>> a fill in the blank store don't forget, 10:00 p.m. eastern. don't want to miss out what's going on over in china with some of our best and brightest. >> thank you for joining us. "closing bell" starts right now. and welcome to the "closing bell." i'm saraizen >> and bill griffith the dow and s&p trying to avoid a four day losing streak this hasn't happened since midmmi mid-may, by the way. certainly a lot of volume will happen as well >> healthcare stocks fled the

rally yesterday and for most of the week now weighing down the market today coming up we will look at which stocks could be the big winners and losers from the senate healthcare bill proposal >> and president trump has been touting an improving economy, but economic disappoint hasn't been this low in six years we're going to discuss what trump can do to help turn things around mean healthcare is still on pace for its best week of the year it is the best performing sector this week led by the biotech these gains are just short-term moves in his view. >> the market is focused on short-term profits if you look at what's going to happen five or ten years down the road, this is going to cost much more. so we're going to have some short-term savings but in the end the taxpayer is

going to pay much more >> joining us now to talk about the stock market impact, are you looking primarily at the insurers and do you think it's this bill that's driving insures higher or could it be they don't think the markets going to pass? >> first of all, i've been looking at the hmts and the insurers, but to focus on the insurers for the moment, this bill doesn't actually change very much in the near term it's not nearly as aggressive to making changes in obamacare in the first two or three years, depending on whether you're looking at med katd or the commercial market. and that's actually good for company. if they can get some certainty and understand what the rules of the game are or will be, once they get that it's actually i suspect going to be knight a bit more positive for the managed care companies, especially those

that are not involved in the exchanges and not exposed to adverse selection and losses that it costs. so we like united health group for that reason as well as many others, because this stabilizes the medicaid outlook special medicaid managed care for at least the next three or four years. hospitals are another story. >>and let's bring in chris meekens as well. we're just talking about for the next few years not much changes under the senate bill. but after that, then you think things get pretty bad. what's your view of how things stand right now and how the market responded to it >> i think not only are you guaranteed what the affordable care act offered but you're getting even more money in the stabilization funds to really stabilize these marketplacebes, which is really a win in the near term. now in the later years, they

change the increases in medicaid spending from spi medical down to 1% down to cpi. you graderally roll people off medicaid, which is better than just immediately kicking them off medicaid expansion but in the coming years, it's problematic. once those cost sharing subsidies that help people pay for their 6, 8, 10,000 deductibles go away, you're going to have people who make only 25,000 a year go pay for their service, and that could increase debt. >> not only, you could have fewer people insured is that your view that the long-term prognosis for the hospitals based on this kind of legislation is not suppositive >> well, i would agree with that, but let's put things in

perspective. 2025 is certainly a long way away i'm negative for fundamental and infrastructuretural reasons. we've had a shift away from hospital utilization from their marngenned care plan we saw hca, with all due respect to them their a great company with phenomenal cash flow, but they missed with marginal care and high managed patients in their beds in their first quarters the data from the hospitals industries own admission to medicare, clearly shows year over year a 7.4% same store decline in commercial and managed care and other admissions that should not have happened over the expansion. so there's a fundamental decline in hospital utilization. separate from what washington does three years from now, 7 or

10 years from now, all of which are important. probably not today, probably not second quarter but probably soon thereafter >> before we let you go, chris, are there hospital stocks you would buy here >> look, i think in the next nine months to 18 months, it's benefit for them, because you could see an increase in utilization right before the affordable care act was imp lmgted and people were worried about the changes. and that could be beneficial for them mchb over the longer term, i think there are some problem so there could be a bump here you could experience over the next few months. at that point, people may want to consider their positions. >> and cheryl, who would you buy here. >> in hospital land of buyers of hca, it's buy growth, cash stock, multiple ways to make

money. our top two picks are united and hca. >> we are going back a little today, but overall strong for the week >> thank you both. now let's get to our "closing bell" exchange for the weekend the manager of the vilary balance fund is here with us today. and rick santelli checks in. what's going to happen here, steve? >> so if you look at what some of the projections have been, it looks like tech materials, utilitied should be bought and you should some staples, but all that could go out the window see a little bit of a drift. maybe the market tries to absorb it a little bit, but today and next week huge events for the market do they buy the lagerts, do they

buy the financials in energy to try to make up for that performance. >> i was going to ask about tech, sandy, which you're focused on as an investor. technology was in the leadership position it is again today. where are you looking and are you worried about -- as the best performing sector so far this year >> you yeah, i think technology is going to continue to lead it's amazing when you look at just the paradigm shift about a trillion dollars that's going from active management to passive management look at the s&p 500, the top four stocks apple and microsoft and facebook and amazon are about 10% of the entire s&p 500. so everyone that puts a dollar in the s&p index are putting

about 10 cents into that alone i don't think people are going to start losing money quite yet. >> what do you accept the trading is going to be like for the currency and interest rate markets? >> you know, i think we're going to be toying with some of the low marks of the year. right now two babase points off its close of the year. we do have the gdp hovering around 2.9%. and that's come down a lot, but that's the way it is i do expect balancing out fist and second quarter, maybe an event the bomb market will pay attention to but right now i don't see huge sell-offs. vilary index really looks like it was going to get some legs, but this week it's died on the vine the flattening of the curve

jumps out. when you look at a two year note yield closing down on the lead >> the other team of the week has been lower oil prices. are you surprised at the resilience of the overall market given crude and what do you do with inenergy stocks >> energy is definitely still for sale it's down 13% or 14% year to day. if youlook at crude, weight is still on crude there's still a lower low in the makings right now. remember the break evens are lower than ever with our e&p companies. you could see crude fall, and that's what wall street usually does it sets up to hurt the most

amount of people all at once and everyone thinks energy can't rally. so although i'm still a bear on crude, i do think these companies can start -- >> yeah, it went up another 8 today. >> sandy, i guess you're among those -- i mean steve was talking about whether fund managers would go out and buy the langards hoping they'd pick up in the second half of the year would you consider the energies or the healthcare or oath laggers that have been lagging in retail for the market this year >> i still see some value. two stocks we hold, still very cheap versus growth profile. skywork, i think it has a lot of potential. western digital, a storage

company, i think they could earn something like $12 at the end o this year. i think there's still value in tech without having to go up and buy the big tec bell whergts if that makes sense >> it does let's leave it on that where we're making sense here. thank you, you guys. have a great weekend >> thank you you, too as you point out the rustle is kind of the leader for the upside today as we get ready for the big rebalancing. >> the fate the dow and s&p, we'll see what we get in the next 48 minutes or so. you're better at it than i am. the disappoint with the economy has actually hit multiyear highs. we're talking the expectation gain and whether trump reform

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the worst performers in the s&p today. you probably heard that london police said that last week's london fire started in a hot pool refrigerator. they say the refrigerator was not part of a recall and the fire was not started deliberately the company itself said quote, words cannot express our sorrow of this tragedy. what a tragedy disappoint in thechy is touching lows not since 2011

>> for more than what's driving these numbers and what needs to happen and turn it around where let's bring in cnbc finance editor jeff cox who wrote the story just out on cnbc.com so jeff, first set it up what exactly is the index showing? >> we're at lows we haven't seen since about august 2011 in the economic surprise index. now, if we go back and do the way back machine, 2011 we were worried about the united states defaulting on it its debt. we were talking about a double dip recession in the u.s. so what's happening is all these thoughts, all this enthusiasm has not been translating into the data, and we're getting this dispoint after disappoint and at some point analysts are going to

have to recalibrate. >> what do you think is missing, peter? >> well, we had a 1.2% growth rate in key one. so there was this assumption after a mediocre year, we are going to get this big bounce back in q2, so expectations were very high for this rebound in the second quarter and based on that index, clearly not coming through >> okay, so the index measures the economic data that comes out, release by release, burst by expectations. so there's been a lot of misses, jeff but maybe instead of showing some underlying weakness in the economy, maybe its that expectations ran too high. how bad is that data >> you'll see the way this thing

zigs and swralgs i think we'll probably see this bottom and turn back higher because we'll have to change our expectations now to sw your question what about about what's driving it all, a lot of it is we're not going to get to 3% growth under current conditions we have demographics working against us, an asian population and immigration that's leading to a skills gap in the labor market so we just have these skills in the economy preventing us from getting to those expectations we had at the beginning of the year >> we talk about how -- >> that comes up every few months >> yeah, but look how quiet it's been the stocks at 10 here, he thinks it just reflects the same stagnation in the economy right

now. what do you think? >> i think the difference this year is we have this mediocre growth rate that now has a one handle on it, and the fed is increasing the pace of their tightening so i'm not confident that's going to necessarily end well and that this calmness we're seeing right now, i don't know see how it lasts as the fed gets deeper into their tightening in the second of this year going to be again the ecb is going to be announcing a tapering their balance sheet, a further tapering i don't see how this balance is going to stay the same as we get into the that. president trump told us the next gdp numbers are going to look good. >> yeah, i wouldn't expect that. overnight bank of america, merl lynch pulled down their numbers for 2018 to 2.5% for the full year to 2.1% for the full year

and that's where that gets us, guys it gets us right back to where we've been all along as far as in washington, their waiting for the tax reform, waiting for the obamacare repeal to get done and see sea how that all goes at some point this is all going to have to get reconciled. >> but, hey, has been up lifting. thank you, guys. up next why the stock of an athletic apparel retailer is raising ahead despite a sails miss and the shift frommive to passing, maybe sending kmaechl companies to the field market. that's why i have the spark cash card from capital one. with it, i earn unlimited 2% cash back on all of my purchasing. and that unlimited 2% cash back from spark means thousands of dollars each year going back into my business...

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46 minutes until the closing bell and we're looking at a market that the dow's down, sort of a mixed picture, down 40 points. nasdaq and rustle 2,000. hitting 52 week lows today weak store traffic certainly contributed to a 2.4% decline in store sales and also expecting a slight increase. that stock is taking a beating today, down 12%.

>> really getting clobbered as it was last night in the after hours as well. mean when i will finish line shares are higher. company did miss on the top line, but bottom line earnings were in line with expectations and same store sales fell less than expected. which is perhaps while shares are rallying today the company ceo says he remains optimistic about the firm's future as it is revamping its in-store experience and working to improve its digital platform, which is key for a lot of retailers right now. the stock is rebounding from a 7 year low, that happen said on wednesday when nike switched to selling its product on amazon. >> on thursday, it's actually one of the best performing dow stocks so far this week, up 3% and a lot of it was driven by

that day when it started circulating how nike was going to start selling on amazon.com they were already a lot of pressure, they're going to face more pressure. now that amazon is up in their face directly in the athletic apparel, this is the next factor to watch in terms of the aminization -- >> you've coined a term. >> the other problem for these retailers right now is that names like nike is focusing more on director to consumer. meaning they're shifting their entire business model to focus more on the nike.com, nike stores, nike apps, whatever it is instead of going through the are tailors because traffic is

hig weak, promotion is high. >> you've got this whole thing wired here mean when i will, fewer companies may be going public due the rise of in popularity of passive investing. we'll get you up to speed on what's happening with that, after the break. we'll be right back. the power of 100 of the world's top companies. the power of an etf. the power of qqq. the thinking we put in, clients get out. power your client's portfolio at powershares.com/qqq. before investing, consider the fund's investment objectives, risks, charges and expenses. call 800-983-0903 for the prospectus containing this information. read it carefully. distributed by invesco distributors inc. containing this information. read it carefully. when this bell rings... ...it starts a chain reaction... ...that's heard throughout the connected business world. at&t network security helps protect business, from the largest financial markets to the smallest transactions,

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hi, there. we got what 30 minutes left in the trading session with the dow down 40 points right now who are your friends back here the. >> these are friends from google partner. they came to visit me, learn a little bit about the business. >> learn directly from the master >> i don't know about that, though, but i am imparting some wisdom >> what are we expecting >> in years past it used to be a very volatile time because it was never setup probably what we've seen in the last rebalance wrg, it's been a lot ofvule yom institutions have already prepared for it. it's just a lot of movement of stock, not necessarily movement

in price just quant and shares there will be a few stocks that will probably move out of their normal rafg. but overall most on the stocks being rebalanced generally will be very stable >> we'll see volume on it -- >> the volume on the flows, this one i don't think it's as big as we've seen in the past but i do think it's close to one of the big ones. i think it's a little closer to 3 billion shares >> we were talking earlier this could be a our fourth down day of the week for the s&p and dow after hitting all-time lows on monday >> i didn't think that but the institutions aren't setup properly for the close, it's going to mean the balance is more towards the sell side, which will impact the close. what i have seen on the balance when their volatility is limited in the previous weeks, most of

the stocks are fairly priced and well-prized for the close. so rebounces can be very volatile >> all right, i will return the master to you folks now. i know he's got a lot more to tell you there >> live audience time now for cnbc news update here's what's happening this hour house majority steve scalise who was shot last week is no longer being held at the intensive care unit but there's been no update from the hospital he's listed in fair condition. a mistrial has been declared -- he's accused of shooting an unarmed black man at a traffic stop early on they asked the jury to continue deliberating after they said they couldn't reach a decision they decided there wasn't enough evidence to send him to

trial after criminal charges first lady melania trump announcing the selection of timothy harlem as the white house chief staffer. that's the cnbc news update at this hour. sara, back over to you >> so he's got some experience, i guess. courtney, thank you. here's a question are ets and index funds actually hurting the market the answer is they could be. leslie picker joins us to explain. >> so for there be sellers of ipos, there must be buyers of ipos that compares with more than 2,000 during the five-year increments in the 90s and early

2000s. and people are increasingly turning to the biside for the explanation of why we're seeing lower ipos it's the active fund managers that attend road shows and help determine pricing and issue allocations. but they're experiencing outflows into passive. and active managers are also bulking up in size to survive. and with billions of dollars in management, they don't have the time or will to devoted to these smaller ipos these were all topics brought up yesterday in a panel with the icc on how to get more companies going public but it's unclear whether the regulatorers have any power to change anything. guys >> all right, leslie, thank you very much. let's talk about what this means for the market going forward

i mean is this another unintended consequence of this mania we're going through for passive investing right now? >> yeah i think as leslie just pointed out there's no question that passive funds do not participate in captalization i've never seen one passive fund in an allocation list. >> are there any long-term implications is that a concern for, say, the number of stocks in this market down the road? >> well, we now have more etfs listed here than i think we actually have stocks listed. so you tell me i think there is a an effect on that, and i think it will impact capitalization we've been doing a lot here and in d.c. to talk about the value

of making sure small companies in particular have access to capital from active managers >> what has to happen to turn this around? i mean what's going to bring active management back again do you think the. >> well, i certainly think mark and swoon vote will probably help i think that people have to recognize there's risk in the markets still. when there's risk in the market we see some volatility and see some active managers outperform in that market, that would be helpful. and i also think capitalization also helps in performance. if you look at the performance of ipos for the last five years, particular in the bio sector, you outperformed ibb and the index by a lot when the ipo is working and funds are buying those ipos, it

actually outperforms managers pretty significantly >> we talked about in the past how some companies sometimes wait too long to go public uber being one of them, a reluctance to go public. >> well, they're having a hard time raising money >> well, that's the thing. the capital formation is not happening in the public markets but in the private markets right now, right >> well, i would say to you in companies like the bio tech markets, there are more than enough companies using the capital markets to fund their growth there's a lot of technology companies that can benefit from having a robust capitalization in the markets so we've got to get people to focus on the fact that small companies in particular need to access those markets because not everyone's like anuber >> we were waiting for that big

msei decision. it strikes me that msei and footsie have gotten so capable in determining which way flows go with the rise of fund managers and etfs. jeff, what are some knock on effects we should be thinking about that we're potentially not considering here >> we could go on about some of the challenges associated with pricing and online etfs. i mean investors have to remember that etfs derive their prices from underlying securities and so if there's a mismatch in the etf manage and online securities, that could be a problem down the road. i think we saw a little bit of that at the end of december. and i would caution investors etfs are great products, they definitely have a purpose but if we get too much on one side, that's usually not good for the

market >> all things in moderation. >> i think everyone's trying to figure out what the long-term impact is going to be in all of this, it's a conversation we will have many times on cnbc thank you for weighing in today. >> we'll see you again, jeff. all right 22 minutes left in the trading session with the dow down 38 points home sales, they've been hot when we come back we'll look at just how robust this market is right now. and president trump's promise to protect jobs. the two plants he visited are now facing cut backs coming up we'll revisit the power of this white house saving jobs [vo] when it comes to investing,

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the heat is on, and we're not just talking about the weather. home sales have been hot cnbc's diana is in our nation's capitol with the blazing

numbers. diana. >> sales are improving, but its prices you wanted to say are on fire they're finally targeting younger first time buyers, but not so much. the median price in may jumped 7% that my friend, is a new record. what st. really shows is that more higher priced homes are selling. sales of homes priced between 200 and 300k dropped 30% housing starts are improving, but still they're well below historic norms builders claim it's too expensive to build low priced homes given the higher cost for land and materials new regulations are eating away at their margins and so far the trump legislation has not helped on that front. back to you guys

>> i keep hearing because i'm always asking these analysts and real estate agents and why they don't build more they say it's tough finding the land is it really that tight right now? >> well, it's not just land. it's land where people want to live remember we used to expand out, but everyone wants to live in the city nu. there are also new regulations, environmental restrictions and yes there is land out there, but it's taking a lot longer to develop it and actually put a house on it. a lot more expensive for builders where and that means the price jacks up >> is it more expensive to rent these days with prices rising like this? >> we looked at the surveys. they used to weigh heavily towards homeownership. but it is a lot cheaper now to rent in some areas than it is to

buy. if you look longer term, you think owning a home as a good investment, but if you think owning a home up front -- >> diana, thank you very much. >> luteally. 15 minutes now before the closing bell let's show you where the market stands at this moment. we're seeing pretty much strong performance pretty much all weekend today. the dow remains negative, though just 16 points, rustle, near the highs. >> closing bell -- share more than just a first name what in the world could that mean we'll ndfi out we'll be right back.

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well, welcome back david, our investing consultant

is back. >> this was a week of major change in many areas and many realms the c is for china a shares. 222 shares, there are many more, many thousands were picked at a 5% waiting for each one of them. it's only 7% going into the big emerging market index. so that's a big change it's step one of their equity markets. >> by the way, we were all over that decision. >> yes, i saw that the h is the handover of power to the prince in saudi arabia. i think he's going to be a catalyst for major change in the middle east. so we have to watch this very carefully. the a is the america's cup we have it the next round. the the u.s. is down 3-0. so the next round will be

saturday where they do four races. and the change is that the incredible power that new zealand has brought using bicycles and drones. one invention very old, one very new. and speaking of en, we're going to have new ceos we're going to get a new one, mr. john flanary, 55 years old >> there are many seats that are empty at that company. >> and it was started -- well, there was a joke going around if you got no ceo, no cio, no cfo, and no technology -- the g is

grande france, and there we have macron with a decisive fictry. and then e is oil and energy, a bear market. down 20% from its recent peak. and there you see not only the recent stocks, the energy stocks, but you also see pressure on the oil service stock. and i do believe those you could start to nipple at why you can't touch this shale without the help of these big energy oil services companies. next week we have the four c's at the end of each month consumer, confidence, perlgs consumption, and the chicago purchasing index the four c's and europe looks good from an evaluation standpoint. the u.s., not so good from an evaluation standpoint. >> i was just going to ask if i all your changes you alluded to

would result in a change for the market going on for several weeks in a row it's been a market at a standstill near record high. >> you see this rotation, sara, great point. you see this rotation going on where pharma and biotech have started to come back alive i'd like to see a little less emphasis on those big technology companies that have been the big high fliers, and they've used off a little bit, which is a good sign. you had them chasing their own selves >> i'm going to do this now before we go to the break. the market on close orders heading into the bell are a balance of $1.6 million but don't let that deceive you

that's what the official market on closers look right now. but we'll see. we're going to get a lot of volume that's for sure. by the way, we've got a promotion right now going for a very, very worthy charity that is near and dear to our hearts the lulu and leo fund put together by our colleague on behalf of his late children leo and lulu crim. take a tour, watch us do the show i've got a couple of books i'll sign for you >> join kelly and i fwr a drink. >> and if the bidding gets to $10,000, i will kick in $10,000 of my own money to match that bid. you want to tick in a couple of bucks there? >> yes, bill, count me in.

>> you can join us for drinks as well anyway, so the bid is next tuesday. but get in the the bid in now. i know you all are lying in the weeds, but don't do that you don't want to miz out on this very important meeting. we'll have the closing count down coming your way in just in a moment here. and then after the bell president trump has positioned himself as a job saver coming up we'll take a look at threrdo r. (dance music)

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minutes of trading here with the dow down 40 points as we await whatever is going to happen here i can already see the volume picking up for the rebalancing that's going to happen here in the last couple of minutes of trade. but loets go to the week this is the fifth week decline for wti crude. we've moved into bear market territory as you know during the week and not much of a bounce from that ten-month low. we're at $43.08 today with a

minor gain you've got the senate out with its version of the healthcare bill on thursday, and that's where we got a bump there. i guess we got some bad data on that one day, so that's skewing that but anyway, there was a pretty good bump on thursday, representing that. the banks passed their stress test, but where is that in the stock market you're not seeing that the banks are still suffering from the low interest rate environment right now and the stockess reflect that that and the dow, we had the all-time high that hit on monday to start the dow and s&p, but then we had four straight days down. and we haven't seen that since mid-may. as we head noo the last week of the month, the quarter and that first half week as well. >> so this is going to be for

the big ten. this is a pretty amazing day it's going to one of the heaviest if not one of the the heaviest trading days of the year >> i was saying you and i could stand here and watch the rebalancing like if it were a solar eclipse happening here. >> usually it might be a stressful event because you're trying to find luquiddity and not impact the stocks. >> peter was pointing that out that the institutions have got this down to a science now you are going to see some stocks that move from one index to another as they are down shifted because of a smaller cap right there. a hot profile retailer is among them >> i will use this rebalance to

hoe is the rus 1,000 growth. >> going out with a 5 point gain it looks like for the dow right now. stick around we're going to wrap things up this week for the second hour of the "closing bell. and welcome to the "closing bell" on a friday. i'm sara eisen in for kelly evens. here's how we're finishing up the day and the week on wall street well, the s&p managed to avoid four days of losses. the dow closed in the red but ever so slightly .01% infact the dow, s&p and nasdaq all higher for the week. so nasdaq out performing again it's worth noting russell up 3

bers but as a fifth of republican centers have come in -- but a fifth republican senator has come out against the bill, can any progress be made we're going to debate that coming up here on "closing bell." let's talk about the markets for the week we've got cnbc commentator as always and chairman and founder of navaleer and associates. mike, you have talked about rotation so many times it was oil back on top, energy on bottom. what else stood out? >> i think with bio tech, it shows the habit of this market and the current environment to look for the laggard groups and lift them up

it hasn't really helped, but for this -- we closed today at 24.38. but you observe the oil crash and the week or seasonal >> by the way, we talk about how smooth this rebalancing is, i lmgs got run-over by three traders. we have a lot going on here. we have a news alert on wal-mart right now. curtany reagan stepping in with details. >> routers citing a source that wal-mart is not considering a rival bid for whole foods. again, this is reuters citing a source wal-mart is not considering a rival bid for whole foods. wal-mart told us last week their customers are looking for a experience with physical and digital they said, we quote, with feel great with our

position and fast growing ecommerce and grocery business so that's what wal-mart said last week. and now we have this word from a source according to reuters they are not going to make a rival bid. back to you. >> curtany, you cover all the retailers. is this surprising to you of all of them the. >> no, not at all. >> which names should we watch >> yeah, i think really what is going on here is the fear of what amazon could do we know that whole foods has a very small share of grocery sales over there all we know that wal-mart customers are very different from whole food customers, and their sales don't overlap that much. and their afraid what sam zon could use that real estate for so we know that kroegers have had a really tough time, but

they are the largest grocer. it's possible they could consider it, but then again swram zon could come back in and give a higher offer. so i think cash is something to consider here. >> as we could imagine, there's no love loss between amazon and wal-mart here. and i think maybe they just want to avoid a direct combats relationship between these two here, right? >> that's true and i definitely think there's room for both amazon whole food and wal-mart to both succeed with customer sets you can be number one in one type of grocery and number one in another type of grocery i'm not surprised by this headline, but maybe some are because you did see a reaction in the stock price >> it does seem like it's a little bit of a bridge too far

for wal-mart strategically to go after that quote if it comes to financial power, it's probably going to be hard to overtake -- amazon, by the way, is going to borrowing for this deal. it's not like they have the cash flying around. it lost a little bit on that wal-mart news, still trading a dollar above that. still leaving the possibility if it's a private buyer from overseas or somebody else comes in >> cuourtney, thank you sandy, healthcare, what do you make to the response on the market this week and what do you want to do with that group right now as a money manager >> so i think we look at it as just the first shot in the

senate and there's still a lot of details that have to be flushed out. i think there's still a lot of value as we stand right now in healthcare >> that's a big umbrella >> i know, and i'm going to give you some names gilliad being one, johnson and johnson being another. we're looking for stocks that can grow big dividends and grow those dividends over time. it offers, as i said, great value. >> yeah, and it doesn't sound like any of it really matters, your thesis matters with what's happening in washington with the healthcare bill. >> not really. i would say it's related to good value, that's it >> louie, it looks like you've got some etfs including first fund biotech fund. biotech has really made an index here >> between biotech and

healthcare, it's actually 30% of our portfolio right now. so this was a great week for that portfolio >> do you think these gains last he said these gains are just temporary here yesterday, the markets only looking short-term. they're not looking at the pain that could still come if this version of the healthcare bill passes what do you see happening on the horizon down there on this sector, louie? >> well, it's interesting the alpha dex etfs are basically a baited etf but also a bit weighted and when you go to the healthcare companies, united healthcare is in the best period but there's a lot of up-and-coming healthcare facilities they're picking up. etf portfolio we have with alpha dex is leadsing the way. >> a lot of people talk about

the drug makers, mike. there's a parse of what we got from the senate and they say the companies, these drug makers actually dodged the bullet it looks like the focus on the bill is not going to be on drug pricing and regulating that, although it seems like a bipartisan issue and after that this, they're going to move onto tax reform. so drug makers have it easy. >> if you look at the performance of healthcare in general from year to day, a lot of it has been pulled up by the growth sectors of healthcare obviously this bill helped take the tax of medical devices but also it's the general, where is the secular earnings growth, the markets finding those stocks >> hey, kids, the latest cnbc cfo survey is out and it shows that the ngz's chief financial

officers are still bullish >> we covered a variety of topics with the cfos, everything from business to washington on this quarterly check in. and i think the tone was fairly optimistic so 60% are saying, yes, there's another leg up coming. interesting where they think the market is going to see strength. rougherly 40% said they think tech naelg is going to drive us forward. when asked how they think the feds is going to act for the remainder of the year a little over 4% said we're not going to see that for the year. just understand 60% they're somewhat concerned about both. what keeps them up at night, concerns about consumer demand, that's where it comes to their

business and also cyberattacks the cfos are less confident trump's plans are going to go through by the end of the year for full survey results head to cfocouncil at cnbc.com and bill, i want to tell you gas prices according to aaa, changing subjects their -- >> see you later jackie. >> not sure how accurate cfos are in predicting the market, but what stands out to you >> i did just look to see they're calling out whether the dow goes to 22,000 before it goes to 20,000, well the markets was a bit about 21,000 for this period in june, which tells you the cfos can do math >> technology, sandy, that has been the leader.

does it continue to lead or what do you think is going to happen here the. i think it's a question of what technology. we happen to light the semiconductor stocks again, we're focused on dividends, so we're looking at stocks that can grow those dividends over time. we recently purchased taiwan semiconductor, and we find that is very attractive situation as apple continues to design more things in-house, they still have to fabicate it someplace it's also very limited by cap tal. the industry requires a lot of capital to build these whereby and they've got more capital than anybody >> so we had healthcare, had technology a little bit. we'll give you the final word on which sector you'll be watching as the leadership in the market

given what kind of economic and market environment we're in. >> well, tech is still by biggest holding and healthcare would be second. but i love nuviddia, great buy at this moment webco, the chinese twitter is a good short-term buy. pull back the other day. we still have the optical companies. >> inviddia is a good buy? >> because it'll be $300 within two years, so it's a good buy. yes, it is >> okay. you're not the only one that thinks that. it's all about crypto currency, right, mike? >> i would say if you think it's about crypto currency, you wouldn't want to buy i think nnviddia, is much bigge

now. >> thank you are for joining us. art cash stopped by and yelled at me to tell me that on the bell here balancing just in that last moment they did a billion and a half dollars of volume and they did 2 billion over all today in the new york stock exchange as you know the senate revised its healthcare bill yesterday. but already five centers says they cannot support it so far. so is this bill really that bad or doesn't go that far for republicans? president trump has touted jobs in both bowing. coming up we're going to discuss what it means for president

trump to create more plans in manufacturing where and what that looks like. >> you can contact the show on twitter, facebook, e-mail. we'd love to hear from you you're watching cnbc, first in business worldwide swing. ed into my huh? don't you mean dad kind of ruined our hawaii fund? i thud go to the thothpital. there goes the airfair. i don't think health insurance will cover all... of that. buth my fathe! without that cash from - aflac! - we might have to choose between hawaii or your face. hawaii! what? haha...hawaii! you might have less coverage than you think. visit aflac.com and keep your lifestyle healthy. aflac! welcome to holiday inn! ♪ ♪ whether for big meetings or little getaways, there are always smiles ahead at holiday inn.

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a fifth republican senator has now come out publicly against the healthcare bill that was unveiled yesterday john herwood has details for us right now. who was that, john >> bill, it's dean heller, and that's a significant development. represents the state of nevada he is up for relection next year what he said in a state where a couple of hundred thousand people gained coverage under obamacare was that this bill is simply not the answer. >> i'm telling you right now i cannot support a piece of legislation that takes insurance away from tens of millions of americans and hundreds of thousands of nevadaens so make no mistake, the aca does need fixing. but the bill in front of us today i don't think meet those fixes. >> here's why that's

significant. mitch mcconnell can lose two of them and still have mike pence pass this bill but so far five senators have indicated they can't support the bill in the current form doesn't mean those are final decisions. they're not firm, although heller was very strong in his statements but what it means is given the fact there are other senators with question marks like rob portman of ohio, it means that mitch mcconnell has a lot of work to do to make sure he can get those 50 votes there's no assurance but he hopes to >> theria have it. five senators have at least come out. and you've only got a margin of two defections that are possible so what happens between now and next week. i guess voters are scheduled for

thursday right now >> yeah, they want to get it done before july fourth recess thank you both for joining us today. pallia, it looks like you say this is an improvement on the house version. we certainly got that kind of reaction in the market healthcare stocks were the best performing group why do you say that the. >> because they good utthe income related tax bills right so the maximum tax you pay which is targeted at age, this is age and income, which is going to make the more affordable so even if you don't qualify for medicaid, you can get tax credits through the senate bill. >> doctor wen, i'm going to imagine you don't like the treatment of medicate. but what it does here is delay the change in funding by a few years beyond what the house is

planning here. does that give manipulates like yours time to figure out what to do in the mean or do you not like this at all >> this is still about leading the people who are the most vulnerable in my city there are 85,000 children who depend on medicaid for basic services like immunizations and treating asthma i'm 7 months pregnant myself, i can't imagine the choices i would have to make if i were to decide between prenatal care for this child and food and rent for the rest of my family. we're talking about older adults, people with chronic conditions there are thousands of people who will lose coverage if this bill were to pass. and others are left with a bear bones plan that doesn't even cover the basic services that are important to provide healthcare >> well, congratulations, dr. wen, on that republicans have wanted so long

to repeal and replace obamacare. part of obamacare was an expansion of medicaid that now some states are reliant especially states dealing with opioid crisis and other issues how do you reconcile this issue? >> one thing the bill tries to do is actually increases spending in poorer states a little bit faster, ratchets it down in higher states like new york states like new york would have to tighten their budgets so that's an important fact. and then you've got to get the tax credits right. inyou don't get medicaid, a strong enough coverage through the tax credit can make that coverage affordable. and that's what you want to do >> ted cruz came out against this saying he wants lower premiums rand paul came out yesterday saying he wants fewer subsidies. you can't have both, right so this just points to how complicated this bill is but where's the dividing line

that you're going to at least bring one person onboard here? >> i would say, look, get the market to work that can be plans interest the vast majority of people, subsidize plans, and then that's a comp rumaze. if you're chasing insurers out the market, that's not good. >> people's buy decisions are or not buy decisions kind of follow that calculus. we're talking about healthcare and all these other things >> right it does in some parts on the market where you can choose, some services, getting an ancologist, going to the hospital, you can't. but in other insurers, you can >> doctor, when you've been on the other side of this issue and opposed to the legislation, but there are problems with obamacare.

and we document nearlyal every other week an insurer pulling out of the exchange. what kind of solution do you think would be a workable one? >> you're right that obamacare is not perfect, but we cannot afford to roll back the gains we've made we were talking about addiction a moment ago and we have a national public health emergency the last thing we need to do is to drop people from coverage one out of every three people in maryland if we're getting treatment for addiction, depend on medicaid. we're also talking about dropping addiction services and mental health services from benefits >> i'm curious, let's assume that the worst in your view, the worst happens and this bill in its crude form passes and in five years the medicaid expansion starts to roll back. what are your options then >> we're talking about going back to a time that i remember, practic s medicine in the er

where my patients have to make choices between food and medications, where they are waiting until they get extremely ill before they come in, which ends up costing a lot more so states like mine and maryland are going to have to make very hard choices at deciding who are we not going to provide care for at all, what are the services are we going to have to cut? >> all right, thank you both very important issue >> well, next week is going to be critical. see if they can get it through the senate now the electric auto maker says it may be looking at getting into the music streaming business coming up we'll discuss what tez law's end game is and whether that might be a smart move also the daily auction that help set the national price of cheese, it officially ended today. a tradition goes by the wayside.

again. our fast take on the end of this historic auction when we come back

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rights of citizens the pound, by the way, has fallen more than 14% in the past year we have no idea what the brexit implications are going to be for the u.k. those talks just began what we do know is that the pounds fall actually helped maintain the economy's resilience and that this whole brexit vote has led to an upheaval in british politics >> did you shoot that? we were there last year? >> i don't remember. >> it does seem like it's kind of a suspended animation thing but then what? and you have 48 point something percent of brits vote not to do this thing so, yeah, i think the political implications have been the oes most obvious in the u.k. >> surprised populous wave

>> to say the least. up next here, will hotels have more to worry about the site is reportedly getting ready to launch a service for higher paying travelers who are pickier about matching sheets and bottled water among other things it is officially being called select mike, i know sara, and i among those who prefer a hotel and all the amenities that come with that but when traveling alone, i also prefer a hotel >> if you prefer a home, which we've gotten many times like with air bnb, and it's interesting how disrupters, you become most like the thing you're against perhaps amazon buying whole foods is an example of that. but i do think it's one way to address airbnb's downfall.

it's also a way for them to find the best hosts, the ones that are most highly rated. >> all right, a new study out by m science finds court cutting has been higher in the second quarter with charter communications being the worst hitch and guess what it's hulu, subscribers not netflix that are really likely to cut the cord. i think the most surprising thing it's hulu, which is owned by broadcasters. >> i do think it makes a lot of sense because netflix, i don't think it's ever been marketed or really viewed as a direct replacement to the bundle. it's kind of well that's $10 a month. i'm happy to spend it for the originals and for a back library. >> netflix has done such a sensational job of marketing you go there for that.

you're thought thinking in terms i go there for other things. >> so why are they cannibalizing their business with hulu >> either it's cannibalizing or it's a hedge what's interesting is hulu is worth a lot of money, and it's not reflected there on their books. they tried to sell it, and couldn't even get a billion dollars for it here's the last one. a nearly 100--year-old tradition came to an end today holding its last open market outcry option for physical cheese and other dairy products. the daily auction help set the national price of cheese now it will still be done but it'll be done electronically beginning next week. yet another open outcry goes by the wayside. >> so it sets the bench mark price of shedder and other

spreads. >> by the way, that was the auction we showed. >> yeah, that was the last one >> so we're not really talking about a huge heated s&p pit. >> are we still going to price cheddar? >> the machines will decide the price of cheddar from on that does it for fast take now for cnbc news. here's what's happening at this hour, president trump signing a law that will allow the va to move more quickly to fire problem employees while also prengting whistle blowers this in the wake of scandales at the veterans affairs department in recent years. >> today we're finally changing those laws wasn't easy, but we did have some fantastic help to make sure that the scandal of what we suffered so recently never, ever happens again.

and that our veterans can get the care they so richly deserve. a liftoff from cape canaveral. a recycled rocket making its second flight. the launch had been scheduled for monday, but had been delayed due to mechanical issues and you've got to watch this video, folks a foul ball bake a point of controversy for one family a mets fan catches a foul ball in one hand and his baby was in the other arm. his wife was not too impressed he tries to make nice but mom is not having any of it he gets a bit of a talking to. >> i mean he had both safely in his possession when the play was over >> yeah, worked out okay but imagine what could have happened what if the ball hit the baby?

>> but it did not happen >> holy moly, scares me. >> you see how it's coming down here >> yeah, the men and women see it very differently. >> thank you, courtney see you later. >> men don't care about babies apparently >> that's not true women don't care about baseball. president trump promised to protect american jobs at a boeing plant but now that very same plant is laying off workers and the very same thing is happening at carrying furns plant that mr. trump visitedp. plus amazon paying $50 million to stream 10 nfl games this season. and now we're finally finding outs exactly how much amazon plans to charge advertisers to run commercials during those games.

back in february president trump visited a boeing factary in south carolina pushing job creation in the country under his administration take a look. >> as your president i'm going to do everything i can to

unleash the power of the american spirit and to put our great people back to work. my focus has been all about jobs, and jobs is one of the primary reasons i'm standing here today as your president, and i will never, ever disappoint you believe me, i will not disappoint you >> so now the airplane manufacturer is announcing it will be cutting around 200 jobs at that campus where the president spoke about five months ago and carrier furnace is also laying off about 600 people next month at the indianapolis plant where the president had struck a deal to create 400 jobs there. the plant saying they just had to let these people go let's bring in cnbc contributor

david cutlow let me just tell you, folks, they're both loaded and ready to go here. >> 200 jobs reported in one nuclear weapon, "the chicago tribune. >> i get it, and we're probably early. >> we're just asking the question >> but you have to admit the president's rhetoric was very strong when he started out that he was going to create jobs. and he himself was very happy about 200 jobs there, 1,000 jobs there. those are just a drop of the bucket >> you get what we're getting at here >> actually, i don't, but i'll play along but no, i think it's the silliest news story i've ever seen by the way, if you want to go down that silly road he has actually quote, unquote kept jobs in the usa

but you gain jobs each month and lose jobs each month >> exactly and people at the administration were getting people to believe i'm carrying your bucket of water here getting people to believe that he was going to let no jobs leave this country, but it happens all the time >> okay, so i'm loaded for bear. trump's been in office for four months, created -- did that have anything to do with it i doubt it very much >> i think this story gets as much coverage as the first carrier story did. back then there was story after story. he's changing jobs, turning things around. the truth is at the end of the day this type of economic strategy at its very best can save a job here and there, but the cost of that is large. it's not about markets it's not about rule of law it's about his one off tweets

attacking individual companies that's not how you create jobs you want to make america a more attractive place for companies to build those jobs, not build some wall and lock them in here. >> this is new because you've never heard this from me before. let's slash the corporate tax rate, and let's repatriot $3 trillion of american money overseas, so we can create new jobs over seas if you look at the surveys of confidence, that's showing something else 13% number one issue for them is regulations. that's the highest since 2010. second, 22% of that survey believed taxes are the biggest problem they face even though overall confidence has imp proved that by the way, is the highest since they started taking the

survey in 1933 i'm saying that the president's agenda in particular on regulations are not only favorable to businesses large and small because they're more confident because he's trying to fight a fight they want him to fight. >> also one of their biggest headaches is not finding enough people so it's kind of these mixed messages it's not as if they're eager to shift positions over seas. >> training -- the training budget was cut 40% in the last budget our rnd was cut, the longest infrastructure cut thies are the cuts the companies want to make -- >> but they've been devoted in trying to get the private sector involved >> the priebt b private sector is great, but my migger thing is you look at them and you just don't see them thinking american businesses can succeed on the global stage

you else do you explain wanting to use a national security law to stop the import of steel and aluminum but aren't something our economy needs. but i think we can compete and succeed in the global economy. >> that's very specific. >> but a lot of the trade stuff is like that a lot of it is not about the national interest. >> actually, he's been very soft compared to what many of us are worried about. but i will say this. he has generated a lot more confidence because of his policies, nonof which have passed yet i get that, but people see it out there. mike you talk in referential of the stock market every day, and i think there's a lot to that. so my sense is he is for the common guy, he is for the wage earner businesses will really have a strong rebound if these incentives come about.

there's one little thing, i'm going to say your man, president obama, not personal, but he was waging a war against businesses and waged a war against fossil fuels. and donald trump is changing all that so i'm saying to the boeing company, i am sorry people were laid off, but give president trump a chance >> if he was waging that war, he wasn't doing it very well, larry. >> we have to go right through the break here and continue this conversation >> i think we should come back and have it about manufacturing specifically, which has some unique challenges. >> by the way, those 50 job training programs in the federal government -- >> i think we're down to about 30 right now >> never did a whit of good, jason, and you know that training state and local community colleges, that's the way to go here so the businesses

can get what they need >> i think we need to put more into community colleges. movingon, tesla, not just looking to revolutionize cars, batteries, and solar power but now turning its attention to the music business and how would you like to tour our set here and have post-show drinks with me, with kelly evens? now is your chance it is for a very, very worthy cause. we've added some other sweeteners thrown in and i have said if this bid gets to $10,000, i will match that amount with my own money >>ile come in with that. >> the bidding goes in for next tuesday. this is for the leo and lulu fund here >> say the word, and i'm there that's a pledge as well. >> so head to our charity buzz d e ddg esarn all the details

anthbiingo until next tuesday afternoon. we'll be right back.

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>> so is this a good move for the brand or would the company be better served to establish a partnership with a better service rather than starting its own? of course they'd start a music -- >> of course >> now you need a water company to supply water to driver and all those things >> they want to bundle everything in. that's the plan. i don't understand this deal, actually they're just in talks. i don't think they've actually done anything yet. if they're successfully, that's nice for him but this is low margin business or a low margin business in a lot of cases and you want to grow the top line, i think okay there are oat ways to do it. you can rollout more cars -- basically, sell more cars is the better way to do it. it's an ad, but people already have apple music or spotify or whatever else is out there

>> right, people have their own now. it certaintily doesn't dispel i want something else to pulled in by the media business they love the idea of owning a media business they look at spotify they had to borrow a lot as well so their net losses were something like 600 million i don't know what that's going to do for you as a shareholder >> it's a little different than building something like spot spotifxwrrks or pandora. >> you're paying these labels, really put a lot of fees ultimately for these labbes to make it happen and you're paying these scre streams. >> but you have no indication

they want to get into that crowded market and compete >> they want to create a competing, streaming service you can't sell it for too much less than say apple music. >> i'm rubbing out of time, but where we getting a peek to get a sense o where else musk has taken this company is this. >> i think again, media business is something he's looking at least in terms of this >> batteries >> city is now part of the whole company, so there is a bezos factor amazon ceo amazon is a portfolio business a lot of people look at it and admire what he's doing in some ways, musk is following suit >> business model creep. ed, good to see you. ed lee joining us. amazon speaking of which looking to cash in on its live stream of thursday night nfl game this is coming season. how much it's planning to charge advertisers an whether they will pay that amount we'll talk about

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amazon's getting into the game with its nfl thursday night streaming package for prime members. the platform is a new page in the tv sports advertising playbook and our julia boorstin joins us from los angeles. >> well, bill, amazon is reportedly looking to charge 2.

million for ad packages that would include spots that aired during ten thursday night nfl games that amazon will stream to its prime subscribers. though amazon now has the rights to sell ten 30 second ads for each of the games. those are the local slots. for which it paid $50 million. that's five times what twitter paid last year now, it's unclear what amazon's package of ads would include, but a spokesperson tells us quote, we can confirm we are offering a range of options at various price points depending on advertising objectives. now, in contrast, nbc and cbs charge around $550,000 ads during nfl games they drew an average of 16.5 million viewers last season. the new england patriot owner robert kraft says the future of the nfl is not on tv >> last year, we tid twitter this year, you know, we're with amazon and you know, for us, the future

is ott >> now, kraft says they have to work to use streaming to bring in that millennial audience that doesn't subscribe to cable tv services >> we'll have to learn more to see what that looks like thank you. steve schwartzman making a big bet of exceptional students. those details next rity just like the marines did. at one point, i did change to a different company with car insurance, and i was not happy with the customer service. we have switched back over and we feel like we're back home now. the process through usaa is so effortless, that you feel like you're a part of the family. i love that i can pass the membership to my children, and that they can be protected. we're the williams family, and we're usaa members for life. call usaa today to talk about your insurance needs.

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in a new documentary, steve schwartzman is rolling the dice on a unique one-year all expenses program in china for a group of extraordinary young people and the program started as china was making moves in the south sea china, an area south china sea area then canada donald trump was railing against the trade policies >> as tensions rise, the group of superstars from around the globe is gather ng beijing >> welcome >> for a year long experiment. that will change them and maybe some day, the world. >> it's a very interesting social experiment. people from all over the world are going to live together and spend a lot of time together the it's excite, but we don't

know what's going to happen or how we're going to get along >> they're extraordinary 110 students chosen from more than 3,000 applicants. tougher odds than getting into harvard. >> and you can catch the premier of billionaire's bet this sunday 10:00 p.m. eastern time here cnbc >> sarah's catching a flight mike's taking a young child to a baseball game and i got to get ready for "nightly business report." "fast money" begins right now. >> "fast money" starts now live from the nasdaq market side overlooking times square i'm melissa lee. your traders on the desk -- he'll lay it out in the charts plus, walmart not considering a bid for whole foods. the stock still trading above the price. so could someone else step in and make an officer? an