my name is jim siegel and it is an honor to be here today in front of this board on the day that thenorman larson building at the corner of haight and ashbury was designated a master -- national historic treasure. i'm very grateful that the government is finally recognizing the significance of the haight-ashbury neighborhood. neighborhood that drew me in in 1972 at the age of 16 when i left home. the neighborhood was in shambles at that time. sixty-two to 80% vacancy rates in the stores. everything was boarded up. i volunteered at the switchboard from 1973 through 1976, at which time at 16, i opened up my first shop, the white rabbit, at a time when all the other stores on that block were boarded up. i had partnerships that did not work out, and in 1978 at the age of 22, i opened up the store -- opened up a store which was there today. there is partnership problems in 1982 so i moved into a store that i have now, distractions, i have been currently running at 437 years, and as far as i know, i am the longest continual merchant on haight street, 43 years i have been on haight street,

we're also going to talk to former chrysler president jim press on this fiat chrysler renault deal and we will hear more from jeremy siegelhere we go from here losing the gains see what happens in the final hour, guys. >> see you then, guys, "squawk alley" is comingy don't go away.y prtg n ízn >>> good morning it is 11:00 p.m. at huawei headquarters it's 11:00 a.m. on wall street, and "squawk alley" is live ♪ ♪ good tuesday morning,

. >> tom lee and morten's jeremy siegel will tell you where they think the market is heading from here former chrysler president jim press on a potential merger between fiat chrysler and renault. >> joining us for the hour to break down the market action is john petrides from wealth management welcome, john. >> thanks for having me on >> this optimism fades into a pessimism. it's sort of a trend what's driving it? >> first of all, can the month of may just be over? we've had a strong rally and then may has thrown cold water on the markets, although we started up 13% i think you saw some optimism coming out following elections in europe and the fact that the coalition to break up the eu did not gain as many seats as the market had maybe feared. i think that was the positive. and obviously the president's tweets on we're not near a deal on china is driving the headlines, and that's why we're seeing the market dip lower here >> at the session lows the vix has already picked up and is at session highs as we approach the highs. are you keeping an eye on that as well? >> yeah, absolutely. again, we finished positive ever