>> she's been tweeting out a lot of fun pictures at the scenes, a light up beer cup was one but also this trash can which caught my eye but how specific the trash kn in what you should put in the trash can >> it is russia after all. >> thanks for joining us >> good to be here with you. "closing bell" right now it's time for "the closing bell," everyone. a positive earning season expected while trade fears continue to weigh on investors minds. we'll weigh out which one is pli likely to win out the stock market >> president trump is heading to the nato summit to meet with u.s. allies. >> mongering this annual gathering of top media moguls and the deals that could come out of this year's conference. >> small business optimism taking a slight dip in june. i'll have details coming up.

>> and why one analyst says he is getting off the pain train with a big downgrade of a pharmacy stock "the closing bell" starts right now. >> good afternoon, everyone, and welcome to "the closing bell." we'll get to all of those stories in just a moment but first let's check in on the market the dow up 160 points at the session high and we're at 132 points. today marks the fourth straight day of gains for the dow the russell did hit an intraday high but down 0.6% we're going to talk about those smaller caps later in the show as well. the s&p up 0.30%

>> bobby, you say the bar is set a bit lower this time. >> a bit lower but not necessarily bad news remember what was going on in the first and second quarter, sarah, it was all about increasing because we had tax cuts, buy backs, global expansion going on q3 and q4 is what we care about now. it's more about maintaining the estimates, not cutting them anymore. it's a bit of a different attitude and why would you be worried about advancing? look at these fabulous numbers for the year for the first quarter and 23% for current quarter and that's likely going to pass the 26% in the first quarter. these are excellent numbers and what everybody wants at this point is don't drop them anymore. and of course trade would be the main reason. trade wars would be the main reason you might be dropping them don't go below 20%, that seems to be the mantra for everybody

we've been up 80, 85 points in the s&p 500. the market believes cooler heads are going to prevail on trade. you've got low inflaetion, good job growth technology, everyone believes technology is going to move the market forward again, a big ashucsumption again, the worry here is some of this could go wrong and that's when you get estimates moved to the down side. s&p 500, look at that nice up trend. we're going to break outright now 2800 here. the old high 2872. and if we can get above 2800, that will definitely be in sight. >> thank for that setup. and be sure to check out cnbc.com for the latest piece on for the earnings season. >> meanwhile president trump is

gearing up for his second meeting with u.s. allies this summer following that g-7. eomon. >> he said the european union makes it impossible for our farmers and workers and companies to do business in europe the u.s. is a $1,501 billion trade deficit and then they want us to happily defend them through nato and nicely pay for it just doesn't work, the president said so that sets the tone. we already saw the head of the european council, donald tusk, come out with some comments aimed directly at the president saying the united states ought to spend more time focused on its allies and less time focused on strategic rivals such as vladimir putin and i can tell you this country is going to be focused on the

nato summit, but these guys are watching the second half of france versus belgium here, and it is a packed house here. this is just one of a number of caves and bars around here we've got some france fans over here, belgium fans over here these guys are pretty stoked and we've got a foosball game going on over here it is a lot of fun we'll toss it back to you as these guys >> just want to bring it back to the serious bit of the trip. we're just actually seeing air force one landing. >> they're seeing for the game >> we haven't seen the president get off. coming back to comments he made

before he boarded the plane, in particular saying his meeting coming up with president putin may be the easiest of his trip including a trip to the u.k. and nato this is going to be a very fricktious meeting >> reporter: yeah, wilfred, you're actually right. these comments are going to get a lot of attention once this game is over but this is real center piece of the focus here today because i tell you there's a lot of action going on right here. there's going to be a lot of that action at the nato summit tomorrow i'm going to toss it back because i can barely hear. >> great stuff the semifinal will be taking place at the exact same time i'm in london tomorrow >> we'll cut the line with world diplomacy. >> if england gets through you're going to have england with france versus belgium, and of course the u.k. is not

sending anyone to russia because of their conflicts with russia and yet the president is meeting with putin some other countries have, but the u.k. was so annoyed by the poisoning of the scriples, anyway we'll discuss this on a serious note tomorrow. william hague, we'll be talking about the latest headlines out of nato and president trump's upcoming visit to the u.k. kicking off the coverage from london >> so with president trump meeting with allies which of these developments should investors focus on joining us to discuss is david kelly, and andrew, the chief strategy officer at highland capital. you're expecting a pretty decent earnings season. the question is what's baked into the market at this point and what's it going to take to

take focus away from trade >> i do think it's going to be a really good earning season a hint of this is during the second quarter analysts actually upped their estimates for what the second quarter earnings would do that's very unusual. in fact, this only happened two times in the last 30 quarters. i think nominal gdp growth could be 5% year over year and with strong gdp growth, strong oil prices, the dollar down still 5%, that's all setting up a good earning season i think that will actually dominate the trade discussion. because of the politics the trump administration will probably pull back a little bit in terms of its trade rhetoric for fear of retaliation. >> do you think earnings is going to outweigh trade in the next couple of weeks >> maybe in the next couple of weeks. but i definitely disagree as we kind of look toward the edge of

q3, q4 the next round of trade negotiations particularly with china they're talking about numbers particularly in the 500 range. and while i don't think we'll see those imposed at the end of the day, i just it's a down shift as it relates to what the tariff discussions will have on the market but the pboc coming out and saying they won't use the -- evaluation as a trade weapon is a huge weapon for president trump. and i'm shocked people aren't talking about it if you look back at the last time they did that they saw more than a trillion renimby out flows from the market going back to 2017. i do think it's about limiting access of chinese companies to

the united states capital markets, the export of sensitive u.s. technologies. and i think that structurally over a long period of time the u.s. has got to fight and maintain its position as an exporter of innovation because that's our value proposition >> david, on the trade front when it comes to earnings do you expect this to show up in any meaningful way in margins, cost inputs rising from different companies, in decisions on capital spending, perhaps, and that uncertainty that is accompanying the trade or maybe not at all? >> it's show up in these conference calls by ceos as they talk about the earnings. the problem is what tax or what's tariffs we might threaten to impose, and we don't know how other countries might retaliate. and that will tend to slow investment spending. but there's a head of steam around u.s. economy right now.

so i'm not sure that's all a negative i do want to emphasize, i was watching the show where martin fellstein talked about how the chinese deficit isn't the point. i agree completely we need to do something about the theft of international capital and the strong arm into stopping that. but so long as we run a big budget deficit, so long as we as a nation live beyond our means we'll have a huge trade deficit even if it's not china >> thanks very much. we'll leave it there david kelly and andrew we'll continue the discussion now with our closing bell exchange steve grasso and rick santelli steve, i'll start with you, very focused on some technical levels there, is that right >> that is correct the s&p cash, everyone talks about the big fat round numbers of 2800.

if you go back to sell-off we had in february we have that all-time high of 2872. if you draw your lines and look at your retracement levels the real level to look at is 2792. we're right there, right now since the february lows. that's the level that you need to close above on a closing basis before you start to even think about taking out the old highs. it's good to see that you have new leadership or other arms pulling the market higher. so when we start to see the info technology space, large cap tech, when we start to see the financials sort of anything on because we had those days after days, a week or two of pressure coming in, it's very hard to sell this market off the deeper we get into the earning season so if you're a bear your arsenal of things that you can use to throw at this marketplace is

sclenging shrinking on a daily basis at least for the next couple of weeks. >> jim, do you agree with that this is quite an impressive break out we're seeing in stocks the leaders in today's sessions are defensive companies, utilities, staples and telecom versus yesterday where we see a more cyclical bend to the rally. >> i agree with steve it's a critical low for the market. it bounced in mid-february and failed, bounced here in mid-june roughly at these levels and failed we'll see what happens at these levels right now i think at the other side of the equation, i'll push back a bit steve, you can't better earning stories as we have now 20%, we should be going vertical in this stock market if we're going to do 20% earnings and we can't break out yet on that kind of data right now. as far as the backdrop goes with the economic numbers and

earnings numbers, it can't get any better and all we can do is basically retrace what we've been talking about the january high is worrisome. >> i think we should be at new highs in the marketplace if we did not have those tape bombs in the form of trade disputes or what have you with isolated geopolitical tension, whether it's russia, whether it's the middle east. so for me i think into the calculus when we get an up 20% eps or however you want to look at it, i think that what's really been in the bear's side or the head winds of the marketplace has been those hot headlines that we were sort of seeing dissipate within the market, we're absorbing them and that's why finally we're able to ratchet high eror er ore precipice of ratcheting higher >> it's been pretty much more of the same, has it not >> it's been more of the same.

once again friday's settle for a ten-year note year was 282 we've been hovering today basically on the change of 286, but it hasn't moved a lot. maybe that's the point rates are stuck at a level that seems to be a good compromise. we have good economic growth the rest of the world not as good economic growth, and central banking makes up the difference with negative rates and all the ongoing issues keeping rates down, hovering in the low 30s in europe on the boom, and this is one of the great discussions you know, what jim and steve are saying is what investors are thinking so now it becomes a momentum trade. listen, the korean war wasn't really a war, it was a police action and with respect to this administration it's a media action let's face it, the media doesn't like the guy, and that weighs on investors. but at some point when the momentum breaks us out, and we are in a giant trading range in

the equity markets, it's going to be trying to run after that bus after you miss said it five paces at the bus stop. most died with the portfolio trades months ago, and now we're waiting to see if we can excite the participants to think about momentum in that fashion again >> well said rick santelli, thank you tim bianco, steve grasso, nice to see you as well the president will be meeting with the 29 nations of that security alliance after some tough talk >> yeah, very tough talk and the amazing thing is he's linking it to trade. this is not really meant to be about that but as has been clear with all of his tweets he's linking it to that >> critical on not contributing to security as well. >> no doubt. and it's going to be a tough couple of days for those locations. brett kavanaugh widely view said as a jurist to a friend to

big business we'll take a look at past rulings and some of the business cases he may face on the high court if he gets confirmed this fall and the end of gathering of media moguls, a place are big deals have been made before. so will history repeat a preview coming up after this quick break.

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it's the ultimate wifi experience. xfinity xfi, simple, easy, awesome. president trump nominating judge brett kavanaugh to the supreme court with some big cases involving big companies in the pipe line. how will this potential justice impact american business >> join us now a cnbc contributor and brian fitzpatrick. gentlemen, good afternoon to you both will he definitely get confirmed? >> i think there is a high likelihood of him being confirmed. already you have some senators, moderate senators like collins praising his qualifications it's certainly a good sign

listen, kavanaugh, he's been in d.c. i guarantee he has been preparing sort of mentally for this moment. and again i would put heavy money that he'll be confirmed. >> so, brian, what does it mean for big business at the court, already scoring some big victories with the conservative majority does it get even more pro-business as we look to the fall >> it may very well. you know, justice kennedy who he would be replacing was already pro-business so it's hard to beat justice kennedy, but judge kavanaugh could do it. he has a much more limited view of what the administrative state, the regulatory agency should be allowed to get away with and so i could see him cracking down on regulatory actions by the environmental protection agency a bit more than kennedy do so i think it's going to be good for markets and capitalism

>> jimmy, how significantly good is it for things like markets and capitalism are there certain sectors that stand out in your mind he's likely to favor? >> one thing that popped out is his view on anti-trust i'm sure you talked about there's this growing movement to take a much harder look at these big technology companies, and there's this sort of novel theorizing on the left to look at anti-trust. he's very sort of traditional sort of robert, whether apple store is a monopoly i would expect that if that gets to court justice kavanaugh will be deeply skeptical of any effort to go after these companies because it's providing massive

consumer benefit >> apple expected to come up in the next session brian, what about the financial consumer protection bureau a lot has been made. judge kavanaugh has passed comments about it potentially being unconstitutional not sure whether that's relevant or a case coming up. but should that agency created during the obama administration be worried >> i think not just that agency but his view basically is that the president is supposed to be in charge of these agencies. that's how we have political accountability for what the agencies do. if the president's not in charge of the people that run the agencies, these are like headless institutions that the american people can't control. and so his view is that if you're in charge of an agency, the president ought to have powers to remove you and that was not the case with the cfpb, and so his view was there's a constitutional problem with that. and so i think it's good for

prejudice power which is good for political accountability >> jimmy, just stepping away from the business view very quickly, how much of a conservative shift would he represent? >> listen, he's a conservative justice by almost any measure. this is shift to the right from kennedy where before you had kennedy as a swing vote and now justice robert is a swing vote so when you go from kennedy to robert, that is market shift to the right. i don't think there's any way to argue against that conservatives should be happy with this pick the court is moving right, and that's been a long-term goal and it may not be the last pick for the president either >> was it help republicans for the mid-terms, quickly, brian? >> i think it could. because judges is an important issue for republican voters. we have a very clear theory and philosophy about how judges should do their job. they shouldn't be making law, they should be following the law.

i think it's easy to explain to the american people why that's a good thing, so i think it's a plus for republicans >> gents, thank you very much for joining us this afternoon. >> we've got 36 minutes to go here before the closing bell dow still very much in positive territory up triple digits, 134, s&p 500 up 0.30% and still ahead former omb director under president reagan david stockman is predicting the trade war will ravage main street america that and what he thinks of president trump's budget policy is coming up but first scott cohn unveiled the nation's best state for business this morning, but there are two sides to every coin, right scott? h that indeed is correct, wilf. weave 50 states, so if there are top states there have to be bottom states.

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welcome back to "the closing bell." just over half an hour left of trade. we're up 140 points on midhighs of the day let's check in on some individual market movers outfitting wpp for netherlands based media production company will pay reportedly about $350 million for media montgomerys. the fascinating thing about this is the way he's really gone for

the juggler in terms of taking on his former employers, certainly annoying them in the process. the other interesting point is if he does do something that, he'll remain one of the biggest shareholders >> i still don't understand how he doesn't have a noncompete >> he didn't have in his contract i know he's rubbing shoulders with media executives. >> clearly he's still hungry for deals. meanwhile pepsi is higher. the company saw higher sales in its snack business north american beverages were lower, still sequentially better than last period and management sounded very upbeat about turning around the beverage business. we talked to the cfo he said they're investing a lot in marketing and advertising behind beverages to boost the pepsi brand. they're already seeing a turn

around for the better in gatorade and mountain dew. >> and the initial reaction was up a bit >> and expectations were low this morning on "squawk box" texas was revealed as the year's top state for business but if there are top states there are also some bottom states >> scott cohn has a look at the states on the list >> there always has to be that flip side. and just like at the top of our list there are some usual suspects at the bottom take a look. tied for 45th place is maine which ranks at the bottom for work force, and rhode island still working on its infrastructure number 47 is hawaii. it's america emphasis most expensive state to live in and turns in a rare second place in quality of life falling to vur

minute and number 49 is mississippi with the second worst economy in the nation, and that brings us to the bottom. alaska, the last frontier is the last place state in 2018 oil is the state's lifeblood, and the price of oil has increased. but not enough to meaningfully boost production on the north slope in a state that depends on oil for 85% of its revenue the result alaska had to do something this year it never had to do before, it dipped into its oil wealth, the so-called alaska fund a controversial move because it reduces the oil dividend that alaskans receive each year but damage is already done unemployment is the highest in the nation workers are fleeing. business capital is steering

clear, and for the first time since 2009 alaska is america's bottom state for business. and to add insult to injury for governor bill walker who is an independent that move to cut the permanent fund dividend is deeply unpopular in alaska he's an independent, and he faces challenges in november from both republicans and democrats. candidates on all sides saying that the dividend is a prime issue, which means that alaska's fiscal pressures could certainly continue to be an issue. although maybe it gets some help from the fact that oil has bounced back remember you can read more about our study and see how your state ranks at top states.cnbc.com >> it's interesting that the worst state is an oil state and the best state is an oil state, with texas scott, why is this 0.2% gdp for the state of alaska last year? >> a lot of it had to do with oil, and as you know it was an

issue for alaska and yeah, they're kind of competing -- for texas, that is, they're kind of competing on the same playing field texas has a much diverse economy. the oil here in texas and the gulf tends to be a little bit less expensive to produce than up on the north slope. so alaska had a lot of issues it had to deal with and that massive deficit. add to that it's so expensive to live there, and texas -- alaska, i should say just has a much, much bigger hill to climb than texas. >> yeah, high unemployment, too, about 7% >> scott, thanks very much and as scott mentioned there's a full summary of how all the states rank online at cnbc.com time now for our cnbc news update hey, sue. >> here's what's happening at this hour, everyone. an attorney for michael flynn

says the former national security advisor is eager to proceed to sentencing and put his criminal case behind him, but special counsel robert mueller's team has requested an additional delay while flynn continues to cooperate into their investigation in election interference david tepor holding a new conference about the day of his announcement of the nfl carolinas was finalized. >> one of the things i did say that winning is important, one way or another we have to make the can't be less than competitive with other nfl teams. and at this point, you know, given our practice what other people have in the league we're falling behind a little bit. and soccer's superstar christiano ronaldo leaving madrid to sign with fjuventus

reports are that deal for him is worth about $35 million a year >> i know you love your soccer like i do. >> i do, absolutely. >> and we both know how good christiano ronaldo is and he's 33 i cannot believe his price tag >> he says that he wants to play or he has said in the past he wants to play until he's about 40 and as i understand it the italian soccer team is a little bit slower type of play, which might give him a bit more longevity. >> i'll tell you why he is the number one most marketable athlete in the world according to espn. this is no joke when it comes to selling gear, clothing there's already talk which italian companies including fiat

are going to line up to sponsor him and bring munna into that -- >> and fiat and juventus obviously owned by the same family i get he's still an unbelievable athlete, so maybe he could play longer than more outfield players. but nonetheless it's astonishing figures for a 33-year-old. >> i couldn't agree with you more but that's the idea is it gives him longevity. but at what point do you basically go out at the top and to sarah point get the endorsements >> i don't blame him i just think if they're going to get their money back >> we'll keep track of that. >> and he's not in the world cup. i know a few teams that are. >> england is still in >> yeah.

anyway, cnbc's got a great line-up of guests from sun valley this week up next we'll look at who could be making deals on the side line of that conference stay tuned cloe "the closing bell" back with that preview in just a minute. duncan just protected his family with a $500,000 life insurance policy. how much do you think it cost him?

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welcome back to "closing bell." some news dropping here on google, that google could face a multibillion anti-trust fine as early as next week this according to dow jones, which note that google could appeal any such decision in court. reports have indicated this decision could come down in july but as early as next week is certainly news here. remember this is an anti-trust complaint in europe against the company's android system we have a call out to google and we will bring you a response if we get one >> more fines potentially for google from the eu >> good timing for this story as the president arrives in brussels i'm sure it'll come up

>> it's always political that anti-trust department is criticized often for going after big cap technology companies meantime speaking of tech, media moguls and tightens are headed to sun valley this week, a place that has proven to be ripe for deal making in the past. >> let's send it out to julia bost boorstin with what to expect >> we're seeing the biggest names arrive the owner of the patriots, bob craft. some of the first to arrive were twitter executive formerly at google and also saw two investors who were formerly ceos with quite a track record with deal making, and aol founder steve case they just checked in moments ago. and also expected here every single one of the players in the battle of fox. and then disney's bob iger is

expected here as well. they're all waiting to here if there'll be a higher bid from comcast. comcast's ceo are on the list. this as reportedly comcast is looking to line up buyers to dissuade any anti-trust concerns also in the spotlight here in sun valley and what's next for cbs and qualcomm we could see some interactions between sheri redstone, and cnbc ceo less munez so who are the deep pocket buyers here who could do the next wave of megamergers it's worth noting the soft bank is on it list with $100 billion vision fund. apple's tim cook or amazon's

jeff baizos, they could be ready to snap up one of the media or content producers. and they're reportedly looking at buying groupon. in addition to groupon viacom could be one, and liberty global could be a buyer or a seller and it's worth noting all the sports folks who are here, all the various commissioners of leagues and some team owners as well >> what an exciting backdrop there. the ceos of the media industry julia boorstin keep us posted. thank you. joining us to discuss, nice to see you both so robert, comcast i guess is where we should start. what do they do next our parent company, we should also note. >> well, they have a challenge,

which is surprise that disney was able to put this together so quickly. i got kaulds frcalls from invesd others asking about questions about fcc requirements and all that and documents showed up and the big thing was the department of justice. i'm guessing it was original expected to take a lot longer. so comcast has a short fuse. it's got to get there by the end of this month. >> craig, do you think they will up their bid or do you think they're going to back down ha halfheartedly and focus on the individual efforts or is that a strategy >> a great question. and i think that's exactly right. that they have a tough challenge here because it's pretty clear at the board at fox would prefer to do a deal with disney instead of comcast and so for comcast to win they're going to have to come in

with an offer that is both materially higher than disney's bid. and you have to assume that disney would match an offer in the low 40s, so you're possibly talking about getting into the inhigh 40s that's a very unattractive valuation for comcast. you have to be prepared to do break up fees and that sort of thing if you don't get regulatory approval. it's very hard to see how comcast emerges with fox in this case >> and the formal bid for sky is do on friday in the final moments that we have, what else are you expecting in terms of deals? we could go any number of directions so crow just tell us your predictions >> i've been around this business for a long time as you can tell and it's never been this busy. why is that? technology is changing everything whether -- i mean obviously it comes through in the media and

telecom and all that stuff because it's the most immediate. but it's changing -- farming, mining, you name it, everything's changing. and we also have the fluidity of the situation in washington and even in the eu with regulatory stuff. so that's changing ev everyone says it's all political, well, it's partly political but everything has to change buzz business is changing and this relentless pressure of technology >> thanks very much for joining us this afternoon, robert and craig. >> mean more media discussions to come. but when we come back, we'll discuss the growing threat of cyber attacks. the surprising number of companies who say ey d'tthon have training to deal with the threat that's next. why are you so good at this? had a coach in high school. really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade,

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welcome back according to a new study companies that use cloud computing to store data could have an increased risk of getting hacked but just how concerned are business businesses about it? >> a new report out that says technologies companies are using to get ahead from ai to connected devices also putting

those companies at higher risk of cyber attacks this year alone we've seen breaches of companies from a adidas to sachs and sears. but only 44% said that cloud technology is protected by their cyber strategies and then there's data sharing with strategic partners or third parties. facebook's cambridge analytica standal is of course the most glaring example of the risks involved more than 70% surveyed expected data sharing to raise risks. but only 39% said the data exchange is protected by their cyber strategies but there is some good news. the study says only one out of eight attacks got through. compared that to one in three just a year ago. and some of the information in

the report -- need to be more business savvy guy, only half of those surveyed said all employees receive cybersecurity training back to you. >> thank you very much for that. and speaking of the city, a special behind the scenes visit to our san francisco bureau. that's for the lulu and leo fund visit charitybuzz.com for more on that. it is a spectacular studio as well >> i've never been, but it looks great in every shot. >> it looks great and it's a great cause, too nine minutes to go before the closeal bell and we've got a rally on our hands after yesterday's strong session as well. waiting for the dow to come up it's higher up 131 that's pretty much are where it's been up 0.5%.

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trade. the nasdaq is flat and the russell having hit an all-time high earlier has traded down 0.6% as we approach the close. up next we'll be with the closing count down >> and after the bell elon musk is making the rounds in china. what the trip could mean for tesla's growth that's coming up on "the closing bell."

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welcome back to "closing bell." we've got about 2 1/2 minutes left of trade. we start with the russell 2000 because it did start higher. it actually sold off quite significantly montana afternoon. but those early gains did push the russell 2000 to a record all-time intraday high the small midcaps have sold off a bit in the session still pretty positive overall. the dow up 151 points or so of the dow as we approach the close. it is the best performer of the indices. the sectors, the financials which outperformed yesterday are the only one negative. consumer staples up near the top. cell ko tel tele co. up and utis up

pepsi reporting season up, and they are up we're going to have a relaxed quarter of earnings. i mentioned morgan stanley because one of the executives got a promotion. i just mentioned the euro and the pound there. we know at least france are now world cup finalists. mostly because president trump is in brussels and he'll be in the u.k. come thursday evening >> of course we're watching the belgium game good thing here is what happened during the day you have 80 some points on the s&p 500 in the last four days. that's a big move up we've got a nice technical pattern. we're about to break through the 2800 i think the key thing is we had great day on the banks yesterday and just fell apart here in the middle of it day here. there's a bank up yesterday

nicely >> what about with russell yesterday and today? >> that's about going out from the small caps intothe big cap on the lesser trade worries here >> the dow is up 137 points as they ring the bell that does it for the first hour of "the closing bell." and welcome to "the closing bell." i'm saraizen in for kelly avenue ans. the dow managing to close higher nasdaq flat, russell 2000 interesting session after touching an intraday record high, russell 2000 and the midcaps just pulled back

we're going to talk about the best small cap names to buy a bit later coming up in the show. but first joining the panel today mike san tolly, bill snead, and cavanough leery in the s&p pepsi was the biggest winner mike, there was a bit of a defensive quality even though treasury yields were higher it was utilities, staples and telecom winning big groups today. >> they also think in general the rallies slowed a bit today, which is understandable. the s&p 500 up about 3% over the coarse of its four-day winning streak i think it's all pretty constructive it was a little bit of

separating the winners from the losers and i still think that 2800 level for the s&p is important you can't give the market credit for saying we're going to automatically surmount it. >> kevin, firstly happy birthday for yesterday. >> thank you very much i'm 23 years old >> yes, exactly. and the s&p 500 is at 2800 almost as well kevin, talk us through what you think about the earnings picture. do you think it's going to be sufficient this quarter to deliver meaningful new highs to the market >> i think they're going to be significant and up materially double digits. but i'm not sure it's going to drive you high everyone's trying to figure out when the trade tensions manifest themselves in reductions or earnings or free cash flow to the large cap companies. as a result you're getting these fantastic numbers like pepsico

everyone was so worried about that, in fact there was some downgrade talking about tension and trade. and this is pepsi. it had nothing to do with the outcome, and the company delivered beautifully. and yet the market is having a hard time taking this information and driving forward with it to expand pes. we're getting pe compression right now. we're getting great earnings and yet the market remains relatively bound and flagged >> everyone feels excited about earnings, another quarter of 20% plus growth. though the journal today did come out with a story about profit margins maybe peaking or even being lowered by rising press flows or other discretionary metrics. is that something to focus on or does the overall picture look good >> let's go to pepsi and walgreens just as an example

amazon has not yet announced they're going to start making their own beverages and they're own snacks that means pepsi is therefore threatened by the possibility that will be announced at some point in time. whereas walgreens is supposedly already under full assault by a company that is one one hundredth thousandth they're size it's like hello, i mean were you looking for some trades or are you a serious analyst. ten times earnings with excellent, you know, you know, they're a dividend aristocrat and the is they've already been attack bide amazon which means they're qualified to have a good stock performance in years after that

>> in the mention of pepsi in the good earnings report, do they have to be that strong in terms of the upside? how strong do the earnings have to be? >> and pepsi was an outperformer in the markets and even versus some of its peers -- >> under performing. >> yes exactly it's a combination of what were the expectations going in, and i think you have to have all those things work together to get the immediate reflex reaction positive i think chances are you're going to have lots of prominent sell in the news responses and also some upset surprises and it's going to almost cancel itself out. we really during this market have not made most of our head way. but it's like, okay, we have fundamental support for what

we're trading at right now and the market can lift. fang and russell 2000 is what people have been hiding and now they're giving some of that back i don't know if that's a trend change or not. >> let's talk about wal-mart as of now the center is expected to only store and deliver jet goods. it comes on the heels of the company to expand it's delivery service to nearly 800 stores by the end of the this year the stock finished the day up about 1.5% kevin, what's your take on this whether wal-mart can be a genuine online competitor to amazon too late or a decent fight back? >> i think wal-mart can be a long-term competitor

hourly delivery in large metropolitan areas, that's part of the game plan and everyone expects them to do that. they don't have the advantage of the same pe amazon gets to trade at, but they're looking at the right tactical moves if you look at the big boxes that are going to survive the next decade against amazon i would put them in that basket along with target. if you look at the people they're hiring on their teams and the efforts and logistics they're putting in place, they look like survivors to me. and there's lots of markets they've already made their decision on, and they've been crushed. this is just another smart move. >> not exactly i mean wal-mart is in a bare market while target has actually gone the other way >> yeah, wal-mart was kind of a safe choice going in now people want stocks inretai leverage to strong consumer spending trend

>> go ahead, kevin >> my point is we're trying to decide survivors here. i agree that wal-mart stock hasn't been anywhere near or moved as much as amazon. but you have to look at the next ten years if you're going to be the size of wal-mart and be a behemoth and be a player i think they're going to be. it remains in my portfolio because there are survivors. i think there's going to be tipping point where people say these guys are going to survive. >> i'd like to agree with kevin. we own target. we don't own wal-mart, but we agree with kevin sometimes you land on omaha beach even though you're going to have a number of people lose their lives to defeat hitler and that is what wal-mart and target and kroger and these companies are doing. they are meeting the competitive threat, and i love it. in wal-mart's case they're fighting with them over incredibly unprofitable

business there's virtually no evidence whatsoever that anybody has ever made money delivering groceries to someone now, the one thing i don't like about wal-mart and i do like about target is that amazon's best customer base is upper middle class america, and that's more a competitor to target. and wal-mart trying to be something that they're not makes me a little suspicious of them >> all that competing with amazon moving on, tesla's ceo elon musk is helping to china in what could be a crucial trip for the auto maker is this news or not that he's opening the factory in china >> it's news, sara, but there's a lot of details that remain unknown. and until wall street gets those details and i've heard from people on social media saying how much is it going to cost, and will it open on time those are details going to come out in the next several years

and we'll get some details in the next couple of months. they're building half the vehicles at this plant to full capacity a number of auto makers have plants that can build several hundred thousand vehicles. they never hit that capacity the first model, even if they are moving very quickly, 2020, more likely 2021, 2022 more likely before they get this thing up and running and it's 24 years before they potentially have the capacity. and a lot of auto makers have the capacity for 40,000 vehicles and never get close to 40,000 vehicles he was there with the mayor of shanghai there's a picture that was sent out of the event this plant will be wholly owned by tesla and that's a distinction because up until now all auto makers had to partner with a chinese company when they setup assembly plants in china. sold more than 14,000 vehicles

there last year. that's about 14% of tesla's global sales but when you consider this market had about a half million electric vehicles sold last year, tesla has a long ways to go in term of catching up with other competitors in a very crowded market that will continue to be crowded this plant has been announced and anticipated, nobody's sure how much it's going to cost. $5 billion, $6 billion $7 billion? and because of that there's a couple of analysts who put out a note saying let's find out how much it's going to cost and then we'll find out whether tesla will have to raise capital six months, two years from now in order to fund the project? and it just crossed the wires that analog devices will be collaborating with baidu for research vehicles. as they continue to develop these vehicles worldwide we're seeing more and more of these

types of collaborations. >> very interesting especially in the face of those raised auto tariffs in china to 40% for the u.s. phil, you raised the question of cost i think that's one thing people want to know how tesla is going to pay for it there's a lot of critics out there. >> yeah, they ended the quarter with $3.2 billion in cash. and elon musk has said repeatedly they do not need to raise capital. but the important word is need the other question becomes is it omore comfortable position for them now that they've announced this plant many believe that's the type of cover tesla needs to say, okay, we're building this plant, we're going to need more cash, therefore we're going to do some type of capital moves. >> phil lebeau, thank you very much the stock actually went up on

the news >> stocks up 16% in three weeks since right before that earnings report i do think you have to have some healthy skepticism not just about if they're going to do this plant in china how much might they need to raise, people are even asking is the announcement itself a cover why they might potentially raise capital anyway i think this company has shown itself to be almost addicted do something new they have to do. here's what we're going to do next as opposed to operating this business. >> do you think they can deliver from this plant and deliver enough cars from the plant >> we're getting ready for state fair season. and one of the things kids play at the state fair is whack a mole, and elon musk is looking like a whack a mole. he popped up with a submarine in thailand and now pops up in china. he's a whack a mole and the problem is where's he going to get the money?

yes, he'll get some cash flow from selling the cars, but i'm talking about free cash flow i think kevin has argued so many times that you want to own businesses that own free cash flow and can pay dividends when are we going to get tired of revenue growth stories ini can't wait for the day >> kevin, i'm guessing this is not a stock that you own >> no, i always preface my comments about tesla because i want to shine the light of how -- what a great entrepreneur elon is, but let's talk about the stock. i don't own this stock and there's a very specific reason at some point in time and i argued this announcement to build this capacity, which is basically ten times the capacity the company delivers out of fremont right now. does this not make the company look like a real car company, and why should you concern yourself about that? as it scales and becomes an international player, at some

point in time the same multiple that all the other international companies trade between -- call it 14 to 19 pe -- imagine if you applied that all of a sudden one day to tesla if you're a shareholder you're going to be a grown person weeping. you're going to lose 50% to 70% of your value. i don't know if it happens overnight, but when does this stock come back to earth every time i say this a get a thousand hate mails from all these people who don't care about cash flow. they are the ones where the hens will come back to roost one day. and that's why i don't own the stock. grown men will weep when that day comes. >> do you own the car? >> i do. my son made me buy it, and i have to admit i love that thing. i got the one with the wings, the x. and i love it, i love it but it's not the stock, it's the

car. and that's the scary part. the more people buy that car, the more it's going to look like a car company and you will get slaughtered. >> okay, gents, we'll leave it there. kevin o'leary and bill snead let's have look back at the markets. some stocks across ral aelg. t the russell had an intraday all-time high but sold off the s&p up about 0.3%, and our next guest says it's main street that should be worried david stockman the former omb director under president reagan explains why next. plus hackers have a new favorite target and it's probably one you would never expect find out what it is and why it could end up costing you a lot of money and we want to hear from you. you can reach out to the show on twitter, fates book or send us on e-mail and personal handles

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main street isn't concerned about it either. our kate rogers has the detail >> main stream sentiment taking a slight dip this month now, despite the trop this is still the sixth highest reading in the survey's history. over the past year you can see optimism has continued to hold strong under the trump presidency the conservative lobbying index as averaged 105.4 that compares to 2.4 under president obama and its historic average was 98 the biggest were gains in job openings while sale expectations and the number of business owners who believe that now thsometitis the time to expand saw the biggest declines outpacing taxes and government regulations and red tape the chief economist told me that sales are strong and to meet demand output is needed.

unskilled is easier to find than skilled so skilled thbottleneck. this is especially true in manufacturing. and he also said job concerns aren't top of mind but you can expect further drops in sales expectations and once again those who believe now is the good time to expand interestingly enough they take slightly lower >> joining us now to discuss more on trade and the president's policies is david, former emb director under president reagan a very good afternoon to you thank you for joining us >> good afternoon. >> was there a starting point where the president was correct to at least try and rebalance certain things when it came to trade? >> well, there's a huge problem of imbalance but it is not the result of bad trade deals or nafta or the wto or what the ustr was negotiating. this has been going on for 0

years. we actually had 43 straight years of large and growing current account deficits that's a monetary issue. it's due to the kind of policy we've had from the fed and the fact we've inflated our costs, our prices and our wages much more rapidly than some of the competitors in the world like china and the others that's what's created this deficit. so a trade war is not going to solve it if he wants to solve it he needs to stop talking about tariffs and call up the fed and tell them let interest rates find the right level, and we'll begin to adjust this problem over time. right now i would say that we have an absurd policy, dangerous, stupid, the worst that i've seen since my whole career started in 1970 under nixon, and he did some crazy things >> and yet the market is

marching to new highs. >> well, the market marches to new highs until it doesn't the market fears nothing except maybe a central banker will look at them cross-eyed but central bankers are too afraid to do it. trump doesn't know what he's doing at all, he's making it hope he's a hopeless protectionist with a 17th century view of the world. there is no tariff problem in the world. the average tariff in the world today is 2%. it's nothing the u.s. is 1.7% >> but relevant of whether he focuses on the trade deficits as a tool to explain to his base why he's doing that. if we ignore hat, it's fair to say it tends to be emerging markets that plays more and china once an emerging market no longer is. the trade like that does need to

be balanced -- >> in 1990 when they decided to go the export route their average tariff was about 30% the average tariff today in china is about 3.5%. it's not an issue. what they're objecting to is china's policy of no taking, no washing. you have to be in a joint venture and share your technology i say so what. if someone wants to go to china so they can come on cnbc and brag they're in a growth market, then they ought to put up with the local regulations. but don't start a trade war and throw the soybean farmer under the bus because some big business lobby in washington is whining, you know, about china's terms of business. this is crony captalist cry baby stuff like i haven't seen in my current career >> any emergency that's been ongoing for 43 years is not an emergency. we import savings, save the

money on stuff overseas. that's not necessarily a system that has to get out of whack >> yes, it does. it's not sustainable we don't import savings, we export dollars no one wants. they buy up dollars. warehouse our bonds and excess debt -- >> that's the savings that we import >> those aren't savings. those are manufactured, you know, credits by their central banks. it's not sustainable and that's why you have trump today. these policies gave us trump wall street loves trump, more power to them. >> to mike's point you have been warning all of these problems for a while, the fed, the bubble, the deficits and yet we're in what -- going nine and a half years? >> well, we had ten years of rallying in the 1990s. we had seven years of rallying before the greatest financial crisis in history.

bubble expands and asset values get inflated for six, eight years running pretty soon everybody thinks, you know, this time is different and, you know, trees will grow to the sky and they don't there is going to be some event that we can't predict, no one predict. but it will happen i was sitting here in october in 2007 and it was oldilocks time nothing could go wrong >> i think you said the reason the president is pursuing these trade policies is because of crony capitalism but the vast majority of ceos, business leaders that come on cnbc are against his trade policies so whether it's the right tactic or not -- >> he was talking about this long ago >> no, this is the public posture, but who is doing all the bill of particulars about their trade pall ess

if i go to china, they pay a lower royalty than i get from my -- or they're stealing my patents. if some company has got a beef about china stealing their patents, they ought to enforce their patents in courts all around the world it's not washington's business to pick and choose and they're throwing everybody under the bus. in other words, this just isn't getting started. and the people that go in the aisles of wal-mart are going to be paying through the nose for a trade policy that isn't going to help them, it's going to hurt them china is targeting this retaliation to red states, to farmers and manufacturing and rust belt areas. they're not stupid, and this will get out of hand because it's a billiard ball table of $17 trillion of global trade that is so complex that no one knows all the ins and outs and

the intricacies. and you can't stop it once it gets started >> always good to get your thoughts, sir. with another warning this time on trade >> what was it that david said >> he always brings the fire >> he does david, great to see you. >> the russell 2000 hitting a record higtoy. h da at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today.

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the russell 2000 snapping a five' day win streak despite hitting fresh all-time highs earlier today, intraday. >> gents, good afternoon to you. what happened today? we hit this lovely all-time intraday high and then sold off despite the rest of the market doing pretty well. >> what goes up, and i think in the case of the russell it's been extreme out performance relative to the s&p since the market hit all-time highs the 2nd. if you think about the russell it's really been the ultimate kind of growth economic gauge and i think it bodes well for where we are we know about the trade front, but i do think the russell is very much a barometer for the local economy. >> a lot of people are looking for in some cases to hide.

u.s. centric, that's where a lot of people are going towards the russell. they're look for a place to be where they don't get all the exposure, the trade war, obviously and they're looking for a place to hide. you're never going a be totally set anywhere in this marketplace, so i think you just have to pick and choose and find your spots and go for the companies thatfundamentally have the right story going and they're not trading at obscene pes. >> and i guess for people that like to play the broader index, it's a different sector make-up. it's not dominated in the same way by those big tech names. >> 25%, 26% of it is financials. and smaller industrials i think are the big concentrations in there. it is a mix. it has felt a bit like a forced

trade, as people are saying. people are trying to find a place to sit out the volatility elsewhere. and it's got a little bit less than 10% of the overall value of the s&p 500. we can't all hide there. >> yes, they don't have foreign sales exposure like some of the big multinationals but as a result they don't have foreign operation for the supply costs and supply chainand stuff, it seems to me they'd be more exposed. >> also consider labor costs if the feds are worried about anything, i think they're worried about wage gain. i think small caps have a lot of exposure there >> tim, pete, thanks very much we look forward to fast money that begins 5:00 p.m. eastern after "closing bell. and on it a top technician will say the charts are hinting at a break out for two big stocks we got a news alert.

hey, phil. >> this is big order jet blue is placing with airbus for its 60 airbus a 220-300 that is the new name of what used to be the bombardiaye they have renamed this aircraft the a220 they will start to be phased out starting in 2020 guys, expect to hear a lot about orders in this segment that's going to be hotly contested between airbus and boeing at the air show early next week it's these jets that can carry between 100 and 140 passengers jet blue a big order for these

airbus 220s. >> i'm going to be in england for the trump visit and hopefully for the world cup final on sunday. >> i'll make sure i hunt you down and remind you of it on monday because i'm sure you may not be in the condition to remember seeing me on sunday. >> nice. >> that's if we win or lose, i guess. we've got to get past the first game phil, as ever thank you very much phil lebeau for us in chicago. time now for a cnbc news update. >> here's what's happening at this hour, everyone. democrats on the senate judiciary committee are blasting the nomination of brett kavanaugh to the supreme court they gathered outside the court to air their complaints. but joe mansion from red state west virginia says he's going in with an open mind. >> i know what i feel and my heart's ripe to give everybody the benefit of the doubt and

look at it, do a deep dive, study it, sit down and go over the concerns you might have. a federal judge in san francisco says evidence seems week that round up weedkiller cause cancer it allows hundreds of lawsuits against round up's maker to now move forward family friends and colleagues remembering john mcnumara for a memorial service for the slain gazette reporter he was one of five employees shot and killed last month by a man investigators say held a grudge against the annapolis newspapers you are up-to-date that's the new update this hour. >> thank you very much for that. up next president trump arriving in belgium for what could be a contentious meeting with nato allies we'll have the latest details on that trip and trump's upcoming

summit with russian president putin. and later gas stations turns out are the new front lines in the hacking wars how much this threat is costing the industry and how it could end up hittingou yr wallet as well with higher prices at the pump when we come right back

i have nato. i have the u.k. which is in somewhat turmoil, and i have putin. frankly, putin may be the easiest of the them all. who would think? who would think. >> that was president trump talking about his upcoming trip to u.k. and scheduled to meet with putin next week i'll be covering the president's visit from london. meeting with nato members, and eamon what's the latest there? >> he landed between the second of the world cup match between france and belgium which just concluded. the motorcade had no problem getting there, almost no traffic on the streets of brussels while the president was traveling.

that game has since ended. you can tell behind me it's a bit of a subdued atmosphere. belgium lost to france 1-0 the nato summit, we've seen this sort of war of words here for the past 24 hours. as the president's been on his way he's very critical of u.s. nato allies for not spending enough on their defense. he says the american taxpayers are getting a raw deal as a result european leaders have been signaling they're willing to signal, tusk saying today the president ought to pay a bit more attention to his allies rather than his rivals and that putin meeting next week is the sort of shadow hangover this nato session. how will this go is anyone's guess at this point. >> i know wilfred wants to talk soccer with you, but first on

nato, isn't trump correct when he makes these accusations and claims whether that's the point or not it looks like the u.k., estonia and grease actually meet the expectations >> that was the plan put out, that they would eventually get to 2% spending there's only about four countries expected but the president's right, the problem here is that the europeans here on the ground get very tickly when the president conflates a bunch of issues in terms of nato do so to speak and defense spending of these countries on their own militaries the president tweeting today, raising the possibility they'd have to reimburse the united states for past years, and that's not going to fly very well here in europe. >> eamon, we know the president

likes his relationships and i know when i'm in london for that part of the trip it's going to be an added problem for prime minister theresa may, as i president put it, somewhat in turmoil. >> look, you've got the president coming here. he's in a very strong political position right new visa vi angela merkel in germany who's got domestic political problems of her own macron is dealing with his own situations so at this point the president has a strong political hand as he comes here to nato. the question is how much will these nato allies want to confront the president of the united states and signaling maybe some dissension in the ranks here at nato >> you know one place where europe is unquestionably strong is soccer.

>> yes >> no doubt about it >> your team's going all twha this year, right, according to you. my team is out it's been a bad world cup for me personally we had some french fans marauding through the streets here they were singing and marching through the streets waving the flags. they were entirely unmolested by the belgium fans, which i thought was nice but i thought all of them had probably been overserved in these bars behind me >> we look forward to more coverage in the next couple of days >> president trump insisting u.s. allies stop all iranian crude buying by november it's been a big story moving oil. but one company, a chinese oil company has a different idea and hackers have a new favorite target, and it could be more payment at the gas pump for consumers. analyze and take acti?

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as part of a wave of retailiati >> jackie daangelus joins us with that story. >> a large oil refiner canceled

participation in report of these tariffs. it's taken some time to flay play out but market players seems to think it's going to happen there's also some speculation china may turn to irap for more crude just as president trump is putting pressure on u.s. allies to reduce or stop imports completely now, the iranians surely won't sit on all that oil and china might be a good place to sell it oil traders are looking this very carefully it could be a game of musical chairs where the supplies just get redistributed, or it could be a case of the same game where someone gets stuck without a chair. the point it becomes a problem if iran starts discounting product or the u.s. can't find demand to make up for that loss from china >> jackie, thank you much for that moving from oil to gas, hackers

have found a new target, gas stations the latest of a new type of gas pump hacks that have hit from texas to new jersey. >> joining us now to talk about the impact of this trend is the director of petroleum of associated foods and petroleum we've heard a lot about stealing gas through the hacking of credit cards, but this is something completely new and getting worse. what exactly is happening? >> well, sara, it's being investigated right now we're not exactly sure what took place, whether it was a malfunction of a pump controller which is like a cash register which is used at gas stations which handles the cash and also controls the pumps or the dispenser, which is the cabinet you see when you fill up your car. those are both computer generated-type machines. and it's required that software be updated on a regular basis. and so we don't know if this is

just an isolated incident or whether this is a new tactic by the hackers. you know, there's been the skimming going on that happened with both atm machines and at pay at the pump with atm machin pay at the pump with your credit cards and it's important that the dealers and the retailers keep up-to-date on those changes and keep their equipment up-to-date, and of course, keep the financial information of the motorists and their own financial information safe and secure >> and just to be clear, we're talking here about theft of gasoline, somehow by manipulating or hacking into the control, the technology that controls the dispensing of the gas, and i wonder, are those systems at a gas station typically attached to the internet is there a network where there could be a weakness here does it seem like there has to be something very local with the individual station that someone

might have gotten into >> good question, will it could be a combination of both yes, they're connected to the internet via satellite because the credit cards are authorized that way so the transactions go through satellite operation, but also you have local control of the pump controller and the software that's in it. our association which is the associated food and petroleum dealers representing independent retailers, gas stations, convenience stores and independent supermarkets across michigan and ohio and we're headquartered in west bloomfield several of the things that we do is try to keep all our members compliant by giving them information through ourmagazin and through e-blasts on a weekly basis and keep them up-to-date through training because running the retail gasoline station nowadays is not a rinky dink operation. it's really rather sophisticated. >> keep us posted, as well

i'm sorry, we're out of time, but we definitely want to hear back from you on what you found and how this problem is getting worse. >> once we get the results will help. >> thank you. > as ithe >>alkas worst, but which state is on its way up which climbed the most we'll bring you that when we come back.

texas is tough for business. up next, we'll take a look at the state making the biggest climb up the ranks we're back in a couple an entire support system. whether visiting the airport lounge to catch up on what's really important. or even using those hard-earned points to squeeze in a little family time. no one has your back like american express.

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>> tech txas, we now know is tho state for business and scott cohn is here with a state that's most improved. scott? >> this one actually surprised us this is a state with a long and storied business history, but never been much of a factor in our top state ranking since we started in 2007, but this year,

america's most improved state for business is new york let's not get carried away -- new york is still expensive, heavily regulated and did we mention expensive? it's also just in the middle of the pack at number 27, but united technologies could have put its digital accelerator facility developing software for the entire company anywhere in the country and it chose brooklyn. >> anyone who aspires to do something like this it has to be about talent new york has a terrific base of universities and talent to access at every career stage. >> new york has america's most educated workforce according to our study. it's in the top five for access to capital and technology and innovation >> in new york, i feel like there's technology and all sorts of different industries. >> new york improves in nine of our ten categories of competitiveness, the only decline is in business

friendliness infrastructure is among the worst, but they're working on that and while it is one of america's most expensive state, it's generous with the incentives united technologies has collected $10 million in tax credits to create about 250 jobs >> we've got a lot more about new york, about all 50 states. our top states, our bottom states and everyone in between at top states.cnbc.com lots of people work on this every year, and i wish i could thank everybody, every one of them right here and now i can't and i'll just single out betsy spring and jeff goldman our producer every year, and at lex herera, and check it out >> thanks, guys. >> our thanks to them, as well and also to you on the outstanding coverage over the last couple of days. >> even if you throw us off with all your hints scott cohn and team doing a terrific job i just want to mention the

futures right now which are getting hit pretty hard and there is a headline that trump is preparing to lift another $200 billion of imports on china to tax. >> and the news earlier this week that that was kind of on the back burner and nobody expected that to be in vogue so maybe that is taking traders a little bit by surprise we haven't seen the list itself yet. that does it for "the closing bell." fast money starts right now. live from the market overlooking new york city's times square i'm melissa lee. your traders on the desk are pete najarian, brian kelly and dan seymour. tonight on fast, bitcoin stuck in no-man's-land at the 6300 level as fresh concerns over the ico market sent the crypto space tumbling today, bart smith of susquehanna says ignore all the noise. bitcoin is not only the best bet in crypto, it's a safe haven and he'll be here to explain you're looking at a live shot of sun valley