Since after election day. Our road map begins with the big jobs number. The monthly job report come in under expectations. What now . And the u. S. Launches an air strike on syria. Trump and chinese president xi continue to meet at maralago. Well take you live there for the latest. Weighing in on the payroll number, retailers were a big part of this slashing 30,000 jobs last month in addition to the month before. Construction adding the fewest jobs in seven months. We did see an increase in average hourly earnings, jim, but its the worst two months for retail since december of 09. We can figure out why. Yeah. This is what you call a secular trend. This is not something thats going to come back. I think that what you had was that you had a weak you had a weak Holiday Season for bricks and mortar. It got weaker. Jpmorgan they do incredible analysis of the mall and its down double digit traffic. You cant sustain your stores in bad malls anymore. And all of the retailers in the malls are kind of making the same move at once which tells you its amazon. You can say its omni channel which is theyre defeating themselves, but theres no way that you can maintain your store fleet with amazon doing what its doing. By the way, i think strantd restaurants will be equally as bad because of the stay at home economy. I dont know what the people will do particularly if you lay off checkers if you get that automated pay that i know that debold has. Even if amazon cant do it. Theres a displacement of workers who were there. Theres a question of where kids are going to work. Mall is where so much of us got our first jobs. Yeah, i read your tweet this morning. Very discouraging about people go to college. Theres nothing. I have seen this first hand with having two kids who just graduated from college and see twh ing what they do. And people live at home. People hang on. People try to get those jobs at the mall. It is a different world from when we i graduated in literally in a recession. But there was still jobs. Just they werent great jobs. I mean, this is a tough time for the entry level people. Very tough time. All right. Although there are still jobs being created. Well, are you a code writer . I am not. I am not. Yeah. I prefer to write plays but not a big market for that. If you can write code and the problem with writing code you have to have schooling from Elementary School on. You do. And that is starting to be the case. I mean, here weve got a three month trend now given this number of 178,000. It was 187,000 average jobs per month in 2016. Right. And 226,000 in 2015. Things are slowing. But more to the point, guys, you know, how rapidly are things starting to slow now . Is this going to part of the narrative that number on new cars remember, that was the single lebeau gave us the signal. When he was shocked remember that day . It was like oh, man, i dont want to see phil shocked. Monday, it was this week. Was that this week . I believe it was. Feels like a lifetime ago. Auto sales, monday. Yeah. I know, it does feel like a while ago. Lets draw this out a little. Are things slowing . Retail of course. But there are trends in retail that go beyond the economic side. Can we ditch adp . We decide that adp is not any good . The stock was signaling a lot more than what adp was saying that. That stock has been rolling over. Look its just a question. Whos better at doing this . But now Steve Leishman did correctly point out that the march Unemployment Rate was most impressive. Again, when i look at the categories i have to tell you that construction i find surprising because housing is very strong and commercial. Christin construction is very good. It goes 59 in february. March, 6. Theres not positive you believe thats weather . I believe its weather. The really great ceos always just say i dont want to hear about weather. But that number has to be weather related. Just because you cant have that level drop off. I mean, i dont care how bad repeal and replace was. I think repeal and replace did create a kind of a more negative view, but the stay at home economy. You know, netflix netflix, amazon. Activism, blizzard, domino pizza, what della, corona economy. Thats not bad if we get back to the number thats more along the lines of whats expected for next month. This could be forgotten about. Well, we have easter inflation data can go away. We can start to see the bond yields trend up again. All right. Do you really keep raising Interest Rates if youre the fed . You say, hey, listen i think you do for now, right . I think that people are going to Start Talking about flat yield curve. Talking about recession. The narrative is going to change. Come on, the ten year. 3 on the ten year, is it ever going to happen . We have tech anythings now say technicians saying you can if that breaks 175, do you believe that . Then the then well start to hear sub prime loan dewhen . Sy dlin . Sys coming in. This is the new narrative. To say that i think it is. Remember, what are the retailers that are doing well, what does start Getting Better in april and may . Home. Remember what christmas is for home depot, its coming up. Theyre the strongest retailer other than costco. Nice note from telsey about walmart. Yeah. Upgrading. The walmart grim reapers is as savage as the amazon grim reaper. Walmart is reasserting itself and might not be as opposed to some sort of border adjustment tax as you might otherwise have thought it could take out a lot of commissipetition. It can withstand the centers from wall marmar i think we have a lot to learn about that. And of course what the administrations proposal will be in any way involving tax reform and whether it will include either a v. A. T. Or b. A. T. And what the rate would be. Call a national regressive sales tax if you ask me. Thats not going to help the jobs. Selfstyled academic, einstein, speaker of the house, no one smarter because he said it, is very much in favor. Remember he says he has the mou house plan. But the white house doesnt have it together. Yeah. You know what i mean . Yeah, i do. Well, we havent seen a plan. Not yet. The other big mix today is syria. The u. S. Fires 59 tomahawk missiles at a syrian air base. Our Michelle Carusocabrera has the latest. Yeah. The missiles were directed at the airfield that the u. S. Government believes was used to launch a chemical weapons attack earlier this week that killed more than 100 people including children. The airfield al shea yayrat is in the country and used by Bashar Al Assad as he fights against an insurgency trying to oust him. Russia supports assad militarily and a drone video was released. It shows the aftermath of the attack and that its effectiveness was quote low. Their list of the damage six mig 23s in a repair hangar. They said that the airway and runway and parking areas of the Syrian Air Force they claim were not damaged. Syrian government put out a statement from the office of the president calling the attack reckless, irresponsible and not based on true facts. Surrounding that chemical weapons attack earlier this week. But the syrian and russians governments claims the banned chemical weapons were in fact controlled by terrorists fighting in the country and not the Syrian Government. The u. S. Government says they have evidence to the contrary. Guys, back to you. All right. Michelle, thank you very much. Jim, you did say this morning the pajama traders who sold s p down 19 stopped following you on twitter. Yeah. These guys who just sell, they know one thing. Which is that we have we must take action no matter how reckless and stupid it is. These people are wearing feet pajama when they trade. Protocol. Jeffrey goldberg who i regard as being the foremost policy writers in the country today said something that i think is synonymous with why the futures went up. This is something that worldwide about row apro base for trump, and why that is i think you know, its been a long time. No one no one endorses Chemical Warfare. You would only endorse it if youre an international criminal. And if anybody wants to go read what happened in world war ii, what happened in world war ii and after syria did it last time, would know if youre pro Chemical Warfare youre an outlaw that will never be embraced. So trump will have great aprobation. I think thats being reflected in stronger futures than you expect. The market doesnt seem to be worried about this being anything other than surgical for the moment. Well, i mean, look, mattis who is a great general, and the battle for fallujah, all you have to do is read what mattis has done. He knows how to take out everything. If you wanted to take out more, and that is the secretary of defense he can take out more. The russians can show all the movies they want. What matters is that they could have taken out damascus if they wanted to. Remember the golan heights, you can look at damascus, its pretty close. Its not hard to get to is what im saying. You can take out damascus. We dont have missiles in the golan heights. No, but in terms of where it is, its a real easy thing to take out. No, its the israelis. If you look at dadamascus, its not hard to hit. They didnt go after damascus. Thankfully, a lot of civilians there. You dont want to do that. You go after a place that theres not a lot of civilians and make a statement. This is not 1945. This is what are we always attribute like its zukof out there. This is the russia still waiting to get the population back where it was because they had 29 Million People die during the war. I mean, come on. We can all equate russia to the United States. Do it all youmen want. But if the United States wanted to take out damascus easy. Yeah. Tillerson goes to moscow next week. Well talk about what that meeting will be like. Implications for Foreign Policy and the markets in the days to come. When we return, a busy morning. The president is holding that second day of meeting with us the chinese president. A lot at stake for their respective companies. Look at the premarket. The dow is perfectly flat for the week. See what happens when the opening bell rings in about 18 minutes. 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. I cant wait for her to have that College Experience that i had. The classes, the friends, the independence. And since we planned for it, that student debt is the one experience, im glad shell miss when you have the right Financial Advisor, life can be brilliant. Ameriprise 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. If youre gonna needatch dom,. Reada little help. Im in love. Rubber bullets, big mistake. I was a little aggressive. Oh damn no no no no no no lovin that lambo now . Ooooo ahhhhh rated pg13. Experience it in imax. We had a long discussion already. And so far i have gotten nothing, absolutely nothing. But we have developed a friendship. I can see that and i think long term were going to have a very, very great relationship and i look very much forward to it. That is the president. Some humor from him last night at that din we are the chinese president. Both leaders said to engage in the second day of talks at maralago in florida. Trade in north korea among the big issues and an expanded bilateral schedule at 10 30, followed by a working lunch. The president has accepted an invitation to visit china. This relationship is a lot different than we some thought it might have been. This is a man who negotiates in private. Everybody hes already been on the other side i love that guy. Have you noticed that he loves that guy . Youre looking askance, youre doing that thing. Im going to talk to carl. Ever noticed ill talk to both of you. Look, this was a meeting that was similar to the other meetings that he has. But publicly its all good, in private is he putting the hammer to the guy . He goes back to china, you know what, this isnt going to be so bad. This is a man who is in private a little tougher, but in public lets us get away with good face that matters. Youre right, the idea of the Public Perception is important. Certainly with the chinese and how you deal with it. We have gone through it many times, we have talked to plenty of experts and well see if theres any progress made. Humor or not on issues of trade. Right. And the issue of north korea which are both very, very important. Most important you know, relationship most likely at this point. Certainly more than russia. Yeah. Russia is oppositional. No, its not. Where does their economy rank in the world . The russian market is down badly and the ruble could be in trouble. You raise an interesting question on north korea its very easy for the chinese to say theyll do something and then do nothing. Yes. It is. Because theyre so cryptic in north korea. How are you going to prove theyre doing anything . It would be very interesting to see again, you dont expect necessarily youre going to get specific a specific deal of any kind out of this meeting. This is a process. Right. But why do involving the relationship. Do people think it would deskrovl into devolve into khrushchev coming to the worlds fair and burying the United States . No, but after the Angela Merkel meeting, i know that the president didnt actually give her a bill for nato. But that wasnt seen as having gone particularly well. No. I agree with that. I think that in many ways thats globalism versus america first. And i think that, you know, globalism is the enemy for this president. What does that mean . Well, i think that merkel is the leader of globalization. Yes. She feels like obama. Free trade, free trade, free trade. I think that one of the things that trump has in common with the chinese is they want to win. Okay . Merkel is somehow Everybody Wins from globalization. Trump does not think that. Trump has to get some concessions from xi. Xi should like to have some market here. In other words, these are two people fighting for their country and merkel is fighting for the globe. Trump doesnt like that. How much are you watching the reports and theyre all early and sketchy that trump is having to decide between two sides of an internal white house battle, between bannon acolytes and kushner acolytes . Sometimes you have to admit, i dont know the answer to that. I dont know. I defer. Why would you defer to me . You think ive got the answer to that. Im trying to kick it to you. Not all right. I will pass on that. I dont know as much as you. We can all try to talk as many people as possible, but really understanding whats going on in the white house its a difficult thing to do. Its a little more you need more tea leaves watching than im used to. I think remember the Obama Administration was classic. We would have someone come on from the Labor Department or chief economic adviser, years later you would talk to them at a party. Listen, im sorry i had to be so party line, but thats what i am. Im party line. You know, you get that post obama. Yeah, like, look, we have one voice. Right. Thats not the case here. No. Thats very different. You have to understand on the part of those speaking for the administration sometimes, that can be confusing. It is. That can be confusing the realm of Foreign Policy and in economics. Yeah. Theres a reason you want to speak with one voice. Yeah. We dont know. Remember when i say china, does he like xi, no. But i think merkel look, this special relationship between germany and the United States i am telling you is this was the air strikes were the first thing that hes done that would possibly please merkel versus Everything Else that was done. Yes. Certainly it did that. Yes. Along with widespread congressional approval as you pointed out. Well get cramers mad dash and look at the opening bell. More squawk on the street from nyse straight ahead. Opportunities arent always obvious. Sometimes they just drop in. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Can i get some help. Watch his head. Im so happy. Whatever they went through, they went through together. Welcome guys. Life well planned. See what a Raymond JamesFinancial Advisor can do for you. Rays always been different. Last year, he said he was going to dig a hole to china. At t is working with farmers to improve irrigation techniques. Remote moisture sensors use a Reliable Network to tell them when and where to water. So that farmers like ray can compete in big ways. China. Oh. He got there. Thats the power of and. Please repeat the objective. Thrivent mutual funds. Managed by humans, not robots. Before investing, carefully read and consider fund objectives, risks, charges and expenses in the prospectus at thriventfunds. Com. All right. Were getting close to a friday trading session beginning about seven minutes from now. You want to talk a little biotech. Im going into your wheelhouse. One of the stocks that did the best when janet yellen that biotechs were too overstretched, this company has so many different formulations. They have deals with bristol and with merck. It was downgraded this week, novartis, astro zenify, do they not have to on on the sites of the weak pipelines . I think they do. I think theyre all looking for growth. As you know. This is the way that they typically have been ab