governors speak? it's confusing. >> carol roth, stephanie link, thank you for joining us on "closing bell" today. markets anticipating what we will hear from the fed chair in a couple of seconds. let's get straight over to steve liesman with details now. >> fed chair janet yellen says it will likely be appropriate to raise the federal funds rate some time later this year. she says a rate hike delay could force an abrupt tightening of rates. here what is she says specifically and what's important here, she is associating herself with the idea hiking rates late they are year. she declined to do so at the press conference last week. "most of my colleagues and i anticipate it will likely be appropriate to raise the target range for federal funds rate some time later this year." last week she just said participants at fomc. she does say rate hike is depending on the economic data and could go either way.

they could go later or earlier if the data doesn't come in as they expect. it's prudent to tighten in a family fashion. rates should be boosted at a gradual pace after that first hike. the actual timing is not that big a deal, only has minor implications for markets. she says what is more important is the trajectory of rates. it's a long speech a 23-page speech with charts and graphs about inflation. she says the recent inflation shortfall is, "likely to prove transitory." why? the biggest shortfall comes from energy and import prices, both of which she expects to work her way through the system. inflation she expects will turn back to a 2% level. the prospects of the u.s. economy are generally solid. she expects the 2% target to be achieved with full employment. then she says we've already been talking about this, that the connection between wages and

prices is broken and it's no longer useful predicting inflation. low inflation, she says, could con train the fed's ability to combat recessions. just a couple here on the economy. she says there's been considerable progress in the labor market and the economy is not far away from full employment. let's go back to melissa with "fast money." she is putting herself onboard, associating herself with a rate hike later this year. >> anything stand out to you as different compared to what she talked about in her latest conference? >> very different. what she says is that she is associating herself with it. previously she said most participants expect it. now she is onboard with a rate hike later this year. that's the significance of this speech, in addition to her comments and confidence and explanation as to why she expects inflation to return to that 2% objective over time. >> okay. stev liesman, thank you.

>> pleasure. >> we got what janet yellen has said what do we make of it? >> she says the energy, inflation will get to their levels because energy is transitory. she said that i think six months or so ago. does that mean two years or does that mean over the next couple of weeks? my sense is it's i not transitory. i don't think it's going to get to the levels they want. the volatility in the market is something they talked about being reticent to raise rates with global volatility. actions speak louder than words. they had an opportunity to raise last week. they didn't do it. that was their window and the window closed. >> the difference steve highlighted in terms of janet yellen associating herself with believing there should be a rate hike any time later this year. does that make a difference to the markets? how do markets interpret that? >> i think the markets knew who was voting what within the fed. you had fischer, lockhart. obviously, we are listening to yellen.

i think she is trying to put more clarity on this whole thing of uncertainty. if they had their window. >> didn't they do it? i think you're saying they shouldn't have done it. >> i think they should have. the think there would have been a sell-off early and the stock market would have rallied and would be higher today. >> i agree with what you're saying. i find this actually a little bit puzzling. it seemed to me this last no raise was very event specific on china trading badly. >> global. >> global, right. so to know -- when do they meet october 28, 29? a lot could happen between now and then. so i'm surprised that she didn't say -- >> you cannot turn on a dime what's going on. tim has been talking about it earlier with brazil. there is stuff set in place. it's like turning around a supertanker here.

>> does that affect the u.s. economy? >> yes. it affected it because they changed their monetary policy, the way they view it. the stock market rallied 3% into that meeting last week. it didn't know what to do when that comment came out. it reversed 5% since then. we have a whole bout of uncertainty now. they said the words last week. i don't believe if they raise rates october 29th they are going to do it for the reasons they wanted to do it two months ago. >> we are awaiting fed chair janet yellen to take the podium. what we got from steve was a summary of embargoed copy of her speech. she could deviate from that speech. there is no expected q&a out of this speech. it's more of an academic speech with a number of slides, charts and graphs, et cetera. we'll monitor it for any deviations from that script. talking about what chair janet yellen is about to say momentarily. we have had, even though there has been no tightening, we had a

de facto tightening of conditions. no rate hike. but the dollar has taken off. >> the dollar is struggling to get back above the 200 day. it tanked and now looks like it wants to go higher. what you are seeing is the dollar is meandering against the g-3 currencies. against every other currency in the world, it is crushing them. that is a tightening of conditions. back to this country and the effect on this country two. times in that speech and today or what she business to say is that the u.s. economy is on very solid footing. >> you're more bullish? >> i'm expecting a rate hike before the end of the year. >> you always wanted a rate hike. >> tim questioned me about what is brazil. if petrobras is $130 billion in debt is defaulted and we are talking about reorganizing, the s&p will be down 3% like that. >> what i want to know right

now, based on those comments we heard, are you more bullish or bearish? does it change your outlook? >> more clarity equals positive. >> i'm less so. >> i don't know. i'm always long. long bias so bullish. >> i think it's the same rhetoric going on the last year or so. to me, nothing's changed. the bond market is the ultimate arbiter. it continues to go higher which mean rates go lower. i think the bond market knows something. >> they are in the same place we are? >> yes. >> nike, those shares are soaring on a massive earnings beat. conference call getting under way. let's get to dom chu with details. >> talking about earnings and sales at nike beating expectations. the stock is up. not just because of the beat but because of something every analyst and trader likes to watch called those global

futures orders. a way to measure their future business in the coming months. if you are take a look at those right now, it was a big beat on a currency-neutral basis, nike says global futures orders are going to grow by 17%. analysts were looking for 11%. look at every key region. north america, western europe, central europe. talk about what's happening with the greater china region. japan and the emerging markets. every single one of them -- of course china here is the big deal. everyone is concerned about what is happening in china. they are expecting futures orders to grow 27%. analysts on average looking for 17%. unlike the fed chair janet yellen speech, we are expecting q&a with this conference call. shares are up. we'll monitor that call and we'll be back later this hour with comments, hopefully from mark parker or other executives about the state of nike's business. >> thanks, dom chu.

this is a new all-time high for shares of nike. >> i'm long the stock. it's very exciting day. reaffirmation of a company that can grow. i'm staying long the stock. like disney, one of these stocks i stay long till they do something to make me jump off. right now, the valuation is not enough to make me jump off. >> those are great numbers. foot locker has been the way to play it. foot locker is up more than nike this year even after today's trading. great for them. obviously their biggest vendor by a lot. probably good for finish line, too. athleisure continues to be fantastic. >> foot locker higher. finish line higher. they've got earnings tomorrow. >> we led the show last night with nike. we talked about the potential for this to happen. tim's owned this stock for a

while. it can continue to go higher from here. not only are future sales great, they hold on to their margins and margins are improving. inventories are in line. what i don't think, i don't think you can say china is okay because of these nike numbers. i think they are mutually exclusive. for more on nike, let's bring in a bb&t analyst. there is almost nothing not to like about this quarter. what did you come away with? >> every line item really exceeded analyst expectation. we want to highlight majority of the beat was driven by a much lower tax rate versus last year. we estimate 17% was due to lower tax rate. gross margins, 50 basis points better. that is partly due to better

pricing. we estimate about mid single digit price increases this quarter. that's certainly helping the bottom line. relative to our expectations, the ebd is much better than feared, for sure. >> do you think the pie is getting bigger or nike/under armour fight leading nike's way? >> the lines are blurring what is casual apparel and what is athletic apparel. nike as a premium brand is the number one choice for majority of people who are maybe getting into the sport casually or performance athletes. >> we'll let you get back to the call. what is your number one question? >> we are not going to get until later in the call, but future expectations for china is our number one question. very strong number this quarter. what does that mean going

forward? does that pull forward demand or what? we would like to dig in deeper there. >> we'll let you get back and check with you later. we are talking about consumer discretionary yesterday, if this is a nike-specific story. >> i think you stay in the space. you look at under armor. i think you stick with under armor with 10% of their sales last year came from outside u.s. if you're telling me china is okay in this specific sector, you buy under armor on every pullback. they have this massive international opportunity. we had steph curry on the show last week. he will be a monster in china. you don't buy at $95, but should be on your shopping list. if you see it at $90, that's where you scoop it up. >> one thing in terms of foot locker and dick's, you've got a case where the director of consumer of sales is growing dramatically. the read through to dick's, the

sales through which have been such an important part of sales at dick's you have to watch. nike at this valuation is its biggest problem. what do you want to pay for this? >> let's get to the broader markets. dow cutting its losses significantly into the close. it was one stock that really had the street talking that. would be caterpillar having the biggest impact on the dow slide. ending lower by 6% on news it will cut up to 5,000 jobs by the end of 2016. cat lowering guidance. maybe this should not have been entirely a surprise. >> we talk about them being a perennial misser. on time, every time miss, miss, guide lower. four years their revenue has been declining. they are in the worst spaces you could possibly be in. mining is a disaster. energy, also a terrible place to be. we'll see tomorrow when it opens getting crushed. i don't know what is going to make it turn around there. business is slow to turn around.

i don't see the bottom right now. it takes a long time for these mining projects to get going. >> there seems to be no forgiveness. glencore cut a lot then it declined in shares. it's not enough. >> it's not enough. i don't want anybody to lose their job. the ceo's been in place quite some time and this stock has not been a performer the last 3 1/2, four years. everything they touch turns to not gold, whatever the opposite is. the only good thing about today is it traded three times normal volume. maybe you take something away from that. maybe it's some capitulation but i think the down trend continues. >> capex cuts are exactly what they need. the fact mining equipment orders are down so much tells you what's going on with capex. the entire mining sector is building towards an equalibrium. i'm not going to tell you where it is. we are seeing supply balance in a number of major commodities. what glencore did is very good. copper will start to show signs of that. >> nike out with a huge earnings

beat. what future orders from overseas. we'll hear from ceo mark parker. >> plus it is official. the new iphone 6 is here and ready for pick-up. we'll take you to apple's flagship f flagship fifth avenue store. >> janet yellen is delivering a speech at the university of massachusetts amhurst. we'll bring you the headlines you need to hear. can a business have a mind?

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breaking news. fed chair janet yellen speaking at the university of massachusetts at amhurst and pope francis touching down moments ago at jfk. let's get to chair yellen for a moment. >> today many economists believe that these features of inflation in the late 1960s and 1970s, its high level and lack of a stable anchor reflected a combination of factors, including chronically overheated labor and product markets, the effects of the energy and food price shocks and the emergence of

inflationary psychology whereby a rise in actual inflation led people to revise up their expectations for future inflation. together these various factors caused inflation, actual and expected, to ratchet higher over time. >> we have learned from the copy of her speech where the embargo was lifted at the top of the hour, that she herself is advocating for a rate hike some time this year. what's interesting is that for all of us who thought october was on the table, you are saying a lot could happen in october. we don't get that many economic data reports between now and that fed meeting. if there is a government shutdown, we'll get fewer. >> it's not just economic data reports. the last one was the market upheaval i think was cause for them. >> all of it. today we had jobless claims number. the four-week average is at 42-year lows. you are can't tell me the labor market isn't kicking it. maybe it's exactly what she is

saying. the inflationary effects of 20 years ago, look what the internet has done to productivity and what people earn. that is a different dynamic. to say you shouldn't hike and normalize, no question you're supposed to. judge, tim makes an interesting point. interesting technology, it's all deflationary. we are just in an environment where it's extraordinarily hard. job market, the numbers speak for themselves. it doesn't mean inflation is coming any time soon. in my opinion, i'm sure she believes what she is saying, but the bond market is telling you something entirely different as to what they are seeing. >> what does the volatility index in terms of the curb going out to the future tell bus volatility in the months to come? >> you want to look at credit volatility. when you're looking at the bid in bonds, that's saying more about it. i can't disagree with these guys more. i don't think the fed could care less about the september jobs report as the decision to raise rates. i think it's global.

i think they are worried about the capital flows out of emerging markets, what that rate increase cycle will mean for that. if we are on the precipice of a global recession. they don't want to be the ones to strike the match. >> we'll continue monitoring chair yellen's remarks. let's get to an earnings alert for bed bath and beyond. >> that's right. bed bath and beyond's earnings in line with expectations. revenue slightly missed. same-store sales are what analysts are focused on came below expectations. not a good sign this quarter includes the critical back-to-school shopping season. the company has been hurt this year by increased use of coupons. the ceo so far focused on the real estate portfolio, saying during the second quarter we open 68 stores since the start of the third quarter, we open two additional stores. waiting for more commentary on same-store sales. once we get that, we'll bring it to you.

>> thank you. who hasn't gotten those 20% off coupons? i don't buy anything unless i have a 20% coupon because i know it's coming. >> it is disappointing. i would have thought they would have been beneficiary of lower gas prices, what i thought was a decent back-to-school season. the stock is not crazy expensive at all. it seemed like the bar was low. this is a little disappointing, trade aring lower in the third. nike trading higher after hours, conference call well under way. we'll hear from ceo mark parker in his own words. you're watching cnbc first in business worldwide. here is what is coming up on "fast." >> the pope's not the only thing hitting new york. apple's new iphone 6 s is here. we are going straight to the apple store where one analyst says he found something interesting. we'll explain. >> plus -- financials have been falling of late.

now some traders are placing big bets that the space is going to get much worse. we'll explain.

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shot of jfk airport right now. here in new york city. pope francis just landing moments ago. he's greeting the crowd, smiling. let's get straight to mary thompson who has been covering the pope's trip. >> this is the second leg of pope francis' trip here to the u.s. he is going to be in new york for just under 50 hours. boy, it's going to be a packed 50 hours. you see him at jfk right now. he will take a jumper to the wall street heliport and a motorcade to st. patrick's cathedral. tomorrow a full day starting with an address to the u.s. general assembly and will head to ground zero where he will meet with families of the victims of 9/11 and hold an interfaith event. we heard him talk about the need for dialogue between different factions. later he goes to a school in east harlem and concludes with a mass at madison square garden

for 20,000 people tomorrow. as you can imagine, this is a huge security event. the new york police department saying they put up 37 miles of barriers, including over 818 tons of concrete barriers. with the u.n. general assembly in town, guess how many motorcades they are expecting between the u.n. assembly and the pope. 221. >> 221 cars in the motorcade? >> all the motorcades are multiple vehicles. i find it amusing because the u.n. general assembly will be voting on sustainable development goals and they should carpool. >> a new business for uber. ubercade. >> the pope's agenda was a packed one in d.c. where you are right now. he met with politicians. what was his message? >> a historic speech to congress. the first pope to address u.s. law makers.

he encouraged them to engage in dialogue, to cooperate in the spirit of what law makers have done here in the past in the u.s. he asked them to basically live by the golden rule, treat others as you would have them treat you. he also called for a number of things and to the arms trade abolishing the death penalty while reaffirming the church's position on respecting life at its earlier stages. he touched on immigration, greeting them, the son of immigran immigrants. asking congress to remember their immigrant heritage, as well. again, another call for poverty. we are starting to hear again consistent themes here. asking congress to develop what he called a culture of care to combat poverty as well as protect the earth. it was well received. there were about 30 ovations during his speech, standing ovation of course when he

entered the halls of congress. if you read some of the comments made afterwards, some of the statements released by law makers here in the u.s., they were very encouraged by the pope's visit and the words he shared with them today. i want to mention you wonder whether or not they'll put those words into action. one thing i want to notice the number of people concerned about him being critical of capitalism during the speech. he did call business a noble profession, especially when it works toward creating jobs which pope francis sees as one way you can benefit what he called the common good today. again, about a 50-minute speech by the pope who is, you could say, challenged in english. he speaks rather slowly. nevertheless, he did have a captive audience for those 50 minutes in the halls of congress. >> go. once again we are looking at a live shot of pope francis who just touched ground in new york. he is at jfk airport. after this, he is headed by a

helicopter to lower manhattan. thoen here to midtown just blocked away to st. patrick's cathedral. we had other papal visits to new york city. >> we have. this is a guy that truly is drawing a lot of people outside the catholic faith because of the issues of social significance globally. wall street is famous for a lot of things. there is a chart passed to me today by a friend at merrill lynch which points to the last two papal visits and the connection to stops. how there's been a major sell-off after the pope comes to town and whether it's benedict prior to this. is this a correlation here? i'm not going to try to tell you that there is. wall street loves to do this. the chart speaks volumes. >> two data points aren't really a trend. >> it's fitting you're in washington, d.c. if i had the pope's ear, my

first question would be what is the preeminent catholic school in the united states? notre dame, mary's alma mater? >> i received a wave so i took that as a nod to notre dame. i just want to continue on this theme of whether or not francis is friendly or not to capitalism. there was one thing that was excluded from his speech about a paragraph or so that you saw in the prepared text. but he didn't read. it referred to, again, congress moving toward the common good, but noting that they shouldn't become a slave to economics and finance. when we asked why did he exclude this? why was it dropped from the speech? they said it was oversight on the pope's part. when you heard him call out dorothy day, a leader of a left leaning catholic worker's movement, you've got to worry he may be wary of capitalism but maybe was wary of criticizing it

too much here. they said he is very aware of his critics on his economic statements. >> mary thompson, thanks so much. joining us from washington, d.c. where the pope had just left. you are see him there jfk airport heading into the helicopter destined for lower manhattan which is a couple of miles from here where we are. next, a very rare two-fer. we'll hear from fed chair janet yellen. steve liesman's got those comments. and nike ceo mark parker on what drove the quarter. (vo) what does the world run on?

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we are following two big stories in the post market. pope francis landed in new york city at the mid point of his first trip to the united states. he is currently in a helicopter on his way to lower manhattan. and janet yellen is speaking right now on inflation at the university of massachusetts amhurst. let's send it back over to steve liesman who's got the key take aways from janet yellen's speech. >> thanks. yellen saying it's likely appropriate to raise the funds rate some time late they are

year. this is attempt by yellen to make the case for raising rates later this year. it's a very long speech. 23 pages with an appendix and nine charts and graphs. she lays out a case. the first part is why interest rates have been so low and should have been low. then why gently and gradually the federal reserve should raise them now. it's important to point out last week when asked about raising rates she said participants. now she is associating herself with it. there are two parts to that. one is affirming what was said last week. also she tends to in speeches only talk about herself. at the press conference in testimony she is only going to speak for the committee. she declined last week when asked whether or not she thought rates should rise. she does think that. that raises the question october or december no easy answer from this speech. she does talk about the effects of lower energy prices and lower import prices being transitory. she thinks ultimately here those who work through the system, then gives a detailed reasoning

as to why she thinks inflation will go back to the 2% target saying inflation has been stable and no reason to think why it won't go back to 2%. >> what will persuade you october versus december in terms of what you node to see or looking for? >> a slam dunk number in the mid to upper 200,000s next week when it comes to the labor market report, the payroll report. if unemployment ticks down again, i think it will be very hard for the federal reserve to hold off in october. it is interesting to look at the two-year note or 10-year note which haven't moved. they are unconvinced yellen will pull the trigger. she said terrifically in answer to a question i asked her, she said more strength in the labor market will give her more confidence about inflation rising 2%. judge, that would say it doesn't -- i don't want to say it doesn't mat ware happens in the emerging markets or china, but the fact that was raised and then to now say we have enough

strength in the labor market, we'll go ahead. that seems strange, no? >> i think that's right. one element that has changed is what happened to markets. sure you have volatility in markets. it doesn't feel like the volatility we had say from mid august or early august on. we had 500-point swings in the dow either way. i think right now if she were to look at the situation, seems like markets calmed down from the concern over china. >> steve, thank you. >> pleasure. we want to show you another amazing picture here. lots of breaking news here. you're looking at vice president joe biden with china's president arriving in washington, d.c. that is taking place as we are speaking. just to recap, vice president joe biden with the chinese president landing in washington, d.c. as pope francis is in helicopter on his way to lower manhattan and janet yellen fed chair is speaking at university of massachusetts amhurst.

jud . >> a little bit going on. judge, a lot of moving parts. let's talk nike. nike's conference call well under way. let's get to dom chu with details. >> nike beat on earnings and sales for a stock up about 20% year-to-date. shares are surging again. up by about 7%. 1.5 billion shares traded so far. i want to bring your attention to futures orders numbers. 17% growth. for those out there curious what it was with the effects of currency, it is a 9% growth rate with the effects of currency. currency did take the biggest hit in places like europe, central, western and eastern as well as japan and emerging markets. emerging markets were negative in terms of that. overall, 9% including currencies. 17% without. nike ceo mark parker on the conference call talking about how the company is positioning itself going forward and what it can do to maintain its competitive advantage.

take a listen. >> leveraging our portfolio is one way we sustain growth. the other, of course, is through innovation. we showed the power of our scale this quarter as we share technology from one category to another and from one brand to another. this is how innovation can create separation. this is something only nike can do. >> nike shares again underperforming versus its smaller rival under armor. under armor shares up 2% at 116,000 shares of volume after hours. this athletic apparel business very competitive two. big players moving the after hours. >> thank you. nike if it opens here this is a new all-time high for the sox. >> it is impressive what nike has been able to do. you think about the large numbers and how old they are versus this upstart, they are in front of the curve.

it's impressive. even at whatever 25 times. >> tim is long nike. you like under armor. if i'm watching at home, earnings look fantastic, i want to buy nike, i feel like i missed the boat. >> you did miss the boat. you missed the boat. tim's been talking about this stock for $40 easily. i think we've been steadfast bulls in the name. you missed that portion of the boat. i still think the stock can go higher from here. >> just another boat. judge, smaller boat. >> fine. it was an aircraft carrier but now one of those p.t. boats. >> janet yellen currently speaking on inflation at the university of massachusetts amhurst. the pope landed in new york making his way to lower manhattan on his first trip to the united states. china's president has arrived in washington, d.c., currently with vice president joe biden.

a rough week for the nasdaq biotech index. we'll talk about the opportunities there. shot of the

pope francis who just arrived in new york. he will be on route to st. patrick's cathedral blocks away from here. the pope's visit to new york is causing a traffic nightmare for residents and officials. some apple fans could be impacted. apple has sent e-mails to new yorkers saying, delivery of the new iphone 6s scheduled for tomorrow could be delayed. our good friend colin gill is outside the apple store in manhattan, which is right in the middle of pope mania blocks away from st. patrick's cathedral. colin, what are the lines like this year? >> hey, melissa, it's that special time of year where people look to fill that empty space with a new iphone. we've got a line building. it's wrapped around the corner. people at the front of the line have been there for two weeks. if you look at the line closely, you'll see a lot of people here are looking to flip the phones and make a fast dollar.

>> that's always the case, right? talk about the people who are standing in line for two weeks. continuously? >> sure. i did mention they could preorder the phone online. of course, it's the experience that counts. most of the people who have been in line quite some time do it with a buddy and have a rotation system so they can get breaks that way. i would say over the last few hours the line is starting to build. it's impressive. it's a wonderful phone and it's arguably the best high-end smart phone out there. will apple set a record? it will. we expect them, they need to keep smashing records to keep their momentum forward. it's what's priced into the stock right now. >> are you factoring in the fact that perhaps pope francis will cause delays and delivery, whether it be here or in washington, d.c. and that could impact the first weekend of sales? >> right. this is tricky. on the one hand, you've got china was included and the

opening watch weekend. that's obviously going to have material positive impact. on the other hand, new york deliveries may be slowed down. we'll have to see what that has. for the first iphones, they are always worried about supply. there is always huge demand. how many can get made. how fast can they make them? what we need to be looking forward to is the december quarter and see how long the demand for the s sustains. >> colin, we'll let you go. mingle with the crowds. colin gillies. >> i will. >> it is shut down to traffic because of the pope's visit here to new york city. >> these guys have been over it. i think holding $110 is okay. i'll foe back to any of these stocks much loved earlier in the year or last couple of years of this bull market here. they were shown the potential

for everybody to head the door at the same time. the stock traded well. expectations are in the stock right now. i think you have to look at that december guidance. i don't think it matters what the report in a couple of weeks. >> do not think about this. what would you stand in line two weeks for or pay somebody to stand in line two weeks for? >> led zeppelin reunion concert, stanley/range e stanle stanley cup rangers game. bam. >> this is a live shot of janet yellen, the fed chair. big headline from her speech taking place at the university of massachusetts that a rate hike could happen this year. we'll continue to monitor and bring you all the news. >> next, it's been a rough week for the nasdaq biotech index. one stock about to see major moves. meg tirrell has the breakdown after this.

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