The United States mexico canada trade agreement. Trumps comments pouring cold water on the market. The dow is off its high of 257 points to the upside. Its now trading to the upside by 215. Now the broader market, the s p 500 did hit an alltime intraday record high at the beginning of the session. Now its about 50 points from that, at 2949, a gain of 23 points. Nasdaq above 8,000, up 48 points. Oil, huge story today. Surging on worries about the situation in the gulf. We have seen the biggest percent gain of the year. The u. S. Chamber of commerce looking at Economic Optimism on main street. We are live in beijing, china exploring the challenge of china and charlie breaks it on the potential boost that the tmobile sprint deal might be getting. We are less than an hour to the closing bell. Im Lauren Simonetti in for liz claman. Lets start the countdown. Lauren breaking news. Walmart agreeing to pay 282 million to settle a bribery investigation. The department of justice and the securities and Exchange Commission were investigating payments the retailer made to government officials in brazil and mexico. This is one of the biggest investigations ever under the foreign corrupt practices act which makes it illegal for u. S. Companies to bribe foreign officials. Walmart shares up 38 cents. It was a day of highs and lows on wall street. Never negative, but nonetheless, high and higher all day. Pretty choppy session. The s p 500 did touch a record intraday high. That level of 2956, its a level were watching on signs of a potential fed rate cut happening in july. We then started to drop after the president indicated some kind of u. S. Response to iran and its provocation in the persian gulf. The s p needs to close up, this is the exact number of points, watch it closely, 19. 37 points for that record close. Overall, though, as you can see, markets firmly in the green, gaining between half and threequarters of 1 . Lets show you the price of oil. It closed up more than 5 , the biggest gain since december 26, 2018 and touching a threeweek high. Tense situation in the middle east, plus a weak dollar helped push up the price of crude oil, 57. 14. Some energy names benefiting from this. 4 gains for halliburton and sl schlumberger. Ticker symbol wrk soaring in its debut. It opened at 38. 50 and is off the highs, with a gain of 55 in its debut day. What is a direct listing . It saves slack money in fees, allows shareholders to sell their stock without all the restrictions you see in a traditional ipo. Slack is a workplace messaging and communication platform. Still unprofitable, i remind you, but it gets a valuation of around 23 billion. Well see if airbnb or any of these other unicorns pursue direct listings as well. President trump kind of spoiled the market parade today. He tweeted at 11 15 a. M. In response to irans shooting down a u. S. Drone, quote, iran made a very big mistake and markets dipping again later in the day when President Trump answered a question about whether the u. S. Would retaliate. Listen. Iran made a big mistake. This drone was in international waters, clearly. We have it all documented. Obviously you know were not going to be talking too much about it. Youre going to find out. They made a very big mistake. Lauren irans revolutionary guard claiming the drone was in iranian air space while the u. S. Insists no, it was international skies. Revolutionary guard commander saying quote, borders were irans red line and any enemy that violates the borders will be annihilated. Tough talk. Here to weigh in, Jonathan Schanzer of the foundation for defense of democracy and chris wright, chairman and ceo of Liberty Oil Field services. Gentlemen, thank you for joining us. Pleasure. Lauren jonathan, i want to begin with you. What is the u. S. Red line in all of this . Is that getting a nuclear bomb by iran . Thats one of the red lines in the Trump Administration has made that very clear. But also, the Trump Administration has announced that if one American Life is lost as a result of iranian aggression, that this would also be a red line for the United States and that would be a trigger for conflict. Right now, though, i think the iranians are playing very closely to that line. They have obviously destroyed a very expensive piece of American Military equipment, 123 million that drone is valued at, so that was not a benign strike. This was something that is clearly displeased our military and president and they are weighing their options. Lauren how do you respond is the question. Chris, let me bring you in. The oil market certainly responding. Biggest gain of the year today for west texas crude. However, we have much of our oil right here in the u. S. We are energy independent. So i guess im asking you to explain why Oil Prices Rose so much today when we dont necessarily need middle east oil. Good point, lauren. Of course, still a large part of the worlds oil, not the United Statess oil, but the worlds oil comes out of the persian gulf region. What i thinks dramatic about this whole thing, what this episode illustrates, is the gamechanging impact of the american shale revolution. Its unimaginable in the last 40 years since the iranian revolution that we would have a u. S. Policy to stop the export of iranian oil. Today, thats possible. We get a 5 bump with the flash point in the middle east. So yes, theres a little geopolitical risk there in the price of oil, but relatively modest. Lauren we were just showing all the countries and their world oil contribution. Iran isnt even on the list. Its just 2 . But that brings us, chris, followup for you, to Natural Gas Prices, down sharply today. Is that because with fracking here in the u. S. , really very much less dependent on foreign oil . Yeah, absolutely. U. S. Natural Gas Production is nearly doubled, u. S. Oil production has more than doubled. I think Natural Gas Prices are in today from storage report today, just extremely high production of u. S. Natural gas. Lauren jonathan, i want to play you a sound bite from the president , and i want to ask you on the other side of it if you think this is a savvy Foreign Policy move by the president trying to downplay the tensions. Take a listen. I have a feeling, i may be wrong and i may be right but im right a lot, i have a feeling that it was a mistake made by somebody that shouldnt have been doing what they did. I dont know. I find it hard to believe it was intentional, if you want to know the truth. I think that it could have been somebody who was loose and stupid that did it. Lauren jonathan, the possibility of this being a mistake . Look, its hard to believe that it was a mistake. I think its interesting to note that the president is taking his time, i think hes trying to be deliberate, not rushing to conflict with iran contrary to what i think a lot of people have said about him or about john bolton or about mike pompeo. This is not an administration thats rushing to war. But remember here that the iranians have been responsible for mayhem across the middle east, whether its sponsoring terrorist groups like hezbollah and hamas or attacking american troops in iraq and afghanistan. Thats more than 600 americans killed by iranians over the last decade or two. The iranians are very deliberate in their use of violence. We have to remember that. I dont think we should be giving them a free pass but i dont think theres anything wrong with taking a beat and being very deliberate about how we respond to iran next. Lauren what is the appropriate u. S. Response, jonathan . To irans provocation . Even if it was a mistake. The appropriate response. Theres a lot of room between complete inaction and a fullscale invasion like what we did in iraq in 2003. We could be looking at covert actions. We could be striking iranian assets in places like syria. Lauren what about their oil fields, taking them out . I think thats probably a mistake and thats a serious escalation but there are ways of doing this with some deniability. Covert action probably being the most obvious where we can privately claim credit but not publicly rub their noses in it but let them know in no Uncertain Terms that we are not going to allow for further escalation. This has to be the way that the administration probably is looking at it at this moment. Lauren jonathan, chris, thank you. Thank you. Lauren all of this obviously affecting the market. Oil surged to the highest level since december 26. Gold, hot on oils heels, popping 3. 6 today, settling at its highest level since september, 2013. Big names in gold mining moving higher. We will show them to you. They are all up. So as gold grinds higher, the tenyear treasury yield goes down, falling below 2 , its at 2 even right now but did fall to 1. 98 earlier. First move under 2 since right after the election in 2016. A dovish fed plus rising tensions in iran, in the middle east, have boosted demand for gold as well as treasuries. Will this trend continue . Where else can investors find value . In anticipation of rate cuts and potential conflicts. Lets get right to the floor show. We start with Stephen Guilfoyle at the New York Stock Exchange. Is this risk of potentially miscalculating a single move with iran and heading to a potential war, is that being considered by the markets right now which did hit record highs earlier . I think you have to be aware of everything. The g20 next week for certain but with iran, you have to have a certain level of exposure to all the defense contractors, the aerospace names, the tech names, the cybersecurity names. I think thats very important. And you just mentioned gold. You have to remember when you look at gold that its not so much gold by itself, its gold versus the dollar. Dollars down half a buck today versus the whole basket, mostly the euro but versus the whole basket. I think you have to understand that while gold is breaking out, and i think you need some exposure there, i like to go with 5 to physical gold, for folks at home, you can manipulate that through gld and futures markets to another 2. 5 to 5 , but i recommend 7. 5 exposure to gold. I can go on and on but lets get the other guys in. Lauren lets bring in ira. Gold and oil are commodities. Obviously they are up in a big way. The fed isnt so worried about inflation because they dont see it, but now are they starting to see this . Does this change the playbook come next month, july 31st, next meeting . It could. Thats what goldman and other companies think. But then it might not if the g20 goes well. So what gold is looking at is a change of monetary policy. Thats exactly what its reacting to. The fed has come out and laid all the groundwork, whether its july, september, whenever they are going to make a cut, that the economy is weakening and the weakening economy is driving people to safe havens. Watch the tenyear. You might go down to 1. 75 . That could put gold up to 1450. Lauren phil, oil. Obviously reacting to the tensions in iran. If you take the geopolitics out of this and price oil based on how the market works, supply and demand, where do you see the real price of oil . It should have been higher. Listen, when the Federal Reserve is in a cutting Interest Rate mode, it increases demand, its good for businesses. We saw very Strong Demand in the u. S. , record gasoline demand. You know, at the same time, you cant underestimate the potential impact of whats going on in the persian gulf. People have to remember that oils a fungible commodity. Even though we have a lot of supply here in the United States, if theres a disruption elsewhere, you are going to feel it all over the globe. Even if we have a lot of supply here in the United States, you also have to look at the crude quality. Even though imports from opec to the United States are at the lowest level in 30 years, we still need oil from other places because of the differences in crude quality. So this is very serious right now and probably, you know, i dont think we can down play this situation. I think the markets acting appropriately. Lauren phil, ira, stephen, thank you. As we talk about markets hitting highs, nasdaq up 8,000, lets talk about oracle. The closing bell does ring in just about 45 minutes. Oracle, among the s p 500 leaders today. Shares going way up, hitting a new alltime high after growth in oracles Cloud Business lifted earnings and revenue in the latest quarter. At least eight brokerages raising their price targets on the stock in reaction to the good news. Shares are up 8. 5 . A fire sale for the usmca. Canadas Prime MinisterJustin Trudeau making the rounds in washington. What hes saying right now to leaders on both sides of the aisle to lock up their support for this new north American Free trade agreement. The new nafta, usmca. Countdown will be right back. Introducing the first of its kind lexus ux and ux f sport, also available in hybrid allwheel drive. Lease the 2019 ux 200 for 329 month for 36 months. Experience amazing at your lexus dealer. Were on the move. Hey rick, all good . Oh yeah, were good. Were good. Terminix. Defenders of home. Youre smart,eat you already knew that. But its also great for finding the perfect used car. Youll see what a fair price is and you can connect with a truecar certified dealer. Now youre even smarter. This is truecar. But allstate helps you. With drivewise. Feedback that helps you drive safer. And that can lower your cost now that you know the truth. Are you in good hands . At comcast, we didnt build the nations largest gigspeed network just to make businesses run faster. We built it to help them go beyond. Because beyond risk. Welcome to the neighborhood, guys. There is reward. Beyond work and life. Who else could he be . There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. Lauren breaking news. Canadian Prime MinisterJustin Trudeau arriving at the Canadian Embassy in washington, d. C. Just moments ago ahead of his press conference thats scheduled for the top of the next hour. Hes expected to give an update on his visit to washington to sell approval of the usmca. He spent his day all around the Nations Capital meeting with President Trump as well as House Speaker nancy pelosi. Edward lawrence is outside the embassy right now. Was today a positive for the future of this trade deal . Are they hopeful or are they confident and of course, the Canadian Parliament adjourns for the summer pretty soon. Reporter theres a lot of pressure now, more pressure added on the u. S. Congress to ratify Something Like this. President donald trump believes this is a good enough agreement, that it will help all three countries to rise up and compete globally around the world with trade. The Prime Minister of canada, Justin Trudeau, believes this is good enough for the u. S. Congress to ratify this agreement. He made that pitch directly to House Speaker nancy pelosi, saying that this agreement would create jobs and add the middle class or grow to the middle class. President donald trump believes the House Speaker will eventually come around. Its something thats very popular. I hope politically they can do what they have to do. Now, a day after the election it would win tremendous support but we have an election coming up. But i think nancy pelosi will do the right thing. Reporter this is personal for the prime min str ister of cana. He has an election coming up in about four months and wants to be able to show voters he can bring this agreement to its conclusion. Their house of common has already introduced the bill. The next move is a second reading, then a debate in their house of commons. Mexico ratified the snai yesterd usmca yesterday. They want to really Push Congress to really get this done. We are shooting for summer. Ambassador lighthizer has done a fantastic job on this, working very closely on both sides of the aisle on capitol hill. What weve got to do is get implementing language to the house soon. Reporter and the u. S. Trade representative says this would be a catastrophe if the usmca was not passed, ratified in congress here. Now, he hopes to make headway with a working group that the House Speaker has named to try and work out minor changes to the agreement here. Still no word, though, on when the House Speaker will bring the ratification up for a vote. Back to you. Lauren edward lawrence, thank you very much. Got to get you guys breaking news. U. S. Bank housing chairwoman Maxine Waters says the government should consider forcing facebook to halt work on its crypto currency project libra. Many concerns on both sides of the aisle about that. Thats Maxine Waters. Facebook shares nonetheless up 1. 50. To the big board. You can see the dow off session highs but very close, about 30 points away, gaining 227. Waymo already went on the road with liz claman in arizona. Now heading to france and japan. Alphabets selfdriving giant inking a deal with renault and its japanese partner nissan to Bring Autonomous Technology services t