Transcripts For CNBC Squawk Alley 20170410 : vimarsana.com

Good monday morning. Welcome to squawk alley. Jon fortt, sarahizesarahi iize. Interesting action this morning as we get a lot of things handed in our way. Bank earnings began on thursday, yellen tonight at 4 00 eastern time. Got some geopolitics to watch as Rex Tillerson makes his way to moscow. All of that with continued low volatility, even though bond yields did tick up a bit on friday. I think with the yellingen comme yell enclents later, it will be interesting to see if she mentioned the much weaker than expected jobs number on friday, whether that represents any speed bump in terms of growth or whether the 4. 5 Unemployment Rate best since 2007 should be applauded and will keep the fed on track to raise Interest Rates two more times this year as theyre scheduled to. People, jon, talk about the list of new his sligh s shrinki. Tesla once again to 310, amazon not quite an alltime high, but two big bullish analyst calls this morning. And everybody led by elon musk who cares about this stock and believes in the story will defend tesla being at this market cap because, hey, stock prices are about the future. But still, i mean, its not as if ford and gm have been caught completely flat footed in about this electric vehicle race. They do have skin in the game. So i mean its anybodys guess how this will turn out. But something tells me this disparity in valuation is not going to stay this way forever. Morgan stanley Investment Management meantime soundings alarm this morning as they take a look at valuations. Good to have you here to talk about this. Thanks. Sounded the alarm, is that a fairway to characterize it . What im trying to say is keep in mind that stock market valuations today are the most expensive that they have been outside of the tech bubble. So of course i think justifies it with the low Interest Rates, but this is like a bull market which is very advanced. And to get too excited at this stage id be a bit cautious about it because i think that the average stock in the market is the most expensive its ever been because of the tech bubble. It was the tech stocks which lifted the entire market valuations. But the average stock smoths expensive that its ever been. Let me stop you for a moment. And direct our viewer to the white house. The president on his way to the rose garden with the latest Supreme Court justice, neil gorsuch. [ applause ] thank you very much. Thank you. Thank you very much. Friends and distinguished guests, welcome to the white house. We are gathered here today for a truly momentous occasion in our democracy. The swearing in of a United States Supreme Court justice. In particular, im greatly honored to welcome to these grounds every sitting justice of the United States Supreme Court. Welcome. Thank you. Mr. Chief justice and fellow justices, its a privilege to have you here to join in this historic moment on this very beautiful spring day in the rose garden. Spring is really the perfect backdrop for this joyful gathering of friends because together we are in a process of reviewing and renewing and also rebuilding our country. A new optimism is sweeping across our land. And a new faith in america is filling our hoerearts and lifti our sights. Id also like to recognize senator cory gardner, mike lee, and mike crepel. Thank you very much and for allall your work. Although he could not be here today, i want to express our gratitude to senator Mitch Mcconnell for all that he did to make this achievement possible. So thank you, mitch. Id also like to give give my appreciation to chairman grassley for conducting such a fair and professional confirmation. Senator grassley. Where is senator grassley . Thank you. Thank you. Thank you, senator. Finally, a profound thank you to Louise Gorsuch and to all of the gorsuch family. Thank you. And louise, ive heard it firsthand, i know what a total inspiration you are to your husband and to your entire family, so thank you very much. Fantastic. Thank you very much. We are here to celebrate history, the taking of the judicial oath by the newest member of the United States Supreme Court, neil gorsuch. Justice gorsuch, i just want do congratulate you and your entire family. Its something so special. In fact ive always heard that the most important thing that a president of the United States does is appoint people, hopefully great people like this appointment, to the United States Supreme Court. And i can say this is a great honor. And i got it done in the first 100 days. Thats even nice. You think thats easy. This ceremony has special meaning as Justice Gorsuch is filling the seat of one of the greatest Supreme Court judges in american history. And that is antonin scalia, who is a terrific, was aer it risk jud terrific judge and terrific person. Justice scalia was a patriot who revered our constitution. He was beloved by many, very many, who are here today and he is deeply missed by all of us. I want to at this time recognize his incredible wife, maureen, who i got to know very well over the last short period of time. And maureen, please stand up. Thank you very much. Thank you and your family. Thank you. Americans are blessed to have in neil gorsuch a man who will likewise be a defevoted servant ever the law. Over the past two months, the American People have gotten to know, respect and truly admire our newest member of the United States Supreme Court. In Justice Gorsuch, they see a man of great and unquestioned integrity. They see a man of unmatched qualifications and most of all, and most importantly, they see a man who is deeply faithful to the constitution of the United States. He will decide cases based not on his personal preferences, but based on a fair and objective reading of the law. Today we have all three branches of government represented at this event. It is a very special thing and a very is special happening. And its worth taking just a minute to remember what it all means. In our founders incredible wisdom, they gave each branch of government a different role in our great republic. We have a congress to write the laws on behalf of the people. We have a president to enforce those laws and defend our nation. And we have a Supreme Court to apply and interpret the law in a fair and impartial manner when disagreements arise. Founders separated power because they knew it was the best way to protect our citizens and keep our constitution secure. Justice gorsuch, you are now entrusted with the sacred duty of defending our constitution. Our country is counting on you to be wise, impartial and fair, to serve under our laws, not over them, and to safe guaguard right of the people to govern their own affairs. I have no doubt you will rise to the occasion and that the decisions you will make will not only protect our constitution today, but for many generations of americans to come. In just a moment, Justice Gorsuch will be sworn in by Justice Kennedy, a great man of outstanding accomplishment. Throughout his nearly 30 years on the Supreme Court, Justice Kennedy has been praised by all for his dedicated and dignified service. We owe him an enormous debt of gratitude. And i am honored that he is with us today. Is this is a very, very special moment because main years ago a young neil gorsuch started his legal career as a law clerk to Justice Kennedy. You remember that, right . It is a fitting testament to Justice Kennedys impact that upon giving the oath to Justice Gorsuch, he will become the first ever Supreme Court justice to serve with one of his former law clerks. Thats sort of a big deal, isnt it . I sort of like that. That is sort of good. It has never happened before. Thats pretty good. Also shows you have a lot of respect for this man. Very good. Were thrilled to share this historic moment with Justice Kennedy, with all of you here today, and with all americans watching us at home. Justice gf Justice Gorsuch, i again cko congratulate you and your entire family and i wish gods bless g blessingings a your amazing journey ahead. I have no doubt you will go down as one of the truly great justices in the history of the United States Supreme Court. I now invite Justice Kennedy to say a few worsew words. Thank you very much. Thank you, mr. President. Mr. Chief justice, Justice Gorsuch, and my fellow adherence to the idea and the reality of the rule of law, are as many of you know, there are two oaths that a member of the federal judiciary must take. The first is the kons tauconsti oath that applies to all three branches of the government. The second oath is one that applies just to federal judges. Both of the oaths date from the founding of the republic. The judicial oath dates from 1789. And both of these oaths remind us that we as a people are bound together, we as a people find our self definition, our respect, our heritage and our destiny in the constitution. And so Justice Gorsuch, there is one oath remaining for you to take, the judicial oath, before you may receive and accept your commission from the president of the United States. Are you ready, Justice Gorsuch, to take the oath . Are you ready to take the oath, Justice Gorsuch . Please raise your right hand and repeat after me. I neil m. Gorsuch do solemnly swear i do neil m. Gorsuch do sorry legally swear. That i willed a mind sister Justice Without respect to persons. I will administer justice. And do equal right to the poor and rich. And do equal right to the poosh and the rich. And that i will faithfully and impartially discharge and perform. And that i will faithfully discharge and perform. All the duties inconsume bebts upon me. All the duties incumbent upon me. As social just tes of Supreme Court of the United States. As associate justice of the Supreme Court of the yurnd. Under the constitution and laws of the United States. To help me god. So help me god. Congratulations. [ applaus ] thank you. I see before me so many to whom i owe so much. I know i would not be here today without your friendship and support. Thank you all from the bottom of my heart. I want to thank the president for nominating me and for the great confidence and trust hes repossessed in me. I want to thank the Vice President for his constant encouragement and friendship throughout this process. Its not possible to mention here everyone i should mention. But id be remiss if i didnt thank the president s counsel don mcgahn and the Vice President s counsel and every Single Person in the White House Counsels Office for their tremendous and tireless support. I want to thank kelly ayotte and my day to day team for their humor, for their sage advice, for their faith as we spent months and so many miles trooping together through the senate complex. I want to thank every Single Person and there are so many in the white house and the department of justice who worked through so many late nights and long weeks on my behalf. I want to thank senator mcconnell and senator grassley and their celebrity teams for their support and leadership. And i must thank my former law clerks and my dear friends who gave so much of themselves so selflessly through these last three months. You are dear to me. This is truly your doing. And this is your day. I wish be i could mention each of you by name, but you know who you are and you know your names are etched in my heart forever. This process has reminded me just how outrageously blessed i am, my law clerks and my faenl a family and my frernd frernds. And i hope that i may continue to rely on each of you as i face this new challenge. To the wonderful staff of the tenth circuit,ing i thank you for your faithful service an friendship over so many years. To my new colleagues and the staff of the Supreme Court, thank you for the very warm welcome. I like forward to many happy years together. And i cannot tell you how honored i am to have here today my mentor, Justice Kennedy, administer the judicial oath, a beautiful oath, as he did for me 11 years ago when i became a circuit judge. To the scalia family, i wont ever forget that the seat i inherit today is that of a very, very great man. To my wife, louise, and my daughters emma and bindy, thank you for your perseverance and your patience, your courage and your love. I simply could not have attempted this without you. And to the American People, i am humbled by the trust placed in me today. I will never forget that to whom much is given much will be expected. And i promise you that i will do all my powers permit to be a faithful servant of the constitution and laws of this great nation. Thank you. Neil gorsuch, xwleegs emotio gratitude speaking after he just took the oath from someone he called his men or, Justice Kennedy. That was of course after this morning he took the constitutional oath as President Trump explained and as Justice Kennedy explained. Kayla to y kayla, you couldnt help but think every time senator Mitch Mcconnell was thanked and some of the other senator, what a hardfought battle this was to get Justice Gorsuch confirmed. Reporter and you heard the president thanking several senators, Justice Gorsuch thanking kelly ayotte. It was 73 days from his nomination by the president on january 31st to this day, his swearing in as the 113th Supreme Court justice. Remember, Merrick Garland the nominee by president obama, for more than eight months was left outstanding with no hearing. So this was a relatively quicking turnaround, a commitment that the president had made to his constituents that he would do this in his first 100 days. And he has succeeded in that effect. I imagine that it must have been a surreal moment both for Justice Gorsuch receiving the judicial oath for the second time from Justice Kennedy, of course that happened 11 years ago ghoen when he took his job circuit judge on the 10th Circuit Court of appeals. But for a second time for Justice Kennedy to swear in Justice Gorsuch to the United States Supreme Court, that must have been an incredibly surreal moment for the both of them. Oral arguments for the Supreme Court will begin april 17th, of course their team goes through june. And there are a few contentious cases where Justice Gorsuch now could be the deciding vote. As i understand, hes not allowed to actually vote on the cases unless hes period them, right, unless the Supreme Court decides to rehear certain arguments. So which cases could be heard . There are three specific cases that have been talked about. One is in relation to concealed carry permits. Another is in relation to state Voting Rights and voting restrictions that some critics say hurt minority turnout. And then another one is actually a colorado appeal where some Business Owners are suggesting that they could deny services to gay couples on religious grounds. But of course as you mentioned, Justice Gorsuch would have to have heard those arguments. So depending on exactly what is on the docket from april 17th through june, expect him to weigh in on those. And we know the Supreme Court is on break this week, but they will be at work starting next week. Kayla, be thank you. Also weve learned more details about the ceo meeting that President Trump is holding another one tomorrow. His council of advisers led by Steve Schwartz man and a number of others. 20 ceos cluing gm, ibm, walmart, tesla, black rock and blackstone. So well be watching that on tuesday. When we come back, a cnbc exclusive with steven saphen sa. Dow hanging on to nice gains to