tomorrow eastern time 9:00 p.m., that's at 4:00 a.m. eastern time, we'll pick up with special coverage of president trump's press conference post summit by then, kim is on his way back in his chinese plane to pyongyang and president trump leaving soon after >> fascinating day thank you for watching this is "closing bell," a huge week for markets, north korea, bank of japan, ecb, the fed, and at&t time warne cision which factors could move your portfolio? >> reporter: we have the first ever tv interview with the fac behind the me too movement on wall street. she's suing point 72 speaks out about gender and pay discross-cladi discrimination coming up >> reporter: revival of u.s.

steel. president trump's trade policies have a lot to do why this steel production facility behind me is up and running again i'll have more on the story why made in the usa means so much to this company >> reporter: in singapore, i'm michelle caruso-cabrera, the highly anticipated meeting set to kick off in hours i'll have all the details on what to expect i'm kelly evans. the mystery solved i-h i-hop is becoming ihob should other giants be worried the "closing bell" starts right now. ♪ >> welcome, everybody, all those stories in a moment, we we are six hours from the actual sit-down in singapore between the president and leader of north korea. let's get you a check on the markets as we wait for this.

we have 100 point swing on the dow today in the session, and we touched a three month intraday high in the blue chips as well as the s&p dow up 55 points >> just hours away from the historic nuclear summit. michelle caruso-cabrera is live in singapore with more on what we can expect. michel michelle >> reporter: what to expect is hard to know we do know is what both of these prtrump said mis is to convince north korea and kim jong un to give up their nuclear weapons. that's why he arrived here last night, landing at 8:00 p.m. on air force one, and those are the demands, complete denuclearization, also, probably, ending of the ballistic missile program that north korea has. kim jong un, what does he want he also wants no nuclear weapons, he claims, in north korea, but what he really wants is the u.s. to remove their troops held there since 1953

when the korean war was ended in an armistice he wants to see the nuclear e umbrella the u.s. has for south korea as well. what would it take for complete denuclearization mike pompeo has given several times broad answers to the question security assurances, warm political relationships, and also economic support. heeiterated points when he briefed reporters earlier today. >> president trump recognizes the desire for security and is prepared to ensure that north korea free of weapons of mass destruction is also a secure north korea. the president's also expressed openness to expand access to foreign investment and other economic opportunities for north korea if they take the right

steps. >> reporter: what form would that take? would north korea be open to changing their economy, the one that is less based on socialism, one based more on free market principles so any economic support they got might have a much larger multiplier effect? those are questions we don't know the answer to we do know that we heard several officials in the world, whether it's mike pompeo, the president of south korea, the prime minister of japan refer to a potential opening of the north korean economy what would that mean that would be dramatic, if, indeed, it were to happen. guys, back to you. >> michelle, i wonder what the u.s. offers in terms of security ainsuranssureances and the othes alluded there to what are we putting on the table? >> reporter: good question, right? how do you convince kim jong un he's safe in power when he refers to, for example, what happened with gadhafi in libya

the other issue, kelly, wilfred is think about the fact that kim jong un is the dictator of what is the most repressive regime in the entire world how does that square that we give security assurances to an individual that very much belies what we believe in the united states are inalienable rights of individuals, freedom of expression, freedom of movement, so it's interesting to see them what to do in firms of the tradeoff and how to gain what is the u.s.'s primary interest, to end the nuclear weapons program because now there's potential intercontinental ballistic missiles, and at the same time, deal with the fact that they are dealing with a dictator. >> michelle, clearly, as you say, tradeoffs between these two nations, and time will tell if one of the two is a victor of this summit in any future negotiations between them, what about other nations that could be winners from any deal that

comes out of this in, and in particular, of course, thinking of china and whether this is linked to trade disputes the u.s. has with china? >> reporter: well, there are -- there has been talks that, perhaps, president trump is ready to offer a grand bargain where he will reduce and end the trade war with china in exchange of them helping with north korea. that's a possibility a lot of experts who lock at china said they would actually pefr north korea knot to have nuclear weapons. nuclear powers like to have monopolies on those. they don't like that they have a country that's potentially very unstable on their border, what they want more than anything there is stability because they don't want to see millions of refugees crossing into the border they already struggle with thousands of them doing it every year >> true. yet, not the north korea too cozy with the u.s. either. thank you, michelle

caruso-cabrera, in singapore we bring in nicholas, former undersecretary of state for political affairs, welcome fred, you know, the point has been made, and it's worth raising here, with all of the excitement, frankly, about what's going to come from the summit and how historic it may be and all the visuals already about kim jong un and there's 3,000 journalists in singapore, and the world is fawning over this is this not going to send the message to other nations, hey, nuke up, too, and see what treatment you get. >> well, i was recently in south korea and president moon and leaders of south korea think kim ju made a strategic source. he does not have economic stability of the regime and economic growth in the country he's executed his uncle. he has probably had his brother assassinated he's consolidated power at a the

top. he can't get the country moving. he's running out of money. they think he's made a choice to deal, and that this would be the good time to do it from the u.s. side, there's no sign of progress and process the president leaves 8:00 p.m. tomorrow morning, so 8:00 a.m. in the morning here on the east coast, and so they won't have much time to do a lot, and it doesn't look like it's going a second day we'll see if they do progress and process because it's really a long road to denuclearization. >> ambassador, what's a win in the next 24 hours for president trump, and what do you think is achievable >> i assume the president would not be in singapore if we had not already worked out a joint statement with the north korea where kim jong un pledges to a schedule of denuclearization and dismantlement of the apparatus and facilities that support it that would be, i think, a step forward. it's good, positive that president trump is there that he's trying to diplomacy opposed

to seven, eight months ago where the probability of conflict was very high. the problem, of course, for us is, can you trust these guys can you trust the north koreans? we've been down the road before with president clinton and bush. both were burned by north korea. this is a start. it would be a first step of a thousand steps or 10,000 steps. that could take months or years. we have to keep them close, keep china on our side. this is going to be a tough negotiation. >> fred, isn't it true, though, the only way to prod north korea to something like this is that threat of action, john bolton, written, we strike them first, next to you in the negotiations so they know the president is serious. if this does not work, all options are back on the table. isn't that threat necessary here and, by the way, isn't north korea's biggest misstep the fact that the nukes hit the u.s. in the first place? otherwise why do we get involved in this?

>> that's the worry of the japanese is we trade away the ballistic missiles to reach us, but not attack the threats that reach them on tther hand, until recently, north korean leaders thought nuclear weapons give them more protection, more survivability. what i think the trump administration is hoping to bet on is that the dismantling pressure of sanctions and real military threat the u.s. might hit north korea at some point changed the calculation so that kim jong un has to actually believe his survival comes by trading these away nick is someone i respect greatly, involved in high level negotiations he may be right that the u.s. figure out the sequencing of nuclear disarmament and nuclear relief i fear what i hear is they are still working out details and still a lot of disagreement of the negotiations just before going to bed tonight we'll see where things go

tomorrow as you know, president trump can be somewhat unpredictable in press conferenceand these meets. >> and, ambassador, do you buy the argument the president is weaker going into the summit because of the events of the weekend at the g7, he's more in need of a victory that gives kim a stronger hand? >> well, i think the g7 event weaken the president in this respect. he's increasingly seen by other leaders around the world, friends and allies as well as opponen opponents, as someone who is unstable and unpredictable and disea does not keep his word if you're the chinese leadership in particular, you might be more reluctant to sign up to a series of commitments with the united states given the track record of the president having created such havoc with our closest friends and allies, canada and europeans over the weekend that was a disturbing

performance by the president over the weekend wrong about the trade data that he put out there, creating, calling justin trudeau saying no american president has ever called the canadian prime minister north korea is watching closely. may make them back off or chinese back off going down this road the way that the united states wants to do it on this nuclear issue. >> okay leaving it there thank you very much for joining us be sure to stay tuned into cnbc tomorrow morning for a special on the nuclear summit, starts at 4:00 a.m >> ouch. >> eastern time on "squawk box." >> give them a l of credit people following this all night, meeting begins at 9:00 p.m. our time so by 4:00 p.m. a lot to talk about we have a news alert, alex sherman has more in washington >> kelly, we are learning right now that comcast is not wasting

time formalizing its our to buy the majority of 21st century fox. sources tell me that comcast could formalize its bid on wednesday if the warr deal goes through, which we'll learn tomorrow anoon this will give comcast lawyers some time to look at the agreement, figure out exactly if this is a clean bill of health, at&t to buy time warner, and if they feel it is, they will not waste time and come out and formalize the bid the very next day. >> and, alex, this is a head-to-head with disney for all the assets that disney was looking at opposed to splitting off some like sky and st as we poke to before they want to take disney on head-to-head >> that's rights that's the next move here. they come out wednesday, we'll figure out the exact details there. we have reported previously that comcast was looking to raise $60 billion on a bid, of course,

disney's bid, outstanding, a $5 million bid all stock. it's up to disney whether or not they want to improve the bid interestingly, one source told me part of the reason to wait until wednesday rather than let's say tuesday afternoon to come out and formalize the bid is that comcast believes disney shares fall on the news if at&t can, in fact, buy time warner. thinking there is comcast enters in a bidding war with disney putting pressure on the disney shares so by waiting a day, you can heighten the difference in value between disney's offer for fox and comcast's offer. >> thank you very much, alex looking forward to more reporting. another huge news item tomorrow as well, tomorrow afternoon, that at&t-time warner decision expected we get to the closing bell exchange now, craig at high tower, and steve grasso, and rick santelli at the cme in chicago. steve, in terms of the agenda

over the weekend and potential disruptions in the market in the week ahead, fairly encouraging toee steady set of small gains across >> yes last week was encouraging as well we have a few central banks, not the least of which the market is focused on right now, bui believe that summit, you can put that on paperview, and people will watch that. that's the most important thing. it overlooks - >> for the markets, though >> i don't know if it's for the markets. if there's no major missteps, which the market is telling you it does not foresee any. only upside from here. technically, we're above a bunch of different retraced levels from the recent highs and lows the market says it wants new highs overall, and we'll see how the ne couple days play out, but trade is the major head wind for the bulls. that's gone by the wayside the treasury, dollar, and all of

that is in the background or environment. equities seem like a fair place to put your money. >> surprised there's not a statement from the pope on the g7 meeting yet at the rate at which he's weighing in at on -- thiouldn't but i guess this is e first time that many people -- >> came out this week and -- came out this weekend and kind of assailing oil companies now, and, you know, saying we should leave fossil fuels in the ground and as you can see there, our ecomic system thrives on ever-increasing extraction, consumption, and waste >> the pope's big thing is everyone's big thing no one wants to see poor people or poverty, so the amount of poverty that is here just compared to what was here 50 years ago or 100 years ago, it's -- it's going in the right direction. the best thing to get people out of poverty give them electricity. give them electricy an

i don't know the irony roman catholic, yes, but i don't know the irony coming from the pope's mouth >> discussion back to the bank meetings, what's the base case assumption if we get a rate hike from the u.s. side of the bargain, could this be another negative week for the dollar, last week, slightly negative week to the dg today ahead of the decision later this week. >> i think you raised great points investors need to be cautious here given the fed meeting and ecb meeting just in the last week equity returns disrupted earnings in the seven year low, so despite earnings, markets are range bound. our fed haevery green light to raise rates, and with riskless investments like bond yields increasing, that puts pressure in the head wounds of the stock market, and consumer debt, something else investors do not pay attention to in our view, adding $63 billion of debt in the first quarter, and the job market softens, pressure on

earnings going forward >> and we got the dollar, rick, everyone's focused on that, too, and the risks here as that keeps strengthening. >> yeah, you know, there's a very boring day today, not moving very much, and i re think that mario draghi owns the currency market until mid-morning thursday everybody's going to see, of cour course, investors, institutions, hedge funds, us, whether he'll have a commitment to truly say see you later to quantitative easing in the fall, and that's going to be an important timeline and his commitment to it gives us the destiny of the euro versus the dollar trade and whether it's popping up to 1.20 or not as far as all the other policy issues, foreign, trade, and central banking. i obviously, think, friday's bank of japan is vy important. they are the late comers to the normalization game, but i'd like to bring up one more point we've all said this many times in the past. it does not seen as though

policy impacts mn any substantial way, but i do think if the trump administration pulls this one off in whatever form it can, considering they are leaning to do this in less than a day, but if it's symbolic and a leadership victory, don't underestimate a short term rally in the markets, not because of the foreign policy, but the fact this administration orchestrated something difficult. >> okay. rick, thank you very much for that maybe see ya later to qe >> would it be italian >> i don't know. >> i don't know that that's right. >> i don't want to bring the italians into it too muddy. >> it'll be good-bye for everyone that wants it in a way. i don't know that i can say good-bye in that many languages. >> adios >> to the exchange, thank you, all, steve, greg, and rick still to come, emerging market ebs dropped 7% in the last three months, but a top

strategist says now is the time to buy laying out the country's he's betting on next. ns boil over after the g7 summit this weekend >> there's a special place in hell for any foreign leader that engages in bad faith diplomacy with presintond de dalj. trump >> we'll look at how auto makers, in particular, could be impacted by the latest war of words. stay with us directv now gives you more for your thing.

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welcome back, wothe attenti in singapore, the conclusion of the g7 left a cloud of uncertainty and anger between america and its closest allies >> there's a special place in hell for any foreign leader that with president donald j. trump and tries to stab him in the back out the door. that's what bad faith justin trudeau did in the press conference and what weak, dishonest justin did >> those comments from peter

navarro came after the prime minister introduced a news conference saturday in which he said american tariffs do not help renegotiations and would respond with retaliatory measures >> based on the false statement in a news conference and the fact that canada charges massive tariffs to farmers, workers, and companies, i instructed u.s. reps not to endorse the communique as we look at tariffs on automobiles flooding the u.s. market we bring in phil lebeau with more on the potential impact to auto make makers. >> canada does not get the press mexico does, but it is no. 2 after mexico in terms of the number of vehicles built elsewhere and sold in the u.s. mexico is no. 1, and then there's canada, about 11.6% of the vehicles that were sold here last year were built in canada who has the largest space of operations up there? that's toyota, gm, fee yia

fiat-chrysler, top in the plants as far as vehicles exported to the united states. by the way, the u.s. has nearly 27 billion-dollar auto trade deficit with canada, and ts notd there, brought into the u.s., but a lot has to do with engines and auto parts and components. look at shares of gm, fiat-chrysler, and toyota. we reached out to auto makers today, and they play how they play trade tensions with mexico. not say iing a peep they don't want to alienate someone in the trump administration it's easier for them until something is dpecided to say nothing at all >> but is this still an important issue for the american auto makers? >> sure. absolutely it's a huge issue. if you have to change your base of operation because all of the sudden these half million vehicles you import from canada now have a 25% tariff, that is -- could be cataclysmic for

some auto makers, so that's why they are very worried about this, but they are not saying anything because they've seen what happens here. president trump will tweet, if they say something, they are caught in the cross hairs. >> right i mean, do you think that message needs to get across to the administration saying, hey, hey -- >> they conveyed and advanced that message repeatedly in meetings and through the trade organizations in washington, and they did not believe that slapping tariffs would be good for their business or for the american economy >>. >> all right, phil, thank you. >> you bet still ahead, the company known as the international house of pancakes takes the wraps off the name change, and it could, i don't know, we'll see if it really spells trouble for fast food competitors >> very interesting, one, i have to say uni plus, history mat the belmont stakes this weekend. >> this is perfect, and now he's

just been immortal justify is the 13th triple crown winner >> we'll tell you why that win could make justified the most valuable horse ever, and we'll speak withheinng d't re -- wig jockey how this can transform a rider's fortune. that's next here on "closing bell." with the new chase ink business unlimited card i get unlimited 1.5% cash back. it's so simple, i don't even have to think about it. so i think about mouthfeel. introducing chase ink business unlimited with unlimited 1.5% cash back on every purchase.

need a change of scenery? the kayak price forecast tool tells you whether to wait or book your flight now. so you can be confident you're getting the best price. giddyup! kayak. search one and done. what's critical thinking like? a basketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom?

what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley hello, earn, i'm sue herera, and here's what's happening at this hour.

developing story in new jersey hours ago, governor murray signed a bill legalizing sports betting at casinos and racetracks in the state. they can now begin taking wagers next month iran's government is warning north korea to be vigilant during the summit with the u.s an iranian foreign ministry spokesperson questioned the united states' integrity noting they failed to honor the international commitment to the iran nuclear accord. president trump and north korea's kim jong un, as you know, meet tomorrow in singapore. isis claimed responsibility for today's suicide bomber attack in kabul. it killed 13 people and injured 31 others. the attack happened at the entrance of a government ministry during rush hour. and in a case coming out of ohio, the supreme court ruling today is it's legal to remove inactive voters from the rolls, by a vote of 5-4, justices rejected arguments that the pratt violated a federal law intended to increase ranks of registered votes

that is the cnbc news update this hour. back downtown to you back to you. >> sue, thank you very much, sue, for us there back at hq meantime, three races and nearly $3 million. that is how much justified netted its owners after winning the triple crown and the belmont stakes saturday, but a bigger payday may lie ahead eric >> that's right. you mentioned $3 million that's not a huge amount of money, and it's split amongst several owners big money comes from the breeding rights. before, it was reported that owners were in talks to sell breeding rates for $60 million, but the lead owner told cnbc, no deal was finalized. >> nothing's been finalized. we had a lot of offers on the horse, and we are waiting until the fall and focusing on racing right now.

they change value quickly up or down so that's a risk you take, but willing to take the risk >> justified's win could push the price now to $75 million that's a huge profit for a horse bought for $500,000 two years ago. justified could breed 250 times a year for $250,000 each time. even a breeding fee is profitable in the long run back to you guys >> breeds how many times >> like 250 times a year that's 200 grand a pop, so, you know - >> oh, my gosh okay >> you do the math >> eric, thank you very much, back at headquarters justified was the 13th horse, and mike smith was the oldest jockey in the winner's circle for all three races. ride of his life, we are joined as big money mike, hall of famer, jockey mike smith, welcome, mike. >> hello, how are you? >> well, big money mike, that was already your name? >> yeah.

trainer bob game me that name years ago and it stuck >> yeah, well, you had quite the run here, and congratulations, huge win we s the race, andt was just -- your reaction was incredible at the time, and, you know, huge congratulations to you, and thank you, again, for being here there's controversy about the restoring hope, the other horse. what was going on there? was he blocked -- i don't know how it works were you guys working together >> i'm not sure where that story came from. i read about it myself this morning. all i knew is i was going to get out of that one hole quick as i could and try to make the early lead, trying to go early, but then at some point, try to, you know, slow the pace down and get in a comfortable rhythm. what his instructions were, i was not sure, but i'm sure it was not for both of us to go as fast as we could the tactic they use a lot of times is keep the horses apart for a little bit this is gets them to relax and settle down, and as you bring

them closer togethertogether, yk it up. i used that in the preakness when i won in baltimore, but other than that, i don't know what all the talk was about. i thought everybody had a fair shot at me, and several of them took it. just happened to be on justified at that day, and wouldn't let anybody pass him >> mike, we had two triple crown winners in the space of four years coming after a 37-year wait, and same trainer for both of those two what's the secret here could this be something that's now repeated again in a couple years opposed to having to wait so long like we did before >> well, once it timely happens, it seems to come in twos and threes sometimes although we got close even before that, i mean, there's a possibility, and, again, might go another 20 years before we see it again, but bob might be, you know - >> there we go, lost the shot

for a second $300 million earned already, mike, inducted in the hall of fame back in 2003, i think, and your 52 years what's the secret? how requeide a horse without kin your back at that point? >> blessed at a young age to pick up physical fitness, hanging around on the days off, i just went to the gym all the time, and -- >> oh, mike, thanks again for joining us we lost the shot again like he said, he had back issues early on, and he's in incredible shape now, and, of course, huge weekend for him. >> remarkable achievement, huge congratulations. again, still ahead, match.com's share prices plummet when facebook said they were getting into the dating game, but a few notes from various analysts are easing concerns. we'll explain that coming up plus, back to singapore as the clock ticks down to the

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welcome back, a lot to say about the cultural differences here shake shack and mcdonalds lower, mcdonald's lowest in the dow today after ihop, international house of pancakes, not so international, apparently, is changing the name to ihob promoting the new burger menu item >> now that the chain stepped up the burger game, has burger-mania hit the top joining us, steven from maxim group. talk us through the rationale in why they do it, albeit temporarily, whether it works? >> good question it's a measure being done to increase the traffic look at ihop, they have 50% of the sales coming from breakfast

items, well-known for breakfast, and they are not abandoning that business, but it's people coming in after 11:00 a.m. who do not want a pancake they want something else, and burgers are things that are close to what ihop has done traditionally. burgers, growing business at 3.5% a year, and this is where ihops staking the claim to get more - >> i don't know. >> to increase traffic >> steve, look, hearing the announcement they changed the name, and that -- but now, it's just a gimmick they are not really changing it. >> absolutely. >> it's a temporary thing, soi don't know >> exactly >> tweeting that if they wanted to sell the ihop brand, he's happy to buyt because of brand equity this is what he said on twitter, i'll pay you $10 million, i'll take pancakes, you keep the burgers. ihob has edge here >> i think it's worth more than

$10 million, first of all, but there is precedence for moves like this. recall ten years ago, pizza hut did something similar, calling themselves pasta hut met with similar mixed opinions, but in the 12 months after they introduced pasta, they increased 1 12%. they are boosting traffic. >> i know you don't cover the likes of mcdonald's and shake shack, but interesting to see the share prices declining today. is it a threat to the big burger chain? >> i don't think it is if anything, where we see the shakeout occur in burgers, and it's starting to occur in the small chains and independents, places like sonic, other chains that have not been able to compete with the lies of shake shack and emergining chains tha

are growing their store counts >> well, it's, i mean, couldn't they go international? yo never had a pancake >> i have, but not for breakfast, as a dessert. >> any international presence? isn't that where the growth is >> exactly right the growth is occurring outside the u.s. as they have been signing franchise agreements in latin america, other regions as well that's the crux of the growth over the next five years, and that's something that management has made a point of doing. >> g stuff thank you for joining us steve anderson joining us to discuss ihob >> the issue is you can't get a normal coffee in the u.k >> really? >> no drip coffee with cream i asked for coffee with cream -- >> oh, cream >> i got whipped cream on top of the espresso

>> cream is wrong anyway >> no, it's not. >> you can get coffee. >> no, that does not count it's all espresso, americano with water just take the coffee business to the u.k., you'll do all right. >> i think there's plenty of coffee there anyway, we have a mid street mover. up around 40%, could be target for a takeover breaking down what stock -- i don't know which it is, actually >> i don't knoer >> oh. > later, a route in emernggi markets prompts fears in the u.s. what you should be watching for still coming up on the "closing bell."

welcome back, everybody. let's check out the market movers today up first, boston scientific jumping on the report there's a buyout approach from striker that was the mystery chart, i believe, up 7.5%, and striker one of the worst performers in the s&p 500. >> and another stock to watch, jeffreys is upgrading match to buy from hold as its increasing price target to $50 from $40 the firm says facebook's dating feature likely has minimal

impact as facebook appeals to an older demographic. interesting recovery since the news >> i think grasso saved that >> should have discussed that with him interesting when facebook announced it, we both -- would facebook users want to let it kind of intrude in that? i don't use facebook, so i'm not the greatest to comment. match recovering >> invite only dating things >> i'm not on any dating apps. >> some posh name. i'm just saying. up next, top strategists talk about the biggest outflows and if there's more turbulence in the u.s tomorrow, interview with paul tudor jones live for a very rare interview tomorrow at 8:00 a.m. eastern time. don't miss "squawk box" tomorrow kicking off at 4:00 a.m. we are back here in a couple minutes. (baby crying)

(slow jazz music) ♪ fly me to the moon ♪ and let me play (bell ring)

welcome back, everybody, dow hanging on to a 46 point gain, mostly higher for the major averages ahead of the north korea summit in a couple hour's

time as a waiting game, and all of the other news, of course, anticipated for the rest of the week rough week for markets up until now including last week's selloff in bra sazil markets. >> for more if increasing tensions leads to fears in the u.s., dennis joins us, equity strategist at ubs. very good afternoon to you first quesgues not so much the trade tension, but centrally is the rising dollar seen in the last few months an issue for the emerging market equities >> always, always a negative for emerging market equities when the dollar rises, that brings money back in the u.s investors shake off the risk trade, and as i said, they bring money back to the u.s. they are poor in times of rising dollar, and what happened most recently during the fear of the rising dollar it led investors to pick away at the weaker stories in the brazil, et

cetera, so as usual, stronger dollar's not good news for us. >> some of the biggest outflows were actually from india, is that right i mean, that's -- india would think of is different than other emerging markets it's not usually as agile, especially lately under modi you know, what's going on there? >> that was just -- that was just a one week number, of course, although, they've pulled money out of india for a while, actually last year, the markets were doing well, supported by domestic equity floors, not foreign flows, but they were sucked into this a little bit. there was currency weakness weeks ago, not a great deal. the issue in india at the moment has been a -- something of a rise in inflation because they import all the oil, and oil prices are rising, and it's also a market where earnings numbers have been quite disappointing for a while, so particularly when it traded strongly last year, the market is quite expensive, so they are putting the money out to put money

elsewhere opposed to india being a big part of the emerging market story at the moment >> yeah. >> which is the biggest em that you have country specific concerns over and would advise people to avoid at the moment? >> well, we have downgraded brazil we are very concerned about brazil obviously, it sold off pretty heavily already, but, frankly, the deterioration in the fundamentals in brazil are shockingly rapid in terms of economic growth being considerably weaker than we thought it would be this year, and, also, we have an election of sorts coming up straight after the world cup, early october, and concerns we are not seizing visibility about the sort of pro-market, right wing reformist candidate winning that election we thought we'd have by this time. if you roll the rallying dollar into that, it's a weak story that's a big market we're very cautious about in the short term that is the major one. turkey is smaller. we're underweight that market,

but, frankly, one of the issues i think here is a lot of markets are actually holding up quite well, and this is why i don't think you should treat it as a full crisis here >> all right at least not yet thank you for joining us >> thank you up next, the closing countdown. >> after the bell, we count down to the historic mmsuit between president trump and north korea, and we are live in singapore for the latest headlines coming up whoooo. when it comes to travel, i sweat the details. late checkout... ...down-alternative pillows...

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welcome back to the "closing bell" with three minutes left to go until the close, and if we look at the entintraday chart fr the s&p, it's encouraging. it's positive, nonetheless, despite the highlights over the weekend with geopolitical concerns issue and rallied intraday, not a lot, but closing in the green, and if we look at the others as well, you see they are higher at 0.2%, that's about 30 points for the dow. the sector performance today, seeing almost all higher, just those interest rate sensitive ones in the bottom likes of realty and interest rates. they are close together, but nonetheless most sectors are higher today consumer staples having a good session themselves just want to look at the dollar as well because, of course, you

might have thought we'd seen a lot of dollar safe haven trade off the back of the geopolitical tensions, it's higher against the yen, but slipped against the euro because of good news from italy over the weekend that the euro's higher opposed to dollar weakness, and on that note, again, i said at the top, encouraging open despite headlines. the same is true around the rest of the world, as well, asian markets have the summit overnight, but there's the half screen how some of the international markets, italy in particular, bouncing, becausing europe as well, and there's the decent session for hong kong and japan as well. we are focusing on the summit more than anything else. >> i think so. as much now, the market is not moving on it, and i think the important thing is right now we are sitting shy of new highs on the s&p 500, russell 2,000 record highs mid caps a lot of industrials and airlines hanging out, it's historic highs today mid cap.

and consumer discretionary where, for example, home builders have been rallying recently despite concerns of higher rates issue and moves in the retailers. names up 15% in the last month we had auto stocks, which had lagged all year, and they have started moving up in the last month as well. so these items, of course, are discretionary by definition, and this reflects a better economy overall. as you look at the market internals, terrific. new highs as well. >> telcos last week best sector. >> speculation there >> speculation >> yeah. >> ahead of tomorrow's - >> yeah, yeah. there's all sorts of speculation. you go on different sides of this, that positive ruling by the judge in the time warner at&t deal could mean additional catalyst for the sector, and, remember, that's going to be a new sector that puts a lot of general names, news names in there like disney creating a sector out of

telecom and communications in general. there's speculation ahead of that >> oil prices starting the week positive as well after a difficult couple weeks >> yeah, stuck in the $65 range, but today hit $66 for the first time in a while. >> the markets are closing, the dow's just positive as the bell goes ringing here at the nyse. opportunity fund at the nasdaq, and mayo technology ringing the other. kelly's not tgot the second hou. >> thank you, wilf welcome, everybody i'm kelly evans. this is how we finished on wall street, green across the board, but the dow lost the gain on the bell, going out just nine points higher and we took a big leg down in the closing minutes of the session here the s&p 500 added three points, and nasdaq up 0.2% today russell 2,000 added just about 2

points because of that selloff -- well, not a selloff, but off the highs into the bell. the russell juissed closing at another all-time high we are hours away from president trump meeting with north korea about five hours away, in fact, from the meeting, and 9:00 p.m. eastern time in the u.s., and 9:00 a.m. in singapore it all gets underway we'll bring you the latest headlines we have from singapore right now, and talk about what a summit would look like for both sides. joining me now, michael san toli and kevin o'leary, welcome united health won, and mcdonald's lagged, maybe because of ihop, who knows, down 1.5%. striker lagged on a deal with boston scientific. stryker down 5%. michael, so, first of all, what do we know what happened at the bell >> i don't know. i don't know specifically what happened at the bell the market, most of the day, was

steady with just a little bit of upside drift it was pretty mixed internally i think really before the fed's decision wednesday, i would not expect the mart ket to make sudn moves. they are in a comfortable plac obviously, it's acting like a bull market, again, right, in tehe sectors working and in terms of m&a getting announced, and things like that, but it's not a tremendous amount of buying interest in terms of momentum, and so i don't think the trade stuff is necessarily weighing, but why not sit back until you have more events out of the way for the week. >> kevin, the g7 summit. i mean, okay, so depending on who you talk to, it was either the worst thing that an american president has ever done or, you know, just kind of the latest out of washington. what did you make of everything that happened between the president and trudeau over the weekend and implications of it now? >> no question, unusual and

unprecedented, but as far as the market was concerned, it was a big nothing burger nothing came from it that moved the canadian or u.s. markets one event that occurred as the g7 was passing, which i think is significant for investors, and had me, today, start to deploy capital in i way i've not done in two years now the liberal party of ontario was decimated on october 7th reduced to non-political status. in other words, they lost so many seats there, they are no longer allowed to ask questions in parliament, so this is a forerunning of what could be occurring in terms of the tone that's going to be happening in canada in the federal elections because at the end of the day, if - >> when is that election >> there's a change -- well, this is a popular movement sweeping through canada. next is in alberta looks like the socialist government there will fall what i did today, which i have

not done, is deploy u.s. dollars, convert to canadian, and bought 60 large tech companies. i think we're going to see a move towards more pro-business in canada, more growth, and i'm not sure trudeau gets another mandate. that's what i think. the market did not pick up on it >> would be fascinating in terms of interplay the u.s. where does that leave you? results about trade in tariffs, and, you know, you know, what the state of play between us and europe and japan >> two things to watch, one, you said, ecb, sorry, the fed, with the ecb, correlated there, but the second is, what happens with china? i think we are waiting for the talks to occur with north korea to then say, where is that going to be really important for us, and the market's waiting for that the other interesting thing is

watching the markets, it's not just tech leading. you are getting other sectors to come and follow. transports up today. staples are coming back today. you see discretionary as well. you are seeing money coming into the market, not necessarily just fang and tech, but in other areas, and i think if you get some positive news this week, that could carry forward to new highs. >> talking about that last week how tech was drooping a little bit. the countdown is on, less than five hours away from the historic meeting between the president and king jong un in singapore. what is the market significant of, do you think many. >> i don't think the market has chips piled in the middle of the table betting on how this goes or, really, able to interpret right away what it means long term there's not expectations for massive breakthroughs, so, therefore, if we don't get that, there's no disappointing move, but i have a hard time, you know, absent somehow them saying this clears the way for, you know, a retreat from all trade

hostilities with china, which also is not going to happen. i don't see a big bullish catalyst either. >> kevin >> they fall in the zone of the market does not know what they aricing, so they do no to meet price and outcomes >> kevin, how do you think about it >> i'm thinking that there's going to be a flurry coming out 6 this because i believe that even though there's no agreement, the tone will be towards continued conversation in a market in asia that people ve pause for, even 90 days ago. now that the discussions are occurring, i can't think of a scenario where they break down when these two leaders know there's such a historic moment to be made, and nobody's expecting anything to get signed, but i think maybe it's time to redeploy into the asian economies and markets because there's an excitement about this, and they are growing at 6% you can't deny that. we and other investors pulled money out of asia in 90 days

thinking all the good times are behind us. i'm wrong. i'm going to go back and redeploy because i think we're going to feel things out tomorrow, as trump gets back on the plane, probably say, to be continued, i see good things ahead, and that's all the markets are going to need. >> wuould you pursue? >> i agree with kevin, but what i'm tentative on is the dollar emerging markets go where our dollar goes. if dollar is stronger because the talks went well, but converse effect economies improve, but the debt costs more, so how do you balance that off in the short term? i think longer termin, there's better opportunity in emerging market >> what do you like in asia? >> specifically, i look at australian engineering companies, for example, they look very poised to be beneficiaries. hong kong listed soft. large caps in all of these

countries are the most attractive their pes are in some cases 20% lower, and i understand why. the dollar concern is a valid one, and they are, you know -- i'm not really calling china emerging anymore it's here. >> yeah. >> and, you know, when you start to see the particularly -- in the e commerce space, so many of these internet companies have been launched in these other markets, they are growing at 30% plus so i'm starting to take my fear off the asia trade as a result of something bad happening in singapore. i'm thinking, and, i have to be honest, i deployed some this afternoon just on the whole tone of the region. those images of him walking around like a rock star at wood stock and flashbulbs flashing in the streets of singapore, that means something to me. it's interesting to the upside in my point of view. >> what were you going to say? >> i don't think the market trades that way anymore.

i really don't people are sitting around saying, my gut says this is good long term for the world. it's not really a, you know, berlin wall moment, you know, opening up a massive new age of commerce, and if you're looking at the chinese market, $600 billion in alibaba it's not really the kinds of businesses driving those indexes where you're going to say, well, the risk premium is coming down, and, you know, infrastructure's going to get a new look. that's why i wonder if it's going to have regional impact market-wise. >> sure. as we see, the fund flows could have something to do with that another thing, quickly, about the deals seen today, you mentioned, mike, emblematic of a bull market, kkr acquired vision health, $46 a share. one of the biggest private equity deals seen lately boston scientific on a report that stryker made a takeover approach what were you going to say >> this is, again, another indication that capital markets are still strong kkr would not do this deal if

they could not fund it with capital markets being open the credit markets, more importantly, to see that's liquidity and ample demand for them, so that gives me some positive indications that companies are still out there looking for it, it's just not tax cuts and buyback shares. it's also where the is opportunity, and the company like envision, a broken story with, actually, its own issues, kkr saw the opportunity and pounced on it, and took it over. >> tomorrow, if we get -- depending which way the ruling goes on at&t and time warner, could see deals as reported earlier, comcast jumping back in the fray for fox and a bunch of others >> completely. media is wide open, even if the deal is somehow shut down. i still think we're going to have people looking for secondary, you know, tieups, so, yeah, i think -- if anything, m&a volumes lagging where you might think it would be, begin the state of the capital market, credit market, and how big market cap is total. >> yeah. >> and where we are on the cycle

and all the other factors. it's probably going to be a pipeline to be filled continuously >> we have to go, kevin, do you have to call your mom back or something? >> ha-ha no it's my trade getting executed, trade in asia getting executed >> we heard that all right, greatff, thank you for joining us to talk markets today. we have an earnings alert on restoration hardware eric >> kelly, so rh, the parent company, but rh earnings beat big time, 1.33 against 1.02 revenues missed, but the stock up 13% up after hours because the company had strong second quarter etfs and revenue guidance back to you. >> unless they own other stuff, mike, i'm not going to fall for the rh stuff >> no reason >> no. >> but it's been one of the longest running short squeezes,

fundamental momentum stories in retail it's really been remarkable. >> that's right, up another 14% on these earnings. 56% up this year for hr. up next, presidentrump meets with north korea tomorrow in singapore up next, the latest from the scenand what comes from the historic face-to-face. president trump ed to revive the steel industry. the steel stocks have underperformed the s&p since taking office. we are live in a steel plant facility and what challenges the industry faces we want to hear from you reach out to the show on twitter, facebook, or e-mail we're back in two. 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.

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we're houring away from the start of the historic summit between the u.s. president and leader of north korea, and michelle caruso-cabrera is in singapore with us for the latest michelle >> reporter: yep, starts 9:00 east coast.ime, that's 9:00 what we hear from the secretary of state today, kelly, he was optimistic when briefing reporters. >> president trump is going to the meeting with confidence. the positive attitude, and eagerness for real progress.

he's made it clear that if kim jong un reduke larizes, there's a brighter future for north korea. tomorrow, we'll get our clearest conclusion to date of whether cs vision >> reporter: here's the rundown for what happens starting in less than five hours from now, 9:00 a.m. local time, they greet each other, president trump is going to meet for the first time kim jong un face-to-face, and 15 minutes later, they'll sit down for a private bilateral, the two of them with the translater, and 45 minutes later, they will expand, to include secretary of state mike pompeo and 11:30, a working lunch, and more members of the ad mvrministration joinia well the local paper here reported since yesterday, before the meeting ever got started, that kim jong un plans to take off at 2:00 p.m. from singapore that may be why the meeting ends earlier than originally

expected, and president trump had hoped it was going to last a couple of days if things were going well he's going to brief the press at 4:00 a.m. on the east coast, 4:00 p.m. here, and the plane departs, taking off at 6:50 in the evening, which is just before 7:00 p.m. east coast. it could be a very consequential day tomorrow, kelly, or maybe not. back to you. >> michelle, do they know why kim jong un is reportedly eager to take off so soon? >> reporter: no clarity on that. before he came, kelly, talks he was concerned about leaving his country at all for fear of a coo. he revamp the military leadership, and thought him consolidating power so he's less concerned when he left the country, so it's not clear it's also, perhaps, maybe he's playing a game of chicken with him to say, look, the meeting's only lasting this long, maybe an effort to retain some control in the negotiations all of that speculation at this

point. >> and the president, journalist saying, loves deadlines, and now kim jong un set one of his own apparently michelle, thank you very much, michelle caruso-cabrera in singapore. joining us for more, bruce, .s. bassador canada, and lindsey ford, affairs to the asia society ty policy institute welcome to you both. ambassador -- >> thank you >> i want to ask you about the revolt in canada alluded to, but what's happening, first, in noh korea? what do you think the successful outcome is for the u.s. here >> so, i'm rooting for the president. i want him to be successful. i want him to be successful, not only as an american, but as a human being on the plannest earth because north korea has been one of the most reprehenceble governments in the world, and this guy is a dictator, killed family members who, you know, ruthless, and has threatened the united states with nuclear bombs

so given all of that, i want the president to be successful, but what we need is complete denuclearization that's what we need. >> yeah. >> to get there and do that, we need to be able to make sure that it's verifiable and complete, and so that a big task, and i don't think we're going to know that in the next 24 hours i think we might have all kind of commitments that we can work our way to that, but even if we get a complete commitment, this counhas been known to give commitments to presidents alike and fell back on it, so -- >> lindsey - >> there's a lot of work to do here >> lindsey, let me ask you because i liked this point that you made, you said it's hard to see how north korea would ever garner this kind of international attention if not for the nuclear threat so other nations watching could draw the conclusion, hey, this is how i get this respect too >> yeah. >> yeah, it's unfortunate that

sometimes it's the reality in international relations is that behaving badly gets you more attention than playing nice. you know, i think in this current situation when we look at what we would ultimately like to see happen tomorrow, what you really want is some kind of agreement on both sides, a joint statement that sets up a credible process >> yeah. >> a credible diplomatic process. i think i'd have a slightly, perhaps, more constrained vision of where i see this ening ding , which is if we end with a process putting credible restraints on the missile programs, take the current pause we're in now and extend that in a meaningful way, deepens that, prevents the programs from moving forward, that, to me, is meaningful >> okay. >> and, you know, i -- i would agree that right now, and all need to wish the president and

the negotiators on the ground the best of luck because they have been in everyone's interest that this shakes out well. >> yeah. >> absolutely. >> ambassador, there's been some discussion tha perhaps, a minimum of what you ultimately want to be working towards with any agreement is something approaching what the international community got w h iran if the president is contribute c -- critical of the iran deal, what does that mean for this process if it unfolds, if that's, in fact, the case? >> a bar one should look at, and he'll then quickly appreciate the work done on the iranian agreement and have different perspective on that, albeit he's gone down a different path here than i would have gone down here with iran, but i think you're absolutely right i think that's a test case you know, when ronald reagan was talking about missiles, verification of our treaty with

russia, he said, trust, but verify here, we can't trust, there's no basis of trust, and we still need to verify it's going to be very hard to verify in this country that is very reclusive, closed, and it's going to be very, veryifficult to implement, much more than the iranian agreement. >> yeah. i like the analyst who said, you should go into the negotiation talking about verification first, and what that looks like, and not just think you hit that detail in the end >> exactly >> thank you, both, joining us before the summit begins in four and a half hours." squawk box" begins coverage at 4:00 a.m. for special coverage on this histor coverage. earnings alert on dave and busters. eric has those >> that's right. stock's up 16%, making up half the loss, half the 30% loss seen in the past 12 months. earnings beat expectations on

all accounts, eps better by 10 cents, revenues better by $10 million, and comps negative 5%, better than the negative 6% the street expected, but also changed their ceo, promoting the cfo to ceo, the current ceo, steven king, is chairman only. back to you, kelly >> holy cow. eric, thank you. shares - >> up 20% now. >> yeah. >> it is amazing obviously, they came down quite a bit. i don't know how to read it. still valued like a growth il in other words - >> still with negative comps >> yeah, to theoretically add more stores. unique concept, gets the benefit of the doubt that reason in terms of the publicly traded ones, but i don't know what they think comes along that makes it stellar from here. not fun to take a kid there for a birthday party >> no. can adults just go anyway, leslie picker speaks to the woman between the "me too" movement on wall street. kelly, that's right. the woman who is alleging gender

bias at the most well-known hedge funds is sakg oupeint. we had a one-on-one interview with the woman suing point 72 after the break.

welcome back, the "me too" movement started in hollywood, but it was the gender bias lawsuit filed by lauren bonner against hedge fund point 72 that

brought the movement to wall street she spoke with leslie picker about the suit and climbing the corporate ladder as a woman in walltreet. >> at the time you filed the lawsuit, you had only been at point 72 for 18 months how do you square away that the result of that denial for the promotion was a result of experience or lack of experience versus your gender >> well, it couldn't be experience because men with lesser and worse experience came in at a higher level than i did. off the bat. it's hard to imagine that that's true it's also hard to imagine that this has anything to do with performance because i got the highest possible performance reviews. it also was impacted by the fact that one of the members of the commotion committee, which was 13 men and one woman, was the

man who i had reported to hr for harassment, o was ai lollowed t sway votes on the committee. >> you believe you were retaliated against >> i do. >> can you talk about the sexual harassment you witnessed yourself or heard about in talking to some of the peers you work with at point 72? >> sure. i think harassment is a way of making women or any group of people feel uncomfortable, out of place, and unwelcomed, and that can be done in a variety of ways from showing power very aggressively to more intimate behavior like patting women on the head or asking them why they have not gotten married yet, or telling them that women are just too emotional.

>> is a hostile workplace towards women in the board of the president's office that you described in the lawsuit, the other interactions you described in the lawsuit, is that, by nature, a form of discrimination against women? is that a way to discriminate women by encouraging them to leave, quit, or not be a part of it >> it is you'll see that in a number of the people who leave >> critics of the pay gap would say compensation is an art more than a science, and that there is not always a mathematically precise way to make compensation equal for men and women over different jobs or different demographics what do you say to tt? >> i don't think is a question ever nuance. i'm paid 35 cents on the dollar relative to lesser or equally

qualified male peers in similar roles. my colleagues are paid -- female colleagues, are paid 35 to 65 crepts on the dollar relative to their male peers doing exactly the same job this is not a nuance issue >> is it ever the reverse? do you ever see instances of women making more than the men who were doing the same job? >> i've seen it in my previous roles at my venture fund, i was the highest paid partner >> but not at point 72 >> not at point 72 >> leslie picker, she still working there, right >> she is still working at point 72 kelly, i want to make up the point in this case, bonner is comparing her pay as app associate director to that of male directors, a step higher. she said based on experience and responsibilities, she should have been hired as a director in a first place.

in a statement to cnbc, point 72 says contrary to ms. bonner's assertio assertions, the lawsuit is completely false or based on here say and never brought to the attention of firm management point 72 was already addressing the underrepresentation of women and minorities, a reality across the finance industry, with a series ofdesigned to recruit and support that before she was hired in fact, she was involved with some of the initiatives, but rather than working with us constructively to advance goals of diversity and inclusion and after only 18 months of employment at the firm, she demanded $13 million and sued when that demand was rejected. a representative declined to comment on that figure, guys >> she's an associate director what does she do there >> in charge of talent and analytics of the firm there. she's in a unique position to know the compensation data,

which she spoke about gpas, those entering the firms, number of women in various positions. >> that gives her that window. les less leslie, stay there. we have karen and bethany here, lovely to have you both here, and, karen, have you been patted on the head or told you were too emotional? >> no, but definitely felt some sort of, you know, being treated differently because i'm a woman, but never made me uncomfortable enough to feel that i had to do anything about it. >> what do you think is the state of play in wall street when it comes -- when we hear the details of bonner's case, does it ring true, yes, a common experience, or maybe point 72 has a problem, or you don't know whether to believe her >> rings true, absolutely. i can't speak to her specific instance, brave she's continuing to work there, but i see it in

wall street and bigger firms pervasive for a few reasons that's been slow to change, and one of those is that tit's chicken and egg. we won't see women as leaders and being in position to earn the most money until we see them and think of them as leaders so without that having happened already, i think it's hard for it to change it's been slow, and i think, also, if we see women in those townsh top leadership position, any discrimination in that particular institution, gender gaps will close by a lot >> she said in her job as venture capital, she was the highest paid partner, so i don't know if we assume that's the west coast thing or different more of a tech versus a wall street phenomena what do you think? >> well, silicon valley has plenty of its own hugely reported problems with pay gaps

with women and minorities, so i think that might be very specific to the firm that she was at and perhaps the world she was in, but her comments rang incredibly true. when i did the piece for vanity fair on wall street and the me too movement, a woman said to me, i don't think the issue -- i don't see this being a me too culture. most of the big firms got the outright sexual harassment under control, but the bigger problem are the subtle forms of discrimination whether it's pay or whether it's just a really difficult not friendly work environment that makes you say, you know, i'm going to do something else and that's, in some ways, a harder problem to fix. we know what to do with sexual harassment, but the other more subtle things are sometimes much more difficult >> yeah. >> it sounds like based on my conversation with her that that's the main crux of the case, this idea that harassment, whether it's very over or subtle as described, the whole spectrum as it's within the culture of a

special firm can be on its face, a form of discrimination because that forces n to feel uncomfortable, and therefore either quit or leave, you know yeah. >> i guess on their own choosing >> i was going to say, it just occurred to me, to get autotogether, what betny said about -- all together, what bethany said about wall street being an inclusive thing from bank of america to some small hedge fund, and we're talking about here, though, obviously, a very well-established hedge fund operation, so much of the hedge fund industry is still the founders running this thing, and they are guys, guys who 20, 30 years ago run these empires. >> that's the case certainly, i mean, point 72 just, in january, was allowed to raise outside capital to be a hedge fund again and be accountable to outside investors. outside of that, it was a family office for two years you have to wonder if the private nature of the industry, the fact they do not have

accountability to, you know, publicly traded shareholders, for example, if that has anything to do with it, maybe not, but it's worth something. >> you're right, it is different for the biggest ones who are publicly held accountable versus the smaller ones thank you, all, very much for joining us lesl leslie, thanks for the great interview as well. wall street finish with gains, evaporated into the close, though, dow up 5, s&p up 3, nasdaq up 14, russell up 2, just missing closing aan all-time high today. here's the rapid recap just hours from president trump going face-to-face with north korea. it's a historic, first-time meeting between the leaders of these two nations. >> president trump is going to meeting with confidence and a positive attitude and eagerness for real progress and made it clear if north korea denuclearizes, there's a brighter future for north korea.

>> president trump met with the prime minister of singapore. the president said, quote, i think things could work out very nicely >> president trump is lashing out at canada and europe following the g7 summit. >> the administration refuses to sign the joint statement from the group, and president called canada, quote, very dishonest and weak >> it is a pivotal leak for government regulations today, rollback of net neutrality rules is official >> by relaxing rules and promoting investments, there's more consumers, 34 million americans offline get online, and that's a lot of capital sitting on the shelf for so long >> stocks in the green with the dow and s&p 500 at three month highs. >> so many areas coming in the market, yet all we see is positive papers flowing. because of that, i'm very much into the markets right now i wonder, do you think it's going to be especially active for futures and everything, mike, given this starts at 9:00 p.m. local time? >> yes -- well, that's where the game will be played. i don't know if we'll know enough before we get a little

bit of a media reports about how thist. interestingly, reportedly, two men in the room with the translaters. >> yeah. >> a lot of ways to recant what went on. >> you are pulling an all-nighter? >> no. >> time for an cnbc news update. sue? >> guys, here's what's happening at this time, everyone atlanta judge sentenced a mexico drug cartel leader today to nearly 50 years in prison. ed j he is accused of bringing trucks of cocaine into the u.s. from mexico he was a former texas high school player who went from street dealer to kingpin he was also forfeiting $192 million. a former senate intelligence committee staffer getting charged today. the 58-year-old james wolf is accused of lying to federal investigators about contact with

reporters. the fbi began investigating wolf after classified information showed up in an article written by a reporter he had dated investigators are looking into what caused a fire truck to roll over in ft. worth, texas today. the truck was answering a call three firefighters have minor injuries and a scary sight in a santa monica, california parking garage a vehicle dangling over the side four floors up fire officials said an older woman accidently hit the accelerator rather than the brakes luckily, though, nobody was injured. scary moments, though. you're up to date, that's the news update this hour, kelly, back downtown to you >> yikes sue, thank you very much >> w an upclose look at the nation's steel comeback, jackie >> reporter: good afternoon to you, kelly well, the facility behind me firing up today, literally u.s. steel said it's part of a larger revival, but opponents in

the industry say, not so fast. if we get in a trade war, especially with china, there's proble ot that story and the impact it has on the investments all coming up. stay with us all in one place.activity ♪ this is a tomato you can track from farm, to pot, to jar, to table. and serve with confidence that it's safe. this is a diamond you can follow from mine to finger, and trust it never fell into the wrong hands. ♪ ♪ this is a shipment transferred two hundred times, transparently tracked from port to port.

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welcome back, shares of u.s. steel climbed 4% over the past month as president imposed tariffs on mention ka, canada,ae we are in illinois with the impact it's having there, jackie >> reporter: kelly, well, what you're looking add behind me is furnace b at the u.s. steel plant in granite city, illinois, and what's happening here today is a little of a revival this plant's been idle for the last three years today, it's actually producing steel. the company said in march they'd bring in online, it's taken 12 weeks to get it where it needs to be. a lot of re-hiring, new hiring going on here to the tune of 500 jobs, and there were several reasons this was able to happen. first was when president trump took off, remember, he issued an executive order wanting all the pipelines of steel to be made in the united states. then there was section 232 policies, the tariffs, on imported steel and aluminum,

giving the company a little optimism to do this, and, finally, the ceo told me that demand has pick ed up as well, making this an attractive investment here. those worried about trade war problems, retaliation, things that derail projects like this, u.s. steel says they have been in a trade war for 30 years because of unfair trade practices, could be a drop in the bucket, but we're getting out of it. that does not mean there's not risks here or employees are not concerned that the plant could potentially shut down again, but, still, today, they see this as a little bit of a game changer. they say they are paving the way for other companies as well. meantime, you mentioned u.s. steel stock price, you can see the steel stocks have done well, a little bit higher, but also underperforming the broader market because changes like these are going to take time to fully implement. what we're seeing here today is one piece of it.

the ceo today said it will take time to trickle down, but, remember, it's not just the jo they are creating here, but the jobs they are creating in the community, and if this happens in communities across the country, you start to add that up, and you see some real change, kelly. >> yeah. you still, you know, you want to have that technology, that edge, you know, anyway, jackie, thank you veryh out in granite city where they are appreciative in the steel industry. and, you know, we'll see if it pays off over time. sports betting signed into law in new jersey, but there's already new competition. that's next. tune into "squawk box" tomorrow with an exclusive interview with paulud tor jones, known for calling the 1997 stock market crash. don't miss it.

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time for the take away, we begin today with a new report saying corporate insiders are, quote, taking advantage of the company's buybacks selling shares after the buybacks, are announced, but wait, if they buy after they are made public, what's the problem this has a commissioner looking into it saying executives are wrong for buying the shares if they think it's good for the company long term. >> creates the appearance that executives, especially ceos who have some role in deciding if thergoing to be a buyback proposed company, itself,

you can take advantage of it i will say, i need to know more about the data behind the study because often they said they saw a rush of executives selling r ybk announcements, but that coincides with earnings announcements, so they are now on lock from selling >> well, i think it's public, and so investors are able to take the public snag for what it is, better or worse, if it's private, understand, but it's public, next draft kings is not a gambling platform, unless now it is axios looking to raise $200 million in nund funding to build up sports betting now that it's legalized. is it attractive now >> i think they coexist because, you know, you can have a team, this is a little bit of a different thing than just betting on actual sports or pieces of games or things like that, but, yes, if you are a draft king, you absolutely have to be a part of this creates interface, a platform. >> and partners with new jersey

casino, in this case, maybe a win for everybody. uber filed a patent to detect drunk passengers it trying to determine your drunkenness base on how you use your phone how quickly and accurately you type to your location and angle of holding or drivs? unless you do a referral to the police department or something, i don't know that they're going to make use of the data. >> today it's uber, tomorrow it could be police. >> it's illuminating what they're able to tell on the other hand, if it's just for the drivers used to say, hey, heads up, somebody who ordered a car might be drunk, that's one thing but it also works against the idea that if you have been drinking you should -- >> you need an uber. >> if people don't want to do that final thing i'd say on this with apple which is so obsessed with having the aura of security. they're using smart phones to collect this we'll know the fate of the time warner at&t merger tomorrow what to expect and i iacontsmpt following deals is right after this

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ruling on the at&t/time warner mermg ger is expected tomorrow >> a ruling on the department of justice to block at&t's acquisition of time warner is expected tomorrow at 4:00 p.m. eastern. whatever happens we'll have ripple effects throughoutindust. he estimates that the outcome is more than a coin toss. a lot hinges on the nuance if at&t wins with no conditions,

that's a huge relief to it and time warner ahead of the june 21st deadline. a win would prompt comcast to make the formal offer for fox' assets it looks to top disney's teal for fox. it could prompt a land grab for media companies. if at&t wins the d.o.j. could appeal now if the judge rules against the merger, it would likely kill the $85 billion deal a loss for at&t would put the brakes on other media deals in the works discouraging comcast from putting in its official offer for those fox entertainment assets there's also the potential that judge leon will allow the transaction but with conditions. at&t and time warner though filed a brief saying they want the merger to go through without any conditions we'll have to see what happens tomorrow >> julia, thank you.

mike, i hope there is clarity. >> yes. >> one way or the other. >> almost everybody is hoping that. >> too much has been happening on this. almost two years every other player has had time for scenariolysis and game planning to figure out what the neis. >> as we reported earlier, comcast may be making the next move as soon as wednesday. markets have been shaking off geopolitical concerns. we'll recap the after hours movers including one expecting stronger than expected sales when we come right back.

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here's a check on the markets after hours. furniture chain rh surging a strong second quarter outlook. it's up 17%. dave and buster's is spiking on much better than expected same-store sales the company announced its ceo will retire and shares are up 15%. urban outfitters getting same store sales guidance urban up 4%. a lot of good news after hours >> without a dpououbt people thought the ceo was making all the wrong moves going back to printing these enormous physical catalogs,reating

these big, huge show rooms whether it's working long term or just working for now, still almost 1/3 of the shares at last report still short. >> we've got about four hours to go until the summit begins the headlines have been a little bit quieter. obviously it's overnight in singapore now. anticipation is building though. what are you going to be watching >> i think you'll watch at this point it's body language and it's the immediate take aways. if both sides essentially tell a similar story of what the next step is, that's probably a positive outcome. >> instead of, well, you know, lot of spin for both sides. >> yeah. >> you know, kind of showing some friction. >> do you think dollar rates, you know, those kinds of hurts the market. >> reflex moves, but i don't think this is going to dictate this is not an inflection point type meeting unless it somehow, you know, immediately kicks into hostilities. >> or vice versa as a guest suggested to us last week, we get this massive dividend that --

>> i still think that wouldn't be -- you're not going to know that in an hour. >> that's absolutely fair. >> yeah. so we wait and we watch and we look forward to "squawk box's" coverage of that to begin 4:00 a.m. you're not a 4:00 a.m. guy >> tomorrow, no. >> all right >> although i have been. >> you still might be. anyway, that does it for closing bell, everybody. should be an exciting evening. "fast money" begins right now. "fast money" starts right now. live from the nasdaq market site overlooking new york cit times sqre i'm melissa lee. tonight on "fast," bitcoin getting slammed after another hack of major crypto exchange and top crypto baller says the bottom isn't in yet. go will tell us how low it will plus, consumer stocks on fire. the chart master says there's one name in the group just starting to heat up. he'll be here to break it down the big story of the day, president trump and kim jong-un hours away from their historic meeting in singapore