Beautiful sunny day in new york, and we have another record day for stocks, despite a not so stellar jobs report this morning. Were going to look at whether this is still an opportunity to buy in this market coming up in a little bit here. Its kind of a peppy song. We can just play it the whole time. Sure. Walmart shareholder day is underway right now. We have fresh remarks from the ceo in a few minutes. Google is out with details of its new ad blocker. We cant wait to talk about this, one option could be paying to see content without any ads. Wonder how thats going to play with certain millennials. Theres a lot to unpackage in that story. Life after professional sports, Franco Harris and Charles Smith from the nfl and nba respectively will join us from the exchange talk about transitioning into the Business World. We always ask our celebrity guests what their biggest money mistake was. Charles smith has made it his mission to help professional athletes transition into life after athletics, so they dont have the big money mistake that often they have. Weve heard so many stories about this, these guys are helping to try to for the next generations, try to help make better decisions. Theyre ringing the closing bell today, thats why theyre here. We begin with a disappointing jobs report this morning. Steve liesman has been youve been combing through the data, steve . A cheap pun on the part of the producers, i think, bill. Yes. Kelly can comb through the data. Big old horse brush to get through. High fly through, or whatever. There is a debate, guys, i want to talk about the debate, a sign of a weakening or strengthening economy and labor market, some quists say we only have 138,000, were looking for 134. The jobs created, the labor market is near full employment. The labor market near a 10 year low, as is the broader measure of labor slack. That includes the unemployed and those who cant find full time work. Relative to the past, you can see right there, the job market looks pretty tight. The lack of workers and modest Economic Growth are holding back job gains. Philly fed president Patrick Harker called it good jobs number and thinks the fed should hike twice this year and reduce the Balance Sheet. You can see the probability went up. It was as high as 90. The probability of a june rate hike. No dissuading of the idea that the fed is going on its appointed route. Speaking of the fed, National Economics council director. Asked this morning on sidewaqua the street if hes interested in being fed chair zm. No, i have a great job right now, serving the president , its been a dream come true. I come into work every day, and im excited to be in the white house. Another guy who cant comb through data there. His name mentioned to replace janet yellin, whose term is up in january, guys. This was a tough report, it felt like everything you wanted to see move in the right direction went the other way, and you know treasury yields fell, and the stock market is rallying, the headline unemployment number was the lowest since 2001, the details werent that great. The u6 came down to 8. 4 . And the Participation Rate fell. You are right there, so many cross currents in this report, it would be good for fishing, not necessarily for making much sense of the data. And you know where my mind is on friday. I was just going to say, speaking of which. Have a lovely weekend. Lets get to our Closing Bell Exchange with record territory today. Quincy crosby from Prudential Financial is here. Rick santelli checks in from chicago. Jeff in cleveland, i keep hearing, this is the kind of report you get when you have a tight labor market. Is that what youre seeing here . I think we are getting close to a tight labor market, bill. Were at 4. 3 on the Unemployment Rate. Thats the lowest in 15 or 16 years. I would say, though, i did comb through the jobs report, and that u6 measure did fall, its at 8. 4. I think it has further room to fall, bill. It could get down to 7 in this cycle. At that point i think we would say were at a much tighter labor market. Were getting close, this is a good step in the right direction, were not quite there yet. Is the market rallying, because it looks at it that way and says, hey, a tighter labor market, these are things that happen in a growing economy . Or is it looking at it as, its less likely the Federal Reserve is going to hike rates this year. Is it the good or the bad they like . Its probably a mixture of both. The fact of the matter is, earnings have been very good, and the expectations for Second Quarter earnings are actually, its going to be at least solid if not some sector, some companies doing extremely well. Plus, you have tremendous liquidity still in the system. You have the European Central bank that has come out and said, we still need accommodation. You have the bank of japan and a fed that uses the word gradual more times than any other fed chair in his history. Ready, aim, aim, aim, aim, aim. Exactly. Its still accommodative. The fact of the matter is, the data had been mixed, but starting to see some of the data picking up and gaining some traction. So heres what happens. Just today, you take a snapshot of today, you have the major averages in record territory, and you have the yield and the ten year at its lowest level of the year. Whats the message of the market there . The spread between the twoyear and ten year is down to. 8 right now. Thats why the financials were in the hole. You see where oil is, energy is in the hole. The market is rallying, they no longer believe beyond june the fed will be able to raise rates. The probability is for a second rate hike after june down to 24 . Why is the stock market going up . Because of these fundamentals quincys talking about . If earnings are that good, why won the that be a big factor . Quincys increased liquidity. And low Interest Rates are conducive to higher stock prices. Their agenda is counter to a proper move in the stock market or a forward move in the stock market, except for the financial sector, which is where we saw all the move, when donald trump was elected. Thats why the financials had a nice run through february, and then it ended. Now its starting to come back in. Now youre only in the space because you want to stay diversified. Its possible the bond market is wrong here, i mean, the bond market got a little too enthusiastic after trumps election, with the visions of fiscal stimulus and what that might do to the economy, the 10year yield rose dramatically. Now the market has moved the other way. The market is talking about slowing and weakness in the economy. And thats much too pessimistic of a scenario priced into the bond market, perhaps thats a story here. Yeah, i was going to kind of ask you to key in on this, this is your bread and butter. Weve given you a lot to think about here. You can only look at the tenyear Interest Rate and what does that tell you about the economy, youd go, oh, geez, things must have weakened in the last couple months. You can only look at the stock market. They go, geez, things must be great. So what is the answer somewhere in the mid snell. I think the answer is for sure in the middle, but i will continue to say, if you want higher rates in the tenure, just get the fed to reduce its Balance Sheet a little quickly. Get the bank of japan to lighten up, i mean, it really is that easy. Ill give you an example, everybodys making a big deal about the curve and signaling a recessi recession. I will tell you this. As wide as the yield curve was was december 22nd many it was 135 basis points. You know where the twoyear was that day, 120. Its moved eight basis points. The ten year was at 255, its now 40 basis points lower. What are most central bank concentrations on in europe . Mostly the end. That isnt the only reason, the fact that some Central Banks are buying, and stimulus travels around the world real fast, also the notion, our central bank keeps investing the runoff. The quarantine and the way they now do a market operation. Dealing with the Balance Sheet, paying interest on reserves, all these things i think are taking that signal, the guests are right, the bond market may be wrong. Harasscy, thats not the bond market thats wrong, its the bond market in its current form. Its been managed, its been manipulated. I think the stimulative aspects were discussing are good for stocks. It did have a good earnings season, and i think there was a spark in november. Not necessarily whats going to get past, but the notion of what will not get past in terms of regulars and all things. Youve heard me talk about that before. The other thing nobody talks about is the pav lovian theory. This market keeps going up, those that buy and hold are getting rewarded. Dont underestimate that dynamic or how long it can run. I was going to say, money goes to where it is best treated. Until it isnt. Its been best treated in the stock market for years. Last week we talked about 25. 05. If we did that, look out above. Thats happened, now what . The number i called for the high of the year is 24. 65. Were not really that far from that number now. I think thats clearly within 1 or 2 trading levels of here, we could reach that this quarter. No problem. Now, rick mentioned recession. If you look at all the housing sales, each level existing, new home sales pending, however you want to measure home sales. They all came in kind of lousy this month. Cpi, kind of lousy, 24 data points came in negative or disappointing this month. Clearly the economy is slowing down, im not ready to call recession, but you should be worried. Of course the stock market would be at all time highs . Where are you going to go . I hear you, you keep hearing that. I would love to continue this conversation, this is one of our favorite groups, we love having everybody here but we have to go. Have a good weekend everybody. See you later. Thanks, bill. Heading into the close, 50 minutes to go, and look at this, another day in the markets. The dow is up 21,000 for the first time. The s p 500 is up, the nasdaq is up 53 to 6300, touching that round number. The russell interestingly enough, its making up underperformance. Still about 10 points off its record high. The dichotomy continues for retail, as good as the stock market. As retail is suffering, this time its Restoration Hardware. Restoration hardware went soft. Well have details on that coming up next. A couch el sports greats will speech with us here before ringing todays closing bell. Nfl hall of famer Franco Harris and Charles Smith. Theyll talk life after sports in the Business World, youre watching cnbc first in Business World wide. Theres nothing traditional about my Small Business. So when it comes to technology, i need someone that understands my unique needs. My dell Small Business advisor has gotten to know our business so well, that it feels like hes a part of our team. With one phone call, he sets me up with tailored products and services. And when my advisor is focused on my tech, i can focus on my Small Business. Your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for using it . News flash nobodys perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. And if you do have an accident, our claims centers are available to assist you 24 7. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance walmart shareholders are making their voices heard, amid a new Company Initiative which always surrounds walmart. Courtney . Reporter its been a really busy week here for walmart Global Executives and their employees. Which serves as a nice reminder what a strong business voice walmart has not only here, but globally. Doug mcmillan is on President Trumps advisory council. He was not in favor of leaving the paris climate agreement. Hes disappointed about the decision, but he intends to stay where he is it on that council. I do not plan to withdrawal from the forum im participating in in, i would like to participate, and there will be other issues that will come up. I didnt expect what we wanted to happen, what happened in every case, but engagement gives us a chance to do good things and share a point of view. I want to keep doing that. More specifically for walmart, the bulk of the week has focused on technology. Todays focus changed ever so slightly. Yes, there was definite celebration for the years successes, the surprise celebrity emcee was blake shelton. We had performances by mary j. Blige and neo. The Technology Advancements walmart is putting into its stores and online systems is meant to empower the employees but not replace them. Thats what falls in line with the testimony yesterday. Walmart spent 2. 7 billion investing in inch with as in Training Programs for employees. It does seem to have helped moral, which may be part of the reason why were seeing more efficient workers which is leading to higher sales. It all probably plays out hand in hand, there were a lot of topics that were covered this week. Kelly . Im curious. Did they request the employees if that was a good idea that they deliver packages . Do they get paid extra . Do we know . I sound like im being flippant but im serious. We know the answers, im glad you asked. Its a voluntary program, three stores, two in new jersey, one in arkansas. The employees can choose if they want to make a little extra cash. The idea is they do it on the ride home. If they decide that day, thats something they want to participate in, they sign into this proprietary app, that walmart has built for this purpose, they enter in where theyre going, and along their route, little markers will pop up and show them possible deliveries they could accept. And they drop off those packages on the way home. They are compensated. Walmart didnt explain if its a flat rate, per package, or hourly, but its completely voluntary. I think it could make i think this is i just guess the employees will embrace this. They can only make ten stops on their way home. It has to be on their way home. Thanks, courtney. In the meantime, Restoration Hardware getting hammered at the rh post somewhere. How bad does it look now . Im here at post 8 where the prices are made for Restoration Hardware on the floor of the exchange. If you look at the floor of the exchange right now, where we are here at gts. The shares you see down by 26 . Shaving 25 of its value off just in trading today, if these things stay the way they are, we could be on pace for the worst day weve ever had as a public company. Restoration hardware largely met and exceeded some of the Sales Estimates that were out there, its the forecast, four full year profits that was lowered and has gotten people a little more pessimistic about whats happening. To be fair, shares had gained 90 year to date. There was a huge amount of optimism about this company and wage it could turn things around, the stock had taken a rollover, and this year, people had gotten right back into it. The issue now is whether they can make the model for them work. What they are trying to do is trying to move to a membership based model, rather than getting sales for labor day, sales in the mail for coupons and that sort of thing, theyre going to want to have people pay 100 dollars a year, and that gives them access to 25 off sales, 20 off sales and that sort of thing. Its going to take a while to get people to adopt that fully, but the attempt here is to try to be as unamazonable as possible. Trying to get customers to be a little more loyal there, and use their showrooms a little more effectively, rh shares certainly a big retail focus today. One of the stocks thats going to be talked about a lot. If we see these gains that have come so far this year, we could be due for a worse fall. Some of the discretionary stocks out there this year are retail names. Back over to you. Thank you. Ill see you on the close. Coming up in a little bit. I have a humble suggestion for them. To save money, stop sending out that phone book, the catalog. 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