he'll boo on there at 4:45, and this he is a brilliant goal caster. >> thanks for watching "power lunch" >> and "the closing bell" starts right ow it's time for "the closing bell." stocks are shrugging off trade war fears this afternoon following a strong jobs rortd. we've got all the details coming up i'm contetsa brewer on whiskey row in kentucky. i'll have more on the tariff hangover coming up i'll philip lebeau in chicago. buick, tesla, just a few of the brands being hit with costly tariffs. i'm michelle cabrera, biogen

shares are soaring we're going to have an exclusive with the chairman of the company. "closing bell" starts right now. welcome to "the closing bell," everyone. we have a lot coming up. i have to say i'm particularly looking forward to checking in with tyler coming up in the second hour of the show. he'll be joining us from moskow. after he finishes touring the game, and he might have a preview for us for england's game tomorrow. let's check in on the markets right now. it's been a very positive session. pretty much near the highs at the moment we're up 1% on the s&p, and that's up a full 1.3%. the dow is up 0.5% the low for the dow was 74 points, and we're up at the moment 130 the high was 160 points. so a positive session. >> we've climbed throughout.

let's get to steve liesman he's got details on another strong jobs report >> you heard all that talk about trade wars at the top of the show the trade wars has taken a back seat to the jobs report. payrolls up 213,000, against a forecast of 195. so better than expected. and add back another 40,000 jobs from april to may. and average hourly wamgs were moderate at 0.2% a year. 2010 every time the unemployment has ticked up, it's come back down when people enter the work force initially without a job and they find one before too long put it all together and jp morgan says, coat, overall the report is good news insofar as it suggests the economy still has room to grow will it continue

some economists think the negative from tariffs could show up in the jobs report in the months ahead diane writing quote, quiet before trade storm before employment in june so at current levels the tariffs may never show up directly in the jobs report. but a further escalation and retaliation, it's going to be harder to hide it no matter how strong the job market or the u.s. economy, guys >> steve, interesting you've watched it all throughout the day, other than that wage number fractionally soft perhaps. this is strong set of numbers. and it's interesting we've seen the dollar slip and moves like that off the back of it. >> yeah, the dollar move was a little contrary. but i will say everybody's assessment of this is it keeps the federal reserve on track for the additional two rate hikes this year. the lack of any inflationary wage pressure will cause them

not to accelerate. so the reasons that have caused the dollar to strengthen i think will remain intact whether or not it's taking a breather today or the current situaters are smarter than we are and no longer at work this afternoon. >> you have any remarks about the yield curve getting flatter and long-term interest rates not rising higher? >> i do. i'm somewhere in between i need to worry about it and rick santelli's idea things are different this time because of how much the central bank holds. i'm thinking about this a lot. i do know the federal reserve is concerned about it they don't want to raise interest rates, and i don't know if that's the immediate sentiment on the committee i do know some members on the committee feel that way. >> now the trade war between the u.s. and china heating up as both sides have slapped new

tariffs on each other. in beijing with the latest details for us, hey, ubs >> reporter: hey, wilford. well, the chinese have made good on their promise hitting back at the u.s. in kind the foreign minister confirming china retaliated immediately after the u.s.' move customs officials have already been collecting duties on 545 items, worth $34 billion matching u.s. tariffs. it includes crops like soybeans and cars and the ministry earlier today also said that beijing had no choice but to fend off what it had described as the largest trade war in economic history. now, the chinese move also escalates what many people here fear could become a protracted trade war. president xi jinping has shown no signs of wavering, and president trump has also

appeared to double down on his stance during his visit to montana, threatening tariffs that could cover all $500 billion of goods imported from china. now people here are worried about what is going to happen next both countries have tariffs in reserve covering $16 billion but beyond that, there are just a lot of people wondering how long is this trade war going to last, and how exactly is it going to be resolved because so far, there's very little sign both sides are willing to come back to the negotiating table. >> earlier this week we saw a negative judgment from a court against micron technology, and also we saw weakness in the chinese currency that was much larger than we had seen in the past there has been talk that when china runs out of things to put tariffs on, they will use other methods. should we read into those actions, that they've started those kind of activities

>> well, for those particular actions it's difficult to say, especially when it comes to the rem mb because there are a lot of mem, just like you said there are some people wondering whether or not the government was using the rem mb, devaluing it in order to prop up exports as a way to offset some of the harm that could be caused by these tariffs. however, there are plenty of other people who say that's just not the case and especially earlier this week we also heard from some of the central bank government officials who had said they just want to keep the rem mb stable however, there is definitely a lot of anxiety among american companies here about those non-tariff barriers. in fact, i was speaking to the am-tram president, and he said what was surprising to me was that he said that the number one thing people are worried about is not the tariffs but are these regulatory issues possibly

slowing down the expansion of business, investigations, all these various safety checks and customs checks at the ports? because he said that those issues have been the number one challenge for american companies here for the past three years. so his members say they are just worried this is going to get much, much worse and beyond that he also said that a lot of his members are worried about president trump's threat to hit tariffs on an extra hundred billions dollars worth of goods because he said with $34 billion that was much more industry specific but he said with hundreds of billions of dollars there's really nowhere else to hide. >> got it. thank you very much, eunice. joining our closing bell exchange today is steve grasso, and tjm institutional services stevie grasso, on the one hand

very good employment data. on the other hand, growing de concerns about a real trade war. today growing employment wins. >> where trade was concerned you had a by the news event. gives powal a little bit of wiggle room whether or not he wants to stay on track with his rate rising routine he's doing, getting back to normalization, if you will. i don't think -- and i'm sure i'll get disagreement from the panel. i don't think he should continue as aggressive on the rate rising schedule that he has and i do believe he has learned from his predecessors that you don't raise rates in the face of a flattening yield curve because when you start to take your foot back off, it's too late now i know we've had this path for a very long time and we have

to get back to normalized rate environment. but i think at this point you have to at least give a little bit of flexibility for the markets to interrupt, okay, it's not going to be just a plain and simple steady as she goes. >> jeff, you'll take on what the feds should do given the jobs earning this morning >> yeah, the fed unfortunately is in a pretty difficult spot. the u.s. economy generally is performing well. i think one thing i haven't heard mentioned too much is the federal reserve has given themselves a bit of wiggle room in the sense they're willing to have a bit -- to perhaps pause and then choose those markets as they go forward. >> what do you think about the yields curve here? when we talk about the yields curve there's short-term interest rates, which the fed is in control of, and then there's long-term interest rates, which the market is in control of

presumably and long-term interest rates aren't moving that much even in the face of strong data. >> and there's still a lot of people who want to buy our long, and generally i do think this time it's different. to put a finer point on what steve and jeff said, too, the reason they have to be cautious here is because they kept rates at zero for so long and allowed this malinvestments to build up for the last ten years, we saw it come out at the end of january and they let rates go up quicker without a lot of bubble wrap of devilish rhetoric around it, so i think the fed has no choice but to go slow. >> by encouraging it particularly today the steady

build throughout the morning in terms of bullish sentiment >> so you want to see volume with the moves whether it's up or down so you can get to a point where you think there's some convikds to tction to the marketplace. what we've seen now is a lift in the marketplace. we have a shortened holiday week and a lot of market participate wants that have not been at their desks. i would think next week you see a little back and fill what i mean by that is you saw the run up here. now you're going to start to see a bit of a sell-off in the marketplace where we start to get to that equilibrium where buyers and sellers match up. and the lower the market goes to test those averages i do believe we're going to see another ratchet up, the marketplace was looking for another $34 billion, and we have another $16 billion in reserves behind that. and you have 26,073 in the s&p

cash >> gentlemen, good afternoon to you all and have a great weekend. we have 48 minutes left of trade. we're up a healthy 1.3% on the sn nasdaq biogen the best performer on the s&p today. coming up we'll discuss whether you should be buying the bio tech company right now >> and then the chairman is going to join us for the details of those results plus the global trade war spilling over into bourbon country. >> kentucky distillers slapped hard with chinese tariffs. what does it mean for the bourbon industry i'll coming up on "closing bell."

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welcome back to "the closing bell." we're up almost a percent on the s&p. the nasdaq and the best performing sectors are health care, technology and energy. the worst performing industrials are consumers, but all 11 sectors are high american whiskey has been increasingly popular overseas, especially china but new tariffs are threatening that growth. kentucky brewers just got the details. hey, contessa? >> hey there, michelle in louisville this town's economy relies so heavily on its signature spirit the mayor has actually coined the term bourbonism. globally you have drinkers who are beginning to develop a taste for bourbon as well. in the last five years, in fact, american whiskey has doubled its

share at the chinese market now at 9%. it's really chipping away at the dominance of scotch whiskey. kentucky peerless distilling is hoping to sell in seven countries in the next several years, but trying to factor in this stiff new tariffs >> i think it is going to change things just a little bit i'm building warehouses. i constantly having additions going into our distillation equipment, our grain milling, so to think there's a chance we may not be able to utilize everything we're putting forward is a problem. >> the kentucky distiller's association is suggesting the trump administration sit down with our overseas trading partners they say perhaps over a glass of bourbon and, you know, resolve their differences. >> so a bottle of bourbon is going to go up by how much with

these tariffs imposed? did they give you any sense? i mean it's going to be more expensive to a foreign consumer if they pass that on, right? >> if they pass it on. imagine this, if you're selling an ultra exclusive bourbon, say a $5,000 bottle and you've got that bottle now going for $6,250, will that dissuade a chinese customer or will it become more alluring >> or go onto a bit of scotch whiskey. i have to say, contessa, as live shots go this has got friday afternoon written all over it. perfect. >> it is i'm sure happy hour now in louisville. you guys i also picked out angels envy. they've been working hard to open up the chinese market, as

well i thought for you michelle being the foreign correspondent. and for you will there's this russell's reserve. i thought you might appreciate that one >> i'll take any of them frankly. >> my favorite correspondent >> i can't put them on the plane. they won't let me bring them on the plane. >> contessa, thank you very much for that happy hour hit. a gain of roughly 1% there, 0.5%, excuse me. s&p is higher by nearly 1% snaz dack higher than nearly 1%. and coming up find out which car companies are going to get hit the hardest when we speak to the former president of the toyota's u.s. business. plus the u.s. lobster industry is bracing for what

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get ready, because we're helping leading companies see it- and see it through-with digital. ti don't know who i'd sbe without my family. ah! daddy! i'm coming for ya. ♪ skyscraper. rated pg-13. bell." here's the sector heat map for the s&p 500. every single sector is in positive territory health care number one a gain of 1.5% because of biogen which is up a whopping 19% later on we're going to have the chairman on later in the show to

talk about the alzheimer's treatment results they're working on let's take a look at two stocks to watch. deutsch bank is sharply higher jp morgan is denying that it is interested in deutsche bank. do you believe this? >> it was up earlier about 5%. it's lost some of that because there's been some denials. interesting back in 2016 when deutsche bank was falling sharply then, some of my sources suggested that jp morgan would have loved to make good for it but they knew it was never going to happen. and both of those hurdles perhaps have lowered fractionally in height but they're sfil so far above the level needed to prevent anything this happening. >> what about the chinese? >> i think that will be an even

bigger add on for the chinese to let that happen. how did that work out, very poorly indeed because it fell below 20 billion this week the move today makes it up again but extraordinary. >> those quirky little securities that they have are -- >> twitter atop the former s&p 500 after upgraded the stock to a strong buy and strong international growth shares are up more than 90% show far year to date up 3%, of course a big rebound, a disappointing performance from the prior couple of years. >> finally monetizing some of the data they do have. it had been dead money for a long time and looks tremendous year to date yet i think you could go back and look at the low and that

would be peak pessimism. >> we have got 30 minutes left of trade nice little post july fourth end to the week. biogen shares soaring. up next we'll look at what the news could mean for the stock long-term. plus chip stocks have taken a hit recently down more than 6% over the past month. but new data suggests more trouble could be ahead we'll talk with the fast money traders on that later on "closing bell.

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welcome back "the closing bell." the industrials higher about 141 points s&p up 27 points again 1%, and the nasdaq higher by 1.5%. and russell 2000 up 0.75%. sue herrera has our cnbc news update. >> here's what's happening at this hour, everyone. vice president pence slamming

the press, protesters and the democrats today amid growing calls to abolish the immigration and customs enforcement agency this during a briefing at is i.c.e.'s headquarters in washington >> the sad thing is it's not just an expression of the radical left speaking out against i.c.e. lately. the truth is that opposition of i.c.e. has moved to the center of the democratic party itself >> former president obama meeting with the leaders of spain and columbia in madrid the former president will attend an economic conference there and then visit portugal for a day to speak at a conference on climate control. it appears carmelo anthony's days are numbered in oklahoma city despite recently opting in to the final year of his contract that would pay nearly $28 million, reports are surfacing that the thunder will move anthony and his big salary to save $100 million in the luxury

tax. you're up-to-date. that's the news update this hour michelle, back downtown to you so the nasdaq is leading the charge in today's rally. hi, bertha >> hey, michelle bio tech is the stand out today for sure strong caps are actually strong for the week, up 3% with trade war fears. what's remarkable is that tariffs haven't impacted tech this week. not reamy. chips despite china's exposure up 2.5% for the week led by facebook which has now put in a new all-time high surpassi surpassing its high back on june 20th we'll be watching that going into the close bio tech, though, as i mentioned today having a really strong day, driven today by those massive gains we're seeing in biogen reporting positive midstake

results, saying hidoses of its treatment administered biweekly slowed the progression of the disease by 18 months analysts are being more cautious in we're seeing the investment crowd today in part in the way its partners saw it calculated the effect analysts say it's too early to decide whether it disproves or improves the part of the brain that impacts the disease others have abandoned that approach after disappointing results in late stage trials certainly a lot of folks hopeful today. >> certainly and investors too let's discuss more what bertha was talking about. dr. seemers, what does this drug do, exactly? >> this is a drug, in a class of

drugs called mono clonal antibodies, and they are intended to remove what we think is the bad actor in alzheimer's disease, this a-beta peptide, this little protein. >> it builds up in the brain, correct? >> that's correct. and people with alzheimer's -- in fact, it builds up in the brain probably years before you develop symptoms but this antibodies are intended to clear that out of the brain, and they don't all work in exactly the same way but what makes this so promising even though it's just a midphase result is that this is another antibody that's looking like it's headed the right direction. one of the challenges in the field has been that people always want to hit a home run. and sometimes you just need to get some base hits to show that you're on the right direction. so this is one of what's now four antibodies that all directionally seem to be moving the signal the way we'd like to

see it so they're not definitive results but they're promising results. >> so clearly a big share price move today is that in part because expectations were fairly low for this set of results? >> yeah, absolutely. for this drug in particular being 2401 which has partnered with biogen and asi, investment participation was extremely low. the data we got yesterday was for the 18 months, which it did hit. >> doctor, there's some debate about whether or not the ways the results was measured by these companies is valid can you inform us about that and how significant that is? >> so they use an outcome called the add coms which hasn't typically been used in trials, and there's some debate how clinically meaningful or relevant that scale is but at this early stage of drug

development, in my view anything that says that the drug is having the intended effect in the brain is a good thing. there will be lots of discussions about the outcome measure as they proceed ahead to what we would assume to be phase three trials, the late stage trials >> when would the late stage trials be? and in the meantime are there any other rivals with competing drugs? >> the first thing we're going to want to see is the detailed data for band 2401 we could get that data as early as the aic meeting coming in smk potentially at the end of july this year. after that all eyes are focused on biogen's phase three, also partnered with asi, phase three drug that data is coming at the end of 2019 or early 2020. and shortly after that would be

a new compound >> you just gave us the share price move, up 19% is that more than you think that's warranted what's your recommendation on the stock? >> about every increment equates to about $7 in dcf value yesterday we were talking about how this could be a 10% or more move investors are probably predicting this drug probably has a 50% shot of working in phase three trials or finally getting approved >> you hinted at this a little bit, but we're not 100% certain if you get rid of these anloids in the brain it actually stops alzheimer's. do we know that for certain yet? >> no, we don't. and that's certainly been one of the big questions for the field. as i mentioned to data from three other antibodies, it does seem that directionally we're on

the right track. we're headed in the right direction. so they're promising data but not yet definitive >> got it. thank you, gentlemen good to have you on. >> we'll have much more on this story. biogen's chairman joins us later in the show to discuss the outlook for the alzheimer's drug we have just been discussing that's coming up the next hour of "the closing bell." we've got about 2 minutes before the closing bell, and the industrial dow remains higher, and s&p a little higher than 24.5%. from the unemployment lines to the ts a-line. we're going to look at the agency everyone loves to hate and why they are on a hiring binge. and we'll tell you which consumer electronics company is making the move. we're back on "the closing bell" in just a couple of minutes. i love you, basement bathroom of solitude,

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welcome back to "the closing bell," a little less than 20 minutes left of trade. we're holding onto those nice gains. 0.5% on the dow. for every monthly jobs report

cnbc's kate rogers scours the country for companies and industries currently hiring. kate >> reporter: i, wolf, that's right. summer holiday travels at its peak right now if you've been to an airport like this one you know the security lines are getting longer and longer. that's why the tsa is looking to hire thousands of security officers over the next few months take a look. velaria garcia is a tsa officer in training at the federal law enforcement training center in georgia. the 22-year-old participated in a two-week program this summer focusing on passenger screenings, customer service and even the impact of explosives. >> three >> two, one. >> reporter: accuracy is key trainees are instructed on using x ray machines properly, following protocol and working with passengers.

>> i actually think people believe officers don't care, can you please hurry-up, and it's not like that. we actually learn how to treat people with a lot of care and respect, to try to connect with them. >> reporter: after training in georgia garcia will head home to puerto rico where she's stationed. the threat of another september 11th attack is a great motivator to get things right on the job >> i feel like i'll giving back, i'm doing something to avoid that ever happening again. >> reporter: entry level pay for those security officers starts at around $35,000 a year and it varies of course-on our location and your roll tsa says it's a great entry level position for those who feel compelled to serve in some capacity and want to join the work force >> we talk about industries seeing a threat from automation

and the like, is this an industry where that's never going to happen? i guess when you pass through customs you're always somewhat amazed by the number of people that are there in human facing rolls? >> certainly, wolf, that's a great question what's interesting is we hear this from businesses big and small, it's a really competitive labor market, tight market they didn't mention automation, but they did say while they get a diverse array of applicants, this is really important job and they want to make sure they hire the right people >> unemployment is so low, are they struggling to find people to fill these jobs >> definitely, michelle. like i said this is tough job. they want to prevent, god forbid, another 9/11 attack happening. that ways heavily on these officers whether or not they're already in training. and they get a ton of applicants, all walks of life.

and they are competing with the private sector on good applicants to fill those roles >> kate, remind us what that entry level pay is, because for public sector role it was pretty attractive, wasn't it? >> it's about $35,000 a year for an entry level officer you only need to have a high school diploma or be a u.s. citizen born or naturalized. they say a lot of people tend to bounce around from that entry level role too >> kate rogers there for us in newark airport today only one is lower for the week as a whole because of the gains we've seen yesterday and today the dow is up 0.4porous today, nasdaq up 1.3%, so we slipped a fraction we approach the close the while of the day for dow was 160 points, and we're now only

93 points higher >> the triple digit gain slipping away. coming up next, the chinese smart phone maker looking to make a splash at a private company and as a brand u.new cellphone consumers will actually buy we'll discuss. $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online. tap one little bumper and up go your rates. what good is your insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch and you could save $782

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welcome back we've got some selling in the last 20 minutes. the industrials have been up 160 points now up 107 points. s&p is holding onto a gain of 0.75%, though. wireless speaker maker sonos filing to go public today. the filing did not indicate how many shares would be up for sale or an estimated offering price competitors include bose, samsung and tech giants that have smarter systems like amazon and google this is interesting. i mean it's actually a 16-year-old company. was one of the first to come out with that sort of smart link phone system estimated rec estimated revenues -- sorry, amounts of revenues last year $1 billion. they've not made a profit though

since 2014 it's not like it's early stage tech this is 16 years old >> the product is very popular and lots of friends who have them and say they're so easy to install, which has got to be one of the attractions even using a remote control i find it so ridiculous. >> they've also recently launched a sound bar, which is called beam, which is not again revolutionary but also something that seems pretty attractive and kkr owns the biggest stake at 25% >> looking to make a big on the public markets and josh lipton in san francisco and he's got more >> michelle, xiomi just raised a lot of money the company priced its ipo at 17 hong kong dollars at $2.17 per

share. at the bauottom of that range. but at the lower price it's now raising about $5.4 billion renaissance capital telling its clients its company is valued at close to $9 billion. large cap, chinese stocks remember they're down more than 20% now since their peak in january. internet services do make up about 10% of sales, but its smart phones that still account for the vast majority of total revenue. still this is big evaluation and the company is growing fast. execs apparently hope to make a push into the u.s. as well but consumers here have any concerns about a chinese company given alarms that are being raised by lawmakers over wuawei

and zte. >> not unless there's anything major, i treat it like any other company. >> it's really about terms and agreements like that because in theory they own that information, and i would want that information to be in trustworthy hands. >> not trying to get into politics, man, again depending on what the u.s. policies is, right, i'm sure they'll figure something out. why not. >> xiaomi is scheduled to start trading enhong kong on friday. >> it dropped below the initial target on price range. anything to do with the trade dispute ongoing or is this a stock specific price issue >> i think you could certainly make the argument. we know as trade tensions chemoescalating some of these large cap chinese names have been under a lot of pressure

as we've discussed today, i do think there's a specific story with xiaomi as well. it does build itself as an internet company it's an interesting strategy the company has. they have this hardware, these phones they charge a lot less for them. for example, their premium phone is about half the cost of iphone 10 the idea is get those phones into the hands of a lot of people and get them hooked on higher mar higher margin internet services. about 70% of the phone sales right now still comes from hardware >> he said he was going to be the next steve jobs. i'm not sure where he is >> did he announce that himself? >> absolutely at the dinner he said that. and we talk about whether or not this is china related, but maybe they have the same issue in

china we do here you have the supposed unicorns in the private market, and all these equity firms pay up big, and once you hit the public markets they're skeptical in one you can bring up in terms of value. >> xiaomi was one of the stocks you looked at and attractive and cheaply valued because it was very good at copying u.s. products, and that's what it started ten years ago. and this whole dispute the president has with china -- >> it's about that >> and now the ipo josh said $49 billion evaluation, but this is big tech company with products on the hardware level are pretty much as good as the iphone but half the price and, you know, that's exactly what the president is arguing ability. >> for sure. >> it'll start trading on monday in hong kong, and we'll be watching that. we'll also be watching the close here, and that's happening in 7 minutes time after the bell, summertime

is lobster time. but with crustaceans now getting slapped with tariffs with china and its war with the u.s., could put lobsterman in a trap you're watching cnbc, first in business world wild. the digital divide is splitting this country. we have parents who are trying to get their kids off of too much social media and computers, and then we have parents who would only hope their children have access. middle school is a really key transition point, right. the stakes start changing. students begin to really start thinking about their futures. what i like about verizon's approach is that it's not limited to just giving kids new tools, it's really about empowering educators to teach in different ways, and exposing kids to more active forms of learning. giving technology is not a total solution. teaching technology, now that is.

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welcome back to "the closing bell." we've got those minutes left of trade. we've slipped just a little bit as we've approached the close. as you can see all four indices nicely high. let's look at the intraday chart interest these markets as you can see for the s&p fractionally red open but then a veer nice day of trade most of it day we've sold off a little bit as we've approached the close. as we look at the sectors all of them in the green despite that slight slippage as we approach the close there. we have at the top health care led up by biogen at 1.5% tech is up over 1% consumer discretion doing well and right at the bottom is consumer staples and telecoms, but as i said they're both up nicely we started the week a bit soft of course no trade or short in trade during tuesday no trade on wednesday, and we've gained nicely at the end of the

week there are the sectors for the week only one in the red energy, but it soared the prior week at the best sector purchase is health care up 3% for the week. utilities up 3.4%. a pretty strong end to the week, pretty encouraging >> i want to show the vix, good numbers. wage growth but not big wage but look at that, it collapsed at 8:30. that's a sign the market was relieved the markets are telling you they really liked what the report had to say that's the best news we've had this week. other than that the mover of sentiment has been trade wars, the trade issues and you can see here what did not perform pass week. we're up 1.5% on s&p material stocks, industrial stocks again underperform. most of the big names like caterpillar, but the bottom line is the trade sensitive stuff,

your materials and industrials dramatically underperformed the market once again. and i anticipate that will continue as this plays out >> bob, let's have a look at the ten-year for the week as a whole, a lot of data coming out this week, of course in jobs in particular today but didn't make too much difference it didn't really change expectations that much >> no, and i think what's really important here that 30 basis spread you're going to be busy talking about that next week when the banks start reporting >> friday 13th, no less. >> yes, that's when jp morgan starts reporting and the important thing here is we are essentially one rate hike away from a flat and then an inverted yield curve unless the ten-year starts moving up. my hope is that if the trade war issues go way a bit, the global economy stabilized a little, and you've we've been reporting how the global economy is looking a little rocky with the trade war

issues i'm hoping the ten-year yield will move up, and the banks will do better. >> nonetheless an encouraging finish for the week. we're up 103 points on the dow the nasdaq leads the charge up ringing the bell is the university of texas and here at the big bell is the u.s. army on independence week. congratulations there. and that does it for the first hour welcome to "the closing bell." i'm michelle caruso cubraro in for kelly evans. the dow zraelz at 24,451, gain of 0.3%. the s&p 500 higher by 8%

and the russell 2000 continues its steady higher march. shares of biogen soaring today after the company announced a successful trial of its alzheimer's drug the chairman of biogen is going to join us in an exclusive interview in just a few minutes. joining us on our panel today, are investors saying, yes we know the tariffs went into place today, but we're not that worried this is going to turn into something much bigger >> well said i think that's exactly what they're saying and when you look at what's been moving in the market, it is things that are likely going to avoid any sort of trade war ramification. we're going to see these small caps continue to do well stocks that benefit from a stronger dollar have done well

our energy companies have done very well. and if you look at our multinationals, they haven't done quite as well the large caps haven't done quite as well. what the investors are telling us is they like american theme, american stocks, the dollar is strong and look, the dow has held ground at the 200-day moving average. the s&p 500 has held ground. we have the nasdaq or russell at or near all-time highs this is much better market than a feels. it feels bad because all we hear about are trade wars, but if you look at the actual market itself it's very healthy and very resilient. >> chad, when we consider the job numbers this morning clearly the market liked the what do you expect the fed to take away from it? does it derail hikes, does it encourage hikes? >> it's more of the same they're going to continue to raise rates we believe an additional two times in 2018 when we look at 2019 we're

thinking about another two times. we think that perhaps the terminal rate is between 3% and 3.25%. and they're going to continue to drum down liquidity off their balance sheet. that could be a head winwind overall on total return for risk assets on the s&p 500. yes, the united states is growing quite nicely but the global growth scenario is not synchronized like it was back in 2017 and yes, this trade war issue today does not play a major role in earnings for next dwarter but going out over the next three to four quarters you may have additional concern about additional revenue growth for multinationals >> jim, what do you think of the employment data we saw today does it ease concerns you had about whether or not the fed is going to get too aggressive? >> i don't think the fed is knowing to get too aggressive here because what we're doing here is normalizing interest

rates, and we've needed that for quite some time. ultimately that should be healthy for the banks. the jobs picture has been really strong and a lot of people are bringing up this inverted yield curve issue. if you look to the history you have a long wait between the time the yield curve inverts and impacts the market or even leads to recession that suggests we have another year or so of growth in front of us, both in the markets and the economy. and if you look at earnings moving forward in the next quarter or two quarters out, 20% earnings growth. there's not a lot not to like here bear in mind, evalgduations have compressed evaluations are more compelling now than they've been in several years, actually. >> we just want to highlight the yield curve is not inverting yet. it's getting flatter

it's only 28 at this point getting tighter and tighter, just flat. not inverting yet. >> meantime let's broaden out the sector discussion. industries like autos and agriculture are the possible losers in a trade war between the u.s. and china but which companies could in fact benefit don? >> so there has been a huge focus on the domestic u.s. companies that have a lot of their business right here in the united states. and that's a theme a lot of the investment professionals on wall street will stick with as they talk about the future investment themes with trade and tariffs a as the overhangs we know the large cap multinationals and s&p 500 have underperformed and the small cap russe russell 2000, up 21% versus the 14% to 15% for the s&p 500 micha micha

micha michael rork has a number of themes he's watching and telling clients about in regards to the trade issue. he says stick with those small cap stocks also look at domestic based manufacturing companies. that theme made in the usa is going to be a huge part of that discussion now, as we take a look at some of the other stocks to watch here, some of the ones you want to watch are domestic steel companies that could benefit from tariffs like u.s. steel craig hodges over at the hodges fund has this one as one of his top picks. and also matthew watson says take a look at some of these other stocks like a first solar, domestic u.s. solar company that has the protections of tariffs now. could be outperformers says james watson and he says as those china

tariffs take hold maybe those manufacturing lend themselves to those domestic things that can be 3-d printed as we talk about the possible beneficiaries, there could be a slate of them. but those guys are the one the pros are watching. back over to you >> do you chase any of those do you chaise the small caps or the utility revenues >> the way i would look at this is if this trade war really starts to heat up, that's going to create a major dislocation with incentment. and therefore you should go with lower data companies yes, the utilities nay be attractive, consumer staples may be attractive. nachgt, you may want to look at health care companies, but you want to stay away from the high data names and companies that are momentum plays because what's going to happen here is as this trade war starts

to escalate, global growth expectations are going to come down substantially overall hence the reason why you want to move up the quality spectrum at this inflection point. >> jim, are are you buying anything in light of trade threats? >> i like chad but i don't agree with anything he just said and the reason i don't is i don't think we're going to have a trade war that metastasizes. bear in mind, the entire market cap of the s&p -- i think you can use a barbel approach and get some of these data names mix them in with these high beta names, a lot of small cap domestic technology names and even retail businesses are doing well there's a lot of areas you can

play right now in the small cap space. look, when there's this many areas you can play, i say play ball when you can feel this many people out there on the field, play ball. this is supermarket you need to be on the buying side, looking to add longs >> thank you, guys shares of biogen are soaring today after the company announced positive results from a successful alzheimer's drug trial. >> the chairman of biogen joins us now first and foremost congratulations on these results. partly a surprise that the expectations were low coming into it. i guess not a surprise to you. >> i think anytime you are

pliepded by a clinical trial it's something of a surprise we executed a trial well, but we could not anticipate the outcomes, so i'm always surprised. but suddenly it was wonderful news for patients, for shareholders, for the company. >> what does it mean for people who suffer from alzheimer's? >> look, we need to put things in perspective it was an extremely encouraging trial in the sense for the first time it demonstrated weave an antibody that can clear plaque in the brain and that's an important aspect of the disease. weekally importantly and perhaps more importantly what this trial showed is that the clearance of plaque was associated with a slow down of the cognitive decline. and that's the first time that in a rigorous trial it's been shown that but -- but, very important

point -- it's not as if we improved the condition or we stabilized the cognitive decline. we've slowed down the cognitive decline. so it's a first step so it should be an encouraging first step, but it's only a first step and we're going to do a lot more >> you have two drugs, two different trials going on at this time in this space. will you pursue both of them here or will you prioritize one? >> the intention is to continue. let me adi'm here mostly on behalf of our management team and co they're all traveling. they're different. they each have different ways of treating the disease for now we intend to continue with both until we see exactly how they work and what particular profile they're going to have and then we'll make a decision >> what's the time line for when

a drug might actually come to market that people could use, and any sense of what it would cost eventually? >> if something were to work and be approved by fda, probably no sooner than two or three years from now that would be a best case scenario. as to the cost, it's way too premature to peculate on that. >> do you think the stock price appreciation today is justified? i mean how do you wrap your head around -- i know it's good news for you, but does it make sense what you're seeing there relative to what the possibilities are with this drug >> i really care about the science and the business of the company. i let investors and the stock market worry about the stock >> okay, doctor, thank you very much for joining us. stelios papadopoulos, my apologies for the first time >> do wish you the best of luck on this one.

so many people need it we have a news alert on itt, education services >> the securities and exchange commission has announced a settlement with two former senior executives of itt the resolution concludes the secs case that was scheduled to go to trial on monday. basically the sec charged the former ceo and cfo basically fraudulently concealed the poor performance and looming financial impact of two student loan programs that itt financially guaranteed they will be fined, and they are prohibited from holding public offices in terms of publicly traded companies in the near term wolf, michelle, back to you. >> okay, sue, thank you very much for that back at hq we'll see sue again in about 15 minutes time up next, we'll debate if our economy can withstand the stress

of tariffs then we're going to look at the impact on the auto sector with insight from a former top executive at toyota and chrysler and later in the show we're going to go live to maine how the tariffs are trapping the lobster industry >> and we want to hear from you. you can reach out to the show on twitter, facebook, or send us an e-mail "the closing bell" back in just a couple of minutes. to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. fidelity. your digestive system has billions of bacteria, but life can throw them off balance. re-align yourself, with align probiotic. and try new align gummies, with prebiotics and probiotics to help support digestive health.

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welcome back to "the closing bell." now the u.k. cabinet has been in an all day meeting to try to eastern out their position on brexit, and the cabinet has agreed to theresa may's plan it was thought that some brexiteers, some lead campaigners in the cabinet wouldn't agree because it was too soft on brexit however, theresa may has convinced them they have a collective response they will take to brussels next week you can see at the back end of that because it does suggest a softer start on brexit there was no concessions during the day, and they will agree to the eu rule book on goods trade but not on services. michelle, the thing we now wait is of course weather the eu will

agree to this, which is still a question mark. >> right, big if >> but the interesting thing here is that brexiteers were potentially expected to walk out, maybe even resign if they didn't go as well, and they haven't done that. we'll have to wait and see whether the eu agrees or not >> yep, for sure t the chinese market has accused the u.s. of quote, starting the biggest trade war in economic history. escalating tensions between the two countries are leaving many investors wondering whether the u.s. economy can withstand a trade war with china here it give their takes is jeffrey and matty. lady and gentlemen good to have you here matty, did you see the number that dame out today in employment numbers i mean if there was ever a time you wanted to do this wouldn't it be now considering how well

things are going >> i would argue there's never a time you want to start a trade war, especially now. you see a lot of strengthen reflected there for the other pillars of the donald trump administration's agenda. it tax cuts are power the economic growth forward. about this time we sart to see those numbers shake loose, and they remain stubborn i believe thats is an indicatio moving forward we're going to continue to see hesitancy from businesses that otherwise wouldn't be there. we're not seeing that amount of investment back in workers so we're not seeing the higher productivity gains >> jeffrey, your take in terms of the strengthen of the economy peag here to stay the trade disputes

>> to quote the fed the economy is very strong and i think it can withstand a bit of light turbulence we're talking about $34 billion in goods and a $34 trillion economy. growth continues, and we're now in the ninety year of this expansion. we're still adding jobs at a clip of $200,000 per month, and we don't see any uncertainty in things -- if we're looking for the trade war to show up in economic data we should see it first in the manufacturing survey we're not seeing that. >> how about in the fed minutes yesterday? we saw it directly in the fed minutes yesterday. >> i think almost for investors and for policy makers it's something you have to talk ab t about. it has to be discussed around the table. we're not seeing it in the data. the manufacturing index was the best we've seen in about 20

years. so we're not seeing it pull back, and to the earlier comment about not seeing the tax plan feed through into the economy for business investment, we're actually see business investment creep up so we actually think that will boost the economy here in 2018, and we'll see 3% or just about 3% gdp growth for the year >> and i should be clear i remain optimistic about this economy. and i believe especially those fed minutes indicate exactly what we're up against here the uncertainty created by these trade wars and tariffs threats undermine everything we're doing right now. and all of that stands to be eroded by uncertainty injected unnecessarily by these threats of trade wars with other nations. >> jeffrey, do you think we're

late cycle, i.e. in a year or two's time a lot of things could unwind >> the last two or three cycles have been longer so what we formally expected a 60-month cycle or 70-month cycle we should expect to lengthen maybe if this sabaseball analogy this is the seventh or eight inning and this game could go into extra innings we just don't see the signs you would need to see for a recession are just not on the horizon right now all the tariff talk notwithstanding >> do you agree with any of the issues that have been highlighted that members of the administration when it comes to trade, when the comes to uneven playing fields in terms of tariffs or the chinese --

>> i 100% agree with the administration that the united states deserves to be the strongest economy on earth and we certainly can be that way. we have seen trade policy that doesn't undermine the strength we already have. and one point, and that's the political instability that will be fostered if we see political differences in the house or in the senate come in november. if trade undermines the strength of the economy we know what that bodes for current leadership in congress, and having a divided government next year will certainly increase stability and not be a reflection of the strength we see in the economy right now. >> the question was what do you do about china anything >> i certainly don't think having unilateral trade threats and tariffs is the way to get around the china problems. i think having a very acute approach to the offenders in china is the way to deal with intellecttual property theft and the other issues we've seen emerging with that country making our farmers and consumers

pay for the mistakes and malfeasance of bad actors in a different country is not the way to go about that problem >> jeffrey, stepping away from the trade dispute clearly data from around the rest of the world has started to slow, and that's impacted monetary policy in places like japan and europe. is that a big headache for the fed of the impact it's having on the yield curve here >> i think some question some clients are asking is are we seeing a repeat of the 2015-2016 period, where china was weaker, the dollar was stronger and that forced the fed to pause. and i don't think so as we said the u.s. data is strong this week we saw the global pmi data perked up a bit, actually sole we saw that rise. much different in terms of the global pmis now compared to 2016 we're talking about 54 on global pmi data we were closer to 50 on the

manufacturing pmi in 2015. that was much more worrisome than the present i think the global data is starting to turn and we'll see that reflected in the second half of the year and that will be a boost to asset markets generally. >> okay, we will leave it there, guys jeffrey and mattie, thank you very much. invests may be started to lose their taste for chips memory chip prices have fallen fast and hard this year. and the fast money traders will give us their take 85% of u.s. lobster exports come from maine. we're going to see what the tariffs are doing to the sea creatures and the works who depend on them

that intro music -- let's keep it going a bit longer -- it's not your typical closing the bell we are listening to latest track from deejay diesel better known as the street as david -- and spotify has always footed the sang in three of its mixes of course we always expect the

very best. >> you don't expect the goldman sachs president to also be a deejay and mixer i know that also came out when he got promoted, but that was my high school graduation song. >> this version? >> definitely not. >> definitely not this version but, no, it's been a big success. since his first formal release in the past he was just doing the deejaying. but congratulations to david on this latest success of his i wonder whether he'll stick this on the day he's fully promoted to ceo. >> i won't say stick to your day job. >> no, well he shouldn't i bet his day job pays better. calvin harris collects a lot of money around the world >> it's true you can make a lot of money being a deejay after his meteoric rise in 2017 the price of memory chips used in everything from smart phones to cars have seen a drop

hi, guys >> hey >> hey, tim s, what do you thin? >> i think he's doing great in everything he does >> tim, i'm working on an interview, come on >> i love that remix it again take stairway to heaven and remix that with the chip stocks you have a dynamic. are they truly cumodatized space, and if you look at micron stock it's two years it's gone from 265 back down to the mid-50s. i don't think it's game over for these guys yet >> this is interesting the price action clearly tells us this decline we've seen in pricing recently is likely going to stick around for a while. to tim's point, it's interesting if this company does a -- i'm talking about micron now, does a

$2.50 a share it's not unmoderately priced. the 11 to 12 we have been seeing, we're not going to be seeing that anymore. >> tim, and this sector has its deep innovation. it has the venues of this world to change the marketplace. the chips are often pretty cyclical are these getting late cycle anyway >> i think they're getting late cycle. if you look at the semmies ais e stocks that's been struggling. i think the question for the chips is how secular is this how much does memory continue to go down in price, and how much memory on the up side is actually required in new devices? that's a positive in these guys. >> do you think about the trade war at all especially when you

think about that controversial decision out of court against micron earlier in the week >> we've got a lot of stuff going on i think ultimately at the end of the day this is their technology regardless what the chinese might be saying about it i look at it say and they might be doing $28 billion in revenue right now. they did $16 or so in 2018, i think that's what we have to focus on a bit more than just this trade war, just this ip dispute that's going on right now coming up on fast money one top technician says health care could be the huultimate hideout trade. he's going to explain why. let's take a look how we finished up the day onwall street the the dow up 49 points, the high of the day of the day for the day has been 164 points. it was certainly a positive session for to tune of 0.85% for

the s&p, and all 11 sectors were higher for the s&p today and for the week as a whole. despite a bit of decline certainly thursday and friday did see a positive turn. >> we did see a turn in oil for the previous week chd would exchange a change. here's what's happening at this hour. political leaders in connecticut are showing their support for lawsuits that seek the immediate release of two migrant children held in their state. the parents are being held in texas. >> if the governor of any of the 50 states had done what this president, the secretary of homeland defense, the attorney general had done, they'd be indicted for child abuse and they'd be impeached.

the original ceremony earlier this week included only white people as you could see in that previous video take but democratic state representative bruce franks organized a second ribbon cutting ceremony for black leaders and also anyone else who wanted to come and thousands of people packed the town square to kick off a festival that included the running of the bulls match that occurs each morning at 8:00 a.m. local time animal activists have protested the event saying the running is animal abuse >> i did that back in the day, sue. >> you did are you out of your mind >> i was when i was 19 or 20 >> oh, my gosh >> it's on my bucket list. i'm dying to see it. >> see it, yes, but not run it >> you do walk before they start. >> well, thank you >> i think you can just run ahead of them. it is completely crazy, but there you go >> one of those life

experiences. >> yeah, also one of those ones that you think i'm never doing that again so, sue have a lovely weekend. >> you too, good luck in the match. >> thank you we will need the luck, and hopefully, hopefully get over the line >> thank you, sue. >> you got it, guys. both china and the u.s. tariffs on autos today went into effect hitting everything from buicks to teslas the latest details and if cost will be passed onto consumers coming up. >> but first the quarterfinal round of the world cup of course under way as sue just teased and telemundo tells us which team he expects to advance and who could win the tournament andres is there in moskow. exactly. so i started trading. but with everything out there, how do you know what to buy? well, i think my friend victor has just the thing for you. check this out, td ameritrade

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welcome back to "the closing bell." only six teams now remain in the world cup. sadly, we have the wrong flag for england. anyway, we'll gloss over that. the semitimes set to begin next week two more quarterfinals tomorrow. if you're a soccer fan you probably recognize our next guest, anchor for telemundo

joins us now, of course the lead commentator for the network's coverage it's great to have you back with us this time you're in russia as opposed with us on set talk us through today i guess france qualifying expected, but belgium what an unbelievable result to knot out brazil. >> just a few minutes ago behind me i think we witnessed the best match of the world cup so far. belgium beat brazil 2-1. brazil fought to the end, but the goal didn't come in. so belgium now will play france, and and strongly believe that the world champion will come out of this side of the bracket. on the other side we have england -- >> andres, you can't shoot down england before we've even got to the game tomorrow. so i get it, belgium and france one semifinal, that's a very strong one and tomorrow two more quarterfinals and you don't

think england can do it? >> i think england can reach the final and then they'll play the winner of russia, croatia, which is the other quarterfinal both on tell muemundo with our flavo spanish. it's better to watch in spanish as we all know and england, on that side of the court it's clear we all know belgium, argentina i think they have a very good chance to advance to the final i still believe, though, between france and belgium, those are the two best of the tournament, and they will win it whoever advances >> we both started our careers at the other spanish network, brand "x," will renamenomyle na here so great to see all your success. i'm going to be at this game in st. petersburg on tuesday.

willfred tells me it's going to one of the best matches of the world cup, is that true? >> those semifinals are going to be great against france that took care of uruguay, they play very good soccer, very good football they have great players. belgium has depth and an individual equality of players and like no other team that is in this world cup or was in this world cup. it's going to be a very, very interesting tactical matchup between two very good teams next tuesday in st. petersburg. >> andres, whoever ends up being the overall winner, the individual winner of this tournament, it's a huge, huge victory for european soccer over the rest of the world. >> it certainly is there will be a european champion, both latin-american

countries both were knocked out today. uruguay and brazil were left alone. we will see on the other side of the bracket if russia can, you know, still have their winning ways and make it all the way to se semis. i mean unexpectedly they are in the quarters, so we will see but england and sweden should be a great match tomorrow we will have it on telemundo i'm driving at 5:00 a.m. in the morning to get there to call the game on telemundo. should be a great match. >> andres, i don't know if you've seen this photo making the way on the internet, all the russian ballerinas watching the game on a phone. and it's very, very charming i mean it speaks to how excited everyone in russia is about, as you point out, their unexpected success thus far i mean the mood there must be tremendous >> it's incredible we're having a great world cup,

to tell you the truth, here in russia and that photo that wept viral is when russia was playing spain and the ballerinas on the break were watching the phone and wanted to know how russia was doing. they ended up winning on penalty kicks, so russia is behind now -- these as they call their national team. they really didn't think they could get past the first round and thou all of a sudden they're 90 minutes away from the semitimes. t the country has awakened to its football passion like never before here in russia. >> andres, i'm delighted you think england can win the quarterfinals. i wager you on your return here to new york that england can go all the way. >> of course this world cup has proven everybody wrong. all the pundits, everyone on paper who said this team will

win. and i was there with you guys and we predicted we will see where england can be no org tina, no spain, no germany was supposed to we in their way. and now england surely can go to the time why not? anything can change, anything can happen so i definitely think england has a good shot if they make it to the final >> andres, thank you so much and we look forward to watching both those quarterfinals and the rest of the tournament both liall li telemundo. back to markets. the trade war is on, and u.s. and china slapping tariffs on each other, and that couldav he an a huge impact on the price of your next car. the former of toyota usa weighs in don't go anywhere. , $0.50 options contracts? $1.50 futures contracts?

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new tariffs on vehicles imported and exported between china and the u.s. could have a big impact on select models. phil lebeau has the details. hey, phil. >> hey, michelle, we're waiting exactly to find out how the auto makers will deal with these increased costs? will they eat the higher costs what exactly will they do? no one is saying for sure. for vehicles being cept from the u.s. to china, it's now up to 4% vehicles from china to here are

taxed at a 25% rate. so let's talk about the vehicles going into china, because that's a far greater number than what comes here to the u.s. let's start here off with the mercedes benz they have suvs built in alabama, more than 72,000 last year mercedes has not decided what it will do with those higher costs for those vehicles being sold in china. bmw, on the other hand, and very clear in saying for the models being shipped out of south carolina, there will be some impact in terms of the msrp in china. to what degree they haven't decided yet, but they will be passing some of that along to customers as will tesla. they've already sent a note out to customers ordering teslas in china they will be paying higher prices and finally let's take a look at shares of general motors because it is the auto maker that will really notice an impact of 25% tariffs here in the united states. volvo is another one the buick envision is the

biggest volume vehicle coming from china, more than 41,000 general motors has yet to decide what it will do with the 25% tariff clearly adding $8,000 to the sticker price of an envision is not palatable in a buick showroom, guys so they're going to have to make a decision do they decontent it, do they eat some of the cost, how will they deal with this? >> phil lebeau in chicago for us and as phil was suggesting gm isolating businesses from the global market is the worst possible course of action. >> and our next guest couldn't agree more now as president of rml automotive knows how tariffs will impact dealers and consumers. he joins us now. what do you think of these moves by the president and the retaliatory tariffs that we're getting from china >> well, i heard your reference to fleetwood mack, and i'm

reminded of "i'm still afraid," a great song because nobody knows what can come out of a trade war. the outcomes are normally bad, nothing good and in this case it's really not merited based on the current situation of the u.s. auto try t pressure on china. i don't see how that's going to help american consumers. it's goting to to help american workers, and it's really not going to be satisfactory to anybody in china either. >> jim, what if the end game, even if it included months of high pressure, what if the result was zero tariffs. for example we had that story that it's possible u.s. and eu dropped the tax respectively would that be worth the pain in the short-term in the long-term? >> it depends is the cure worse than the cold. in this case it's not certain.

the reality is tariffs normally don't go away once they are enacted. it's not a negotiating tactic. it causes a great deal of uncertainty in production, design of product. it's a very difficult situation for the auto companies obviously free and fair trade is the objective. having zero tariffs is an outcome that's appealing there may be a better way to get there than starting with nuclear option than allowing flea market and precious from negotiation or perhaps other regulations or restrictions to try and bring both all parties to zero tariff situation. >> china has had a 10% tariff on cars for years and years and years and they haven't done anything about it. >> well, that's an interesting -- that's good tweet content but you've got to look a little further than that that's true.

the number of cars coming from china, it's less than i think three or four per 10,000 but we have a 25% duty on trucks. it's interesting that wasn't noticed in this discussion it's really on cars. i guess the second piece of that is that the reality of our cars going to china, we don't mat kinds of vehicles that the chinese would be using on their roads with their fuel economy. there aren't a lot of pickups there. so the real element of help for the domestic companies isn't really there in this trade war but the fear and potential of higher prices, less chances of choice, lower production, that is real. >> got it. >> jim, we'll have to leave it there. thank you very much for joining us jim press, president of rml automotive. >> first it was poor producers concerned about chinese tariffs, now lobster men are concerned about new tas.xe we're going to head to maine for that story coming up one of our new st be for

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while elevating your advertising effectiveness. sounds like an advertising opportunity knocking. visit comcastspotlight.com today. welcome back china delivering a big blow to the lobster industry in the form of a retal taker tariff. ate l head to the pine tree stfor a look at the impact that's coming up don't go away.

lobsters are the latest victim of the newly ignited trade war between the united states and china msnbc's vaughn hilliard in portland, maine, with that story. hi, vaughn. >> good afternoon. the paradox of being here was something, watching the fourth of july, tourism industry here, feasting on the lobsters but at the same time being out on the boats and having those conversations with those lobster men, fishermen, the distributors it's more than concern it's a very real exact these lobster men are seeing here. i'm going to introduce you to tom adams. he's one of the major lobster

distributors in the state. he's the one that works with more than 100 fisherman working up and down the coastal line and works to find those buyers 60% of the lobsters he goes through are exported out of the united states, so 29 different countries. 20% of his exports do directly to china we met up with him yesterday the questions we asked very specifically are, what are your concerns, what does that impact and where do you turn to from here this is what he told us. >> the message i would give president trump is maybe to think about all the businesses that maybe are smaller than the soybean or smaller than steel or aluminum that are affected by these actions. >> reporter: this is more than just lobsters. this is 180,000 jobs that are impacted by global trade here in the state. this is a place where if you go into these towns of 1,000 people, they run off of lobsters the people on the boat fishing,

to those delivering and ultimately putting them on people's plates. >> vaughn, thank you very much for that report from maine we've got 15 seconds left. michelle. >> i'm off to st. petersburg don't be jealous. >> off to st. petersburg i am jealous sorry. i have to be it's going to be a great game. it's been a great week for the markets. nasdaq ends up 2.4%. that is it for closing bell. fast money now. >> i'm melissa lee, traders or carter, tim seymour and special guest trader gina sanchez of trading nation tonight on "fast," it is hard out there are for a bank but chart master says there's one safe name in the space he'll tell us what that is and why it's going higher. tesla circus continues as bizarre tweets from elon musk send shares plunging 12% despite the moves shareholders still love musk. why? it might have something to do with the whole watch that he