With our rulses to suspend trading because we wanted to make sure that nyse stocks wouldnt be negatively impacted. Trading on platforms other than the floor was uneffected and despite the halt nyse consolidated volume which captures trading across all platforms was heavier than normal due to the Global Market sell off. Speaking of stocks lets check on how todays session is shaping up. U. S. Equity futures looking for a bounce back after the big sell off yesterday. Dow futures implied with an open plus 150 points. Heres big stories were watching today at this hour. Well start with china. Beijing taking drastic steps to prop up its market there. Along todays move banning shareholders with large stakes in listed firms from selling. It closed up nearly 6 . Elsewhere, south korea rates overnight but did have the countrys Economic Growth forecast. And then of course have to keep updating you on the situation in greece. Meantime germanys Central Bank Warns that greek solvency should not be increased more from our colleagues overseas in just a moment as we go toward sunday with some optimism i guess. I still think they do it. No they do a deal and both sides get to say yeah were doing something. I never thought they were. But Stranger Things have happened. It sounds like its going to come down to whether theyre allowed to restructure debt which germany says no and the u. S. Says they need to do. U. S. We dont like the a word in this country either. The administration. So the shanghai we know already its not 6 we dont have to worry about that. When you ban selling its really only one way it can go right. But when were watching europe its like hey you know if it starts selling off later in the morning its like our futures off. So were done. We got that in the bank. 6 . 6 . The question is will it bounce or is there finally some sort of trust in the authorities there to clean this up . Boning up and studying up on how the whole stock market rise is. It was done to become more free market oriented but then you see how much theyre involved in orchestrating this big run up. They said might be a problem here when stocks didnt rise on the president s birthday. Its like wait a minute. Somethings wrong. Can you imagine saying that here. If our market didnt go up on president obamas birthday. When is president obamas birthday . I dont know. Theres a problem if he calls up jack lew. We got a problem here. Were having a big party at the white house tonight and the market was down 150. August 4th its coming up. Thank you. Im not even going to say that. The birth certificate. Donald trump brought that up in an nbc interview. Even my face cant even my eyebrow cant move. Earnings fell short of estimates hurt by lower Aluminum Prices but revenue was better than expected. Company has been trying to reduce its alliance on legacy commodities and ceo on cnbc yesterday. The business showed real resilience in face of all the head winds. Prices dropped 22 over the course of this year and then when you look at productivity and cash excellent. You put this together and see all of this has been done by many day in and day out working tirelessly on getting the transformation of this company down. Obviously you saw Aluminum Prices there were a problem and Commodity Prices the other thing that had people concerned, selling off with the chinese stock market and combined with the other stuff. Crazy day. United. United. The wall journal homepage and then the new York Stock Exchange. The glitch. Which if you hadnt been able to trade on all of the other exchanges it would be like china is down. Where would we be . But there would have been a panic. If you decided im out of here you could have been out of there basically and that definitely helped. Among the other stocks to watch, shares under pressure after the company cut its full year guidance blames the negative effect of a stronger dollar and challenges in eastern europe. Ibm you heard at the top of the show, the Company Announcing it made working versions of an ultra dense computer chip that has about 4 times the capacity of the most powerful chips that are currently being sold. Getting a lot back today. Thats how it looks now. Futures pointing to a higher open. Sharply there so. 144 points on the dow. S p with an open of 19 points. That continues to be a closely watched story where the volatility is unbelievable. Particular particularly. Thats been the way of the world lately but japan and the hang seng are higher as well. Crude oil and other commodities have been closely watched because of concerns about whats happening in china. That is getting a lift as well. The ten year note yield. We have fed speak today. 224 is the yield there. Take a look at the dollar as well. Euro dollar 110. Its been an interesting story because of the safe haven trade as well. The picture is at 1161. A slight decline at this hour. Janet yellen speaks tomorrow. Watching that. Our team of global reporters spanning the world to cover the big market stories. Jeff is in brussels following debt negotiation with greece. Michelle is still on the ground in athens. Lets start with eunice in beijing. Thats right. I can tell you guys how the government here orchestrates orally oralor or rallies. The Chinese Media is saying now youre seeing the National Team at work. We did see the results of that. The market rallied by 6 they also told senior managers that they couldnt sell shares for the next six months otherwise they would face severe punishment. Today we Learned Police were investigating what they called malicious short sellers and in the past couple of minutes they came up with results saying they have 12 Financial Institutions as well as other individuals who had been engaging in who they call illegal acts. All of these managed to relieve the investors here because they feel comfortable at the rally but theres a lot of caution and anger directed at the government. We saw protestors in small groups but outside of the Regulatory Office and a lot of the investors were telling us theyre still unclear where the market is going to head because more than half of the Companies Listed here still have their share suspended and for that reason everybody is waiting to see whats going to happen when those shares resume trading. Now to jeff in brussels. Thank you for that. The european markets are getting a break today because we dont have any more negative News Headlines on the story. The greek banks in trouble. Its not big news. Everybody understands that and theres other reports floating around from sourced officials saying the four big banks will have to be reduced to two. All of this part of managing the message as we come up to really what matters this weekend whether greece remains in the euro zone. They have to deliver proposals explaining how much pain theyre prepared to take before the close of today to give the leaders and euro Group Finance ministers the opportunity to study them before it takes place on sunday we did see funding over a three year time frame. That would suggest theyre coming back to the table as honest brokers but the tougher question will be how prepared is mr. Tsipras to impose cuts on state benefits and significant hikes in taxes. Let me send it over to michelle in athens. Lets talk about one of the key issues when it comes to those negotiations with greece. Now were hearing from jack lew and Christie Lagarde if they think its a good deal. They own over 300 Million Euros to the world. They owe more debt now than their previous debt restructuring. You can only understand it through. Look at that number. The other debt 194 billion for a total of more than 300 billion. We couldnt list it on the full screen. One of the true things he said as the minister of finance was greece never got a true debt restructuring. They ended up with more debt. Thats not how its supposed to work. He never told you the other side of the story. If greece had not accepted this deal all the cuts and budgets he never wants to make they would have had to make them overnight because greece ran a primary budget deficit into late last year and still is now so they needed bailout money so they took that money and that way they could keep employeeing people thousands of people would have lost their jobs overnight. The austerity would have happened within months and would have been far more brutal. Now christine he guardlagarde saying there should be a hair cut. They say you know what is amazing about the imf is they insist theyre a super senior creditor and everybody else should take a hair cut except for them. Now hes getting ammunition from jack lew of course. What is also incredible is when they both say oh the imf says we need a debt hair cut but they dont agree with anything else the imf says they want to pick and choose what theyre going to do and finally youre probably wondering why on earth are the germans so unwilling to talk about restructuring . What is obviously that huge problem. When you look at all the debt the greeks owe, that 194 billion thats the most concessional. The greeks dont have to start paying that until 2023. At almost 0 Interest Rates. So the germans and everybody else in europe says why are we talking about that debt right now . Why dont you do some reforms . Why dont you get your economy going and when you do your prior actions we can talk about extending maturities. Its incredibly complicated and unbelievably political. You can approximate sure that will be a key issue as we go into this weekend. And michelle in your heart of hearts what happens . Your current probability for a grexit i still think theyre going to get it done. Dont you . I cant guess at this moment. Moment after moment when they could have gotten a deal done and they didnt do it. 50 50 is the easiest. The tone was much better than weve seen before but you have to see the list of prior actions and those are all the things they promise theyre going to do. Theyre going to do those first prior to getting the money. So lets see if they do them. If the drachma was worth 33 euros would the quality of life of the average greek be worse than if they agreed to some of the austerity if their currency was worth a third of the euro . Its probably a choice between two different devils, right . Youll have a lower income under austerity but if you go to that youll face higher inflation because this is a country that lives on imports and you cant buy as much so everything on the shelves becomes much more expensive. No matter what. I should have held up the communist news because their headline today says agreement or drachma everybody is going to lose or suffer because its either inflation or an internal deval you wags. I know its because it always has it on the cover there. Just trying to help. Trying to get your props for you. I have a question quickly michelle on the cash situation there. The temptation for ious. We have seen this in emerging markets during crisis. Is anything going on with that . Theres some reports that people are already talking about parallel currencies and the lines are so long and greeks are putting their money in chanel purses. Whats going on . The local paper of record reports theres preparations for an iou system and when you talk to people within the government they say, look its only natural to begin preparations because for the first time we get an admission today that they said we have enough cash for the atms until monday. We havent heard them discuss when they might run out of cash until this point. That would suggest you have to come up with another thing that you can use as a proxy within the country. The question is how do they decide to implemented those ious . Do they use those to pay the government workers . Or do they use the ious simply to mimic deposits in the bank . For both . Do they use them to pay arears. All of those choices lead to what is the value of that currency and how much inflation greeks see on the ground as a result. Theyll have tough choices on that front. Okay. I feel bad we didnt talk to eunice. We get 6 and its like oh thats all fixed. Hes there. I know she is but i feel bad that were still so greek focused and get a 6 balance in china. The big worry is that the government loses control. All the other stuff werent working. They regained a little bit of control. The way they do it over there should be able to maintain control. If you tell people you cant sell anything its going to be hard for the market to go down. To your point in an exchange i had yesterday he makes a similar point that the political fall out from whats happening there is much more important than the financial fall out because the ability of the party to step in with any reforms financial or otherwise is questioned as they try to do whatever it takes here and the market still goes down. If they throw everything they had at it it probably still needs to go down more because it went up so much and you just got the four classic signs of a totally overheated you know margin debt. Record of any country ever held by Retail Investors and trading volumes. Some say they can do more. Why cant they step in like japan did. They really are. And maybe also the concerns about whether the market slide there is so heavy and then now we should be very concerned. Maybe thats why weve seen our stocks sell off as overdone as well stocks here didnt participate. Why should it be on the down side. Its scary to look at. Feels different coming down. New York Stock Exchange is closed. United flights are grounded and it all came together. 280 points isnt that bad. Joining us is bill stone, chief investment strategist. Bill out of all the things we just mentioned is what is the most concerning and if nothing is and you think we ought to buy it tell us that then. Its hard to wave them in the sense that greece is in and of itself so asmall but it has you have to give it that the contagion risks out there. I think china at least in the longer run is the one maybe that deserves that much attention because it is the second biggest economy in the world. The question is whether there is any real connection between the Financial Markets and the economy. You can make a good case and you talked about it there that is you know what it was going up like crazy and we know the economy wasnt doing well and that was the recent time. I remember clients coming to me and saying shouldnt i own chinese stocks because back when the economy was doing really well and i would run the numbers and they had no correlation with with each other and in other words chinese growth and chinese stocks and you continue to have these worries but you to look for or maybe make that second step to say theres some sort of possibility of contagion. So far i have to say there is a possibility. I just think in both cases its not the likely case. Once again we can Start Connecting dots which makes it even more ridiculous. Connecting dots to what the fed does in september. All of this really scary stuff happening in the world and all we can do to bring it home is say it could make the fed less hesitant to go up a quarter point in september or wait until december or maybe put it off until next year it comes down to that with traders in this country . All that matters is is free money forever . Thats why we look at all of these extraneous events to see how it effects a quarter point or not or the timing of a quarter point. Ridiculous. And it certainly figures in you know . Every number you run in terms of in the history i think thats why its so looked at is that theres typically a sell off around fed moves but youre right. I think theres a little bit too much. We are global now. We get the dollar stronger when we already have head winds during earnings season the fed actually has to consider currency when its deciding if the rest of the world is weak and youll see a huge spike in the dollar if we raise rates and you already have that head wind with foreign currency and they have to worry about that also. Earnings season comes and everybody is low on revenue. Its crazy. Yeah i think theyre going to spend a lot more time i hope anyway focussing on the Bigger Picture around. Again who knows how greece and china plays out Going Forward here and theyll be watching that data but right now weve seen the nice snap back in the u. S. Economy and we seem to be on that path. Thats what i wish they would actually focus on is getting i think the fed is partly to blame here too is we need Growth Initiatives in this country in terms of cutting back on regulation and getting off of zero Interest Rates and the Companies Start using cash not just in a Financial Way but start using it to do what theyre supposed to do now. Thats the real issue. Its better than the rest of the world but were on hold to do things we need to do while were watching the fed dealing with the rest of the world. Yeah it certainly for all of us if you asked me would we be closer to normality at this point i would have said so. It does get to be a bit wearing to frankly spend all of our time on maco events and not as much on individual company work. Thanks bill. So yesterday Bernie Sanders said the real Unemployment Rate was 10. 5 . Thats not because we trended toward socialism already a little bit and away from private sector solutions. It would actually be better to go even further down that road to deal with the 10. 5. Is that what you gleaned from that . Actually more government answers to deal with the 10. 5 unemployment unemployment. Theyre not only ones. We cant do what Everyone Wants to do and talks about doing. We cant even do that you cantlay the blame, i dont think, at the feds feet for the reason why growth isnt where it should be. Theres a number of things that could have been done that have not been done. The effect of staying at zero has caused this but maybe youre saying its not their fault they had to stay at zero. Im not disagreeing with that. I dont think if they raise rates well g