>> well, first thing i learned in life is never to disagree with art cashin. we'll start there. but with regard to the basic trade war issue, the problem with the subsidies of air bus go back 14 years. we've been doing nothing for 14 years. i think it's pretty clear the fractures on our side, the wto will rule there, so here's your choice do you want to continue to do nothing or do you once to say okay, 14 years is enough i think the way to think about this, it's game theory that's not necessarily, you know, a start of a trade war. >> larry -- >> game theory within the general trade. >> is it fair to say that the u.s. consumers, in a way should be told, we're asking you today to pay the tax to bear the brunt of these tariffs in order to achieve, you know, something really important long term is that a fair trade >> well, first of all, the u.s. consumer is only going to pay a very small fraction of the tariff the goods we're talking about, wine and cheese, are supplied and elastically demanded we have a lot of alternatives. i love bordeaux but california has perfectly good produc

with a rally yesterday the dow down fractionally about .25% joining us is uvs director of floor art cashinerize what we're seeing >> the problem for the bulls is they needed to take full control by blowing away this idea that we may be seeing a rollover on top of the market, even as well as it was trading. the problem, morgan, is that we haven't blown out the brand new highs. that has caused presentation one of the things traders will look at here is what is the followup on lyft, the selling on the second day, the underwriters unfortunately timed it to start trading on the last day of the month which meant that, if you were a hedge fund and wanted to flip, you flipped it and had to report that in a report that was due out virtually the last couple days. if you'd like a big allocation in uber, you certainly don't want to let them know you flipped it out that's why we saw selling on the second day, not on the first day. now traders are going to watch, can they circle the wagons here and hold on the it were to develop a full-blown flush down, it would affect some of the rest of the market. >>

. >> i think it was cashin' who said the bulls need to take out the intrayig aad hhsnd we'll see.. we got no free pass. everything we have, we've earned. the unmistakable lexus is. lease the 2019 is 300 for $329 a month for 36 months. experience amazing at your lexus dealer. like.. pnc easy lock, so you can easily lock your credit card when its maximum limit differs from its vertical limit. and clover flex, for when you need to take credit cards when no one carries cash. or requesting a call to help get a new credit card- one that hasn't followed the family goldfish. pnc - make today the day. >>> good morning it's 8:00 a.m. at snapchat headquarters in santa monica, 11:00 a.m. on wall street and "squawk alley" is live ♪ makes me that much wiser ♪ thanks for making me wiser ♪ learn a little bit faster mad my skin a little bit thicker ♪ ♪ thanks for making me wiser ♪ oh, oh, >>> the question is, will we add to yesterday's gains welcome to "squawk alley." i'm carl with morgan brennan at post nine, jon fortt has the morning off. >> we're going to start with techs charge higher. the s&p

actually up by 10.6%, and then square was down by 1.7% there had been some people -- i think art cashin, had been talking about this the week before maybe bob pasani wrote about it. they anticipated nobody would sell on the first day because you wanted to get through the first quarter where you don't have to report your sales. on april 1st you have another three months before you have to file to admit that you sold on that first day >> i think sorkin hammered that they're never going to make any money. i heard you ask that question, like, 100 times. it's not like you didn't highlight that it's not going to be a -- may never be a profitable company >> the story here is going to be about what they do in the next quarter and the quarter after, and it's not going to be solely on the profits or demonstrating they're going to get there it's going to be are they taking down costs are they actually able to continue to grow revenue are all of the incentive programs and marketing programs that were clearly put in place before the ipo, are they still in place those are the questions. if you see th