ask me how i know. >> and leslie was a -- is a real journalist, a writer's writer. and not just a tv side line. your band is playing tonight >> celebrating jerry garcia's birthday this week three shows this weekend >> go see steve's band "the closing bell" starts right now. i'm sara eisen in for kelly evens. it is time for the closing bell. we're going to debate how long the job search can actually last i'm lesly picker at cnbc headquarters i'm kate rogers in salt lake city utah and the u.s. economy keeps adding hundreds of thousands of u.s. jobs but there's a massive shortage in trucking we'll tell you why and how companies are trying to fill the

void i'm bob pisani in for wilfred frost. we'll talk with the whole nasa crew in just a few moments "the closing bell" starts right now. happy friday and welcome to "the closing bell. a special welcome to bob pisani. your walk killed it. don't tell wilfred i haven't seen anything like that >> i was just walking by and they grabbed me. i was planning to leave early and look here i am >> this is exciting. let's check ipon tn on the marks it's about about 96 points nasdaq, though, losing some of its early gains. tech underperforming today we'll talk about that. russell 2000 is actually down. the small caps getting ahehit au

0.5% >> steve, it doesn't look like the jobs report is going to essentially change the fed narrative at this point. >> not at all, really. really when you dig down it's a weaker than expected reports, bob. but it's actually stronger than it looks when you dig down 157 versus the 190 expected. but look at those powerful revisions to 59. that brings the three month average up to 224. so you're really humming along fine unemployment rate ticking down to 3.9%. and there were several one off factors, guy,s that really might have biased the lower number a low response rate to this survey could have biased it lower and a big decline with education that probably has more to do with seasonal adjustments for layoffs or the whole summer season or education business here's where jobs were manufacturing is humming along up 37,000.

that is hallmark, by the way, of the trump presidency definitely more manufacturing jobs temporary help up 28,000 construction even though they say there's problems finding those workers, up and retail up. and tariffs could reduce employment down the road but not just yet just as bob said most economists see little reason for the fed to change course and not hike twice this year. fist look at third quarter gdp from the krbs rapid update, 3.4% after the reported 4.1%. we don't have a lot of people estimating yet, but atlanta fed down 4.4% from its previous yesterday. we'll watch that 3% number i think that's a good number to hold after a strong 4% in the second quarter >> i'm going to go out and say

the cnbc estimate, your estimate is more accurate than the atlanta fed. >> we studied that, by the way i don't want to say how much, but we did a previous when we were half a point better atlanta fed has some problems it keeps making coming out of the box. it has to come down a lot. but we have shown we're consistently more accurate than the atlanta fed. >> the problem they're having is they're not watching you enough, steve. >> so we want to know is the current job growth sustainable joining us now is anthony chan, and the deputy u.s. economists at s&p global. do you see any clues with the numbers today that give us any hints about the future >> you know, i like to look at it in both what's the potential labor force that could come in with this kind of economic

growth and i see that, you know, this 200 plus average of gains it is maybe in the next, you know, quarter or so we can still have this going on. but at the end of the day, at this point in the cycle it slowly starts to trickle down. and we haven't seen that yet but maybe perhaps next year it will start to happen. >> and anthony, do you agree with steve's point this report doesn't essentially change the fed's narrative of rate hikes in september and november i think that's pretty remarkable for a late cycle jobs report >> i think the federal reserve made it very clear they feel not omis o only is our labor market strong but the economy is strong. as to your first question as to whether or not this is sustainable, you've got to remember when the economic expansion began in june 2009 the

labor participation rate was 62.7%. now it's 62.9% that means over the last two years a lot of workers have disappeared. what do you need to get those workers to go back in, you need those workers to go up and you need productivity to go up two months ago you had an increase of 601,000 in the labor force. this year we had barely above 100,000. >> the wage question is a big one. if you don't expect this kind of jobs growth with the unemployment rate now at an 18-year low to get better or if you expect it over time because of it lateness of the cycle or how good it's been, what happen tuesday the wages? does that mean wages aren't going to get to 3% >> that's not what i mean. we do think wages will slowly rise towards the 3% mark towards

the end of the this year when you look at the prime age workers it does have some room for improvement. we could see potentially about a million or so folks coming back in the labor market. again, there's some uncertainty in this. >> guys, thank you for weighing in on the jobs report. turning now to the other big story of the day, trade. big developments out of china. >> china istargeting more than 5,000 u.s. products with retaliatory tariffs. these are new retaliatory tariffs and they range from 5% to 25% and they are in response to president trump signaling just a couple days ago that he may more than double the tariff that he's considering on $200 billion in

chinese imports. some of the note able items chia is now targeting 25% tariffs on aspartame, comunian wafers, tires, textiles and 20% tariff on crayons, pencil and pens. in all the items comprise about $60 billion in u.s. exports. that a smaller number than the u.s. is targeting of china's but of course china imports much less of u.s. goods than vice versa. it throws cold-water on the notion that the two countries are engaging productively. his answer was zero, acknowledging there was one call in the past few days, but this official says the conversation that took place resolved nothing between the two countries. as for the president's overall impression of china's behavior, well, according to this official he thinks it's been completely

unsatisfactory, so we will see whether any engagement can happen in the future, but it certainly doesn't sound positive guys >> in this trade war which country has the most to lose, the united states or china also with us is john rutledge, ch the u.s. market pretty sanguine this week. but the chinese market is not. we've seen some big indexes down is the market implying that china may be the first ones to blink here what's your view of this >> that's definitely true in the stock markets because chinese markets are heavily influenced by foreign capital flows, and the capital has been flowing out of china, which has been encouraged also by the higher interest rates the fed is pursuing so i think the capital market story is there but there are two other angles in china that matter

one is thec economy and the thid one is the politics. it's not in particular influenced by the trade policy we've had so far but most important is politics xi doesn't give a hoot about the poor people in china why do you think they attacked soybeans, not just because of our farmers but because he doesn't care about the pressure from his own people. this is very different place in china than it is here, you have to know the politic tuesday understand what they're going to do >> so gordon chang does understand the politics. he's studied it for a long time in china how aggressive do you think president xi is going to get or can stomach getting with the u.s. in this trade war >> over the long-term most economists believe china cannot win with the united states for xi jinping to prevail he's got to basically bluff president

trump right now. right now xi jinping is in trouble. there's a lot of dissent in the chinese system you have these essays, people coming out and criticizing the president. and the reason is xi jinping has grabbed control of the economy which means when the economy goes well, it's great. but when it goes poorly, it's bad for him. china is growing at 2% we're glowing at 1 -- >> where do you get that number? >> they claimed 6.9, and that's consistent with total primary energy consumption which showed china grew basically 1.4% in 2016 2017 that number went up a little bit so maybe they're growing at 2.5% but that's really the extent of their growth >> john, you were talking about politics over in china, but there's politics here in the

united states as well. there are many in the republican party who do not agree on president trump's position on this there's the mid-terms coming up. might the opposite happen? might president trump blink first? >> well, the pressure is here. obviously there's the red states, the farmers, the soybeans and all that. but the fact is two thirds of the largest exports from china are foreign owned firms. a third of the value added of chinese exports is from u.s. firms. that's where the political pressure would come from here is for u.s. firms who don't want it to screw up the sales they're making in china to chinese consumers. 50% of the service of u.s. imports is the domestic concept as well. so car dealers, car repairmen, guys like that, those are the vulnerable spots here in the u.s. but the truth is trade wars can't go on for a long time.

a lot of people get hurt the best estimates i see is the trade war we've got on the table right now is about $200 billion. that's getting to be real money. >> let's go through china's arsenal of tools it's not just tariffs. we've seen them block a deal or at least not weigh in. what else do they have >> there's so many ways they can go after u.s. companies. we've seen the discriminatory law enforcement actions, numerous regulations in the national security area meant to target u.s. tech companies, a whole range of things. but a lot of chinese officials don't think beijing should be using these because it'll have a discouraging effect on investments from asia and europe that's really critical for the u.s. and chinese >> and of course china is a critical part of apple's overall

strategy i'm sure tim cook is not sitting down letting it happen on its side >> apple is the one u.s. company that is vulnerable to china for a whole number of reasons especially its supply chain. but a whole lot of other companies can move their smie chains very quickly. as a matter of fact, that's been occurring for a long time. so i don't think the u.s. consumer apart from those who buy apple phones are really going to be affected that much >> sneaker manufacturing moves out of china, moves out of vietnam, now maybe moving to africa the supply chain has been proven wrong long before the trade dispute. >> i'm on seven board of directors including companies in the auto sector. it is not possible to move a supply chain at a snab p of a finger yes, people do their very best to try and dodge around these

trade disputes that happen, but the fact is if you -- not the tariffs but the red tape surrounding non-tariff barriers. if you hold up containers in a port waiting for somebody to inspect them, to tariff them and to sign the papers, inside those containers are parts and those parts go on assembly line and you can shutdown an entire assembly line for lack of components and product so those are the kind of things nobody knows how to forecast because nobody has a really good map of all these supply chains but that's the trip up that could happen in the global economy. it's the same problem they're facing with brexit is you just don't know what's going to happen to the things moving through the port and how fast or slow they move >> and yet the u.s. market, investors there don't seem that concerned, guys. thank you. fifth week in a row of gains for the s&p and nasdaq we've got a news alert

we're stying on china, sara. earlier today i reached out to the white house to ask if there had been any engagement between the trump administration and president xi's party in china following the retaliation news oe overnight and i just got a response from the white house which i believe flashed on the air while and saying we've had high level discussions on multiple occasions in the past few months and we remain open with discussions with china. slaern an optimistic tone from the white house, though not acknowledging whether there had been any talks today following the most recent escalation >> thank you, kayla. we were at the highs of the day, in fact. >> that's a market friendly headline >> very much so. we moved about 2 points on the s&p, up about ten points on the s&p. we mentioned that strength in

consumer staples. a mixed market on the technology stocks russell's been weak throughout most of it day cbs beat earnings expectations but after it's what cbs' chief les moonves did not say that's making headlines today. plus one of silicon's valleys perks could be in jeopardy as bob said session highs, dow's up 125 d-on advantage, booking a flight unlocks discounts on select hotels until the day you leave for your trip. add-on advantage. only when you book with expedia. add-on advantage. your digestive system has billions of bacteria, but life can throw them off balance. re-align yourself, with align probiotic. and try new align gummies, with prebiotics and probiotics to help support digestive health.

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and lets you control your network with the xfi app. it's the ultimate wifi experience. xfinity xfi, simple, easy, awesome. welcome back cbs reported better than expected earnings after yesterday's close. but ceo les moonves says nothing about the sexual misconduct allegations against him, and no analyst asked about it either. julia boorstin is in los angeles with more. julia? >> not a word from either ceo les moonves or the analyst on the call about the two elephants in the room. the allegations of sexual misconduct or the legal battle with controlling shareholder sheri redstone and her national amusements everybody steering clear after the chief said in light of pending litigation the questions would be limited to quarterly results, and that council could

be the two newly named law firms leading the investigation into sexual misconduct against les moonves. and nancy kesenbom will lead the probe. writing, quote, we admit while we have no clue as to what will happen here we do know that cbs stock at this point in time is simply uninvestable. gugen hiem with a birating siing, quote, we understand the uncertainty surrounding the situation and the importance of leadership for the company we'll see what the investigation yields back over to you >> julia, thank you. earlier this week the times up organization tweeting six women have courageously shared their stories and accused ceo les moonves of sexual harassment and assault. we believe you, we are with you.

cbs, we are watching we expect a full transparent and expedient investigation now. #times up. joining us now is fatima, ceo of the national women's law center, one of the founders of the times up legal defense fund. nice to see you. thanks for joining us on this story. so you guys do help pay for some of the pr and legal fees of some of the victims has anyone contacted you from cbs or about les moonves >> well, i can't talk about the specific people who contact the times up legal defense fund. but i can tell you that since we launched on january 1st we've heard from people in over 60 different sectors including entertainment and media. and these are the types of people who come forward and we hear from every single day >> i wonder if you didn't give us your response how this is all playing out. in the past we've seen executives or talent or whoever is accused generally either leave or take some kind of paid

leave of absence that's not happening here. mr. moonves is staying and apparently very involved in the day to day activities at cbs what's your thoughts about that? >> i think that's right. and i think what you saw happen on this investor call the concern about les moonves not leaving during this investigation. it was a pretty big mistake not to address -- and so we are all watching cbs closely they have the opportunity to either be an industry leader here or to further harm the many people who have come forward >> do you think that this kind of behavior and these allegations are more prevalent in hollywood and media and entertainment industries or do

you think it's just, it's more widespread and they just receive a lot of attention because it's flashy and people know the names and faces? >> so we know that harassment is an everywhere problem from farm workers to restaurant workers to people working under the bright lights of hollywood. what is i think important to pay attention here is that we're talking about a company with a very powerful individual and that's also not an original idea, that powerful individuals sometimes engage in harassment the extraordinary thing is that even in the face of these really powerful individuals that these women have come forward. they've taken a lot of risk to come forward, to tell their stories with great risk of retaliation. so that's how cbs responds here. that's why we are all watching this >> you said you thought they should have said something and yet they were apparently acting on advice of legal counsel

they hired the form head of the sec to advise them she's going to be doing the investigation. it seems like she's advised them to say nothing is that bad advice she gave them >> they said there would be an investigation, they've announced who their counsel is there are types of things investors want to know and consumers want to know, how long will this investigation take, what steps are you going to take to ensure people won't experience retaliation what is the work you're doing in your climate going forward there were a range of things they could have taken and discussed on the call this morning and they could continue to be engaging both their employees and the public and the conversation on. >> fatima, we appreciate your time from the national womens law center in chicago and times up legal defense fund. looks like we've got about

35 minutes to go before the closing bell, and we've got a triple digit rally for the dow up 139 s&p 500 up 0.5%. as bob's been saying consumer staples leading the way. nasdaq flat. small caps down about 0.5% >> it's been changing the last couple of days >> surging today on earnings, having one of its best days in the year we'll dive into the consumer giant beat next. and one country in particular could push farmers further into the red and no it's not china. we'll explain ahead.

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i do next. peloton. welcome back to "the closing bell." let's check in on some stocks to watch here at this hour. shares of kraft heinz jumping today on a beats earning the company says it's in a position to drive sustainable growth from a pipeline of new

products specifically mentioning condiments and new sauces in europe and the middle east best day of the year for kraft heinz. this is company still seeing organic revenue growth of negative 0.4%. they've been promising top line growth they haven't seen it they're in the center of the super market, which is tough place to be. but kraft brands have been particularly brand they've also been cutting costs as run by 3g i think a lot of the move has to do with cost speculation which continues to heat up there's a post in "the new york times" that they're looking at campbells soup and that gets investors excited. >> we have brand erosion, no pricing power. it's like a hail of locusts for consumer stocks. but look what happened, they all fell apart and now they're starting to bounce a little bit. i'm not saying it's a lot but what are we up, 15%?

>> there was a company that was down 30% over the last 12 months and it's bip hit hard on some of those trends, you're right but there's this idea that the trends are stable and things are coming back, and maybe they'll have a little pricing power when it comes to passing on higher input costs. >> let's take a look at shake shack. earnings and revenue beat, the stock falling on weak same store sales guidance it's down 13% so far for the quart. so keep in mind. now there's been a lot of talk i know peak burger, i'm tired of that word, but that's been controversial. all of the major brands have underperformed there's two issues here. first burger prices have been going on up, and they could hit a price ceiling. there's a lot of talk about that and shake shack talks about wage inflation and higher beef costs. the better burger guys, that's

shake shack, you know, and five guys, moe, all of that stuff somehow they were going to be insensitive to price increases and other things like that turns out they're not. i think we're probably at saturation for burgers and certainly publicly traded companies. >> and no one does evaluation like shake shack >> what are we 90 times forward? some crazy number for them meantime cafeteria food are the stuff of legend and also the key part to attract top talent, but some lawmakers could put a damper on all that free food bob is outraged. what's the story >> it is such a big perk at companies at companies like twitter and square and uber, all of which are just around the corner from where i'm sitting. a couple of lawmakers here in san francisco want to ban

workplace cafeterias at new offices going up in san francisco. right now the city has about 40 office cafeterias. a lot of them are at tech companies. some city officials say the companies are reaping the tex benefits of being in the city but the benefit is not trickling down to the neighborhood the manager of the restaurant where i'm sitting right now say since they've opened in 2011 there rents have doubled, but they're not sitting the extra foot traffic they were hoping for. >> it's disappointing they don't come out of the office to enjoy what the outside area of san francisco and supporting local businesses >> meantime, guys, those in the tech industry defend these cafeterias they say that they are such an important perk to offer them talent and they're in such a huge race for tal want going on. and also it helps to build company culture and morale and of course helps people stick to work and be productive than go outside the office building.

back to you guys >> thanks very much, aditi i'm sorry, big brother government nonsense. the food they're supplying comes from organizations as well and what business is it of government to tell them whether they can feed their employees. >> i agree >> time now for a cnbc news update here's what's happening at this hour, everyone. the woman who scaled the statue of liberty on july 4th shutting that attraction down for hours made a court appearance today. patricia pleading guilty to three misdemeanor charges and she was released on her own recognizance >> to scale the statue of liberty in the name of justice i'll take it as a compliment >> more than 145,000 cartons of

almond milk are being recalled over dairy allergy concerns. recalling half-gallon cartons of vanilla almond breeze milk that contain a use by date of september 2, 2018. and take a look at this. traffic was stopped at yellow park this week to les a bison cross the work one man decided to get out and start taunting the animal, and the animal bellowed and charged to show his dominance. no one got hurt but park officials say the man's behavior was reckless and illegal why would you ever taunt an animal, any animal -- >> what an idiot >> but an animal that big. >> okay. you know there's one born every minute 25 minutes or so before the closing bell tensions are heating up between the u.s. and iran.

a key oil shipping route could be in danger of a blockade plus more retail investors are copying hedge fund investment techniques, but that strategy mayote yi n bpang off too well new data on whether it's wise to follow the smart money straight ahead. d break. gooood break. i'm so sorry we can't make your barbecue. i'm just sick about it. aflac!? different kind of sick. if i can't work after surgery, how am i gonna pay my rent? all these bills? aflac! oh, aflac! and they pay you cash in just one day. see how aflac helps cover everyday expenses at aflac.com.

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welcome back beginning a major exercise near the strait of hormuz yesterday >> let's talk ability how this could impact the oil market with paul sanky you see a headline like this, iran starting naval exercises near this critical strait for oil and oil ending lower for the week and wti is trading down does that make sense >> it is very concerning, absolutely we've always been worried about the straits of hormuz, but at the same time it's not as if this is new area of unrest although the specifics of the naval exercises are extremely concerning the reality of the broader picture is i wouldn't say steady state, but it's like constantly like this

if they do something here it's going to be not just the u.s. that comes after them. you're going to see china coming after them, saudi -- it'll be cataclysmic. >> now we've got the whole iran mess it's sort of balancing itself out. does it all depend on iran >> you've got to remember the opec meeting very specifically aimed at oil in the market and the russians, the two biggest oil producers of the world outside the u.s., which makes the third. and as you said in fact oil prices are still where they were with them both really going to record highs again in terms of production particularly russia hitting all-time highs, you know, the physical ambition of oil has left us flat i think that's the balance, and the balance basically is the gio

geeo gee politics. we're expecting to see iranian volumes drop off and that's another physical reason firstly the oil markets hasn't sold off more and secondly why the iranians are doing what they're doing today. if they get out off yum oil exports -- and there's major disrupt in iran right now so that's another dynamic >> they can't replace their oil anymore. why can't they is there a political problem can they not find out? do they not want the capital outlay you saw what happened with exxon, it was terrible >> the company had such a massive base but particularly an attempt to get into russia that ended because of sanctions

and that really suddenly left them short on a $4 million a day a base it's really going to take them five years and a major investment program to overcome that it was really an investment strategy that went with crimea >> if it's not driving up the price of oil, does all these tensions with iran put a floor >> the overall inventories are quite low. so my personal view seemingly is the same as yours, which is there's this enormous risk right now in oil, and i'm kind of surprised not more is happening. the u.s. and trump has said we want lower prices. saudi has kind of said we want lower prices that seems to be the other dynamic right now. >> we have 18 minutes before the closing bell dow jones industrial just off

the high spiefb also and russell 2000 negative for the day s&p 500 jumping more than 60% with the average level of the stock hitting its highest price in history and seema mody watching how taffliatory ris. >> apple consumers across the nation bracing for the impact it could have well, have you seen her work? no. is it good? good? at cognizant, we're helping today's leading banks make better lending decisions with new sources of data- so, multiply that by her followers, speaking engagements, work experience... credit history. that more accurately assess a business' chances of success. this is a good investment. she's a good investment. get ready, because we're helping leading companies see it- and see it through-with digital.

turns out apples are one of the few u.s. goods facing a triple threat of tariffs from three major foreign markets. let get to cnbc's seema mody for the story. >> that's right. retaliatory efforts could threaten the livy hood of american apple producers we've been speaking to a number of farmers across the hudson valley region who say they've become increasingly reliant on international demand, markets like india, china and mexico that have become big buyers of u.s. apples. it's been a growth market for u.s. apple producers, a way to increase margins as well as price of apples

but it's not just big exporters. local domestic importers which spans over 350 acres and produces more than 30 million pounds of apples a year says they will be indirectly impacted by tariffs as well >> with these additional tariffs supply and demand has changed, so now that the demand isn't there for certain varieties we're going to have remove varieties from our next out and we'll probably lose some jobs. >> if fewer apples are sold overseas farmers are concerned that domestic competition will intensify. specifically between washington and new york, the two top apple producing states here if the hudson valley apple picking season is about to get under way and farmers are under pressure to sell as much product as they can to offset any weakness from international markets due to tariffs and the on going trade dispute

and i can tell you these golden crisp apples are just about ready to eat they're pretty good. guys, back to you. >> very nice, seema mody apples and cherries and soybeans >> threats a glut of apples. what do they do if they can't export them? that's a short shelf life. >> we buy a lot in our house 12 minutes to go here before the closing bell, and we're looking at pretty solid gains at least for the dow and the s&p 500. off the highs, though. nasdaq around the flat line. russell's down 0.5%. still up for the week for the s&p and nasdaq coming up the result of a new study that says retail investors should stop trying to mimic hedge funds. find out why when "the closing bell" returns. how about some of the lowest options fees? are you raising your hand?

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are you ready to take your then you need xfinity xfi.? a more powerful way to stay connected. it gives you super fast speeds for all your devices, provides the most wifi coverage for your home, and lets you control your network with the xfi app. it's the ultimate wifi experience. xfinity xfi, simple, easy, awesome. welcome back to "the closing bell." looks like we are going to end this week on a high note middle east at least for the dow, s&p and the nasdaq all sectors for the s&p 500 are positive except, bob, energy >> yeah, tough week with energy

stocks, all of them on the downiciddown side more retail investors in the meantime are mimicking popular hedge fund techniques, but the strategy may not be paying off >> they're known as liquid alternatives which is reel just a fancy way of saying mutual funds and etfs they've ballooned since the crasis since mop mom and pop investors, but a new report by morning star find that most liquid alt funds have failed to at value to most traditional stocks and baupds. they tested a variety of strategies, long fund equities, over a five year and three year time horizon the firm found that the risk reward of liquid alts failed to report efficiency.

in the last ten years the benefits of using hedge funds strategies have basically vanished as you can see from that chart there where the two lines merge. this is notable, though, because space for liquid alternatives are typically much higher than your etf and traditionally they haven't been really tested for a downturn one such fund managed by lgl with short volatility and plunged causing the fund to close. according to morning star many of these liquid alt funds can do more harm than good. >> i know you have thoughts on that >> so liquid alts was a hot word about two or three years ago everyone said liquid alts and something magical was going to happen if all of a sudden you said liquid alts and they don't work as well

because indexing has won so much of this game and it actually is the intersection of what you're talking about, the debate between indexers are people who go out and say i'm a lot smarter. let me do futures and commodity e trading and i can do that. the idea of diversification and let's put 15% of our fund into liquid alts because, well, that's what we're told to do, i think that should be retaught a little bit >> and they have reintersections restrictions on things like leverage it isn't exactly the same thing, but you're still paying pretty high fees for the product. >> wouldn't you agreet, though, leslie, that the idea if you're going to an institution or you're going to pension fund they say, oh, we have to have 15% in alternative products because, why, the investment

committee suddenly decided you're going to get superior returns? it turns out you don't that's the key point here. thank you, leslie. great story. up next we're coming right back with the closing count down. and after the bell the average price of a stock in the s&p 500 hitting its highest level in history coming up on "the closing bell."

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welcome back to "the closing bell." here's something i've always wanted to do let's interview bob pisani bob, tricky week what do you think is going on? take a look at kraft heinz remember all the problem with all the consumer stocks, the margin we've seen, the pricing problem, the brand name erosion we've talked about, the commodity inflation, all of it was present in kraft heinz all of it was present in a lot of consumer names. yet something interesting has happened, the stocks have started to bounce. most of them, most of them bottomed out in may or june. and suddenly they've been rising recently kraft is probably 15%, 16%, 17% off of the lows we saw back in may. most of the consumer staple

stocks have also bounced as well most of them in the last several weeks. on top of that i would say the consumer sector that has been straight down is probably up 10% at the bottom here i do want to point out something, some of the advances are fairly narrow. listen, it's really apple that's dragging everything. there's about 70 companies in the technology group, but only 20, 22 of them are really up on the week intel had a very good week, facebook had a good week but facebook is down a little bit, google is down. i would say there's still very bullish sentiment going on overall in the technology sector but i would keep my eye on certain subsectors elsewhere i would note we're seeing a decline here in the six. look at that we were 13 just two or three

days ago now the low 12 that's a sign betting against the whole trade thing and the street isn't buying into that whole game that's the closing bell. the second hour of "the closing bell" is starting right now with sa sara eisen and if we can find bob pisani maybe we'll send him over. i can't beat that. i can't follow a bob and bob closing count down i'm sara eisen here for kelly v evens. dow closing up 0.5%. ibm actually the big leader today. s&p 500 up 0.5% as well. and nasdaq the worse of the three but it was flat all day and managed to climb out with a

more than 0.10% gain though overall in the week it was a good one stocks climbing for the fifth week in a row. we've got a live shot here of a launch of the last shot back from 2011, actually, the last space shuttle from u.s. soil it was more than seven years ago, but nasa has teamed up with boeing and spacex. it revealed the astronauts involved in that project today, and they're going to be joining us on "the closing bell" coming up to talk about it. but first let's talk about this market and just in terms of the movers leading the dow for the week was apple. became a trillion dollar company. boeing was the big laggard on the s&p 500 dish network was this week's big winner photonics was the big loser. market is not afraid of a trade

war. does that make sense >> it seems that way the market is assuming there will not be a trade war. if there is a trade war and it is anything on the scale of the tariffs that are being discussed right now the impacts will be very substantial on the stock market so i think the stock market is -- trump is kind of winning and everything pf's going to be okay in the end. he's kind of winning the war of words, and chinese market is going down, our stock market is hanging in there everything is going to be okay don't worry about it at least for the month of august. >> does that feel right to you >> it doesn't only because i think that it's more uncertainty than really we need right now, and it's dangerous it's life and world events tend to be unpredictable. so the idea that trump is going to quote-unquote get away with a last minute negotiation and the chinese are going to somehow save face in the process seems unlikely to me >> nobody knows. >> the stock market thinks otherwise. the stock market also thinks

that flat bond market is okay and that budget deficit doesn't matter so the stock market doesn't care about a bunch of things right now. we'll know come october, i guess. >> the job report it was a little below expectations but big revisions in may and june. pretty remarkable for three months, in the latter half of economic expansion for sure. it doesn't seem to have changed the fed narrative either what's your thoughts >> actually, i think it supports the fed narrative. the job numbers is actually a little bit disappointing even though the jobs were d disappointing. i hate when we agree i mean agreeing is really boring, right? that's terrible. i don't want to agree with that, but i think we're in a see no evil, hear no evil market. clearly this issue with trade in china could be catastrophic with u.s. industries. u.s. exports are primarily large

scale industrials we're exporting. you put 25% tariffs on them, it could shut those businesses down, meaningfully disrupt the supply chain when i see volatility falling when the rhetoric in washington is rising that makes me think there's a disconnect when there are surprises that's when there are big moves >> don't you think the fact it was a modest 2.5% from last year and the fed doesn't need to be worried about inflation -- >> if it need today be 0.4, 0.5, eoh, yeah you can see the immediate response in the bond market yields actually short-term moved down so, yes, if they would have been higher there but i do think the economic growth continues here. that supports the economic growth moderate inflation story that the fed's been talking about. >> maybe that's why consumer

staples led the market today after reporting a beat on the top and bottom line, announcing it expects profitability and sales to improve kraft is reportedly interested in buying campbells soup i cover these names, evan. it's really hard to find growth. this is off the back of negative sales growth >> i don't know p & g had any sales growth they came out and said we are going to raise prices on pampers and other things we'll know in three to six months whether they can get the price increases to stick on the one hand you have amazon which has basically been causing this giant deflationary trend in the economy. on the other hand you have the consumer staple companies that need price increases and it's a little unclear where it's going to shakeout in the end >> you have brand erosion now.

so you've got commodities, you've got a brand erosion it's just a plague for them at all. it's remarkable they've even been bouncing. >> right, but the stock market got that all these stocks, kraft heinz is down 30porous from its highs p & g is down 15%. none of these stocks have been doing well this year >> you also have the deal speculation. does that milwaukee them attractive >> what's a low growth company with a high dividend, it's really a bond. so i think they've been trading with interest rates. there's a whole sector of the market out there that's been rotating as bond yields rise that move is going to be back in the bonds which accounts for the year to day loss i think once we get to a certain

level on yields, i think that rotation stops >> we had 3% this week >> i think it's probably 3%, 3.5% if you look at the correlation between yields and thesert of low volatility high yield names it's been quite strong over the last 24 months >> tinvestors were all abuzz, bu what traders really want to see where higher volumes trading volumes have been stagnant for years but the prices keep going up the average s&p stock is now $115 that is the highest its ever been in its entire history in 1998 there were no stocks over $250. today there are 30 now you can thank the rise of the stock market, but it's mostly the refusal of companies to split their stocks. companies queues companies used to split their stock all the time because they felt a lower price would make it

appealing to lower mom and pop investors. but institutional investors have come to dominate the market now. they don't care about the price. they buy by the dollar amount. in 1999 nearly 20% of the s&p 500 split their stock in a single year. only three companies in the s&p have split their stocks so far this year. i don't know if you can remember this, evan, s&p used to have a buzzer service to alert people on their beeper when the stock split. >> i used to get into these fights with people all the time because the theorists are the people who believe in relatively efficient markets. like me, i never understood the markets. in fact, your analysis should not matter in theory it really doesn't matter if you

split a stock three times, five times it doesn't matter. the value doesn't change >> there isn't a theory around that more shares around cheaper prices might lead to more retail behavior which would lead to a different kind of pricing. i'll give you an example amazon trades, 5 million shares a day, something like that let's say if it was $90 and split 20 times like a normal stock, you would trade 100 million shares of amazon a day that's about 6% of the entire nasdaq that would be a very different trading pattern. >> if you're a large institution, all the money is poured into index funds now. does it really matter? >> people are buying these shares through etfs, through index funds. very few people log on anymore and pick the stocks they want to trade. most people have gotten so

burned over the years during that that truly diversified part portfolios >> that might create different trading patterns, that's the theory behind it under the traditional market this is all a bunch of hooey >> but it's one of those things where people like even share prices people tend to think round numbers, people tend to like shares but it's irrational behavior >> that's a predigitapredigitaly thought. the focus has been on how well tech stocks are performing, but health care has been quietly out performing all other sectors for the past month the question is will it be the new growth area? and guys, the important thing is lily came out with its earnings,

wasn't doing much. and these guys have been doing well for the last several weeks. >> whenever there's a tweet, trump's tweet shows up -- i think it's crazy to have the ceo of phizer dealing with calls -- i'm just talking about it's crazy that tweets start to impact policy and pricing and large pharmaceutical -- >> we can talk more about health care, but i also think this about a rotation from momentum stocks to value stocks value has outperformed growth over the last ten years in a pretty dramatic way. >> you mean growth >> yeah, growth has outperformed value the last ten years it's time for them to start beating. what happens is expectations get so beat up you see analyst's forecast get beat down and there's no surprise because

that's why value tends to outperform over time hopefully we start to see value outperform >> ten years we've been sitting on this, and ten years every year we get two weeks where retail or energy or banks outperform traditional value stocks and everybody starts doing the value stories. >> ask david einhorn how well that plays i still think it's going to be driven by tech stocks as much as the j&js and the ifphizers merchandise. >> like you're on idiot, bob, why aren't you with us, get with the program.

>> the problem is you've got -- i don't see where you get earnings growth at this point without major revenue growth and it's already priced in >> it's tough bought you've got a lot of people against us evan, you're with us for the hour the trade dispute as we mentioned with china is heating up again after new retaliatory tariffs on $60 billion on u.s. goods. plus the u.s. shrugging off the news and the chinese markets keep falling still ahead we'll debate which nation will blink first, the u.s. or china. coming up find out how many truckers are still need asked how the nafta trade could dispute -- how this dispute could impact the industry.

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>> we're going to have that discussion now joining us is mattie senior felly that national taxpayer's union, and the senior research fellow how do you even begin to guess the answer to this question? >> well, i actually don't really have the answer. but one of the things i'm sure is there's a lot of optimism on the trump sides that the chinese are going to be the one they have to blame because their economy is not booming and i would not count on it. i mean there is legislative pressure in the u.s. heading to the mid-terms that legislators who are going to be on the ballot are feeling and there are a lot of people concerned about the hit to the economy that may come into effect and how much it'll wipeout some of the really great benefits of tax reform there's a lot of pressure mounting

china is an authoritarian government i suspect this legislative pressure doesn't exist there so i think the optimism on the trump administration's side that, you know, they will -- china will blink first is overrated. and by the way, the country that blinks the first is the one that will actually be doing the right thing by its people. because tariffs imposed by a country hurt their own people. >> the u.s. stock market up this week but the chinese stock market does appeared to have blinked. i wonder about the political pressure here in the united states a lot of republicans are not exactly behind president trump at least in his approach to the china tariff issue and might he be under some very serious pressure particularly with the mid-terms coming up. >> yeah, bob, i agree with your sent means and veronique's

however, there are two points this week that bear emphasis one is the fact that congress passed reforms to the committee on foreign investment to the united states. this is the body that's actually in charge of a lot of the threats that the administration has claimed has been one of the motivating factors for them levying all these tariffs on chinese goods. that's intellectual thought, profit theft, forced transfers congress has passed legislation that goes to the president's desk to sign that would strengthen a lot of the faculties that body has. secondly i think last week that meeting between the eu commissioner and donald trump was very informative not only because having some sort of deal or at least lessening tensions with the eu increases pressure on our other trading partners that we are certainly negotiating with at the time, but also because it will bolster the spine of the

trump administration, thinking tariffs are the threat that can get the job done >> evan? >> the question i have is more generally, which is if you look at the month of august you have a whole series of things that are going to go on here. you have the nafta negotiations. you have negotiations or sessions going on with north korea. you have the situation with iran and the iranian sanctions. and in the middle of all this you have a potential china-u.s. trade war. and so if you're the trump administration this month of august means not just getting the china-u.s. equation right but somehow dealing with all these other balls. it's really like juggling four or five balls at once. and to me that is the real question, to what extent does the china issue take importance -- >> but i think it's a good point

that the yonker negotiations -- >> what is it that wrings the most stability out of our political process right now? i would argue that lessening the tensions with the eu that is not only a question mark not only for the economy here but political questions lawmakers are facing heading into the mid-terms, but thought that does is give us a bit of a sense what the trump administration will pursue next. i think this ipdicates that the trump administration will certainly feel that their threat on tariff works. i think what's going to happen next with any trade negotiation we need to consider the administration has given a pretty clear signal that their tactics seem to be a pretty good path forward >> final word quickly. >> i mean, actually it really doesn't work

the european union only agrees to negotiate the only people i've seen blink so far is the trump administration they caved on zet and the restriction on investment and they've also agreed to suspend potential tariffs on auto. it doesn't work. i have not seen anyone so far agree to the term of the trump administration, period so i actually think -- >> the trump administration thinks it works and that's the important part when we're trying to handicap what it does next. >> yeah, maybe >> we'll see what happens. thank you. it was a good conversation >> thanks, guys. our kate rogers gets a close up look at how badly the trucking industry needs new drivers. kate, what did you find? >> hey, sara, that's right coming up next we're going to tell you all about the industry's labor shortage problem and also what incentives

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the u.s. economy added a lesser than expected 150,000 jobs last month, but there's one industry that cannot hire workers fast enough. our kate rogers in salt lake city with a look at the trucker shortage kate >> hey, sair wraush that's right. the u.s. trucking industry currently short around 51,000 drivers and struggling to attract women to the field so i caught up with one new

truck driver who's a real rarity in this industry take a look. john shell jenkins is ready to hit the road the 21-year-old just got her commercial driver's license after three weeks of training with cr england which employs 6,500 drivers around the country. starting pay for new drivers begins around $40,000 a year but those are experience can make six figures >> the benefits are great, great pay and offers a lot of miles. and because i love to travel and i like money so i said trucking is going to be best for me. >> reporter: young women like jenkins is a rarity in a work force that's only about 6% female and facing a shortage of some 61,000 drivers. >> i told them that just because it's a man job, i can do the same thing as a man. >> reporter: so right now cr england said it could use about 500 more drivers just like jenkens. and to inventvise new people to come onboard they will actually

waive your loan repayment, they'll do it for nine months if you're a veteran other incentives include bonuses, multiple pay raises within a year, and also new trucks lot of companies including this one are investing in newer technology and new trucks every few years. and a lot of them are automatic like the one i'm driving so they're a little bit easier for people who may be initially intimidated of getting behind the wheels, guys >> have you actually driven that truck today, kate? >> i've been driving it -- you want me to back it up? don't test me. >> back it up on camera. >> i'm being told i can only go forward, but i can promise you i can back it up >> kate, i can't even drive a golf cart. i'm amazed i've got to bring up the one

tough question here, and that's the drug question. we all know a lot of people can't get truck driving licenses because they can't pass the drug tests. >> bob, it's something that also becomes more and more troublesome as marijuana continues to become legalized across the country in california for example companies are having an even harder time finding people because dot regulations say you can't test positive. so as that trend continues to sweep the nation in terms of legalization for recreation use that'll be another added layer >> and it's another reason companies are facing higher labor and input costs. very impressed you can back up the truck now. >> you are my hero >> i drove a 21 foot rv, and that was almost impossible these things are really hard to drive. >> but you heard what she said,

it's an automatic merchandise that that's amazing i can't drive a golf cart and not hit somebody let's look at how we finished up the day on wall street ibm was a big winner today and s&p 500 also managing to close up about 0.5%. the nasdaq up about 0.10%. russell closing out the day down 0.5%, up on the week we really saw sectors, bob, shine like health care, consumer staples like today >> there's that old value play we were talking about a bit better and tech up. again, the narrow advances, just a small group of tech stocks really moved the market. let's get to some some of the other big stories today in our rapid recap.

157,000 job, that was the non farm payroll addition for the month of july. the unemployment rate ticked down to 3.9% >> i think with these very strong job numbers come back, nice strong manufacturing numbers we're not getting the wage gains we'd like to see. >> ceo les moonves somehow managed to avoy questions on his company's sexual misconduct claims in the earnings call last night. >> he sounded as if nothing was wrong, and i was also surprised investors didn't probe him about it they were allowed to ask questions but not a single one of them did. >> china's targeting more than 5,000 products with tariffs raising from 5% to 21% >> shares up tick of 11.5% the reporting an earnings beat >> we've now found you can engage and activate consumers on

an ongoing basis >> in a memo to employees tim cook called the news a significant milestone adding while we have much to be proud of in this achievement it's not the most important measure of our success. >> amazing week for apple. time now for a cnbc news update with sue herrera hello, guys. here's what's happening at this hour, everyone the young chinese girl who was reported missing at reagan international airport on thursday has been found. the 12-year-old was found safe in new york city and is now in the custody of her parents the california lottery says last month's $543 million mega millions jackpot was won by 11 members of an office pool that played on a whim they declined to say where they worked other than it's in the financial industry and they plan to keep their jobs they all chipped in $2 to buy tickets at ernie's liquor store

in san jose. canadian golfer brook henderson made a hole in one she finished with 2 under par for the round and is currently ipeight place, five strokes behind the leader. and finally the mystery of the goat invasion of boise, idaho, has been solved residents were rather surprised this morning when they found dozens of goats on their lawns the goats belong to a land clearing service called we rent goats. they were working at a nearby storm retention pond, but they escaped and they were on the lamb until they stopped for a bite to eat. you are up-to-date i'll send it back to you guys. >> who needs lawn mowers we've got goats. >> they're very efficient. there you go and nonpolluting >> have a good weekends. when we come back, the fast food fall out.

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shake shack sinking today despite beating on earnings after the bell yesterday turning in its worst day since back in august 2015. >> it's not just shake shack burger chains, red robin down more than 20% on the week since an earnings miss let's discuss what's going on in the restaurant world peak burgers, guys >> its peak burgers but also margin contraction all of these companies talked about the fact wages are going up, input costs are going up you have that and now you have peak burger where wresterant growth is going to slow down that's a recipe for disaster >> i'll quickly point out when you're thinking about the margins on these places that restaurant chains like mcdonald's don't actually face

the same kind of pressures because all of those restaurants by and large are franchised. and the way they make their money is royalty on gross sales. they can still do okay because their margins aren't going to be compressed the way the margins do you look at shake shake and they actually compress that margin and the reason they do is because they actually own restaurants. red robin is actually maybe cheap at 16.5 earnings, but shake shake is awfully expensive here at 90 >> there used to be this argument of that better burger, you know, five guys or somebody like that would make a differentiation because you can get higher margins, charge for the burgers. does that not apply anymore? >> they're facing a lot of competition. take a look where shake shack i

going to be opening up, and they're surrounded, and it's exactly the same thing high quality burgers also sells alcohol. when you start taking the restaurant pie and putting it into ever smaller slices and you still have that competition it's going to be pretty tough and again multiples matter >> especially when growth starts to slow. as soon as your growth stops, you've got a problem >> what's your burger pick >> i don't pick burgers. not a burger picker. >> shake shack has a good portfolio. >> all this wage inflation, it doesn't show up in wages all this cost inflation doesn't show up in the pce >> it's not showing up in the overall market >> why not >> because they're not raising wages on a wide enough scale or fast enough. thank you. good to see you both and be sure to catch the

chart master tonight on fast money. he says there's one stock earnings poised for a break out. no, we're not going to tell you. this is tease. teaming up to build rockets and send americans to space on u.s. soil for the first time in seven years.

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two minutes and 46 seconds that was how long snap's shareholder meeting on thursday was. due to snap's share structure they control 90% of the voting power. every day stock holders with voting class shares have absolutely no voting power >> they're not the only company that is like this. >> true. >> it reality is that many shareholder meetings, in fact, almost all of them are pro forma exercises. they do in some cases like hath oway, there's a couple of companies this matters to, but for the vast majority of companies they're institutional shareholders and are the base of the share holdings and they don't show up for the shareholder meetings >> for decades, 100 years the concept of a stock ownership implied not just sharing in the upside of the profits but also having a say in the ownership and the management of the

company. there was sort of an assumption. and suddenly that's become bifurcated >> it's not suddenly >> for previous stocks that's become a major issue when i buy into the company i'm not just buying in upstream profits. i'd like to have some say in how the company is run >> i'm just talking about the reality of it. while in theory you are correct, bob, in reality very little gets dup at actual shareholder meetings most of the votes are pledged already. boards are voted on -- >> that a very poor reason to argue that it doesn't -- >> i'm just saying that's the way it is, bob you can talk about the way it once was, but that's the way it is >> i prefer the illusions over the concrete observations about the world. thank you. hedge fund elliot management

hates the word this bothersome word is usually appended like some chrome automobile hood arnment. this is from elliot, okay in. >> he sued people who distributed his confidential investor letter years before he probably is relative to somebody like bill gross bill gross shares his thoughts with everybody as to what's going on jeremy granthem shares his thoughts with everybody. mr. singer doesn't like to share his thoughts with everybody. that's why he's called secret. the coffee giant is working with microsoft and global exchange on a new platform that will allow customers to pay for items with crypto currency starbucks is working on launching the new company by november why shouldn't we be able to pay

for our catp chinos wicappucino? >> because it's a bad currency what they've seen, the data has shown crypto currencies and bitcoin are used liess and less for trance actions now than they were a year ago. >> apparently les disagrees with you. they've paid close attention to what's going on. they have a major investment in one of the exchanges in the base which may be one of the big ones going forward. and by the way it's not necessarily -- i think you're right on the observation that as medium to pay for things bitcoin has been a failure as a store of value, though, well, some people are playing it as a way to pay the block chain

game that's unfortunate but maybe it's not our business. maybe if they think there's a future to do it, that's the way to do it i think it's fine. with the nysc, that's not a joke anymore. i think that's a very serious move >> i did think it was fake news when i first saw the story they put these stories out there all the time >> let's hit on the space because nasa today announcing that astronauts who will take the first strips into space on u.s. soil since the first trip several years ago. the agency has scheduled boeing star line sqr and spacex's crew dragon liner for march the team to launch these missions

morgan, take it away >> yeah, just for a little bit of context, sara, i just want to note as you mentioned the u.s. does not currently have the capability to send folks into spacerecto right now we rely on russia to do this it represents the first time we're able to do this starting next year, that's when the target dates are since 2011. thank you so much for joining us today and congratulations on the news that you will be the first. i want to start with you, chris ferguson because not only were you the last space shuttle commander back in 2011, you worked for boeing you've been very closely involved in developing boeing's star liner spacecraft for their part of it program did you ever think that you'd be going back to space on a commercial mission as the first ever private citizen >> hey, thanks, morgan well, i'll tell you when we finished up the shuttle program several years ago i thought my

flying in space days were certainly over of course boeing brought me into their folds shortly after that and interested me in developing our next way so ever since then i've been a part of the team and now it's come full circle have an opportunity to fly really excited about it, morgan. thank you. >> i think a key thing in the past the rockets haveals been operated by nasa, owned by nasa and now it's been operated by boeing and spacex. it's a private sector. >> it's a very interesting twist, and i believe it's important to convey ware now providing a commercial service that of course will they come, will other customers come from other places, perhaps space tourism, perhaps other countries interested in space tourism of their own. >> robert and doug, you're going to be the crew dragon test

flight astronauts for spacex now, spacex has logged quite a number of records milestones, but in terms of u.s. activity in space it's still relatively new to the game. what it's like to work with this company? >> it's exciting it's a fairly young work force so bob and i are two of the older folks out there when we go out to work with them. but there's a lot of energy out there, a lot of smart people that are working very hard to get the human pace flight side of things into orbit you know, they've been working with nasa, and they provide cargo services for the international space station, and they've been doing that for the last several years, and this is kind of the next logical step for them as a company as well. >> bob pisani here i'll just throw it out to any one of you gentlemen first of all thank you for making spaceflights exciting as a boy who grew up in the '60s

i'm so happy this is in the news again. we make a big thingabout you crew members being a commercial program. i'm wondering if there's a big difference between the commercial aspects of this and the old nasa your training diff any way? how is commercial different from what we were doing in the '70s and '80s and '90s with the nasa program? >> i think i would say that the big difference that we've seen, bob, and great name, by the way. we really are leveraging technology that was used for the commercial applications and the launch of satellites in spaceex's case and they'll continue to use on the commercial side and that's probably the biggest piece for me where it's not like the solid rocket boosters and the shuttle itself were all nasa-unique

hardware for a nasa-unique mission. we're able to leverage quite a bit of technology from the commercial sector and that makes a big difference of being able to fly often enough to have confidence in the reliability that we'll expect. >> we're going to put up a picture on the screen and it will be about the american flag that was affixed to the international space station in 2011 on that last space shuttle mission that, chris, i know you were on. the whole idea, legend has it that that will be retrieved by the astronaut that goes up again in a u.s.-made vehicle which as we know from this program is expected to be next year which one of you will capture the flag >>. >> that's a great question, morgan doug and i flew on sts 135 so i suppose it's a bit of a friendly race, and you know, just as an aside, we had the opportunity just before this broadcast to speak to ricky

arnold who was the astronaut on the international space station now who actually found the flag. i think it had been hiding in a christmas decoration box somewhere along the line, but hey, whoever gets there we will do it safely and we'll get it home to make america proud. >> thank you so much for taking the time today i want to say to all of you thank you for your service to this country and good luck as you train and get ready for your missions the new astronauts of the nasa commercial crew program. >> amen to that. thank you, ladies and gentlemen. coming up, we'll look at the big week of earnings and thank you, morgan that was terrific. enjoyed a big week of earnings for the media industry including what to expect from disney the employee of the year, anna. [music playing]

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♪ ♪ it was a big week for earnings and we've got big media names reporting next week. we'll preview those results for you next

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another busy week of earnings coming at you next week, just a few of the highlights here. we'll hear from marriott disney to tuesday, the retail parade starts wednesday with michael kors, and 25st century fox, adidas and norwegian and disney has a pretty bullish setup and a lot of focus will be on the fox deal and how it will fit into bob iger's overall strategy on streaming. >> it's interesting. my take on earnings is the kind of thing that's boring nothing ever happens and very little news and something like facebook happens which proves me totally wrong. so sometimes you need to focus earnings i'm not sure you'll get any facebook, like surprises. >> but this will be very interesting. the key what's the outcome of the sky deal we don't know. they own 39% of that and the

most interesting thing is to hear about their integration of the whole fox deal and what's the synergies. they'll start rolling out what the real hardest mats are, but we'll get some flesh on the bones. >> the big thing for disney and for a lot of investors that are so focused on netflix is going to be what is disney going to do to create whether it's hulu. >> they said they wanted to compete with netflix, that that was a rationale for the whole deal and they'll have to prove they can do that >> disney's stock price up 15.5% over the last month. >> it's weird. i tend to be down on old media, but i can't find the share price either >> -- no, whenever share price is -- this is down on valuation. >> are you up on anything? >> you're such a fundamentalist. >> go with the momentum. 2.1%, come on, people. just turn into a crazed momentum guy. >> i'm telling people the end of

august and the beginning of september will be super volatile and super interesting. >> because of the foreign policy, trade tensions. >> a lot of stuff will come together not sure it will happen next week, but definitely a couple of weeks, there will be some fireworks. >> always a pleasure on a friday. >> bob pisani, that was fun. >> you have been a joy to work with thank you for inviting me. >> you are highly entertaining, as well. that does it for "closing bell" "fast money" begins right now. >> that's right, "fast money" starts right now, we are live at the nasdaq marketsite overlooking times square and i'm michelle caruso-cabrera, and the traders are steve grasso and don nathan tonight on fast, the development in the crypto universe that is a game changer for bitcoin he'll explain. plus disney earnings are on deck and one trader middle it could add magi