the nasdaq is down a little bit. >> disney is off 5%. bob eiger was at a conference today and warned the numbers won't be as good as wall street expected for a number of reasons. >> and an apple report out of dow jones saying that it run into some production glitches on the new iphone that is hurting that stock as well thanks for watching "power lunch," everybody. "closing bell" starts right now. >> hi, everybody, and welcome to "closing bell. i'm kelly evans at the new york stock exchange. >> and i'm bill griffeth very busy day news-wise. >> yes. >> and president trump has discussed getting rid of the debt ceiling all together in the meeting he had with democratic leaders chuck schumer and nancy pelosi we'll pose the question we're all wondering about, whether the president will start turning to democrats to help get his agenda passed >> plus, hurrican irma is slamming puerto rico and now taking aim at florida. then hurricane jose is

strengthening into a category 2 storm. we'll hear from the chief hurricane spags from noaa with the very latest on the mega storms coming up. >> but let's start with various stories that investors are paying close attention to. president trump's comments on the debt ceiling, the future of the fed, tax reform. eamon javers still there at the white house and steve liesman has a look at gary cohm's future and ylan mui has been monitoring the opposition that's growing to tax reform eamon, let start with you. i know they will kick you in that room. what's the story >> just saw the press conferenced, very international focused press conference you saw the two leaders talking about the dispute between the israelis and palestinians, the dispute between qatar and the rest of the gulf community and dispute between north korea an rest of the world. the president expressing some cautious optimism about all of those disputes being resolved at

some point in the future but no real specific tangible signs of progress in this press conference also, just before this we had this fascinating moment where the president talked about a debt ceiling in a way a lot of presidents have talked about privately but none publicly. here earrings what the president had to say. >> for many years people have been talking about getting rid of the debt ceiling all together, and there's a lot of good reasons to do that. certainly that's something that will be discussed. we even discussed it at the meeting that we had yesterday. it complicates things. it's really not necessary because you're talking about budget so it's really not necessary but certainly sog we could discuss, but as long as it's there, it will never be violated >> bill, you heard the president there saying that they discussed eliminating the debt ceiling in the meeting here at the white house yesterday. i can tell you just before the press conference here in the east room, i spoke to kellyanne conway, the white house adviser, and asked her about that and she

said they had discussions two days in a row about eliminating the debt ceiling here at the white house so a little bit more detail than we had before, an i asked her is the president just sort of musing here? is he talking out loud and responding to this question about the debt ceiling or is there a serious push on to eliminate the debt ceiling president mousses out loud a lot less than people think he does and he often floats these ideas for strategic and tactical reasons. she implied there's a decision going on here to do away with the debt creole and how to do that legislatively will be the trick. >> investors watching those interest rates drop again today. the ten-year benchmark interest rate is down near 2% with new questions about who exactly will be the next fed chair. steve liesman has more steve? >> reporter: for a few monies investors thought gary cohn would be the man and it may be

that he's not the man anymore. it's unlikely president trump would choose cohn because of the president's comments on the charlottesville remarks. the story wasn't disputed to me and one said it's incremental, unlikely, knots definitely no. the president is considering several candidates fed chair yellen's concerns expirl innier and vice chair stan fisher announced his resignation and there's three on way to four and today the senate approved one nomination of trump and who are the possible candidates there's some possibly janet yellen get reappointed and gary cohn other names come up, glenn hubbard, former member of the bush administration and jontay lore and maybe a couple of names

we don't know, but these are some names that have been floated out there from various sources what do we know for sure the president has made the decision they still seem to be looking for candidates, and they care what markets think about this choice, so they are asking these sorts of questions, and it's the sort of question that i'll ask of bill dudley tomorrow. we have a cnbc exclusive with fed president kevin dudley that's tomorrow. kelly in. >> lacking forward to it thank >> you mean while, house speaker tax ryan talking tax return saying that's the focus for the autumn as protesters mobilize against what they say are tax cuts for the rich. ylan mui has that report. >> reporter: the divisions on tax reform were on display starting with ryan's speech at the museum the white house said yesterday it's still pushing for a 15% corporate rate, but today ryan made clear how he feels about that number. >> the numbers are hard to make that work. he obviously wants to push this as low as possible i completely support doing that,

but at the end of the day we've got to make these numbers work i think our goal is to be at or below the industrial world average and that's 22.5%, so our goal is to get in the mid to low 20s and we think that that's an achievable goal. >> there was also counterprogramming after ryan's speech and the campaign is called not one penny and tax cut for the 1% and argued that the republican plan would cut taxes for the wealthy and big companies and do little to help middle class workers >> tremendously profitable corporations who stash their profits offshore to avoid paying taxes should not goat pay the same tax rate as a family barely scraping by. that's not tax reform. >> not one penny has also been storming this week handing out backpacks with this empty piggy bank guys, they made sure to drop one off at speaker ryan's office back over for you.

>> oh, boych >> thanks very much. love the symbolism there let's get to our "closing bell" exchange, a very interesting day, not so much in the equity markets but very interesting in the credit and gold markets today. in our exchange david rosenberg is with us, as we have a full house, rob morgan from sandy spring trust at post nine and sitting next to kenny polcari from o'neill securities and rick santelli, i'm going to start with you, my friend, because tuesday the equity market was standing and this looks a lot like tuesday, a ten-year yield and overseas yields were dropping precipitously and the ten-year hit 2 won 1 for a time today. what do you make of what's going on here? >> you know, the whole world is sort of a potemkin village i get it, if you look at the math, it makes sense why he was

happy and co-existing with a lot of growth is a lot of obstacles or asterix, negative interest rates, balance sheets, you for example the big training wheels, and i think that today is another great case in point. the u.s. market, especially in treasuries, isn't telling us anything economic. it followed exactly what you pointed out, bill. bund yields moved from 35 down to 30, shots moved lower and currency moved higher. extensive the markets. the euro goes over 1.20 and our dollar index follow. their bund goes down, our shots, 2s, 5s, 10s and 30s all move down, about the same amount, four basis point on the long end and a little less on the short end and very similar to what's going on in europe in the end, no matter how you slice it, many investors could be worried about low interest rates, and i understand why. what they mean historically if you're only focused on the economy, but there's so many more channels as we learn today by the effects of the ecb and the non-balance sheet detail

that mario draghi did not give there was no detail with regard to what happens after december. >> kenny, what do you think when you look at the markets, and you say, okay, the dow is down 45 points the euro is surging and yields in europe are down and that is dragging us lower. it's kind of hard to wrap your head around it. >> the broader market is doing nothing. we're churning here and stuck at a very tight range 2450, 247 a 5, unable to break down and every time they come in, maybe 24 or 25 they will defend that more the market is really taking all of this information in today, the fed, the news about the fed. kind of the calming of the north korea tensions, and it's just buying its time and waiting for -- really waiting for the next event earnings are really going to be in less than three weeks so it's look forward to that, but it's also trying to take into account what this all means. what mario draghi said today, what happened in canada yesterday and what japan is

going to say next week and the fed at the end of the month and try to put that all together. >> rob, i'm mindful of some individual stories admittedly this is not about the whole market but it's anecdotal and have all come today. ge, the fundamentals don't look so good according to jpmorgan. comcast, our parent company and looking at a loss of subscribers maybe due in mart to harvey. other companies have had problems today disney warning out of the blue, so, you know, a good cross section of companies here and the market seems to be taking it in stride a little bit. >> you would think that maybe those are sort of the leading edge of some slowdowns that are coming and broadly earnings have been strong and we're through basically with this earnings season and the market is looking ahead of strong caughters of curveball digit growth and it's weather these storms and to build a little bit on what kenny and rick said. so many people think that these low yields portend bad things for the economy and the u.s.

stock market, and i tell you, the way i view it, with rates so low, what are the alternatives for people that need to be in stocks, that need a balanced portfolio? they won't be jumpings off the fence with stocks and bonds. >> and i know that you think a slowdown is coming or is upon us, but i was strong that the quarterly services survey says that the second quarter gdp might have been 3.2% and had really strong manufacturing numbers out of the gate and the fed's beige book was talking begun labor shortages in a lot of different parts of this country. does that add up to a slowdown >> well, it actually does add up to a slowdown because, you know, surveys are surveys, and hard data are hard data you know, the base book actually did talk about labor shortages, but actually in the context of what it's doing in economic growth, not what it's doing to wages or inflation what i was struck with in the base book was what little pricing power, if any, there is,

and despite the chronic labor shortages no sign of any wage acceleration here, you know, over eight years into the psych you know, the numbers that you can't mention, kelly, was the fact that we had a negative aggregate hours worked index on friday and negative .2 on total hours worked and negative .2 on average weekly earnings. what about the auto sale numbers. they were horrendous and the housing market is clearly rolling over you can look at the bond markets and say 2% yields. you know, just go into equities or why go into the bond market i don't think that's the right way to look at it it if i'm an equity investor what is bond market telling me, and it's not just a one-day event because what have happened in europe today as rick santelli said this, has been a downward trend in ten-year treasury note yields all year long. the inflation numbers continue to come in below expect pedestrian, and the bond market is telling you something here about what the contours are going to be like for the real economy for the next several quarters i think that the bond market is

actually calling the bluff of the stock market, going to see the earnings expectations embedded in the ratios right now. >>ry, i want to ask you about the president talking about eliminating the debt sealing any member of the tea party is going to oppose that and what do you think of the treasury markets overall would think of that >> well, since it's kabuki theater anyway, i think you might get volatility from the a lg o trade remembers, but for the most part it's kind of a crazy law and crazy thing to have on books because we go through it often they always vote to suspend whatever the ceiling was and create a higher one. the real issue that the bond market would pay attention to when they actually talked about the debt and how to control it before they spend it which is what happened with debt ceiling. that money is already accounted with there's been an downward trajectory in rates, but the

problem is we can't interpret the signals. there's so many cross-currents going on that affect our markets because of the correlations with the question crazy central banks in japan and europe. >> yeah. all right, gentleman, we have to go at this point thanks for all your thoughts on today's market action. >> we have a news alert on amazon gee, dom chu, what could that be about? >> reporter: this involves insider trading of amazon stock, the securities and exchange commission bringing allegations and at the same time a settlement, i should point that out right now. the s.e.c. alleges that three different party, brett kennedy, masya rezikhani and also a sam sedeghi worked together to share insider information about 2015 first-quarter amazon earnings information before it went public subsequent trades were made on that information and profits were made. the s.e.c. has now settled with

these parties with regard to discouragement of profits and other civil matters. i should also point out that the u.s. attorney's office for the western district of washington hey noubsed criminal charges against one of the parties, kennedy, and has now since looked in a settlement there they have agreed to pleat so a really interesting story we'll bring you more details as we know more, but that's the crux of the argument and the s.e.c. case as well as the u.s. attorney's office, guys. back over to you. >> dom, thank you. not at all what will we wrecks pecting to hear regarding amazon that is interesting. >> they are going to get you. >> absolutely. >> it's so easy to track these days >> 45 minutes to go into the close. the s&p 500 is down about a point today. it's right around 2464 that's just a stone's throw away from 2,500 we're going to lock at when we could cross that threshold and

we'll push the benchmark index over it. >> and if you want to know how bad hurrican irma really is. just look at the so-called waffle house index because if the restaurant chain closes or offers a limited menu, that is a very bad sign. that is something that has been identified by the head of theme ark, by the way, and we'll talk to the show of waffle house up next. >> and we want to here from you. write to us at the show or tweet us you're watching cnbc, first in business worldwide

as feared, hurrican irma is leaving a trail of destruction in the caribbean more on where irma is heading next snoop we'll be talking more about that as it gets closer to south florida and other hurricanes on top of irma. this is the first time there's been 3 in the basin since 2010 there's katya and jose just

behind irma. let look at jose's track because, unfortunately, some islands that were devastated which irma are in the path again of jose, and barbuda is one of them we'll keep them in our prayers as this storm is going to scoot just to the north soy it won't get the brunt like it did with airmana and still something to watch. let talk about airmana that's where all of our ice are. where is it going? big question you can see here the track, the latest track from the national hurricane center has it barreling towards turks and caicos landfall tonight they are already dealing with the outer bands of thunderstorms. balm yeah, by the time we get into the day tomorrow and then south florida for early sunday, but you can see the effects of tropical storm winds earlier than that, and that's what i want to show you here. if you look you can see the yellow, the circle and yellow. that is in diameter on saturday where you could feel tropical storm winds as early as saturday morning, and that is 39 to 73 miles per hour, so if you have

any last-minute preparations that you need to get done for those in the florida keys or south florida, we'll keep you up to date as we get a better understanding exactly where this storm will make landfall in the next couple of days. >> i can't believe it's on the same track. >> how many days behind is jose from irma right new. >> reporter: jose is behind irma several days as well as it's going to stay awa from the u.s. coast. it's going to track more towards bermuda. it's going to track well into the atlantic and not be a problem. that's one good thing but for bermuda and some of the islands, unfortunately, they will get hit with some very strong winds and even storm surge >> enayi-yi-yi thanks we'll get more updates next hour we're watching this hour by hour. >> restaurant chain waffle house is bracing for the impact of hurrican irma. the company says that around 250

locations could be affected. >> let's bring in or bring back in waffle house ceo walt aymer good to have you back. >> nice to be back we've learned a lot about the say verrett of the storm locations in miami and how are people getting ready for this? >> reporter: we don't have any in miami right now one in key largo that we thing will be evacuated and closed later today and then we're all up the coast, both coast and heavy in orlando as well and pretty reexposed in georgia and south carolina as well expecting a pretty big impact on this one. >> we mentioned the waffle house index. this is something first identified by the head of fema as he would go into areas, he would notice a waffle house restaurant would open before anything else did and that was a sign things could get back to normal if a waffle house was not

opening or had a limed menu then you have some problems i imagine you get some pride in that a lot of employees have said they are prideful about that, but it doesn't come at the expense of their safety i would imagine, right >> absolutely not. our first concern is making sure our associates are safe and we're going through all the measures right now we get everybody out of harm's way and then we have teams of senior leaders that come in behind the storms to make their that the conditions are safe and the facilities are safe and then we bring in people from other markets to open things up and we never ask anybody to put themselves in harm's way and fortunately we don't have too many on the coast of florida but we're watching this. we think this is going to be a big event for us, and, yes, we are pretty much flattered by craig fugate and him taking a lot of talk over the years and do take pride in it. >> you also said you don't have employees there overnight. you say that's an urban legend.

>> it's a little bit of an urban legend our stores don't ever close, so if the restaurant is open we do have employees there, but stores that are on beach or in evacuation areas, we tend to most folks out we follow the local laws for-hour. >> what about hurricane harvey we, of course, are now having to watch irma and even jose behind it, but are all of your locations affected by that storm up and running >> we're back open and running in all those stores. we had one that still doesn't have power, but we're running on a generator. we're still feeling the effects over there as a matter of fact, we still have several teams of people in that market helping the local operators, so a lot of our associates were affected and none were hurt and we're not done with that one yet and meanwhile our attention is being drawn over here to the east coast. >> just like everybody else. >> walt, thank you we wish you awl well and all of your employees as well thanks for joining us again. >> thank you >> walt ehmer of waffle house.

if you haven't been to one. >> get the hash browns. >> mainly in the southeast part of the country, but, yeah, great comfort food there we're heading to the close we've got 36 minutes left here with the dow down 59 points. again, a lot of the action has been in the treasury markets, currency markets and the gold market once again. president trump cutting a deal on raising the debt ceiling with democrats. coming up, larry kudlow weighs in on how he thinks that could affect trump's agenda including tax reform. >> first, amazon is looking to build a second headquarters in north america and you should see how major cities are link up to open their doors it could be 50,000 jobs and $5 billion. a lot of details when we come right back

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welcome back amazon is launching a search for a second headquarters in north america. the e-commerce giant expects to invest $45 billion and construction for the new location and hopes to grow the site to as many as 50,000 high-paying jobs amazon's stock is higher by 1% and got an upgrade, they initiated as a buy with a their 134 hundred price target bill, the way that cities are --

it's like a beauty pageant yes, like pick me, pick me. >> by design exactly what they are planning on chicago apparently is going to make a big push. jeff baseos has talked to me and raleigh dur him, an area i know well with the research triangle and if i'm a betting man i'm going northern virginia. you're old stomping grounds. >> well, here's the thing. we were more like a western and southern virginia. you look at what happened along the ide 81 corridor and it's all warehouses and distribution. >> hunk data centers for the cloud division jeff bezos, let's not forget owns "washington post. he's just bought most expensive home in bse. >> plus, why worry about lobbying when you could effectively send such a positive message to that entire metro area with this kind of initiative i mean, i agree. i think that looks pretty

difficult. >> all that makes it incumbent upon mayor emanuel to make it more attractive with tax credits and other things there. >> if you give away too much, all the positive effects get off. >> i'm thinking northern virginia. >> i think i'm with you. we have a news update as we approach half past with 30 minutes to go with sue herera. >> here's what's happening at this hour. as hurrican irma makes its way towards the united states, georgia's governor has ordered a mandatory evacuation starting on saturday from that state's atlantic government, and that includes the city of savannah. president trump's eldest son telling law enforcement in a closed door interview he was opening to seeing information about hillary clinton's character in a meeting with a russian lawyer last year, but donald donald trump jr. insisted neither he or anyone else he knows concluded with a foreign government curing the presidential campaign. spacex launching the air force super secret space

shuttle. a technology tester capable of spending years in orbit. the unmanned falcon rocket blasted off from florida's kennedy space center today. >> and pope francis beginning his first full day in columbia where he owes stressing a message of reconciliation for a country emerging from five decades of armed conflict. hundred of people link the motorcade route to the presidential palace where the pope met with president john manuel santos. >> you're up to date that's the news update this hour, guys i'll send it back downtown to you. bill >> sue, thank you very much. we'll see you next more with 29 minute left in the trading session, the dow down 50 points and the s&p down 2.5 and matt chess lock is here with me and we've been highlighting the safety trade back on today with gold hit hag yearly high yield on the ten-year at a yearly low and stocks drifting here, kind of mixed here. >> yeah. it's not so bad considering the financials being able to press with what's going on and the lack of clarity, the two and

ten-year spread. all things hating the financials, weigh a major part of the dow index, so the tech, nasdaq heavy sector is up and the dow is down and considering all that's gone on and you have a little corner of the screen all day, and we're all following what's going on in florida you're not going to trade on anything else unless you see obstruction on that come monday. >> i was going to take it beyond that and take begun crisis becoming with an opportunity and it's way too soon to do anything like that right now. >> having said that though, tuesday the big selloff and comeback on wednesday. the buy-the-dip remembers still out there somewhere. >> the grind is always to the upside, and that's how this market has gone. we haven't seen these monster moves to the upside recently just grinded out 30 points, 30 points, 44 you know, we see a huge move lower and now we'll grind it back out provide that had we don't see anything massive there's another hurricane

brewing behind this, and this looks really, really disheartening and people are looking for an opportunity to trade, reinsurers. they will have a lot to look over, and i don't know if that's the bottom in those yet. >> just wish everybody well. >> let's get to those first. >> big declines in excel group some names down 15%, 20% dow down 55 points and st. 3 and the russelldo down 4 and biotecs and others happeninging in there. the biggest recorded hurricane in the atlantic. come up the chief administrator from noaa ys wsahere he sees the storm heading now and how devastating it could be. except for one of us. i write them a poem instead! and one for each of you too! that one's actually yours.

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as you probably have heard mapped try evacuations are being issued in some areas of florida ahead of the arrival of hurrican irma, but phil lebeau is here to tell us about some of the problems people are having actually trying to leave the state. phil >> reporter: well, it depends on how you're trying to get out, bill if you are trying to fly out,

most people if they don't already have reservations they are not going to get out on a flight flights are already sold out and have been for several days those people who are on flights scheduled to leave either miami or orlando or some of the other airports, this is what they have seen not just today but yesterday as well. miami cancelling 8% of its flights today. 414% cancelled already for tomorrow nearly every carrier, by the way, has been adding flights or updating their aircraft, adding bigger aircraft in place of what was scheduled to fly into miami. most people are driving out of miami or southern florida or trying to at least get somewhere north of miami and this is what they are seeing, long lines at gas stations, gas stations at several service stations it's being reported widespread actually are the florida governor says, look, do us a favor and don't fill up your tank all the way and realize there are shortages out there. how bad are the shortages.

check this out in the miami f-lauderdale area, gasbuddy.com says 40% of the service stations are empty and if you look at west palm beach and ft. myers a third of the gas stations say they have no gas at all. gas buddy says tampa and other cities away from miami, they are also impacted. this is what happens when you have steps of thousands of people who are trying to move out of a particular area long lines at the gas stations and also long lines at the rental car counters. our crews down in florida have talked about the fact that if you were looking to get a car in the last couple of days, were you running into problems. this ironically is good news if you are an investor in hertz or avis. you take this along with what happened with harvey, not everyone wanted a vehicle to get out of town or will need one to replace one that's damaged, this is one of those few scenarios that works out well for investors when you're focusing on the rental car companies.

also by the way, a positive note from goldman sachs on the rental car space. guys, back for you. >> yeah. ironically it will help car prices which have been hammered aswell from those companies. phil, thank you. the storm still is a category 5 and head straight for florida. we don't know where it's supposed to hit and up projection has mime right in the crosshairs >> joining us we welcome michael brenn, senior hurricane specialist this is not a storm to fool with, is it? >> no, it's not. irma is a very, very dangerous hurricane category 5 right now it's approaching the turks and caicos island when 115-mile-per-hour winds right around the eye and potentially devastating storm surge there of 15 to 20 feet, but we are expecting irma to continuing moving west northwestward and take a northern turn as it passes cuba and the bahamas and approaches the florida peninsula saturday night and sunday and move either up the peninsula or just offshore and then up into the southeastern united states

as we go from monday into tuesday. >> what are we to make of jose essentially following this similar track here i moan, are we at a point now, and i know you guys don't like to look too far down the road, but are we at a point where you want to see others forming and it came into an area west of africa, again. >> this is the peak of hurricane center and this is typically the most objective time of the year. we don't see any other features we expect to form in the next five days beyond the hurricanes we have right now but that's certainly a possibility as we go through the next couple of weeks. we're right near the peak of the season. >> how quickly is miami going to take the brunt of this and the rest of florida. the protect has the entire state in its path? >> yeah. we don't know exactly where the core of irma is going to go. it could go a little best or a little right, but everybody in south florida especially needs to be preparing for the landfall and the core of the major

hurricane this weekend that brings the devastating wind impact and life-threatening storm surge to the areas basically now south of okeechobee and the florida keys under the hurricane storm surge and watch at the time. >> mike al brennan with noaa, and as we just heard savannah is talking about evacuations. >> charleston, just west, it's going to hit just west of charleston there apparently so keep an eye on that. >> 20 minutes to go in the session where we're seeing markets tipping lower today. except for the maas damage mentioned some biotech names to keep the s&p in positive territory big tech names doing well and the hurrican irma is slamming into puerto rico right now we're going to talk to puerto rico's congresswoman about their recovery plans next. >> but, first, square making another big bet on banking what it's doing and why the stock is jpi cinupumngomg

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look at shares of groerpo up 12.5% or a little bit more the company anticipates revenue and gross margin will come in at the high end of expectations for

the quarter due to expectations of a strengthening consumer demand therefore, the stock, though let's not kid ourselves, it's still only a $so stock right >> up about a buck >> and meantime square is also also trading higher as that company takes another big step into banking deirdre bosa joins us now with the why. deirdre. >> reporter: hey, kelly, bill. by far its biggest step yet, applying to become a full-fledged challenger bank also known as an industrial loan company. what that means is square would own an entity that enjoys many of the same privileges as traditional banks while conducting the payments as usual. square has already taken on more bank-like characteristics over the last few years has square cash and capital and even now its own debt card, but this is a controversial move because there's already a debate over whether companies should or shouldn't be allowed to use the structure. critics like some community

banks would be competing with have said there's a fire wall between banks and commercial firms. other concerns they can lead to other tech companies tapping into the so-called advantage of the bank charter and without the regulatory supervision in 2005 this was the most high-profile case and failures walmart applied for such a charter which drew such huge backlash and led walmart to withdraw the application a few days later and now a different story. federal regulators are proving the most new banks since the financial crisis an also want to know on the screen that square shares have been on a tear this year and nearly doubling since january. >> look. deirdre in, a way this sort of catches up with the direction that's already taking the business, right? they have kind of started as a hardware company, you know, you had literally the square and stick it on your phone and swipe the card and they are offering so many services to businesses,

and that's part of the revenue and as they extend loans that's a natural next step, right >> absolutely and why it may differ from a walmart that tried to do it again already in financial services, but the main point behind aemploying for this charter is to exed tend its businesses and sorry looking to extend it, too, such as soify. >> there we go >> all right, deirdre. thank you. see you later. >> 13 minutes left in the trading session. the dow is down 38 points, and while the nasdaq continues to hang on to gains and technology doing pretty well today. >> meantime on a good year, the s&p continues to inch closer to the 2,500 rkma up next, we'll discuss what can push it over the edge when we come right back. ♪ top speed fifty knots life on the caribbean seas ♪ ♪ it's a champagne and models potpourri ♪

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mr. cashin says market on close orders show an imbalance in the buy side again. this time to the tune of $450 million and if memory serves each day we've had a buy side imbalance and coming off the lows here, down just 27 points on the dow jones industrial average. >> well, although the s&p is

trading lower, only 35 points away from hitting it guys, thank you both for joining us i guess it's just interesting to reflect for a moment as we begin, you know, the month of september, and even as we're talking every day about the fluctuations, this is still a pretty good year for the market, where do you think we go next when we start talking about 2,500? >> i think since april we've been in a market dominated by earnings growth, where previous to that it was a macro environment, and if we continue to see the earnings growth that we've seen we don't have a problem seeing the market get above the 2,500 mark or even more i think it's interesting that people focus so much on not the new highs, but with operates being low and

[ flakes tame, we'll pause, the bell ringer for today here as the new york stock exchange is a true american hero, a medal of honor recipient. he's an army specialist. he's a veteran of the vietnam war, and we'll get a cameron on him in a moment and as always happens when a military hero makes his or her way through the floor of the new york stock exchange, you get a well-deserved round of applause. many of the traders on the floor themselves are veterans and they appreciate the ver advice of the member of the military receiving the medal of honor, and you see specialist mcgluen back there. here we go it's an honor for those of us

here at the exchange to welcome them, to host them but i know having spoken to many of the folks who have made their way to the exchange and ring the bell, they see that as an honor, too. >> i'm so glad that they take the opportunity to do it, and we'll see him up there on platform in just a couple minutes time as they bring him up and get him ready to do the honors. >> never gets old. toe seat warm reception and what they do is they sign the guest book the illustrious names in that bok. >> they don't leave that out they keep that thing pretty well garnished. they take it away before anybody can get their hands on it. anyway, the specialist will be ringing the closing bell in just

a few minutes. paul thank you for your patience on this >> any more it seems like this market is on automatic pilot no huge rallies or selloffs, we continue to continue to move higher some think the a lg os have something to do with that,able certainly the fundamentals in many cases justify the gains we've seen here lately, haven't they >> corporate earnings are strong and still market expansion for the most part and revenue still clack and still okay for the market to continue they have to resolve the budget issue by the end of the month and you also have to give honorable mention to what is trump going to say next? what's going to happen in north korea and also let's get clar y

clarity. >> thank you both. >> five minutes to go until the close. >> the closing count dunne in a moment as we head to the close. >> after the bell, president moatp making a deal with decrs. how that could impact the tax reform time line coming up ♪ ♪ ♪ ♪

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about two and a half minutes to go before the close want to shake things up. as the market progresses, want to show you the kind of week we've been having. three-day chart, tuesday, wednesday and thursday here's the ten-year yield. this feels a lot like tuesday. we closed on friday at 2.16 and we hit a low of 2.03 so the safety trade came back in a big way. gold closed friday at $1,330 and hit a high for the year of 1,355 before coming back a little bit. we're at 1,355 stock market hasn't had the kind of day as we hit on tuesday. nowhere near the low we hit on tuesday. we're at 2465 and a lot of traders feel like 2455 and oil a pullback and still on pace for its first weekly gain in six

weeks here as everybody is, of course, watching the hurricane seema mody, you taught me something. there's a whole group of stocks out there. >> obviously a sector that we're watching very closely given hurrican irma as it approaches florida. florida is the biggest market for time shares. florida makes up about a quarter of the sales w wyndham, i lg as we take a look at how irma affects florida and specifically the coastal towns and also hotels is a big part of the story. more than the average of 66% that's why we're keeping aspects on the lodge willing part of things we had a major central bank

needing this today mario draghi today failed to talk the hero down. >> yields went lower because of that and the dollar went down. thank you, seema the specialist mcgluen ringing the bell close out day with a 20-point decline on the dow stay tuned for the second hour of "closing bell" with kelly evans and company. >> thank you, bill, and welcome to "closing bell." here's how we're finishing up the session on wall street let's see if we had any green across the major averages. the dow dropping 11 points on the dow and did recover some territory. just about a tenth of a percent decline. the s&p 500 lower by less than half a point and we can see if that turned great or not as things settle out on the close the russell down a quarter of a

percent and the nasdaq macing to stay positive today gaining just under 1% to 6397 and some of the f.a.n.g. stocks helping to pace that higher. to the downside it was media stocks more on what's behind these declines and hurrican irma is heading towards florida as both hurricanes jose and katia gain steam behind it. the latest on all three storms coming up. joining me is cnbc markets commentator michael santoli and andy leddy and stephanie like. lots to discuss, mike. in the news today, a lot of news out of washington, again the debt ceiling being raised indefinitely, i should say on that front i thought maybe the markets would cheer and then

you have yields dropping and a lot to digest. >> you would have thought when you push the debt ceiling out of september it would be one of the suspensionful things and got the european central bank. no real change and nothing to alter the store tlis, that maybe we're suppressing the market and the debt ceiling kicked three months down the road i think the markets are kind of consumed with its own what's the next reason to get excited question, and today as you kind of describe, a lot of haves and have-nots netting out to a flat market i think it makes sense to say the market feels stuffed and today it's been ten months since we've been 3% off an all-time high haven't had a 3% dip before election day and in the scheme of things we're holding. >> some of the outperformers and the names leading the s&p were bristol myers, also had rebounds in ebay and trip veras and the

health care sector pretty much at a record close while you have financial lags reinsurers absolutely hit once again. anybody with exposure to these hurricanes >> pretty remarkable that they were given all the storms and given the hurricanes and what's going on with everything going on with washington, d.c. so it's pretty remarkable so we're trying to stay focuses on the quiet areas of the market and look at large cap performances and small cap performances, there's big spreads in the valuation differences and the performance differences year to date so we're finding a little bit more opportunity on the small cap side, especially when the doll sear weaker you look at the russell and after being such a favorite early in the year

if there's retention in the small cap and the market hasn't really inflated those stocks it has taken away some of the gifts we were given in the beginning and the risk reward has less downside and that's potentially good upside. and a lot of times you're seeing the financials drag the russell down a couple stories talking about better comps and a huge jump in rh and i think it was up 30% to 40% after the session today and there lease a lot of movement aside from the macro things that out been talking about. we saw out of the banks and into health care as you guys talked

about. but we've getting focused on the macro. i'm watching yields. good for valuations and multiples if the reason rates are so low is not economic related and i don't think it is. the economic data has been pretty good and then you kind of go back to what ann is talk pentagon hopping back and forth between all the various companies and what they are offering and the retailers are saying some pretty good things. tjx is saying pretty good things and even macys seeing good things and on the energy side of things eog, coverageo really impressive and the rails actually had some decent commentary, csx and union pacific so i think you have to kind of get away from the noise and focus on fundamentals.

we had those stocks sinking after commentary from disney and comcast and a few others i don't know with the percentage decline but comcast having its worst day since 2009 on these i guess subscriber losses that they are talking about for next commuter what do you make of of it in i think what investors are continued to be worried about are little cracks in the firmament of the pay tv ecosystem and comcast which had been the most resilient cable company growing subscribers when others were facing pressures is now saying they see some pressure some of of this was also competition and new skinny bunles, and right now youtube is

really accelerating the rollout. might pushing consumers towards skinny bundles and also have directv now out there, hulu package and more momentum over the top alternatives and that's an issue for comcast the company described it like the most competitive quarter and everybody brings in new announcements and why the holder of the stocks. >> i was at the conference and i heard the commentary and it was surprising the one thing getting overlooked is the fact is they will make their revenues and fangs targets. he said that very clearly even with the headwinds of these issues, and we also really don't know the mix of, you know, what the video losses are going to be versus what the storm is going to impact so i'm locking at a 6%

drop in the stock. it's been a great performarier, and i do think let this settle this is a wonderful company very diversified. not just about video nbc universal is huge. if you think it was very attractive i think comcast is in much earlier innings trying to exploit the theme park idea as well as a lot of different opportunities. i think people are quick to hit the trigger. a little pitt like going back to disney a couple of summers ago we might see some losses and that's when we really started to see an infliction point. a lot of the growth came from one specific place and that's espn and that's what really challenged now they have been visionaries in the field and new secular change

was going to happen hand they diversified the businesses away from that and the company still is only trading at 7.5 times cash flow and so the cash flow growth has been good and that's what's driven performance, not a lot of multiple expansion. >> michael, what would you say >> i guess at this stage i think i have to ask myself what gets this sector out of the penalty box psychologically speaking because it now has to kind of earn its way into people's favor favor again. there's some sort of successful transition to competing in the over-the-top world for disney and when are you going to know that, and say guess what, we have traction on this side enterprise software company, saying we're a cloud business, trust us when you get there the street loves you and even though this is the best stock in the sector.

comcost estimates are going up and cash flow is going up. profitable growth so there's a nuance here and that's where you're opportunity is to pick and choose that are can be agnostic. >> that leads up to the dumb question that i have for barton. going to lose 150,000 subscribers. what does that mean for broadband? does that imply it's people who don't want broadband service, foo? >> i think comcast wasn't that specific i would agree generally that comcast is better positioned than the content companies in terms of you have this broadband business in terms of all the streaming that people are moving towards, and i think what they

were saying is they are seeing growth in broadband so they were saying very clearly that it was being affected negatively and broadband is still a story for them and for the overall sector there's so much change and uncertainty that i think there's some question about the durability of the multiples and less so for comcast and the sector overall is under a cloud. >> if you've ever tried to cut the cord, being rid of the cable piece of it, that doesn't really save that you much money anymore. and all of that have if they move to that type of business. that's what they were talking about a lot at the conference and keeping the growth going and giving them momentum on the content side so i think this one still deserves a chance.

if the world goes that way then have you to worry, but it's really not in a mass way yet. >> all right very interesting day >> thank you all barton for joining us and melanie and stephanie link appreciate it. the latest on hurrican irma ravaging the caribbean the current death toll is at 5 >> reporter: 175-mile-per-hour winds, still a very strong category 5 hurricane this afternoon and if you look behind me here it is less than 100 miles from turks and caicos and really closer to 50 miles at this point the eye at least have been battered by the outer bands for the last several hours, and it's going to continue to make its way to the west northwest and it's in a prime spot to continue to stay as a strong category 5

as it moves closer to florida what it we expect? >> the different models coming in with a little bit more to the right or left at this point so everyone on the west coast, east coast, making preparations hurricane watch for south florida and key west that's going to be because in the next 48 hours you can see hurricane conditions also not just the winds but storm surge is a huge problem, especially for a lot of low lying areas and for south florida and the keys, storm surge watch is in effect as we go into the next couple of days. so let's look at what we're looking at in the regards to storm surge for the turks and caicos and the bahamas which is going to be dealing with this tonight through friday 15 to 20 feet and for florida up to eight feet for storm surge

and already mandatory evacuations throughout south florida. there are now mandatory evacuations for georgia as well that will start this weekend because it does look like it's going to make its way up the east coast and go into south carolina and georgia as well, so everybody needs to be prepared we still have a couple of days before we will know when that north turn is going to be, so we just want everyone to be prepared we'll obviously have updates for you right here hat cnbc >> kaylee, very much appreciate it. >> the only thing predictable in washington is the unpredictability a look at president trump's deals over the last 24 hours with democrats and what it means for markets and the gop? and we'll speak with puerto rico's representative about what irma means to the commonwealth's economy. u' wchg bcfit in

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welcome back president trump vowed to shake up washington as a candidate and has certainly done that in the last 24 hours. cnbc's john harwood joins us

from the nation's capital to put this latest deal with the dems into context john >> reporter: kelly, we're seeing the continuing fallout from that meeting at the white house yesterday between president trump and republican congressional leaders and their democratic counterparts. yesterday, of course, we learned they had should a short-term keel between the president and nancy pelosi to extend government funding and raise the death limit for three months while funding relief for hurricane harvey and subsequently for irma. that passed the senate even though republicans weren't happy. what also came out that made republicans unhappy was the notion that the president discussed limiting the debt limit all together with chuck schumer, the democratic leader republicans don't want to give that up or the spending process, and it underscores the obstacles facing tax return in florida as we look at the last couple of month. the first is an increasingly

crowded congressional calendar they also have health care on their plate and immigration courtesy of the president's daca decision not easy to get all that have done in tax reform and the second is rising deficit pressures. big spending outlays are coming for harvey and irma and democrats in return for the gets given to raise the debt limit will insist on non-defense as well as defense as well. that's going to make it harder to get through a big tax cut that increases the deficit and finally it your mail within the republican party republican leaders fill undercut by president trump to get tax reform and tax cut ed on a partisan basis you need a unified team and this republican team is not unified right now. guys >> john, thank you john harwood joining us now is cnbc senior commentator larry kudlow who for

headlines about the president caving to pelosi and schumer is all smiles over here, just loving it. >> loving it. >> i just think it was so clever and so typical of potus to do something that nobody expects him to do. he really is chaos guy and violates the washington roles which i sympathy fabulous. with all due respect to my friends in the gop leadership. if trump hadn't done this, we'd still be debating the debt ceiling halloween. >> is it a done deal >> totally done. talf will pass with democratic votes. already passed the senate. >> like 80-13. >> 24 hours after the handshake. look, i sympathize with steve mnuchin at treasury. it would have been better to extend the debt seal a lot longer. >> i agree with that >> why mnuchin is saying three months is enough to do it longer. >> now the whole conversation is about doing it all together. >> two things. mnuchin would have preferred 18 months or so after the election, but can you live with that

you know what? getting rid of the debt ceiling all together i think is a very good idea. it's been a goofy thing. it's not a vehicle to put spending reduction, that's part of the budget resolution, by the way, which the republicans haven't come up with yet and we can have tax cuts. i'm fine with this and very clever second point, tax cuts i don't agree with my friend john harwood on this one i have two numbers to summarize the entire tax debate. 3% and 15%. >> 3% growth and 15% corporate rate. >> he's holding tough and mnuchin is holding tough. >> who is the former treasury secretary who was just saying, lou said the only way you could get to 15% something as if it was fraudulent, right? >> it cannot -- >> you would need lots of wild budget assumptions and such. >> like 3% growth. >> 3% growth, and one percentage point more growth. >> $3 trillion. >> no, it's $200 million a year

in total output per year how much of that are you going to collect in taxes? >> how much are you going to collect in gdp >> gdp numbers, a little low. >> 20 trillion. >> you're a little low, okay, and you know what? when you lower business tax rates. >> right. >> a bunch of things happen. not only do you repatriate cash, not only do you provide investment incentives to growth economy and have more people paying taxes, you stop or almost eliminate tax avoidance. you stop avoiding and dodging taxes, like going to ireland, okay. >> sure. >> you don't have to do that, or putting all your money into fancy expenses or country club dues. >> how much of the incremental 200 billion a year will you actually pocket for the government. >> that's the math have you to -- i think that's what jack lew was getting to. >> he's an anti-supply sider we disagree on policy, but i can respect him. you'll get 3 trillion plus more in revenues over the ten years,

in revenues alone. it's the mother of all pay fors. >> you're going to get 300 billion out of the 200 billion increment a.m. gdp. >> you can. >> that's an aggressive assumption. >> the difference between cbo which is 1.9 for three years and mr. trump who is 1 for ten years, by the cbo's own rules of thumb it's $3 trillion plus, and they are not -- they don't know how to estimate the faction avoidance issue. a big part of laugher curve, you lower rates. >> the laugher curve effect, 3 and 15. >> what's the path to 15% getting done does involve -- interesting to see them yesterday kind of giving a big handshake and callout to heidi heitkamp, that

gives the democrats so much leverage and they don't want to get on board. >> what it does it clears away when i'm going to call the debris it's not debris. it's live and death in texas and don't get me wrong and they raised the fema assistance money hand that's great and getting this stuff out of way which is what trumpwanted he want to devote himself to tax cuts and reform. he said when i was in with him he was unyielding and said that in the midst midst speech and speech yesterday the best way to do that and bring in the dems in on this is fine is because he cleared it away. >> does clear it away if you buy yourself three months during which you're going to have to do other snuff. >> you don't have to do immigration in three months. immigration can be done in the next two years, that's an important point. he made a very sharp political decision >> the after all of this, you

know. >> dan clifton. >> late q1 and early q2 growing more cautious on tax reform happening period and they think the health reform, the graham/heller/cassidy, health reform is next: does it feel like they might have cleared the brush only to deal with that major issue? >> not soon. they will to deal with it because as of september 30th obamacare stays. the fiscal year is over. no reconciliation or no nothing. deal with that down the road dan clifton is a very, very smart guy and helps me a lot and makes me look good on the air. he may be right. i'll still looking for q4. looking q4 to q1 some of the president's advisers are running around capitol hill, i'm not going to name names. >> they will have a chance to talk with folks. comes with a status report. >> i'm going to be there tomorrow, but, you know, 3% and 15%, and i want to mention this,

please, please, please, supply siders, my tribe, beginning to coalesce around kevin warsh and possibly jontay lore and judy shelton for board member and rich clarita, these are guys that believe that better growth does not cause inflation they are, therefore, great americans, and you're going to see a trump fed that is pro grote. this is coming down the road and we'll make michael feel better and he'll even buy shares again. i can feel it in my life and you never want to buy a bond in your lifetime if the economy is growing 3% to 4% and more profits and bert investment and better wages and strong dollar, better wages, how can you go wrong country, great make america great. >> thank you so much. >> appreciate it. >> scalpers are not the ticket

industry's only problem right now. a ponzi scream and fan backlash to events to bruce springsteen and taylor swift, is the event ticket business completely broken answers next and roku is on the heels of going public d miancong word that it's getting into the content business what the streaming company is up to next in our fast take i did. i didn't pay for anything. you never do. send me what i owe. i've got it. i mean, you did find money to buy those boots. are you serious? is that why you don't like them? those boots could make a unicorn cry. yeah, tears of joy. the bank of america mobile banking app. the fast, secure and simple way to send money. dad: molly, can you please take out the trash? (sigh) ( ♪ )

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people don't invest in stocks and bonds. they don't invest in alternatives or municipal strategies. what people really invest in is what they hope to get out of life. but helping them get there means you can't approach investing from just one point of view. because it's only when you collaborate and cross-pollinate many points of view that something wonderful can happen. those people might just get what they want out of life. or they could get even more. you. welcome back let's send it over to leslie picker for an earnings report.

>> that's right. a couple of earnings reports that are moving the stock after market verifone is first. it's quite down significantly. their earnings were in line with estimates. the revenues beat slightly the estimates, but it's really the guidance here. the q4 guidance was below estimates of 470 million to 473 million on the revenue side versus 475 million, that's what analysts were anticipating and on the earnings side they were -- they said it would be 43 cents a share adjusted versus the analyst estimates of 46 cents per share estimates i also want to get to red fin, a company that went public a few months ago soared 45% in its debut and now you can see shares are down slightly on their earnings report that's because oftentimes when you see shares soaring on an ipo they expect a pretty significant beat on earnings estimates that wasn't really the case in

the quarter. red fin, their earnings were in line with estimates at about six cents adjusted per share revenues beat so back over to you. kell >> all right red fin down 1%. leslie, thank you. i won't go into a whole thing about how -- when you're buying a house now. i really enjoyed red fin they are very good i mean, we have zillow and trulia. >> all settled and closed, going to keep throne for the fun. >> it messes with your mind. time now for a cnbc news update with sue herera. >> hi, guys. here's what's happening at this hour during a meeting with kuwait's emir at the white house president trump says florida sass well prepared for hurrican irma as any state could be >> we're working very hard and have tremendous groups of talent there. the people of florida are like the people of texas, louisiana, and you've seen how the people of our country and there's

horrible things that we call hurricanes. >> meantime irma is flooding parts of the domincan republic as it passes just off the northern coast of the island that it shares with haiti and in the northern town of cabrera irma damaged houses and roads were blocked by fallen trees police and emergency workers filing suit against the french chemicals company arkema claiming it failed to take adequate steps to avoid a fire at its crosby, texas plant in houston after hurricane harvey they alleged that negligence led for to flammable peroxides after they lost power and they were harmed by the chemicals that they released. >> back downtown to you. thanks very much our sue herera. >> he may go down as pop music's bernie madoff and craig carton busted in a ponzi scheme but

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welcome back we have breaking news on another big data breach. sue herera is back with the details. >> this concerns equifax which as you know is a very large supplier of credit information, has announced a cyber security incident that they say potentially impacts about 143 million u.s. consumers that would be equivalent to about 44% of the population. the company says it has found no evidence of unauthorized activity on its core consumer or commercial credit reporting databases and says though its compilation is complete it is open just in case and will be completed in a few weeks criminals exploited a u.s. website application and the vulnerability of that application and gave access to search and files it's a very large data breach.

143 million u.s. consumers at equifax. >> sue, a couple of things about this, not just the size. you can't wrap your head around it it's almost every household in america but it's also with criminal intent. saying we actually realized we left something open. a vulnerability to gain access. >> and interestingly enough we have seen data breaches coming from outside of the u.s. sometimes from russia and sometimes from china and sometimes from other parts of the world. they say these criminals exploited a u.s. website application and vulnerability so we're still awaiting word on what application that might be. >> the iron is a black box if you want to forget your cred score. >> exactly. >> we'll wait for more information from them. sue, thank you very much. >> you got it. that's the latest on a major data breach at equifax. >> we begin with the launch of a

new channel, a free supported movie channel and it's roku channel and the movies include familiar names like legally blond and it's a streaming hardware maker, of course, preparing for its ipo. what to you make of its move >> well, you know, the initial radio networks were created to sell radios. you had to create a market for the hardware so it's not necessarily news i didn't experience it firsthand. >> it shows how we can have a virtual off the shelf content business. >> it's been incredibly successful in taking market share. they have a god share of the streaming market already is an ad-supported movie channel going to move the needle for them >> doesn't hurt. the incentive do this is free, you know, to the user except that your data is theirs. >> right. >> so i think that it's an add-on, throw-in and presumably roku knows as they go public

it's going to be a crowd world. >> all right next, speaking of stream, how do you like this new skinny bundle, pairs music from spotify with video from hulu at $44 a month it could be extended to the general public michael, your 000 thoughts >> we were just talking about the media companies and how competitive it is and how everybody is trying to rush into kind comfort other turf. this is the thing. yesterday t-mobile giving you netflix and picking up the tab on their own it's one of those things, the increasing kind of xhodization of third-party content. >> it makes me realize that if you have a bundle that includes, whether it's skinny or thick, video and music, our talking about expanding it to a broader suite of players and give the entrenched companies like amazon and apple. >> and like youtube which really

is the predominant way to are get music. >> private credit, pensions are reaching into riskier and riskier investments like the new fangled private credit to get the needed 7% returns in the low-rate environment should they stick with stocks, plain vanilla equities instead, michael? >> you know, i think in greater proportion than they used to, perhaps, but i think that this is the trap that they perceive, right? there's nothing to escape the fact that you're dealing with lower rates, have to deal with more uncertainty which comes from stocks and from bad timing, and, i mean, what happens when you buy a life insurance company. they try to buy an asset of an unexpected duration. not about stocks which are perpetual and can go down 50%. >> what scares me is we have a pension crisis during a bull market right now so what's going to happen during the actual crisis >> kind of a scary out

>> if nothing else, it would be a drag on the economy because you'll have more contributions >> raise taxes, absolutely. >> all right let's send you over to leslie picker for another look at earnings. >> i want to draw your attention to shares. this is the former smith & wesson talked about demand being significantly lower than they anticipated and the results certainly show it. their adjusted q1 eps was 2 cents per share compared to 66 cents per share last year. on the revenue side that fell to 129 million from 207 million last year. back over to you, kell >> oh, man, just anotherit >> american outdoor brands down 16.5% after hours. >> well, one radio sports host is being accused of running a ponzi-like scheme to back a concert broker ticket business that didn't economist in order

to cover his gambling debts and florida is hunkering down ahead of hurrican irma we'll go live to fort lauderdale with a look at the potential impact to the shipping industry later. you're watching cnbc, first in business worldwide focused on what you love, not how your money will last through retirement. let us help you with those decisions, and get on with your life. we make it easier to plan for retirement with day one target date funds from prudential. look forward to your 401k plan. stay with me, mr. parker. when a critical patient is far from the hospital, the hospital must come to the patient. stay with me, mr. parker. the at&t network is helping first responders connect with medical teams in near real time... stay with me, mr. parker. ...saving time when it matters most.

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ponzi-like scheme centered on the buying and selling of high-profile concert tickets carton created the scheme to pay off millions of dollars in personal gambling debt carton and his business partner allegedly told investors they had access to face value tickets from katey perry, adel, metallica and geesh and resell the tickets on the second little market for big profits the government says carton lied about relationships he did not have and forged know one of the duped investors invested in the phony ticket operation. this year won firm year awart the fact that such a sophisticated investor says a lot about the way the ticket

works. >> that helps to me. thank you, eric. the scandal is just the latest event over the ticket industry fans of bruce springsteen and taylor swift in new selling proetdures and sky high prices and amazon is hiding entry into the business to the discuss these issues face the ticket industry jesse launches is here, the founder of ticket iq, be a online ticket aggregator welcome to you >> the fact that we need online ticket aggregators to help us understand what's the price for all these different things tried to get tickets to a baseball game recently and you go online and it's -- everyone says a different thing and you get to the checkout piece but your tickets can't be delivered for a few days it's a mess. is this going to be a catalyst for something being done about it >> we're a little different in terms of business. we work with teams directly to help them market to fans through facebook, twitter, instagram and other social media channels. we also have a second little

marketplace so we see both sides of the equation and we understand uniquely what we're really seeing is the vestige of the ticket industry past and it's an industry that had no concrete visible supply chain and still really doesn't and some of the big players are trying to fix that ticketmaster's var find -- >> this is the one that's generating a lot of criticism around springsteen and taylor swift. >> the percent and of tickets for springsteen that got into the secondary market from say a comp of like "hamilton" which at a peak was comparable demand hamilton was 10% to 40% of the theater was on the secondary market what we're seeing through this on sale is 2% to 5%. secondary market smaller means ticket are getting into the hands of fans more efficiently which is a good thing and, you know, for a secondary side of the business, maybe not the best, but in terms of helping

venues it's great for the industry. >> how much events could even qualify thoor? could you have to be a springsteen for something that has a durable audience >> they have such a large ticket buying audience but regard reis, like, someone has to fix it, and they are the biggest, and as an example i had friend that tried to buy people who got access to the ticketmaster on sale had been to multiple springsteen shows and bought and gone and they are using smart technology taylor wist is a different story, more pay to play, if you will, do this to get in front >> already to go back to the sleeping bag, the tent and the long line outside the venue because, i mean, it's -- it's such -- it's really horrible for the consumer >> i agree there's been a ton of opacity i

the marketing. >> if you have access to the tickets maybe you can be my sherpa because i can't get access. >> there's early signs of transparency and needs to be deeper transparency to verify does this guy have the tickets he says he has and right now that doesn't exist >> thanks so much for joining us jesse lawrence from ticket iq. fort lauderdale is home to the nation's tenth biggest port and hurrican irma is heading towards the sunshine state a look at what that could mean a look at what that could mean for country's supply chain

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welcome back hurricane irma is barrelling through the caribbean and now headed towards florida jackie is in ft. everglades, the

tenth largest shipping port in the country. she has more on what this could mean for the whole supply chain. >> you can see the port behind me we've had a steady stream of activity here all day. and the expectation now is that the coast guard will communicate to the director of port operations that this port must be completely shut down by tomorrow night it's hard to believe that these winds going to come through here and potentially blow through and move things around, but that of course is the expectation. it's actually a pretty nice day here so far. now, you mentioneded this is the biggest port in florida in term of revenue also the second largest port in the state in terms of petroleum. this is sauuch a had the button issue now as people are trying to move around and get out of the state potentially to safety or power generators et cetera if they're planning to hunker down here governor scott this morning said that the state was working on getting more fuel supplies around to people who need it and

urging people to only take ha they need. we talked to the director of port operation about the fuel that's here now. zpl we have one ship in. it's the last ten ship that will be here before the storm arrives. >> so, of course, fuel is a massive issue here they are trying to move it around to those who need it. but it's challenging especially as this storm approaches southern florida, guys, back to you. >> all right, and by the way, what's your plan how long are you going to stay before you have to ski datil >> we're going to stay, kelly. as we did during harvey. we'll be here and we'll be able to cover the aftermath next week >> all right take it easy thank you again for joining us and for the reporting. more than a million residents of puerto rico are already in darkness and without power as the eye of irma passed through the u.s. commonwealth today, an island that be enduring a severe

economic crisis won't be helped by irma. to discuss the hurricane's weight, we're joined by the island's representative in congress she joins us from washington congressman, welcome thank you for joining us >> thank you >> can you give us an update on the situation in puerto rico >> yes, actually, at this time, there are more than 1 million people families in the island that have no power that signifies more than 70% of the island is without power. more than 200,000 families are without water surfaces and that's because of we don't have power in some of the puchs that transmit the water are using by electricity, so that's the reason behind that. we've still got a lot of problems, how the winds were 85 miles per hour we are very concerned about having another kind of hurricane like jose coming up when we get rain and saturate with a lot of

rain, so we're still receiving rain more than 12 inches we got during the hurricane fema is readying the island, more than 500 people from fema, 7 -- 70 people come in from hhs. and the human services and other agencies that are doing a job on the island congresswoman, i understand the pass that you have been part of groups supporting puerto rico's bid for state hood ch would it help the island now to be a state to have better access to the kind of emergency care and funding necessary for the recovery >> actually, right now, the package that's been approved in congress yesterday and it's going to be approved in the senate today, is included more than 18, $16 billion for the emergency relief and u.s. citizens, 3.4 million u.s. citizens on the island same thing as u.s. vergirgin islands. we do access those funds from

fema of course being a state will be a little easier. there's medicaid, medicare and other areas we don't receive the funds now. the same foot thag the rest of the state, but at this time, i think this is an opportunity to put the power grid in the island in shape with maintenance. we don't have that already >> yeah, and you don't, so you're already dealing with the economic crisis. just getting fur thinker funding is going to be an uphill path. how are you going to access marke markets? >> we've got economical crisis we've been hit by irma and are praying we're not going to be hit by jose. but having more rain during coming days will be crucial in interpreters of knowing if there's going to be any landslide, movement, flooding in some areas we've still got, i've been calling this 78 majors of the island trying to know what's going on in every town. >> all right

we thank you for taking a moment to join us update everybody on the situation. jennifer gonzalez, thank you very much. >> thank you, kelly. >> eck wii fax told us they're experiencing a major breach. another day of work. another round of all of this. why do you do it? why do you put up with it? it's not just a paycheck. you actually like what you do. even love it. and today, you can do things you never could before. you're developing ai applications on the cloud. finding insights hidden in decades of medical documents. turning social data into new designs. managing millions of iot sensors and monitoring billions of security events every day. so grab some leftovers and get back to it all you engineers, retailers, doctors, bankers, or whatever it is you do - and do the best work of your life.

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welcome back equifax just rooted a massive breach potentially affecti inin4 of the u.s. population >> gets to the core of what equifax is, which is a data company. not like target, which is selling stuff. >> down 5.5% that will be a big story we'll continue cover as "fast money" starts now >> "fast money" starts now live from the nasdaq market side overlooking times square i'm melissa lee. your traders are -- tonight on fast, irma is barrelling toward florida with jose right behind it we'll bring you the latest details on the stocks move iingh most plus, the dollar and rates are in a race to the bottom. it could be good news for one sector in the market and the man who sounded the alarm on media stocks in may. crai