Weve seen since the election. The nasdaq is indicated up by 8. 5 points. Well talk to the nasdaqs ceo later this morning. Look at what happened overnight in asia. The nikkei was up by 1. 1 . Markets in china also closed higher with the hang seng up by a half percentage point. In europe this morning, in the early trading thats taking place, you can see things are relatively flat. Across the board. The ftse, the cac, and the dax all sitting within points of where they closed yet. Its been a big couple of days for markets there. Pepsico just out with earnings. The number is a core earnings of 94 cents a share. That Beat Estimates by two cents. Revenue also coming in a little above expectations. Talking about what happened with this quarter, she said they achieved solid Revenue Growth in the First Quarter, underpinned by global volume growth. Despite what she calls a challenging food and Beverage Industry thats been trading conditions in north america and continued volatility in developing and emerging markets. Some other big corporate stories. Shares of chipotle higher this morning. The fast food chain with better than expected earnings. Samestore sales rising 17. 8 in the First Quarter. Well above the wall street forecast. You can see the initial reaction late yesterday. The Earnings Report was not all rosy. Chipotle telling investors that it experienced a data breach. Customers who used a credit card at a chipotle within the past month could be affected. The ceo addressing the breach in his call last night. We immediately began an investigation with the help of leading cybersecurity firms, Law Enforcement and our pramt payme processor. We believe actions we have taken stopped the unauthorized activity and we implemented additional security enhancements. Our investigation is focused on current transactions that occurred from march 24, 2017 to april 18, 2017. News of the data breach capping some of chipotles gains. At ts First Quarter earnings were in line with forecast but revenues missed. At t says consumers are holding on to their phones longer, and rivals offered new promotions on unlimited data plans, something the ceo addressed on the conference call. This has made an already competitive market even more so. And our response to the limited data plans was probably a little slow. And we lost some share in the quarter. But it was really important that our unlimited offers be unique and play to our strengths. Shares of at t lore wer by a quarter percent. Shares of u. S. Steel down sharply now after the Company Reported an unexpected First Quarter loss. Revenue also missing forecasts. The ceo says operating challenges at the companys flat rolled facilities prevented it from benefiting from improved market conditions. Stock lower by nearly 17 in premarket trade. All week, we are taking a closer look at the president s first 100 days in office. Tomorrow, becky, joe and i will be in washington to speak to some of the most influential names in washington, including kevin brady, steny hoyer, senator bob portman, senator david perdue, david schweikert, joe crowley and wilbur ross. Given that were headed to d. C. , we will head to d. C. Right now, President Trump is set to roll out that tax proposal which im sure we will be talking a lot about today and tomorrow. Eamon javers joins us with details this morning. John harwood has gotten details of what the it the will be rolling out later this afternoon at the white house. In terms of a Senior Administration official laying out some of these details, heres what we know as of right now. The white house is contemplating a 15 top tax rate for corporations and for passthroughs. A top individual rate would be somewhere between 33 and 39. 6 . They have a revenue place holder in there, Pay Attention to that. That could be important later on. It could turn into a border tax according to John Harwoods reporting. Its not there yet. The question is where the revenue will come from. They have an expanded personal exemption or a child care tax credit or possibly both in there. Those would be important for middle class folks. All of that to be rolled out later this afternoon at 1 30 at the white house by Steven Mnuchin, the treasury secretary and gary cohen, who has been rising in importance inside the trump orbit. So the two of them will make this presentation today. The question is whether this can pass up on capitol hill. The treasury secretary went to the hill yesterday to brief lawmakers on what it was that the president would propose today. One of the questions will be about the effect here on the deficit. Republicans and conservatives in particular have been concerned about the deficit for years. Im told there are two camps up on capitol hill. Those republicans who would be in favor of increasing the deficit for df spending at least, if nothing else. And those who just would not be in favor of increasing the deficit at all. Those are the people the white house will have to be concerned about as they try to craft a legislation to pull together and pass this. They say at the white house they would like to have this done by the fall. The treasury secretary initially said august. Eamon, help us understand this. Literally up until maybe even late last week the conventional wisdom in washington and even those sources i knew inside the white house were not talking about 15 , which was what was on the campaign trail. They were talking about 20 last week, 22 , 25 . Right. All of a sudden we reancho d reanchored the conversation. Does anybody think 15 is a realistic number . Has the pendulum swung this quickly . You have to look at 15 as an opening bid. This is the white house laying out its wish list of where it would like this to go. Then you have to hash it out on capitol hill. My sense was the president was frustrated with the idea that he campaigned on tax cuts, yet had not been able to put out a tax plan out there for the public to take a look at. He announced on friday that they would be doing this today. That caught a lot of people at the Treasury Department and inside the white house by surprise. They didnt know that they were going to be rolling out this tax plan today. So i think behind the scenes theres been scrambling to put together the detailing. And when you look at where they landed here, at least initially from this early reporting t looks like this is an opening gambit of a long negotiation. Correct me if my understanding of this is incorrect. When i read all the descriptions of what might be coming out t sounds like we stick with a worldwide tax system. We dont go to territoriality. If thats the case f youre charging 15 for overseas revenue that makes up for a lot of lost revenue. That was a big hit in the previous tax plan under brady. If you were going to get rid of worldwide tax, you had to make up with the overseas tax. We dont have specifics on how they envision repatriation happening, if there would be a separate rate for that. The way i read t they dont talk about repatriation. Its like, okay, overseas taxes will be this. Pay them. That would be an easier lift, but something that brady, ryan and all these guys talked about, we have a broken system. If you want to fix it, thats what it would take to fix it. However, if you get the rate low enough none of those things matter anymore. Then you incentivize manufacturing in the United States, and all kinds of things to happen here regardless if the rate is low enough. That may be why they want to target 15 . The top five countries i was reading this morning in terms of investment all have rates below 20 , including countries like ireland. The bottom five in terms of Business Investment with the exception of russirussia, all h rates above 30 . Which shows you how investment following favorable tax rulings. Eamon, a question on the passthrough issue. Whether you will turn yourself into an llc and set yourself up with a contract with the good folks at Nbc Universal or whether we all should do that. How will they police that issue . We dont have details on that. Of course the democrats you mean we all become our own businesses. If 15 is the rate as a business, we all become our own businesses, subcontract, pay our own healthcare, and those are thedistinctions, but still the taxes will be lower. The democrats will hit the president on this, because the Trump Organization could benefit from this. They will say this is donald trump trying to lower his own taxes. The details we have from John Harwoods reporting, we have the pleasure of lowering the rates and good stuff, but none of the pain. We dont have what the revenue raisers will be, if there is going to be revenue raisers. So this is politically an easy day for the white house to lay out these details. The tough stuff is whether youre going to raise money somewhere else and whose ox will get gored there. Thats where the real politics come into play. Those deals we probably wont see until later this summer is the expectation . We just dont know. I would hesitate to predict. They say theyd like to do it by the fall. Have it fully passed. When we would see the details could be at some point over the summer. Yeah. We just dont know. Eamon, great to see you. Will we see you live and in person tomorrow . Ill be there. If you want me on set, that will be great. Come visit. Or well come and visit you. Youre welcome any time. Turning to todays agenda on wall street, earnings continue to take centter stage. We will get boeing, fiat chrysler, smithkline, Procter Gamble and twitter report before the bell. After the close, amgen and pay pal. Bank of americas annual Shareholder Meeting today. The big proposal on the table is the vote to split the roles of ceo and chairman. Vent havent we visited that before four times . Im not sure one or the other is better. Lets get back to the market rally weve been watching this week with the nasdaq closing above the 6,000 level for the First Time Ever. Joining us is Michael Tyler from eastern bank wealth management. Also j. J. Kennihan from t. D. Ameritrade. Give us a view of where you think this momentum is coming from . Because of the French Elections . The focus on washington and the tax bill . What happened to change momentum . I think overall its the momentum of earnings. We started out strong with the financials. Its continued. We are picking up positives along the way. With the French Election send night, we had the incredible rally in the s ps overnight and continued on monday with the French Election being one thing that took a head wind temporarily away from the market until we see what the next election shows us. One thing we all learned is to be careful about polls. But that being said, at the end of the day, it comes down to earnings driving the market. Yes, the tax cut is great. Its given us some momentum. If earnings were terrible i dont think the other stuff would matter nearly as much. One other interesting thing to me is the fact that the fed funds is showing us that we have a 76 probability of a rate hike in june. And its being taken in stride by the market. Thats gone from about 35 only a week and a half ago. A lot of things going on under the surface continue to show that the market is in a much healthier place than many of us actually thought. The numbers are coming in good. The last thing ill say is the ceos and Earnings Call are striking a positive cord about growth. Its not about meeting expectations, its about growing expectations. I think thats helping quite a bit. That certainly has been what drove things yesterday morning in particular. Michael, when you look at the Earnings Calls, ive been surprised, yes, theres been a lot of ceos on the calls talking about how strong growth has been. But also plenty of relief where they say we hit these numbers despite a challenging global market. Pepsi the latest one to cite volatility and some struggling issues even with emerging markets at this point. Where do you think things are shaping up . Thethat earnings are giving us now . Right now were tracking a 9 gain in earnings versus the same quarter a year ago. Thats better than the roughly 6 in the december quarter or 3 back in september. So the track is really good. What im hearing, yes, theres pockets of weakness here and there. I dont know if its weakness as much as it is the ceos reluctance to give us too much strong guidance, maybe theyre not quite convinced yet. Its early in the year. They dont want to commit too early. Theres no reason to be too optimistic. Investors are looking ahead. Theyre seeing regardless of whats happening on the washington front, the outlook for earn pgs look pging inearn. In particular for multinational companies. Is that what youre telling people to be betting on at this point, multinationals with exposure to europe . I think thats a good bet. The european markets, particularly banks have done well the last few weeks, which is great. And for good reason. They underperformed for seven or eight years in a row. Its about time they started showing growth. Its about time that as the European Central bank begins to talk about ending its quantitative easing program, which i think is several months off, but theyll start thinking about it, that could be a big plus for europes banks and for european stocks in general. Thats beginning to filter into stocks. And i think that also bodes well for u. S. Companies that are doing business in europe. J. J. We saw the nasdaq close above 6,000 for the First Time Ever. The dow a couple points below 21,000. Do these big, round numbers matter. Actually, psychologically maybe a bit. I dont know that its a huge thing. It does give people a lift what it hopefully does is sort of bring some people to the market who were not paying attention. Even if they dont necessarily invest, they look at their 401 k s or whatever it may be from that point of view it matters. Again, i think it helps give people a bit of a psychological lift that perhaps this rally is for real. One thing i will say, im curious when we do get these tax plans, more details, were supposed to get them today and going forward, it may be tough for the tax plan details to live up to the expectations, because the expectations have been so great since the election. So everyone is saying when will we get the correction. Thats one time you do have to be a bit on edge as more details come out. All right. J. J. , michael go ahead. You made a great point earlier about the painful parts have not yet come up. But they will be there. Because President Trump is going to have to persuade voters that a much larger deficit is a good thing unless there are pain points coming soon. Obam ma got an eightyear pass doubling deficits with saying how much the banks had to pay each year to fund that, that wont happen with rising rates. I think the deficit will come back into the picture as a more important point that could prevent pain down the road. Giving us a blueprint for battles ahead in congress. Thank you both for joining us. Thanks. When we return, twitter has not benefited from President Trumps first 100 days in office. Kind of surprising given how much shocking. Sad. Sachd exclamation point. The stock is down 13 since the inauguration. Well tell you what to expect when they report First Quarter earnings today. Thats next when ssquawk box returns. Predictable. The comfort in knowing where things are headed. Because as we live longer. And markets continue to rise and fall. Predictable is one thing you need in retirement to help protect what youve earned and ensure it lasts. Introducing brighthouse financial. A new company established by metlife to specialize in annuities life insurance. Talk to your advisor about a brighter financial future. 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 if you want to stay on top of your health, one simple thing to do is take the pledge to go and get screened for the cancers that might affect you. So stand up to cancer and take the pledge at getscreenednow. Org it only takes a minute to take care of yourself, and nothing rhymes with org. Twitter set to report in the next hour. Wall street is expecting a falling revenue trajectory, first year for revenue decline for twitter as the social networking platform struggles with user growth, advertising and increased competition. Joining us is an analyst from monus, crespy and hart. I cant say twitter now a days without saying poor twitter. I feel so bad for twitter. So many users love it, and you see what happens with the share price. We used to say Revenue Growth is slowing, now its declining. Its more like a newspaper company. Wow. Its pretty sad. Dont poormouth the newspapers. Im talking about subscription trajectory. The bottom line is their complete Business Model needs to change. You have issues with advertisers, you dont trust the content on there. And if you can find a way to verify and purge users you dont trust the content. Too many fake users, accounts. Fake users, harassment issue. If you purge users, make it verified, that would be of help. Similar to facebook. Similar to facebook. And then charge users. People rely on it to get their voice out there. You want to charge the user to publish as opposed to the user to read the feed. Exactly. Okay. So charge per tweet . Different tiers. If youre a news outlet, that would be one thing. If youre a blogger, thats something else. Given the success of instagram. The ads on instagram are pretty good i find myself clicking on them. Why cant twitter figure that piece of it out . The issue there, theyre so focused on brand advertising. The ad team is trying to win over