Probably one of the biggest in terms of Enterprise Companies going public during this ipo vintage. We awere here last year for the uber ipo slack today. Well bring you lots of news about it its a different type of listing, its a direct listing well talk about all of the dynamics around that for now, back to you we talked about that direct listing earlier this week. The pros and cons to it again . There are some pros and cons. You can only do it if you have a lot of cash on the Balance Sheet. This is a company that does. If youre trying to raise money, it doesnt work this way theres no additional money that gets raised the way uber was raising money and wework will be raising money. Well see if it becomes a model. Spotify did it successfully. Slack is doing it. If there works, theres a question on whether airbnb, the next ipo on the docket in the future, theres a question if they go the same route it has a huge implication for wall street, wall street fees and the ipo structure. Andrew, good to see you well check back in with you in a few minutes. Lets check the markets. As joe mentioned you will see the futures indicated sharply higher today dow futures indicated up by 241 points even after the gains we saw yesterday. S p futures up by 27 the nasdaq up by 97. Wall street sort of baking in this idea that rate cuts are coming next month. Look at treasury yields. If you check out whats happening with the tenyear. Wow. The yield is almost 1 2. 009. It was earlier this morning 1. 99 2. 009 . Well watch this closely today today could be the day that we see a one handle gold prices surging to the highest level in more than five years as all of this is playing out. Gold supis up 2. 8 overnight in asia, you can check out the markets there. You will see the nikkei was up by 0. 6 . Stocks were higher in china, too. Shanghai up by 2. 4 . Hang seng up by 1. 25 . Of course all of this happening as president xi is preparing to head to north korea. All of that has questions raised about the trade talks and maybe the idea there will be something that is accomplished at the gk 20, even fizz notif its not a final agreement. The dax sup by 1 . Stocks in italy up the ftse up 0. 4 oil prices jumped after a u. S. Official confirmed that a military drone was shot down by an Iranian Missile earlier iran claimed to down a spy drone in its airspace. A military official told nbc news that the global hawk surveillance drone was in International Airspace over the strait of hormuz when it was destroyed by an iranian surfacetoair missile tensions have been rising in the middle east after last weeks attacks on two tankers near the strait thats a choke point for oil supplies this is annoying and a nuisance, but its equipment ar iran knows its equipment. We know its equipment trump wants to end iraq, afghanistan, but not iran but there are calls for some response there are lots of responses that dont include a full blown conflict youre ratcheting things up you are theyre a nuisance theyre like a buzzing around and they are. This happened before, and there was not a massive response the last time this happened. The problem is when you see heightened tensions theres neertheres theres neither side wants to get into a fullblown escalation i forget how many casualties in somewars could be traced to iran if it was a plane with a pilot that would demand a different response but its a drone just a pain. A nuisance but theyre trying to instigate. Somebody has to accidentally do something to the point yeah. Its scary both sides are doing things, neither one of them wants to get into a fullblown its weird the equity markets, oil goes up, we maybe its demand. Then the stock market its a riskon trade or something its a crappy reason to go up. Its relief relief theres conflict in the middle east . Relief that oil wont continue to go down and have people worried also, dont think its a big factor in why stocks are up. Why do you think it is . Hold that thought. Well have that conversation the market had plenty of time yesterday to react to the fed. Sometimes traders are slow. We didnt get what we wanted today, were not thrilled yields immediately fell yesterda yesterday. Yep if Interest Rates are low, stocks and equities look like a better place to put your money lets get back to that big market story jay powells big decision. Steve liesman joins us with more on the reaction, not only the Immediate Reaction but a day later what we think about this Jerome Powell and the open Market Committee didnt give President Trump the rate cut he was clamoring for but they gave him a solid suggestion that one is on the way. Powell said growing uncertainty over trade and Global Growth prompted the fed to lose its policy of patience and adopt an easing bias. That is if the expected weakness occurs the baseline outlook remains favorable, the question is whether these uncertainties will continue to weigh on the outlook and thus call for additional Monetary Policy accommodation. Many fomc participants now see that the case for somewhat more accommodative policy has strengthened eight policy officials forecast one rate cut, and seven forecast two what happened to the probabilities . Well show you them in a different way right now. 100 baking in a july rate cut an 80 probability of two cuts or a second cut by september 61 chance of a third cut by december lets look at the calendar heres some key dates. That meeting of President Trump and xi in japan on june 28th and june 29th. Possibility of new china tariffs or not jewel 1st the jobs report on july 5th. The q2 gdp report on the 26th of july the fed meeting on july 31st this is important. He responded favorably, without committing, to a question about some Economic Research that shows when youre close to the zero lower bound or the zero rates its best to do more and sooner rather than less. Translation, a lot of talk about a 50 basis point cut possibly in july all right steve, thank you wow what a Wonderful World it would be, steve. Could you sing that, joe . It immediately came to mind what a Wonderful World it would be im going back to when you sang the wait. Dont go back there all our problems would be solved 50 basis points. I guess you could take one or the other. 50 bips now i dont like it im back the other way god how do i know that give me a heads up youre here, youre there. Im a bitcoin bull. He doesnt know what side hes taking until you speak. Have you seen whats happening on twitter im like a god someone sent in what i said to julia, theres no blockchain. Theres no blockchain, and millennials, theyre like holding me up. Theyre going now you love them i love them. Now you love millennials. Theyre so smart. Once again, youve come around to my point of view all these memes im thinking of c3po, when the ewoks think hes a god and hold him up. Theres peoples showing respect, youre right giving me thumbs up. I went back and looked and said wait a minute, was i right about this awesome. Am i right, santoli . If you put in a dollar if you like mumm millennials, thats great if you put in a dollar and your Digital Currency is worth a dollar thats not a cryptocurrency. All the Blockchain Transactions do create some inherent value. Making a Digital Currency thats based on a fee currency makes no sense. Thats what i said. You didnt say it good enough im the god now. I thought i was good with my gift card debit card purchase. That was good look at my twitter feed. Its insane. Oh, my goodness everything is about as long as youre on board with millennials you have to keep going. See, you like them. Pictures of robert red ford we have ian here. Lets talk bitcoin im trying to get some new demos for the show after chasing them away for years. That guy you saw the one what about pushing on a string. Is this good i think it helps with currency at the margin but this is mostly a Domestic Services country. I dont think they need to cut the timeline that steve showed, with the summit with xi, that will be a positive outcome they both need a deal. I dont think the tariffs will go up on july 1st. I think the employment report on july 5th will be fine. I think the Second Quarter gp will be fine if all that happens, do they cut . Theres an element of contingency there. The market says 100 not many thickings in life are 100 maybe they dont cut i dont think they need to i think the economy is fine. Provided trade doesnt blow up if trade blows up, absolutely they ease. Mike, what do you think i think by the july meeting if the yield curve is still upside down, two months of that, what the fed signals today would lead to a high likelihood they do cut but that doesnt mean they should or need to is that happening because traders will throw a temper tantrum or happening because relative over to other yield thats part of it thats been the case for a long time that waxed and waned i think that logic of when you only have 250 basis points to work with to zero, you might use the way the markets are structured, theyre saying its a soft landing it will cut a little bit the economy doesnt need rescuing stocks love a 2 world sure. Steve, whats up . I think all of the things ian said could break to the upside or be stronger than expected with perhaps with continued Inflationary Pressure to the down side the fed could still cut. I would have to think about what tolerance would be if you show remember that powell yesterday, when heinflate the word transittorory. I probably should alter my calendar and put a pci or pce date in there. I think thats important, too. It will be hard to have all that strong data and have the fed cut. Its a close call. Thats why the fed did not specifically cut esterday. I think the stock market is fine with the next that theyre going to try to be preemptive, accommodative and listen to the markets and what theyre saying whether it happens in july or not ian, the last thing powell said yesterday by the way if we do do something accommodative, it may be that we dont mess with the Balance Sheet as much maybe let some of that ride. Thats our way of easing policy. What would you think of that if youre going to do something, do the thing that has the most obvious signal. If you cut rates, its a clear, positive signal about what youre doing, why youre doing it maybe they dont just picking up on what steve said inflation, he didnt say transitory, and he didnt talk about how other measures inflation are going up thats gone up, the pce has gone down where is the focus it seems given they move their pce forecast down quite a bit for this year, maybe this idiosyncratic thing, maybe theyre having a rethink and thinking its permanent. I look at that dallas fed measure, annualized rate is 2. 4. Steve, i think that the market is saying you know, is saying i cant believe the fed is falling for this or the fed is going up like they should have last year. We have to get back to normal. Thats a clever comment they throw a big tantrum in december lets try this but theyll never buy it all of a sudden they go youre right, market, maybe well never raise again. Are you kidding me its a classic we can have our cake and eat it too. Ive been talking about this exact ta and trifecta that the markets are betting on the first thing is we get a trade deal or no worse outcomes on trade the bottom of the exacta is we get no rate cut, or we get the rate cut and no economic weakness thats like the market laughing all the way to the bank. Thats true if we think of the market as the actor here but individual invest and professional invests are extremely pessimistic and defensive. Thats why the market is going up when you have Corporate Bond yields back to where they were in 2018, the math says however we got here, stocks probably are not going to get you in trouble now. Its like youre trying to talk to your parents, were going, but no other parents are going. The concert will go to 3 00 a. M. Your parents say no way, then theres a crack, are you sure youll be home at 3 00 the kid is going you have to be kidding me it sounds like you had this conversation i have. Eventually i cant believe the market i dont think they can believe it. They talked the fed into this. Great to see you. When we come back, were counting down to our big interview of the morning slacks ceo Stewart Butterfield will join andrew ahead of the companys first public trade next, a rare interviewed with the ceo of wynn resorts o new trends in gaming and the new resort in boston before we head to break, a look at winners and losers in the dow. Johnson johnson is a baby company. But were also a cancer fighting, hiv controlling, joint replacing, and depression relieving company. From the day youre born we never stop taking care of you. Or trips to mars. 4. 95. Delivery drones or the latest phones. 4. 95. No matter what you trade, at fidelity its just 4. 95 per online u. S. Equity trade. No matter what you trade, at fidelity mno kidding. Rd. But moving your internet and tv . Thats easy. Easy . easy . Easy. Because now xfinity lets you transfer your Service Online in just about a minute with a few simple steps. Really . Really. That was easy. Yup. Plus, with twohour appointment windows, its all on your schedule. Awesome. Now all you have to do is move. That thing. [ sigh ] introducing an easier way to move with xfinity. Its just another way were working to make your life simple, easy, awesome. Go to xfinity. Com moving to get started. Its a busy morning from the market response to the fed to slacks debut. We have a rare interview with the ceo of wynn resorts. Hes with Contessa Brewer in massachusetts. Hi, joe this weekend the Encore Boston harbor opens its a 2 2. 6 billion investment by wynn resorts. The biggest construction project, private construction project in massachusetts history. Its been a rough road to get here because for one thing a year and a half ago you had steve wynn leave amid a serious metoo scandal. You had a board turnover you have a new executive team. Then that big investigation and the grilling of the Leadership Team including ceo matt mad madx the gaming license remains i tact congratulations on the property. Thank you good morning it looked like a year and a half ago you had one vision of how the future of this company would roll out then things happened along the way that you did not anticipate. Looking back at this past year and a half, would you do anything differently no, i dont think so. The one thing we did was reacted quickly. What we have now is the controversies behind us. The transition is complete we have the best Growth Profile in the gaming industry tell me about Encore Boston harbor i mentioned the numbers of how much you invested. When do you expect to get a return on that investment . How does this fit into your portfolio . Youre not a regional gaming company. This is the very first integrated resort, largescale integrated resort in a major metropolitan area in the United States boston is a tourist destination. Were excited because our International Customers are already talking about they want to come visit. They want to come to boston. The amount of International Credit we already have booked for our play here is xeexceedin expectations harry curtis has anticipated 8 return on invested capital in year one as much as 12 by year three. Do you think those numbers are on the properties always do take time to ramp up, like wynn palace when we opened in 2016. We do expect that. I think the return will be strong you bring up macau. Thats where you get the bulk of your revenues. Vip has been softening there were seeing a change in trends. Tell me about macau and how you plan to shore up revenue there in the Third Quarter of last year i was the first ceo in the business who said there could be softening in the vip segment we have seen that. However its stabilized. Wynn palace and wynn macau are well positioned to capitalize on any market position. When i first became ceo we launched a renovation project for our downtown property that will be completed this year. Thats a new renovation of the hotel. A brandnew casino 10,000 square feet of retail three new restaurants opening. Have you seen a slowdown in business because of those renovations . The vip slowdown began because of the various issues in china, slowdowns in china, but revenues have been stable. What about this u. S. Trade deal hanging in the balance. What is the impact on the economy that might then affect who is coming to macau to gamble and also about the cultural pressure on chinese customers that you might have. Again, theres a lot of speculation. Were watching it carefully. Our results over the last coupl of quarters have been stable the one thing we found is customers will slow down behavior when theres uncertainty in economies but it always comes back people love the business of fun. How important is a trade deal in your mind for the casino industry, for wynn resorts bottom line. I think its important for the Global Economy the two largest economies on the planet, the United States and china are codependent i think in the end a deal will happen we heard a lot of talks from sands and mgm about their plans for japan. Theyve been specific on who theyre working with what city they want. How they will get there. We heard very little from wynn whats your Development Plan weve been working on this for eight years. We like to lay more low profile. What i love about our strategy in japan, were known as the high quality operator. You already have a local partner . We have a consortium were working with in various cities are you targeting a city the way mgm is were looking at multiple cities were not just saying were going after one city its the same thing that happened in massachusetts. No one targeted the boston area because they