The collapse paving the way for shells buyout ofb g group. This is a huge one. Around 70 billion. Coming up well look at which companies in the energy patch could be the next takeover target. Also here come the earnings. Alcoa ready to kick off the parade. Ceo Klaus Kleinfeld will be here exclusively just moments after the aluminum giants results are released. Thats coming up just after the ringing of the closing bell. And Dzhokhar Tsarnaev has been found guilty of multiple charges in the deadly Boston Marathon bombing. He could now face the Death Penalty. Well have the latest coming up. By the way, i should point out, as soon as any members of the jury maybe some of the attorneys come out before the press, we will be going there live to boston with all of that. So well keep you up to date on this story as well. Pardon the interruption as we do so. The dow is up 11 points. 17,886 is the level. Look at that russell rebounding nicely from its weak session yesterday. It dragged all the indexes lower. Today up six points half of 1 . The sapp p is trying to claw back as well. Well see if we can hang onto the tenuous green arrows. Jack bouroudjian from index Financial Partners back with us. So is Keith Fitzgerald from money morning. Com. Our own Steve Liesman and Rick Santelli and, Steve Liesman, lets start with you. Those fed minutes came out. I mean whats the headline for you . Its clear that they cant decide when they believe its the appropriate time to raise Interest Rates. Its clear there are divisions, bill, and i guess the head looirp for headline for me is theres a whiff of june in the air. I say that not just from the minutes, although there were several comments in there, several participants said that june was they prefer hiking in june. Others said later in the year. A couple said 2016. But it wasnt just the minutes, which were three weeks ago and as bob pisani pointed out in the last hour came before that weak march report but we had two guys today, bill dudley the new york fed president , this morning saying june is in play. He thinks the bar is high for june but its in play and jay powell the Federal Reserve governor whointerviewed at the council on foreign relations. I dont know if we have the sound. If you have it go ahead and run it. Maybe you dont have it. Well get it. Youre point being that june is in play and thats why this market is responding a little bit hawkishly to all of these developments today . I think so. And i actually thought that when janet yellen spoke after the press conference. They removed patience and then she came out and said just because we said not april doesnt mean it couldnt happen in june. I think the fed wants the market a little bit ready for this kind of a move here. And Rick Santelli the response, this happened twice today. We had a rally in the open until the bill dudley throwaway line about maybe june on the table and then the minutes came out. So you had a stronger dollar you had yields going lower on the long end of the curve, and you had the stock market going lower, all what you might imagine would be the case if theyre fearing the fed is going to raise rates sooner rather than later, right . You know im not sure that theyre fearing sooner rather than later. I just think its the kneejerk reaction to get in a market thats kind of trigger happy after 6 1 2 years when youre just even in a discussion about normalization. The yield curve flat 3. 5 basis points, dollar index was minus 7, now its plus 9. Stock market was minus 7, now its plus 12. There really wasnt a lot of activity going on and i think were going to dance this dance anytime that anybody is at the mic or its the minutes or a meeting, but in the end if anybody truly believes that were going to see normalization in june and boy, i pray it would actually happen do you think wed see these minuscule moves that the dow would only be where its at or the curve would have only moved 3. 5 . I think we answer our own question. If people believe june, trust me, the curve would be about 15 basis points flatter than it is right now. Jack i want to pick up on this huge deal today with shell buying bg group. A 70 billion deal. What do you make of it . What does this mean for the markets . Well, first of all, it means there are a lot of bargains out there, especially in the energy space and youre getting a lot of people doing their shopping properly. That in itself tells me something. The other part of that is there are if you think about it, there are a lot of segments within the economy that right now are struggling with what were discussing on this show. They dont know what the future or Interest Rates are just like we dont. In fact, just like the fed governors. When you have a spread between those that want to move in june and those that want to wait until next year, that is a widespread, and usually the truth is somewhere in the middle. What we are really finding and i think what the shells of the world are finding is that the fact that the market has been moving sideways over the course of the last few months is almost as good as a correction. And over the course of the next few months especially if we see earnings not disappoint as much as people are expecting them to disappoint, and thats a very important point. Remember, with the dollar doing what its doing, what oil is doing. So if theres any beat at all there, then youre going to probably get a good move up. Kelly, im really interested in what rick said earlier, that if the market was convinced of a june tightening there would be a 15basis point flattener, and, rick, am i understanding you correctly, that flattener would could where, from the short end coming up along a stable long end or does the long end come up too . Is that the market saying im not so worried about growth as i am less inflation . How does that 15 basis points come out over the curve . I think all rates move up but i think 2s, 3s, and 5s move up much more aggressively. 30 10s and especially 30s are laggard. The proactive aspect of that flattening would be in the maturityies 5 and under. Thats how we know june when we see it senator, is that right . Im pretty sure if anybody seriously believed june, we wouldnt be discussing whether that was the case. Were only talking about the probability getting a little higher. Its not that we necessarily have to price this entire thing in as actually happening. But theres an immediate hit to those who hold that paper that rick was talking about. Sure. Which is why we have to watch this closely. Theres one other thing thats coming out of these fed minutes here and the fed so long has been talking about being data driven. Well, here you have an instance where the data has changed in unexpected fashion. What im most curious about is whether the fed is going to react to the data or whether theyre going to go back to their old bag of tricks and pull a rabbit out that has no bearing on reality and thats what i think the real danger is. Traders dont know what the fed is going to do because i dont think the fed knows what its going to do. What rabbit would you be thinking of . To me its along what rick is talking about. I think we have to pull the needle out of the patient and see whether the patient recovers. This is a market thats addicted to cheap money. You see big mergers and acquisitions, theyre doing it now because they fear they may not have as efficient use of capital a year from now. Rising rates make that more expensive. Its logical to go shopping. Thats whats happening. I use the word fear earlier and, rick you took issue with that. Maybe the markets dont fear a rate hike necessarily, but is it possible that the fed itself fears the market response when they begin raising Interest Rates, rick . I would have no doubt that what you said is exactly true. I think that bureaucrats, whether its at the fed or the government level, rather that t. A. R. P. Vote and it forever changed the notion that policy looks to the market for some sort of confirmationened and i think thats a horrible metric to have. Wrong. Bill dudley said today and he said it before that how much the fed moves and when it moves is dependent upon the market reaction. Yeah. I know there are people on this panel here that bristle at that thought but thats the reality. That the fed is because the market is a transmission mechanism for fed policy. The fed is going to be very mindful of how the market reacts in the transition of that policy. Steve steve, steve, the fed has always reacted to the market. Lets face it. I think thats right, jack. I think its the other way around, guys. Weve been in the markets for 30 years. The markets have always told the fed what they want and the fed usually reacts accordingly, and what i see happening today is the fact that, you know, people are afraid of the initial move. When that move comes and the path to normalization is there in front of us guess what rick . Stocks are going to love that. I think everybody will i dont know if they love it but i agree with you. Dont get caught up in the first or second reaction. Jack can i ask real quick before we have to go were going to get these alcoa earnings that hit in an hours time after the bell. Going to unofficially kick off earnings season. Jack what is this Earnings Report going to mean to you . Alcoa doesnt mean anything obviously. For those that are really watching the market its next week that matters. Pay attention to the financials. As the financials go so will go the quarter. Nothing at all . Keith, you see some opportunity though as we start earnings season. I do. As a trader i see this very differently. I think you have seen a lot come up in the options activity. You have seen a wavering in overall price. Traders are gig to hedge against beginning to hedge. I think you take energy out of the picture and i may have strong growth. You can strip out a few other things, too. Pretty much get anything you want. Thanks guys. Appreciate it this hour. See you later. 50 minutes to go into the close. As mentioned, we have a busy session after the bell. Well get alcoa results. The market pretty much running in place here. Dow is up 9 points. S p is little bit more positive. The nasdaq doing much better up 32 points on a decent session and the russell making a nice comeback, too. Apple watch out today and its gotten good reviews. One mega deal in the energy patch in the bag. So who is next . The pros will be discussing which Companies May be ripe for a takeover. And as mentioned alcoa earnings hit right after the bell. Ceo Klaus Kleinfeld will speak with me exclusively even before talking to analysts. You dont want to miss a moment of that coming up in just about an hour. It took tennis legend serena williams, fencing champion Tim Morehouse and the rockettes years to master their craft. But only moments to master paying bills at chase. Com. Depositing checks at the atm and transferring funds on the mobile app. Technology designed for you. So you can easily master the way you bank. All right. Were virtually unchanged right now as we head toward the close with the market about 45 minutes left in this trading session in what has been a bit of volatility as they try to read the tea leaves and anticipate when the fed is likely to begin raising Interest Rates. Just like yesterday, bill look what just happened. That dow turning negative in the final hour after a stronger session earlier in the day. Well watch it. 45 minutes to go and letsgate the late get the latest on the big story outside of wall street. Ron mott has the latest on the guilty verdict in the Boston Marathon bombing. Reporter no real surprise in this verdict. Dzhokhar tsarnaev convicted on 30 counts all guilty. The real surprise if there was any surprise the fact the jury deliberated a second day. I spoke to one of the victims of that bombing what waso was clearly surprised the jury did not come back yesterday. The defense case begins in earnest when we begin the penalty phase. The same 12 men and women who found him guilty on 30 counts will now stand in judgment about whether he should spend the rest of his life in federal prison or go to the Death Penalty. Of course, here in the commonwealth in massachusetts, Capital Punishment is not available in the state court system. Obviously it is in the federal court system. There is widespread opposition here. This particular panel is what the federal government considers a death qualified panel. They were open to the possibility of finding someone guilty on the charges Dzhokhar Tsarnaev faced and then say he should pay with his life for his involvement in these crimes. We believe the jury will reconvene sometime next week to begin the penalty phase. Thank you very much. Lets get more reaction with paul goldstein. Paul goldstein and his wife were there that day. Nancy goldstein was running in the Boston Marathon. She was stopped before she got to the finish line thankfully because of the bombing, so she was not injured, but paul was in the thick of it. He was an emt who worked the finish line to help the injured after the explosion, and paul joins us on the cnbc news line. Its been a long two years i can imagine, paul. What is your initial reaction to hearing about these guilty verdicts . Well my initial reaction is im a little surprised they had to deliberate for two days but im glad that they came in with a guilty verdict on all counts. Paul take us back to that day, what it was like what was running through your head at the time. Obviously there was then the chase afterwards that shut down pretty much all of boston. Again, just if you can take us back to that moment and what was what it felt like. Well it was kind of eerie. At first when we heard the bombs, my first thought was patriots day, maybe there were a couple canons and somebody yelled bomb and everything broke loose from there. It was a chaotic scene, as you can imagine. I ended up over with some of the victims, and we just began doing what were trained for, and the thing that was really incredible about that day, it wasnt just the firefighters and the emts who were doing what theyve always been trained to it was all of the folks that had no training that were jumping in and taking the shirts off their back and the belts off their pants in order to provide help and comfort for the victims. Paul as it happens i was there that week. I witnessed the impact this had on the people of boston. It brought them together brought all of you together. The boston Strong Campaign right after that. Do you sense that this will bring closure for a lot of people in that area with the guilty verdicts that are being rendered today . You know maybe a bit. I mean nothing can bring back the lives of the three people that were lost the fourth person including the police officer, and the pain and suffering of hundreds of people but its definitely a good first step in closure and knowing that he was found guilty and that hes going to have to pay for his crime. Paul, do you and your wife feel justice has been served or will you feel that only if he receives the Death Penalty . Well thats kind of a difficult question. You know i feel like he deserves the Death Penalty but in some respects i feel if he gets the Death Penalty, he gets off too easy. Did nancy run last year . Is she going to run this year . Well shes not running this year. She did run last year. When this happened she had been fulfilling a lifelong as dream of running and finishing the Boston Marathon and didnt get to finish so she was very excited last year having the ability to go back and complete the marathon. And, paul, what kind of community has there been . Since your involvement, because your wife was so close to that finish line and you were involved over the last couple years, is there any kind of more direct involvement that you now have as you watch this trial come to its conclusion . Well, as i watched the trial come to its conclusion it almost, you know, has been a couple years and hasnt been quite as much talk. It kind of gets things started again and it reminds people that they have to be diligent that these things do happen and, you know from that perspective people just have to be aware and stick together. That is for sure. Paul, thanks for your time. Appreciate it very much. My privilege. Thank you. Paul goldstein. Weve got about 40 minutes left in the trading session here. We get back to the markets with the dow up just 6 points. The s p is up 3. Nasdaq has had a pretty good day up 30 points. Much more closing bell when were back in two. Stay with us. Let me talk to you about retirement. A 401 k is the most sound way to go. Lets talk asset allocation. Sure. You seem knowledgeable professional. Would you trust me as your Financial Advisor . I would. I would indeed. Well, lets be clear here. Im actually a dj. [ dance music plays ] [laughs] no way i have no Financial Experience at all. That really is you . If theyre not a cfp pro you just dont know. Find a certified Financial Planner professional whos thoroughly vetted at letsmakeaplan. Org. Cfp work with the highest standard. Welcome back. About 40 minutes to go here. The dow has turned negative. The s p trying to stay positive. The nasdaq has a little more cushion to do that today. It is up about half of a percent. Similar gains across the smaller cap russells as well. Looking across sectors, discretionary is leading the way, health care as well. Energy is the laggard and that of course is despite a huge deal in the energy space but has much more to do with the big drop in crude oil prices. Oil tanked as u. S. Stockpiles and saudi production continued to escalate even with these low prices here. Light sweet crude today down 5. 75 right at that 50 a barrel level. Lets get to that blockbuster deal in the oil patch we told you about on closing bell yesterday. Royal dutch shell buying uk owned bg group for 70 billion. Our Jackie Deangelis is drilling down for the details. Hi jackie. Good afternoon, kelly. Lets t