Taking to twitter to slam the currency and Facebooks Libra in the process and the president is not alone. The billionaire investor mark cuban citing with trump calling Facebooks Libra a big mistake its friday july 12th and Worldwide Exchange begins right now. This is a live shot right here on your screen. Tropical storm barry hovering off the coast of new orleans the city has already seen record rainfall in recent weeks and the storm could make landfall as soon as saturday well have the latest coming up. This is a serious threat but first lets take a look at whats going on in the markets 27,000 and beyond. Get your rally caps a record rally underway on wall street. The dow closing above that milestone 27,000 for the First Time Ever. Taking a look at futures right now, dow jones is poised to open by 85 points higher and the nasdaq indicating a higher open by 23 points take a look at the bond market of course we watch this very closely also as a proxy for what the market is thinking about the federal reserve. We saw some movement here. The yield on the ten year has moved higher lets take a check on what happened around the world, perhaps while you were sleeping if youre joining us here early in the United States in asia, green arrows across the board. You can see the shanghai composite up south korea higher as well as japan too. Lets take a look at the action in europe. At least at the early going. We have some hours left to go there but right now green arrows across the board higher by. 5 and you can see that italy is higher by. 2 but that had been earlier in the week when you were looking at the country by country market. Joining me now, the Senior Investment strategist at b and p Asset Management were getting ready to kick off earnings here in the United States early next week and theres been some concern about whats going to happen and what the guidance may tell us despite the fact that its hitting record highs whats the disconnect. Its exactly that the fundamental disconnect is what you have potentially between the bond market and equity market. If you have treasury yields around 2 . A bit below. Some people interpret that as a signal of a more significant slow down in u. S. Economic growth which is incompatible with the s p about 3,000 so thats the fundamental question we have to ask ourselves. Our view is that low treasury yields is more a reflection of the new policy of the fed to be cutting rates as opposed to hiking them. So we dont see it as a recession signal but theres a question of which of those is actually right and hopefully well get clarification on that as earnings season starts to come in. You mention bond yields right now. Ten year above 2 sitting at 2. 136 or so. Is that a sign that you think the dollar may continue to strengthen from here what does that mean for some of the International Companies were getting ready to hear from its been recently stron against the euro thats something that we need to keep in the back of our minds. We do have strong domestic demand within the u. S. And that should help domestic Oriented Companies but sales are not only important for a lot of u. S. Companies, thats where a lot of the growth is coming from. So you have to wonder what the impact thats going to have. It was so interesting when we first started hearing policy makers talk about the idea of different tariffs. Many companies didnt know what to do with that. Some were afraid to touch the issue at all but now it seems like more and more Corporate Executives are blaming everything on that theyre saying look we cant plan for Business Investment if we dont know whats going to happen with the cost of doing business because of these tariffs. Is that sort of something prudent for companies to do to be honest about the uncertainty or does it give them some wiggle room to put up some results that are less than stellar . Probably both you always look for the most convenient excuse if youre earnings are going to disappoint but its a valid consideration not only as we try to see what the tariffs with china are likely to do with sales for u. S. Companies but we have the ever evolving threat of potential tariffs against europe could it be france could it be germany . Something around russia. A never changing palate of potential threats which is as you point out, makes it quite difficult for ceos to plan for investment. The fed seems to be suggesting here at least what we heard from j. Powell the last several days on capitol hill that we are going to get this Interest Rate cut. Is that something that almost gives us a little bit too much more security. I agree its more likely that we do get 25 basis points now given that growth or the payrolls figure was etter. Thats going to be important it focuses more on low inflation as a justification for cutting rates well thats actually quite benign so either way we do get the 25 basis point cut the implications for the market are going to depend much more on the language. A lot of cross currents the fed is watching and we are too thank you for being here and helping us watch those today well, let the bitcoin bashing begin. Here we go. A lot of people are going to have reaction to this. Its a big one. Its a big one. The president took to twitter in a series of posts to say hes not a fan of bitcoin and other cryptocurrencies he says theyre not money and their value is highly volatile and based on thin air and they can result in unlawful behavior. Also taking aim at Facebooks Libra saying it will have little standing or depend bability. And suggesting that they may need a banking charter and be subject to regulation. Im not a big fan of what theyre doing there. I think its a big mistake not so much because of what will happen here in the United States but what will happen globally. Theres going to be some spot in some african country that is upset that they cant control their currency anymore thats where real problems start to happen. I think theyre way ahead on that but its only in the talking stage right now so well see what happens. President trump also tweeting dependable and reliable dollar should be the only real currency in the usa calling it the most dominant currency worldwide saying it will always stay that way. Bitcoin is up 2 this morning. Its unclear why the president took last night to speak out on bitcoin but yesterday they did have the White House Social Media summit so maybe his comments toward Facebooks Libra not such a surprise but folks that are bullish on bitcoin are very bullish on bitcoin and very passionate about it so im sure well hear a lot about it. Its a divisive issue and the folks that speak out against it also perhaps, they dont understand it that well. None of us really understand it super well is it an asset class or currency the president is trying to point it as a currency at least as far as saying it shouldnt be a currency and its interesting that President Trump talks about the dollar so much many president dont so perhaps he thinks it is a threat to the almighty dollar. Its something that well discuss for weeks and years to come i got to start understanding bitcoin. Boeing 737 jet Program Manager is retiring after nearly a year on the job and 37 34 years with the company. This as boeing continues to deal with the fall out of the jet which has been grounded since march. Boeing is working to get the planes recertified and ready to fly. Shares are down nearly 5 since the 737 max was grounded by the faa back on march 13th relatively flat at this point in the morning. When we come back, were tracking Tropical Storm barry as it barrels toward the gulf coast and refiners brace for the worst. The latest is coming up next then this mornings biggest loser, the stock set to open down more than 16 well reveal the name to watch were days away from amazons latest prime day the fiskfth. We tell you what investors should be watching a very by urusho still ahead when Worldwide Exchange returns. , and that for me is what teamwork is all about. You cant do everything yourself. You need someone to guide you and help you make those tough decisions, thats Morgan Stanley. Theyre industry leaders, but the most important thing is they want to do it the right way. Im really excited to be part of the Morgan Stanley team. Im justin rose. We are Morgan Stanley. Na blend of quality probiotics. And fermented whole food botanicals, expertly curated to naturally support your gut health every day. Go with align whole food blend. From the pros in digestive health. Welcome back were following a developing story out of the gulf coast. Tropical storm barry barrelling toward new orleans as the city braces for record flooding bill karins has the latest. Good friday morning to you. Happy to report that barry has not gotten much better organized. Its still a very meandering storm thats disorganized. Were not going to see this storm rapidly intensifying or anything else like this but what well be watching is the storm slowly drifting toward areas in louisiana. That slow drift is going to allow pretty epic rainfall totals and thats our biggest fear with the storm right now. Winds are only 50 Miles Per Hour with this path slowly heading up toward central louisiana its going to be between now and saturday evening just to get into central louisiana so the slow moving will put the heavy rain in the eastern portion of the storm and we expect epic rainfall totals toward new orleans, baton rouge and right up the Mississippi River basin as the storm winds itself down over the weekend so you dont need a hurricane to get crazy rainfall totals. Isolated amounts up to 20 inches widespread flash flooding and river flooding and well still watch new orleans slowly as of now its supposed to stay below the levies but just barely by a foot or so. That will be a story that were watching as we go throughout saturday. Just a foot below thats something to watch. Oil producers in the gulf preparing for the worst as barry hovers just off the coast slashing output by more than 1 Million Barrels per say. Thats about 53 of the regions production watching Energy Prices right now, you can see wti and brent crude are higher by about. 8 just below 61 barrel but also checking in at prices at the pump today you are seeing 2. 78 per gallon as an average thats up 2 cents for yesterday and up 6 cents from a month ago. Those prices can change rapidly and well continue to watch that still on tech, the fed to open down some 17 and later the record rally rolls on. Stocks set to open at fresh records but is there still room to buy Worldwide Exchange is back right after this you should be mad at forced camaraderie. And you should be mad at tech that makes things worse. 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It expects to swing to a loss in the Second Quarter citing higher costs relating to the global recall of takata air bags shares down by more than a percent at this point but 18 in three months and shareholders will vote on the planned 38 billion share in august. Its expected shareholders will approve that deal but the price angered several investors saying carl icahn that called for a special board meeting. Straight ahead, anyone listening . Google claimed defense after new outrage services over its google home assistant. Youll want to hear this story then a dramatic drug bust. Incredible video you havtoe see. This is the teaser here. Worldwide exchange is back after this dear tech, lets talk. We have a pretty good relationship. Youve done a lot of good for the world. But i feel like you have the potential to do so much more. Can we build ai without bias . How do we bake security into everything we do . We need tech that helps people understand each other. That understands my business. Weve got some work to do. And we need your help. We need your support. Lets expect more from technology. Lets put smart to work. My dbut now, i take used tometamucil every day. Sh it traps and removes the waste that weighs me down, so i feel lighter. Try metamucil, and begin to feel what lighter feels like. Hey i live on my own now ive got xfinity, because i like to live life in the fast lane. Unlike my parents. You rambling about xfinity again . Youre so cute when you get excited. Anyways. Ive got their app right here, i can troubleshoot. I can schedule a time for them to call me back, its great you have our number programmed in . Ya i dont even know your phone anymore. Excuse me . what . I dont know your phone number. Aw well. He doesnt know our phone number you have our fax number, obviously. Todays xfinity service. Simple. Easy. Awesome. Ill pass. Welcome back to Worldwide Exchange another quick check on the futures. Did dow jones higher by 87 . S p 500 higher by 8. 5 and we saw new record closes for the dow and the s p on thursday. Well in political news President Trump is hitting the road today. Hes headed to the midwest in milwaukee and cleveland. Sarah is live in washington with more good morning. Good morning, courtney. The president calling off his Citizenship Question fight that saw the census turned into a political weapon President Trump backing off his bid to put a Citizenship Question on the 2020 census. The case is already in three Federal District courts that have been, to be totally honest, extremely unfriendly to us. Instead issuing aing an exece order to comply records from existing databases. Knowing this is vital to formulating sound public policy, we will leave no stone unturned. This as the president prepares for mass deportation rates this weekend in at least ten major u. S. Cities prompting o o outrage across the country several arrested in buffalo. Advocates speaking out in chicago. In d. C. , republicans supportive. People. Gone through the process and lost their case to me is not cruel, its reinforcing the rule of law. Democrats furious. It means moms, dads, families being torn apart its disgusting. It has nothing to do with the security and safety of the United States. New moves from the president prompting new ripples of fear across immigrant communities. And the raids will reportedly target some 2,000 people previously ordered deported but some immigrants that just happened to be at the scene could be included as well. Courtney. Thank you, sarah. An interesting turn of events there for that question on that census the white house trade adviser Peter Navarro will be traveling with the president to the midwest today too. Well hear from him coming up on squawk box make sure to tune in for that. Lets get a check in on this mornings other headlines. Francis rivera is in new york with the latest. Good friday morning to you. Breaking news overnight. R. Kelly has been arrested on federal sex crime charges in both new york and chicago. The 52yearold was taken into custody Homeland Security investigation agents and nypd detectives thats according to two Law Enforcement officials. Further details on the case are expected to be announced later today. In february police announced he was charged with multiple criminal counts of sex abuse of several underage victims in which he pleaded not guilty. R. Kelly denied the allegations. Check out this moment caught on video in north korcarolina, thats a kfc restaurant blowing up an employee smelled gas when closing up a fire marshall hasnt determined the cause of the blast. No one was injured but almost all the neighboring businesses were damaged and the chicken fried extra, extra crispy. The u. S. Coast guard released dramatic video of a drug bust at sea the high speed chase took place at International Waters in the eastern pacific ocean. You can see her jump on the moving sub marine and pounding on the hatch there were 5 suspected smugglingers and 70,000 pounds of cocaine the street value is 232 million. If youd have told me that was footage from an action flick i would have believed you but its the real deal. How brave is that marine . Holy cow he doesnt know necessarily whats inside there. Im sure theres guns and ammunition what a video thats the video of the day. 232 million incredible. Its pretty compelling. Thank you so much francis. Still ahead, bashing bitcoin, President Trump taking aim at the cryptocurrency in a series of tweets overnight. Tropical storm barry closes in on the louisiana cstoa the impact on the Energy Market. Worldwide exchange returns. In jellyfish. In clinical trials, prevagen has been shown to improve shortterm