joining us now to discuss all of this, our guest, portfolio manager at oppenheimer funds.hank you for joining. what are the broader conclusions about europe or populism we can draw from the results of italy's general elections? elections confirmed that way for populism and the general dissatisfaction has not really receded. news from theood french elections on that front. popular vote,he it basically says that one into italians voted in that vein on the terms of lots of dissatisfaction with the status quo and against what the political landscape for europe has done. from the market perspective though, it does not seem to be as dramatic. because of europe being in a very strong cyclical position and some of the rhetoric from these parties being obtained in the last two weeks, the markets are not seeing this as a systemic risk as we saw during the first rounds of the french elections last year. vonnie: a lot of what we see in italy is domestic investment. how much outside investment are we seeing. is it bullish italy or is that less likely? billy has suffered and has tried t

. >> elsewhere, oppenheimer raised its rating on ruku to perform to upped perform. it says it is no longer aco elling short trade at its current valuation. the analyst citedatysts including the unch l. of the roku channel. the stoke rose more than 2% to $34.73. cigna jewelers saw its price rate cut by jp morgan. the firm says the jeler's transition will take time and that store close you are autos will weigh on revenue. they also cited a lack oft prod renovation. shares well to >>> still ahead work the clock ticking are lawmakers any closer to reaching a spending deal by friday's deadline? >>>he board of the california public employees retirement system voted against a proposal to divest its investment in assault rifle retailers and wholesalers. the board said such a move would do l rtle touce gun violence. calipers has me than $350 billion in assets making it the largest public pension fund in the u.s. >>> congress i r in ae against time to pass a $1.3 trillion spending bill ahead friday's deadline or face another government shutdown. house p speakerl ryan said tod

oppenheimer cut its rating on walmart to perform from citing that retailer's slowing online sales growth. the analyst there also cut walmart's price target to $39 from $110.sh es fell a fraction today to $88.77. >> rbc capital mcdonald's same-store sales expectations after disappointing sale t of new value menu along with a softer industry outlook. the firm alsout the price target on the fast food chain to $170 from $190. a share. remains bullish and maintains its outperform rating on the company. mcdonald's down nearly 5% on the special at $148.27. >>> and ebay was upgraded at raymond james. strong buy from market perform. the analysts expect growthsn grerchandise volume to accelerate this year. raymond james setting a $52ar a price target on ebay, and today ebay shares closed higher at $42.95. up about 1.5%. >>> come up,hy a veteran tech investor is turning his sights to real estate. and he'sic got three he thinks you can benefit from. >> the world's largest asset manager is ramping up pressure on the firearm industry. in an unusual step, blackrock made public a letter with the t quest

mat mayly, and brian levity with oppenheimer funds. thank you both. >> elsewhere, we have a handful of mergers and acquisitions to tell you about tonight. glaxo smith klein is buying novartis out of its stake in their jointtenture. the decision comes after glaxo last wecked not to buy pfizer's consumer health care business. brookfield property partners is buying u.s. mall owner ggp for $9 billion i cash. brookfield already owns a third largest mall the operators in the country. >>> finally, dutch company actsco notebookel its spell chemical firm to carlyle. >>> homerices started the year with some gains. according the case schiller home price index it outpaced wage growthiond infl as we have been reporting prices were pushed higher by a shortage of homes for sale and increased competition for the ones that are on the market. >>> consumer confidence east eased in march.rd acg to the conference board that softening reflects a slight decline in the outlook for business conditions and the stock market. despite t the dip number of consumers

thus far and there are many stock funds that are important to it that are winning, including in oppenheimer is one of the best performers this year. excel, and netflix, which is above the market despite the fears we see today. idea.: you stole marks i love it. let's get to kevin who is next. >> i have been an equity guy, and i couldn't pass this up especially after volatility. yes there is a ton of volatility, but not volatility is all bad. chart, a 30at this day moving average of the vix. the top is the s&p 500 one-day price change. we can see in higher corrective periods, we saw a lot of downward volatility. also saw a big rebound days. the is exciting about recent correction is we didn't have the upside volatility yet, so what our team is looking for out of this corrective period, is to come to the downside volatility. #btvan see that chart at g 4256. vonnie: it is very difficult -- but i am choosing somali to move to the next round. not that kevin's chart wasn't amazing -- it was. this is bloomberg. mark: the eu regulations to affect in mid-january jason kelly spoke with james singleton

oppenheimer over the weekend. monday adams at bloomberg intelligence beating the drum.ve lagged the tech rally that we have showed, giving people some optimism, believe it or not, for the broader market to continue higher. the sense is once we start to see a little bit of increased at these things, the financial companies, that will give a lift to financial and give a lift to the broader market. keep in mind financials make up about a quarter of the market cap of the s&p 500. it will have a big push from the broader market. as of today, we did the three of the five biggest u.s. banks did manage to end higher today. goldman sachs was the biggest gainer of that bunch, so that was largely related to the fact that we finally got them clarity on who the heir apparent will be to lloyd blankfein. yvonne: some clarity when it comes to that succession. thank you. look at how asia is set up right now. treading water as well ahead of the inflation data coming out in the u.s. on tuesday. stocks in new zealand flat. spencer to give a speech later on today. lines to look out for. tra

it.re seduced by robert oppenheimer, the father of the atomic bomb, basically said we were just seduced by. we worried about it after we didn't. and marine general james mattis who used to be one of my heroes often said to his soldiers, you know, , you've got to forget abt technology. you have to be able to operate on your own. he's not saying that anymore, but we have the largest defense budget in the world. larger than the next eight countries combined. and we are the largest proliferator of weapons in the world, twice as much as russia so war is different. we all know that. terrorism, guerrilla warfare, cyber warfare, intrusion in our election systems. and advanced technology like cyber end of the things are more available to more people all over the t world. people worry about cyber attacks on our electric grid. we saw what happened with sony pit anybody who's read about the stocks that virus that someone did -- stocks net. what would be closer to home. as we have seen. and others are going to have seen technologies we have. they used to be we were way, way ahead of people. now it's

among the experts was amy oppenheimer, who was hired by the state senate last year to investigate sexual harassment allegations within the legislature. she says when it comes to allegations against an elected official, the balance between being transparent with the public and at the same time, protecting the privacy of those involved. >> even an unproven allegation can derail someone's career. it is different with elected officials and it is with just another staffer and we have to acknowledge that. that doesn't mean that we are supposed to be protecting legislators when they do bad things. it's just that we need a slightly different process for accountability than we've had in the past. >> there have been several cases of alleged misconduct at the state capital. last month, state senator tony mendoza resigned amid allegations he harassed female staffers. >>> a deal for an investor group to acquire the weinstein company has collapsed. a source group to the leader of the investment group tells the los angeles times that the company had $50 million more debt than previously thought. with t

. >> speaking of retailer, walmart is lower oppenheimer downgrading to a perform rating joe. >> yeah, i think more of this actually has to happen back in november, i bought walmart around 96. that was off of the earnings report we saw. and slowly, i have sold out of this position. bad earnings report i got out of half below 95. look what is the story here is e commerce growth. if it is going to continue to moderate, then the premium valuation in terms of a multiple that walmart trades at relative to it peers has to come down from where it is now >> foot locker is getting smoked today. same store sales fell more than expected a double digit decline of nearly 15%. josh brown >> it's not good analysts were only looking for a decline of 2, 2.5% this is a tough stock. it's been for a while. it looked like it was about to snap its down trend then this occurs at about 50 bucks just a tough trade with no real trend so i would avoid it. i think the right stock in this group is under armour. i bought it this week. >> tell us why we didn't have you on. give us the scoop on that? >> i like when p

more on these markets, let's bring in gab ella santos and john, chief investment strategist at oppenheimerla, i'll start with you since thursday you've been getting questions about trade. what do you tell them? >> what we're telling clients is at the moment, right, all of the action we've seen on trade, solar pams, washing machines which came earlier this year as well as the steel and aluminum tariffs are still fairly small in scope so the actual impact on growth and inflation is still fairly limited. i don't want to get ahead of ourselves too much but clearly investors in the market are thinking how much further does this redress, do we see retaliati retaliation? could these impacts get exacerbated? >> our main interest, it's probably not in anyone's interest to exacerbate too much so the skirmishes end up fizzling later this year. >> is that why they behavior nobody's talking about 3% on the ten-year it's calmed down dramatically, the rise in interest rates is that because of the fear what could happen if tariffs get escalated if we see even bigger issues when it comes to trade? >> i thi

with us the ceo of oppenheimer and head of fixed income, and samantha, jpmorgan analyst, here with usit's a big day but it also feels right now anticlimactic. what could they do that you think would be shocking? >> 2018, whether it is three hikes or four hikes, i don't think that matters a lot what matters is what their outlook is for 2019, and that sort of will tell you whether they're going to be overly aggressive or not so aggressive. i think that has a big bearing on the markets in a substantial way. >> i guess at the moment, the quarter point hike is fully expected but what i think people are looking at is whether that's going to mean we're going to see a flattening of the yield curve later in the year. what's your expectation for the shape of the curve later in the year >> the short end of the yield curve is not talking to the long end of the yield curve there's a bit of a disconnect there. we expect long rates to go up, the 10-year yield between 3 and 3.5%, but not much higher than that you still have growth which yes, it's expected to pick up, but it hasn't picked up yet and n

delivery expectations is there more pain ahead let's bring in the team, michael and ari wald with oppenheimerf analysts think tesla will miss delivery numbers and in the end, tesla is about cash burn and the promise of the company in the technology >> that's very well said there's been tons of pressure on the name in what many consider to be a make or break year for the company. analyst consensus is negative. short interest is at such a high level and people have been hurt by that. now they're starting to make money. they're losing between $1 billion and $2 billion this year the monday mentals are breaking down we think it's priced more for the consumer than the investor >> how do the charts look? >> well, they don't look great this is one also we'd stay away from the moderation and the trend is what's most troubling for us you can see the stock's 200-day moving average starting to roll over that's a cautionary signal why we're still on the sidelines the silver lining is from a 30,000-foot view, big picture, symptom is above its major breakout above $290. i think ultimately longer term it cou

dow and s&p obviously in the red for q1 here with what we could expect for q2 is oppenheimer chief investment see you, gentlemen good to see you both so we have obviously f.a.n.g. under pressure you have the vix running at double the two-year average. some of these confidence numbers -- this is a good one out of michigan. what does it all lead to >> we'd have to think to actually some stability moving ahead. we think we've shaken out some of the worries we think that related to what has happened in social media over a the last couple weeks, it's really brought to a head many of the things we're concerning related to privacy and otherwise. we think most of that will lead to some kind of regulation and some kind of a greater focus on the product than on the customer i think tim cook said it today what social media needs to do is what apple has done for years. >> are you saying it's not going to be as volatile? >> well, let's put it this way, morgan we can't really say if it's going to be as volatile, but we would have to say the recent volatility that we've seen is just a little bit over half o

the streaming giant now pacing for its best start to the year since 2012 ari wald is with oppenheimers team. this is the first time in all of these years i have ever done trading nation, so be gentle with me. >> seriously >> first time. they don't let me near it because they know i'm going to you know what. take us through netflix. do you like what the charts say? >> tyler, what's not to like here we have a bullish tre isish tre. what is telling is the stock held up when volatility hit in early february now a few -- fast forward a few weeks, the stock is trying to lead the market higher and i think it ultimately leads higher breaking out to the upside what's not to like here are the levels you have to watch. first, we can see the stock breaking through its january's peak on the upside, that breakout measures to about $337 that was the height of the prior pattern projected from the breakout point bullish trend. we're bullish on netflix rate it buy. >> phil, what about the broader question of nasdaq, what are you seeing, what should i be watching >> it's done a beneficial job for the na

brian is senior investment strategist with oppenheimer funds.mith is director of investments with riverfront investment group brian, let me begin with you so far, the market seems largely to have stepped over whatever white house upheaval there's been certainly did in 2017 into, i don't know that it will be easy to draw a direct line between how the market has been behaving and what's going on in the white house over the past few weeks. is there a point at which white house upheaval becomes an important investment pivot point? >> i think investors focus too much on politics we look back historically, there's been very little correlation or causation between presidents' approval ratings or events taking place in domestic politics and moves in the financial markets. what investors should be looking at more is a couple of miles southwest from 1600 pennsylvania avenue, to the federal reserve because when we talk about when these cycles ultimately end, it's typically after a period of prolonged interest rate hikes. and the yield curve is getting flat

broader markets this morning joining us is joe viso also brian levitt, who is senior adjuster at oppenheimerthis big surge it makes us wonder are we off the big selloff and were there reasons for a fundamental change underlying all of this is this a point to think, okay, we made it through, this is a buying opportunity, or do you think there is a reason for a decline in the banks >> we're bullish we think 6 to 12 months from now, equities will be higher than they are today. you have 15 to 20 billion being announced from china those are just proposals and the market response is we saw $1.28 trillion and $3 trillion coming off global equities and i think that's a massive overreaction. >> so you think what happened last week really was all in all the concerns about a trade war kicking up >> absolutely. and i think the context here is this is a negotiation, not a trade war. we saw it in the bush administration in 2002-2003 with tariffs against steel from europe, and even before we saw it in the reagan administration in the 1980s against japan on both autos and tvs and neither one of those had an