In germany, things are relatively flat there. Lets look at crude oil. Looks like right now wti is down by 8 cents to 53. 96. Couple big stories were watching. A crucial cabinet vote last night in the senate. Wilbur ross was confirmed as commerce secretary after a vote of 2727. Ross is key to the administrations plan to overall trade deals like nafta. The white house will hold a swearing in ceremony for ross today. On the economic agenda. Second estimate on Fourth Quarter gdp at 8 30 a. M. Growth forecast to be revised up from 1. 9 to 2. 1 . 9 00 a. M. , the monthly caseshiller home price index and chicago pmi at 9 45. Consumer confidence numbers at 10 00 a. M. San francisco fed president John Williams and st. Louis fed president James Bullard will speak today. Rob kaplan will be speaking with us at 7 30 a. M. Eastern time. Apple will hold its annual Shareholder Meeting at its cupertino offices. Investors will be asked to vote on nine proposals, including one to rope in a third party on executive compensation. Jpmorgan has its annual investor day. Jamen jamie dimon will speak there. Target Ceo Brian Cornell will present at their retailers annual investor day. Auto zone and target report results before the open. Salesforce. Com is out after the close. You dont want to miss this. We have an exclusive interview with target ceo, Brian Cornell, at 1 10 p. M. Healthcare, jobs, the budget, taxes are likely to be hot topics in President Trumps address to a joint session of congress tonight in prime time. Eamon javers has more. This is traditionally what we would call a state of the union address, but for the first year its called the joint address to congress. Yeah. The word that the president s aides are using to describe the speech are optimistic. Look at some of the bullet points we were given by Senior Administration officials last night in terms of where were going with the speech tonight. The theme will be the renewal of the american spirit. You can expect the president might cite jobs created already under his watch at ford, general motors, boeing and other companies as a result of the president s negotiations and interactions with those ceos. They also say the speech will include some surprises. And they said trump was still working on the speech as late as last night with his top aides. We were give an couple guests of the president of the United States who will sit with Melania Trump in the first laids box. Megan crowley, diagnosed with a vicious disease at a young age. Her father founded a Pharmaceutical Company in order to find a cure. Shes now a college student. We also see that Jessica Davis and susan oliver, the widows of officers killed in 2014 by an illegal immigrant will be in the first ladys box. And denisha merriweather, a graduate of the florida tax credit system. She is the first in her family to graduate from high school and college. You get a sense of some of the themes that will be woven through the speech as he tips his hat to those people sitting alongside the first lady in the chamber tonight. This is a president who doesnt like to stay on the teleprompter. State of the Union Speeches or joint session speeches are so generally crafted. Every line scrubbed. Parsed for every possible meaning. This president likes to go on long digressions, so will we see that tonight . Its a lot to look at tonight. He wont call humor like the head clown, will he . I dont know. I dont know either. Or cnn . I can think of so many things that could sneak in there. Sometimes i think he says, you know what, im not going to do. Im not going to do it. Then in the middle of something he goes im going to do it. Yeah. He gets up there, he cant help himself. I know the feeling. You know from experience, dont you. Think of some of the things that the democrats could call trump, but think of what democrats could call trump. Thats the problem. Theyll troll him. They say liar. You lie. Theyll troll him. I guess meryl streep is not coming. She was invited. Is it 8 00 . 9 00 tonight. Eamon are you going stay up . Do you toe go to bed early, joe . I go to bed early. When do you go to bed . I never sleep. I saw him on air last night at the 5 00 hour. Was that the 5 00 hour . Was. You go to bed at 9 00, you dont watch either. Im staying up. Im hard core, joe. This is what i do. This is it. Im locked in. I do not have to be in the chamber tonight. He is not looking worse for wear. Hes 22 years old. Hes not looking that great. I can sit on my couch, have a bowl of popcorn and watch it at home. I dont have to be on duty at a studio somewhere. Every day its something. Im waiting for that unscripted moment tonight. It will be an unscripted speech. It could be more than one moment. Even the times he has he has stayed on prompter a couple of times in the last three months or whatever. But even then theres du he throws in a big league or believe me. He gets himself in trouble when he goes off script sometimes. According to the media. According to his base, he even according to the white house. Yesterday he came out and said sort of unprompted, apparently unscripteded, that nobody knew that healthcare was so complicated. Thats the kind of statement you throw out there and you will attract criticism for it. Because people have beeen fighting healthcare for nine years now. Thats not how i took it. How did you take it . Absolutely true. Conceding when you had how many times did they put a bill in front of obama to sign and repeal it now they could send the same bill there, you cant do that. He acknowledges if you do it, its much more complex trying to keep 20 Million People in. If it collapsed completely within 18 months, they would be without it as well. Youre walking a fine line here. He keeps talking about this scenario where republicans let it collapse and blame the democrats and let the democrats sort of hang that albatross around their necks. He seems to be tempted to do that, every time he brings up that scenario as a thought experiment, he says that would be the wrong thing to do for the american people. He knows he has to do something. The problem is theres not a lot to of palatable options for this president. Bringing the idea that it would collapse under its open weight is his way of pointing out that this is a troubled policy. The problem with being president of the United States and barack obama faced exactly this, is that you dont get credit for the counter fafactua. You never get credit for the problems you stave off, but you get credit for the problems you fester. So you could pass a fabulous piece of legislation, but if there are knockon problems, you will get the blame for those, but never get the credit for stopping the collapse. We might hear about that. Might hear about some jobs created. You might hear the dow hit 12 Straight Records. You might. Back to the markets now. Another record setting session for the dow. I like 13. I got married on the 13th. I love 13. I dont have theres a difference between triskaidekaphobia and one is a fear of the number 13 and the other is the fear of friday the 13th. I think triskaidekaphobia is the fear of 13. I can say it, triskaidekaphobia. After yesterday just be careful. Lets keep it let me talk about it. The 12th Straight Record so far. The longest winning streak in 30 years. The dow is up almost 13 since the november elections. As we count down to the president s speech this evening, we have darrell kronk, chief investment far Investment Strategy from wells fargo. We have betting on faster growth here. Investors are bidding up share prices in watching that happen shows that better policies matter and theyre making the case that, you know, even if things dont go perfectly, just the second derivative, just headed this way, trying to grease the private sector, that makes sense for why stocks are doing well. Do you think thats true . Absolutely. Policies do matter. Just the directional change, the swing of the pendulum from where we have been the last eight years is why weve seen the last three months the market put a bid in. Economic data has strengthened, but we want to hear detail to hear how we will repeal and replace aca, what will we do around tax reform. The timeline is probably sometime around the august recess when they think. Aca will come before tax reform. If they can get more details out and the markets receive those well, its higher rates, higher equity prices and higher u. S. Dollar. I think its true, things have to go relatively well. But the idea that first you have to repeal and replace, thats an unbelievable as we know, unbelievably daunting. Then you have to assume once they do that, they can do this Corporate Tax reform and get near 20, much less 15. Thats going to be hard. There will be conservatives that dont want to do it. Middle of the road republicans, democrats. This is fraught with risk, but i think the market deserves to be where it is, just based on deregulation. If you get this other stuff i agree. Economic data, earnings, the market deserves to be where it is. Its fair valuation. I dont know that its cheap. We need to keep that data and earnings moving forward. I agree with joe for the most part which is shocking but arent you 40 . Yeah. Therefore something called wisdom and experience. But fair value today has no premium built in for this stuff. Thats what you just seemed to indicate. I wanted to make sure were in the same place. So were at 18. 5 times this years earnings. 60 of the time the market traded at more expensive valuations. Warren buffett said yesterdayesterday the reason the stocks look cheap comparatively is Interest Rates. As long as Interest Rates are so low warren had no answer for why its at 2. 3. What is at 2. 3 . The tenyear. He doesnt think about that. Its the global implications. You know . Theres no vix, no volatility in the tenyear . I will say one thing. Warren is such a major crux right now because this is the first time in how many years that the fed is 1b. 1a is policy, the tax cut propolicpropo policy. When this goes to congress what comes out of it will be kind of i think thats a bonus to what we already have. Particularly if we get this money back from off shore. We talked about the fed put. I think we had a tax put under the market with expectations that something will get done. It may not be what everybody wants, it may be a fist fight to get something out there, but there is a tax put underneath the market right now. Its been a you know, i think it was pointed out by some people on cnbc, the last 12 records have been up 11, up 9me9 me and it is like theres no sellers. People who are rotating sector to sector. What about the vix . Arent you mr. Vix . I will tell you whats interesting about the vix. Yes, its low. People are buying protection, but what theyre doing in the s p 500, theyre buying puts. In order to finance them, theyre selling calls. Were at alltime highs, im willing to give up upsides. Im already long stocks. In the past they may have bought protection, now theyre selling upside to fence downside. You know whats interesting about that . I was looking last night, since the end of q3, we have had one day where we have been down 1 . Theres bun no volatility in the market. Even prior to the election. Its been so anemic to say it needs to pick up, it will pick up. Weve been telling people for years the volatility would come back when the Central Banks were no longer the only game in town. Theyre no longer the only game in town and we still see v volatility. With details theres a lot to disagree on right now. Everything is crazy. We only had one day of snow in chicago since december 18th. Its nuts. Such a time of change right now people are having a difficult time saying where should i definitely be . Do you you can explain if were going to 58 million or whatever on defense, infrastructure, tax cut, 3 plus growth. Why are Interest Rates not moving higher . Because right now you have not seen growth leg higher. Well get the second reading of q4 gdp, because you have most estimates in the u. S. Lower, too. We have not seen it leg up to 3 . And secondarily now in the latest couple weeks theres a bit of disbelief by the bond market that well get this policy done and won. All right, gentlemen. Thank you. Well be watching. Absolutely well be watching. You can watch cnbc to see it, cant you . Yes. Youll get the best analysis. Pregame and postgame. Eamon javers. Are you guys going to tailgate before the speech . Paratriskaidekaphobia fear of the number 13 is triskaidekaphobia. I like 13. I use 13 a lot. Once you get married on the 13th, thats your anniversary. I used to have numbers, when i played soccer i was 13 . I was just fearful to begin with. Of what . Everything. The world. The new world. You are. I know. Many of you are. Many of you are. I read about it every day. News breaking overnight. Samsungs heir indicted on bribery charges in a case that brought down the companys president. Details straight ahead. And a billionaire ceo says computers will outsmart humans in less than 30 years. Squawk box will be right back. The greatest population shift in Human History is happening beforour eyes. Sixty to seventy Million People are moving to cities every year. At pgim we help investors see the implications of long term megatrends like the prime time of urban expansion, pinpointing opportunities to capture alpha in real estate, infrastructure and emerging markets. Partner withgim the Global Investment management businesses of prudential. E trades powerful trading tools, give you access to indepth analysis, and a team of experienced traders ready to help if you need it. Its like having the power of a trading floor, wherever you are. Its your trade. E trade welcome back. Stocks to watch today. Priceline posting earnings boost analyst expectations thanks to a surge in hotel reservations. Fourth quarter revenue rising nearly 18 . Hertz announcing a wider than expected loss for the latest quarter. The company booking more than 254 million in charges amid continued weakness in its car rental box. That stock still up 2 . And workday beating on the top and bottom lines. The company sub prescriptions grew nearly 40 for the quarter. The workday ceo appearing on mad money last night and telling jim cramer about how oracles acquisition of net sweep helped this quarter. My guess is most of the net sweep Management Team will be gone in 12, 18 months, so most of those companies chose not to do business with oracle. I think they might come back to market and create an opportunity for workday. In spite of that, shares were down 6 . South korea will charge samsungs jay lee and four other executives with bribery and other offenses. We want to get over to pauline chu with more on this breaking story. This did not come as a surprise because the special prosecutor had telegraphed that at least a week and a half ago that these indictments would be coming. Today they announced jay y. Lee would be indicted on bribery, embezzlement and perjury charges. The question is was the 38 million samsung donated to charities actually a bribe back in 2015 . Those donations went to charities run by a longtime friend and informal adviser of president park. You mentioned the four other executives that will be indicted. They are the group vice chairman, who is sort of like a mentor to jay y. Lee. Hes been at samsung for 30 years. Hes resigned and will be indicted. So will the president and the president of Samsung Electronics and executive Vice President. After this announcement was made by the special prosecutors office, Samsung Group made an announcement they would dismantle the Corporate Strategy office. This is an office criticized because it had been called a lobbying center. When, in fact, it was a Government Relations office. Critics said it saw that the weaving and intertwining of competition is rising out chaebols and politicians, and it was the mix that was too much. So samsung said they are dismantling this. This is something jay y. Lee promised in improvements in transparency. Samsung Group Subsidiaries rallied after this announcement. Andrew, we talked with one investor, Aberdeen Asset management, who has 1 billion stake in Samsung Electronics, they said that they believe the companies are still strong, its just that from day one they were always very concerned and skeptical about the business infrastructure and the chaebols in his words having their fingers in every single pie in south korea. Thank you for that report. Japanese tech billionaire Masayoshi Son believes singularity will occur within 30 years. Thats late. Thats 47, isnt it . Thats r the softbank ceo says Machine Intelligence will surpass human intelligence and continue to improve itself at an exponential rate and by 2047 that will happen. Speaking in barcelona, he said he issing ing aggregating Cash Companies are developing arrest artificial intelligence. Its not just exceeding human intelligence its downloading your brain. You would hope. Where machine knowledge is a billion times the sum total of all human knowledge. The reason you call it a singularity, you dont know whats on the other side. We dont know what that leverage will allow you to do. It could include downloading your brain on to hardware. But then you have to pick an avatar you know how people do the dotcom . They preserve those . Right. I have yours. Did you set this up already . Its all done. Finished. Do you just you have to sue him to get it back. Did you make me on bitmoji . I made you on bitmoji. I will there. Live as andrew ross sorkin. Youll have a good time. Thin, tall. Wish you luck with that. Coming up, Warren Beatty no. I th