What's Up on Wall Street - Brian Shactman, CNBC

Just shows this stock market and turn on a dime holy smokes. Before the break the mark was in good shape we're in positive territory now Dow down fourteen point would you do minutes ago your great and you get. On the time. That more than. Dow is down 23 points. As a V it's. 38 cents its flat NASDAQ down eight. Oil up one and sixteen year US still at one point 76 goals. That's up 2510 at 1573 -- -- millions of gold will be happy to hear it it's good news there. Hey I just as a warning that we have but in our -- -- not the segment for the one after we're gonna be joined by courts are now ski personally -- for awhile. Talking about Social Security. So I'd like to do June is invite our listeners to text their questions in anything you want to know about Social Security is fair game. Kurt is an expert in the field he worked for the department of Social Security for -- 35 years like that long time. And he used to be out there he was basically the spokesman in the regional spokesperson. For Social Security so he'll be joining us in the next segment so if you have a question I know people have questions about the taxation of Social Security your when to collect it and how does that work all that kind of thing if you have questions are text number 68680. Will be taking questions. Regarding social security and asking them -- courts are now right now however we're joined by Brian Shactman from CNBC Brian welcome to the show Daria Dolan. In morning they what -- we're hearing report. Reports that German manufacturing. Is shrinking at the fastest pace. In three years does that need to Germany was really the only thing keeping your out of recession does that mean Europe is going into recession. Well I did a great question that you can't just say one report and and and make a broad brush statement and technically receptionist. Two consecutive quarters of negative growth and they did show. Flacco and Euro -- and and and growth in -- our course and that's coaches strict orders to get there. I mean you're right I mean Germany is the only saying basically propping Europe up right now and so in the little -- as there is a problem but. Probably Karzai or doctor they still think it's Germany is going to eke out wrote it is the engine. Right now that that's -- in Europe -- it even if it's slowed down a little bit that they don't go -- but that doesn't change became Europe. The other party Europe Italy. Increased there -- mass. And you know every single that went in to move markets one way or the other. And it and ultimately I think that the European Central Bank in everywhere else -- brought up money at this that -- -- the -- that no collapsed but. I mean the people like -- -- increased early -- and you're going anyways so how do you get out of it. Keeping it all in fact it's a question minorities in answer. Well you know if they slip into recession. I guess the big concern that I have is how deep is the recession and how long does it last as this. What's the impact on America right -- and I doubt that at all that your listeners care about and I mean Europe as an all economy are much older than ours is. Very developed you have all these different countries different nationalities trying to come together as one economic unit is very propagated. I would say that out prolonged and deep recession in Europe is going to hurt the whole world will China. Exports of heart stops. You Europe that would hurt China so it'd be an Asian impact. And of course were close partners with so many countries in Europe right now the interesting thing is get people elect our colleague Jim Cramer who beat which imminent that the stock that would be a new the award -- breeder. -- US. Believe it or not and I do believe in globalization and I don't believe you indeed Koppel. And completely separate yourself from the economy it would have been well and that's where we've -- we can you woke a even when Europe's not doing OK so I mean -- our problem in the West Indies seat but the economy has held up relatively well. -- how bad it is in Europe. Now we what's the value of the Euro this morning oh yeah I think I looked at yesterday I saw maybe 127 summit that. Yeah I know where it went below 127 who went there in the. 125 I've shown on my Seattle. -- wayside NCAA it would here because they wanna be like popular. Since you're such -- -- white at 145 why isn't it up and part would equal dollar for dollar dollar -- are still. A lot of people think they're a lot there's more weakness come in the Euro and there's no doubt that is it figured -- like it's like oh -- to your low. Against the dollar there's no doubt that it didn't open it totally slightly today it's still under one when he sticks and then people listening basically you know it's been. You know -- is the 140. Right so it's been much much stronger a lot but it's again about a lot more. I remember when my daughter went to school there couple years ago for semester at the who's and about dollar 55%. That that that. You book your trip right -- -- -- -- come down to park I know Brian Brian Sullivan from CNBC said that he thought the Euro would end up at par with the Jonas -- So -- a lot of luck luckily you're note here. And you know that would be an interesting development and it's a long way to go at CNET significant percentage from nearby. Some people think that that's spare me now that -- polls call. But I'm not gonna get bright bright guy and there's no doubt that. The consensus from that you would carpet BBC -- in the Euro. Is going to get weaker and it knows it well obviously US dollar is stronger effect that -- that -- well it's not great for. Companies that do a lot of business overseas right a stronger dollar export goods more expensive. It's really good. Companies that are just US based in the -- the US. You know economy so I know I'm not in the business be any bets and -- so people that are probably too invested if you think that dark going to be stronger awhile. Even if it is the best out of a bad neighborhood. The companies that you're the best of the ones that are US spoke. Okay let me ask you there CNBC you read this morning is reporting that FaceBook. Is considering a change from the NASDAQ to the New York Stock Exchange is there any truth to that rumor. Well I mean I think that. I extinct but in the end they NYSE would be silly not to make you overture. And FaceBook would be silly not to at least -- and I think it's a little more complicated than the headline that think there's probably legal issues involved. And it obviously going to be lawsuit after the IPO which now I was starts -- it's somewhere between a mess and disaster. -- -- probably our current -- of boatload. I have a disaster. I mean there is some truth to it it was a it's not something like you can -- I don't like the Red Sox and more -- like Yankee just. Brought you achieve certain I knew what I think there's a lot to do it but yeah I think there's covers. Going and. Well guess we'd have to use to Follett. Are speaking up FaceBook have been asking everybody in my hands on. Is there any evidence that the shares are being propped up by the three lead underwriters Goldman Sachs JPMorgan Morgan Stanley. These companies have got to be feeling pressure from their clients. Yeah I would say that barrier and they want that was true but -- -- -- money to do it Merrill did well no there's no way -- do it that it wouldn't commit Becker capital we're talking 10000 million barely made. I know a lot of money but now like. Morgan Stanley didn't make them billion dollars up but he also they're not gonna. -- money. -- that might not be great investment -- -- I think everyone admits there's no doubt that they will in bots are but I did he is -- for five they don't have the money that the index or have. Buying in now you know they were probably had a spare right I mean let's face it the people who lost. Our institution debate reward in the -- and you me and the people listening where the body and it's 3840 and forty children so that. Gonna make people -- lost even more which is. Which into the top stingray or you know people marched into -- and -- And it is definitely a lot a lot of average Joes and and anyone that that FaceBook where it will be an entry back in the market is even more angry today. You know he shares are up 54 cents today and this is the first day in short shares right so -- Our Gary gets that's positive and in some respects listen I today. They -- great company it's in another million users worldwide that are that means you know in May appoint well with the -- -- I you have to separate those you end video integrates stocks -- a but just it was a good company doesn't mean it's gonna make a ton of money but you right now. -- all right well thank you very much for your time Bryant sure appreciate it. I'm so proud red border rate. That's used. -- all right and you that you're and you still Red Sox fan as soon. -- remember the party that Turkey but I do know that my stripes. All right are are just making sure thanks Albright. As Brian Shactman joining us from CN BCC Red Sox fans are everywhere and I want you to remember that.