Streak yesterday look at whats been happening with the markets youll see overnight in asia, you can see what happened with japan. Down by 0. 4 hang seng slightly weaker. As the president is preparing to speak in poland, market theres are a bit weaker dax is down by 0. 6 . The cac is the biggest decliner, down by 0. the ftse is off by a half percent. Crude oil prices, which yesterday fell for the first time after eight days in a row of gains are up once again a gain of 65 cents to 45. 78. Sorkin, is he back tomorrow no. He may be back on monday not sure i will tell you about the three big stories. I hit this up to see what three big stories. Look how much i have to read look at that im looking on my machine about what is heavy duty lifting that youre feeling i dont even have andrew i even want him to come back to take no ill do this. Ill give it the Royal Treatment it deserves. The enthusiasm here are the big stories today tloos three of them. New this morning a crash test brings into question teslas claim that the model s is the safest car in history. Did you know they claimed that yes okay. I knew only because, you know, i talked to ron barron and other people about it. Safest in history it has been to this point this model s is different. Someone sent me something yesterday on twitter, i shouldnt mention it, but its a place you can go where people are complaining about tesla cars have you seen that no. Daily thing of my tesla blanks does this yeah. I dont know. I dont have one im oldfashioned, i have an internal Combustion Engine in my car. Do you yeah. Im in trouble im almost out of gas i realized on the way here. Idiot light went off 26r7b8g 2 a gallon i was away. You have to live in cleveland. I love cleveland nice park there the Insurance Institute for Highway Safety, this is the story, says the model s got merely an acceptable rating in a test that simulates what happens when the drivers side corner hits a tree. The report said that the seat belt was not effective and the head could strike the steering wheel. Phil lebeau will have more on this story in the next hour. We said three dig stories. Arts and crafts retailer hobby lobby agreed to forfeit thousands of illegally smuggled ancient mideastern artifacts that it obtained for a bible museum headed by the companys president. Bizarre story. The forfeiture includes 5500 artifacts that the Company Purchased there modern day iraq and shipped under false labels hobby lobby will pay 3 million to settle the charges. The company said it was new to the world of antiquing when it began acquiring the artifacts for the museum of the baseball and it made mistakes on relying on dealers and ships who didnt understand the way to document and ship them. And it is jobs week in america already again. The monthly adp employment report on private payrolls is out at 8 15 eastern. Followed by weekly jobless claims and the trade deficit numbers at 8 30. 10 00 a. M. , ism Services Index fed governor Jerome Powell is speaking about Housing Finance reform and Stanley Fischer will be talking about Labor Productivity later this evening. You made it well done. Im done. Long day already . Im leaving first im calling my agent then im leaving ill give you a break here. Lets talk about this. President trump is set to give a major speech in warsaw, poland at the top of the next hour. Well bring you his comments live he wrapped up a News Conference with polands president within the last hour javers is in hamb has more on the story. Its a Beautiful Day here in hamburg. The president of the United States is in warsaw. He just wrapped up that presser with polish president duda within the past hour or so the president of the United States making a bunch of news today so far starting off with his comment about the relationship between the United States and poland in terms of russia. Heres what he said. Were working with poland in response to russias actions and destabilizing behavior reporter the president also talked about the stock market again, emphasizing just how well the economy is doing back in the United States. Saying thats a plus in terms of international trade, encouraging the polish people to continue to do trade with the United States in terms of energy and lng heres what he said about the stock market when i say that the stock market is at an alltime high, we picked up in market value almost 4 trillion since november 8th 4 trillion. Thats a lot of money. Personally i picked up nothing thats all right everyone else is getting rich. Thats okay. Im very happy. Reporter the president saying hes very happy with his personal financial situation today. Later the white house is billing this as a major address in poland the president will talk about the defense of western civilization he will talk about the poles as a role model in terms of their historic role theyve played as a linchpin between russia and the rest of western europe he will also talk about terrorism, and bring up bureaucracy as a challenge to doing business and growing the economies in poland and in the United States. A lot on the president s plate today. Here to hamburg for the rest of the g20 meetings, including that meeting with Vladimir Putin of russia that comes up tomorrow eamon, the president received a warm welcome so far in poland a message that probably resonates very well there. Whats the expectation in germany and with the g20 i think it will be a different picture from poland and germany. In poland, the president was talking about the anticipation for his crowd size today they are anticipating a large crowd, warm welcome for the president here in hamburg, a number of protesters were out on the streets yesterday when we got here 10,000 to 15,000 antig20, anticapitalist protesters on the streets. Security presence is very high in the streets there will be an antitrump tone. But in the executive suites maybe an antitrump tone as well Angela Merkel will be talking to the president of the United States she has been critical of the president in terms of the paris accords, shes prepared to brace him on that decision by the United States. And just in general theres a sense here that America First does not leave the rest of europe in the loop with the United States. You can see behind me they have a banner at the port proclaiming the need for global trade. Globalism is popular here in terms of the trade and politics of it. So clearly theres going to be some discontent with what the president is bringing from the United States. They hate that America First. Germany first. It drives them nuts. Its Germany First keep our currency low over here. The anti bureaucracy message. What are those protesters thats an interesting message to include whats with the protesters . Is there capitalism in europe . Have you spotted any as you have been over there . What are they protesting in . Weve been able to buy several products since weve been here. Yes, theres capitalism here these protesters are the typical ones you see at any g20 meeting. Anticapitalist, anti west, antitrump, anti u. S right right. Theyre protesting the message behind you keep global trade open they are. The port theyre saying keep global trade open. They want this is a big port city on the river here you can see ships coming in and out all day long globalization is visible here. The protesters are also visible here their message is antiglobalization the enemy of my enemy works, they ought to be Backing Trump they ought to have antiglobalization and go trump. The other thing to keep in mind as we watch the president of the United States navigate this, in poland this morning on for weign soil he was critical f the American Media and american intelligence agencies. Thats not something weve often seen from a president of the United States before this president very much aligning himself with the president of poland. Well see how well that message is received here as well another possible point of tension when you talk about the russian interference in the 2016 u. S. Elections and whether the president will bring that up at all with Vladimir Putin. That all is still unknown at this point were waiting on guidance from the white house on how the president plans to handle that. Im watching you, javers. Just letting you know, if you keep i cant see you, joe. Im glad youre watching toe the line or ill out you. You wont be anonymous anymore just depends on whether you toe the line not sure what youre saying there. Thats a cnn reference. Okay. If you apologize to me, stay in line, then maybe i wont i often dont do what you say, but i try to follow as best i can. Its obvious. Thank you, eamon javers. This is happening while youre over there i was disturbed that congressman scalise has been readmitted to an intensive care unit he was shot and wounded during a baseball practice last month he had been improving following surgeries, but now theyre worried about infection. Surgeries were to repair i term organs, broken bones, but the d. C. Hospital downgraded his condition to from fair to serious, back in intensive care on concerns about an infection another update is scheduled for later today. We wish him well thats always what you worry about. I think theres fragments left i dont know how many different fragments they talked about they were looking for any time you get surgery and youre opened up like that its all over, too, the bullet shattered hopefully he can speed along that recovery. Yeah. Hopefully we can get good news today. Breaking early tomorrow, a 5. 8 magnitude earthquake hit western montanmontana, strike fe miles southeast of lincoln tremors could be felt in Washington State and canada. No immediate reports of damage or injuries. Stocks to watch today. Yum china reporting earnings this morning that were in line with analyst estimates the companys Quarterly Sales coming slightly below consensus, drug down by sluggish growth at pizza hut. Shares of herman mill rer on the rise q4 earnings beat forecasts and offering upbeat guidance the market taking stock up 6 after that report. Back to the broader markets joining us is david lebowicz and phil orlando star of entouraentourage. Did you see this those are his handlers orlando has five of them do they all have different tasks . They do they work with different professionals. Victoria is working directly with me. The other folks are working with other people do they carry your suitcase no, i dont make them do that you have a spare tie in case you drool on it . They were so excited with the opportunity to come meet you in the makeup room. They came with him last time. They did. They did . Of course are you alone really 6 00 a. M. Can you share one of your handlers i got a couple to spare no problem are you still bullish we are. Were sticking with our 2500 fullyear target you know, were almost there we hit 2450. Could you raise that . We could raise it as we look out through the cycle we think well hit 3,000 as we look out into 2019. Its a question of pace in terms of do we get movement in washington, do we start to accelerate gdp and Earnings Growth at what point does the market discount all that . So, that wouldnt be that big of a call, since its only 17 thats even moderating in the advance that we saw if we only get to 3,000 by 2019 youre taking a stand saying there wontab pube a pullback. The pullback were expecting will be modest if we see a 2 , 3 correction, treading water, consolidating gains, then a move up towards the end of the year. We think Second Quarter earnings will be good 6 , 7 up. We think we could be low double digit, 11 12 First Quarter was 15 year over year we think corporate earnings are in good shape. That will help to drive share prices higher. A lot of things all over the globe that are not a perfect storm but positive there are black swans out there. North korea we could all be obliterated in a Nuclear Holocaust tomorrow. Other than that f that doesnt happen, stay long. Europe is doing well. Asla doing welia doing well. Large cap u. S. Based companies doing abroad are benefitting from that trend. Europe is doing better, even though they have their own brand of capitalism over there right it seems to work for them right david, are you 2500 at your end . I think well be a little bit higher at year end higher than 2500 or higher than now higher than now you pointed out the key drivers. Earnings growth looks good activity outside the u. S. Looks good 50 of s p 500 revenues coming from abroad should be a tailwind for equities i wouldnt be surprised to see a pull back, perhaps some chop over the summer months theres still room for policy changes to play a role in driving markets higher the question is how long will investors be patient i would not be surprised to see over the course of the summer people start to get antsy in their seats and look for more progress out of washington lets say these guys snatch the republicans wonderful republicans, lets say they snatch defeat from the jaws of victory. They have both houses and a president who will sign what they give him. Lets say they dont do anything market comes down or stay here i think the market is here for different reasons. If you look at earnings expectations around the time of the election for 2017 and 2018 they didnt budge that much. The individual names which moved higher on deregulation or tax reform have come back down what was priced into the market has now been priced out. Were more focused on fundamentals and earningis growth so upside potential but not real downturn. Icing on the cake theres no trump in the fu fundament fundamentals theres plenty of trumps, the policies have not been enacted yet. Theres animal spirits and deregulation ill go with the animal spirits. A lot happened since november 8th. No question when you look at the math, if the deregulation and the repatriation and tax reform all of that happens, you could make the kiss that we could look at 150 in earnings a couple years from now based on those structural fiscal policy reforms. The 130 this year is largely fundamentals the removal of some of the headwinds, and youre seeing Small Business confidence, seeing it in a lot of different places we stopped using animal spirits. A number of metrics, you look at the ism manufacturing the other day at threeyear high, lei at a high scale high chicago pmi at a cycle high. Those metrics are strong but there are risks out there. If you look at the fed minutes yesterday, the conversation at the fed is clearly about more than just unemployment and inflation. Theyre clearly nervous about how far extended markets have become thats what investors need to Pay Attention to risk of recession in the next 12 months looks low still long equities here we like risk assets, if the fed turns more hawkish despite a change in Market Expectations more hawkish as a way to tamp down as what they see stock prices that are elevated their view is asset prices in general are elevated its weird for them to start raising rates as a way to tamp down asset prices. I guess it was weird for them to bring rates down to boost this is a different fed than the one weve grown up with. I wouldnt be surprised to see their focus broaden out when things in the rest of the word are looking good not the first or second manda mandate, but operating outside of that . I think the mandate is bigger than those two the key inflation metrics they have us focusing on, core pc inflation is going in the wrong direction. We have gone from 1. 8 to 1. 4 the fed is saying we recognize the numbers right now dont look very good in terms of supporting another rate hike or an unwinding of the balance sheet, our molds are suggesting if you look out a year, 18 months, things will be back on track i think to some degree this is more of a modelbased thought process than what is going on in the economy right now. So what do you think . Is there going to be a postmortem are they watching what youre saying will they say you did this good . This was good . Exactly well go to starbucks, get some coffee kick it around . Muffins well dissect the segment. Absolutely whos the most important one over there who is your favorite child . Are they all important . Who will yell at you if you did something they didnt like you dont need to be surrounded by yes people. We dont want yes people, theyll come back and give me constructive criticism i would hope so frnts answ absolutely. If not joe will yes david, im sorry, next time bring someone. Ill do my best ask someone to come in with you on the street. Im not a popular guy times square, lots of people did you see the spread we have in there . I did a guy right out here who love one of those cinnamon rolls. Thank you, gentlemen. Thank you thank you guys for coming famous. When we come back, crude realities. The governments latest report on oil and gasoline inventories is due out later today well tell you what to expect after the break. The power of innovative thinking. The power of 100 of the worlds top companies. The power of an etf. The power of qqq. The thinking we put in, clients get out. Power your clients portfolio at powershares. Com qqq. Before investing, consider the Funds Investment objectives, risks, charges and expenses. Call 8009830903 for the prospectus containing this information. Read it carefully. Distributed by invesco distributors inc. Containing this information. Read it carefully. Can we at least analyze customer can we push the offer online . Legacy technology can handcuff any company. But yes is here. Youre saying the new app