Points and the s p, moving the monitor so i cant see it. Up threequarters of a point. And the nasdaq is lower by 31 points. Where are we headed to from here . Lets get to bob pisani on the floor of the new york stock exchange. Bob . Hello, michelle. Were flat because ibm has been a drag and tech has been a drag and the question is can we hit new highs and the key, remember, may be earnings. Markets have moved up. They have been a floor under the market and the market believes that, off the low and china hasnt gone away and its been a lot quieter. Earnings have been the big problem and the missing ingredient. Weve had four consecutive quarters of negative Earnings Growth right now and q2, the one that were in now that everyone is talking about, only down about 3 and its been stable in the last week or so. Not reducing the numbers anymore. We could go positive meaning that ends. Johnson johnson and Philip Morris raised their guidance on the weaker dollar helping how the. This week its going to be about the drills. Caterpillar and honeywell and ge on friday, and tyler, if any of these companies, particularly jeff immelt says on friday, you know, the Global Economy is looking better than we thought, we could easily hit new highs. Tyler, only 300 points away on the dow industrials. Bob, thank you very much. Bop pavelec, boston private yet and team seymour cnbc contributor and gentlemen, welcome to both of you. Tim, let me start by asking you, and i know youve been following. Bob just mention the the importance of the industrials as catalyst or a catapult to higher numbers on the dow. What do you think. I think thats very opponent that you get cyclical involvement and rallied back and people understand that you have some grew and whats interesting is were having a very interesting and, again, a very a doubted rally in the commodity space, the resource space. These stocks continue to move higher and the prices for the underlying spots and ingredients, whether its iron ore or agriculture or wheat, you name it. Were actually seeing some rebound wlmpt itsand whether i weaker dollar or real, need to take the market to another level. Until that happens theres a lot of doubters. The path to least resistance has been higher. Keep an eye on the industrials that have been reported, as bob pointed out, including ge, and so forth. Bob, do you see a higher dow between now and the end. Year, and if so, by how much . The dow is bound to go higher. Now, we look at it from an s p perspective, and, you know, were trading at around 2095 on the s p which is around 17. 5 times and people think thats an expensive pe multiple. When you look at it from going back to 1871 when the pe has been averaging around 14. 5, 14. 7 times, yeah, sure, but when you look at it in the last 16 years, the average pe for the s p 100 has been 17. 9 times. That could take to you 2150. If you look at the last 30 years of the pe for the s p 500, that means the market can go to 22 and 20. 6 higher from our current hires. I think youll run into a little bit of resistance, first around 2100 and then around 2110 and the biggest resistance is around 2130 and we get back to the 2220 level, about 6 from other and i think youll really want to focus on the quality names and especially the names that havent performed as well as some of the others in this market rally. Stitt tight for one second. Want to bring in cnbc contributor Larry Mcdonald and stop me if youve heard this before, but larry says greece could derail the bull run, explain that, larry. Well, the thing that weve seen with since 201112 with greece, there may hab solution in the end, but theres high, high drama before, and on march 10th mario draghi was staring down the barrel of 11 trillion, 1. Trillion of nonperforming loans in euro. In july we have a 2. 3 billion Debt Maturity in greece, 2. 3 billion, so we have a large debut maturity. They need help from the imf. The imf has pulled away so theres going to be high, high drama once again before we have a resolution which sets up for june july drama. Feels like the boy who cried wolf every year. We go down this path and it all ultimately, theres a wringing of hands and nashing of teeth and wailing. Youve been there, and there will be demonstrations and youve been there. Just so everybody knows. You can predict a greek debt crisis by looking at the calendar. And it speaks to how poor greece is that were talking about 2. 3 billion euros which in this world isnt a lot of money, but apparently they dont have a lot of money. Weve been through this. You look back. We had a 10 correction in 2010 and a 4. 5, 5 correction last year on this drama, so markets do react to it, and i think the bottom line is youve got to understand the contagion. Its not greece. Portugal. You have a leftist government in there coming in, leftist, they are pulling away in many respects from responsibility to the European Union financially, and same thing in spain, and then you have two months ago in this network, team seymour were buyers of the banks and everyone was telling us they had all sorts of exposure. Bob, youre fairly bullish for what youre expecting. Are you worried that the greek debt crisis potions an extension threat to the eu and we have a horrendous amount of instability and potentially a lower market . Theres plenty of potentials out there. I think greece is a little bit further on down the road and something thats not on my radar right now. You know, maybe puerto rico is an issue and maybe all this hawkish talk by the Federal Reserve president s could scare the markets, you know, could be sell in may and go away and then we have a fed meeting in june and theres plenty of potential. Wall of worry, everything it sounds like, but im not really concerned with greece sonar because weve been able to manage the problem and i dont think its going to be an issue and, you know, nothing to the other guest, but i think what we really have to focus in on is really whats working. Have an environment here in the United States thats actually begun to stabilize and show improvement. Guys, weve got to run. Thank you. Gentlemen, thats it. Larry, bob and tim seymour thank you very much, and look who has arrived. Tilman fertitta is here. Welcome to cnbc. Welcome to cnbc. Saw you last time in seattle. Of course, the chairman of landrys Golden Nugget casino hand host of cnbcs billion dollar buyer. With be us for the next didnt have to wear a suit. Put on a tie today since im in the studio, not out there running the streets. So lets lets talk about the businesses that you run. We talk broadly at sort of 30,000 feet about the market. Tell us about the economy and how consumers are doing. What are you seeing in your businesses these days . Whats really interesting is samestore sales for the Restaurant Industry, which is such a growth industry in america, was negative in march for the first time in a couple of years. Why . I think the consumers are a little scary right now, and i also think that everybody wants to open a restaurant right now, too. Mmhmm. I think its a combination of them both. So maybe too much supply. Definitely too much supply. And a pullback on demand for some reason. Is it the election, all the negative talk. Economy during the election . I think there is a pullback, and ive always said when youve had great samestore sales growth for six years in a row, positive 2 , 3 , 4 where your sales have grown 20 , youre not going to keep growing every single year, and i think march was the first year youre really seeing it, the first month that weve seen the pullback. You must know day by day, almost minute by minute, how your stores are doing. How are they doing in hape . Pretty good in april, you know. Better, but march wasnt bad. Dont get me wrong. Right, right, right. But it broke the streak. Youre darn right it did. Its just choppy now. Its not that, you know, all hands on. Its definitely choppy right now, and the whole what do you attribute it to . I mean, somebody inevitably is going to say, well, gas prices went up in march, and so, you know, gas people had less money in their pocket to go and dine out. By people are so used to, so much less than it was and everybody does have a couple thousand dollars more to spend. Mmhmm. Of course, and in the south you might be feeling it a little bit, just because of the oil and where it is and there is layoffs, but i i still dont think the whole overall economy is where it was, you know, 12, 18 months ago. Is had a ditto for the casinos as well . No, thats whats unusual is the casinos right now are doing pretty darn good. They are still got a pretty good same store sales growth. Thats interesting. Really just the whole Restaurant Industry just kind of fell back a little bit. Also have to remember easter was in march and not april. Hold hon one second. Got to do some breaking news. Sue herera is standing by with that. Thank you so much, michelle. We want to show you pictures of a large brush fire as you can see in secaucus, new jersey. What that has done is caused amtrak to suspend service for the northeast corridor, specifically between new york and philadelphia. New Jersey Transit is also suspending its service at this point. Were under a brush fire alert in this particular area. We have hot temperatures, very dry weather today, and all this week. Its expected to be dry until dry until friday and it was a frush fire warning. Looks like that is what has broken out here. In the forefront of your picture thats secaucus, new jersey, the skyscrapers that youre seeing, thats manhattan right across the hudson river so you can imagine some of the Office Workers taking a look out the window seeing that in new jersey. Right now Amtrak Service for the northeast corridor between new york and gilly is spouse spended and also new Jersey Transit which may make commuting at the rush hour on the way home tonight very, very difficult. Well keep you posted because thats a story that will affect an enormous amount of people. Back to you guys. Sure will. Thank you, sue. Tillman, reaction to some news that we want to talk about today. The price of oil is moving higher. Oil workers are on strike in kuwait, stretching into the third day. The kuwaiti workers walked off the job to protest the Public Sector reform. Its just under 50 to 1. 5 Million Barrels per day. They are not carrying picket signs. Happy strikers. Sitting around drinking coffee, taking selfies. You have a lot of businesses and areas and you mentioned where oil is a big factor. What are you seeing when it comes to the price of oil and the movements . The problem is thats what happened yesterday, just like the meeting this weekend, but whats going to happen next week and at a meeting that they call a month from now. I dont think any of us know whats happening with oil over the next six to 12 months. Until it starts being a bull one way or a bear another, i think youll continue to see it trade between 30 and 50. I dont see it going up much over 50 and dont see it going below 30. Can always spike for a couple of days, just like it did, went down to 28, 29 for a week and then it bounced right back up again into the mid30s. I think youre going to see this trading range for at least the next 12 to 18 months. Youll be with us for the next two hours. Thats our pleasure and youre bad luck. Appreciate you being here, and youll contribute throughout the program. 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Makes my job a lot easier. announcer over 400,000 businesses have already used ziprecruiter. And now you can use ziprecruiter for free. Go to ziprecruiter. Com offer6 welcome back to power lunch. Live from the emerge americas conference in miami beach, florida. Joining me now in an exclusive is bob gryfeld, ceo of the nasdaq. So much to talk about about market activity. Goldman sachs reported trading revenue fell by 37 , underscoring the trend that weve seen for most of the banks this earnings season so far. What can you tell us about trading, whether its picking up, whether there are signs of life here . Well i think, you know, to break it down between fixed income and the equity markets. Extill market trading was somewhat robust, certainly in january and february, but with the current Interest Rate environment weve seen hampered and going through some difficulties. In terms of the activity youre seeing as an exchange operator, trading of equities is still robust in your view. Very robust january and february. Probably in a normal phase right now, but certainly not bad, and we hope to see it improve is that good news for the ipo market . Had the slowest period since the First Quarter of 09 this First Quarter. Friday is going to be a key test. Yes. So certainly i believe the indices and the ipo market will track over time. Not in a given moment but certainly over time and we think the ipo market is poised to do well, certainly secure works, as you mentioned, this friday could be a harbinger of an improved market. We have over 100 companies in filing. Most of those files i think are dead serious about it. Cautiously optimistic. Right. Biotech was a huge driver of the ipo market last year. Yes. Is it going to come back in your view . I think so. I think the number of diseases throughout there and the fact that weve mapped the genome a decade ago, immunotherapy, really in the first or second inning of what it can be do for human beings and their health so biotech will continue to be a strong driver going forward. Just saw bats go public. Is that going to increase the competition for whats already so few ipos in the pipeline at the moment . I dont see them as an ipo competitor. I think its primarily between us and the new york stock exchange, but certainly we compete hard for every ipo and well continue to do that. Right. Were on a panel earlier today and talking about Nasdaq Private Market as an alternative to going public. Are you seeing activity on private market pickup with the slowdown in the ipo market. Certainly seeing private market activity pick up merrily dramatically. Over 100 companies with mpm. Started a couple years ago. Fairly dramatic. Most of the unicorns and decacorns. Whats that . 10 billion. Yes. Weve seen most of those do some activity on the Nasdaq Private Market. We think that will continue. We certainly have a feeling that not every company should go public and it will give them a vehicle to go public private. Last question here. The indices are a few percentages away from alltime highs at this point. Does this concern you . I think the backlog is furmg up so no, it doesnt. The indices are obviously high because theres people looking for returns and hard to get that in a fixed income environment the way the markets are today so i think it ties all together. Bob, pleasure to so you. My pleasure. Bob greifeld, ceo of nasdaq. Later on this hour ill have an interview with by the pull, call him whatever you want, a recording superstar and that at 1 30 p. M. From emerge. Tyler . And i think i was mr. Worldwide, dag gone it. One of the legendary barbarians at the gate who helped define wall street in the 1980s practicing what he calls friendly activism. 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