>> shout out to johnny oh, we love you thank you for watching. >> what's your final trade. >> oh, intel because stock has held up really well. >> american water works down 10% new cycle. >> google. >> taking twitter go higher. >> that was one of the questions. that does it for us. power lunch begins now >> indeed it does, scott, thank you very much. welcome, everybody to a thursday edition of power lunch last trade day of the week, the month, the quarter and it is going out with a bang. in the green for a change, it's been a wild ride your money taking a sharp drop down for the quarter too you have lost money for the year so far we will set the table for the second quarter straight ahead. president trump slamming amazon again tweeting about how little it pays in taxes and how it hurts other retailers. the stock is sinking right now what could mr. trump really do to amazon? and facebook taking more steps to clean up how it handles your

data, what it's going to mean for you, the social media giant, facebook's business model fundamentally broken humpty dumpty or not power lunch starts right now >> welcome to power lunch. dow up triple digits now on track for the first weekly gain in three weeks for the month, the nasdaq is on track for the biggest monthly decline since january of 2016. more on the staggering stats straight ahead what's powering today's gains? disney, exxon, those are the biggest gainers in the dow facebook is feeling the s&p and the nasdaq 100 but tesla is losing gas today more on the tesla trade straight ahead. >> here's what else is happening

a big shake up at microsoft. two main units the applications and platforms. the stock is higher right now. more on what this means for investors coming up. snap cutting about 100 more jobs mostly in the advertising and sales business this is the second round in recent weeks and a cyberattack targets boeing the plane maker detected limited malware intrusion. >> we will begin with the markets on this final day of the first quarter and dow down, bob has been there practically every day watching it all unfold on the floor. >> it's been a wild quarter. it was the best of times, it was the worst of times here's your trends for the first quarter. we hit historic highs. that was at the end of january

but it blew up in february when rates rose on inflation concerns and volatility exploded and blew up again in march with issues around tariffs and trade wars and technology earnings. now tech was the big leader but faded as the quarter ended a lot of debate about that consumer discretionary is strong but amazon was up 20%. it also faded going into the close. financials were a big disappointment new highs in january but they faded as interest rates started to fade are we in a tech earnings reset. will we see them lowering for the first quarter or into the second quarter. >> there's technical damage done to technology. whether or not that's going to translate into earnings damage we'll have to see but you highlighted earlier in the week that tech is now 25% of the s&p 500. the concern is that the sector

might be viewed to be a little bit overowned by institutions. when a large group gets above 22 or 23% that comes into play a little bit and i don't think it would be unusual to see a little bit of a valuation correction in technology. >> we have seen several broken trends here so we'll take a look we're down two months in a row now. we haven't seen two months down since october of 2016. we'll be down for the quarter it looks like the last down quarter was september of 2015. is something changing here fundamentally? >> well, potentially you have to ask yourself where growth investors are going to go if they feel that the big momentum trade in technology is waning a little bit. and i think there's potentially a shift going on in the economy. slight layway from the credit

driven retail spending part of the economy to the manufacturing and production economy you see that with the trade initiatives and infrastructure initiatives and more factories coming online. >> what does that mean for investors? you seem to be imlying tech may be a little bit less of a leadership group what takes the place of it it's such a big sector now, what could come in and take the place of it? >> well, you certainly had a very strong move in construction and manufacturing concerns and wild action in steel and some of the more raw material names. we'll have to see if maybe those names can gather themselves a little bit and get some momentum going through the second quarter. >> we'll keep an eye on all of that we'll see if any of them are real leadership groups going into the second quarter. >> thanks bob.

well, shares of amazon are tumbling in the last week and lower again today as the president takes aim at the online giant. >> trump likes to take two lines of attack on amazon. he did it again in today's tweet. the first one is that amazon doesn't pay taxes and the second is that it's putting other retailers out of business. there's not really a lot the administration can do about this even if you believe that both of those things are, indeed, true this is really a question for congress they have the constitutional authority to regulate interstate commerce the representative of south dakota tried to get support for a bill that would have allowed states to require online retailers to collect local sales taxes. that effort has fizzled for now and instead all eyes are on the supreme court. in a few weeks it's scheduled to hear a case on this very issue a ruling could come as soon as june but president trump's administration can and has done is filed the court brief in that

case a debate over online sales tax will significantly effect the functioning of the national economy and states financial stability. it also claims that states have ample authority to require retailers to collect sales tax and that the original supreme court ruling that required retailers to have a fiscal presence in the state, that distorts the market and the ruling is deeply flawed. this is trumps tweets turned into legalese but it's all a debate. >> he talks a lot about amazon he did it on the campaign trail. what i find surprising is back when it bought whole foods, that was a moment where really you could have, the president could have done maybe something through the doj and antitrust and yet that went by without a whisper. >> you're starting to see perhaps even a new argument come from the trump campaign, his campaign manager for the 2020 he election just tweeted out something that referenced the collection of data by amazon

saying that amazon has more data than even facebook collects on its users so perhaps there's another line of attack that he's going to be introducing here but in terms of online sales tax this is something that is a question for congress and not a question for the president. >> got it. thanks. >> fall out on the president's targeting of amazon, let's bring in max welcome to power lunch, max. so here what tools does the president have at his disposal if he's truly concerned about amazon's size and it's about to get a sweetheart deal from the u.s. post office >> well, he has his twitter account and he can yell on that for a really long time but beyond that he doesn't have a huge number of ways to effect amazon besides making it feel pressure there's things that can happen in courts and congress but

they're out of trump's direct hands. >> when we're talking about whether they don't pay taxes, there's been some focus on the sales tax it collects on the part of third party retailers, there's been little focus on the fact that it pays only about $200 million a year in state level taxes for a company that makes 77 or $78 billion in sales every year so how do you factor in the fact that big companies often get deals at the state and local level so they will locate in those places >> it would be great if amazon paid more in taxes great for the economy, great for the government, probably limit the ability to dominate the marketplace but ultimately that's not going to be a real threat to it it's not going to change the way it does business and it's certainly not going to change it's ability to be the sort of dominant e retailer on the planet. >> what's the state of its practice right now with respect to paying sales taxes? i seem to note on my orders that i'm paying sales taxes on things

that i get shipped by amazon. >> anything you're getting from amazon itself you're paying a state sales tax on some of the third party retailers manage to avoid it. >> because they don't have a presence in my state. >> right and that's the ruling. amazon has said it is happy, my understanding is that it's willing to enforce it and will even pay municipal taxes if that's what people want. this is a way to make it hurt a little bit. >> what about his position on the post office? i read both ways that we subsidize that last mile in some ways and at the same time the post office makes money. what is it >> it's good for the post office because it's a big business. probably the post office could ask for more money that's a they fwoenegotiating q

>> is it that it brings in more revenue for the post office? is that the idea. >> as far as i know the post office is making money off the amazon deal. amazon should probably be paying more maybe that's something that donald trump could do but that's also like a sort of small potatoes. >> exactly to your point, if the post office is getting hurt because it's carrying amazon's packages the last mile then the post office ought to charge them more. >> to the extent that donald trump is worried about the post office i think there's things he can do beyond dealing with amazon amazon seems like a minor factor in the post office worries if donald is a deal maker he can make a better deal. >> is this about jeff besos and the washington post? >> yeah. i think absolutely he has a personal animous toward

besos. his concerns are concerns that antitrust activists have had for a very long time and for those of us that think that amazon deserves a stronger regulatory apparatus around it, it's i suppose nice that the president is paying attention to this but it seems so personal and so directed toward, you know, a billionaire that owns a newspaper that it's hard to think anything real is going to happen. >> when facebook is coming under so much fire and so much scrutiny we have heard nothing from the president on this front. >> yeah. i mean, he obviously wants to be careful because sort of the way a lot of people think about this is that facebook is the reason that donald trump is president and i think he probably consciously knows that the network played a certain role in his election and he doesn't want to push too hard on it and also mark zuckerberg doesn't own a newspaper. if he owns the new york times we might be seeing more tweets about facebook. >> thank you, max. >> thank you guys. >> jeff besos and mark zuckerberg probably very worried

about the possibility of government regulation. but just how worried should you be as an investor? coming up next, the p to portfolio manager proposed a lot portfolio manager proposed a lot of big tech. let's take a look your financial plan and see what we can do. ok, so we've got... we'll listen. we'll talk. we'll plan. baird. talk t your brain changes as youo et older. but prevagen helps your brain with an ingredient originally discovered...

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>> you look at valuation and you look at growth is the sustainability of growth still on the horizon for a lot of these tech stocks it is. the question becomes where are the opportunities to trim and

then repurchase these holdings in an environment where we had broadly assumed that fed tightening would create higher volatility and i think that's what we're seeing here. >> so let's bear down on a couple of the mega cap tech stocks i gather you are still overweight technology as a sector weighting overall but you have underweighted some of those companies like alphabet, apple, and microsoft as opposed to where they might be if you were just trying to benchmark them. why? >> well, i think broadly speaking, we are overweight tech still. when you look at the innovation within the market, whether it's artificial intelligence or internet of things or autonomou driving, cloud, mobile, there's a lot that will continue to drive revenues for the mega caps but also further down market cap so when i look at the stocks

generally, taking a look at things like the growth rate, the cash on the balance sheets, the free cash flow generation that a lot of these mega cap companies throw off in any given year there's still a lot of opportunity i think over a long-term to buy and hold several of these companies, you know, particularly we can talk about facebook. >> what about facebook >> it's trading 17 times earnings if you had a valuation concern it's come down a lot still kind of expensive but not near the 22 or 23 it was trading at. >> you're right and, you know, i think we have done a lot of work in terms of how to think about the news over the last week. and as we're looking at it today, again, you're right, 17 times for 20% plus growth and we ask ourselves is the increased security options enough to keep consumers utilizing the free platform we think the answer is yes over

time and then the question becomes are businesses willing to continue to advertise on the platform given the current situation. the return on investment that advertisers find on facebook is still far greater than any other platform on the internet that they would utilize and that's greater than what they would be using. >> so bottom line, we're showing this chart, are you getting in here are you going to buy more? or are you waiting to see what the answers to the questions are? >> i think the situation we're seeing now we're in the quarter so it's been one of seeing people wanting to reduce positions as we come to the later end of the holdings period but i would expect that these levels we would continue to take, would consider taking the stock up from here or at least holding a relatively large position. >> so you're comfortable either where you are or at this price maybe after the turn of the quarter getting back in and

raising the stake a little bit do i understand that, right? >> right well, keep in mind that we are relatively long-term investors but look overall at the apps that they really aren't even monetizing, yet. you have you have what's app versus we chat there's a lot of differences between the two but we chat is generating $7 in revenue per user so could they close that gap to one that's very interesting. no one talks about that side and the other is instagram which they're still early in monetizing there's a lot of ways to win right now on facebook. >> thank you very much >> facebook just speaking to reporters now. >> executives fielded questions

about the latest data scandal platform changes and what the company called on going election efforts. there were five executives including alex stamos and rosen and started off by saying none of us can turn back the clock. some of the main points i'll sum them up here on political ad transparency they're committed time proving overall while continuing to be a platform for civic discourse. also reiterating what she said last week that they're willing to give up some profitability to protect integrity. they will also be doubling down on partnerships with academics and other tech companies while using algorithms to address misinformation now the point of profitability speaks to the latest change that facebook made announced yesterday and this is one that's likely to directly effect it's bottom line. they're going to be shutting down a third party add targeting tool called partner categories which essentially allows

advertisers to buy hyper targeted adds on the social platform while this is common industry practice facebook is deciding that it's worth giving up potential ad sales how much is this likely to weigh on revenue barclays was out with a note this morning saying it's unlikely to hit facebook revenue in a major way but likely more concerning to investors are calls for more regulation that only gained momentum over the last few weeks shares are up nearly 4% today but take a look. and they are down and i think the key there is the risk of regulation. >> when you're hearing investors try to factor in what regulation will do, hearing zuckerberg say maybe we should be more regulated. >> not just him. you had tim cook yesterday, there seems to be a consensus that some kind of regulation is

needed what that looks like though, not sure yet. >> thank you and speaking of tim cook out with tough commtsn en o facebook's privacy problems. is he throwing stones from so i'm not happyhanic glas that's just one less thing you have to worry about. we are the cochran family, and we'll be usaa members for life. power lunch will be right back

♪ ♪ 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. let's get right to josh with the news alert on apple. >> so news on apple updating it's privacy tools and controls here today they did ship, we know, io

s11, their new operating system and now users will be alerted. there will be an apple feature that asks you to use your personal information apple saying in part this is a step that a lot of tech companies have to take here guys bringing apple services in lin with eu data protection laws that we know are on the way, the eu, general data protection regulation also we know apple executives have distinguishing their company's business models. ceo tim cook just this week emphasizing that his business is about selling hardware and not about selling user data to advertisers like facebook. remember cook saying customers are, in fact, not the product. he reminded us they could make a lot of money if they wanted to do that but chose not to apple taking steps to update it's privacy tools and controls. back to you. >> coming up, the threat of

regulation for big tech. is it becoming more of a reality? what could it mean for these companies? josh just told us about apple's new privacy protections. tim cook had strong words for rkucrberg. >> mark zuckerberg, what would you do >> wha you know what they say about the early bird... he gets the best deal on the perfect hotel by usingt woul tripadvisor! that's because tripadvisor lets you start your trip on the right foot... by comparing prices from over 200 booking sites to find the right hotel for you at the lowest price. saving you up to 30%!d you'll be bathing in savings! tripadvisor. check the latest reviews and lowest prices.

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>> it is one of multiple corruption cases targeting him and marks the second case so far that he's being sent to trial. president trump emerging with hope hicks by his side today as the white house's communications director's last day. she then went back inside the white house as the president continued toward marine one for his trip toward ohio to talk infrastructure the san jacinto river flooding after a line of heavy storms dumped 7 inches of rain in that

area houses and side streets among the heaviest hit on a sad note, rusty staub passed away. he's the only player in major league history to record 500 hits for four different teams. he will be remembered in new york for his efforts to raise millions in donations for city's police and firemen after the september 11th attacks he was 73 years old. that is the news update this hour i will send it back to you. >> sue, thank you very much. let's look at the markets right now. we're seeing some green across the board here as the dow jones is up more than a percent. the s&p up more than a percent and the nasdaq composite also up more than a percent. a bounce back before this week month and quarter. >> facebook is in positive territory today but the scandal putting the debate about making money on your data into the spotlight. what do other top tech ceos make

about it >> the truth is we could make a ton of money if we monetized our customer, if our customer was our product we could make a ton of money we have elected not to do that [ applause ] >> our products are iphones and ipads, and macs and home pods and watch and if we can convince you to buy one, we'll make a little bit of money, but you are not our product. you are our customer you are a jewel. >> well, thank you. >> and we care about the user experience and we are not going to traffic in your personal life.

i think it's an invasion of privacy. i think it's -- privacy to us is a human right. it's a civil liberty and it's something that is unique to america, you know? this is like freedom of speech and freedom of the press and privacy is right up there for us so we have always done this. this is not something that we just started last week when we saw something happening. we have been doing this for years. >> so one thing that struck me about that, we have elected not to monetize data well, that's because what they have elected to do is to charge 600 to $1,000 for a phone. they have another option besides monetizing data in a way that facebook doesn't so it's easy for him to be high and mighty about it. >> but what you're saying is if you buy that argument that apple does not monetize you as a customer and does not monetize the data it has about you, that you're paying a luxury price tag for that privacy.

>> there is a trade off. they can make money on the hardware the other thing i would point out is they don't monetize the data but they collect it. >> they have it. they know exactly what i listened to. they know who i am you know that. >> and they do profit off of it because when they say that if you have a problem, you can send it to apple, all of those reports that go in from phones and ipads and computers help them make a better product so they are using it to add value to their company. >> if the moment ever comes that that data we know they have somehow gets exposed, everybody is going to play that sound bite and he's going to sound very high and mighty and it's going to come back to haunt him. >> now they have in home devices, i know you're worried about whether they're listening. >> i don't have one. >> i have them not their brand. >> i have them but i throw them off the trail. >> do you? >> do you call them john,

instead? let's dig deeper into the pitfalls of this privacy debate and potential regulation with us is the economic policy and political analyst at the american enterprise institute and kurt wagner from recode what did you think about what tim cook said there? >> that was a shameless and yet impressive performance by tim cook what is he saying? is he saying there is something wrong with the data driven sort of ad model behind facebook and google would it be better ultimately for apple if those companies were less useful to people if search wasn't as good if people had to somehow pay to use facebook would people need to buy apple iphones. >> they would use the phone a lot less. >> what were those people clapping about >> they were clapping at the joy of paying $800 for a phone. >> that ad model is why they can use facebook and twitter and google and have maps and music and search

that's the heart beat of the internet economy i don't know what they were clapping about. >> kurt, what did you think? >> that's called taking advantage of the moment and i think he did a pretty good job of doing that and as you guys pointed out apple better not come out and roll out some big targeted advertising business in the next couple of years because people are not going to forget that clip and it will be brought back up. >> in this question over privacy, kurt, how much overhang is there for these big tech companies about the possibility of not only a little bit more regulation but a lot more regulation >> well, i think regulation is coming i think it depends on how severe it's going to be and if it's actually going to impact the business so we have already seen the honest ads act be presented. obviously we have the gdpr in the eu and we're already seeing facebook and others try to prepare to meet those new requirements so i don't think the idea of regulation -- i

think it's going to happen it's just a matter of how severe is it going to be and how much lead time do they have to prepare. i'm not convinced it's going to hurt the business. it's going to be extra scrutiny and hurdles for them. >> where do you see the biggest regulatory threat coming from? i would assume it's europe and not the u.s. because i don't see this u. s. congress being particularly regulatorily minded >> well i think certainly over the near term europe is the biggest risk both with further regulation besides gdpr but also antitrust actions but i think one thing you're seeing with these stocks is what was inconceivable 18 months ago was that there is u.s. political risk in these stocks i am absolutely sure, especially dem kra democrats but republicans as well are look at what's happening here and they're going to take their queues from what is going on in europe. they remain immensely popular so i think both on the antitrust

side but also the regulatory side period especially for somebody like facebook there is risk. >> we had a professor on from nyu that was incredibly critical of facebook. >> galloway. >> thought they needed to be regulated but i thought his insight was interesting. he said the regulation will come from a red state attorney general. never going to be a democrat it's going to be a red state attorney general i thought that made the most sense of where the risk might come from. >> that's already happening. you have attorney general running for governor of missouri who would like to break up google the way democrats and republicans look at that is different. republicans tend to be, who are against these companies are against them for culture war reasons, they think they're all about a bunch of liberals and will prevent them from voicing their opinions but there's a lot of unpopularity on both sides and that's the leading edge of what will filter down into the

bases and these companies, despite their continued high popularity and high approval ratings do face risk. >> how much do consumers really care about privacy don't everybody just when you see that box click open that says will you share this with such and such app developer and facebook or google or apple you just click yes >> it's very easy to get angry about privacy. what we learned over and over again is that most people get angry and they don't do much about it, right? they don't take the time to go through settings and read and learn what am i sharing and with who am i sharing and what am i giving up? this is the kind of thing we've seen before with facebook and that we'll see again it's the rallying cry that people want to get behind. >> are people deleting their facebook accounts in mass. will ferrell says he's going to do it. but are we seeing this mass move to end facebook despite the threats? >> i don't think facebook is going away i think it's trending on social

media right now. i'm sure there's people that are deleting and there will continue to be. i'll be shocked if they come out and report earnings and we see fewer users. >> i think people now in the moment especially given the politcization of it care about privacy. 10% of google users use 2 facto awe the authentifi authentification. >> we like big brother. >> we also like convenience and we like free services. >> thanks, thank you. >> you bet. >> staying with tech, microsoft announcing a major shake up to its business a closer look at what this means for the company and investment. >> it's a really interesting move, tyler. the ceo really putting his mark by elevating a couple of

executives and putting some businesses together in a yway they weren't before. he had been running one group in engineering. now he is going to be over windows, he's going to be over devices, he's going to be over office, office 365 and a lot of other things that are in the now. then scott guthrie that had been running the enterprise and cloud business, he gets a much broader look at artificial intelligence, virtual reality, the deep research into that that is really going to drive a lot of the future he also mentioned that harry and brad smith who is the president of microsoft is going to convene a committee to look into the ethics of artificial intelligence trying to make sure that as they charge into this data driven future that you were just talking about where facebook is concerned that they avoid as many trouble spots as possible the idea here being that he's trying to run after the future

and growth areas as quickly as possible and reorganize microsoft around those principles. >> so this says what about the direction of the company in terms of what it's strategic goals re. >> it says that they're putting together businesses in a way they hadn't been before. i'm used to seeing windows with azure. this idea of platforms -- >> with the cloud. >> being put together separately this way, they seem to be taking a lot of areas that need deep thought and engineering putting them together. azure together with ai and other kind of cloud driven deep learning areas where they need to and he's saying this is an area that is going to define the future we don't like google and amazon charging ahead we think if we organize ourselves this way we'll be better off. >> the nasdaq at session highs as we continue to see a rebound in facebook today. right now the dow is higher by 280 points and there's the nasdaq higher by 105 this is a gain of 1.5%

back above 7,000 7,055. >> all right to the bond market we go rick santeli with the action at the cme. >> you know, cash market for treasuries close in about 18 minutes the futures are closed but doesn't mean it wasn't a big day. 5 basis points on 10s and 30s as well all about curve flattening maybe this doesn't mean a lot to a lot of people but if you brought that auction this week, any of the auctions you went home a happy camper as we continue to rally. yes we're at the lowest level of yields since the 5th of february but we're also still 32 basis points up on the quarter and which of course is up on the year it's been all about flattening this quarter it's at 46 basis points. lowest since august of 2007. and finally, dollar index,

here's the quarterly chart dollar index is down since it closed at $90.12 last year it certainly doesn't seem to be impacting treasuries at this point. the sizzle seems to be gone in a lot of different aspects of the stock market and the economy but it's not going to take much more to get that sizzle back because they're not falling as much as many would have thought. back to you. >> thank you a nice rally going on now. nasdaq hitting session highs but stocks stumbling out of e tethga this year. what does a bad first quarter mean each day our planet awakens with signs of opportunity. but with opportunity comes risk. and to manage this risk, the world turns to cme group. we help farmers lock in future prices, for banks manage interest rate changes and airlines hedge fuel costs. all so they can manage their risks and move forward.

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>> investor jeff hersch isn't

that worried he thinks the current conditions are typical behavior for a midterm election year. welcome back >> good to be here. >> why do you say this >> if you look at the charts midterm election years is typical. march especially, we use the fun remi reminder be ware the ides of march. it's a volatile month and comes in strong and by mid month it sales off which we saw this year that sets up typical behavior. the worst six months are generally steeper than the other years and pushing things through that are a little bit more unsettling than other things >> so should we look for the next six months until the elections -- well, more than six months, but that period of time to be flattish, downish, choppy, what >> then you end on a higher note >> all of the above.

potential for one of those maybe midterm research 13% to 19.99% under the 20% market where we see that midterm election year being the bottom pickers paradise so it's setting up for a typical midterm year. >> you say in a typical midterm year you have a sell in may. the fact that we have seen the sell off will that factor into what we have seen in april and may this year. >> it's in april where we usually have it in midterm year. we get a little bit of a address pi it shall respite in april. not necessarily anything nasty but like 94 where we went sideways for awhile. maybe a little bit lower but sets us up for the cycle of 4th quarter to midterm year. the preelection year

average 20%. 21%. s&p 32 on the nasdaq. >> have you got any historic data have you looked at when you have a really narrow concentration leaving the rally you look back to '98 and all that, 2006-7, and here we are doing stories about the top three companies making up 15% of the s&p 500. >> what we vn seen is a real blow off in the small caps like we saw in the first quarter of 2000 we haven't seen that sort of last stage of the bull markets yet. >> and what about politics here? because what we saw, say, the end of 2017 was the markets were going off what happened in the political world. that seems to have changed with tariffs and trade talks and volatility. >> unlike a lot of politicians he is sticking to what he campaigned on which maybe a little surprising to people and some of those things are a little bit more unsettling than

others more like a democratic president timing not policy level but the timing of pushing the more unsavory unsettling things through happening at a midterm year and some of it might be having some effect i don't remember the last time i saw kim jong un thank you, goinh border to do things. there's a lot of upheaval, a lot of news going on, and look through the noise and it sets up a very typical midterm year, and it looks like a decent buying opportunity later. patience is definitely in order, but january barometer, january, first five days in the rally, or the trifecta, all positive >> very positive >> not a lot of instances of it at all, and that's a bullish sign so while we have some struggles here, i think the january indicators and we'll be looking at, you know, first quarter earnings which should shed some light. we could see light in the 30-year treasury showing strength, and also look out for all the major averages breaching the technical levels, the lows

of february. >> thank you jeffrey hirsch, appreciate your time >> we're at intrasession highs for all of the major averages. the rally continues to power higher what are you looking at there? space junk how worried should you be it's going to fall on your head we're not kidding. it's a serious question. morgan brennan will have those answers when "power lunch" continues. please, do not miss "mad money" tonight because jim cramer is going to sit down with nvidia's ceo. that stock has been amazing. 6:00 p.m. eastern time to talk about what's happening in the

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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. rally under way on wall street the dow, nasdaq, and s&p at session highs. the industrials higher by 1.5% ditto for the s&p 500. the nasdaq higher by 1.75% nasdaq back above 7,000, and the dow industrials back above 24,000 >> all right, china's space station will hurdle through the atmosphere to land on earth. and how worried should we be about space junk morgan brennan joins us. you're literally talking about the sky falling. >> i'm talking about a very large object falling from the sky, yes and very likely on easter sunday this is china's expected to fall

from the sky early morning, easter sunday, give or take about 16 hours the window keeps narrowing the size of a school bus while most of the space station will burn up during reentry, dr. bill alar says up to 40% will break apart and shower pieces over a wide swath of earth. this is going to look something like a meteor shower but while this is unusual, it also spotlights a mounting threat, space junk nasa says half a billion pieces at least the size of marbles zoom around the earth at incredible speeds, threatening functioning spacecraft, and it's only expected to get worse as others look to launch tens of thousands of satellite isthe coming years the air force says this is a key challenge to securing the u.s. from space and a number of companies are actually developing solutions to deal with this, including orbital atk, raytheon, lockheed martin and airbus, but china lost control of the station that means something like a controlled landing is no longer possible

but should you worry about falling debris the aerospace core says the chance of getting hit is actually less than 1 in a trillion >> your chances of winning the mega millions jackpot is probably better. >> i'm going to use that >> all these things that 50,000 marbles and the 20,000 softbuhl sized items, they got there how? and aren't they all traveling at the same speed orbiting at the same speed >> so a lot of them, about 5% of them are satellites that are defunct. about 8% are rocket bodies that were shed when things were getting launched and the rest is space junk, things falling apart, breaking apart. >> orbiting the earth, this junk >> yeah, and something like a marble, it sounds small, but when you're talking about speeds of 17,000 miles per hour, if that were to hit something, say the international space station, that could do an incredible amount of damage >> why would it be traveling faster than the space station, or is it

i don't mean to get a physics lecture. >> i'm probably not the person to give it there's all this stuff floating around, being tracked. by contractors, by governments and so some of the satellites can be positioned when they see something coming to move out of the way, but lockheed martin, for example -- >> i like how you did that there. >> we'll get back to you on that >> how about a space wall. build a space wall >> stocks. >> thanks. >> stocks are higher higher, higher, higher 345 points higher on the dow boeing, apple, united health care are leading the way it's still going to be a down first quarter, though. so what can we expect for the next three months? tesla rebounding today, but there are still fears the company is facing an imminent cash crunch. top tesla analyst will join us when the

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i'm michelle caruso-cabrera. and here's what's on the menu. menu, your money can't wait to put march in the rear view mirror all the major averages are sinking big time this month. but can a new quarter bring new hope, or is this the beginning of a spring slide? plus, the president taking new

aim at amazon. he says they're not paying enough in taxes, killing retail, taking advantage of the u.s. post office. is he right? we'll debate >> and a record-breaking 18 million americans sat in front of the boob tube to watch the reboot of roseanne is hollywood about to take a right turn to revival its bottom line don't touch that dial because the second hour of "power lunch" starts right now >> and welcome to "power lunch." i'm contessa brewer. we're watching a nice rally under way as the three averages hit session highs. the dow industrial up 315 points s&p up 1.33%, and the nasdaq composite about 2% intel, boeing, and apple leading the dow. tech, energy, and industrials the leading sectors at this hour, tyler. >> all right, contessa welcome, everybody

i'm tyler mathisen here's what else is happening this hour. good news on the jobs front. the number of americans filing for unemployment benefits fell to more than a 45-year low adding optimism to the economy and optimism remains strong, despite signs of some slowdown economically in the first quarter. trade troubles heating up again china warns the u.s. not to open, quote, pandora's box and spark a slew of protectionist actions across the world. and uber has very quickly reached a settlement with the family of a woman killed by one of its self-driving cars a couple weeks back in arizona and that brings to an end a potential legal battle michelle >> the curtain is closing on one of the wildest quarters for wall street in years. bob pisani and mike santoli standing by on the floor of the new york stock exchange. what can we learn from the quarter's volatility >> well, i guess what you can learn is all streaks are meant to end at some point how many streaks did we break this quarter

the number of days above the 200-day average, the days without a 1% decline all those things, and the volatility is going to pick up in the market that's in some kind of transition i think that's what we are, a transition from a lower growth, high liquidity environment to something else, maybe it's faster growth, maybe it's higher rates. but that i think and the opposing current have been talking the market around. >> first, historic highs in january, and second, expectations, 20% earnings growth this quarter, the whole year, when you put that together, you have a toxic brew, and anything can go wrong look what happened we had rates issues, inflation concerns in february, then the volatility blow up, then trade war issues then tech earnings closing the quarter out. i'm amazed that the market is only down 3% for the first quarter given that these issues are really relevant to the earnings expectations and they're very high. >> you know, a question i wanted to pose to you, bob, and mike, when you were talking yesterday

about how concentrated the market is when it comes to technology, people get really nervous when they start to hear that because they think back to 1998, when technology represented a huge percentage of the s&p 500, and then if you look back at the deep concentration at financials at the top right before the financial crisis should we be worried at how narrow the breath is and what it says about the broader market? >> yeah, i think historically, we haven't ended well. when you get over 20% concentration, this happened with oil stocks in the 1970s look what happened with that it happened with bank stocks in the 2000s. so there's a sort of natural limit on this somehow, and i personally welcome a little bit of a pullback in technology. >> i would say the concentration is getting up there, especially when you add to the formal technology sector, stocks like amazon and netflix that are not actually technically part of the group, but i would say the

difference between now and the late '90s is how they're valuing. these are dominant, profitable companies. they're contributing more than their share to the overall earnings picture it's not quite the same as pure speculation driving this part of the market up, but yes, something to be aware of i think especially when we come to this point where people own a lot of index funds and the rest of it. know what you own than to think that the market is incredibly unwieldy and rickety because of these dynamics >> they're not only a big part of the market cap, but a big part of the earnings growth. about 25% earnings growth is expected for technology, the market leader this quarter i think that will come down a little bit in the coming quarters that's good news for the market. >> all right, mike, bob, thank you. >> how should investors be positioning now their portfolios for the new month and the new quarter ahead, and how important is the upcoming earnings season going to be? let's bring in now sundeep with

whittier trust, and quint, the managing director with jewel financial. good to talk to you both quint, you're really talking about april showers raining on the parade somewhat. sounding an alarm bell tell me why you're so down on the market to come >> well, today's a great day, and i certainly want to be optimistic, but i really believe what we're seeing here is just a quarter end window dressing and ultimately an oversold bounce. there's a couple things that are really starting to concern me that i think investors need to keep an eye on we talked about them on the program before three-month libor, copper, and also ultimately the european banks. the libor is spiking and giving us great concern to really what's happening in the interest rate market. it's going to potentially really create some systemic risk, especially in europe you can just pull up deutsche bank and see how their stock is trading here, and that is concerning and then finally, copper even though we're having a great day today, copper is only up

about 80, 90 beens it can't seem to get back above the $3 level that's an indicator, a leading indicator of economic growth, especially in the u.s. that concerns me a great deal. so i think investors need to be really cautious going into april. i do not think we're out of the woods yet. >> you see a number of positive dynamics, though, for the quarter to come. can you run through what you're looking at to drive growth >> yeah, look at the upcoming earnings season will provide a welcome respite from the negative distractions. the key story for 2018 still remains growth we're in the middle of a synchronized recovery in global growth earnings are rising as a result of that. there is no recession in sight there is no end to this bull market and i think finally, the focus will switch away from the inflation and rising rates and

the spike in libor that quint talks about and back to the growth fundamentals. how attractive is the outlook. earnings growth is projected to be up 17%. revenues are up 7% for the rest of the year, the range of earnings growth in every single quarter is between 17% and 20%. revenues between 6% and 8%, and earnings growth for the full year is 18%. >> how much do you think people will be willing to pay for those earnings and will that expand or stay where it is or contract? >> tyler, the multiple has contracted already >> right >> look, the dilemma here is people think about these as peak earnings we rather think of this as peak earnings growth. let me explain the difference. peak earnings means beyond the earnings registered here, there will be no more growth in earnings they will begin to decline earnings projections for next year are still a handsome 10% growth earnings at $174

we're not approaching peak earnings growth. a lot of the good news for this year is incorporated in prices at some point, the market will focus on 2019 earnings and that continued trend of growth is what will push the market higher. >> i want to get a last word in to quint it's so rare we have two diametrically opposed people usually we have two people who are cautiously optimistic and similar around the edges coshingly pessimistic. would you tell people to raise cash right here? if you're long here, get out you're so negative >> well, and i hate to be. i wish i wasn't, but i don't like some of the things that i'm seeing and i hope he's right, but we are doing just that i think investors need to take a hard look at their allocation. we have had it good so very long, and i think we're coming into a season, again, where we could see a much deeper correction so if somebody maybe is 60/40 in

their allocation maybe dial it back to 50/50. not trying to make a grandiose market timing call but some of these things need to resolve themselves, and tuesday's correction after monday's bounce was really telling to me. that was very problematic, and so that is what is giving me concern both with the price action and the fundamental concerns that i have as well >> anything you're buying right now? >> gold. ironically, because i do believe that regardless of currency concerns or if we continue to start to see the growth reemerge, it is inflationary, so it's been a nice countertrend trade that we're allocating into again, i want to be optimistic, but i have to express concern over some of the things -- >> there's always a burden to just telling what is your truth. quint, sandeep, thank you. >> thank you >> what a brutal week for tesla. the stock losing more than $3 billion in market cap just yesterday.

it's on pace for its worse week and month in the company's history. joining us now in the cnbc news line is tony, senior analyst at bernstein out with a new note on tesla today. tony, thanks for calling in. i want to get to your note in a second, which is about the concerns about their inability to really run their manufacturing and all this automation they've got but tell me something. everybody knew at some point they were going to have to do a capital raise. they were already into junk territory. and people have long known about the issues you have written about today, about what's going on in the factory, trying to manufacture the new models what is it, do you think, that's about this week that suddenly the bonds are rolling over, and the stocks are rolling over in a way that just those owners are just not willing to believe elon musk anymore, it seems >> well, i think it's a confluence of things that have happened over this week so you have a backdrop where there's tremendous turbulence in

technology and higher priced stocks in general, of which tesla fits that bill secondly, you have had two high profile autonomous vehicle crashes over the last couple weeks. one with uber, one with tesla. there's an investigation into the tesla crash. and so you have seen autonomous related companies like nvidia and tesla be impacted by that. i think the third is we're now at the end of the quarter, and so early next week, monday night or tuesday or wednesday, tesla will release its vehicle production statistics for the quarter. and i think there's increased anxiety about the fact that they're not going to have reached their goal of manufacturing 2500 cars per week by the end of the quarter. and so i think you had this confluence of events that has really put pressure. and then you had the moody's downgrade on top of that

so you have had four things concurrent that have happened that has pressured the stock >> so how much of this is really a failure of elon musk to discipline his imagination >> look, you know, tesla has always been overly ambitious in the public targets that it sets. and look, there's considerable debate on this on wall street. many say we've come to expect that, and we discount what the company says and so the obvious question is, why do they keep doing that? part of it is, you know, that's the way that elon runs the company, in a very set high aspirational goals and try to get the most out of your people to achieve those goals and so by making not only those goals high but making them public, he seeks to drive out the most in terms of his employees. >> ton irk, i'm sorry to interrupt you, but the bonds have started to sell off once you understand the capital

structure of a company, if bond investors are frightened, stock investors should be terrified. should we be terrified you have this at a market perform, right >> correct >> what's the bond telling you does it frighten you that those guys worry they may not get paid back >> look, i mean, clearly, the bonds are saying something and you know, the stock market is following that. now, look, this company has a lot of assets. this company has, you know, 400,000 plus reservations for cars this company has an exceptional brand name part of the issue is the company has an extremely ambitious ayend genda in terms of how fast they're trying to ramp things, about solar products they have, about building new factories of course there is risk, buthere's also an intermediate step where the company says we're going to scale back our near term ambitions and not need

as much cash because we're not going to trito grow as quickly look, i think what a lot of people are projecting is that tesla will continue to burn through a billion dollars a quarter in cash. and they probably will if volumes don't improve or if they don't scale back the rate at which they want to grow. two ways you can fix this. >> to michelle's point, you look at the number of bonds they have to roll over over the next year or so, it's a lot of money and they're going to roll them at higher interest rates >> absolutely. so look, you have two options if you're tesla one is you have to start getting to better profitability and better production in your facilities if you can't do that, then you have to start scaling back some of the ambitious growth plans. either way can help you preserve cash and that's really the debate on the street, is how quickly will they go through that cash? >> right all right, thanks. appreciate it. >> and here's what's coming up on "power lunch.

while some stores like toys "r" us are closing their doors, other brick and mortars are actually expanding who is navigating the retail wreck the best if it is a wreck, cutting the cord we'll look at the changing way americans are watching tv and what it means for the future of media. plus, a wild ride lately big swings up and down a close up look at the trading psychology in today's market psychology in today's market right big thinking in the finger lakes is pushing the new new york forward. we're the number one dairy and apple producers in the eastern united states supported by innovative packagingnow, that extends the shelf life of foods and infrastructure upgrades that help us share our produce with the world. all across new york state, we're building the new new york. to grow your business with us in new york state, more coming up on "power lunch."

there are more than 3,000 retail stores set to close this year, according to data from core site research but while there are plenty of retailers closing, some are actually expanding opening stores companies like gap, ross, dollar general, target, set to open more locations in 2018 so what's working in this tough retail environment joining us now, jan kniffen, ceo of jay roger s niffen, and simin siegel some stores are opening, but we're closing a lot more than we're opening. >> my good friend is saying 3,000 are closing. i'm saying 10,000 to 12,000 are closing. >> this year >> this year and i think in 2018, and i think 6500 will open i may be looking at a broader group of stores than she is, so i'm not sure that's comparable,

but by definition, last year, about 9,000 closed so i'm thinking more will close in 2018 than closed last year. >> this was supposed to be a peppy segment about some companies opening stores we have a whole wall, ulta, dollar general, ross, do these guys tell us anything about what the future of retail could be since a small little group of stores happens to be expanding their retail footprint >> there are always winners. >> okay. >> a bull market somewhere >> let's look at our wall, the denominators the common denominators, they're the largest stores it's interesting, my good friend jan is saying there's 10,000 closing. i'm going to say 20 -- i thought we were playing a game if you think about who's actually opening, it's these incredibly large stores, the stores and companies off mall and the ones focusing on value the ones thatt have the audience that are willing to join and go to that store, find the location, and the convenience, you're seeing opportunity. >> there's something interesting

happening with retail. if you go two hours north of new york city, and you drive into the mall in kingston, new york, store front after store front after store front is closed, including macy's, sears, jcpenny. around the corner, there's a strip mall you can't find a parking spot where the marshall's, home goods, dsw, and one independent health food store is what's behind the trends >> look at the wall. almost all those are off mall locations. it's not happening in the mall we're going to see over time 400 malls close. >> what about consumers assuming the mall as opposed to a strip mall to me, what's the difference you're driving into a parking lot and walking into store >> if it's not local, off price or online, it's losing market shore. >> local price online. >> none of those fit the mall. >> how much of this is directly attributable to amazon >> so -- >> by name, i mean amazon. >> because there's amazon and

e-com. what amazon has taught us is convenience belongs to the cume. power belongs to the consumer. if there's any of those companies you mentioned in the strip center around the block, the consumer is still empowered to walk in the consumer would rather be in store, in an aisle, holding something, all else equal. if you could be magically transported, that's where you want to be there's a lot more of the strip centers, that's why the companies with heavy store fleets can keep opening. the malls are harder to do >> where would you put your retail investment now? >> i think from those lessons, ross stores, ulta, off price, these are companies that are going to continue growing. they're expensive, but that's the reality, that's where you want to be what's happening with e-com, with amazon, it's forcing brands to figure out how to reach their audiences. >> jan, what is going to happen with all the toys "r" us

locations? >> they're about 40,000 square feet each. there are about 730 of them, and we know that amazon is looking at taking a few. and i saw 35, 33 other people listed today looking to take a few. but a whole lot of those are going to be really hard to do anything with. >> because of where they are, what their size is >> it's probably 100 to 200 that are going to be in demand. that's about fife00 that somebody is going to figure out, what do i do now that's going to be a big problem. i think you're going to see a lot of them -- >> big problem for the real estate company >> for the people who own them, because of the 730, 500 are leased somebody is a landlord that has this piece of property they have now got to do something with that's going to be a hard one. >> big question for all of those spaces thanks, guys >> roseanne is back on television, and she brought monster ratings back with her. will this mean we see more shows aimed at middle america. we dig deeper straight see that's funny, i thou ahead

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welcome back to "power lunch. i'm seema mody at the nasdaq, we're watching ige trade off its price. it's china's largest video

streaming site, often referred to as the netflix of china it makes it the second largest ipo here in the united states so far here in 2018 and the largest chinese company to go public here in the united states since alibaba in 2014. but so far, a disappointing debut. it priced at its midpoint $18 a share. as you can see, trading below that at $17.25 lower by 4%. keep in mind, it does have u.s. backing, venture capital names like sequoia capital i would point out its largest shareholder is bidue >> a chinese streaming company that seema is talking about. here in the u.s., we have more streaming options than ever. how many americans have cut the cord completely? exclusive results of our all > plican survey coming up where. >>us, what it means for the future of television

don't move "power lunch" is back in two

hi, everybody. i'm sue herera here's your cnbc news update at this hour. russian foreign minister sergey lavrov says moscow will expel the same number of diplomats from the nations that have

expelled russian diplomats over the poisons of an ex-russian spy in britain moscow will retaliate the u.s. decision to shut the consulate in seattle by closing the u.s. consulate in st. petersburg. >> bill cosby arriving for his pretrial hearing the judge rejecting demands by his defense lawyers to step aside because his wife is a social worker and advocate for assault victims. >> two american astronauts are on a space walk outside the international space station. drow and ricky tackling multiple tasks. they're expecting to take about six and a half hours >> and an airbus a-380 landing in lebanon for the first time. the emirates airlines super jumbo jet getting a traditional watery welcome from the airport's fire trucks. it arrived in dubai. that's the news update i'll send it back to you >> thank you, sue. let's get you a check on the market stocks are sitting near their session highs. the dow jones industrial average is higher by 345 points.

that's a gain of 1.5%. the s&p is high by nearly 40 points and the nasdaq is higher by 135 points a gain of nearly 2%. back above 7,000 7,085. >> well, the oil market is closing for the day. let's get over to jackie deangelis at the cnbc commodity desk >> crude prices finishing the day and the week higher. here we are holding just around $65 a barrel the stock market is up crude is up. all typical heading into a long holiday weekend. crude did see a little profit taking yesterday, but that didn't last so long. the momentum is definitely to the up side in this trade. concerns about venezuela, iran sanctions all keeping oil watchers on alert. the session high, $65.26 a gain of a little less than 1%. >> thanks. >> the way americans consume media has changed radically over the past just five years how many people use a streaming service and how many have actually cut the cable cord

entirely steve liesman joins us now with the results of the cnbc all america economic survey. >> tyler, the survey says i stream, you stream, we all appear to stream cnbc all america economic survey for the first quarter showing 57% of americans, that means we have gone from 0 to 60 in a few years. they're streamers. 43% are nonstreamers let's take a bigger look where are they streaming you guessed, i'm sure at home, 51% of those who stream have hulu 33% amazon prime 14% have hulu, and if you add those two up, they don't equal what netflix share of the market appears to be. let's take another deep dive into this, pieces of the stream. pieces of the pie here you can see here, the all important number, cable satellite only, 30%. both streaming and satellite, 30%. tyler asked about the cord cutters. streaming only, 20%. one out of five americans are

streaming only i want to take a deeper dive here now into who these streamer only folks, who are the cord cutters. first is the obvious 18 to 34 always the young, earliest with adoption always men, 32%, college graduates, always more educated. the next one is more interesting. these numbers for a relatively new technology are pretty high in my mind 37% of women, 27% blue collar, and one thing i think this technology has going for it, it's not just new but it's also maybe in some cases a little cheaper. >> yeah. absolutely thank you, steve >> welcome >> so what do all those survey ruls mean about the future of over the top services and traditional cable? let's bring in robert thompson, and steven butag leo, television writer at the l.a. times thanks for being here. professor thompson, let me start with you you saw the numbers. i expect they'll continue to go in the direction they're going

>> they are. those numbers were 0% not long ago, and they're going very, very high. and as someone who is a professor who spends a lot of time with people between 18 to 24, my students have not had a television set in their residences for a long time so yes, i think this is going to continue to be the way more and more people get their television even though the television itself doesn't look that much different. >> full disclosure, you were contessa's professor, right? >> back in the day do you remember me, the loud mouth sitting back anyway - >> oh, that was you. >> the only one. when we're talking about, here we are, working in television. we're invested in people, keep consuming the kind of media we're handing out there, when you're talking about the cost factor, are cable companies and traditional media providers pricing themselves out of business i pay $170 a month for my cable and my internet service,

compared to, what, $10 on netflix? >> yeah, well, it is true that right now, if you get rid of your table, you're likely going to spend less money. but how long is that going to last my netflix bill has gone up. my amazon prime bill has gone up and slowly but surely, i'm having to put together what is starting to look an awful lot like an old cable bundle >> right >> exactly if you want the handmade's tale, you new hulu if you want the new star trek, you need cbs all access. if you want the three new series that started since we began this conversation on netflix, you have to get netflix. pretty soon, putting those all together, with the prices that will go up because unlike newtonian gravity, this goes up and doesn't go down. >> right now, i have to pay somebody, don't i, to get a cable, a wire, a broadband

service into my home eventually, it may come all in over the air or through 5g, but i'm still going to be paying somebody for that. >> you are if you subscribe to youtube tv or hull lieu live, which offers a lot of these networks as if they were cable channels those companies are paying the networks to carry their feed, and they are passing that charge on to you. and they are beginning to look a lot more like cable. >> so the cable companies not dead, she asked very self-interestedly, right >> you need a cable subscription to watch a lot of programs you can't get cnn streaming you can't get msnbc streaming. you need cable >> but cbs offered a digital streaming news service, and les moonves made a big point about it six months, a year after it launched to say we have seen exponential growth month over month. >> sure they have. and it's doing okay, probably from an operational standpoint,

it may be breaking even, but it's not a threat to cnn or msnbc at this point. >> when will we see those offers on netflix, hulu, amazon >> i'm not sure what you mean? like news? >> news, current events, things that right now you don't want to watch on dvr >> when they can find out a way to make money with it. right now, the benefit of netflix is the service - >> why couldn't amazon come up with their own nightly newscast. they could >> amazon could. >> they already have it, for i know >> they could come up with a 24-hour a day news cast if they wanted to. the problem is there's a lot of different business models shuffling around, but the transition is clearly all moving in the direction of people getting this stuff over the model of online. although it is true that many people get their online stuff from -- their cable provider gives them their internet connection >> let's shift from how people watch to what they watch

roseanne made a triumphant return to television on tuesday night, blowing ratings estimates out of the water with 18.4 million viewers for the revival's premiere that's 10% more viewers than the series finale 21 years ago is this a wake-up call for hollywood and the networks in terms of what they put on television, steven >> i don't think so. >> why not >> because i think that people loved roseanne for a long time in fact, after it went off the air, it was on cable in syndication for years. generations of people learned to -- the characters and embraced the show. and you know, we're talking about all of these choices that are available on streaming 400 programs what the hell do i watch roseanne, i know that. i like that. and they tuned in. by the way, we saw the streaming numbers. >> you see this as a middle america show as opposed to a bicoastal show >> it was always a middle america show a lot of people are making a big deal that the high ratings

looked a lot like the electoral map in 2016. >> exactly >> but that's how the show always looked. >> i guess my point is, does hollywood want to start thinking more about middle america? >> they can, but you know, the thing is you're watching the connors. the conor family, you know, we have 4% unemployment, and these people still can't find jobs it's not really a great environment for advertisers. i think the reason you always have the young urban people on the coast is because it's aspirational it's young they have money. and advertisers want to reach them >> the most famous television character of my lifetime of my growing up was archie bunker right? >> there's been a lot of working class. it goes back to the life of riley, the honeymooners. the flintstone's, for heaven's sakes was working class. roseanne in the 1990s, sanford and son, married with children even beat roseanne, but roseanne did that in a way that i think

was a lot deeper and more sophisticated than almost any other television had done before and i think now is a perfect time, we're rebooting everything these days but i can think of no better time for a reboot of a show like roseanne, and just let roseanne do exactly what it did for nine seasons back in the late '80s and '90s i think that will be a very timely thing for them to do. it is nothing new. it was what they did back then, and what they did back then is very meaningful today. >> i think what people like about the show is not just the fact it was roseanne of the working class, but the dynamic that really reflected what's going on today in america. people are talking about politics, disagreeing about politics, very much the way they did in all in the family they didn't like archie bunker because they liked a bigot they liked him fighting against a changing world >> absolutely. >> ininsight thanks, guys >> on tuesday, we had the author

of a new biography about tiger woods joining wrus he's an 11-time emmy award winning who with his co-author spent more than three years researching and writing this book. according to the authors, mr. woods and his representatives declined to participate in the project without what they call imposing conditions for his cooperation conditions they did not see fit to accept. two of mr. woods' representatives reached out to cnbc following our interview to dispute a number of accounts in the book and facts presented therein. though not necessarily comments made during our interview. they said in a lengthy statement that the book is littered with, quote, egregious errors and that it is just, quote, a rehash from older books and articles, and it's hard to tell if there's anything original at all,ent kwoed. they also claim the authors did, quote, zero fact checking with us of any kind, and quote, they gave us no chance to verify any

of the material which resulted in a long string of errors in the book the authors say we stand by the accuracy of our reporting. >> unquote >> well, it's opening day at the ballpark if you feel like your team is already out of it before the first pitch, maybe there's a silver lining. how some teams go from worst to

first. go brewers we'll explain.

to kayla tausche at the white house with breaking news >> the president is making a speech about infrastructure, and his proposal that was introduced just a couple months ago he's making that speech in rural ohio, where he just told the audience that the effort is currently stalled. he said we have to wait until after the election, referencing the midterms months ahead of which, of course, congress has a shortened attention span and very little legislatively can get done he mentions that there's no democratic support for it at present, and says we'll have to wait until after the election, which he says is not that long, but this is certainly new, because we had believed that this was a priority that the white house was going to try to push through at some point this year but it seems they're going to rerack this for 2019 back to you.

>> it was one of the things that had the bond market a little worried. so we might see some fewer concerns about just how much supply is going to have to come to market because this is another big spending plan that he wanted to do that at least is delayed. >> right, and that was one of the concerns where do you get the money of course, in the recent spending package, there is about $21 billion for infrastructure for a variety of projects, but that is expected to be the only money that is going to be earmarked for infrastructure you could see a series of different fragmented bills potentially later on this year, but they're not expected to have money attached to them, michelle >> got it. thanks >> and speaking of rebuilding, it's a rebuilding year that's the common refrain of anyone whose team jumped out to a 2-8 record right after opening day, but rebuilding is real, and just because your baseball team is dead last this year, does not mean soon they won't win the world series eric is at citi field with the

details. that's a balm to sore hearts everywhere >> we're here outside of citi field, the mets and cardinals are behind me, opening day in major league baseball, headquarters in manhattan, they're looking at 20 kwaeb as a big year to continue their momentum you look at the last two world series those rating have been the best of the decade. they have record revenues. over $10 billion last year new sponsorship deals and a brand-new exclusive deal with facebook for digital rights package unlike we have seen in any other of the big four sports leagues. but it's not all home runs there's some downsides league wide attendance down 4 out of 5 years half of local team ratings last year were down part is, as you said, rebuilding a lot of times are not trying to win it all this year they don't want these expensive free agents, and it's worked if you look at the royals, the cubs, the astros, the last three

world series champions, they had four years in a row each of massive losing seasons before they got okay and then they won it all that's been the strategy for a lot of these teams you can ask steve ballmer, he said this recently, he looked at how team revenues worked over decades. he said the one thing that matters, the only thing that matters is did you win a championship that can buy you goodwill in your community for up to 20 years. finishing second or making the playoffs or being good every year, it just doesn't matter so that's why these teams are rebuilding it's for their long-term success. back to you in the studio. >> eric, have fun out there at opening day. sometimes you hit the jackpot and get to go to the ballpark. >> stocks are surging, up 415 points on the dow. march still a dismal month kind of dismal like the weather has been in march. if the sell orders are making you skittish, stick around we'll talk to dr. doug about the stind set fo

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we are approaching the last hour of trading for the first

quarter of the year. the dow soaring about 400 points well, 401 right there, despite today's rally the dow and the s&p are on track for their nine-quarter win streak to come to an end. how should investors prepare dr. douglas hershorn, the author of "trading the trading psychology playbook," did i get the title right? >> close enough. >> this has been a whip-sawing quarter. unlike 2017. the year started off with a great month of january bad pothole in february. and lots of potholes ever since. >> it's been great. >> how does it change the way you should think about your investments, if at all >> it actually doesn't it doesn't change the way you should think about your investments. the point of investments is longer term mentality so you have to have game plans. we say success in the market is

having game plans and having the discipline to stick to those game plans. >> do i need to have put in place or with my financial adviser put in place or at least have an understanding of stop loss orders and where i'm going to sell if things get to a point where i get uncomfortable? >> definitely. when you establish a game plan, that involves having entry levels, add levels and really stop levels to make sure you stay within the parameter of your risk you're comfortable with and taking investments in the market over longer periods of time. >> you've been talking about the volatility over the last month or so. we've seen volatility in the last hour that is just crazy somebody who's watching that at home or trading, what's your recommendation to them >> it's emotional. that's why we're having that conversation because that volatility creates emotion exactly if you watch it, watch it for entertainment purposes but you cannot make decisions based on that volatility you're making decisions with your adviser about the long-term investments you want to make and

those are longer plan. >> there is a body/mind disconnect my mind knows i should be buying when this stuff goes down a lot. and my mind knows that i shouldn't be selling but in the moment, my body says - >> don't gambler's have the same reaction >> how do i surmount that mind/body disconnect it stickens me to buy something when it's selling off. >> there's the s-curve when things go down, we panic out and there's a fear response on both sides. a best solution i've been able to give clients over the years is have established game plans and ask yourself the simple question, if i had no position on right now, what would i do? the market does not know your current position it doesn't know how much you're up or down separate yourself psychologically from it and look at it from a bird's-eye view, if i had no position, what would i

do >> the awful phrase, when there's blood in the streets, that's when you should be buying but to tyler's point, when the world is falling apart and everyone is terrified, that's when it's hardest to buy. >> right. >> that's when people become the richest because a few manage to pluck the bottom. >> march of 2009. >> is the world really falling apa apart? is the world really falling apart? in '08 and '09, it felt like the world was falling apart. >> my nickname i - i love my grandma. - anncr: as you grow older, your brain naturally s bu begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide.

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check, please. >> it has been a wild month and wild quarter in the markets. we're going to -- and it looks like a positive for the dow, up 400 points as you point out, there have been days where 400 points have either occurred or gotten erased within minutes >> 20, 30 minutes we've seen it happy. it's crazy. >> and what 400 points used to be -- it's not that we yawn when we see 400 points but we don't exclaim the way we used to. >> you know who's exclaiming they're premium on the premiumization, you try saying that fast, of their alcohol brand. >> try taking is after you've had a few of their products. >> you'll see more exclusive versions of modelo they took a $19 million writedown because of smoke damage to their high-end wine.

>> that doesn't improve the -- >> the bouquet >> i think hollywood will look at the reboot of "roseanne" and think we should be programming to middle america. >> there was a resonance there we'll see how the ratings hold up thanks for watching "power lunch". >> have a good weekend. >> "closing bell" starts right now. ♪ is it eaton? >> eaton. >> it's like football but it's soccer >> it's a cross between soccer and -- >> only wilf gets to play his high school recreation in metlife stadium. >> i let this detail slip and it's haunted you it's not until six weeks. >> hello, everybody. live from the new york stock exchange welcome to