and with the earning cycle still intact and we like the space so ezu >> all right way to play the european market. a pleasure to have you thank you. pete, jon, joe, thank you. i'll see you in a few minutes. "power lunch" begins right now i'm melissa lee. here is what is on the menu. investors rattled by new threats by north korea will it be the trigger to set markets. a big week for tax reform is ahead. and what does business really want we'll hear from snap on ceo. and the politicization of everything how do ceos lead in this climate and what does trump's targeting of the nfl mean for the league, ratings, sponsors and team valuations "power lunch" starts right now

stocks are under pressure on new threats from north korea the dow and s&p 500 having their worst one day drop since early this month, but we are off session lows russell 2,000 small cap index managing to hit a record intra day high earlier apple falling once again now down 5% in the past week and because of that, the nasdaq blamed the fang stocks for that. all taking hits. more on what is driving these moves coming up. but we begin with the developing story. a new statement by the north korean foreign minister. bob pa bob pisani is live, but we with begin with aeamon javers >> reporter: we expect a briefing from sarah huckabee sanders at 2:00 p.m., that is when we'll probably get our first response here from the white house to the newnorth korn foreign minister here's what he said just after

10 on:00 he said since the u.s. declared war on our country, we will have every right to take counter measures including the right to shoot down the u.s. strategic bombers even when they are not yet inside the air space border of our country north korean foreign leader there -- foreign minister there responding to two different incidents, one is the united states b 1 b bomber fly-by to the east of the air space of north korea over the weekend as a show of force, the u.s. military force in relation to the ongoing tensions between the united states and north korea. the other is the trump tweet about the leader, he said just heard the foreign minister of north korea speak at the u.n if he echos thoughts of little rocket man, they won't be around much longer. not exactly clear what the president meant by they won't be around much longer but the foreign minister of north korea did respond specifically to that saying that the north korean response here militarily will dictate who is around much longer and who is not. >> all right thank you very much.

all of this shaking investors today, bob pisani is tracking all the action >> and take a look at the s&p, it cost us about ten points. we heard about that from the foreign minister about just prior to 11:00 eastern time. dropped about ten points you can see on the s&p right there. i think the important thing is overall some market trends are very clear in the last couple weeks, they are continuing today and that is we're seeing rotation going on. so look at the dow leadership. ge, exxon, verizon, worst promisers of the year that are showing some market leadership character rigs tiistic of the m. chevron and exxon are the market leaders? when did that happen ibm which is also up 1.9% and ge also on the up side overall. so that is rather remarkable here new tech meantime having a tough time facebook, invidia, amd

but this has been going on for a while. the fang stocks hit their highs in july. amazon, alphabet all down rather noticeably apple hit its highs back in august and it's about 8% off of those highs. apple linked stocks have been down in taiwan recently. foxconn, big manufacturer for apple, they are on the down side catcher which makes computer components, they have been on the down side for several days all parts makers for the apple phone. they are down overnight in trading in taiwan. meantime i just want to note the energy breakout before we go, we have seen stocks like holly, valero, phillips, they are all refiners a lot of demand now for oil as refiners get back up online. back to you. >> bob, thank you very much. overall stocks may be down today, but the market has continued to rise more or less uninterrupted since the election the dow is up 12% this year. and 21% since november

the biggest question that we get often here at cnbc is why do stocks keep going up with everything that is going on. so we wanted to matter from you. we put out a poll last week and we asked of these four things, what is right now the biggest risk to the stock market valley? 17% of you said the fed is the biggest risk which is the lowest answer in our poll 21% thought etf meltdown was a risk, 27% feared rising hostilities with north korea, but the number one answer about the real risk, washington, d.c 35% of you said that a failure to get any kind of a tax reform plan passed is the single biggest risk to stocks right now. let's bring in the u.s. investment strategy with global investors and also quincy crosby with prudential. welcome. >> great to be here. >> i found interesting that, a, everybody seemed to have a different opinion. i mean, it wasn't that big of a

win for either of the categories and that, b, it wasn't north korea, it was tax reform would you agree with that? >> actually first of all, i took the poll myself. >> you're the one. >> i actually chose fed. but it's interesting that tax reform comes up. i'm looking at what is happening with health care reform and you have a republican senate, a republican house, and we're not getting anything done. so i'm not actually sure that the market is pricing in much for tax he reform at this point. i do think that in terms of tax reform, we're seeing more complication it's not only tax reform, it's also how do we balance the budget so i think that the republicans really have to get their act together -- >> tie it together because is it that if we get tax reform done, stocks will go up, or if we don't get it done stocks will go down >> i think it's the former tax reform is an up side risk. i do think in general we will see a market correction by year end, we're calling for a 5% to

10% correction in markets before the year end and that is, you know, probably crisp bydriven b number of reasons. one is the fed, we see they will start tapering come october. they have also committed to a rate hike in december. we also see geopolitical tensions and we do think this is another example of rising escalation, rising rhetoric. but nothing has happened yet so we don't think that right now we've seen the market dip and now it's coming back up a little bit, we don't think that this is what will drop the market. it's rising rhetoric and tax reform is the up side. >> and we're about half a% off from the record highs. does this feel at all like it could be the beginning of that pullback some are forecasting? especially within today's action we're seeing a rotation out of high multiple stocks not just technology is taking a hit, but the payment stocks, mastercard and visa for instance which had been real winners for the year, they are also taking a hit. so we're seeing that flight from higher multiple areas.

>> yeah, what has been the highlight of the market and resilience is this he wielegant transition every time you think the market is poise the for a selloff, something else gains momentum it's interesting that today small caps are gaining momentum. that is hardly an asset that you would go into if you were worried about the market i mean, that happens to be volatile it's risky but the fact is that money is now going there. i think on the back of the belief that the fed is careful with the rolling off of the balance sheet and that if we do get a rate hike, it's indicative of growth. i matched this up with the small caps, it's interesting that after the fed meeting -- or during the press conference the two year yield maf mooved one o biggest we've seen in years. that is indicate tifr of the treasury market saying that we think that there is growth and we'll actually see growth.

so people talk about the ten year we look at the purer part of the yield curve which is the two year >> except the result of that is that the yield curve actually flattened since the fed. and you mentioned this elegant transition between sectors we're not seeing it go to the financials >> that is not justified, but two year rather than the five year has more of a connection. but the other part of the story though is you are seeing money go into energy a true selloff as we've seen it the last number of years, it is sell new, ask questions later. the north korean issue has been over the year, not just since the trump administration, risk off/risk on and a chance to buy at a lower -- >> they have been launching missiles since the mid-90s we've he tee they can technical at war with north korea. and the dow is down 0.3% half the dow stocks are higher

mcdonald's is down the fact that mcdonald's a dragging the dow down, will pete eat fewer big macs because they are concerned about north korea? i think not. >> i think not but one asset manager after another has been going out with notes, ubs is the latest, saying you know what, it's time to take profit the market is stretched. now is a good time they are not pointing to north korea, they are not pointing to lack of tax reform they are just saying now is a time to start harvesting those gains and take some profit we're seeing one after another suggest that >> if i were to harvest, i would harvest consumer staples and that is one sector seeing a bid in today's session probably because it pays dividends. is that justified. >> >> yeah, we think as this market gets closer to the end of its rally and as the economic cycle gets close to the end we'll see a shift to value sectors in general we like energy we have liked energy for some

time, so we're happy to see a wte stabilizing at $50 but we think the idea that u.s. smal production i shale production is unlimited is overdone so we think energy is attractive we also like secertain sectors f health care such as gene stocks could do well. so i think the shift to value is a strong theme. >> but you're not shifting to value because you think you're going to war with north korea. if you thought that, you'd sell everything and buy cash. >> and that comes back to why my fed was my answer for your thing. >> we have to leave it there appreciate it. president trump targeting three 3% economic growth, but is that actually doable steve liesman is here with the results of the latest economic survey >> the congressional budget office and the federal reserve say the economy trend growth rate is under 2% the president has said his policies can ratcheted it up to

3%, 4%, stop me when i get to on 10 but a group saying that is unlikely, highly unlikely. national association for business economics out with their september survey, 2 bpt 3% expected in '17, 2 bpt 3% in 2018 payroll ratcheting down. if you look at the-mf i guess we don't have the next screen there it is. thanks this screen shows that basically their outlook for the effective fiscal policy is draw a line down the middle of the two big bars 0.25% is all they expect to get from this. now, they do like these ideas because the biggest up side risk to the economy they say are things like global growth, corporate tax reform, individual tax cuts and firm wage growth. those are the things that would cause the up side growth to the economy. but the biggest down side risk

is another potential policy from the administration trade protectionism. >> how do they factor in fiscal policy >> they basically take the expected size of a tax cut package and they add that and i think they are adding some infrastructure everybody's fiscal recipe is a little different >> because we don't know what it's going to be >> plus they factor in some odds and the more sophisticated models would take a down side effect if you think it's deficit financed or not from higher interest rates >> i have a good enough accountant, i'll get you the question that getting you there. >> exactly president trump versus the nfl. who wins and who loses in this match-up the impact on the nfl on ratings and teams and trump, we debate that ahead but first, republican leaders expected to unveil their tax reform plan on wednesday what does business want? we'll hear from the snap on ceo.

he's next.

republican leaders are expected to raise the curtain on their tax reform plan. what exactly are business leaders looking for? joining us now is chairman and qvc of snap on, also vice chairman of tax and domestic economic policy for the national association ofmanufacturers. nick, great to have you with us.

what is the number one thing within a tax reform plan that business wants, that business really doesn't want to back away from >> well, i think first of all it's simply focus and action the idea that the president, the administration and the congress are going to act on tax reform gets manufacturers pumped. the whole idea is i think all we would say that america's strength is because its wide population has wielded skills and the best way is through manufacturing and manufacturing has had a disadvantage through the tax code and that is without dispute. so the idea first of all just acting will unleash both the economic and animal spirits in manufactures >> the devil is always in the details. so from the standpoint of the manufacturers, what is the number one plank within a proposal that you would like to see get done that would be most important for manufacturers in terms of how they do their

business >> i think the first thing of course is the tax rate we're at a large disadvantage. the tax rate for business in the united states is almost 1600 basis points below the oecd average. and the idea of reducing that, some of the numbers we've seen, 15% that the president has said, i've heard 20% thrown around, that would be positive for both snap on and all manufacturers. and the other piece of that though is it has to embrace both the large manufacturers and smau mall 90% in the association are small manufacturers. and a lot of those are pass-through corporations who get their tax rates out of the individual rates so some embrace and some idea of helping them is important. >> you're wright about tright a,

but here is the thing. the u.s. does have the highest corporate tax rate in the world at 39.6. but once you go through all the deductions, the effective tax rate averages about 19% to 20% you guys are able to bring it down by 15% to 16% because you have armies of accountants would you be in favor of doing a flat tax rate even if it may be slightly higher than an effective tax rate if you could eliminate all of that work in the middle >> well, i think, look, i think for snap on for sure, our tax rate because we manufacture principally in the united states, 80% of what we sell is manufactured right here and a hand tool is a large com ownlget of labor we would be happy with that tradeoff any tradeoff has to look at the details. manufacturers are looking at the elimination of migration toward the territorial system so when you are competing with

people out side the united states on a level playing field. things like capital recovery systems. so you encourage the idea of investment in capital and economists say thatis one of the biggest pay backs. and of course r&d. 75% of private r&d is done through manufacturing in the united states. so sure the kind of idea toward elimination of deductions, toward supporting some of that tax reduction is okay. but it depends on the details. as melissa said, devil is in the details. >> we were in wisconsin, and we talked about the foxconn deal. looks like they gave foxconn a lot of sweeteners, a couple billion dollars. you're based right near where that factory is going to go. would you move, would you leave wisconsin if another state gave you a better tax deal? >> well, you know, i don't think so because our principal reason for being in wisconsin is because we love the workforce

snap on is one of the companies that have been able to thrive under the current situation. so we like the workforce there because it's technical and capable. and even as we put in morr more robots, we keep hiring because we need their capability to provide the breadth of product that we offer and that is our principal offering in the market place is what separates us so the workforce locally is what defines wisconsin for us and makes it such and attractive praise so moving would have us start all over but there is a myriad of small companies who need assistance in this situation, so taxes are very important for them. they are the people who i think are more sensitive to this kind of thing >> nick, we'll leave it there. thanks so much for joining us. >> sure. on deck, the biggest of the big cap tech stocks are being sold pretty bigly today. coming up, we'll show you some of the other investments being dragged down with them

for a long time big cap tech unt knowledge stocks led the market higher apparently that is still tree. but maybe on the flip side big caps being sold today, many of the tech names going with it don chu looking at some of the other names. >> so if you take a look at the overall picture for technology, we mentioned the alphabet, amazon, facebooks of the world but if you take a look at the

vaneck vector, this tracks the chip stocks, we're down about almost 2% today and that sector has been on a real tear over the course of the last year plus to a point where some of these names are now pulling back a little more than average applied materials, xhip mak chie xhip, down 3%. micron, 3.5%. invidia, 3.5%. you get the picture overall. a lot of this also has to come with the sentiment going around some of the chip stocks. this thing has been up so far so quickly, that it reached statistic ially unlikely areas n terms of how far away it's gotten away from its average price. but take a look at apple remember, this is a stock that drives a lot of the sentiment around what is happening with technology it's down about 12 of the last 15 days. it stefitself has shaved 100 pos

off the dow since september 1. so as we take a look at the sentiment, we have to watch apple for sure back over to you >> president trump's latest target the nfl. who wins and who loses we'll talk rinatgs, teams and trump next frgs

. hello, everyone. here is your cnbc news update. north korea's foreign minister telling reporters in new york this morning that president trump's recent words were a declaration of war against north korea. and they now have the right to shoot down u.s. bombers even when they are not inside north korean air space here's what former president jimmy carter had to say on the increasing tensions. >> we need to be talking to all of our potential enemies whenever we can to see what their problems are and see if we can't work out some deal with them instead of aggravating them and i'm afraid if we aggravate kim jong-un too much, he might use a nuclear weapon puerto rico continues to deal with the aftermath of

hurricane maria. this video shows the terrible flooding inside a home house minority leader nancy pelosi is calling on president trump to deploy the military to help with the humanitarian crisis forget classic cars, apparently fine wine is now the best performing collectible for the rich that is according to a report from the night luxury investment index. if says that fine wine values have soared 25% over the paths year and they are up 61% over the past five. that is the news update this hour makes you want to to sit down with a nice glass of red wine. >> right now as a matter of fact right this very moment do you have any? >> i don't maybe dom does we'll see. >> of course he does thank you very much. gold seeing a move higher. let's head over to jackie deangelis. >> look at the intra date chart. session high was almost 1314 and we got over that critical 1300

level. that is because of the tensions, increased tensions i should say with north korea at the moment you can see the market is selling off and traders were buying in to gold considered a safe haven asset certainly making a big move. on a percentage basis, a little bit more than 1% back to you. it is the president's latest fight going after athletes who do not stand for the nags tional anthem it's now a national conversation eric is taking a closer look at how big business is responding >> so we've heard from nearly every nfl team, many owners and hundreds of players and now corporate sponsors are slowly speaking out fedex says it expects more dialogue to happen across the league for the rest of the season ford said it respects individuals' rights to express their views even if they don't agree with them. and nike says it is supporting freedom of expression around the country. so many nfl owners who shadow natured millions to trump's campaign, they are now siding

with their players and that includes dan schneider, robert kraft and chris johnson who is now running the jets because his brother woody just became uk braes. tonight cowboys play and jerry jones last week said the national anthem is not the place to protest this weekend we even saw the first anthem kneeling in major league baseball by bruce maxwell who grew up in a military family and nascar team owners said they said fire employees who protest. the organization says they their respect for the national anthem has always been a hallmark of their pre-race events. so it's starting to spread now across sports and companies. >> eric, thank you so in this battle of trump versus the nfl, who wins and who loses when it comes to the league's reputation, ratings and the bottom line? plus as politics continues to wedge itself into the bhis world, will there be a lasting impact in other words is everything

politicized today? suzy welch, charles white, a former full back, and david johnson from strategic vision pr group. charles first to you because you were on the field. what would have happened in your day if this was going on how would you handle this now? >> i think we would have come together as a team and supported our players who had a stance to take in this matter. i think it's important you saw that this weekend where coaches, owners and players came together and unified behind one position >> would you have taken a knee >> i don't know. i don't think i would have but i would have supported those players that were taking a knee. >> and what about there are some owners who are catching some heat because they mayor have suppoma have assumed the president and now with their players if seems that some are trying to go on both sides of the coin

sgln i thi sgln. >> i think when you attack our game, you see how we come together it's a family affair when you talk about football. and being as one of the most popular sports in our country today, you would expect that >> one didn't preclude the other. suze, you can be with your team but not necessarily agree with the viewers that they express. but support them in expressing the views that they have >> probably the only thing all the players agree on is a wish and all the owners agree on is a wish that this would just go away wasn'ts there there is a time when sports was safe place, where people who disagree with each other could talk about something together and then what happened is this gigantic bomb drops into the middle and the president politicized football and now the nascar and now next billioaseba. so every owner and player is processing this their own way. and i think most love america very much, but they wish the conversation wasn't going on

>> david, if you were to advise companies right now, what is the plus or minus in terms of stepping into this potential land mine? i mean, this is a very touchy subject and companies are almost being forced to take a stance. can you come away neutral and not offend anybody here? >> you really conditions if i were advi conditions i'd almost tell them you don't need traditional crisis management any longer,ions i'd almost tell them you don't need traditional crisis management any longer, you need crisis management for donald trump and his tweets the worst thing that they can do is weigh in. they will be attacked from one side or the other. i would take a wait and see approach which is what we're seeing a lot of these sponsors trying to do because they know that ultimately the customer is always right and the bottom line is they will look to see what the tv ratings are, what the attend dachance are and then we see them beginning to make a more forceful stand one way or the other. >> i don't think you really have a choice of waiting. because what happens is if you

don't take a stance, there is a twitter campaign saying what is your view on this, are you going to stand and come out and say whether you shuyou support it o. and i'm sure many executives wish they could wait, but they will be pressured to make statements >> you are making an important on point, which this is not in your day because social media didn't exist then. and in this day and age, largely if you don't come out and expressly say you are against something or not for it,but a great number of people will say you kept quiet you must support this cause that we don't agree with and they will come after you. how do you fight that? >> this is why the business council s were dissolved and the people who thought i can wait this out started getting bombarded in social media until they were finally all disso mlvd so there is no waiting game. >> but the worst thing right now a business can do especially on an issue like this is to take a

stand to make an unintentional tweet and all of a sudden become the story itself that is would be thing they don't want to do they gont want to become the story. >> because it's a loosse-lose. for coca-cola said we support people's right of free speech, which is a normal thing to say, a lot of the country will say that means that they support people protesting the anthem, let's bhan coke. >> that is part of it. about you also right now nobody knows what is being protested. that is one of the big problems the nfl has right now and why they could lose this battle and why a lot of advertisers are trying to take a wait and see. what are they protesting about nobody knows that is the big question unity, but unity about what. the nfl has not explained -- >> we're not -- the nfl is not losing this conversation actually we're creating a unified front amongst our players and owners

>> amongst the players and owners, but not the consumers. that is the big question and that is who the 1230sponsors are looking at >> the avid fan cares about good fshl a football. so you will get viewers. >> but it has been tarnished we had bully gate, we had deflategate, we had the domestic violence, we had questions about concussions. we have already seen viewer ship decline. viewer ship has declined this year that tells us that there is something wrong with the nfl brand. >> but it's not declining because we're not tackling those issues it's declining because all viewer ship across all platforms are declining. >> the nfl is dramatically declining compared to other viewer ships and you see -- >> but we're still the number one live sporting event today in the country. >> but you're talking when unity among players and owners, but what about the consumer.

>> you're making good points but we position have to remember we're having multiple conversations here david, you're talking about the brand point of view, charles is talking about the nfl as its own entity so a couple different conversations. you can't have a conversation like this and not have it be all in one because it is all tied ff different issues. >> who is we >> society, america. the president of our united states has made it part of our great game where it was a gay where no matter what your religion, your social economic back ground, you could all come together and enjoy a great game together. >> and now there is no more -- used to see that, but not today. >> my daughter asked what is the protest about. i did not know what to tell her because i tried to explain it began with one player colin kaepernick protesting a lack of convictions over police officers who had shot and killed african-american men

as i understand it it has now expanded it seems to almost being protesting the president's comments >> depending on where you're coming from, that is what the protest is about >> so does it mean something different to everyone? >> i think that's correct. for each person, you know, if you have a political lens on, it's about the politics of it. if you have a management lens on, it's about how the president is being a president or not. and if you are a football fan, it's about how the football game is being affected by this invasion of politics and the question then becomes for the people who are watching who are about businesses, does it affect how we run our businesses, is it going to get to that point. when you sx >> but to david's point, businesses have too weigh whether or not they respond to anything the nfl for the most part by various team owners, et cetera, they have weighed in on the subject. should they have thought first and foremost of their customer who is the viewer of the game, the consumer of that telecast, as opposed to the players?

>> who is the most important commodity in the nfl the player and if you don't take care of your players -- >> some people would say if you don't have a viewer, you don't have a player. >> well, i do believer though th when the owners came out in support of the players in this in-stachbs, i think that showed me that you are on my side and now because you got to understand, the owner -- as players, we look at the owners as the establishestablishment. and as the union, you're against me there is that adversarial approach, owner/union. so from a labor perspective, it was good, it was nice to see the owners on our side and when you have, you know, labor, the union and management working together, you create a good product on the field. and you got to understand, the nfl has supported over the years players and their social issues. even this year and the start of last year

they have a special week where they are supporting players charities and causes so we are doing things to show these players that they are important and that they should use the platform of the nfl. >> you're making a very important point. it's like breast cancer awareness month. the nfl is saying you will support this, you will wear pick shoes, and now the nfl conditions say that you are not a voice. they can't have it both sides because they have said you are a voice for public change. >> think about the platform the nfl has. if you have a son, how many little boys you would see running around with pink socks or pink wrist bands in my day. we have destigmatized pink and now every young man wants to wear pink because the nfl does >> all right thanks to our panel. suze, charles and david. next up, wpp on the president versus the nfl also the staft the ad market and a whole lot more but first rick santelli for the

bond report. let's talk football. an actual win, beat a real time, rick santelli. >> well, let's see how they look next week.time, rick santelli. >> well, let's see how they look next week. time, rick santelli. >> well, let's see how they look next week. one week, ey, we actually are now trading a lower yields than the expanded yield on wefts fed last week. that is key. dollar index same thing. dollar index popped pretty good. now it is above the fed activity that you see on that five day chart. euro versus the dollar, lower than some of its recent trade and definitely could be the lowest price close for the month depending on how the final hour goes and finally, gold. everybody is talking about gold. one week chart shows that even though it made a difference in north korea, not a very large one. listen, there are big call, small calls. don't touch that dial. gsre coming up fr whoooo.

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visit saveonsymbicort.com today to learn more. . as we talked about, politics and marketing not usually a good com combo. but advertisers are having to deal with politics worming it's way into basically everything. julia boorstin joining us with martin sorrell in new york city. >> thanks so much for joining us it's very loud here. so we've been talking all day of course and you and i were speaking about the nfl and the question for you as a large ad agency, what does this whom controversy mean for nfl ratings and for ad dollars >> early days. you and i were looking at what happened yesterday and some of the ratings were up, although i

think some of the ratings were down maybe that was due to the quality of the game. this issue about ratings come up last year because the ratings for nfl were down last year. the question was why some of it looked at over the top changes in terms of the distribution of television which obviously has something to do with it, but the question about politics in sport has heepermea everything you have the world cup coming up in russia. we haves winter olympics in south korea with all the stuff going on in the korean peninsula. so this is not anything new. formula 1 has been the subject of politics as well. so this is not new news in the sense of politics intertwining with sport and you can't separate the two clients and nfl owners have spoken to some extent. we'll have to see how it develops over time >> have any of your clients, any of the big brands, say they want to pull back from the nfl? >> not to my knowledge

but you think that i'm instantaneously in touch with what is going on i wish that was the case but nothing as yet but as i said before, it's very early days this is the first weekend since it blew up in alabama at the trump rally. >> i guess the question though, do you see the possibility for football to become too controversial or too political for major advertisers? >> it's at the heart of america. and also in college football, although as you said to me, the ratings are much lower so this is really at the heart of american thinking and the question at the end of the day for spoknsors and owners is the position of the president disrespect for the flag more important than free speech and so far what we've seen from the owners and most of the sponsors or most of the clients that have been asked is that free speech wins whether that in the fullness of time will be so, whether it will

continue, but this is sort of beginning to take on the form of a charlottesville. and remember what happened there and that led to the business councils both manufacturing council and the general business council being disassembled or disbanded by the president and thekconstituent members. so we may see similar things in people taking the free speech side of the issue. >> and another big question when it comes to politics and advertising is facebook, now handing over 3,000 ads that were believed to be purchased by the russians to manipulate the election what does this latest controversy make you think about investing in ads on facebook >> to say i told you so, but would he have ban saying for years that both google and facebook are media companies, they are not technology companies. a and they have to take responsibility for their kept just like you do at cnbc or rupert murdoch or whoever.

so they have to take responsibility for it. so the human almost will become more important in policing and editing the kept >> have they made changes, they have announced some things, but are they do enough >> well, i think in this area you can never do enough. soenough >> removing it completely and 100% certainty is probably extremely difficult on the statement and if not impossible to do. the devotion of the sources, these companies, google and facebook are half a trillion dollars than that. these companies have the revenues and the margin capitalization and margin to make the investment. this they have to do you can see with the sort of pressure that's being absurdwith google and facebook, they're starting to be on that pressure

and understand they have to respond. there is only one agency in the uk and the french quarter and french agency did not know what's going on. it is difficult to boycott the most powerful medium on the planet he's written the most in-depth analysis of that what you have to do is work with google which we have done and they responded and extremely well, and have facebook and lesser the balance is sheifting now google has responded full frontal on it and facebook is starting to respond more and the pressure is intensified on the results and this result and this

series of ads and targeting jew haters is something increasingly focused on it. >> a quick question on snap chat, does all of this providing an opportunity for snap chat to go >> it is a little bit of on the backside, we are investing of $200 million of snap chat. this year we are on the 6 billion on google and 2 a $2.25 billion more on facebook there is a long way to go. i think the big threat to google on facebook is not going to come from snap. it is going to come from amazon. that's where we are going to see, starting to see, i think more and more on search. if sometimes google is described as the one trick, it is unfair but there is some substance to that that's where amazon is really aiming, 55% product search in

the u.s. come from or initiate with amazon. we are starting to see some big changes and the advertising platform, too. amazon advertising few estimates of it but $2.5 billion >> thank you very much for un n joining us >> thanks, guys. back to you. >> thank you what you need to know about, street talk, performance calls the independence. and since we planned for it, that student debt is the one experience, i'm glad she'll miss when you have the right financial advisor, life can be brilliant. ameriprise

time now for street talk now. we kick it up with gm, general motors upgrading their call maker to five. gm is ready to deploy autonomous vehicles much sooner than exp t expected they feel a fast ramp up on the stock is 51 bucks our final stock today, colgate cl they have the reason to smile again. also, so why like it because the analyst is so bad low evaluations and equals a new

bullish dollars target >> you can smile again >> there you go. >> coming up next, it is a continuous story of the president verses football. plus, bobby flay will join us. we got a lot to talk about of his plans taking on the bigger burger chains and the white house briefing is set to begin minutes from now and what about north korea's comments that we basically cledar odear wn them this will be a fiery one we'll carry it live as "power lunch" rolls on right after this

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a lot of topic is expected to be addressed and nfl tackle reform and north korea and much more of the moment that begins, we'll bring it to you live of

the press conference >> lets get a check on the market right now stocks are moving slow president trump declared war on them the country has the right to respond and a drop of the dow would be - tech is a big drag on the day. apple is down 8% in the month of october. facebook by the way is on pace of the fourth day worst day of . media broadcom aof the worse day we begin with tax reform ylan mui is joining us on what we do know or we don't

>> reporter: i am outside of the committee. they were here until 10:00 p.m. last night and they are back at it again today this all comes ahead of wednesday's expected announcement from the big six on a framework for tax reform you should expect a 20% corporate. still under negotiation. we are told the white house is seeking a 35% rate that there is a concern that violates the president's pledge i spoke with kevin brady this morning, he did not go into details of the plan but he did tell me they are making progress >> republicans are going to announce both tax reforms, the gross jobs and paychecks, we want to be prepared and ready for that announcement.

>> reporter: brady told me the plan will include specific rates for both household and businesses i asked him directly of the number we have been wearing. he did conform those numbers but he did not deny them >> ylan mui, we'll see you soon. will t will the president creating this as an distraction. doug, you get the point of this. you want big price, why start throwing darts at things like the nfl. your goal needs to be tax reform, how would you advise the president in order to get or maybe it is some kind of a genius side way strategy >> well, i think if you look back at 1956 he wants 49 states

tax reform is really hard and it requires an all in investment by the white house and the house and the senate and requires the president to meet the biggest educator in chief and the microphone and i think it is something that he will have to focus on distractions are not helpful >> are you confident that it will get done? >> i think we find out on wednesday. up until now, we have not seen any specific plan out of the white house or the senate and the house put out its plan is over come by event wednesday is the important starting point what did they put out and what is the shape of it we'll have a read on what they're trying to accomplish >> mark, the president has a lot to do when it comes to commander in chief >> steve were on our show describing the results of the forecast

do you agree with that or are you some where in line of the naeb forecast? >> so if we get a tax reform that's revenue neutral does not add significantly of the long run, it does lower corporate tax rate then over the next ten years roughly. at most of the additional growth, it is on stick, maybe. that means, it has to be revenue neutral. if it is a tax reform relief that adds significantly to the budget anything that adds to the deficit of more than 300 or $400 billion that's significant it has to be revenue neutral >> doug, would you agree with the forecast that they recently put out? >> if you look at the act of literature on tax reform you can get an upper pound over the long-term. it is rare that something as pure as those things get through

the congress by the nature of political process. you start to scale back from there. that's why i am so interested on wednesday. what will they put out and how close it will be something that moves towards our territorial system and a lower corporate rate something that's good on the pastor side. over half of business income gets taxed on individual tax income we need better economic growth and productivity growth. that's the promise the american people made. we'll get better growth and we'll make america great again >> you live i around dc, right >> you know why i am saying that i am thinking about, you know why, people in new jersey, new york, california, massachusetts, and dc, liberals and high income and high tax states. the biggest hall marmark is a

removal or tone down of the tax deductions mataken in the unite states do you think there is any way that'll get done >> that line of reasoning is the one that kills tax reforms and historically have been the achillakil achille's heels. as mark put it out, you want to get it to revenue neutrality, you can. if you pick up, it does not touch my base broad, it does not get done >> go ahead mark >> if you lower the top affected

tax revision and corporations of 35 to 20%, that's the extent of what the polls on. on a static basis, that'll cost $1.8 trillion the next ten years. if you eliminate and income sales and property tax, the whole shoot. that raises, less than 1 trillion over the next ten years. even if you did that, brian, you are absolutely right how are you going to get it done even if you did, you are not close to revenue neutrality and even if you believe lowering tax, you are not going to close that gap the arithmetic is dawning when you talk about those kinds of reductions for corporate taxing. >> every rich person started escort immediately doug and mark, thank you very much, appreciate it, guys. >> thank you moments ago, lebron james addressing the issue that's sweeping the nation right now.

athletes protesting during the national anthem. james expressed supports for r the players. >> it is not about the disrespect of the flag and our military and everybody that has made this world free it is about equality and people having the option and the freedom to speak upon things that they feel that's not in just it is not about disrespecting a flag >> james did say he thinks his voice is more powerful than his tweets he wi he also did not mention the president's name or referring to him as quote, "that guy. >> several nfl owners joining arms in arms before the game the one thing owners care about most is doing just fine

>> robert is joining us now. >> the top player makes about $22 million a year the team owners is averaging $100 million a year. the teams v' values are growing every year the top teams are up even more dallas cowboys remaining the most valuable teams in american's sports. that's up 14% last year and nearly double its value from five years ago owner jerry jones generating profit of $350 million last year new england patriots ranking second and they're now up to 9% of $3.7 billion. the buffalo bills, they are the least valuable team but they are still worth $1.6 billion >> corporate sponsorships, they are the big source of growth miami dolphins getting a

$250 billion naming rights deal. falcons generating $900 million for the sponsorship. if the controversy starts to hit the bottom line and the values of the teams and the league and the owner may start to change their game plan a little bit >> what's the most important factor of that bottom line at what point, could it ship into the value >> if these were stocks, what do you think they would be doing today? >> i think they would be flat and maybe down a little bit. basically, it is all long-term deals. the stadium deals and tv deals, they are ten years deal. >> if it is stocks, it is like my chargers and they're way down because they stink and they're not good i am making a point.

>> but that's the beauty also. it is independence of the performance of the field l you look at some of these teams, are the dallas cowboys are the greatest teams of football football survives multiple strikes. >> it will survive this. a bigger threat for football >> robert, thank you leguys, good to have you wi us we are talking about long-term contracts in terms of sponsorships that he got a lot on the line when they decide to take a knee during the national anthem >> yeah, they really do. and unlike their nba counter parts, the quarterbacks' salaries are and you will hear about some huge contracts that's

given out now and then and tens of millions of dollars guaranteed money but, you know those are not the majority >> i cmike, i am wondering how u dissect this situation especially when ratings don't matter if you are an nfl owner, who is the customers, theoretically that's always right in the situation? >> particularly the commissioner and they make a lot of money and commissioners get paid a lot of money to provide ownership you saw the locker room is important as you just said of 53

players. the positive thing that i saw that the leaderships and owners are all aligned. >> i want to go to sarah sanders of the white house press room for the white house's brief r f briefing >> the president will discuss new details of these cuts and reforms. it will include specific post rates for individuals and small businesses and corporations. he will discuss the eliminations of loopholes that rigged the current tax code of the wealthy and well connected as the president have said before, we'll give our workers the level plainfield that they'll deserve d they'll win. no one can beat the workers.

we are confident the american people will be excited of what we are producing >> while working to grow the economy today. the president will sign a presidenti presidenti presidential memorandum. this means technical skills are more important than ever more than half of our schools are not offering courses or computer programming and only 40% do not offer physics the memo that the president sign today will direct betsy devos to take steps to address the issue. second, it directs her to establish a goal of devoting $2 million per year in grant funds towards thispriority

>> finally, the memo directs secretary devos to increase the focus on computer science in existing k-12 and post secondary program. the president signs injun giving more americans the opportunity to earn while they learn and receiving skills and training that they put on their path and fulfilling the work. the president believes it is our responsibility to give our students of under represented groups of minorities and women and every opportunity to succeed. by signing this memorandum, he's making sure they have the highest quality of education they deserve september 25th is the 60th anniversary of the first day of class at central high school a few weeks to their first day, the governor called in the arkansas national guard to standby a segregation blocking

the nine black students from entering the all white schools one of the nine students and i quote, "they metroviove closer d closer and somebody started yelling, someone could help. i looked into the face of an old woman, it seems like a kind face i watch president clinton opening the doors, the same that's been closed to them because they were black. the little rock nine, they are american heroes who contagiouray advance in our community >> as president trump says racism is bad and there is no

place in our country it is not lost on the president or his administration but there is more work to do we need better schools and better jobs provided a safer and prosperous future or americans president trump is working to make america great again and his actions continuing to show how committed he is. with that, i will take your questions. john >> of the president's strong views on whether or not players and professional sport teams should stand for the national anthem, given the response of the president gotten from the last 20 hours and even tom brady believing what the president said on friday night is division, does the president regret at all describing these players who is taken a knee as

sob and should be fired. >> this is about millions of americans being for something or honoring our flag and national anthem and honoring the men and women who fought to defend it. >> i think general martin said it best when he said this, this morning. it is important to remember that our military composed of entirely volunteers. it takes a special kind of patriotism for people to volunteer and risk their lives every man and women know that we have to achieve quality and justice for all that we aspire every member knows what is right about america is worth defending. if it is worth defending, it is worth honoring he continues i hope the athletes understanding why people like me

continue tos stand we do so because we do not agree everything that america has done or everything that's done in america's name the world is a better place because america exists >> i understand general dempsey's position of their service to the nation. did the president go far in referring to these players as sob. >> it is appropriate for the president of the united states to defend our national flag. >> sarah let me ask you, you always talk about the president using twitter as a form of communication, the president tweeted more than dozens of times about sports and nascar and he tweeted zero times about puerto rico. the bottom line is what message is sending by emphasizing sports

right now and not a big crisis in puerto rico >> he's not emphasizing sports he's emphasizing something that's should be unifying and celebrating and promoting patriotism to our country and something that should bring everybody together when it comes to puerto rico, the president has sent both administrators along and senior advisers to puerto rico today. they're on the ground to assess the damage we have done unprecedented movement in terms of federal funding to provide for the people of puerto rico and others impacted the storms. we'll continue to do so and continue to do everything that we can possibly under the federal government >> you are saying the president is emphasizing something that brings americans together. what message does it send that the president stand behind the presidential rally in alabama and calling america's citizens who's expressing his first american rights is "a son of a

[ bleep ]. >> hold on, i am not finish. it is appropriate for the president of the country to promote our flag and asking people to respect it >> and the first amount? >> north korea's foreign minister says that president trump declared bwar on north korea. does the white house view president trump's comments as a declaration of war >> not at all. the suggestion of that is absurd it is never appropriate for a country to shoot down another country's aircraft when it is over international water our goal is still the same that's our focus, doing that to revoke the most maximum and economic diplomatic pressure as

possible >> does the president believe that there are fine people who kneel yesterday watching those games or are they all sobs >> i think you are trying to conflate different things here >> we also need to focus again, this is not about the president being against something. this is about the president being for something. this is about the president being or respecting our country through symbols like the american flag and national anthems and hundreds of thousands of people that stand and verses few hundreds. >> the person says kneeling had nothing to do with race. colin kaepernick, took to his knees because he said black people in this country were not being treated fairly by police how is that not an issue of race >> the focus has long changed and the message and what the law has communicated over the last

several weeks through this protest body players >> from this podium that you express frustration of the media not focusing on the agenda that the president has, things that he does not get done and tax reform and etcetera, when did the president decide after this rally that he's going to spend so much time talking about the flag itself? does that distract from things that you are trying to accomplish this week whether it is tax reform or efforts in puerto rico or the show down with north korea >> look, i don't think that talking about the american flag is a distraction for the president of the united states again, this should be something that every american could get behind and support the national pride of our country and supporting those that have fought and died to defend it from all different backgrounds and so i think again that is

certainly should be a priority of the president he did other things on pushing forward on tax reform and continue to push forward on the safety and security of our border >> with that in mind, he said i want to put this in the headlines. >> i am not sure when that decision was made, i was not there. i know it is a priority for the president. it is a priority for the president to defend our flag and supporting men and women with uniform. >> jennifer. >> a couple of questions, if you don't mind has the president called merkel yet to congratulate her? >> i know they spoken on friday, i don't believe that's taken place yet.

>> tax reform, when is he signing off on that or does he have a final plan? >> he had quite a few conversations with members of his team both secretary mnuchin and jerry cohn, those will helicopt couldn't and he will make those announcements specifically >> the la times reporting over the weekend that president trump was warned, can the united nations -- >> i missed the first part of your question. >> the la times report that the president was warned not to provoke kim jong-un in his speech because that would backfire and now we see that they have taken this as a different -- >> as many times before i said

that you would use a new force that's a false narrative the national security team was involved and engaged throughout the speech writing process and was happy of the president's speech at the u.n. >> sarah, colin kaepernick, says his protest is about fighting police brutality you are not taking him on his words. you are saying the focus is long moo moved on it does take that out of their works, why is there this despairty of who gets to decide what the protest is about? >> the debate is really for them about police brutality they should protest on officers on the field protecting them instead of the american flag >> the president gave a warning

on the radio, he seems m pessimistic of healthcare and i am wondering what is his reaction today what is his thought today and will there be a vote this week >> whether there or not there is a vote, we hope so certainly what most of them campaigned on or continuing to push forward, we know we cannot live with the obamacare status flow it is a complete disaster, we hope that it will move forward and going through. >> he's continuing to be engaged directly and through his team legislative affairs team >> tomorrowe he's going to er, can you tell us what kind of dinner that is and what he's doing tomorrow >> there is a fundraiser dinner and i have to get back to you on

the specifics. >> this much of yesterday, begig part of today was focused as far as the president is concerned on the nfl, players taking a knee, can you explain how that is helpful to that effort of repealing and replacing obamacare when the president spent so much time on that other issues, the issues of sports >> it does not take that long to type out 140 characters. this president is capable of doing more than one thing at a time and a day >> sarah, it is taking so much oa oxygen when the president speaks about that particular issues and the majority questions of this particular -- >> he has a tremendous amount of tweets and we report on it so when he tweets something, it

does take away from his agenda, do you not agree >> it is important for the president to show patriotism to be a leader on this issue and he has. >> thank you, sarah. two questions, my question is not about the run off but about personnel. are members of the cabinet of the president's official family free to disagree with him on matters of the political contest. the president had a lot of people of a variety of backgrounds and certainly of a vie variety of opinions. on that specific issues, i could not speak about that because i have not talked to the president about it >> on september 15th, the spokesperson from the state department spoke the national

press club and i think this is important because prime minister rahoy is meeting with the president tomorrow the u.s. took no position on what is scheduled on october 1st about separating and becoming a separate country i quote, we'll work with any government or entity that comes out of it. of course, now, does it mean th -- >> i don't have anything further on what heather have said on that issue of the changes, if it changes after it took place, i will let you know. >> how widespread is the use of proo private e-mail accounts in this white house? >> limited white house council

instructed all white house staffs to use only for government businesses. >> i think we get instructed on this one pretty regularly. >> look at those secretary crisis taken prievate jets for months kellyanne conway traveling six days >> one was the white house aware of price's travel and given that he pertinent more than $400,000 taxpayers on private jets just since may. is there any standard of what is tolerated by this white house when it comes to this conduct. this was not white house approved travel. this was done through the general budget of the department of hhs i think secretary price addressed this over the weekend and they're conducting an interim and ig review and all

traveling on private charters until that's completed is it appropriate for officials to spend taxpayers on private planes >> there are certain instances where it probably is that has to be done on a case by case basis i am not going to give a blanket statement on hypothetical situations that i am not aware of >> do you approve of the travel. >> i could not speak to that mike >> immigration related question one. do you anticipate a refugee announcement in the next couple of days -- >> sarah hucklebee sanders finishing the white house's briefing >> addressing the controversy

over the president tweeting at some athletes quote, "sobs." >> sarah responded that it is always appropriate for the president to defend the american flag melissa. >> still ahead, we are serving up celebrity chef bobby flay how the restaurant industry is changing bobby flay, next on power lunch. throughout my career, i've been fortunate enough to travel to many interesting places. i've always wanted to create those experiences for others. with my advisor's help along the way, it's finally my turn to be the host. when you have the right financial advisor, life can be brilliant. ameriprise

track your pack. set a curfew, or two. make dinner-time device free. [ music stops ] [ music plays again ] a smarter way to wifi is awesome. introducing xfinity xfi. amazing speed, coverage and control. change the way you wifi. xfinity. the future of awesome. millennials seeking out more instagramable experiences. >> what does that mean >> that means we'll talk more with food and business >> with who? >> with the celebrity chef with

no other than boobby flay >> with your plan, you plan to take bobby's burger palace public through the regulation aid offering, why go public and especially when? >> well, it is a great question. at the moment we are not doing anything definitely. we are considering going with ipo. when we announced that, we got so much interests in building a business in other ways, namely licensing and franchising. it is a business that sort of sector of the industry can help us build tl infrastructure before we do anything else going public is a possibility but we have not decided yet. >> the goal is to capitalize in our brand but some of the food related like shake shack and blue apron have not done as well, is that a concern to you

>> yes, going public is a concern. when i told my father that is going to go public, he said yeah, good luck. it is daunting for sure and you have to answer a lot of questions. shake shack have done an incredible job >> there seems to be a trade off going on among american consumers and eating in a whole lot easier than going out. >> i was reading about uber eats, it is making people eating conveniently at home

as a guy that own a restaurant, i don't love that. i want people to come out. the question is you become part of the to-go or the delivery service as a high end restaurant >> do you think that's kind of last though >> we have done this delivery, and uber eats, and the food becomes soggy. >> that's my problem, we have not done it in my restaurant i want people to have a good bobby flay experience where they eat, whether it is the eye end restaurants. >> wyou have been taking deliver sites. are there more rooms like others >> yes, for sure here is the good news. the people in this country really care about food and they want it to be better and they want it to have access to it

easier ultimate ultimately, they want quality and value. there is a lot of things are happening right now. the shake out will happen and the people with the most experience are people who are good of delivering quality >> i have comments and questions. this man does more dining in the united states. he made it susceptible to put potato chips on hamburgers i have been hiding my happened for shame, scraping it on there. >> the crunch burger >> and you get the bacon crunching burger >> there you go, touchtouchdown! >> real question minimum wage >> yes >> it is been going up we just talked about it. target raised it to 11 bucks how does that change our influence your restaurants >> as my employees, i want them

to make as much money as they can but at the same time to sustain a business it becomes that balance. as the minimum wage goes up, the other employees were making more than one of a kick as well the restaurant business has been a low margin of business that's not changing. >> would you go tipless. >> let me tell you something of danny myers. in this case, i am going to take a wait and see his attitude. people in this country have a culture of wanting to tip. they want to give the servers something that they decide as oppose -- >> wages are going up and inflation is going up, what does it mean for the price of your restauran restaurants? >> it means that we'll make less unless the consumers want to pay more >> making less is the bottom

line are there parts of the restaurants industry where you would not open restaurants there is a lot of people may say hey, it is pete's burger that's already out there. between five guys and whatever >> i mean burgers and fries and shake business is one of the most american traditional meals that you can ever want to eat. i don't think that's going to change the one thing i can tell you is that i am not an economist, i have no idea what's going to happen with the economy, if i continue to serve them really good meals at the right price point, that i will have customers. sometimes it will be trendy and sometimes they won't >> how about this? >> following up to melissa's question, you are at the highsehighes and your burgers are not in the

middle faith >> is that your design >> no, here is the thing we are competing with anybody that's hungry. >> i get compared a lot to place like shake shack and other burger places because i am serving burgers. with in in competitions of places like chipotle at some point for lunch, you have to decide what you want i have to make you crave that crunch burger a few times a week i will be happy. >> you didn't bring one in >> i knew it >> it is of the business or two. >> you got business right. >> you left out the food we have a lot of businesses here today. >> thank you, bobby flay >> my pleasure we are taking out clinical lab testing companies and lab cores and shares

>> lab corp. put out, looks like they could see 9% to 10% >> we are seeing lab corp. is under pressure over the long-term it could be an opportunity for consolidation. >> between harvey and irma and maria, a lot of repairs are needed up next one stop where you want to keep our eyes on as the building begins. "power lunch" is next. managing portfolio risk and liquidity and generating income. that's real etf innovation. flexshares. built by investors, for investors. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. approaching medicare eligibility?

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the destructions of hurricanes, lets bring in our analyst with vertical research partner, chip, it is great to have you with us >> glad to be here already before the hurricane, you expect a third strong quarter when it came to prices, it is stronger than you thought. what kind of impact does it have on the u.s.? >> it is substantial i think you can see another depending on company like 10 or 20% in terms of higher earnings and expected earlier and companies such as louisiana

pacific, which is a big one -- >> have we factored that in as too late to buy the stocks and expectations of prices continue to be up >> seasonally stocks do tend to go and the building seasons slow down it is going to take many months to plan the building i think during the hibernation phase, you will get the opportunity and stocks loo i ik and warehouser that'll become attractive >> yeah, you got a $36 price target, the only buy that we should know in your product. >> chip, we appreciate your time thank you for joining us chip dillon, vertical research

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it is time for trading

nation let's talk technologies. you can see the nasdaq down more than 1% today. people selling the big cap tech stocks does that make them a bargain for you? aaron gibbs with s&p global, matt maley, is with miller teback today, i'd jump the gun on that one. erin gibbs, you know what's coming down with the prices in technology is valuation. >> that's right. >> and are we seeing now these stocks, some of them are down 2%, 3% is the valuation more attractive or are they getting cheaper for a good reason? >> they're getting cheaper for a good reason but they're really coming in line with the broader markets. so we've gone from the first half of the year to the tech sector going from 22% earnings growth down to 11% which is basically what the stp is doing. at the same time, thevaluation are going from the peak valuations we saw in the summer down to basically almost a level of the s&p 500 so the tech sector is starting to look like the broader market, both from a valuation

perspective and earnings so it's a safer time to get in, but ultimately, you could also just buy the s&p 500 >> okay. just buy the whole s&p 500 matt, when you look at something like the qqq, are you ready to jump in on these cheaper prices? >> well, i think it's important that we, you know, kind of look -- tell the difference between the faang stocks and the tech stocks in general i mean, these stocks are being sold off in large part just because they're, you know, becoming sources of cash for people who want to buy some of the beaten down groups like the energy stocks. not real fundamentals except for maybe apple that had news on the iphone there's not fundamental news they're getting cheaper. if they continue to be sources of cash, what are they going to sell are they going to sell the faang stocks which are still very expensiv expensive, have a huge, huge run, or stocks that is better valuations like erin talking about? so my thing, other reason, of course, on a tip ypical level,

faang stock have broken down badly. facebook fell below its 50 day moving average today fell out of bed. so did most of the other faang stocks today the qqqs are holding above their 100 day moving average, great support over the last 12 months and nowhere near its august low. if you're looking to buy on weakness, i look more into some of the stocks erin was talking about rather than faang stocks which could be sources for cash though they'll bounce around a little bit. >> matt maley, erin gibbs, thank you, we appreciate that. melissa, i'm sure it's going to be top iic on "fast money," netflix -- >> stocks they're referring to seem to be atms -- >> would you say the faang stocks lost their bite would you say that >> you would. >> i just did. >> for more trading nation, go to tradingnation.cnbc.com. snapchat has a filter for every occasion, we mean every occasion that's coming up in "check

please." >> now the latest from tradingnation.cnbc.com and word from our sponsor >> technicians look to wedge patterns for stocks. bullish wedge in an uptrend and two converging trend lines slanted downward break of the upper trendline is considered a bullish signal. conversely a bearish wedge in a down trend, consists of two converging lines pointed upwards. a break of the lower trendline is considered a bearish signal

"check please.

>> i think the big threat to google, and facebook, is not going to come from snap, it's going to come from amazon. >> really interesting interview there with julia boorstin and wpb group's sir martin orrell. i don't need to repeat it. facebook, amazon may be coming after you, i think which is really terrific, by the way. on a lighter technology note, my "check please" is this, they've been around for a little while i guess apparently a custom built snapchat filters for funerals are becoming more popular. i'm not going to tell americans what to do we've heard too much of that lately but, yeah, don't do that >> i don't even understand why one would even think about using a filter at a funeral or using anything -- anyway, that underscores, perhaps, the difference in terms of searchinr something, you typically go to amaz amazon, how much f is it, what other products are -- you're diverting the search mechanism, you're going to amazon

that could be a big threat. the move in oil, particularly in brent, in today's session, up 3% over. over the past month, we're up 12% and seeing a big move in the energy stocks. that's something to keep watching for as we're seeing that recovery really start to cement itself. thanks for watching "power lunch. >> "closing bell" begins right now. hi, everybody, welcome to "the closing bell" i'm kelly evans at the stork stock ck exc. >> i'm mike santoli in for bill griffeth big tech, biggest loser of the day, so-called faang names hit hard with the semiconductor stocks we'll tell you what's behind those moves coming up. nfl ratest coming in, a mixed bag between a growing feud between the president and athletes donte stallworth will join us, talk about whether the nfl has become too politicized