Cheese burger in paradise heaven on earth ho hum another month, another new high for your money. The slow meltup marching on. The nasdaq looking at that hitting a new high. The oil and Energy Stocks all the Big Eight Oil names, exxons, chef rons are higher. On the other side of the trade, yeah some of the real estate stocks are lagging, but overrule a good day. What individual names are making investors money today . The casino stocks. Look at that. Las vegas sands are up big on some big numbers from chinas ma cow. Bikky . Good afternoon im becky quick. Here is what else is happening at this hour. A government watchdog said that medicaid was overcharged for epipen from 2006 to 2016. That is far more than the amount mylan agreed to pay the settle overcharging allegations. Construction spending posting its biggest drop in a year in april. A sharp upward division pointing to underlying string. Illinois Credit Rating getting closer to junk. Its debt downgraded after lawmakers failed to approve a budget. They have the lowest bond rating in the country. Well have much more on that coming up. But we begin in washington, President Trump set to unveil his decision on whether to pull out of the Paris Climate Accord in less than two hours. Hell be making a live statement in the rose garden. Lets get to eamon javers for the very later. Theres real sus sense on this going into the announcement. We were led to believe that the president was dead set on pulling out of the paris accords. Now though maybe some Different Air here at the white house. Well wait and see what the president has to say. There has been a big push by Business Executives to persuade the president to stay in the paris accords, including from megawittman who talked earlier today about all of this. We also saw there you see an ibm tweet about why ibm supports staying in the paris accords. We saw la renopau jobs speaking today. The widow of steve jobs in favor of remaining in the accords. Here is what she had to say. I think like everyone i agree it would be a colossal mistake for the United States to pull out of the paris accords for every reason thats already been outlined. Obviously economic, obviously thats the waive of the future. Obviously that thats where the momentum is. I talked to a white house official here inside the west wing and i asked the white house about this push by ceos to pressure President Trump to stay in the paris accords and here is what the official told me. The president has been talking to people on both sides. Weve been clear about that and were continuing to do it. Ultimately the president is going to make what he feels is the best decision for the american worker. So, guys, thats the frame that President Trump is looking at this decision in as he goes to the rose garden at 3 00 p. M. Whats best for the american worker. What that is, well just have to wait and see. Back over to you. Is it possible that he might suggest that it gets submitted to the senate for ratification . Thats been some folks out there have argued whether or not they like the deal or not make it a more democratic process at this point. Yeah, look, i think anything is possible at this point. You know, the expectation is i think were leaning toward the idea that he would want to pull out because that was his campaign trail promise, but could he finesse this and have some middle ground solution, kick it to the senate would be one way of doing that. Another way of doing it would be to whatever his decision is to have a variety of caveats and timelines in there to make it not exactly clear that he would firmly come down on one side of this or the other. You know that his daughter, ivanka trump, has been pushing him very much to stay in the paris accords. So well see whether this sort of populist wing of the white house wins here or the globalist wing of the white house wins here. Its really up in the air. Both sides have a lot of influence. Thank you. You bet. Govern jay powell sitting down with Steve Leesman for an exclusive interviews. We have highlights of that interview along with jobs data. Well get to the jobs data. First i want to tell you about fed govern jay powell says he sees three rate hikes meaning two more would be on the way if he had his way and also like to cut the Balance Sheet this year. Powell said that all of this was true even though he doesnt see much effect coming from fiscal stimmu lus or congress this year. Its a 2018 event. The effects on the economy if any would be felt in 2018. Its very difficult to incorporate anything into 2017 because we dont know the timing. We dont know the scope. We dont know the character of what will happen. Markets are starting to feel that way, too. Powell is the head fed official when it comes to banking supervision and he supports rethinking parts of doddfrank financial reform act that banks and the president would seem to support. I think its our obligation now, as we reach completion of it, to look back over it and ask what aspects of it may be redundant or utterly essential and should be protected down to every letter. But there will be some adjustments and i think thats only appropriate. Powells name is mentioned as a potential vice chair for supervision on the fed and en as a potential fed chair. Asked if he was interested in either job, powell said he has plenty of work to do already but she didnt say no. He just said no comment. I want to get to that jobs data, guys. Sure. 253 on the adp number which was way out above what was expected. 180 was the expectation. The number thats expected for friday is right around that area. So what you see look theres the nonfarm payroll estimate at the bottom, 184. Theres upside risks to that number at 184, but theres been a couple noticeable misses by adp, but reluctance to get behind it full throated. Theres two things i loved about this number, steve. I like that you felt passionate about the number to use the word love. Go ahead. Strong like. Strong like. Strong like. Small medium and Large Companies all saw job gains and the most important thing to me was that there was 58,000 jobs added in trade and transport. Interesting, right . Really interesting potential leading indicator of future strength. I dont know if youve noticed, i sure have, lot of trucks on the road, generally good economic sign. And bad for traffic. But did you also notice the 37 strong like. Did you notice the 37,000 construction jobs, which is also very interesting with whats going on. Nfib also out with their report. They give us a preview of their report. It says that Small Business is also hiring. Another indicator. We have this idea, great jobs but we dont know whats happening with inflation and overall growth. Steve, thank you very much. Pleasure. We will see you tomorrow morning to talk more about the jobs report, too. Big jobs report 8 30. Its the first trading day of junes. Stocks mostly higher with the nasdaq and s p hitting fresh intraday highs. One group of stock has been getting pummelled recently is the banks, names like jp morgan, goldman all down. Thats something it hasnt done since march of last year. So what can we expect from this sector and the broad markets as we head into the summer . Lets bring in kate moore. Kate, we know that sell and may go away. That hasnt worked for five years. What about the june swoon, is that a real thing . People like to come up with catchy phrases. I think what we need to focus on in june is guidance from the kpaempbs some of what we saw with the financials yesterday about their future expectations. And as we get early announcements for Second Quarter earnings season, pay very close attention to the tone as well as as i was saying revisions to guidance. I dont expect the market to be on a tear throughout the summer. But i also dont see a significant selloff. I just dont feel the Market Sentiment is there at this point, but actually the bears have been very disappointed by the magnitude and duration of the recent pull backs. Dont fight the momentum here, in other words . Im sorry . Dont fight the momentum . I dont think you have to fight the momentum at this point. This is not to say that you put all of your chips in just the high fliers. I think there are a lot of stocks that are being underrecognized by the market for their earnings potential that we should really be taking a look at. Stock more that fall into value camp across all sectors. When you look at the financials, the fed is very likely in many peoples expectations to raise at least two times, according to steve, over the rest of the year, why are the financials underperforming when were looking at rate hikes coming like that and potential for more deregulation . I think theres underdue focus and too much focus, i would suggest, on whats happening to the tenyear and similarly this small bits of guidance we had from a couple of the ceos from the big banks yesterday. Not paying attention to the big picture, less paying on the regulatory front and less pressure additional regulation. The fact that the fed will likely, this is our view, hike another two times this year go mostly to the bottom line of all of the banks as theyre not passing on all of the higher rate on to depositors and the fact that the u. S. Economy is in really pretty good shape, so we should see yeah. Im sorry to jump in, kate. On going earnings. Youre running out of time. To further beckys point, its not that they untsds performed couple big name financials in bare markets. Discover financial, capital one, theyre all down 20 from their 52week high. Why do you think those kinds of stocks are not only underperforming but actually in a major correction . I cant comment on individual names. All i would suggest is theres been a huge preference in the market for perceived secular growth stocks. That falls very much into the tech sector and theres not a recognition that some of the companies that have struggled a little bit in weaker economic periods should do well in what we think is a sustainable and Stronger Economic period ahead of us. Kate moore, leaving on an optimistic note. Thank you. Appreciate it. All right. Still ahead, one of these burgers is not like the other. It is loved by its fans. In fact, it won a best burger in america in 2014 survey. And, it is also the least expensive of the bigger burgers. The name and the stock behind it coming up . But first may auto sales are. Nay slowed. Will self driving cars ultimately eat the entire industry, the 7 trillion dollar conversation coming up next. Theres nothing traditional about my Small Business. I count on my dell Small Business advisor for tech advice. With one phone call, i get products that suit my needs, and i get back to business. The future isnt silver suits anits right now. S, think about it. We can push buttons and make cars appear out of thin air. Find love anywhere. Hes cute. And buy things from, well, everywhere. How . Because our phones have evolved. So isnt it time our networks did too . Introducing americas largest, most reliable 4g lte combined with the most wifi hotspots. Its a new kind of network. Xfinity mobile. Welcome back, everybody. The major awe tor makers are out with their latest sales figures. They are up. The numbers dont tell the whole story. Phil with the whole story. Yeah, this is one of the rare days where you see auto stocks moving higher. The last month in particular lackluster numbers. Thooes these are not impressive numbers. All of the auto makers only ford of the mayor auto makers of the big four reporting slightly positive sales. We should point out that ford and Fiat Chrysler did a little better than expected. Toyota and gm a little worse than expected. What stood out about sales last month the reason that the stocks are higher today because it looks like incentives moderated versus april. Yeah, theyre up year over year, but it looks like perhaps weve seen a point where theyre stabilizing and showing discipline. The car business sedans are just not in favor. It fell again last month. The sales rate expected to come in between 16. 6 and 16. 9 million vehicles which brings up this chart i want to show you. This is a rolling threemonth average for auto sales. We are looking at the first threemonth period, threeconsecutive months where the sales pace will come in below 17 million. That will be the First Time Since july of 2014 that that happened if we dont hit 17 million today and yet as i mentioned the auto stocks have been moving higher today. Take a look at shares of ford. One reason why ford is showing a nice little bounce today, a, it outsold General Motors last month. Dont make a lot out of that because theres a lot of factors involving fleet sales, et cetera, but youre seeing discipline when it comes to incentive for all the auto makers and that has investors much more optimistic than perhaps they were a week or two ago. Got it. Phil, you also have data on just how big Driverless Technology could be for the auto business. What is it . Right. This is a new study from intel that they just released within the last hour. And this is interesting. When you look at the potential when it comes to driverless vehicles, autonomous drive vehicle which is we know really arent going to take off for the next 15 to 20 years, but really when it starts to ramp up by 2035, by 2050 intelest matds the impact, the economy for these driverless vehicles 7 trillion dollars worldwide, a number of consumer and Business Services will be leading that charge. And theres also the benefit of potentially almost 600,000 lives being saved. Take a look at shares of intel and were showing you since march 13th because thats when the Company Announced it is buying mobileeye. This deal is expected to close by the end of the year. You cant talk about Driverless Cars without showing tesla, which again was up earlier today and its pulled back a little bit. Guys, its hanging around that 340 mark, much higher than many people ever thought it would be. Yeah, interesting to hear dick this morning talk about the valuation of tesla. Now hes an investor. But lets move on. Phil, stick around and well talk cars and if those Driverless Cars will eat the entire industry and gm and ford are eating themselves right now. Lets bring in adam jonas from Morgan Stanley and paul editor of the revs institute. Paul, ill start with you. Becky made the comment that was ironic that ford had the best sales growth given that the ceo was fired two weeks ago, but is the industry still not learning the lessons of some of the worst apparel retailers. Even into what appears to be a slowing market, lets keep pumping out the inventory. We have too many cars in the lots and no pricing power. Well, i think fords inventory numbers were actually down in the month of may. Which would be a very healthy sign and of course one reason for investor cheer. But, i think you have to say honestly by any historical measure car sales are pretty darn good right now. The economy is in good shape. Weve had sevenstraight years since the gm bankruptcy of rising car sales. Last year was an alltime record. This is a cyclical business. Some cooling off was inevitable. Guess what, its happening. Thats what was supposed to happen basically. Well, you know, listen, the average age of a used car on the road is still 10 or 11 years. At some point those cars are going to break down. Do you remain bullish . Listen, if we go to 16 million, thats still a good number. Are you bullish over the next couple years . Well, i think the real question is can these Companies Get through a downturn, maintain their profitability and maintain their dividends . I think theres a good chance of that actually. I really do. They wont come through unscathed because its a very cyclical industry with high fixed costs, but the fixed costs are lower than they used to be thanks to the restructuring of the industry under bankruptcy happening in 2009. Adam, looking at the challenger job numbers earlier this morning, a big chunk of the job losses were from the Auto Industry a lot of those from ford. Is that a good thing when it comes to being a shareholder . Um, the jobs number could be related to product changeovers, which ford and also some of their competitors are going through right now. I wouldnt read too much into that. I wouldnt underestimate the creativity of the Auto Industry and to find new ways to keep the auto credit cycle going. So i think that might be just be noise, becky. What about the does that mean that you think that even though they appear to be disciplined right now they wont be later when it comes to incentives, discounts, et cetera . We think that the challenges facing the Auto Industry over the next two or three years or three to five years might unfortunately bring out some of the worst in the industry. Theres been a lot of changes, a lot of positive changes in the last cycle in terms of Health Care Costs and pension and more flexible wages, but frankly theres a lot of things that are just as challenges as before. Too many obsolete cars. This Tech Revolution we think the 7 trillion might be on the low side, but we have the 11 1 2yearold cars out there. Who is going to ensure these cars if we have dramatically safer new cars propelled by new technologies that make the car on the road uninsurable and possibly obsolete. Theres a credit problem in the making here as well. So im confused because then to me that sounds like, wow, theres a whole wave of new buying coming if you have to get those cars off the road. Uhhuh. So theres two jets of is that good . Well, thats one argument. We call it two jets of water. The one yet of water is auto company is looking for replacement demand, bring out new sexy new product and give people a reason to buy. The problem is nine out of ten new car purchases involve a tradein or off lease vehicle. Theres 2 trillion dollars worth of cars on the road in the u. S. We think that car is being devalued and obsolete a