mylan will answer to senate committee. >> and the fed on wednesday. >> and of course the fed on wednesday. >> and the debate. >> thank you so much. >> exactly. thank you for joining us. >> thank you for watching. >> "closing bell" starts right now. happy friday. >> tgi your f. follow me. stocks still in the red as we enter final hour of trading. major averages are slightly higher for the week. this next hour is going to be very, very volatile, a lot of moving parts and pieces which we will talk about. >> and balancing the creation of a new sector in the s&p 500. >> apple is the big winner this

week on wall street and the dow component pretty much responsible for keeping the blue chip index in positive territory for the week as the company releases its iphone 7 smart phone. we will look at whether it is worth upgrading and whether the stock can keep rallying. >> twitter moving higher after streaming its first nfl game last night. it was kind of cool. >> pretty cool. >> we will get the ratings any minute now and tell you what they mean? >> and the government fining deutsche bank over mortgage securities probe. how does the government determine the extent of the fines? >> let's start with a look at the volatile week. would have been quite different outcome without apple's gains. bob pisani has the story. >> the biggest stock has the

biggest gains. it not only moves apple but the entire stock market. the bigger stocks move the indexes more. apple is the big one in this space. how big was the movement? let me give you an example. the s&p 500 is up about ten points this week. apple is responsible for seven points in the s&p 500. most gains this week for the whole index is due to apple. let me show you another way. the s&p 500, apple is about 3.4% of the entire s&p 500. this is 500 stocks. apple is 3.4% of that. in the technology sector it's 16%. there is about 65 stocks in the tech index. 16% one stock out of the 65. that's how big apple has become. let me show you another way. the s&p-tech index, there is an

equal weight tech index. all tech stocks are equal weighted. the tech index which is market cap weighted is twice as much of a gain as the other one because of apple. that's going to give you an idea of how big this is. the all-time big cuhewna in this space was ibm. back in the 1980s ibm was almost 6.5% of the weight of the entire s&p 500. that's twice what apple is right now. of course, those days are long gone. this is a very rare week to see one stock move the market so much. >> early to mid '80s ibm was the market. >> let's get to "closing bell" exchange. nancy tangler is with us today. peter costa is at post nine and

rick santelli checks in from chicago. we have a lot of things to happen before the closing bell. >> quadruple which it is a great time for traders on the floor. our clients have a lot of opportunities to trade. we love this and the volumes are there. this is a big money day for a lot of firms down here. as far as like the investors i think they can't -- when you look at the paper tomorrow morning you will see the market was down 100 points on 4.7 billion shares or some outrageous number, people say oh, my god. there is so much volume that i think we take this day out from the overall picture of what happened this week. >> no question about it, volatility not just in today's session but in the week. it is september which means the summer lull is over. how are you positioning ahead of a big week with the federal reserve and the second half of the year? >> thanks, sarah.

we are using volatility to add to specific holdings that are attractive on a valuation basis and on price overall basis. we have been overweighting health care throughout the summer. we moved to overweight about 40% overweight and the same with technology. we have been buying and picking up a number of names and adding to holdings in the space. we have already been at a full position at apple. we may be doing the opposite there shortly. otherwise we are upgrading the quality of the portfolio. >> next week we have the fed meeting. do you expect the volatility to continue as a result? >> i think it will start to ease off. does anybody find it fascinating that the eu wants $14.5 billion from apple and our department of justice wants $14 billion from deutsche bank. >> coincidence, rick. >> coincidence. you want to watch the banks.

i especially invite all members to watch the banks for the next couple of weeks because the word is i was reading in the evening standard uk and dow jones reported that the european banks are not happy with the speed of bazal and the reforms and what it means in terms of more margin, more securities on tap, more requirements because they're not in good shape. why do i want all members to pay attention? because negative interest rates are not helping the matter. deutsche bank wasn't only down because of the potential for the fine. unlike apple they don't have the dough. one reason they won't have it anytime soon is because with interest rates where they are, where are they going to make money? i think this is important because i think it all ties in. what we may lose in volatility is the central banks give the market what it demands we may gain on volatility is this story about how it may be too painful

if moving too quickly. i think that will prove to be a big issue to pay attention to. >> a lot of ideas in that one. >> gives us plenty to think about. >> how about the yield story? we looked at the ten year 170. there has been a lot of hand wringing over the backup in yields which wasn't so dramatic if you look at the change from last week. do you expect it to continue and for it to be destabilizing for stocks? >> i think going into next week you will continue to see that. it's going to all boil down to what the fed comes out with on wednesday. i would be highly surprise ized if they raise rates. it doesn't seem to be the case for it. they might have said something about inflation being a little better than what we expected. i really don't see it happening. i don't see it happening in december, actually. >> nancy, you caught on to something rick was saying about the deutsche bank fine that doj is seeking so far. we had talked about that during

our production meeting earlier. is it a coincidence? look at what deutsche bank is doing down over 9% in the market. are you ready to step up on some of these stocks yet? are they representing value in your view? >> they do. i think the worry that we have as value managers is when you are too early you are wrong. i think the eu has much less flexibility and power after brexit. if we get pro-growth policies in the u.s. after the election and companies are incented to bring back earnings and jobs to the u.s. they are going to find themselves in a very precarious position. i do think international stocks are beginning to look attractive. they certainly do from a valuation standpoint. it has been a long haul particularly for foreign banks. so we are taking a look but we

are not there yet. >> we have breaking news on johnson & johnson. seema mody has details. >> another deal in the health care space. it's a wholly owned subsidiary of abbott labs. the deal is expected to close in the first quarter of 2017 and just to give you perspective on how big the subsidiary of abbott labs is it reported sales of around $1.1 billion in 2015. the acquisition primarily eye related. three business segments, cataract surgery, laser refractive surgery and consumer eye health. both stocks were moving higher on a report that the deal was coming together. you can see shares of both abbott labs at session highs around 1.5%. back to you. >> thank you. nancy, if you are still with us, i know you look at valuations

and you have some health care exposure. you expect these deals to continue to pick up? if so what names do you like? >> i do expect it and last time i was on i talked about abbott as one of my picks. it is a company that is usually an acquirer. this is especially good news and i talked about j&j which hit higher valuations. we like amgen and medtronnic. medtronnic is a superior name in the space. we are adding to our holdings in both today and have been over the last few weeks. we really like the space despite political head winds and the normal worries over fa pharmaceutic pharmaceuticals. we like this stock very much. >> very good. folks, thank you all for joining us today. we'll let you get to all that is going to happen over the next

hour here. we will be standing aside as everybody is running past us on the trading floor. the other thing, there is a rebalancing coming and a creation of an 11th sector inside the s&p 500. the real estate investment trust. >> odd number. they have to come up with it pretty soon. 49 minutes left in the trading session. the dow is down about 100 points. going into today the dow was up 120 plus points. we are almost break even for the week. >> we have been talking about this big story. the justice department wanting $14 billion from deutsche bank to settle toxic mortgage securities claims. deutsche bank says no way. we will tell you what the analysts think the bank will likely pay and we will speak about how the department determines the size of the fines. long lines outside of big

apple store on fifth avenue. how about in silicon valley? we will go live to palo alto for channel check for demand of new iphone 7 coming up. you're watching cnbc, first in business world wide. before a bunch of dreamers looked up to the sky and said, "why not?" and collaboration tools from intel made rocket science simple for actual rocket scientists. and the launch crew met for a moment of reflection. before any of this, cdw orchestrated a collaboration solution using pcs with intel 6th gen core vpro processors. collaboration by intel. orchestration by cdw.

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slight down day today and citi group among stocks lower. goldman sachs downgrading the banking giant stock to neutral from buy and trimming price target to $50 a share from 52 trading at 46 and change. goldman says less opportunity for growth and that citi faces capital constraints. >> financials, the worst performer on the s&p 500. wells fargo is one of them lower for a sixth consecutive day, the heat intensifying on ceo john stumf who will be testifying on capitol hill to talk about fake account scandals. >> so wells fargo waits its hearing next tuesday the bank was dealt a further blow as it emerged they would have to face an additional hearing in front of the house financial services committee, a date for which is

yet to be set. wells share price has declined 9% since the news of the fine relating to misselling of accounts to consumers broke late last thursday. shifting focus to another bank. if you thought that decline was bad check out shares of deutsche bank closing down just today as news leaked that the german lender is facing a fine up to 14 billion in response to mortgage backed securities fraud. an issue that has seen america's biggest banks fined. the decision was expected but the potential size of the fine a surprise. the final sums paid were significantly below initial leaked numbers and deutsche bank expects final fine to be less. >> a very high number. this was the case with other banks with our peers in the

united states. we saw the numbers go down significantly and so we are very confident that we will be able to negotiate this number significantly down when we are sure that we will treat it fairly in this process so we are quite optimistic this number definitely won't be the final one. >> deutsche bank's head of communications there. both cases wells fargo and deutsche bank case highlighting that regulator environment remains incredibly demanding. >> the ten year yield is higher. nist past few sessions, months and year that would mean that banks were outperforming. i wonder if the regulatory risk is overtaking interest rate risk which was driving stocks before? >> i think the issue has had an impact on stocks. let's remember why yields have gone up.

banks take their profitability very much over the short end of the curve. and the fed funds rate, we have seen this tick up over the last week or two. not because we think rates are going to go up. i think it is very much the regulatory environment. the rate hike aspect still there. >> it's hard to quantify but 9.5% move down you wonder if the market does sense they are paying something. not going to pay 14 billion. higher number than they are expecting or hoping to pay. >> i think the bill comes down to an example. if you take goldman sachs initially the number was 15 and settled at 5. deutsche figures were 2 billion to 3 billion. even if we are expecting roughly a third like the others it is a lot more than 2 to 3 billion. it is not 14 or half of that but

if it comes in at 4 or 5 is a lot more than analysts had in already. we come back to the point that i have made for a bank trading at such a low price if the capital to have to pay is more than expected i may have to raise capital is much more costly. >> down 45% so far this year. thank you. have a good weekend. >> have a great rest of the show. >> see you early monday morning. there are a lot of questions surrounding the process of how the doj issues the fines and settles on the figures. our next guest may have insight into the questions. >> a partner at snell and willmer. he is a former doj official and joins us right now. i have so many questions for you. first of all, how do they arrive at a number like $14 billion? how does that process begin in the negotiations? >> good afternoon. i'm happy to join you. the number that doj has offered

is generated through a calculation of actual losses associated with the conduct at issue. here we are focussed on losses associated with the packaging, sale, marketing and origination of residential mortgage-backed securities. the way that these settlements have been structured in the past i think is probably predictive of the way that we will see this negotiation play out and ultimate settlement be arrived at. to break that out a little more for the viewers, taking bank of america as an example which settled for a fairly high amount, $16.5 billion, there were two main components of the settlement. one was about $10 billion used to settle state and federal claims arising from this mortgage security activity. and then the other component was

effectively an aid package that was made available to previous borrowers, new loan consumers and also as a donation to communicates that were particularly affected by the mortgage crisis. >> so james clearly it's in line with other figures. there are questions being raised as to political motivations given this comes a few days after european commission ordered apple to pay the irish government in back taxes. do you think the political considerationvise merit in this case? >> i don't think that there are political considerations that are tied to what just happened with the european commission. i do think that there has been pressure on the department to take action as a consequence of the financial crisis in general

and the mortgage crisis in particular. so i think that the department has staked out an opening offer that is quite striking at $14 billion for deutsche bank. i would expect that we will see this play out as a negotiation. the ultimate number will ultimately be less than what is reported today. i expect it wouldn't be substantial. >> so if the 14 billion is based somewhat on the losses incurred, so what is deutsche bank's or any bank's leverage? what is their argument to lower that amount? how do they possibly negotiate to bring it down if they are liable for that kind of money? >> so these negotiations are complex in that they involve legal theories and liabilities. and there certainly is always litigation risk on the side of the department.

there is always a danger that their calculations or their legal theories may not stand the true test of judge and jury. so there is that incentive for the department to resolve the matters by way of settlement. it is also true for purposes of the market generally it is better for the department along with deutsche bank to resolve the matters by way of agreement. that is a factor that the department takes into consideration when it is reaching conclusions about appropriate settlements. >> so this won't go down. >> i expect it as in the previous negotiations and as in negotiations generally that it will be reduced ultimately. >> thanks for joining us today. appreciate it very much. >> thank you very much. less than 40 minutes to go before the closing bell. let's look at where we are.

the dow is off the lows of the session. it is still lower down 88 points. s&p 500 down. nasdaq is having its best week in two months thanks in large part to apple. coming up twitter rising after scoring a touchdown with its first live streaming of an nfl game last night. we'll tell you how many eye balls it drew. and up next newly raised funds to go on a buying binge. that's coming up on "closing bell."

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take a look at shares of novavax tumbling. jp morgue skpn citi downgrading. as you heard on the show yesterday this is because of the vaccine for potentially lethal respiratory virus failed to meet goals in a final stage study in elderly patients. that is what happens when you fail. >> when the price change itself is bigger than the price. let's stay with bio techs.

gi gilliad. meg terrell joins us with more. so gilead has been a speculated buyer. today no doubt looking at $5 billion debt deal raised. they announced they priced it. they did change their language around explaining through potential use of proceeds. in previous years they have said general corporate purposes in 2016 filing which just came out this week they expand upon that to say potentially repayment of debt, dividends, stock buybacks and future acquisitions. a lot of folks speculating that gilead could start buying. if you look at their hepatitis c franchise people are worried that the revenue will start to run out.

it is starting to peak and topping off there. so the big question is what is it going to replace that hepatitis c revenue with. >> what is the speculation? >> the hottest is around cancer. their head of r&d made comments saying this area known as parp inhibitors could be high. other areas could be other liver diseases, rheumtology or potentially rare diseases. so vertext has been on the table. >> how steady is that revenue for the businesses? >> depends on whether they have a product on the market. some folks wonder whether they go for earlier stage company or see how they launch their products. people speculate about companies such as kite pharmaceuticals or buy like vertext then you can

model revenue stream better. there is disagreement over whether they go for smaller deals or maybe one big one. >> health care deal chatter continues to heat up after the purchase. health care is positive in the down day. >> time now for news update with sue herrera. >> president obama met with business, government and national security leaders in the oval office today encouraging them to help press republicans to approve the 12-nation trans pacific partnership before he leaves office. an offduty new york city police detective left the hospital a day after being slashed by a meat cleaver. dozens of officers cheered him as brian o'donnell was wheeled out of bellevue hospital. he was attacked by a man who was upset that his car was booted. california governor jerry brown approving legislation that

allows businesses to stock epipen but condemned the maker for raising the price of the pens while also supporting the california legislation. three men have discovered a 119-year-old ship wreck at the bottom of lake superior. they spent years looking for the wreck before finding it earlier this month using sonar. the ship sank in october of 1897. i don't know if you saw it, but you can see the wheel and the mast is pretty much in tact. very cool. >> back to you guys. >> good stuff. >> see you later. this is an expiration day. futures going out plus rebalancing and we have a creation of a new sector in the s&p. a lot to happen in the next 30 minutes with the dow down 79. a leading trader will tell us what he is watching in just a

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we have a news alert on netflix. >> 21st century fox just filed a lawsuit against netflix alleging of illegally hiring two employees under contract. saying we filed the lawsuit because we believe netflix is flouting the law by soliciting and inducing employees to break the contract and saying we intend to enforce our rights and hold netflix accountable. the two executives were programming executive as well as a film promotion executive who took a similar role at netflix in january. certainly unusual to see the clash between the traditional media company and streaming media company fighting over talent. back over to you. >> thank you very much. with 25 minutes left in the trading session with the dow

down 67 points, walk me through what we are expecting to happen. >> it's a simultaneous expiration. you have big, big volumes. we started to see it which way they seem to be leaning. first with 2 billion and now it is paired off. now it is flipped to the sell side. you have ten minutes or so before you get finals in terms of close orders at 345. and then you have another ten minutes where the rest of the interest will start to fill in based on what it looks like. >> you have the expiration and rebalancing and creation of the s&p sector. >> so there will be a little more activity and maybe more in that new sector. there will be a little more activity as they create that product. >> meaning somebody will have to

buy those stocks. >> they don't have to -- don't let anyone misunderstand. they have been preparing for this. they are not all buying tonight. it has been a process. so the people that are in that space understand how it works and have been preparing to see how it goes. i'm not expecting massive dislocations at all. i think what you will see the publication of the imbalance. it feels to sell. as usual the trades coming in and in the last couple of minutes so it pairs off. i don't suspect you will have a major move one way or the other. >> thank you, sir. have a good weekend. >> ahead of all of that action let's show you where we are with about 20 minutes to go before the close. the dow has cut losses of the day in half. at one point down more than 140 points. financials and energy the hardest-hit sectors. we are three days removed from delivering alpha conference. if you missed it we will share a

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intel capping off the week with gains. the chip giant raising its third quarter revenue guidance to $15.6 billion from the previous $14.9 billion estimate. intel says it sees signs of improving demand in the personal computer market. >> it is indeed. at long last the day is here. the new iphone 7 and plus are available for fans around the world. our josh lipton is at the apple store in the shadows of headquarters with a look at how sales are going. how does it look? >> i can tell you that at 4:00 a.m. pacific there was already a line of folks waiting to get into the apple store behind me. we asked them why they are upgrading. here is what they had to tell us. >> i like the idea that it is

much faster. it's not a function -- if it had wireless charging it made sense. it is nice. it has a better camera. >> they have all gotten to the point now where it's $35 a month through at&t or carrier or through the apple store. it is like having a car and there will be a monthly payment. i figure i might as well come in and not wait. >> apple stock edging lower but you have seen investors bid that up. you saw that stock touch a 9-month high after we saw the stronger than expected preorder numbers, maybe reflecting some of samsung's troubles. financial analysts think the pain could be apple's gain. also some were here for this, the new apple watch. remember, that is also going on sale today starting at $369.

apple's marketing focus for that watch on fitness, health. you hear the executives saying it will be the ultimate device for the healthy life. we will see whether consumers agree. >> wonder how many people are lining up for the air pods. it seems like from the anecdotal evidence, the lines monitored outside the apple stores, shorter lines but maybe because more people are ordering it online, the preorders seem to be where the action is this time around. is that a change in terms of measuring demand for the apple product snz. >> i think you see a lot of headlines about the lines today and there are differences. i think to your point financial analysts will be quick to point out that trends are changing and consumers will become more comfortable and point out ordering online apple made the process easier. maybe tracking lines might not be the metric we used to think of it as.

>> thank you very much. see you later. >> josh lipton in palo alto. may have looked like a hail mary pass when twitter announced the $10 million streaming deal with the nfl. last night was the first game. they had the new york jets against the buffalo bills and may have been a game changer for the social media giant. >> julia boorstin has details on twitter's big score. was it that? >> we'll know for sure when we get the ratings from twitter's first live stream of an nfl game. we expect those ratings any minute now. we expect to learn total number of unique viewers plus average audience per minute. an analyst note saying this may be twitter's last chance to reignite growth. based on positive reviews both on twitter and also across the media last night's live streamed

game was a hit. twitter shares are up 4.2% on the success of last night's game. it was two factors here, the fact that the live stream worked logistically but drew viewers. it helps validate the strategy which is a big focus on live video with the number of sports deal. twitter spent about $10 million for the rights to ten games and gets the rights to celibate 15 local ad spots. twitter reportedly looking to sell that inventory for as much as $50 million. as for the stream it worked and there weren't negative comments from trolls. that was because it was so highly curated. the fact that the live stream last night was so curated made people feel like the experience was not a lot like twitter. we'll have to see if that ended up being a good thing.

>> i have to say i watched part of the game. it was very cool and convenient way to do that. we'll look for the numbers. >> no buffering? >> no. it was clear. didn't have to wait for anything. former hedgefund manager speaking out at our delivering alpha conference this week. that was his first time doing so about the raid. have a listen. >> this is a very dangerous setup and in some respects what happened to me we're collateral damage from the setup. you have high profile cases. you have unaccountable prosecutors with total immunity. don't worry about the consequences enough of their actions. and you have prize jobs waiting for them with their attachments to the cases. >> the complete uncut conversation there with other conference highlights are

availab available. there are many news making interviews that happen. >> good conference this year. less than 15 minutes to go before the closing bell. looking at losses off the lows of the session for the major averages. the dow is down 73 points. s&p 500. look at the nasdaq almost flat on the session. recovering from early losses. >> price is what we are watching. it is what it is all about. we'll spell it all out when we come back after this.

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welcome back. it has been a big week for the nasdaq index. we have bertha coombwise that story. >> looks like the nasdaq 100 could go out for the week on a positive note. the best week for the nasdaq 100 since the end of june. no small part for apple. apple sitting out getting help from other tech names like go pro today, love from analyst community. it's a buy western digital is

up. amazon has a $1,000 price target over at rbc and amazon has really been a contributor to the upside move. it has been all about chips. they have benefitted, gotten the halo from apple, skyworks is the best performer in nasdaq 100 up some 14% as people anticipate a lot of demand for chips and iphone. some big losers include expedia looking to spin off as an ipo. vodafone giving up gains they saw earlier on enthusiasm. >> bertha coombs at the nasdaq. joining us now our friend the independent investment consultant mr. david darsen. as they say, give me a price. >> price is the word p is for price earnings ratios. they are becoming somewhat

elevated. that means if you look at the world index it is 21.2 and basically when it gets above this elevated and the fed raises rates it starts to shrink the price earnings ratio. that's one. the r is retail sales. the industrial production. empire state manufacturing and price indexes were to the soft and weak side today. no pricing power. the i is interest rates. the short end has gone down from 86. this is at the end of august now this month from 86 basis points for a two-year note down to 72. the long end, however, has gone from 156 up to 170. so you have a steepening of the yield curveball which actually is good for the banks. c is china. motor vehicle sales, retail sales, bank credit and the

industrial production there have been quite strong. so that's very good in terms of stabilizing things for the time being. crude oil is another c and there you have the september 26-28 meeting of the people in algeria. that we hope will help them rise. e is the earnings. and there we see adam parker has a 2,300 target for next year which would be a 7.5% increase from now. but that's predicated on a 4% earnings increase. if we don't get earnings and you get this price earnings multiple starting to contract when the fed does raise interest rates that means it's time to lift, take money out of the markets. >> people have been saying the market looks under valued for the last two years now and that hasn't stopped the rally because the excuse has been interest rates are rock bottom levels. where else are you going to go?

>> i think that is a phenomenal point. valuation is never the catalyst. it is always fundamentals or psychology. valuation is always a confirming indicator. i think you have a great point in terms of the interest rates if they start rising then we've got trouble in the bond markets. i have told bill you may remember that we are an internet stock valuations on interest rates. interest rates are way too low. be very careful in the bond sector. >> that we will do. have a good weekend. >> have a good weekend. we have a news flash from seema mody. >> i want to draw your attention to shares of community health moving higher on a report from bloomberg that the company, hospital operator is exploring options which includes a sale. the stock is up over 13% on the support on sale options.

back to you. >> thank you. up next, we are coming back with the closing count down for friday. >> somebody's favorite segment. >> as long as you add -- >> a little currency. after the bell the clash of the economic proposals here. we will look at both we have heard about lately from donald trump and hillary clinton and have representatives from both sides of the aisle to talk about that coming up. you are watching cnbc. ing in i. where, in all of this, is the stuff that matters? the stakes are so high, your finances, your future. how do you solve this? you don't. you partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. morgan stanley. hey, it's been crazy with school being back- so we're constantly going over our data limit.

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coming up in the last two minutes of trade here for this friday of what has been a volatile week. bob pisani joining me here. we look at the dow. it happens so often after all was said and done you look at the weekly number and we finish right now with a gain of about a quarter percent. we were up 120 something going into the day and here we are down 85. >> friday a big down day. monday big up day. tuesday a big down day and then we started flat lining. >> ten-year note. let's see what the yield looked like for the week. more volatility there, as well. a rise overall for the ten year. look at the dollar especially late in the week. the dollar index in this particular case as we give a nod to sarah. >> that is a little odd. >> gain. price of crude oil as we get ready to hear what opec wants to

do -- >> we did see pressure on the commodities. that definitely echoed through. >> now we get ready for the expiration. >> this will probably be the second or third biggest of the year. they are always around the quadruple. brexit occurred today. we'll probably do 5 billion shares. typically will do consolidated -- typically about 3 billion. if they do this right it doesn't move the prices. that's why we don't make a big deal out of it. a smoother close. you want to have stocks move around. you don't want to move the prices. just because the indexes are re-weighted the prices of the stocks, the fundamentals don't move. if it is done right you won't see it. what is interesting i think is the importance of apple. we struggle to explain this. s&p 500 about ten points. apple is seven of the biggest of

the ten points. retes will be a separate category. >> have a good weekend. rosetta stone ringing the closing bell and wnet here in new york ringing it at the nasdaq. stay tuned for hour number two of "closing bell"." >> welcome to "closing bell." bill will be rejoining us in just a moment. let's take a look at how we are finishing the day and the week on wall street. it was a choppy one. the dow going out with a decline of about half a percent down 89 points off the lows of the day as we saw volumes pick up. s&p 500 closing at down. energy and financials the weakest links. as for nasdaq continuing to

outperform down about less than 0.1% here. it had its best week in about two months thanks in part to apple. apple is lower but had a huge week. the stock rallying on strong iphone preorder numbers and recall of samsung note 7 looks like gaining more than 11% for the week. with the iphone 7 hitting stores today we get up close and personal with phones that have sold out. and is the loss of head phone jacks going to keep people from trying the 7? let's talk about the action. we have evan newmark. for more on today's market action larry blazer and fast money trader guy adami. let's start with deutsche bank. the $14 billion fine from the doj and under performance of

financial financials. >> you guys color coordinated. >> totally an accident. always. >> no such thing as accidents. with that said i hope that deutsche bank doesn't become a household word here in the united states because if that is the case we have a lot of problems. i happen to think deutsche bank is a huge deal. i understand the stock went down for other reasons. my opinion and people have written about this, this has been a canary in the coal mine. you are talking about largest derivatives book. if things go pare shade. i'm hard pressed to believe that if things go really poorly there things will be contained. >> i don't think it is in and of deutsche bank. i think the bigger story here is

that the ecb is at the end of the road. basically the easy money policies put deutsche bank and other european banks into a corner. it is almost impossible for them to make money. bank of japan is at the end of the road. if you want to look for a trigger of what is going to change, the s&p 500 is plus or minus where it was two years ago. what will change is the bond market and changes not coming from the fed but ecb and bank of japan. >> we are starting to get a whiff of that. how much do you see that as a factor behind the volatility, the swings that we have seen and the focus on higher bond yields? >> certainly we have seen today's expiration contribute to volatility significantly. it wasn't just any options expiration, it was the quadruple. it really slams the market at given moments. the higher rates changing winds are really afoot here. if you look all eyes focussed on what the fed is going to do.

the real story that is getting diverted from is the moving libor. it is unintended consequence in this country that we are seeing. it will raise borrowing costs for companies, for consumers. it is very disruptive. that is the sort of thing to freak out the market and the market has been very quiet and focussed on the wrong things here because of it. it also means potentially higher rates are good things for financials. maybe not deutsche bank but smaller banks that may benefit but are weaker because of this head wind. >> quite a week for apple. is it back? would you buy it? would you wear air pods? >> you have to ask yourself -- >> i think they would look smart on you. >> no shot. do they just blow up the dating apps. i have to tell you guys and gals if you have air pods in your ears you have no shot, zero.

mail it in now. not that you have to worry about that. sarah, you need not worry about that anymore. for the folks who are single don't put those in. not cool. with that said, stock bounced and got up to 115 level, levels broken down from before. i think the euphoria is in. i think the samsung news had a lot to do with this. don't discount what is going on with samsung. is it the right place to take profits? i don't think it is the right place to get out of your apple position. to peel back seems to make some sense. >> the interesting thing is apple is an interesting story for the week. in the scheme of things the story of the last five years has really been that individual stocks don't matter. the last five years has shown amazingly high correlations between all asset classes.

the fixed income, commodity markets are totally interrelated. >> the only exception is apple is the market. it has the dow, s&p. it's the biggest component in every tech index. when apple has a really big week because their largest competitor literally blows itself up. it is a reflection of how much apple can lift the markets. >> is it sustainable? can you see the move going farther? >> certainly the move because of apple is not sustainable. we are seeing a rotation in the market. that rotation is so healthy. we see infrastructure stocks. some of the less interest rate sensitive more industrial names potentially to do better. dividend payer, maybe potential to be weaker. that is a healthy rotation and maybe a sign of post election

policy. we will repatriot 2 trillion dollars. that will be bullish for the market. there are positive things that the market could be telling us here. >> i wonder on the political front we saw polls start to move away from clinton towards trump. the mexican peso is trading at a record low. we see the reaction there. are you seeing it play into the volatility in stocks yet? >> not yet. it has to at some point. you have been on the mexican peso thing. the better he does in the polls the worse the mexican peso does. maybe there is a coincidence between bill's tie and your dress but no coincidence in terms of polls and the mexican peso. should volatility be back in the market? if that were the case i would think close toor 25 than current levels now. clorely the market is not all that concerned with potential trump victory y. do think a trump victory in the short term

is bearish for the broader market. i don't think you are seeing the vix price in the potential to win the election yet. it might start as we start to move towards october. >> or maybe it is not just something that investors are worried about. either they don't see it as reality or maybe the prognostcaters are wrong. >> it's very wrong. the market doesn't want to pick outcomes. it is very hard to figure out whether or if trump won what would happen. i think it is very unpredictable. the market focuses on things that they can put into their equations and all algorithms, the only variable we are playing with is central bank policy. i think that will continue to be the big trigger. >> let's go to larry on that one. nobody expects the fed to raise rates. would it matter to the markets if they did? >> it's interesting, many people believe they should have raised rates already. whether we like it or not the world we are in as we have seen

soft enough economic data for the fed to justify. questions about consumers and retail sales and different manufacturing data. as a result the fed is probably on hold. the fed may be on hold through the end of the year. maybe the market has gotten comfortable with that. it knows that after the election it is a totally different game. the fed is not as political and it is a different story post election. you may start to see higher rates. that is why the market is reacting the way it is and why volatility is picking up. >> i thought the inflation number was a good number today. >> define good. >> fed has been saying for eight years they want to see more inflation. they finally got a number that shows a little whiff of inflation and people didn't care. it's like who cares. >> we did see probability up from 18% to 20%. >> to me it is not really about september or it will probably be december. i don't think that is where you see really the interest rate

policy i look towards europe and japan. >> if we are at an inflection point on those central banks if they reached limits or max potential what do you do with that information as an investor? >> i am sitting on cash. i have been sitting on the entire year 35% to 40% in cash because i don't like bonds. i think it is horrible risk/reward and i think most equities are priced to perfection. i think it is expensive overall. it's not like my position is that unusual. >> where do you see opportunity right now? >> i think bio tech, if you remember the oil price started to go higher at the beginning of the year and everybody discounted the move and went from 25 to 50. i think that is what you are seeing in bio tech about a nice bounce off the lows. nobody is talking about it. everybody believes there will be more headline risk from politicians. you might get that risk but i think it is priced in. if you are looking for

opportunity you find it in the bio tech space. if you are looking for a specific name amgn as it comes out. >> second we have had for amgen. >> nancy tingler at the top of the hour. we didn't talk about the price of oil. it is down another 2% below $44 a barrel. how correlated is it with the market? energy under performed in the market. we are not tick for tick like we used to be. is that a head wind to overall market? >> we are seeing some of the relationships break down and relationships change. there was a period of time where the market was very much held hostage to the oil market and certainly high yield bond market was held hostage. now every opportunity that creates itself rigs go back and drills go back in and more oils pump. we took the plateau. it seems like the great bear market of energy is behind us. maybe we are in the range of

gold locks era where you get cheap energy not enough to justify massive change or expensive enough to justify alternative energy exploration. the bond market really likes it. energy bonds become attractive source of income. it's a nonevent until something goes boom in the night. >> we have to go. art cashin just whispered in my ear they did 1.2 billion in volume right at the bell at the new york stock exchange because of the expiration that just took place. thanks for joining us today. guy, catch you next hour. >> i'll be right here. tweet one of those pictures of your scotch. >> it will be a little late tonight. i'm working late as you know. we'll see the fast money team at 5:00 p.m. eastern time in honor of emmy awards fast money gang is giving you four emmy worthy

stock picks ready to take your portfolio higher. >> maybe more dating advice. and maybe somebody will wear those air pods. i think they need to go higher. oil prices plunged more than 50% and now exxon's accounting practices are under fire for not writing down the value of its assets like every other major oil firm has done. we will discuss how much of a problem that could be for the oil giant. and iphone 7 preorders were pretty strong. does the latest offering live up to the hype? we'll answer that question. you're watching cnbc, first in business world wide. it's not just a car... it's your daily retreat.

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exxon mobil's accounting practices are under investigation. the office looking into why exxon hasn't taken any write downs on assets despite drop on oil prices. >> we should point out we reached out to exxon mobil and the company provided this statement. here it is. our results are in accordance with accounting and reporting standards. we do not have any material impairment impacts on our

financial results as noted in our 10 k and late 2015 corporation under took an effort to assess its major long-live assets most at risk. the results indicated that the future undiscounted cash flows associated with these assets substantially exceed the carrying value of the assets. a statement only understandable by accountants. >> we need an interpreter. >> joining us now is paul sanky who understands all of that stuff. what do you think? >> i think the word hidden in there is material. you know exxon talks about requirements of making material disclosure, such a huge company doesn't necessarily need to talk about what for many would be important issues. >> more like rounding error? >> essentially our issue is they have poor financial disclosure. over many, many years, over 100

years the company has out performed to the point where it doesn't need to give you nuts and bolts of how it makes its money because it has performed so well. what we have now is a situation where the company's performance is beginning to lag its accounting performance. so previously they were ahead of the game. now we think they are lagging. >> do they have triple a credit rating. they went down a notch. it wasn't on financial performance. it was on the ability to replace reserves. and so s&p questioned whether they were spending enough money to replace their reserves. and the question we have, as well, is are you drifting away in terms of operational performance from your book performance. are you having for years held back on booking reserves on how you report your reserves to the sec and have the right to do that because you are so far ahead of the game?

are you falling behind and is that an issue? that is not necessarily an issue for the attorney general. it actually speaks to a concern we have. >> let's review and put this in context. many energy firms as the price of oil has gone down from $100 a barrel to 43 have been writing down billions of dollars worth of their assets. how much does the outperformance of exxon which is up about 13%, have to do with the fact that it has not? >> to me that is an industry waiting thing having to do with the fact that you took the russell 1,000 to almost no oil in growth and people have had to reweight into energy. exxon's operational financial performance has not been great at all. we have been worried about it. >> more diversified than some other players? >> they are but we are worried about exposure to refining

chemicals which i think greatly boosted earnings. that is another concern for us. we are not sure that people realize that exxon made a vast amount of mone and more are thinking about it as an oil price play. our concern is that refining has shifted for the next four or five years and that may be another drag on the company. it has nothing to do with reserves booking. >> do your concerns go away if the price goes back to $50 a barrel? >> it depends really where you are coming from. from the point of view of reserves booking that is an unanswered question. that was to do with natural gas. >> can they wait this out? >> you think that they will be fine if natural gas recovers but it is not. on oil the higher the better for them. general concern with the company is that they are not replacing reserves. they didn't in 2015 and there is a question over really over time that booking smearing if you

like the fact that they have done around 100% is now beginning to catch up with them a bit and struggling to replace reserves. the big strategy for the company in our view is russia. spent a lot of time trying to get into russia. they succeeded in doing that. nothing to do with that ultimately took that away from them and left them with a big booking problem. no question of fraud here. it is a question of the numbers that are going into the books and really whether or not that is hiding an underlying weakness. >> does it bring into question their dividend? >> ultimately it does especially i think this refining question is how dependent have they been on refining chemicals. one of the big questions is they are not making money, losing money in exploration and production. can they keep doing that and keep paying dividend. we can't get it from the current disclosure. >> good to see you again.

>> paul sanky from wolf research joining us. apple fans lining up to get their hands on the new iphone 7 but is the phone really worth upgrading to? two top tech experts give us their take and on the air buds. hillary clinton and donald trump have now both laid out their economic plan. which one will really jump start the economy? we'll hear from both sides later on "closing bell."

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fans of all things apple lined up to get their hands on the latest generation of the iphone today. some people you are seeing here, by the way, had been in line for days, we are told. i guess they haven't heard about the internet. the company said thursday it had already sold all available iphone 7 plus models through the preorder process online as well as the iphone 7 models in the new jet black finish. the generation of iphones is the first as we have all heard about without the head phone jack. we want to ask is this phone all the hype? >> joining us scott stein and dan sefert. >> put the head phones in. >> what is your review of the air pods? how do they look and feel? >> i do not like the way they

look. surprisingly. they feel exactly like the ones that come in the box which you are either okay with or not. no extra tips. they sound not as great definitely as other high end alternatives. i put this in. i can make a phone call. at least that is convenient y. like the fact that they are small. if i have no head phone jack that is normal maybe i would adopt them. there are so many alternatives out there. what bothers me is just mostly how they look and how they fit all people. >> i think they will look better on you. >> why? >> if you shake your head will they stay in? >> they have stayed in for all stuff i have done. i'm not doing super running. >> they are not fitness buds. i think you definitely would

pick something -- >> i do have earrings. do they look better with earrings? >> has apple done a good enough job communicating that you don't have to buy these. >> you can't buy those yet. they aren't hitting stores until later this year. the new phone doesn't have a head phone jack. apple is bundling an adapter so you can use old head phones with it and head phones that have the appropriate to use with the lightning cable. i think most people will be fine. they will use the adapter for the head phones they have already. the problem is when you lose the adapter or you go on a plane and bring the head phones that work with this phone and can't plug into your seat or car because you don't have the adapter with you, there are these headaches that come up because the phone doesn't have head phones. >> this is how i think it should go. >> that looks dangerous.

>> down is the thing. the style should be up. >> that's a stock type approach. that's the future. >> i have a question, though, to both of you guys. this is all about the technology curve. here we are iphone 7. are we at the crest of the s curve in technology? don't we need to go -- isn't this incremental at this stage or do you view this stuff as really revolutionary? >> i think right now this is not really revolutionary. a lot of people have been talking about how maybe it is next year, tenth anniversary. >> the all glass phone. i think the most interesting things for me are things like making that all screen or the point being making a better hand fit, going more wireless with upcoming blue tooth and other technologies and augmented reality. tim cook talked about it. there are implications for skang

in a room like google tango. could be like snap chat filters. it could be fun. >> the jack, the camera we are told is better. the only thing we are not talking about is the phone. the phone capabilities. >> the phone capabilities if you used an iphone it is capable of the same things, just a little better, screen is nicer to look at. the camera is a little better. battery life is a little better. it is water resistant now. >> meaning what? >> you can spill water on it and not worry about it frying out or breaking which is one big thing people do when they damage is get it wet either drop it in the sink or spill beer. water resistance is a tangible, usable good feature to have. it is very incremental. this is not a revolution and if you put a case on these phones

they look exactly like last year's models. >> does apple at this stage of its evolution need to be revolutionary? >> i think right now in the landscape the timing with the samsung note 7 is ridiculous. i think that people are looking for something reliable. they aren't looking for something to show off but i think apple is picking direction of reliability showing off things that are a little more practical. 3 d touch was last year. this year we are talking about water resistance. i think it is like the ipad. you have to have something new and different. right now a lot of people are going to be fine with their last phone. >> after reading some of the reviews you guys were looking for the next technological thing so people would upgrade yet the demand was so strong. wall street under estimated how strong the phone -- >> you can look at heightened

demand or apple said stock would be low. you have lower stock it sells out faster. we have to see how many actually sold. apple is not announcing them this weekend which is a change of pace for the company. >> good to see you both. >> thank you for letting me try the air pods. >> time now for cnbc news update. >> here is what is happening at this hour. at a campaign event in washington, d.c. donald trump finally admitted president obama was born in the united states but he falsely accused hillary clinton of starting a birther controversy. >> hillary clinton and her campaign of 2008 started the birther controversy. i finished it. i finished it. you know what i mean. president barack obama was born

in the united states, period. >> an off duty new york city police detective left the hospital a day after being slashed with a meat cleaver. dozens of officers cheered as brian odonled was wheeled out of bellevue hospital. chipotle says its top marketing executive is back on the job. the company placed him on leave in june after a report that he was one of the customers named in a new york cocaine ring indictment. the case is still ongoing. and new york city city police commissioner william bratten walking with his wife out of the doors of police plaza for the last time leaving after 45 years of public service to take a consulting job in the private sector. that is the news update this hour. back to you guys. >> thank you, sue. speaking of donald trump, he laid out his economic plan in new york yesterday. how will it stack up against hillary clinton's and will it stir the 4% growth rate that he

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let's take a look at how we finished a volatile week on wall street. when all said and done the dow jones industrial down 88 points on heavy volume. the s&p down 8. the better performer, the less bad -- can you say that? was the nasdaq down five points today. a good week overall for nasdaq. responding to a lawsuit from netflix. julia boorstin has the details sfwlmpt can netflix saying they intend to defend saying they do not believe used [ inaudible ] netflix saying will fight for the right to hire great colleagues.

this follows the lawsuit. a battle of traditional media giant with digital streaming giant. >> still no twitter numbers from the football game last night? >> still no twitter numbers. we have been waiting for numbers with the ratings of last night's nfl game as well as twitter ratings to see how many people watched that first-ever live stream of an nfl game on twitter. we were expecting them about an hour and a half ago. >> i watched it on television. >> i watched it on tv. >> you were watching it on twitter? >> the guy who uses a black berry watching nfl on twitter. >> polls tighten between hillary clinton and donald trump. the economy continues to be an

issue front and center on the campaign trail. hillary clinton ahead just slightly in the latest poll. rest restaurant ceo and trump supporter. welcome to you both. good to have two business lines on this debate on the economy. your support of hillary clinton's economic plan, is it an anti-trump economic plan or is there something in the clinton plan that you want to see happen? >> first of all, i would say it is both. first of all, the trump plan congratulations to you for talking about it because he is talking about the birther thing today which is orwellian to blame it on hillary. so cut taxes for the rich and increase defense spending though

he is basically an isolationist doesn't make sense to me. hillary's playing in the area i know best which is energy is the fastest growing part of the economy in terms of job growth. so i think it's very positive and people create domestic employment and are positive about it. >> what donald trump is proposing is classic supply side, cut taxes and the revenues will come when the economy grows because of the lower taxes. how much faith is there involved in that in order to achieve what donald trump says we should be growing right now. >> one of the reasons gdp has been so pathetic is because businesses haven't been investing. you want business to invest cut taxes. he will cut business taxes down to 15%. another reason businesses aren't creating jobs is too much regulation. he wants to reduce regulation.

every problem hillary clinton sees if you go to her website she comes up with another government solution and another regulation. donald trump wants to use all of america's energy resources renewable as well as fossil fuels. hillary clinton is aimed at trying to control climate. she wants climate control. donald trump wants to develop jobs. he wants to grow the economy which means using all of america's energy resources. it will at least do 4%. steve forbes thinks it will generate 5% or 6% gdp growth. we have potential to create jobs and generate economic growth. >> i don't know where they get this 4% or 5% number from. >> you kind of they make it up and no way you can prove it. let me ask you a question. going to the energy policy do you know how many jobs there are

in the coal mining industry in the united states? >> that's not the only energy he is talking about. >> i use that as an example because there has been a huge boom in the natural gas and oil energy in the united states over the last few years. the only area that suffers is coal. coal has 60,000 jobs in the united states. i don't see how donald trump when it comes to energy is going to create these great jobs with -- >> talking more than coal. coal is a small part of it. >> what are other areas? >> look at all of the billions of dollars we spend in the middle east. we could be energy dependent. those jobs can stay here. build pipe lines and manufacture the pipe. there are tons of ways you can make money in the energy sector apart from the sun and the wind. there are many ways to generate jobs. >> for hillary's side of the equation we talk about fiscal

policy she wants to increase spending to try to create jobs in that way. and i know that she wants to help pay for it by raising taxes on the ultrarich. does that snot raise the deficit just as some say donald trump's tax cuts would? >> i'm not an economist. with the way he is talking about cutting taxes and raising defense spending by $150 billion and infrastructure spending by the same amount with no way to spend for it i can't imagine her plan would increase the deficit. it is not true to say donald trump is in favor of renewable energy. his level of ignorance is so huge. he was quoted as saying solar power is too expensive and costs 18 cents per kilowatt hour. so he is off by 80%. so that's one of the issues that you have is he doesn't know what he is talking about. >> he wants to do all forms of energy. solar energy is great.

wind, oil, natural gas, coal. we need to become an energy independent country so we aren't sending billions of dollars to the middle east. as far as infrastructure spending and military build up we need those. those are good things. those are positive things and we are going to pay for it by tax plan and by economic growth. if you have 3.5%, 4% economic growth it pays for these plans. 1% doesn't pay for anything. it doesn't create jobs. it doesn't lift americans out of poverty. it leaves us right where we are which is in a terrible economic circumstance. >> we have to go because it is later than it has ever been. david crane and andy thanks for joining us. financial advisers are trusted to handle savings and investments. how safe is your private information from hackers? get this, new data reveals there are big risks of hacking. details coming up. and athleisure was big in new york fashion week. we will take a look at brands

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what's critical thinking like? a basketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley you should be able to trust your financial adviser with your money. what about with your information? new research finds most advisers think cyber security is a threat but don't know how to protect clients. we have sharon ecerson joining

us now. >> financial advisers have incredible access to your personal information including your social security and bank account numbers. new research released by the financial planning association and td ameritrade shows financial advisers believe it is important to protect this information but many have no idea how to do it. 81% of advisers said cyber security is a high or very high priority at their firms unfortunately far fewer are ready to deal with the problem. only 30% admit that they are completely prepared to manage and mitigate the risks associated with cyber security. where does that leave you when it comes to your money and information these findings show you have to be diligent pthat means asking very serious questions right away. who has access to the documents containing your information? the more people with access the more your personal data may be at risk. ask how your information is stored? make sure it's a secure

location. and ask what the disposal plan is for your documents. what happens if your adviser leaves? will your personal information be deleted? and finding out your adviser's plan for protecting your information could go a long way in helping to keep your identity safe from hackers. that is the bottom line. >> i have a question. how do you know whether you have been hacked financially? does your financial adviser have to tell you? >> that is probably how you will find out or information may be missing or find out that your identity has been stolen and you circle back. the issue is if you want to protect it before you get to that point. that is why it is important for customers and consumers to take care of their own personal information. you shouldn't be e-mailing your financial adviser your social security number or bank account numbers. pick up the phone and call. find out why they need this information. they don't always need to have the information. and you always want to share

that information electronically over a secure site. >> i wonder how much it has been happening. everybody is getting hacked. >> absolutely. >> thank you. >> my pleasure. high end fashion lines getting into athleisure and athletic brands getting into high end fashion new york fashion week is sending mixed messages. i took a look whether athleisure is going strong or not. >> while the conference may be over delivering alpha is still going strong online. you can catch david ganek's discussion and much more on deliveringalpha.com.

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welcome back. athleisure is hitting the runways. under armor launching a new line called uas at new york fashion week. think futuristic sweats. the price point starting $59 for basics topping out at $1,500 for the more tailored items like the trench. the company is going for a new market, millennials and high fashion. something competitors have been doing. nike has been trying to raise its fashion game for a while. today opening a nordstrom x nike shop. adidas launching a surprise collaboration with alexander wang. those unisex, monochrome track suits and there's the much buzzed about kanye west/adidas line. this is all happening as questions swirl about whether the athleisure trend in apparel has peaked. perhaps that's one reason why under armour's top designer hates that word.

listen. >> i'm not a big fan of the word because it just -- it pin points a very specific look, and there are items in here that have a sports reference, an athletic reference, but the majority is very, you know, it's fabrics are very centered. we work with a terry, with oxford cotton fabrics, with wool. there's a tailored aspect to the fit and the choice of materials and the way the details are considered. >> whatever you want to call it, analysts are starting to raise some red flags about this trend of sports wear going mainstream. jefferies recently cutting its rating on lululemon. piper jaffray did the same for nike. they believe it is intended to shift consumers perception of under armour and to think of the gear outside of pure sports

line. they're going after fashion for growth. the question is can consumers really -- >> two of the worst people. i'm looking at bill. i'm going two old men -- >> do you remember when we were wearing track suit warm-up suits, right, back in the '70s and '80s? >> it was a bad look. >> what do you wear on the weekends? >> you know, i don't walk around -- >> you don't wear sweats? >> no. you know -- look, i wear a pair of khakis and a t-shirt. that's what i have worn my whole life. what am i going to do? go out and buy an expensive, fancy looking under armour what? >> as it happens, i do have some athleisure apparel. >> leggings? >> that's the response i get when i wear it. >> really? >> i'm too old for that kind of stuff. >> i don't think so. >> that's because bill walks around with leg warmers from the late '70s. >> but this is no joke. the numbers behind this trend have been staggering and the shrinking apparel market last year, athleisure according to

morgan stanley grew 40%. it's a big theme for wall street and the stocks have started to give back some of the recent gains. under armour and nike specifically. it is a big question. we'll see what the third quarter results are. >> how many pairs of yoga pants can you have, sarah? >> i have several. >> you haveself. >> i love it because it's much more comfortable than wearing jeans on the weekend. >> do you know how many i have? i have zero. i bet bill has zero. >> and thank goodness for that is all i can say. >> you won't be allowed on the new york stock exchange in them. >> next week will be a big one. we'll hear from janet yellen. we'll have big impacts on that coming up next. and oracle's open world conference kicks off on monday. mark hurd will be joining cnbc on a first on cnbc interview at 10:45 eastern time. "squawk on the street," do not miss it.

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we look forward now. next week will answer a lot of burning questions. will we get a september rate hike? what's behind mylan price

increase and how does wells fargo explain opening those unauthorized accounts. we'll hear from janet yellen, heather brush, and john mylan. who has the most impact? >> none of the above. i think it's going to be the bank of japan. >> i was going to say the same thing. >> i have no idea whether it be at the end of the day. >> they're the more likely bank to do something. >> the fed will do what everybody is expecting, saying everything is moving in the right direction but it's not time yet and everybody will price in december. that's what i'm expecting from that. i don't think john stumpf will be able to explain those accounts because you can't have 2 million accounts and 5,000 people involved and be the ceo of a company and be able to explain that. >> you can't -- >> there is no good explanation. >> you can't say they were rogue. >> so you think he will come under increasing fire for this. >> he's an easy target for the senate. >> maybe though they will explore this idea of clawbacks for other executives. >> you know, the weird thing is

there's that woman who was running the community banking, i forget her name right now, she made $125 million. i think legally it's very hard to clawback once it's been given. >> we will see. thank you. have a good weekend. >> thank you. >> glad to be here, as always. >> kelly is back on monday. we've got more dating advice coming from guy adami on "fast money" which begins right now. >> dating advice? "fast money" starts right now. live from the nasdaq market site, i'm melissa lee. steve grasso, karen finerman, dan grasso and guy adami. turns out size does matter for apple. we'll tell you why the lack of lines for the new iphone could spell trouble for apple's stunning rally. later, worried about the feds next move next week? don't be because there's one trade that could work no matter