1. 3 . In the early trade this morning over in europe, youll see that there are some green arrows there. Just like our futures are reflecting this morning, youll see the dax is up by just over 0. 6 . The cac is higher by 0. 7 . The ftse up by about a quarter. Take a look at the price of oil. Oil is what set the tone once again yesterday. Wti with its worst day in almost a month. You can see this morning its picked up some ground. Another 49 cents to 36. 99. Actually, sitting right at 37 a barrel. Results coming in overnight from yesterdays nominating contest. Im exhausted, john. John harwood joins us now with more. I probably shouldnt have waited for hawaii to get called. You should not have waited for hawaii. There is some merit to that, the idea of doing this show from honolulu. It would be a 1 00 a. M. Show, wouldnt it . Wed have the whole rest of the day free. We would. Part of the previous night free i think too. Correct. Anyway, john, im fascinated. I think maybe most fascinating might be michigan for Bernie Sanders. No question about it, joe. Look, that was a shocking loss for Hillary Clinton. Showed real weakness that the polls did not show ahead of time. Lets run through the states. First of all, you had Bernie Sanders in a very, very close race, edging out Hillary Clinton in the state of michigan. She defeated him soundly in mississippi. Thats why she came out with more delegates last night. The argument from clinton folks is, well, weve expanded our delegate lead, he cannot catch up. But this is an emotional blow to Hillary Clinton heading into contests in big states. Ohio, florida, illinois. Theyre going to have to figure out a way to shift her into a different gear to make sure they dont get disappointed in those states. Lets go to the republican side. A big night for donald trump. Donald trump again came through with victories at a time when the stop trump forces thought they were picking up momentum. First of all, he won michigan. You had strong competition from cruz and kasich. Cruz ended up edging out john kasich for second place. That was a blow to john kasich, which is significant for trump because he faces kasich in ohio next week. Then you had mississippi, where as usual in Southern States, trump did better. He got almost 50 of the vote, defeated ted cruz in mississippi. Cruz did have a win in the Iowa Caucuses excuse me, the idaho caucuses can. Hes done well in the caucus states. Those are organizational. Then the last result that came in overnight was hawaii. This was significant because marco rubio aide told me two days ago, well, were going to win hawaii, but its going to come in too late. Guess what . He did not win the state of hawaii. In fact, he finished in third place. Ted cruz was second to donald trump. It was a very disappointing night for rubio. So the combination of the disappointments for rubio, who is trying to hang on in florida next week, needs to, to stop donald trump. Disappointment for kasich, who finished third in michigan. Hes trying to stop trump in ohio. Just means the stop trump movement, while theyre thrilled by the advertisements and the attacks theyre throwing up on him, theyre not reflecting it with the results, and they may not have much momentum heading into those winner take all contests next week, which they need to grab blocks of delegates to try to deny trump a majority. John, i could read anything or any result that came out i would just yawn at this point. Nothing surprises me anymore. A socialist won a regular state. Not vermont. In michigan. A very big regular state. And joe, all the preelection polling we had, polls have different methodologies, but there was a significant number of preelection polls in the state of michigan. They all showed her ahead by ten points or more. When i interviewed her late last week in detroit, her aide said, oh, we dont think its that big. We dont think we have a 19point lead or a 15point lead. But they certainly thought they were ahead. There was a debate on sunday night, and the message coming out of that debate from the clinton side was that Bernie Sanders looked really bad. He interrupted her. He was on the defensive because of his vote on t. A. R. P. , which they cast as a vote against the auto bailout since t. A. R. P. Funds were later used for the auto industry. People talked about his use of the word ghetto and suggested that he was out of tune with africanamerican voters, who have been lifting up Hillary Clinton in Southern States and did so in mississippi last night. But younger, nonwhite voters, younger africanamericans were better for Bernie Sanders. Overall, this was a very, very big shot in the arm for sanders campaign. He may not be able to make up Hillary Clintons delegate lead in pledge delegates, not to mention the super delegates who come on top of that, but the more momentum wins he gets, the weaker she looks. Thats not what her team wanted. In the general election. You see how she wins in the south, by like 30 points, so it was hard to believe that like a midwestern i know its not your classic midwestern state. Its got some industrial problems, rustbelt type problems. I understand that. So does ohio, wisconsin. Weve got illinois and ohio next week. Those are going to be really, really important tests as well as florida. On the republican side, trump is not quite running the table but pretty damn close. I wish i was a political cartoonist. Id draw, even though the elephants arent around anymore in the circus, i would draw a big fat elephant. I dont know, id have it like pulling its hair. It doesnt know what to do right now. Its just beside itself. No question about it. The senior strategists of the party, the people who have been in charge for quite a long time, are trying to do everything they possibly can to stop him, and they havent been able to. He comes out last night after winning and starts talking about trump steaks and trump water. It was like a qvc show. It was unreal. It really, really is. I dont know how z thats whyi said, im ready for anything at this point. But we cant control it. Either you or me. So we got to just stay above it and just watch it and go with it. I dont know. Joe, thats the number one lesson, the fact that weve got a set of voters in both parties this year who are not bending to the will of people who cover this, who give money to finance it, who run the parties that set the rules. Theyve got a mind of their own. I think it really does reflect the deep feeling that millions and millions of americans have, that this economy has not been responsive to their needs. Theyre not moving ahead. Theyre not happy about it. Theyre making that known through these voting results. And you have media outlets, whether theyre print or digital, taking sides. Its hilarious. In drudge the last two days, they found pictures of marco rubio where he looks like hes half the size in the chair, what is that . Today they have him looking three feet tall. Theyre going with the little marco thing. Theyre full force. Then you have the daily news. Paul oneill must have said something about trump. You can be on the cover of the daily news if you endorse donald trump. So every person that endorses donald trump might get trashed individually on the cover of a tabloid. Its just funny. People are taking sides. Joe, what is significant is even though people in washington, Republican Leaders in washington have been talking for some time about how they really cant stand ted cruz. He now people are going to have to decide, are they more offended by the idea of trump as the nominee or cruz, because cruz looks to be the best shot they have. I thought it was interesting yesterday that neil bush signed on to ted cruzs finance team. The other thing, john, and i was talking to becky about this earlier, you know how polarizing ted cruz has been in his career with the filibuster. But that shows how crazy this race is. Hes ahead of her in some National Polling in the general electi election. Ted cruz. Just shows you this is topsy turvy insanity. You would think at this point shes a more known political figu figure. Shes parts of the establish. And no one likes the establishment this time around. Becky just put her finger on it. The more known you are in politics, the less liked you are by voters. The average voter, thats just a name. Hes going to do better. Okay, john. We got to spend time on politics, but we also cover the markets. So we got to go. Actually, were talking more about politics. For more on the race to the white house, were joined by peter wallison. You probably heard a lot of this conversation. First of all, ive heard reported again this morning that rubio is considering dropping out from florida, even before that election next week. Do you know anything about that . What do you think . I dont. I dont think itll happen. Certainly the rumors are around. Hes got to try to win florida. If he does, he could revive his campaign. What you see in most of the commentary is the person whos winning, the person whos won some states looks like he has momentum. Thats what the media follows. They talk about that person as coming back. Its a good media story. I would have to say, rubio only has one state where hes won the caucus. If you look at how he came in just last night in these polls, instead of winning, he didnt even come in second. In some states coming in fourth behind kasich, if you look at michigan. That doesnt sound like someone whos about to trounce the front runners. Thats right. It doesnt. But of course hes had a week in which hes been looked at by the media as losing or his campaign is collapsing. Cruz, of course, is coming back. Trump has been doing reasonably well. The result is that people who are interested in really affecting the outcome will move away from rubio toward kasich or cruz, who are getting a lot more attention. Peter, were you at the secret enclave meeting at that closedoff island . We said that yesterday, some secret, private island. Its sea island. Thats right. I go twice a year. Its a great place. You were there. I was not there. Oh, you were not there. Ive been there in past years, but its so silly. The commentary about what goes on at sea island is absurd. There were agent 15, 20 democrats, major figures in the democratic party. Thats what aei does every year. They bring in not only republicans but democrats too. This was not a conclave for the purpose of stopping donald trump. Oh, it was not. Then i hear in some of your commentary, i can hear that it just sounds like thats i dont know, the body language. Trump is doing reasonably well. Hes like running the table, peter. I dont know. You would like him to be stopped. Im sort of reading between the lines. Is that an aei no. First of all, i really have to say aei has no position on any subject. Its only the scholars at aei that have positions. My position is that i am negative on trump. I would like to see someone else. Hillary clinton . No, thats not im not that negative on trump. But in fact, there are other possibilities. I think ted cruz will be an acceptable candidate to a number of people. But the problem is for many, many republicans, if ted cruz wins the nomination, they are going to be seriously considering, i think, a thirdparty candidate. And thats who would that thirdparty candidate be . Well, its of course hard to tell right now. There are some very good people who have already said they would not support trump. That, for example, is senator sass from nebraska, whos very bright. First termer. Hes a first termer. Hes a young guy. But very presentable and very smart. Another person whos not its not crazy to think that paul ryan could be a candidate in the end. He has to be drafted. He would have to be drafted. Thats right. Why wouldnt he . If you dont have to do anything, you dont have to run, you dont have to suffer the slings and arrows which any candidate suffers. Were going to install you. I think hed probably say yes. Well, i dont know. Hes also a party man and has been for a long time. He wouldnt want to split up the party. But the problem is that a trump campaign, a trump nomination would have a major adverse effect on the continuation of the Republican Party as a party that has a discipline or ideology. Trump doesnt appear to have that. So there are many people who are very concerned about that person being in the white house as a republican. Okay. Peter, thank you for joining us today. Thank you. All right. Well, there are always individual stocks making big moves we want to tell you about. Well start with drug maker valeant. Going to appoint three new Board Members as soon as today, according to reports. One of those seats could be awarded to bill Ackmans Pershing Square. You really should give him hes sticking with you. Give him a couple seats at this point. Takata has reportedly enlisted restructuring lawyers amid recalls that are covering millions of vehicles. Some of the options discussed include a spinoff, a sale, or consolidation of its air bag operations. And General Motors disclosing that shareholders are going to be allowed to nominate directors to the board but only if they hold at least a 3 stake in the firm. Lets get a check on the markets this morning. As we showed you, the futures are bouncing back a bit. Yesterday the dow closed down by 111 points. It broke a fiveday winning streak. Week to date, rkd say. The dow is down by just over a quarter percentage point. That would end a threeweek winning streak if we were to see the dow close lower for the week. Dow transports were the big losers, down by 2. 7 . The s p down by just over 1. 1 . Take a look at whats happening with wti. A lot of weakness yesterday. Thats what drove some of the declines in the stock market too. You can see right now that its picking up some ground. Its up by about 1. 6 . 37. 10 a barrel for wti. Yesterday treasuries were stronger across the curve. You can see the yield of the ten year right now at 1. 878 . Dollar yesterday was a little stronger against the euro. Down against the yen. This morning its up against the euro and down against the yen. Euro is at 1. 0963. Gold prices, which came off some early highs yesterday, they finished a little lower, down another 7 today. Were going to take a quick break. You dont have your jacket on. Normally you have a fancy jacket with once i did, yeah. When did you start cnbc . October. So you figure now numberly you need to make a good impression. I was here when you werent here one day. You did or didnt wear it . Did not. So youre settling in. Somehow i passed through the phase. Youre settling in. I like that. You look wonderful. Okay. Where did you go to school . You have a team in the ncaa . Not a team in the ncaa. Division iii. Wesley in connecticut. Thats good. Okay. Thats all right. Coming up, u. S. Stocks snapping a fiveday win streak following a decline in oil prices. Renewed fear in Global Growth. Plus, four teams punching their ticket to the ncaa tournament. One of them, it would be fairly ridiculous to take them to the sweet 16. Stop, stop, stop. Were going to talk about that straight ahead. At mfs investment management, we believe in the power of active management. By debating our research to find the best investments. By looking at global and local insights to benefit from different points of view. And by consistently breaking apart risk to focus on longterm value. We actively manage with expertise and conviction. So you can invest with more certainty. Mfs. Thats the power of active management. I have an orcogram we for an owen. E. Thats me. You should hire stacy drew. She wants to change the world with you. She can program jet engines to talk and such. Her biggest weakness is she cares too much. Thank you. My friend really wants a job at ge. Mine too. Im a wise elf from a far off shire. And sanjay patel is who you should hire. Thank you. Seriously though, stacy went to a great school and shes really loyal. You should give her a shot. Sanjays a team player and uh. No, youre not yogonna watch it tch it we cant let you download on the goooooo youll just have to miss it yeah, youll just have to miss it we cant let you download. Uh, no thanks. I have x1 from xfinity so. Dont fall for directv. Xfinity lets you download your shows from anywhere. I used to like that song. Oh, here you are. Today is the seventh anniversary of the start of the current bull market for u. S. Stocks. Its the third longest bull market on record. We didnt make it to 20 . I guess we didnt. A lot of stocks did. A lot of stocks made it to 40. In 2011 you almost made it to 20 . You would have restarted the clock. A lot of stocks made it to bear market. The majority of stocks. Probably did. Glad youre here for that. You still do this overall stuff. Crunching the numbers. Did they just shudder barons when you left . Its still there. Lands on somebodys doorstep. Really . Almost 100 years old. I didnt even know that. Joining us now, the chief Market Strategist at Voya Investment management and jeff dennis, head of global em equity strategy at ubs. Our guest host mike santoli continues. Hes cnbc Senior Market commentary. I dont know if you notice this, em has been outperforming . Thats right. Emerging markets. Thats primarily a function in our view the fact the dollars pulled back and Commodity Prices have rallied. Its very simply that process i think which has made emerging rkt mas outperform. How long of a time span . Six weeks. Actually, were talking year to date. Ems rallied about 15 since late january. So from the massive panic about the Global Economy in january and oil went to 27, brent that is, the rally weve had since then has just driven emerging markets higher. Theres a nice correlation between oil prices and emerging market equities. Kind of a proxy for Global Growth in the oil price. Thats whats helped to drive emerging markets forward. You dont think this dollar move is a counter trend . You think its going to be more long lasting . You think these other currencies may have bottomed against the dollar . We dont think thats the case. There is just a temporary trend. Were not really chasing this rally aggressively in emerging markets. If the dollar were to fall sharply from here, that would be bullish for the asset class. We doubt thats going to happen. We think theres more weakness to come. Going to be hearing from the ecb. If you just used a typical causeeffect, historically the dollar should still be stren