The hang seng market was up and so was the shanghai. The dax was up by 1. 4 . The cac up by 0. 9 . The ftse up by a quarter percentage point. If you check out crude oil prices, youll see crude oil is under significant pressure once again today. Down 1. 38. Down below 47 a barrel. 46. 98 is where the july contract for crude is trading now. Lets get you through todays agenda about the labor market. May jobs report out at 8 30 a. M. Eastern time. Nonfarm payrolls forecast to ride by 184,000. Thats following an increase of 211,000 back in april. The u. S. Economy added jobs for 79 straight months. The Unemployment Rate expected to hold steady at 4. 4 . The lowest level in a decade. Russian president Vladimir Putin will be speaking in st. Petersburg at a forum alongside several other World Leaders including indias modi. The session will be moderated by nbcs megyn kelly. That begins at 7 00 a. M. Eastern time. A programming note, sunday night megyn kelly has an interview with the russian president , that airs at 7 00 p. M. Eastern time on nbc. Narendra, is that it . Narendra modi . Is that it . President modi, yes. First name was in there, was in the prompter. President modi to me. All right. Were not on a first name basis. Okay. Four syllables. To earnings news, a bright spot in the retail space. Shares of too many syllable theres for me. Lululemon. I will go for it. Lululemon jumping after the wow, the athleisure Company Reported better than expected earnings, comps. Revenues and gross margins. The company also raising its fullyear profit forecast. Other stocks to watch today, restorations hardwares late effolateest earnings, shares are down 20 because they cut their fullyear profit outlook. Moving to a membership model, its building cafes in its stores. Trying anything. It will try to liquidate inventory for cash which will boost revenue but hurt profits. Zumi is reporting a narrow First Quarter loss on stronger than expected revenue and same store shares. The teen retailer is forecasting a wider loss in the second quarter. Zumi lost a third of its value this year. President trump pulling the u. S. Out of the Paris Climate Accord. He explained his decision in a statement yesterday at the white house. Eamon javers has more on this. Good morning. Good morning. The president said this was simply a decision about american sovereignty and putting American Workers before foreign leaders. He also said this was about fundamentally the cost to the u. S. Economy. Heres what he said. The cost to the economy at this time would be close to 3 trillion in lost gdp and 6. 5 million industrial jobs. While households would have 7,000 less income and in many cases much worse than that. A broad group of ceos opposed the president s decision. A couple announced theyre leaving the president s ceo Advisory Council in protest of the decision, despite what the president said about the economy. Those ceos feel this would have ban good deal, would have provided certainty for their businesses and for the Global Climate. I talked to secretary mnuchin, secretary of the treasury in the rose garden after this event yesterday. I pulled him aside and asked limb what his message was for the ceos who were expressing their criticism in the moments after the president s speech yesterday. Heres what he told me. The president is very focused on the environment. This is not about the environment, this is about creating a fair economic deal and making sure if we are making commitments, that other people are also making commensurate commitments. The treasury secretary there speaking to the American Business community saying this is about an economic deal, not about environmental policy. Speaking in language that he feels they will understand. Couple of key points for you guys. One is that on the books, the United States will not actually be able to get out of the paris accords until 2020. Theres a threeyear process here whereby you have to be in the deal for three years, then you can petition to withdraw. It takes a full year for that to happen. This will actually be on the books until november of 2020. Thats when there will be a president ial election. The white house says the u. S. Simply wont enforce any of the provisions of the deal between now and then. They also say theyre confident that Foreign Countries will sit down across the negotiating table with the United States to renegotiate the u. S. s potential reentrance to the deal even though a number of those countries came out yesterday and said simply no, theyre not going to renegotiate all this. The white house officials were asked several times yesterday by reporters whether or not the president believes that human activity causes Climate Change. They said they wouldnt answer that question. At one point after getting the question again and again, one of the white house officials said that question is off topic and lets move on. A no answer here from the white house in terms of whether the president himself believes human activity causes Climate Change. Mmhmm. Thank you very much. This is something that played out through the business world. Weve seen strong reaction from the business community. Jeff immelt tweeding im disappointed by todays decision on the Paris Agreement. Industry must now lead and not depend on government. The move prompted Lloyd Blankfein to send his first tweet ever, todays decision is a setback for the environment and for the u. S. Leadership position in the world. Parisagreement. Tim cook writing a letter to employees saying hes disappointed with the white houses decision. Bob iger and elon musk both saying they are leaving the president s Advisory Council. Jpmorgan chase Ceo Jamie Dimon said he is disappointed with the decision, but also said we have a responsibility to engage our elected officials, work for policies that improve peoples lives and protect our environment. I guess making a statement he will not be stepping down from advisory committees or making sure he meets with these officials regularly to tell them what he thinks. I think what you probably see, these are all Multinational Companies doing business around the world. There is a blowback from other countries for pulling out of an agreement that we have been in for a year and a half. Jeff immelt invented something, a Marketing Tool called ecoimagination. Moved into renewable areas. He got all kinds of you know, he was as a i dont know whether you say the poster child for crony capitalism, for a republican, he was close with the obam mra administration, did well for ge that had to do with Renewable Energy these are not all Renewable Energy companies. Elon musk has a horse in the game, too the irony of it is suddenly were looking at these guys youre not letting me finish, andrew. Just let me finish. All im saying is usually the left looks at big business and assumes theyll do the wrong thing for profits, for greed. Goldman sachs is the giant squid on the face of capitalism according to matt tiabi. When it suits them and theyre talking about i dont think we should pull out of this thing thats very important to the left, suddenly theyre held up as guys always doing the right things for the environment. Nothing to do with profits. Suddenly they do the right thing and theyre good corporate citizens, when all along we thought they were terrible corporate citizens. But what i think you can say about this administration you think theyre terrible then . You told them out to be amazing when it suits you. Right. And turn it around when it doesnt. You have told me that you forget about jeff immelt, you know your views about immelt. Lloyd blankfein, i think you have a modicum of respect for. I do. I admit theyre trying to achieve shareholder value, thats muff for me, wraenough f than be a howard schultz, where providing jobs is not enough. They have to pretend theyre like the red cross. Im fine with just the profit intent senttii incenti incentive, but when they do this i think its disingenuous. This is all buttering, okay. I think this community had an impact on Donald Trumps decisions to this point. The yes, i diidea that so many opposed to it and he went another direction, shows some waning. I dont think the wall street journal has interest in wind power. If you read their take on this, its simple. It was going to do little in terms of handling by 2100 youre talking about 0. 2 of a degree celsius. The president laid that out. China doesnt do anything until 2030. Sud lint koelt jodenly the coal exported instead of staying here, because weve done so well we need to start immediately, and redistribute our wealth to the rest of the world because weve done so well . Its a great argument. Donald trump is right when he says we probably get a raw end of the deal on this. Having said that, what weve been doing independently before we were in this, since 2005, we have cut our greenhouse emissions by 12 . All right, from market force. One thing about this agreement, maybe it was a way of getting other countries to sign on to doing stuff that we were doing independently any way. China is the top polluter, if you can get them to go along by doing things youre doing already, maybe youre pulling the wool over their eyes. Its nice to see the left embrace the giant squid address a paragon of good behavior. Now they like lloyd. I hope they dont say nasty things about him next time. They will remember he was on their side in this. I just cant believe that this is only weve only been in it a year and a half . The heads exploding, the na gnashing of teeth it took a long time for the paris accord to become an accord. Because of bataclan. Was that the week before . Its unbelievable so much is being taken away from certain people by this. A year and a half ago, president obama did not take this to the senate. He should have. It wasnt a treaty, its an agreement. What i do think is that you create illwill with your potential allies having done this and pulled out of it. I agree it could have been a better negotiated deal. I agree we set up and agreed to a lot of things. Its a definite setback for globalism. But theres a way out of this. That is if the world is still around in 2020 you vote this guy out. If we are not all dead. You vote trump out. Its amazing its set up to november of 2020. Or if we make it to 2018. If we dodge the bullet until 2018, vote him out. This was a campaign promise, he got voted in. Thats very true. The Justice Department is asking the Supreme Court to let the president s travel ban take effect. This follows a defeat in an Appeals Court last week. The president is looking to ban citizens from six mostly muslim countries from entering america. We are counting down to the number i thought the action in the market yesterday was interesting. 3 00 to 4 00. Accelerated up to 140. The may jobs report is due at 8 30 a. M. Eastern. For more on what to expect, lets bring in Michelle Girard from natwest markets, and john stoltzfus, Oppenheimer Asset Management chief investment strategist. I liken it to i wasnt going to say any of this stuff. I liken it to the violinist on the titanic, the stock market, as the ship is sinking. I did see somebody say that on twitter. You did . Nero fiddling. It said and the band plays on. It could be the end of the world is a great buying opportunity. Think how cheap stocks will be. Probably will be. Any way, that was a good number yesterday. It was a good number yesterday. Our number today, were looking for 165, thats not quite so good maybe for some technical reasons. I dont want to the bottom line is the labor market, whether the number is my 165, or 240,000, the truth is that the le labor market looks strong. That was the message of yesterdays report. Its the message of the initial claims numbers which are low. We had number after number which suggests activity is holding up well. Hard and soft data is converging. The economy is, even as we get nervous about when and if well get tax cuts, activity is holding up well. Sentiment is holding up well. It shows the resilience that exists really right now. The most exciting thing to me is that we could really see the tightness allow people to get the raises that they have not that we havent seen in years and years. Is that the case if we dont have the people trained for the jobs that are paying the high prices . Can we find people for the job . What i actually think is perhaps the bigger issue is that its the mindset, i think, of companies to be willing to pay more for workers. Because you hear quite a bit that the supply of labor is not there. The workers are not there. But companies are not willing to pay more to to either entice, you know, employees from other firms to come. Theres a i think the problem really is is whether its because of productivity growth is very low. Companies are not inspired to pay more for workers. Inflation is low, they cant pass it along. To me the mindset, at what point do Companies Say i need to have these guys, im willing to pay more. Thats where you actually perhaps finally start to see some wage growth. Lets get some actual numbers here from john. In november, what was the date in november when you set your 2450 target on the s p . It was the beginning of december. So you had already seen the market did not crash after the trump election. We did. You felt the animal spirits, you felt 2450. We didnt sense animal spirits, we thought it provided wind under the wings of the bull market. It gave it more confidence to recognize where it should be headed, more with greater confidence. Will you raise your target . Its at 2430 now. Will you raise it . Only 0. 8 away. We were the second highest on the street when we initiated the target. Now were no longer the second highest. Well consider it. We have to wait until it closes above. If it goes through midday and pulls back before the close, we wont call victory. Why . Discipline, joe. Oppenheimer asset managements 2450 target is the resistance point for the entire stock market . If it gets through the offen himer number him oppenheimer number, it goes no, no, no i cant tell you whether i raise it. Okay. But what we will do is well certainly consider where were headed. It looks like the market just last night, after all the news broke related to the decision to pull out of the paris accord, what we saw right away, we thought lets check out and see what happens in asia. Asia took off. Really good rallies in tokyo, korea was up about 1 . In addition to that, europe is stronger this morning. The market distinctly says i like it. What it likes is not necessarily pulling out of the paris accord but a u. S. Economy that appears sustainable, 2 , 2. 5 without stimulus. Whether it comes on or not. In addition to that, you have a Global Economic rovrry th ecove becomes more undeniable on a quarterly, monthly and weekly basis. As a result of that our expectations are what does the market like . It likes a goodn s s a good eco. You also have Monetary Policy because rates are kept low, you have a period here where a good runway for the federal vef and centr reserve and federal banks to raise in small increments and spacing the hikes. That should be good for the market, for the economy. This may be a sweet spot, joe. Does adp know what theyre doing . They do, but theres methodology differences that may mean that so i cant count on this . You cant count on this. No . Whether its this month or next month, were building for a big number. I need to talk to liesman to get a confirmation. Hell be here. Hell be here . Can you believe it . Not on set. I think so. Maybe. Can you believe that . Thats big. Thats big. Everybody at home let me tell you something else, you know who else will be here . Nigel . Look at us. Can everyone see whats behind us today . Duncan. You cant you know what today is . Dunkin doughnut day . National doughnut day. Look at your girlish figure. You can eat as many doughnuts as you want. I cant even look at them. Im so excited. Here come the carbs. Right. I gained a pound hearing about it. Over or under on four doughnuts . Four. Im thinking a six. Coming up, we have more of the buzz stories, including a new spelling champion. Did anyone see this last night . And new numbers on booze consumption in the u. S. The biggest winners and losers at the bar. We have that plus doughnuts, doughnuts, doughnuts. Back in a moment. Were drowning in information. Where, in all of this, is the stuff that matters . The stakes are so high, your finances, your future. How do you solve this . You dont. You partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. Morgan stanley. I am benedict arnold, the infamous traitor. And i know a thing or two about trading. So i trade with e trade, where true traders trade on a trademarked trade platform that has all the. Get off the computer traitor i wont. cannon sound the u. S. Has a new spelling champion. 12yearold ananya vinay won the Scripps National spelling bee last night. She will take home a 40,000 cash prize after nearly 12 hours of spelling correctly. The winning word, marocain. Of course we all know thats a dress fabric. I had to look this up to find out what it was. She didnt even need the definition. I first looked at it, i thought it was moroccan. Yeah. Thats how dumb i am. Theres a strong rib, if you are wondering about the fabric itself, its not what its made of. Its the effect. Ive worn it before. Really . Yes. When i read it, i read the definition, i thought thats what that is. The ribbing stuff on a sweater sometimes. I am wearing marocain underwear. I can feel the ribs. Its a thong. Four thongs. I want to thank the producers for not having me spell some of these names. I think we did that we may have made john oliver years ago as a result of this. Are you in there . Yeah. He didnt play the turtles mating when i said im wearing a thong . Thank you. I had to give him five seconds. One more time with the tu