference case? the united states of america. it doesn't end there. there is a lot of issues with the banks and the stability of europe that really are are going in a different are direction than the u.s. consid

when we look at the report and adp, they were the two in the stagnant job growth.les: we take your questions, making money, the market, any industry, movie trivia. you can always ask me, kate is always tracking social media. we got a question in earlier, right? >> it's in ask hitha. he says hitha, what do you think about chico's with the latest rumors? charles: hitha, what do you think about it? >> i don't necessarily love the stock. i know there are rumors it's going to get acquired and definitely outpaced the industry average by 2%. but, but, the eps is down. charles: hitha, you are one of the most stylish people i know. they've gone the better. i've never liked their clothes. >> thank you, i didn't want to be mean! >> i think there's a market for that out there. older women wear that kind of stuff. charles: let me give you a chico's story. boy meets girl in new mexico, they open up a gift shop in florida and sell mexican folk part and one sweater. okay? so we fast-forward it becomes a huge company. and right now it is in trouble, earnings are disappointing, sale

. >>> stock market coming off some slight losses yesterday and opening a little lower on that adp reporthis morning. dow down 48. nasdaq down 16. s&p down 5. back to you. >> thank you jason brooks from kcbs news, thank you. >>> time now for a look at what's coming up a little later on "cbs this morning." gayle king joins us now from new york. good morning. >> reporter: hello, you, too. hi, frank and michelle. we're getting ready. we'll be ready at 7:00, i promise. ahead, a closer look at the newly released video that shows a handover of bowe bergdahl to u.s. forces plus we're in hailey, idaho, where the town is getting threats for celebrating him as a hero. nancy cortes is here with an investigation into the u.s. state department, how a program to build american embassies and consulates could be wasting tens of millions of dollars while potentially putting u.s. officials in harm's way. how's that work? the news is back in the morning. we'll see you guys at 7 straight up. back to you two. >> thank you. have a good show. we'll be watching at 7:00. >>> well, not a huge turnout for yesterday

that would be weaker than what it reported in april, also adp says the private sector last month addedll see how that goes. >>> there could be one less choice when it comes to signing up with a wireless carrier. multiple reports say that sprint and t-mobile are very close to a $50 billion merger which would give much greater competition to the top two in the market, verizon and at&t. of course, this deal would face very heavy regulatory scrutiny with one less carrier out there. there's been a lot of deals in telecom of late, comcast bought time warner cable for $45 billion and also at&t going after directv for $48.5 billion. >>> market off to a fairly flat start this morning. let's take a look at the big board see how we're doing. dow up by almost 20 points. nasdaq adding 5. s&p nudging higher by a fraction. michelle and frank, back to you. >> all right, jason brooks from kcbs news, thank you. >>> well we got a new report that tells us something about most drivers that we probably already know. the bay area has some of the worst traffic in the country. just ask liz. the tom-tom traffic

a bit worried because we also have the adp private payroll number earlier this week.f we keep above 200,000, it seems you are bringing down unemployment. >> thanks, caroline. >> coming up, bnp under pressure. the new york banking regulator pressing them to dismiss a top executive. ♪ >> first. bloomberg. >> time for today's company news. we have been speaking with asal's cheeky executive chief executive. he says banks have become reluctant to fund projects in russia. you would hear from him later this hour. bank of america would provide at least $5 billion to consumers as part of a proposed settlement of a probe into its handling of mortgages and head of the financial crisis according to a persistently with the talks. u.s. prosecutors have been seeking more than $13 billion from the firm to resolve investigations into its sales of mortgage backed securities. prada fell to its lowest in almost two years, trading today analystugh it missed estimates, following a tour is him slump that hit sales. prada forecast low single-digit same-store sales growth this year. welcome b

we may have to see how the adp number comes out on wednesday. now tell us about your dinner. >> we are going to have to get your jobs number guess for friday. we take that very seriously here. i run michael mckee. >> now to our top story. carl icahn, pro golfer phil mickelson, and a prominent las vegas gambler are being investigated by u.s. authorities over potential insider trading. julie hyman has more on this developing story. the trading at the center of this investigation is three years old. >> it is. >> do we have any idea why it is becoming public? >> there was a lot that we don't know. we should make that clear first off. the us is coming from "the wall street journal" and "the new york times." it is interesting that they came out with the news simultaneously three years down the line. the investigation has to do with clorox,hn's offer for and offer that never ended up coming to fruition. there was a lot of activity around it and in advance of it profiting handsomely. profiting in part for phil mickelson and billy walters. it has been th

i will not read too much into one adp report. this is a pretty bad start.rles: it does not look good. we have a week of crazy hard to reconcile data. we just had an isn manufacturing number that came above the consensus. it is very, very confusing. friday will be an absolute huge day. stuart: is that the day when the market moves? >> i think friday will be a make or break point. it will be hard for the market to continue this kind of holding pattern. it has been up, down, up, down. this sort of market has not existed and i do not think that it can for long. stuart: the market goes up or down. it keeps going flat. charles: the perfect storm. just enough of a recovery. stuart: the market goes up on $200,000. growing pains for pandora. nicole: the stock is lower. they got all good news pertaining to active listeners. the stock is lower. it actually brings higher loyalty costs for them. they saw listener hours up 28%. active listeners up 9%. the increase their market share. there was another piece of news on bloomberg about the department of justice. we will se

then on wednesday the adp report and factory orders.peak at the imf conference. and on thursday, the big june employment report. we will get the numbers on thursday because on friday the market is closed due to the fourth of july. and

just a very marginal gain of 0.1%, that came despite the fact that we had mixed economic data points, adpghtly worse than expected. we got the services pmi that was slightly better than forecast. let's have a look at the european markets ahead of the crucial ecb meeting. we're treading water. the xetra dax is off by 0.1%, the ftse 100 under pressure a little bit because of profit warning from one retailer, that's asos. that's pulling down the entire sector. the cac 40 is flat and the ftse mib seeing outperformance up by 0.7%. overall we are still close to the 6.5 year highs. take a listen to what some former and current policymakers have been saying about the prospect of ecb action later. >> the ecb is acknowledging with money that they are worried about the downside risk. it's not going to have a big impact. it's going to be 25 basis points. i don't think anybody feels they can go much lower than that. the impact will be limited. >> there is more unconventional monetary policies that can have spillover effects on the rest of the global economy but at the same time it's important to have

auto sales, june jobs coming later in the week, adp challenger. a good time as always to take stock of what the first six months have meant. not good news for actively managed funds, as "the journal" points out today. >> we're in this business where there's a deal that happened this morning that really does in many ways capture what's going on. ppg, a buy comex, paint company. the ceo who is terrific, at ppg, came on "mad money," what happened if you buy comex. he said we're always open to m&a. no one thought it was not going to happen after sherwin-williams, not a surprise. but the stock goes up big. mannkind, see that stock going up on the tape this morning. >> yep. >> everybody knew the fda would approve this insulin dispensary. when it happens, it goes up, where we are the good news is not correctly discounted because people, i think too skeptical. i come back, you know, charged up, very engaged, and i feel -- >> i'm happy to hear that. >> more engaged than ever. >> than ever, yes. >> than ever. >> that's fire. >> i feel what's happened the sk

ism services coming on wednesday and jobless claims thursday and adp, the jobs report and european central one of those were some sort of repricing, what do you think it is? >> you asking me. i think it's the european central. i think that's sort of the wild card out there, in my opinion, the other numbers are somewhat -- many are interesting and stuff but i think the ecb is the complete wild card. real quick to the ten-year. i don't think people buy the ten-year yield for a ten-year play. buy the ten-year yield because they think over the course of however many months, weeks, days, the instrument that values the ten-year is going to go higher. that's what i think. >> or they have to because they are using a paper and holding it for collateral or something else. >> not fundamental reasons. >> and at some point fundamentals will catch up. >> as long as they stay disconnected from the fundamentals, the longer and more serious the adjustment will be. >> just a sentence, michael, what are you guys buying here? >> buying banks. we think banks are a great place to be as interest rates go up and

we're beyond the ecb, beyond what happened with adp and the jobs report. it's sequentially lower.. tame as expected isn't bad except five years everything we've thrown at it, many may have expected more like the bond market. if we want to look at some other issues, and we started talking about this heavy in january, look at the spread between bunds and tens. the numbers are okay side of keeping rates down and then the european side. everybody likes that side and certainly at 121 fresh highs, open it foup for ten years, fresh highs for 9 1/2 years. we could go through the other relationships with the italian, the frenchrs and see the same dynam dynamics. no same person will look at those as a deal and us as expensive. if we want to look at what's going on in the foreign exchange market, all the volatility on interest rates is nowhere to be found in foreign exchange. interesting when you think of what mario draghi is trying do. look at a two-week chart of the dollar index. it's basically been -- look at the scale. automatic scaling, look at the scale. for the last two weeks we've be