we're getting the may a adp report out in about two hours.s are expecting an increase of 180,000 jobs for the adp report and then we get the jobs number at the end of the week for the month as well. and that's probably similar numbers, 180,000 is what we're looking for from adp. do you think we'll get a good number? >> if we see a weakening it will be in the adp numbers before it will be in the jobless claims. so it's possible we're just a little soft from the 180, maybe 175, but i think the initial jobless claims will be right on target with consensus. so these issues are really longer term issues that we have to worry about and remember, what the average investor looks at is not so much gdp growth. the average investor looks at the stock market, are the mutual funds up, is the 401-k worth more. it's a stock market issue for the president's re-election. maria: we're looking at job opportunities. we've got the adp number out today and friday we've got the jobs numbers from the labor department, 185,000 jobs expected in the month of may. the u

adp saying the u.s. was substantially below the consensus forecast of 173,000. the report says that factors holding back job growth include labor shortages and layoffs at brick-and-mortar retailers also, another key economic report is about 90 minutes away right now. the institute for supply management coming out with its nonmanufacturing index that happens at 10:00 a.m. eastern time this morning. it's the measure of the u.s. services economy, expected to be down slightly. that compares to a month ago >>> and many investors fled the stock market in may, the first losing month in 2019 for stocks. new figures showing that stock etfs saw a record $20 billion in outflows during the month. >>> oil and gas giant shell wrapping up its investor day the company saying that it will return $125 billion to shareholders in the next five years, if oil prices stay firm let's find out how likely that is and what the ceo thinks about the recent occidental deal for anadarko he's with brian sullivan for a first on cnbc int

the adp number was an unmitt petitioned disaster.y the same token ism number, significantly larger than manufacturing was pretty good, particularly the employment component. where are we right now? what is the state of our economy? >> if we get a good employment number we're in very good shape and the gdp estimates are too lowe. i think there is bias on wall street with regard to tariffs against president trump. it is if they listen to nancy pelosi every morning and get up to do the forecasting. a lot of studies are polemic which assume the worst. my feeling if we get a good jobs report we are in good shape. if we don't have tariff with mexico we're in good shape. these tariffs are basically just pushing first to reevaluate the efficacy and prudence being in china which is what we want. charles: right, right. even on the first day the mexican threat was made the dollar increased against the mexican peso. polemic is the word? you always enhance my vocabulary. one of the reasons i like to have you on. jeremy, thank you. >> thank you, c

we continue to wrap pretty well and closing around the week of adp number and adp just disappeared whencome to friday's numbers look at the two-day of twos. absolutely, of course, it has to do with what's going on with regards to the fed and trying to come up with some type of relationship in the feds' role of how they put the pause at the end of this year verses last year reacting to the market we don't know how trades turn out, it canda disappear quicklyo not. they're down a half, half minus four ten minus twos, it zoomed all the way up to 30 bases points. we have not been there since the end of last year here is something truly fascinating. here is may 1st of fed funds december forget percentages, just remember, is thatrocket puttin mores on the table the long end is hovering is own. we have not closed that since the fall of 2017 if you look at fed fund for december, opening it up, you can see how there is symmetry for what's going on for fed fund futures. carl, david, jim, back to you. >> rick, we'll see you in a little while still to come, a closer look inside amazon. >> we'll talk

but the adp number a that we had this week was really telling.hose companies that had under 50 employees actually lost 52,000 jobs. the president did a great job with the tax plan. small businesses benefited hugely from that and we saw big boost. now we're seeing that small businesses are nervous. they're not hiring as much. although i think we all believe the game of chicken that the president is playing with china and mexico will probably pay off for u us, in the mean time a lot of small businesses are on hold and won't be gearing up any time soon until we see the trade talk settled. maria: does the backdrop feel strong to you still? you have federal reserve officials debating whether or not to cut interest rates, the president weighed in on that as well. i wonder how you feel in terms of the broad backdrop here. does it feel like the economy has slowed down for you? >> well, the numbers aren't there that it's slowed. it's slowed a little bit. the whole key is the small businesses, if confidence starts to wane where it appears that it has, beca

jennifer, let's talk about the expectations for the report and talk about that adp print yesterday which really shook up the markets. >> yeah. it really did. good morning, cheryl. happy jobs friday. like you said, we're expecting 185 now, which would be a good print. there is a risk this could disappoint economic momentum that has been slowing in the face of slowing global growth and tariffs a that are creating uncertainty. if we get a disappointing jobs report, anything below perhaps 100,000 on the payroll number, that could cause a down-draft in the market. i think this is going to be a major determinant about which direction the fed is going to move. the markets have been pricing in up to three rate cuts this year, about 25% chance of a rate cut in the june meeting next week. and 7 75% chance in july. if we get a disappointing report i think this moves the fed closer to chances for a rate cut. cheryl: mark is here as well. i want to bring you into the discussion. look, the futures are pointing higher, and charlie brady is like, look, they're looking for a bad report which means that f

at adp we're designing a better way to work, so you can achieve what you're working for.re home! let's go! what kind of suv is that? it's a brand new buick enclave. it really makes it easy to unload all those little maniacs. sure does. hey honey we should get one of those, and have like a ton more kids. yeah, i'd love that... more kids. yeah... introducing the all-new buick enclave. tomorrow's suv for today's family. current eligible gm owners get up to 16 percent below msrp on most of these buick models. or get just over 76 hundred on this 2019 enclave avenir, that's 13 percent. liz: all right. it is nightfall in ireland, where president trump just landed about an hour ago, and is resting up ahead of d-day ceremonies in normandy, france tomorrow. the president commemorated the 75th anniversary of the d-day landings by meeting with veterans in portsmouth, england, where those very veterans stepped on to ships 75 years ago, ships and boats heading to an uncertain future on the shores of france. they helped liberate europe from nazi germany's military occupation during worl

the adp report this week >> look at automation. robotics is still a thing.haven't fully automated anything there are huge gains to be made here and i don't see this happening in the next six month, but i think there is a longer term, potentially bullish theme that we're not factoring into any estimate. >> they're saying good-bye i think they are saying to you i don't think you want me to leave. >> where are you going you have another 45 minutes. >> savita, not me. i'm staying. savita, thank you. are we heading into a recession, guys >> i don't know the answer to that, but i'll say this. why would we look at recession to say it's such a bad thing and it's a natural part of the business cycle and it's not such a terrible thing to go through recession? it should be a natural part and it should happen every few years or so and we talk about it like it's a horrible thing. i will say this, with the fed trying to stave off the recessions they've made the downturn that much worse and they've made u.s. corporations in large part lazy because they don't have to focus

tariff talks, fed "beige book" came out, that shocking adp number. still the dow jones industrial average up 170 points. a heck of a called drone. with do you make of it? -- cauldron. >> look the economy is terribly strong, the tariffs have not been any effect. the weakness is set by the chinese currency. don't need to worry about tariffs against mexico. tariffs is a tool congress gave the president to use when he needs to get stuff done. this is an immigration war, not a tariff war. tariffs are a a tariffs. it is unusual to screw a screw with a hammer. the law gave trump the tariffs to use as tool. we'll solve the immigration crisis. stop talking about the immigration crisis as being great for the economy. charles: president obama said he solved the crisis. whether or not the fed will come to the rescue. he made it pretty clear yesterday. think about this, the top two sessions of 2019 were powell pivots. january 4th, june 4th. 63% of all baines this year on those two days when the powell let markets know i got your back. i'm saying, as long as he ca

we don't want a 27 up like we got from the adp >> i don't think you do. don't think you want a real bad number that shows that job growth fell off a cliff in may i think the market is now craving confirmation that it's going to be realized but they don't want -- >> that's the story on the journal though >> but in a span of two weeks the market is saying it's a 30% chance, usually it's overwhelmingly 70% or more within that span that would mean the fed just decided to have a little bit of a shock and awe like this is going to happen. why waste time thinking about it i don't think that's the likelie likeliest. so if you get a 250 thourkss job number today, that muddles the story a little bit because i think you probably -- the fed says we have time to be on hold, watch how this plays out. >> i'll give you my chances if you give me 250. give it to me. i'll deal with it. won't you deal with it if it's 250? >> sure. except there is something -- >> it's always good. >> is the government hiring or is it private? you could see a census hiring boosting up and cove

i suspect tomorrow's number will but the reality, adp actually mails checks to people.ow they measure employment. if they say small business let 77,000 people go, which is what they said, it probably actually happened. is there a popular to blame recessions on fed policy, but to be fair, the fed has been dealt a dud and in terms of trade disputes. >> absolutely. here is the thing about being a central bank. for the to make policy environment you find yourself in. we have known about these china tariffs for over a year. the china tariffs trade talks collapsed over a month ago. morningliams said this that the yield curve is not some magic crystal ball telling you about recession. that is absolutely right. what it does tell you is whether the fed rate policy is appropriate. we have been letting the fed know they have got rates set to sinceince -- set too high the beginning of the year. i think the way the fed can get is, they can talk about being more flexible now that they have reached neutral. factcan talk about the that inflation is 50 basis points under target. they ca

not only was adp disappointing but challenger gray was also disappointing today. so we need a good number we need jobs we need wages to help offset the slowdown in manufacturing. we don't get that, then has when you're talking about more aegz than just once or twice. >> steven, where do you stand on financials in this environment economy could pick up but rates could be lower >> this move down, this flattening of the yield curve is negative for trading financials. now, again, how easily this could change might change that whole picture if the economy is not at a peak. but again, when you think about what is going to happen with fed easing and what is priced into markets, we are either going to have a little fed easing, a lot of fed easing or we're going to have none. and that's going to end up being the outcome of trade policy. when you think about how the fed could fix things in the fourth quarter, they were the source of the problem running tremendous monetary policy uncertainty, knocking markets down. they are not the source of this uncertainty this time around

we've got a weak jobs report from adp. tomorrow is the big jobs number.'t know whether it's going -- what do you think it's going to be? weak or strong or what? what's your forecast? >> the economy is slowing down. there's no question about it. we had a really great gdp number for the first quarter. so far in the second quarter, 2% or less growth. look, that's in large part because of this trade war. i'm someone who supports what trump is doing on china. i think we've got to have a victory here. we cannot go on with this abusive relationship but in the short term, this is going to cause some pain. we are seeing that in the small business numbers. i think we are going to get probably weaker than expected employment -- stuart: should the fed cut interest rates? >> yes, but not because of the trade war. i was just looking at your charts on the tv. look what's happening with the oil price and the price of soybeans and all these commodities are falling in price. i have been saying this for six months, that we have a slight deflation in the economy, that's bad

. ♪ at adp we're designing a better way to work, so you can achieve what you're working for. who usedbook the vacation rental which led to the discovery that sometimes a little down time can lift you right up. expedia. everything you need to go. 2,000 fence posts. 900 acres. 48 bales. all before lunch, which we caught last saturday. we earn our scars. we wear our work ethic. we work until the work's done. and when it is, a few hours of shuteye to rest up for tomorrow, the day we'll finally get something done. ( ♪ ) present trump kicking off a three-day visit to the united kingdom during thersea may's final week as prime minister. michael houston. chief market analyst. let's first talk about this. friday she will be resigning as have of the party. he said these are the two leaders. an asset but he also had very nice things to say about boris johnson. he goes back about three years ago. in the comments with respect to the u.s. relationship with the uk. i think his comments had gone down equally. depending on which side of the debate you are on. it's not particularly constructive. he was

maybe built on surprisingly weak adp report. >> yes. neil: which still showed a gain of 27,000 jobs in the private sector. i never heard prior to the "wall street journal" report that it could come as soon as end of this month? >> i know. it's a little bit crazy we would react that quickly, neil, to numbers, we still have seven million open available jobs for qualified people. neil: wow. >> we have almost in some case, people used to call this full employment. we have that many open jobs and not filled. so, yes, i think you're right, i think it did come from the adp report on wednesday, thinking friday numbers would be bad. now that they came out, it is reaction, okay, this will price in a rate cut. i don't know that the fed will react that fast, neil. they can't undo it that fast. i think they will be more measured than as fast as this month or next month. i hope they are. neil: jim, i was talking to someone this morning on the employment report. neil, when push come to shove better to have jobs increasing than going the other way. we'

meanwhile adp number right here, private sector job growth a huge disappointment. 27,000 private sectorobs added. we were expecting 180,000. so big downside. the only positive i think that the markets could take out of this, this is what traders were telling me, that this adds fuel to the fire for people who are pushing for a rate cut. again, rate cut is the big headlines here. talk about a couple stocks here. gamestop down dramatically, some 30% or so. and that is because they had a horrible report. earnings report there. they're at a 16-year low. listen, investors have sold short 39 million of the company's shares that represent 40% of its float. >>> uber also interesting today, that company trading above 45. that was the remember, the offer price at its ipo? good news for ipo investors there. what happened? well good news for uber. 20 firms launched coverage of the stock this week. 17 with a buy rating. so good news for uber. good news for the ipo market. back to you guys. melissa: gerri, thank you. connell: taking aim at walmart. senator bernie sanders stopping by the retail giant's

>> adp has misled in the past. we have to be careful about that there's been a number of head fakes from it. but, you know, i do think we're potentially due for a softer reading on jobs, given that last month was so strong we had 263,000 jobs created last month. some mean reversion makes sense. we want to look at a moving average in that respect. what we're all really worried about is a confidence shock. how quickly is uncertainty going to pick up in the economy, given the trade escalation how does that feed into the broader economy in will you see companies delay hiring and adding to their workforce because they don't know what the future is around trade >> we've definitely, andres had that shock service number was okay. today was okay listen, i think companies just don't know what to do in this environment, right it's an open ended question. look at the reaction in the two-year yield this morning. that thing was above 2.1% sunday, below 1.8% now do you think a rate cut in june is on the table? >> i think the issu

some pretty soft numbers coming out from the adp report earlier. been created in may, significantly down from april. but things have taken a turn for the worse recently. and the expectation will be that it could be weaker than that figure because of the weak adp figures. there is usually a high correlation between the two. markets will be interested in this because of this growing expectation that the federal reserve will be cutting interest rates. so a can figure here will boost that expectation. we could see the dollar taking another four lower and us stocks being pushed higher. fiona, come back to talk us through the papers. still to come... president trump has said he is prepared to offer a phenomenal trade deal. we will have the latest with dharshini david, our very own economics correspondent. you're with business live from bbc news. now, let's talk about bank overd rafts — they are about to get a whole lot less painful. or at least that's what is being promised. they could be scrapped and replaced with interest rates, to make it easier for p

at adp we're designing a better way to work, so you can achieve what you're working for. calling kohler about their walk-in bath. nah. not gonna happen. my name is ken. how may i help you? hi, i'm calling about kohler's walk-in bath. excellent! happy to help. huh? hold one moment please... [ finger snaps ] hmm. it's soft... the kohler walk-in bath features an extra-wide opening and a low step-in at three inches, which is 25 to 60% lower than some leading competitors. the bath fills and drains quickly, and the door ensures a watertight seal, so you never have to worry about leaks. kohler's walk-in bath was designed with convenient handrails for added stability and safety. the wide, ergonomic seat is tilted back for comfort and stability. it has a channel so water won't pool on it. and it positions you perfectly by the controls. while the heated seat soothes your back, neck and shoulders, warming up your body before, during and after the bath. kohler is an expert in bathing, so you can count on a deep soaking experience. honey, are you seeing this? the kohler walk-in bath c

at adp we're designing a better way to work, so you can achieve what you're working for. promote ourke summer travel deal on choicehotels.com like this: surf's up. earn a fifty-dollar gift card when you stay just twice this summer. or.. badda book. badda boom. book now at choicehotels.com my time is thin, but so is my lawn. now there's scotts thick'r lawn 3-in-1 solution. with a soil improver! seed! and fertilizer to feed! now yard time is our time. this is a scotts yard. hey! i live on my own now! i've got xfinity, because i like to live life in the fast lane. unlike my parents. you rambling about xfinity again? you're so cute when you get excited... anyways... i've got their app right here, i can troubleshoot. i can schedule a time for them to call me back, it's great! you have our number programmed in? ya i don't even know your phone anymore... excuse me?! what? i don't know your phone number. aw well. he doesn't know our phone number! you have our fax number, obviously... today's xfinity service. simple. easy. awesome. i'll pass. jesse: steven crowder is a conservativ

. ♪ at adp we're designing a better way to work, so you can achieve what you're working for. ♪ can't is yet.re? what is that? that's a blazer? that's a chevy blazer? aww, this is dope. this thing is beautiful. i love the lights. oh man, it's got a mean face on it. it looks like a piece of candy. look at the interior. this is nice. this is my sexy mom car. i would feel like a cool dad. it's just really chic. i love this thing. it's gorgeous. i would pull up in this in a heartbeat. i want one of these. that is sharp. the all-new chevy blazer. speaks for itself. i don't know who they got to design this but give them a cookie and a star. when crabe stronger...strong, with new nicorette coated ice mint. layered with flavor... it's the first and only coated nicotine lozenge. for an amazing taste... ...that outlasts your craving. new nicorette ice mint. sir, you're a broker. what do you charge for online equity trades? uh, i'll look into it. (phone rings) lisa jones! lisa: (on phone) hey carl, what are you charging me for online equity trades? (nervous chuckle) lisa: and do i get my fees ba

investors simply trying to gauge what the weak enshrinemeest adps for the economy, what, if anything, the fed may be prepared to do about it. pete, you've got the best two-day gain in five months. >> yeah, pretty impressive >> is this all about expectations and hopes that the fed is going to cut rates? >> i don't know if it's all but i would say a great portion of it is about the fed and what they're going to do and jon's been talking about this rate cut for a while, we've been talking about the ten year getting closer and closer to 2% for a while as well, scott, so there's a lot of different aspects of what's going on that's very, very interesting right now i think the fact that there's also folks out there, there's been some murmuring at least about are we getting anywhere further with the trade deal. i mean, i think that's still a percentage of what we're seeing in this lift and i'll tell you what, yesterday it was all about the nasdaq getting slammed and then all of a sudden it -- monday, rather, then it pulled back and then all of a sudden you see it today it's as if those names

i know the adp number was not great, but what happens if we get a good payroll number?t is another data point in the question of whether growth is slowing and we are entering a model through period of this long economic recovery, or whether we are headed for a recession. recessions are the quintessential bull market killers. bull markets do not die from old age, they die from recession. are we headed into a recession? we think that is too extreme a point of view, but every new piece of data that comes out gives is a different perspective. vonnie: chairman powell said we will keep the expansion going. is that naive? should we be welcoming the idea of some correction if not recession? that is a lutheran approach to the world. i live in minnesota and lutherans are worried if you have too good of a time at a party. there is no reason this economic recovery has to end. underneath all of the noise around trade policy, it is still a fairly strong economic environment in the u.s. however, we just had a three-day conference -- consumer technology and services conferences in new

vonnie: we've got adp employment changes this morning, which disappointed. the ism services index coming in stronger-than-expected, a very strong 56.9. that is a nice beat, and well above 55. let's see if it is impacting markets. the s&p 500 had already been higher today, and above 2800. now climbing just a little bit more, at 2816. campbell soup had a very nice beat, one of the best performers in the s&p 500, up a whopping 10%. some of the cloud companies beating expectations. salesforce is indicative of the performance of those companies, up 4.5% today. i do want to point to the dollar index. we were well below 97, just barely above 96 earlier on. we did claim or backup to the 97 upk -- we did clamor back to the 97 mark. guy: italy is lower. there's the ftse in milan. this is the european commission starts rolling on a deficit procedure against rome. markets aren't taking that very well. it is the banks that are taking the biggest hit. unicredit down by 3.6%. vonnie: sticking with the markets and the impact of mounting global trade tensions, david point by

that will be pressure. >> adp we talked about yesterday. no good.s that, what happens how soon would a cut come? june, sooner >> july, i think, if it were but be careful if there are surprises, there's a chance it could be to the upside adp might have been a one-off. let's see what happens. >> obviously adp raised some eyebrows art, thanks. see you soon art cashin let's get to the opening bell. s&p 500 at the cnbc real-time exchange big board today, celebrating ipo, gsx, education provider for k through 12 students in china and at the nasdaq, dsp group i think it's a crazy idea. we've had a lot of chinese -- not just chinese but education-related ipos i'm not really certain what this company does anyone bueller, bueller >> no. i'm focused on the food stocks today, david smucker's. the stock is up 34% so far this year and the food stocks are catching a bid in this defensive kind of market outperformer looks like the stock is going to open down. smucker's has been trying to spark sales. it's a company that's got three businesses one of them is pet foo

adp.on, but i think they're trying to morph the number to been early kind of replica of our early friday bureau statistics number we do have a pool workers we can draw back in that flies in the face of analysts interpretations, late cycle, employment isn't going to give you the picture, it's lagging. i get all that and also the notion that the demographics are really going to take hold. i still believe that the uncounted will slowly come back into the workplace and on a separate note, i notary riffs are all the rage and our guests are right, it's the threat of tariffs. ism responded to some of the information released yesterday certainly seemed as though the common denominator was that much of the service center activity wasn't seen any effects of tariffs. they saw some higher input costs but also raised their costs and their business was good. so you can slice and dice it any way you want there's always threats i've never known us to come on "squawk," joe, and say okay, we have nothing to

at adp we're designing a better way to work, so you can achieve what you're working for. know those butterflies aren't actually in the room? hey, that baker lady's on tv again. she's not a baker. she wears that apron to sell insurance. nobody knows why. she's the progressive insurance lady. they cover pets if your owner gets into a car accident. covers us with what? you got me. [ scoffs ] she's an insurance lady. and i suppose this baker sells insurance, too? progressive protects your pets like you do. you can see "the secret life of pets 2" only in theaters. "the secret life of pets 2" at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond. trish: president trump is rampin

. ♪ at adp we're designing a better way to work, so you can achieve what you're working for. ♪ it openedy doors. it's a lifelong adventure finding all of these new connections all the time. new features. greater details. richer stories. get your dna kit today at ancestry.com. >> a lot of it is fake news, i hate to say. we get no credit. fake news. there is a lot of fake news out there. because it's fake news. trish: a majority of americans say fake news is undermining confidence in our government. but more, these numbers show americans ranking quote made up news as a bigger problem for the country than violent crime, racism and sexism. here to pontificate on this one. go pack chairman david avella. if you cannot trust what you are hearing in the media and if people are repeating gossip and our intelligence agencies decide to use gossip and opposition research reports in order to spy on innocent americans from a rival campaign, then it sounds to me like fake news is indeed a massive problem for this country. am i right? >> it is a massive problem from a much larger contact. we haven't hav

at adp we're designing a better way to work, so you can achieve what you're working for.e rx crathe leading luxury suvogy of all time. lease the 2019 rx 350 for $399/month for 36 months. experience amazing at your lexus dealer. sir, you're a broker. what do you charge for online equity trades? uh, i'll look into it. (phone rings) lisa jones! lisa: (on phone) hey carl, what are you charging me for online equity trades? (nervous chuckle) lisa: and do i get my fees back if i'm not happy? like a satisfaction guarantee? ugh. schwab! lisa: oh right, i'm calling schwab. thanks, carl! wait, lisa! lisa... are you getting low costs backed by a satisfaction guarantee? if not, talk to schwab. a modern approach to wealth management. trish: president trump is ramping up the pressure on our southern border in a joint press conference with outgoing prime minister theresa may as president trump tells mexico to toughen up or pay up with it comes to the migrant crisis. i want you to see it. >> has mexico done enough to avoid tariffs that will be imposed six days from now? >> i think it's li

at adp we're designing a better way to work, so you can achieve what you're working for.re muscles? what with advpounding head? .. advil is... relief that's fast. strength that lasts. you'll ask... what pain? with advil. plants capture co2. what if other kinds of plants captured it too? if these industrial plants had technology that captured carbon like trees we could help lower emissions. carbon capture is important technology - and experts agree. that's why we're working on ways to improve it. so plants... can be a little more... like plants. ♪ -[ scoffs ] if you say so. ♪ -i'm sorry? -what teach here isn't telling you is that snapshot rewards safe drivers with discounts on car insurance. -what? ♪ -or maybe he didn't know. ♪ [ chuckles ] i'm done with this class. -you're not even enrolled in this class. -i know. i'm supposed to be in ceramics. do you know -- -room 303. -oh. thank you. -yeah. -good luck, everybody. -oh. thank you. -yeah. hey! i live on my own now! i've got xfinity, because i like to live life in the fast lane. unlike my parents. you rambling about xfinit

at adp we're designing a better way to work, so you can achieve what you're working for.ast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond. ashley: guess what? plenty of millenials say they are actually working a side job in addition to their day job. the question is, how many of those folks are doing that? lauren: it's been a crazy story. you have a full-time job and then you're working an additional job. 49% of millenials are doing that. ashley: 49%? lauren: according to bankrate, 49%. the question is why and how much are they making. on average, $13,000 a year extra. here's the why for you. they were scarred by the great recession. they saw their parents struggle and they w

we will see what the number is given the fact that adp number was weak yesterday. >> we should have.t of reports on manufacturing, service's economy very strong right now related to what you're talking about. >> the services and when adp comes out, hey, you lost 35% of construction jobs last month, the number may have been outlier, partly because not necessarily advertised but future investment. china very much intentional. we want them to move supply chains out of china, they are enemy of the united states and that's why the fed is playing ball with this administration. but with mÉxico, you know, mÉxico massive trade, what is this going to do to investment. maria: usmca, we will see what happens. tomorrow morning job's report, 8:00 a.m. eastern, stay with us, we will be right back. the lexus es... ♪ ...every curve, every innovation, every feeling... ...a product of mastery. lease the 2019 es 350 for $379/month for 36 months. experience amazing at your lexus dealer. . . . 2,000 fence posts. 900 acres. 48 bales. all before lunch, which we caught last saturday. we earn our scars. we we

decide they want to classify workers there's more uncertainty there than selling a subscription to adpr way, maybe less tech oryebted obviously. >> i think those companies rely on consumer trends the levi story is a turn around story. this was a company that was left for dead and the investor excitement around the company was the turn around and buying into an american icon. >> it leaves the question, though, are retail investors buying into these i.p.o.s this year, are they getting a good deal >> to kevin? >> literally crickets. >> it's impossible to answer that question. i wouldn't have a view of evaluations, i think everyone agrees the market is richly priced in general. what we've seen is that a bunch of these companies, you know, lyft, the classic example, super interesting i.p.o. but it's unclear when they can reach profitability. it's hard to answer that question that you just raised in some of these circumstances. we don't know -- you can't do a fund men cal valuation easily when there's no time horizon for period of timabili profitability. >> some of the bulls would rather you

. ♪ at adp we're designing a better way to work, so you can achieve what you're working for. ♪ cherylacebook, google parent alphabet, amazon and apple reportedly facing potential anti-trust investigations. our next guest says this regulation has been a long time coming. tech analyst ian wishinggrad is with us. investors are very nervous about the possibility of anti-trust investigations into all these companies. you are not surprised you by this. >> no, i think we all kind of saw this coming. they were too big and they play such a huge part in our lives, whether investigation or daily tech. everyone wants to know how to break them up, how or what does that mean or what are they doing with our stuff. i don't necessarily think disintermediating what's app from facebook changes things. cheryl: there's been talk about these companies are too big, they should be broken you. think about ma bell in the 1980s, same thing or different? >> here, all these services are for free. we don't feel the pain. we feel the pain on the other side in that they have data monopolies over us. hey, let me shar

. ♪ at adp we're designing a better way to work, so you can achieve what you're working for. ♪ but someients cookie cutter portfolios. fisher investments tailors portfolios to your goals and needs. some only call when they have something to sell. fisher calls regularly so you stay informed. and while some advisors are happy to earn commissions whether you do well or not. fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management. department of homeland security. the tsa reportedly allowing illegal immigrants on to flights within the united states without proper identification. that would make them undocumented immigrants. the agency reportedly accepting the illegal immigrants' notice to appear in court papers even though that's not even on the department's list of acceptable identification. a statement from tsa reads in part, quote, tsa has always had protocols in place for those unable to produce documentation and need to travel. ah. a department with

♪ to make each journey more elegant. ♪ i'm working for all the adventure two wheels can bring. ♪ at adpachieve what you're working for. neil: i know happel has a lot of big events. this kicked off any moment. expected to lay out the company's plans for the rest of the year but in so doing, giving the strongest hints, not hints, now stated policy, that itunes goes bye-bye. that has been around since what, early 2,000s. tech analyst ray wang is here. ray, what are we expect here? what happens to itunes? does it go away or morph into something else? >> hey, neil. i think the idea is gets broken into three parts, apple tv, apple music, the part people use to download and manage the music. part of the reason streaming services like spotify, others come into play there is a view that apple itunes, haven't really invested in the product as much as they had in the past. it has been falling away on the wayside in a lot of ways. neil: what is in its place? >> what's in its place? it will be the way you get movies and downloads coming through apple tv, apple tv plus. way you get in terms of music

today's adp is more of what we call an averaging number you look at it, you're shocked you pair it up with last month's, divide it by two, it looks better and more in line with economists. probably rosy agrees 150,000 is what people expect in this cycle. most of the nervousness of the fed is real. the slowing is real. the key is how much we could see is from trade, is trade the catalyst for the slowing is it indirectly a big part of things to come with regard to ongoing slowness, downgrades by the imf and world bank with regard to china and europe as a whole? today's big news in treasury specifically on this topic is the short ends trading like commodity futures. wild trade in two-year note yiel yields tens and 30s are steady and a lot less volatility on the long end. it comes from the notion that we get a weak number, the short end loves it briefly thinking it brings the fed in. equities right themselves and the long end takes the solace in stride and the rates turn firmer >> amanda, i guess the headline here is growth but a little bit slower and trade a worry. >> totally agree we th

. ♪ at adp we're designing a better way to work, so you can achieve what you're working for.be good i'llshe's gone.ter. it's a dangerous world. ah! [ grunt ] whoo-hoo! pops are your friends going to die? pickles don't be so dramatic. but yes probably. there they are. aww! whaa , whaa, ahh! >>> welcome back to "power lunch. i'm julia boorstin snap shares are up nearly 8% today on pivotal upgrading the stock to buy saying we don't want to miss the inflection point in the business despite our already strong year-to-date performance. analyst report points to user growth saying it prospectively turned a quarter saying advertising is moving the right direction. they're also confident in the launch of the android version of the app saying they believe it's doing well with today's gains, now the stock up 7%, the stock is still up over 150% year-to-date. melissa? >> julia, thank you. julia boorstin >>> new york fed president john williams wrapping up q and a with our own steve liesman in l.a. steve joining us now with the highlights, hi, steve. >> reporter: hi, melissa i got a chance

at adp we're designing a better way to work, so you can achieve what you're working for. mighyour joints...ng for your heart... or your digestion... so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally discovered in jellyfish, prevagen has been shown in clinical trials to improve short-term memory. prevagen. healthier brain. better life. be go[ laughing ] gone. woo hoo. ♪ welcome to my house mmm, mmm, mmmmm. ball. ball. ball. awww, who's a good boy? it's me. me, me, me. yuck, that's gross. you got to get that under control. [ dogs howling ] seriously? embrace the mischief. say "get pets tickets" into your x1 voice remote to see it in theaters. >>> welcome back let's get over to bob pisani at the global exchange conference he's sitting down with chairman howard lutnick bob, over to you >> and one of the great legends of trading, of course, here at the sandler o'neill global exchange conference. everybody is talking about the markets and what a tough may it was, down 6% a lot of volatility. kwlu what are you seei

. ♪ at adp we're designing a better way to work, so you can achieve what you're working for. was a successgn badda book. badda boom. this year, we're taking it up a notch. so in this commercial we see two travelers at a comfort inn with a glow around them, so people watching will be like, "wow, maybe i'll glow too if i book direct at choicehotels.com". who glows? just say, badda book. badda boom. nobody glows. he gets it. always the lowest price, guaranteed. book now at choicehotels.com at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond. >> finally this week, a poignant moment. thursday marked the 75th anniversary of the d-day landing that rolled back the nazi occupation of europe. the l

at adp we're designing a better way to work, so you can achieve what you're working for.body is truly powerful. i have the power to lower my blood sugar and a1c. because i can still make my own insulin. and trulicity activates my body to release it like it's supposed to. trulicity is for people with type 2 diabetes. it's not insulin. i take it once a week. it starts acting in my body from the first dose. trulicity isn't for people with type 1 diabetes or diabetic ketoacidosis. don't take trulicity if you're allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, or severe stomach pain. serious side effects may include pancreatitis. taking trulicity with a sulfonylurea or insulin increases low blood sugar risk. side effects include nausea, diarrhea, vomiting, belly pain and decreased appetite, which lead to dehydration and may worsen kidney problems. i have it within me to lower my a1c. ask your do

. ♪ at adp we're designing a better way to work, so you can achieve what you're working for. ♪ it's a 360 smart bed now from $899... senses your movement and automatically adjusts on each side to keep you both comfortable. and snoring? how smart is that? smarter sleep. so you can come out swinging, maintain your inner focus, and wake up rested and ready for anything. only at a sleep number store, the queen sleep number 360 c2 smart bed is now only $899. plus, 0% interest for 48 months on most beds. only for a limited time. maria: the international monetary fund is raising its outlook for u.s. growth 2.6%. do business leaders agree? i had a chance to sit down with the ceo of bank of america, brian moynihan, to get his take on tariffs, and the federal reserve cutting interest rates this year. >> when you think about the u.s. economy, it's 2/3 consumers. it's basically called china's economy. i focus on what consumers are doing. in bank of america so far this year we had a trillion in payments made by consumers, ach, wires. that is up 5% plus from last year. 17-18 it was 8.5. it's very s

. ♪ at adp we're designing a better way to work, so you can achieve what you're working for. ♪ >> i'mnow with a non-profit group making efforts to boost the economy. the big guns are focused, the government's guns are focused on big tech across the board, anti-trust, possibly congress. what's the issue here. normally when we consider anti-trust issues for damage to the consumer, what's the potential damage to the consumer these companies represent? >> the issue is whether these companies have enough power in the marketplace that they can limit competition and that could result in various harm to the country it could stop entrepreneurship. those are the concerns about these companies. >> they argue they provide valuable services at no direct cost to the consumers. other countries could come in and do the thing they do so they don't threaten. you don't want to prejudge these investigation. but what is your sense about their defense. >> these are important issues that both congress and the agencies need to consider. but to be clear. just because services are cheap doesn't mean there isn'

. ♪ at adp we're designing a better way to work, so you can achieve what you're working for. 2,000 fence 48 bales. all before lunch, which we caught last saturday. we earn our scars. we wear our work ethic. we work until the work's done. and when it is, a few hours of shuteye to rest up for tomorrow, the day we'll finally get something done. ( ♪ ) lauren: the house judiciary comate at this announcing an anti-trust probe of tech giants. kevin mccarthy on the ingram angle last night. >> 90% of all searches go through go google. in the past, they read all the g-mail accounts. they own youtube as well. facebook owns instagram. they control so much of the data and they utilized that to keep other companies down. lauren: the justice department and the federal trade commission are also moving to investigate google, facebook, amazon and apple over the way they do business. let's bring in former prosecutor and criminal defense attorney david bruno. >> good morning. lauren: you heard the sound bite right there. i have a source, used to work at the ftc. he says look, anti-competitive behavior is ha

we saw this morning, our weakest jobs report, the biggest miss in the adp since the summer of 2009. so right now, the fed has to pay attention not to collateral damage from the trade war, but to actual economic data starting to suggest that markets are rightly pricing in up to two or three rate cuts just this year. neil: you know, nicole, i don't know, during the obama years, it is odd during these trump years that even in the middle of a significant trade impasse, one could drag the economy, marketed at least two days running could be up. in fact since we first went to blows with china, a little more than year three months ago, the markets are up in the vicinity of three to 4%. does that surprise you? >> well it does, i think that, one of the concerns we heard from our clients, these tactics are very market distortive, they're unpredictable, really in terms of long term business planning it, makes it very difficult for u.s. companies to balance their interests here. i continue to be concerned about about the president's alternate use of national security as a lever in trade negotia

. ♪ at adp we're designing a better way to work, so you can achieve what you're working for. ♪ >> finallyrsary of the d-day landing that rolled back the nazi occupation of europe. the leaders of the nations that led this, the largest amphibious assault in military history, many of them were killed that day and in the weeks and months afterwards. >> these men ran through the fires of hell, moved by a force no weapon could destroy. the fierce patriotism of a free, proud and sovereign people. >> given the advanced age of the few surviving veterans. this may well be the last major commemoration of d-day for those who fought will be directly represented. but even as they fade from this life, the gallantry will never be forgotten. that's it for us this week. we'll be back next week when we take an in depth look at the 2020 presidential field with arthel: heck yes! because you know who says i will be here years from now to enjoy it? eric: we will be back at 4 o'clock. >> welcome to the journal editorial report, i am paul gigot.the u.s. economy added 75,000 jobs in may. the unemployment rate rema

. ♪ at adp we're designing a better way to work, so you can achieve what you're working for. who's alreadyars, two motorcycles, a boat, and an r.v. i would not want to pay that insurance bill. [ ding ] -oh, i have progressive, so i just bundled everything with my home insurance. saved me a ton of money. -love you, gary! -you don't have to buzz in. it's not a question, gary. on march 1, 1810 -- [ ding ] -frédéric chopin. -collapsing in 226 -- [ ding ] -the colossus of rhodes. -[ sighs ] louise dustmann -- [ ding ] -brahms' "lullaby," or "wiegenlied." -when will it end? [ ding ] -not today, ron. >> i'm joined by a former federal trade anti-trust attorney. he's now with a non-profit group making efforts to boost the economy. the big guns are focused, the government's guns are focused on big tech across the board, anti-trust, possibly congress. what's the issue here. normally when we consider anti-trust issues for damage to the consumer, what's the potential damage to the consumer these companies represent? >> the issue is whether these companies have enough power in the marketplace that they

that adp number would be terrifying but now it is encouraging. how do we keep track maybe you think the market is -- it is not. because now we're on the other side of an interest rate cycle the fed tightened up and the bulls are praying to get more ugly data to convince powell to give us a rate cut now and that is why i call it bizarro world because in that world everything is backwards and you don't need to read d.c. comics to know what i'm talking about here you just need to watch that one episode of seinfeld, it is season 8, episode 3. google it. watch it for heaven's sake now, any weak data is positive and anything strong is a nightmare because if the economy stays even luke warm the fed won't give us those rate cuts and that is why the averages when the adp gave us a terrible number which suggests the payroll is a disappointing, yeah, when they release facebook showing decent growth across the country and that said i wouldn't take that from facebook because it doesn't do a very good job of gaging the state of the economy. sorry. so what give

month's report from the payroll processer, adp. adp found the private sector in may added only 27,000 jobs. that would be this much. not many and steep loss in construction. that caused some forecasters to lower their expectations for the labor department's report. watch this space. they expect the unemployment rate to ld hhold staeteady at 3. according to the labor department, there are more open jobs in america than there are people looking for jobs and that's been the case since february 2018. wage growth is expected to come in at 3.2%. that would be the 8th month above 3% pay growth and that would be a solid improvement. you want to see those paychecks getting a little bit richer. what's happening in the markets right now. i would call this small gains, some stability here in the markets after six weeks of lower progress for the dow futures. overall, world markets ended the week, asian markets mixed and london still open. those are gains there overall. opening bell rings in just over four hours. we'll have that really important

. ♪ at adp we're designing a better way to work, so you can achieve what you're working for. who usedbook the vacation rental which led to the discovery that sometimes a little down time can lift you right up. expedia. everything you need to go. can the past help you write the future? can you feel calm in the eye of a storm? can you do more with less? can you raise the bar while reducing your footprint? for our 100 years we've been answering the questions of today to meet the energy needs of tomorrow. southern company you're smart,eat you already knew that. but it's also great for finding the perfect used car. you'll see what a fair price is and you can connect with a truecar certified dealer. now you're even smarter. this is truecar. take prilosec otc and take control of heartburn. so you don't have to stash antacids here... here... or, here. kick your antacid habit with prilosec otc. one pill a day, 24 hours, zero heartburn. >> with our foundation, i'm committing 500 million dollars to launch of a new national climate initiative. we will push states and utilities to phase out every