>> you're offering to have a cocktail with me, melissa? now i can retire. >> thank you so much. >> cheers. >> thank you for watching power lunch. "closing bell" having more fun than you. >> definitely. >> hi and welcome to the "closing bell," everybody. i'm kelly evans at the new york stock exchange. >> and i'm in for bill griffeth. what's new for me today? >> oh kudos to them, don't expect any of that down here. you have to wait until the market closes next hour. >> lots of markets on "closing bell." august with a little bit of weakness today due to the drop in oil while it's been a very calm month, september could bring more volatility if history is any guide. we will tell what you to expect coming up. >> donald trump meeting president of mexico this afternoon ahead of tonight's big immigration speech. we're expecting to hear trump

speak and we will bring you the comments as soon as we get them and monitor what is happening for you. also take a closer look at mexico's economy and speak to the founder of latinos for trump about why he is supporting the candidate. >> and an historic day in brazil. the senate votes to impeach her. we will see what this means for emerging markets coming up. >> and simone manuel the first to win gold in a single swimming event. and what she plan dose next? and we will give you a hint, back it school. and weather, we are in for a september to rep. dominik is on the floor of the new york stock exchange. dom? >> oil markets might be a september to remember because we are at least below $45 mark for west texas intermediate oil.

here on the stock. exchange for $ 44.72 and this is after government data shows bigger than expected build for inventory answers also a smaller than expected draw down in inventories of gasoline and all of that dynamic means we are washing oil apparently and weaker prices for oil over all. focus for traders here. and looking ahead it a volatile september because we have a vix languishing at these low levels. when people come back to work maybe we will see that change. now throughout the course of the day we have told you about shorter term trends and averages. six years. ten years out there. the folks that just spoke, investment group, crunching numbers on the dow jones industrial average going back 100 years. for you guys out there who like the longer term averages and longer term views, a hundred years worth of monthly data and it goes to show you that september is the only down month

on average for dow jones over the course of the past century. that's according again from data investment group. what does this all mean overall? let's kind of put ourselves in the future and what we're going to be looking for. because we could see a shake-up in stocks. we have a number of different data point coming out and of course the jobs data here in the u.s. on friday is going to be front and center and set the tone possibly for what could be a fed interest rate hike in september if it is in fact a quote unquote live for november. the european central bank, bank of japan, all having meetings geared towards interest rate policy in the month. then oil, opec people, meeting at the end of the month in algeria. maybe that can set the tone for oil prices and then of course, you've got trump versus hillary. toe to toe for the first time in the formal presidential debate. so that's going to be a big deal as well. so we will see if those guys

catalyze the market. >> dom, thank you. can't wait for the presidential debates. for now, the latest fed speak ahead of the jobs report. >> so three fed speak earns i have to count here, two making comments, one sounding hawkish but not all remarks are the same. one of the hawks is a voter or one is a voter. boston fed president said quote when the economy is close to achieving the dual mandate as u.s. economy is now very low rates may risk greater imbalances. you will recall, a dive in the world dove sounding more hawkish of late but still dovish chicago fed president charlie evans had this to say in beijing. weaker long-run growth fundamentals go over the long run. that doesn't include supporting a september hike but it is not a comment that suggests evans would be so quick to make that hike and in minneapolis fed

president not a voter this year as well suggesting he hasn't seen enough yet to raise rates and he said quote i'm very interested to see core inflation increasing. we haven't seen it yet. that's what i'm looking for. here are the fed's fund futures. about 27. % probability of a rate hike. that's for the day of the meeting in the 20s, make it more like 30 or 35%. december is more like 50%. we will see if that remains so low for september. if that august payroll number comes in as expected at 18 will 0 something, kelly, that 180 may be enough to signal go for the september rate hike. >> adp just about there this morning. >> exactly. >> now if you missed it this afternoon. leon cooperman, ceo mega advisors appearing on halftime reporting with gave specific stock plays but also broader take on the market. >> s&p around 2165. market is fairly but fully

valued. and i would not expect a market to do that much on the joup side. we have to accept the reality that if interest rates belong where they are, that's a slow growth world, then returns and equity are lower than they have been historically. and i accept that fact. >> joining "closing bell" exchange, the kneelian camp fund, steve grasso from stewart fring el and rick santelli checking in from chicago. welcome in, everybody. ron, do you agree with what cooperman said about the market being fully valued? >> i do. 2% growth and return on equity has been moving down a little bit. 2% growth and 12% inequity justifies 19 pe across the board. >> what do you think is more like fair value? >> a little bit lower. trouble is the market very seldom sells at fair value. it crosses on being rich to cheap. but what i learned a long time

ago is if you can't find cheap, we are finding good companies but not cheap stocks. and when you can't find cheap stocks, if you wait a little while, you will get the chance. >> will that end the month of august basically flat for major ind indices. is that the start of something more meaningful as we head into september and rest of the year? >> i think we have seen a meaningful reaction as you noted there. we saw that rotation and saw the financials rally. we have seen the utilities staples sell off and have seen gold sell off. if you look at the market, you see the financials aren't telling you there is a rate rise. gold is telling you that. i think as steve liesman said, you know, it is friday, if you see that good number, you're going to see the dollar probably rally. i know that reslaipg, inverse correlation on-again, off-again. but you will see energy smacked

around a little bit. see the commodity base smacked around a little bit if that number comes in good, it's not giving them much cover. they are going to have to be forced to say something at the september meeting and i think they will race. >> you know, rick, focus on what happens post labor day. closing up the month here and pretty much ending the summer. we haven't talked as much about credit market and how strong they've been but should we expect that to continue and support equity markets even if they are fully val iued, after e break? >> i like the words he chose especially. notice when he talked about rates he used the word "belong." what he is saying in my opinion is that if the fed isn't raising then economy is obviously an average economy, average growth. i think that the rest of the market, that doesn't necessarily get all of its marching order from the federal reserve. even though it gets some of them. the long end of the market and what's going on in europe and japan and negative rates, rates

have been telling us this fact for a very, very long time. i don't know that anything in the treasury will help equities because imbedded in mr. cooperman's comment is low rate aren't bullish for stocks, they are more representative of how they are misfunctioning or not firing correctly because with rates this low probably stocks shouldn't be this high and guest ron pointed out, fair versus fully to imbedded in all of that but what i found most interesting is his final comment, he accepts that fact. that the money ball. a lot of people over time aren't going to accept mediocre returns. whaen they do it leverage them or enhance them, that the problem i see and i think the fed thinks about that a lot. >> ron, you mentioned you are skeptical of where evaluations are in the markets. gauge for us how skeptical you are. are are you looking at bonds or

not? >> no. we own no bonds. our cash is 20 to 30%, highest it's been in a very, very long time. we were fascinated with stan fisher's comment the last couple of days. he said we seem to be in an area where negative rates work. they haven't worked so well for the people who are using them like europe and japan where we have 12 trillion in bond at negative rates and there's the central banks now own 25 trillion in stocks and bond. so we've add huge buy-in by central banks and companies buying up their own stocks. we think the supply and demand held them up and one of these days that ends. it looks like companies buying in their own is ending a little bit and we have the u.s. fed talking about no longer lowering rates, not going to negative rates. so once that, as you all know, for a market, i don't care if it is baseball cards or what, you have to have new buyers coming

in. we have huge buyers the last couple years. when they stop it looks to us like some of the premium comes out. >> ron, ron -- >> yeah. >> we brought up fisher and negative rates. he just left the door open. what a crazy comment. there's no proof they work. and his hinting that they may, people are doing it in my opinion. if he said they don't work and the fed is forced to use them i think that's more of the strategy there and it is sad he didn't take that opportunity. >> here is the main problem though is this. you have 20, 25% cash. the last is when guys take their cash off the sidelines and invest in the marketplace. everyone missed the rally coming out of brexit. you can't afford to miss the next rally and to thread the needle and only lasting seven-day says a fool's errand. >> you are asking me to thread the needle going ought other

way. fisher did admit -- >> no, eventually you have to buy in or be the worth the risk of underperformance. >> last word, ron? >> you're asking me to thread the needle go thing the other way. fisher did admit it is on savers and insurance funds and insurance companies. a whole lot of people here. it hasn't worked. >> the picks you still had include microsoft and united health. so still some opportunities in this not very well liked market. >> i think microsoft is a bond substitute. their dividend is well covered. >> there we go. appreciate you all joining us this afternoon. we have about 45 minutes left to go in the session. s&p is down about 8 will. transport lower by 43. nasdaq down 15. >> up next, donald trump meeting with mexico's president a few hours before delivering a key speech on immigration policy. we will take a closer look at

high stakes from mexico's economy as we wait to hear remarks under trump. >> also ahead, two mainstream investors tell us what they are buying a. >> we knock on september's door. our retail roundtable and you're watching cnbc, first in business, worldwide. hso we're constantly going over oudata limit. , well, now - all ofurew plans come with no data overages. w, no more overages? sohat means... go o..say it... 'll fin be inol... and we' bac.. introducing new &t plans wit no data overage charges.

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also called more generally for more mergers and cross-cutting across the european banking space as they face a murky profit outlook and kelly, dou deutsche bank up 2.5%. even though ceo of deutsche bank came out and said this isn't happening, interesting to point out on this, is that the summer has been one of the lows for european banks and u.s. banks starting to respond and perform as interest rate hike options came up and john saying we need

to bring back profitability but there is nothing on the table for us and distancing himself. >> it seems natural, i was just wondering what it means for germany if these two combine. . >> that's the issue. the market thinks it might be. there is huge competition concerns number one, two banks in germany. so that's why he said, look, just not an option for us at the moment. you have to sometimes see back support for it. but those two or 0.3 times. >> oh. >> tough, tough times. >> ouch. >> yeah, shares up, as you mengd, for both. >> mexico's economy in focus as donald trump pays a visit before he delivers his speech on immigration policy. we are also supposed to get remarks from trump in the next hour or so. since he announced his candidacy in june of last year this has been an issue for him. >> they are laughing at us and our stupidity and now they are beating us economically.

they are not our friend, believe me. but they are killing us economically. >> seema mody joins us with a special report on the high stakes for mexico's economy. seema? >> trump's visit to mexico comes as its economy suffers its first contraction in three years. mexico's economy shrank in the second quarter by 0.2% compared to a year earlier when the economy expanded by 2.5%. slump in oil prices depreciation a in the local peso and weakness and industrial output made mexico's economic recovery much more challenging. add to that debt and s&p is climbing to 48% by 2018, 2019. jack of bmo private bank says it would cast larger cloud of uncertainty over mexico especially since the candidate has been openly critical of the north american free trade agreement also known as nafta. according to the imf in 2015 mexico exported nearly $300

billion of goods and services to the u.s. but more concerning for mexico, trump's promise to build a wall on the mexico/u.s. border to curb illegal immigration which could curb mexico's unemployment picture but not sure how much. in terms of the reaction, take a look at the mexican peso. analysts with the underperformance in the peso this year to the anti-mexico sentiment commentary coming out of the u.s. election and in fact morgan stanley says the currency is most at risk from the uncertain around the u.s. election and u.s./mexico trade talks. >> seema, let's pivot from mex dough brazil whereof course they have voted to impeach rousseff, the president. what happens now? >> took nine months to impeach president rousseff who is accused of mishandling the budget and the former vp of brazil will assume full-time

leadership. the onus is on him to instill confidence among citizens and unveil pro business policyes. brazilian stocks have been outperforming this year and the prospect of change in leadership and hope that a new leader will deliver the medicine that brazil needs to desperately turn around its economy in order for the rally to continue strategists say his first priority will involve around tackling brazil's budget deficit can which is currently 10% gdp and stubbornly high inflation. and perhaps more important to remove the corruption still in the political landscape. u.s. bullish on brazil. forecasting swift turn around in growth by 2017. as history has shown us, as not showing signs of improvement gains in brazilian stocks will perhaps be short-lived. >> seema, thank you. i guess we should mention the one other place to watch especially tomorrow is venezuela where they have a huge rally going on. could be the biggest in years and may be the last chance

people have to put pressure on the government to get the referendum done before the current leadership would effectively maintain control the next couple of years. >> and if the dollar keeps going high, could be all emerging markets. >> good point. >> let's switch focus back to markets here. we are looking at declines, slight declines. about a third percent for the indeces. enough to wipe out the dow but still holding on to around 3/4 of 1%. dow down with 39 minutes left. >> coming up, two mainstream investors tell us what they are wil buying ael and selling. >> still to come, first african-american woman to win an individual gold medal in swimming. simone manuel stops by. back in a couple minutes.

the road to the olympics is a feat in itself and our next guest not only got there she made history as first female african-american swimmer to win gold in american swimming.

simone manuel joins us here at the stock exchange. welcome. >> thank you. >> and you have to go back to school when exactly? >> september 6th. >> to stanford? >> mm-hm. >> so you have a little bit of time. >> little bit of time. >> do they have preseason swimming or when is that start? >> well that's preseason swimming, september 6th. classes don't start until the 2 6th. >> do you put yourself at a disadvantage by not being full-time swimming? >> i don't think so. i put all of my focus into the olympics this year and i want to put all my focus into the college team this year because they were so supportive of me taking the year of a. i'm excited for the challenges of being on, you know, the swim team. >> and so you are taking a year off. how many years do you have to keep going to get your degree? i imagine the training must be so intense.

>> i still did my academic studies. i'm a junior academically but a sophomore athletically. >> got it. >> you are keeping up the full-time schedule with all of this. what is a typical day for you like? >> when i have classes, i'll have class monday through thursday. i try not to have classes on friday. that's my day off. but then i practice monday through saturday. >> so a pretty intense schedule. you're young to be a successful as you already are. if we look at your colleague, michael phelps, and the level of success over such a long period he achieved, is that something you want it achieve yourself and look at it and think that's a daunting length to train so hard and give up so much of your life? >> that is a daunting period. i think i will take it year by year. i want to go to the olympics in tokyo but i don't know how long i want to pursue my swimming career. that's just something i will have to look into later on. >> and you can't do sponsorships right now. how do you think through longer

term opportunities and continuing to swim or lining up whatever else you might be able to do with the rest of your life? >> do you have to put a lot of thought into it. i definitely want my degree. i wanted to go back and swim with my swim team because i have so much goals i want to reach as a college athlete. and just take it year by year and decide from them. >> do you think that it is a little bit unfair when you see perhaps that the smaller amounts of money people in your sport, phelps is a good example, the level of success and earnings he has relative is quite low compared to other sports. is that unfair compared to others? >> i don't know if it was unfair. i would like to see more money in the sport of swimming but you've just got work with what you've got. >> do you feel additional pressure because of what is going on with colin kaepernick? i'm sure you've been asked about this before. you have someone sitting out the national anthem while you've been up on the podium time and again representing the country.

>> i don't feel the pressure. when i'm on the podium and hearing the anthem and being on the team and win a gold medal and hearing the national anthem is very proud for me. >> does it surprise you that some sponsors have dropped your colleague, ryan lochte, in the aftermath of what he was up to in summer olympics? >> i don't know. with the incident i'm very glad that he is safe and hopefully we can focus on some of the achievements that team usa had because we swam so great. that is not completely representative of the sport. >> absolutely, swam very well. >> i have one silly question. we hear the litanies of what the male swimmers eat for their training. oh, 7,000 and 10,000 calorie answers all that. being active myself i feel like they don't talk about how much women have to eat too. what is your experience about when you're training, what that

kind of dietary requirement is? >> i don't have a direct calorie count like the men do. but i definitely eat a lot. i can probably keep up with them. and you know, you just eat enough to -- you're burning so many calories so you eat enough to sustain training and perform well. >> were you also one of the mcdonald's frequenters? >> i did eat mcdonald's several times. >> just curious what happens. we don't hear enough. congratulations on everything. best of luck in the school year and everything that lies beyond. >> absolutely right. i echo that. moving on, time for a news update. with sue herera. >> hi, here is what is happening at this hour. hillary clinton speaking at american legion convention in cincinnati, ohio. she dismissed donald trump's visit to mexico as a photo op. >> it certainly takes more than trying to make up for a year of insults and insinuations. by dropping in on our neighbors for a few hours.

and flying home again. that is not how it works. >> jetblue becoming the first american airlines since 1961 to have regularly scheduled flights to cuba. the flight arrived in santa clara, cuba, about 45 minutes after taking off from ft. lauderdale. passengers were mostly airline executives, u.s. government officials and journalists. mattel's american girl dolls will soon be sold at toys "r" us stores. major expansion for the company's brand of pricey dolls, priced at about $60 each. mattel is hoping making the dolls available in more places could help reverse the brand's declining sales. and check out this catch. last night against the minnesota twins, cleveland indians pitcher zach mcallister took a wicked line drive off his calf, and caught the ball. look that. many call it the hackie sack catch. nicely done. that's the news update this hour. will, back to you.

>> i'm not sure if he tried to do that but either way, pretty outstanding. >> yeah, brilliant, i think. >> sue, thank you very much. >> good to see you, will. >> about a half an hour to go, we were down about a third of 1%. now down a quarter of 1%. finding impetus as we approach the close. half an hour to go of trade. when we come back, leading trader tells us what he is watching into the close. and on a programming note, be sure to watch cnbc's original documentary, ground zero rising. freedom versus fear. debuting tomorrow night at 10:00 p.m. eastern. jim cramer does some fantastic reporting on the revitalization of the site where the world trade center towers once stood. it is a show you do not want to miss. the "closing bell" is up in a couple of minutes.

welcome back. last trading day of the month. you know what that means, investors joining us today. and veteran investing anthony von senior student at university of south carolina. joins us here at post nine. welcome back to you both. anthony, you know, august, an okay month i guess. trying to see if markets can

turn. but where are are you finding success these days? >> you know, what i'm kind of seeing successful wise, seem to be making progress with the federal reserve and understand more about when we find rates and whether they will be hiking or you know, after last week at jackson hole, we will see the most likely september rate hike could be on the table for sure. and which you know, for the last year, year and a half, and it is all about central banks around the world and what they are doing and industries have been so slow. >> i see where valiant is one of the stocks have you along with nomad engineer. >> there are investors involved with laleant, bill ackman.

here is a guy who had $1.3 billion worth and he lost most of it. he will do everything in thinks power to get it back. and like me, a college retail investor, it is worth the risk. baush and laum working on it, and that's good. and there are a couple of board seats as well. >> and if this something you are saying, that if we see a hike, that it is time to rotate your portfolio? august has seen rotation in terms of sector performance? >> yes. actually i'm not all that concerned. the fed has been sending signals periodically throughout the year to increase interest rates but they are so low right now that and fed is not likely toin

crease it much and the story is maybe luke warm indications last week. so i'm not all that concerned. i still think that with rate being as when as they are, and inflation being as when as it is, that you know, the stock market is still a good place to put your money as long as you're putting your money into good quality stocks. >> some of your picks are caesar stone, air lease and signature bank. can you explain signature bank? a lot of people are looking at the financials these days. >> i look at it from a long term perspective and actually i look at it from like the last five years and project out the next five years. to me it looks very stable. i see them executing against their strategy of bringing on new customer teams. and it is true that they've had a little bit of, you know, concern with the fact they hold

those taxing medallions in new york and chicago. but this bank is so well managed and so conservatively managed that i believe that they have enough of the provisions set aside for any potential loan losses. i still feel good about the long-term prospects for signature bank. >> and stocks that people don't like, you have an action against alalibaba. >> you don't technically own alibaba. you own claims. but it is illegal, technically, to do what they do. if the courts uphold the law in china, you own nothing. and i think that's a big risk but i'm also bearish on china as a whole. >> but doesn't this go against

yo your actions against herbalife a month ago? >> well i think herbalife is a pyramid scheme. >> oh, you're short. >> yes, i'm short on my options. i have short options against herbalife. if you look at the fcc statements and herbalife is quoted after ftc announced their business won't be changed by the regulations by ftc. ftc states in the ftc statements multiple times that they will change the business. they have to restructure it, based on paying for distributors and if you ever look up the ftc definition after pyramid scheme, it is literally what they describe is herbalife without saying pyramid scheme. >> got it. >> i really feel herbalife will eventually, especially if these in the forest, will fall. >> coming outside of signature bank, what is your top pick as

we look to the rest of the year? >> oh, for the rest of the year. i do like caesar stone and i do like air lease. the thing about air lease is right at the moment, i believe that their stock price is fairly flat given how well the company has been performing. so that could create a buying opportunity for that particular stock. and again i like caesar stone as well. i think that they recently had a good quarter with strong sales outside of the united states and they closed a major contract with ikea which will hopefully help to boost their sales in the u.s. as well. so i have, you know, i'm bullish on both those two things. >> thank you very much for joining us today. anthony, also thank you very much for joining us. >> minutes to go before the bell as we look at things. dow down more than the s&p and the nasdaq is down 55 points

around 0.3%. s&p and nasdaq doing better. but all are just below flat. when we come back, one hurricane is heading to florida in the pacific to abound for hawaii. coming up, we will take a look at economic impact of the storms on both tropical getaways. >> and taking the real estate sector by storm. up next, see what home buyers are reaching. getting an edge in this competitor sector when we come back. what ia company that didt makears mathe luicants t improved fueeconomy. what cpany does all this? engines more efficient. e working on all theseo. ings tke cars better whatyou sa money uel.his? ed reduce emiio.icient. and you thout we just made the gas. whatyenergy livesere.his? ed reduce emiio.icient.

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welcome back to the "closing bell." united lower today but still up over the past week. that's in the wake of united hiring airlines president scott kirby as present executive immediately. jim cramer speaking exclusively with oscar munos. he asked whether zika had any impact on his business. >> the miami thing has been a little concerning but contained. and we are doing a lot of decontamination of aircraft to make sure. but we hope it doesn't spread. >> traffic down those routes? >> have you brazil and olympics, but central america has been relatively soft over some time,

not necessarily zika oriented. >> be sure to watch the full interview tonight on "mad money" at 6:00 p.m. eastern time. >> interesting he said central america has been soft already. i wonder -- anyway, much more coming up and they can talk to him. but oscar munoz appears, looks, seems great and still incredible to think he just had a heart transplant. >> well a great time to talk to him. after two of his pilots were arrested for drink flying. not drink driving. or almost drink driving. that's tonight. >> also high-tech and tech that goes to new heights. real estate industry found a way it have both. diana has more from us more from maryland. diane? >> reporter: kelly, just a short flight for this military grade reconnaissance plane from regan national airport to maryland. it would have taken month owns the ground.

co-star a real estate company ceo saw a peace time application for war time aerial mapping technology. ground level construction data. it is invaluable to developers and landlords who need to know where the competition is in the market. it also helps banks who might be lending to those developers know if the property will be able to sustain occupancy and rent. now from apartments to offices even to farm land, the system can track projects in a way that old-fashioned government permitting offices can't. co-star also uses it to find client for its leasing website, apartments.com. >> we discover thousands of buildings we wouldn't know about otherwise through this airplane. and the typical building we discover spends about $10,000 a year with us. basically sales regeneration. >> now co-star's next frontier is residential real estate. it might seem like a home builder would know exactly what

is going on, going up in the market but with dig national companies covering much of the u.s., this kind of information could be the difference between overbuilding a market or meeting demand head-on. if you want to see more detail, more pictures, more video, cnbc.com on the real estate page. kelley. >> thank you so much. again the transport is getting hit today. watching oil closely. also been moving lower. nasdaq down nearly 8. >> right, coming up, recent rhetoric from fed members is preparing the market for fed rate hike. or it should say gabriela sentos, she joins us next with her views on what to expect from the fed. ...cch gilman used hica rewards credit rd fromank ameri to1%h ba everywhere, evertime places like the batting cages. ♪ d eers ] 2%ack at gcerytores and now at wholesale cbs

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back to "closing bell." looking at around a quarter percent designs as we close with 10 minutes to go. joining us, gabriella santos from jp morgue .p. morgan funds. thank you for joining us. we have seen things that have done well and based on expectations of a rate hike coming sooner than expected, is that rotation justified? >> i think looking at august, the mark set pretty much flat

for the month. but as you mentioned, that's really hiding a lot of the rotational out of the interesting dynamics beneath the market. so you have the telecom down 6% and financials doing quite well. we do think it is justified based on better earnings prospect and fed policy later this year. >> so that said, people right now trying to figure out what areas of the market are most attractive and i don't know, seems like financials have weirdly outperformed. what do you guys think? >> for financials, further fed hikes would help. it would be the difference of billions of dollars for certain banks. but i think there are other financials attractive as well. things like just the demand for loans, volume of loans picking up in addition to moves and interest rates. another good point is that financials offer very interesting dividend yields

actually and not expensively valued. >> if we do, mexico and brazil both in the news today, dollar strengthening, we have seen an em rebound, is that going to unravel quickly if the dollar rise continues? >> i think the dollar performance is a crucial concept for em, right? and part of the rebound we have seen this year is expectation that you will not have such a head wind for the dollar. in my opinion if you do get further fed rate hikes you may see more dollar strength but it is hard it argue you will see the dollar rally 20% like it did for past two years. so for brazil and for em, i think that is behind us. >> what about health care? you mentioned about the search for yield and health care has been less than traditionally defensive play and one of the grow areas of the market but a lot of political areas to deal with in the push back sites. >> i would say we would continue

to favor cyclical including health care. there may be some volatility related to political headlines but if you think about the structure of health care, it is still there. >> and people chased anything that offers something better than the bond market so would you push back against that or do you -- would you tell people that place to go? >> are you looking for yields in a place that's not too expensively valued where that yield is sustainable and where there are other fundamentals also improving and certain areas of the market to us don't look like fulfill that role such as utilities and telecoms for example. >> thank you very much for joining us. >> thank you so much. >> gabriella santos from jpmorgan joining us. >> in 7 minutes of "closing bell," we'll be right back with the closing countdown. >> and after the bell, the cloud is front and center with

earnings from sales force.com and box. bring you the results as soon as they're out. should be about 10-minutes time. keep it here, you're watching cnbc, first in business worldwide. eryone talks

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better than that. just enough to wipe out august gains. but essentially ending the month flat. nasdaq ending the month up just shy of 1%. don is with me. >> yeah. a good amount of buy on the dip. we haven't seen a large volume of transacting here. it is a m's end. we will see volume activity going on. so maybe a little bit of action towards the "closing bell" but otherwise you've seen an august that's been pretty still like you said just barely negative. barely positive for the most part. one of the things, only two sectors i want it paint an indicative picture of. first one has to be the financials. looking through the lens of the etf. best performing sector in s&p 500 may be help from banks but remember we have been talking about this idea that a lot of people have called for the financials to be hired for quite sometime and it hasn't come to fruition. maybe this time it is, maybe not. but certainly interest rates in the sector and you are talking

about the yield curve and what it means for banks that's a huge focus for traders out there. on the other side, interest rate sensitive sector, the utilities. far and away the worst performing for august. maybe that rotation that you and other people are speaking of, remember technology also one of the better ones. good g to see better in august, and utilities and staples not doing as well. >> and what has done well and what hasn't is flipping around. also, the banks in q1 and q 2 even when the regulation was looking bad, they were making money anyway and i think people are waking up to the fact that a rate hike for the u.s. banks is a bonus, not a necessity. where as european banks, like with deutsche bank again today, that's a necessity. that's a different situation to be in. >> as much as people want to talk about the collapsing net interest margins for banks in the u.s., just imagine if the ma

crow picture. the same lens, if you want it look at profit margins for the banks in europe and the u.s., there is a fundamental case that needs to be made that sometimes u.s. banks may operate in a better macro environment. at least more than the counter asian markets. >> oil prices have been a negative driver today. down again. and interesting in august. so strong for the first three weeks of august. we who of the them quickly. >> oh, quickly. and supply and demand is back. and government data showed we did see a build in inventory. maybe a wash is the wrong word but we still have an ample supply of oil left in storage right now and the gasoline inventories are drawing down. on the fossil fuel side of the business, maybe we still have enough out there. >> the point i would make as we approach the close is the u.s. dollar. which has seen recent strength slip today against the likes of

the euro and pound but not against the yen and continues to see yen weakness against dollar strength. we wonder what will happen. and there's the bell. the bell run by defy ventures here. and nasdaq is cross country health care. down 52 point for the dow. that's it for the first half of "closing bell." >> thanks, will. welcome to the "closing bell." i'm kelly evans. the dow giving up 55 point and closing at 18,4 h 00. s&p dropping about 2,000 points. can you see on your screen there. nasdaq down 5213. now lower for the dow and s&p for five of the past six session answers we've got a pair of earnings on deck this afternoon.

seema mody is covering results for us. and results from the box as soon as they hit the tape. and thank you both and see you in a moment. and donald trump is meeting with the president of mexico right now. we are expecting to hear remarks from him shortly. coming up, we will hear from the founder of latinos for trump. marco gutierrez about why he is supporting the republican presidential candidate. joining me on the panel here, mike san tolly, is back with us. along with carol roth. welcome, guys. for more on today's market action, fast money trader guy adome in a three-pete guy which we very much appreciate. mike, first of all, 5 out of 6, that's kind of getting bad. >> it is getting bad in terms of the ratio of up to down days but we're not moving that much in the net basis. today we kind of s&p and 500 went down again to this area to the bottom end of its month-long-range. six-week range. 2116 boupsing off of that. that is where we traded down to

on the day of last jobs report in late july. not that there is much significance here. and within the headline level, and more after cyclical tone. today took a break and really oil is going to weigh. when it goes down 1% or 2% in a day and energy stocks with more than 1% today and really the outliar from the relatively severe trend. >> the syrup -- >> sweet. >> i was going to say, it is sweet. if you look at market overall and where valuations are, if you look at where we are from our highs, i think that you have to say, it's very, very sweet. sweet and a little bit frothy perhaps. so even though we've had this down trend for a few days, certainly nothing to be overly concerned about. obviously had the fed, numbers that the fed were considering

today, and so i think that that's another thing as we head into the end of the week we've got a holiday. we've got jobs numbers coming out. i think there are things that will be sparking interest here over the next couple of days. >> interesting to see on the board there guy how well goldman and jpmorgan have done this, up about 5% or more. and we have talked about the financial answers whether or not that breakout makes sense but perhaps intervestors are saying it looks okay even if rates don't go up. and if they do, even better. >> makes sense in terms of why people are buying stocks. doesn't make sense in my opinion in terms of their ability to grow revenues and earnings going forward. i still think the landscape for banks is in a word challenged. but again we talked about it yesterday. i understand why people are buying banks. in a market where people are searching for value all along, it is very attractive. if you don't want to chase

utilities, and they are trading percentages in terms of where their book value is and in terms of forward earnings are still relatively attractive. i get why people are buying them. but my push back would you that they make sense in the environment we find ourselves in and the in the environment they find theirselves in going forward. >> this is where we disagree. you and i are typically on the same side of the coin. but i'm in bank of america. i ghot very favorably back in february when it was down around 11 and change. but certainly have no desire to get out of it. i think, like you said, trading at percentage of value and at some point the businesses continue even if it is just through the muddled growth. i think the valuation standpoint particularly ones that have more domestic exposure than international exposure, like you said, seems to be for the long-term investor a good place to be. >> by the way, financials are

changing a lot. and today the sector as we know it is comprised and i think the 19th before they trade on their own and you can get involved in that and we will have more on that for sure. we have talked about the housing side and different things are conflicting. adp private sector jobs. that is at the 177. kind of bodes well for that job support friday. impending home sales up and earlier month revised down and chicago pmi often a nice barometer for the manufacturing gauge. barely staying in expansion territory. >> definitely conflicting info. i don't think any of them will change some of the overall view of what is going on. but you mentioned housing sector being strong. another wrinkle in terms of the bank discussion is that as highlights today, they are ramping up loan production. better for us now, they can't change the price of loans but change the volume and that could be different earnings.

>> and with the earnings, roy has numbers. hi. >> hi there, kelly. yes, a beat on the top and bottom lines. a beat bay million. companies numbers coming in at 95.7 million and earnings per share is a beat bay nickel the street was looking for a loss of 19 cents. now the company is reporting a also of 14 cents. on the guidance, raise for full-year guidance. company coming in at $394 to $3 t 96 million and they expect a also of 67 cents and that is beating street expectations by 2 cents. the street is looking for a full year guidance of a also of 69 cents. also, their billings for this quarter come in at $107 million. that's also a beat. that's versus the street looking for $96 million. we did hear from aaron levy last quarter on the conference call

talking about how the bigger trance access would be coming in later this year. we will of course will hear from him in this current quarter's conference call coming up in about an hour. stock in after-hours trading was down just a minute ago. kelly, back to you. >> i was going to say, it sounded like lot of the metrics came in okay. shares will keep an eye on it and now appear to be higher. now the sales force, with seema mody. >> it did beat street expectations of 22 cents and revenue topping consensus at $2.04 billion. and looking at the stock down about 3% in after hours trade. also looking for any commentary from mark on m & a. it was in june when the sales for for acquisition of demandware for $2.86 billion. now back to you, kelly. >> it looks like their adjusted

gps relative to expectation and yet shares are lower by about 4%. we will come right back to this as we keep an eye on shares after hours but here is donald trump make some remarks. >> [ speaking in foreign language ]. >> my spanish is a little rusty. but he is talking about how on november 8th we will elect a new president. donald trump will speak after him in just a moment. we will wait to hear exactly what he is saying before we

bring the rest of the remarks to you. michelle caruso-cabrera is standing by. what do you gather, michelle? >> well he started by saying november 8th is the big election in the united states. it has been a subject of the intense debate. i haven't heard the rest of it. but he is certainly talking about the situation. kelly, we're looking at two of the most unpopular men in mexico on the stage at the moment. donald trump has a popularity rating, if can you call it, single digits in mexico. but the president of mexico is only in the 20s. he suffered a number of scandals. even though he has done some pretty impressive reforms that mexico needed when it comes to oil industry. when it comes to education. when it comes to telecom for example. for example, punish the stock of carlos slim. but this has been, the depolitical analysis, this is either a genius move by the both of them or disastrous for one or the other. because the intensity and level

of discussion between donald trump and the mexican people and mexican/american immigrants in the out, as you know, the tenor has been incredibly controversial to put it lightly. >> michelle, there is speculation as to whether the mexican president even thought of the presidential candidacy and invited and donald trump, to everybody's surprise, is the one who did. >> we have wondered that as well. did he really think that donald trump would come? he invited both hillary clinton and donald trump and donald trump said yes, but wasn'ted to do it before his speech tonight on immigration. you would assume he wanted to to hear the president's opinion on the wall. and the presidential nominee, donald trump, has discussed many times, that he wants to build a wall on the mexican border. >> that mexico would pay for it.

which is something that the man speaking there has denied. eamon javers joins us. and people are eagerly looking forward to what donald trump will say here. >> absolutely, kelly. fascinating moment diplomatically. and this trip came together just about over the past 24 hours. not a whole lot of notice for the typical diplomatic state craft we see, stage craft. assembling the visit and greetings and all of that. we didn't have a whole lot of information about when this event would happen, whether we would see the president of mexico and the republican candidate on stage together as we are seeing right now. whether they would make joint takes or take questions from the press. it looks from the presidential palace in mexico city, and we will wait and see, whether or not they do take questions and what the mexican press would ask donald trump about the immigration policy and whether

the mexican president has been able to persuade him to take a softened stance on immigration and whether we are about to see donald trump go back to arizona in the united states and make a very hard line speech on immigration tonight. a lot up in the air right now and diplomatically, politically, and economically between the two countries. >> michelle, a couple of early headlines from remarks. he says mexico will be a constructive neighbor for whoever wins the presidency. he says that -- let's see. a constructive neighbor for whoever wins the presidency. he also says he expects to meet clinton soon. he says all bilateral relations need to be reviewed every so often. these are all coming to us from reuters. and he says mexico and the u.s. are important for each other. pretty boiler plate so far. >> exactly. very diplomatic speak at this point. saying security cooperation between mexico and the united states is critical. and bilateral relations need to be reviewed every so often.

so so far no reference to the wall. so far, no reference to the more controversial things that we know have been said by both individuals on twitter. about mexico and or about each other. >> yeah. >> kelly, if i could jump in here, you just wonder here how much of this has been prearranged by the two sides or how much communication there was time for between the two sides in advance. you can see where there would be political opportunity for him to insult donald trump who is en m eenormously unpopular in mexico. you can see donald trump getting whisper prantranslation from th aide. and whether or not the trump camp had any idea what mexican president would say and whether the mexican camp by contrast

knows what donald trump will say. we don't have any idea what he is about it say. >> and the president speaking there, saying the meeting with donald trump was to get to know each other. headlines include him saying that he told trump nafta was good for both mexico and the u.s., michelle. >> yeah, trade, a key issue. north american free trade agreement which was brought forth by bill clinton now coming under intense scrutiny and criticism during election by donald trump saying that it has hurt jobs and terrible for the united states. and most economist we've had on cnbc would disagree with that and clearly pena nieto says nafta is good for the country. and saying they created a shared manufacturing platform and also now this just crossing, that nafta can be improved. maybe there is wiggle room there

in terms of improvements or changes that can be made that would help bridge the gap between regardless of who wins the presidency, kelly, there is clearly a dissatisfaction with trade here in the united states. and in a lot of places around the world for that matter. maybe that's an acknowledgement that there needs to be some changes in order to quell that fur that we've seen. >> let's listen in now. i believe we have the epg lish translation of president pena nieto's remarks coming through. >> we must keep on with the efforts so that the border between mexico and the united states becomes more efficient and safer. however, there is a number of american citizens who see the border as a real problem because undocumented people and illegal drugs cross the border towards the united states.

undocumented immigration from mexico to the united states reached a maximum point ten years ago and has been diminishing since then. and it is now even negative as a net rate. but even so, we know it is shared challenge to face the number of nonmexicans crossing the border, coming through our country, going to the united states and also leading to serious humanitarian issues. however, this is a vision that is obviously incomplete and which needs to be addressed. when one has to take into account the flow of cash and of illegal weapons coming from the south. every year millions of dollars of illegal weapons and cash enter mexico illegally from the

north which benefit the cartels and lead to action that leads to the cartel and leads to drug nets united states. what we need is to have an overall focus. an overall policy of the border which deals with undocumented immigrants, the flow of drugs, weapons and cash, all at the same time. many lives can be saved on both sides of the border if the criminal organizations stop receiving the flow of cash and weapons that permit them to carry out their illegal activity, illegal flow of weapons, drugs and cash going in both directions have many bad consequences for both sides of the border.

our border must be seen as a mutual opportunity for both countries. our countries must invest more in it. more infrastructure. more people and more technology to make it more safe and more efficient. but i recognize the fundamental right of each country to protectity borders. at the same time, this should be a true spirit of cooperation between neighbors and allies, which is the best way to go forward. i would like to express to mr. trump that to make the border with mexico safer, with our friends and neighbors from central america, it is of vital importance to mexico and to the united states. like wise in regard to national security, mexico and the united states have worked together to deal with the challenges coming from a complex environment. complex world.

everyday safety, security agencies on both sides of the border exchange information and coordinate their actions. independently of the results of the elections in the united states, the nest american administration can expect our goodwill and our effort to make the north american region safer. mr. trump, i would once again like to reiterate what i said to you in private, my priority of president of mexico and the priority of my government is to protect the mexicans wherever they are. that is my responsibility and i will continue working for that purpose. everyday exchanges between the

united states and mexico contributed, talent and prosperity on both sides of the border in mexico and the united states. mexicans in the united states are honest people and hardworking. they are well intentioned people. they are good people who respect the institution of the family and community life and respect the law. as such, the mexicans respect -- deserve the respect of everyone. i will continue to consolidate the relationship between the united states and mexico based on mutual respect, trust and common attention to our common challenges and i will conclude by saying that the government in mexico will be absolutely respectful of the elections in

the united states. we recognize their decision to continue a constructive dialogue. the dialogue which is the way forward. for those two think differently to come together, the dialogue is the way forward because it leads to better understanding. thank you very much. >> the presidential candidate for the united states, mr. donald trump. >> thank you. it is an honor to be with you, mr. president. a great, great honor, thank you. we had a very substantive, direct exchange of ideas over quite a period of time. i was straight forward. and presenting my views about the impacts of current trade and immigration policies. on the united states.

as you know, i love the united states very much and we want it make sure that people of the united states are very well protected. you equally expressed your feelings and your love for mexico. the united states and mexico share 2,000-mile border. half a trillion dollars in annual trade and 1 million legal border crossings each and everyday. we are united by our support for democracy, a great love for our people, and a contributions of millions of mexican/americans to the united states. and i happen to have a tremendous feeling for mexican americans. not only in terms of friendships but in terms of the tremendous numbers that i employ in the united states. and they are amazing people. amazing people.

i have many friends, so many friend, so many friends coming into mexico. i'm proud to say how many people i employ and the united states first, second and third generation mexicans are just beyond reproach. spectacular, spectacular hardworking people. i have such great respect for them and their strong values of family, faith and community. we all share a common interest in keeping our hemisphere safe, prosperous and free. no one wins in either country when human smugglers and drug traffickers prey on innocent people. when cartels continue in acts of violence. when weapons and cash flow from the united states into mexico. or when migrantes from central

america make the dangerous trek, and it is very, very dangerous, into mexico or the united states without legal authorization. i shared my strong view that nafta has been a far greater benefit to mexico than it has been to the united states. and that it must be improved upon to make sure that workers and so important in both countries benefit from fair and reciprocal trade. i expressed that to the united states and that of the united states that we must take action to extend this tremendous outflow of jobs of our country. it happens everyday. it is getting worse, and worse, and worse.

we have to stop it. prosperity in both our countries will increase in we work together on the following five shared goals. number one, ending illegal immigration. not just between our two countries, but including the illegal immigration and migration from central and south america and from other regions that impact security and finances. in both mexico and the united states. this is a humanitarian disaster. the dangerous treks, abuse by gangs and cartels, and the extreme physical dangers and it must be solved. it must be solved quickly. not fair to the people, anywhere, worldwide. can you truly say certainly not fair to the people of mexico or the people of the united states.

number two, having a secure border is a sovereign right and mutually beneficial. we recognize and respect the right of either country to build a physical barrier or wall on any ofity borders to stop the illegal movement of people. drugs a drugs ug /*s and weapons. and it is paramount to both the united states and to mexico. number three, dismantling drug cartels and ending the movement of illegal drugs, weapons and funds across our border. this can only be done with cooperation, intelligence and intelligence sharing and joint operations between our two countries.

it's the only way it's going to happen. improving nafta, number four. nafta is a 22-year-old agreement that must be updated to reflect the realities of today. there are many improvements that could be made that would make both mexico and the united states stronger and keep industry in our hemisphere. we have tremendous competition from china and from all over the world. keep it in our hemisphere. workers in both of our countries need a pay raise very desperately. in the united states, it's been 18 years, 18 years, wages are going down. improving pay standards and working conditions will create better results for all and all workers in particular. there is a lot of value that can

be created for both countries by working beautifully together. and that, i am sure, will happen. number five, keep manufacturing wealth in our hemisphere. when jobs leave mexico, the u.s. or central america, and go overseas, it increases poverty and pressure on social services as well as pressures on cross-border migration. tremendous pressure. the bond between our two country says deep and sincere and both our nations benefit from a close and honest relationship between our two governments. a strong prosperous and vibrant mexico is in the best interest of the united states and will keep and help keep for a long,

long period of time america together. both of our country will work together for mutual good and most importantly for the mutual good of our people. mr. president, i want it thank you. it has been a tremendous honor. and i call you a friend. thank you. [ inaudible ] >> i think excellent. a tremendous respect for the president. we were actually together for quite some time. and i think excellent. i was with, as you know, senator sessions. and a tremendous, more than an hour, i think.

[ inaudible ] >> say it. yes. we want what is best for the united states. we both realize we have realized this from the beginning with, that it is good for both of us. better for both of us, actually. yes, john? [ inaudible ] >> we didn't discuss that. we didn't discuss who pays for the wall. we didn't discuss. [ inaudible ] >> well, i'll start. nothing like an easy question like that. we did discuss the wall. we didn't discuss payment of the wall. that will be for a later date. this was a very preliminary meeting. i think it was an excellent

meeting. and we are, i think, very well on our way. a lot of the things i said are very strong but we have to be strong and we have it say what happening. there is crime, as you know. there is a lot of crime and a lot of problems. but i think together we will solve those problems. i really believe that president and i will solve those problems. we will get them solved. illegal immigration is a problem for mexico as well as for us. drugs are a tremendous problem for mexico as well as us. it is an one-way street. we will work together and get those problems solved. president? >> translator: this is a specific way of in which i've expressed how the government of mexico has shown complete

respect for the elections in the united states. trump has quickly answered the question regarding bilateral relations. the relevance between the two -- the relationship between the two countries, the importance, the strategic partnership between the two countries, is something that i have underscored and the president of mexico has a great responsibility of defending the interest of the mexicans. the mexicans here in mexico and those who are outside of mexico. there is maybe a poor misunderstanding or statements that have maybe hurt unfortunately or had an impact on mexicans and their perception of the candidacy of his candidacy.

and i respect that. mexicans have felt offended by what has been said. but i am certain that his genuine interest is in building a relationship that will provide our mutual societies, improved well-being, and that the intention and will of it, president of mexico, is to meet with both candidates in the presidential elections, united states. so that we can build it together. but above all, the basis of mutual respect between us. that is what i shared with mr. trump, the candidate. >> that was the translator finishing up the final remarks there, closing remarks, if in fact, from mexican president

nieto. we weren't sure if that is what we would witness here, but the president of mexico and republican candidate donald trump did accept a couple of questions from the audience leading to perhaps the quote of the session on donald trump saying we did not discuss who pays for the wall. eamon javers, your thoughts? >> yeah, an extremely subdued donald trump we saw there, speaking in a voice a little bit above a whisper at point in reading his text. not at all the donald trump we have seen on the campaign trail. a bombastic voice. he made five key point and i think that the most interesting in all of this was his attempts to explain to the people of mexico how his policies, particularly on immigration and on trade, are actually in their best interest as well talking about ending illegal immigration into the united states but also into mexico through mexico's

southern border and the danger that they faced from migrant traveling north and south through mexico and in cartels and gangs to take advantage of those people and he talked about keeping manufacturing wealth in our hemisphere, citing competition to both mexico and the united states in terms of trade from china. there is donald trump making his sales pitch to mexico about why his policies are good for them too. >> and michelle, political optics of this going into it, the beltway consensus, is that this seemed to have a lot of down side for donald trump but there he was standing on the stage with a world leader and basically handling the entire event. what do you think the response will be to what we just witnessed here? >> i think that whoever decided this was a good idea is probably thinking, that they made a good designifica decision to do this. there is donald trump standing next to a world heard. the heard of the country he has been so negative about. and what is the photo going to

be in the paper tomorrow? what is the typical photo that you see whenever the president of the united states travels around the world up on the podium with another world leader fielding question answers fielding what we knew the question would be, was about the wall and who would pay for the wall. i think if we see more of what we saw today, tonight this is definitely a softening. remember, donald trump called nafta a disaster. one of the worst trade agreements in history. today he says, it can be improved. and now he has enlarged his view of trade and jobs. he says jobs need to stay in the hemisphere. now the western hemisphere is competing against china versus the united states versus mexico. so there is definitely been a change in tonality and definitely optics and trying to make him look more presidential. and i think president pena nieto has a win here, he can say, i

softened donald trump. >> this is amazing. just when you think the election can't get any more bizarre, that there aren't more twists and turns, here we have donald trump coming out and looking incredibly presidential. coming up with a five-point plan. if he doesn't win here in november, the people of mexico might elect him. he had some really interesting goals and i don't know, kind of sound like maybe he want to have a merger, america together. we might be buying mexico. we may have just been getting the early breaking news that he wants to buy mexico and make it a whole mhemisphere thing. this is a twist and turn and quite a surprise. >> a softening can also be cast as, in the moment and in the place where he might have been able to reiterate what has been his signature issue and agenda, he said, well we can talk about this. i think the very interesting part of the trade issue of

protecting western hemisphere manufacturing is fascinating. a zero to something game ultimately, but the diagrams can move around. >> remember four years ago when mitt romney went to the uk, and maybe a couple european countries, it didn't go well. we didn't expect to see hillary clinton do a foreign trip or even donald trump. was this yesterday it was announced he was going to mexico? so a contrast to what happened when mitt romney went abroad. >> it is an interesting role reversal between hillary and donald. would you expect hillary with her diplomatic background to be the one wto take advantage of a situation like this. people are saying, if this is donald, he will probably trip up over this. now the roles have been entirely reversed. i'm excited about what is coming down the pike next. >> again we will hear from him at prime time speech this eepg. donald trump speaking about immigration. how does he to the american

public frame what we just witnessed here. both tenor of those discussion answers what came out of it and sort of who trumped who. >> and also con tech actual. what is also interesting, we have plex co-'s president there, pointing out the basis of net migration from mexico peaked ten years ago. what are we talking about here? i don't know if that will resonate nor broadly especially with core supporters of donald trump. >> michelle? >> yeah, that's good point. mexican economy improve offered time and you haven't seen the same level of immigration into the united states. it has gone down. i will say that donald trump did not back off against the wall. he softened the words around it but he said we recognize the right to build a wall. then he said, for the shared objective of security. trying to bring mexico into that. and i should add that for a long time, mexico has complained

bitterly about the drug answers guns on the border as well. we have heard a lot of leadership in mexico say, they want the united states to lael legalize drugs because they think if that happened the flow of guns to the drug cartels would drop dramatically because illegal activity would drop dramatically. just as people living along the border in the united states are concerned about border security, people living in mexico who died by the thousands at the hand of the drug car tells, are also quite concerned about it. try to blanket that whole idea between the two countries. >> yeah. and in case you missed it, here is what donald trump just had to say about building that wall. >> we did discuss the wall. we didn't discuss payment of the wall. that will be for a later date. this was a very preliminary meeting. i think an excellent meeting. and we are, i think we are very well on our way. a lot of the things i said are very strong but we have to be strong, we have to say what is happening. there is crime, as you know.

there is a lot of crime and a lot of problems but i think together we will solve those problems. >> eamon? >> to michelle's point earlier, you wonder whether the mexican president will feel like he got what he was after out of this event today. you know, he did have to welcome one of the most unpopular figures in mexico to the presidential palace. he did have to say that he respect the electoral process. desay that at one time mexicans felt offended by donald trump during the campaign about mexican americans. he said that to donald trump's face. that may play well domestically commitically but you may wonder how a guy like donald trump is pollinging at 2 or 3 or 4% in mexico depending on which poll you look at tp. very unpopular candidate. the president of mexico forced to welcome him and treat him with all of the diplomatic nicety that you see, almost the equivalent after state visit. >> well we will talk to the

latinos for trump group here to your point, eamon, in a minute. michelle, the point that eamon raised, the effect on mexico. let's say for argument's sake, the reverse came out of this, which is that donald trump kind of delivering his message, standing up there looking presidential, very subdued. what does the mexican president have to show to his country? >> donald trump said quote two countries working beautifully together. who would have thought? right? if you're writing the headlines tomorrow in mexico, did you ever think donald trump was going to say that based on what his rhetoric has been thus far in the election? so i think at this point, right now, pena nieto looks like he got donald trump, maybe donald trump came with that intention, politically, as he tries to evolve or tries to bring in larger numbers of independent. but certainly if the president of mexico want to say there's

cause there, he can try and take credit for what was much softer rhetoric from donald trump. >> all right. eamon and michelle, thank you both again, as we heard from mexican president pena nieto. up next, the founder of latinos for trump. and see what he believes the presidential candidate is laying out. stay with us. th's why so maninnors are on the ibm cloud. orunkeeper, a training a used by er 50 million runn or gvelors wsepopularityepends helping to keep company' ess unmplicated - that's what the ibm cloud is built for. oh heyso wcan share our nnamazing trading knowledge. at's are idea, but why don't you ju go to thinkorswim's chatoo ere you can share straes idea even tual trades

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i shared my strong view that nafta has been a far greater benefit to mexico than it has been to the united states. that it must be improved upon to make sure that workers and so important in both countries

benefit from fair and reciprocal trade. we did discuss the wall. we didn't discuss payment of the wall. that will be for a later date. this was a very preliminary meeting. i think it was an excellent meeting. and we are, i think, we're very well on our way. >> that was donald trump speaking after his meeting with the president of mexico, just a few moments ago. let's bring in marco gutierrez, founder of the latinos for trump movement. marco came to the united states from mexico 25 years ago, became an american citizen in 2003. thank you for joining us and welcome. >> how are you? >> i have today brush up on my spanish after listening to that press conference. what was your take away, marco? what do you think we just witnessed? >> you know, i think this is historic. for me, as a mexican/american to see both presidents up there, talking, dealing with this.

it makes me think of the treaty. the wall is nothing new. it is something that was already talked about a long time ago. >> so from your point of view, where does the wall stand in the basis of your support for donald trump? >> for me the wall is more than physical, symbolic, and i think about boundaries. i came to this country to achieve the american dream. came here to be an american. and i think a lot of hispanics have fell complacent, have forgotten that. and i think donald trump is reminding us we have a country to protect. >> who is "us" you're referring to. eamon mentioned the support of the latino community for donald trump is very small. who do you think is the basis in the communal for donald trump? will it grow? is that your expectation?

>> we have a -- the left -- the media and the left have kidnapped our community. and there is a lot of donald trump supporters in the closet. and the fear of supporting donald trump openly, it is something we have to deal with and mr. trump has done a great job. we have something called operation taco bowl. we have september as taco bowl month. we have event that are trying to break that taboo that hispanics don't support donald trump. as you saw here, mexico is the number two client of the united states. so mexicans are merchant by nature and we like donald trump's message of commerce. >> marco, it a carol roth.

obviously we always talk about national polling numbers. but at the end of the day this will come down to key swing states. so for your operations in september and up through the election, what do you think are those most important states that you as somebody who is out there doing guerrilla tactic answers donald trump in terms of his campaign need to be focused on particularly in the latino community? >> well, you will be surprised, kelly, that actually california is not the state with most hispanics that are registered to vote. it is actually new mexico. so new mexico is the state we are working heavily. we have florida, texas, little bit of nevada as well. and california, of course. we have two or three events already scheduled for here in california. >> marco, even if perhaps the support among latinos for donald trump is understated as you say,

what is your pitch to that community? not just that oh what he says about mexican/americans is not so terrible or perhaps more nuanced, what is the pitch saying here are the reasons why you might want to might want to support him? >> mainly, the pitch is that that let's not forget that pain and the chaos that we we want through as hispanics, if if you look, the recession hit hispanics the most. and once hispanics went for closure, i think in 2001, the number one home buyer was hispanic. you have five surnames. gomez, sanchez, martinez. 2008, hispanics were the number one loser with the construction, jobs and all that. so, i think when hispanics figure out that the proposals

that hillary clinton brings to the table with going to continue that agony, i think they will line up with donald trump. >> what's your opinion of the mexican president both in general and also what we saw here. how do you think it's going to go over with mexicans? >> i have a great respect for him. i feel very proud to see him talk even though i am not a mexican national anymore. but i was born and raised in mexico. i think he just donald trump has a lot of criticism, a lot of opposition, but i think he has to do a lot with the both president's, calling donald trump now. both of them have a lot of weight on their shoulders to bring this nation. he was saying, he needs to be more -- to be able to help both countries.

>> that's the whole point of the grimt, right? like the way to help both nations is to have these trade agreements where there aren't tariffs. maybe easier share of materials and resources, what have you. it's easier to hear the problem with that have ta being described and the solution to it sounding much like the argument for its basis in the first place. >> let me tell you how most of the pueblo, the people of mexico are going to be benefitted p by this. it is not that most government officials of mexico, they can come here on a weiner and spend some time in hollywood with the income that they have and the people of mexico have to pay 10, $15,000 to cross the border. there is something wrong with that equation. and we need to fix that. >> and finally. >> mexican should be able to come here, just like everybody educational. >> finally, what's your opinion

of hillary clinton? if she as she is polling right now, is president? >> i think hillary clinton, she shouldn't, i don't think the spirit of rotation, i don't think any family should go back to the white house. i think she did a, she did her job already m she should just go retire in an island somewhere and just enjoy her accomplishments, but i think she needs to step away and let true leadership take over this co council tri and i think we have seen donald trump show that. he has shown international leadership. i can see donald trump at the level of putin, at the level of the prime minister in canada and now, we see him back into somebody where there is so many devicive issue, but they are open to a dialogue. >> yeah. those comparisons have been made. marco gutierrez, founer of

latinos for trump. thank you for joining us this afternoon. >> thank you. meanwhile, sales force reported earnings earlier this hour. the stock is moving lower. we'll have an update and 15 years after the september 11th attack, much o the world strad center had been rebuilt and is open for business. ground zero rise, freedom versus fear, has our jim cramer taking an in depth look that the emotional rebuilding has caused. i premiers tomorrow at 10:00 p.m. eastern. froms th's w i he the spark cash card from capital one. tht, i earn unlimited 2% cash back on l my puhasi and th uited% cash bkfrom sparks thounds of dollars eacye going cknto my busines.. l my puhasi whh adds fuetocash bkfrom sparks myottoline.

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ththenergy lives here. on r now. . sales force reported earnings this hour and the stock keeps moving lower. it's down about 8.5%. the company's ceo just joined cnbc's jim cramer to discuss. >> on the top and bottom line, it was a great quarter, but as you've pointed out, foreign exchange was just brutal. not only did we have brexit, but we had the fall of the great british pound, which is how we roll up our european currencies and that dramatically affected revenue in the quarter.

>> you can catch the entirety of that event and an interview the ceo tonight on "mad money." interest iing and fair if he's going to say they're in a currency we saw drop, the larger issue for sales force, the reason they've been inquisitive is questions about if they can continue their amazing growth. zpl what are they going to pay and how long is this process going last? paying up in a sector where there's other players who want in as well. i feel like just the stock the way it's been positioned coming into this year, fang could have been called fangs. wasn't as strong, but up significantly and i think all those stocks are having this digestion period this year. that's true for sales force when they lower third quarter guidance as they did. >> i think m&a is is the story here m i don't think that the foreign change with what you're seeing accounts for 8.5% after hours crease. i think that's it's not just growth story, but it's taking the eye off the ball of the core of what works for this company.

all of these different acquisition, yes, they're cloud, but they're in different areas and what does that look like and does that really provide a cohesive story for the future and i think if the overall model is giving some investors some pause, but they had a great run. >> we'll watch their competitors tomorrow. we've seen in the past when salesforce has big hits and misses. we'd be remiss not to mention happy birthday to the index mutual fund. thanks to jason for a great write up on this one. 40 year ago, the index mutual fund itself was born. vanguard's index fund opened for business and the best part about the story is they didn't raise nearly as much as they wanted to at inception. >> it was considered what you don't want to do and it's been clearly the most popular

financial product rollout. >> and great entrepreneurial success story. it wasn't what they thought. went out with it any way and look where it is today. >> far short of what they want and now, it has transformed the industry. very pap happy birthday. thank you if for joining me this hour. "fast money" begins right now. "fast money" starts right now. live from the nasdaq market overlooking times square. your traders are -- tonight on fast, the man who said buy the brexit dip is back and he's got a bolder call. scott brown will tell us where the best opportunities in the market are igt rooigt now. plus, elon musk saying he'll have an update on autopilot some. and later, a prude warning to the world. oil hit iting a two week low in and flirt wg a key level. we'll tell you why trader rs so concerned, but first, we start off with trouble u