joining us now is cnbc contributor josh brown. with us. 17 years hence. >> as you know, i have spent the last 17 years studying cicadas. >> you and i both. absolutely. every single night. getting ready for our insect overloads. >> yes, so 17 years from now, what this requires you to do is think about these really large demographic trends that are essentially undeniable. and the first one that springs to mind globally is the aging population. so the pick here in the they have got six phase three drugs ready to launch. these guys are addressing everything from ovarian cancer to osteoporosis. they are pretty much all over the map. the one thing that is assured is that the baby boomers will be spending more and more every year between now and 2030 on drugs and health care. >> we will be talking about it very sharply. >> what's that? >> you have to wait until the segment. >> i know what the p-38 space modulator is. >> it makes your immune. >> we're all aging. why is this one so much better? >> this has the best pipeline. this is not a

joining me now is cnbc contributor howard dean, former vermont governor and former dnc chair and welcomer richard williamson. china thumbed their nose at us clear as day. not hong kong but china and russia is doing exactly the same thing. putin is sticking it to us. what are we going to do about this? what are we going to do about this? >> first of all, as an attorney i'm dismayed at how this was handled. as a former diplomat i'm strund. we have a situation where we're gone from leadership in the world where nobody dares spit on superman's cage and now we're clark kent everyone thinks they can take advantage of us, a lack of respect and know they can thumb their nose at the obama administration. it's very dangerous and very dangerous for u.s. interests. russian ambassador says snoweden extradition is unacceptable. hong king, run by beijing, apparently said the same thing. our attorney general holder was on the phone with hong kong authorities saying all the paperwork was in order and you let snowden go anyway. you can't let these guys push us around. >> this has been going on for a long

now is former obama deputy white house press secretary bill burton. he's now vice president and managing director of global strategy group. and we welcome ace political reporter and cnbc contributor robert costa of the "national review queechlt bill burton, are we being unfair here during the sequester period for a $100 million vacation? >> good evening, larry. first of all, i don't think this is a $100 million vacation. i think those numbers are probably pretty inflated. but second, it's interesting that rick perry was the person you had on before this segment because when rick perry came into your studio i assume that he was surrounded by texas state troopers. he came on a texas plane. this is a trip that's funded by the texas state government. and that's fine because what he's doing is trying to go and get jobs for his state. but what the president is doing is a couple things. one, he's trying to make our case in emerging democracies that american investment is the right way to go. and two, he's showing our american leadership in the world. it's something that only the president can do. only the first lady can do what she's doing. it's something that all presidents

now is facing new legal troubles. we'll tell you who is after him now. you're watching the "closing bell" on cnbcrldwide. ♪ ♪ [ male announcer ] if you can't stand the heat, get off the test track. get the mercedes-benz you've been burning for at the summer event, going on now at your authorized mercedes-benz dealer. hurry, before this opportunity cools off. goieverybody has differentrized ideas, goals, appetite for risk. you can't say 'one size fits all'. it doesn't. that's crazy. we're all totally different. ishares core. etf building blocks for your personalized portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus, which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. vietnam in 1972. [ all ] fort benning, georgia in 1999. [ male announcer ] usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection and because usaa's commitment to

is highly uncertain. >> so what does jim grant, editor of grant's interest rate observers think about the public declarations. joining us now in a cnbcand editor of interest rates observer. thanks for joining us. >> thank you, maria. nice to be here. >> what do you make the dudley's comments on the market overreacting to what chairman bernanke said last week about the fed pulling back? do you think they weren't clear? bernanke felt he wasn't clear enough. market overreacted so he is sending all these other people out to clarify? >> yes. i think that they are trying their best to press rates back down where they came from. in the background to all of this, maria, is scandal about rate fixing. and banks that dealt in libor and other interest rate indeces. so with president lockhart and powell and dudley coming out and saying, let us from administered rates, so somebody maybe one day will explain to me the difference in economic terms, between the fed manipulating rates and alleged manipulations of london. but either way you're not getting a true market clearing interest rate. >> and so the market reaction has been curious as well. i me

my job is not just to entertain you, to educate you, call me at 1-800-743-cnbc. the big bad event is now

here now is ace political reporter cnbc contributor robert kass that of the national review.ns now? >> i think her status remains murky, the house republicans keep pressing. they want her to testify and talk about what she did at the tax exempt organization of the group. >> the lawyers may hold this up for a long time. i'm getting a little impatient. i think darryl issa is doing a good job. he's working hard. i want to go up the food chain. i want to see who is spribl responsible in the treasury department. it seems like it's all on hold right now. >> it is. we saw that on thursday at the ways and committee, werfel, the acting head of the irs. he didn't have answers. he said the 30-day investigation hasn't yielded many responses. so it's still a very vague question of what is happening and what gave these orderers. >> werfel annoyed me. he tried to make the case that liberal progressive groups were targeted as much as conservative groups the treasury inspector general had to contradict him and say, no, there's like 300 to 10 or something like that. does that put werfel on the

is up solidly year-to-date. joining us right now in a cnbc exclusive to take us behind the program is brown chairman, former, andl varga. thanks for joining us today. >> thanks for having me. >> i'm always interested in trends in drinking habits. we go through the period where we're all about wine and then we went through the period when everybody wanted the wine coolers. now they're going for the hard stuff right now. is that a demographic play? what is it all about? why are we seeing that demand grow? >> first we're really pleased that it's happening, because we're so favorably exposed to the whiskey business and have been since our inception. but i think there are a lot of possible explanations for it. part of it, i think, is just some flavor shifts that may be going on particularly here in the united states, where after decades of growth of, for example, in our industry, the vodka business, i think consumers sometimes do get a little bit of flavor fatigue. and here, an alternative or more flavorful brands that actually have really authentic stories and histories behind them. and i think some of the demograph

joining me now to explain why is cnbc exclusive, john calamos, ceo and global coach, chief investment officer at calamos investments. john, always wonderful to have you on the program. >> good to be with you. >> tell me why you think the market overreacted. >> well, i think we're actually still quite optimistic going forward here. we're surely going to be in a correction, but quite frankly, i think what the fed has done here, hopefully it takes the control of the economy from the fed to the free markets. and i'm sort of in the camp here where a rise in the 10-year rate here is not -- is not so much a negative. it very well could be a positive. i think the financial sector will provide more loans out there, and, of course, more loans in the financial sector will help small business. and helping small business creates jobs. so i'm a bit more optimistic out here. even though we're going to have a sloppy market, a sideways market for a while in here. >> so sloppy market. do you look at that sloppy market and say, okay, i want to put money to work here, because longer term, i think this ma

new england patriots owner robert kraft said it is that very quality that was a factor in bringing quarterback tim tebow to his team. joining me now in a cnbcve is the chairman and ceo of the kraft group and the owner of new england patriots. bob, always nice to have you on the program. >> nice to be here. >> good to see you. >> i should probably say -- >> about the spirituality? >> -- no, that's my personal appreciation of what tim tebow is about, but being a good football player if the first qualification. our coach belichick is a pretty good judge of that. when he spoke to me about it and bringing him in, you know, a young man is a winner. he's high grade. he's hard working. and the fact that he believes in spirituality in today's world is very appealing to me. >> yeah, i know, i thought it was -- it was a nice thing to say -- >> well, i believe it. >> -- from you. but it's important to you, and it impressed you that he is so strong in his faith. >> yeah. you know, i think in this age of technology where people are isolating themselves and going to their little instruments and spending hours and not interfacing with people, people who re

is to threaten to leave the state. it's worked for many companies, including most recently, the mayo clinic, which as minnesota's largest non-government employer had some leverage with the state. joining me now in an cnbcrthy, ceo and president of the mayo clinic, who is launching a $5 billion substantiation, assisted with $6 million from the state of minnesota. >> nice to be back. >> would you really have left the state without the money? >> what we really said to the state, and everywhere else was, where do we invest in the future? we had no plans ever to leave minnesota. the press played with that a bit. but we need to know where we're going to invest $3 billion over the next 20 years. so it was an important question. >> so explain to a taxpayer in minnesota that they're contribution is a good investment. how does this work? >> well, over the next 20 years, we'll be investing $3.5 billion in growth. mayo clinic will. we'll be attracting $2.2 billion in private investment to help us deliver what patients need going forward, with the new medicines, if you will. and we need the state to be able to support the infrastructure for that. so, as we build in technology and new diagnostics and new ways to tre

now. hey, i'm cramer. welcome to "mad money". other on people want to make friends. i just want to make money. my job is not to entertain you, but to educate you. call me, 11-800-743-cnbc. >>> the big, bad event is now behind us. that's right. the nonfarm payrolls number is behind us. not too weak, not too strong just a little better than expected. the nasdaq falling 1.32%. i think the most important factor here is that the fear and the trepidation are over. >> house of pleasure. >> i spend a lot of time analyzing the data. significant pronouncements and important events in the stock market, and i have discovered a key pattern. when you have an upcoming data point that inspires dread in the marketplace, plenty of people step aside from buying, and others ring the register in order to nail down profits before the information gets released. once the event occurs, though, regardless even of whether the substance is any good, you get a relief rally. semplly because the big bad event is finally in the rearview mirror wrush got a slightly better than expected jobs report, it kept the momentum from yesterday's turn going, and that led to a sensation of selling along with a re

my job is not just to entertain you, to educate you, call me at 1-800-743-cnbc. the big bad event is now behind us! hallelujah! >> that's right, the non-farm payroll number has come and gone, it was just right, not too weak, not too strong, better than expected. the dow soared 208 points. subpoena svp climbing 1.28%. nasdaq only 1.23%. i think the most important factor here is the fear and trepidation are over! >> house of pleasure! >> i spent a lot of time an liegz big pieces of data and important announce wants in the stockmarket. i have discovered a key pattern, you know the upcoming data point, plenty people step aside, others ring the register in order to nail down profits before the information gets released. once the event occurs, though, regardless of whether the actual substance is any good, you get a relief rally, because the big, bad event is in the rear view mirror. when we got a slightly ex better than expected jobs report, that led to a sensation, a selling. along with a return of buyers who had been paralyzed because they feared what would happen when this perspective numb

now as well. >> thanks, appreciate it very much. >>> 3-m shares on the move hovering at a 52-week high, up 52%. the company's ceo is speaking exclusively to cnbc in his first tv interview taking that top job last week. our chief international correspondent michelle caruso-breyera joins us. michelle? >> i'm going to live this very bright light on television, but i want you to pretend it's inside a mousium or a server farm. if you use water to put out that fire, you're going to ruin the paintings and electronic equipment so 3-m has a new product called no vac. watch this. i'm not going to pour out the liquid. i'm just going to pour out a little bit of the fumes, and the fire goes out. pretty amazing, right? we'll show you more cool stuff from 3-m right after this commercial break. don't move here on "power lunch." a brand new start. your chance to rise and shine. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine ev

now, call it the china syndrome if you want. we're going to get a live report from beijing. china's put in new tightening policies. cnbc's michelle caruso-cabrera is going to join us with her take on what's really going on. stay with us. now we go to china. it's monday. a brand new start. your chance to rise and shine. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week. the day building a play set begins with a surprise twinge of back pain... and a choice. take up to 4 advil in a day or 2 aleve for all day relief. [ male announcer ] that's handy. ♪ >>> the usa is in what i'm calling a de facto tightening. but that's nothing compared to china. let's get a live report from beijing. eunice yun is there with us. what's going on out there. >> reporter: feeling a lot of pressure in the money markets and people are very concerned about the credit squeeze. a lot of indication from the authorities that th

is what membership does. >>> a 200-point loss wednesday and big red numbers across the board today on wall street. what's causing this late of the market spiral? cnbc's steve leisman joins me nowanks for joining me this afternoon, steve. >> good to be here. >> yesterday ben bernanke said later this year he expects to ease some of the bond buying. is that what is drawing what we're seeing in the markets, is that what's causing what we're seeing in the markets? >> i think that's right. i think the market is becoming accustomed to a new reality. before it was the fed saying we'll be out there buying bonds for an indefinite period of time and bernanke put something of a timetable on it, saying if the forecast for the economy goes as planned, we'll start reducing the amount of -- combination for the economy by the end of this year and we'll end it next year. he tried to go to great, great lengths to say, you know what, that doesn't mean we're tightening on the economy, just we're not stimulating the economy as much as we do before. >> we've seen the market drop even lower today. there is some thought that that might actually have to do with what's happening in china as well. can yo

now that the tech company appears to be on stronger footing with ceo marissa mayer. mayer took over almost a year ago and since then the stock has climbed close to 60%. mayer tells cnbc yahoo is making strides in mobile technology, where photo sharing on flicker is up 50%. time now for a roundup of the latest corporate earnings: barnes and noble's nook e-reader nudged its earnings lower this quarter. the tablet's sales fell 34%. it will now stop making the nook in-house. the stock fell 17% yesterday. meanwhile, walgreen's shares also fell on concerns over generic drug competition. and, carnival cruise is saying "bon voyage" to its ceo. after several high-profile mishaps surrounding carnival, micky arison is leaving the company. fewer bookings weighed on its earnings, despite lower fuel and administrative costs. most americans struggle with whether to buy vacation insurance. a new study shows less than a quarter of americans think that travel insurance is worth the cost, and half of those surveyed don't even know what it covers. we tracked down brain kelly of travel site thepointsguy.com, who tells us like other types of insurance, it's best to shop around. "you want to have i

is and why the coastal economy's talent base may be causing a brain drain. find out why she's optimistic about the u.s. connects markets right now. >> and bob benmosche with me in a cnbc exclusive. the stock is about to be part of the s&p 500 again. which means you can own it shortly whether you like it or not. and aig was just put on the too big to fail list, systemly important institutions or sifi. find out how that affects how he runs the fund. # e, and you can see if you're on track. when the conversation turns to knowing where you stand, turn to us. wells fargo advisors. ♪ [ roars ] ♪ [ roars ] ♪ [ roars ] ♪ [ roars ] ♪ [ male announcer ] universal studios summer of survival. ♪ >>> welcome back. so much for super tuesday. the dow tried, but failed to lock in its 21st consecutive tuesday gain. josh lipton running through the movers and shakers right now. josh, still an amazing run. >> absolutely, maria. and some big movers in today's session. let's get to it. we'll start with the worst performer in the s&p, that would be dollar general. the discount retailer trimming guidance for the year. stacy wiglitz saying the print reflects how weak the low end is. also falli

is on sale now. up to 30% off. only at hotels.com >>> all right, let's get an update on that news on syria, cnbc's ber that coombs is that story. what you got? >> good evening, larry. the white house now saying syria president al-assad has crossed that so-called red line. american intelligence analysts now believe assad has used chemical weapons, sarin gas against his own people t. president obama said the u.s. wouldable when syria crossed that red line. one dead and 75 injured after an explosion at a chemical plant near baton rouge. the plant makes highly flammable gases which caused a huge fire after the explosion. firefighters did get it under control. people living in the area were asked to live inside and keep their windows closed. now, officials are saying they are not dangerous levels of the chemical in the air. >>> and a ruling fox search light violated the law with its use of unpaid incurrency on the set of the movie "back swann." the judge said they were working as a paid employee would and, therefore, violating what should have been strictly an educational experience. the worry, of course, that this rulin

ben lawski is here with me now at post nine with an exclusive cnbc interview.asure to have you here in person. as we say, you've been a very busy man, a you've taken a number of very key financial taskses. i wonder though, the amount that bank of tokyo mitsubishi was fined, when you look at it as a percentage of its profits, it's a relatively low amount. do you think it's enough of a deterrent? would you like to see that increase? >> this is always something we try to balance, and it's a very difficult decision as a regulator and a little like goldie locks, is the porridge too hoot or too cold? a lot of people were saying wow, that's a lot more than people usually pay so when you're hearing that kind of criticism for both sides it means you're in the right place in the middle and getting the regulatory porridge right. i think we did what we thought was right. we're careful and diligent and really try to balance the needs to take the actions and make sure they serve as a real deterrent but at the same time you want the foreign banks in new york, be a very good e

cnbc contributor larry bossity as the second hour of "squawk box" begins right now. >>> good morning, everybody. welcome back to "squawk box" here on cnbc. i'm becky quick along with joe kernen. andrew isow futures have picked up since the last time we checked. 82 points above fair value. s&p up by seven points. this is coming after big declines in japan. nikkei down by 500 points. people seem to be shrugging that off in the united states. let's get to some of your morning headlines. we will be getting sales figures for the month of may for the major u.s. automakers. ford will post a 13% sales jump. g.m., 1.9% gain. and chrysler a gain of 9%. apple is in the news on several fronts. all street journal reports apple is close to distributing a streaming music service that would complete with pandora and spotify. and the airline industry should post $12.7 billion profit, up considerably from $10.6 billion forecast. oil prices are helping, along with increased fee income. obviously we had a little bit of a rocky finish. wall street ignored the old adage sell in may. dow dropped 209 points, the biggest loss since april 15th. worries about economic slowdowns in china. the s&p ended may with i

a planned stock split for google is expected on the horizon after shareholders settled a lot this weekend. and that's it from cnbc, first in business worldwide. now "hardball" and chris. >> this is a great top pick. lose now or later. that's the choice republicans say they're facing on the issue of immigration reform. think about it. on the one hand, there's a demographic reality threatening the future of the party. minorities populations including hispanics are skewing heavily in favor of democrats. immigrant populations are booming, is their share of the population. that's why lindsey graham is urging the party to do something to curry favor to the political bloc. doll nothing they say and you can basically kiss the white house good-bye in 2016 and well beyond. but doing something means a more immediate backlash from the conservative base, those supporting that bill one that can actually make it to the president's desk would likely result in a voter backlash from conservative republicans out there. so lose now in 2014 or lose later in 2016. that's a narrow look at it. john bray ben is a republican strategist and harold fine man from the huffing

now. will it still be going on next november when we have the next congressional elections? we'll see. jim cramer is going to help us. he's the host of "mad money" weeknights at 6:00 on cnbc. u.s. congressman steve israel is chairman of the democratic congressional committee. thank you, gentlemen. there's strong indications the u.s. economy is on the upswing right now. gross domestic product rose 2.5% in the first quarter of 2013. the deficit is projected to be down, or only down to 642. it was in the trillions. that's nearly half of what it was in 2010. meanwhile, the dow jones, as i said, is finishing the month up 3%. consumer confidence is higher than it was. ever since july of 2007. and home prices, as i said, are up about 11% over the last year. it's the biggest increase in home prices in seven years. today the president emphasized measuring the country's progress on the economy is more than just about the stock market. it's about how ordinary families are feeling. he made it clear the economy is, indeed, picking up steam. let's watch him. >> over the past 4 1/2 years, we've been fighting our way back from a financial crisis and an incredibly punishing recession. the g

>> sue, the american ceo held hostage by workers over in season is now free and back home in the u.s., and he spoke to cnbc his ordeal. listen to what he has to say about what's going on in season after our break. plus, google taking on microsoft and playstation. they report it's developing its own game console, but will it play with consumers? before we go to the break, a look at the worst performing sectors in the first half of the year, and that would be the materials, down 4%. [ male announcer ] my client gloria has a lot going on in her life. wife, mother, marathoner. but one day it's just gonna be james and her. so as their financial advisor, i'm helping them look at their complete financial picture -- even the money they've invested elsewhere -- to create a plan that can help weather all kinds of markets. because that's how they're getting ready, for all the things they want to do. [ female announcer ] when people talk, great things can happen. so start a conversation with an advisor who's fully invested in you. wells fargo advisors. together we'll go far. a body at rest tends to stay at rest... whi

>> cnbc has learned that the s.e.c. is nowters and ism in the wake of our reporting that thomson reuters accidentally earlier this month sent out some of this ism manufacturing data just about 15 milliseconds early before it was officially scheduled to be released. that had a big market impact. trade whose got that data the high speed subdescribesers to thomson reuters premium service were able to trade immediately on it and make a profit before the rest of the market realized that was even out there as data in the market. just that 15 milliseconds in this day and age means a lot. what the s.e.c. has done here we're told by the ceo of ism has asked is m and tampson thomson reuters for a company of the contract. i'm told they turned over a redacted version of that contract and we'll try to get more information from the s.e.c. they've declined to comment to us officially. thomson reuters not immediately responding for a request for comment. >> another development in a story he's been out in front of. our next trade, the markets

is a very healthy protein. >>> turning to business news, let's check in with cnbc's jackie deangelis. she joins us live. >> hi, barbara, good morning. markets up this morn. the dow is up right nowpoints. this was after seeing some volatility last week. all eyes are going to be on the fed's two-day meeting which wrapped up with a statement and press conference with the fed chairman on wednesday. investors want to know if the fed thinks the economy's strong enough to pare back its stimulus programs. >>> ford received lots of complaints about the did i cffi of using its touch screen system. this as gm is expanding a recall of suvs to 480,000 vehicles as an electrical short could cause a fire. the recall affecting the 20 2006/2007 models. >>> details are scarce but reports speculate that facebook could come out with a new rss reader to replace google's outgoing news reader. it may update its facebook home app with a new physical phone partnership like it has with htc. >>> a new report shows most parents are not doing enough to keep up with what their kids are doing online. there are more opportunities for kids to wonder around the internet. nbc reports. >> reporter: the study by in

is brought to you by vagisil. bring yourself back. >> now for an early look at business and for that we turn to cnbc's bertha coombs. good morning, bertha. >> good morning, betty. markets could see more red arrows today. stocks come off their worst week since mid-april. investors reacting to the fed meeting. disappointing economic data out of china. data this week on u.s. durable goods, housing and personal income. >>> prices at the pump are following. very unusual this time of year. the average gas price dropping 4 cents to $3.59 a gallon. that's due to large declines in stockpiles in the midwest coupled with cheaper crude prices overall. some fuel is going up. the morning fuel for many of us, starbucks is raising drink prices by as much as 10 cents starting tomorrow. the coffee chain says less than one-third of its beverages will be affected. drip coffee will not be affected. commodity costs make up less than 10% of starbucks' overall expenses. good thing we're spending less on gasoline because a loufts really need that coffee. >>> the price of oil also falls toward $93 a barrel on china's lending concerns. accord

now for your "first look" at business. we turn to cnbc. good morning, jackie. >> good morning, betty. apple ceo tim cook is giving the keynote address at the company's conference today. he's expected to unveil a new software. >>> meantime video gamemakers are in los angeles today for the annual e3 conference. microsoft will reveal more details on its xbox console, the xbox one. which has been criticized by gamers for its design and now that it needs a constant online connection. >>> and the bid for lunch with warren buffett. the winning bid is $1 million, down from a record $3.4 million last year, proceeds go to the glide foundation. $1 million for lunch with buffett seems like a bargain to me. >> all right, thank you, jackie. >>> the dow finished up about 1% last week along with employment report that added 175,000 new jobs. speaking of hiring, the auto industry is selling vehicles at the highest rate in six years. and, it could be on the verge of a hiring spree, usa today reports that factories are operating at 95% productivity. >>> investors on monday will be keeping a close eye on sheer clothing line f

now. is telecom empire under assault, car loss slim is now speaking out about the future of his company. an exclusive interview with cnbc us this morning. >> hey there, jack. this ceo of this company signed a brandny telecom reform. the new law gives it power to break up the mexican operations by forcing him to sell assets. it's not clear that's what they will do. however, there is speculation because he has long been criticized for keeping prices too high, he could be forced to go through price caps on the price hess charges to consumers. he fells me if that happens, it would be a happy outcome. >> no, for price cuts, we are very happy, because it's an industry that we have to get down prices of course in 20 years and i think it's an industry where constantly because of the movement of technology and the volumes of -- prices go down and down and down. >> what if nthey force asset sales? >> it's not clear what will be the intention. the intention is in industry this is what we suppose is very important to have investment itself and we need to sell some assets to be also a mature reasonable price at a good price and we c

is improving. it could also mark the beginning of the end of historically low interest rates. right now the dow is down. you see it on your screen, 227 points after falling 206 points yesterday. cnbc's kayla joins us live. kayla, the residuals still from bernanke's speech? >> tamara, i think we're going to be feeling the reverberations from that for a long time. all three averages are down 1.5%. you have gold which investors go to when they sell out of stocks. gold is down, too. you have bonds down also and the interest rates on those bonds are spiking. the ten year treasury is at a yield that it hasn't seen in nearly two years. stocks for their part have retreated. they've lost basically everything they've made in the last two months. you've mentioned it. it's somewhat ironic. a normal observer would say why is everything sell off because chairman bernanke said the market was doing better? there were all of these green chutes and signs up. there was an unprecedented amount by the federal reserve buying bonds, initiating pra ms to help stimulate the economy, and what he said yesterday, perhaps what he didn't say, is that when the economy improves they'll be stepping away from that p

the third hour of "squawk box" begins right now. >>> welcome to "squawk box" on cnbc. andrew ross sorkin iss first. >> the dow now in danger of its first three-day losing streak for 2013. that follows its biggest two day drop since november. the dow has fallen 3.7% since achieving a record may 22nd. joe may differ with me on that. >> dow. >> s&p 500 hit its record high. take a look at u.s. equity futures. this is morning. see how things are setting themselves up. dow opens 60% higher. at least not down. a choppy session in asia overnight. nikkei closed below the 13,000 mark. two-month low. bouncing between gains and losses all day. shanghai stocks fell to a three-week low. verizon is now refuse to go comment on a story that says the government is collecting data on phone calls made by its customers. this report came from the guardian newspaper. they publish what it said was a court order. senior administrator saying any orders are classified. but the current law only allows the collection of calls and their length that. does not allow the government to listen in. verizon not commenting. bec

now. >>> let's start right away with cnbc's michelle caruso-cabrera. she is covering the g-8 summit. michelle, good evening, and what are they focusing on? >> well, not the things that you want them to focus on, larry. of course, the biggest discussion was about syria, and there's been a lot of talk about what happened when president obama and vladamir putin came out of their meeting. the photos, the foet photo-op, clearly looked uncomfortable that. little brief smile that you saw from president obama there, if you blinked you missed it, that was all you got. it was a very tense situation obviously. they made clear they do not agree on how to go about calming down the situation in syria, fixing it, getting an end to the fighting. they both claim to agree that they want it to come to be a end, but they certainly don't agree on how to do that. presumably, larry, this was going to be a g-8 summit that was going to talk about some economic issues, including free trade, a huge free trade deal on the table between europe and the united states. the two largest economies in the world, especi

it is tuesday, june 18th, 2013, and "squawk box" begins right now. ♪ ♪ benny and the jets ♪ >>> good morning, everybody, and welcome to "squawk box" here on cnbcsorkin, and yes, it is june 18th, which we can't believe, because -- >> oh, my. >> yeah. you know what this means, guys? in about four days, the days start getting shorter again. >> yeah. >> anyway that two-day fed meeting is clearly the most important story to the markets this week. investors will listen for details on when the central bank may start scaling back its $85 billion monthly bond purchases, a topic we discussed with former fed chairman alan greenspan just a couple weeks ago. >> tapering, obviously, is the first thing, but tapering, remember, it's still increasing the size of the balance sheet, and that means it's going to be a little bit more difficult to reverse it. and i'm a little concerned that the reversal procedure is a little more difficult than we think. the markets are not going to give us the leeway that we would like. >> tomorrow, the fed is also expected to provide an update on its economic projections for 2013 all the way through 2015. that decision on rates w

is wednesday, june 12th, 2013. and "squawk box" starts right now. >>> good morning, welcome to "squawk box" on cnbc.cky quick in a little bit. she's got great guests we should tell you about that she'll have on the program, mark andreissen and meg whitman. we'll look forward to those conversations a little later. first, let's get you up to speed on the morning's top stories. we begin with the unrest in turkey. riot police raided a protest camp in istanbul after days of anti-government protests, police moving into taksim square using tear gas and water to clear demonstrations. we'll go to richard engel in a little bit, but we'll do the markets first. >> okay. a little rocky. >> a little rocky. >> let's check on the markets this morning. i guess it is a

is still going bananas over that speeding ticket. get it? ha ha. >>> now for your first look at business, we turn to cnbc's kayla tausche.good morning. >> good morning, mara. futures are higher after a big sell-off on wall street. stocks suffered their worst day of the year with the dow dropping more than 350 points. investors are still worried about the prospect of higher interest rates as the fed hinted it could start scaling back stimulus efforts as the economy keeps improving. when the fed does go ahead with that, it could mean it will cost you more to take out a mortgage and other loons. the average rate on a 30-year fixed mortgage hit 3.98% this week. rates on other loons like autos, student and credit cards likely won't rise much in the future. >>> and the faa is expected to soon relax the ban on the use of certain electronic devices on planes, giving passengers a little bit of leeway during takeoff and landing. cell phones will still not be permitted, but luckily for people like alec baldwin, you probably will be able to play words with friends. >> good news. thanks so much, kayla. >>> the white house is again de

now apple has a new strategy. learn about it next on cnbc. >>> the jobs report is out. >> may non-farm payrolls increased by 175,000won these his and hers cnbc polo shirts signed by the entire "squawk on the street" gang. find out if you're the lucky winner later on "squawk on the street." [ lorenzo ] i'm lorenzo. i work for 47 different companies. well, technically i work for one. that company, the united states postal service® works for thousands of home businesses. because at usps.com® you can pay, print and have your packages picked up for free. i can even drop off free boxes. i wear a lot of hats. well, technically i wear one. the u.s. postal service®, no business too small. [ male announcer ] this is betsy. her long day of pick ups and drop offs begins with arthritis pain... and a choice. take up to 6 tylenol in a day or just 2 aleve for all day relief. all aboard. ♪ just by talking to a helmet. it grabbed the patient's record before we even picked him up. it found out the doctor we needed was at st. anne's. wiggle your toes. [ driver ] and it got his okay on treatment from miles away. it even pulled strings

joining me right now in a cnbc exclusive to talk about that and a lot more is house speaker, congressmanor. majority leader, good to have you on the program. >> good to be here. >> thank you so much for joining us. let me begin with your reaction to what your colleague, speaker boehner, said moments ago on the sell-off. how will we move the needle when it's only the fed doing anything in terms of fixing the economy? first, do you agree that the reason this market is selling off is because of what's coming out of the fed? >> well, i think certainly the announcements last week and subsequent discussion today indicates that the fed, just like most other people in america, understand that at some point rates are going to go up. i think the real question is when and how long of a period over which that will be a transition period. but i think what is desperately needed now is a washington that is focused on creating the conditions for economic growth and jobs, create job creation, and that's really what we're trying to do in the house. >> so how do we do that, then? talk to us about really wh

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mark zandi, who is the new guy at adp, brings the numbers to us personally on cnbc. so, we will get them from him. now, this is interesting. >> wait a second. >> this is very interesting. >> not taking a shot of that. >> they missed the shot of that. becky -- this is what she was just doing. she has a skirt on and she had her leg -- i thought it was mrs. robinson. are you trying to seduce me? >> it was not that. i was going sideways. i'm trying to hook my shoes. i did not buckle my shoes this morning. >> shoe-shoe ka-cuckoo-ca-choo. >> just stop talking. ♪ >> you really did? you've got your leg up on the -- that was like the publicity shot where you're looking at dustin hoffman through ann bancroft's -- >> stop calling me mrs. robinson. she's old. >> she wasn't. she was like your age. what were we talking about? jarks zandi, maybe? >> no, no, this stuff! this stuff is happening today. this stuff is happening today, the adp report, productivity and costs at 8:30 eastern, ism manufacturing -- nonmanufacturing. the other ism number that was manufacturing in a warped way gave us that big gain because it w

is now flavor of the day for frontier market investors. still, it is going to be a long climb ahead before this beautiful but backward country achieves its potential and investors achieve returns. martin soong, cnbcon. >> we'll have more reports from myanmar. >>> mean wile, under the spell of central bankers, the battle of international settlement says cheap money is pushing markets to record highs. in its quarterly review, theback says actions by central banksers have allowed indices to remain buoyant. but mario draghi says a recovery of sorts is on the way for europe. monetary policy and demand from abroad will see the block achieve a gradual recovery in the second half of this we're. speaking at a conference in shanghai, draghi defended the bank's own t-bond buying program. speaking this weekend, the indianapolis fed president mariano says strictly capping inflation is a wrong approach to monetary policy. kocherlakota didn't offer much insight into whether the fed will begin tapering its bond buying program. we have comments out, he says he's describing extremist elements. we'll keep more eyes on turkey as we go through the day and in the asset market, as well. the by-st 100 currently down 5.6

now, it seems like. >> walking away when your home is underwater, next when 60 minutes on cnbc returns.gs more secure. [ whirring ] [ dog barks ] i want to treat more dogs. ♪ our business needs more cases. [ male announcer ] where do you want to take your business? i need help selling art. [ male announcer ] from broadband to web hosting to mobile apps, small business solutions from at&t have the security you need to get you there. call us. we can show you how at&t solutions can help you do what you do... even better. ♪ vo: traveling you definitely end up meeting a lot more people but a friend under water is something completely different. i met a turtle friend today so, you don't get that very often. it seemed like it was more than happy to have us in his home. so beautiful. avo: more travel. more options. more personal. whatever you're looking for expedia has more ways to help you find yours. [ticking] >> in the wake of the financial crash of 2008, many homeowners across the country saw the value of their property tumble dramatically. the situation created a new housing trend: a growi

is that real? it happened when highly charged electrons from solar winds clashed with elements in the earth's atmosphere. we don't see that often. >>> now for biz, we turn to cnbc's courtney reagan. good morning to you. >> stocks look to regain winning ways after posting back-to-back weekly losses. still, the dow, nasdaq and s&p 500 were up for a fifth straight month in may. investors interested in economic data topped by friday's jobs report. sales are forecast to rise more than 6% rebounding from a disappointing april as consumers are still heading to dealers to buy new cars and trucks. >>> want to win a lunch with warren buffett? you have until friday night to bid on that annual prize on ebay. proceeds go to the glide foundation which helps the homeless in san francisco. last year's winner, p.e. record $3.4 million. got to dig a little deep for that one. richard? >> yeah, you do, glide memorial does so many great things there. >>> also in business, japan's nikkei falling again, losing 3.7% to a six-week low today. federal reserve chairman ben bernanke speaking to graduates at princeton university sunday, telling them economics is good at explaining why choices

is better than no progress at all. which has been the case for the last 60 years. martin soong, cnbc, myanmar. >>> martin soonh reporting a week from nowkeep our eyes out or that. >>> meanwhile, we've had more information out from the prime minister of turkey regarding his positive talks with president gul to resolve the protests. we'll get more on that in the next half hour or so. >>> for those of you craving an extra sugar rush with your morning coffee, dunn kin down i couldn't tells is rolling out this. yes, it's a breakfast sandwich. it's coming out on friday. if you want to work out what that is. that is fried egg and bacon sandwich by a glazed down i couldn't tell. and apparently it's only 360 calories, which is less than the turkey sausage sandwich that it recently launched. although that does have 20 grams of fat. apparently it's a good place to test these things and they've got a tremendous buzz on the web. taco bell says its doritos locos tacos led to an 8% spike in sales last year. >>> so what we're asking today is would you eat the egg and bacon did you thinkin down i couldn't tell? or what is your favorite sweet and savory

with us now, karen kinnerman, ceo of metropolitan advisers and known as chairwoman to cnbc viewers. finerman isan's rules," secrets i only tell my daughters about business and life. thanks for being here. >> it's finerman, but i've been -- >> i'm sorry about that. >> that's okay. >> they've been yelling in my ear. finerman. i apologize. it was a producer error. failed whale is the title of one of your chappers. how do you fail well? >> fail well if you're going to fail well, for god's sake, learn something from it. so really review what happened and go into great detail about where did things go wrong. were you sort of fooling yourself into believing things were different than they were? were you ignoring advice with wasn't consistent with what you hoped it would? really forcing yourself to look at what did you do wrong? how did you contribute to that failing so that, for god's sake, if you don't learn from failing, nothing good can come from it. >> hold on, one second. i need to ask karen a second. you also said multitasking is a recipe for fail yure -- hold on second -- if i can't multitask?

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cnbc now about junk bonds. that's getting a lot of traction. >> junk bonds is the one area of the market providing solace as far as fixed income. it had done the best so far this year. we have seen the issuance in junk bonds slow down to a trickle. very slow after showing record flows earlier in the year. so a concerning point there that some of the companies that were able to come to market for cheap financing are getting scared and not coming to market now. >> all right. we'll leave it there. gentlemen, thank you. great insights on earnings and the bond market as well. don't forget to catch jeff's new show online. it's called "net-net," every monday on cnbc.com. >>> meanwhile, when the market, wild swings generating trading volumes, but are they generating higher returns? >>> also ahead, we've been asking you all day, which million-dollar summer home do you think would make the best investment for you? dolly lenz has the big reveal coming up on "closing bell." in today's markets, a lot can happen in a second. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers

is going to be a very difficult situation. all right, let's talk. here now from chicago. cnbc contributor, jim murrio, director of tjm institutional services and andy bush, author and publisher of the book update from new york, seema global president and assistant treasury secretary and cnbc's chief international correspondent, michelle caruso-cabrera. hello to everybody. andy bush, i wanted to get with you. i don't think it's a very subtle point. i think the fed has influenced interest rates a lot. i think if the fed quits qe and rates will continue to rise. i don't have a crystal ball any better than anybody else, but i have a hard time believing this whole process has been discounted either by bonds or stocks, and i will say it once again, if in the next year the fed does what bernanke said it's going to do and it ends qe -- it ends bond buying, andy bush, then i think the ten-year rate goes from 3.5% to 4%, what's your take? >> i think that's a good level of a normalized interest rate structure for the united states, assuming we can get growth at 3.5%, they created this si

cnbc. summer event is here. nowtakable thrill and the incredible rush of the mercedes-benz you've always wanted. ♪ [ tires screech ] but you better get here fast. [ girl ] hey, daddy's here. here you go, honey. thank you. [ male announcer ] because a good thing like this won't last forever. mmm. [ male announcer ] see your authorized dealer for an incredible offer on the exhilarating c250 sport sedan. but hurry. offers end soon. incredible offer on the exhilarating c250 sport sedan. so you can capture your receipts, ink for all business purchases. and manage them online with jot, the latest app from ink. so you can spend less time doing paperwork. and more time doing paperwork. ink from chase. so you can. >>> welcome to the second hour of "squawk on the street." road map starts with markets. we're in rally mode ahead of tomorrow's fed meeting. can you trust? one money manager staying bearish. >>> netflix betting big on children. dreamworks, original content using famous characters like shrek and kung fu panda. what