Modest moves in the stock market. Orthis month has been big investors. In fact, it could be one of the very best for longtime. Optimism has been improving but toomy there was caution ahead of the trade talks between the u. S. And china which are set to take place later this week at the g20 summit in pan. Today the Dow Jones Industrial rose to 26,727. Nasdaq was down 26. 5. E s p was down today despite these small moves, recent rallies have sent the major indexes close to new highs. But does this months move higher have staying power . Mike santoli takes a look. Reporter this tripo a fresh record is perhaps the most confusing in terms of how it happened and what comes nexnd its come with treasury yields anchored near 30 month lows, recession fears slowing and manufacturing stalling. The rallyas been driven by defensive stock sectors such as utilitieas and gold broken st to a multiyear high. Investortiment has been quite cautious. Purely based on the historic probability, the market at a new high ended up mor than 17 not quite halfway through the year are reasons to believep more side lies ahead. Also a cause to keep expectations in check. The Dow Jones Industrials have made a record high. Second hf performance in those years is roughly at historical average for a years thats a gain of more than 4 . He s p 500 is on pace for the strongest first half since 1997 and one of the five best in recent decades. All years with similar returns y this point finished the year with furthergains. Such historical studies provide context but nolear course of action, of course. The big picture is the market has beenidn a swinging but ultimately side swinging i athe ye a half. Its now stretching the top of the range. Earnings have flaheened and t market fully expects the Federal Reserve to start cutti rates xt month. The initial Market Reaction tends to be quite posive but the strength only lasts if recession is averted. Have stocks already priced in this fed ctef will the second have confirm the markets implicit belief that the economy can keep outrunning a sharper down turn. For nightly business report, im mike santoli. To what is the mar expecting from the upcoming trade talks between President Trump and chinas president xi jinping. Joining us, david liebowitz. Thank you for coming in. Hanks for having me. Here we sit at the alltime highs as mike was pointing out e does that mean a deal with china is already priced in . We dont get much more up side if we get a deal and downide if we dont . Whats going on . This is buy the rumor and sell the news. I think the markets assumptioni all along we will see a deal done with china. Thinky at this juncture i the market would be comfortable with no escalation in the current state of affairs with china. As long as we dont put tariffs on the additional 300 billion of imports, i think the market will be able to handle that. S i don a ton of up side here stemming from a positive resolution to t talks, maybe if some of the existing tariffs are rolled back you wouldee markets melt higher. I dont think investors are expecting that. Theyre expecting no big changes going forward. Add to the mixture the ce geopolitical f with iran. Oil had a spectacular gain and its up a l bit today. Gold is moving higher as well. Tat do you think is going on here . Oil point i think is relatively clear. People are worried about supy ain disruption and thats putting upward pressure on the price. The gold move has been more interesting. Y, franver the past couple of days, couple of weeks less traditional assets, whether that be gold, cryptocurrency begin to move higher. What that says to me is theres an expectation of central bank easing further. There will be a need for investors to find returns a previously uninvestigated corners of the market. Youre seeing people reembrace these trades that have struggled over the past couple of years as people have prepared for a federalve res and global monetary stance which looks tighter than where were headed today. Along those lines our treasury yields have beenlose to three year lows. The ten year is who ha nhoverir lows. The stock market and bond market are close. Its pricing in some sort of resolution on trade. Obviously an easier federal reseowe. Earnings , which is relatively solid over the next 12 to 18 months whereasou have the bond market looking at hings saying the Economic Data is beginning to deteriorate. There is nowhere we looki outside of financial assets. The dichotomy betweend the b market and stock market will need to be resolved. The stock market has this one right from where i sit. David liebowitz, always good to see you. H thanks fing me. Elsewhere, President Trump signed an executive order prescribing whats hardhitti sanctions. They are in response to the unmanned downed drone last week. President trump will increase pressure on tehran until the regime abandons its dangerous activities. America is a peaceloving nation. We do not seek conflict with iran or any other country. I look forward to the day when sanctions can be finally lifted. I look forward discussing whatever we havecu to d with anybody that wants to speak. In the meantime, who knows whats going to happen. I can only tell you we cannot ever let iran have a nuclear weapon. These new sanctions denyan Supreme Leader and his Office Access to key Financial Resources but iran said today the sanctions show iraq has no respect for International Law and order. It is something the Energy Markets are watching and today the price of domestic crude did settle slightly higher after last weeks 9 rally. President of the dallas fed said its too soon tof decide Interest Rates need to be cut. Robert cap lain called on his fellow policy makers to be patient and wait and see how s economic eve unfold. Those events include the tradee war bet. S. And china as well as decelerating growth. President trump signed a secondrd executive today. This one pushes for transparenye in health care eprices. Goal is to lower prices that patients pay. Hospitals andnsance Companies Say that they will fight this order. Their shares fell in trading today. Besha coombs p it all together for us now. Reporter President Trumps latest executi order is aimed at providing transparency on hospital prices so that patient know what theyll pay before theyre treated, not after the fact when they get a sky high bill. Patients face significant obstacles shopping for the best care at the best price, driving up Health Care Costs for everyone. Todays historic action, we are fundamentally changing the nature of the heaplh care marke. Reporter earlier this year the administration required hospitals to post their list prices but insured patients dont pay those prices. Under theew executive order the government will require hospitals to make their negotiated insured rates public and require insurers to provide members with outofpocket cost estimates for procedures ahead of time. Analysts say the Price Transparency rules could help crease competition on Services Like mris where consumers have alternatives and can find scans with lower outofpocket costs. With highcost procedures like rgery some say the move could backfire. If this is about a Knee Replacement ony other kind of surgery, the cost is so high of the deductible, thats not a feature of you shopping decision. You might think price is bstitute for quality. Reporter some analysts worry transparency could encourage llusion helping hospitaeep prices sky high in some markets. The bigger question might be in the lon term will that drive prices down . Doubtful. Reporter the executive order is just the beginning. The administration has to draft the rules and give the industr time to comment. New rules on changing medicare drug price rates initiated last year still have not been finalezed but its the pressure is on the Health Care Industry from washington and from consumers to do better on prices. For nightly business report, im bertha coombs. The supreme cdrt has agr to hear an Affordable Care act related lawsuit where Insurance Companies ur health ice Companies Say the federal government owes them 12 for losses they sustained under that law. One facet of the afforble care t was designed to encourage insurers to cover riskier, previously uninsured people for which the government would reimburse them for but two years ago republicans blocked those payments saying that they were a bailou for the insurance industry. Insurers allege the government pulled a bait and switch and withheld the money that they are entitled to. N elsewhere washington, they continue to bear down on big tech. The latest pushy. Ame to a proposal was introduced that would force niwellknown com like google, facebook and amazon to tell users what kind ofey da re collecting on you and how much its worth. Ylan mui has more. Reporter theres a new bipartisan effort to put a price tag on your information. To calculate tech the value of all the data they collect and disclose that number to the users. The new rules would apply to companies with more than 100 millionctive monthly users and the ftc would be in charge of creating that lue. They have to file a report every year between third parties and allow users to delete their information. In a tweet senator warner saida so med companies have told the public their products are free, but thats not hetrue. Aid youre paying with your data inste of your wallet and you have a right to know what worth. Formation is tech groups are fighting back. One group argued that the premise of the bill is all wrong. Unlike with money, you dont have les data and often the more data you share, the better your e. They say that trade helps consumers come out ahead. For nightly business report, im ylan mui. Tonights upades and downgrades. United businessno tegies. Shares were downgraded. They cited the w mergerh raytheon. The stock rose 1 to 130. 18. Deere was upgraded from buy to hold from jeffries. They cited improvement in the farm economy. It rose to 190. That rose to 1. 5 to 166. 80 today. Duncan brands w upgraded. They cited the potential for new growth in same store sales and improved operations. Price target, 92. Shares rose more than 1 to 80. 98. And Hostess Brands was up. They cited trefast product line. Price target 17. Those shares rose more than 2 to 14. 26. Still ahead, a new kind of foodight. Im rahel solomon for nightly business report, what does the Aerospace Industry have to do with Specialty Foods . Im at a Specialty Foods convention in new york city and ill have that answer. Home depot is watching the tarifflo situationly even though 70 of the goods itells e made domestically. They said there are ways it can minimize the potential impact of tariffs on customer prices. The first step that well do is try to protect the customer in the project. Well do everythin we can to take other costs out of the business working with suppliers, whether thats opportunities in supply chain, other elements of the business and then well try to protect the customer on the project. Stocks fell in todays session. Well,theres another potentialif tfight brewing these days, but this one is not with china, its with europe. It could result higher prices for Specialty Foods. As you saw, rahel solomon is in new york with that story tonight. Rorter for European Companies at a Global Specialty ifods convention, there is a looming threat, t proposed by the u. S. And because of aerospace. This is the political games manship thats going on around the world. We just came outf it with mexico. It has to do with immigration policy. We have problem with china and soy beans and what happened there. It seems that agriculture and Food Products are becoming a little bit of a weapon as it relates to t policyt have nothing to do with food. Reporter fory nea 14 years they have said the union has provided illegal subsidies to airbus. Hey say the u. S. Indirectly subsidizes boeing. In aprilobert lightheizer listed imported foods that could be subject to retaliatory riffs. Foods like cheese, meats and jams. Our annual revenues are 150 million and i think out of that, if 10 is affected, it would be devastating for our business. Nl its not me, its the whole team, you know, that works for that. Yeah, they are like can we make it . I said, yes, of course we will make it, but it will be more expensive for the consumer and i say, yeah, t f home. Reporter french, italian and Greek Companies are most atsk ri although according to a u. S. Major importer, the impact will be felt across the community. It could be 100 of the products cost. Feta cheeses, parmesan, asiago k anyd of fine cheese that you buy, these are not just at whole foods. Iu findorted cheeses from whole foods to aldi,walmart, wegmans. The wto was expected to weigh in in june. Thats what everyone is waiting for. Its as decision tha favorable for the u. S. They tell us this is a food y fight t dont want anything to do with. For nightly business report, im rahel solomon, new york city. Edorado rolls the dice on caesars. Theyre buying caesars f more than 17 billion cash and stock plus the assumption of debt. The w mergerl put about 60 casinos and resorts in 16 states under a single name, caesars, making it the largest gaming operator in the country. El dorado shares fell 10 to 45. 77 while caesars rose to 11. 44. Fedex is reportedly offering big discounts in an effort to have online merchants express delivery services. Theyre trying to win overrs shipy offering guaranteed two Day Air Service for the same price as shipping by grk nd. The stocwas down nearly 3 today to 160. 90. Bristolmyers said that its planned 74 billion merger will now close later than originally planned. The deal is now expected to close b the end of the year or the start of 2020 as opposed to the Third Quarter of this year. Bristol will divest celgenes most profitable drug otezla. Bristolmyers fell more than7 on the news to 45. 68 while celgene fell. Beautyzon is opening a store for professionals that will offer stylist and barber supplies found in spas. Th rose a fraction to 1913. S. It sently beauty and alta beauty down. Sally fell to 1230 while alta dropped more than 2. 5 to 336. 34. The fire at the philadelphia refinery was extinguished over the weekend. Now that the blaze i out, the investigation into the cause is set to begin. Brian sullivan traveled to the facility which is the largest on the east coast. Are the fireball at the philadelph Energy Solutions could be seen from space. It was felt miles away but lucky the worst was avoided from a human perspective. Only a couple of workers were injured. They were treated on scene despite the blast which was simply incredible to dehold. You canne see of the refining units that was burning over thee end. That cause still being investigated. At least three different federan es as well as local officials will be involved in that investigation. Tat the current status of this refining plant, large eggs on the east coast is unknown. The company has beenight lipped over exactly how much gasoline and other products are ently being refined. There was separate fire, that refinery is supposed to come back online last friday tha daythis refine be ri actually exploded. The status of that refinery and both are currently not known. The we do know is this, worst of the human toll was avoided. This is one of the largest refineries that uses Hydrogen Chloride. A Clean Energy Fund lawyer explained what could have happened had Hydrogen Chloride been f releasedm the explosion. Philadelphia itself is in the worst position within the countryit wthe most number of People Living close to hydrogen fluoride. This is next to sou iladelphia and southwest philadelphia. If it had hit those homes, those neighborhoods, those people would, first of all, be burned and they could d very quickly. Its a horrible scenario. Ankfully that d not happen, but now the toll. From now on, other refineries will be able to make up lack of supply. However, the longer this factory is offline the tighter factories could g and theigher the prices could go. Some estimates say it could take more than ar and possibly 100 million to get this refinery back on line and that e if they ultimately have the money. They will not be refining anything here on any lar scale, philadelphia, pennsylvania. Coming , did disns toy story 4 go to infinity and beyond at the box office . Heres what were watching tomorrow. Fed ex reporearnings. The companys results are often viewed as a baromet for the health of the global economy. Well find out if lower Mortgage Rates helped fuel new home sales and report of Consumer Confidence is holding up amid rising geopolitical tensions. Interesting dayoming up tomorrow. Senator Bernie Sanders has a plan to wipe out the 1. 6 trillion of student debt owed by 40 millioner ans. It will also provide 48 billion in funding for free tuition at state colleges and universities the democratic president ial candidate would pay for his plan by taxing wall street transactions like stock and bond trades. His campaign estimates that the taxes would generate 2. 4 trillion over a decade. Meanwhile, 19 bilonaires ha released a letter asking all 2020 president ial candidates to suppo a tax on americas families with the largest fortunes. The bipartisan letter says the next dollar of new tax revenue should come from the most financially fortunate, not from middle income and lower income americans. The lette was signed by george soros, abigaisney and members of