blanket tariffs on everyone. >> and now he negotiates back. >> and paul ryan is willing to say suddenly okay. okay and a way to get to middle ground >> you git the technical point here >> thanks. >> closing bell starts right now. live from the new york stock exchange this is the closing bell i'm kelly eveans. >> we'll be live to see if trump makes any excellents in light of all of the changes at the white house off just today we begin with the markets. everyone is a little bit lower we are on the floor. walk us through it all

>> yeah. we have a little bit of a problem. that is the market leadership is flooding a little bit. when it flutters the whole market starts moving take a look at what technology has done this quarter. we have attracted social media has gone up. cloud computing have gone up all of these are attracting a lot of money take a look at the main semi conductor. the whole market happened around 10:20 or so. we have two weeks to go in the quarter. they are saying we have done well let's lighten up a little bit. take a look. for day after day i have been pointing out new highs and they

have been moving up. we have seen marvel. it is up 27% land research up 22% or so for the quarter. they take profits. this is what i mean when we have a crowded trade. the other major market leader is financials they are 15% of the s&p. think about this, 25% it can and 40% of the s&p is two sectors. banks have done okay this quarter but only up about 5% once we did not start getting big moves up they stopped moving to the upside. okay with banks and most near 52 week highs banks have not attracted a kind of momentum players. be careful here. we go in with big gains in

teches back to you. >> thanks for that that is one tech name that is a beneficiary not going through. let's switch focus to the big news of the day. tillerson is out we are live with the latest. >> yes we got the news but tillerson just appeared at the state department and said he didn't get a call from the president until noon today it might explain some of the reasons why tillerson thanked a lot of people here today he didn't thank the president of the united states. she here is what he said >> i close by thanking all for the privileges serving beside you for the last 14 months importantly to the 300 plus million americans thank you for your devotion to a free and open society. to acts of kindness towards one another, to the quiet hard work you do every day to support this

government with your tax dollars. >> take a look at a time line. just over a year as secretary of statement it started to go south back there july. it was reported that tillerson called trump a moron it was july 20th he said he and trump had differences on an iran deal. it was something that the president sited today. the president suggested an iq test against tillerson in october. it doesn't indicate a lot of good behaifr yor and the president denied in november that the white house was planning on tillerson's ouster he was fired as secretary of state. there's a time line here that tillerson was made aware back on friday that there was some problems with his tenure and something might be coming. officials at the state department said he did not speak to the president

the official who issued that statement this morning was fired by the white house later today that gives you a sense of some of the tensions that surround this mike pompeo will be moving over. he will have to go through a confirmation hearing suspect democrats to really hammer it on the issue it is an issue he has straddled. it is that pompeo leads. >> and clearly gary was the first big name and now tiller stillerso as well. do you believe there could be many more on the way oit. >> we think there are more cht hope hicks and gary cohn are

still working in the building. you pop who have already resigned still hanging around here i think there's a feeling of nervousness right now is exactly what the president is doing. is he targeting one or two last week he put out that tweet saying there's no chaos here but one or two people i might want to get rid of still. we are seeing that playing out it gets everybody on edge. >> for sure. thank you. president trump landing in san diego a short time ago it is prototypes along the wall. we'll continue to monitor the president as he heads to view the prototypes we'll bring you an in depth look as it all gets underway here in a couple of minutes time >> switching focus brokerage declaring the bank stocks have rooms to run higher. the u.s. prepares a vote joining us now is chairman and

ceo. goof good afternoon to you. the senate advanced its bill last night this is focused on easing regulation, those with assets under 250 billion. what's your take does it do far enough and will it be a land mark moment for bapgs of that size >> it will be an important step, a step that is deserved. there is way too much regulation on small banks they dwindling because they can't afford the regulation. they have a very important role in the community it is a good step, an important step they should do more and it's difficult. they have bipartisan support it is positive >> on one level it feels like

deregulation is coming on another level you could argue it is getting tighter. we had the terms of the bank stress test come out a few weeks ago. they have gotten harder and not easier it is without having a material impact for their value. i think that's where it is going to be. they going to make changes

so there will be some changes but most of the changes will be on the small and medium term banks. >> i just want your thoughts as a businessman what do you think this all means? what should business leaders be prepared for >> they are to be prepared for everything and anything right now. this is the way trump operates you never know what he is really going to do. he bluffs. he admits that he bluffs when you don't know the basis. it is uncertainty. the business community doesn't like uncertainty

so it is a real problem. >> the stock market has done fine i guess i'm saying do you think they were at a real turning point. it has not done as well as what the economy has done he is negating some of the positive things and the tax reforms by getting into other areas that are clearly the tariff situation is negative politically, negative for economic policies and why would he do something that makes no sense. it is negative for our relations with our allies. now, i want to separate that with what you started with earlier about things in china. those are very valid

everyone in the business community feels china does not have fair trade and if you emphasize the fair trade it would be okay. you know, he is putting tariffs on everybody and everything. it makes no sense. >> okay frm tha thank you very much for joining us >> as things are adjusting investors over at cvs are hoping they will of etna. we have the latest >> shareholders voted overwhelmingly in favor of the merger one week after they successfully raised over $40 million. aetna has been trading below the deal price some are wondering whether regulators will approve this merger david says in this case he

thinks vertical integration fits with the trump administration's goals. >> they want to have more innovation and they want -- and they believe that is the key to taking control of the prices, to making things more efficient i think they also understand that the world is changing >> yeah. big changes when you look with ci cigna's bid and now announcing the stake in pharmacy benefit manager. they worry that the justice department could conduct a dual review of mega deals here. s&p analysts says the difference this time is that the mergers wouldn't result in fewer snu insurers, just new combinations. we'll talk about this next week

at the inaugural healthy returns conference as we are seeing a big and huge change in landscape and health care. >> thank you much to discuss there. 45 minutes or so to go the dow is down 141. we are moving towards session lows >> so the closing bell is just getting started. still ahead today, the companies poised to benefit if trump gets his wall on the u.s. mexico border. plus the renovation on your house that will mean the most money when you go to sell. this is the closing bell live from the new york stock exchange with kelly evans

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we have a look off of the nasdaq dick's sporting goods. the company posted a decline and that stock is trading higher at 1.6% more retailers are on the move as well. tiffany, kohl's were of outperformed we are near session lows at this moment >> we had news on apple. what's going on josh >> kelly, we have news he is not in coopertino. he is apparently on capitol hill apple is not responding why the

executive is there he makes his way to the capital and speaks with policymakers it is interesting. nbc news confirmed he is grabbing lunch with warner he obviously has a lot of questions including questions about bad security on connected devices. perhaps the two dining and chatting about that. back to you. >> keeps a lobbying basket and they are the ones that outperform by the way, what did it hit? $925 billion >> 1 trillion. it has more instead of moving. >> for names like home depot and

lows what are your returns and what will you get back we are live from a project in dc with some answers. >> well, it is remodelling mag se magazines. it tells you if you saw it it estimates how much return you'll get on the investment. so 2018's remodelling return is your garage door replacement it will give you 98% of your investment back. second, manufactured stone and it is a steel front door others are a deck addition and minor kifrpen remodel. if where you plan to sell soon do not go big on the kitchen

>> things like kifrpens, bathrooms you'll probably get 60 or 70 cents on the dollar. things that are more decorative you'll get a little less on those. those will be things you want because you'll live there 10 or 15 years and you want it to look a certain way. >> it's a big change from last year why? because the cost of labor and materials are skyrocketing and that shifts the equation as with everything in real estate it's all based on location if you're in a local market you're going to get bigger returns on those investments than you will in the midwest if you want to see more on remodel returns it's all on cnbc.com >> put that graphic back up. we are like two for five here. we did the garage door but i

just thought i was doing a cheeseys a thetic. i didn't know it was such a good investment >> people are very into curb appeal you're also going into smart garage doors where you might be able to add security to that sit a low cost, high value return >> thank you very much for that. not to ruin your investment but it's still below 100%. >> yes if i did it for the pretty carriage doors i wouldn't have got anything out of it the smart home stuff, i can get that we have experts around here on that >> we have just under 40 minutes to go. we are down 0 ppt 6%

this is a reversal of last week and today. leading the market lower for once we'll head back out as president trump gets set to vie the first official visit to the state. >> also voters are hitting the polls in a congressional election and it could have political impacts. all that and more when the closing bell returns hey, need fast heartburn relief?

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welcome back the first significant step and this is of course his first official visit in california, the first state visit since he became president we are standing by with more on the visit as it is continuing. >> reporter: hi. on a day president trump is making news on a lot of other topics he is also visiting that all important campaign theme of

immigration. right now this is the existing wall and of course as you mentioned, we are watching video of him about to tour the prototypes on his first presidential visit it is known as the epicenter we caught up with protesters that are outside the existing wall here. it is criticizing immigration policies during his visits he will be taking a look and at the beginning of the year the administration asked congress for $18 billion to pay for building or reenforcing about 700 miles. earlier today the president tweeting california's sanctuary policy are unconstitutional and put the saferty of our entire nation at risk the department of justice filed suit for some of the immigration policies earlier this month a judge ruled the administration's favor to with hold a $1 million grant because of sanctuary policies.

jerry brown pinned a response saying in this state in california we are focusing on bridges and not walls. it's not just immigration that the two sides are clashing on. they have filed 28 lawsuits against the administration on topics ranging from environmental registrationlat n environmental regulation to health care. president trump makes his trip there to california for the border wall. >> and the prototypes continue to be inspected and whether he discuss that now as well as the big news from washington which was the departure of rex tillerson. we learned he will be replaced by mike ompeo.

do you expect it to be completed? >> the trip is entirely political. it is basically a campaign trip emphasizing his wall, immigration policy he is not meeting with any elected officials. they are all democrats a big fundraiser raising money in beverly hills there are a lot of wealthy re republicans there. the federal government and state are at war i was there and we had a healthednesshealt healthiness. so the trip is basically a poke in the eye to california i don't think it's much

substance. i don't think that the wall will ever be funded maybe parts of it but there are no compromise in sites the wall, border security, i think immigration is just straddling right noucw. i think it's a bad thing >> it's not moving much. there has been a lot of movement what do you make of the changes at state what do you think bringing in pompeo will mean for the country? >> well, i'm very concerned. it's a departure and there are too many personnel changes this one is most significant this is the nation's chief diplomat it is head of national security team it will take him at least a month to get confirmed there will be a transition i think he was a classy guy.

>> yeah. he clashed on pretty much everything there was no confidence that this was somebody that really represented the president pompeo is going to take at least a month to get confirmed he has got to get up to speed. s he is an intelligence official he has to learn about asia andi loam si. he has to learn about many issues i think the good thing is he has chemistry with a president,

which like rex tillerson did not. they had different styles. they had different kind of mentality and approach the diplomacy. what troubles me is this is an unceremonious departure. this negotiation, the lead has to be the secretary of state and it will take a while for a transition and confirmation. you know, maybe put it off 30 days i just don't understand why there is such a rush to move ahead. do it right. do it with a full national security team and today the head of the national security team was unceremoniously fired. >> what's your view at the clashes that are taking place at the moment over that potential poisoning of a former russian spy that had refuj at the u.k.

it sounds like at the moment based on comments from president trump that the president is likely to back u.k. prime minister do you see it escalating in a risk between relationships with russia >> yes i think this was another reason for rex tillerson's possible oust their he clearly said it was a russian nerve agent. he said very likely and it seems the president, you know, on russia, he doesn't want to take him on he doesn't want to take putin on this was eat source of tension between tillerson and the president. let's back our chief ally. i think the everyday is fairly clear. you know, the president many times did you want want to take russia on. he doesn't want to take putin on >> he said in the meeting

earlier last year he was talking about how relations were at an all time low >> as much as he might be reserving it doesn't sound like he is afraid to call them out if he needs to, right >> well, i haven't heard the president be very tough on russia i think he needs to on the election he contradicted the intelligence agencies >> we are going to listen to the president. sorry to cut you off trump is making remarks. >> people say no walls if you didn't have walls you wouldn't even have a country the state of california is begging us to build walls in certain areas. they don't fell you that we said we won't do it until we build the whole wall there are certain areas they really wanting us to build the wall people are complaining that people are pouring in. they don't talk about that

>> reporter: [ inaudible question ] >> you to know what's on the other side of the wall a preference is something like that the problem is you don't know what's on the other side of the wall if you don't flow --know -- you be 2 feet away from a criminal cartel and you don't even know they are there we have equipment to take care of that, x-ray equipment that's the hardest wall to scale. it has a lot of assets but what do you think about the importance of see through? >> i know what's approaching before it approaches we have great partners in mexico with law enforcement on that side i don't get the opportunity to get ahead of it if i can't see it approaching >> what's the danger are of not having see through >> the steel metal fence behind us, in the 90s we found that smugglers were using the fence to hide behind or would acquire

large groups and just rush across the border. >> and if you just have a pure fence but coming up i notice how many holes are in that fence they fix the holes but it doesn't look very good they patch it with more fence. you look at the fence. it's a very powerful fence not doing the truck because they cut holes and then they are patching holes all of the time. you have hundreds of holes cut in and patched so the fence is not strong enough. it is not the right idea for thosepeople, if you don't have a wall system we are not going have a country there's a lot of problems in mexico they have a lot of problems over there. they have the cartels and the cartels, we are fighting the cartels and we are fighting them hard nobody ever fought them like we fought them. we fight them hard the fact is if you don't have a wall system. >> it is very hard to control.

it's a combination >> so we are looking at the walls. we have some see through capability if you don't have some see through it's a prochbblem we'll take a look up here. >> that was the president of the united states saying the importance of having a see through wall >> not a fence >> not a fence which has too many holes >> also saying if we don't have a wall we are not going have a country. if we don't have a wall we are not going to have a country. >> well, i totally disagree. i think he is still on this campaign issue of building a wall immigration has been a big issue for him. you know, these remarks are going to antagonize mexico again to say they won't pay for it i antagonizes california california officials, almost

every elected official is against this wall. i think it is frightfully expensive. what i would like to see, any border governor, more border patrol agents, more security across the border, immigration from mexico has declined i think the increases are the central american refugees. i think it's an ill conceived policy he is highlighting it big time >> does new mexico have a wall governor >> we have part immigration has declined i was a border governor. it's declined across the border. it's still an issue. we do need more technology, more drones, more border patrol

agents a wall is impractical. >> all right we'll see the president pushing it hard. thank you for joining us >>. >> idon't know who organized the prototypes >> and again, if we hear anything further especially on the personnel i want to bring this to you. >> so often the markets, the dow, s and p and nasdaq all just hit session lows we will keep an eye on things. >> while the president is on the west coast today a huge story takes plague on the political front. john is outside of pittsburgh. voters head to the polls for a congressional election john has more on that to come. >> they are voting behind me at this catholic school in southwest pennsylvania one of the reasons we have been watching this race is as a test

of the power of tax cuts as a campaign issue to help republicans keep control of the congress it is clear that it's helping hold some republicans like tom, a small businessman here in the 18th district. >> it absolutely benefits me i think it benefits the economy. >> saving about 3% marries filing jointly 24% off so for me what with i went through is a big relief. more money in my pocket i can try to grow my business. >> democratic candidate has erased the lead in the polls, taken a slight lead himself by neutralizing the issue saying he supports middle class tax cuts and appealing to suburban

voters, especially women who care about others as well. >> the size is not all that important to us. you floknow, it's where ever th money is needed is where it needs to go. we have two young kids starting in the public school system in the next couple of years we want those schools to be good >> the biggest sign is not packing the punch. they are going after on issues like crime and immigration and not on tax cuts in their late advertising. >> thank you very much for that. on is outside pittsburgh still ahead blocking the takeover of qualcomm, what does it mean for the future we have a special report on that as markets in their session lows

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>> so let's start from the beginning. the beginning was all about cpi. you saw the market rally and then with tillerson headline it goes back to where it started and now the next leg is the deal, the tech deal that was cut out. now people are reading into what does that mean going forward does that take out the tail winds far lot of perspective i think that's why you see people taking profits in the performer of tech. so people are acting first, asking questions secondment i o

>> interest rates have settled down a little bit. dave, i know you followed the bond market quite closely. were you expecting this to be at 3% already if. >> i think it is front loaded. we had the employment number come out on friday which was positive didn't show a lot of inflation he sort aof reaffirmed that wage growth to get over 3% and really figure out what's going on with central banks and what's their plan and policy later in the year >> what's your view of that? what do we need to see to get there? >> i think it will happen in front of one of the fed meetings we do have one coming up there is always sort of an ekg pop in rates when you get in front of some of these meetings.

i do agree with dave though that cpi today wasn't by any means cold but it certainly wasn't hot. that is the point. i don't think they might have the horsepower to make that poll like cpi does but retail sales may. i do think that we will get closer to 3% it isn't a huge deal but i felt like we would have touchd it by now. i remember reading an earl in the new york times in november where his own admission was that the priority of his job was department reorganization. they offer 25,000 buy outs for early retirements. there were diplomats this was against both sides who weren't in agreement with this i think that is where the president was strongest. i'm not sure that this is being looked at the way it was

intended that did you want take away the market's view of it. i think it merits thinking about the build up over the last eight to ten years >> are you concerned about the exits last week? >> it's trump being trump. the market has been desensitized from that. i think it's more about how you will position it and what will benefit in a rising rate environment. so taking a look at some of the structured products that are interest rate sort of resilient to timeshare receivables, sub prime auto type transactions there thanks very much we have got 30 minutes to go we are near session lows now 207 down on the dow. nasdaq still down more than 1% s&p is down about 0.86%.

>> sub prime auto. i'm thinking oh, my lord we'll hear from the analysts who say it should short despite new tariffs. it is down nearly 8% we just got married. we're all under one roof now. congratulations. thank you. how many kids? my two. his three. along with two dogs and jake, our new parrot. that is quite the family. quite a lot of colleges to pay for though. a lot of colleges. you get any financial advice? yeah, but i'm pretty sure it's the same plan they sold me before. well your situation's totally changed now.

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dow is down just under 200 points news came out about possible new tariffs. you can see the nasdaq down more than 1% there. wealcomm down more than 5% 'll discuss whether it is nearing a ceiling. we are back in a couple of moments. ♪ 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.

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rex tillerson's departure. we have come off the lows having come a half an hour ago. qualcomm down and fearsover less consolidation. health care the best quite a few other names doing well health care is not in fact on that health care has done well. looking at the dow itself are some most notably intell we have got gains for intell some of the health care names doing well and pfizer. this follows the europe close sh was much close than what we were looking for. other quick points, crude is down getting close to $60.

>> so this is about a very overstretched sector and approaching the end of the quarter. today we saw at 10:15 or 10:20 they start selling off why? you can argue about why but they are very overvalued right mow. traders are up 20 to 30% all it takes is a little bit of move to the downside the rest sort of stops going up. the other sectors that have been doing well also stopped going up we have had big gains this quarter. others like the social media here is the social media stocks. there is cyber security. had 15 to 20% gains fr >> and another turn around from

yesterday. also they have run up. >> yes they have stopped going up they are not momentum problems i don't think it's a long term problem. i think they are a little. >> we are down 151 on the dow. we have improved about 50 points in the last ten minutes. the nasdaq down about 10%. ringing the bell here. cbs ringing the bell at plya hotels >> thank you w welcome to the closing bell. dow is down over 20 points looks like some of the reports about more tariffs on china pushed us lower. the nasdaq composite was down

1% the nasdaq is worst performer and also down about half of 1% today. by the way, the worst performer was qualcomm you would have thought it would have been the big story. it is one of many. we have cnbc and dennis who is managing director. you have started now is it official >> i started >> when was it is first day in the office >> a few weeks now >> it has been great >> as he says diplomatically >> the biggest loser was ge. ge was a big winner and today shed nearly 5% pg and e the big winner. qualcomm down about 5% this should have been -- guys,

last night was an extraordinary announcement gerngs we are barely talking about it because so much es has happened what is significant to you >> if you didn't have any headlines you would say this market kind of needed a rest the nasdaq 100 which is the big caps hit a new high this morning and gave it up i do think you had the backdrop that could use a breather. i think on a net basis it did wear on things as the day went on, not just kind of the more messy turnover but also the idea that harsher tariffs will be ordered by the president it doesn't help. i wouldn't say you want to react too much to it we have given up over half of fridays big jobs report. i think it is still in the zone and figuring it out. >> was saying that the president had a proposal for about $30 billion a year on everything

from intellectual property and that sort of thing and then said he wanted more we look as the nasdaq down 1%. we know that the next battleground potentially is more ip centered is that why you think they are struggling here >> it is probably the u.s. u.s.'s strongest export. when you look at the tech sales abroad to europe and asia they are significant. they change as a country towards those issues they made a lot of headway not total headway producing some of the microsoft hardware but there's a long way to go.

>> what does it mean for the industry >> i look at it a little bit differently. people don't think about it this way but it's this. when you say a company can do or can't do a certain thing you kind of in the end start to model the tactics of your adversaries. even though they may not have the national champion it sort of starts to move national champions. >> are you saying we are imlating them? >> not by choice but by circumstance it has its repercussions >> what would you say about all of this? >> listen, the specter that

should be closely monitored. i think it's a step to really stop this deal the next one is the one we'll have to watch. we have to watch the white house. if it has a chilling effect it will spill its way into the marketplace. >> we have talked to him act stocks that have been back on track lately where do we stand now. is there a floor or ceiling? if you go on the fact that there's recent lows. if you think that's relatively safe right now what is your upside is now the kind of

parallel question. so trying to go through this, if you look at where they traded on a multiple basis on january 26th, if you put that same peek multiple on what the 2018 estimate is right now it's gone up you basedly gically get to s&p . >> if we could pop back up to that which for a home they tolerated then let's say you could define 3,000 if a lot else goes right because bopds had something to say he said no not for now. i think there's a narrow path back up to that level. it makes sense to think about what the two way risk so to speak is for stock >> so you're saying it will get to 3,000 >> i think it's the upside risk.

if you're saying i think there's a chance we pull back is it worth my while to take risk in stocks i think the upside could be around 3,000 which is a 4% involved where we were before? >> yeah. >> wouldn't be there in a straight line. >> yeah. i continue to be bullish about it not being we clicin the nearm we have to talk about higher marketing. i think it's a great backdrop for the rest of 2018 >> although it has been tamed for a month now. today stocks got no help from it it is something in the backdrop.

this is the big news gary kr gary cohn resigned last week what are they taking us and joins us to how they will impact the market dan, glad you could join us. what do you think the significance is of all of these changes? >> well, there has been a lot of news today whether personnel changes and there were data releases today business confidence, highest level for ceos highest level cpi restrained all of that is positive. if these tariff discussions begin to impact confidence of consumer businesses we begin to start worrying if you see somebody like secretary mattis who is seen as a strong advocate for geo political risks then it becomes

more problematic i don't think they are big for the markets. that's what we saw when the news headlines started to hit >> and you were saying you were surprised there wasn't more of a reaction >> yes and so free market, free idea, free world has been put an asterisk on top of it. i think there is a case to be made to be tough on china but nonetheless a reor yenting of our place in the world >> and it goes back to what you were saying which is what happens on the terror front with china. what do you think happens there if you're doing $30 billion or more across a wide range of industries >> number one we are going have

$20 $200 billion of tax cuts this year we are talking about $40 billion. in context it's relatively small. from a perception basis i can see where it is coming from. i believe it was leaked out. secondly, because we are in negotiations with the chinese we are trying to get to some sort of negotiating solution. the president understands clout. he believes he has clout and he is throwing it out there and trying to get a better deal. i'm not as worried about the headline it is a ris fk it begins to escalate >> especially yesterday when it was part of the mega industrial can't do well under this current

environment. >> it could be overblown i would pan out and say what were the top two things investors needed to know they were deregulating and you would probably get a big corporate tax cut. it was all to the good what are the top two things you need to know this year it's a chance for potential height and trade tensions and whatever other sort of distra s distractions happen. i think is policy a friend or potenti potential hindrance right now. >> and so it's not mid-sized companies bringing in foreign re revenues i think it is more outsized than it might have been a decade ago.

you talk a good point about technology i think it's the bell weather. think you'll get a great bell weather. drop boxes on the road right now as all of the investors know that's a real bell weather there's a bunch of tech heavyweights to go public this year i think it's a real important thing to watch for the market. these are some of the name brands if you see those working well i think the health of the tech market will no longer be in question i think you'll continue to see fresh eyes >> before we let you go you have sort of given us a broader context of what's happening on the terror front what if there is a bigger announcement from preventing china from accessing u.s. technology does it start to get more significant for you?

>> i think if you don't give us access to the chi these market we won't give the same access. think about it from where is the potential greater upside i think the headlines will be negative as it relates to china overall. our clients are starting to look for more domestic based income you're seeing people moving away from large cap industrials and s some of the retail companies >> and we saw that again today >> thank you >> a lot more still to come on the closing bell

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>> welcome back. steel down 8% of a vertical group on the belief that the benefits are already bethiend company. joining us is gordon johnson thanks for joining us. >> thanks for having me. >> do you think there's not as much as meets the eye here >> we think what's happening is two prong. number one we think there was too much good news priced in effectively it has had a bid under it >> how much have the shares gone

up >> they have gone from 20 to 44. if you shorted stocks on that decision you would have made a lot of money george w. bush had to make over 700 exemptions because the u.s. hasn't produced enough steel. >> they were in place over eight months he had to make so many exclusions the steel stocks got hit pretty hard. u.s. steel, the reason it is important is it should have added 223 million. keep in mind, when they last

gave guidance they are 850 today. the costs are up a lot they are not benefitting from the higher steel prices. if trump has to implement you will see the earnings go down through this year. >> you mentioned a price the perception is these will create pricing umbrella. it would seem that the swings and the underlying price are pretty dramatic as it is there is no guarantee of a profitable outcome even if they stick. >> one of the key driving forces, not just u.s. steel stocks has been global growth. if you look at the countries that are exhibits positive prizes, in the middle of 2017 it is indicating negative we believe the big stimulus in china, you're not going to see that last year we think it will hurt the global

committee. >> and he said wait a minute are you telling me this is bad for u.s. steel are they worse off today than they were before this announcement or is it a relative value kindov of thing? >> let me explain, when obama was in office he gave tariffs but did it in effects. trump is coming in and doing this nuclear tariff. the world is focused on this if you look at the last time we saw something like this it because very bad thing for the steel mills. they will not argue for protection uchl. they will have to compete. >> what would be the best possible move out of washington from the standpoint of the prosperity of u.s. steel >> right i think they should force steel mills to get rid of excess capacity u.s. still mills is one of the least efficient in the world it was created after world war

ii it should be a steel mill taken offline. is it because they produced so much that it put everybody else in this situation? >> keep in mind, china was a big boom to u.s. steel companies five or six companies. the reason why you have so much excess capacity is because china has done this mas ifr stimulus >> right >> so it because big benefit back then. you can't have it both ways. there were they more guilty on

that front of the dumping and about the aluminum piles that were found if you are trying to hold them accountable is that why we got ourselves in this situation? >> i think the answer is there has been durchimping. if you look at roughly 20% were from china i think we need to take excess capacity offline like others have done. >> it sounds like a challenge. thanks for joining us. of. >> thank you

lemgd dare baseball player getting back in the game for a new special that is helping a former alethte he will going us right here to discuss that coming up

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>> welcome back. we were down 171 on the dow. it was 230 at the very bottom there. we are down about two third of a percent. the nasdaq shed 1% today kw let's check in with saw. they say a russian businessman has died in london reports on the british and russian media say he buzz found dead at his london home. investigators are looking at the unexplained death. >> blizzard conditions whips through slams into new england some could see up to 2 feet of snow more than 1,500 flights have been cancelled

the united states spends more than fwies on health care frm the new orleans saints signing drew brees to a two year extension worth $50 million. 27 million guaranteed. the contract written as a one-year deal with a team option for the sec with a no trade clause got all that that's the news update back to you. >> my favorite home is when his kids were fighting at the pro bowl >> 39 is young for a quarterback these days keeps getting stretched. >> yes he'll be playing to 41 >> thank good ps for those of us who are also getting stretched >> i'm rooting for all of the

oldies so to speak >> i meant them we are teasing you >> i better go before i get many more trouble let's get to more stories. tillerson is maybe one of the most respected executives. i. >> rex and i have been talking about this over time we have got along quite well we disagreed on things >> stocks are volatile today perhaps reacting to major developments out of washington >> it is during a time the

country continues to face significant policy and national security challenges. >> dow down around 200 points. we are in the final hour of trade. >> initiated coverage today. everyone from tiffany to tjx >> dick's had cautious things to say about under armour i this i the stocks held up. this question is a big deal. the market is telling you nike over under armour. >> well, it has been wrong far long time. it has been right for the last

year, year and a half. i don't see it going forward >> it's a two horse race especially in the athletic apparel. it seems to be the best bet for u.s. investors >> under armor isn't cheap you could justify that when they were in growth mode. they are no longer in that growth mode. >> i guess is question is can you ever legitimately expect the stock to look cheap before it

turns? it will turn long before it gets cheap. maybe the worst is over. what's the next -- my question back to you would be what's the next catalyst to get one going on especially if we are on the tape where you could speak to it as well. >> why so? >> a lot of big napmed reversed we saw a similar one maybe it is running out of gas >> i just want to say we are talking about it you think about retail and that's how you started this conversation i think there's two stocks you don't think about. they will drive the train from here on out. that is home depot and walmart both of these stocks are down.

home depot down about 15 to 16%. these can't get out of their own way. these are in the space outside of amazon. so to me i want to keep an eye on these two stocks. this little bounce you had today was people looking for some kind of bargain hunting none were for the direction of detail >> fine. they are not on the credits list we'll say we want to hear home depot and walmart. >> and nk time somebody else covers those stocks. >> we got go >> all right thank you very much. always a pleasure. catch owl aft fast money action coming up at 5:00 p.m. eastern >> we are kicking off our new series today it is the dash for amazon.

it narrowed down candidates for 20 cities and regions. now we turn to make the pitch. 14 of them have sent in their pitches. you can vote for your favorite cities in the coming weeks they will go head to head on tuesdays and thursdays. you can see the march madness play here. >> okay. >> our first face off is chicago and miami. tom leads off to make the case for the windy city >> hey, this is tom from the chicago cubs we look forward to you choosing chicago as the location for your new headquarter. chicago is here in the midwest, one of the most liverable cities in the world and a deep supply of young talented people ready to go for you.

on top of all of that the best ballpark and the best baseball team what else do you need? >> well, next we head down south to miami where a special guest pitch for amazon >> it's also a place where we can get serious. we are number one in start ups in the nation. we have a tremendous population of people that are bilingual not om do you have a young mayor that wants you to be here but miami wants you to be here as well >> where was the special guest let's bring in our panel of

judges five points a piece for a total of 15 points today he was also the former director of enterprise services. jason shifting around there in the middle jason larry mayor of stonecrest, georgia. john, who gets you points? >> i have to give it to chicago. it is all about access to talent i think chicago, the university base there and ability to recruit is happenends down

>> okay. let's get to your point. >> miami happeneds down. amazon has unlimited access to capitol. it isn't about what the city has, it's what the city could be young people do not want to live in chicago they want to live where it is warm and access will make a city like miami the big winner. chicago is corrupt, in debt and it's cold. that lake is no bonus for anybody. >> geeze >> plenty of great people in chicago. they all want to lever, trust me >> here is my take on chicago. wh who was this guy they picked to do their pitch miami all the way with their talent, dry verse diversity.

chicago? no that's okay. >> he is only the owner of the cubs, mike >> if i'm not mistaken an omaha guy transplaptnted to chicago. >> maybe 4he'll refine his elevator pitch every day a report of them kind of in a fresh line of business at the same time a lot of towns and cities are blaming them for their own downtown retail. should everybody be so quick to say come on into our region? >> yes

it's all going to be delivered and super smooth and easy. if you look at amazon's current headquarters i think you want complimentary city where young millennials can take selfies you're not taking any great selfies but you'll have great night life and great art it is just an incredible anchor. in chicago amazon wouldn't be the big fish there in miami they would be the begin and end. they have a great latin american connection it will be fantastic for it too. i think miami is a great draw for young talent this will take years to build. this sais about the future. >>. >> i can't believe i'm defending chicago and seattle.

i bailed and moved to southern california this is all entertaining i do think the latin american access is a real factor in this for miami. it is about technology talent. >> all right let's get your scores. >> he does not want to go to 18 degree cold weather. >> who cha what were your scores >> for chicago city fundamentals at 4 for a total of 11 >> wow >> how about you >> i had miami at x factor

miami, so i think 10-9 if my math is correct. >> and mayor >> total for each, chicago was 4 and total for high miami was 9 >> thank you very much >> thank you you can vote for which city you think won this round at dash for amazon dot cnbc.com. voting closes at 3:00 p.m. on sunday are you going to vote? >> i probably wouldn't vote. i have strong inclinations it would not be miami. >> check the next round this thursday pittsburgh facing off against

philadelphia don't miss it. newest prime time show debuts tonight alex rodriguez joins us with how he is helping manage their money. closing bell is back in two. it's having the confidence to create the future that's most meaningful to you. it's protection for generations of families, and 150 years of strength and stability. and when you're able to harness all of that, that's the power of pacific. ask a financial advisor about pacific life.

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$133,000 is what you need between both of you you're making $26,000 >> wow >> i knew it was a big hole. i didn't know it was like that that is -- just to see the numbers and break down camps you off guard. that's incredible. >> all of this is fixable if you're committed and disciplined. >> are you in? >> definitely in >> joining us now from his home. is it one of many homes? did you hear that miami segment? you should have been making the pitch for amazon's second he headquarters >> it worked owl well for jeff and myself who went to high school about a mile away >> wow thank you for joining us from that great city.

how do you get a sleets to open up about their finances when they finances are not so great >> you know, that was a very challenging part of the show was casting. the folks did a great job of interviewing dozensov of athlets and did a big time search to find joe smith was a really good guy with good intentions that ran into tough luck. this goes beyond athletic field. it goes into real life >> it's a fairly familiar story of athletes at a young age not sure how to deal with it and don't end up with much when they get older. it is easy to say you should be smarter about your money what about athletes you're talking to who are in a position where it's difficult to fig where you a

figure out how they when the only thing they would be doing in life they can't do anymore? >> if you think about just taking major league baseball most make 80 to 90% of their money from age 20 to 30. the career average is 5.5 years. less than 5% have college degrees. with that information alone i would sthoohort that stock. he has to work just as hard now that he's not playing. athletes for the most part spend all of their time building their 10,000 hours you have to do the same thing so you protect yourself >> even the ones who went to college, that experience is probably not so academic i wonder shoul td it be on the league to kind of force the players to do something or is it -- is there a role? we hear a lot from the guys that say this is important to me. i want to go and talk to these teams and try to help educate people so they don't end up with

ba bad managers who do you think bears the responsibility >> it is easy to point a lotover different ways i know major league baseball does a good job educating their player we have a $10 billion industry in baseball. it'sbaseball it's healthy but athletes have to understand no one is going to do as you do for yourself so it's important to know the numbers, know your spending, know how much you are making, and understand that your careers are going to last probably to 30 the question that you have to ask yourself is what happens from age 31 to 80? >> i think, too, look, the numbers are staggering we talked about drew brees special situation, i get it. bullet in the nba you can make amazing money not necessarily as one of the top tier guys necessarily. is it by the time that i don't know what they take home is not as good as that headline number, alex how do you go through so much money and come out with nothing basically. >> again, you have to look at

what happens from age 20 to 80 and only a very low percentage of that are you going to be making good money. if you have to think about the long term, and what happens from 30 to 80 is a question we have to spend most of our time on i wish we had a vehicle that athletes early on could put money away for you pay money to the u.s. government and you make a oops fund where you put 10% of your money and you can't touch it until you are 45 because we have to make a bet that they are going make better decisions at 45 than they are at 25. >> what about that guy who is 45 and has to restart what's the process you would recommend for them to go about. >> our job is to go in and teach them how to fish and not give them fish. for me it is a process a helpful thing has been surrounding myselves with board of advisors diversified in

gender and age and expertise you are not going to have all the answers. surrounding yourself with great partners is something that's important. >> i like the oops fund. alex thank you for joining us. looking forward to seeing the show later >> thank you kelly and mike. >> that's alex rodriguez from miami. you can catch the premiere of the primetime special back in the game tonight at 10:00 p.m. eastern and pacific on cbs. breaking news. on tariffs once again. what is happening now. >> reuters is reporting president trump is getting set to impose tariffs on $60 billion worth of goods coming in from china. he is going to target the technology sector in particular. it might spread wider than just the technology sector. we are waiting on some of the details here from the trump administration on what exactly they have envisioned but you remember last week when the president announced those steel and aluminum tariffs he said this is just the first stop presumably he had a number of additional steps in mind this may be one of them.

politico reported earlier today that the president was considering $30 billion worth of tariffs. but that was presented to him, and he said he wanted something that was in a little bit bigger. now it look like they are settling in on the number of $60 billion. and this gives you the sense that the protectionist wing of the trump white house is in the ascendant see given that we saw tariffs last week, discussion now on new tariffs to china today and we saw a move on broadcom/qualcomm, the committee on foreign investment in the made to making an evident to block the broadcom acquisition of qualcomm this morning a lot of steps here ointing in the same direction, more protectionism from the trump white house. >> it may have sent stocks to their lows the dow is down 171 on the bell. come up on "fast money," tech got crushed today. the nasdaq was the worst perform, down 1% the pain m be ayfar from over. we'll explain why. we'll be right back.

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dow dropping 171 it was down 230 points at the lows the final hour of the session today onnan early reports about tariffs that we just told you may in fact be coming on china today. twitter's cfo is weighing in on the president's twitter use in our sound byte from the future right after this

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before they're out of the house. spend your life living. find an advisor at northwesternmutual.com. all the news that breaks on twitter every day. i'm blown away it's a lot of what attracted me to the company a sense of mission, this is where people go the find out what is happening in the world and it's where people go to break news as well. >> that was twitter's cfo with jim cramer tune no to mad tonight to catch the full interview what were the shares >> today they were down 4% to 34

they have been on a tremendous run. people said if only twitter can figure out a way to monetize it. now they are getting credit for being about to >> they haven't made any major business model changes >> no. that's the point the market has decided there is strategic value now is so much greater because of the success. >> we look forward to hearing more from the cfo. that does it for "closing bell." "fast money" begins right now. >> "fast money" starts right now. live from the nasdaq market site i am i'm melissa tonight on fast it's crypto purgatory all over again as bitcoin hovers around $9,000 but there is a hospital record core company and one coin that could send to it the moon. plus trouble for tech stocks roger mcnamee says one stock will feel the brunt of the brouha brou