good wednesday morning welcome to squawk alley. i m carl quintanilla with sara eisen and john fort. some record highs today. the nasdaq hit one today in the session, the dow has not done so the koptd mike santoli is at post nine to talk about the markets, and the run we ve had and the seasonality we re heading into last week he brought up the topic on whether the bears missed their good chance seems like that might be the case seasonality works for the whole market,me segments of the marke and momentum we talked about these rotations that happened over the course of the year from small caps to large, sometimes cyclicals worked tech has been consistent if you look at where within tech, maybe you would be encouraged by the fact that semiconductors within technology outperform the overall tech sector it s the industrials of tech you only buy chips if you need them, if there s demand for them on the other hand you might be getting to a is this as good as it gets moemts for tm
with a set up of a fiery press briefing a lot for sarah sanders to talk about in a few minutes. all of washington inside the white house and beyond has been talking about the revelations in this new book by michael wolff about the first year of the trump presidency. he describes that meeting as having been treasonous and said the fbi should have been called immediately rather than having that meeting in trump tower. he also said he thought the chances were zero that donald jr. did not take those russians to see his father. now all of that raises potentially serious problems for the president himself in terms of his knowledge of what was going on during the probe that bob mueller and the special counsel was not continuing on. the white house responded sharply with a statement from president trump in which he said steve bannon has nothing to do with my presidency, he said that when he lost his job, was fired last summer, he lost his mind. he s been peddling false information
51.94. coming up on $52 here are the big stories we re watching new this morning, defense secretary james mattis responding to north korea s latest threats saying the u.s. will seek a diplomatic solution. mattis making those comments at a news conference in india south korea is reporting that north korea boosted defenses on its east coast after it said it would shoot down u.s. bombers flying near the peninsula. shares of apple dropped for a fourth straight session yesterday. debt klein f the decline follows reports about concerns for demand for the new device on the wall street agenda. the s&p case-shiller home prices are out at 9:00 a.m. eastern august home sales at 10:00 consumer confidence also out at 10 chair janet yellen will give the keynote address at the national association of business economics at 12:45 perm even we will hear from lael brainard, mester and bostic. on the corporate front carnival cruise lines and darden report results before the opening bell af
the fed decision is behind us, at least this one. now we re counting down to the earnings in less than an hour, numbers from facebook, tesla, qualcomm,shake shack, and many, many more. we ll tell you what to expect, break down those numbers as soon as they re released. here we go again it s going to be a huge afternoon. the house tax bill was supposed to be released today now it s expected tomorrow morning. we do have a strategist who says the best outcome for the market will be if tax reform does not get done at all. he s doigoing to explain why shortly. we start with the dow, s&p, and nasdaq hitting intraday highs earlier in the day the dow was up 140 at its peak, but all have pulled back from those highs. the dow no, nobody is in record territory let s get to our closing bell exchange diane swan, robert frost at post nine, sitting next to keith bliss, and rick santelli checks in from the cme in chicago diane, i m going to start with you. no surprise. i asked rick s
we ve had 24 hours to chew over it, and now the battle really begins over the gop tax bill the draining swamp, uh-uh. the swamp creatures are starting to move. the big sticking point could be a really tough sell for some republicans. the deduction of state and local taxes. president trump s twitter account deactivated by a departing employee, but twitter statements are now raising more questions than they have answered power lunch starts a little late but right now tyler, you re the braveheart of tv. we re getting those ten seconds back, baby are you with me? i am. freedom i m brian sullivan stocks are steady on this jobs day. the dow hit another record high earlier. the dow on track for an eighth straight week of gains, as tyler highlighted. apple one of the big winners it s big in the dow. get this, investors have now made a 57% return on apple in just a year. some of your big single stock stories today, starbucks rallying despite an outlook cut because ceo kevin