matter >> no way. >> the political fire storm is going to get big very, very much bigger than it has been notover the soccer ball but the optics and some of the statements in that press conference today >> all right, thanks for watching power lunch, everybody. >> "closing bell" starts right now. it's time for "the closing bell." i'm wilfred frost. banks are bouncing back today. coming up a live and exclusive here at the new york stock exchange the ceo of citigroup and the world watching as vladimir putin and donald trump hold a historic summit here. i'll have a full round up of the momentous meeting just ahead in los angeles, we're just one hour away from netflix earnings and with the stock up over 100% year to date the street has sky high expectations i'll tell you the most important number to watch. i'm kate rogers at cnbc headquarters

amazon's prime day sale begins right now and the mega event could actually boost others too. joining us exclusive to talk about the move "the closing bell" starts right now. >> good afternoon, everyone. welcome to "the closing bell." we'll get to those stories in a moment, but first let's check in on markets stocks trading in pretty narrow range. the nasdaq at this hour is down about 0.4% it's the lag of the big three indices. the russell down 0.9%. the we are watching the nasdaq closing because if it ends the day higher it would be a record close. not looking like that's happening, though, sara. >> the big story president trump meeting today with russian president vladimir putin

>> reporter: that's right. we had an astonishing press conference here in helsinki, finland, between vladimir putin and the president of the united states a whole bunch of topics were covered including this moment in which the president of the united states was asked about his tweet earlier in the day in which he said the bad relations between the united states and russia were really the fault of previous administrations, blamed the united states' previous administrations for those. and the president was asked do you blame russia at all, do you hold them accountable at all for anything and here's how he responded. >> both countries are responsible. i think the united states has been foolish we should have had this dialogue a long time ago. frankly, before i got to office. and i think we're all to blame i think that the united states now has stepped forward along with russia, and we're getting together and we have a chance to do some great things. >> reporter: so the president looking to the positive there saying we have a chance to do some great things in the relationship, saying he hopes

he'll be meeting with vladimir putin many times in the future a cup of things stand out here, guys one when the president was offered the opportunity to denounce russian interference in the 2016 american presidential campaign the president simply didn't take that opportunity he turned the conversation around to other issues and the other one is when vladimir putin was asked if he had any compromising material on the president of the united states putin saying, yeah, i have heard those rumors that we have some material but sort of dismissing it without denying it entirely by suggesting it would have been unlikely that russian intelligence would have been able to gather compromising material on all the american businessmen who came to moskow over the mast several years. saying when trump was in moskow according to putin putin had no idea he say there back in 2013 now that he's president putin says he has the utmost respect for the president.

we'll see how the white house handles the political fall out when they goat home. >> that's just where i wanted to go i was wondering if secretary of state pompeo or sarah huckabee sanders or john bolton who are traveling with the president sat down with you guys, spoke to you guys, tried to massage that message at all did you hear anything from any of the members of interest the administration >> no, we didn't and they were bundened into the security zone pretty quickly and i did have one exchange to one house official today who said to me, look, the president has been very consistent here. this is what he said publicly and privately. and as for the negative reaction we've seen in that hour since the press conference the press official saying the press is just going nuts as predicted at the white house i think the initial instinct here is to blame the media and say that's just pundits being pundits we've seen some very tough

statements from john mccain and also a mild statement relatively but a statement nonetheless from paul ryan, the speaker of the house talking about russian interference in the u.s. election as a fact and saying the president should deny it >> reporting live in helsinki, thank you. joining us now to cnbc contributor ambassador nick burns. he's been here all day long. and emily farkas and now the president of farkas global strategies what is the fall out from today going to look like >> the fall out is going to be from our nato allies they look at the kid glove treatment today from president trump and the mayhem caused last week by the incessant criticism of our nato allies republicans saw a president today who was misinformed, who was not on his game, who did not stand up for our intelligence community when asked about

whether or not the russians launched a cyber attack on our election and pretty much sided with president putin against our intelligence community and law enforcement community. that is going to rankle in the united states, hurt us overseas. i think we've never seen an american president do anything quite like it so damaging to our national security to essentially side with a dictator against his own government >> evelyn, your take on that news conference. >> well, i have to say i actually felt physically sick to my stomach because i heard the president do exactly what ambassador burns or nick burns just said. he essentially allowed the russian president's false denial to stand and took the side of the kremlin which attacked the united states using its intelligence operatives. and on multiple occasions when the president had an opportunity to push back on president putin, for example, when president putin said, well, we will -- if

you want to interview our intelligence operatives then we need to interview your intelligence operatives and president trump acted as if there was sort of equivalence between the two sides. president putin made outlandish sort of suggestions that we should, america and the west should now pay for had reconstruction of syria. which today the russian military is bombing together with the syrians in southern syria, a place where there was a cease-fire that was agreed to a year ago by presidents trump and putin. so he really has a lot of nerve, president putin does but most shockingly was the fact our president seemed to go along with these suggestions and that frankly made me sick to my stomach because i'm the child of two immigrants who fled the country so we could be free and not aligned with such autocrats.

>> i was in the u.k. last week and covered everything the prime minister said and interviewed the new secretary jeremy hunt. and given things like the scr scripple poisoning i was surprised how warm they were is it that we're all overreacting here or because of the tonal of the press conference has he undone any potential goodwill from theis? >> it's going to be a problem of tone and substance on the substance the president did not criticize the russians on anything. he did not criticize them on crimea, on the nerve agent attack in the u.k., on the cyber attack in the united states, on syria, on anything so i think this isperformance by the american president that's going to rattle our nato allies. they saw how erratic he is in person last week in trying to blow up the nato summit. but they saw something more ominous today i think that our european allies -- i'm a former

ambassador to nato -- have always valued the fact that americans stand up for their allies and americans are unafraid to disagree with russians in public and you didn't see that today. you saw president trump almost cowering i thought it was cowardly performance and very weak against a certain, strong russian president. the juxtaposition couldn't be more striking between the two of them turning now to one of the other big stories of the day, financials bank of america beat expectations on both the top and bottom line when they reported this morning was nicely out of the expectation of 67 cents. this was driven more than anything by operating leverage up 6%. it's actually the six

consecutive quarter that shows the improvements of their cost cutting. and also worth noting their share count declared 4.7% so buy backs a big part of the story. this is expected as part of their more cautious strategy with trading equities up strong up and investment banking a little bit soft overall sara, the shares, though, up nicely today and helping the broader sector which of course declined on friday but up today. >> when was the last time we saw 4% reaction on a good bank number >> and the usual thing everyone friday took what was beats for jp morgan and citi as bad overall because perhaps there was a bit of a concern on the cause for having to pay on deposit depos deposits and things like that.

and on mad money tonight jim kramer will have much more on bank of america when he speaks exclusively with the ceo and we will talk on camera to ceo citigroup's michael corbat financials are the big winners but overall the market unchanged. joining the closing bell exchange for the day we've got brian jacobson, steve grasso and rick santelli. steve, what's the big focus for traders? we've got a big slide in oil prices and i know there was a lot of attention here on the floor being paid to president trump and president putin whether it had any market impact or not >> i think you hit it right there. it was definitely trump and putin this morning financials definitely are in the spotlight. so the market has moved pretty

aggressively for quite some time on technology companies. the market also needs some help in that heavy lifting to keep the bulls sort of on their track and trending hire. and you need the financials to perform. so to will's point out of the gate on friday what the street should have thought would have been bullish earnings came across as flat today we're starting to see deutsch bank, bank of america sort of helping with those tail wind and if that continue and the market can continue higher, that's a big if. but it's very hard to sell-off markets during market season transports are going to be a big part of this the way you started this conversation i think the trump-putin message was definitely what weighed on the markets early. people wanted to have a wait and see, was there an i got you moment, and it was definitely a little lacking on president trump's performance. >> brian, are you buying risk assets or playing it safe at the

moment >> we're continuing to lean cyclical because we are still optimistic about the growth outlook. i think the fed is going to take it nice and slow as far as hiking rates as far as with financials that is an area we like because we think we will see a steepening of the yield curve here in the near term. it's been compressed for a while. perhaps, you know, we're going to see that move a little bit wider. related to trump and putin press conference today, i think that it really met a lot of expectations we haven't seen really big moves in the market related to that. maybe you can argue that oil was moving on some of the comments coming out of there, but it also could be moving as a result of some of the rumors around release of strategic petroleum reserves, maybe saudi arabia picking up a little bit of their production so i'm not sure if the market was really all that focused on the trump-putin meeting. and if it was they probably met

expectations you heard adulations >> what's the feeling on the floor in the bond market from chairman powal >> most market participants think mr. powell so far has been very, and the notion of ininverted curves my guess to be the most popular topic that j. powell will try to weigh in on if you look at the boards you'll see we've been hovering around 260 and two year note yields up a couple of points incrementally higher yields.

in the long end i don't remember a long end having the type of consolidation and lack of real volatility as this year. we had a similar run in the 290s when it comes to long end our economies in good shape. it seems handicapping the long end is more about other criminal banks and other economies necessarily than it is about the u.s. economy and a week from this thursday we'll probably be getting a stellar shot at our first look at the second quarter gdp. >> thank you very much we're going to have to leave it there because we have a news alert. it's an amazon and kate rogers has the details for us >> amazon prime day just kicked off at 3:00 p.m. and it peers both the website and app are having some glitches when users try to log on. getting error messages and for me personally the deals page wouldn't load, although i did not get an error message

once again this appears to be on the website and the app. we reached out to amazon we have not yet heard back from them there's been some chatter on this on twitter as well. so we'll keep you posted >> kate, thank you still ahead, less than one hour away from the first results of the earnings season >> it's also the most exciting earnings it always moves hugely >> yes, i think options market is pricing it in plus or minus 9% or something new. >> and the eps could grow year over year. and also right up next after this short brieak ceo of citi group joins us year, i am sorry about that.

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results. joining us new live at the new york stock exchange is the citigroup ceo. we said mixed there but other revenues in line, eps strong beat the net income was pretty strong when you then see the shares pull back the way they do what's your take on what you think investors are concerned about? bank shares just topped out in their mind what's the feedback? >> i think right now there's concerns around global exposures and citi probably being the most global of the banks. trade rhetoric, macro, different things weighing. and so i think people look at that and probably took some pause today. i think you've seen people really get through the numbers the analysts have all come out and written their pieces and are actually quite constructive in terms of what we're doing. >> in terms of what you're doing, the big strategy review roughly a year ago and there was a lot of optimism coming out of

that but since then you've underperformed year to date for example compare today the big four banks so what is it that needs to be done to change that? is it a macro point as you say that you're in the wrong place at the wrong time with your geographic exposure? >> we basically said we were going to be focused on delivering three things. one is being able to create sustainable client led growth. and since then we've grown client revenues in each of our business segments by about 4porous. second is we are going to continue to use technology not only to improve customer service but to bend the cost curve and we talked about $2.5 billion of expense saves coming out of that we've talked about an efficiency rish yo continuing to bring that down to the 50s. and the third piece we said we're going to continue with meaningful capital return.

a year ago we told people it's our intention and ambition to return around $60 billion. three weeks ago we received approval again that gets us to 41 of the 60 good expense discipline, meaningful capital return, exact what you saw this quarter. 5% growth translating to 16% income and 20% eps growth. >> as it relates to the stock prices, mike, do you think there's too much pandering over the yield curve, the shape of the yield curve right now? or is it a legitimate signal that we're going into a recession? >> that's the question and obviously we go back and forth. you've got a ten-year that's made a couple of runs at 3%. i think today probably sits around 285 last week i think you have to read chair paul's testimony as

speaking quite forcefully to two more rate hikes this year. the good news ability those rate hikes is they're happening for the right reasons. we're finally getting to and hitting and i think the fed is comfortable with their inflagtin targets and the feds reacting in a way that's positive because the markets are giving it or interest rates in the economy are giving it the room to do that so i don't read too much into that right now >> you mentioned trade at the top. you're in more than 100 countries i think and clearly trade fears are receding is it hurting your clients are you hearing from them it's impacting their decisions to invest and so on >> we haven't seen it yet. what we're seeing now is the transformation of rhetoric into actions. obviously we saw the additional $200 billion for china come out a week or so ago and i think what the market is saying in my opinion is it's not about trade.

it's trade about slow down fears. well the two book ends of the global economy of growth, the u.s. and china, find themselves in a position where growth is slowing and then we turn global synchronized growth into slow down and i think you've seen those fears come down into the emerging markets those economies are performing pretty well. but we've seen a lot of currency volatility and fears of the slow down and i think that's effecting the global stocks snch. >> what about the mexican business clearly that's in the eye of the storm of these trade bids. >> it is but there's a strategic partnership and a strategic alliance not just the u.s. and mexico but obviously with canada and we just went through an election whereby significant popular majority we elected a new president in mexico. if you look at our quarterly numbers we had our best quarter in mexico this quarter 11% revenue growth in mexico and actually getting the new regime

getting into place, i think giving a springboard to renew conversations around nafta and getting that to the right place could take mexico montana right direction. >> on the trade question, i mean how much stress can the supply chain handle from some of these companies that you make loans to around the world if things were to escalate with those $200 billion worth of tariffs on chinese goods? then what? what happens to the business >> i think one thing you've got to look at u.s. trade in recognition of the rest of the world. so u.s. trade accounts for more about 20% of global trade. i had a business review this morning with one of our seniors in from asia and what we're seeing already is not supply chain going away but supply chain realigning itself and so going back to we operate in these places, in some ways we're there supporting u.s. business but if u.s. business or international business is changing its supply chain we simply adapt to that so if trade corridors change,

which they likely will because what we see is trade or supply chain management doesn't go away. whether it's at the government level, the corporate level or individual level there's a tremendous amount of resilience we've seen over time and we're seeing that already begin to be talked about >> are you finding opportunities from the weakness in deutsche bank at the moment >> well, i would not say deutsche bank, but i think clearly the actions taken by the u.s. banks coming out of the crisis has positioned us well. not just in europe but around the globe. the benefits of scale, of balance sheet, the benefits of dealing with business model issues and i think having clear strategies in terms of where and how we want to drive our franchises, and we've definitely seen a benefit in our business not just in europe but around the globe. >> you mentioned coming out of the crisis there gives me a chance to ask -- we confirmed according to source

that goldman sachs will announce he's standing down what do you think about the legacy >> i won't speculate on that announcement but lloyd came into his seat in 2006 and when you think about most of his tenure it was helping to lead through the challenging times for the company, for the markets in general and i think he's done a great job. >> there's a lot of talk now whether we're late cycle or mid to late cycle. what sort of -- how do you characterize where we are in this economic recovery and bull market >> we always start that conversation by saying we're ten years into the economic recovery and that's the second longest post world war ii recovery the u.s. has ever seen but we have to remember recoveries don't have a clock on them, and i think we have to look at the underlying fundamentals so we've beenen an extended

period of qe as we look at housing crisis, employment, job creation, a little bit of wage growth this obviously has had the ability to run longer so in terms of telltale signs we along for in terms of credit deterioration, in terms of leverages at in the system we're not seeing those strains as of right now. and not just in the u.s. but globally >> we talked -- mentioned goldman sachs. and on that topic i guess it leads to a different strategy between the two of you they've signed to commit more to retail what are you seeing that they're not. >> well, one is we're very exited to u.s. banking we've just chose to do it using a branch like footprint with heavy investments in terms of

digital. we've announced we'll be coming out this year with our national digital banking. we have million of citi card users in the united states where that's the only part of the relationship we have so how do we take that card relationship and turn it into a retail deposit or a full-fledged retail so when row look at the event of mobile banking and look at the apps and the engagement we create with a long history of serving them, we think we've got the ability to meaningfully change that. >> i wanted to ask you a bit about your firearms policy you introduced a policy a few months back where you will alter who you lend to if they meet certain criteria you said quote we want to do our part in our company to prevent firearms from getting into the wrong hands. how do you decide when you should play politics and when

you -- >> we never try to get involved in politics, but in this case one is we didn't have a gun policy that i could really point to on the individual firearms side in the u.s. second i should steep all of this in saying i am a gun owner. my family uses hunting and other types of things. so this is not about taking away people or individual's rights to use firearms, but it's creating a practical policy and what we talked about is really three things. one is a background check. when you get a driver's license or do other things we do background checks. we said there should be a restriction to those under the age of 21. there's great things out there i've been through, my family's been through in terms of safety. >> that typically would be the gump emphasis role why do you see it as an area where you have to make that -- >> again, we've got to talk about what we really did as a citi credit card or citi

deposit account you can take that money and spend your money anyway you want. what we're saying is with our corporate resources one of those things where we're going to partner and get behind and we didn't have a policy. we felt these were prudent steps to take around the allocation of our resources. and again our card holders, our deposit accounts are free to go use their monies as they choose. >> mike, we'll leave it there because we've already taken a lot more of your time than i think we said we would it's been a pleasure to have you here mike corbat there, ceo of citigroup. time now for a cnbc news update >> here's what's happening at this hour. british prime minister theresa may launching a strong attack on russia, telling parliament that the kremlin is committed to trying to undermine western values including the use of a nerve agent in salisbury >> in recent years we have seen russia stepping up its arms

sales to iran, shielding the syrian regime's barbaric use of chemical weapons, launching cyber attacks that have caused economic damage. wisconsin properties have been purchased by foxconn. the goal is to create a technology hub serving west central wisconsin. and france's victorious world cup team descending upon paris' packed champs-elysees avenue and wilfred, it was a pretty amazing series of games even if england came in fourth that's the cnbc news update at this hour. >> i'm kind of over it now, i have to say.

i was rooting for croatia. >> i thought you'd be bitter >> congratulations to france morgan, thank you very much. >> you're a graegscious loser. i'm surprised. amazon hitting new all-time highs. this year it lasts 36 hours. a look at what the mega sale means for companies. >> every year prime day gets bigger and bigger and it is just getting started though albite with a few hiccups prime day will be six longers this year with 17 countries participating, four more than last year. plus there will be deals at whole foods stores and amazon this time. more than a million deals in total. what it's all worth here, $3.4 billion will be spent on amazon prime day predicting and last prime day was amazon's biggest day ever at the time and

four months later amazon said cyber monday set the new record. it still pales in comparison -- but it's not easier the same day. ebay, wal-mart, target, best buy, macies, khols a survey says nearly 40% americans plan to shop on other retailer site this year. up 8 percentage points from last year and retailers with a billion dollars in sales ormore saw their online sales increase an average of 35% on prime day. some of us are still getting those error messages with very cute dogs but the deals aren't loading. >> i get them. i'm logged on now.

>> kate, thank you very much for that and we're going to have more updates from kate throughout the show this time last year we were doing well i wasn't even a prime member >> which was ridiculous. >> i thought it might peak in stock. >> i was going to say a counter indicator late to the party. you can check out cnbc.com that article online right now. the stock for its part is doing well and trading at a record today. valiant changing its name today. we get his outlook for drug prices and his company plus netflix has more than doubled so far in 2018 but will today's earnings report put the breaks on that rally including one key number more than any oerth that you've got to watch "closing bell" back in a couple of minutes

we have got 22 minutes left until the close. it's been an up and down session but over a small spread. the dow at this stage is up 29 points that's close to it high of the day, up 32 the dow now just positive. the s&p just negative. the nasdaq down 0.3% and coming up former company valiant has officially changed its now to bausch health to an effort to build public trust we'll speak exclusively with the ceo. and we're on netflix watch

today. will that company deliver another pick for investors or will results be a flop either way it's a big mover. we'll get to the key numbers to watch still ahead on "closing bell." making cars lighter, it's a good place to start, advanced oils for those hard-working parts. fuels that go further so drivers pump less. improving efficiency is what we do best. energy lives here. today's senior living communities have never been better, with amazing amenities like movie theaters, exercise rooms and swimming pools, public cafes, bars and bistros even pet care services. and there's never been an easier way to get great advice. a place for mom is a free service that pairs you with a local advisor to help you sort through your options

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bausch health companies began trading today. it's the second name change in less than ten years for the company. it had faced controversies over scandals in recent years >> welcome back, good to see you. so you're changing the name. >> absolutely. the name valiant pharmaceuticals really didn't capture what we are today. it turns out a large part of our business is contact lenses, medical devices and really felt that the bausch name captured what we're trying to become tomorrow >> it also carries a stigma the valiant name from what happened. you were brought in to fix it, but from the debt problems to the price problems do you think this will change the way investors look at this company?

>> i've talked to a number of investors. we're now showing organic growth last quarter and we've also increased our investment in research and development and importantly we did reduce our debt by $7 billion just in the last ten years today we think being day one of bausch health, bausch health captures the 165 years of legacy and innovation in health care. we're excited. >> is there more pressure at the moment than ever before? is there more pressure than ever before on you not to raise prices of drugs given the tweets, and the comments from the president? >> since i joined we've taken what i think is a responsible approach we setup a patient access and pricing committee with a goal to make sure we were responsible on pricing and importantly to look across our total portfolio both

in the united states and globally but 50% of our business is ex-u.s. so i think we've done that and i think that's an important part of the future pharmaceuticals is still a cost-effective part of health care we have a drug for example for patients with liver disease, if patients use the drug appropriately it can reduce rehospitalizations >> how much further can the president push this angle before it impacts the level of innovation u.s. pharma companies are able to achieve? >> i think we're looking forward to working with the president. i can't guess exactly where it's going to go, but we are excited to work with the president >> have you been in contact with the administration, with the president? >> we have not been in contact with the administration at this time >> so as far as the previous drug hikes that came under so much fire, as i understand it, you have kept those levels, those hikes in effect, correct

>> what we've done is looked at the pricing that say out there the most important thing we decided was to make sure there was patient access, to make sure patient had access to our product irrespective of their ability to pay we did increase our rebates and discounts on some of the products to make sure we are looking at the total cost of health care. but importantly as we think about the future our future is all going to be all about innovation and building on the legacy we have of 165 years of bausch health care >> as you mentioned there's been a lot of progress that you cited some of those factors. but the share price is still down is the name change you think will help that or is it part of a broader strategy, some other priorities you've got to focus on >> it's day one an important milestone. there's a lot more to do what we feel is that by going

with this bausch health, it better exlifies what we're trying to do for tomorrow and how we're bringing out new innovation we've increased the amount of research and development this year alone it's up about 15%. that's what we're excited about for the future >> and can you just give us a quick status report on the debt levels, which you have managed to cleanup a little bit. but still in a hole. >> sure. so when i joined debt levels were a little over $32 billion today they're right around $25 billion. still a bit more than we'd like in terms of the quantum of debt and the leverage my team has done an excellent job in refinancing the debt. >> if you're looking for refinancing i think michael corbat is around here. it's been a pleasure thank you for joining us and good luck with ringing the bell. look forward to reviewing that

as well. >> bausch health a company formerly known as valiant. we are counting you down to netflix earnings which come after the bell the one thing investors should atching for in the release coming right up. eligible for medicare?

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welcome back to "the closing bell." we have got just over ten minutes left until the close the high of the day on the dow 32 points, but 25 or so now and the low is 39. only the dow is in the green shares of netflix are also trading higher today by around 30% for the quarter. what investors need to know to watch for in the earnings releaswhh e icis coming right up after "the closing bell. a straight preview when "the closing bell" returns. greatness of an suv? is it to carry cargo... or to carry on a legacy? its show of strength... or its sign of intelligence?

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just a few minutes away from netflix earnings the stock typically moves up either 8% or 10% on these results. >> 6.2 million subscribers, that's the number of subscribers netflix projected it would add in the second quarter. a beat or miss is likely to send the stock moving just as importantly is the company's third quarter

forecast this as earnings per share projected to grow 429% and revenues expected to grow 49% from the year ago quarter. netflix shares up about 108% year to date it's safe to say expectations are high guys, back over to you >> yeah, at least $10 billion more valuable than disney right now according to the market cap. unbelievable >> i can't wait for those numbers. >> it's exciting >> yes, always moves hugely on that report. let's also have a little update on amazon prime's day. kate rogers has the details back at hq. >> we're about an hour officially into prime day. and the website and the app both appear to have some glitches we've been trying it internally. some people in the newsroom are able to load the deal, and others are not they're just showing these error messages we did reach out to amazon

once again just about an hour into the official launch of prime day there were some earlier deals. we didn't hear any issues of those loading but 3:00 p.m. eastern is when this kicked off and we're still seeing some issues on the website and on the app. and we will bring you any updates we get >> kate, thank you very much for that >> i wasn't buying anything. i was just making sure it was working. i buy the essentials they don't go on sale, like toilet paper and paper towels wvediapers. >>e' got just under five minutes left of trade. don't go anywhere. ♪

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[ding] welcome back to "the closing bell." we've got about three minutes left of trade. the dow just hit a high of the day. let's start with the banks really what has driven the agenda today in terms of trade citis up nearly 4%, jp morgan up nearly 4%. it's a big rally 4.4% in one day, something to take note of goldman sachs up 2%. they report tomorrow morning all eyes on goldman tomorrow back to the broader markets, the dow has led because of jp morgan

and goldman sachs. up 32 points at the moment the others are negative but have recovered as we've approached the close. you can see it's a bit of a trading range all day. yes, down at the moment but nothing too severe netflix a look at that intraday and there is the netflix shot. that will be the main focus straight after the bell. >> 1.2 million domestic ads we're looking for, we're talking about 125 million subscribers. they're talking about adding 6 million, 6.2 domestic international. up 100% so far this year 108% actually. i think the disappointing thing is the very narrow trading range. we did have the banks up okay. the faang names other than

netflix and i think bank of america up around mid, low single digits loan growth. >> the share price up over 4% the bank of america. and the dow the high of the day as we close. it's up 43 points or so, slightly higher for the s&p and nasdaq sara, back to you. welcome to "the closing bell." wilfred frost will be rejoining us in just a moment. let's take a look how we're finishing up the day on wall street the dow managing to close higher thanks to part for jp morgan and goldman sachs. they closed up almost 2%, but most of the broad index was

lower. in the dex closed down 0.10% russell 2000 down 0.5% first of the faang names reporting earnings after the bell today in just a few moments netflix will be releasing quarterly results. we'll bring you instant analysis, and stock move which is always a stunner. we've got paul hickey, co-founder of the investment group and our own john fort is here to talk netflix and faang and amazon biggest winner of the dow today was jp morgan and chase. biggest loser was caterpillar. over at the s&p it was arconic and alliance the biggest loser

what stood out to do you today >> i do think it's the weakness in oil we had such a strong inflation number i think there was a sense people trying to buy hard asset companies. obviously demand for oil has been expected. but the recent developments today around iran make people think there may be more oil coming out of the ground >> charlie, were you concerned today about the russia press conference or is that irrelevant to markets >> i'm concerned about it as an american it is funny how american presidents always seem to think that president putin is just a normal politician. he's an ex-kgb leader and both unfortunately president obama and president trump seem to think he's a normal guy. i don't think it has big

implications for our stock market but big for our country >> if you take the control group, which is actually what goes into our gdp number, pretty disappointing. is there a sign that the economy is slowing or the consumer is slowing or is this sort of a one off piece of data? >> i don't necessarily think so. we had big revisions to last month's report in retail sales the year over year headline number is the highest since 2012 i think we've seen some strength overall. i think the consumer is holding up just fine, confidence levels are high gas prices have been rising for 11 straight months that's the longest streak on record but it's a long streak, so eventually that should start to abate because prices have come down and gasoline prices and in the summer is usually when they peak i think going forward as you see lower pressure from gas prices that could even help sales

further. >> financials are the best performing sector today. michael corbat appeared on the show in just a last hour giving his take on global economic growth >> well, the two book ends of the global economy of growth, the u.s. and china, find themselves in a position where growth is slowing and then we turn global synchronized growth into slow down and i think you've seen those fears come down into the emerging markets those are performing pretty well but we've seen fears of this slow down and i think that's affecting the global stocks. >> charlie, his ultimate take on this trade war fear was, you know, i asked the question to him, is it going to affect global growth and he said not yet. clearly it could but ultimately the last quarter whether it's mexican business or businesses across asia, he said they're doing fine >> yeah, i think that's why we're all sort of saying the same thing, which we're not seeing any effects yet we're all hoping this is just a

negotiating tactic both sides are using. but fact of the matter is if you take to any historian trade wars have a lot to do with the great depression trade wars are bad for the global economy so we are all hoping this isn't going to lead to a trade war we haven't seen anything yet, but it's spooky some of the talk >> yeah, and as it relates to the banks, paul, jim kramer earlier was saying this is all a bet on the yield curve and where yields are going if you think the ten-year yield is going hilar then buy the banks. so where is the ten-year yield going? >> that's a good question. i mean the consensus continues to be that it's going to go occupy, and markets tend to frustrate the most people -- they can possibly frustrate. so i think the ten-year yield i would project it to go sideways at this range, stay around plus or minus 3% within 20 basis points but getting back to the trade ideas it hadn't impacted markets yet. in key one earning season there

was very little mention of tariffs in company calls for the s&p 500. i'm sure going to see more of that coming on this quart. and to charlie's point the longer that goes on, the more companies will adjust. and when they have to make adjustments that impacts costs and a ultimately margins. eventually it will have an impact but it just hasn't yet. >> sara, can i jump in on this quickly. the ten-year question, the inflation number is the important part of that we had a 2.9% cpi number last month. that is the biggest since 2012 there is just in my opinion no way the ten-year can stay at 2.9 where it is right now with inflation at 2.9 people are not being paid to invest in bond >> and wilfred, it's not just inflation. you could make the argument the economy is doing well. we're about to get a handle --

and debt levels are very high, the federal reserve is raising interest rates >> and retail sales are pretty good the other interesting point is china's gdp came out this morning 6.7% very strong indeed and the other side point on that which we haven't mentioned yet when people argue about trade, now is the time for the president to take on this battle because the economy is strong here if china is printing 6.7% i'm sure they're thinking they can put it for a long time we now have netflix's numbers. >> netflix coming in a bit lighter than expected on that all important subscriber number. the company added about 5.15 million net additions that's versus expectations of about 6 million net additions. so that's lighter -- ymgs, it's about a million smaller than the forecast

expectations had been for about 6.2 million in additions that's lighter than expected in both international and domestic additions with 670,000 new subscribers in the u.s. and less than 4.5 million new subscribers globally looking at earnings and revenue revenue of 3.907 billi$3.907 bi eps coming in at 85 cents per share up from 15 cents in the year ago quarter but that does include a gain in terms of foreign exchange. that does include a non-cash from foreign exchange measurement from bonds so it's unclear if that's apples to apples. revenue at 3.9 billion in term of that guidance the company is guiding for lower subskresu subscris than expected of about 9 million in q3 from global expectations of about 6 million

with the forecast coming in lighter than expected both globally and internationally looking at about 650,000 subscribers in the u.s. versin and 4.5 million now subscribers versus the over 5 million that analysts had expected. that guidance coming in light, and you see the stock is now down about 12% we're going to continue to dig through here and we'll be back with more color. >> julia, great stuff. let's get back to the panel. john, clearly shares down sharp. is that very much because it's reacting straightaway to those subnumb sub numbers? >> i think so. netflix is kind of the up start between those two. now we've got prime day today, reality hits, the website is taking some hits and reality

hits with the netflix here >> and the guidance. >> and the guidance. and a couple quarters ago we had wow netflix is outperforming even on domestic subs and we thought that was mature. look, they've got so much room to run >> they call it i want to point out in publishing the results they say we had a strong but not stell stellar q2 ending with it lower memberships and subscriber numbers. so something not going in terms of their plan. >> i think the flip side to this is a lot of people have been waiting for them to get more profitable and eps is ahead of expectations it is at 89 cents. the eps growth is well over 400% because it's coming from a smaller -- that's what a lot of people are waiting for, for it to grow into its evaluation.

>> sure, but it's absolutely priced for top line growth but even more thanthalities for subscriber growth, for hopes of world domination, global media domination to the future and you really need that continuing not just subscriber growth but trajectory of subscriber growth. >> you also had this constant argument that the bears would make on this stock bulking up to try and compete with the likes of netflix and at some point that's going to cut into subscriber growth. >> and i don't know if it does absolutely my family for example i've got two boys, 7 and 10. we're going to do the disney subscription thing when it comes out because i'm sick of paying so much money for every single movie that comes out that doesn't mean we're going to

drop netflix when it happens i think when the overall story is so much netflix priced for perfection, they're going to dominate in the future every time you have a stumble like this you get a big move to a down side and i'm not sure what the volume is like but it's down 13.5% >> julia >> sara, just to that point you made about competition reed hastings speaks about it directly they talk about hbo and disney saying they're evolving to focus on internet and entertainment services saying each of these is striving to find the best creators from around the world to entertain its viewers indicating they're not concerned. here it's interesting that reed

hastings directly addresses the mergers that we've seen happening in the media space he says we anticipate more competition from the combined at&t warner media from the combined fox disney or fox comcast as well as international players. so he acknowledges that the merger environment, the consolidation that we're seeing right now will generate more competition. he says our strategy is to simply keep improving as we've been doing every year in the past i'm sure at the conference call, reed hastings will be facing quite a number of questions about whether the lower than expected subscriber growth was in anyway due to competition from all these different services it sounds like what he says from this letter to shareholders it's really simply a matter of having overperformed in the prior quarters and nothing fundamental to their business. certainly interesting he addresses that issue of competition head on. >> and also dresses there

weren't stellar results. >> i was going to say that paragrapher i put in front of me as well really calls out the issue of the potential for an at&t time warner merger and comcast. does he call out those threats of competition and name the ones he's scared of >> yes, he's not afraid to talk about his competitors. there's been many times he specifically referenced hbo. of course there's a long time rivalry between hbo and netflix. so he's talked about hbo and amazon and youtube this is not the first time talk about the competitors but really the first time about consolidation in the space and what we're seeing there. indicating the demand and in a way possibly indicating the fact these mergers speak to what he has created. there isn't a lot of time how disney is really interested in buying more of hulu and buying

sky because of the threat netfl netflix now poses. >> julia, i wonder your take i remember that long ago take, comparing netflix to hbo in a way. and then most recently john stanky of at&t talking to the hbo troops saying you've got to produce more content for more ingablingment not specifically saying so we can compete with netflix but that's how everyone understood it. how have the competitive dynami dynamics changed, and do you think netflix has to do something different in order to tell their story in the face of those dynamic ss? >> they just so vastly overperformed expectations over the past four quarters the past four quarters they've delivered more subscribers than wall street expected and the stock has soared the stock is up 108% this year

so the expectations are very high there's no question netflix has changed the landscape, really changed what these media giants are doing. if you look at disney launching the disney branded service, taking espn direct to consumers, i think this is all really happening in the wake of the whole landscape changing and a big part of that is netflix. we can't say they're the only ones responsible for it. but they're certainly leading the forefront of the direct to consumer movement. >> julia, i think we should also include international. because that was the bill bullish hope here is that international growth would be on fire that's where the subscriber additions were -- just how much competition are they dealing with abroad could be the question >> i think it's worth noting a vast majority of netflix growth is coming internationally. they had 4.5 million net additions.

lastquarter it was 5.5 million so a vast majority of the growth is coming from overseas. last quarter they added nearly 2 million subscribers in the u.s. last quarter people didn't expect netflix to have that much ability to grow internationally. if you look at the overall subscriber numbers, last quarter they added nearly 7.5 million subscribers. some of this is seasonal there were some questions that analysts posed about whether the world cup and the attention on the world cup would draw interest away from subscriber additions to netflix there was no mention of the world cup here in this analyst report we might hear some questions about that on the call but it's too soon to say whether really amazon's ongoing investment in content, hulu, et cetera are really impacting

netflix's growth >> thank you for bringing all that to us and we look further to any comments when you have them down 13% or so on these numbers. still up 18% or so year to date. are you buying netflix on its weakness today >> here's one of the stranger things about netflix since it's ipo it's been one of the best performing stocks in the united states. if you earned the stock just after its earnings date you'd be down 67% right now so q2 earnings have been notoriously weak for the company throughout history and they lower guidance 11 times and the average performance after they lower guidance is about 12%. so this decline you're seeing in after hours is pretty much par for the course regarding q2 and when they lower guidance they typically beat earnings about 5 cents in q2. they beat q2 if i heard correctly by 6 cents it's in line historically for

netflix. >> always count on you, paul, for the historic data points bonus points for using the stranger things reference in your take. paul hickey, thank you john, stick around for a little longer we're going to discuss these netflix earnings and this double digit stock move lower >> i love having john here i think we should make this a regular occurrence but john is sticking around as we said for a little longer. up next we've got reaction to those netflix numbers. going head to head on what has been a red hot stock year to date >> amazon's fourth annual prime day kicking off a little more than an hour ago with some hiccups. coming up the nast money traders tell us whether a trade surge can help this stock rally even further. , tweets and storms. and make adjustments on the fly. ♪ ♪ the ibm cloud. the cloud for smarter business.

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immediate take on these numbers? clearly the share price underperforming significantly. >> my take were the numbers were decent and i think they were honest about their results which were pretty good but not the blow out results expected for such a high price stock. and a pull back is warranted and necessary. i don't see this as a negative in anyway. tostock is actually up 150 points from january. let's keep that in perspective here netflix has been doing funominally well as a company. >> was this the sort of slow down in subscriber growth you were looking for >>ti it was really the stock pre going parabolic year to date

it's a great company and amazing execution. the model of the business, kind of hate the stock where it's at at least with the earnings this afternoon. >> with the expectations game always high when you have a stock up 108% year to date with its earnings but the fact it's missed its stock growth was that raise questions the. >> i think it does they missed it pie a million >> will it be harder to see into >> this is where we have rehastings saying hey, we expected to be a subdued quarter. but i think what it really calls to is there's this choppiness in netflix. how do you fell a growth story, a story for a company that's really striving for global media

domination but to be the strongest player, the one with the big ideas, with the big investments how do you do that and then explain this choppy subscriber growth at the same time? how do they even that out and/or experts better data. >> the stock still up 41% from a year ago and the eps 85 cents versus 79 expectation. when does this company start trading off those numbers? is that still years away >> i think they are trading off those numbers now. it just has a ridiculous multiple and having it contract a bit as it's doing today is certainly healthy if you want to be a buyer of this company. netflix is the number one service that every single person uses in general and probably across the world over the next

couple of years. so we're not concerned about the business we love the way the numbers are trending and the only issue anybody has with thisstock is the valuation, and since i've been it for two, three years i'm not complaining. we've made a lot of money. it pulls back a little >> what do crusay about for shareholder letter they specifically call out the at&t time warnermerger as a competitor and fox and comcast as well. how does that threaten netflix >> i think some of the competition is going to increase going forward. i think hbo had poor execution on the streaming quality service. i think at&t will be manic about facing that as well and increasing the quantity of the shows produced that's not going to hit netflix for a another couple of qua quarters one thing i would worry about like india, germany, you're getting a lot of competition, in

some instances new competition with discovery coming on with sports in germany. so i think they're a bit of a honeymoon right now before things heat up in the next two or three years i think the stock got a little parabolic and ahead of itself. >> it's down 13% from 346. how much further would you need to see it decline before you recommend a buy in again >> of course i'll be reassessing the numbers after the call but again even my numbers have been getting over 400 million customers at the end of the decade and that's a lot to wood to chop. honestly, i think the stock overreacts to these quarters and the stock could be up 13% right now and i could be looking like a dunky, but i do think they have a challenge ahead of

themselves >> all of faang is down right now. does that make any sense whatsoever, that read across >> i don't know if it makes sense as a read across, kind of looking at netflix and then at the rest look, as i said in the beginning amv amazon and netflix are the high fliers valuation wise to this group. they're back to may levels, which were pretty strong to begin with they've grown more than 100% over the past 12 months. but it might mean more to just the overall valuation story out ofici outside of netflix if netflix can't do it, then who else maybe can't do it and do we need to reassess this? amazon, by the way, within 6% of apple's market cap if amazon moves up 6% and then apple stays still, it could be the most valuable stock. >> trillion dollar race. i should say and just to button

up this whole conversation on this whole subscriber miss, the company did say on its own internal forecasting, did not cite weak demand and did talk about competition. >> thank you very much for joining us on that netflix discussion amazon, of course, is in its fourth annual prime day. that kicked off just about an hour ago with reported glitches, though, from some users. the stock had hit an all-time high earlier today but a little bit down in the after market >> and we found out that wilfred buys his diapers in stores >> they're called nappies. i was referencing to your longer list that included the diapers >> we're going to do now up 56% this year, is there more room to run in amazon enjoining us now to discuss tim seaymor

>> at my age it's just important i remember to by am i nappies. >> buying amazon stock, how about the stock? >> you talked about the move year to date and we can talk about valuation that's obscene you can value the company anyway you want when you put a multiple growth value of sales and it looks pretty authentic where it is now add in aws and at 20 times, and it's it's a long way of saying you can justify almost anything for amazon i think the story for me is all about international sales. and if you can get to some of those numbers i think amazon can hold those levels. >> but the move for me you go back to last quarter and my view on last quarter was president trump wept after amazon pretty hard going into the quarter.

and my view was jeff bazos did want make a sound as president trump tweeted about amazon wound up being correct but the stock went from 1,400-ish to 1,800-ish if you're looking for a reason to take profits i think you sort of found it now on amazon into this quarter earnings. >> that's sort of what john was just talking ability >> prime day, is it more or less important than two, three years akn ago to amazon? >> amazon doesn't give us enough data to know exactly why i suspect this is the kind of day that sits between dads and grads season and going back to school this gives them reason to remember hey, look, discounts is

basely our annual sales. besides new people get in, this will be good for you but the myth of amazon right now, the smith is at full tilt we remember that day when amazon bought pill pack and all of those other drug and pharmacy names went down. amazon doesn't succeed at everything it tries. i mean they do amazing stuff, don't get me wrong but when they took on etsy with amazon handmade, we didn't hear about that much anymore. apple is still in the game i think right now we're going to have some eventual reconsideration of whether investors believe amazon can do everything and i think a key will be do they pass apple in the market cap race oats just over 6% away from each other i believe. >> john, great stuff thank you for joining us this evening. and thank you also to tim and guy. be sure to catch all of fast

money of course begins after this show, 5:00 p.m. eastern the man who called netflix decline will give instant reaction to those earnings >> it'll be interesting to see how the traders are buying the step as well let's see how we ended the day on wall street except for the dow that was a stand out, closed up almost 45 points was within this plus or minus 30, 40 point range all day long. s&p closed down 0.10%. the nasdaq didn't quite do it. and the russell 2000 index of small caps down 0.5% of the day. >> it's a disproportionate effect of jpm and also expected to announce the leadership change he's had a great couple of weeks. spotify release has done very well and should be named ceo tomorrow we have a news update back at

hq hey, morgan. here's what's happening at this hour, the senate's top democrat is accusing president trump of a shameful performance at a news conference alongside russian president in helsinki. senate minority leader charles schumer calling it a sad day for america. >> at every step along the way the president is kneecapping our allies and offering a helping hand to our adversaries. when it comes to the interference in our 2016 elections the president has managed to point his finger at just about everybody except the culprit. >> reporter: former president barack obama shot some baskets and delivered remarks during his visit to kenya it's the first to the country of his father's birth since leaving office he went to help launch the sports and training center founded by his sister.

tiger woods hitting the links courses today. he will be playing the british open for the first time since 2015 after missing the previous two events due to back ailments. apparently he's also been talking some smack that's the cnbc news update at this hour. >> morgan, great stuff still ahead on "closing bell" president trump says he believes russian president vladimir putin's denial of election meddling and netflix shares are getting pummelled right now on we mbehigrth akemrsp ow your muscles look good, but we should be seeing more range of motion. i'm fine. okay, well let's see you get up from the couch. i'm sorry, what? grandpa come. at cognizant, we're uniting doctors, insurers and patients on a collaborative care platform, making it easier to do what's best for everyone's health, every step of the way. you may need more physical therapy. ugh... am i covered for that? yep. look. grandpa catch! grandpa duck!

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prevagen has been shown in clinical trials to improve short-term memory. prevagen. healthier brain. better life. netflix shares under a lot of pressure after reporting earnings coming up we'll get reaction and whether you should buy the stock on this 13.9% dip. but first president trump praising russian president vladimir putin today just days after being critical of close u.s. allies. up next we'll discuss how that could impact the nation's foreign policy and the reputation on the world stage. >> did they hold hands like trump and may? we have a full analysis coming up and at expedia, we don't think you should be rushed into booking one. that's why we created expedia's add-on advantage. now after booking your flight, you unlock discounts on select hotels right until the day you leave.

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president trump and russian president vladimir putin holding a news conference today. and trump says he believes putin's denial of election meddling in the u.s. >> reporter: a heck of a day in helsinki today the president now on air force one on his way back to the united states, issuing this

tweet apparently in an effort to walk back some of his statements today. the president tweeting, as i said today and many times before i have great confidence in my intelligence people. however, i also recognize in order to build a brighter future we cannot exclusively focus on the past as the two world's nuclear powers we must get along we saw the president of the united states sharply critical of special counsel robert mueller's probe into any potential collusion. here's what the president said >> i think that the probe is a disaster for our country i think it's kept us apart it's kept us separated there was no collusion at all. everybody knows it people are being brought out to the floor, so far that i know virtually none of it related to

the campaign that was a clean campaign. >> reporter: and wilfred, meanwhile in other russia related news back in washington today the department of justice just the pastcouple of hours has unsealed charges against a 29-year-old russian national and announcing the arrest of that national saying in these charges documents she was involved in an effort with contacts and worked on behalf of the russian federation >> thank you very much reporting from helsinki. joining us now is fred camp and heather conally for the center for strategic and international studies. fred, is the president going to regret the summit today with vladimir putin >> i think eamon is right that he's already walking it back with that tweet. john f. kennedy in 1961 had a summit with khrushchev where he

regretted it as soon as he got on the plane some of those have real world consequences i don't think trump himself is thinking that right now but you see by moving this back through that tweet he is trying to separate himself through his earlier statement he didn't trust his intelligence services. we'll see how this is going to unfold politically and domesticically, but it is going to have impacts on both fronts >> heather, what's your take is it your take the president could have had victory >> you're hearing incredibly strong statements from republicans and democrats alike. look, a president who's defending the united states and our national security interests doesn't call the u.s. foolish and stupid and doesn't agree with our adversary

we have over a thousand u.s. forces in poland defending nato right now, and what message is that to them, their service, our forces in the european theater it really is devastating the president will walk this back, and i hope congress starts legislating and putting parameters around what the president can and cannot do on policy towards russia. >> it really is not just about today and russia this foreign trip, fred, was unconventional, to use a word. the ft op-ed page is already calling it five days of dilumatd diplomatic carnage >> some people have been calling it diplotainment at the same time the disconnect is that the american policy towards russia in the east military and through if

intelligence is stronger than its ever been. i think the real thing to watch is what's the next shoe to drop in the mueller investigation the detail is rich, the names, the addresses, what exactly people did with spear fishing and spoofing i think that indictment was a bit of a shock across the bow not just of putin but of trump so i would watch that space. >> guys, we're going have to leave it there thank you very much for joining us shares of netflix are getting crushed right now after reported earnings. it's the first of the faang names to report results of the season what else it could mean for some of the other high fliers

shares of netflix take a look sinking right now after hours. down 14% after reporting weak revenue guidance and most importantly subscriber growth. >> let's get more on the numbers ed lee and max from the phoenix group. quick take-aways >> a big miss. look, i think the international number was more important anyway and they were off by a little bit, not a ton the reason why international is more important in my opinion that's where the big growth is going to come from if the big thesis is it gets

from 3.5 million subs then there'll be a big change >> the company seems to report from its own internal forecasting not a fundamental buy problem. do you buy that? >> there's alwayscorner. most of the time the second quarter isn't a sweet spot for them, it's not the strongest corner it does look like the domestic spilled. the thing that people aren't focusing on is the average selling price data, which is part of the reason we got the total revenue forecast, even though we had a big whiff in terms of the basic subscriber numbers. the growth is international. there's a greater chance for a greater margin internationally, the local cost of content can be different. we don't think anything's changed about the long term prospects about the company. and obviously it wasn't cheap a week ago, it's cheaper, and we like the direction >> the comments in the letter,

on competition were very clear what do you want to hear from them on the earnings call that could perhaps get people a little more relaxed about some of the negatives >> i'm going to cut the other way on this. he needs to talk about the price. it needs to go up, he needs to charge people more for what they're offering longer term, that's where they're going to hurt. if they're no going to pump up the content, they need to get more from the subscribers instead of constantly borrowing from it. they can set the price better going-forward, not seeing a bigger increase later. >> don't they have spotty track records? >> yeah, they haven't been great at it. if it's a more regular thing and tired to begin with. people are less shocked by it as we go forward. >> i want to hear more about this at eighth t time warner threat, potential fox/comcast threat, what do you want to hear >> it's going to be an interesting place 6 to 12 months from now basically, the netflix story reflects that, you want to own

the pipeline through which various stuff flows, you don't want to get into that business netflix has shane it up, by showing they can drive the good economics on the pipeline by having the less good economics on the content pull people in. that's already changed the story, it's going to be a good time to be a great content provider hbo has been slow to it, the sleeper in the space that no one's talking about, of course we talk about it, when we talk about the fangs is amazon, amazon hasn't turned on the jets for amazon prime video there are guys out there buying premium content. they've had success in films, in award nominations, the real story we're telling is, the future is probably streaming they're still the guys to beat, which is why we like the flame, there's going to be a lot more people chasing and just law of numbers, some of them are going to get closer to that second and third position before too terribly long. >> guys, we have to leave it there. >> ed will be back to talk amazon very soon

>> i'm sure we'll have ed tomorrow if not soon after thank you both very much we'll have much more on netflix's earnings coming up on the company's conference call, that comes very shortly. just about an hour's time. prime day is underway, the website had some issues, we'll get the latest glitch situation when we meacco bk. well, it's earnings season once again. >>yeah. lot of tech companies are reporting today. and, how's it looking? >>i don't know. there's so many opinions out there, it's hard to make sense of it all. well, victor, do you have something for him?

>>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah, me too. wow, you really did a number on this thing. >>sorry about that. that's alright. i got a box of 'em. thousands of opinions. one estimate. the earnings tool from td ameritrade.

we have a news alert on amazon's prime day, website issues kate has details >> that's right, those glitches we told you about earlier, continued into hour two, they look to be somewhat resumed if you go on to the home page now the shop deals button is gone, some of the deals are starting to load.

we have video and photos of the error messages that people were getting. the dogs of amazon, very cute, but not the deals customer were looking for when they signed on. we haven't heard from amazon, they haven't releases a statement. there have been minor reports of issues with alexa and twitch since 3:00 p.m. when this all began, the stock is down around 2% up next, another check on shares of netflix sinking. key numbers to listen for and comments as well comments as well closing bell will be right back. index investing for that low? that's three times less than fidelity... ...and four times less than vanguard. what's next, no minimums? ...no minimums. schwab has lowered the cost of investing again. introducing the lowest cost index funds in the industry with no minimums. i bet they're calling about the schwab news. schwab. a modern approach to wealth management.

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fed chair jeh powell, testimony and analysis on his message to investors and the nation squawk on the street 10:00 a.m. eastern. netflix shares sinking to 13%. that's a $25 billion loss of market skap. that's the cost of the subscriber miss, both on the u.s. and international that's going to be key on the conference call. dan put out a note saying, knee jerk react would be negative he wants to hear more about the international growth >> epst is a beat. revenue is in line, not doing enough given that sub miss in today's trade before the

close, bank of america climbing higher after reported better than expected earnings, extraordinary move brian moin hang will be on mad money with jim cramer tonight exclusive interview, you don't want to miss that. i shall be rushing home to make sure i can watch it. >> you'll be covering goldman sachs tomorrow >> yes fast money starts right now, live from the nasdaq markets overlooking new york city's time square i'm melissa lee. tonight on fast, banks breaking out. financials the best performing sector today as earnings are underway after you hear what the citigroup ceo said, you may be buying two new cryptos could be coming to a coin base near you the company announces plans to diversify its platform adam white will be here to tell us which ones could make the cut. we start off wit