lot of cancellations. >> and a lot more expects. >> mlp, you should be buying them right now and the reason is the financing markets are open as they discussed there's risk with that. >> we like it. thank you for taking it easy on me have a great weekend "power lunch" begins right now. >> here's what's on the menu for power lunch, bracing for category harvey, barreling towards the through the gulf evacuations under way and a third of the nation's oil refinery are under threat. the governor of texas set to hold a news conference this hour on wall street investors doing somethingthey haven't done in 13 years what it is and why it could be a good thing for the record breaking rally whole foods planning to slash prices monday after it closes its deal with amazon will rivals do the same? are we entering a new supermarket price war? "power lunch" starts right now

>> all right, stocks are mostly higher but the major averages were much higher earlier dow up more than 120 points before pulling back despite the fade the dow and s&p are on track to break a two-week losing streak check out the individual movers, big lots taking a hit despite beating earnings estimates and gamestop tanking more than 10% on its profit miss the growing popularity of downloading games continuing to hurt traffic in stores and twitter is lower in a downgrade. tyler? >> michelle, thanks very much. welcome, everybody to the new crown jewel in downtown atlanta, mercedes bens stadium. that was the playing field where tomorrow night the atlanta falcons -- the arizona cardinals will be facing this magnificent.

and it is the most spek tech lar building i have been in probably in my lifetime opens wide tomorrow night it is a $1.5 billion in the heart of the business capital of the south, atlanta, the eighth large metropolitan economy mercedes bens stadium atlanta will be here through the afternoon and talking to the head of amb family of companies, arthur blank owns the falcons, former founder of home depot we'll talk to the mayor about all kinds of topics, what the stadium means to him and two ceos of companies that relocated down here to atlanta and warrick dunne, one of only 50 players with more than 10,000 yards of scrimmage. but that's not half the story. he's a philanthropist par

excellence we have a busy hour and a half here today. >> it sounds accident, tyler we get back to the top story, it's a scary one, in the gulf of mexico, hurricane harvey continues to build strength and threatening to dump as much as 3 feet of rain we've got the weather angle covered with kaitlyn mcgraph and jackie deangelis kaitlyn, what's the latest. >> the central pressure is continuing to drop and continuing to strengthen as it pushes towards southeastern texas. getting hit with heavy rain and gusty winds all right starting ahead of landfall expected later tonight and overnight hours. again you can see the outer bands continuing to work their way into southeastern texas along the gulf coast and hurricane harvey is not far behind it. we are expecting the storm to continue to strengthen

it is a strong category 2 storm. the maximum sustained winds at 110 miles per hour 111 makes it a category three. it is a strong category two, expected to make landfall overnight tonight as a category 3 storm. then it stays at that strength at least for a few hours before falling down to a category 2 and 1 as we head into the weekend. once it moves onshore it's going to churn there through the weekend and start of next week that's really what's going to increase our threat of flooding and really high rainfall totals. it will continue to work joonshr through tonight. we have a number of hurricane warnings in effect really for much of the gulf coast we also have a storm surge warning in effect for the entire gulf coast the exception is points south of ports man field and trinity and galveston bay, under a storm surge watch. that's the very latest on hurricane harvey. >> now to jackie deangelis

waiting for the storm. >> reporter: i can confirm as the morning progressed here this storm has gotten more intense. harder rain, stronger winds blowing through. you can see behind me the water is starting to surge the levels are rising a little bit. it's taking a little bit more toll as it comes up and washes along the beach. at this point right now, the mayor of corpus christi is a little bit under fire. people are wondering why he asked for voluntary evacuations instead of mandatory evacuations. last night we did he so people leaving town and seeing them leave all day. but there's still a fair amount of people here listen to what the mayor had to s say. >> when you trigger a mandatory evacuation, it triggers a lot of things particularly for the business community that really creates a hardship on a lot of people.

>> reporter: it does trigger hardshipsbut some of the folks that we've spoken to have said safety first you have to take those precautions because we really just don't know what's going to happen here tonight. the expectation is for a category 3 hurricane to hit corpus christi late in the evening or potentially tomorrow morning. the winds could be as strong as 125 miles per hour so the folks who have said they are hunkering down could be in for it for a few days, guys, back to you. >> absolutely. thank you, jackie, facing off against a storm for us port of houston which handles 65% of petro products is closing right now. roger gunther, good to have you here this thing is bringing so much water, rain, potential storm surge. how worried are you? >> we're prepared and monitored, we're concerned about it and i'd

like to say i know it's bearing down on our friends down in corpus christi and certainly keeping them in our thoughts and prayers for their safety but this is a big storm. it's going to be a lengthy event. although we're not taking a direct hit it will hang around for a while and move towards houston and we're expecting this to drop a lot of rain as has been mentioned and cause us some concern for the next several days into the middle of next week. >> so you're shutting down now, right? tell me how does that work what's the impact of that? the logistics of that and how potentially enduring do you think is the possible damage is it a couple -- is -- how long would you closed for do you think, several days, a week? >> well, it very well could be this process started with a team we've got a great partnership here in our port community we started the process of

preparing for the channel you know, the team convened by the u.s. coast guard port houston is a part of it and facility rep and pilots. as of yesterday, we started evacuating the channel of all of the vessels to make sure to get them out of port as of noon today it's essentially closed and the pilots did a great job, took 80 vessels out yesterday and it's closed until further notice as far as the expectations, we'll have to wait and see with the seas the way they are and the incoming tides, it may be a few days before the channel opens back up. >> and roger, a satellite check shows there are a lot of vessels and oil tankers and cargo tankers accumulated in the gulf of mexico offshore how long will it take to clear

the backlog once the galveston shipping channel reopens >> it's a process. and we can't bring them all in at the same time this is the busiest water way in the nation, we handle 8,000 vessels a year on a normal day you'll see 40 or 50 vessels coming in and out of here so it will create somewhat of a backlog but we'll work diligently to get this place going as soon as possible. >> we bet you will thank you sir, with the port of houston. it's called the woodstock for central bankers and world's top policy makers. they all meet in jackson hole. janet yellen speaking earlier today, didn't address any future monetary actions but focused on what regulators did during the financial crisis, saying the financial system is safer but risk still remains and rejected arguments that regulation hurt banking activity and saying it

help helped loan growth we're expecting headlines from march r mario draghi, 3:00 p.m. eastern time welcome, brian. >> great job on "halftime. good to have you >> markets getting a boost thanks to comments from gary cohn eamon is live with the story out of washington. >> the headline from gary cohn, he's not resigning but gives the first on the record comments in wake of the response in charlottesville and his own future here in the trump administration here's what he said in the interview posted this morning. i have come under enormous pressure both to resign and to remain he said the administration can and must do better that is a rare word of criticism from a trump administration official towards the trump administration he said i'm reluctant to leave my post and said i will not

allow neo-nazis ranting jews will not replace us to cause this jew to lose his job we're expecting the effort to start next week. gary cohn did give his sense where the debate is headed but the white house has said it won't release its own tax reform plan from here at the white house. cohn offering thoughts and said that ultimately the big three deductions will be protected those individual tax redeductions for charity and mortgage and retirement savings will be protected. they are envisioning imposing a one time repatriation tax. not exactly clear what the rate will be. congress will decide which corporate tax deductions stay and which will go. but presumably, a lot of them will have to go to pay for all of this. they are no longer discussing the border adjustment tax. despite the fact that cohn weighed in with the rare word of

criticism. we vice president heard any re -- haven't heard any reaction from the president himself we'll see if sarah huckabee sanders has any reaction to that. >> we plan on carrying that live just for that reason. >> stock funds are having a sixth straight week of outflows, that's the longest streak in 13 years. a good sign or bad sign? let's bring in jim paulson, chief investment strategist and michael jones and chief investment officer with riverfront investment group. jim, what do you think when you see outflows from stock funds like this so repeatedly, that worry you or are you happy it seems to be building on the wall of worry >> i think the latter, michelle. i think it dovetails a little bit with what's going on this entire recovery. there's been kind of chronic outflows from equity funds and sort of a suggestion that no one is willing to embrace risk because they are too scared the thing will end and that's been

magnified of late. it dovetails also with the tremendous increase in the call ratio we saw in the last few weeks and with aaii bull minus bear surveys coming way back down again in the favor of the bear i think i really like the fact that there's quite a bit of bearish indication among most out there -- at least a high degree of caution which i think allows this market a foundation to continue to climb auali wallf worry. >> we've been having this proverbial wall of worry for a couple of years. it feels that way. all we do is slog higher but at some point valuations get stretched to where people like you say, you know what, 20 times ear earning, it's not worth it to be in equities. when do we get there >> i think we're aways from there. to my inlaws in houston, you're

in my prayers. in terms of climbing the wall of worry, that gives the bull market additional life and additional leg bull markets typically end in u for i can't when people have the opposite attitude where they are pouring money in the markets we've had a good earnings season and that helped address some of the stretch valuations you're talking about and importantly, when you've got a strong trend and pessimistic investor sentiment, historically that's been a really good sign for returns over next 90 days or so. >> when do investors stop being pessimistic. the dow is up 18%. doubled off the post crisis lows what is it going to take the get the pessimistic investors more optimistic given they had been in stocks the past few years they would probably be feeling pretty good? >> i think the most important thing is better conditions in the under lying economy. the economy has been growing but it's been fairly aneemic, 1.45

to 2% growth that makes people feel uneasy and we can slip back into recession at any moment. if you look at the fed data that came out of the san francisco fed last week, after you account for the fact that baby boomers are retiring, the actual underlying wage growth for people still in the workforce is about 4% that's a big change over the last 18 to 24 months that is suggesting that we're finally starting to get a better underpinning to the overall economy, better growth will mean better attitudes on the part of investors. >> hank, have you seen the euro today? 1.19 here as we watch these fed officials talk or central bankers. does that impact -- excuse me, jim paulson -- >> envious to have his paycheck. >> may not be a raise. >> i'm fine with that. >> does that affect your portfolio asset allocation

>> i think the dollar is a big piece of the puzzle here going forward. we're right at the bottom end of a cusp, 30-month low of the trading range we've been in. i'm thinking we break lower and that's already doing some upward tilt towards commodity prices if it pushes crude up in addition to that, and at the same time let's say we get a hot wage number next friday on payroll friday, you could change the mindset of the fed and stock investors on a dime about inflation and wages maybe inflation headed to 3% i think the dollar plays a big role i'm playing leaning and tilting portfolios towards a weak dollar and towards what it might do to materials and energy stocks and industrials overall. and i think we're going to see a more inflationary base d economy on the rest of the way in. to michael's point, you wiultimu

for ya will end the bull market and we need nominal activity show up before it's over. >> got it. jim paulson, michael jones. >> remember, it is friday, so the weekly recount numbers are out and they fell. they dropped 4 to 759. u.s. drillers cutting oil rigs for the second straight week i wonder if we've seen a peak in oil rigs, one thing we have heard about is labor there's been talk that maybe they are simply running out of the people because everybody rushed back but is there a labor issue that is maybe going to slow down or halt the fracking boom we have seen? >> it's come up on the conference calls with the energy economies where they have asked, they struggle to get labor. >> and can't afford to pay to get the labor because oil is stuck at $47 a barrel. >> exactly coming up, hurricane harvey set

to make landfall in texas, strong winds and heavy rains, many evacuating the area we'll talk with russell who played a major role in the profrtry after katrina and the falcons $1.5 billion stadium. we'll be joined tbyhe man who helped make it happen. >> much more when "power lunch" returns. at fidelity, trades are now just $4.95. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be.

welcome back to mercedes bens stadium in the heart of the

atlanta. it makes it debut tomorrow night, 71,000 guests will be arriving and one of the top guests of all, steve cannon, amb, the owner of the stadium, of the falcons and atlanta soccer team as well. congratulations on this. it is really spectacular. >> thank you, tyler. >> how do you know it's all going to work tomorrow night >> well, it's been nine years in the making and benchmarking and planning followed by the last two years where we've had more than 2,000 people working three shifts a day getting ready for this moment. i call it the approach to the starting line. with all of the complexity, we've hired great people and done all of our work at some point you have to trust the system is going to work. i'm confident that we're not going to have everything right in our first day of operation but we'll have enough of the big things right that we'll have an amazing experience we have 4,000 game day -- >> 4,000 to do this.

4,000 jobs every time there's an event. >> that's it they are most important ingredient anybody can build a great stadium. it's how do you pop you late it with those in the hospitality business who want to create that experience while we're at mercedes bens stadium, that's the key. >> one of the things you were saying earlier, in terms of difference ating the experience, they are going to be shocked how little the concession prices are. $5 beer. go to new york, you're going to pay $12 for a beer $5 hamburger, $2 hot dog and refillable coke. >> it's a thank you to our fan base it's an outlook that came from arthur blank that said we're building an amazing stadium an fans are paying season ticket prices, not cheap to get in for everybody, when they step up to

concessions, we'll amaze them with a great quality offering, $2 hot dog, $2 refillable soda we think the business model is broken elsewhere >> parking $15, in new york it was $25 or $40 i knew immediately i wasn't in new york you said one of the people instrumental in -- because you want to make not just a sports stadium where you watch a game but a place where people can hang out and it's more social. tell me about that you have 100 long bar, my kind of bar here. >> we've obsessed on every detail of the fan experience and that's not just about the bars and amazing halo board ingres, how do you get in and out quickly.

fans in in less than five minutes. it's little details like a 21-inch seat replacing the 19-inch seat. >> that's my kind of place. >> you add up the little details and they aggregate to a different ating fan experience. >> lots of places for people who want to watch the game but maybe want to socialize, there's elegant clubs downstairs for the higher priced ticket people but up here on the nose bleed seats, the 300 level, you're not skim ping on amenities at all these folks are getting a good product. >> we've invested on every single level sport is a social experience, an experience to share with people in the stadium but also want to share it with people that aren't there. that's why the ability to live stream we've got first fully fiber optic cable stadium in the world which means we have unlimited bandwidth rkts 70,000 could simultaneously live stream an event here out to their social

networks, that's part of the experience as well. >> 1900 wireless connections here that's not what you -- the building 25, 30 years old. >> we had a warm-up event last week and more than a terabyte of data that got exchanged. which exceeded every event in the georgia dome it does demonstrate, if we build the pipe big enough, our fans want to share that >> architecturally it's spectacular, a 300 foot logo on the roof i want to look at that score -- board the video board back there. six stories high, more than 3 million l.e.d. lights. this place is sustainable. >> lead certified, when we make the decision to locate here we knew we needed to be good neighbors, by adhering to the highest global standard of

ecofriendly building -- >> you've got the ncaa kickoff a week from tomorrow and championship football game this year good luck. you needed a place to give jerry jones a complex. >> thank you >> back to you. >> all right, tyler. seeing more from that spectacular stadium just ahead we're checking in on other things, including the dow index. don't forget about the stock market plus, we are awaiting a press conference from texas governor greg abbott on hurricane harvey and we'll get a live report as well from galveston. back with more on "power lunch" right after this ronoh really?g's going on at schwab. thank you clients? well jd power did just rank them highest in investor satisfaction with full service brokerage firms... again. and online equity trades are only $4.95... i mean you can't have low cost and be full service. it's impossible.

it's like having your cake and eating it too. ask your broker if they offer award-winning full service and low costs. how am i going to explain this? if you don't like their answer, ask again at schwab. schwab, a modern approach to wealth management. there's nothing more important than your health. so if you're on medicare or will be soon, you may want more than parts a and b here's why. medicare only covers about 80% of your part b medical expenses. the rest is up to you. you might want to consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like any medicare supplement insurance plan, these help pick up some of what medicare doesn't pay. and, these plans let you choose any doctor or hospital that accepts medicare patients. you could stay with the doctor or specialist you trust... or go with someone new.

you're not stuck in a network... because there aren't any. so don't wait. call now to request your free decision guide and find the aarp medicare supplement plan that works for you. there's a range to choose from, depending on your needs and your budget. rates are competitive. and they're the only plans of their kind endorsed by aarp. like any of these types of plans, they let you apply whenever you want. there's no enrollment window... no waiting to apply. so call now. remember, medicare supplement plans help cover some of what medicare doesn't pay. you'll be able to choose any doctor or hospital that accepts medicare patients. whether you're on medicare now or turning 65 soon,

it's a good time to get your ducks in a row. duck: quack! call to request your free decision guide now. because the time to think about tomorrow is today. welcome back to "power lunch. we continue to be on hurricane harvey watch the utilities etf trading above its record close of $55 on this wednesday. also dow transports up another 1% rebounding after a rough few da days, southwest, american, delta and alaska, up more than 2%. the index has turned positive for the first week of gains in the last three but still down for the month brian, back to you. >> thank you very much hurricane harvey is getting

stronger as it heads towards texas. nbc news's sara dal love is live where more than 2 feet of rain is possible, sarah >> reporter: officials are warning about a life threatening storm heading in to the coast of texas, urging people to evacuate if they think they have time and if not, to prepare for the worst. not only a possible category 3 hurricane, but widespread flooding now, it's expected to make landfall just east of corpus christi, sometime tonight between 10:00 p.m. and 2:00 a.m. eastern time we're expecting anywhere from a foot and a half to nearly 3 feet of rain. this storm surge expected to be very dangerous 6 to 12 feet and winds topping 110 miles an hour. now, this hurricane is actually prompted the national hurricane center to issue its first ever public storm surge warning

the bottom line there is a lot of water coming and people need to be very cautious. let me show you the conditions here right now the ocean there behind me, those waves ticking up as we see the winds increase the rain just stopped a moment ago. we had a heavy, heavy down pour a few minutes ago and saw metal sign fly across the parking lot. even though we will not be in the center where the hurricane is expected to hit, this area not being spared at all. it's going to have the hurricane hitting here as well and once it reaches land it actually is expected to track inland and linger for several days over the interstate where they are expecting record amounts of rainfall and brian and michelle, conditions prime for flooding. back to you. >> it's going to be tough with all of that rain and storm surge. coming up, atlanta mayor joins us, we'll ask him about the

economic impact of the brand-new billion dollar football adstium and what he plans to do about the dozens of confederate monuments in his city. we're back in two minutes.

hi, everybody, i'm sue herre herrera, fresh from a meeting with international nuclear watch dog the iaea, u.n. ambassador nikki haley spoke to reporters at the united nations about iran's compliance with an obama era nuclear deal. >> i have good confidence in the iaea but they are dealing with a country that has a clear history of lying and pursuing covert nuclear programs. >> looking to restart middle east peace talks, white house adviser jared kushner has begun a round of negotiations with israeli and palestinian leaders. it is mr. kushner's second visit in three months. a chimney is all that's left after a reported explosion leveled this maryland home they are still searching for the elderly couple that lived inside you're up to date, michelle,

back to you. >> thank you very much, sue. markets right now, take a look stocks are mostly higher but giving up big gains we had seen earlier the dow had been up as much as 123 points before pulling back right now higher about 62. a lot of early relief on the words from gary cohn saying he was sticking with this administration and with the s&p income seenergy sector, they ar leaning gainers. si gsnet, advanced auto zone all leading. rick santelli tracking the action at the cme. >> if you look at the 10-year, right in between, right in the middle of a low close for the year, early june and where it's trading, the last two fridays on the close at 2.19. you can see we've been toying with this testing of this second

of june low yield close. still haven't broken through dollar index had a lot of action, deemed nothing new if you look at april 1st of 2016, we're at the lowest level since then and not far from taking that out and moving back to january of 2015 very key levels around the lows in the dollar index and we're going to head it out to that new mercedes benz stadium in atlanta. tyler, what a beautiful structure. >> it absolutely is, rick. thank you very much. i want you to meet now a really interesting public office holder, mayor kasim reed of atlanta. it is the eighth largest metropolitan economy in the country and in three in terms of fortune 500 headquarters when mayor reed took over echs staring at the $48 million budget short fall, six times in a row balanced budget with no,

zero property tax increase. >> whoo hoo. >> knew it would put a smile on her face cash reserves from 7.4 million to $175 million. congratulations on that. >> thank you, tyler. >> let's talk about stadiums and then how you did that financial miracle you've done here do stadiums pay for the city you had to put in $200 million of this. mr. blank's company put in 1.3 billion. >> does it pay for the city? >> no question for us our tourism and convention business is a $15 billion sector it employs 220,000 people. we're the only city in america that will host the college football championship, the super bowl and the ncaa final four back to back to back we're one of the five most visited cities in america. and so this was a terrific investment because it's funded by the hotel motel -- it's

funded 85% of our 200 million paid for by people -- >> by people who don't live in atlanta. >> exactly we're not on the hook for the debt the bond holders for our 200 million only look to the motel hotel tax revenue and the hotel motel tax revenue generate s money that i use for firefighters and police officers if we didn't do the falcon field, it would not have been extended for 30 years. the city would have lost 300 million -- >> you've added 900 police officers. >> no question, we have the biggest police force in the history of the city. if you look atarthur blank's commitment to the city of atlanta, in the two neighborhoods just over our shoulder, tyler, two of our most challenged, crime in those neighborhoods is down 35% and we're building houses for police officers to move into them. >> you've attracted a lot of

exciting companies to headquarters here, mercedes bens, we'll hear from them -- >> north america, ncr. >> i assume that's part. turnaround story here that took you from a deficit to a surplus. what else happened you were good, also lucky because you came in at a low point and the economy improved. >> i think we made right decisions in tough times we built and invested in public safety and police in the heart of the great recession so crime is now at the lowest level in 40 years. the murder rate is at the lowest level in 40 years. i think the business community looked to pension reform we took on a 1.5 pension liability and passed the most sweeping pension reform in america. all of these decisions i believe gave the private sector confidence to come in to atlanta increasingly and now we have the highest level --

>> you call yourself a business friendly democrat? >> absolutely. you cannot love jobs and hate business. >> let's talk a little about what has been a painful conversation in america over the past couple of weeks. >> of course. >> i went to school in charlottesville, i know what went on there. this is the heart of the south. >> it is. >> the state of georgia has more than 100 confederate monuments, i'm sure there are some here in atlanta. what do you think ought to be done with those monuments? what are you doing in the city of atlanta to navigate this very, very tricky topic? >> we're going to do what we've always done in atlanta, the home of dr. martin luther king, we're going to walk through this process together in 60 days we're establishing a commission right now we've been overwhelmed with the number of white people and black people and hispanic, muslim individuals, jewish individuals who want to be on this commission we're going to have a conversation about our past together and thoughtfully going

to make decisions and going to do it in a manner that's respectful of one another. >> was this whole topic on your radar screen at all three weeks ago or not >> to be honest, tyler, it's always on our radar screen now because protests can occur at any moment so something can happen in minneapolis, minnesota or baton rouge, louisiana or shooting in doctor horrific shooting of police officers in dallas. protests erupt in atlanta for things that didn't happen in atlanta. i can go from 200 protesters to 10,000, 15,000 protesters that occupy 1,000 police officers and it happens just like that. so the straight answer to your question is, it's always on my mind. >> we have to leave it there but you're ending your term, can't run again. >> yeah. >> what's next national office?

governorship >> i'm looking forward to spending time in the private sector and so is my family i think i've got a few more campaigns in me and look forward to finding an opportunity to do what i love, serve the people of atlanta and people of the state. >> mayor reed, thank you >> great day. >> good luck continuing with atlanta. >> enjoy the stadium. >> great place to be. >> back to you, much more coming up from atlanta, we'll hear from the head of mercedes benz america, and warrick dunn, nfl all-star and wonderful humane t humanitarian. >> served as commander in the joint task force in katrina, coordinated military relieves for that hurricane and affected areas across the gulf. here's russell honore joins us now. thank you very much for joining us on cnbc and "power lunch.

what would be the first one or two steps you would take or should be undertaken right now ahead of this storm? >> well, we've got about six hours before night fall. if you are living in the area that's flooded before, you need to evacuate. because if you've flooded from normal spring and summer rains, this storm the way it's coming in with up to 12 foot of surge in some places along the coast and up to 2.5 to 3 foot of water from rain, again, if you live in the area that's flooded before, you lived between between houston and points south towards corpus christi you need to evacuate it's going to flood. the roads are going to close when the roads close, the power will go out and you'll be isolated at home alone. >> we had michael brown, former

head of fema under katrina on the last hour's program and asked if he thought people had learned. he said no people have not learned from katrina. or that it was so long ago that necessarily their memories are simply too short do you believe that is the case? have we learned from katrina will people act differently this time >> well, i think our government has been reorganized from what it was prior to katrina. and reorganized the entire response system. so i think the government, the local areas at the county and city people have been well trained. and the government is prepared do we have some atrophy? yes, only 25%, 20 to 25% of the people actually prepare. but i think people are listening to what local governments are telling them and the reluctance at the city and county is not to overemphasize evacuation

and i think they need to emphasize evacuation now and we've got areas that we've done voluntary evacuation in that we need to be doing mandatory evacuation in. >> i was going to ask you about that the mayor of corpus christi said he's not going to order a mandatory evacuation, only encouraging it a lot you think there were hardships for business that happen as a result and logistically, you disagree with that decision by the mayor it sounds like >> well, again, the mayor is a definitive voice and we want people to listen to the local official, but as a person looking outside in, and what you might say monday morning quarterbacking it right now, i think more people should have evacuated. a lot of that town will be under water. i was in corpus christi about 14 months ago and with 14 to 15 inches of rain in there, a long with the tidal surge, you're going to have people surrounded in their homes in water. particularly those in low lying

areas. and it's better to evacuate and come back to a dry home than to stay in your home and have to be rescued by search and rescue teams. i hope the mayor is right. he's the right people to be talking to the people. but given the estimate of what i'm seeing, more people -- they should have done a mandatory evacuation i know they've done that in the outer islands in galveston but the low lying areas around corpus christi should have been evacuated. >> got it. thank you, sir. >> lieutenant generous sell honore weighing in on what's going on in the gulf we're waiting for the white house press briefing to begin. preparations for hurricane harvey expected to be a major ybquti mae esons about gary cohn as well. we'll carry this for you live as soon as it begins.

where to get in... where to get out. if only the signs were as obvious when you trade. fidelity's active trader pro can help you find smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be.

hey. hi. hi. you guys going to the company picnic this weekend? picnics are delightful. oh, wish we could. but we're stuck here catching up on claims. but we just compared historical claims to coverages. but we have those new audits. my natural language api can help us score those by noon. great. see you guys there. we would not miss it. watson, you gotta learn how to take a hint. i love to learn.

we are awaiting a white house press briefing from sarah huckabee sanders this is a live picture from the room preparations for hurricane harvey likely to be a big topic and maybe follow-up questions me strongest land ande' wll cover that and we'll get this briefing in don't move, "power lunch" will be back right after this hey you've gotta see this. c'mon.

no. alright, see you down there. mmm, fine. okay, what do we got? okay, watch this. do the thing we talked about. what do we say? it's going to be great. watch. remember what we were just saying? go irish! see that? yes! i'm gonna just go back to doing what i was doing.

find your awesome with the xfinity x1 voice remote. welcome back, we are at the atlanta stadium. we are joined by two executives who have moved to corporate headquarters in the united states here in atlanta of the recreaen years. if you drink a pan or a bottle of coke, you are using their product. >> business is very good right now for us >> what's driving? >> healthy economies across the

world with the exception of brazil and strong operational performance and conversions and growth that we are seeing o f penetrating of automobiles continuing the grow year over year 16% this past fiscal year for us >> you sell aluminum to this guy. >> absolutely do we have been selling for 30 years for a number of applications and structural components and aluminums on 20 models around the worm some things we can control and some things we cannot control. the loudness, you will hear some wonderful noise here, lets go to the question on why atlanta? you guys are from new jersey and you are in ohio. what is it that made you want to put your work here

>> the discussion should be moved to another building for a while in the area. and we basically want many locations around the country atlanta comes at the top and it is business oriented companies work together here when we came here, we got calls from other companies, can you help us. >> steve fisher >> similar reasoning >> great work and great lifestyle here, great airport. global company and gives us efficient way to move our people around the world to over operations >> lets talk a little bit about trade, i will come back to you, steve. you told me of the amount of aluminum you made here in the united states. you guys manufactured and most of your automobiles come from

europe how worried are you of trade and tariffs? >> we sold 240,000 vehicles and in alabama we can use 213,000 in the trade balance of 90%. >> and about 90% of what you make in alabama. we make all of c classes for the united states. are you saying the balance as such there are trade repercussions that it would hit as hard. >> we are exporting a lot from the u.s.

>> it is crossing on both sides. >> it has an impact on us. i am sorry to interrupt. we have to go to the white house for an event that's happening there. gentlemen, thank you very much >> through the president's strong action, the united states will target the means of which the dictatorship can corrupt regime insiders. only six weeks ago, several

venzuelans voted against the plan people in venezuela never requested. united states and the regional community stood in solidarity with the venezuela people and demanded that their voices be heard. maduro chose to embrace his leadership over his own people as a result, dozens of neighbors gathered in peru and rejected maduro's action. the president is keeping his promise of strong action and continuing to show strong leadership this executive order does not need to be permanent the president has said that quote, "a stable and peaceful

peninsula is valenc venezuela is in the best interest of the entire world." we'll continue to work to support until the rights and democracy are fully restored now, turning over to secretary m mnuchin to describe the great order in details >> today's executive demonstrates the u.s. government condemnation of tyranny dictator ship in venezuela. this is been a catastrophe for the country. nicholas maduro -- let me be

clear, today's action is harder on the american's debt maduro may no longer taken advantage of the system to facilitate the whole cell at the expen expense of the venezuela people. these measures will under mind maduro's ability to pay off regimes supporter and increase pressure on the regime to abandon its path u.s. persons are prohibited from engaging specified dealings involving the government of venezuela and its infant-- these activities occurring in the united states and cover both debt and equity instruments.

in an effort to minimize the undo harm to the american and venezuela people and global markets, we are issuing general licenses permitting tractinsactn that's otherwise, prohibited under the executive order. this includes a 30 day whine down period and financing goods to venezuela and certain dealings and instruments on secondary markets and certain dealings also, the executive order carves out short term financing for most commercial trades including the export and import of

petroleum. my first day office, i was here with you, this year alone, we have sanctioned 30 venezuela officials including maduro himself. we urge thosewithin the regime including those who have been sanctioned to distance themselves from the violence and the dictatorship president trump made it clear that the status quo is unacceptable today's action is the next step towards freedom to the venezuela people we'll continue to working to achieve this goal to allies around the world who widely condemn venezuela dictator ship. with that, i will be happy to take some questions. >> so there will be general license that carves out specific

d identities if they want to sell their bonds, they can do so. this will limit any new investmen investments. >> the president indicated that military action is on the table, is that still the case given this new sanction and can you talk about the concern that this pact having on the economic crisis >> first on military action and i will comment on that the president directed us not to develop plans for the current situation but anticipate the possibility of a further deterioration within venezuela as you know the venezuela people are suffering tremendously, suffering more and more everyday as they see democracy, distinguished and this regime put in place so the president has said if things get worse and how things

can get worse and what are a range of options available to him that we can take in concert with our partners in the region. on the economic front, our plan is to turn up the heat on the venezuela government these specific actions we try to balance and things that don't hit the venezuela people we have made sure that humanitarian efforts are still allowed. we have also made sure that certain u.s. entities can continue to trade. we view that this will have a significant impact and in no way do we want the american economy and the american financial market to continue to finance these activities >> this is a strong statement describing maduro and things

like that, i ask you this last time you guys were up here on the subject, how is what's happening in venezuela any different of the situation of dictators from turkey, philippines and in russia that also routinely stepping on the rules of law and ignoring the rules of norms why is this dictators worst than all the others >> i think as you know on russians, we have taken significant actions. and, i say we'll look at everyone of these on specific situations and right now we are dealing with a terrible situation in venezuela and that's what we are hereto address. >> thank you mr. secretary you said recently that you are working with congressional leader to push for a clean debt ceiling hike i am curious whether you are on

the same page of that front. >> the president and i are ton the same page and we are speaking on a regular basis on this we have a meeting with the president and the vice president yesterday in the oval office what the president said was his strong preference had been when they passed the va bill before they left, they attached the debt ceiling to that aso that we'll not be dealing with this in september the most important issue is the debt ceiling will be raised in september. i had discussions with the leaders in both parties and in the house and senate and we are all in the same page and the government intends to pay itself debts and the debt ceiling will be raised. >> i have questions for the president. when the vice president was in the region, almost every nation you went to expressing u.s. military involvement in venezuela. will that be enough to dissuade the president from taking any

military action and if military action -- what is the national securityimplication of the united states? >> the vice president has a successful trip through latin america, i don't think there is any a time when we are better align than our partner in the region than we are aligned with today. in terms of military options, further options, there is no such thing anymore as only a military option or diplomatic option or an economic option we try to innovate all elements together trying to envision what might trigger us to bringing to the president's options, we always look at a broad range of c contingencies and none of those

military actions are anticipated in the near future what the president is asking to do is look, how can this evolve in the future and providing a broad range of what we do is innovated a range for the president. [ inaudible >> i consider everything and we'll continue to monitor the situation. >> yes >> thank you mr. secretary one gets the impression from the sanctions and what you said about the -- the united states would only restore the normal

situation of the status quo of maduro and indicted by the president. is that safe to say and the u.s. only deal with the regime that does not include either of them. >> i am not going to comment on the hypothetical of that what the president is clear on is the existing situation is unacceptable and if they restored the proper democratic processes, we'll react to that. this is not about changing leadership this is about restoring the democratic process and rule of law. >> how is the sanction impacting? >> there will be no transactions with u.s. investors for new debt including extending maturity

without specific licenses being issued >> of the debt ceiling, you sound complete confident that debt ceiling will be raised. >> yes, i am 100% confident and there is no scenario that the government won't be paying its bill >> what does it mean when the president says "now it is a mess." >> there is a lot to do in september. we have the debt ceiling and continuiing resolution to fund the government and we have a budget congress has a lot of work this month and the president and i wish that they had raise the debt ceiling before they left, having said that, we are what we are and we are going to get it done >> if i can ask you. >> general mcmaster, if you can help us all understand, what the president meant on monday night when he's looking for an

"honorable and enduring outcome in afghanistan." mr. secretary if i can ask you, he felt compelled, and he felt the intense pressure to resign he believes the administration must do better confronting do you associate yourself with those remarks and do you felt the same pressure of gary cohn >> my first comment, i put out in extensive statements earlier last week on my view of the situation, i think there is no question that the president was not equated. the hatre-- >> gary and i known each other for 20 years and i speak with him everyday his number one focus is working

with tax reform with me and getting tax reform done. gary is committed to be here and could not be more excited about that >> the outcome in afghanistan and broadly in connection of south asia strategy. the president gave us clear guidance and that got us to prioritize the safety and security of the american people. that's what our efforts are prioritizing now the second thing he said that he wanted us to have a sound regional strategy and not a strategy that lasted a year. some people said and there is a truth to this that we had 61 years of strategies in afghanistan. you see a change in an outcome base strategy rather than a time base strategy. that gives us the greatest chance to combine what we do militarily and largely supporting of the afghan government and their long struggle and terrorist groups

and taliban. also, to in knnovate that. and so it is a fundamental shift in the strategy. those who have said are a shame are absolutely wrong about that. a regional approach rather than a myopic of one little group we tried hard to disconnect the dots we took an approach of this and looking at this with our intelligence community and our partners and the president also asked us, hey how can others do more and how can others share more of the burden of

responsibility this strategy delivers on all of that in connection of your answer, the answer is the american people and broad and here at home are safe and secure from terrorists who can otherwise gaining a safe haven report base where they can use organized plan and finance and conducting an attack. we know that's our design and we know it from our history and from our intelligence. >> general >> general mcmaster, following on that, given the history and the ideology of brutality, are you confident that a political solution settlement can be reached with the government would not end up once u.s. forces leaving afghanistan and the taliban making their agreement? >>. >> well, no, i don't think i am

confident and i don't think anybody is confident about that unless we can demonstrate through an agreement that is various groups who'll seize their hostility to the afghan government and recognize that constitution and to participate in a future afghanistan that's acceptable to the afghan people. the afghan people remember, they remember 1996 to 2001 vividly. what it was like to live under the brutal regime. now, the taliban as i mentioned, we worked hard sometimes to disconnect the dots, here. and taliban relationships with other terrorist organizations. but, what we always recognize is none of these groups are monoli monolithic either.

but the critical thing is if your enemies are fighting aggressively against you, it is not a good option to say you are not going to fight that anymore and just hope for an outcome that secure the security interests of the american people in the back. >> general mcmaster, could you define winning in afghanistan, what does it look like for the united states? >> winning in afghanistan is really aimed at allowing afghanistan to be afghanistan. as the president said, not to create a statement in the u.s. image. winning in afghanistan means that there are not terrorist groups who are able to control key part of territory and population centers there it can be use to mobilize resources and raise funds. using those funds to conduct

taxes against us and our allies and partners that's what the success is, it is really sustainable outcome there that ensures the safety and security of the american people and as you know, afghanistan is connected to broader security concerns across the region and so the outcome is to ensure that a threat from that region does not threaten the safety and security of the american people. >> okay. >> i have a question right there. >> yesterday mitch mcconnell said that this will happen during congress and paul ryan was certain saying this is going to happen in 2017. as you see it, the time line, do you still believe that this will get done in 2017 and secondly, now that this is put in the hands of the committees from here on out to do the work and come up with the figures, how confident are you that congress

can handle this so you don't get burn on tax reform like you said with healthcare. >> let me comment, first of all, gary and i are focused on tax reform and working with the leadership since january earlier in the year, i said i thought we would get it done by august and i was wrong okay i now going to say that i am hopeful and we'll get it done by the end of the year, we'll continue to revisit it as we have said before, our objective here have one plan that includes the administration and the house and the senate to work very closely together and group six had been working non-stop, we put out a statement on that, we'll continue to put more details we think it is very important that both committees in the senate and the house have the

ability to debate this and review it but i can assure you that the president's number one objective is now to get tax reform done, he's going to go on the road and we are starting with his first trip next week and the president is 100% supportive of us passing legislation this year. thank you everybody. >> steven mnuchin is wrapping up is role. i want to bring you back to the annual meeting of central banker which is under way jacksonville in wyoming, that's where we find jay powell steve. >> thanks vrp muery much i am here with jay powell. i am going to ask you what steve mnuchin just said, how are you

as a governor factoring issue of the possibility of the fiscal year >> i personally been reluctant to factor things in until they are probable and going to happen it is hard to speculate on what will happen. this would be well into 2018 by the time something is in the law and the economic el effectives down the road. we are eagerly watching. in thinking, i am assuming there will be some kind of tax action next year. until it is clear of what it is, i think it is very hard to put in the forecast. >> the other thing is the shut down or the reason that debt ceiling will get done. do you see it is a risk to the

economy and to what you think a fit policy should be >> i am hardearten to hear thatn the speaker of the house the fed does not have a role in fiscal policy, that's for congress and administration to have those are important fights to have from my standpoint, the debt ceiling is different it is always raised in time. if the debt ceiling were not to be raised, the united states will not be able to pay all of its bills. that'll never happen before. it is unprecedented. that can be a major shock to the major economy. it is not something that we need right now and no one should assume that the fed has any way to protect american business and households >> the market believes the fed is in route enroute a reductiont

month. is the debt ceiling is something that for stall that announcement but, yes, we worked carefully and patiently putting together a plan, we socialize that plan and the market seems to accepted it. the time will be here soon for us to normalize a policy >> you are talking about the market accepting it. have you been surprised of the lack of announcement of the balance sheet run off. do you think there is a time where the market does get upset about it >> it is possible. the markets can wake up and say you did not tell me that, we did tell you that. it can happen. it happened in 2013. in this case, we always for many years that we'll return the balance sheet to normal size overtime i don't expect any sort of reaction like that of course, if it happens we'll

have to react to that. the balance is one part of the policies the rates are another part you have been missing on the inflation front. does this change your inflation height >> the economy is strong the labor market is very strong. we keep on improving great job numbers and unemployment of 4.3% inflation is below targets and it is a mystery. you would expect they were given tighter market and having higher inflation. what that gives is the ability to be patient. it is too soon to make decisions about particular meetings and whether erase rates. we have the ability to be patience and that's not a bad thing >> la the last thing a reminder of an important factor of the come back of the economy warning against watering it down too much, is there a

comport of what the president want to do and the feds beliefe it is in an essential part of the finance system >> we need to protect the important fundamental reforms, stress testing and resolution planning and that sort of thing. at the same time, she said, clearly they were committed to reviewing reforms to see where it is effective and where it can be improvement that's where we have been doing. we are looking at improvements for small banks and i got a lo k list of things we are working on j >> jay, quickly, do you guys come out of a new version of live board when does it come out and why are they manipulated >> this is a rate that we'll be using as a replacement overtime.

it is the secured over night funding rate and it is in the very deepest most liquid part of the over night funding markets it would be extremely difficult and well excessive of half a trillion dollars over night. >> jay, that's all the time we have, thank you for joining us governor jay powell, maybe we'll get a little bit of rein back to uma shell. coming up. a rare interview with the billionaire of his fight, kelcy rr, he lowaenweava t to talk more about in an exclusive right after this whoooo.

you're searching for something. like the perfect deal... ...on the perfect hotel. so wouldn't it be perfect if... ....there was a single site... ...where you could find the... ...right hotel for you at the best price? there is. because tripadvisor now compares... ...prices from over 200 booking... ...sites ...to save you up to 30%... ...on the hotel you want. trust this bird's words. tripadvisor. the latest reviews. the lowest prices.

( ♪ ) (music stops) (bell rings) . bracing for hurricane harvey jackie deangelis is live at corpus cristi, texas, jackie >> reporter: good afternoon, press conferencing is just finishing with some of the local officials.

the mayor was there but also the fire chief and police chief as well here in the take away, they told people to be patience, the power can be out here for three to seven days and people will just need to again, cooperate and be patience and wait it out. they also said when it comes to damage, when you have flooding it increases damage and harder to assess, they're not going to know right offhand exactly what the cause of this storm will be. the third thing they said is if you did not evacuate, stay inside and be responsible, we do not want quote, "another new orleans in our hands." the governor spoke to gave an update a moment ago on north texas. it is getting worse as it is progressing. people were coming the beach to check things out they are not anymore they are taking things a little bit more seriously it is having an impact on domestic travel.

flights within the u.s., it is 49% of them have been cancelled and 79% of them are scheduled to be cancelled tomorrow. that's in the houston and corpus cristi and surrounding areas these are travel hubs for people >> they certainly are. you can imagine the size of these things and people are trying to get around thank you, jackie, the massive hurricane heading towards texas. how should business in the area be preparing for it. lets bring in paul walsh, director of the weather strategy, good to have you here. >> hi michelle >> should business be evacuated? >> certainly businesses along with everybody else, they should be evacuating and doing the best they can and making sure employees and customers are safe a lot of businesses are doing that when you look at the size of the

storm, what can they expect and what should they be doing? i was actually with you guys all day long during hurricane sandy and this looks to me a lot like hurricane sandy in turns of severity and the warning that is we are seeing and sort of the economic out put that's impacted i talked to marc this morning, about 3.5% of the gdp is made in texas. the largest economy in the world, entire state of texas and louisiana is going to be impacted significantly for many, many days. the impact of this is going to be skaignificant and it is going to be significant beyond the region and the entire country. >> we all see the video of storms hitting the coast, big waves and like our jackie rep t

reporter out there it is been raining down there for a while and the ground is saturated. what's the rain risk >> not just the coastal risk 75 or 100 miles per hour in land >> that's the biggest risk it is going to be up to three feet of rain negative never seen this before, we'll have category three storm hit the coast, stop and go offshore and come back again we'll be talking about this for many days. it is going to leak to what's described as catastrophic flooding the impact is going to be very, very significant we are going thomas hock tao bet this for many, many days >> you mentioned with sandy, many people in southern manhattan could not move back for months and months because flooding was so bad and a lot of

infrastructure and when you are talking about why texas is suffering from a large amount of flooding, too. it is going to be effective for months it is going to be people displaced and both during sandy and ckatrina and moving out fora long period of time. there is a potential for a long-term impact and long-term economic impact and vital part of the u.s., dwelling infrastructure down there. it is a serious issue and the biggest issue that we have seen since hurricane sandy without a doubt. >> people in staten island lost their homes. it is going to be big. >> paul, it is great to have you here up next interview with kelcy

warren, 'ltawel lk about his recent lawsuit and maybe we'll talk about the storm as well stick around n trouble with reca. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. the name to remember.

hi everybody, i am sue herrera, here is your update at this hour. iraqis forces declare major victory in fight against isis. u.s. forces are supporting that operation. aetna is accused of reaching customer's privacy maling shows the patient's name. aetna apologized and calling that mistake unacceptable. the volkswagon engineer played a key role have been sensed sentenced to more than three years in prison he's ordered to pay a fine of $300,000 >> a baby hump back who gotten stuck on a brazilian beach and they succeeded speaking of babies, we have a special one to tell you about.

cnbc is happy to welcome its newest edition thomas th theo bliss, born today to our senior editor, katie. >> beautiful baby. so happy for you >> we are so happy for you >> hi theo i cannot wait to hold him. she's got to bring him in soon >> congratulations, that's fantast fantastic. lost in all revenues this week a massive lawsuit against green peas alleging among other things of 170 page of filing. green peace ran an eco-terrorism campai campaign joining us now is kelcy warren

why file this kind of lawsuit against gene peareen peace >> first of all, it is good to be here with you it is green peace and others there is more to be named here what happens was tragic. i mean lies were being told and tens of millions of dollars were being told and base on these lies it is clear and the fact that shows they knew things that were said were inaccurate. things that we did not communicate with the standing rocks and things like that it is just crazy stuff that they were saying. we were greatly harm by that brian. >> how were you harm, kelcy. >> first of all, they attempted to cut holes think about that here is the people that say

they're going to pour in their waters so they can say, look, look at what you did >> and not only that, our project was delayed by about 90 days and we lost millions of dollars as a result of this. brian, we got to do something. everybody is afraid of these environmental group and feared that they may look wrong if you fight back to these people what they did is wrong and they're going to pay for it >> you understand the look of it you built a hell of a business year a billionaire and your company is wealthy your law firm is the one that represents some of donald trump's. >> trump's attorney going after of america's loss. it does not sound like you are afraid of that >> i am not afraid of those people at all. i will tell you, they're going to pay for this. they're going to pay for this. the facts are good and this cannot be allowed to happen.

they're doing this elsewhere in the country, somebody's got to stand up and we chose to do that >> it is a brave position. >> you are in dallas your sister is in houston, what are you making of the storms >> are you making preparations as harvey comes ashore >> we are, we are praying for everyone we have many employees that are in the direct path of this hurricane and we asked those employees to vacate and they are coming in land we have moved our gas control centers, we monitor all of our pots through these major control rooms. we moved those away from houston up into the dallas area, an an stone owe ar san antonio area we are very concerned of people in the direct path

>> there is another round of the sanction of venezuela. there is been talk that maybe they'll ban the impact of venezuela, do you have any opinion on whether or not that'll be a good idea >> well, my only opinion is, the people that would suffer as a result of any action that we may take i did not know about this until you just told me i would hate to see hardships placed on people that they are already suffering. >> my question is if they ban the import of venzuelen oil, is it easy to get it in the ma markets? >> i think crude will find is its place. >> do you see if there is some

disrupti disruption, maybe not with your firm but other shipping or pipeline or whatever >> brian, as you mentioned, i think there will be interruption of gasoline and mostly it has to do with this hurricane >> people don't recognize that but it is a bigger problem in many ways. i do expect some disruption and i expect some with venezuela as well >> everything has been tight of these press conferences, do you expect the storm will interrupt, your pipeline operations how sturdy are they? >> we sell them natural gas and we transport oil and we do things and when refinery shut down, we don't have a place to put that >> so sure, we'll have some

disruption and we have some storage and we are blessed of storage, we'll shell it in many places as we can to keep it moving if it is big and a long duration, it is going to impact everybody, yes >> kelcy warren, i would like to go longer, you understand it is a long day today and a lot of news, we do appreciate you, kelcy. >> no problem. thank you. will the rally last and how do you play it trading nation team is going to tackle that next we'll head live to las vegas of the highly aicatntiped of the mayweather and mcgregor fight. why vegas will lose big time if mcgregor comes out on top.

duncan just protected his family with a $500,000 life insurance policy. how much do you think it cost him? $100 a month? $75? $50? actually, duncan got his $500,000 for under $28 a month. less than $1 a day! his secret? selectquote. in just minutes a selectquote agent will comparison shop nearly a dozen highly rated life insurance companies, and give you a choice of your five best rates. duncan's wife cassie got a $750,000 policy for under $21 per month. give your family the security it needs, at a price you can afford. since 1985, selectquote has saved over a million families millions of dollars on life insurance.

lets bring in your trending nation team. hey david, it is been a good couple days for the bank, do you expect it to continue? >> i don't see them taking off and shooting 10% from here slow and steady and it will

continue to move higher. i also do think the risk for the banks and generals are relatively limited we saw the green light they got from the standpoint of stock buy backs. they got a lot of tail winds here i think there is still a buy jp morgan in a particular. and you go balance sheets and checks returning shareholders and the set up there is solid in my opinion. as we see the feds making more move and we see rates moving higher and it will continue to work >> a little optimistic view there. matt maley, do you share the same view? >> i think it can pose a problem. in the near term, i am not

saying it will happen but i am cautious here because of what's happening with the yield curve that's important for the bank stocks the reason i lyle that is on a technical basis. the group has been under performing all year. you only have four stock that is are out performing the s & p and two-thirds of them are down to date kbe is breaking their trend line the key level is 40.5. >> if it breaks below that in a significant way, it is going to cause some problems. it could cause a technical problem and even though the fundamentals seem to be holding up on deregulations and things like that. i agree with david, i don't think it will look like anything in 2009 but we could get lower if we break it >> we'll watch those technical

support. thank you very much. >> to see them, go to tradingnation @cnbc.com. >> thecgregor. next, jane wells is going to go toe to toe, pound for pound, best fighter in the world. andre ward, stay with us and now the latest from tradingnation.cnbc.com and a word from our sponsor. >> when markets get volatile, it's a good idea to reduce the size of your trades or at least consider scaling in and out of your positions taking on a position larger than you're comfortable with in order to maximize gains only increases your risks scaling in and out can help you buy and sell at least rtpa of your position at potentially more favorable prices.

hundreds of millions of dollars changing hands over the weekend because millions of viewers expected to fork over 100 bucks to watch mayweather/mcgregor on pay-per-view let's go now to vegas where we're joined by a couple of other heavy hitters jane wells and the light heavyweight champion andre ward who will be

friendly you're not sizing each other up, jane. >> reporter: i promise not to hurt him. >> please, please don't. i'm in between fights. >> reporter: got to keep him healthy. look, the only thing hotter than the weather right now is the hype over this fight and with me is one of the most highly decorated boxers the last decade, as you say the light heavyweight champion and pound for pound the current best fighter, undefeated also like floyd, andre ward. look, is this fight a joke >> i don't think it's a joke i've heard a lot of that commentary from, you know, diehard boxing fans and media. i like it, and i'm a diehard foxing fan it's an event. just understand if you're going to sign up for this what you're getting into it may not be the greatest fight in combat history, but it's an event. something to come to we don't know what's going to happen you have two very prideful men putting it all on the line mcgregor hasn't had a professional boxing match but he's got a country and sport that he's bringing to the table so it's going to be interesting. >> his style is weird.

>> very. >> reporter: how does he win >> reporter: he probably should have started boxing 20 years ago. >> okay. >> reporter: but aside from that, does he have a shot? >> i think he has a slim shot and the slim shot that he has he's physically big. he may be stronger than floyd mayweather and has a big left hand if he lands that shot, who knows what can happen. floyd mayweather is 40 years old and mcgregor is 29 so that's a big if. >> how is floyd going to approach, i don't think for business reasons he wants to end it in the first round so how do you think he's going to approach it >> that's not his style. he's a walking computer. will assess the land, see if he sees any weaknesses and floyd typically starts to step things up around round three and round four and his greatest gift, people don't talk about this, is his conditioning so when mcgregor starts to pop out, which he will, that's when you start to see mayweather take

over. >> the glove weight, who does that favor >> mayweather, he's the technical fighter so it will be a total advantage for floyd mayweather. >> is this good or bad for boxing because it's a spectacle? >> any time fighters on any level, up-and-coming guys, champions, they get interviewed, not just from boxing or combat media but from mainstream media how can you say it's a bad thing. >> reporter: brian, do you have a question >> does he worry this is going to be a sideshow, that mcgregor is going to do something dumb to get disquailified and we'll all be left with a terrible taste in our mouth? >> reporter: well, if he is disqualified, the boxing commission could take his entire purse so so there's a lot of incentive not to do it does he lose his cool and does it become a circus or the circus people want? >> anything can happen, you know when the pressure is on and floyd may weather starts to apply the pressure and mcgregor feels like he's using the edge

he'll revert back to his old tack tis which is mixed martial arts but to what degree remains to be seen he's very intelligent, won't lose his whole purse but he'll do enough to get floyd's attention. >> andre ward, thanks for . ining us >> thank you. >> reporter: guys, back for you. >> thanks, jane. check, please is next. don't move ♪ ♪ (bell rings) ♪ (screeching tires) (bell rings)

breaking news. an update for you. hurricane harvey now a category 3 storm with winds of 120 miles per hour 22% of the u.s. gulf of oil mexico offline due to the hurricane according to interior department i'm sure that number is going higher. >> president trump says he'll be going to the region sometime next week. time and day and location to be determined. >> thanks for watching "power lunch." >> "closing bell" starts right now. >> hi, everybody welcome to "closing bell" on this friday. i'm kelly evans at the new york stock exchange. >> and i'm michael santoli in for bill griffeth today. not exactly a slow late summer friday a lot going on starting with hurricane harvey strengthening in the gulf, now a category 3 storm residents of southeast texas only have a few hours left to get out of its path. live reports from the coast coming up. >> just upgraded to a category 3. top presidential aid