Arrows across the board. Nothing by more than a percentage point the dax is up just over a 10th a percentage point not surprising anyone with any expectations more rate cuts could come if the economy slows. 10year yielding 2. 237 . I saw there were three dissents they failed to point out one of them wanted to go 50 the future Federal Reserve, in raining. Right wanted the cut by 50 basis points a Job Interview right in the general news, they said, the Federal Reserve was doing okay it looks like a great economy but there are things to consider beyond the globe i thought that was his best perfo performance yet. Maybe not what you were hoping for and ending up on the day, you were effective am i here over there. Smile for the camera okay. New reports about how was that was that fake . New reports about at t plans for direct tv. Stock moving a little bit. Reporting the giant is considering options including spinoff. Fake news is it fake . I have taken calls on this. This is fake news. I shouldnt use that term. You are right. I actually dislike using that term i know you i knew okay. Read the report and tell us what is wrong can it. Direct tv is in discussion with dish. Saying direct tv had been bleeding subscribers as viewers shift. As you know, acting investor disclosed a stake in at t and named businesses including at t weve got 800 billion in debt they are paying it down some people think it gave scale considering all sorts of things. At this point in the day, they are not considering. My understanding is that they are not considering. The wrong acquisition to make. They need to pay down the debt it is a bid of a complicated story. You do have the diffident story and fly wheel issues i think what is happening, i think theyve forced the issue the idea they are considering it now is premature how about that what is the longterm second place is if you do spin it off, what happens to it he would love that by the way, it is a different environment to when they said no to that. These are all the questions back in the 80s when Cable Systems were being built out the write offs that you could get a client selling these were like four, five, six to one but you at least get the write off because satellite tv is probably going to put cable tv out of business in the 90s here we have so many years later and thats not happening cable with broad baband is proby more available comcast giving away boxes for free everybody is still looking to control the box. If it means you got to give it away, you still get to be the one controlling it i called it fake news it was a bad term to use it made me listen. I tell you what, it is possible six months from now, it will happen. But what happens in the News Business more broadly is you could be wrong today and right later. Context is important. In the moment, i dont think this is correct. Could it be correct in the future it could turn out to be correct. Bow also says the faa administrator set to meet with flight engineers today for an upclose briefing on the max and the updates. Dixon says he wont certify before he flies it himself im not going to sign off on the aircraft until i would fly it myself or put my family on it you will fly it before you certify the plane . I will fly it hes a former Fighter Pilot and also worked for delta. Hes certified to fly the 737 max. Boeing is expected to submit a Software Package to approval within weeks tesla earning top marks. Model 3. The first of vehicles to win that rating. A bit of a vindication for the company and for musk who was accused of making misleading safety claims. The audiselecti rick model received high safety rating as well because the batteries run along the bottom creating rigidity and center the weight much lower in the vehicle. It can be considered helpful in terms of physics im no physics we should appreciate the calm kind of like if you were going to test people if you could be a broadcaster, this would be like the 20mile obstacle course. When the people get here, you cant even hear yourself we should call this our super bowl could we do another one of these in january instead of davos . No i love davos we get to see all the people we want to see in one place at one time what if we did a segue. You want a segway no cars or snow and we walk a mile and a half every day. When we come back, well talk about the fed divided. What growing dissent means for future moves and more on your money. Dont miss the sitdown interview with mike pence coming up in the 11 00 hour thats today . Lets talk about some questions we can ask i looked at some and im deliberately not using yours lets look at some of the biggest winners and losers microsoft is buying back some shares well talk about that a little later. The u. S. Central bank is cutting. The outlook is cloudy amid pressure coming from the president. Steve joins us now with more i wonder if we are missing an important investment the stock market held up pretty well yesterday october probability is now at 39 . Down from 52 . Probably of another cut. That same cut probability for december is down 10 Percentage Points within the margin of error there but slightly hawkish stocks rebounded sharply the fed doesnt think there is much more to do ahead of rate cuts but will do more if needed. If the economy does turn down, then a more extensive sequence of rate cuts will be extended well follow that path if appropriate. Well continue to monitor these developments closely and act appropriately. The fed cut brought the new target down. Reverse two of last years four rate hikes 7 of 3 one official from st. Louis, he wanted to cut rates by a half a percentage point two investors, they didnt want to cut rates at all. The second time in a row they dissented. Five forecast no more cuts and five appear to not want another cut yesterday. The market is either throwing out those cuts it is comfortable with a little less in the way. They didnt think the fed cuts would be there but three of them voted to go with the cut anyway you would have guessed five of them would of said no. I should have explained this. There were 17 members. Not all of them had voted. I didnt know that. 10 voters, 17 forecasts got it. To say, we are not sure what we are going to do it is okay get rid of the forecast i dont know why he didnt say that before. It is wheer when he said midcycle adjustment. Why did he feel the need to say that anyway . He might have hit the right tone do you have that twoyear chart up thats a pretty decent chart there. The stocks chame down and came back up. You dont have much more to promise, joe you are coming close well talk about it more, more from what the markets can expect, lets bring in our guest. Look who we found, dorywiley i assume ive used that before i dont know dory we found him you remembered. Im a fish with no memory, i cant remember how are you great yesterday, i think it went pretty well. Absolutely. How much more do they have to do it still amaze me how people are so negative about the market overall. If they had to make this announcement when s p was trading, do you think it would be a different tone or are they trading to the stock market at all . I do feel like should have factored in. The fed met the market more than half way here. The data has to make the case rather than it being automatic that is interesting if we have a bit of a selloff between now and then 2,800 to 3,000 in the s p is where we seem to be stuck at right now. Dory, would you say now is the time to buy banks . Is this the place to go in your view, right now . First of all, im never going to get in the trap of saying we cant go much lower in rates we see where the world is going. Having said that, i do love banks here they have a huge amount of capital but that is priced in. It looks good. Not as rapid as the 4 of the market and the president wants the banks are positioned well for a mild recession if it were to show up were you unsatisfied with anything you heard from jay powell yesterday no. I loved what he said he handled it very well. The market has been very debt induced. We have a real estate president that likes debt. We have production and manufacturing and things slowing down we are at low and global rates there are a lot of structural things changing. We have to realize we may be in a slow growth for a while but we dont need to fuel it with an addition to death. We are doing what we need to do. Congress needs to do what they need to do fiscally. Now hes saying, look, we need to be data dependent going forward. J. J. , can i put the inverted yield scares behind me now i dont think you can say it wont happen again it was like everyone wanted to say, okay, this happened in three days, we have a recession coming in three weeks. The second part is it is amazing how quickly we see the perspective of rates change. We saw it right before the cut as all of a sudden, today, im reading it has people pretty divided. Today, i read probably three notes that set we are definitely cutting rates again. I read three notes that said, we are done for the year. Could we see the yield again for the short term yes, we could it comes down to tariffs we are projected to a slower earnings season. Perhaps Dollar Strength may hit some of the multinationals real quick, they are doing insurance cuts now they are really not very data dependent. That jobs number all of that stuff. Forget about all of the external pressure. I think they have to i think thats what he said. He basically said that. Okay. So dory, you know why i figure it is wily the reason i bring this up, he carried a goldfish around on his neck perfect game for a fish. George . Gill. It was worth it. Wasnt it worth it to have this completely useless info. I love the abuse. I have a partner we sponsor. His name is nemo i kid you not. Is he a clown we did find each other so thats the key thing that is amazing you love disney stuff, dont you . The first was finding nemo. A disney apple merger could have happened. According to a new piece weve been talking about this speculation for some time. We are live at the alpha investor summit in new york. In the heart of midtown manhattan. We are back in a moment. As a principal i can tell you this. When one student gets left behind, we all get left behind. This is a problem that affects each and every one of us. Together with ibm, we created a whole new kind of School Called ptech. Within six years, students can graduate with a high school diploma, a college degree, and a pathway to a competitive job. You know whats going up today . My poster. Today, there are more than a hundred thousand ptech students around the world. Its a game changer. Welcome back to squawk box. We are live. Disneys iger is coming out with a new book there has been speculation many years that disney and apple might one day merge. He says that a disney apple merger might have happened if jobs hadnt of died in 2001. Remember disney acquired pixar putting jobs on disneys board last week, their interest video prompted iger to resign. He said, if steve were still alive, we would have discussed very seriously and how the relationship prior to the pixar deal was frayed. Im trying to look back to the market cap then. Apple was in several hundreds of billions apple was 9 billion before jobs came back. This was later. With he just cross over, his other company. I started i think ill start with something on the side, pixar. We really understand the jobs Family Wealth today. It is a function of disney, not apple. He sold so much of this stock when he first left, he was pushed out much of his wealth, they own 20 something million of disney. Apple is worth 226 billion in 2010. Diz was what then 75 coming up, stocks to kauch . Well tell you about a streaming player getting crush as we head to break, yesterdays s p 500 winners and losers for instance, we know how your customers shop. And what theyve already purchased. Like this lamp. And we use those insights to show you what they might consider buying next. Midcentury modern, nice. That way, you can keep sending them offers for the perfect products. And that keeps them coming back. Hows that for changing whats possible . Have you lost weight . Of course i have ever since i started renting from national. Because national lets me lose the wait at the counter. And choose any car in the aisle. And i dont wait when i return, thanks to drop go. At national, i can lose the wait. And keep it off. Looking good, patrick. I know. vo go national. Go like a pro. Good morning. Welcome back to squawk box delivering live from the 999 alpha summit in new york futures are down a little this morning. We are down 72 today, as you can see this morning on the dow indicated there. The s p down and the s p off about five microsoft shares are higher this morning the Company Announcing plans to buy back more than 40 billion in stock the third time the board has authorized a buy back of stock theyve been doing this pretty effectively. That stock is up by 1. 2 and leading the way. Roku shares under pressure today. That stock dropped yesterday after comcast said it would give customers a free streaming device and looking for ways to keep control of the box. Roku down another 2 coming up, after yesterdays fed decision, where should you be putting your money to work. Joining us to tell us his top picks in the market. Later, steve bannon will take trade, the latest oil attacks and china and more stay tuned aack in a moment delivering to you from alpha this morning passio out. And you should be mad your smart fridge is unnecessarily complicated. But youre not mad, because you have e trade which isnt complicated. Their tools make trading quicker and simpler. So you can take on the markets with confidence. Dont get mad. Get e trade and start trading today. So, every day, we put our latest technology and unrivaled network to work. The United StatesPostal Service makes more ecommerce deliveries to homes than anyone else in the country. Ecommerce deliveries to homes thats what happens in golf nothiand in life. Ily. Im very fortunate i can lean on people, 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. Welcome back to squawk box this morning u. S. Equity futures and markets still digesting some of that news Steve Leisman says he thinks if a slow comes it will be because of the numbers the fed is still watching nasdaq is off by 27. The 10year yield off a little bit. 10year at 1. 791 after neds fed decision, the question is where do you try to put some of your money to work here now to help us help you answer that question managing director, i know you have some interesting ideas. Youve been on a handful of times. I wonder if any ideas in the past have changed from what the fed did yesterday. Everyone is a fed watcher i dont think it is of much value. As it was said, the markets arent here to, they are here to serve you. Everyone is saying, what is the future bringing. The data has not fallen apparar d domestically that may be true youve liked the banks. Bank of america, in particular for a long time. Yes that is had eavily dependent what the fed does. The economy is the most important component to the banks. It is interesting people worry about the economy. The economy isnt falling apart. Where people should be worried is the stock market. People go back to 08 and 09. We have other periods of the bare market that grows that is the real thing here. The idea the economy and stock market are tight market step that was led by the capitol market and fed market. Greenspan cut rates because wall street wanted it, not the economy needed it. Cole, the flip side of that, when the market takes a meaningful dive, you could make the argument and maybe im overstating the case that the stock market this time around has a better chance of taking the real economy down than the real economy does of taking the market down. Use microsoft that component is a big component of the dow and the stock market creating a lot of success, you are right. Use what happened last week as an example one of the largest change overs we have seen global bond yields rising in a twoday run. I say that because, we are in hotel california, guys you can check out any time youd like but you can never leave also the roach motel. But like henley says, last thing i remember, i was running for the door i had to find the passage back to the place i was before. The place i was before is chief stock is meaningful. The idea that all businesses are going to win is wrong. Corporate america is levered and thats the problem. If you keep going with the lyrics, well have to pay royalty. I want to make sure viewers get some ideas this morning. I mentioned bank of america, lennar is also on the list yes we are a big contributor of Occidental Petroleum we could have a terrible market. Money could be made because no one has capital in that arena today. Cole, it is great to talk to you. Thank you, guys a great conversation. Well sing a little bit more from that song in a little bit thanks forgetting it stuck in all of our heads when we come back, a big day here at the alpha summit coming up raj shah coming up next green arrows across the board. The ftse is up about 60 and the cac up autbo 30 stay tuned, well be right back. 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So its a little interesting we were talking about it before you got here how does it work and whats the relationship with the noun addition we created th