Market site in times square im kelly evans along with joe kernen and melissa lee we have the dow looking at a tiny gain, same for the nasdaq the dow closed at a record high yesterday. Overnight in asia, lets scan the landscape. I think the kospi was at a record high yesterday as well. Some green kind of following on from our semi strong day yesterday. Gains of about a tenth of 1 as for europe which is still trading of course, you can see some differentiation ftse 100 and dax lower ftse down more than a quarter of 1 and finally a look at crude which has been holding levels of 45 and 46. Its up about and a halfhalf a t in washington, Senate Republicans are battling for votes within their own party after he releasing their latest Health Care Bill two gop senators will not vote for the bill, that means Mitch Mcconnell has to convince every one of the 50 remaining republicans to vote yes or the legislation fails. The new bill keeps some of obamacares taxes on the wealthy and includes 45 billion to fight the Opioid Epidemic and another 70 billion to stabilize the Insurance Markets and help lower income americans pay for coverage the bill also sets up a new fund for exchange based high risk plans. Meantime President Trump is in france this morning as weve heard. Lets get to eamon javers who has the latest on the trip reporter good morning. The president is there for bastille day the actual parade is still going on right now in paris. They are having an elaborate reception for the president. You can see the military bands there playing, all of the full pomp and circumstance here laid out for the president of the United States on his visit with Emmanuel Macron in france. Yesterday the two leaders had a News Conference and talked about a whole range of issues, including the idea of what happened involving russia. Heres what the president said yesterday in terms of don trump jr. s meeting with a russian attorney who was proffering allegedly information that would help the trump campaign. The president portrayed that as business as usual. Ive had many people call up, oh, gee, we have information on this factor or this person or frankly hillary. That is very standard this politics politics is not the nicest business in the world, but its very standard where they have information and you take the information. Reporter on air force one on the flight over, the president talked with reporters for about an hours time initially that was all off the record, but then the white house decided to put out some about excerpts of what the president said including the moment that the president described his facetoface meeting last week in germany with Vladimir Putin in which the president pressed putin twice he said on the issue of russian meddling in the u. S. Election in 250016. He said that putin said absolutely not twice, that is that putin denied that he had interfered in the u. S. Election twice. And then the president said what do you do, being end up end up t fight . Then i brought up syria. So the president saying that he sort of pressed putin as far as he was comfortable pressing him and then moved on to the topic of syria in that meeting last week they also talked about steel tariffs as a possible way to go here talked about trade he talked about north korea and once again he suggested that the russian meddling in 2016 of wasnt necessarily a guaranteed fact he said it could have been china, could have been north korea, they are also very good at hacking so a lot of subjects swirling around this president s trip to france, but you see some of the parade route going on there in paris right now. I dont think it would be a fist fight i think it would be judo judo, right putin is very good at judo if you believe the press machine. I dont think it would be fi fistacuffs ive seen him on a horse that was i love those shots. President trump went too a military academy, so maybe he can handle himself pretty well he must have picked up a thing or two there i couldnt help but think when i sea hesay hes a goodb being im talking about my German Shepherd, right hes a 39yearold man. This is an interesting factoid. As a father, i dont think they ever outgrow being your boy, but when i see splik tha Something Like that, ceasehes o boy, being its like im talking to my dog. Donald trump you jr. And Emmanuel Macron are the same age. They are both 39 so i dont think the president would call macron a good boy, but when youre a father, you get certain privileges you had to love the bromance yesterday. These are two politicians you wouldnt necessarily see as fast friends and suddenly they appear to be fast friends if i was like an on thpportut and i thought about what the United States can do for you if you are on friendly terms and if i were to assume it was four years and then even think, you know hes not over here watching the mainstream medias take on trump and his chances, et cetera. And if it was going to be eight years, i think i might just as a i wouldnt care i think i might have the same sort of reaction to a lot of that wouldnt you just to cover your bases absolutely. It makes strategic sense for france they want to be close to the United States militarily, in terms of trade and culturally. All of those things matter a lot to france particularly with the isis threat that is gois going that they need some input from u. S. Intelligence on, u. S. Military around the world. All of those reasons make it important for france to be joined at the hip with the United States as they have been for a decades. So u. S. Domestic politics, you can imagine if youre a french leader, you look at u. S. Domestic politics and that i is that but ive got to make sure that we keep this relationship so many so many lsolid. But there could be a down side in france to seeming too buddy bh buddybuddy. Bocobama was very popular in europe i dont know if that is a badge of honor this obamacare thing, just in rand paul and Susan Collins, youve gota got the whole th sums it up the moderates that no matter what they get, they wont like it and then you got someone be who is so far out that wants to just clean repeal and just pull the rug out from everyone. So the whole thing there and it just gedepends on everybody inside that is a metaphor right there the president said yesterday, you pull over a couple on this wing by adding some things and then you lose some on the other Side Health Care is a difficult issue and its not getting easier. And i have another going that is a male, but hes 12 and hes small and i immediately thought of the German Shepherd and i feel guilty now. They are both the boys. You cant play favorite with children or dogs thats right. Anyway, thanks to people who are like we didnt care i care. I didnt say if youre goint them, i want pictures. Breaking overnight, this is hard to understand hawaii controls everything a federal judge says no to the travel ban or at least parts of it a hawaii judge has eased some restrictions on the travel ban remember the grandfather, grandmother thing. The ruling says the u. S. Government cannot deny entry of grandparents and certain other People Living legally in america. Justice department declined to comment on the ruling. They have said in the past that the travel ban is grounded in immigration law. An at t is reportedly planning to shake up its management ranks after it completes its deem tal for timen warner Randall Stevenson will become executive dhchairman he will oversee two guys that we have had on and known for a fairly long time stenke is very tall, and hell be media and then donovan who ive had conversations in the past about trying to understand the way these little squigles that are out that you cant see go into your phone and show you a movie. Its really amazing if you told someone 100 years ago gee that little squigles will come on to this little thing, they would say its impossible because our senses dont allow us to pick up any of that spectrum. But it is amazing to try too understand so amazing people are still concerned it might cause cancer or something but all possibilities about existential possibilities. Like beam me up kind of thing . Going back to the at t restructure, does it remind you of a Certain Company that we might work for thats what they said, being a be kin kin to comcast distribution and then the media. Most interesting thing about the potential reorg is that direct tv move to the telecom side of the business and it had been on media so they are flipping that in order to allay concerns about with competition well see if it works. Do you want to gee bao back i remember somebody was going to try too like spectrum information that was going do into a device. And its impossible. And now my kids are like my wifi is down, this is how is is this possible how can we live like this exactly the stuff that comes my maps that comes from a satellite so i know where where are to go you went to harvard, so you understand how all this works. Clearly im still really, really to me its like magic. Because across the river well, in 1939 they didnt teach us a that was a joke. Laugh. I know. You werent born, that is obvious. Last month at t said it was confident that regulators would approve the acquisition by the end of the year, but yesterday are seven consumer groups urged Jeff Sessions to block the deal on grounds that it will lead for higher prices. I see great cases made for on lower prices maybe a they have a they have a case for higher bryces now back to the broader markets. Innovation happens as soon as it develops. They think employees of the competing companies because the u. S. Standard is does it hurt or help the consumer and the european standard is there competition or does it block it its the 24th record close of the year not every day, but a lot of days and the nasdaq is on pace for its best week since last lets bring in david joy with us onset, siemian hyman for some reason, i always think simiimian simian. Prime mate type thing. There because the movie is coming out tonight is that skull island . Into, wwar of the planet of apes. Guylike me is more interested in war of the planet of the apps do people watch people watch to learn how do apple applications its like an app talent show kind of. That is weird anyway, hes head offen Investment Strategy at pro shares advisers. And for anybody to be in this business right now, david, you sort of have to have one foot ready to pretend that, yeah, im in here, but im wondering about how far things can run and that has sort of been what youve been saying in recent appearances on the show. Yet we keep hitting new highs. Do you think weve seen the lions share of gains for a this year or not . I said say yes. But i still think the market will go higher that makes no sense yes, would he se rk, weve seens share but the market will go higher you can say youre right into matter what about. I think the market will be up another 3 , 4 in the second half so the lions share of the returns have already are been achieved so we wont match the returns in the first half. But well do pretty well for the rest of the year i think so. I think the fed is really behind the curve. In terms of inflation, they are hamstrung and i think the markets are recognizing that and it means lower Interest Rates for a longer that is a pretty environment for corporate earnings growth. Do you agree with that . S earnings are here. We had over 6 of top line growth last quarter can and so far only 5 of the companies in. Were also heading for good Solid Earnings growth. But i do think you have to look outside the u. S. These days. The discounts in europe and the uk are about 50 on a price to book basis emerging markets are supported by a weakening dollar and at least sort of stable Commodity Prices so time to mike sure youre diversified outside the u. S. I think i have some emerging crap if youre in a target dated fund,s they stick you in all these international bonds. You toont just hadont just hav, but a lot of people dont realize. Talking about domestic equities, what do we with respect to the u. S. , of course part of the concern is that its been a tech led market nasdaq up twice the s p. Soi think there is unease there. And the thank think challenge it to the value side, that was expensive insurance. S p value inbe geks only up half the s p in the first half so if you are looking for maybe cheaper production insurance Quality Growth Companies that underperform just a little bit when the market runs, but offer a lot more down side is probably a good place to go there are two ways of looking at the market. Its doubled in 18 years which means that it hasnt gone anywhere really, 4 a year, or on from 666 at the financial dry sis lows on the s p, almost like quadruple. Which is the real thing to look at . Lows on the s p, almost like quadruple. Which is the real thing to look at . Sis lows on the s p, almost k quadruple. Which is the real thing to look at . Crisis lows on the s p, almo like quadruple which is the real thing to look at is the day of reckoning coming i dont think this economy is close to a recession we still have a lot of excess capacity and as a result, i think earnings can continue to grow. But i think over the long run you raised a very good point these concerns since 2009 are not what were going to expect on an annual basis Going Forward. I think you have to laook at it over a longer term spectrum. In addition to that, however, we already have an extremely will he Interest Rate regime. That is probably not going to be replicated again sos will, lower. By simple math, somewhere in the 6 to 8 range. So equities arent particularly expensive, but dont expect great returns. So you will be okay if the apr a ape is take over ive been preparing for years. That was a shocker, wasnt it one of the biggest shockers in moved have i h movie high schostory. Damn you all to hell, yeah. Yeah, he was good all right. David, siemian, thank you both sincerely. Coming up, much moreeves vn paris. Well talk to former state Department Official james rubin next for your heart. Your joints. Or your digestion. So why wouldnt you take something for the most important part of you. Your brain. With an ingredient originally found in jellyfish, prevagen is now the number one selling brain Health Supplement in drug stores nationwide. Prevagen. The name to remember. The power of a low volatility investing approach. The power of smart beta. Power your clients portfolio with powershares. 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 will go live monday . Yeah. With help from hpe, we can finally work the way we want to. With the right mix of hybrid it, everything computes. Or a little internet machine . [ phone ringing ] hi mom. It makes you wonder. Shouldnt we get our phones and internet from the same company . Thats why Xfinity Mobile comes with your internet. You get up to 5 lines of talk and text at no extra cost. [ laughing ] so all you pay for is data. See how much you can save. Choose by the gig or unlimited. Call or go to xfinitymobile. Com introducing Xfinity Mobile. A new kind of network designed to save you money. Welcome back President Trump is wrapping a two day visit to france today attending a bastille day parade with president macron right now actually for an assessment of the trip, lets bring in james rubin sir, thank you for joining us. Happy to be with you. What do you think the implications of this visit are well, i think it is a big deal in terms of u. S. Role in europe and that is because under the british leader right now, who is so business sid hey heren worried about getting out of the European Union and because President Trump and the german leader are obviously not going to be joined at the hip, the fact that the United States and france will find new reasons to work together, to lead in the western world is an encouraging sign for all of us and there is a reason for that france has changed in the last ten years. You may remember back during the george bush days, the common word on the street was to on criticize france for not being with us. Yeah, i remember freedom fries. They are prepared to act internationally and they dont have all of the baggage that the british have and germany never wants to act international internationally. So there is a natural reason for the two to get along to what september are thexte really prepared to act will they be leading an International Coalition in too places struggling with terrorism for example . Granted they have been more proactive of literally, but they also problems back at home this new french president is really Something Different we havent seen a french are leader gather for example this much political power certainly in my lifetime maybe charles degall france has allege shown an act to act internationally even when things arent going well at hole so whether afghanistan, whether syria unhad we acted under president obama, french are regularly sending troops President Trump will have someone it used to be britain that was with us as the numberle one friend and ally in europe, but because britain is busy with brexit, becau