In fact during our show, whether things heat up outside. More of the fireworks have been inside. Speeches, whether ted cruz will personally endorse donald trump to knit. It has been much less about what is happening outside of these walls so far. Things have settled down. They arent settling down here. Dow in record territory. You have big names coming up there, dont you . Yes. Guests coming up for you right here from cleveland including top trump Energy Adviser harold hamm. Andrew puzder. And ted cruz supporter graham hunt. Itll be interesting to see how he thinks this is playing out. And dow down 49 points since brexit lows, market is on its best run, get this, since 2013. We are still moving higher here. Tidal wave of earnings right after the bell rings as well. Intel, qualcomm, ebay and American Express and of course to go with that we have complete Team Coverage of all those reports coming up here in a little while, kelly. Lets start with Morgan Stanley that rounded out a generally upbeat earning season for the big banks. Kate kelly joins us with that part of the story. Kate . Hey, bill. Its been a pretty descent week with Morgan Stanley finishing up that period today. They beat analyst expectations on both the top and the bottom line even though the actual results were down from the same quarter a year ago. One big surprise, a 2 uptick in fixed income trading. Morgan officials ascribe that performance to broadbased success and fixed income all with a leaner head count. Among other things, client volumes around the brexit referendum late in june were a big help. Thats a theme with a number of other banks too. Success helped by brexit trading along with costcutting measures to increase margins as overall profitability. Morgan Ceo James Gorman with the most declarative take ive heard yet at least among the bank ceos about plans to adapt to a new eu in future years. This is going to unfold over at least a fiveyear and if i listen to some of the folks on the ground, over ten years. This is a very uncertain what ultimately it will mean. Clearly, we and other banks will have to have european style headquarters in one of the major markets, whether frankfurt or one of the other cities there. We will have to move some people to support that. But the uk will remain, and london will remain, part of our global footprint. Nonetheless, despite a pretty good day, they lagged the market dramatically this year. Without a hawkish fed, tough it see that changing any time in the very near future. Kate, thank you. Lets get to our Closing Bell Exchange for this wednesday joining us, cnbc analyst steve grasso who is sitting here with me. Michael robinson. And Rick Santelli checks in from that other city by the lake, chicago, illinois. Steve, what is it they say about bull markets . The best thing they can do is keep going up, and they are. True. If youre here everyday looking at the volume, it is anemic. Second lowest day since before easter friday, yesterday. If you think about that, no one is participating in it. Longs arent getting any longer. Shorts arent forced to cover bp so the market lifted up. Which means it can go higher. But for me im nervous here. You said it coming into the show. Too far, too fast. And i think its time for a breather but having said that, i thought it was time for a breather the last hundred handles. So for me im looking to be cautious here but i do understand that the market can still lift. Michael robinson, one of those lifts might be the rotation under way here. I see some of the worst performers here today, staples, utilities, telecom, tech discretionaries taking the lead. Is that sustainable . It is sustainable. But you know, i agree with rick on volume. I think this is a stock pickers market. You have to dig in an find stocks that will outperform the market, outgrow the economy. Thats critical. Here is a perfect example. Ibm, 17 straight quarters in a row. Of sales decline. Look at what happened it microsoft today. Stock is on fire with blowout sales of azure cloud services, more than double from a year ago. You are looking for stocks like microsoft that are really in a solid uptrend on cloud growth. You want to avoid stocks like ibm which, you know, nice dividend but a dog the way it is now. The way its structured now. I saw the dollar is now back against the yen where it was before the brexit vote. You know, we all believe that market got it wrong on brexit. But is it possible that there was a certain part of the market that really saw through all of that and that brexit wasnt really going to mean all that much at least in the near term here . Well, you know, im not so sure i can outline that part of it. What i think one thing is very much for sure, the post brexit markets are fascinating. If you look at which ones have overtaken the levels that were established once we knew brexit occurred on the 23rd slash 24th. The dax is close to testing that level. Our markets have blown through it. You meng the yen. If you meng had pound, nowhere near it. But some of the odd ones. Boone yields have movered closer. Even jgbs. I think in the final analysis. What i find about the post brexit world is the following. Uk isnt sinking into the financial quagmire as you heard. You hear the notion that there are still banks and business that stay in the uk. But it adds a degree of uncertainty to the mainland that we dont talk about much. There is a big Political Landscape not only in europe but in the u. S. And i think our stock mark set going to benefit from all those things and just consider we still cant get above 160 close considering everything going on. I think that speaks volumes and i think there is fed surprises before this year is over. I also noticed trade in oil. Cash drawing attention to it. Steve, i just wanted to ask you, how important the direction of oil prices, which we havent talked about in a couple of months here, still for the direction of this market. I think were still on oversupply status. You still have a lot of issues coming back on. You have libya basically coming back on. Nigeria coming back on. A lot of issues that were supposed to offset the market and they are getting back to normalcy. 45 to 50 is that trading range. But breaking down, kelly, is really going to be negative for the ultimate markets. No one is really focused on it but it is the canary in the coal mine when you talk about Global Growth. And Global Growth has been anemic, i dont care which way you look at it. One more question for with you steve, the volatility index, fear indicator is atity lowest level in a year. That often signals a top of the market, doesnt it . It does. But if you really look, thats what people are having a hard time interpreting. What does it all mean . Is it complacency . Are they just positioned to the point where they dont have to do anything at this moment . Because it feels like everyone is sitting on their hands. Thats the only way i can describe it. Yeah, michael, you dont sound as negative on the economy. Explain why you see strength here. All over, actually. You mentioned consumers, retail is doing i mean, retail sales overall when you include ecommerce doing well. Consumers spending. You look at jobs number in june. We have hiring on the increase. I would like to see more Economic Growth than 1 but the 1 gdp has been upgraded twice from half a percent earlier. And then we have good solid home sales. Home sales at like eight or nineyear high. With low Interest Rates, i think were going to continue to see good car sales, good home sales, hiring on the upswing. So again, back to the market and quickly back to something rick said earlier, i like the fact that market isnt moving side ways and it slowed done a little bit. That healthy for the market in general. Coming off of that bottom off of brexit, it was amazing. Slow down we have seen over the last few sessions, i think thats healthy for the rest of this year for the market and we will continue to gradually increase through the end of the year. Very quickly before we good. Levels, steve . I always talk s p cash. So last sale, the next resistance is 2185 soer with almost there. But it is 2200. But to talk about levels when we just erupted. We are in uncharted territory here. But to the other guests point, housing looks good, retail sales look good. Where is the cover for the fed . The fed has to raise now or whatever credibility they had, and i dont think they have any, is out the window. Dont you agree with that. That is what mr. Santelli seems to be hinting at as well. Thank you for joining us today. About 15 minutes still to go in the session today with stocks moving higher as we mentioned. Some of the best performers are old tech. That microsoft earnings that we mentioned and we get intel after the bell today. First an allstar lineup heading your way from cleveland. Harold hamm speaks at the convention tonight. Telling us why he thinks Donald TrumpsEnergy Policy beats hillary. The positive impact trumps policies will have on jobs. Plus former chairman of ted cruzs Washington State campaign will be here to discuss divisions within the party. And yes, brace yourself for a storm of after the bell earnings. Intel one of the outperformers in the dow today will post its results. So will qualcomm. American express also leading the charge tonight. We will break down the results right when they hit the tape. Stay with us, youre watching cnbc, first in business worldwide. Announcer theyll test you. Try to break your will. But however loud the loudness gets. However many cheese puffs may fly. Youre the driver. The one in control. Stand firm. Just wait. [click] and move only when you hear the click that says theyre buckled in for the drive. Never give up till they buckle up. Welcome back. Pretty good rally. Putting the dow and s p back in record territory. They make up the industrial average. Good portion of them are positive. Not all of them, though. Microsoft leading the way while disney is the big decliner. That microsoft gain today, as it leaves dow gainers, leaving late yesterday on closing bell. Tech giant revenues, and azure, corporate Cloud Platform doubled in the quarter. That got everybodys attention in the stock up 5. 6 , kelly. Bill, thank you. Our next guest plans to put energy front and Center Tonight at the rnc, harold hamm. First major convention speech. This is a big deal. What is it that you are going to say . Yes, kelly. We will talk about why energy is front and center and in a platform and everybodys mind this year. I think there is a huge conflict between the two candidates. One which would eliminate all fossil fuels and the other one which embraces, knows, sees the need for crude Oil Development and oil gas in america. And you know, it is pretty easy. This thing is easy. When you look at it, with all the terrorism going on in the world, now where is this coming from . Nations over there that we have been funding. For the last 50 years. A lot of people buying crude oil. They might be surprised to know how much we will still importing into this country. You think weve had this massive boom in production but we are are still importing quite a bit. When does that change . It is changing. We cant tell them not to bring their oil to their refineries that they own here now while everyone was asleep over the past 30 years they bought 30 of u. S. Refineries. Probably shouldnt have happened. These are very strategic facilities in america that Foreign Countries bought 30 of our u. S. Refineries. Now we cant export and we are, you know, exporting over 4 milli Million Barrels of day of refined product and we can move crude oil to other countries since we lifted the 40year ban. You were pushing to lift the ban, is that right . Yeah. It was a nobrainer decision but took two years to get that done with this administration. Now that we see such a renaissance in u. S. Production what is the Energy Policy we should expect from a President Trump, say for example . What would be the first thing he would do with that industry . One thing back off some of the punitive regulations. While weve been doing this the last seven, eight years, weve had an onslaught of a sue tsunami, if you will, of regulations putting us out of business. Practically put coal out of our business. We call it death by thousand cuts. They had some other real terms that you dont want to hear that they put on us. My goodness, this would be the dumbest thing we could ever do. Certainly the cost has come down considerably. A doubleedge sword. We were just talking about the oil prices have been hurting the market lately. Coming back early this year and where do you expect the price of oil to go from here . That does seem to be the biggest, you know, seems to have the most impact daytoday on how much production we see. We Pay Attention to two fundamentals. Thats supply and demand. Have a good strong demand. 1. 3 million new barrels this year in the world. That will offset much of the oversupply that has been there. In fact, all of it, we believe has ended the Second Quarter. So we are seeing prices go the right direction. We believe there will be 60 by year end. And i think that a little conservative on the number. We have seen 50 by june and it backed off a little bit. There are refining issues. It is also true that in some way, increasing its share of the worlds oil supply because they just keep pumping. What changes that . So you know, there seems to be this kind of fight between market share and sticking on price. Well a lot of that was done by president obama. When they raised, you know, the sanctions on iran and put all of their oil on the market and saudis said were not giving up any market shares. So theyve been competing head to head, which put more oil on the market than really was demand for it. So some of that was caused from that. Sure. Is President Trump or would you recommend or are people tonight looking for, i almost want to say a more protection, or a United States consuming the oil we produce, simply because thats in our geo strategic interest no matter what the price may be, even if it is higher . Well, this is the biggest geopolitical weapon that we have is crude oil in the world. And certainly we do not need to be funding the nations funding terrorism. And thats what were doing, you know, unless we produced more here and certainly thats what we need to be doing. What do you think happens to the oil and gas industry if Hillary Clinton wins in november . We could expect a lot more of the same. The very same, you know, we have talked to her director of energy. And you can expect more of the same. Could be worse. Youve got a couple more hours to go get ready for your speech just behind us here in the convention. Thanks for joining us in advance of that. Appreciate your time. Harold hamm. Back to you, bill. All right. 40 minutes left in the trading session here back at the New York Stock Exchange. With the dow up 42 point. S p up 9 also in record territory. Nasdaq having a good day, up 1 right now. When we come back, roger ailes negotiates his leaving fox news. And fastfood ceo andy puzder talks about why he thinks donald trump would be better for the economy and for jobs. When we come back. Before taking his team to state for the first time. Gilman go get it, marcus. Go get it. Coach gilman used his cash rewards credit card from bank of america to earn 1 cash back everywhere, every time. At places like the batting cages. [ crowd cheers ] 2 back at Grocery Stores and now at wholesale clubs. And 3 back on gas. Which helped him give his players something extra. The cash rewards credit card from bank of america. More cash back for the things you buy most. Here at Stock Exchange, the rally continues. Dow up 38 points. Still in record territory. As i mentioned earlier, from the brexit lows. This is the best in three years, believe it or opinion. S p also in recordtory at 2172. Meanwhile, nintendo shares tumbled evernight in japan on reports that the japanese release of pokemon go scheduled for today has been delayed until tomorrow. Developers were concerned that heavy demand would overload server capacity so theyve been bulking up the last 24 hours. Pokemon go surpassed 30 million down loads since its u. S. Debut 2 weeks ago. Unbelievable. Any sightings there at the arena . No. Snap chat has quite a presence here. Looking on everyones phones, seeing what they are up to. Just a little interesting pickup there. 21st century fox shares lower. Likely to result in the he departure of fox news chief ailes. Julia has more on what ailes built. Chairman of fox news, which he launched in 2007 within also chairman of the 28 fox tv stations. 76yearold oversees about 20 of 21st century foxs revenue as well as 20 of earnings before interest, tax, depreciation and utilization. Was the impact of fox on his departure. There was a note reiterating his outperform on the stock saying while ailes is widely viewed as architect of Fox News Channel and losing ailes injects some view of risk they fail to show any material from implications of his departure. Now Pivotal Research analyst brian weezer also with a buy rating talks about the potential upside of Management Change saying corporate control has been sub optimal and audiences are unlikely to leave the network so long as sufficient degree of the current character remains in place. We are now watching to see how the negotiations of ailes detar pure package goes. We will see how much he is paid as part of that golden parachute. Back over to you. Still more to come. Julia, thank you for now. Now to sue when reara and time for the news update. Sue . Health officials in florida are investigating what could be the first zika infection from a mosquito bite in the continental United States. It involves a miami area resident who has no apparent links to recent travel outside the country. Lab