valuations for the stockmarket. all three of these ideas got passed around this afternoon. can you see this issue bought the the markets going by looking at volume. it's the volumes have been terrible the last three weeks. not today. big, broad trading funds, etf had very heavy volume. so, for example the russell 2,00030% above normal volume. the nasdaq 60% agree would have normal value. for "nightly business report." >> we have been reporting unwinding the fed's balance sheet, insignificant because of its size and the impact it could have on the markets and the markets are clearly very touchy about it. let's turn to brian ja sobson on the risk it poses, the chief portfolio strategist at wells fargo. good to have you with us. let's talk about reversal first in today's market, something as to worry about or a blip on the radar? >> i personally thought what we saw with the reversal is technical or a trading nature as opposed to a change in the markets. the reason i say that is because a lot of the contents of the fede

stockmarket. you are right. you come in monday morning the world is a better place.nt to be out of bonds. >> despite everything happening across the pontdz. one trader is making a big bet on europe. >> it was a bullish bet on the euro stocks. that's the index that attracts stocks across the index. the utf tracks the euro stocks 50, today call volume is two times that of puts. total volume was five times average daily. when the stock was trading 26. they'd traders boo i the august 39 calls. >> that is a lever bet to the upside. there is clearly some anxiety about this but there positioning today suggests one trader is trading to the upside. >> for more "options action," check out tomorrow. ahead, an all time high earnings report. >> that conference call wrapping up. we will bring you the headlines. plus a busy week ahead for biotech earnings. you are watching "fast money" on cnbc first in business world wide. hey gary, what'd you got here? this bad boy is a mobile trading desk so that i can take my trading platform wherever i go. you know that thinkorswim seamlessly s

. >> stockmarket is at an all time high. there is so much uncertainty, are you going to guide in on optimistic fashion here? what are you going to gain if are you a cfo? >> why do the bank dee fees with jamie dunn saying things are fantastic, we are seeing an uptick. something has changed their animal spirits. there is nothing doing that. >> social lending. the net interest. the yield curve. >> it will be like. >> we'll talk about banks later on in the show. i think you have a place here, depending on our sector, nice cam reform, even without fiscal reform, think of the people in charge of the environment, think of the people now in charge on a regional level. think of people in charge of regulation, across major sectors of the economy. it's a totally different game. >> that has, if are you a ceo in that sector, you have to, even without any change, you are better today. >> geopolitical risks, they have been the same all along, it seemed tired today than any time in the administration. >> yeah, weeks ago, syria wasn't necess

some of the classic save haven currencies, but the stockmarket just needs to be very complacent for lack of a better word. we shucked off investment since the start, it would have been seen as market negative. every piece of business is seen as a future rally and then news that is somewhat of a downsize surprise is treated with a shrug. so i think they've continued, low level volatility and this really thorough uncertainty fatigue is something that concerns you. >> yes, so that complacency, did it encourage you or worry you? >> i mean, i think we -- it's interesting, the last two years have really seen horrendous localized equity issues in carolina. issue after issue has sort of been shrugged off. so when i look at markets, i really see that this lack of ability to really see risk in the world as more balance. we have a two-week positive perception in the customer segment, in the segment, but the actual data haven't been as strong. it hasn't followed out. markets keep going, they go further and further out in the way. >> do you think apart from the days which were meaningful in their own

also fed officials said the stockmarket could be overvalued.snuffed out a wall street rally yesterday. the dow sank 41 points. the s&p lost 7. the nasdaq fell 34. >>> general electric may want out of the light bulb business. its co-founder thomas edison founded it. they have been interviewing investment banks to try to sell its consumer lighting business, cocould bring in $500 million. >>> the stun gun maker taser also makes body cameras and is officering police departments a one-year free body camera stile run. if they sign up, they'll get equipment and online data storage. if the officers decide to keep the cameras or damage them, they'll have to pay full price. today they change their name to action axoo. >>> youtube offers its schlts it shows shows from the major networks. for your now it's available in new york, los angeles, chicago, san francisco, and philadelphia. >>> facebook has a new plan to stop revenge porn. it h use a photo matching system to prevent intimate photos from being posted would permission. when previously reported it wo

right now, take a look at how the stockmarket ended the week. >> here's a look at what's making news as we head into a new week "on the money." u.s. confidence rose a 16-year high. it seals current economic conditions and how they feel about the future. this is a closely watched indicator, because consumers movers affect their spending. and spending accounts for two-thirds of the economy. the dow broke an eight-day losing streak. the nasdaq hit an all time high t. nasdaq following suit as well. america's economy is growing slightly faster than thought t. final read of the fourth quarter of the gdp came in 2.41% t. gross domestic praukt u product is the biggest measure of the size and scope of the xi. corporate spending was up. mcdonald's is going from frozen to fresh t. burger chain will be using fresh beef for its quarter pounders by mid-2018. it's a move that appears to be in response to rivals like wendy's which advertises their fresh meat. more products will follow. >>> it's the sigh leapt kilent . the cdc says millions of children die each year while sleeping. the smart sock, ku

. >> can the stockmarket in the u.s. continue to make headway in the trump agenda gets bogged down? >> well, i think that the equity markets can continue to go higher. i believe that we are in a secular bull mark. so that returns are likely to be more modest and the competition of returns are likely to change, they favoring more growth stocks than value stocks. in order for equities to go significantly higher from here, you probably need carry-through with regards to policy. i would say that would take the form into the federal reserve backing off with regards to significant hikes in interest rates orifice cal stimulus from the administration and congress. >> the fundament apples look pretty good, bob talked about measures of confidence, which he characterized as sort of soft measures. we need to see better earnings, what do you expect from corporate profits in the first quarter when they start to get reported in a couple of weeks. as you look out across the year, what do you expect? >> corporate earnings should continue to grind higher. if you remember last year this time, we had a

despite all that, the stockmarket has been relevant testifily steady, just about 2 % away from all time highs. so, are we whistling past the graveyard, tim seymour? >> i think we could be. you think about the connection we have over in greece. we were getting a headline about some guy that might be a prime minister. that's critical to the european union as france is. when you think about it, mcc did a great job of laying it out. if you get those two centerrists to be the front runner for the second round, does the communist who has almost 20% of the vote suddenly join the middle. if anything, the polls has been so up sidedown. the 56 was up today. i think whizing past the greater bay yard graveyard is a dramati phrase. are the markets too complacent? i think so. >> i think the biggest buzz i have, i'm not a good whistleer. anyway, the point, over the last three years, you had all these major, major events that could have derailed the markets. yet they didn't. we're 2% from all time highs. so i think investors have been conditioned. so what, we have brexit, trump, all these things this y

cleansing itself of what it doesn't work, economies gain strength from their weakness in the same way stockmarkets gain strength from their weakness was when markets crack precious resources are redirected away from poorly run businesses to better run one's, so infant in fact that was the source of the rally it kept precious resources and lousy marginal companies at the expense of better ones thus robbing us of a much healthier and higher stock market. that is the purpose of my book, my book is to unmask the fed is not that important, not that consequential. i say end what is an offense to common sense because we don't need the fed. i have no illusions, the fed will never be entered, no politician, no congress will ever end the fed. that is the bad news. and prisons to increase the economy for the banking system, the us banking system represents 15% total credit, that number is in freefall because banks are being suffocated before our eyes, that number is going to drop with the decline of banks, >> you're watching booktv on c-span2 with top nonfiction books and authors every en

stockmarkets in asia closed mostly higher overnight w. reseeing lingering tensions in asia, plus more profit reports coming in this morning. this first quarter earnings season off to a rocky start. falling off a cliff, seeking almost 51st. that was after the company's profit beat estimates. here's the thing, that investors didn't like. revenue missing badly, investors dumping the stock as a result. ibm is one of the first big tech companies to report. so investors are going to be closely watching that sector over the next few weeks. dragging the average to its dow, second straight triple digit loss t. nasdaq is actually up for the week t. s&p 500 sitting flat. >>> a troubleing government report on wells fargo showing regulators failed to act on hundreds if not thousands of red flags. an internal review published by the office of the comptroller of the currency, one particularly alarming red flag that went unheated. in january of 2010, the regulator was aware of 700 cases of whistleblower complaints about wells fargo's sales tactics. the r

market -- whether or not you like it or don't like him, you have talk about him in the context of stockmarkethe trump trade, he's a drifter, a phony, a fake. >> it's a 10% rally. >> on proposed legislative agenda -- >> it's crumbling around him, the market hasn't caved. that's my point is that somehow we are missing something that the market is either either trading off rotation or something else. >> i think the reality of the whole thing is you have to think of what is the trade on all of this. you got to sometimes put the politics aside and figure out what is the trade the trade if you want to call at this time trump trade that is reactive to what irve think it is, you can't fight i. we we heard it from rich ross. if the trend is your friend. you got to stick with the trend when you got it. >> let me tell you something, everybody was wrong on november 8th and 9th. it kept going. i'm saying there is major fissures if they don't get fiscal stimulus. >> every president had the same thing. >> last word and we got to go. >> well, my last word is i think we're in an environment, no matter what ha

stockmarket futures are down 13. s&p futures down one. lauren: stocks in japan fell to the lowest level. the nikkei sliding almost 1.5%. in china come to shanghai composite ended lower. lauren: facebook and ceo mark sabo and trying to crack down on revenge. lauren: amazon ceo jeff bezos going ahead again space-bar experience train to pick golfers at the masters tournament. a back injury keeps the world's number one player in the tournament had not been updated. lauren: good morning, everybody. 5:01 a.m. welcome to "fbn:am," your first look at morning markets and breaking news. breaking this morning, president trump said to hold his first face-to-face meeting with chinese president xi jinping. hosting the second largest economy at his estate in florida. key topics to include trade in north korea. jeff flock live in west palm beach at the very latest. good morning to you, jeff. >> lauren, nicole, in the blackness behind me, the mar-a-lago club or i is for the world will be focused later today. the airspace closes at 2:00 in preparation for

and we're seeing steep losses in stockmarkets and shares in asia posting mixed overnight.be shifting away from geopolitical concerns and looking on profit reports from big u.s. companies. we are in the middle of first quarter earnings season. bank of america and johnson & johnson reports before the opening bell, there are comments treasury secretary steve mnuchin made to the financial tiles. he says the original august deadline for tax reform is not realistic anymore. he tells the paper quote, it started as an aggressive timeline. it is fair to say it is probably delayed a bit because of health care. money from obamacare was supposed to go to tax reform. >>> hitting a major milestone, 100 million subscribers, netflix wraps up 2016 with a record 19 million new member, going into the year, netflix had a total of 93.8 million people watching, expecting it to hit the 1 million mark this week. the stock is up 20% this year and almost 35% over the past 12 months. you can get yourself a share for $147. the tax date is due by midnight local time. as well as any of the remaining mo

you 9 can't enforce companies to reinvest, that is extraordinarily bullish for the stockmarket. we can argue, it's not in the best interest of the citizens. >> that itself not per our view. i think if they get the repatriation through, which i think they should. it's very bullish for the market. >> for me when i look at why the markets are holding in, yes, to his point, earnings, these new companies standing on their own two feet. if you look at the fact that regulation is going to stop, for every new one, two have to be pulled off. that was a tremendous head wind for corporations. so i think that's a big deal. but, you know, we talked about gold a lot on this desk, how gold has been breaking down. >> we saw two on the back of it. >> the reversal in gdx that outperforms gold, gld, by two or three-to-one. it ran almost 3% interday. so every time you see up with of those proposals, they met with hands up in the heisman, you will watch these things fire on gold rally and stocks fall. >> you have to go back to the trades that were working be every the election cycle on some level. t

stockmarket boom and bust, and looks at how the housing market of the 2000's mimic the same patterns. he also talks about the exotic financial instruments developed during the time. the practice of banks using overnight short-term credit markets to stay afloat and the actions taken by the federal reserve to rescue the economy after the collapse. his classes about one hour. professor levy: ok. in our lecture on the great depression, i talked about the origins of any financial crisis, it is always important to look at the resolution to the last crisis. when we think about the great recession, we have two moments of origin. the 1970's, the crisis of industrial capitalism and thinking about whether or not the american economy has gotten out of that crisis. we have been talking about this. the second point of origin i think is the late 1990's, the new economy, and how the bubble crash sets of a pattern that goes across the 2000's. so we ended our last lecture with alan greenspan before congress in 1998. it is in the midst of the new economy euphoria. you read this, but i will read it out l

in the u.s., stockmarkets are closed for good friday a. lot of people will be recognizing good friday here in the bay area as well. >>> in fact, we will check in with kari, they will be curious about the forecast. >> as you get ready to ho head out to door, we are taking aing will a at the weekend, tomorrow it will be in the upper 40s at the bay, 40 degrees inland. we will see the high temperatures throughout the afternoon reaching the mid-60s, the low 70s, on easter sunday. showers will be beginning in the north bay during the morning and it will be in the upper 40s to low 50s for the bay. at noontime, we'll be at 58 degrees and the rain off and on and it continues with some scattered showers into the afternoon. now, sam was telling us about the change controls needed along i-80. this is the view from heavenly, it will be a beautiful weekend there. on the way back, we will see showers moving in as those temperatures warm into the low 50s. mike gets you out the door with a look at the roadsways. >> over here, locally, it's great. on i-80,

and a low stockmarket and build into it. and you're right, david, i think the president's inheriting a situation with a very high market. it's gone up ever since he was elected. it's going to be very difficult and if you look at the landscape in congress, i think it's going to be very hard to pass legislation that he likes and he's, it looks like he's buying into the idea that any tax cut should be revenue neutral. >> that they have to be offset with other cuts in the federal budget. i think that's a strategic error that's going to haunt him for the next three years. it's that, if he embraces that notion. >> does he agree with that? i'm curious, you talked to the president, what have you gleaned from him being his greatest regret? how does that educate you in terms of interpreting what is the most important thing next on his agenda? >> so, we talk a lot since he was elected. i used to talk to him quite a bit through the years, i've known him for over a decade. but we don't always go into every spec policy issue, i don't ask

the stockmarket will tie up a couple years without the financials. >> now that's the -- >> that might be true. they might need it now. they didn't need it the next couple years. >> what do you think? >> the bank trade is something we all talk about from time to time again. i say it's broader than that you look at the chips, you look at the growth there. if they continue to show the growth going forward, i don't know, i think it's a broader rally than everybody is discussing all the time. so i think there is a chance. >> what did you do today, karen, besides goldman? >> not a lot. back to the same stocks. i'm very comfortable holding on to an alpha bet and a facebook. i understand, you know, they're up nicely. they should be up nicely. people talk about it the flight to safety there. you talk about, i don't know, i'd like them here. still own them. >> what did you do today? >> visa is a name. we saw money gravitating to visa, maybe because when they were out of favor, i think you see money go back into visa the near term it's more of a safety trade than the financials. >>> coming up, p

levy teaches a class on 2007-2009.ecession, he traces the origins of the crisis to the late 1990's stockmarket boom and bust, and looks at how the housing market of the 2000's mimic the same patterns. he also talks about the exotic financial instruments developed during the time. the practice of banks using overnight short-term credit markets to stay afloat and the actions taken by the federal reserve to rescue the economy after the collapse. his classes about one hour. professor levy: ok. in our lecture on the great depression, i talked about the origins of any financial crisis, it is always important to look at the resolution to the last crisis. when we think about the great recession, we have two moments of origin. the 1970's, the crisis of industrial capitalism and thinking about whether or not the american economy has gotten out of that crisis. we have been talking about

i know you are looking through the fortunes of the world stockmarket, particularly the u.s.we have seen the most since 2008. can we breathe a sigh of relief for the bulls there? if you dig into the bloomberg and take a look at the chart, it shows the divergent -- divergence. it is quite stark. we have the depth of the crisis, an economy completely falling out of bed. if we think of where we are, the u.s. economy is doing ok, u.s. stocks doing incredibly well. people are banking and further growth over the years. china, there is been a lot of worry around growth, this year growth being better than expected. tightening policy a little more, people concerned on the mainland. in china it is an individual investor market. there is a lot of sentiment that drives the market there. where we go now is, from here, from a u.s. equities point of view. people have been wanting to pull money off the table, u.s. stocks have done well over this eight year bull run. we may see some of this outperformance lag as the year progresses. whether this means outperformance for shanghai and relative

he traces the origins of the crisis to the late 1990's stockmarket boom and bust, and looks at how the housing market of the 2000's mimic the same patterns. he also talks about the exotic financial instruments developed during the time. the practice of banks using overnight short-term credit markets to stay afloat and the unprecedented actions taken by the federal reserve to rescue the economy after the collapse. s