and it's controversial >>> adp about to hit the tape.78,000 trying to estimate what private sector job growth is in the nation says may payrolls are up 178,000. big revision from the prior month. but looking at the nay number, 64,000 on goods. 114,000 on services. that's pretty good on the goods number and it's more or less in line for friday i wouldn't expect too many upward revisions let's take a deeper dive here. look at jobs by size you can see here 38,000 small businesses, 84,000 medium, and 56,000 large you're getting good distribution across business size here. then looking down into what industry saw the job growth 39,000 for construction, that's a strong number. it's always there towards the top. it's a big growth area for jobs. manufacturing, that's a strong number 14,000 for manufacturing trade transport interesting number down. this is an area where we all know they need a lot of trade and transport workers. >> what is trade and transport does it count uber drivers >> it may. what i think is interesting is one of the -- you s

before adp has been a win for him adp is $129. maybe he lost the fight in the boardroom, but he's won on the pnl. >> you didn't mention c & g. >> it's a different environment. you don't need to look at these falling knives and do the guesswork. oh, has the knife hit the floor or not >> it's not about falling knives it's about companies sold for the wrong reasons. this has been sold for the right reason so that's the difference i mean, that's why nike was an opportunity because everybody said, oh, god, look what they're doing in north america the sales are here but they're fine international, but north america is great everybody sells the stock. great opportunity to buy it. we talk about those all the time ge is not in that category >> to your point, it's visibility on the debt nike doesn't have any near the debt or the liability. >> but if your reaction -- it's the reaction on a stock. we bring it up with nike, and it's an easy example of that it's the reaction of north american sales are weakening, so everybody got freaked out. t

that's against an estimate for adp of 190,000 just a touch hotter.month down 13,000 to 228,000 that was a big miss. the government in the overall report reported just 103,000 so let's take a look at where this is relative to the estimate for friday remember, we come out wednesday with the adp payroll number and that tries to guess what the government reported on friday. that's 195,000 not a big differential there i don't expect the forecast to change folks, those are strong numbers relative to where they had been. services up by 160,000 and we can drill further down in detail by looking at what size business and again, not a huge trend there. really spread out among the size of the businesses. small business under 50 employees, raising by 62,000 medium size which is 500 to 499 employees up 88,000. and there it is by sector. again, good what we call diffusion in the business here education/health services up 39,000 look at construction up 27,000 manufacturing, that's a good number for manufacturing up by 10,000 and real quickly, guys, before this numb

a disappointment. 178,000 jobs added for adp. quite a bit to 106 he 3000. david: remember last week, the unemployment numbers were actually higher. initial jobless claims were higher. i don't know if that means anything or not. when you have trade issues, how that is going to impact industries in the u.s. president trump has says he will move ahead with plans to impose tariffs on chinese imports and curb investment in sensitive technology, all right pressure on beijing before the next round of trade negotiations, maybe it will but there. we still don't know. savita subramanian is still with us. what is your trade playbook? savita: we have looked at historical precedent. the last time we had meaningful pterosaurs during the reagan years. the market was up, the s&p return 10% during that period. it is not necessarily pure evil for stocks. that said, the market has gotten a lot more global, the s&p 500 is a lot more global than it was during the reagan years. i think the way to think about this is which companies are going to be hur

. >> thank you >>> news alert on adp. leslie picker. >> that's right.ave taken small positions in adp according to a person familiar with the matterme men matter shaw has been increasingly becoming more of an activist investor, and sachem head was the first analyst hired at persing square last year, and ferguson had previously targeted tdk, a spinoff from adp. the two hedge funds have talked to the company, this person told me, it's unclear whether there's any kind of activist engagement on either side at this time. i say the big akeaway from the news is that it's potentially more pressure for adp ahead of the analyst day, june 12th, bill ackman spoke about this on the call, hoping for efficiency announcements from the company on that analyst day in a couple of weeks now, i have not yet heard back from adp for comment, representatives for the two hedge funds have declined to comment, but certainly one that we're watch as the filings trickle out this afternoon guys >> leslie, thank you >>> separately, june 12, the state department is operating under the

adp 204,000. forget the iphone doom and gloom.he company delivers strong services growth returning $100 billion to shareholders. >> snap chat tumbling >>> and then the rate watch. futures point to a mixed open as investors await the fed policy announcement in the afternoon. >>> apple iphone sales not coming in as weak as some feared the $100 billion buy back. the 16% dividend increase. tim cook told jim cramer and josh lipton, quote, "we have already surpassed a fortune 100 and what we said is versus where we were in '16 we'll double by 2020." services of 23, china up 21, and all the fun games about the amount of money they bought back in the quarter exceeding the market cap of a couple hundred s&p companies >> i think it was minor compared to i think they didn't realize could happen, frankly, there would be a dramatic increase year over year that would take the service. you have 270 million people taking this. amazon prime is 100. hbo is 130 you can look at netflix. a little bit less than that. you only have visa international th

thank you so much mac mclarty the adp numbers on jobs.cate with those we love, but does psoriasis ever get in the way? embrace the chance of 100% clear skin with taltz. for people with moderate to severe psoriasis, up to 90% had a significant improvement of their psoriasis plaques. with taltz, 4 out of 10 even achieved completely clear skin. don't use if you're allergic to taltz. before starting, you should be checked for tuberculosis. taltz may increase risk of infections and lower your ability to fight them. tell your doctor if you have an infection, symptoms, or received a vaccine or plan to. inflammatory bowel disease can happen with taltz, including worsening of symptoms. serious allergic reactions can occur. ready for a chance at 100% clear skin? ask your doctor about taltz. try it for as little as $5 a month. maria: breaking news we are waiting on april adp number we are expecting that the numbers will be 200,000 jobs created in month of april. 204 the number 204,000 jobs created in month of april, this is slightly better than expe

we've gotten in the last couple months between the adp report and the bls report. but where we are continuing through on that strong reversal off yesterday's close were getting up toward the top of the channel again at the s&p 3670, 3680 level, it will set up a real test for the market early next week. >> chris robinson, i would definitely say next week is going to be crucial so as we spin it forward, you've got stuck about this trade situation because as we look at what happened on the ground in china emma we didn't see much of a development of clearing some of the air between the chinese and american contingents. it doesn't seem that the market is worried about that at all. today it's just a rip roaring rally. >> is equal focused on that next week. originally no disappointing news out of china, little bit of maybe kicking the can, but that will be the next focus. every week we focus on something. we had apple in the fed and unemployment this week. those were three fastballs. this market just whipped them all in here we are, they tried to take it lower this mornin

a third of a percent the may adp report just moments away along with second read on first quarter gdp data this morning as soon as they hit the tape, and check markets for reaction we've got a pretty good opening expecting this morning but comes after a tough day yesterday, the dow and s&p 500 seeing worst declines since april yesterday dow down almost 400 points political uncertainty out of italy weighed on investors as well as certainty around china, major move yesterday was in euro, versus the dollar, this morning we are seeing a rebound here as well, the euro was down from 10-month low against dollar here 1.16, as you can see, there global markets this morning mixed check out european indices ft 100 up a quarter of a percent 22 points higher cac quarante and paris down, 22 points, almost half a frz, and dax index higher by two-thirds of a percent 80 points higher in germany in asia followed u.s. lower sharp declines across the board. worst per formaler shanghai composite in shanghai down two and a half% on session japan down 1 1/2% action on trade white house surprising beijing ye

a gain of 204,000 for the private sector jobs from the adp report. how many thousands of teslas are going to be sold? you've got to hear, tesla's earnings come out. "after the bell," david and melissa pull it apart and get the engine rolling after the bell. >>> okay, i was watching this closely, just as the federal reserve statement came out. dow down 12, now down 23. not that much difference here but this as treasury secretary steven mnuchin officially arrives in china ahead of what is totally expected to be a very rigorous two days of trade talk negotiations. >>> over on capitol hill, a warm welcome at the state department. president trump formally swearing in mike pompeo as the new secretary of state. secretary pompeo wasting no time addressing his stance on north korea but could trade disagreements throw a wrench into things and blake, divert the attention? we have breaking news on north korea and the hostages being released finally out of the work camp there. reporter: yeah, and what we had here today in washington, liz, was a largely ceremonial

according to the payroll processor adp private companies added 204,000 jobs in april.hat was above expectations and the fifth straight month that gains exceeded 200,000. the growth was broad based as well, coming from the service sector and also industries like construction i >>> but traues continue to hang over our economy. amid the threat of additional tariffs a u.s. delegation is now headed to china for twoks on how thd's two largest econ can avoid a trade war. eunice yun is in beijing tonight. >> in a few hours, president eaump's entire economic led by steve mnuchin will be arriving in china. they're expected t go immediately into talks which will beginning on thursday local time and last until friday.n secretary mnucd team are scheduled to xi jinping's top economic adviser and there are reports tt it could also meet with the vice president and possibly even president xi himself. any results of the negotiations would likely be announced on afternoon. i spoke with the chinese official who has been involved with trade that this time around there haven't been the same

according to the latest adp survey private payrollshiring i construction, education and health care.ght be slowing slightly as the pool of available workers dwindles. >>> the fed reserve is refining a rule that governs trading at bank passenge central bank is proposing a chai change to the rule that would place the greatest restrictions on banks that do the most trading. banks that do less trading would face fewer regulations. this rule, which is a part of the dodd-frank banking law adopted after the financial crisis, has often been criticized by wall street as being too onerous and harmful to the functioning of the market. >>> the latest survey from the federal reserve casts an up beat view on the economy. the beige book points to a moderate pickup in activity this spring. >> reporter: the latest federal reserve snapshot, the beige book, finds economic activity expanded moderately in late april and early may. manufacturing leading the way, shifting into high gear with more than half the districts reporting a pickup and one-third classifying activity as strong. on the other side, ove

we collectatased on payroll records from adp and based on that data we can see wag growth across lots of different demographics. the one t fascinatingng that's happened recently is wage gains for new entrants into the work surging. that's a good leading indicator. i'm confident that wage gwiwth pick up going forward and the benefit of tors strong l market will become more evident to more people across the country. >> mark zandi, where is this goin how long c we have this kind of a tight labor market when you do have these companies, g especiallyss in manufacturing and construction, w?at are scrambling to find workers right >> yeah, this is not sustainable. so the one thing i worry abit, hink markets will eventually worry about this next month, the mont i after, that the economy will overheat. that is, you get to a place ere businesses just can't find workers. we're getting to that place. construction, transportation, urparts and manufag, financial services, professional services. you start to seeages rising. we will see inflation pick up in higher interest rates and , ultimateou know,

alix: we got the adp employment change for april. 200-4000 march wasld point out revived to 228,000. what handle do you need to see to think the phillips curve is alive and really going to become started? jon: the last employment cost index we saw was also a surprise to the upside. in our view you are already seeing upward pressure on wages and on prices. you are seeing that now in the data. for so long and ruin said there was no inflation. the numbers are accelerating already. above the level we should be at this point in the cycle. we will see a three handled no question on the unemployment rate. irrelevant asst to where we go in terms of what the number is. we are well beyond full employment. david: can we actually curtail some growth? president trump wants to get to 3.0 plus. jon: we are optimistic about the growth outlook in before the stimulus, before the tax bill. that will add fuel to the fire. we are optimistic about the growth outlook in the near term. we think the labor market will continue to be strong and we think the im

adp, the large payroll processor, said that businesses added 204,000 jobs last month, possibly signalings) (james) time to talk winners and losers with our financial expert rob black businesses added solid 204k jobs in april . . . u.s. job growth may have bounced back in april. adp, the large payroll processor, said that businesses added 204,000 jobs last month, possibly signaling the government's employment report this week will reveal a rebound in hiring after a weak showing the prior month. despite rising trade tensions, more volatile financial markets, and poor weather, businesses are adding a robust more than 200,000 jobs per month. apple pops after beating wall street expectations - and it plans to buy back $100 billion in stock . . . apple reported strong iphone sales in the first three months of the year, throwing cold water on the most feverish fears gripping some investors, concerned that the tech company's key business line was running out of steam. apple also declared a new $100 billion stock buyback program, and boosted its dividend to by 73 cents a share. apple cfo luca mae

that's right >> that's a huge number of people i am somebody paid by adp. we have direct deposit here. that makes up how many people? >> roughly 85 to 88% of the people are getting paid direct does posit wasn't always that way punch cards. as technology has evolved, direct deposit is a great future when i started there was a favorite part of the week was there was a lady that pushed a cart around. it was my favorite part of the work week. we've automateds that process, which is great but it's taken a little bit of that tangible employer/employee relationship and depersonalized it. >> the nice thing is you don't have to go to the bank, you don't have to cash anything, you don't have to deal with it what's the new way >> it's been a couple of steps we pushed everything to mobile so as an example now, for instance, a lot of direct deposit people, oh, is today pay day? if you're fortunate enough not living paycheck to paycheck, we're able to put some notices out there. exciting, not bad. >> yeah. we're launching this new pay card which is a debit instrument we

if we have a week from adp, allegedly, then we'll go to 2.75 and the people freaking out when we wento three are going to freak out. those are people that freak out. they should get out of business. >> wow. >> you don't like them >> no. they don't know jack they insult us. >> we we didn't spend that much time talking about the new tariffs on china and i wonder whether you thought at the end of yesterday, as you sort of wrapping up the day with mad money that had an impact, as well. >> it did. and i watched nxpi and you noticed nxpi, of course, is trying to close the deal with qualcomm the stock reversed in the last half hour. people knew. the 337 alert that the journal sent out to your cell phone, i mean, honestly the $50 billion is not a way we expect to conduct things i was with a major ceo last night and we both agreed we're kind of in your insanity. >> you get weird headlines and this is all we got from the "wall street journal" at 8:41. china is set to seek to line up countries against u.s. >> yeah. what is that and, you know, 16 minutes ago, president trump tweets there's a lot

vince, the adp number was phenomenal.eraging 53,000 goods producing jobs, construction, manufacturing, mining. these are the jobs those in the midwest wanted. this ways they went to vote for and this is what they are getting white house. >> it was president trump's promise during the election and it looks like it's being fulfilled. he's working hard to bring back a whole bunch of jobs he would like to see come back to the united states. starting with blue collar workers insuring they have jobs to go to is a good place to start. the president should be happy overseeing the economy right now because it's been good for the people who voted for him. charles: burlington northern giving out bonuses signing up people to work of $25,000. pipe fitters, welders. dirty fingernail stuff in flyover states. >> my dad was a railroad man. if there is one indicator of the economy and its strength it's how much stuff people are shipping across this country. this is where we want to see these companies desperate to hire more people. you tal

adp said hat businesses added 178,000 jobs last month, possibly reflecting at least a modest pickup ineport this week but also the growing impact of worker shortages. "job growth is strong, but slowing, as businesses are unable to fill a record number of open positions," said mark zandi, chief economist of moody's analytics, which helps adp compile the report. "finding workers is increasingly becoming businesses' number one problem." the unemployment rate has fallen to a 17-year low of 3.9%. that means there are fewer available workers for each job opening. monthly job growth averaged a healthy 200,000 to the first four months of the year, according to labor's report, but that's likely to slow. run-up in home prices is 'not sustainable': realtors' chief economist . . . home values have been rising for six straight years, and the gains have been accelerating for the past two years. the average rate on the 30-year fixed mortgage is nearly a full percentage point higher today than it was in september 2017, its latest low. homebuyer demand may be weakening. a monthly survey found fewer pot

meanwhile, private sector tracker adp says employers added 178,000 jobs in may.that's a solid gain, the government delivers its jobs report on friday. the unemployment rate right now is 3.9%. >>> the stock market took a big hit yesterday due to italy's political crisis. the dow was down almost 400. the market is bouncing back a little bit this morning on renewed hopes for a new coalition government in italy. dow is up over 150. nasdaq up 46. s&p up 18. back to you. >> thank you. >> time now 6:48. >> i would be a mess out there if i were driving. the three right lanes were shut down this morning now we are tracking two right lanes closed but still a major impact on southbound 680. here's a live look at the scene after a big rig got in a crash and spilled over 70 gallons of fuel on the road. crews are working to clean it up. there was another crash in the backup over in the center divide. couple of cars got into it. so please be careful as you make your way heading towards the dublin-pleasanton interchange. it's definitely been a hot spot. the backup stretches to b

as a result of that, we saw a gain of 240,000 jobs in the month of april according to adp.tock market though is a little mixed right now. the federal reserve wraps up a two-day meeting and may get aggressive on rate hikes because of inflation. the dow is now lower by 40. nasdaq down 6. s&p down 7. back to you. >> thank you. >>> you might want to put that summer road trip on hold. gas prices are once again on the rise. kpix 5's anne makovec reports from south san francisco >> reporter: prices dollars 4.09. prices up about 40 cents over this time last year and the expectation is that they will keep on rising. let's check the average numbers. in california, the average price for a gallon of regular is $3.62. that's up 12 cents from a month ago. san francisco is up to $3.74. oakland $3.64. san jose $3.65. petroleum analysts say the increase in prices is in part because of the trade conflict with china and fears over military uprising in syria. the surge also being traced back to opec and its decision in 2016 to cut production. in many cases, it's supply and demand. >> there's s

adp report showed a gain of 178,000 jobs, slightly shorter than the expectation. this is a precursor often for what we expect friday. what we're expecting is 185,000 on friday. if we missed that does, that hurt the markets, is this a tough friday? >> no, listen, if you get a big miss one way or the other, clearly it will have an impact on the markets. but liz, for the most part, the lines of least resistance for the market continue to be higher, in my opinion. we're in a goldilocks economy. nothing is ever perfect. politics aside, i mean, things are pretty good economically in this country and improving around the world, and the stock market simply reflects it. without a change, interest rates are moving higher, sort of a move to normalcy, we're getting it back and filling and breathtaking from time to time, but i do think the overall direction is up for the market. not down. liz: all right, well, the bulls like to hear that, teddy. thank you very much. teddy, alan, luke, see you next time. we showed you the live pictures from the federal reserve, where they're se

we live it from the cloud. >> and when you talk about doing things for companies like adp.lic or private cloud? >> we're delivering it from the crowd the brains are in the cloud the management is in the cloud. we have a maul lightweight agent that runs on every machine, whether it's a desk top or server on premise in a companies ip center or desktops or in a public cloud like amazon >> given that amazon, google, everybody, microsoft, azure, are all trying to build more and more of this type of technology into their own cloud rather than have it be a separate layer, long term, do you say, an independent company offering this service across various clouds or microsoft or amazon will ultimately buy us and make us a manndatory piece of the stack? >> we work with amazon, google is one of our investor, we are agnostic, the most important thing is to make sure the work loads can be protected for our customers. >> do you see that as an opportunity or a threat to your business >> i think it's a great opportunit opportunity. if if you look at how we protect the customers, i think as

around, saying they were slightly positive as of friday, driven by their positions in chipotle and adpe spoke, one of the first times about united technology, that position, of course, broken on "the halftime report." he explained their thinking there. it's clear that they see a short-term catalyst to the stock as a separation of the company's three businesses this kind of mirrors the thesis surrounding that of dan loeb, who also recently acquired a position in the company and is looking for a eseparation of their units. ackman also said he's building a new position in a company yet to be named he said he would be talking about it at a future date. he also addressed redemptions and how they have forced a rebalancing of their portfolio as a result, he's added what he said opportunistically, to his positions, in chipotle and fannie mae and freddie mac, and last but not least, he announced the departure of the firm's vice chairman he said he will remain as an adviser. scott. >> got you thank you. >> leslie picker with the breaking news for us >> steph, we know that he had this position in

joe: and we look at economic data, adp employment comes out in may. >> and don't miss wilbur ross speakingorum in paris. >> that is all for "what'd you miss?" bloomberg technology is up next. joe: have a great evening. this is bloomberg. ♪ his is bloomberg. ♪ >> emily chang in san francisco in this is "bloomberg technology." coming up in the next hour as the midterm elections near, cyber threats are at an all-time high. how are countries battling it out in cyberspace? rollout ande's rollout and why google mightav

let's go through internals considering adp and big employment report this week the index moved down abouthree points from 57.3 to 54.2. prices paid on the other hand moved up but not as much but are getting ready to pop the veil of 80. they move from 78.1 to 79.3 and new orders basically a push slight miss 61.9 last week and 62.2 this look and hovering 2.50. carl, back to you. >> a lot of information. rick santelli, good morning welcome back to "squawk on the street." sarahizen will be here at the moment. she will join us in a moment. favor is at the conference in beverly hills with a big interview ahead of us. dow is down about 140. road map begins with exemption and extension. white house giving key allies a break on steel and aluminum tariffs. wilber ross will join us to discuss. a look at what to expect from the fed and impact on ten year and markets around the globe and retailers report tapestry tumbling as revisions. we'll look at what did spook investors. >>> investors await latest numbers from apple tonight. the fed decision tomorrow. joining us black rock's manager and michael sa

boat loads of data next week, adp, and bureau labor statistics look for more consolidation in interestates if the fed was paying attention, this gives them exactly the window they need if they wanted to put an extra cut in because the market will play into it to some extent. >> gordon, do you care about what we see in the bond market or macrodata from europe bother you in u.s. equities? >> global stage or the strike in brazil, it's the currency issues in turkey, italy, europe, and, of course, in negotiations going on right now, which goes either way. look, the catalyst to the market moving forward is going to be the ability for american markets to expand globally, whether it's china directly or the satellite north korea, i think that's what investors are looking towards, and hoping for >> renee, talk us through what particularly you like in the oil space. you mentioned december pie eed e selloff, you like the energy sector, any particular names you got for us >> you know, i'm a big etf girl, so the u.s. oil and exploration sector is very sensitive to upwards movements or downward movem

the american economy is really -- >> the list of all-time highs today to that point, adp, jb hunt, roberthese are all -- >> campbell's was such a dreadful call. freight, freight, freight. able to raise rates. all the trucking companies able to raise rates american business is just terrific, and it isn't talked about enough so, there, i just gave it a nod. >> jim, you'll stick around. >> yeah, why not larry kudlow is coming up. >> larry kudlow is going to join us the chief economic adviser to the white house on this trade deal with the dow up 273 welcome to holiday inn! thank you! ♪ ♪ wait, i have something for you! every stay is a special stay at holiday inn. save up to 15% when you book early at hollidayinn.com ♪ >>> good monday morning. welcome back to "squawk on the street." i'm carl quintanilla with sara eisen and david faber. we hit 25k for the first time since the middle of march as the white house says a trade war with china is on hold. that's where our road map begins china trade talks, tariffs on hold as negotiations continue. the president promising great things for american far

watch after tomorrow's fed announcement and with two employment reports coming up, adp and friday, bureau of labor statistics another issue, wilf to watch, it's about the long end drifting up into fed meetings, but short end drifted aggressively this is the first time we settle above 2.5. we mentioned they traded above it going back, i believe, to august of 2008. hence, tens minus twos, back to flatting and now it's in 46 today, which is only three points away from the flattest it's been, 43 a week and a half, two weeks ago, and that was the flattest since september of 2007, and, finally, 30s minus 5s, another version of the yield curve is the flattest trading 31, flattest it's been since july of 2008 the reason i bring that up is even though rates are rising, the short end is much more stubborn in that endeavor skewing the curve flat >> steve, are you watching that? i mean, why do you think we've bounced off the lows here today? >> i think today, you know, there's a lot of words floating on the street. there's fed drift ahead of the fed decision, no one expects them to raise rates at lea

we have seen a tempering in the adp figures. we saw it during christmas layoff data.toys "r" us will not be a one-off situation. sears liquidates, you will see more service sector jobs lost as the year goes on. marge was also one of the biggest months we have had for mergers and acquisitions. we know in the aftermath of mergers and acquisitions, synergy can be squeezed out which means layoffs. you note something else recently and that is inside the wage data, there is discrepancy between goods and services sectors. that is where we see wage inflation on the good side if you are looking for it and not on the server-side. how is that playing? danielle: i hope it is playing into the thinking. we are talking about eight -- 80% of the u.s. economy. there is a risk that it looks like the tariffs and trade war rhetoric is going to cool. if that is the case, we will see a tempering even in the goods producing sector as supply change -- chains are replenished. we could see a flame out in the economy into the third and fourth quarter, even though we know the second quarter will

now the fed hit the inflation starting and it's plow the long run sustainable unemployment adp kagannemployment rate that will sink into the threes sometime on the. the bls estimate for friday, 195k the fed also will continue talking about the effect of strong fiscal stimulus at a time had he it wants to slow down the economy. the chief economist at grand thornton writing into. the fed is attempting to water down the puchbl and even take a few glasses away while the administration and congress are sneaking flasks of grain cho into the school dance despite the punch. here are the probabilities for rate hikes for the rest of the year that's a high. goldman sachs had a report saying this morning saying it now believes the fed could go further this cycle than originally forecast seeing upside to the prediction they would stop the cycle at 3.25, 3.5% it is a darkened outlook if the you don't like interest rate hikes. >> steve leishman from washington stocks are steady ahead of this decision the vix is at 15 and earnings are are helping a lot. tech has been up all day apple is the main mov

. >> by the way, the adp jobs report this morning was pretty solid.y >> there is nothing wrong in the data that would suggest that it was the end of this year or next year i cannot find a way that my $155 s&p earnings estimate for this year can be too high which means you've already discounted the caution you're down three multiple points from how you came into this year at 20 times based on the likelihood of that one, you'd have to have an economic catastrophe to not hit that. meaning you'll be trading at 17 times earnings >> well, this is the interesting thing. is it simply that investors aren't willing to pay up as much for every dollar of earnings, sar sarat? if so, why >> a couple other things are happening too. yes, investors are being cautious you've had five years of phenomenal growth. maybe we're not going to get it. i think you're going to get good earnings but i also think you get this rotation out of stocks now we haven't seen that if ar long tomb i think you're getting money moving out of there. you have a pause on the buy button people t

clean energy gest company is offering almost $11 it doesn'tbuy shares already own in portuguese giant adp almost 5% higher. 23% of the olds company and says it would retain its listing on the lisbon stock exchange. >> coming up in the next hour, markets, we'll have for analysis on what china's msci indices he means. he's head of global markets research, he'll be along with us shortly. keep it here, this is bloomberg. . shot: building on the benchmark -- malaysia after -- rishaad: malaysia, stocks. shares rising strongly on news that xerox has terminated their takeover deal. in hong kong, i'm rishaad salamat. : also coming up, china takes another step toward global inclusion. markets asia.erg it is msci inclusion announcements day. this has been a long time coming. i guess the question is, has the chinese market fundamentally changed since we had that boom bust rise and then selloff? a bit of a mixed picture. we will get the domestic activity indicators. it looks like inflation seems to be tempered on the u.s. side. trade tensions, geopolitical tensions, it is all looking pretty sanguine.

yesterday we saw that that employment bropd to lowest since april 2017 there was also some weakness in adp week in addition to what all of the guests are talking about obviously layoffs certain sectors of the economy toys "r" us lay-offs are starting to percolate through in numbers i think so i think, i think the little dip, off what was expected what -- we knew about it in advance but i would also point to revisions not being about near as strong as you would have liked -- march revised up much more strongly. >> good point jon hilsenrath reaction? >> well, you know, we're throwing a lot of numbers around out here one number that everyone needs to pay attention to is 3.9% unemployment rate, employment growth is fine right now, you know, when you look at it over the last three months, basically right in line with where it has been several years, 3.9% unemployment rate means that our job market is squeezed, labor is becoming more scarce we're not seeing in wages now but we are seeing pressure build anecdotally for fed means going to do two more interest rate increases this year certainly the

now adp, defeated perching >> i wouldn't call the png one -- i'd put that in the win category >> if itears ago, it would have been a blowout with trion winning. i think things are changing now. shareholders are getting more sophisticated. >> great to see you, sir >> good to see you >>> when we come back, a check on what's been moving crude oil prices plus when amazon bought twitch four years ago for $970 million, the common refrain on the street was who's going to watch people play video games look who's laughing now. some big analysts at this point are putting a big valuation on that platform. gene munster says it could be worth $20 billion by 2020. the coans mpy'cofounder joins us in just a bit. "squawk box" will be right back. . there's nothing small about it. are your hours small? what about your reputation, is that small? when you own your own thing, it's huge. your partnerships, even bigger. with dell small business technology advisors you'll get the one-on-one partnership you need to grow your business. because the only one who decides how big your business can be, is you. the d