if it comes to that. >> they're hitting it where it hurts because we're sort of this pawn in a political game >> price of cheddar cheese now at its lowest since 2009 you know how much a barrel of cheese weighs? 500 pounds that's a lot of cheddar, baby. >> thank you for watching power lunch. >> "closing bell" right now. it's time for the closing bell i'm wilford frost. a potential break through in the tariff war, lifting stocks today. cnbc headquarters, hedge fund manager is catching heat as investors reportedly jump ship from his fund. president trump sending another warning to opec as oil prices rise. but will his strategy actually help ease prices at the pump in for kelly evans

what's old is new again. amazon looking to reportedly publish a toy catalog just like sears used to do we'll explain why. "the closing bell" starts right now. >> good afternoon and welcome to the "closing bell" everyone. and michelle, thank you for being here with us we'll get to all those stories we mentioned in a moment, but first let's check in on the markets. we are back near the highs of the session and have been for the last couple of hours that means the dow is up 0.6% or 141 points and we've got bigger gains there for the other three indices. >> we're going to have much more on the markets in a moment but first trade continues to be a major focus for investors. we'll have more from beijing and have a look at the tariffs said to be imposed on china and from

china. and we're going to start first with phil. >> and we'll talk about china in just a bit, but let's first talk about what's been moving a number of the european stocks today. and it's the suggestion perhaps the u.s. and europe are close to eliminating auto trade tariffs completely how much of an impact might that have for those buying a european made vehicle here in the united states well, the 17.2 million vehicles that were bought in the u.s. last year, 6.7% of them were coming off the lines in europe there's a report that the u.s. has conveyed through diplomatic channels that it is open to eliminating tariffs altogether what would that mean currently if it's a european built vehicle and it comes to the u.s. there's only a 2.5% tariff on it but we send a vehicle over to europe there is a 10% tariff on

it that is what has drawn theire of donald trump again, the report has moved all the european stocks higher as for what's happening in china that's more immediate but perhaps doesn't have as big of an impact on the auto industry more immediate because at midnight tonight that's when the u.s. has tariffs going into effect on vehicles imported on china. and conversely you know to the chinese have said those vehicles that were built in the u.s. and there are about 267,000 of them, they're going to be slapped with a retaliatory tariff and you're looking at about 267,000 vehicles that were built in the u.s. and sent over to china last year. that's about 54,000 that were built in china and then ce sentr here to the united states. not only the european trade aspect of this but also bmw and mercedes, huge exhorters from

the southern u.s. states over to china. >> phil, interesting to see the size of the move in the european auto makers as you say today partly because of china but also because of that story whether the u.s. and eu will find a deal there's a 10% tariff on u.s. cars going into europe, only 2.5% in the other direction. yet the moves we've seen in share prices both on the way down in recent months and on the way up suggest they've got more to lose than the u.s. auto makers do you believe even though it's a 10% tariff that will be removaled, the u.s. makers will sell that many more cars >> no, nobody i've talked to in the auto industry believes that would happen the european market is highly fragmented i hear people saying all the time general motors can't sell cars in europe general motors had a division that lost money in europe building vehicles in europe for

18 straight years. it's a tough market to make money in the european auto makers are extremely strong, as you know, wolf so the suggestion if you eliminated the tariffs for vehicles built here and shipped over there all of a sudden the flood gates would open and you'd see a lot of vehicles going there, it's not just the case. what you might see is a few more specialty vehicles like the mustang or the camero. but we tend to sell are the suvs and cross overs, really tough to get those in the european market >> there's a 10% import on trucks here in the country is that part of the discussion of that so-called chicken tax? >> that remains the big question, michelle this report does not address that the this was out of a german newspaper. and as i've called around trying to get some clarity on that, nobody's been able to say definitively if that's been part of the offer >> phil, great stuff as always

fascinating. it's been such an eye of the storm, auto makers between the u.s. and eu because europeans are so loyal to european auto makers i don't know it would make that big a difference u.s. tariffs on chinese goods are set to take effect tomorrow. live in beijing with that story for us and how china is fighting back eunice >> well, china is preparing for the fight, even the public relations fight. the chinese had originally planned taimpose tariffs at midnight in china to match the u.s.' 12:01 start time they say they're going to delay the imposition of the tariffs immediately after the u.s. imposes there's. that means china will launch the tariffs around noon in beijing it also just shows how sensitive beijing is to appearing like the

aggressor. it wants to make sure that people see it as the innocent party here, as the good guy in this fight against president trump. now, this means about nine hours from now china and the u.s. are both going to be imposing tariffs up to 25% on $34 billion worth of goods the u.s. will punish chinese made hi-tech, china will strike back at farm goods, targeting president trump's political base and just moments ago one of the state papers posted a headline that reads the u.s. will feel the blow back from trade extortion. the american trade of commerce recently called a private meeting and a lot of their members are concerned about chinese retribution. they fear chinese will use regulations to hurt their business, and already companies have been reporting greater scrutiny hurting sales and also leaving some of their shipments

spoiled on the docks the congressmen were asked today if they were being targeted and the ministry said the government would protect these company's legal rights executives for speak to here point out china has in the past used these bureaucratic methods to punish these companies as well as both these countries and they fear this blow back is just going to continue to build. guys >> eunice, thank you very much for that live for us in beijing >> let's talk about trade. ladies, good to have you here. >> thanks for having us. >> thank you very much >> beth, we've had a number of agricultural producers or cattle producers on today talking about the fact that they're product is now going to be more expensive when they ship it overseas and as a result they expect fueler purchases of their

products when the price goes up, number of sales goes down and they're going to be hurt keconomically they may even have to start to layoff people. do you still agree based on what could be the economic impact of all of this? >> let me first of all state i'm a progressive democrat recollect, so i'm in an unusual position defending the president on any issues. but trade is one where he's essentially adopted a democratic platform on trade. we're starting today as if anything that happens going forward is the first shot across the bow and the first infliction of pain. but i think manufacturing workers in the u.s. will say we've been suffering pain for 15 years and why wasn't anybody paying attention to that >> so these costs are justified in order to achieve his end, which you think is what? >> i don't know that i would say they're justified. i don't think there are a lot of great options out there.

he's employing this one to see what kind of results he can achieve and the fact that europeans are willing to consider waiving their tariff on cars would suggest that the arguments he's making are carrying some weight >> what's your view on this? could the ends justify the means in this trade dispute? >> absolutely not. there's so many different ways to deal with china the tpp was one of them. let's not forget this multilateral agreement was meant to address part of the chinese problem. and it was meant to do it with the strength of all of us together, all of our allies. and there's never any situation ever where it is okay for our president, an american president to actually punish u.s. consumers, which also means small u.s. manufacturers and farmers and workers in america in the name of try to force

china to treat their consumers better because let's not forget protectionism first and foremost barriers to trade, first and foremost heard t foremost hurt the consumers in the country where the protection is applied so it's just never a good idea >> but, i mean, do you think the terms of trade with china did need to be reset would you admit that much, and if that is the result, even if it leads to six months, say, of higher prices surely that's worth it in the long-term? >> no, it's not worth it why in the name of water are you going to tell american workers who are being hurt in the down stream industries of all of these tariffs and this trade war that is being waged -- i mean, we can argue whether we're full-blown in a trade war. >> what about the manufacturing workers of that product earlier where many of whom believe they lost their jobs as a result of lots of complaints about overcapacity in the steel sector

in china, for example? >> so competition destroys jobs. even competition in the u.s. in the worst possible number for what is called the china shock is 2.4 million over a period of 13 years, right? every single month in america during -- since during that same period 1.8 million jobs were destroyed. so the china shock destroyed 13,000 jobs. yes, you have to weigh it and try to figure out whether there were actually job gains as trade theorists and economists have known since adam smith -- >> i think it's an accurate thing to opponent out, which is when the chinese subsidize steel they're wasting all of their taxpayer dollars on crummy jobs, on diverting money to places it shouldn't. the chinese consumer is ultimately and the chinese population is ultimately the

biggest loser. and we ought to just let them be dumb about their economy if that's what they choose to do. i perfectly understand what her position is, but what do you say to that. >> i think we have never before been confronted with this kind of state capitalism with those dined of deep pockets. and the idea when laissez-faire policies that the united states tends to have confront capalist state policies that china has we know the united states loses that's exactly what happened in steel and aluminum and exactly why the president put tariffs on those products in particular and the argument that tpp was somehow going to reign in china, anyone who knows the origin of tpp knows china would have been one of the biggest beneficiaries of tpp because of the weak content rules. donald trump was correct when he said tpp was effectively a back door for china

>> we've got to go i'm sorry about that tpp was never going to pass no matter who was president let's remind everybody so it's a worthless argument as well >> it came at a bad time approaching a presidential election anyway, let's continue discussion but with a bit of a market focus good afternoon to you all. kenny, i'll start with you just on these broad market levels yes, we know it's low volume, but we pulled back in the morning. >> we're back in session highs again, i'm going to say i think the market's telling you it's not that concerned if it happens tonight the way they say it's going to happen it's something we've been talking about for months if it's more than what we expected, but if it isn't, the market seals to be telling you it's not conservative at the moment >> you know what's not priced in, what if when all is said and

done we actually have fewer tariffs in the world >> well, that's certainly a risk, michelle i think i would -- >> a risk that would be a positive if there are fewer tariffs in the world >> yes, that's right but i agree with kenny, though, that i think the market hasn't baked in that this negative is going to happen. and we've been advising clients to take out some trade war insurance here, lighten their holdings of big cap multinational stocks, which have been hurt most of the year with this big thought we're going to have a trade war continue to add to small cap gross stocks, which tend to be domestic but, yeah, certainly didn't be completely unexpected if we have fewer tariffs in the world and then that strategy we've devic devised would not be the greatest you've got to mask risk here, and what kenny said earlier and i agree with is the risk

certainly right now is more tariffs. >> rick, we had adp this morning, a little soft ism a little stronger than expected. but which has had a big effect on bond markets? >> i don't think either of them did. yes, even though the ism was soft on expectations, we gained on the divisions it was virtually a lost the nonmanufacturing in ism was solid, second to january's read compact to the highest level well since 20 years -- that's how far back my database goes. as a matter of fact as you look up at the board it's really kind of shocking. we're at 256 n two year it's highest yield close was 258, two base points away. and you look at 30-year bonds they're minus one and they're

unchanged. flattening to 2007 comps tens minus twos, 30 minus fives. i guess the real story is if the feds decide they're going to have another 25 points basis increase i would be shocked if there aren't changes on the curves i think it's more of a data hiccup globally on growth on the lung end also i love that wall street journal story. we all think that all the turnstiles on buying on long maturities are closing down. more supply, we're going to see 3.5% these long securities have a big market in terms of liability, asset matching by thing like entities like pension funds. >> rick, thanks. hold on a second

i want to get kenny in he's saying the bond curve, the yield curve could invert >> i think you have to worry about it inverting, although i'm not sure we're going to be getting the inversion. although everyone is worried and it's a precursor to an economic slow down. i hear you, and i think you have to be worried about considering what's happening with rates and they're not moving the way they should i think there's certainly some truth to it and there is some concern to it but i don't know see it yet >> thank you very much we've got 42 minutes left of trade. we are up a healthy 0.7% the high was in fact 199 points, but certainly a better looking afternoon than the late morning. nasd nasdaq up over 1%. one chinese teleco giant is fight back >> and up next investors in the

hedge fund are reportedly jumping ship and what it means for his company green light capital. and we'd love to hear from you you can see all of our eyreesses, hashtags, whatever th a, handles on the screen right now. back right after this break. my family's in there.

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then you ain't using enough duct tape. rated pg-13. welcome back to "the closing bell." we're up 4% on the nasdaq and up over .5% on the dow and s&p. there's a new report that says investors may be losing faith in hedge fund billionaire david einhorn. >> the star has fallen in recent years. and as an investor in hedge funds there's only so much red one can stomach before losing patience it was down a whopping 1.7%. that marks a dramatic

underperformance related to s&p under those time frames. greenlight also trailed during 2017 and 2016. has made him the subject i think the bigger theme here, one beyond einhorn even is the environment has been very, very tough on investors the last few years. einhorn said the two major distracters to performance was netflix and gm, a value stock. and he's spoken repeatedly about the challenges of fundamentally value oriented stock picking amid this bold market. but many investors are not willing to wait for that pendulum to swing back they're already redeeming and will continue to do so until

performance improves, guys >> leslie, we don't have any idea in terms of the lock up periods of large investors partly because of lock up periods, and is einhorn protected by similar investments? >> once that lock up does expire, you could be subject to redeeming only once a year so they're very, very strict when it comes to kind of keeping investors inside the hedge fund in the liquidity provisions that they're given. >> leslie, great stuff thank you very much for that i don't know i would typically describe value investing as people long and short. it's not really the traditional label, value investing >> but you can understand intuitive

intuitively why you'd prefer -- if the pendulum ever swings back to value, when people start talking like that it gets close to the end >> but i think if you're taking long and short they're meant to perform regardless i think that's why why -- >> just went very long and very concentrated in a certain style. 35 minutes before the bell the dow jones industrial average hilar than 151 points. the s&p and nasdaq also in positive territory coming up toys-r-us is out of the picture, and now amazon is reportedly trying to fill the toy chest with an old-fashioned technology we're going to tell you the strategy straight ahead. >> we're talking about holidays already. amazing. plus shires of micron up today after a big drop in sessions on concerns about chinese regulations. we'll tell you what will turn things around for the chip maker.

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just over 30 minutes until enclose. we're going to take a look at two stocks to watch. micron one of the best performing stocks in the s&p 500. that's after it announced thl challenge a court ruling that temporarily banned some of its chips. that stock fell nearly 2% on tuesday, and it brought the whole market down. it brought down the chip sector. but the statement also suggested

it was political and raises this question, okay, maybe they're going to impose tariffs and also do other things to hurt u.s. prkt products in china. >> and that stock has been limited to trade disputes. and has autos and jeffreys upgraded the stock of increasing margins and the stock could also be getting a boost from softening starts on auto tariffs by the white house with those up grades it's up more than those german auto makers, but they've also enjoyed the boost today. >> those stocks act so frightened of a trade war. when you look at the percentages of their sales that would be affected versus the u.s., it's quite dramatic i think that's why you see them so eager to make a deal. >> and the chairman for 50 years -- >> i saw that.

should i watch it? >> really watch it a bit of politics in there, a bit of industrialism now much more important on all of this here's something else we've been watching. the newest member of the cnbc family gave birth to a beautiful baby boy he's already getting up close and personal for cameras you can see there. mommy, daddy and baby all doing fantastic, and we can't wait to meet the little man. a huge congratulations from all of us here particularly on from "the closing bell" team you all. >> fantastic mom e. >> hey, sue? >> here's what's happening at this hour. four members of the house visiting a michigan facility that houses children who have been separated from their parents at the border. the thirty-two democrats and one republican spoke afterwards. >> i can't generalize, but the

kids that we saw clearly appeared to be well-taken care of but i also know that the trauma that they carry as a result of the separation from their families, especially those very young children, will be trauma that they will carry with them for a very long time china's foreign minister calling on all member states of the iron nuclear deal to hold onto that treaty speaking at a news conference in viena he says the deal was coming at the right time and was necessary. and woman was charged with trespassing and disorderly conduct for climbing the base of the statue of liberty. she has pleaded not guilty, but if convicted she would face-up to six months in jail on each count. you are up-to-date that is the news update this hour i'll snd it back to you. >> wow, six months seems harsh, but anyway -- sue

herrera, thank you very much for that now, tech has had quite the run since the beginning of this year netflix alone up over 100% wow,gist amazing are these names still worth buying for the second half of the year >> oliver persh and matt swanson, hi, guys, good to have you on matt, what do you think? does this out performance to continue >> i think there's a lot of reasons to be excited about all these tech companies i think there's trends on each of the big fang stocks that are going to come to fruition as the year goes on amazon taking on new verticals every day. so, yeah, i think each of the stocks has justification >> matt swanson, enough profits to justify these incredible --

excuse me, oliver -- enough profits to justify what have been really incredible moves >> well, we're getting fairly cautious on some of the stocks out there especially things like netflix up over 100% year to day alone. some other big names up sharply. we started taking profits in late april in part because that portion of the portfolio has grown so much as a result of the appreciation i would say this to investors, it's important to buy technology investments. you've got to be in it, no question about it. there's certain names you want to hold as core portfolio holdings you just want to weather the storm. but other names, perhaps small midcap names you want to be tactical about and if they're about essentially flat or down year to date, you take some profits. >> oliver, in terms of something

like apple which has many links to china whether it'sin sales or production, are you concerned about the trade war? i feel like apple has not reacted to the same extent not with the same delta as say the auto stocks or the chip makers have, when we've had made news on trade >> we own apple and are concerned about apple. so far it's really been trade war rhetoric there hasn't been a trade war and the imp position of tariffs considering the u.s. economy has been relatively small. as it pertains to apple it's a core portfolio holding we've owned it for many, many years and are going to continue to own it. that's a type of stock we're going to continue to buy especially on pull backs >> what do you think about apple at this point? do they have any products that excite you or is it just they've

created an eke system that retains a lot of customers >> they've been very effective at containing with their ecosystem. not a whole lot of innovation that i'm seeing. one of the exciting things that i think will come to fruition this year is apple business. a lot of brands are trying to handle more customer interactions through messaging brands haven't embraced things like facebook messenger. i think they'll be more welcomed to apple business messenger. and they'll enable them to wedge thwedg themselves into business customer purchases yeah, i mentioned wamo because i think they really have the lead.

i think before the lawsuit with uber, uber actually had the advantage. take someone like a ruthless person like travis to take on a google but uber out of the way uber's biggest threat now is gm and what gm has that googt doesn't is maps and the mapping data they get from consumers gives them all the preferable routes. so they're going to be able to progressively rollout, capture consumer adoption all while maturing level five technology >> oliver, when it comes to google are you thinking about it as anything else as an advertising -- does it play into your thoughts about whether or not you're owning google

>> we own google, we like google specifically the a class shares. what google is working on, and matt i think is absolutely correct, they're irk withing on a lot of exciting emerging technologies so you're not going to have revenue lines associated with those. but what they're doing is planning for tomorrow and the day after tomorrow and while revenue -- current revenues from advertising are incredibly important they're using that revenue to expand their offering to come up with innovation and that's what's exciting about google because if it was just about advertising revenue we wouldn't like it as much. >> okay, gents, we're going to have to leave it there we have just over 20 minutes left of trade and we're up a healthy full percent on the nasdaq the dow and s&p up well more than 0.5%. president trump taking aim at opec again. but can presidential pressure

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welcome back to "the closing bell." breaking news on epa administrator scott pruitt >> wilford, president trump has just announced over twitter he's accepted the resignation of scott pruitt, his controversial epa director the president said he's done an outstanding job within the agency but that he's now leaving and going to be replaced by his senate confirmed deputy andrew wheeler. i would not expect a big policy change for this, but it does relieve a huge headache for the administration in pr terms scott pruitt has been facing more than a dozen investigations for everything from triying to get his wife a job to security

details and special favors regarding his housing. he was in a huge amount of trouble, more than i can remember anything cabinet member in being and very conservative former attorney general of oklahoma, and scott pruitt is following the deyeggulatiregulation >> andrew wheeler used to be in the coal industry so you had expect the continuation of that policy >> i would not expect a policy change from that at all, but it's been a mystery as to why scott pruitt was able to hang on for so long given the troubles he had there there's been some speculation in the last week that he proposed to the president he'd fire jeff sessions and use his power under

the vacancies act to put pruitt in as attorney general, and scott pruitt has denied that story. but, you know, people had been casting about looking for explanations as to why he might be around. but he's around no longer. >> john, thank you very much for that major chinese telecom equipment maker fight back over concerns it is a national security risk. josh lipton has the details. >> michelle, the fcc is concerning a new rule here that could be bad news for hurawei if this proposal goes through, these companies couldn't use those subsidies to buy equipment from those firms that are deemed a national security threat now how would the fcc decide what company actually represents such a threat?

the commission telling cnbc it could take its cues from congress and remember u.s. lawmakers have zbrused legislation that could prohibit the u.s. government from buying or leasing equipment from huawei companies like zte today the company saying in a filing with the fcc the reality is that huawei is an independent private business that's no way in subject to control of chinese government than it is by u.s. government with the u.s. set to impose tariffs on $34 billion worth of goods tomorrow, the fcc tells us there's no vote yet on when the final date would be proposed to impose the new rule. we have just over 12 minutes

left before the close, and we are up 155 points on the dow the high of the day was 199. but certainly it's been a positive day for markets the nasdaq up a full 1%. and tech and staples all sectors out performing up next we'll get the latest on the oil markets and whether the cartel will listen to president trump. plus, toys-r-us, why is amazon reportedly taking a page from the their play book that later on "the closing bell." let's get started. show of hands. who wants customizable options chains? ones that make it fast and easy to analyze and take action?

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whoa! skyscraper. can't fix it with duct tape, then you ain't using enough duct tape. rated pg-13. welcome back to "the closing bell." a strong day on wall street. triple digit gains for the industrials. the strongest members of dow and s&p at 2,736 and the russell 2000 up 1% as well jackie deangelis back at hq with all the details >> the question is was it coincidence or did it happen on

purpose. he said the opec are up and they're doing little to help if anything they're driving the united states higher this must be be a two-week street reduce pricing now the iranian opec governor fired back say, quote, the responsibility of paying unnecessary prices is solely upon your implying trump's shoulders and the price of over $100 per barrel is yet to come so oil watchers are looking at this, the president's tweet. they're saying if he was sure the sodoes were going to pull the trigger on that spare capacity he wouldn't pull the trigger like this. and that could be a million dollars a day and very disruptive the opec countries have a deal the saudis have to be careful about releasing their own capacity unilaterally.

every member country would want to up production if they could at higher prices tuesday, $75 level we touched it going into july. a decline today after building inventories and after some profit taking. >> that would explain why chevron is the worst performing of the dow today on an otherwise strong day >> as soon as the oil prices start to go down they take the equities with them when they're high and supported it certainly helps the sector. >> coming up next we'll be back with the closing count down. and after the bell the s&p 500 has delivered more than 100% gain for investors in the last decade morning star predicting the u.s. market will be flat over the next ten years we'll discuss whether you should be worried about a lost decade

later here on "the closing bell." you're watching cnbc, we're first in business worldwide. whoooo.

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your neighbors. you like them. they always remember everyone's names. your kids love swimming in their pool. you like them. if you forget your trunks, they'll loan you some. they have a section in their stock portfolio just for pool stuff. everyone likes them. you like them. but you'd like them better if you made more money than they do. don't get mad at your well-liked neighbors. get e*trade. welcome back to "the closing bell." just over three minutes left of trade, and as we proaapproach te

close we are right near session highs. you can see there from the chart of the afternoon it's looked pretty good. but we did start higher as well because we had a good lead ipfrom europe. germany up 1% led by those auto makers, particularly those german ones. that news we might be getting closer to some kind of deal between the u.s. and europe on auto makers tariffs lent to a big rebound there. and as you can see the germany daks finished up 1.2%. the s&p is looking pretty goods, up 0.9% now. the dow up 180, the high about 196. let's have a look at the sectsers today tele co. utilities up, and to

discuss the close a quick glimpse of the ten-year which didn't move because it had some offsetting good data the dollar is down a little bit, but it's had a great run of late >> the good news today is no intrareversals pretty solid throughout the day. i think the fed reassured everyone they're most interested in growth inflation isn't worrying them that much. and there is clear concern over the tariffs, but it didn't overwhelm the report that's certainly good news here's the bad news, we did have a nice day with semiconductors but if you look at the chart it's very defensive in nature. intel was a leader, but everything like proctor and gamble and coca-cola and jaupsen and johnson are world market leaders. not that there's anything wrong with that, but even on an up day the industrials were up but not

nearly as umuch banks still were lagging yes, they were up today. but most of the regional names were only up fractionally. they're down about 4%. so again i think the tariff concerns still weigh on the market what i want to see is what's going to happen on the earnings. one final thing if ulook at the commodities sector i'd like to opponent out the dbb owns base metals, if you want to own copper and aluminum and zinc, this is the one to look at this one at a 52-week low. >> as you mentioned the fed minutes weren't too overwhelmingly concerned about trade tariffs nor was mark carny. you could see just on the dollar point today, because the euro had some -- >> the thing about the dollar,

the dollar definitely upped this quarter or the second quarter. i would watch carefully about whether they say the numbers are appreciatively worse year over year >> thanks very much. we're near the session high up 176 points on the close of it dow. ringing the bell here. that does it for the first hour of "the closing bell." welcome to the second hour of "the closing bell." here's how we're finishing the day on wall street we rallied right into the close. dow jones industrial average gaining 3.25%, and 24,358. the s&p higher and nasdaq higher by a full 1% 75,086 and the russell 2000 higher as

well we're about eight hours away from another round of tariffs. a seventh generational beef farmer is going to join us that's happening right now joining us on the panel today we have michael, the founder and ceo of destination wealth management and stephanie link is managing director at a tiia company. chevron was the biggest loser as we saw oil fall today. cf industries was the biggest losers stephanie, we go up, we go down and we never really get anywhere >> yep >> trade drives us to a lot of places why are we stuck in a trading range? >> because the market doesn't like uncertainty

you mentioned trade, but it's also the fed and what they're going to do. the flat yield curve, we're all obsessing about that >> flatter today >> flatter today after the fed minutes, of course and i think international slowing down we know that it's been slowing down i still think that it's okay because all the data points i'm getting are still showing expansion, but it's less than what we have been seeing the market doesn't like that so all these things wrapped up in a bow are not great for markets. and it's hard to see any sector kind of leading the way. it's one day we have tech leading, the other day energy leading and it's kind of this rotational market. i just don't see that changing until we see earnings. >> we discussed the german auto makers jumping on the possible news we might see tariffs removed altogether if we did get that kind of deal wouldn't we see a massive rally

across the board, because it would suggest all these back and forth trade disputes are part of negotiation and they aren't necessarily here forever >> first of all, that's a great point you make all these tariffs that are rolling on i think are really just tests of the other side china, for example, certainly is going to retaliate and it's going to be a test coming back to the united states but i think you're absolutely right. i think there will be a rally if you see tariffs drop but i think stephanie's really got something here that there's so much uncertainty at this point. what you need are clear catalysts, and right now we don't really have catalysts. what we have are seven or eight factors hoping the wrong news doesn't come out it's hard for the markets toeraly to rally in that kind of environment. >> what's less priced in is it that we ultimately end up with fewer tariffs this possible deal, who knows if it's going to happen

but it seems to me we worry and worry about trade and tariffs and are we going to a trade war, and almost nobody says what if actually we're going to have a lot lower tariffs because we're finally going to see people cave on these deals i mean that would be something totally unexpected >> look at the finances, they're down 10%, 15%, 20% from the january highs. industrials are down and energy just caught a little bit. look at the industrial metals, they kind of held in better than i thought. but they have lagged because we are so concerned about trade the tariffs in place now, that's a tenth to three tenths off gdp and people are concerned it's going to be much, much worse today staples, health care, very defensive sectors leading the market technology that's a bright spot,

and that's because they have the secular growth >> phil lebeau joins us now with the latest developments on auto tariffs. >> we're going to talk about china in this latest report because these are tear fs scheduled to go into effect at 12:01 eastern time today and chichina has said if they go into effect then they're going to reciprocate. let's start first off with the vehicles we are exporting to china. and if those vehicles are hit with a 35% tariff, it would go from 10% up to 35%, last year up to 267,000 vehicles were sold that were built here and sent over there and ford has said, look, we're not going to raise the msrp on these vehicles if a tariff goes into effect. bmw ships over 100,000 suvs over

to china it's not decided yet how they're going to handle the tariff situation. they've gut a bit of time before those vehicles go into china and are in showrooms and they're going to have to decide do we eat it or pass along some of the costs or all of the costs. the tariffs is currently 2.5% that come over it's scheduled to go up if the administration's tariffs go into effect around midnight tonight about 58,000 vehicles were built in china sold over here. we reached out to volvo and it has not commented. gm has said it's assessing the situation particularly with the buick envision that is the most popular vehicle sold over here in terms of built in china and shipped over here they've got three and a half, four weeks before some of those

vehicles are in showrooms and then they have to make a decision the ones that are there right now year not going to see a price change on those because they've been in the country for some time. they go into effect at 12:01 eastern time >> the european auto makers some of the best in the world and we often talk about how china in multiple cases play catch up with the u.s. whether in tech or elsewhere what's the status of the domestic chinese auto makers will we see consumers stomach a bit of the price increase of foreign cars or are there alternatives >> there are alternatives and they're becoming much more competitive. ten years ago you would say a foreign brand is more competitive, and that's not the case anymore they still like those foreign brands but the domestic brands

have really improved in quality. they have a much better chance on gaining share on any foreign vehicles if the msrp were to go up or the price were to change >> quick comment, michael, from you in terms of the auto makers. would you be buying some of them on the weakness of these trade fears we've had over recent months >> no, i wouldn't. i still think it's a troubled industry, obviously a low market industry and the uncertainty is way too high at this point it's interesting, i was actually in china a couple of weeks ago i was kind of surprised to see tesla is driving in hong kong, for example. while there are other alternatives, we shouldn't discount the u.s. brand, the u.s. reputation for quality i still think is pretty solid in asia even though you hear lots of gloom about chinese imports into china, the chinese still value u.s. imports we shouldn't forget that >> i'm not involved in any autos. the thing about the auto

environment right now, if we do get a deal i think you're going to see industrials and consumer stocks rally because all of those industries play into the auto theme that's why it's such a big deal. that's why it would be such an impact in the overall market should we get a deal morning star strategists warning investors they may not see any real returns for the next ten years they're saying it looks, quote, extremely expensive and very unattractive they went onto say the u.k. market has a better opportunity, better returns and fears related to brexit are quote ooverdone. stephanie, irrelative of the u.k. alternative england beating columbia -- ten-year view, real return in equities >> you do have to have a long-term perspective.

our companies have fabulous management teams their balance sheets are actually great now especially after the last seven years they're very quick to respond and do restructuring should they need if we see a downturn they're quick to do what they be to do people fear that they think then they can't go up that much. but they can stay elevated for a long period of time. you have a ten-year below 3% that to me is very attractive. and in double dimg git earningsi still think you want to be buying equities in the long-term. >> for ten years we've had easy money for central banks and now we're not and interest rates potentially could be going up. so ten years of great returns could mean ten years of not as impressive returns, there's a

lot of logic there at least. >> yeah, well, it averages out i just don't buy the argument, really, completely i see where they're coming with this there was a period just six, seven years ago where it was a ten-year flat return market as well but i think you need to have a longer perspective ten years, yeah, i guess is that a market cycle market cycles seem to be changing all the time in terms of duration. but i just don't see how you can be out of equities the next ten years. i guess you could chase equity markets in other countries i guess you could go to the united kingdom look at the divtened ratios of the markets alone. how is that going to compare relative to cash in a ten-year treasury i think you're probably fgoing o be better off.

>> that's due to the strength of facebook's instagram app and the recently launched ig tv. facebook finishing the day higher, a lot of volume, too it's higher by 12% year to date and today higher by 3% >> i think the tide turned when zuckerbe zuckerberg went to congress. i think the sentiment turned and the d-rating that happened to the stock turned that day because he was very sharp, very pointed. he had answers to their questions. that in itself started things. then we got the european regulation data points that that was not having an impact on engagement for google or facebook that was another thing that got the stock going. and finally looking at evaluation, growing 30% to

40% -- >> when you look at netflix is not nearly as lofty. >> it all depends on the numbers. i still think this company is growing growing 30% to 40% this is company of tremendous size and the free cash flow is phenomenal and they have the ability to turn on and off investments, show you margin improvement and leverage should they want to >> do you think, stephanie, we're not going to see tough regulation in the u.s. or the eu shows they can handle regulation >> we were all very nervous about europe and what was going to happen. and in fact, they saw the opposite they saw more engagement in terms of facebook and google >> we've got a whole weekend's worth of e-mails from various people asking for our approval we will leave it there, guys the war is on, the trade war, that is tomorrow the u.s. starts imposing $34 billion worth of

tariffs on chinese imports to go along with levies imposed. up next a look how we got there. and we'll talk to a seventh generation cattle farmer just back from washington where he made his case against tariffs. acout want to hear from you reh to twitter, facebook

president donald trump campaigned in 2016 promising he would change what he saw as the imbalance enu.s. trade relationships. >> and on the eve of challenging trade relations seema moda is taking a look at the tit for tat. >> that invited a strong response from key trading partners starting with china unveiling $3 billion worth of tariffs on u.s. goods like aluminum, steel, fruit and pork mexico got in with tears of steel, pork, and aluminum as well and then there was the european

union taking aim at bourbon, motor bikes and orange juice canada significantly impacted by u.s. steel tariffs responding with $12 billion worth of tariffs on u.s. steel, whiskey, condiments like ketchup all caught in the cross hairs. the u.s. readying $34 billion worth of tariffs on chinese imports as punishment for alleged theft of intellectual property china expected to strike back with similar force targeting 545 u.s. products, a number of agricultural goods like soybeans which experts say will pressure american farmers after the $34 billion goes into effect, the u.s. is considering targeting an additional 284 chinese imports. that's worth $16 billion

so this trade fight, guys, it looks like it's only just getting started. michelle >> yeah, why we're talking about it so much thank you, seema joining us now with how the tariffs are effecting his industry is casey, a seventh generation dairy and beef farmer good to have you here. >> thanks for having me. >> which of your products are going to face tariff, if any, and how high would they be >> well, so we're in the beef business in my family. and mexico is one of our top sources for our products to be marketed, and we can't afford to lose that market whatsoever. if we see that it's only going to cause more beef to go on the american market, which is going to further push our prices down. and the chinese market as well is going to affect our beef

products i think in missouri -- >> but how much of a price do you have a per head cost? how much does your price go up in cost and perhaps lose to lower sales? >> i don't know per head i do know it's going to go up to 20%, and in china 25%. and in terms of a dollar figure for the state of missouri, i was reading that today it's going to cost our producers $138 million in one year, the chinese duty alone. and that's a big number particularly since on the farm we're at the 16th lowest year for income this year so we can't afford any increase in price i mean, the difference between making moneyand losing money per head sometimes is just a couple of dollars. and whenever you're looking at duties like this it could make-or-break the operation. we know that in the beef industry we're seeing our customers, our farm's customers already selling off their breeding stock and that has long-term

implications not just for their farm but for our ours and the entire community because rural communities are dependent on agriculture as their lifeblood. >> you were reading it's going to cost $138 million has there been any cost you yourself and farmers have felt already and what's expected to come when tariffs come into play the next 4 hours >> yeah, i mean, for our operation alone we had plans to build a new barn that is now going to be far too expensive this year. and i would say a big part of that is a result of the steel tariffs making the cost and for building barns, specifically our case, to be too expensive. >> so can i go back to this $138 million? so there's going to be tariffs imposed on cattle, and as a result they would rise in cost

by $138 million for the state. that's not losses. that is the higher cost and then you assume there are losses because presumably people buy fewer of them? >> right, yes. and that is for the state of missouri and i don't think that's specifically just beef i think that's our agricultural products as a whole that go to china specifically and that doesn't count, you know, our trade with canada and mexico, which are our two largest trading partners, that we're now seeing a riskeven further especially with the beef industry with mexico that's really scary stuff, specifically with mexico >> okay, casey, we'll leave it there. casey joining us there from -- i lost the location. >> i'm assuming he's from missouri >> amazon revolutionized online

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the dow up 181 points.

amazon reportedly isn't wasting any time in capitalizing on the demise of toys-r-us. courtney reagan joins us with all the details. >> amazon may not have physical toy stores but it may be looking to fill the void toys-r-us leaves behind. it's exploring printing a holiday catalog that could end up in mailboxes and its whole food stores. the online retailer has been putting out some form of a hot holiday toy list, though, for many years largely though in press releases orren its website. for kids like toys-r-us' big book catalog it's a physical representation now there's a pretty big white space for other toy retailers to fill so a toy catalog isn't that far-fetched an idea. so when it comes to which

retailers are absorbing the sales that toiz r are us was grabbing, analysts say it's going to be split. estimating between 60% to 80% of those toys-r-us businesses will be absorbed. toys-r-us carries more specific toys than other retailers are going to be able to find space for. amazon is actually the third biggest seller of toys in the u.s. behind target and wal-mart. and amazon, though, is at least growing its toy share faster than most of the big box.

>> i did not have the toys-r-us catalog but the sears catalog. >> yes, but you could circle it. why are they waiting for toys-r-us to go out to do it >> courtney, thank you very much >> we'd go to the store physically toys-r-us was always a little out of town. the thing i really remember was go with dad a lot more i can't believe we're sort of talking about christmas already, sort of in the peak of summer. on wall street the dow up by 0.5% nearly up that level, we're up

181. s&p up 0.9%. the s&p and nasdaq up more than 1% let's get to the stories of the day. the trade war is now real. the first wave of chinese tariffs go into effect tomorrow. >> the u.s. is going to punish chinese made high tech china will strike back at foreign goods largely that target the states that had supported president trump. european auto makers meantime sharply higher that president trump may change his tune on tariffs against them >> president trump calling on opec to do more to stabilize markets and in his words reduce oil prices now >> the president said the opec monopoly must remember that gas prices are up and they're doing little to help >> what he may not be understanding is that the opec countries that can do more have promised to do more, but they can't rapidly turn this on it's not like flipping a light

switch >> amazon is taking a page out of toys-r-us' book, reportedly planning to mail a catalog book to retailers and homes >> investors looking ahead to this afternoon's fed minutes >> that was a lot of trade talk in this report they expressed concerns about possible adverse effects of tariffs in the u.s. and abroad and how they could affect investment activity. >> it's meant to be a quiet holiday weekday. >> it's not. >> a lot packed in and we didn't talk about the oil price move it has soared 8% last week a little pull back or whether that picks up. >> why energy was one of the lagging sectors today. time now for a cnbc news update. >> hello, everyone here's what's happening at this hour 19 people were killed and at

least 40 injured when a series of explosions ripped through fireworks workshops in a town just north of mexico city. the dead include four firefighters and two police officers who rushed to the scene after the first explosion. experts at britain's chemical weapons laboratory determining that the man and woman who fell ill on saturday were exposed to the same type of nerve agent that were used to attack a former russian spy and his daughter in march. >> the result of this incident remains low. i understand that people that those who recently visited the area would be concerned about this incident. i would ensure you it is safe to continue your daily business. >> and here at home a moment of silence outside the "capital gazette" building in annapolis remembering the victims of last week's deadly shooting

the same time the gunman opened fire newsrooms across the country also observing a moment of silence at that time you areup-to-date. that is the news update this hour i'll send it back downtown to you. >> thank you so much, sue. another round of poisoning >> another round of poisoning, but they don't think it's fresh from russia. of course they're accused of making the attack back in march. but coming back in march, after that the u.k. government says there's going to be no government officials whatsoever that travel to watch the world cup in russia. and now there's the prospect if both teams get to the quarterfinals of the two countries meeting each other in the semis, which would be pretty interesting. >> when they promised they would not go to russia to watch, they didn't think you guys would get that far, did they >> maybe this far. if we did reach the final and didn't send a government

official it would look like sour grapes from this side. it's kind of a win-win for putin. i think the english people would be happy to forget all that if they won the world cup we've got an earnings alert. seema? >> michelle, a stock on the move pricesmart shares are falling versus the analyst expectation of 63 cents. this is the operator of membership warehouse clubs in latin america and the caribbean. the company had 41 warehouse clubs in operation as of may 2018 that stock down 12.5%. >> seema, thank you very much for that shares of netflix closing high today on news instream giant is releasing its first original series in india

also that would give them better quality streaming and the ability to watch on four screens at the same time guys, good evening to you. karen, your take on both these stories particularly the new price ban. is that a good idea? >> it remains to be seen if that's a good idea in the concept fight, i don't know how to play they're both so crazy expensive. to me i kind of look at another way to play it, which is who owns content and who can you buy this not at a crazy point? so that gets me to cbs or a lines gate so i can sidetrack how do you get india to sign-up? >> i would also say this they have invested so much money into what they're doing internationalal internationally, and that's where their growth is coming and no one is close to the

content they provide right now to the 13 to 84-year-old class they've got them here, internationally. we talk about it all the time, they've got to invest. when you look at what they're expecting for their international growth, they're expecting those numbers to be $2 255 million. >> do you think the evaluation is justified here? >> no, no. the evaluation has not ben fair, but the same thing could be said about amazon and both these two names they put money in but rarely are people actually seeing that later on in terms of pe they're almost untouchable stocks but they perform and grow and do everything everybody would like

them to do from an evaluation perspective i know you think the same thing. >> there isn't any elasticity to the u.s. viewer here they will pay any price that netflix seems to want to charge. i don't know if that will be true around the world. >> and specifically it's going to be very limited for india i was just talking to somebody and about a million is the number you're looking at there in terms of who can put this down and watch netflix >> don't forget on fox money trader steve graso will tell you the one level key level that he is watching on the s&p on netflix we also got that trade lift today for the final season of "house of cards. do you want the same tools and seamless experience

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welcome back still ahead president trump says opec needs to lower oil prices to help curb the spike in gasoline coming up we'll discuss how high the price at the pump could head and whether opec will listen to

president trump. first though, epa siministrator scott pruitt has regned up next we'll look at how the change at the agency could impact wall street don't move in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. the name to remember. my mom washes the dishes... ...before she puts them in the dishwasher. so what does the dishwasher do? new cascade platinum does the work for you, prewashing and removing stuck-on foods, the first time. wow, that's clean! new cascade platinum.

welcome back to "the closing bell." scott prosecute has resigned as epa administrator. >> this brings to a close a long saga, months of terrible public relations headlines for the trump administration scott pruitt announcing his resignation facing more than a

dozen ethics investigations involving everything from his use of first class travel to the extent of his security detail to favors he was trying to procure for his wife on the job. all sorts of things that president trump was embarrassed by even as he liked the policy initiatives that scott pruitt was following through in terms of deregulation of environmental controls on business now, he's going to be replaced as the president said in his tweet by his senate confirmed deputy andrew wheeler. andrew wheeler is not expected to take the agency in a much different direction ideologically. a former lobbyist for the coal industry and also a former aide to the senator from oklahoma that's where scott pruitt was from and a notable public skeptic of global warming, which he's described as a hoax.

i think it's rargts something that removes a public relations headache for the trump administration he was reluctant to do it. in fact scott pruitt yesterday was at a white house picnic, but now he's out and they'll move onto the next chapter. >> got it. thank you very much john harwood. hey, jimmy, what do you think? >> listen, things aren't really going to change. for one big reason is that scott pruitt has yet to really accomplish very much listen, environmental rules they're highly bureaucratic. you can't just repeal a rule without a lot of public comment. but the environmental regulations today aren't really any different than during barack obama's final year that may change as time goes on and your new epa chief who i

would imagine would be like a clone of scott pruitt. listen, if you're a republican president it's very easy to find somebody for that spot who wants to repeal regulation but they'll find somebody. >> jimmy, in terms of the agenda list as we approach mid-terms is this a chore for him to have to address or not really? >> i don't think so. pruitt has been very, very popular among republicans because they hear about the press releases, that they're repealing, you know, obama's limits on power plants, emissions from power plants or they're changing our renewable energy or auto emission. but all that stuff takes a while, so it really hasn't happened yet i imagine the president will put in a person who will continue his agenda, without all the baggage and as the years go by then you'll begin to see these regulations actually change. >> you mentioned how some of these like the policy

regulations. the is that why he held as long as he did? >> i don't quite get it. i don't know why he hung on as long as. finding someone to repeal the environmental regime is not that hard and i'm not sure why the president decided to stick with him other than some sense of loyalty and the fact he seemed to be popular with republicans up next gas prices hitting a four-year high taking a bite out of american spending money will the pain at the pump continue that's next. alerts -- wouldn't you like one from the market

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we're back oil closing low today after crude oil inventories reported a surprise increase up about 8% or so from last week. the news comes from the tweets of president trump yesterday, writing quote, the opec must remember the gas and oil prices are up as the united states defends many of their members for very little money. this must be be a two way street reduce pricing now, exclamation mark >> joining us now to discuss kyle cooper and dan matage can they reduce oil proiss or are they maxed out >> they are nat cartel and they

try to bide somewhat at least in theory with the overall decision, and of course was made just a week or two in viena. while opec announced a headline increase about a barrel per day, that was really saudi arabia, the uae and qatar have excess capacity to increase and if they follow a pro-rate of steam, then saudi arabia can't independently raise that 5 million barrels a day solely it becomes a very sticky issue for saudi arabia, do they want to appease trump or do they want to appease their opec fellow members? >> dan, to what extent are they being driven higher and particularly domestic demand here in the states >> up 2% year over year and i would stake the data today alone. refineries here in america are going through oil, the likes of which we have not seen this time

of year and certainly the end of june and beginning of july 18 million barrels that's significant because it suggests that even despite the 62-cent-a gallon increase year over year it's not having a dent on demand and that will continue to be a problem apart from the geopolitical issues of libya shut it in terms of oil apart from venezuela and apart from sanctions from iran and apart from canada not being able to get sufficient supplies of oil down and all of these threats do create a prospect of even higher prices going into the new year, and i point out that you have earlier here, and there's been a concern now about another very active year on the meteorological front with hurricanes coming to our region soon >> why are we seeing a decline in demand even as prices go up is that a reflection, dan, of how good the economy is and how good consumers feel? >> it may very well be and it might be that we've seen a bit of a decline with prices and we

walked up to the $3 a gallon mark and came right back down to $2.86. for a lot of people, and it's up for the roads this weekend and prices have actually come down and it's not as bad as it once was and nevertheless, it is a sign of a robust economy and people are feeling better and more confident and note that vehicle sales appear to be heading up and all of these things are contributing mightily to prices moving up and i'm worried about the macro economic issue and the lack of investment and spare capacity which colin alluded to earlier >> colin, do you think the trade disputes might ever impinge on this particular sector in terms of shipments of oil around the world? i guess it's not been mentioned once because it's the import or export that people rely on so heavily. >> yeah. that's always a fear i think it's more going to be from a perception standpoint than a reality standpoint. realistically, the american consumer and really all of the global economies now are driven by petrochemicals. we need it

we want it as, you know, as was just alluded to, we continue to demand it. total petroleum demand reached 21 million barrels this week and once again indicative that we're consuming it and keep in mind that even though gas prices are up as a percentage of household income, energy is way, way down from years before. so the increase doesn't take nearly the bite that it did in the '70s when the oil embargo and other times in history so the american consumer still has disposable income and they're still using it and they're still driving it and it's still much easier to get in a car and drive. >> are there real numbers around that, kyle, when you say gasoline used to absorb a lot more percentage of the american consumer's income compared to now. do you know the numbers? i'm curious. >> i don't have those off the top of my head and they are down as a percent of household income. >> yeah. i'm not surprised. >> okay, guys. we will leave it there

thanks for joining us this afternoon. kyle cooper and dan mcteague there is a problem facing the labor market those details and what to watch in tomorrow's big numbers which come tomorrow morning. we're back in a couple of minutes.

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>> the june jobs numbers are out tomorrow and for the first time listen to this, this is incredible, there are more job openings than there are workers to fill the position and that is according to adp and moody's analytics. >> business's number one problem is finding qualified workers at the current pace of job growth, it sustained this problem is set to get much worse. for more on that story head to cnbc.com. >> adp number this morning did miss a little disappointing and it didn't move markets too much. >> when i hear there is a labor shortage like that, don't you think interest rates have to start rising that's usually what drives it. wages go up because you have to pay more to get them and yet the yield curve doesn't move. >> the wage growth loss hasn't gone ballistic yet and you do see the shape of the yield curve and you do hear some fed members start to mention that they're concerned with that. what would be interesting and

what would have pushed rates much higher is had the rest of the world followed a little bit more as what was expected 18 months ago than domestic yields would have been rising because of it. >> if the ecb had been more. >> and bank of england didn't change rate, but suggested there would be one in august and that gives the u.s. more leeway to move ahead. >> get to the world cup. >> not quite direct world cup, but we will transition to that >> facebook has gotten world cup fever. variety reports the social media giant is in talks to create a reality show featuring superstar cristiano ronaldo. he has more than 120 million followers. >> the show could pay ronaldo around $10 million for 13 episodes which may soothe the pain of portugal's elimination by uruguay in the world cup last weekend. i mean, interesting as they push to do more tv and more direct video of their own and to start with someone with 120 million

followers is a good way to do it they did do a documentary film on cristiano ronaldo which was very worth watching and you see his unbelievable commitment to the game and why at 33 he is still performing so exceptionally. >> you gets endorsed from the calvin klein ads he did? i remember those very well and i am sure he got paid a lot of money for that >> he's paid a fortune i think he also has a little vanity and therefore he might like it. but, portugal and uruguay through. that quarterfinal is tomorrow. >> when do you guys play >> england is 10:00 a.m. saturday morning all very, very exciting. the business part of the world cup. the next nine days will be fascinating whoever team's continue to define it. let's get back to the markets very quickly 30 seconds left, and of course, it was a good session throughout the day at 0.75% on the dow and

the high of the day 199 so we are pretty much near the high of the day at the close >> if you're looking for a reason i would say this talk about whether or not germany, the eu and the united states can come up with a deal to eliminate auto tariffs that would be one reason. >> definitely got us off to a good start the nasdaq had a victory and tech was the best sector on the s&p, up more than 1% that does it for "the closing bell." "fast money" now begins next i'm melissa lee. your traders on the desk are speet najarian, and tim seymour. >> tom lee shocking the crypto world with bearish comments on cnbc earlier today, but the mega bull says reports of his bearishness are exaggerated. he still sees bitcoin going to the moon and he's here to set the record straight. tesla, as ceo elon musk goes on yet another twitter rant are the shorts getting the best of musk? we have the details and