Europe largely unchanged the 10year just below 3. 5 road map begins with the second half of the year kicking off in high gear, what to expect for the rest of 17. And north korea launches a missile with the capability of reaching alaska. This as President Trump heads to europe to meet with world leaders. What the growing geopolitical tensions may mean. Is the job of ceo not what it used to be many top executives departed in the first five months of the year than last the look at the changing face of the suite. Heading into the first full day of the trading half the dow off an intraday high, nasdaq looks to avoid a fourday losing streak, wall street awaits the release of the fed minutes at 2 00 p. M. Eastern and investors will be interested not only in comments in future rate hikes but perhaps the timing of the feds planned Balance Sheet reduction. Jim, welcome back first of all journal today suggests they may talk about some timing of Balance Sheet but might get indications of a december hike and nothing until then. I think theyre torn. I think the economy is okay. I think that inflation is lower than they want they definitely want to get off the emergency. Im still sticking by the idea that there will be a september rate hike and some of that makes me feel is because not only did the banks go up off of the new capital plan which by the way i think dan stepping aside, he was the man in the fed who was against more capital being spent, were going to talk to david about this jpmorgan and fight, but jpmorgan would never been in that decision to start buying something theyll buy back more stocks i think that the feds kind of its in a unique place it can take a lot of action and not hurt the stock market. It can move and people will continue to buy the banks and theyll buy a lot of the cyclicals, it can not move and go back to the beginning of a tech rally after a bad selloff that was based basically on stocks being marked up theres a great misperception in tech its not about fang. Fang ended when everybody started talking about it there were many other companies that began you tweeted a great list of ten stocks in technology that were from the s p they were not fang those stocks can rally again the overhang has been done watch oil. Oil had too big a move but i come back and i say, europes better, japan is a little better, and the fed has room to do what it wants sell bonds, i wish they would sell them first. That would raise rates do whatever it wants the dollar by the way, guys, is not asstrong as you think. Yeah. Well had a rough first half, thats for sure. Rough six months. Yeah. That keyante is more expensive than i thought it would be. You have to cut back a little bit. No cutting back when a monastery at the end of your block that sells wine for 7 euros a kilo nice. But overall, the tech selloff that weve seen since youve been away and the return to financials, this ism number on monday, are we in the throes of some return to an industrial transports record high transport record high confirms a lot of good things i think. This dichotomy i regard as a phony dichotomy, value or growth if we really left growth, why was health care so good . Okay you say thats because Health Care Bill is stalled no, because the market is in a rotational way, not a lot of new money in theyre too granular, 10year, 2. 2, and 2. 3 here it comes forget it. The strongest economies in the world right now is europe. Europe has had a recapitalization of every bank in every Single Company country to make it so they can start lending. From doing business in italy youre afraid to put 100 in one bank its like 2008 over there. The recapitalization which i visited over there, my bank, everybody is thrilled, it does matter, the oldest bank in the world so what im saying is europe is good, china is okay, the United States is okay, and we certainly dont need the rates this low which is why the bank stocks continue to power higher but that rotation out of tech much more to do with a markup that existed until the week before of a serious markup of everything internet of things, everything video game, everything of Artificial Intelligence, and not social media, and not web services. Look at microsoft. People talking about job cuts and look at, you know, alphabet which has come down and up to buy. 920 something on monday. A major hit i find it exciting maybe its exciting to be back thats just my wife will think that means i put up for another 30 years pop had the second best month in the year before he died. Important to remember, 92. You have a long time to go. It is good to recharge but better to have you back. People have to do that. Ive been fighting vacation for a long time. I know. You shouldnt. Why because i want on my tomb stone he worked really hard. I dont know i get caught up, i love this group. All right. And the show is exciting in the morning and mad money ive never missed a day of vacation in 30 years. Im digging a hole had here my wife is on a train. My wife admitted to everybody in italy she hasnt seen the show which i thought was terrific because, you know, i can just talk endlessly about her. Shes busy working hard too. Shes running a household which by the way is a lot harder than you think and you dont realize and youre compensated im not compensated. Kind of the discussion speaking of working hard the president is embarking on his second overseas trip including a first stop in poland and then the g20 meeting later in the week all of this on the concerns about north korea after they fired that apparently an icbm on tuesday. Kayla tausche is in washington watching all of that. Good morning, carl. The president departing the white house this morning on route no joint base andrews where hes heading to warsaw expected to reaffirm the u. S. Commitment to nato and discuss trade for u. S. Liquified natural gas. Last night President Trump said the u. S. Economy is doing well, but faces challenges he was asked this morning about the escalating challenge of north korea and said, quote, we are going to do very well. But simmering tensions with north korea reached a boil this week that gamechanging launch by pyongyang of an Intercontinental Ballistic Missile according to the country that could reach the u. S. And north korea says could carry a nuclear warhead. That was responded to by the u. S. And south korea with a show of force, launching a precision missile into nearby territory. An emergency u. N. Security meeting requested by the u. S. And its allies takes place later this afternoon President Trump on twitter again has put the onus on china to do more just earlier this morning he did say so much for china working with us, but we had to give it a try. He says, trade between china and north korea is up close to 40 in the First Quarter we do know that china is the only financial assist of import to north korea china this year put a ban on importing its coal and speculation that ban could expand to include oil too. A statement from yahoo and china, though, a joint statement each of whose leaders President Trump will be meeting this week, calls on all parties to deescalate tensions. Now unlike President Trumps first trip to europe, the g20 attendance will be wider and more diverse, leaders of asia pacific countries who have criticized his withdraw from the Transpacific Partnership and now you have leaders from the european nations nursing a fresher wound from the u. S. s withdraw from the Paris Climate Accord but well see how the tone is set when the president lands in poland later today. All right kayla, thank you very much Kayla Tausche going to be a busy week watching the white house. How much market risk revolves around either north korea or tensions at this summer to the degree there are any it is interesting that korean stock market is so strong and theres samsung, 18 billion, building basically a whole new complex thats going to produce all sorts of chips market lapping it up you would think if it was dont want to be too dr. Strange lob here you would be buying apple and selling samsung. Its not happening no one is putting their money on this i think whenever its existential enough theyre talking about hitting the illusions you start thinking okay what do we do and the last thing you think about is your money. I think the tensions are incredible because korea is one of the worst south korea is one of the worst violators of trade. And when President Trump is running for president he talked a lot about the need to protect steel dumping and protect from auto dumping and korea is probably the worst. Which means what were going to connect our defense of korea to their trade policy now . The opposite. Hes just one more president not caring about the trade deficit, trying to show solidarity. I cannot believe that this guy got coopted too but thats been the way. 20,000 troops over there obviously that is to me my focus. Because theres 20,000 troops that weve been using to defend while we let them take our markets. My position pretrump. Understood. Youve been definitive on your view of world trade to a certain extent to the geopolitical threats represented by now the possession of potentially a icbm by the north koreas, they havent miniaturized it to put a nuclear tipped weapon on there, but that may be just years away, does it really change the dynamic in your point and at what point do investors start to pay close attention and react as opposed to just paying attention and sort of saying well, the landscape may change a bit here, but at the end of the day, the threat is the same. I mean its still almost like were still going with the cuba missile crisis plan where its russia, therefore the analog china and pull the missiles back from cuba. Those were russian missiles. This guy is insane and the insane insanity versus what i regard as a Defense Department much more proactive, they are talking about going in and using our troops to finish off isis so to speak. Yeah. Makes it so i think that you wake up every morning and you wonder, i mean i dont think that this is idle. I think this is ongoing. I dont understand that gold doesnt spike, that people dont link this. It would make a lot of sense to link it, but its not like in the algorithms. A lot of scary roads you can go down here if you choose to and a school of thought that says well, you know, he at least one thing we do know you may term him insane but hes 33 years old and doesnt appear to want to live and survive. On the other hand hes launched more missiles in one year than his father did in 17 years. Yeah. Its telling. Its interesting by the way that if you read a book called downfall in the last few weeks of Imperial Japan in world war ii, truman said were going to bomb hiroshima and nagasaki and the imperial palace and interesting that war ended after nagasaki but before the dropping of the bomb on the imperial palace so there are no good roads, there are no easy solutions to this. None. None. And china, obviously, is either not using its leverage or is throwing its hands pup i have always felt that we have placated as long as we can plicate. This is not my strength. My strength is shorting samsung, going long apple, if were serious why would the kospi be up 24 are people that wrong . They like vixby thats their new samsungs new effort in the audio. Oh. Because im so busy talking about what the new audio effort is in china. The speaker they will introduce. Can they talk to each other and decide you know what ive had enough siri google assist. I would call mine john coner. How come google assist doesnt have a name . Transmog gra fide into a person. I think these things can talk together and were just appendages perhaps useless appendages simulations. Thats tesla we will talk about that later. Want a simulation their profits. And volvo today when we come back a look at how shaky job security has been for ceos this year take another look at the premarket were coming off a record close for the dow on monday, the transport record high, the russell intraday record high but the nasdaq down 5 of 6 back in a minute im here at the Td Ameritrade trader offices. Steve, other than making me move stuff, what are you working on . Let me show you. Okay. Our thinkorswim Trading Platform aggregates all the options data you need in one place and lets you visualize that information for any options series. Okay, cool. Hang on a second. You can even see the anticipated range of a stock expecting earnings. Impressive. Whats up, tim. See options data like never before. With thinkorswim only at Td Ameritrade. Payment Services Company vantive announcing a deal to buy uk based worldpay a provider of Payment Technology and infrastructure for almost 4 pounds a share for cash and stock. It was approved by vantive and Jpmorgan Chase for a buyout. Almost 19 over july 3rd, 20. 7 to the unaffected stock price apparently before theyre calling a broad sector consolidation speculation began. And its a large deal. About 10 billion as you said, carl, about its 3. 85 p mostly made up in vantive shares 0. 672 shares, 55 p in cash as well worldpay holders will own 41 of the combined company its board will be comprised of seven vantive directors and four worldpay directors jim. And you know, theyre talking about everything you would expect, combined Group Expected to benefit from strong presence, substantial opportunities, integrated payments. Globally ecommerce. Benefit from what they call cuttingedge innovation, substantial talent, hubs in the uk, europe and the u. S also talking about opportunities for cost synergies again we havent gotten the final release but more or less the details the market will work off this morning when it trades vantive shares. Jpmorgan letting off a spinoff of fifth third in cincinnati. In a statement jpmorgan said they were in a response to an invitation from worldpay, they were what they call a very early stage in considering whether or not to make an offer for the terms of any offer for worldpay. And then jpmorgan said following preliminary considerations, they dont intend to make an offer at all and, of course, they do have this deal with vantive i think that people dont understand the power of what we call a thin tech thats way too limiting. Mastercard and visa have been incredible performers. Paypal one of the top ten performers in the s p. Technology this first half. People should look at square its up 63 . And it is the small medium sized business, ever since this is jack dorsey, sara friar does a fabulous job at cfo. Why has the stock been able to double Payment Processing is a hot area i think people have to start recognizing wherever it is, we still you mentioned consolidation. There arent too many. Paypal is a big company. I dont want to make square has good enough fundamentals someone should buy them, the problem is that well who would do that . Jpmorgan want it no. Its too small for jpmorgan. Wouldnt move the needle this is a big deal. Fairly large deal and again, of course, crosses borders and interesting how theyre trying to do it on a governance basis giving 41 ownership by worldpay shareholders in the combination, coceos as well. Its not an moe. Its a takeover, merger of equals but its kind of closer to that. I was surprised at this very surprised well, i think by the way, a lot of people dont know who these companies are. Worldpay and vantive as you say a spin from fifth third. I looked at vantive and said geez, that was during the bad old days they spun it off. Its been terrific reminder, too, of how few 10 billion mergers weve had in this country so far this year. I know. I think that a lot of deals are, you know, kind of i try to bring them up and you say jim, that was something that no one has thought of other than you and maybe the ceo of one of the two. Well you keep trying. Not both i try. You keep trying. Im recharged from italy so you have to be careful. Im sure you have your long list of potential deals. David, youre going to completely overlooking this rather remarkable deal with monogram residential, i think the symbol indicates we should talk more about it. That was gray star growth and income buying monogram residential. Real Estate Investment trust. 12 a share of more thats a good symbol by the way. Its going to be retired. I would like to have that for my personal symbol. Ive got nvidia as my symbol and thats going to come back you would be mooar as they say on social media. Well count down to the opening bell and take a look at the premarket this morning first full day of q3 back in a print. 6 30 before we get to the start of trading on a wednesday. Got to remember that everything is sort of all over the place. Youre finally back from italy as well. Thank you. And in the mad dash talk a little auto parts. There was time if you told me an Auto Parts Company would have missed the numbers i would have said oh, really . Oreilly oreilly missed badly. 3 to 5 comp stores what is their goal was they will come in at 1. 7 they came in with a head of steam going into the quarter so there is tremendous disappointment advanced auto parts and auto zone have also been lagging. Theres a lot of people wondering whether there isnt something structural or are cars doing better its mild winter mild winter winter has determined these for a long time now that were into the spring people will start saying wait a second potential amazon challenge i dont take it as seriously as others, but its a big market. Perhaps there is something going on in terms of competition i think well see mergers soon because we dont have we have too many of these people talking about that as a possibility for in time. Theyve talked about with oreilly or even financial sponsor, in other words an lbo, none of it happened. Because i think the stocks had been so great. A longer term chart of this group would show auto zone, oreilly, advance, theyve all been fabulous, but david, theyre not fabulous anymore its taking people by surprise where she stops nobody knows auto zone still a lampert stock . No. Sears. It was. Sears had a very big move last week based on nothing. Thank you youre welcome. See, still even two ekwes apart, the opening bell coming up stay