Coming up for you in this edition of closing bell, amazon, alphabet, microsoft, intel, and starbucks reporting earnings today. Breaking down intels big quarter exclusively to the cfo, bob swan. Theres a bunch of others out there. Just went with the headlines. I hear ya. All the first five minutes of next hour. Alphabet may dominate the digital age, but Martin Sorrell said amazon is the biggest threat to his industry, and hes joining us in a moment to explain why. First, lets begin with the reaction to the president s tax proposal. Steve leisman at cnbc headquarters to look at the Economic Impact has. Eamon, you first. Bill, one of the questions here has been over the past 24 hours or so coming to the president s tax plan has been whether or not theyll make changes to 401ks and tax treatments. I asked sean spicer in the briefing, over after the briefing, i spoke to an official here who clarified they are not planning on making changes at all to 401ks in terms of the tax treatment. That remains the same. Put that one to bed today. Also, today, treasury secretary mnuchin was on the today show and asked if the plan would be revenue neutral. Heres that moment. Mr. Secretary, would you be willing to raise your right hand and look at the American People and say, i, steven mmnuchin, promise you this is revenue neutral and deficit neutral . Again, our objectsive, matt, is to pay for this with economic growth. So the treasury secretary there not making a statement saying they want to pay for it with economic growth. Well see whether that flies up on capitol hill where a number of conservatives are concerned about the deficit and debt implications of the big tax cuts, but also theres a number of conserve tichs who like the idea of tax cuts and believe it stimulates growth and want to bring a lot of that money that companies are holding overseas back to the United States, so among the various questions, we still have now is exactly what the tax treatment will be for the repatriation of foreign earnings, whether they give that 10 or anything higher makes a difference in whether that plan incentivizes companies to bring money back to the United States and put it to work, bill . Especially those Tech Companies that are reporting earnings after the bell today. Eamon, thank you. Can the administration get the growth it wants to pay for this . Steve has a look how it all affects the economy, steve . The big day after debate on the tax cut plan is how much growth it generates and whether the growth generates enough revenue to pay for itself. Larry summers, working in two democratic administrations, he suggests the answers no. But there is no, no serious reading of the evidence to suggest they came close to paying for themselves by stimulating economic growth. While the Trump Administration officials think they can bump up growth to 2 a year, they agree that more than growth is going to be needed to offset revenue lost from tax cuts. This will pay for itself with growth and with reduced reduction of different deduct n deductio deductions, and closing loopholes. Heres a big complaint were hearing a lot of today, just not enough data released to the street or public to figure this out. Thats curious as he said the treasury has 100 people working on scoring different scenarios. Bill, it might have been good to make some of that scoring available, but mostly what were seeing from the street are estimates of modest growth effects from the taxes. All right. Steve, thank you very much. Now caught in between the tax reform discussion is the possibility of a Government Shutdown at weeks end. White house budget director m v mulvaney was asked whether he thinks the government avoids a shutdown. Yeah, i hope so. We thought we had a deal on monday when we took the wall. We said, were talking bowe the last five months of the fiscal year, just the end of september, only so much to do on the wall between now and september anyway, so lets have that discussion starting next week for next fiscal year. We thauought we took the step, look, the wall is off the discussions now. We thought there was a deal. The democrats were in the senate, especially silent on us for two days. I have not heard from them since monday. Starting to get concerned. Lets get reaction on tax reform, a potential shutdown, potential research partners, dan cliffton is joining us now. Dan, nice to see you. Here we are within 100 days, approaching, and investors have to digest policy headlines from spending to nafta, of course, health care is still in the mix, and the new tax reform. Whats the tax away to tell investors today . Its been an amazing week. Look, i disagree on the release of the plan and data available. Clearly, there was not enough information there if you were looking at passing a bill in the next couple weeks. We anticipate to get a larger plan from President Trump in june, and what theyre doing is putting out a set of negotiating principles of where they want to go. The response from the House Republican leadership was not overly negative like we were expecting, and they can work with that. I think the tax reform process is moving forward in the first hundred days, we have a treasury secretary, never worked in washington, hes really starting to get in his groove, and we think what comes out of congress by the end of the year lives through has a lower Corporate Tax rate and repatriation. Were moving the process forward here. Dan, standby for a moment. Breaking news in another area, wouldnt you know, United Airlines, phil lebeau, what is going on . Theres a settlement reached between dr. Dao and United Airlines, the passenger dragged from the flight two and a half weeks ago here in chicago. The terms are not being released yet. It is a confidential settlement. The attorney for dr. Dao releasing a statement minutes ago saying mr. Munoz, the ceo of united airline, would do the right thing, and he has. In addition, united has taken full responsibility for what happened on flight 3411 without attempting to blame others, including the city of chicago for this acceptance of corporate accountant, united is to be applauded. Again, dr. David dao has reached a settlement, a confidential settlement with United Airlines. I think united is hoping this starts to finally put this entire controversy to bed, or at least take it off the front pages for the last two and a half weeks. I wonder how steep that was. Boy, without us having any word, you know, its confidential, the estimates are going to go sky high. Any historical precedent on this . There is not. The speculation is between 5 million to 10 million. Those are strictly guesses from lawyers who said, as i look at this, this is what i look at right now. Typically, guys, you usually hear what the settlement winds up being maybe a year and a half, two years later. Thats what happens in these cases. Eventually, it is released in some type of a filing. How much the settlement was worth. For now, its confidential. All right, thanks, phil. Maybe you can find out before then. Coming back, dan, you want to guess . Oh, no, i have no idea. Im with you on that. You know, then we have other concerns. I was talking about tax reform you were optimistic, actually. Investors are more pessimistic over the last month with the Health Care Bill failing, but its coming back. The Government Shutdown, you know, theres no overriding reason to shut down the government like there was in 2013, so a lot of this is just posturing, and so that will likely get resolved next week overall, and i think what people are missing about the first 100 days is that trump has really started to move to approve Energy Infrastructure projects that can total over 50 billion in 12 months. Thats larger than what Hillary Clinton proposed on infrastructure. Its basically doing it by executive order. Theres been good, been bad, and more of a stay tuned, but were proceeding ahead on a growth agenda here. All right. Dan, we have to go at this point. The United Airlines story prodded us out, but thank you for joining us. Gave us take aways. Absolutely. Closing Bell Exchange now with the dow up just two points, s p is up a fraction, still about eight points away from the alltime high, and nasdaq in record territory. Mark from alpine funds at post nine, and Meridian Equity Partners here, and jack is in for an ailing Rick Santelli today. Good to see you all. The flood of earnings, a fire hose coming at us here, few mostly, the market liked what it heard here. Absolutely. Interesting week weve had here. Normal economical da calendar, of earnings, got tepid as the week within the on, but clearly, wednesday tax headlines is what everybody waited for. Interesting to see that the market really has not reacted either way to all the information that came out of washington. I think that is somewhat of a positive to take away, but earnings still going to drive the market, i think, the rest of today, form, and we had microsoft after the bell today, exxon, General Motors tomorrow, and big name next week, apple, facebook, but i think the catalyst is going to be an fomc wednesday, force investors to watch this market the next few sessions until there was information from washington. We have to get through this afternoon first. We have to get through this afternoon, and end of the week next week is jobs numbers. A lot really going on here. Yeah, mark, including earnings as previously mentioned. Youve been doing sort of a score card on where we are into the earnings season so far. What are you hearing . What are your picks on that . Yeah, i mean, statistics are showing with a little more than a third of the s p 500 reporting, 85 have either beaten or matched expectations in the averages about plus6 . At alpine funds, were about cash flow. Thats driving the market. Cash flow is good, and so far this season, looks pretty well. It is enables investors to push off all the noise going on in the political world and, i think, they are really concentrating on this tax deal right now. Yeah. Jack, we talked a lot with rick about how placid currency markets and the treasury markets have been. Not impressed. Through all this. I mean, its the equity market really seeing volatility, whether its coming from washington or corporate earnings out there. Yeah, bill, you know, theres a disconnect going on. You can see it just in looking at that ten year hanging stubbornly at 2. 3 . Right. Theres some kind of fear that seems to be its a black cloud over the market place now. I dont know if its the, you know, the fear of what happens say during the first term of reagan where everything got pushed off a little bit, and we didnt really see the full effect of the tax cuts coming into effect until 1983, although, they were passed in 1981. Lets pay tension to that. Remember, this could be a situation where you buy the rum rumor, sell the news. You know, i agree that earnings are important, but with all the news coming from d. C. , whats more important is where the earnings are going to be in another year or year and a half when the cash comes back and you see tax rates down. Remember, seed capital is so very important, and, you know, thats something we have not seen over the course of the last eight years. Our little company, an exchange that started, we were a lucky one, able to get that seed capital, but how many ideas out there over the course of eight years were not able to get funded. Right. See, thats the problem, and that seems to be whats really the optimism thats underneath the market right now. Jack, how bullish are investors excuse me, john, asking you the question. On sentiment. You know, we look at elevated levels, record highs, worth asking how bullish inve stors got, and does that tell you anything whether the rally continues . I dont know how bullish they are, but they do not fear the market right now. Overall sentiment has been high, and we had no real negative headlines that impacted this market. As we watch this market continually trend higher, any time we thought we got to a top or technical level, youve been wrong to this point. The overall sentiment is stay in the market, ride it out for as long as you can until theres real selling pressure sessions on this market where we see some real conviction. All right. Guys, we got to cut this short, too. We have to move on here, but thank you, all, for the thoughts on todays market action. Appreciate it very much. Thank you. Because were coming back to phil lebeau on United Airlines. Yes . Bill, a statement from United Airlines regarding this settlement, and its pretty short and its not surprising that it is short. It says, we are pleased to report that united and dr. Dao have reached an am my cab resolution to the incident that occurred aboard flight 4311. We look forward to implementing improvements announced, putting customers at the center of everything we do. Thats the statement from united, again, a confidential settlement reached between United Airlines and dr. David dao, the passenger dragged off the united flight april 9th. You have to think, phil, it is good news for management. I mean this could be a big overhang on the stock every time he or the lawyer came out, it was bad press. And the video shown again. And over and over. It will take time to get past it, but its the first step, and everyone said this within days of the incident, settle this quickly as possible, get this out of the news as much as possible. Its still going to be out there, but potentially this moves it off the front pages and a little further back. All right. Very good, phil, thanks very much. Well see you later. Yes. Theres that video. Yes, maam. 45 minutes left in the trading session. The dow is up 12 points. Fell early on after oil fell. Energy stocks lower today. Oil fell below 49 a barrel. We have come back a little bit here. The s p up a point. Nasdaq record territory, gains there. Russell down a point and a half right now. Alphabet, amazon, microsoft, intel, a few big names reporting earnings after the bell today. Well bring you the numbers of and instant analysis coming up, plus, intells cfo speaks with us about chip giant results as soon as they hit the tape. Dont miss it. Looking forward to it. Largest advertising group, wpp, the company says companies are holding back on spending right now, wpps ceo says how he thinks that could effect digital and revenue at both alphabet and amazon. Thats coming up next. 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Well, lets get his view on it. Sir Martin Sorrell. Good afternoon. Welcome back. Amazon, an 800pound gorilla. So many directions at the same time. Yes. How are they are threat to the digital ad dollars out there . Search, i mean, i i had always thought that about 25 of search in the u. S. Originates with amazon. I saw it today from one of the incomers, at 55 of product searches emanate from amazon. Yesterday, i saw the insertion of a camera into a lexus. Not only will they be listening to you, but watching you too. Might be fine if youre trying on clothes, but how far are you prepared to let cameras into your home . All sorts of issues. Because you cant go too far as far as privacy issues are concerned. Talking to one media owner who competes with amazon on content and also pays for capacity on cloud, so its a big goal to have them competing, they are frenemies competing in so many ways. Looking at nuance data for cpt companies in january and february, which were weak, one of the things, of course, were the online channels. Neilson does not cover the retail audit data, data channels, but amazon invites clie clients of other agencies to seattle discussing how they can effect evidencely get more market target progress, and amazon competes in such a marginal way. I was in the middle east, they bought soup, the amazon ali baba equivalent in middle east, a company thats grown very aggressively in the middle east markets like saudi and others. So jeff bezos who controls the company by equity control is going in so many directions, and, obviously, this is an interesting situation in relation to the established players, whether it be google, face