Bashing biggest problems and lobbying the bills fixes. Less than 24 hours after he said drop, it let it implode, we dont want it on the democrats. President trump said senators should not leave for august recess until a Health Care Bill. Tomorrow was tax reform, now a Health Care Bill on his desk saying he favors repeal and then replace. Hes got his pen in hand and rushing to sign. Blake burman rushing with the latest on Trump Health Care demands and a preview what we might hear from the president in this hour. Yes, were expected to hear more from President Trump. And congressman rodney davis worked with democrats to fix one part of obamacare that would help Small Businesses and military veterans. Can the republicans do it again as the house turns its focus on the budget and taxes . Plus bob hormats former assistant secretary of state, hell tell us the most important thing that must come out of todays slightly tense, slightly awkward but crucial talk between treasury secretary Steve Mnuchin and commerce secretary wilbur ross who face down chinese counterparts. On wall street, the s p and the nasdaq headed for record highs as the dow holds onto gains despite a big drag from big blue. Less than an hour from the closing bell, you got to witness that, right . Lets start the countdown. We are marching back toward highs for the session for the dow jones industrials. Three of the fire indexes are firing on all cylinders, the s p, the nasdaq and russell 2000 having a party of their own. Nasdaq up 41 points, nice move of twothirds of a percent, the small caps up about 12. 99. Call it 13 bucks. The nasdaq up nine days in a row. The longest winning streak in nearly 2 1 2 years. A big move over just a couple of days. The dow lagging behind because yesterday as you know, we saw a loss, sitting in the green at this hour. It would need to finish 63 points higher for a record close, but take a look right now. Up 43. The high of the session is up better by 48. Not far from that. Big blue in the red, ironically a tech stock shaving off 50 points, down 4. 5 after the blue chip name reported its 21st consecutive quarter of yearoveryear declines in revenue and it missed revenue, but folks, the dow transports are really bucking the rally in the broader market. The only major index in the red. It has two names to blame for that. United continental. Remember at this time, waiting for united and csx to come out with numbers. Well, disappointing unit revenue guidance for that airline, so that one is taking a hit of twothirds of a percent. And csx slumping 5. 5 after investors questioned how the Railroad Operator beat earnings expectations. Its never enough for wall street, right . Csx is dragging competitors off the rails as well right now. Union pacific down 1. 63 , we need to get to the white house where senator Mitch Mcconnell and, you know what, ted cruz, more recently spoke to the press after gop senators met with President Trump at lunch about efforts and their failed efforts to repeal and replace obamacare. Senate majority leader adamant, he confirms the senate will vote next week on the motion to proceed to the next phase, which is a bill that either repeals or replaces or both, obamacare. He thanked the president for pushing to fix the problems with the current law and explaining that the bill will be wide open for all amendments to make it better. Listen. What i want to disabuse any of you of is the notion that we will not have that vote next week. Were going to vote on a motion to proceed to the bill next week. Liz and by the way, there were two more promises, one after another, blake, where he said ill make this clear again, since youre asking. It will be next week. Youre standing by at white house, and cant ignore the turnaround that the president made in less than 24 hours ago, right . Reporter this was a fairly remarkable dressing down liz of what we saw from President Trump earlier today at the white house. What he did essentially was bring the entire Republican Caucus here, 49 of the 52 republican senators were here. Brought in the television cameras, and then for about ten minutes read off a speech, part off script, part impromptu, he said a few things, look, you need to Sell Health Care reform. You need to Pass Health Care reform, and if you dont, the president said dont go on your august recess. I have pen in hand, you never had that before. You know, for seven years you had an easy route. Well repeal, well replace, and hes never going to sign it, but im signing it. So its a little bit different. Any senator who votes against starting debate is telling america that youre fine with obamacare. Reporter liz, you mentioned the last 24 hours and the president s position. Go back to monday night after it was apparent that mike lee, jerry moran were going to be nos and this thing ground to a halt. President sent out a tweet which he said hey, we either repeal obamacare now and worry about replacing it later. Yesterday he made the comments, why dont we go ahead and let obamacare die, worry about the ramifications. And today he flipped it around saying lets repeal and replace it, do it all at once. Few different positions from the president. Bottom line is he wants something done and done quick. Liz well, of course, but the process by which you achieve that involves a lot of hard work during the followup to the actual vote versus dressing down, which i guess is important at a certain point but were on round three, blake, and then there was this news that the president was taking a few hits at dean heller of nevada, the republican senator who said no way am i touching this . People in nevada need medicaid, and ted cruz was just asked right before the top of this show, what did you think of that . He said, well, i dont know what the president s plans are and what he does that he feels works but we are working cordially, collaborating, that is the word he put in there, but some point ends up with the door opening up to democrats. Reporter republicans have made it clear when there was an ad run against dean heller. Hes a no vote consistently, Senate Leadership was clear, they didnt like it. A protrump group pulled the ads. You have the president seated right next to dean heller, not coincidental, and he laughed it off and said, look, you still want to be a senator, right . The insinuation there being fall in line, get this done soon. Dean heller is up for reelection in 2018. Liz not everybody falls in line. Remember when Chuck Schumer voted against the iran nuclear deal, president obama was not happy about it. Blake, thank you. The president is expected to start a made in america roundtable in the state dining room with a lot of big businesses there, and small ones, too. Were going to hear, we expect to hear from the president shortly, and the minute we get, that youll get it too. As President Trump makes that made in america push, were getting good news on the domestic housing front after declining for three straight months and people were starting to get worried here. U. S. Home building brought out a metric that shows its rebounding more than expected from june numbers. Housing starts jump 8. 3 to the highest level since february. Builders applied for more permits to break ground on new homes, a signal on increased activity ahead. Take a look at the housing and Home Building related stocks are reacting to the news. Home builders at the moment, all in the green. Thats a big thumbsup, what about the stuff those guys on the screen need to construct houses . Were talking about Building Material stocks. Right now they are all moving higher from eagle to trex, vulcan and Continental Building products. Are we headed to prerecession glory days for housing . I want to bring in our traders. Teddy weisberg, heres why im a little skeptical. Just yesterday, home Builder Sentiment fell to an 8month low. Which is it . I guess you got to pick your poison. I suspect the glass is half full, not half empty. The economy generally is improving, Interest Rates are historically low, these are all plusses for the housing industry, and reflected in the housing stocks like a weyerhaeuser, a lumber company which is doing much better. Liz larry, whats interesting here is there is a reason that isnt that bad . Isnt that nefarious to use an s. A. T. Word, there are troubles over the past three months. Number one, lumber prices have spiked 22 , i believe since the start of the year. Now it stands at, well, the metric is per thousand board feet. Well say 39 cents a board foot. Up 22 . Prices are jumping and a posity of labor, people have moved jobs and need to come back to housing, does this hurt the housing number in a decent way . I look at housing numbers and they seem to plateau after a certain amount of time. Its hard to manage when that will happen. Looks like well continue to grow, the numbers are crunchy. Keep in mind, that Interest Rates are very, very low, and investors are looking to find now homes, expand homes, et cetera. I think this is a decade story thats in front of us. Its one of the stories thats going to happen very slowly, its not going to be very apparent until after the fact. Are you seeing any flows . We showed a lot of green on the screen when it came to housing related stocks, including materials. A lot of the big names are doing very nicely. I think theyre coming off the map right now. Thats one of the concerns. You look at lumber prices, they have been explosive, thats a trade war we had going with our neighbors to the north. Canada earlier in the year. The Trump Administration was tired of the canadians dumping the cheap lumber in the states. Thats change dramatically. Im not convinced the Housing Market is going to come back roaring and steaming anymore. I believe theres a lot of unsold inventory thats going to come back onto the market when prices hit a certain level. Theres a lot of properties that people are looking to dump as soon as the prices hit that level. Every upstart on the news sector its offset with that still continuing unsold inventory, though its not declared for sale, it comes on the market. Liz okay, gentlemen, thank you very much. We want to say that oil, we never ignore that, is now back above 47 a barrel. So that may certainly be helpful to oil related stocks. Thank you very much, teddy, larry, phil. Light sweet, 47. 18. Big companies are reporting earnings, call it in about 50 minutes. Top of the hour, david and melissa have complete analysis of American Express and alcoa, after the bell. Sometimes they move entire sectors. Stay tuned for that. Closing bell ringing in 47 minutes. Cisco and United HealthGroup Leading the dow 30. Unh hitting a 52week high after seven brokerages raise price targets on the Health Insurer to anywhere from 205 bucks to 235. And right now unh at 188. At any minute we expect to hear President Trump talk more about what cool things are made right here in america. Its the week hes focusing on and Business Leaders that make their products in the usa. Well bring it to you as soon as it happens. He may make comments about health care, tax reform, and firmed up a plan for extensive economic talks in china back when he met with president xi jinping in april in maralago. Those talk set into motion got officially under way today with tension thick in the air. Former assistant secretary of state bob hormats on the first thing we should be asking from china, and if we can learn anything from our biggest trading partner . Countdown coming right back. Your Insurance Company wont replace the full value of your totaled new car. The guy says you picked the wrong insurance plan. No, i picked the wrong Insurance Company. With Liberty Mutual new car replacement™, you wont have to worry about replacing your car because youll get the full value back including depreciation. Switch and you could save 782 on home and auto insurance. Call for a free quote today. Liberty stands with you™. Liberty mutual insurance. Im the one clocking in. When youre clocking out. Sensing your every move and automatically adjusting to help you stay effortlessly comfortable. There. I can even warm these to help you fall asleep faster. Does your bed do that . Oh. I dont actually talk. Though im smart enough to. Im the new sleep number 360 smart bed. Lets meet at a sleep number store. Accounts for nearly 50 of the u. S. Goods trade deficit. If this were just the natural product of free market forces, we could understand it, but its not. Liz quite the opening line from commerce secretary wilbur ross, who this morning came out swinging as he welcomed chinas vice premiere wang yang to washington, d. C. Team rossmnuchin on the offense when it came to the u. S. And chinas trade gap. This as both the u. S. And china then canceled the News Conference that was scheduled for 5 00 p. M. This evening. Todays u. S. China economic dialogue following president xi jinpings visit to maralago in april where the president set the stage for whats happening today. What are the most critical points the two countries need to focus on to make it a fairer trade relationship because there is a huge trade deficit with china that they benefit from . Former assistant secretary of state and former Goldman Sachs vice chair bob hormats. Im sure that the chinese were like, check, please. Thats why we have the banner, check please, it was a tense moment, certainly, but some people are saying this secretary ross did just the right thing in a calm and measured way, he stated the big problem off the bat without tap dancing and that is that there is a very lopsided trade relationship between the u. S. And china that favors china heavily. Certainly theres a trade imbalance, china has a trade surplus than the United States. The question is what the reasons for that are, and the major reason is that china is a very competitive country. Thats i think a fundamental point we have to bear in mind. Are there things that the chinese do to give them added advantage . Do they provide support for state enterprises . Yes, they do. There are certain components to the relationship we have to work on, and i think thats what secretary ross is trying to get at. Liz let me push you here, bob, because right now we have a trade deficit, that means were on the bad end of this with china of 309 billion, and with us, theyve got a 22 billion surplus from the most recent numbers. Fine. Well get just as competitive as the chinese. The thing we have to bear in mind is the chinese have a big surplus in part because a lot of other asian goods produced elsewhere in asia moved into china because china is a competitive supplier. China is also, however, we ought to bear this in mind, Manufacturing Sector has over a period of time been losing people, too. They have been moving Companies Companies have been moving lowpriced products away from china, vietnam to bangladesh. Liz im not crying for the chinese. No, no, simply saying there is a process of shift going on here. Are there things we have to work on . Yes, indeed. Intellectual property protection. When i was there, other under secretaries of state in my job. Liz thats like pirating. What about taking the goods in the barriers that are sometimes hidden off of u. S. Made goods . There are things the chinese need to do to open it up. Working and pressing the chinese to open up in numerous areas, particularly for america hightechnology companies, theyre doing well in china. If you take individual companies, the big problem is not so much they encounter huge barriers in china to trade. Barriers are on the investment side, not so much on the trade side but the worry is over a period of time, chinas reserved seve areas of strategic importance for them and theyre going to be more competitive in the areas and resisting american sales. Liz on the screen are the top exporters. If you own apple or boeing or nvidia which makes graphic chips for all kinds of equipment, then is this a positive for them . Wilbur ross is putting up fisticuffs here. Depends how its done. American companies do not want a trade war with china. They want the United States to take assertive position, they have a big market in china for many of the companies you identified and many more, the china markets growing, its a mixed picture, its not all a negative picture. The big element is that china is very competitive, not just in lowwage products anymore, they used to be but those have shifted. Moving up the technology line. Liz let me bring up before we go, were running out of time. Jon huntsman, who was president obamas ambassador to china. Now President Trump floated him as his pick for russia ambassador to russia. You know jon huntsman. Very well would. He be a good person in this role . He would be excellent. Ambassador to singapore, ambassador to china before, he speaks fluent chinese, he doesnt know as much about russia, certainly not as much about china. He is a smart guy, very assertive. The real question is do the russians think the president is going to listen to him . The president has a lot of people around him. Is he going to listen to jon huntsman . John is a rational guy, he will push hard for americas interest and try to explain to trump how to deal with the russians on the basis of his knowledge and presence in moscow. Liz i will say jon huntsman was an early friend of fox business when other Business Networks were threatening ceos and leaders and governors, he tuned them out and came here in first, second, third, in the lean years, now of course were