garlinghouse, he'll talk tonight at 5:00. >> i thought ripple was just a fortified wine that people used to drink p n not so anymore. >> or a chip >> i'm interesting in the fact the russell is up a half percent. may be worth paying attention to in an era of trade conflict, small caps, domestics might do better melissa. >> closing bell starts right now. >> this is video shot just a short time ago from right here in new york city where we are expecting a foot or more of snow the wind is really whipping up we've heard thunder, also. i'm michelle caruso-cabrera in for kelly evans smart enough not to come in today >> i had no idea this was happening today. i'm bill griffeth at the new york stock exchange expecting a foot of snow the dow is down 350 points at the low, after news broke that

economic adviser, gary cohen, leaving his post, that broke last night, we have details on that departure and what it means for the trump economic agenda all coming up. >> it's a great day to have james gorman on, his views on the market, trade war, all of that is coming up. let's begin, though, with the big decline in the market and bob pisani on the floor of the new york stock exchain where we expect a foot of snow today, bob. >> a foot. forecasters wrong on that one. here's the problem, traders are not good at extrapolating uncertain data, and we have a lot of it. we have event risk highlight threei them. replacement risk who replaces cohen we don't know. traders are not good at that second big issue, is how does nafta play out we don't know. we don't have models for that. how much do trade tensions with china heat up? that's a big issue nobody's good at this. they are good at figuring out earnings and gdp

as a result, what do they do they don't do anything bids and offers dried up we have light volume, meandering around, lows of the day an hour ago, and now we are coming back. the point is paralysis right now. you can see in the in the markets here because the stocks would be most affected by the trade issues are the ones that are down we watched the big global industrials, doing this every single day there's boeing at lows, biggest stock on the dow jones industrial average, highest price, 25 points now, caterpillar, same situation. this happens every day, proxies for the trade wars and the tariff wars seen here. that's another 25 points on the dow jones. finally, before we go, i note 52-week low in a dow stock, exxon-mobil. they are laying out aggressive earnings targets and expendture plans for the next few years, being engaged with stake holders and shareholders, but stock's down 3% here, and, again, that

is a 52-week low back to you. >> see you before the close, i'm sure, bob. breaking news from washington on the president's tariff plan. >> reporter: bill, that's right. sarah huckabee sanders is briefing the press as we speak the "new york times" posted a story saying the signing for the tariffs we waited for, details underlying the proposal the president announced last week will be at noon tomorrow, as early as noon tomorrow, and sarah huckabee sanders, not pinning that down specific time frame, but offering details about what might be in here thi is what she said a moment ago at the white house. >> we expect the president will send something by the end of the week, and there's potential carveouts for mexico and canada base on national security and possibly other countries as well based on that process. >> reporter: so, carveouts for mexico and canada, based on

national security, and also possible carveouts for additional countries as well, amounting to a watering down of the proposal earlier, we were told the president was not likely to allow any carveouts on the tariffs because of the fear that the chinese or other hostile actors in the geopolitical game could use any country that was carved out as a dropping off point for steel to then come into the united states now, though, white house signaling there will be some carveouts here we wait for the details between now and the end of the week. sarah huckabee sanders talking about the search for a replacement for gary cohen saying the president has plenty of candidates for that job not naming any of those candidates, but saying he's going to take his time in making a selection there. don't expect news on that front any time soon, guys. >> got it. we won't thank you. >> you bet >> we were surprised that the market did not come back with word of the potential carveouts. >> when we saw that, i thought the market would move decidedly off the bottom

why attack with tariffs, don't do it to mexico or canada. >> so far, we're not seeing that, though >> no, we're not time now for "closing bell" exchange, maybe they know why. brad, jack, and steve grasso jack, what do you think? like bill said, when we saw very huckabee sanders said there's potential carveouts for mexico, canada, and others, we'll see the market move from the bottom here not that much. why? >> it's not the whole story. notice it's been a by fiforkate market place we see it in nasdaq, cloud marketplace at ucx, there's no reservations whatsoever about tariffs going out, but the problem with this, michelle, is the fact we're fighting with 19th century weapons, that's tariffs. this is the 21st century

we got the technology, smart contracts, pick out the origin of where that steel was made block chain could solve a lot of the issues rather than going out there and flowing a blanket tariff out there the real problem as i see it, and real problem the market is digesting is this ideological war that's taking place between protectionism and free markets that is right now, you know, right in front of us, taking place in the oval office >> and we're just noticing the peso has come back to some degree, so there's one market responding to all of this, and, steve, we had the, what, the cohen selloff midday today >> go back a couple days ago, you have the tariff selloff then, and then you had the rally based on north korea coming to the table and being a little more flexible, and today was the gary cohen selloff, so it was last night leading into today, so you expect if we do see carveouts for canada and mexico to rally the market back to the 50-day and the s&p, 2738 or

thereabouts, but it's the selloff or the rally de jure so when you look at it through that prism, the market should hold here if the bulls want it to hold that 2700 handle, a 2700 level, the big fat round number and bear want a breakdown between 2647, specific levels that technicians are looking at right now. the macro? all the political skystems point lower. if i asked you who held the position gary cohen held in the obama administration, the average person has no idea when tillerson leaves, that's been telegraphed too, will the market selloff then? >> the nasdaq now to the highs of the session >> i told you. slowly getting up there. >> s&p 500 is approaching

positive territory we saw the canadian dollar and mexican peso coming from this. potentially there's carveouts for canada and mexico, and dow industrials rallied 60 points since we've seen those statements let me get to you, conrad. this is evidence that the market is still very preoccupied about trade, a trade war, and what it could do to the economy. >> yeah. i think the market is, michelle, preoccupied with it, but when i look at emerging margtkets is wt i focus on fundamentals look good, and they are trading among themselves, and em is not the exporter oriented markets that people view them and not you see the direct impact on mexico and brazil from the recent tariff announcements, but it's much bigger than just the tariff issue, which does throw a wrench near term, but i think

structurally, it's quite different. >> very interesting. jack, the beige book out, anything in there suggest -- i mean, as we await friday jobs report, that's a big number, waiting to see if the job growth continues, that pace we've seen lately, anything from the beige book suggest otherwise >> you know, it feels like everything's coming out in line. you know, i would even expect friday's unemployment number to be in line the question is, you know, even with strong fundamentals and economic data comes out, if we have what seems to be an impending trade war, you can see multiple contraptions. so the market does not necessarily have to go higher if that's the case. and that's really the battle that's taking place on a daily basis, and steve was just addressing it. that's one of the reasons you got to whip saw back and forth, but as far as the fed is concerned, as far as the beige book is concerned, it lookin lok they are straightforward moving four times next year what i say about that is if indeed there's a trade war, you

can see the long end of the yield curve act as a flight to quality, and start to see a bit of a flattening, inversion, if that's the case. >> and i wondered about that, and when you think about trade wars, there could be inflation, and if they inhibit growth, what do you do? >> exactly >> thank you, gentlemen, good to have you on, conrad, jack, and steve. >> we have 50 minutes left in the trading session here, and, yes, markets are starting to come back, although, we are making a 70 point move in the dow now. nasdaq and the russell have been positive any way today, but theoretically, they are not bothered as much by the tariff situation as others that are found in the industrials and s&p. >> yeah. i think the real tell is the canadian dollar and mexican peso, telling you instantly what the markets think. all right. so, closing bell just getting started. we have much more on the markets' re action to the departure of cohen, asking larry

kudlow, is today's market drop a sign market investors are losing faith in the stock market president? plus, live and exclusive with morgan stanley's ceo, james gorman a great day to hear from a wall street titan we're back in two minutes live from the new york stock exchange today, smart planning is helping the new new york rise higher than ever. as the world leader in unmanned aerial systems, we're attracting the world's best talent to central new york. and turning the airport into a first-class transportation hub.

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you know what's not awesome? withgig-speed internet.te, when only certain people can get it. let's fix that. let's give this guy gig- really? and these kids, and these guys, him, ah. oh hello. that lady, these houses! yes, yes and yes. and don't forget about them. uh huh, sure. still yes! xfinity delivers gig speed to more homes than anyone. now you can get it, too. welcome to the party. now the markets act how we thought. dow back 100 points, down 180, word got out with the tariffs that the president is going to sign tomorrow, there might be carveouts, might exempt canada and mexico from some of those. at any rate, these are the laggers in the dow today leading the market lower, including exxon, ge, travelers, and walt

disney >> watching to see if the markets continue the rally into the close, we asked, is the market losing confidence in the stock market president as a result of what we've seen with trade. joining us now is cnbc's senior contributor, larry kudlow, and john harwood larry, starting with you, trump trade shakiing here, is it? >> sorry, michelle, i missed it. >> the trump trade, looking a little shaky right now, do you think it is shaky? should we be worried about it? >> well, look, no panic, no panicme men panic. the market is suffering from trade war jitters. the market is very interested in who comes in to replace gary cohen and what the view is because they want balance, i think, between free trade and protection and i think that's out there. this is not going to go away, hopefully the president will smooth things over, and in his news conference tomorrow, you

mentioned the possibility of a carveout for mexico, and canada, and i've heard those rumors. i don't know anything about the facts. they don't -- they are not going to get the paperwork done. i can tell you that. i want to see the president not use the word "trade war," if he would. >> john, it's clear we established the market had rallied after the election based on expectations for things like the tax cut. the trade situation, that's a different story. and we're seeing here this comeback in the markets when there's talk of the carveouts. wall street is definitely concerned about the possibility of trade war, and that erodes confidence the market had in the president, don't you think >> i do, bill, and i think there's two elements to this one is the functioning of the ad nr -- administration this administration had high

turnover, the mueller probe going on, the tougher it is to get quality talent in advising him, so gary's exit triggers fears how well the white house is running, so might the exit of hr mcmaster if he leave as widely expected. the second element as you and larry rightly pointed out is concern about the policy that is the trade war. and if, in fact, the president makes a decisive and lasting turn towards protection, follows up what happens here on tariffs with very aggressive moves against china, which then provokes counter moves from them, then you really could get the kind of economic dislocation putting us into recession, but i also think as larry said, that the possibility of carveouts indicates the white house is sensitive to that market reaction, and so fears of the market might end up being a bound on what president trump does >> right

>> yeah, wondering, larry, as a result of the selloff last week, did president trump rethink these things >> no, no, i love what john said in the end because many of this -- look, obviously, his senior staff, outside is like myself, encourage him to look at the stock market, not as the end all-be all, but as a barometer of what people are thinking regarding future business in profits and stocks, so you're getting a message from the market it's not a catastrophic message. i kind of sense, michelle and john, that kind of a -- was there a pullback today with wilbur ross, did the president pull back a wee bit? just may be not discernible, but i thought -- >> and do you think gary cohen's resignation had something to do with that? >> well, i don't know. the linkage here, bill, that's awfully hard to know, but p, lo - but, look, gary's around for a

couple weeks at least, sticking to his policy print. s. look, you know, can i say, i think these differences of opinion on trade are bridgeable, okay like i think nafta is solvable and canada steel is solvable i don't think the president wants a trade war. i think he's sending a signal he wants to deal with up fair trading practices. that, by the way, i would have preferred him to have selective strong targets on tariffs for china. they are the worst defenders, so i don't see this in cataclysmic terms, not protectionism on one side and free traders on the other. it's just not quite that apock lipgs - apocalypse like. >> the change of language from sarah sanders today at the briefing a few moments ago is significant, i think, because,

remember, earlier, both treasury secretary mnuchin and the president said they can be carveouts for canada and mexico if they come up with an acceptable nafta deal, and that makes it difficult because we're in a pending negotiation with nafta saying that would make it harder for canada and mexico to come to a deal now sarah sanders is saying if there's a carveout, it would not be for nafta, but on national security grounds if that's the case, because canada and mexico are our allies, then it would be easier to grant those carveouts and easier, also, to get a nafta deal >> i like that, john i really like that i think you're dead right. bringing in the national security dimension is important. canada is an ally. they are not going to go against us in any national issues. mexico, maybe not so strong, but i think the thing holds. nafta is vital, in my judgment,

nafta is absolutely vital to the future national security of the three countries and future country of those three countries. that's a great spot to do a deal take it piece by piece back out the pieces, look at this, look at that, look at the cooperation, look at the steel and car figures, we can do that. i like that. that's -- the national security hook, john, is really important. >> okay. we're out of time, before we go, larry, have you heard who might replace gary >> just asking >> just bond ewondering. any names thrown out >> i don't know. i'm so busy working cnbc today, the network i love, and hope to be here, i just -- i don't -- i missed the papers today. i didn't hear any mentions i'm just here. >> as the phone rung as the phone rings >> turn it off when you're on tv, though >> thank you, larry. >> thank you >> thanks, john, see you later >> you bet >> appreciate it 39 -- i guess, do it by the

phone? >> it's modern, yeah >> 39 minutes left in the trading session. the dow has come back at the low. this was midday, down 350 points, now down 110 right mow >> carrier pigeon? >> i'm not going there shares of netflix fell after rising 60% year to at a time why one firm is turning on netflix and getting bearish on the stock. don't miss our exclusive interview with james gorman, his ke on the market and role of women on wall street coming up f

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the industrials are in negative territory, but the technology, retail, health care, they are positive, and energy is a drag at the bottom by 1.2%, and consumer staples off 1%. the sectors off the bottom, though, sectors not affected by tariffs. >> exactly >> in particular, right. >> right bitcoin crumbing down today, down 7%. we have the commissioner with cftc from the d.c. block chain summit on how he thinks the cryto-currency should be regulated. >> senate will take up a vote on the economic growth regulatory relief and consumer protection act, which is designed to turn

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time for a cnbc news update.

hey, sue >> that is what's happening at this hour, everyone. attorney general jeff sessions traveled to california where he criticized state officials for the sanctuary cities laws protecting undocumented imgrants, and he publicly scolded oakland's mayor for warning her community of an upcoming immigration officer raid >> here's my message to the mayor. how dare you, how dare you needlessly endanger the lives of our law enforcement officers to promote a radical, open borders agenda >> secretary of state rex tillerson arriving in ethiopia, his first stop on a week long trip to africa and will stop in kenya, chad, and nigeria where he meets with leadership in each country. and 60,000 pounds of busch beer is spilling out on a florida highway this morning following an accident. the semi carrying the beer spilled cargo after the driver

failed to stay in his lane and cited for careless driving >> oh, the horror. >> oh, that's bad. you can say the beer was flowing on spring break, just on the highway. >> just on the highway >> back to you guys. >> don't drink and drive thank you, sue, see you later. >> today is morgan stanley's executive women's conference here in new york city where we expect are foot of snow. aptly named wilfred frost is there. see what i did there wilf >> that's right, bill, frosty the snowman here, delighted to be joined by the chairman and ceo of morgan stanley, james gorman so much to talk about, but let's start with the reason we are here specifically, executive women's conference what does this conference, the tenth year of it, really achieve for your female executives are you content today where you stand with the balance between

male and female executives at moment standing? >> the conference, itself, is actually external. we invite several hundred leading executive women from companies around the country to come here to share ideas, to talk about the markets, talk about the kinds of business charges you have as ceos or c-suite offices to give the folks a chance to network. of course, we have a lot of our female executives here as well, and it works really well we've done it temperature years, and, you know, it's all part of morgan stanley's effort to improve our diversity outreach, both with the client base and internally >> as we sit here internally, we're at a stage where gender equality is at the forefront of people's minds >> sure. >> more than it has been for a while, so much so, some governments like the u.k. lepgtlepgt legislated companied like yourself to publish raw data of

men and women which you have to do >> i don't have a problem with the transparency i mean, the facts are the facts, and all of us in management are trying to improve the diversity across the organization. i think, you know, honestly, we've started looking at those numbers, and they will be published over the next several weeks. they are fine. that's not the issue the issue is what does it take to increase the number of women moving into senior executive, managing director roles across the firm, leadership roles, how do we do that? it takes a long time to groom folks, so you can't just flip a switch and be done this year, 25% of our new managing directors were women. is that enough no, it's not it's not where we want to be, but we are making progress >> let's switch focus and talk about the markets, we have seen a selloff again over the last week, including today, and largely because we've seen tariffs imposed by the president

on steel and aluminum imports from around the rest of the world. we expect to get that sign tomorrow now as the latest reporting. what's your take when you heard the news >> the markets have been screaming for turmoil, right we need volatility the fact we had some in the last several weeks does not bother me at all tariffs, a bad idea to be blunt. i'm, you know, the biggest issues this country faces are not trade deficits, but fiscal deficits, and i think what, you know, what we need to be doing is focusing on the real issues here listen, you can always introdoo a trade war, but doing can with allies and countries we sell a lot of goods to, that's not necessarily the best way to move forward. i was not a fan of this. i'm a global, you know, i believe in globalization i think it's helped the u.s. economy, and hopefully, it will be moderated over 24 hours >> you mentioned allies were included in this do you fear retaliation from them or others >> i think there's going to be,

wilfred. you can't be unilateral in these things the world, for all the concern about the level of imports that we're doing, you know, look at the exports. it's -- we are in a net surplus on services, fastest growing part of the economy. net deficit on certain goods in certain sectors, so, you know, i try to take the bigger picture and, sure, if you -- you know, people can't pick and choose once you put in some tariff, they will respond, whether they are friend or foe. >> does that undo the good work the administration has done on the economy? outweigh it? >> you know, i don't think so. no i don't think so i think, you know, the economy's obviously doing well we saw the adp job numbers this morning, i think 230,000 and change the economy is doing -- we're going to have a three handle on inflation. we need the broader market to

participate in the economic growth going on at the in a moment, so, no, do the trade wars specifically undermine it no do they create a level of uncertainty unnecessarily in the market they do. >> what do you think about gary's departure, a member of the economic team that opposed this sort of protectionist measure. you worried he's no longer there? >> gary's a good, talented guy, a good guy, a lot of talented people in the country, so specifically do i worry that, you know, if you pull one person out of the team, no. i don't. that's not really the issue. and, you know, if you'd listen to the president's campaign speeches, you knew that this was coming this can't be a surprise to anybody. it's just a question of how broadly based it was and it's, of course, relatively narrow at the moment, so, no, i'm not particularly phased by that. >> gary is a free agent now. are you looking to hire him and, perhaps, help you take on his former employees, your big rivals, goldman sachs? >> no, i like gary, but, no, i'm

comfortable with the team, thank you. >> fair enough talk about the markets i mean, i'm interested in the top you said you were not worried about volatility i mean, there's various head winds, rising rates or protectionism. you're not concerned about a correction like recently >> you've got to put it in context. these are -- we're dealing with global markets, rates are rising, commodities have recovered after very difficult period, and the equity markets are expensive. i don't think they are ridiculo ridiculous they are expensive you got global growth going on at the moment, very low inflation. the u.s., europe, and japan will start moving to a normalization monetary policy. you got to expect some volatility with this with the vix under ten for a significant period of time, that was unnatural. we're at an unnaturally passive for a period of time do i care on a week-to-week basis? not really does it matter what the stimulus is for the volatility?

not particularly what matters is long term economic policy, and i get back to fiscal restraint. >> when you talk about your underlying clients, whether companies or individuals, is there a level of interest rates here in the u.s. that you worry about would start to impact them put aside from the market volatility that really hurts the economic performance of the nation >> well, eventually, there is, but when i came to the u.s., interest rates were 15% when i was borrowing as a student, so, you know, we're a long way from normal interest rates. that's what i -- not quite understood the anxiety about raising rates about being normal it gives the fed a tool to respond if and when -- when we go in another recession, not if. there's economic cycles that are certainty. do i worry not at all. there's four rate increases this year, may not be, maybe just three, rates are going up, and everybody should be aware of that >> in terms of the deregulatory environment, we heard from the vice chair for supervision

earlier this week, that he was looking to make, quote, material changes to the volker rule, do you welcome it >> mixed >> i think what he was talking about, and i have not read the speech, i talked to the governor a couple time, and i think what he's focused on is the difference between taking principle risk in markets and propriety risk and locking in capital in liquid positions, whether they be prop investing or prop trading. i think rolling back the prop investing trading constraints would be a bad idea. that's where the banks got in trouble. however, allowing the banks more freely to make markets, take principled positions on -- in the support of facilitating trading activity for the clients is essential, and right now, the whole, i forget what they call it, but the sort of process is extraordinarily cumbersome and detailed, and i think there's

five regulatory agencies overseeing this, and what governor is arguing for is a simplification of that, not, i belie believe, an unwinding of the prop investment trading. >> talking about deregulation, everybody assumes applies to banks. when we got the rules for the next set of the stress test, were you taken aback a little bit? people said the tests were harder than they've been before, and add that to the punishment the fed placed on wells fargo recently, do you think things are actually getting tougher >> well, i don't want to speak about, you know, one of the other institutions, but on the tests, what the rule -- rules didn't change. what the tests predicated upon is scenario planning in different economic stresses. trying to mimic, if you will, 2008 or something worse. in fact, what the tests an tis pace is something much worse the way dodd-frank is written, the tests generate unemployment rate of 10%.

if you are at 8.5%, you need a relatively modest shark to the economy to occur if you are 4.1%, you need the mother of all sharks for that to occur. it has to happen quickly that shock to the system put in this year's scenario because unemployment is low, but there's still 10%, that causes scenarios to be tough. they are going to be tougher this year than they've been for several years. that's not something a policy objective of the fed, but an outcome of the legislative requirement. that needs to be addressed >> james, when we talk about your firm's targets that you just recently reset after 2017 full year results, a lot of the analysts said you'd been unambitious or you've upped to 10-13, but you were already close to the levels. are you setting yourself easy targets to beat them >> oh, why on earth would we do that no we do what's reality for -- i'm in my ninth year in the job, for eight years, everybody said, when will you

ever get to 10%? bang away every quote, get to 10%. get to 10% last year, 9.4%. now, we're not going below 10% i thought people would be appla applauding, but, listen, you can't please everybody all the time no, they are not unambitious the wealth management margin, we put out 26%-28%. in the history of wealth management businesses in broken dealers, i believe there's been one firm ever that has generated a margin at that level, ever so unambitious it is not >> fair enough you mentioned eight or nine years in the job jamie dimon wants five more years. is that how many you want? >> i'm not getting into decision planning as much as i enjoy your company here, wilfred, but, no, i'm not leaving any time soon. >> to wrap it up, on the topic of internationalism, we touched on the finer point of it, but as an australian welcomed here, do

you take personal offense from the tone of economic nationalism and protectionism? >> listen, you've got to take the political rhetoric sometimes and put it in a little jar this is a phenomenal country it has been through its history, extremely welcoming to immigrants i was a massive beneficiary of that, and i believe that the more open your markets are, the more open you are in embracing talent coming in, the better off you are in the long run. the short term political rhetoric around closing down some of those, of course, there's some people, you know, at some point, you get too much of a good thing. if the immigration distorts society. we're not remotely close to that, and i hope and pray the u.s. remains, you know, literally as reagan said, a beacon on the hill that's what it was and what it was when i came here >> i do too. it's been a pleasure speaking

with you >> thank you >> james gorman, chairman and ceo of morgan stanley. back to you at the stock exchange >> thank you very much good stuff see you later. we are heading to the close, the z s&p is now positive. >> on this international women's day. >> yes >> and looks like the dow industrials as well, well off the bottom, it's down only about 52 points and considering it was down 350 at the low, but 180 announcing the possible carveouts, and we predicted this would happen >> yes good at that short term stuff at least. >> we are. meantime, one time hot retailer abercrombie and fitch bouncing back >> netflix seeing the stock hit an all-time high, gets a red bulleat.m a top analys a -br faceoff on the number one's streaming services stock price.

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at the moment, the dow is the major average still negat e negative, but that could change. we have about 14 minutes left in the trading session here, but the s&p is just turning positive, nasdaq and russell positive today anyway, not

bothered by the talk of tariffs. checking on retail movers today, shares of dollar tree down sharply today. the company missed on both the top and bottom line, posted lower than expected same-store sales, dollar tree on pace for its worst day since february of 2009, down 14.6% abercrombi and fitch with a one year high. brands comps strong for the quarter, and that stock is up 11.3%. michel michelle >> about 13 minutes before the closing bell the dow jones industrial average moving up from the bottom, down 39 points. >> going positive? >> very possible we got 12 minutes, and it's been rallying since we heard there might be carveouts for mexico and canada for the tariffs that could be signed tomorrow at noon by the president everything else is positive. >> yep when we come back, we are look ing at the up and down week for netflix with analysts, some of

them adding to their price targets, and one downgrade the debate on if the stock price is too high right now. tomorrow, becky quick with the exclusive interview darren woods, thoughts on global energy prices tomorrow at 6:00 a.m. let's begin. yes or no? do you want the same tools and seamless experience across web and tablet? do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online.

netflix lower today after getting downgraded to hold from buy, citing valuation. this was after the stock rose to all-time highs again yesterday >> yeah, i mean, the stock is up more than 65% so far just this year, and so how should investors play right now joining us, ross gerber who owns it and loves it, and barton analyzes ross, even you admit, valuations are getting high here. >> yeah. >> you'd take profits, but don't sell the stock at this point, right? >> no, no, you know, i'm sorry, barton, you were the guy against me at $95, and now we're sitting here at $320 something, and, boy, we made millions forpeopl while you haven't, and so we've taken some of that off the table

because when you make millions of dollars trading stocks, you are dumb not to take some profits when things go, like, pair bollic, but netflix is hitting everything right you know, everything is going well for them. the international expansion has no end i think i said last time barton was on that we expect 200 million subscribers, and now it's 400 million potential subscribers in five years. >> wow, ross, you are mean, and it takes one to know one barton, respond to him, don't you? >> sorry, barton, sorry. >> no, no, it's cool >> sure you are. >> it's millions, sorry. >> go ahead, barton. >> okay. >> make the case how do you valuate the company right now? >> well, look, i mean, you know, clearly, he's had a great call you got to respect that, but trees don't grow to the sun. this is a stock, you know, you can't buy every stock at every valuation. you need discipline if you're a

professional, not just a day trader so we try to look at stocks responsibly. this is the stock that trades a pe of 100 times. expectations are through the roof guys out there saying they have 400 million subs, how do you exceed those exceptions? at this point, you have a company burning a couple billion dollars of free cash flow every year it's done something never done before, which is continue to create more interesting original content year after year after year, and at some point, everyone else who has done this in hollywood has fallen down with shows that don't work that, for netflix, drives less subscriber growth than guys look for. if that happens, the risk in the stock is not worth it, so, you know, at this point, i can't make a financial case for it or say that expectations are too low, and i think there's risk that they can't keep doing the incredible thing they have been doing inpe doing. >> when we hosted "power lunch,"

we did a road show, went to florida, and i remember disti t distinctly, and viewers remind me to this day, i interviewed two real estate agents down in south miami when they had that condo boom going on. >> i was next to you i was there. that's right i remember this. >> remember this >> oh, yeah. >> they said, this was a quote, florida real estate or miami real estate will never go down again. >> right >> i'm hearing that from you right now on netflix, ross >> well, i'm not saying that what i'm saying is that there's stocks and businesses. as a business, there are very few companies in america doing as well, run as well, and with with such a wonderful future, and so that's in the valuation as a stock, obviously, it's gotten way ahead of itself because there's so few opportunities like this, and i've been through -- >> how much have you lightened up, ross >> i've taken 20% off the table, taken 20% off the table and

bought disney with it because disney is too cheap on the opposite side of the spectrum. we are selling netflix, buying disney with the proceeds when values go up substantially like this, it's okay to trim some off we still have more netflix than we did at the beginning of the year even selling 20%. >> okay. >> what i say, watch for valuations, you always do. >> yeah. >> we're already in the stock, and investors should be very careful if they are new buyers of the stock and dollar cost average, very small amounts at first and watch for the pullback >> sounds like you have a hold >> not buying more at this price. >> got it. ross, thank you. play nice. >> barton, thank you >> no, i love barton >> barton, thank you, we apologize. >> thank you >> i don't know that we'll go positive or not, down 77 >> thethay oer w now

>> yeah. the closing countdown in a moment since i added futures, i have access to the oil markets and gold markets. okay. i'm plugged into equities - trade confirmed - and i have global access 24/7. meaning i can do what i need to do, then i can focus on what i want to do. visit learnfuturestoday.com to see what adding futures can do for you. what are the ingredients is it the places you go? the things you own? or the people that fill it with meaning? for 150 years, generations of families have chosen pacific life for retirement and life insurance solutions. protecting what's most important to you. that's the power of pacific. ask a financial advisor about pacific life.

♪ ♪ wake up early, o. ♪ slap on some cologne ♪ i'm 85 and i wanna go home ♪ ♪ just got a job ♪ as a lifeguard in savannah ♪ ♪ i'm 85 and i wanna go home ♪ ♪ dropping sick beats, they call me dj nana ♪ ♪ 85 and i wanna go don't get mad. get e*trade, kiddo. 90 secs left here with the dow down 73 points bob is with me, and, first, i know you'll join me as we wish a happy birthday to mr. arthur cashin who left early to meet a man named van. i don't know what that was

about. >> on the corner >> yeah. >> i think his name is bobby >> i think so too. happy birthday, art. we talked about the tariff tantr tantrum. last week, we saw the tantrum, and the dow admittedly struggled to come back to those levels here's the dollar index. same time frame. it collapsed on talk of the tariffs last week, and it has not come back at all >> yeah. >> here's what's interesting look what has -- not even just come back, but it was not really phased by the talk of the tariffs. here's the nasdaq. first of all, a bit of a collapse, has not looked back from that time >> holding small caps better >> russell 2,000, same story there, that's had a rally. >> tough week. they are no good figuring out who replaces gary, what happens with nafta, what happens with china and dealing with that, so they pull back volume and bids are light, look what happened. late in the day, the lighthouse says canada and mexico might be

exempt from this the president talking tomorrow the market lifts into positive territory. the market is trying to figure out the trade thing out, and it's not good at it, so it just pulls back >> bob, thank you very much. so down 83 points. when the dow was down 350. a big comeback we have earnings, and we're going to talk to a regulator who has the cryptocurrencies in his sights that's later on in "closing bell." >> welcome to "closing bell," i'm michelle caruso-cabrera in for kelly evans. the dow jones tried to rally into the close, finishing lower 79 points, but it was down 350 only a third of a percent. s&p 500 at 2727, lower by just one point when all was said and done the nasdaq got into positive territo territory. it had been higher earlier in

the session, but went negative as well, and up 24 points, and the russell also ending in positive territory .8%. the best percentage performer, a gain of 12.5 points for the russell. if you worry about tariffs, small caps are the way to go that might explain that outperform joining us today, our cnbc market commentator, mike s santolli, and topping the dow is ibm and exxon trailed. dollar tree was the big lagger >> i hear we got some steel stocks, see how they did as well today with the talk of a carveout of some kind >> they are all up across the board, i bet let's see. are we going to get it >> there's not i was misinformed. >> and sometimes the mice are not pedaling fast enough on the thing. >> there they are. >> wow >> those are nice moves. >> carveouts are a positive for the steel stocks >> they are.

well, they are positive in general for sentiment. steel stocks arguably want higher prices, however they come about, if it's for the whole world or partial i think generally, not terribly surprising the market made a run from the lows today, maybe i'm surprised it rally went as far as it did, but it makes a lot of sense to me because i think the tariffs have had mostly a roll, and even gary's departure have been about kind of stress testing investors' tolerance for a complicated story and seeing if these lower end of the range we've been in holds, and so far, it has i'm not saying we're out of the woods okay, rushing back to the old highs, but gary leaving is a net negative, but not unsurprising at this point, and in regime, we entered this year with policy in general becoming, perhaps, less of a tail wind because we already got the tax cuts, and whatever might come down the road maybe slightly less positive, so i see this as

generally the market's process of sorting this all out, and we are right in the neutral zone of this range right now, so not terrible, but definitely better than it looked this morning. >> is that your assessment i mean, the markets' moves today pivot around comments about trade suggesting that there are real concerns about whether or not we're going to have a trade war. >> sure. and the other thing that was interesting that we saw was small caps really outperforming large caps, and i think, you know, as you look, investors are skiddish about a trade war and specially, you know, increased prices of imports and exports so you think domestic, and the most domestic is the russell 2,000. small caps catching up >> hey, chris, i see in the notes, you say the trend is our friend i don't know where it is now, though which way is friendly to you here >> well, look at the 50-day of the s&p 500. that's easiest canary in the

coal mine for telling whether the trend is our friend. that, for years, two years now, a trend that's been strong to the upside, just going from the bottom left to the top right of our screens. now over the last month, because of volatility increase, the s&p 500 levelled off, and now it's dancing with that 50-day it spent more than half the days in february, the trading days in february, below the 50-day moving average watch a line, that's the one to watch right now, bill. >> we no longer worried about the ten-year yields? put that to bed now? suddenly that's completely off the table? we have not talked about it in days >> no, i think it's going to come back to haunt us a little bit. let me talk a little bit about the small caps, too, because we saw a great surge there. one of the things that i noticed when you look at the market over the last three months, small caps have decidedly lagged the rest of the market we talk about risk on, riskoff trading, and we talk about that in bonds, whether or not investors are going into the bonds market, the flight of safety look at the risk-on trade represented more by the fact that the small cap, the russell

2,000, leads the s&p 500 higher. so, in other words, investors are willing to put risk premium into the market. we've not seen that president case in three months that's why i'm not surprised to see a market consolidate, make another move towards those february lows. we need to see the small cap take the leadership role again, and not just because of tariffs, but because investors are willing to look forward and put that risk premium back to work in the mart. there's a couple months before that happens >> got it. >> the ten year -- >> hold on a second, okay. >> okay. >> mike -- >> yep >> beige book out, no prizes there. >> nope. >> waiting for the jobs report friday to see in momentum continues, right >> the adp number this morning was strong it was interesting that the bond market did not take that as an excuse to say, okay, it's going to be a super hot number friday. we have to sell off bonds and send yields higher, so we're at this area for bonds where, as long as we don't get the sticker shock of popping above 3% on the ten-year, popping well above the

current levels in the two-year yield, stock market does not get nervous because we are settling around the range we've been in now for several weeks, so i still think we have to have sensitivity to it, but it's not the whole story. in fact, bonds, you know, bond yields went up today as the stock market rallied we are back to the relationship, at least, within the narrow band for yields right now >> lamar, what's the tell for you right now? what's the next catalyst what are you watching for to decide how we're going to get out of this range? >> candidly, we're focused on individual names, and, really, what we've steeen over the last couple weeks and what's increased this year, people talk about volatility coming back, last year docile, but we've have increase in dispersion, so really differentiated performances by different securities, so we are seeing a lot of signs that piling money into an index is fine and good and is a cheap way to do it, but, really, the stock picker has had an opportunity to really

get some advantages. >> is there one section in the market overvalued versus large cap? >> relatively speaking, large caps are overvalued. >> today was, chris talked about the small caps being an indicator of risk appetite all day, the market was insulated from downside because amazon was up all day, facebook up all day, and the bank stocks outperformed all day of the it's been tech and banks that have been really the things that have been holding the market together on down days, and leading higher on up days that's something you can just use as a tell for how the market's going to do on a given day. >> chris, are you throwing darts at the small caps, or are there sectors that you prefer over others right now >> i think you still need to look in the technology sector. mike said it you know, technology's leading the market higher, even large cap, i'd hate to see taking google and amazon and everyone out of the nasdaq, what the leadership is there. lamar mentioned what was great, correlation on the s&p 500 has

been declining for two weeks, and it's going down quickly. it's turning into a stock picker's market. back to your question, bill, look at the small cap tech companies, and believe it or not, there's biotech names out there when you look at the small cap area that i think look very attractive when you look for value plays. true value, at the same time, taking risk. that is the area of the market where i see something where there's a very interesting play, and if you want to be a stock picker, be active there. >> all right, speaking of the tariffs, the president sticking by his proposed tariffs on steel and alal aluminum. eamon has details for us >> bill, that's right, and an hour ago, there was going to be carveouts and exemptions in the tariffs announced later this week there was a sense of timing and what might not be included this is what she said. >> we expect the president will

sign by the end of the week, and there are potential carveouts for mexico and canada base thd n national security as well as other countries as well based on that process >> reporter: i just talked to the commerce secretary in the white house driveway moments ago asking him what other countries, sarah huckabee sanders referred to there seemed like she was hinting it could be broader exemptions possible beyond just mexico and canada she -- ross would not answer that question, so we don't know what else is coming, but we know it's coming by the end of the week, and what is not coming is a possible successor for gary. in the press briefing, the president has a lot of great candidates for the job, but he's not in a rush to make a selection here, so don't expect that that seat will be filled soon we don't know when gary's officially leaving the uilding we're told that it'll be a couple weeks that he'll work here, working on transition, and

may offer some suggestions to the president about who should succeed him, but as of last night, i was told that gary had not offered a name specifically to the president of who he thinks should get that job, bill >> all right thanks very much from the white house. lamar, important that gary gets replaced to the degree that he represented a more moderate wing within the white house? >> you know, i think the departure's important. i think who comes in is probably not as important i think it's more the signal of one of the insiders, one of the mellowing influences, as people perceived him, him leaving is the big deal i think whoever comes in is going to be broadly a similar voice. >> all right >> all right lamar, chris, thank you, both for joining us, your insights on an interesting market right now. thanks >> thank you a lot more ahead >> thanks, bill. >> on the "closing bell. >> is today's drop a sign investors are losing faith in the stock market president that's coming up plus, the american regulator

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markets finishing well off the lows dow down only -- did we see 82, the final number when you got up this morning, you saw, wow, could have been down hundreds of points, big rally intercession, now down 8 points s&p finishing flat lower by a point, and nasdaq finished positive, and the russell 2,000 was the best performer, a gain of 12 points >> tariffs very much on the mind of the markets right now >> yes >> joining us to discuss all of this, you saw her ringing the closing bell here at the new york stock exchange, tracy, head of citi private back north america and co-chair of citi women. welcome to post nine here. >> thank you great to be here >> you oversee the part of the bank that serves the ultrahigh net worth individuals. do they care about this market volatility or tariffs and things

like that? >> yeah, yeah, well, our clients are generally long term investors, but i think these periods give people opportunities to get into markets more, actually there's a lot of cash on the sidelines, and so we're going to -- >> even still? >> yeah. some $50 trillion is on the sidelines, and so our clients, we encourage them in these periods to put more money to work, and i think what we're seeing is we had a long period of low volatility, and look at the first four weeks of january, markets up 7%, and annualize, that's 100%, that's not sustainable, right so we think it's a good time to put money to work, and we like, particularly, u.s. equities, we like europe, and, also, asia, and we're trying to encourage our u.s. investors to invest, not only in u.s. investments, but to go global, and we think there's a good global earnings story, so to diversity and take advantage of the opportunities >> even in the environment where there feels like we're in a sea

change of sorts. >> yeah. >> whether what happens with interest rates, all liquidity removed by central banks, and/or the new version of the trump trade, the tax cuts, that was great, juicing the market for a long time. >> right >> and now there's a potential head wind talking about tariffs. >> right, right. >> those are two things that are really different right now >> yeah, yeah. >> and in that context, you think it's safe? >> we do we do. i think, you know, it's ultimately about diversitificato and long term. if you time markets, you won't do well. we are long term we view -- there are certain risks out there, but there's also a lot of strengths overall, and global earnings, global growth, and it's a good story. and i think more than anything, we try to have investors think about investing, like i said, part of their allocation outside of the u.s so, for example, in asia, we have a portfolio manager who grew up in shanghai, but sits in hong kong, put together a portfolio of chinese equities, and only 35% of the portfolio is

technology the rest is textiles, insurance, others, but that was up 67% last year >> mainland or what is that? very difficult for the american individual to actually buy a mainland stock, so is that a hong kong stock or a special - >> yeah. it's managed out of hong kong, and it's a basket of asian equities >> okay. >> so, but, we think u.s. investors have to think about those opportunities. >> right >> more than just the u.s., and that also allows for diversi diversificati diversification. >> just some of that, the way you oppose it, there's a lot of clients you have to nudge in the direction of taking more risk. >> yes >> or, you know, going overseas, whether or not it's necessarily as familiar. still the case all these years after the meltdown >> yeah. i think people are still generally cautious, you know, and, but we've had good markets for a while now, and so people are getting more confidence to get back in, but, again, i think there's this u.s. bias that, you know, and it's a country bias for other investors in other

countries as well, but to stay in the u.s., so we are trying to get them comfortable thinking outside the u.s. as well >> there's statistics here, in the u.s. alone, women control more than $11 trillion in investable assets. i was asked at lunch, how does that compare with men? what's the percentage right now? >> great question. well, the important thing -- i don't know that exact answer, but what's important is if you look at 2016, women earned abouo two years prior, so the trend of the kind of investble wealth of women is very important. >> how about - >> really important segment. >> what about your clients what percentage is controlled by women? >> hard to answer too. sometimes you have a husband and wife, and wife makes more the decisions, and it depends on who is the actual wealth creator, but we have independent women

that are clients i think what we are trying to think about a lot is how we talk to women clients and how we listen to them differently and behave with them and educate them and create communities for them because they are an important and fast growing segment. >> also in the notes you felt that the institution, the organization had to actually raise wages for a lot of women to ensure there was a gap there -- >> yes >> you discovered it, and how big was the gap? >> pay equity is a big topic, right? and i think in our society, there's only going to be requirements around more transparency, and so citi years ago started to really -- we hired an outside consultant and started to review where are the gaps, and make adjustments so we have made a lot of adju adjustments at year end last year, and we are continuing to look at it we're a global company, so we've only, to date, done u.s., u.k., and germany, but we'll do it globally and do it right if you look in the u.k. next

month, pay transparency is required it's important >> cool. nice to see you. >> thank you very much >> thank you for stopping by she rang the closing bell here on international women's day we have an earnings alert. costco is out. how are the numbers looking? >> we have costco's full quarter picture, giving us a monthly report for the sales and revenue, but now we know that for the quarter, earnings actually missed coming in at $1.42 adjusted, were looking for $ $ $1.47. revenues beat the estimate at $34 billion, slightly better than what was looked for the comps, however, were slightly short, still up nicely, though, u.s. comp sales up 5.7%, the street looked for up 6% for that u.s. x gas number shares of costco moving higher, up by 2% at this point back over to you

>> all right, thank you. you see the stock is up 1.85% here in the aftermarket here what do you see, mike? >> it is i don't know what the market is seizing on in the report seems like generally okay. especially on the top line, except that it's a stock down from, you know, 198 to, you know, 187, that is chronically trades at a premium to the rest of the group, so maybe it was good enough, and they don't give guidance, so it's not like another company's words. >> sam's club trying to develop a similar business model in terms of subscribership. >> they are. i mean, so - >> competition >> not as unique as they used top. amazon prime is virtual costco, but seems it's one of those ultra-high quality retail names people want to own we'll see if it fades there. i don't know if the quarterly result would have the stock run. >> so, we got a major snowstorm slamming the northeast

let's go live to lower manhattan for the weather on wall street next don't move

but i'm not standing still... and with godaddy, i've made my ideas real. ♪ ♪ i made my own way, now it's time to make yours. ♪ ♪ everything is working, working, just like it should ♪ welcome back, if you are just joining us, a quick look finishing the day on wall street interest iing day. we had a selloff, if you will, with the announced resignation of the president's chief economic adviser, the dow was down 350 points, but a big comeback late in the day the s&p was down just a appointment, and the nasdaq and the russell have not been bother

by the talk of tariffs so much as the dow and the s&p have been they finished positive >> the talk about a carveout for mexico and canada helped the target rally also, the canadian dollar as well as the mexican peso that's pertinent to the next guest. the white house saying there may be trade exemptions for canada when it comes it steel tariffs we are joined with the first on cnbc interview with the canadian minister of natural resources. hey, brian >> hey, michelle, thank you very much yeah, james carr is joining us now as he did last year, but the tone and conversation is different. thank you for joining us canada is our largest trading partner. >> uh-huh. >> you, i'm sure, have spoken with the prime minister. do you believe that we will have tariffs on steel and aluminum, which are huge products from canada and the united states >> i sure hope not

it's an industry we are dependent on each other, create jobs for each other and just as the energy markets in america are heavily integrated, so are steel and aluminum we signed in 1956 a defense production agreement that said, really, we're one nation in the production of military equipment. you know how important steel is, so that we are allies, trading partners, and what's in canada's interest is in the interest of the united states. so we think that there are very good arguments to keep that flowing freely >> the reports are that tariffs could be announce the as soon as tomorrow >> uh-huh. >> what is the canadian government expecting do you believe we'll get them signed >> well, we learned an awfully long time ago that it's very prudent to comment on what is done, not what is said by various people at various times. we continue to have a respectful relationship it's the most important relationship we have, and our

population depends on trade with the united states. we marry each other, go to each other's universities we are absolutely joined we're integrated we think it's healthy for all three nations, actually, including mexico and nafta discussions, so we are hopeful others see it that way too >> have you heard or aware of % possible carveouts for canada? in any tariff. >> just what your associate handed me as the news story ten minutes ago. >> so there is no dialogue yet >> all over the place. we had a conversation about a lot of things this morning like steel tariffs, my colleagues across the government had conversations with others in the united states. it's a continuing conversation to make the case there's an alignment of interests in north ameri america, and we make the argument to people who understand it because they also can see in their own cities and states how valuable this relationship is. >> what's the secretary's position

what did he relay to you >> listened respectfully we have developed a good personal relationship over these years, and we know that we won't always agree, but we do know that we always look for alignment, and i made the argument that on steel, we're aligned and should be. >> do you believe or have -- does -- i won't ask you to ask what the prime minister believes, but do you believe there is much of this, if not all of this, is still a negotiating ploy to rework nafta? >> oh, i don't want to speculate on the tactics of a negotiator i know how negotiations work, and you probably did a few yourself you bring positions to the stable there are some issues that are more clearly at the heart of your national interest than others, but the name of the game is not that one country gets a better deal. it's that both countries feel that they got the best deal. >> do you think both countries win under current nafta? >> we think that agreement is good in the interest of all three countries, but needs to be

refreshed. we sit down in good faith. negotiators are working hard, and i hope we'll come out of all of this with a better nafta. >> do you think a new bill would be important to canada, if they reworked nafta what do you want from a new bill what's missing currently >> we want to access - >> we want stuff you want stuff >> access to the markets, dispute settlement mechanism so that when things don't go right, we have a mechanism that is approved by all sides to arbitra arbitrate. we think it's worked well, but it's been a while since it's been tweaked it should be tweaked, and that's what we're in the process of negotiating. >> minister of natural resources in canada, next year, we talk resources. >> good idea or the winnipeg jets >> not that. talk energy, not the jets. >> okay. >> so, bill, everything, very, very fluid as you can tell, michelle we'll see if it's negotiating tactic who knows. >> yeah, i know. tomorrow's noon eastern, high noon, we learn tomorrow what the president has in mind. >> a lot at stake for canada

thanks we have a news alert on wynn resorts. leslie picker has details. >> that's right, michelle. two out of nine directors plan to leave the wynn board monday on that same day, alvin would not stand for re-election, but serving the remainder of the term this comes as the board was subject for several shareholder lawsuits against the board's overfailure to address sexual harassment allegations against their founder, steve wynn, who has, of course, subsequently resigned shares looking about a third percent higher in after market trading. back over to you >> all right, leslie, thank you. we are just past 4:30 on the east coast here, and stocks finished well off the lows today with the dow down 82 points, had been down 350, the other big story, if you didn't hear, the weather, here's the weather channel's alex wallace >> another winter storm to deal with across the northeast,

dumping snow closer to the coast than the previous one did, a number of areas under winter weather alerts, warnings, in fact, in the cities from new york, phillie, boston, sliding up portland, maine, bangor as well this is the area where the snow is coming down, creating headaches for sure in fact, let's go through it here as we work on through the rest of day. getting into the evening, new york seeing snow, long island back into boston, continuing through new england through the overnight hours into thursday morning. we got several more hours of having to deal with the snow, and no doubt, will be adding up through your evening hours on thursday we'll be left with lingering snows in the interior sections of the northeast look at all the purposele, a fot plus in a number of spots leading to power outages >> sure is i got the boots upstairs for the commute. >> i live in that purple area. >> i know. >> i'm not going home tonight, i can't get there. >> staying in a hotel in new

york city? >> i am. >> if it was not lent, let's drink, but maybe you go out to contessa in lower manhattan. how is the storm impacting that area how bad is it out there? >> reporter: it's bad. the snow is coming down, and it's accumulating like slush on the ground here. you can see it's not that you're havingto tromp through a foot of snow or more, but it's that your feet are going to get soaking wet. we've seen that a lot today with the guys venturing out of the offices today. we're on the edge of the financial district the problem is this whole area of seaport district in lower manhattan depends on wall street guys come down, have lunch, keep theshops open. there's nobody out today talk a little bit about flight cancellations. there's been 2800 flights can l cancelled today. bad news is, if you have a meeting tomorrow, newark and laguardia have had 50% of the flights there, and newark is under a ground stop.

the conditions are so black. philadelphia, the sam thing. there it was not the visibility, but they said that the conditions on the runways was too dangerous to have planes land watch for that commuter trains cancelled up and down the coast amtrak cancelled up and down the coast. they're advisories on the freeway. they are telling people not to drive on the new york state freeway, and, in fact, warning about icy spots on these freeways that go up and down the eastern seaboard go ahead, wipe off the lens. see, sometimes you deal with the almosts as they are out here, so, as people are heading now home, they've got several options. they got the subway. we're seeing people with their umbrellas hunkered in. by the way, michelle, bill, you know how snow flakes stick on her nose and eyelashes why is that a favorite thing >> it's cold and awful >> yes, yes, i don't know. >> it's hollywood, you know? >> people in buffalo and south dakota are looking at you, like,

that's it? this is a nor'easter it's north and west of the city that's getting the brunt right now, so that's why >> reporter: yes >> thank you, and -- nice -- and thank you, contessa brewer let's get to the headlines >> it is bad out here. this is what is happening now. governor brown had very strong words for attorney general jeff sessions sessions is in california to criticize state leaders there for policies protecting undocumented immigrants. >> this is completely unprecedented for the chief law enforcement of the united states to come out here and engage in a political stunt, make wild accusations, many of which are based on outright lies that's unusual >> a group of students arrested on capitol hill for protesting outside senator mcconnell's

office calling for gun control and school safety measures after being asked to leave several times, police arrested eight people crews responding to a very large fire in an active construction site near denver. the three-alarm fire burning a five-story apartment building. flames and smoke seen for several miles, and unfortunately, an unknown number of people were injured we're awaiting word on their status you are up to date that's the news update this hour, michelle, bill, back downtown to you. >> thank you so much, sue. up next, fast money traders say whether today's big market swg aiginis sn the trump trade swg aiginis sn the trump trade is in trouble. that island without men or children would be nice to visit thing. buy an at&t unlimited plan, and get hbo included.

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i we worked with pg&eof to save energy because wenie. wanted to help the school. they would put these signs on the door to let the teacher know you didn't cut off the light.

the teachers, they would call us the energy patrol. so they would be like, here they come, turn off your lights! those three young ladies were teaching the whole school about energy efficiency. we actually saved $50,000. and that's just one school, two semesters, three girls. together, we're building a better california. futures auf toff the lows f last night, europe down lightly. benchmark yield around 285, adp came in strong >> this is not about a coup. gary has been contemplating some sort of a move for some little while, and i think the important thing is he made good contributions. >> there's so much money in the world, if you look at global, so

we're a believer you're going to see global inflation you're going to see continued asset prices moving higher >> he's playing a game with the american people and wants to get the trade policy right for the american people over a very long period of time >> the markets have been screaming for turmoil, right snwe needed volatility so this does not bother me at all tariffs, it was a bad idea >> dow jones industrial average rallying into the close, finishing lower by 79 points, but it was down 350. >> michelle made the rapid recap today. good for you stocks off the lows of the day after white house economic adviser gary cohen announced he's leaving his post. >> stocks sold immediately investors losing faith in a president many say uses the

stock market as a issmeasure ofs success? we are live at the nasdaq. guys, asking, is the trump trade fading here? >> hey, mcc, define the trump trade. there's many shapes. no question it's a market resilient, and if you want to -- talking about small caps, look at the iwm, representing the russell, very, very constructive price action today, and, again, a lot of stocks including the s&p have been trouble breaking through the 50-day, defining what the volatility point is for the market over the last three weeks, but, again, volatility lowest in ten days i would not have expected that this morning >> i'm a free trader this is disappointing, but i think the trump trade is on pause and maybe worse because for a few reasons. we don't know what the trade policy is going to be. we saw the back and forth today. the markets liked the changes that might be coming the thing that's helped the trump trade is clarity businesses have clarity and felt comfortable spending the tax

bill, obviously, a great thing for businesses, and we don't have clarity anymore we don't know what policy's going to be, so, for me, it's pause on the trump trade >> all right there you have it. karen and tim, warming up as they prepare for "fast money" at 5:00 >> thank you so much see you later. >> cryptocurrencies lower today, the commissioner on how this emerging industry may be regulated or not regulated "closing bell" back in two minutes. ♪ mvo: anybody can make a difference. it's easy to give back. it's just a little bit of time. ♪ ♪ i'll stand by you.

mvo: with everything that is going on around us and in the nation, we need to work together. we need to do it more often to help people that need help. ♪ ♪ i'll stand by you. we have a question about your brokerage fees. fees? what did you have in mind? i don't know. $4.95 per trade? uhhh and i was wondering if your brokerage offers some sort of guarantee? guarantee? where we can get our fees and commissions back if we're not happy. so can you offer me what schwab is offering? what's with all the questions? ask your broker if they're offering $4.95 online equity trades and a satisfaction guarantee. if you don't like their answer, ask again at schwab.

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cryptocurrencies plummeted after the fcc renewed the call for online trading platforms to register as exchanges. brian quintenz is the commissioner calling the industry to self-regulate. we have an exclusive interview from washington, d.c good to have you here. >> thank you, michelle, it's nice to be here. >> so, self-regulation, i think a lot of people listen to that and think, self-regulation means no regulation. what is self-regulation? would it work for cryptocurrencies >> well, i think it's important to understand the context of why i would call for that. if you think about regulatory authority generally, it's really between oversight authority and enforcement authority. the cftc only has enforcement authority over spot trading,

which is what we would consider the cash markets for the exchange of virtual currencies we don't have oversight authority. that's kind of a hole in the wall, a lack of jurisdiction, and in advance of congress making a decision as to who should regulate spot platforms for virtual currencies and how, i would suggest that the community come together and try to form some type of independent oversight regulatory body that has teeth, that can enforce some rules to add credibility to the market place >> uh-huh, and not to get into the weeds of how bureaucracies work, but for the average american out there who is not familiar with washington, if you had oversight authority, that means you could do preemptive rules, right you don't wait for somebody to break a rule and then prosecute, so to speak, you come up with preemptive rules before there's something to deal with >> that's exactly right, and

enforcement authority is after the fact, after fraud's been committed, go in, investigate, and prosecute. oversight authority is as you say, preemptive. it's registration requirements it's data and recordkeeping requirements it's cybersecurity protocol. consumer production platforms. >> right brian, bill griffeth, the residential skeptic with cryptocurrencies if you want the fcc stepping in, that squelches what the new market people want, but at the same time, though, regulations by the fcc lends a credibility that i think that business, that industry lacks right now what do you think? >> well, i think some type of regulation is good i think regulation can add to market credibility, and i think the participants in the markets want a credible market place

unfortunately, we'll have to follow the statute in our laws, and if securities are traded on an exchange, that exchange has to be registered with the fcc. however, if commodities are traded, fcc only has jurisdiction over exchanges that trade as derivatives on commodities, not the platforms trading physical commodities there's no oversight currently in the regulatory scheme for these platforms. >> commissioner, the commissioner of the fcc expressed skepticism calling these marketplaces exchanges that's why cryptocurrencies were week today, essentially this idea calling this an exchange gives impression to investors it is regulated or has formal oversight and sank ictioning is that an area to tighten up? >> i think that's exactly right. i think that everyone that trades products needs to know that there is no federal oversight over the platforms,

and i would agree with the fcc that i think some type of federal oversight is a good idea, ultimately, it's for congress to decide that, and we'll have to wait and see what they decide. >> you delexpanded on this a lil bit, but what does the cryptocurrencies world have to do right there to avoid washington stepping in and doing it for them? >> well, i don't want to say that self-regulation or any type of entity that the crypto platform would develop and preclude the government from coming in, but i think there's going to be some type of gap between now and whenever congress makes that decision, and it would behoove the industry and add credibility to the market place for the community to form some type of independent regulatory body that has teeth, enforcement, and impugntive powers to add protection to the market place

and give credibility to investors. that's good business >> i don't know that all the guys know each other it's a very strange, diverse community. >> they are having a summit, though >> you know how many summits there are? >> it's a young market >> that's a way to put it, thank you. good to have you on. >> thank you very much so s&p's buying a data service for $600 million talking to the founder next. >> you may have heard the name of the company coming up on "fast money," there's a dow component about to break out, and a top technician reveals the name and what's got him so excited that's coming up

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news today s&p global

acquiring artificial intelligence firm kensho in a deal valued at $550 million. it's the highest price bad for an artificial intelligence company. kensho will continue to remain an independent brand. >> we should point out that you probably know, nbc universal was a minority investor prior to the firm being acquired. joining us now is dan adler, and doug pederson who is s&p global president and ceo. good to see you both. >> thanks for having us. >> dan, our offer price wasn't high enough? what happened? >> it was very close and it came right down until the end but it was like the most recent super bowl, it was that close. >> you guys have been early backers as you pointed out and mark hoffman in particular, your president, has been visionary in seeing the way statistics can transform journalism, transform

storytelling. we were talking about data driven storytelling four years ago with mark and no one was talking about it at that time. so you guys have been phenomenal backers. >> we use it a lot. >> the stat boxes will continue. >> doug, why did you buy this company? >> we bought this company because we're on a path to ensure that the data and analytics and the bench mark we have are employing the latest artificial intelligence but to make it more tangible it's like employing techniques like how you get youtube, how you look at the google search. we need to bring visualization and search into what we do and daniel has been doing this for a while and has brought his team to s&p global and we're so impressed with what they do. the flip side is why did you choose us? >> yeah. so most people actually don't know this about s&p global but they were a proto data science

firm. that was the decision a very long time ago of a number of people who were very mathematically oriented to start averaging things and create index for things and measuring things and metricing them in ongoing ways. sounds like the cnbc stats box and all of the data science and statistical driven stuff we do very much grows out of the tradition of a very early version of s&p started alongside many others. so, that's a big reason in terms of the pedigree of the company, but really what we want to be able to do is focus on what we do best which is engineering data science and they allow us to have the resources to accelerate those things. >> doug, did he show up in a hoodie every meeting >> i'm about to get a hoodie. this is going to be the first thing i ask when we close this deal is a new hoodie that says kensho on it. >> daniel, four years ago, maybe it was considered to be a little cutting edge. it's an arms race in terms of trying to crunch every available

data point for investment edge. how can you be sure that you actually have the right formula, the secret sauce, the best engineering, there's so much capital and brain our now being deployed in this way >> well, there's a lot to being the first mover. it is an arms race. as you guys have been covering for four years since the beginning of our partnership, we were there long before everybody was talking about a.i., certainly before they were talking about it with respect to the financial industry. first mover advantages do count. the material differences between instagram and other products are -- we're not that significant. instagram was there a lot earlier than a lot of key products that had a similar feature. they gained a user base and followership and brand and traction and that ends up becoming a little bit of a se - self-perpetuating system. for us, we've been able to attract some of the top talents in the world and -- >> we got to go. i'm sorry. you know how it works on

television. live tv. we got so much time. >> this is live tv. it's new york city. is cleared up. it's beautiful right now. live tv in the background. >> what nor'easter thank you both. a busy day on wall street. the day after gary cohn announced he's living his job. >> we have lots of afterhour stock movers. we'll hit them next on the closing bell. experience amazing at your lexus dealer. wow! record time.s. at cognizant, we're helping today's leading life sciences companies go beyond developing prescriptions to offering subscriptions with personalized, real-time advice for life-long, healthy living. honey? you almost done? nope.

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exxon hit a 52 week low today and tomorrow you will not want to miss becky quick's interview with darren woods. let's recap some of today's after-hours news. costco missing earnings estimates. wind resorts announce the departure of two of its board members. resigning effectively immediately, alvin shoe maker will not stand for reelection and stocks staged a big comeback today after the white house for steel and aluminum tariffs might be made for mexico and canada and possibly even other companies as well. we will know tomorrow the president plans to sign those at noon eastern time. trade going to be the issue tomorrow >> i wonder if it's a wait and

see for the friday's job number. the market is very jumpy within this range. so we'll see if this rally has followthrough in the morning. >> that's does it for the "closing bell." don't move because "fast money" begins right now. >> see you tomorrow. "fast money" starts right now. live from the nasdaq overlooking new york snowy times conveyor. i'm melissa lee. tonight on "fast" crypto carnage. all getting smoked today and a major bitcoin exchange could be to blame. we've got all the details. it is the moment every one on twitter han waiting for, actually screaming for, we'll see if the favorite coin ripple. when we ripple be added to coin base. later disney's magic moment the company gearing up for a big