And were looking ahead to earnings jpmorgan, all on deck. Joining us is dan nathan from risk vertical advisers what are you watching today heading into tomorrow . The fact that the dow is onle we had these massive surges in stocks yet, we dont have a whole heck of a lot of content about what that means, other than buying ag and a lot of Market Participants right now feel like weve seen this movie before and we kind of know how it ends except that this time, its a threepart Netflix Series that we have to stay tuned for. And we may have to stay tuned for multiple seasons Binge Watching is what youre saying were in for Binge Watching on the trade front. We are flat, as we said volumes down a little bit. But there have been a lot of intraday moves, as well. Lets focus in on the big stories were watching today bob pisani is watching the Market Reaction. And well break down all the latest trade headlines phil lebeau following a c suite shake up of boeing but lets start with eamon reporter not a whole lot of people actually came to work today at the white house its a holiday, so a lot of folks stayed home, so were left without a lot of people to talk to about it. But ultimately, what were learning is that the chinese do seem to want an additional round of talks here before this is all said and done. The state media notably did not call the phase 1 deal that the president has been calling a deal nay didnt use that word, deal thats interesting to note f the president tweeting, the phase one deal, final id and signed soon. The president still pushing that optimistic line here, what they agreed to in the oval office was an agreement in principle. He says they can get it done and signed relatively soon still nothing yet on paper for us to look over, though, wilfred. Eamon, secretary mnuchin this morning, though, pretty optimistic, offsetting some of the headlines the prior 24 hours that have taken the optimism following fridays good News Reporter he said theres still a lot of work to do, but he said hes optimistic that they can get there he said that that december round of tariff increases will go into effect if they dont have an agreement by then. But he says he does expect that they will be able to have the agreement by then. Dan, are you buying into optimism here about the trade front . No, if you think about to over this past year, weve basically had market tops that have corresponded with some optimism about trade or about moving forward on some sort of substantiative deal. And im of the belief if the biggest headline that came out of phase one was the buying of ag products, to me, this is not why we have tariffed ourselves into a trade war with china. To me, any signing of a deal that just deals with ag products is going to be disappointing to most Market Participants lets see how the rest of the market is reacting and get to bob pisani for that and the trade hneadlines after the truce, whats next . Take a look at the s p futures, when everyone realized the stories came out this morning that the chinese want another round of negotiations, just to get to a written agreement on phase one, the markets drooped this was preopen, and frankly its had a tough time recovering since then and as usual, when you get less optimism on trade, you get cyclical names weaker. So industrials all on the weak side today some of the energy stocks, retail stocks, generally, also on the weak side just also want to mention the markets flat to low, these recent ipos tend to have a much tougher time of it there was a little bit of news out for them crowd strike was initiated at a sell over at citigroup and smile direct, there was a new bill in california that may negatively impact their business, as well. Its been a tough time for some of these recent ipos bob, thanks very much lets bring in andy rothman. Thanks for joining us. Is your take a little bit more optimistic in terms of whether to believe the optimism that came friday on the trade deal . It is im more optimistic than the last time we spoke about two weeks ago. Remember, what the chinese said recently is not new. The president himself in the oval office with leo hough on friday said the deal hasnt been completed yet. It has to be papered in his words, and that continued negotiations would take place between now and when he meets wl xi jinping in midnovember thats not new and i also looked back to what the president said on friday and tweeted on saturday, which is, hes already calling this an Historic Deal for american agriculture. Hes already said that theyre close to process on Market Access and intellectual property and he said this is going to be a great deal dffor china. So hes giving political china for xi jinping to go ahead with the deal but andy, overall, certainly as it relates to the phase one part of this deal, is it a comprehensive deal or a bit of a copout you know, i dont really care my bar is can we get back to where we were a couple of years ago . Admittedly, its a low bar, but we need to remove the tariffs on both sides, and i think the president has decided that a deal that allows both sides to remove the tariffs is better for his reelection prospects than no deal. I think thats probably where were headed anything else on top of that is gravy, but removing the tariffs allows both sides to actually Start Talking about the other big Strategic Issues with the relationship dan, weigh in here, if weve gone through all of these tariffs, all of this impact to the Global Economy, what was the trade war all about, if were just getting back to where we were a couple of years ago listen, andy, with all due respect, it sounds like youre reading the white house talking points theyre the ones that started the trade war in 2018, theyre the ones that put these tariffs in place an effort to get leverage on those much bigger issues, so to me, i just dont see it as a net positive whatsoever weve already done the damage to the Global Economy and i know that its one thing to turn a stock market based on some tweets. Its another thing to turn the Global Economy and i think that once we get that sugar high of whatever that first deal you get, then we get to the real stuff. Why were in the trade war to begin with, contessa its a great point about what this does to give both trump and xi cover when you go out to farm territory, whether its north dakota and soybeans or louisiana and soybean, the thing that you hear is a real question about whether you can support a leader whos been the cause of economic failure on your farm the president has tried to get around that by having these subsidies paid to american farmers. But the real question is, can they start selling again to china in this Global Market . I dont know andy, how important is the ag part of this versus what Corporate America cares about . And thats the protection of intellectual property . First, ive got to say, ive never been accused of reading white house talking points before in the last couple of years. Thats interesting but lets look at this from a couple of perspectives is this going to be a great deal for america in terms of where we were a couple of years ago when this started we just dont know, because we havent seen any details but the president said he was going to make progress upon protection of intellectual property. And i believes th thats possib because thats good for china. Because the most ip theft in china is Chinese Companies stealing from other Chinese Companies. So i think theyre ready to make more progress there. But from an investor standpoint, the most important thing is, are we going to go back to where we were before. Are we going to remove tariffs from the equation . Remove from the equation the uncertainty, which has had a huge impact on Business Sentiment and capex spending in the United States and a similar impact in china and get back to business for investors, thats really the key issue. For the political analysts, sure, we can look at whether this all made sense. But thats secondary to me right now. Andy, what about the pressure in china for them to concede some ground and make a deal . The trade data this morning saw exports down 2. 2 year on year imports down 8. 5 year on year are they feeling the pinch as i said on the show a couple of weeks ago, this is not really putting a lot of pressure on china this is no longer a tradeoriented economy net exports last year, less than 1 of gdp. And the u. S. Only took 19 of total chinese exports. What the chines are motivated by are avoiding the tariff dispute escalating into a fullblown trade and tech war, because they really are dependent on american semiconductors andy rothman, thank you so much for joining us. Weapon appreciate your perspective, your insight, your experience lets go to boeing now the companys ceo has been stripped of his chairman title phil lebeau has those details. Phil, what are you learning . Well, contessa, this is a decision that came the board made on friday without Dennis Muilenburg the new nonexecutive chairman is David Calhoun. Hes been on the board for basically a decade hes a lead investor hes going to be focusing on oversight. And boeings push to make it clear, not only to regulators, but to their customers as well that safety is a top priority there. Does this will this change anything at boeing ubs out with a note today saying wed expect decisions to be more deliberate and likely more risk adverse. What about Dennis Muilenburg, its all about the max and making sure it gets back into service in the fourth quarter. Theres a congressional hearing on october 30th. Hell be grilled at that hearing. The max recertification has to happen in the next ten weeks if theyre going to meet their projection to get it certified by the end of the year and at the same time, they need to maintain the current production rate of 42 per month. A lot on the plate for Dennis Muilenburg who is now streictly ceo, no longer chairman and ceo. Phil, if this is the right mou move, why do it now . Why not earlier . Youve got that hearing coming up. You want to send a message if youre boeing or the lead of boeing to washington that they understand the significance of whats happening with the max as well as the other reports regarding the 737ng, some of the questions about the shortcuts. You want to send a message before that hearing that we get it, were making changes not just with this, but there is a lot a Safety Committee theyre streamlining how engineers can bring up issues so that they are alerted quicker in the upper ranks of management. This is all part of the push to make sure that the message is out there that safety is a priority at boeing which i get phil. And my question totally the other way around, if this is necessary to get a message out there that boeing puts safety first, then how is he still ceo . What youre suggesting, just throw him out, get rid of boeing im not suggesting that im asking, how do they come to the conclusion that its necessary for them to remove the chairman role i understand . Theyre saying theres too much on his plate, essentially not only is he worried about the max, but also worried about the 777x, the 737ng issue that comes up and they have some problems when it comes to their military programs so when you look at all of that, that a lot on any one persons plate and their belief is he will be better focused if its just on the max, while David Calhoun is working on other issues, primarily the oversight and making sure that its clear, the culture is going to be changing or will be amended at boeing phil, as always, thank you very much. Boeing stock down 0. 4 or so today. Where do you stand on this stock . I think youre looking for a blood sacrifice in secession terms. Is that what were going for here to the point hes got a lot on his plate, hes had ahell o a lot on his plate for the last six or seven months, so if this decision is the right decision, why wasnt it done earlier this stock is trading down almost identical to where it was after it gapped down after the lion air crash in march. So its taken off some of the excess it had. Heres a stock where investors and analysts have already taken down earnings estimations dramatically so recouping a lot of what they lost this year the same for sales, down about 17 . So heres a stock thats trading below a market multiple on the out year its trading well below its kind of average historical multiples. And if investors belief this is just a 2018 19 problem and management is still in tact and theyre the right people to run this place, you have a cheap stock looking forward. Ill tell you this whats come out of all of this investigation over the last year is theyve had qa problems for a long time. Theyve taken advantage of their situation, their cozy situation with regulators and that sort of thing. The culture does need to change and then consumers and then airlines, everyone has to get back onboard that this is a safe plane to fly on. Organizational psychology the culture does not change through leadership change. Half the organization has to change for there to be a culture change and were not seeing that and nowhere close to that at boeing right now tha just my bit on organizati organizational psychology. Coming up, facebook fights back against president ial candidate Elizabeth Warren we have details on will it could affect the stock, next and later, steven roach on where our negotiations with china go from here what does it mean for busine at a aadn losing bell. [spokesman] if youve tried college but never finished, group cheering snhu lets you transfer up to 90 credits toward you bachelors degree. [woman] it doesnt matter how old you are, you can do it, you can finish. [spokesman] finish your degree at snhu. Edu each day our planet awakens but with opportunity comes risk. And to manage this risk, the world turns to cme group. We help farmers lock in future prices, banks manage Interest Rate changes and airlines hedge fuel costs. All so they can manage their risks and move forward. Its simply a matter of following the signs. They all lead here. Cme group how the world advances. Servicenow put our this changes everything. Youre right sir. Everything. No not everything, i mean youre still blatantly sucking up to me gary. Brilliantly observed, sir. Always three steps ahead. Six steps ahead. Sixteen. So many steps. You done . A million steps ahead. Servicenow. Works for you. 43 minutes left to go. Lets get a check on the individual market mover now. Shares of pg e falling today on news it has rejected a 2. 5 billion offer from the city of San Francisco to buy its power lines. San francisco offered to buy those assets in early september, eight months after the company sought chapter 11 bankruptcy that stock right now, as you can see, is off by almost 4 on the day. Meanwhile, weve got dueling stories out on facebook. Deirdre bosa has a look at the payment exodus from libra. And ylan mui has more on the fight over fake ads. Wilf. Visa, mastercard, all out. Having some of the Worlds Largest payments processors was always the major muscle behind libra. Were also seeing nonpayments Companies Drop out too ebay, booking holdings this morning this could have represented use cases for the Digital Currency these are the remaining members of the association, but this is a quickly changing list, as you know, guys and weve reached out to many of them just check if theyre still participating. Well hopefully know more soon as a meeting of the libre association concludes today. Guys i get this is somewhat embarrassing and awkward for facebook, all of these companies are pulling out. But on the flip side, how have these companies allowed themselves to be official ll lle to facebook if they werent committed. The heads of communications for all of these Companies Must have approved facebooks origin release, if not higher than the heads of kpuncommunications so its pretty awkward for them, as well, is it not thats a great question on the flip side, you could have someone asking, how can they afford to pull out think about facebooks scope its billions of users. I think thats the reason they want into it they wanted to be part of it rather than outside of it. And the regulatory scrutiny proved too much for their comes teams to handle. You can see that in a lot of the Payment Companies that bowed out, their statements were still very supportive of the libre situation and what facebook is trying to do potentially leaving the door somewhat hope for them to rejoin if there is an opportunity and if the regulatory scrutiny, perhaps, eases d, thank you very much for that guys, only other thing i would add to this, lots of the big banks were criticized at time, how archaic of the banks, theyre not taking part in this new cryptocurrency kind of thing. And this gives them a little bit more offset cover now, because clearly its fallen apart. The scrutiny coming from capitol hill is certainly playing out in this other story were seeing on facebook today president ial candidate Elizabeth Warrens fight over fake ads ylan movie joins us now from washington, d. C. With more reporter contessa, warren is trying to fight fake ads on facebook with a fake ad on facebook her ad claims that zuckerberg endorsed President Trump for reelection. The ad does admit thats not true, of course, but the it argues that zuckerberg has given trump free rein to lie zuckerberg has made very clear it will not sponsor free speech from politicians and that includes ads, but by trying to stay out of the political fray, facebook seems to have jumped right into the middle of the pile back over to you and are you getting a sense of how much pressure facebook is feeling right now not just from Elizabeth Warren, but other democratic president ial candidates, at the same tim