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snebds ♪ ♪ good morning, welcome to "squawk alley. we are at the new york stock exchange worst day of the month so far. we are looking at a 223-point drop on the trade tariffs launched by the u.s. against china. big internationals are the losers as some of the defensive names and yield stocks are doing well keeping somewhat afloat >> cat and beauing and ge are some of the worst performers today, but they are some of the worst performers on the week deer could really be exposed to the tariffs if we see an escalating trade war with china some of the chemicals and materials are being hit hard as

well >> we'll see how much of it filters through to tech. apple part of the dow, but it's down just about 1% so we'll see granted, everybody won't be affected the same way, but you're beginning to hear rumblings about concerns for tech as well >> on that, let's get to washington with the latest on these tariffs. >> good morning, carl. tariffs on $34 billion of chinese effect ports are set to take effect july 6th and targeting $16 billion in exports could be implemented after july 31st the goal, according to two people who spoke to the president, to up the stakes in urgency for talks with china now that the singapore summit is over today's announcement effectively starts a three-week clock for those talks before the u.s. tariffs are imposed. a senior administration official says the list of products subject to the 25% fees was whittled down to minimize the impact on consumers removing

pharmaceutical products. the tech lobby is satisfied releasing a statement saying, tariffs on components ask iniffished products would have the greatest impact on consumers including tariffs on l.e.d. screens and sensors. increased cost on these items would raise the price of televisions, computers, phones and similar everyday items broader business lobby s aren't happy the chamber of commerce for its part saying this quote, imposing tariffs places the cost of china's unfair trade practices squarely on the shoulders of american consumers, manufacturers, farmers and ranchers this is not the right approach there's been a high volume of reaction in washington today some manufacturing groups are in support of the move. for the most part, republicans have been hedging saying the end goal is the right one. they are still not sure if this is the way to get there. >> one of the lines in the lease today that jumped out at me was

that it said that u.s. companies may have an interest in importing items from china covered by the additional duties accordingly they will provide an opportunity for the public to request a particular product from the additional duties subject to this action what does that mean? >> there's a platform for feedback for companies to weigh in if this is something that will hurt them that's what we saw the for the last several months. in early operate they put out a list of 1300 products and over that period of time to now they removed 500 products based on feedback they got from companies. it's not a quick process it is a very formal one. and fairly laborious but something that companies have been participating in. so it's not like this is for companies that have issues with this that they don't have an opportunity to weigh in. it's just that it might not come before july 6th.

>> big story today, we appreciate it. all of this is keep iing the li on the markets nasdaq is lower in trade this morning after jumping to an all-time high yesterday. tech heavy index up. and that very much so outspaces the dow. along some of the big movers, hit an all-time high happy friday good to see you. we have made it through the week which included nuclear summits, central banks, mergers, decisions, and now we have trade. >> we knew it was going to be a gauntlet coming into today it seemed like the market held up pretty well and absorbed a lot of that trade has been the case this year provides an excuse for a little bit of a gut check on sentiment. an isolated pain in the capital goods. you're seeing all that happen right now. but apple is down 1%

banks are down this week that's not a bad trade that's about a market that's selective and uneven in its strength and trying to deal with the push and pull of strong domestic economy >> you have heard kayla talking about some of the concerns starting to bubble up from tech. how big of a deal is this? some of the products that they are talking about, printers, l.e.d. screens are not core to what's driving big tech. a lot of that is about enterprise software. >> i think in our coverage, it's not a big deal probably the biggest will be apple and all the products they manufacture. they have done a really good job over the years of redesigning their products if there's an issue in terms of a component cause, which would come in the way of a tariff, i'm not overly concerned with it the stock is dirt cheap. so any time you get a head wind like this, it's more than embed ed in the stock price already. >> they are floating below the radar since we have had so many headlines and market moving

events the fact that facebook hit a record high, what do you think of that? >> i look at facebook. it hasn't had a great year my average stock is up 37% year to date. and i look at apple, google, facebook, they are all up just over 10% and i look facebook. it's the most profitable company we cover i also think it's probably one of the most profitable in the world. and it sells at 21 times x cash. so facebook is really tremendous value. i think when it got down to $160 range, investors were poking around >> now you have twitter. which is close to doubling for the year arguably judging from some of their cureuation efforts, are they stealing share? >> we don't cover twitter, but i will say broad base, there's a big digital advertising market it's enormous. even if you look at google, they only have 18% of that spent.

facebook only has 7% so this whole digital transformation, this industrial revolution, all these major companies can benefit from that. we're still very early so even if you come out and stumble in the early years if you have a good platform, you can benefit long-term. >> next tier below the mega cap, fang has been driven by amazon and netflix. alphabet has been fine. but that whole underneath tier, especially software, has really been the growth investors fair dice so far. if you look at the ipo index of recent ipos made a new high. so there's this risk appetite below the surface that's just not showing up as much in the dow and even in the s&p because financials have been weak.

and some areas have taken a hit. >> this interesting call from china for the rest of the world to sort of rise up against the united states and its tariffs, after awhile, looking at europe, especially, this could become a concern. but the market has a lot of courage so far this year not really worrying about things that haven't happened yet. >> i tend to think things will work their way out i think there's a lot of this trade talk is more marketing than anything else does it have a material impact on my coverage i really don't think it will i really don't to michael's point, in my group outside of apple, it's the software companies when i talk about facebook is banned in china. google is banned in china. amazon doesn't do that much. my next generation software companies, they do nothing in china. so these type of companies

really wouldn't have an impact if something material was to happen here. >> in loigt of the moves we have seen in twitter and amazon and netflix, where would you put your money for the second half of the year. >> i really like apple we're a big fan of apple it's undervalued at 13 times googal and facebook are tremendous values here and some smaller companies workday is a great cloud play. our emerging software group is is up 47%. horton works is down 8 companies like splung, which is a data player. so those are smaller names outside some of the big guys we talked about >> good seeing you >> thanks. >> you're not going far. up next, it's been one year since amazon announced it was buying whole foods so what's changed? stock price for one thing.

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. a year after buying whole foods for over $13 billion

amazon has cut some prices, added more stores and offered amazon prime members discounts and delivery perks for shopping at the chain this even as whole foods ceo remains in charge. recently telling employees he's not afraid to get fired. so what's ahead and how has the company changed? we're joined by the founding partner of the female founders fund she also co-founded an online fashion retail company in b india. good morning, happy friday to both of you. >> happy friday. >> ed, this reminds me in retrospect this transaction to at&t time warner it's this data driven. whole foods is the content play. have we seen yet whether this is going o to work in the same way that these others seem to be hoping that combining that data scale with the content will?

>> i think it's still early in the data side. amazon is slowly rolling out markets where members can use their prime account, log in and that's where the data piece of it comes in. we are hearing they are use iin more data with the way they run the store, but we think it's early in terms of applying the data to make the shopping experience better. >> a new how has this move from amazon changed the game for the rest of the e-commerce system and the types of innovation that startups are trying to push. >> one of the areas of opportunity that we see a lot of is around digital ly native us vertical brands and these range across different industries. i think one area that amazon hadn't really focused a lot on was food and seeing this expansion with whole foods there's a lot of opportunity now for a digitally native vertical brand created by amazon that focuses on food as an industry. so i think it will be interest

ing to see how that plays out. >> you have laid out a case for amazon stock what is it >> clearly, the business could go north of 2,000. certainly opportunities for continued investment the stock tends no to the react as well during investment cycles >> where's the breathing area for startups and smaller companies? i often ask when i talk to start up fonders, are they us too big. i get a wide range of answers. some feel that about google. a.m. son people feel that they are helping me run my infrastructure for cheaper, so i'm okay with that where are the safe spaces for entrepreneurs? >> one of the interesting trends we're seeing that also relates to amazon in larger players is the rise of experience shl commerce

so you have all of these physical locations that are shutting down, mom and pop stores and there's a real opportunity for smaller brands to rethink what the experience is like obviously, people come into stores to shop, but what else can you offer? and we're seeing that across smaller brands into start up spaces we're seeing it with larger brands like coach where they are trying to reinvent away the retail experience is like. and i think it relates to players like amazon as well. when you take the concept of whole foods, how can you lure kmaecustomers in with not just e shopping experience. >> whole foods is is a domestic story. there's so much attention now on flip card and the middle of the huge merger story and netflix in europe i wonder if you now are looking at new ideas if your first reaction so z to think how is a play internationally >> looking at walmart and flip cart it shows the power of

having international capabilities what's interesting is so much of the innovation is coming from local markets. so we're seeing large companies make these acquisitions to bring in the local market knowledge, that local know how to grow abroad the consumers become more global, what they are expecting is becoming more consistent and that's something we're contemplating across the company coverage >> we want to get it in a few minutes. thank you for joining us coming up, why your reese's peanut butter cups are taxed but kit cats aren't. the tax compliance company joins us onset next to tell us why my snickers habit is apparently costing me more "squawk alley," back after this

every item you sell could have a different tax rate including the different taxes state to state

it's a software company that helps manage that at the new york stock exchange this morning. with shares surging 53% at the ho open scott mcfarland is the ceo and joins us now thank you for coming onset with us >> it's fantastic to be here >> so far, investor interest seems to be strong for this. your company is automating the sales tax process. how has business been? >> this is a really good day for sales tax. and helping businesses do what they need to do. it's a burden for them so make this happen in their daily lives. and it uses a cloud-based solution in order to make that go away for them >> i would imagine that you collect a lot of data or have a lot of data in terms of consumer trends we saw that stronger than b expect ed retail number earlier this week. what is your take on the economy based on that. >> we do $6 billion transactions

every year and we do have an insight into that we can take a look into what's happening and see trends and we really see that around the holidays that's our super bowl time, if you will and we have seen strong growth in that sector, but we also have seen it change from just one day to multiple days through that period of time we can see that happen as we look at the transactions >> you co-founded this company 14 years ago a long time ago before this was all a decision and everybody watching this. how did you imagine that the federal policy is or state by state policy would unroll? has it happened the way you thoug thought? >> when you stop and think about it, we can all agree that in 10 o or 12 years, whatever time you want to use that sales tax will be automated in a digital world, the concept of doing sales tax manually is

absurd we saw that and knew we were swimming with the tide for those 14 years it's not a matter of if this was going to happen, it's a matter of when it happens >> when should we think of international complexity we et see other companies going through these questions over how much tax is solve iing those issues obje your road. map as well? you said you want to be a part of every transaction >> that's our ultimate goal. the promise of the internet, anything, anywhere, any time is really dependent on the ability to do that if you're a company in the states, you're still selling globally so it handles 208 countries around the world with all of the different taxes and rules that have to take place and that's just going to continue and not get any easier and not going away >> here state side amazon has

come under fire for sales tax collection it collects taxes on the items it's selling through its platform, but not on third party vendors. do you think it should be responsible for that >> all the states, the states are going to want to continue to get this right they are going to continue to push i think it's going to be difficult for that not to take place in the marketplace and on a personal level, you do see the inequity that brick and mortar businesses have for the e-commerce solutions i think over time, that's going to go away it will ha v to happen >> before i let you go, you're headquarters in seattle. it's been in the news r for implementing the tax on major companies. now this week in dramatic about face moving to repeal it is that the right decision to tackle homelessness? >> if i knew that, i wouldn't be

running a company i would be doing something different than that but i do think cities have a responsibility to do the right thing. but to put the burden on just the biggest companies in tech and the like up there, i don't think that's the right answer. it has to be solved, but that wasn't the right way to go about it >> are you calling it orange what's the marketing consistency? >> it's very orange here on the floor. >> orange is is our thing. we started out we do 400 trade shows a year we're known for this our employees love it. everybody thinks it's fan it's a ik and i have worn orange 4,000 days in a row. i made a commitment to the company i would wear orange every day i was in public. nobody care canned in the beginning. but now i'm out more often and i have worn it 4,000 days in a row. >> can't miss it >> thank you for joining us on this day your company is going public scott mcfarland, ceo of avalara.

>> we appreciate it. now let's check out the european close >> take a look at the screen behind me. trade tensions weighing on stocks after new tariffs on chinese goods. stocks responding in a big way minors are under pressure as is is oil and the bank of ireland now there are some bright spots today. take a look at jet engine maker saying it expects to surpass the free cash flow goals after announcing plans to cut 4600 jobs then there's a tenth consecutive quarterly increase in sales growth sticking with retail, h&m down sharply. growth has been flat for a full six months h&m has been losing ground news of better than expected sales in kpet tors so the battle of fast fashion continues. but the chart of the week is the euro on pace for its worst week in a

month after tumbling on the ecb's plans to keep rates at record lows. next week we hear fra from england and switzerland on more policy news. expect more on that front. back to you. >> a big day, a big week let's get over to a news update >> good morning, everyone. here's what's happening at this hour syrian activists say two people were killed when the government shelled a cemetery where they were visit iing the graves of relatives marking the end of ram don. three more were rouwounded whenn rockets fell on the cemetery hundreds of world cup fans arriving at moscow's red square this morning were shocked to find that it the gates at that site were closed to visitors police blocking off the entrances to the square preventing any tourists or soccer fans from entering. there was no explanation given kelce logs is recalling over a million cases of honey smack

cereal some may have salmonella reports link the cereal to 70 illnesses in 31 states and more than 1,000 people arriving for a memorial service at westminster abbey for the late fizzist stephen hawk iing. his ashes were interned in scientist corner which is a section dedicated to those who made significant breakthroughs he died in march at the age of 76 after decades of living with a neuron disease a wonderful tribute to him that's the news update this hour back downtown to "squawk on the street." everybody have a great weekend carl, back to you. >> sue, thank you very much. when we come back, the dow dropping following the president's approval of tariffs on $50 billion worth of chinese gods matthew gold will join us to talk about the impact on that. later on, tune into "squawk on the street" for an, collusive with earth span spooeg the

the dow is down 227. we're back in a moment

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of the tariffs on $50 billion worth of chinese goods this is a transaction that some think the trump administration is trying to pave the way for allowing a way to remain in business, but tariffs are complicating matters. sgll china responding to the tariffs by calling on all countries to take joint action and put an end to what they are calling outdated and regressive hafr. >> you believe that's the best way to go. >> the retaliation is a legitimate option. the problem is there's a retaliation process at the wto we can legally retaliation and president trump hasn't followed that process so this retaliation is illegal and that's the reason why china

has an open door to retaliate back against us, which is will and that throws us into a downward spiral to a trade war, which the wto rules exist to e prevent. >> despite the move today, he hope it is leads to more negotiation. do you think that's also a possibility? >> i'm sure they will always be talking, but once a country does something that's blatantly illegal into the rules in a fundamefund the way, talking stops and retaliation starts it's a violation of rules. no american president has broken rules like this in 70 years. we're the ones who wrote most of these rules. >> i guess the counterargument to that is if china is going to flout the rules and somewhat argue get away with it, why

shouldn't the united states do it and get everybody all riled up and say, okay, now it's time for everybody to keep the rules. you see how upset everybody gets when everybody doesn't do that why not that >> the flaw in that is that we can retaliate, but we have to go through the process. the retaliation doesn't spiral down to a trade war. you have to understand countries big and small include iing the u.s., europe and china in the past have violated rules other countries have gone through the correct process to retaliate. they us brought countries into compliance it does work, but you have to comply within the system, not outside the system this is the move that's ga guaranteed to bring down the system the steel tariffs and this retaliation. and that's why it's really quite scary. >> given your time sitting at the table with countries like china, the argument has been that china sort of piggy backing off what john said, the argument has been that china has at times come to the table and made promises and not followed through on that.

so it seems we're dpeting more extreme with these responses whether they are right or not because how do you get china to follow through >> first of all, that's why there's an argument for us to stop the engagement we have had for 15 years and go the retaliation process. but still through the pto is what we should have donane. the answer is because some people in the u.s. government and national security community and in the trade in diplomatic community felt china was moving forward after it could move forward due to their own internal problems. so a broad program of engagement where china was moving the ball forward very slowly on 100 different issues at once and never moved the ball backward was better than the confrontational route. your point is good maybe it's time for the confrontational route but not outside the system that's the biggest mace mist take and that's a mistake trump is making. >> so given the play that we have been given, ien don't know how granular you can get on this stuff, but do you believe the reports of nxpi were ab attempt

to avoid the announcement this morning and at what point does cross border listings start to get dinged by an erosion in relations. >> i think us when we get to the point that china announces the dates for its retaliation, things are going to go into a downward spiral pretty fast. we also have canada and mexico and the european union who have dates for retaliation against the steel and aluminum tariffs and once these retaliations keep in mind also with china, we have retaliation against retaliations all outside the wto process. never seen that before then with the steel and aluminum tariffs, we have eu, mexico and canada retaliations outside the retaliation process as well. they have never done that but see the united states doing that with canada so they are going to do that. no one has seen this in 70 years since the original agreement on tariffs and trade entered into force in 1948.

and this is a dangerous situation. as thae retaliations outside the process move forward, we're going to see markets respond significantly. >> at what point should tech worry. especially when it comes to software and the industries that stretch globally is that naive? >> it depends. that's really secondary impact there are no customs duties charged on software. there are a lot of rules against restriction of data flows. with china there are a lot of violations of those rules. i'm not sure there would be direct impact of these retaliatory tariffs on that. but i do think a collapse of u.s. trade relations with china could impact a lot of things the secondary way.

>> that's of concern to some of our viewers. we hope you'll come back and help us walk through that in the future thank you. >> matthew gold, thank you when we come back, twitter hitting a though-year high today. it's poised to double for the year how high can it fly? but first rick santelli, away are you watching today >> i'm watching how the markets in general have responded to all et three of the big central bank meetings this week and some issues that need to be discussed. we'll discuss them right after the break. 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. you shall lgsd ♪

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what tech resurgence means for this rally and the comeback attempt we have the latest numbers on the hedge funders performance and a big call on one of hiss stocks and housing hall of famer is with us today in an exclusive. where she would be putting her money to work today. see you the a noon we're about 15 minutes or so away >> we're looking forward to it thanks let's get over to cme and rick santelli for the santelli exchange >> good morning, and thank you it's been really a very fascinating week whether it was the central bank meetings, what's going on with tariffs, the discussion with john fort was a wonderful discussion you can take the normal route to do certain things, but sometimes

the normal route turns into a bureaucratic red tape nightmare. sometimes you have to figure out a way to get issues to the front of the line. one of the front line issues for me has a lot to do with what i discussed with former st. louis fed president and ceo william pool this morning. he wants to talk about nonmonetary policy the reason he wanted to is because monetary policy can never leverage enough to address all the ills that many of us have been set up to believe it can. the examples were terrific just to make some of them simple, certain regulations and restrictions and inefficients in economies from japan to europe are never going to be fixed by negative interest rates and central bank purchases but even bigger than that was the notion that he agreed. a lo the of these things aren't going to get done by monetary policy then why have we taken on so

much the point of this discussion is if you had one central bank like the u.s. that had a big balance sheet and had to reverse it, maybe they could thread the needle they are doing a pretty good job. but i think maybe for one, but really difficult for all of them when you start adding in the ecb and the bank of japan and realize they are moving in different time lines it certainly seems like one of the musical chairs when where the music stops, the late to normalized central banks are going to have a problem, houston. and i really believe that will be the case. and if we think about very easy ways to try to quantify which central bank is is furthest behind, it's really easy the "wall street journal" article today actually did most of the heavy lifting by describing that the fed's balance sheet represents 22% of the total output of gdp.

it's about 90% 90% of gdp i don't know how the 90s or even the 43% are going to avoid any type of market if not tapered. once the u.s. starts to turn the market they had an extra frankenstein life i'm happy that our central bank is first back to you. >> comcast taking on disney for 21st century fox assets. so what would a win for either side mean for the tax bill robert frank is back at hq with that story >> if the deal is done in cash,

they could write the largest tech ever to the irs $4 billion to $7 billion the tax issue has taken center stage in this deal murdoch might prefer an all stock deal since he would owe no taxes with that deal, but fox shareholders want the highest price since they wouldn't pay taxes on either deal >> here is now the math breaks down comcast offered $65 presidentbi the fox assets so their pretax payout would be around $11 billion he would have to pay a capital gains tax on that and since he lives in new york he has to pay the city and state income taxes. so his total tax bill on the $11 billion would be as much as $4 billion. but there's more now the remaining fox assets would be spun off into a new company. murdoch and other shareholders would have to pay a dividend tax

on the value of that new comp y company. that tax could be anywhere between $2 billion to more than $3 billion so the murdochs could owe a total tax bill of up to $7 billion when this is done. now one big caveat, the cost basis for some of those shares could vary since murdoch gifted a lot of shares to his children in recent years and the tax on those shares would be a bit lower. but the vast majority of the shares held by the family trust have a low to zero cost basis and would i object cur the full capital gains tax. the disney deal could have its own rusk if disney decided to sweeten its deal with cash that cash even if it's just a small amount would trigger the dividend on the spinoff so they would prefer a deal that is entirely in stock from either company with no cash they have said that they will act in the interest of all share holders and they have minimized

this tax, although it's hard to minimize a $7 billion potential tax bill back to you. >> that's a pretty eye popping number from an etc. indicate planning perspective, any other way that murdoch could structure this to not have a $ billion tax bill? >> the short answer is no. i could not find a standard way. all of his trusts are designed to avoid the state tax all assets that are held in a trust, most trusts, unless it's a charitable trust all assets held in that trust are subject to capital gains tax so i talked to multiple attorneys. people familiar with the murdoch trust. there's no way around paying this tax if it's done in cash. if it's stock, you simply transfer the value and this is no tax but you can bet there's an army of attorneys working on this

right now. i bet even murdoch doesn't know exactly how much tax he's going to owe in this deal. >> nice problem to have though >> thank you when we return, as music streaming grows, how does that complicate the relationship with artists and musicians. iconic q tip has an answer that might surprise you don't miss the interview ath snap's ceo. were back in a moment. it started with a discussion, then a decision and now you're working toward something together. can you afford it? is it the right time? yes. and you feel good about it. because you're doing this for him in return for everything he's always done for you.

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getting some breaking news out of washington. for that, we'll go to. >> trump campaign chairman now be sent to jail today to await trial. he's facing trial on a number of charges. remember that prosecutors were frustrated with paul manafort and filed additional documents earlier this week relating to his alleged reaching out to witnesses in his case. and, apparently, according to

prosecutors trying to get the story straight or aligned with those witnesses about what he did or did not do in this particular case. you know, we just saw the president of the united states in that extraordinary impromptu news conference here on the north lawn just a few steps from where i'm standing this morning distancing himself from paul manafort very little to do with his campaign even though manafort was the campaign chairman in saying that he feels badly for what manafort is going through his bail has been revoked and he will be sent to jail to await trial. carl >> all right, we'll watch for more development on that. markets down not quite the session lows one of the worst weeks for the dow since march. later on "closing bell" bill miller we'll get his take on amazon whole foods one year later and a lot more "squawk alley"s ckft a orbrk. iba aer

welcome back to "squawk alley" q-tip joining me on the fort knox pod cast this week it posts tomorrow. i asked him about the major streaming platforms and complicated relationships with arti artists. his friend quest love from the roots has one on pandora and the platforms get bigger, but will they eat the whole industry? >> really, it's about market share. it's about consumption it's about having the most to be the biggest because, you know, when you're a conglomerate in that way, you know, you kind of become like, i don't know if you're into comics, but you become galacitous and swallow worlds >> eating worlds >> that's all you did was swallow worlds

>> and, see, that's what you -- that's where i believe jay-z and quest love and i could be. you know, you have to, instead of airing complaints and stuff like that, you have to, you have to kind of see it from both sides. you have to put yourself in their shoes. so, i understand that in order for galactis to survive, his practical need is to eat worlds. in order for silver surfer to say his world, he says, look, i love my dear world of peace so much, i have this -- i'll go out and get other ones but leave this one alone so, i understand normal rad's position and you're dealing with something that's just kind of one dimensional. you have to consume. because if they don't have

market share, then they fall >> on the first anniversary of amazon whole foods q-tip knows what's up. you'll be able to listen and watch the full hour-long interview tomorrow on the fortt knox podcast we talk pain and grieving. elton john, prince and a lot more, guys >> what about elton john >> he collaborated with elton john wasn't just a sample he went to london and collaborated with elton job hn, he's a big fan >> just when i thought it couldn't get any better he is getting ready to teach at my aul mu mater >> business today is a little bit rougher. dow is down 221. worst week since march if it's down today, the dow, that's four straight haven't done that since late april, early may

really, the only thing working today, guys. consumer staples, utilities, as kramer said, rates are going to go down rather than up >> some of the worst performance this week. defense stocks after that north korea summit earlier this week >> watch for it. let's get to the half. welcome to "the half-time report." i'm scott wapner whether it means the rally overall is about to reaccelerate here to debate that is josh brown, john and erin brown the head of asset allocation let's begin with the markets today. stocks having what we are calling a bit of a tariff tantrum. new actions against china and retaliatory measures within the last hour or so, as well we're focused on text renewed run. the nasdaq