there is a programmer now working for a big bank. when he entered the hackerrank contest he was working in a nail salon. >> if i'm wrong and jennifer lawrence shows up in a red leather outfit, i'll smell your socks, jane wells. >> i'm not smelling anybody's socks. have a great weekend. "closing bell" starts right now. >> thank you. hi, everybody. welcome to "closing bell." i'm kelly evans. a little devastated about serena williams' loss. >> some of us have tickets to tomorrow's women's final. >> what are you going to do now? >> watch two italians to beat it out to try to win the u.s. open tomorrow. won't that be fun? congratulations to both of them though. i'm bill griffeth at cnbc headquarters. i'll be doing "nightly business report" tonight. hope you can join us on pbs. goldman sachs saying the potential for oil to hit $20 a

barrel is becoming greater. we'll tell you the stocks that could benefit from oil falling that far. that's coming up in a moment here. >> a new report says walmart buyers are fighting back against increased fees. somebody says amazon is to blame for this. she'll explain why coming up. >> next week one of the most talked-about events in financial journalism, the september fed meeting. our buddy larry kudlow will join us to tell us why he does not think the fed should make a move just yet. >> looking forward to that. let's go to the oil pits first. jackie deangelis following the action on the back of this big goldman call. $20 a barrel. what impact is it having today? >> it had a big impact today we settled on the session $1.29 lower. $44.63 where wti finished. we were down 2.5% on the week. up still 4% on the month. this note today is part of the pressure.

goldman is saying oil is going to stay lower for longer. they are looking at $45 a barrel a year out when they were in the high $50s. it is not their base case and they do see potential to get this $20 oil price. >> i think the title of the piece we put out was searching for a new margin of adjustment. meaning there is a lot of uncertainty on what level will create the rebalancing in the market. it could be u.s. production. $40 a barrel which is where our base case has set is the levels at which you see a drop in drilling. we saw it today in terms of rig counts. >> and it really is interesting in terms how he broke this thesis out. there is a 50% chance to get to thes low levels. it comes back to a production story. he is worried about seeing storage spill.

the flip side of this, i talked to many analysts and traders who do not agree with the goldman call. the reason is we are seeing some encouraging signs production is starting to come down. you had the eia saying our numbers were coming down to 9.3 million barrels a day. we could see 8.8 million next year. this is a step in the right direction. there are those skeptical. they brought to my attention and reminded me of the time goldman called for $200 oil and we didn't see that. one final point because i know bill will love this. if we do get $20 oil, what that means for gas prices, $1.12 at the pump would be the national average. we haven't seen that since 2002. this could go either way. it's anybody's guess. >> that almost makes up for serena losing in the semis today. almost.

$1.12 would be a sight to behold. that's for sure. thanks. happy weekend. >> how should investors play the stock market if oil were in fact to go to $20 a barrel? dominic chu joining us with answers. >> i remember when i moved to the tri-state area in 1999 i paid under $1 in new jersey for gasoline. >> you've been here that long? >> i've been here that long, sad to say. let's talk about this goldman call. it's been the talk of the town. let's put it up there again. while it is not their base case, the potential for those oil prices to fall to such levels we estimate near $20 a barrel is becoming greater as storage continues to fill. not their base case. our investing team at cnbc pro took a look at other goldman analysis that goes into this suite of oil products and oil stocks. among the names goldman sachs analyst talk about are companies

that have a good part of their product costs contained around the price of oil. oil or oil-related products make up about 60% goldman analyst estimates of valspar goods sold related to oil or oil-related products. you take a look at stocks around it. we asked our data partners at kensho to look at stock within the s&p 500 that benefit the most on average when oil drops by 5% during the course of any given month. the airlines because it's a big part of their cost structure. average return for united continental 8% of that span. dollar general up 3%. there are plenty more as well as names that don't perform well.

again, if you are a cnbc proscriber go to cnbc.com/pro for subscribers and get the full story on that. back to you. >> let's get to our closing bell exchange for this friday. joining us, jim kohn, michael black and ben willis. is there a correlation between oil and equities these days? there seems to be some disagreement on that. >> you are not going to get a disagreement from me, which is rare. the fact of the matter is there is a direct correlation on a second by second. they tend to separate after major moves, if you will. take a look what happened in the chart today when the rig count was announced. what happened to crude and the dow jones and s&p. the charts were identical what they gave up. >> rig count went down by 10 and

what happened to prices after that? >> the price of crude dropped. it rallied and came off. if you follow the drop in oil, you can lay that over on the s&p chart and watch them come down. they are not connected minute to minute. as events in those markets take place, they are without a doubt connected. that just goes to the idea of asset class trading rather than fundamental trading. >> the other obvious connection for the stock market is what the fed does next week. you said they could raise by 1/8 point? >> the bond market is saying there is less than 28% probability that the fed is going to increase interest rates. i usually bet on what the bond market is saying. if you look at equity market analysts, 75% of them are predicting a rate hike. there is a little bit of a disconnect between what the bond market is telling us and bond traders are telling us. >> aren't you one of the talking

heads predict iing? >> i haven't told you what i thought yet. the point is someone is going to be wrong. i think the fed does raise rates. they send a sign to the economy and traders that 3.7% gdp growth, improving employment situation in the united states means the u.s. can't sustain a rate hike. i think that is going to be less than what the talking heads and pundits believe it's going to be. it will be more than what the bond market thinks it will be, which is nothing. >> if we had a 12 1/2 basis point rate hike, think what it would take to normalize interest rates again. >> it's going to be slow and steady. >> tell me about it. michael, you feel the sentiment is no matter what the fed does, markets will go loefrmt you are taking the other side of that trade, aren't you?

>> here's the thing. i'll take 12.5, 11.5. i don't think they are going. if you give janet yellen a shot of sodium pentithol, she would say, squawk, squawk. they are scared of causing volatility. they would have raised rates a year ago. they don't know what to do with themselves. the problem with the market here, there is a lot of money out there saying no matter what they do, we are going down if they raise rates, it will send credit and emerging markets into a tizzy. whether it's 12 1/2, a 25, 26. if they stand still, they are admitting things are bad, we don't know what we are doing.

we better sell stocks. the right thing to do would be for janet to imitate a chicken, not do anything then say we are not going to let anything bad happen. greenspan, bernanke, now i'm janet yellen here to save everyone's life. >> you are sounding hostile. i wonder how august was for you guys? >> august was fine. august was called you keep moving, you keep going. >> if you wanted to sit in janet yellen's chair and take this from her point of view. that key unemployment rate dropped. there are broader ways of measuring it. if you look at the working age labor report that, stopped increasing in march around the time conditions were tightening. she was talking about raising rates this year. they are going to look at a broader set of labor market health than just that one unemployment rate. >> you would think. let's talk about what labor statistics tell us. u-3 is going well. average hourly earnings were up.

what are these indicators? leaning indicators? lagging at best. they missed their chance. when you look at everything else going on around the world and how the fed affects everyone else, whether we like it or janet likes it or not, it affects everything. we have a problem here. we are slowing down. growth is slowing. they see that and know that. they say, well, you're right. they can't base things on a couple of numbers. >> do you think growth is slowing? >> we posted 3.7% in the second quarter. my guess is we are not going to see 3.7% growth in the fourth quarter. we might slow a little bit. i think there are a lot of people talking about all these horrible things that are happening in the world in china and europe. chinese government said they think they have enough to get growth above 6.5%. look at the chinese stock market. that may or may not tell us anything. it's retail traders out there that are acting more on what the

government says than fundamentals of the companies are. fundamentals don't look bad. they look good relative to where they are being valued. when i step back, i'm not as concerned about global growth as some of the other pundits might be. the u.s. is on track. if you look at the data out of germany and peripheral companies like ireland and spain, it's promising. take the noise away and fund pavementals of growth are stable. >> before we go, we had subdued trading today. beyond that, before next week's fed announcement thursday, we got three full trading days. do you expect the same trading, just this wait and see market until we know for sure what they are going to do or not? >> the market is janet yellen. it's uncertain. that is the point. we need the certainty of a call whether it's 1/8.

it's not a big deal. they used to adjust interest rates in 1/8s when i came into the business. until that moves, janet yellen by not raising rates will do a disservice and add to the volatility and uncertainty in this market that is not trading on fundamentals. the fundamentals are just fine, thank you. you should be looking at the russell and mid cap stocks. >> all right. thanks all of you. >> thanks, guys. >> i can't get the picture of janet yellen on sodium penithol out of my head now. >> dow is up 75 points now. it is moving higher. above 16,400 as the s&p adds four points. vix lower and nasdaq having a nice session. >> walmart suppliers are now fighting back against higher fees imposed by the retailer. someone says amazon could really be to blame for that. >> later, former wells fargo ceo

making the case for the fed to raise interest rates next week. he says no one is citing the reasons he is. at ally bank no branches equals great rates. it's a fact. kind of like mute buttons equal danger. ...that sound good? not being on this phone call sounds good. it's not muted. was that you jason? it was geoffrey! it was jason. it could've been brenda. so you're a small business expert from at&t? yeah, give me a problem and i've got the solution. well, we have 30 years of customer records. our cloud can keep them safe

and accessible anywhere. my drivers don't have time to fill out forms. tablets. keep it all digital. we're looking to double our deliveries. our fleet apps will find the fastest route. oh, and your boysenberry apple scones smell about done. ahh, you're good. i like to bake. add new business services with at&t and get up to $500 in total savings. at ally bank no branches equals great rates. it's a fact. kind of like shopping hungry equals overshopping.

my name is jamir dixon and i'm a locafor pg&e.rk fieldman most people in the community recognize the blue trucks as pg&e. my truck is something new... it's an 811 truck.

when you call 811, i come out to your house and i mark out our gas lines and our electric lines to make sure that you don't hit them when you're digging. 811 is a free service. i'm passionate about it because every time i go on the street i think about my own kids. they're the reason that i want to protect our community and our environment, and if me driving a that truck means that somebody gets to go home safer, then i'll drive it every day of the week. together, we're building a better california. welcome back. we have news on twitter. >> twitter investor chris sacca went on a rant. he says ask anyone who works at twitter and they will tell you jack is the leader that will take them to the next level. he goes on to say for months the board refused or been unable to

declare a permanent ceo. enough is enough, the board needs to act. they are running a process, yet there is only one person fit to run this company, jack. employees, users, advertisers and recruits all love jack. he is the heart and soul of twitter. he says the market knows jack has such strong teams at both square and twitter, he can run both companies. this is settled. it's time for the board to formalize the obvious. make jack ceo and focus on making twitter better than ever. twitter's board is only interested in hiring a full-time ceo one who can focus entirely on running twitter. jack dorsey is ceo of square which is headed towards an ipo. that could come as soon as the fourth quarter. if this is going to come about as chris sacca would like, the board would have to say they are okay with having a ceo run both twitter and square or jack

dorsey has to step down from his role running square which my sources tell me is not going to happen. dorsey said publically he is committed to remaining ceo of square. certainly a passionate rant here from chris sacca. >> this is fascinating that it's taken this long to get somebody. i happen to notice last night, dick costolo was tweeting about old movies. the guy's not doing anything right now. maybe bring him back for a while on an interim basis. >> dick costolo certainly stepped down from his role at twitter. twitter has hired an outside recruiting firm spencer stewart that is looking for people outside twitter, as well. within twitter the two obvious candidates are jack dorsey and adam bain. they've been talking to a wide range of people outside the company. none are at any serious point in terms of talks and interviews

with the board. twitter's board did say they are only interested hiring a full-time ceo. we'll have to see if they change their mind on that. >> julia, thank you. this is fascinating from a modern corporate governance story. can you think of any other recent examples of one executive being in so demand for two different companies he has to run them both at the same time? >> maybe along musk or steve jobs, right? when he was running pixar and apple. they made it clear they don't want to do that. something's got to give, clearly. >> so far it's twitter share price. >> according to reports, some walmart suppliers are lawyering up unhappy about new terms and agreements they say could potentially delay payment. >> walmart is telling cnbc the move is to get back to its everyday low pricing model. "we are looking at creating greater consistency to even out

the playing field across the suppliers. we've looked across the retail and other industries and believe that what we are doing here is what companies are doing in an effort to do great business." >> let's bring in joe feldman. and stacey, welcome both what do you think this is really about? >> i'm going to translate that for you and say there's wage hikes out there, health care costs coming up and walmart is under a ton of pressure. their operating margin was down 90 basis points last quarter. but the real problem here is amazon. they're feeling the heat. amazon is forcing walmart and other companies to step up and spend shareholder money to get in the game in terms of their e-commerce and pressuring profitability and pushing back on their suppliers to make up for it. that's the bottom line here. >> what do you think?

amazon, walmart for years has been squeezing costs out of their suppliers. now they are putting their costs going back up again. they are trying to impose it back on the suppliers. suppliers are finally fighting back. what do you make of that? >> they've been doing this the past six months or so. it's a phased approach. it's standard practice in retail. they are feeling pressure. though are competitive. they are going after e-commerce in bigger way. it's trying to make things more simple. any good retailer is going after suppliers. you hear that about all of them. bed bath, where the pressure is always there. amazon does the same thing. they are trying to pass on lower costs to the consumer. >> what does this tell us about walmart in this moment? yesterday we talked about the

dollar stores. maybe walmart was adapting better to today's environment. this makes you wonder whether they can do it. >> walmart's cleaning up their stores, investing in training and the experience and their stores. again that, comes with a cost. also again they have fallen behind in terms of investment online. they are trying to catch up. 20% of walmart customers are prime amazon customers. in order to increase that share for their current consumers, they need to spend the money to really be effective online. that is a work in progress and will pressure the bottom line. judge, wish we had more time to talk about this interesting story. joe, thank you, stacey, always good to see you. thank you for joining us here. >> we are heading to the close about. 37 minutes left in the trading session. dow is up 55 points.

it's been a very quiet, subdued day on this anniversary of 9/11 which impacted wall street greatly among other places. i think that's been felt in the stock market today. >> sure. we'll have more in just a bit. keeping an eye on five stocks that made big moves this week. one nearly doubling in value. a special report on that next. >> up next, cantor fitzgerald commemorating the 14th anniversary of 9/11 with a charity event that is raising millions of dollars. like your natural teeth.

but, when you eat tough food, the denture moves. oh no! this shouldn't happen. try fixodent plus adhesives. their superior hold helps your denture work more like natural teeth. and you can eat even tough food. fixodent. strong more like natural teeth. fixodent and forget it.

let's send to dominic chu. >> we've got shares of advanced micro devices. there are reports now coming out that microsoft may be interested in acquiring advanced micro. this is coming from a tech website called fudzilla. the interesting part, this story has been out for quite some time but gaining traction among trading desks. shares are well off their session highs. they were up by about 16% at one point. they had given a lot of those gains back. just color here, as well. this is perhaps not a new story. these rumors surfaced in the past. some traders are treating this with a grain of salt. this is the reason why. the news is the stock is up. it was up very big at one point. it's given up half those gains

but it's because of this particular report from a tech website. that's the reason why those shares are moving the way they are. back to you. >> appreciate it. >> cantor fitzgerald hosting its annual 9/11 charity day event. it raised millions of dollars since its inception. mary thompson joins us on the scene. >> reporter: cantor fitzgerald holding a remembrance of the 658 employees it lost on 9/11. this is the seventh charity day it has held. on these events, cantor fitzgerald gets a lot of help from star day traders. you can't see them, but behind me actor jake gyllenhaal is executing some trades. we had other luminaries including michael j. fox and whoopi goldberg and alex rodriguez. >> i made a lot of trades. i've been here previous years. i make a few calls but today really impressed me. some money has been changing

hands. >> i'm very aggressive. i've been trying to stay away from the red sox fans on the phones. brokers gave me great advice not to hang up the phone until the p.o. closed. >> when you look how much they raised worldwide after being hammered as hard as you can get hammered, they still got up and gave a damn about everything else in the world and said, you are not going to keep us down. i just wanted to be part of that grace. >> that grace helped to raise $110 million in the past charity days. they are looking to get that total number, over $120 million with today's results. of course, we'll have those later in the closing bell. back to you. >> many had the pleasure of participating in that day. it is a very, very well-run operation. well meaning. thank you very much. time for a cnbc news update with sue herera. >> here what's happening this

hour. federal government running up a much smaller budget deficit in august than a year ago, remaining on track to record the smallest annual deficit in eight years. the congressional budget office is forecasting the annual deficit will drop to $426 billion. that's a stronger economy brings in more tax revenue. >> authorities detaining two people for questioning in a series of freeway shootings that rattled phoenix. 11 cars have been shot at. eight with bullets and three with projectiles that could have been bbs or pellets. >> republican presidential candidate carly fiorina speaking at a chamber breakfast near phoenix. she said the political class failed america and voters are looking for leaders in different backgrounds. >> just a short while ago a stunning defeat at the u.s. open. roberta vinci defeating serena williams 2-6, 6-4, 6-4 to end williams' grand slam bid. the 43rd rank italian had never won a set off williams in four

previous meetings and was in her first grand slam semi final at age 32. that is the cnbc news update this hour. it was very interesting to have basically try to get the crowd on her side. a lot of them were on serena's side. >> history was going to be made tomorrow if she had won. not going to happen now. >> people do love an underdog story though. >> she rallied the crowd after serena exited the court. we'll see how she does in her next match. i'll see you on "nightly business report," bill. >> i look forward to that. >> me, too. >> i'll get out of the way. >> you can stay right there. >> 30 minutes to go until the close. dow up 49 points. s&p up two. russell up about one point. tepid trading. then you have signs like the transports doing better. biotech having a good week. >> wonder what i could get for

my u.s. open ticket. >> we'll find out for you. >> a leading trader will tell us what he is watching in the most important last half hour of the day. >> larry kudlow believes the fed should not raise rates. i'm here at the td ameritrade trader offices.

ahh... 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 that 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... what's up, tim? for all the confidence you need. td ameritrade. you got this.

less than 30 minutes to go to close out the trading week. now that tennis is over, will volume pick up here? >> probably not. we probably won't see great spikes until thursday afternoon when they make the announcement out of fomc. since we started to sell off august 20th, we had 11 out of 15 sessions were plus 1% or minus 1% or greater. yesterday and today we started to smooth out that volatility. what that tells me, there is a lot of indecisiveness and uncertainty. if you took bets on the street whether they will raise or not raise, it's probably 50/50. >> on thursday, what do you think the environment will be like? >> i think thursday for most of the day until they make that decision at 2:00 will be dead.

we're starting to see that. once the announcement is made, bets will have to be unwound, bets will be placed. it will probably be wild. >> finally china, greece, oil, the number of things throwing off this market. >> i'm watching what the dollar is doing against emerging markets. they are under siege right now. they maybe running out of reserves. that's the thing the fed will be watching outside the u.s. make r macro data. >> let's talk about this highly anticipated fed meeting. some investors are cautious ahead of it. larry kudlow says he is not expecting to see a rate hike just yet. larry joins us. let's be clear. you're not expecting them to raise rates or you don't think they should raise rates? >> i think i'll go both ways.

both on that. >> okay. >> i'm a hawk but i'm not a hawk right now. i think they are going to have to normalize. i get that. you can't be at zero forever. >> who would be hurt by a rate hike right now? what damage would it do? >> you can intensify deflation. china hasn't bottomed yet. if you look at the treasury break-even inflation spreads, they are narrowing. commodity index is falling. gold and oil falling. the dollar is strong. you just heard from the gentleman before how strong it is against the foreign currencies. these are not bad things. i'm not describing a catastrophe. i'm just saying hang on. just wait a little bit. import prices came in, year on year down 11%, 10%. just wait. have some patience. that's all i'm saying. >> larry, while we have you.

yesterday on "squawk on the street" we asked ge's immelt about doing business in your state of connecticut. >> are you fed up with connecticut? >> i think we are a high tech exporter. we want to be looking forward to a place that is going to be supportive of where the company is going. >> what is that place? there are a lot of us that live in connecticut. why you future is critical. >> we would never do anything like this carelessly or casually. we are intent being aligned with where we go. >> he went on to talk about where he wanted to go. it sounded like a place more like silicon valley or in austin, texas. what are you hearing about ge leaving connecticut after 40 years? >> a, i hear they're leaving. there is a lot of talk on the grapevine it could be atlanta, it could be dallas. i don't know for sure. i have no inside information.

jeff immelt is a businessman. connecticut just raised corporate taxes $500 million on another overall tax increase of $2 billion or more. the corporate rate in connecticut is 9%, okay? that's 42nd in the country. you don't want that? they've got the second highest property taxes. you don't want that. their head quarter taxes is 44th in the country. on top of that, the new corporate tax hike they put on is what they call combined reporting. that means now the company is being taxed on facilities that aren't in connecticut and have no physical presence in connecticut. it's like a worldwide tax. if you want to create jobs as mr. immelt suggested, and you want to prosper and invest, go to a low tax state that has a hospitable investment environment. connecticut turned out to be illinois or new york or new jersey. used to be a great state. now it's not.

people are leaving. by the way, one last point. don't give ge special deals. that is crony capitalism. >> you're talking to texas? >> i'm talking any place. i do not like these special targeted deals. give everybody in connecticut or elsewhere, give them lower tax rates across the board for large and small businesses. this idea of buying them off for another year or two and political support is wrong. slash the rates across the board. >> very good. you and i have known each other 25 years probably. you know where i'm going with this. you said the other day if richard blumenthal voted in favor of the iran deal would you run for the senate in connecticut. he voted yes. are you running for the senate in connecticut now? >> actually voted yes twice which is worse. he voted against the vote. i didn't say definitely, bill. i will say this.

i am exploring this intensely. i'm exploring this intense ly. i'll be honest with you, that's as far as i can say. i think this iranian thing is a national security disaster. i really mean that. second of all, mr. blumenthal who is a personal friend of mine, this is not personal, i've known dick a long time since we worked for moynihan, his policies are incorrect. he is a taxer, a spender, a regulator. he has added to the hostile business environment in connecticut. i have a policy disagreement with him. i'm exploring very intensely. >> you'll let us know when you decide? >> you probably will be the first to know. >> i was just going to say, give me a call. >> it may not be for a while. >> okay. got to hurry. tick tock, tick tock, you know? >> cut the national corporate tax rate. >> okay, okay, okay. see you later.

>> thank you. >> here we go. this is breaking some people's hearts. serena williams just lost at the u.s. open. it's having a big impact on ticket prices. cnbc.com senior editor at-large eric chemi joins us with details. what bath am i taking here? >> you're taking a huge bath. i don't know if you are going to go to the match. >> my wife tells me we are still going. going to be a nice day. >> you are not going to get much if you try to sell these tickets now. just before the match started, the average price for a ticket in tomorrow's women's final was $1,400. the minimum price was $271. in the minutes after the match, they have been tanking. immediately when the match ended the average was $1,100, minimum $124. eight minutes later average $876. ten minutes after that, average

$679. talk about markets in turmoil. this is much worse than what was happening in china and greece. this market is falling apart. the cheapest ticket now $40. >> for people who don't know, tomorrow we were expecting history to be made. serena has won the three previous grand slam tournaments this year, if she won this one the fourth, it would be the first time since 1988 a woman has won the grand slam. steffi graf did it in '88 and she was expected to be there tomorrow. now all bets are off. >> but you'll still be there tomorrow. >> yes, i will. we'll watch those two young italian ladies duke it out for the u.s. open title. how nice for them. thank you, eric. >> at least it's not going to be a crummy day. it will be lovely. maybe you'll see a great match. >> yeah. the food is terrific at the center there. >> pricey though. >> so are tickets, or they used

to be. >> let's see if the food prices drop. that would be a real win. >> 17 minutes left in the trading session. here with the dow up 50 points right now. >> u.s. crude nearing multiyear lows. capacity could be a risk. at ally bank no branches equals great rates. it's a fact. kind of like mute buttons equal danger. ...that sound good? not being on this phone call sounds good. it's not muted. was that you jason? it was geoffrey! it was jason. it could've been brenda. i built my business with passion. but i keep it growing by making every dollar count. that's why i have the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy for my studio. ♪ and that unlimited 2% cash back from spark means thousands of dollars each year going back into my business... that's huge for my bottom line.

what's in your wallet? hi mi'm raph. tom. my name is anne. i'm one of the real live attorneys you can talk to through legalzoom. don't let unanswered legal questions hold you up, because we're here, we're here, and we've got your back. legalzoom. legal help is here.

no student's ever been the king of the campus on day one. but you're armed with a roomy new jansport backpack, a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger. that's what we call that new gear feeling. you left this on the bus... get it at the place with the experts to get you the right gear. office depot officemax. gear up for school. gear up for great. at ally bank no branches equals great rates. it's a fact. kind of like shopping hungry equals overshopping.

mary thompson joins with us a very special celebrity day trader. >> that's right. this is how you wrap up a great day. talking to victor cruz from the new york giants. so nice to see you. how are you feeling, healthy? >> doing well. feeling good. ready to start the season sunday night against dallas. >> that's right. what are you watching for against dallas? >> it's going to be fun. dallas is always a good game. we'll look to see how we match up against them. we are excited to see how it goes. >> a lot of offseason has been focused on deflate gate. do you think the judge made the right decision? >> i think so. i haven't followed it too closely because i feel like it's taken away from the game. i guess the judge had enough evidence to overturn the ruling

and i'm happy tom brady was out there and got a victory for his team. >> i am too. i'm a patriots fan. you are here for the victor cruz foundation. tell us what you do? >> the victor cruz foundation is stem programming, science technology, engineering and math and getting kids acclimated in those areas in a hands-on way, with fun things they wouldn't think as fun as the monotony of opening up your science book. learning those things in a hands-on fashion. >> a lot of people looking for good workers are happy you're in this field. they tell me those are the types of kids we need. thank you for doing that and thank you for stopping by to speak with us. >> my pleasure. >> here with victor cruz of the new york giants. lucky day for me. back to you guys. >> thank you so much. we'll see with you a wrap-up of that day on the trading floor over there in just a bit. >> the annual fall refinery maintenance season is behind us.

>> they did have unexpected maintenance issues here in august at the whiting refinery behind me which is run by bp. they managed to get hold of those. they are back up and running. what they have and we are talking about today is a long scheduled maintenance period. it's scheduled late they are month of september into october where they shut down part of the refining operations to make necessary repairs. take a look at a quick map for me. in the midwest, we'll have a focal point in terms of this maintenance season. can happen any time. often occurs in the third quarter. you can see ponca city, oklahoma, coffeyville, kansas, elsewhere we'll see this maintenance. why do we care? this will affect crude prices.

some of the biggest fires of crude oil in the country are these refiners who turn it into auto fuel, jet fuel and so on. we have about 18 billion refining capacity on an average day. about 2 million of that is expected to go down on or around october 1st, which is about 11% of our daily capacity. if that causes a less demand for crude, that could be a further leg down in crude prices. good news may be auto fuel not expected to rise sharply. it's at a multimonth low. people have been able to prepare for this. they don't expect a big hit for consumers. >> the operative word was down.

this fed rate hike might have to be delayed. as you heard from traders here, people waiting to see what they do. dow drifting higher to the tune of 54 points. art cashin said there is 400 million to buy on the close. s&p up three, nasdaq 15. >> when we come dakota, david darst returned from burning man and will join us. ♪ [music] defiance is in our bones. new citracal pearls. delicious berries and cream. soft, chewable, calcium plus vitamin d. only from citracal.

if an electric toothbrush was going to clean better than a manual. he said sure... but don't get just any one. get one inspired by dentists. with a round brush head. go pro with oral-b. oral-b's rounded brush head cups your teeth to break up plaque, and rotates to sweep it away. and oral-b delivers a clinically proven superior clean vs. sonicare diamond clean. my mouth feels super clean. oral-b. know you're getting a superior clean. i'm never going back to a manual brush.

dow up 60 points. if it's friday, david darst is here. am i allowed to say straight out of "burning man?" it was two days. the art, the people, it's an amazing experience. this is my 14th consecutive year. >> any perspective on these markets, on the fed raising interest rates or not? >> let me contemplate. the federal reserve's action is really, if we think about this until academic year analogy, the federal reserve is the midterm. the final exam is profits and china.

are they going to stimulate with a fiscal package? that's what the market wants. that's the manna from heaven. we've got to see profits. five, six weeks we'll start to hear corporate earnings reports and the outlook for the rest of the year. the markets held up well in spite of that mid drop in consumer sentiment. it fell way down. in spite of the chinese export and import numbers and the producer price index. that having been said, janet yellen looks carefully at the job openings. they're up 8%. 18-year high. that is a very strong number. average hourly earnings doing pretty well. you have the new jobless claims. 27 weeks below 300,000. >> do you think they are going to go next week on thursday? >> i'd like to see them now.

>> we'll come back with the closing countdown in a moment. >> exactly. stay tuned.

♪ no student's ever been the king of the campus on day one. but you're armed with a roomy new jansport backpack, a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger. that's what we call that new gear feeling. you left this on the bus... get it at the place with the experts to get you the right gear. office depot officemax. gear up for school. gear up for great. big day? ah, the usual. moved some new cars. hauled a bunch of steel. kept the supermarket shelves stocked. made sure everyone got their latest gadgets. what's up for the next shift? ah, nothing much. just keeping the lights on. (laugh) nice. doing the big things that move an economy. see you tomorrow, mac.

see you tomorrow, sam. just another day at norfolk southern. so you're a small business expert from at&t? yeah, give me a problem and i've got the solution. well, we have 30 years of customer records. our cloud can keep them safe and accessible anywhere. my drivers don't have time to fill out forms. tablets. keep it all digital. we're looking to double our deliveries. our fleet apps will find the fastest route. oh, and your boysenberry apple scones smell about done. ahh, you're good. i like to bake. add new business services with at&t and get up to $500 in total savings. quick recap of this week. positive after the debacle last week when we entered the second biggest down week for the year. dow up 1.9%.

nasdaq up 2.8%. crude oil went the other direction. down 2.7% for this week. courtney reagan is with me along with david darst. expectation is for a quiet market until next thursday. >> we'll see. china has a couple of data points coming out on sunday. that's proven to shake us down a little bit going into the week. fed or no fed. the volatility is interesting. we know volatility helps investors and traders make money. i think going into the weekend, traders are wondering which side of the volatility they should be on. >> there are certain stocks you liked, has any of that changed as a result of the volatility this last month? >> i think you want to go with china. china is a restructuring story. they are a valuation story. they are an asset allocation shift story. stay with japan. get japan on this sell-off because of the china instability right now. buy japan and you can add to

europe. stay with those two. >> very good. thank you. have a good weekend. a lot more coming your way. the second hour of "closing bell" with kelly evans and company. thank you, bill. here is how we are finishing up the session. dow going out with a gain of almost 100 points. looks like it's up 99 on the bell. s&p adding 8.5 or so. transports having a nice session. nasdaq about 0.5%. this in spite of a drop of crude oil. volume a little on the lighter side as everybody waits the federal reserve's interest rate decision next week. we'll keep an eye on treasury rates. let's talk to the panel about

what to expect. we have evan newmark here and mike santoli and tim seymour. mike, let me start with you. looks like it is 100-point gain on the dow as things settle out. is that significant? >> i think it's significant in the sense it was only 100 points. it was a relatively calm day with nothing much going on. low news flow. the market has compressed into this range. it's welcome the market took the opportunity to have not much going on. >> what about you? welcome. what parts of the market looked most attractive and what don't? >> i think it's still a valuation story in the united states. chop tends to happen around inflection points. the biggest point is not china. the chinese slowdown has to be one of the oldest news stories on the books. the inflection point is the fed,

whether or not they go next week. the market is shopping around that. valuations in the united states look stretched. we look at europe still. we like japan as a distant second. >> you say this all comes down to what the federal reserve does? it's not china or greece. >> i don't care what the fed is going to do. you know. nobody will remember what the fed does. reality is, it doesn't matter. >> i agree 25 basis points is totally irrelevant right now. to say we'll look back and say

it didn't matter, the fed itself has anxiety. liquidity factors in the treasury market make the fed concerned about raising from an economic perspective, insignificant. >> this is a global qe world. look what the europeans started in january. europeans are going to be on quantitative easing. the chinese are beginning to stimulate. we'll be the first out. bank of england will let us go first. i think you are going from a balance sheet -- >> sorry to interrupt. if you go back to companies, profits, economic growth, look at -- the world is awash with liquidity. i think if you look and take a longer time horizon and you assume that the fed has to normalize rates over some period of time, focus on companies, focus on earnings.

>> profits is what david tepper was talking about a couple of days ago. he said he is not sure we can meet these expectations and expectations are coming down here. >> that would make a fed rate hike unusual next week. it would be unusual to come at a time of declining profits. there is a general feeling the cycle progressed so far by the time the fed starts, we are not sure how it behaves. those profits with i'll have time to rehabilitate themselves. >> the qe program ended last fall. the fed has no engine. they have no ability to affect monetary policy than a few speeches. >> the fed? >> as an institution, they want to affect monetary policy through fed funds rate. i do believe the path of future rates will be shallow and will be gradual.

they want to get it done so they can directly influence monetary policy. as an institution, if they don't get a good reason to not do it, they are inclined to do it. >> is that a fair point, tim? economists said they are not sure they can raise rates. they will try to drain liquidity from reserves of the system. >> the fed has more tools in the tool box than anybody in the broader sense. i think they are going to target probably the discount rate will be the most important thing. when we talk about the fed, as much as i agree maybe in the cycle in terms of valuations and corporate profits it's a challenging time. the fed is focused on employment and inflation.

i think they are the two things they care about. they are not going to necessarily be concerned by earnings season or the s&p's valuation. i don't think that's what they are playing for. >> at least right now. let's hold it there for a moment and get a week-end review and preview with dominic chu. not a bad week. >> not a bad week if you are on the bullish side of things. they seem to have stabilized for the time being. let's take a look at top stocks. it starts with the best performer the dow, unitedhealth care shares led the index higher this week. that on the back of positive sales expectations driven by improving health benefits and continued strength from that side of the business. analysts at morgan stanley forecast double-digit sales growth for the next two years. morgan stanley predicts the stock could trade at $140 a share. about 19% higher where it is right now over the course of the next 12 months. freeport-mcmoran shares leading the way higher in the s&p 500.

the company rallied on reports they hired jpmorgan to help review its strategy as carl icahn built an 8% p stake in the firm. analyst predict a split on the business on the horizon based on the 12-month target price. analysts believe freeport could climb 69% from these levels. finally, the best performing stock in the nasdaq, liberty global, cable stock focused on latin america. caribbean rebounded from a recent low as investors shopped for bargains. analysts believe the stock could rise about 35% on solid financial results and m&a. offset by potential continued weakness in the chinian peso. you can get more on all these stories and other stocks to watch in the coming weeks 0 logging on to cnbc.com/pro.

>> the best week since march 20th. >> it doesn't feel that way because the markets have two phases. one is for the first part of the year was bouncing around. talking s&p 500. somewhere between 2050, 2150, that range. a couple of weeks ago it dropped to 1950. it's been 1950. it's not super exciting in terms of a lot of, the volatility has been rangebound. >> we haven't had bond yields rallying massively. there is a risk we could see stock and bond prices fall. >> that is an inflection point. the fed is going to go 25 to 50. probably have a toss of a coin whether it's next week or in october. i don't know that the rate will be important as future path. right now globally diversified is probably the way you want to be. i still think not from a fixed income perspective and japan

from equity perogative and global you want to be strategic in fixed income. >> the consumer sentiment report this morning was bad. it fell, it was a preliminary reading to 85. it's one of the lower readings we've seen. >> i think it was your fault. >> that's what i'm saying. >> i think there are secondary effects from the media, china, the collapse of china. the collapse of greece. >> you would stop me and say what matters is gasoline prices. >> gas is relatively cheap for quite some time now. it's not like they suddenly went from $3.50 down to $2.50. >> you look at components in the consumer confidence number that did fall away, will i have a secure retirement? there are questions related to the market. >> i think it really is your fault. i hate to blame it on you,

kelly. >> what we know is this week maybe means a rebound. if the fed is looking at gauges of the labor market, and expectations play into that, we just had a great report separately on confidence where people for the first time said jobs were more plentiful versus harder to get than the last report. is it enough to give them pause? >> handicapping the fed forward next week is challenging. i think they go in september and october. i pray they go in september and october. if you look at the wage growth we got, it was very important. if you look at the weekly series, the best numbers since 2006 in terms of wage gains. the fed has plenty of data and ammunition to say it's time to get moving. we are indifferent on corporate profits right now. we care whether there is volatility in markets. i think they are going to be focused on their core mandate.

that's what we have here. as we look at equities, we had 45 billion in equities the past four weeks. sentiment is so poor. it sets you up for relief next week. >> tim before we have to go. keith liss asked what was the most telling thing? he said u.s. dollar against emerging markets. what do you expect to happen there? >> when you are getting front page "journal" articles, everybody is talking about brazil's downgrade. em will be the first to rally when the fed starts to hike. in terms of what we see out of emerging markets in the next six to nine months, it's not going to get easier overnight. em currencies will be weaker than they were.

>> tim seymour with the "fast money" crew and steve wood, thanks, as well. 5:00 p.m., the four stocks under $5 that could soon double. >> prominent twitter investor making a late-day post for a new ceo. >> tech ipos falling to a seven-year low. why is silicon valley avoiding wall street? >> meet two of the entrepreneurs bringing the fast-growing medical marijuana business to new york.

♪ i built my business with passion. but i keep it growing by making every dollar count. that's why i have the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy for my studio. ♪ and that unlimited 2% cash back from spark means thousands of dollars each year going back into my business... that's huge for my bottom line. what's in your wallet?

everyone is looking for ways while to cut expenses.s unique, and that's where pg&e's online business energy checkup tool can really help. you can use it to track your actual energy use. find rebates that make equipment upgrades more affordable. even develop a customized energy plan for your company. think of it as a way to take more control over your operating costs. and yet another energy saving opportunity from pg&e. find new ways to save energy and money with pg&e's business energy check-up.

another week goes by with no permanent ceo in sight for twitter and one major investor is not being shy with his opinion on this issue. julia boorstin has those details and tweets for us now. >> twitter investor chris sacca went on a ten-tweet rant in favor of jack dorsey becoming twitter's next permanent ceo. taking aim at twitter's board writing for months the board refused or unable to did he claire a permanent ceo. enough is enough. the board needs to act. they are running a process. there is only one person fit to run this company, jack. he has the full support of the key players at twitter and its

largest investors. the market knows jack has set such strong seems at square and twitter he could run both companies. this is settled. what is not settled is whether twitter's board believes that jack dorsey can run both companies. in june twitter's board said they would only consider candidates in a position to make a full time commitment to twitter. jack dorsey is committed to remaining ceo of square which is headed to a ipo soon as the fourth quarter. the board has to reverse its stance. i reached out to twitter, but they have not responded to my request for comment. >> thank you, julia boorstin. the number of companies with billion dollar valuations skyrocketed. they've been hitting a seven-year low. john elton is here. welcome to you. >> thank you. >> is there a massive valuation

gap between what private companies and public ones are commanding here? >> there is public market sobriety and private market drunkenness. private companies have been able to range large rounds at lofty valuations. then you look at the public market and you see great companies, terrific management team, interesting product growing quickly at fairly depressed valations on historical basis. >> exactly. if markets are efficient, big if, maybe, how can this persist? >> i don't think it can. i am very bullish overall. we continue to invest in up and down markets. there's great companies that have been built. dell was built in the worst pc recession. we continue to invest. they are going to be great companies. we are already seeing fractures where, especially where there is a public market sister company to a private company and the

public market company declines a lot. the later stage growth rounds are are declining on it. the ones that don't have a public crystal clear comp like uber, airbnb with unlimited upside, they are commanding huge, lofty valuations. >> how does the shakeout happen here? have many companies missed their window? what happens then in the private market? >> the joke is the new down round is the ipo. as that continues, as you see more of that, i think that will send shoulders through the private market. i think the private companies with tremendous burn rates, $5 million to $10 million a month, as those start to struggle to raise big rounds, that will start to unfold some of this.

>> isn't there a technical aspect to this? by that i mean there have been a lot of vcs, a lot of private equities, they raised a lot of capital. they have to put the money to work. the public markets, nobody has to put the money to work. there are lots of alternative investments. if if you are running a vc firm and you've been told your mandate is invest in the next twitter and maybe twitter two comes along, you're going to put your money in regardless of valuation. >> venture is about outside returns, the unicorns. if you are in one of those almost at any valuation, it works very well. it's not completely crazy what people are doing. the reason for people going public is liquidity. the beauty of the current private markets is with these multihundred dollar rounds, you can afford the company's liquidity. the reason to go public has declined, especially with all the scrutiny in the public market. >> all three of you have been

through the last cycle. compare this one to that one. is this just an indication we are in the late stages of it? if it continues there could be real dislocations ahead? what's the context here? >> i don't think it will be that bad. i think contrast this to the last tech bubble around the year 2000, tech, we were the cause of that bubble. it was very difficult the proceeding three, four years after that. in 2008, tech did okay after that. i don't think we are the main cause of the loftiness right now. there are a lot of great companies growing at unprecedented rates. >> it's going to take uber ipo to get a $25 million valuation. >> thank you. >> thanks for having me.

will the fed -- i can't ask it -- raise interest rates? former wells fargo ceo says janet yellen and company should, quote, just do it. he'll explain why coming up. >> the first medical marijuana shops will open in new york in january. up next, we'll meet some of the entrepreneurs cashing in on this red-hot business. like your natural teeth.

but, when you eat tough food, the denture moves. oh no! this shouldn't happen. try fixodent plus adhesives. their superior hold helps your denture work more like natural teeth. and you can eat even tough food. fixodent. strong more like natural teeth. fixodent and forget it. medical marijuana is making its way to new york in 2016.

is that union square, kate? >> we are standing in union square. in a few months in january, columbia care is going to be opening up one of the city's first medicinal marijuana dispensaries. it's one of the five companies awarded a license from new york state to open up one manufacturing facility and four dispensaries across the state. there are 43 companies that applied for that right. columbia care's ceo formerly worked in finance at goldman sachs. he says the company is trying to legitimize the conversation around medicinal marijuana and its uses. >> we want to focus on the discussions around closing, around efficacy and the medical use of marijuana rather than the political aspects of a recreation ideal adult use decision process. >> so far 23 states in washington, d.c. have legalized the drug for medicinal purposes.

these applicants had to pay a lot of money just to apply. they had to pay $10,000 fee to apply for the licensees. a refundable fee of $200,000 that got returned if they didn't make the cut. back to you. >> kate, are you allowed to smoke the medical marijuana or does it have to be ingested in a different way? >> it has to be ingested in a different way. the compassionate care act in new york is one of the most restrictive around the country. you can ingest it in liquid form or pill form but you can't smoke it or use edibles. >> i like the serious, you know, very earnest demeanor of the ceo of columbia care. give me a break. the only way you make money if you have a foot in the door when it goes from medical marijuana to broader commercialization. that's the only way to make real

money. >> do you support this generally? >> you know what? i was in amsterdam a few weeks ago? seems to work okay there. i think the u.s. could probably handle it. >> i think it makes much more sense if somebody were centrally figuring this out to decriminalize it on an enforcement basis. stop putting people in jail for it and fill out if it should be legally endorsed. >> i know people who take medical marijuana for real medical reasons. i'm all for it. i buy it, et cetera. when you start move into opening a melodies pencedispensary in u square -- >> do you think they should legitimize it like colorado? >> i tend to lean libertarian. >> i would just note columbia care exited one of the states it was awarded a license in because they were getting too close to the recreational usage.

they are sticking to the medicinal usages here in new york. they are not trying to mix the two at this point. >> at least for the time being. thank you so much. time for a cnbc news update with sue herera. >> here what's happening. the new york police department releasing surveillance video of the arrest of former tennis star james blake. that incident took place on wednesday outside the grand hyatt hotel in new york city in which blake was taken down by a police officer in a case of mistaken identity. the nypd has apologized to blake for that incident. >> jack lew urging china to show it's committed to opening its economy to more foreign investment. >> the state department says it will continue diplomatic talks with venezuela. they are aimed improving ties in

spite of u.s. concerns over opposition leader leopold lopez. he was sentenced to 13 years in prison on charges inciting anti-government protests in 2013. 3,000 people protesting in madrid against uber. around 200 taxi drivers participating in that protest. called on the transportation ministry to protect their rights. >> you're up-to-date. that is the cnbc news update. have a great weekend. >> sue, thank you. raise rates now. that is what rick kovacevich says they should do. but you'rey new jansport backpack, a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger.

that's what we call that new gear feeling. you left this on the bus... get it at the place with the experts to get you the right gear. office depot officemax. gear up for school. gear up for great. sup jj? working hard? here at the td ameritrade trader group, they work all the time. working 24/7 on mobile trader, rated #1 trading app in the app store. it lets you trade stocks, options, futures... even advanced orders. and it offers more charts than a lot of the other

competitors do in desktop. you work so late. i guess you don't see your family very much? i see them all the time. did you finish your derivative pricing model, honey? for all the confidence you need. td ameritrade. you got this.

welcome back. the dow settled up 102 points. 2% gains for the week, the best since the spring for the major averages. s&p adding 0.5%. this was after crude dropped 2.5% again today. that was previously a head wind for stocks. the suspense is building whether the fed will or will not raise

rates next week. my next guest says do it. dick, why do you think they should do it? >> it's much to do about nothing. it's only a 0.25%. the fed signalled they are going to raise rates some time this year. if they didn't do that, i think it would be disastrous for the confidence people would have in our economy. so do it now. everything is aligned. the market expects it some time. it will be accepted because it's not a big deal. if you remember the anxiety and concerned about qe-3, it was a big yawn. it will be a big yawn this time. >> do you think -- you say they should and set the stage for this. do you think that in a few days they will pull that trigger? >> i don't think so. they are way too cautious about

things. they worry about too many things. think of the big picture here. at 0.25%, this is a massively accommodating monetary policy. the largest, for the longest period of time in our history. the real reason they should raise rates is, i think, all of their metrics they said were important to raising rates have been reached except one. certainly unemployment rate is lower than they said. there is low risk of recession. the only rate they haven't reached is the inflation rate. i don't think it's ever going to reach 2%. this is too much unused capacity around the world. i think if it were 2% today, our economy would be worse. when you think they made all the consumer's savings accounts

worthless at 0%, the retired people on fixed income are earning 0%. yet with low inflation and low income gains, the consumer had positive personal income. they are spending it. if we had 2% inflation, they would not have any discretionary income to spend. i think they need to move now. if they don't, it will be bad for the economy. >> do you think people on the fed are affected by these public pronouncements, by the world bank, by larry summers, by these economists at goldman sachs, do you think they go by the data or focused on public perception? >> i think they are focused on public perception. the fed is very, very political. you have to worry about some of these people making comments. where is their book? are are they going to have an advantage and make more money if

interest rates stay low? i would be careful listening to these people. get to the big picture. this makes no difference. if you don't raise rates, you are signaling you have no confidence in the continued economic growth of our economy. that would be a disaster. >> one thing that troubles me about the rhetoric here, when people say it's not a big deal to get off zero, it's all relative. conditions are getting tighter or looser. conditions have clearly been getting tighter since the fed stopped qe. that is having an impact across financial markets and maybe the real economy if they raise rates even in a small way. that is only going to exacerbate this, won't it? >> no. the reason the market is getting tighter because the market expects they will raise rates because they should. they reached their metrics. how can you have a zero fed funds rate with 5.5% unemployment rate? it makes no sense. it is massively accommodating.

>> just to drill into that idea the market has been expecting this, the market implied measures of what the market thinks the fed funds rate will be in a month or so don't say they are set up for it. i wonder if the fed's concerned about doing what they promised to do yet still coming as a surprise to the world markets. >> no. i think the market thinks the fed, because of all the things going on, won't do it even though it's well over 50% that it will be done some time this year. by the way, i think if you look at history, increasing interest rates in december is never a good idea. >> all right. dick, thank you. >> there is too much going on year end. >> yes. christmas. always good to get your perspective. have a great one. >> vice president joe biden, is he about to give hillary clinton a run for her money? chuck todd weighs in next.

>> why chipotle is giving investors a bad case of indigest today.

chipotle has been having a tough go. an ad warning about calories. the long-term growth story they say is intact. they were briefly in the red and finished higher by nearly 1%.

this isn't a name cheaply valued either. either one of these a bigger concern as far as you look at the stock? >> i think the contrary, the positive side. they will open up a couple of chipotles in union square next to that medical marijuana dispensary. >> the stock is somewhere between expensive and cheap. >> my son is a bit of a chipotle junkie. >> so is the closing bell team. >> i have trouble being objective about it. it's a phenomenally good story. like with all these growth stories, you're never sure whether the price of growth is baked in. >> they had pulled out of their restaurants because they were trying to find a better place to

source them from and that materially hit sales. >> because they are so big, they do have a problem with the supply chain and keeping their promise in terms of the kinds of ingredients they are going to use. we saw this with mcdonald's this week. cage-free eggs. there aren't enough to pump through these huge chains. >> there was a story about how wendy's wants to introduce blueberries or raspberries into its salad next summer and it takes three years to grow the fruit. they had to get enough suppliers to build out the infrastructure to supply their salads. >> buy farm land in maine for the blueberries. >> i like these stories about companies that don't just grow. i don't know if you remember country's best yogurt. >> no. >> that was the hottest stock in america probably in the mid '80s. the stock was unbelievable. it was up and two years later, the frozen yogurt chain was bankrupt. >> it was blackberries.

thank you, lisa. >> up next, "meet the press" moderator chuck todd joins us to talk about whether joe biden is about to enter the presidential race. ♪ ♪ (under loud music) this is the place. ♪ ♪ sustainable tea tree eir boil and kale...ade from you, my friend, recognize when a trend has reached critical mass. yes, when others focus on one thing, you see what's coming next. you see opportunity. that's what a type e* does. and so it begins. with e*trade's investing insights center, you can spot trends before they become trendy. e*trade. opportunity is everywhere.

i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i got a medicare supplement insurance plan.

[ male announcer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call now and find out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans, it could save you in out-of-pocket medical costs. call now to request your free decision guide. i've been with my doctor for 12 years. now i know i'll be able to stick with him. [ male announcer ] you'll be able to visit any doctor or hospital that accepts medicare patients. plus, there are no networks, and virtually no referrals needed. see why millions of people have already enrolled in the only medicare supplement insurance plans endorsed by aarp. don't wait. call now.

the threat of a government shutdown is back with the fight over the nuclear debail and debate over planned parenthood funding. chuck todd is following the story from washington. what is the percentage chance you give this of happening? >> well, depends on your definition of shutdown, number one. i think that when you have the presidential race, which is as topsy turvy and anti-establishments in the lead you have a growing furor of nonpolitical leadership, republicans, house conservatives that are upset with leadership starting to be upset. i think we are in a very combustible time. mitch mcconnell, while trying to stand pat and give a reality check to these conservatives who want to beat obama at something, whether it's planned parenthood or iran, he is trying to tell them it can't be done. i just don't think the base is going to accept this as an answer.

i think the percentage is 50/50. >> it sounds like this would be different because it doesn't come in conjunction with raising the debt ceiling which in the past has been much more of a serious shutdown, correct? >> true. but i think you have a very rambunctious base that feels as if, guess what? you told us if we gave you a republican senate, you would start delivering on some things and pushing back at obama, instead it feels like for the first nine months, nothing has changed. all you've done is acquiesce to obama. he's winning, you're losing. >> speaking of presidential politics. vice president joe biden was speaking out whether he will run for president next year on "the late show with stephen colbert" last night. >> i don't think any man or woman should run for president unless, number one, they know exactly why they would want to be president. and two, look at the folks out

there and say, i promise you you have my whole heart, my whole soul, my energy and my passion to do this. i'd be lying if i said that i knew i was there. >> that honesty so refreshing, chuck. i guess that's part of the appeal. does this message work? is it meant to be a message that works or is this just a guy telling us exactly how he feels right now? >> yeah. i have to say, i'm not going to play political pundit or cynic on this one. this is what i'm hearing behind the scenes. this is joe biden hoe is. he wears his heart on his sleeve. it's fascinating he is saying right now he is emotionally very sensitive and he doesn't want to run a campaign where he ends up breaking down every couple of days when he runs into a service member. i take him at his word that. did not sound like a guy with

the fire in the belly to do what it would take to defeat the clintons. that's what you've got to remember here. it's not just running for president, it's running against the clintons. that is a tough thing to do. >> it's evan newmark. if you are joe biden and whatever he said was totally earnest, why is it bad to just sit around and wait and see how things play out over the next three, four months? is that so bad given the timing of the democratic primaries? >> he doesn't have three or four months. some of these filing deadlines are earlier. if you are not on ballot, you can't get delegates in that state. the drop-dead date to compete on all the ballots is basically november 1, around there. even that is waiting too late. realistically, if he's not in by the end of this month, it's hard to put together the operation he needs to do. >> all eyes on him for the time being. chuck, thank you. >> you got it. see you sunday. >> tune in to "meet the press"

sunday. chuck will be joined by democratic candidate bernie sanders and republican candidate chris christie. that will be quite a show. >> next we'll talk to cantor fitzgerald ceo sean matthews about the big 9/11 charity day. >> and the big fed official tells us whether he'll see a rate hike next week. it's a fact. kind of like mute buttons equal danger. ...that sound good? not being on this phone call sounds good. it's not muted. was that you jason? it was geoffrey! it was jason. it could've been brenda.

no student's ever been the king of the campus on day one. but you're armed with a roomy new jansport backpack, a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger. that's what we call that new gear feeling. you left this on the bus... get it at the place with the experts to get you the right gear. office depot officemax. gear up for school. gear up for great. at ally bank no branches equals great rates. it's a fact. kind of like shopping hungry equals overshopping.

cantor fitzgerald holding its annual 9/11 charity day in honor of its lost colleagues. mary thompson has been on the frayeding floor and joins us to recap. everyone wants to know how much money did they raise? >> you'll have to wait a moment, kelly because first of all as you mentioned it was an update for the markets and an upbeat charity day at cantor fitzgerald where former pittsburgh steelers coach bill cowher swapped inside information and clients were persuaded to trade by the likes of former yankees coach joe torre, actor ed burns and supermodel wife christie turlington. lastly actor jake gyllenhaal was here causing clients and employees to swoon but not the markets. >> come on, man. that's all you've got? >> let's go 50,000 the same way.

>> 2 million. this one? >> do some trades. perfect. i love it. otherwise, they're going to kick me out of this place. >> i'll give you an inside tip on the steelers if you make this deal. you know what's your tip? don't bet on the steelers when they're playing new england. >> of course mr. cowher was referring to last night's loss by the pittsburgh steelers to the new england patriots. cantor fitzgerald the winner today as well, raising $12 million for its charities. kelly, back to you. >> great to hear, mary. thank you. now let's bring in cantor fitzgerald ceo shawn matthews. what was that total, shawn, when all was said and done? >> approximately $12 million. we just did a trade 30 seconds ago so we're still counting but approximately 12 million. >> are these all equity trades? >> no. across the entire firm fixed income equities. it was a great day and our partners and our employees did a great job. >> who was the best? don't be shy. who was the most effective? >> it's always hard to say who's

the best 3750 cent brought a lot of energy, walked in, started screaming, yelling. it was a lot of fun. everyone did a great job. everyone in their own way contributes to helping this be a great day for everyone. >> we also think about there's so much change in those 14 years. the reason i was asking if it's just stock trades because i'm thinking of another big broker dealer who said, you know, in 2000 they had 600 people on the phones doing cash equities and today they have 5. how much more evolution are we likely to see in terms of the business that actually gets done over the phone? >> well, the market's clearly changing. we're a high touch shop as well. so when you think about it, we are in the business of servicing our clients and helping their job become a little bit easier. so we're a high-touch firm. we still maintain that high-touch kind of perspective. and we think that's going to continue for the next 20, 30 years. you still need interpersonal relationships and trust as a dealer to really get business

done and that's what we do great. >> is that true, shawn, that it's still that important to have the human element involved? >> 100%. because there are some things that are incredibly liquid and you can trade them on a machine, it's not a problem. but that's a part of the universe. the other part of the universe is someone illiquid, too illiquid instruments. those things need trust, people to help facilitate transactions. that's where we shine and are great at. >> is it a back to the future moment as we have lots of people wondering about liquidity lately, whether it's the stock market gapping down 1,000 points recently or just some of the moves we're seeing perhaps facilitated by a lot of algorithmic trading. is it possible that the pendulum is now starting to swing back? >> well, there's certainly been a tremendous amount of volatility over the last couple weeks, especially in the equity market. and part of that's caused by the machines. part of it's caused by the algos. but this is reality. when we look at turns in the marketplace, there's always been significant kinds of shifts,

significant kinds of volatility. and this is just what we're going through. we haven't seen it in a while. so we're all saying this is new. it's actually not new. it may be aggressive and may be volatile but there are volatile periods of time for the last 100 years and you're going to see it for the next 100 years. >> we're thinking of the volumes today being a little on the lighter side as people wait for that fed decision thursday. could you guys have done more if there was just simply more people, if this was a fed day i can't imagine the kind of vol we'd be seeing. >> it would have been great. i think people are tired from the last couple weeks of high volatility. it's a friday. people are letting in a little sigh of relief and it was kind of a calm day but certainly it was still a great day for us. the people helped us raise money. the stars came out for us and certainly our employees did a great job, they worked incredibly hard to make sure it was a good day. >> what does this day personally, shawn, mean to you? >> it's a day when clearly it's

a tragedy that happened. the firm that we all work for as you look behind us, we decided that it made sense to come out and take a tragedy and make it something better. and we raise money every year that we donate to people in charities and that's something that is really good and it's something that really says a lot about the culture of the firm we work for. >> $100 million and counting. >> 125 million. >> 125 million and counting. shawn, thank you. >> thank you. >> that's shawn matthews. he's the ceo of cantor fitzgerald. guys? thoughts on that? thoughts on the week we've just been through? pretty decent one. everyone's waiting on thursday. >> everyone is waiting and it seems like the spring's getting compressed a little bit as we get toward that day. if the rules matter in terms of where people are positioned and where their heads are at i think we've seen enough outflows and enough tilting to the negative that almost any resolution thursday is at least an excuse

for a little bit of an up side try here. >> and then we get earnings season, evan. >> yeah. you know, it's going to be -- >> you're supposed to be excited about this. >> i'm very excited. i'm just on -- no. i think it's going to be interesting to see the rest of the year. because so far it's been a pretty flat year and a lot of the trades people are expecting, dollar parity against the euro, 113, that hasn't happened. oil did go down gave me an opportunity to buy some energy stocks. i'm hoping it goes down a little more. i'm thinking the year may end well. but it's not going to be the market was up 25% in the last three months. >> one thing to keep in mind i was thinking about this not to bring 9/11 back to the markets but the way that year unfolded there was already a bear market, market down like 20%. after the market reopened. and then you went up 20%. of course the fed came in but could you imagine anything more of an existential threat to investors, the country the

economy and the market will confound you when it's all leaning one way. >> i just echo that point which is you know, all the crises that we've been through what the fed's going to do, the collapse of china, greece, the ebola crisis, 9/11 blowing up the internet bubble, all those things. this stuff kind of pales in comparison. >> to that. to what happened then. >> of course. in the scheme of things we have to paut a lot of perspective on it. >> i'm still reflecting -- we've got to go -- but on the comments we heard from john elton earlier who was saying in 2008 it was tech which actually held up pretty well. he doesn't think this is a repeat of the dotcom era. but there are a lot of frothy and troubling signs still. >> there are but it would be a very strange market top if you never got the public celebration in terms of some kind of group raging to the up side in the public markets but we'll see.

>> could be energy. >> could be energy. geez. evan, we'll get an update on your energy names in a bit. in the meantime have a great weekend, everybody, and we'll see you next week. mike san toli evan newmark. that does it for thus week on "closing bell." we're going to hand it over to "fast money" which begins right now. the one moment really that could make or break your portfolio for the rest of the year. will the fed hike or will