know, we talked about this, it's hard to quantify what the markets are responding to. there's so much to respond to. these are cross currents thinking about it, you know, in all the trade issues and the tariffs, especially a drag, but what's going o with north korea and the jobs number, those have been very positive as well >> right exactly. so we're up 225 right now, and, guys, interesting what he said about nafta. i don't know about you, the suggestion there's separate deals with canada and mexico >> seems a little late and unrealistic for that given how interconnected all, you know, the three north american economies are. >> heads have to cool first with the tariffs imposed. everybody's angry. >> also severely changed the timetable for the nafta negotiations >> right >> to start from the drawing board, ground zero for two trade negotiations no reaction there on that one, but we'll ask secretary ross and lighthizer >> stepping aside, it's all you,

guys, see you later. >> sounds good, thank you so much let's bring in fred kemp from the atlantic counsel, on the phone, fred, with your reactions to an extraordinary development, the president cancelled the summit a week ago, and now sounds like it's going forward, and they are talking about progress >> caller: well, i was on your show a week ago when he cancelled the summit i said you could see rescheduling for june 12 because the four players who wanted it to happen all really want it to happen kim jong un wants it to happen because of his existence, needs guaranteed survival by the united states. nobody - >> there's something - >> it's donald trump for his own purposes, nobel peace prize legacy, the fact it would be the deal of the century, and president moon, the peacemaker, and i think even the chinese go

along with this. if they can see this could be a way of weakening - >> fred -- >> the u.s. presence on the peninsu peninsula. does not surprise me it's going ahead. it's hart of the deal stuff. >> listen, there's a couple different concerns for people. last time we heard about legacy was with the iran deal this president was elected in part frankly to unwind we understand there's personal vanity at stake here but what about the changes in north korea that may or may not come if denuclearization, quote-on-quote, is put on the table and achieved what happens next? i mean, what are the next steps here >> caller: you know, i was in south korea days ago, and what we really have to do now is game on one shifts from tactics to strategy what the president has shown is his strategy is tactics, and what pompeo showed us a little bit yesterday in his comments is they are now moving to much more

of a very, very complicated strategy of how do you denuclearize, and how do you see the economic incentives stuff north korea moves forward? we're getting the denuclearization we want this is not going to be an easy process at all, and it's going to be a lot more bumps in the road what we know by the fact this meeting's going forward is that the players have decided they all have an interest in it going forward, and the fact they are a little bit more quiet about their differences, that would be the sign that it's serious, you have a lot less of this playing out in public. >> fred, to what extent do you think sanctions placed on the likes of europe, canada, and mexico this week were used as a show of strength to the likes of china, which is, as we know, chinese trade is linked with the likelihood of peace in north korea. is this all linked together or separate issues? >> caller: my own view is it's both, linked and separate.

the way it's linked is i'm not sure you can be really tough with china on trade if you want china not to meddle and get in the way of the kind of deal you'd like to do with north k e korea. china has a lot of leverage on north korea economically in particular in terms of europe, i think that hurts. that's where the stralt ji is tactics because you really need the europeans to be on your sigh you need your allies to -- when you take on big moments like this you really don't want to be distracted by a second front somewhere else that may not have your allies by your side where you need them on something this tough. >> all right, fred, thank you. stay with us just for a moment, fred kempe from the atlantic counsel, watching markets as well dow up 223 points, wilf, not too much movement since the president walked out of the meeting that the singapore summit is on with north korea. >> near the highs of the day, so you say in general, with all the

tr trade in the last couple days, we could have expected a decline. eamon is still at the white house with ongoing reaction with this day, june 12th, very soon >> reporter: that's right, just remarkable moment here at the white house. you saw the second highest ranking official in north korea walk into the oval office to meet with the president of the united states, just a week after the president had suggested that the summit between the two countries had been cancelled because of a lack of communication. we saw this most high level communication that we'd seen between the two countries in almost 20 years here at the white house today. the president saying, he might be in for a big surprise when he actually opens that envelope with the letter from kim jong un, and we'll wait for the response from the white house, any sense of what it was that kim jong un wrote to the president of the united states in that letter we might get the actual text of that released at some point, but just a remarkable moment here for diplomacy and real

indications that relations between the united states and north korea are thawing like not seen in decade the president said it's as good as it's ever been maybe between the two countries. >> fred, clearly, we heard the president say that he was encouraged, thinks that they could get to denuclearization, and thinks kim is willing to go that far how long do you think it might take to reach a conclusion, how many how many meetings and months >> caller: they want something to show for sing pore so you could have a tiered response without going into detail, the question of denuclearization for the future, so, you know, new developments, that you can block right away there's where you are in the present, so that would involve dismantling, that would involve inflection, and then there's going in the past, the fiscal material, taking things out of the country. the questions, can you tier economic incentives to be such

that you're not giving away the shop for the north koreans before getting the denuclearization you need. watch body language in singap e singapore. south korea wanted president moon to show his own meeting with kim jong un, a game film for trump, and they'd like to see trump, perhaps, pour a cup of tea to kim jong un, open a door for him, to show respect for him to give him a way to start stepping down from denuclearization a lot in asia is about face. this is going to be a really interesting meeting just looking for the standpoint of body language and interaction >> fred, quickly, who loses face in the asian region if we get -- how many months away, a proper denuclearization peace deal. which countries will hate this >> caller: well, i don't think anyone will hate denuclearization what they might hate is a deal

that lets kim jong un off the hook, lets him grow too much economically and does not get the denuclearization that president trump becomes too eager for a deal, but, you know, he, himself, criticized president obama's deal on iran so much that i don't think he can afford to go there the japanese will be watching this the most closely because a nuclear korea may be a problem for us it's a much bigger problem for japan. the japanese south korean relationship is not always 100%, so i think we'll not only have to coordinate this closely with the south korean leaders, but with the japanese as well. >> yeah. remember those missiles flying over japan all right, fred, thank you, and, eamon, thank you for bringing us to speed there after the president's announcements in the last 20 minutes that the june 12 summit with singapore is on. not much of a market reaction to that dow up 200 points. emphasized the u.s. will not

necessarily be giving a ton of money to north korea as part of this trying to say, no, it's going to be looked forwards their neighbors in the region to be doing so. >> absolutely right. markets remain nicely up, high of the day was 257 points, up 200 points with about 52 minutes left of the trade. we turn to our reporters diving into the jobs report for us, the big market story of the morning. steve leisman with the story, but hamilton has the numbers >> this was one of the job reports where the numbers jumped off the page, nonfarm payrolls up by 223,000 last month unemployment rate dropped to an 18-year low, and wages up 0.3%, 2.7% year over yearment the private sector was on fire generating 218,000 of the 223,000 new hires. job growth was widespread, retail leading the way up,

31,000, and health care adding 29,000 new hires construction on the rebound, up 25,000 thanks to better weather. who lost temporary help, down 7800. perhaps the biggest demographic breakouts, black unemployment rate in may, 5.9%, the latest since they started tracking that statistic back in 1972 looking overall, average job growth over the last three months, 179,000 jobs per month so, again, solid job growth across the board labor markets are tightening still a lot of looking around for skilled workers who are, in fact, getting paid, if you will. >> yeah, i wonder again if that means more black vote goes in support of the president, hampton, not a big factor in the last election, but 5.9% is incredible reading on the unemployment rate. i heard you say you almost slept in this morning.

you had, like, two minutes -- oh, man. that was -- i was -- my stomach did flip-flops >> all-time adrenaline rush, believe me i got through it out of fear of seeing my career pass before my very eyes if i did not get it right. >> and sheer expertise and professionalism happened i was going to say i was going to bring it up if you didn't, kelly, i guess if you woke up half hour in order to get there on time, that means we have to wake up at 2:00 p.m. >> yeah, exactly >> just to get there right on time i did that already, hampton, great stuff, we're going to miss you. >> thank you >> hampton pearson bringing us the numbers report for the last time today >> steve leisman has the market reactions as well to the data. steve? >> let's talk about what's hot and what's not a u.s. economy cooled by italy and european fears is out, and back in is the u.s. economy, a hot u.s. economy propelled by strong jobs. all the concerns earlier in the

week about europe and italy have melted away, and the market now focused, again, on two or three rate hikes from the fed. here's the new probabilities and the change you can see they were doing below 80% for june, now above 85%. september priced out from a majority standpoint at 44%, now at 60%, and reconsideration of the hike this year, 2 t9% for december, after falling below 20%. bm lor bmo is comfortable that they move each quarter through 2018 look at the median of the tracking, cnbc rapid update of tracking forecasts 3.7% we are running for the second quarter, compared with 2.2%, recent reading on the first quarter. that's a big rebound, you see there, 2.2%, and now the range now for this is 3.4% with median

at 3.7%. the question is, how much tolerance does chairman powell have for low unemployment? that could sink from here if strong numbers continue. low 3s are some of the numbers on the street from where unemployment can go. the question is whether or not that accelerates federal reserve's rate hikes, kelly? >> steve, i don't know i think with everything pointing towards, you know, landslide losses for the gop in the midterms, if the numbers stay how they are, it's got to push -- they might be okay i don't know >> i think you're right. i think these numbers, and, by the way, if the gdp numbers continue and job numbers continue, there's going to be a faction of folks, even if they dislike donald trump, they say the economy is just find for me, and i'm going to vote for status quo. the question becomes about the economy or is it about the gop and president and the question is, can they link those two in the minds of voters out there? you're asking good questions because i think that's a matter

that the market cares a lot about, how the elections come out in november. >> for sure. >> and a peace deal with kim jong un could help no doubt as well steve, thank you very much >> pleasure. let's get to the closing bell exchange, what's on their minds, talking about the jobs number, doug forman, keith bliss, and rick santelli out at the cme in chicago keith, first to you. continuing to move a little lower on the dow, still a strong day across the boarding and, i mean, man, how do markets make sense of the developments we've had in the last hour >> i think, obviously, it's going to be positive for the markets. if some sort of deal or getting towards a deal can happen at the summit, that's a good thing. we want to see that. i think more importantly, something that steve alluded to is the short news cycle or digestion cycle of the markets you know, earlier in the week, europe was coming apart at the seams again and markets sold off. that seems to be forgotten i don't think the market has completely gotten rid of what

could happen in italy, spain, structural issues were never fixed from ten years ago, and they are out there, but the market learned overtime to adjust its thinking on that and take it as it comes. the u.s. economy is humming along quite nicely i mean, when you take a look at year over year increases on wage gains, they are now picking up along with all the other economic data. >> finally >> finally may change the calculation on the fed, especially looking at financial conditions, still very loose here in the country, all in, and the market, i think, is expecting maybe two more rate hikes looking at the cme futures on that, and, therefore, the equity market takes that in stride what we are looking for, though, in the equity markets is what is the breakout going to be we've been stuck in a range for a few weeks here, backing and filling the equity indexes still in a very good position. perhaps it could be some soothing tunes out of powell at the june meeting or second quarter earnings come out. if they track to the gdp numbers everybody expects, that may be the catalyst we get.

the equity markets are poised to do nicely the rest of the year >> rick, when we look at what the u.s. dollar has done this week, particularly overall week-to-date performance, are you surprised it's not gained more than it has given the troubles seen abroad and the strong data we've seen domestically in the u.s. this morning? >> you know, i would have been except for the way it's traded today, now, granted, it's not a huge day today, wilf, but we are very close to unchanged on the dollar index it closed around 94.25 last friday the reason that's so impressive is midweek, as you probably remember, we briefly touched 95 in the dollar index, a it's not closed there since july of 2017. granted, flight to safety issues with the italian volatility from the sovereign market, yes, it looks like we sucked all the momentum out of the greenback transferring it to the euro to some extent, but, no, it was a

good close all things considered you covered jamie dimon in the past, and i think one of his comments considering which bank he runs and how banking fits into the u.s. economy's transmission, that his comment on taxes is huge i've talked about it many times. we all understand the relative value trade. our interest rates are tied to overseas rates developed economies. call us a relative valuable tax trade. it's important because keith and doug pointed out, structural issues in italy and the politics have not gone away, okay but there's more pressure on all their leaders in brussels and head of their ecb in the form of mario draghi because part of what makes the economy grow here is what was done with taxes, and that trade is going to put much more on them to form new business with lower taxes, but it's all coming a time where

politics and their economic fundamentals against their policy of their central bank is probably way off course. these are huge it's a big positive for our economy and our markets. >> yeah. i'm looking here, doug, turns out right now the generic ballot has the gop keeping the house in the fall so, you know, again, it's early, and so much can happen between now and then, but as markets price that in, you know, maybe less likelihood, we know the narrative, if the democrats take the house, impeachment becomes an issue for the president and so forth how are you, you know, when do you think about that just take the politics out of the picture, or do you sort of start to think about what pro-growth policies come from that, or where does that leave you on the market? >> well, we do the best we can to sort of try to keep politics out of it because as we've seen over the -- particularly since president trump's been elected -- these can be extremely volatile just look at the events of north korea, which was unthinkable 12

months ago of what's happening today, so these things are very, very vehicolatile, but staying focused on the economy, jobs plentiful, businesses good across the board, interest rates benign despite the fed doing some reasonable rate increases here recently, it would be unusual for equities not to do well in that type of environment. >> okay. leaving it there thank you very much for joining us this friday afternoon, doug, keith, and rick, have a lovely weekend. >> 40 minutes to go here market -- we like to say we were up more than 200 early, highs at -- >> high was 257. >> 257 >> uh-huh. >> up 183 on the dow right now walmart holding the shareholders meeting, and we are out there. they always have a bunch of surprises, court >> reporter: you know it, kellying akelly i , and it was a big event and week probably the biggest of the year for the world's largest retailer we heard from the ceo and atwh

he had to say about trade coming up after this. your brain is an amazing thing. but as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall.

thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. the name to remember.

welcome back, we have 48 minutes left -- sorry, 38 minutes of trade left, nicely higher up about 183 on the dow we are in arkansas and has highlights from walmart, court >> reporter: it was a big week and big day here for walmart in northwest arkansas really, we finished it up with comments from the ceo taking questions from the media moments ago. i asked what a trade war could mean for walmart >> walmart around the world buys the vast majority of the goods we sell in the market, in the market where we operate, helps reduce lead times, creates jobs in the area, and we semll a lot of food. in every market, we're up to 90% plus sourced locally if it happens, we manage as we go we have hedging strategies and a lot of experience managing through it, but we continue to advocate with governments and

others for solving these issues in a productive way, and hopefully sooner rather than later. >> reporter: and before that media q&a, he spoke to analysts, saying that he's really looking for more grants out of the website, saying they only have 50% what they want to have as far as items online right now, and he's talking to companies about partnerships like that new lore and taylor partnership that's popping up on walmart.com this week. he spoke to thousands in the arena here behind me, associate from all over the world saying walmart needs to embrace technology to move into continued success for the future sha shareholders have to be patient to see the results chairman greg penner says walmart is back to risk taking, calling it a growth retailer, saying that walmart is a disrupter. now, of course, there's always lots of fun. we had the celebrity jamie fox,

that was a surprise, and musical performances by cassidy pope, and "call me maybe," wilf, i feel like you like that song >> i do, i really do like that one. >> reporter: a lot of business, but fun too. >> you're right, i love the song, so good guess on that front, but, on this -- i never pi picked up on the amount of celebrity money they spend to entertain, and does it go down well it's a waste of shareholder money, isn't it better to save it for dividends they are not cheap, these stocks >> reporter: so, yeah, you know, it's funny you say that, and i admit while it's a shareholder meeting because that's how it started, truly, most of the folks in the arena are actually walmart employees and associates they may hold shares also, but they moved the shareholder business this year to wednesday so, really, it's a party for employees, and the employees here are the ones who hit performance peaks, certain

levels, and so it is a reward for them, but i get the point. it is something brought up, perhaps you used that money and deploy it in other ways, but this is the tradition for walmart, and has been for many, many, many years, and you'd have disappointed employees if they did not get this benefit for winning it whatever the incentives are for getting here. >> for me, walmart used to be the country's they couldn't do anything right now it's amazon. you know >> well done, producers. >> they are still going with it. >> turn it up. >> reporter: yeah. it is different. there we go. i love it. it's a great song. it's funny how things change, and i think we talk a lot about walmart being the country's whipping boy, and that was because you could see walmart. you could see when a walmart store comes into the community, signs of small businesses, you know, no longer looking for jobs and closing doors, and that's

harder to see with amazon, but it is a target of the current president of the united states for certain. >> i know. annual meetings like this for amazon, not yet for. >> nor for the banks >> reporter: not yet >> court, thank you very much. i hope you all and the employees have a a great and deserved weekend as we listen to carly ray in the background. >> was that jepsen >> first name basis. >> friendly. nasdaq is up 1.3% today, and the russell is up 13 a big month going the other way, dipping 5%, and why it's at a two-year low >> president trump breaking convention tweeting the jobs number before the release after he received them in advance, and we will have a look at that daeet and what caused concern toy. we're back in a couple minutes

this is my headquarters. this is where i trade and manage my portfolio. since i added futures, i have access to the oil markets and gold markets. okay. i'm plugged into equities - trade confirmed - and i have global access 24/7. meaning i can do what i need to do, then i can focus on what i want to do. visit learnfuturestoday.com to see what adding futures can do for you. at&t provides edge-to-edge intelligence, covering virtually every part of your retail business. so that if your customer needs shoes, & he's got wide feet. & with edge-to-edge intelligence you've got near real time inventory updates. & he'll find the same shoes in your store that he found online he'll be one happy, very forgetful wide footed customer. at&t provides edge to edge intelligence. it can do so much for your business, the list goes on and on.

that'power of &. & if your customer also forgets socks! & you could send him a coupon for that item. i'm all-business when i, travel... even when i travel... for leisure. so i go national, where i can choose any available upgrade in the aisle - without starting any conversations- -or paying any upcharges. what can i say? control suits me. go national. go like a pro.

wagelcome back, breaking nes regarding the may sales rate awe th in the month of may, there was a sales rate of 16.91 million vehicles, in line with what people expected in terms of sales. that snapped a streak of eight straight months where the sales pace was above 17 million

vehicles back to you. >> any reason for the step back, phil >> if you do anything about 16.6, it's a strong case not like we're seeing them fall off a cliff. it was expected to slow down a bit, and that 16 partnersh.9 wae with what people expected. >> not peak car yet, even though we talk about all different, you know, driving systems. you were out there, you talked about all the autonomous stuff anyway, i guess that's different cars, but thanks, phil >> you bet >> last time phil joined us from an autonomous, there was a guy in there helping him out >> yes, that's right >> we got the story. >> makes me feel comfortable for time being two stocks to watch, less than a half hour left in the session. big lots falling on an earnings and revenue miss this morning, the big box retailer saw a drop in store sales and drop in full year guidance not what you want. shares down 5% right now >> alphabet is trading higher today, and mk partners have a

note saying they are attractive likely benefitting from the privacy rules recently implemented in europe. interesting take this gdpr rule comes in, benefitting bigger names, in particular, arguing that the bigger companies have been quicker in getting their customers to accept the new rules and allow them to store data amazing 3% jump on that. >> journal reported on that saying they were not sure if their smaller platforms are compliant so that drives traffic to google. it is getting bigger if the intent was to clip the wings of the tech giant, it's not happening yet. >> not yet up 3% today. time for a news update, sue? >> there is something for you at the end, wilf. here's what's happening at this time, everyone a federal appeals court rejecting a bid to void much of his 2011 conviction and prison term the court said the group found

his claim did not qualify insider trading by not raising issues in an earlier appeal. four more deaths linked to the e. coli outbreak blamed on arizona growing lettuce bringing the total to five. it's unlikely any tainted lettuce is still in stores, but there can be a lag in reporting and reports of illnesses continue to come in. nearly 200 people were sickened. former president george h.w. bush released a photo of himself in the hospital reading a book about his past wife, barbara bush, written by their granddaughter, ellie photo shows him in good spirits recovering from low blood pressure and fatigue and queen elizabeth will celebrate the 65th anniversary of her coronation tomorrow she was crowned june 2, 1953 when she was 27 years old. she's remained a symbol of national stability in a world of

quite of change. 92 years old it is absolutely remarkable. >> there's no term for that? last was the diamond jubilee >> it should have one. >> it's not as big for the celebration they did for 50 and 60 >> right >> i think she's one of the oldest reigning monarchs, 92 years old. >> she's also -- correct, longest lived and longest reigning now >> amazing >> every accolade keeps going to her, 13 prime minister serve her. absolutely remarkable. >> it is wishing her the best >> and, yeah, god save the queen. >> break into song over here >> anyway -- >> we encourage it platform is yours. >> from the fellow "today" show, i stood during it. i have to. >> at the wedding? >> absolutely. >> during the service, and, you

know, as we would all stand for the national anthem. >> there you go. you got to stand see you next hour, guys. >> back to you thank you so much for that >> 25 minutes left now of the trade, and we are nicely higher on the friday afternoon, 189 points on the dow, a little up from the highs, at 257 points. >> we got the auto sales figures, and, bill, for the month, and gm stock is higher after the big pop yesterday. remember when they had that softbank investment into the cruise division. an analyst predicts this stock from $43 could stumble how? right after this i'm a small business, but i have... big dreams... and big plans. so how do i make the efforts of 8 employees... feel like 50? how can i share new plans virtually? how can i download an e-file? virtual tours? zip-file? really big files? in seconds, not minutes... just like that. like everything...

the answer is simple. i'll do what i've always done... dream more, dream faster, and above all... now, i'll dream gig. now more businesses, in more places, can afford to dream gig. comcast, building america's largest gig-speed network. becareally want to be there, but you can't. at cognizant, we're helping today's leading media companies create more immersive ways to experience entertainment with new digital systems and technologies. get ready, because we're helping leading companies see it- and see it through-with digital.

president trump wrapping up a meeting with the top aide to north korea announcing the summit on june 12th in singapore is back on >> trade also in talks, another round of talks amitt growing tension between the world's economies. we have the former trade representative under president bush here, good afternoon to you. clearly, big developments we've had in the afternoon as well with the developments around north korea, and ambassador, starting with you, if i may, do

you think this is linked, positive developments about north korea in the same week we've seen tensions with european and north american partners, is it all linked to show strength on one side to make progress on the other >> oh, i don't think so. i think that we all are pleased, applauding the fact we may have a decrease in tensions on the korean peninsula that's good for all of us, but how we address our trade partnerships is another issue. i think we could do a better job on that. >> ambassador, what are you looking for from the china meeting this weekend >> i think that it's important that secretary ross listens carefully. we've already imposed tariffs on china for their intellectual

property problems with us, and with a number of discrimination. you know, the basic code in the world trade organization that they stole that is the chinese do is notary public discrimination and national treatment, and the chinese have failed to do that i would hope that he would point out the benefits that china gets from the globalized market that has been developed over the past seventh years and figure out what is to move forward. >> guy, when we consider the positive steps that appear to be happening with north korea, does that make you think that china, when everything settles on the trade talks, end up getting a better deal than perhaps other countries that are not helping on geopolitical tensions >> i guess that's possible the decision indicates there's concern over china that other countries may not experience, but the china actions and the

trade barriers with steel and aluminum put them in context with three major other trading blocks, the chie naez, nafta partner, and the european union, and also putting them at odds with the world trade organization there's a lot on the trade plate, which is unrelated to the china talks, although, may be a connection at some point in the future >> okay, guys, great stuff, thank you for joining us leaving it there >> less than 20 minutes left here, and markets went from being very concerned about trade wars to maybe a little more calm today, dow's up 195 points. nasdaq up more than 100 points, 7547, and jp morgan sounds a new warning for the market what worries them about china and why he's scared of alibaba next turning bullish on a social stock around 20% this year

that is our mystery chart. he will join us at the top of the hour to discuss why he's changing tunes on that particular stock we want to hear from you reach out to the show on twitter, facebook, or e-mail us. we'll be right back.

welcome back dow winners today are led by intel with a 3% gain dupont same thing, cisco up 2%, and microsoft up there as well nasdaq up more than 100 points right now, strong day for tech jamie dimon at the bernstein conference today we saw headlines, what do you think were the highlights? >> main thing, draft headlines, comments on the escalating trade tensions, of course, this morning, before the developments on north korea >> i do think that this trade stuff is a negative. it's going to hurt sentiment it's badly thought through it's not strategic you know, legitimate complaints about trade, but this is not the way to go about it you see it, you know, in the markets. >> that's it outsider trade, remains optimistic on the economy, saying we're only two-thirds of the way into the economic cycle,

and he touted a golden age for banking. though, did warn of competition from china >> chinese banks are entering our business i don't know how many times i say it chinese banks are entering our business they make more than jp morgan chase does icbc or bank of china buy what they need to buy they have a huge home market they are coming. i'm not worried about just recovery of the european banks i'm worried about chinese banks. i'm worried about alibaba. >> another topic, he said that changing the rules were, quote, a smart thing to do, not changing how banks act, but lowers costs and lowers liquidity in tough times jp up 1.2% today, like the rest of the banks, week to date, down 2%, tough week for banks, better than european banks with

eurocredit down, and deutsche bank down 10%. i bring that up again because right back at the start of the week, tuesday, u.s. banks sold off, we did say then, i wonder when this dust settles if it's another ad for u.s. banks. that's what the share prices show for the week is, you know, u.s. banks recovering more tha the -- >> 10-year as well real quickly. crossed 3%, all the way down to 2.75%. hurting the banks tuesday. climbed back now to just about 2.9% to.2899 normalization there. i wonder about the fed rate hike fewer fed hikes, lasting u.s. damage from the european issues this week, and both come back, then we're right back where we started. >> with extra data this morning on the u.s. side, feels like we are pretty much back where we started. question, of course, is can the ecb and yield influences in

europe enter the long end of the u.s. curve, a factor recently. >> cleared up the queen jubilee. ascended to the throne when her father died? the year before in. >> that was the year before, but coronation -- we deduced why - >> celebration was in 2012 >> exactly you remember >> i remember. >> diamond jubilee, and 65 is sapphire >> oh, nice. >> all the jewels. >> you got to celebrate. celebrate every year at this point and not every five anyhow - >> anyway, talking of britain, we'll roll with it on monday, make sure to tune in, we got barclays ceo jes staley, first interview since the firm's whistle blower scandal, fined million dollars by u.k. regulators and by his own firm, and his first comments here on

"closing bell" exclusive only at 3:00 p.m 12 minutes left of the trade, dow up 193 points, off the highs, but a decent session to round up the week dow only index negative, nasdaq and s&p in positive territory for the week >> a ceo shakeup, mike >> yes, in addition to britain, we spoke a lot this week about italy, about north american trade, tariffs, china. here's another global flas int taken out a ceo and a very big stock. that's thex. -- next $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online.

welcome back to the "closing bell," up 0.8% on the dow, and we go down to the floor with mr. santoli posting up petrobras >> following all the links in the chain that got us here down 15% today. national truck er strike in brazil, one of the measures the government tried to do was lower diesel fuel prices petrobras lowered prices, but denied doing so when it was discovered the company did do

that, and there was a strike of their own workers. the ceo stepped down it's causing a crisis of confidence in petrobras. the stock is down 40% off its highs, still not at a new low, but, obviously, the market saying real structural problems with the way the company is operating, and not to mention, underlying problems in the brazilian economy. this one hard hit today on a day when the overall energy market is not doing so bad. >> i mean, mike, as goes petrobras so goes brazil >> exactly >> see you in a couple minutes, thank you. up next, the closing countdown. >> after the bell, what has the chairman advisers -- what has him saying this about the president? >> lock him up lock him up. >> that was this morning we'll tell you why he's chanting "lock him up" next up. stay with us from capital one. with it, i earn unlimited 2% cash back on everything i buy. everything.

and that 2% cash back adds up to thousands of dollars each year... so i can keep growing my business in big leaps! what's in your wallet? prepare for your demise, do your worst, doctor. i will. but first, a little presentation. hijacking earth's geothermal energy supply. phase 1. choosing the right drill bit. as long as evil villains reveal their plans, you can count on geico saving folks money. fifteen minutes could save you fifteen percent or more on car insurance.

welcome to holiday inn! thank you! ♪ ♪ wait, i have something for you! every stay is a special stay at holiday inn. save up to 15% when you book early at hollidayinn.com save up to 15% when you book early your new brother-in-law. you like him. he's one of those guys who always smells good. his 5 o'clock shadow is always at 5 o'clock. you like him. your mom says he's done really well for himself.

he has stocks and bonds your dad wants to go fishing with him. your dad doesn't even like fishing. you like your brother-in-law. but you'd like him better if you made more money than he does. don't get mad at your brother-in-law. get e*trade welcome back to the "closing bell", just a couple minutes left of trade. we begin with the intraday charts today of the dow. sorry, of the s&p 500. we have not had many charts like this this week it's been a roller coaster week, but friday, we are not just green across the screen, but opened higher, and it's been pretty steady throughout the day, despite headlines relating to geopolitical concerns, but near the highs of the day,

slightly off them, but after around 200 points for the dow, the high of the day to the dow was 257, bringing in the half screen now of the three individual stocks. nasdaq led all day, up 1 partnership 5%, s&p 1%, and dow shy of 1% itself tech as we saw with the nasdaq is the outperforming one, up 1.8%, but plenty up more than a percent, industrials, financials, and so all all performing well. utilities at the bottom down 1.5% because of the move we've seen in yields, that we will get to in a moment dow week to date, it's been a roller coaster ride. up and down, depending on which day it's been. a lot of international stories moving, italy, start of the week, and time day of trade has been the serene one. dow is down week to date, only slightly, s&p and nasdaq will end the week in positive territory, and sectors week to

date for you, interesting story with financials very much at the bottom, so, yes, they recovered in the last day or two, but underperforming for the week as a whole. financials there at the bottom as with telcos energy, the top performer, and we'll have a quick look as well at the 10-year for the week, ending last week, 2.94, low as 2.75 in the week, and back to where we started, give or take at 2.9 >> you know, what i watched here today, and i guess just coming down from the nasdaq, i watch technology, the s&p technology sector at the all-time high today, and that is because the bank names also at all-time highs, and amazon got close to an 800 billion dollar market cap today, just within sitting distance at the moment, closing in on apple. when you look at some of the all-time highs, facebook is on pace for an all-time high close, and anything above 193, and apple above 190.04 would be an

all-time high close as well. resiliency, big cap tech, amazing, and netflix on fire, one of my favorite shows streaming for the final season, that stock unbreakable only thing running better are the cavaliers and warriors that's about it. >> we'll have to see who comes out from that. apple, clear at the top, earlier in the week, microsoft overtook alphabet in size, but they are fighting back. >> fighting back, yeah, but microsoft today at an all-time high as well the other thing this week, very interesting, the divergence between brepnt, crude, and light crude in the u.s. because of the backlog from the basin, producing so much oil, just can't get it to refineries fast enough we are seeing bre ining brent g premium, and up for the week >> yeah. and energy end joying a good

final session. ending with a look at the 2-year in italy what an extraordinary week we've seen in european politics, and you can see that there in the two-year playing out there's the bell, up 220 points, a pop on the close for the dow, percent gain for the dow ringing the bell is hp and nasdaq, immp kelly has the second half. thank you, wilf, welcome, everybody, i'm kelly evans quite a week here on wall street starting off with a major selloff. dow down more than 500 points with the lows on tuesday, and climbed back a little bit, adding a little more than 218 points today that pits us at 24634 for the blue chip, 9% gain

same for the small cap russell adding 14 points today to 1647 nasdaq, best performer, 1.5% higher to 7554 today, and the broad market s&p 500 up a little bit more than 1% to 2734 the s&p and nasdaq are going out in the green this week and 10-year, interest rate fell sharply on tuesday that really hammered the bank stocks, and that was, of course, on uncertainty out of the italian elections in particular. back 2.9%, after the jobs rating this morning, and we'll have more on that in just a moment, and he's best known for shorting stocks coming up, andrew left talking a social media stock he's bullish on, so we look forward to talking with him in a couple minutes. joining me, michael santoli, dennis berman, and nancy tangleer, everybody on set good to see everybody, thank you. topping the dow, exxon-mobil, ge

struggling again, and meanwhile, the s&p 500, nectar therapeutic winning, and dollar tree lower mike, major development this afternoon when it comes to the north korea summit june 12 that is moving forward. that said, we have ross headed to china to sort out that, and story yesterday, the tariffs the u.s. is still imposing what do you think is going through the markets' minds with all of that, and the strong jobs report this morning. >> market remains susceptible on a one-off basis for any of the headline eruptions obviously, tuesday with italy, something you sort of saw coming, but not exactly in that form, and so where did it bring us netted out to a half percent gain in the s&p 500, got to a jumpy interesting way, making sense to me because the market has been in a push-pull mode kind of range bound because the corporate and domestic fundamentals remain supportive and strong if you want to hang your hat on that, you know, lynch pin, that's what you can do, but on

the way, our financial conditions are going to be tighter. are we going to have any of these capital market stresses pop up >> right >> that's where we have the doubts i think it makes a lot of sense how we got here. >> like you said, tried this week to elbow off the prospect of that fourth rate hike this year is that back on the table now? i mean - >> it never left the tablement think that at this point three total this year rate hikes seems probably the central consensus, but that fourth one, i think, something would have to accelerate to get us there >> how are you on the number of rate hikes is that a big deal for you just kind of noise around the edges? feed into how, you know, what the fed's doing in general >> yeah, i mean, we're paying attention, but we're getting there for the right reasons. the yield curve flattening since 2014 we talk about it lately, but it's been going on

the market has had a good run since the yield curve inverted. i agree with it if it's for the right reason three all year i think four would surprise people potentially, and that might be negative. >> what do you think about the nasdaq today >> i know. >> i thought it was going to move >> it's fun. >> you're the one invested in it i just watch it and go, oh, you know, sometimes it feels like the tech story is the only positive thing happening in the market, and other times it's like it's just too much and too many people piled in, and you feel like it can't keep going, but it does. >> look at facebook. they had not had muchgood news lately, and it just grinds higher for me, that's a worry a lot is etfs and weight there >> from my perspective, looking at the atlanta trackers, with its own personality, shall we say -- >> starts strong and tapers throughout >> 5.1 in the first quarter. >> right no, now it's 4.8

if we are in a zone legitimatel talking, that is - >> it's the goldman of it right now, at 3.7%, but it's anywhere close to that, that could be amazing. >> yeah. annualized to 3, that's a meaningful number. to your point, the idea we're moving in the right direction, i think that's hard to refuse at this point three or four rate increases is on the margin, in some ways, not the story. might have been years ago. >> yeah. >> as long as the growth numbers are there. >> could get a tweet about it. >> which piece of it >> the gdp >> do you think he knows it already? before the quarter's over. the president was meeting with -- that was the good news on jobs, but this was the news of the day, president met with the north korean aide at the white house, and said june 12th singapore summit is on, eamon. >> reporter: something of a surprise summit here at the white house with the no. 2 official from north korea, and

he's the former head of the reconnaissance general bureau, the name of the north korean intelligence service their former top spy walking into the white house, and as you see pictures here emerging after more than an hour in the oval office with the president emerging for a small photo opp and handshakes with the president of the united states we are told now the president has read the letter that kim yong chol delivered to the president of the united states on behalf of kim jong un, the leader of north korea. no word on what the context of the letter was yet, but the president speaking to reporters here just after the official left the white house grounds saying he could confirm that the summit will go ahead on june 12th and i thought to limit expectations here's what the president said >> we've gotten to know their people very well, and we will. >> you people have to travel -- you'll be in singapore june 12th, and i think it'll be a

process, never goes in one meeting, it's a process, but the relationships are building, and that's a positive one. >> so the president there saying it could be a process, could be more than one meeting with the north koreans, and said he does not like to use the term "maximum pressure" anymore now that things are warming between the united states and north korea, that was the phrase used to describe the u.s. approach to north korea's dipmatical dipmaticaldip mat -- today, though, kelly, the president of the united states said, i look forward to the day when i can take the sanctions off north korea, so a real warming here ahead of a summit that's now scheduled again for june 12. >> has there been response -- addressing nafta briefly and suggests it's better for the u.s. to do deals with canada and mexico separately. any word from those countries on that >> reporter: we have not yet here at the white house. the president is going to camp david for the weekend to spend

time there with aides and said he's going to be calling foreign leaders to make trade deals, so it may be that over the weekend he'll make some of the calls you're talking about to the countries and see where the chips fell with the tariffs in place for canada, mexico, and the eu, dramatic move yesterday. by the weekend, maybe things have settled down a bit and gets a sense whether or not they can begin negotiations the commerce secretary said they wanted to discussions on the issues with the countries. >> all right thank you. great stuff. as always. thank you. mike is looking at the diminishing effects all the trade war rhetoric is having >> the more times you throw these kinds of angry trade measures at the market, it acclimates itself. here's a year to date chart of the s&p 500. these are three days when trade issues were cited as the reason for the market having a hard time of course, it's never just one thing, but here's three days this was one day, march 1st,

when the steel and aluminum tariffs were unveiled. we're going to put them out there. it was a surprise in the market. the market was down 1.3% on that day. you see good snapback, but we had more difficulty going into march. this was april 6th, this was another day where they said we'll take a hard line against china and put a lot of china imports on notice. that was quickly recovered, as you see, and over here, just yesterday from a higher level, you saw just a .7% loss yesterday, which was half the prior day's gains. it seems as if trade, as i've been trying to suggest for months now, is more of a distraction and annoyance than it is a big swing factor for the markets. it seems like at least right now we're getting used to the issue, the longer we live with it, and i think the more you can cont t contextualize it the market is not complacent, but an issue that matters. >> raise your hand if you have a question for the professor >> lest we forget, we put tariffs on the best trade

parters in the entire world. there's a danger collectively in the markets that we get used to the normalization -- this could be trade bargaining chips, almost like a trader at a cow rally would do compared to a set of policies that investors have long term confidence in. >> nancy, in response, the president this afternoon when asked about it said, look, the eu, they got away with tariffs on us for far too long and know it, and we're the ones that are leveling the playing field >> yeah, i mean, look, in theory, i agree, but i also agree with dennis, dimon got it right today. he was in asia all the asian companies he met with are afraid to compete with us now after tax reform. that's good. layer this on top, and it's bad. so i think that's why the markets are bouncing around. >> yeah. by the way, affecting number of companies going public more on that a little bit later on >> okay. >> a pugh research center finding teens are leaving facebook in favor of other

platforms, 85% of the polled say they use the youtube, and 72% on instagram, and 69% on snapchat, and fourth place is, yes, facebook, only 51% say they use that now, in juxtaposition against that, nancy, apple is at a record close, facebook basically there, and amazon had a seventh straight day of gains, but what do you think is going on with time usage and the internet? >> yeah. i think facebook -- look, the way to get this down it for people my age to go on instagram. >> chases everyone off all the kids saw it was not cool anymore? >> vigilante >> i have been concerned that's why we are selling facebook, and thrilled to be doing so in the strength i think the fact that i'm concerned is not changing the fact that this generation, this is how they operate, how they get their news, how they shop, how they interact socially >> but do social giants count on

their participation long term? >> that's the question you asked the right question >> doctor's shrugging it off >> they just keep going up >> it has to show up in the market share numbers for digital advertising, and facebook and google so dominate it. you're not seeing cracks in it momentum is behind it. you don't know that the kids are telling the truth. i don't want to brag about how much time they are on there. >> or own up to it >> on facebook proper. >> at some point it's just advertising and revalued and reassessed >> i agree problem is from an advertiser's point of view, you can't ignore that growing terms of eyeballs in terms of hours. >> right >> ultimately -- >> well -- >> there's something special about it >> speaking of social media, snapchat is one of the places, they are spending a lot of time there, but it's down 20% so far this yearme menyear

let's bring in andrew left he's bullish on the stock. he's on the newsline andrew, why snapchat fundame fundamentally an advertising story? >> caller: it's a 21% shortage risk, so as someone who is really -- i say, it's not a big sort, but, second of all, yes, look at it now, it's probably the least expensive of all social media stocks. also, the other stocks outperform all - [ inaudible >> andrew, walk around, your reception -- in and out. >> caller: i apologize can you hear me? >> yeah, keep going. you're saying you think that this is the cheapest of the major platforms right now? >> caller: yes, it is. all they have to do is stabilize it users are there. you see it today you can get 30% out of this

stock. >> why are you short twitter then >> caller: i was short in the strength facebook was going lower i said there's no way facebook's going lower without twitter and the other networks that's what i was sure of with twitter. see the beginning of the year, i was on with scott -- put a target on it facebook rebounded as well as twitter with it. >> all right andrew, sorry we can't hear you better >> caller: i apologize >> we'll work on the connection, but thank you for chiming in snap was one of the bullish calls, but, again, on the idea, and this remains a controversial one, can they jump in, get a bigger piece of the pie, and are they undervalued right now >> yeah. you know, andrew left's point there, just hang on to the existing user base i don't know the street believes that they believe you have to have more engagement, wider pool of people >> tell me, by the way, you know this demographic

where are they leaving facebook, not on snapchat, leaving instagram. >> nobody's leaving instagram. >> they are online all the time. instagram still? >> i think there's a ton of youtube usage. >> yeah. >> all fort knight >> oh, your microphone dropped is it all fort knight? >> i don't know what that even is >> it is a lot of it >> in is an interesting site video games? youtube? >> definitely youtube. >> it's -- i'm all ears. just curious, what is this online usage expressed at? >> i think -- implicit in the question is skepticism that there is that much decline in usage in any of the platforms. >> i understand that, like, when snapchat came out, it was so - >> it's not like usership is falling off a cliff, but it's not growing that fast. twitter shows user growth, but it's not impressive. facebook is at a point it's not

as much about new users, certainly not in the u.s >> that's fairment still growing revenue, and twitter up 5% today. all right. dennis, nancy, thank you for joining us here. have a great weekend gm shares have been driving higher with a nearly 17% gain over the past month. our next guest says the stock will more than double over the next two years debating that call in a moment fast money traders bet on biotech ahead of crucial data release as the world's largest cancer research conference this weekend. we want to hear from you, reach ce ttt, he show onwier fabook, or e-mail us we're back in two.

(indistinguishable muttering) that was awful. why are you so good at this? had a coach in high school. really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum- just to help you improve your skills. boom! mad skills. education to take your trading to the next level. only with td ameritrade.

welcome back i'm josh lipton. news here on google, cnbc cop fi confirming the cloud chief told employees today that the company will not seek to renew a controversial contract with the department of defense after it expires. remember, google announced it partnered with the pentagon helping it analyze and interpret drone videos via ai, and had a

fire storm that resulted with google employees about the ai contract, some resigning upset about the stance on weaponry thousands signed a petition urging them to discontinue the contract, and cnbc, again, confirming with the source that diane green told employees that the company will not seek to renew this controversial contract we reached out to google, they have yet to respond. kelly, back to you >> josh, thank you mike, i wonder if this is the point in which google's internal struggle how liberal the workplace is and the way people feel about the contract with the u.s. government if this is a business issue for them. >> i wonder, you know, obviously, probably not even measurable, you know, to the business, but, yes, if it becomes the thrust of the focus, how does this look internally and externally if we do business with whoever >> aaron levy of box was on yesterday, and what he touted was with darpa if is a silicon valley thing

where the employees do not want to contract with government agencies, that's one of the things that helped develop them in the first place >> exactly >> the marriage of u.s. military and technology and i -- it just feels like it is more the beginning of the story playing out than the end >> you wonder what distinctions they can make. not just is it a government or defense department contract, but what's the work about or privacy concerns and other data handling that we object to. >> yes google now not renewing that contract at all. wow. gm up 4% this year, trading at $41 a share with a huge week after news softbank invested in their cruise unit. the next guest thinks the stock doubles from here in the next two years, chris in from levon capital strategies is here as well as jamie from consumer etiquette research, equal raweit rating on the stock. welcome to you both. chris, making the case for $75

>> yeah, sure. so the way we think about gm, we think about it in two parts, auto 1.0, the base auto business, and auto 2.0, the autonomous driving business or cruise, the softbank investment from yesterday so in terms of auto 1.0, we think there's about $30 of hidden value mispriced in the stock across three baskets, each worth $10 a share. the first of which is all the international portfolio moves gm has made in 12 months. biggest of which is exiting europe, exiting a bunch of other countries in asia, going to restructure the korea business all together, the moves, we think, add a couple billion, two and a half billion to profit and worth more than $10 a share. second is cadillac there's initiatives in place to double the sales and profits of cadillac that we think could add almost $1 a share, maybe 75 cents of earnings worth another $10 of share not properly priced in the stock, and third is all

their adjacent businesses that gm defines as enstar and gm financial business, all in, that's two and a half billion in profit over two years, another $10 a share. the stock's worth $65, up 50% from here despite the good run in the last couple days issue and that's auto 2.0 piece. so cruise is - >> coming back to that, assume you get from $65 to 75 i want jamie to weigh in on what you said on the first part >> sure. >> you know, jamie, general motors did a lot, to its credit, to reinvent the business, are they getting fi inting full cret already? >> thanks for having me, good afternoon. i appreciate the points, great points we are late cycle, and those points are not necessarily new for 2018 i think on the pullout of gm europe, we've known that for some time. the degree it's not discounted

in, i understand, but, you know, the u.k. being the strongest piece of that puzzle is also later cycle. u.s. is later cycle. i think the overhang from where we are in the recovery is a bigger negative than those are positives right now, up -- gm is still too far exposed on the car side we think in the u.s., and their truck share, while dominant, japan is not growing all that much as we see it in the next few years, so there's pressure on the highest margins side of the business -- total adjustable market, pressure on the highest margins out of the business in auto 1.0, and benefits from gm, europe pulling out there and restructuring will be spread out and be quite more thin than what the counterpart on the show alluded to >> let me let chris make the case there if you could quickly, talk to us, is it about cruise that got

that big investment this week? >> well, it is frankly. think about it, yesterday before the market opened, the market cap was $52 billion, and the vinnevi e value proves, and second tranche, probably when gm commercializes the business, and plans to do that in 2019 those are staggering numbers relative to the market cap of $52 billion to start the day yesterday. >> yeah. >> so we do think this is a very big deal gm last year and, you know, my colleagues on the other side, everyone saw these numbers gm thinks once they commercially launch, they get down the cost curve and autonomous ride sharing is $1 per mile, uber is $3 per mile, so that's $750 billion. these are total markets. these are huge numbers >> all right >> and you - >> and my colleague across the

aisle, jamie, you get the last word whether you think cruise really is going to be, you know, a giant company in the future. >> yeah. no and this is really -- i don't think we're too far off from one another, really, just about timing from where i sit. i think we are the top of the first inning, you know, in the first 1k of the marathon, i mean, this is a long, long way to go before we see true commercialization and a path to money. it's a great we have a mark from a private invester, a big surprise yesterday, and the stock adjusted to that relative to expectations. we think it's going to be a much longer curve gm probably is the best position of the oem peers right now, no doubt, but to see it double in two years is low probability it'll take more like five to seven years to play out in our view >> all right, if i can add a point -- >> unfortunately, we have to

leave it there >> all right >> the point themselves, fascinating to see how gm has put itself in pole position. this is a stock that was trading extremely low levels just years ago. thank you, guys, both very much. >> all right thank you. >> thank you >> stocks booming over the past month, and "fast money" traders tell us whether it's too late, and did esenpridt trump violate federal rules about jobs data before it was officially released that's when we come back alerts -- wouldn't you like one from the market

when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today.

hi, everybody, welcome back, here's what's happening at this hour president trump meet iing with e top north korean official kim jong chol earlier today where president trump received a letter from kim jong un, and afterwards, the president said the summit with north korea is back on. >> june 12th, we'll be in singapore, a beginning, i'd say, and i never said it happens in one meetings, it's years of hostility and problems there's a hatred between so many nations, but i think you're going to have a positive result in the end >> the prime minister of spain losing a confidence vote, leaving parliament today, one of europe's longest serving leaders but voted out after members of the political party were convicted of corruption. he'll be replaced by an opposition socialist leader

sanchez. baseball's hall of fame pitcher smoltz has another career in golf. he just qualified for the 2018 senior open earning the final spot by winning a three-man playoff. good for him you're up to date. back downtown to you have a great weekend >> a football player recently who almost qualified for the masters or something >> i'm not sure. >> amazing how people translate from one sport to the other. it's tough to do >> a lot of time to play golf. >> because they only - >> off four days out of five a great athlete, but concerned, look, a guy my age son the senior tour. >> oh, stop. >> there you go. >> i hear ya i could be in the master's track and field right now. thinking about it. >> this is when we all exit. that's it. no more age stuff. >> have aed good weekend thank you.

the jobs report came in strong today with more jobs added than expected, and here's the view from the counsel director larry kudlow >> what you got here is continued job growth, low unemployment, participation rates pretty good, wages are still rising, gdp, real gdp is running pretty much close to 3%, we're looking for a strong second quarter, prosperity, this is a prosperity era, i believe, as you heard me say this before, i believe we've entered into the largest, longest prosperity in a couple decades >> joining us now, doug holtz-aiken, and coup of economic advisers, and chris lou, senior fellow at the university of virginia mellow center doug, what did the president do? break laws break protocol

never be briefed again after tipping the hat about the jobs report crazy morning, right >> i have no idea if he broke the law, but he broke every protocol i'm familiar with the protocols we use and everyone i know of use is that the data comes to the white house complex the afternoon before, select few people see it, nobody involved in that comments on it until an hour after the data goes to the public tweeting an hour before the public is a clear violation of the protocol >> why do they give the president a heads up about it? is there some national security reason to press him to arrange events what's the reason to show it early in the first place >> it is important from a national security point of view. certainly, you know, you hate to talk recessions, but we've in recessions, and if you get bad economic news, you want the president ready so you can express confidence in the path of the economy no one wants to be seen as a white house that's not solid in

the midst of some sort of difficulty, so - -- just reasons to ensure there's been input how to respond to the data. >> chris, i feel like you can do that if you told the president an hour ahead of time. not saying that changes the outcome, but what do you think about the snafu? >> yeah, doug is absolutely right. it not only breaks a 198 protocol, no enforcement, but breaks every protocol of any administration i know about this as the deputy labor secretary, i did not see the numbers nuntil half hour when they were released i couldn't leave the room until u 30 it's a rule no one comments on this before 8:30 what's incredible is this is an unforced error these were good numbers. >> the president sees it that way. talking about it, but, like, he had -- the summit with the north korea is back on no one in the briefing that i

heard even asked about this -- about this whole thing so it feels like he's just, like, oh, whatever, move on. >> well, right that's exactly right this is a president who doesn't take directive rules seriously, and, again, had it been under any other administration, there would have been investigations nothing will happen just like the other norms he's broken. >> i will say one thing about the way it happened. the main thing you try to avoid is a leak of the data who then trades on it you avoid insider trading. >> yeah. >> that's not what happened here this was just jumping the gun on the public announcement. equal access just earlier than expected >> it was a public tweet >> it was a public tweet i think there were -- the only concern would be in the hours between receiving the information and putting the tweet out an hour before the data was released, did he talk to anybody else? >> sure. >> we know he spoke to a lot of friends and ceos

>> that's why is it time to do away with the protocol >> maybe that's the question >> yeah, what do you think anything else -- >> that's -- >> anything to do ahead of time or this the main one >> there are enormous number statistics running through the progress there's housing starts, you name it all of those are potentially market moving pieces of data, and so there should not be any leaking of the information, and, certainly, if the president or anyone else is chatting about it between when the data arrives and the release, that's a serious problem. >> yeah. >> the propriety aside, what i find fun about it is you have to infer from the tweet it was a positive number, but them if you wanted to trade off of it, what do you do? what would the president consider positive? would that positive number, in his interpretation, be taken s positively among the stock and bond market? >> time to shut down the protocol, but we'll see.

>> next month, if he does or doesn't -- >> if there's no information guys, thank you both appreciate the time very much. >> thank you up next, meg looks at -- oh, by the way, it was toemy tony rh nearly qualified up next, looking what's shaping up to be a big weekend in the fight against cancer listen >> reporter: world's biggest cancer research conference kicks off in chicago major stock moving updates from drug makers large and small

wait what? directv gives you more for your thing. your... quitting cable and never looking back thing. directv is rated #1 in customer satisfaction over cable. switch to directv and now get a $100 reward card. more for your thing. that's our thing. call 1.800 directv.

i support the affordable care act, and voted against all trump's attempts to repeal it. but we need to do more. i believe in universal health care. in a public health option to compete with private insurance companies. and expanding medicare to everyone over 55. and i believe medicare must be empowered

to negotiate the price of drugs. california values senator dianne feinstein welcome back, s&p and nasdaq were positive for the week, and dow up 219, and s&p up 29, and nasdaq up, and russell up 14 other big stories of the day are in the rapid recap president trump tweeting, looking forward to seeing the employment numbers at 8:30 this morning. >> disclosing classified information, lock him up >> non-form payrolls increased by 223,000 jobs. unemployment rate is 3.8%. that's the lowest since april of 2008 >> first offer, ford reported an

increase of 0.7% last month in sales with an expectation of a decline of 1.9% from fiat chrysler, overall sales up 11%, and the expectation was for an increase of 8.9% toyota last month saw decline in sales of 1.3%. that was weaker than the estimate of a decline of 0.6%. there's the president with the gentleman i presume from north korea who came holing a personal left from kim jong un for the president regarding the possible summit. >> june 12th, we'll be in singapore, a beginning, never happens in one meeting, talking about yeahs of hostility, years of problems. >> we added well more than 218 points today that puts us at 24634 for the blue chips and investors are keeping an eye on biotech stocks ahead of the world's largest cancer research conference this week.

here's a preview >> reporter: chicago eais the place to be this weekend in getting up to date on treating cancer doctors, researchers, executives, and analysts, and investors are the meetings hear major updates from merck and more particularly in the closely watched eed arena of immune drus used to fight cancer stock moves off this information, watch loxo and blueprint meds, both working on genetically targeted cancer drugs. loxo's initial update two weeks ago already excited wall street driving blueprint lower. we'll talk about whatted week's update means for their companies and join the rest of the event's biggest news makers on cnbc including on "closing bell," and you don't have to wait for the weekend for the first news from the conference

in a while tonight, see the data watched by wall street from celgene and bluebird working on treatments the results are expected at 6:00 p.m. eastern back over to you >> you'll be all over that our fast money traders are here to play how they play the biotech space. be quick like a bunny, guys. picking stocks specifically into the weekend? how are you doing that >> that's not the way i would play it. just look at ibb i mean, meg mentioned loxo we saw a flow in there, and we saw bears in bluebird, but i think ibb is the long play here. >> stick with the whole sector guy? >> bluebird's interesting valuation, it's crazy, but celgene has the best balance sheet and pipeline, and gilead with the best valuation. there's a play, if you like the space, you don't want to play the stocks, thermo fish. in high school, bunson burners, who makes the stuff, well, it's

guys and gals at thermal fisher, making all the instruments if you believe in biotech, believe in the backbone of it. that's tmo, mike, you hear me? >> i know tmo very well. >> i know you do >> tmo >> i didn't know if that was another acronym. >> no, no, no acronym. you said be quick. i gave you the symbol. >> appreciate it tmo. the other tmo. anyway, picks and shovels. appreciate it. guy and mike, much more coming up at "fast money" 5:00 p.m. eastern. ceo of bitcoin accepting cash and explaining what that means for the space. at 530, chat continues on options actions. that's coming up we've ended the war on beautiful, clean coal. >> with the president declaring mistti ncalled war over, the adniraonow seems to be creating a marshall plan for coal companies telling you about that next in today's take away.

grandpa come. at cognizant, we're uniting doctors, insurers and patients on a collaborative care platform, making it easier to do what's best for everyone's health, every step of the way. you may need more physical therapy. ugh... am i covered for that? yep. look. grandpa catch! grandpa duck! woah! ha! there you go grandpa. keep doing that. get ready, because we're helping leading companies see it- and see it through-with digital. we perform over 50,000 operations a year in places like this. for the past 15 years, chubb has identified ways that we can strengthen our safety measures. and today, our hospitals have some of the best patient safety records in the country. now, we're constructing new buildings that will define the future of piedmont and chubb is here, insuring our expansion. two million patients a year depend on us. and we depend on chubb.

welcome back, it is time now for today's takeaway you heard there's an app for that, and soon an ad too apple is reportedly looking to expand the digital advertising business with a new network that would distribute advertising on other apps apple would share the revenue with the apps, mike. is this a sign they are shifting growth strategy and a threat to facebook or google >> it's a compliment i think all tech businesses eventually trend towards

becoming platforms and quazi-media businesses if big enough makes sense. i see it as a sideline and feeder to the services business which they are already doing, and, of course, we are synthesizing these things again. >> protecting privacy, not in the business of advertising. this is not exactly the same, but opens the door to the involvement with - >> yeah. there's a gate keeper and essentially a distributor of ads sold separately from the apps themselves yeah >> yeah, we'll see how big it gets better safe than sorriment going public these days? the target is volatile this year for those considering ipos two dozen had ipo plans shoved this year. has it been that bad is the window going to close >> first impressions it's not been that bad. for four months the markets have been roughly stable, no big deal shows you it's continuing selectivity among investors in terms of what companies they are

actually interested in making new bets on with an ipo. it's not changed you'd think, you know, 1% from an all time high >> off to the races. >> but what's that mean? it means already dominant companies are the ones getting more of. >> true. more skeptical than ever you can challenge that >> that you can penetrate that >> interesting president trump declared the war on coal over, major intervention in the u.s. energy markets and administration plans to order grid operators to buy electricity from struggling coal and nuclear plants in effort to extend their life. that sent stocks up today, but the bail is just distorting energy markets and raise cost for consumers. >> right on a net basis it hurts productivity it definitely costs consumers more you are keeping inefficient plants online. you know, why? just to go back in time and say you preserve the market for coal >> if it it is to be sustainable longer term, fine -- >> to convert, perhaps, yeah

>> we have to hang on to them, but, yeah, otherwise it's just -- like you said -- >> hard to make the case we have to use our own resources because natural gas is produced here and much more efficient. >> absolutely. the trade wars >> aditi roy has more. >> we are live here at an apple farm in stockton, california, where a lot of people are getting nervous of all this trade talk, we'll tell you more about it when we come back $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online. it can grow out of control,

disrupting business and taking on a life of its own. its multi-cloud complexity creating friction... and slowing innovation. with software-defined solutions, like hpe onesphere, you can tame the it monster. hewlett packard enterprise. clouds, apps, and insights faster.

america exported $43 billion.

ad ad aditi roy is in stockton, california >> reporter: this is the farming here in stockton, california they grow everything from walnuts and cherries they're watching all of these trade talks closely. a lot of leaders are talking about farmers. let's take a look at a tweet from president trump earlier this morning it is saying canada has treated our agriculture business very poorly and farmers very poorly last year, agriculture products to mexico while importing $7 billi $47 billion worth of products. both countries lifting tariffs which includes agriculture products like grapes and apples and pork bellies

10% end up in mexico as well >>. >> if i have to dump for not 25% of my apples, it means i am not going to be making profits this year and i am going to be having a hard time paying my employees. >> reporter: kelly, what makes it tough is he says he's been hit by the tariffs from china and he says he can't afford another round, back to you >> i guess we are all waiting and holding their breath aditi, when are they even going to know? >> that's the thing. that's why a lot of the trade associations and the american farm bureau and i reached out to them yesterday a lot of them are not saying anything and you know what, we want to wait and watch until it all plays out and some countries announced them, they have to go through the 30-day period. it is a long waiting game here >> and we may hear more out cry as it comes to bear. aditi roy in stockton, colorado

today. >> how much would you pay to have lunch with the oracle, mr. warren buffett monday, don't miss our exclusive interview with jes staley right here on "the closing bell" at 3:00 p.m so no matter what yoe, or where you trade, you'll only pay $4.95. fidelity. open an account today. you'll only pay $4.95. ron! soh really? going on at schwab. thank you clients? well jd power did just rank them highest in investor satisfaction with full service brokerage firms...again. and online equity trades are only $4.95... i mean you can't have low cost and be full service. it's impossible. it's like having your cake and eating it too. ask your broker if they offer award-winning full service and low costs. how am i going to explain this? if you don't like their answer, ask again at schwab. schwab, a modern approach to wealth management.

it can detect a threat using ai, and respond 60 times faster. it lets you know where your data lives, down to the very server. it keeps your insights from prying eyes, so they're used by no one else but you. it is... the cloud. the ibm cloud. the cloud that's built for all your apps. ai ready. secure to the core. the ibm cloud is the cloud for smarter business. secure to the core. i ...prilosec otc 7 years ago,my doctor recommended... 5 years ago, last week. just 1 pill each morning, 24 hours and zero heartburn. it's been the number 1 doctor recommended brand for 10... ...straight years, and it's still recommended today. use as directed. the line between work and life hasn't just blurred. it's gone. that's why you need someone behind you. not just a card. an entire support system. whether visiting the airport lounge to catch up on what's really important. or even using those hard-earned points

to squeeze in a little family time. no one has your back like american express. so no matter where you're going... we're right there with you. the powerful backing of american express. don't do business without it. don't live life without it. at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today.

"power lunch" with warren buffe buffett. it has reached $82 billion we were curious how that sacks up 2.68 million on the side of your screen there there must be some cosmic tale in all of this >> i wonder anded and i tried t chart that we did have a hiccup in '16. it is a big game this year >> it is is the bidding done? >> i think it ends today and any minute now >> umayou may have the reserve d >> it feels to me that people are lucky that this is still on the table. >> it is totally true, right

on the other hand when it was first done, it was such a novelty and the whole concept of having an hour of warren buff t buffett's time >> this has launched a lot of his career and a lot of valued investors. and many ways, i think we say it ends at 10:30 p.m. tonight there is still time to get those bids in. >> it is tough to make the call. >> 2014, oh, you know that was the silicon valley and on top of the cycle. >> and 1999. >> everyone says warren buffett does not know anything about investing anymore. >> we'll let you know what that numbers come in at in the meantime, what's your summation thought of the markets this week? >> the markets closed half a percent. it is ranged bound but with a tilt upward.

the summer is going to be like this at least for the first part of it. >> we'll see if those ipos are going again. >> if you don't get out the end of june, it goes to sleep. >> that does it for "closing bell" everybody, we'll see you monday, "fast money" begins right now. >> i am melissa lee. our traders on the desk. tonight on "fast," apple is closing aing at a record high plus, a game changer for the crypto universe of bitcoin exchanges is now accepting cash for crypto he'll join us to explain what it could mean we start off after weeks of trade and turmoil of euro crisis stocks are s