Switzerland after the Iran Nuclear Talks stretched through the night in a marathon session. Officials say discussions are now focused on whether the u. S. And eu would agree to ease sanctions apart from those of the u. N. In political news indiana lawmakers expected to announce a deal today to alter the religious freedom law. The legislators want to ensure the rules dont discriminate against gays and lesbians. Well have a live report in about 20 minutes. On the economic front, three reports of note weekly jobless claims International Trade and factory orders. In Corporate News micron warning of lower revenue. The chip maker is willing to hold inventories longer in light of weaker customer demand for electronics that uses technology. The wall street journal meanwhile reports that the European Union is preparing to file antitrust charges against google in the next few weeks. Just works too well. The paper says the eu could fine the company up to 10 of its annual revenues and in other news on that company, on google a chinese internet regulator slamming a decision by google to no longer recognize its certificates of trust. That move could deter chrome browser users from accessing sights that are approved by china. This is interesting because u. S. Regulators were looking closely at them for awhile too. They managed to put off u. S. Regulators but sometimes the europeans will come in with a heavy fist. Isnt it weird, the different view of competition and free markets and many times in europe if other companies are put at a disadvantage they look at the employment issues rather than the consumer they look at other company it would be nice if everyone could survive and employees could survive but, you know, it seems like less a view of competition and survival of the fittest but in free markets its other good intentions that probably lead to bad to bad outcomes. Drop the hammer on microsoft, right . Company ended up paying a couple of billion euros a decade ago. Shake down money really a monopoly is created. Youre just there and better than anybody else. I know nothing about how to work this stuff and suddenly im not on google. Im on bing or some other its like where is google. I dont bing anything. If you bing anything it sounds dirty. You know what im saying. I should bing that. You didnt believe it up for debate. We know what youre saying. By the way, no jacket on today. No i would give you a high five. A big hug. Oh yeah. Every time someone talks about real estate i asked about elevators now. I would expect nothingless. That 199 million house theyre not sure that had an elevator. Its just not the same anymore. Does that thing even work. Thats condemned isnt it . Lets check on the markets this morning as we showed you the futures are under a little bit of pressure. Youll see that the dow is down by about 40 points below fair value. S p futures are down by close to 6 points coming after a down day for the markets. Dow was down by 80 points yesterday. The nasdaq was down by about 9 points below fair value. Take a look at whats happening in the early trade in europe at this point. Right now youll see that things have barely budged. Cac and ftse is slightly positive and joe as you mentioned, were still watching. Still under 800, right . It is. The nikkei closed up by 1. 5 . The hang sang and shanghai were both higher as well and take a look at oil prices. Right now wti is back close to 50. Its down about 40 cents this morning sitting at 49. 69 and the bond market it looks like right now the ten year all the way down at 1. 845 . Keep getting pressured. You can see that in the currency market the dollar is down against both the euro and the yen. The euro is trading at 108. 25. Dollar yen at 11957 and gold prices down by about 5 but still above 1,200. 1,203 an ounce. They have to love that. Theyre talking about raising rates. They know whats going to happen. Yeah but they have time. Yeah. And, you know corporations and trade should not do april fools jokes. No. Especially with the area and those people for one thing, no one ever went broke underestimating what is going to happen at times. People are going to take whatever you say. Just believe me i know. Believe me i know. But if tesla, anything that even could be disconstrued as a new model those people with the stock what happens the people that actually traded on that. The people that bought in. Its not funny. No. The algorithms that traded on that. Yeah. But if you lost money on that trade can you go back after them . Is there liability for that . I dont know. I dont know. I know its just a joke but somebody lost money on it. They did. Lets talk to market which is are likely to be in wait and see mode ahead of tomorrows jobs report. I think thats why the ten year is where it is because of the adp number yesterday and the series of numbers that we had that have us questioning how strong things are. Joining us is peter, the chief market analyst at the Lindsey Group and his appearances are directly proportional as it starts to look like he might be right about things. The market seems stalled at this point. Is there is a tantrum based on as we head into june you wonder what these guy dos if the market doesnt continue to have this indigestion. Why did it go down yesterday . Figure that out once again . It has to do with this quandry were in right now. Slow economy but the fed should be compelled to raise. Right. Over the last couple of years we had a soso economy. But the market stayed up because of the easy fed investors making decisions based on what the fed did rather than what the fundamentals were. Now were in a situation where the economy is still around the 2, 2. 5 but the earnings situation changed. Investors go one day the fed is easy im going to buy stocks but the next day say the earnings situation is changing Earnings Growth is slowing. Im going to focus more on the earnings situation. Thats why were churning here. Its back to where it was last june. The s p 500 is back to where it was last november. So were just churning here in this range until we get a sense of what the fed is going to do and the change in the earnings outlet. Its pretty much stalled out. We have to see if thats temporary or not. Thats a big group. Hi everybody. What i did wonder yesterday is we had some expectations when we got the lousy jobs report the adp numbers that were weaker than expected some people thought maybe the market will see this as good news because it gives the fed cover. The good news is they didnt see it that way. They traded lower on bad economic news. Theres only so many times we can celebrate immediatet. Theres three major supports over the last couple of years. Qe zero rates and great earnings story. Qe is over and earnings story has changed and are we going to continue to rely on the Interest Rates. Were hoping the economy will rebound as it did last year but what if it doesnt and what if were stalled out here . What is the fed going to do. We should rebound many q2. Im expecting it. Markets barely off the highs. Exactly. Because were going back and forth between relying on the pedestrian to backstop us and the other hand ending with Earnings Growth slowing. If you dont have multiple expansion, sometimes it happens but a lot of times if youre at 18 you might stay at 18 and if earnings arent going up 6 or 7 you would get the 6 or 7 in the market but i dont know if the market looks and says over im backing out this. It would have been this. I dont know if the market backs out. Well thats just the oil sector thats weak because of that. They look right at what the earnings are and you put 18 on flat earnings from a year ago. Why would you go up if youre going to put the same multiple on earnings that dont rise. Paying 17 or 18 times earnings. What happened if people say Earnings Growth is zero. Why do i want to pay 17 or 18 times . All of a sudden you paid 14 times lets just say, 118 earnings thats season s p of 16. 50. Thats less than 1800 so the multiple that people want to pay is going to be an important driver of stocks this year and why should i pay 17 or 18 times earnings for a different earnings story and qe. This is pretty much what sam zell told you guys yesterday, right . Between the economy and the stock market. I love him but i said its been at least a year hes been singing this tune. It might have been longer than that. Hes a real estate guy. Hes been singing this tune for awhile. I know. He did say that. I have been worried of the bubble blowing that the fed has done and then when that goes away thats a support. So i have been more focused on overseas markets that i think have better value. I think the u. S. Market is expensive but it can stay expensive for a period of time. You think theres a day of reckoning did the fed do damage with what it did . Or is it just that when it goes away we wont have the positive effect of it . Is there something we get from this . I think they have done damage to the whole free market economy and the cost of money is the most important price. Maybe thats why we have only been growing at 2 for the five or six years but is there something looming where theres been a bubble formed by a, you know capital going where it shouldnt have gone . Well the bubble predom nanltlynanlt inatley is in the bubble. It fell 50 . Actually fell more than house prices fell. So just Collateral Damage the stock market would obviously get effected if the bond markets bubble sort of deflates. So the economy would be growing more than 2 or 2. 5 or whatever it is today if the fed had gotten out earlier . I think it would have created more do you believe that . Yeah, there are people that do. They both believe i dont know both sides argue counterfactuals. A corporation is not more interested in buying back stock. Theyre more interested in growing the economy. Exactly. Instead of doing m and a or buy backs or Financial Engineering you invest in plant equipment and people in the longterm and it says zero Interest Rates. Thats going to be a question for the ages. With Interest Rates so low it seems like it would be smart. If you have an opportunity to invest in a factor our actual assets that you can buy. Chicken and egg thing. Only do that if theres demand. Savings rate is at 5. 8 . Its a multiyear high. Are people saving more because theyre not getting Interest Income and they know they have to save more. Theres about 8 trillion of savings out there that if the feds funds rate was 1 thats an extra 80 billion in peoples pockets. Right. They would be earning yeah, all of these things. Thank you. Thank you. Appreciate it. Mcdonalds announcing it will raise the minimum wage for u. S. Workers joining other Companies Including target t. J. Maxx and the gap. Critics say that most of the workers wont benefit because franchisees make their own wage decisions. Kate rogers joining us with more on this. Good morning. Good morning to you becky. Thats right. Roughly 90,000 mcdonalds workers around the country are going to be getting a raise that the fast food giant announced yesterday will be hiking wages in its Corporate Owned Stores by more than 10 . Heres how it works. Come july theyll be paying is over the local legal minimum wage and by 2016 the average hourly raise will be higher than 10 an hour. Thats significant but the catch with the mcdonalds wage hike it only applies to Corporate Owned Stores and not to franchise location which is account for more than 90 of their 14,000 Stores Across the country. Theyll still set their own wages. The new president and ceo defended the move yesterday in the Chicago Tribune saying this is an initial step for our u. S. Business. I understand that some may believe it doesnt two far enough. We remain committed to reviewing the total employment experience we offer our peel. Mcdonalds faced mounting criticism over working conditions and what some are calling wage violations. They have been the target of the fast food strikes that swept the nation since 2012. Those strikes will resume on april 15th and in select cities today in response to mcdonalds move. Kate thank you. We have that to look forward to. Coming up can apple be preparing for another big buy back . The opinion from the streets, next. Then new data on the best and worst performing hedge funds this year. Well name winners and the losers and then later mike jackson drives by to talk car sales. It was a good day to have him on. We have been doing a lot with the auto show. I like cars. Cars are cool. I hope its never against the law to drive a car where you have to always just ride in one. Auto pilot. You wouldnt like that. Stay tuned. Squawk box will be right back. Heres your travellers check. After factoring in hotel, karenal and food costs the most expensive city for Business Travellers is caracas venezuela. Thats according to a recent report from expert market. So how much will one day in venezuelas capital cost . Find out, next. You can call me shallow. But, i have a wandering eye. I mean, come on. National gives me the control to choose any car in the aisle i want. I could choose you. Or i could choose her if i like her more. And i do. Oh, the silent treatment. Real mature. So you wanna get out of here . Go national. Go like a pro. Back now with todays travellers check. How much will one day in venezuela cost for a Business Traveller . 611 according to expert market. All right. Now that we know that welcome back to squawk box. Landmarks are lighting up today for World Autism Awareness Day and were wearing i put it up here, that was just too much i think. But there it is. Okay. I have a pocket and i have a magnet on mine. I tried it on this tie too but that didnt look as good. You didnt have a magnet. So that has tape. I have it. This is amazing, the awareness, its the only time that the un i mean globally bob and susan have been able to really raise awareness. We watched it on the Network Later this morning. Bob was our old boss and we knew susan well but we knew them for a long time and watch this grow into an incredible organization. Great research and great people involved with it doing a lot of good work. Still to this day i dont think people understand, for example, new jersey, i think its one out of 50 boys are on the spectrum in some way and you dont know whether its increasing or whether diagnosis is just Getting Better or exactly what is happening but its literally an epidemic and it effects them. I dont know if theres anything more identifiable than this. Well be in blue. Blue goes good with that because wow that is orange and then the blue. You did and it does. All right. After a backlash from companies and others indiana lawmakers are expected to announce a deal today to alter that states controversial religious freedom law. Jay grey joins us this morning from indianapolis. Good morning. Goorkd morning guys. Lawmakers worked into the night rewriting portions of the legislation and trying to come up with a compromise before this weekend weekend. Time is running out for lawmakers trying to rewrite the law before easter break on friday and the final four that tips off this weekend. We have to bring this to a close in a positive way reassuring everyone that indiana does not discriminate. We are arkansas. The clock is ticking in arkansas as well where wednesday governor hutchinson refused to sign a similar measure urging lawmakers to rework parts of the bill to assure Business Owners cant deny services to gays and lesbians by citing religious believes. My decision is clear. I have asked them to remedy it and change the current law and recall it and change the language on it. Opponents say its a start. To me its a huge glimmer of hope that things might start to change here. But others want the governor to go one step further. He needs to veto it out right. Theres nothing else to say about that. Though clearly many still have something to say about the issue. To each his own. I think that governor hutchinson should veto it. And the on going debate. The debate could continue as well. Nevada lawmakers expected to move on a religious freedom measure there. Back to you. Thank you. Again jay grey from nbc news. Its been a hopping issue. And very rapid ramp up. Its been bizarre to watch. I dont know if you want to weigh in on this at this point. Its how rapidly things have changed. What got me was the there is almost like like surprise from pence. Theres nothing to see here. What are you talking yeah theres a big burden in court to prove that you are allowed to discriminate. It would take a long time and it would be hard to prove but it totally opens up the door for discrimination and the thing that gets me is religion is great. Live your life the way you want. Dont sin. But dont sin in judgment of other people. If you think someone couldnt you essentially say im not serving christian. Im muslim. Couldnt you do Something Like that if you wanted to. Thats the thing about this nation is no matter your believes or your background this has been a massive melting pot and we all get along together and we all coexist and respect each other. But as we said a million times, look you believe in conventional marriage thats great. Then dont marry someone of the same sex but you dont need to look around watching to see other people sinning and somehow decide that youre in a position to judge them. Or your idea. Your idea of sinning but watching it play out. Youre just thinking do i buy or sell apple at these levels for your fast money show or whatever. Youre thinking im going to get in trouble with something. No not at all. But what was bizarre was watching these guys go thats the thing. There should be zero tolerance for any type of discrimination and its as plain as the egg on their face that this opens the door to some discrimination. People are often critical of the media in instances like this but without the power of the media and Corporate America speaking out publicly and saying this is ridiculous, you know it and we know it i dont know that this would have happened as fast as it did in terms of getting these people to come back and say well make changes to the law. Ge apple, walmart, others speaking out as well as the media pressure has made a difference. I think the corporate pressure has probably been more important beca