for renewal. he says it's costing him $3,000 a day to say nothing of the works who work there last year they won all four preseason games and then lost all 16 games of the regular season so brother johnny don't get too excited by what we saw yesterday if history repeats itself. >> "closing bell" is right now it's friday afternoon. it's time for "the closing bell." i'm wilfred frost at the new york stock exchange. market plummet as trade fears reached a boiling point. china's trade retaliation, and turkey's demise in response to a presidential tweet all coming up in for kelly evans, and we have an all-star line-up of pem to help break down today's global flash front plus experts on china, russia and the markets to help us break down what it

all means for your money don't move because "the closing bell" starts right now it does indeed start right now. good afternoon, welcome to "the closing bell." michelle, thanks for being with us again today it's been a great week to have you with us. today better than any other day given that international news all morning which has moved markets globally, moved markets in the u.s. they are lower and have been throughout the session. a full 1% down for the down, not far from the lows of the day right as we approach the close, one hour of trade left the russell holding onto just below the flat line. >> let's get right to seema mody for more on why the market took a bit of a dip lower >> down about 1% for the industrials. what these international risks like turkey mean for fed policy.

today cpi print would put the fed on course to continue raising rates. if that's the case, though, it'll push the dollar even higher, further exacerbating turkey's financial situation remember a number of global currencies have come under pressure due to the strengthening dollar in recent months back here when it comes to stocks financials in the u.s. and europe leading this market a lot of the big banks like goldman sachs, jp morgan down about 1% to 2% technology slipping after they downgraded the stock due to manufacturing issues shares down almost 3% sending bond prices higher volatility is also up, and even oil is getting a bit after china took crude oil off its latest tariffs. crude oil right now 7279 >> this week we saw rising tensions in turkey, china and

russia a look at these global economic hot spots and a time line of sanctions and tariffs that we've seen unfolding over the last week. >> the week started with yet another one, two punch that seamy just mentioned the trump administration said august 23rd is the day it would impose sanctions on $16 billion of chinese goods, and china said it would do the same in the middle of the week turkey and the u.s. held talks on potential sanctions on a turkish bank and the release of several americans including an evangelical pastor being held there. relations are not good turkey's administrator says such a move under wto rules is illegal. and then you have russia after they approved new sanctions in

the poisoning of an ex-spy in british soil this spring the first move would target financing and would limit exports of hundreds of millions of dollars of exports to russia. the country's prime minister today said according to reuters, quote, i would not like to comment on talks of future sanctions. but i can say one thing. if some ban on banks operations or the use on one or other currency follows it would be possible to call it a declaration of economic war. another round of sanctions could potentially kick in the next few months unless russia gives assurances it won't use chemical weapons. but across the globe we are seeing many flash points >> let's talk more about the escalating tengs wi escalating tensions with russia. we saw the russian rugal get hit

again today. it's been hit all week how much can they take >> it can go a lot further now it costs you $68 to buy a ruble. and i think one of the big issues here, michelle, is this is one of two things going on, sort of configurations of the day. right now they're two separate fires. you have situations where there are individual problems with both of these countries and the question is whether or not either u.s. policy or the markets can tip them further into an abyss here >> steve, in terms of which economy is struggling the most of the three that we mentioned, china, russia, turkey, it's pretty obvious it's not china. and china is meant to be the focus of this trade war, is it

not? >> that's a good point turkey was actually doing pretty good last year, and it's this year where it's turned worse and i think the outlook for turkey is the one that's most troubling here i think russia kind of muddles along. it always has muddled along. and you can ask michelle about this, but i think it was only a few years ago turkey ozseen as the bellwether it was going to be the democratic capital in the middle east that was going to create a positive contagion, and now there's action to keep the country from getting worse again you have a 17% inflation rate there, a president who doesn't believe in an independent central bank, in fact thinks higher interest rates cause higher inflation and so that's going to be tough. and we're also hearing that it will be a very long way from asking for imf help here >> we're going to talk more about turkey right now thanks so much, steve. but the troubles don't end there

as steve and kayla just alluded to turkey's currency, the lira plunged today. just two days ago you only needed a little more than 4 liras to buy a dollar and today you need 7 to buy one dollar also the rise in short-term interest rates in the united states means investors can get very safe yields elsewhere like here and don't choose to invest as much as they used to in risk ier places, and when investors leave a country they sell it today's catastrophic move occurred after turkish president erdogan made a defiant speech which suggested he doesn't want to do what he needs to stop the selling.

think what argentina did earlier this summer when they raised them to 40 percent that's what they were forced to do all right, let's discuss more about what's going on here we have three guests joining us. robert pearson, former ambassador to turkey, and gordon chang, columnist at the daily beast and author of "the coming collapse of china. doug, i want to start broadly and with you you were front and center during the european financial crisis when grease was causing all kinds of trouble we saw selling in european banks today because there is concern about their exposure to the turkish financial system and to turkish loans. should we be worried about a european financial crisis again? >> you know i think that's an exaggerated reaction i think there's a lot of things to worry about in turkey, and kwooi would be much more worried about turkish exposures. what's happened in the last week, two weeks, quite frankly

for the last year is not going to inspire confidence. but does it warrant an actual set of risks that is translated into the european financial system writ large? look, i i think they highlighted there are some exposure risks. they're legit. they're not existential to the european banking system. there's no contagion risk emanating from europe. totally different apples and oranges on this one. >> ambassador pearson, clearly one move that president erdogan could have done was to hike rates in recent months to have avoided the current pain their feeling. the other move would have been to release this american pastor that is at the center of this debate with the u.s. and therefore avoid the sanctions the u.s. has placed on them, which has certainly accelerated their demise and their currency's fall. why hasn't he done that simple move given how much pain he's felton the other side?

would it open a can of worms for a number of people he has in prison >> yes, exactly. he's been taking hostages, europeans and americans. but he has three other employees of the u.s. embassy, as hostage try to get back this islamic cleric in pennsylvania, he wants to try in turkey and execute turkey kept piling things onto their side of the deal and finally washington reacted and put on really very minor sanctions against two people if that had been enough to solve a problem we wouldn't be talking today. but instead turkey doubled down and now they're in a hole of their own making and there's no way out because they either have to comply with the principles of economic governance or they don't and mr. erdogan can't bring himself to accept the truth about that reality >> it's been amazing to watch. gordon, there is is a reason why

china does not allow their currency to flow across their border, right? they have capital controls because when they see what happens with turkey that's exactly what they don't want, right? turkey doesn't have capital control. if china didn't have capital controls, what would happen to their currency >> i think you would see the be like 6, 8, or 6, 9 to the dollar i think the chinese have been aggressive in supporting the remna remnant b. >> you were touting just there the fact that russia and turkey's economies seem much more unstable compared to china's is there actually, though, some more instability within the chinese economy than you think people realize over

here >> first of all, the economy is not growing at the 6 to 8% they claim in the first half. it's probably 2% or 3% xi jinping right now is under some sort of pressure. we don't know how much we don't know how that's going to come out. but you could see the chinese system split apart maybe not now but somewhere down the road as president trump puts more and more pressure, more and more tariffs on the chinese economy. >> one key data point i want to talk about, doug, is the number of corporations in emerging markets like turkey that have borrowed in dollars. we know the number of turkish corporations have borrowed in dollars. when you look at the em companies, $3.7 trillion worth of borrowing most of them don't get paid in dollars. when the dollar surges it gets harder and harder for them to pay all that back. how worried should we be about

all that debt that's doubled the level from 2010? >> well, as you suggest this is phenomenon that's been going on for a decade, 2010 this is fact of life right now and a lot of us have been highlighting this for a long time it's not turkey specific if you go back to preemerging market crises a lot of these were based on the original sin of those countries at the sovereign level borrowing in u.s. dollars they migrated over time to borrow in their own domestic currency everyone said, wow, we avoided the risk of a potential crisis in the future. the only thing that didn't happen was the corperates that started to borrow in addition to the sovereigns didn't get the message. so they started borrowing as you suggest increasingly in hard currency as we used to call it or u.s. dollars. number one you've got an interest rate hiking cycle in the fed here in the u.s. so

suddenly the refinancing costs of those companies is going up and then you've got the risk that their income, their revenues are usually in domestic currency their repayments are in dollars. as that currency weakens, that makes it harder to refinance, harder to pay back it cuts into their revenues, into their profits it's a real problem. is it a financial stability risk yes. is it one that's going to hit turkey right now absolutely it is a global phenomenon that's going to have contagion emanating from turkey? i don't think so but the question is going to be these waking up from the risks is it going to be that confidence inducing, you know, shock? i don't think so, but that's the risk >> ambassador, what do you make of the geopolitical implications of everything that's happened in the last week, particularly today when the president trump doubled down on his tariffs.

taking on china and russia is one thing. turkey is a member of nato, nearly a member of the eu. is this an unprecedented attack on a supposed ally >> i wouldn't call it an attack. i think that first round of sanctions was very mild. it was designed to induce the turks to go ahead and make the deal that they already had agreed to. and mr. erdogan only has one tool in his box and that's his nationalistic image. and he tries to defend the currency with a flag that's not possible. so the truth is the solution to this is to let the pastor go, let the other employees who have been arrested go and do what's right for the economy. so it's not a permanent crisis it's not at the level of russia and china. and the u.s. has no intention of asking furturkey to reconsider their nato membership. we don't want that so i think it's bound in a certain way, but the outcome depends entirely on whether mr.

erdogan is willing to swallow his pride enough to save his currency and his country rather than his immediate political image. >> gordon, in the past erdogan has suggested they could get help from china. is china in a position to help them >> well, china does have money, but china is overcommitted we've seen this with belt and road the death trap diplomacy around the world china has money to do it, but right now it's a political issue in china where you have a lot of people right now criticizing xi jinping and the political leaders spending money elsewhere when they believe it should be spent internally >> are you suggesting president trump's tactics are actually working on china much better than is reported back here >> you have a lot of people in china in peripheral media and hong kong saying now is the time for the chinese political system to raise the white flag of surrender because china long-term cannot compete with

the united states. that's a developing theme, and clearly the chinese don't think they can win this. >> fascinating stuff from all three of our outstanding guests. we've got a market slash >> this comes in light of some dow jones headlines saying that vf corp is exploring strategic options for its jeans business these include wrangler lee brands, and looking for a sale or spin-off. this is according to people familiar with the matter that smoke with reporters from dow jones. we had a collin to vf corp but have yet to hear back. >> thank you very much for that. still ahead we've got much more on those global flash points they moved markets around the world including here and we've got a top market watcher which lays out inflation

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welcome back to "the closing bell." let's get a check in on the financials among the worst performing sectors today in the s&p 500, there you see it goldman sachs and stanley down jp down 1% european banks getting hit particularly hard over fears of contagion from turkey. the yuri stock 600 bank index down 2%. names like bbva and union credit sinking fairly sharply likewise deutsche bank and of course questions arise of how much exposure they have to turkey michelle, we just discussed this a bit with doug. i'd say there's a key difference really compared to the euro zone crisis and grease crisis yes, turkey is a bit bigger than grease but we don't have that

contaji contagion risk to the bigger economies like portugal and spain. what is in question for many investors particularly foreign investors into european banks another reason to say why bother holding them that's why you see 4%, 5% declines >> greek sovereign debt was pervasive throughout many, many european banks and then when it started to sell-off politicians called the banks and said do not sell it because we need to intervene politically, and they held on until it nearly brought them to their knees. >> and more importantly it was the link to italian, portuguese, spanish as well. there is one other crucial difference as well from the euro zone crisis which is bad news for the turkey and that's why you've got turkey in a terrible position right now but i don't think it's as

contagious certainly for europe and therefore the u.s. but understandably a risk of sentiment for the european banks. >> sticking with banks officials at the treasury department have determined nearly 2,000 banks do not qualify as financial services firms this distinction is more than hairsplitting. financial services banks are excluded from a large tax wind fall meaning these banks which are no longer considered financial service firms are now entitled to new tax break. here to try to explain it all alexander thornton from the center of american progress and also steve rosenthal from the irving brookings tax center. give it a go can you explain why it's not a bank here? >> sure. last year congress enacted a special 20% pass through deduction for a range of different businesses congress excluded some businesses like financial services firms but left a whole

bunch of other businesses eligible for a 20% tax reduction. and treasury is now determined that banks are eligible. if they are pass through businesses and a about a third of our banks are pass through businesses, organizes, s-corps, so they get a 30% reduction on their tax bill >> is this good or bad i can't even figure it out >> well, good if you're an owner of your local community bank and your bank gets a 20% reduction on its taxes, you get a 20% reduction on its taxes >> sorry, finish your point there. >> i was going to say i don't think the treasury decision was surprising i used to draft tax legislation for congress, and the congress chose to include the term financial services as a knockout but not knock out banks. and so i discussed with staff at the time whether subchapter s

banks would be eligible for the 20% reduction or not, and they thought they would be. so i'm not really surprised, but it is a wind fall for owners of local banks. >> what's your take? >> it seems like what steve said is correct about banks, but under the legislation it's clear that truly small entities already get the pass through deduction. what we're really talking about here is larger entities. and this is just a continuation of essentially the tax cuts that were in the bill that was passed that these regulations were seeking to clarify they essentially ensure that even more entities would be able to clearly get the tax cuts, and in this case we're talking about banks but also real estate brokers and managers, people like that, the regulations clarified that, yes, they get the big tax cut, too >> what do you think of all

that >> well, you know, it's just to me i think the really big thing about this is that people are confused first of all the office of the comp controller of the currency, part of its mission expressly is to have national banks ensure national banks provide fair access to financial services so this is certainly confusing to them that banks are not financial services for tax purposes but more than that it seems like this is an extension of the concern that we should have about the president and really how he's benefitting from the tax bill that was passed and now these regulations. we don't know what his tax returns are because he's refused to disclose them, and also he's not divested himself from business interests he's spent at least a third of his days in office in part of his real estate owner places and the result is that, you

know, he gets more advertising and it turns out a lot of business wheres, he holds quite a lot, hundreds and hundreds of pass through businesses and he'll benefit potentially. >> albite changing tax position of certain banks very distant in that regard. quick point, do you think there's no deregulation to come for banks or do you think this is probably the end of it? >> other financial intermediaries, investment banks, hedge funds, they didn't get this wind fall and so this i think highlights the arbitrariness of the 20% tax cut. will congress continue to go down the path of arbitrarily picking winners and losers and the administration writing cuts that arbitrarily pick winners and losers i'm afraid we're in for a lot of this going forward

>> thank you we want to tell you that there's headlines crossing related to turkey one of the president's attorneys has said it appears on a radio show that the u.s. is getting close to a resolution on the situation with the pastor that president trump would like released in turkey, and as a result we are seeing the turkish lira strengthen a little bit 6.3 turkish lira to the dollar >> only down 14% for the day but the question is say you get to a point where the sanctions are lifted, that's only part of the problem. and the confidence factor has already broken and that's such a hard thing in a country with an emerging market >> the vast majority of these issues are self-inflicted for sure >> and when you crack through that confidence barrier very hard to take it back down 14% the lows were over 20% the board prepares oo meet

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fidelity. open an account today. welcome back to "the closing bell." 28 minutes left of trade we are down 185 points on the dow. off the session lows which was down over 200 points let's check in on some individual stocks to watch the federal reserve has fined

citi bank, city financial mishandled customer files as it was preparing to hand over its mortgage business. a very small fine. not a significant issue. down 2%. the rest of the banks down less than that. but citybank of the big banks has international exposure i'd say that story is hardly moving the stock >> fines, fines, fines regulators just love them. all right, it's been a wild week for tesla the company's board planning to meet next week to consider taking the company private sources say the board is likely to tell ceo elon musk to recuse himself from the process stocks higher 363.60 on that exciting day you can see it right there on the chart, still holding onto the gains that occurred as a result of that day >> it'll be interesting if the

board asks him to recuse himself. >> the other interesting headline is they told him to get a lawyer, but they don't want to pay for it understandably. >> tesla, what a week it was and particularly on tuesday. time now for a cnbc news update. hey, sue hello, guys. hello, everyone. here's what's happening at this hour wildfires continue to burn across california. the holy fire has already burned 18,000 acres it's only 5% contained, but police have arrested a man that they believe started this fire the united nations demanding a probe into a deadly air strike by the saudi led coalition on a target in yemen yesterday. u.n. agencies estimating 60 people including more than 20 children were killed and at least 26 people killed in india as heavy rain and flooding caused massive land slides every year hundreds are killed during monsoon season in india

monsoon season continues through september. and let's end on a much lighter note and a blue note a big stir in france over a blue wine from spain. the producer of the wine says its color is natural a white wine passed through a red grape skin but local french wine makers aren't buying it they're challenging it they say eu rules do not allow for colorants to be added to the wine >> sue, do you have anymore details about the flavor is it still a sort of white wine flavor >> it is a white wine. it is a dry, white, kind of like a -- >> but the company denies the colorant was added >> exactly they say it's natural, from the natural red grape. although i have to say that's bluer than i think it should be going through. >> i'm not sure that yellow and red mixed ever comes out like blue, does it? >> i don't know. i might have to go to france and try it and do a little research

on it. >> you know what, it's such a big story i think at least two reporters need to go >> it's looks like when you're in the caribbean and you order one of those rum cocktails and it's blue and you put an umbrella in it can you tell it's friday >> i think we should follow up on that story. thank you very much. >> yeah got it we are down by 183 points on the dow. more than a percent, 15, 20 minutes ago. a pair of new indicators could show trouble brewing in the housing market the housing market numbers unyoeed to kno it keeps your insights from prying eyes, so they're used by no one else but you. it is... the cloud.

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the dow is off triple digits today. let's get a quick check on what's moving here >> on those days where you see international risk thonz rise it's the multinational names with high exposure and global antiquated supply chains that sell-off that's exactly what we're seeing with caterpillar down nearly 9%.

but 5.3 million shares have exchanged hands. we've been talking about financials, yes. u.s. financials limited exposure to turkey. but take a look here at post 8, morgan stanley down just about 2% 10.5 million shares have exchanged hands. it's a fear turkey could inject global systemic risk into the financial system that's what traders say here on the whole. goldman sachs, jp morgan have also come under pressure and also consumer names are in high focus. tiffany put of that interesting note citing concerns about the impact of a stronger dollar. we have china retail and industrial production numbers coming out sunday night, plus big earnings from names like jc penny, macy's and wal-mart that will be the focus for investors. >> the nasdaq is trying to close

the week in the green, but it's almost certain to break its eight. day winning streak hey, bertha. >> hey, wilf you know, the chip sector has been the real drag today and really the worst performer for the week and today the big catalyst was the fact we saw microchip to a new 52-week low. and add to that a down grade in intel at goldman sachs and really weighing on the sector. but still set to hold above a trillion dollar market cap amazon up more than 3% for the week closing that valuation gap just a bit now within 8$850 million, give or take a few million of apple's valuation. and earnings really fueling interactive corp and match to new highs. finally express grips is the

best gainer in the nasdaq for the week that vote is set for two weeks from today wilf in. >> okay, bertha, thanks very much for that. joining our closing bell exchange larry mcdonald, tim anderson, and rick santelli good afternoon, to you all larry, i'll start with you we were discussing earlier whether this had similarities to the euro zone crisis, this turkish sell-off you don't think it does, but you think it might have some similarities to the late '90s. >> it's really like the russian crisis in the late '90s. but the thing big thing today is both the fed and icb have kept interest rates so low for so, so long that a country like turkey has been able to accumulate $250 billion of dollar and euro

denominated debt so every 1% move lower in the lira is like a $5 billion lira interest coverage problem. so in other words when you have that much dollar denominated debt it's lights out literally there's no way the country can come out of this >> so what happens they have to take a bail out from the imf or what's next? >> it won't be the imf argentina just went down that road and there was a lot of goodwill there turkey would have to go russian or middle easterner. >> why couldn't they go to imf because they're too big or the size rules >> the relationship between turkey and the imf and the global intelligence is not very solid right now. >> you could have said that about argentina, too what do you think, tim what does this mean for the broader markets? >> the big test will be next week to see if the markets can shrug this off for the first few of the week

the markets were pretty much left to trade on their own it was a very light week for accrodata and there were very few high corporate earnings and stocks were doing well we were at a risk of an all-time high on many averages. that will be a risk to see how much of a contagion story gains any traction next week will be key for u.s. markets >> what's your take? >> i'm not sure turkey can get out of it either, but is that really what we're all worried about? no, i think what we're really worried about is how it affects the big markets, specifically the u.s. market. the unintended consequences of bad policy lasting too long from the world central banks as it comes off or reportedly starting to come off, it's going to magnify every crack like a powerful mike scope, and i don't see anyway around that but in the bigger picture it

doesn't really feel like 98 to me or any of those markets because back then we wouldn't have had the luxury to discuss how this crisis was going to turn out because it was happening in the immediacy of the moment but i think it makes the pieces relocate and recalibrate much faster so i think what we see now, and today may have been the worst-case scenario. what does the mean next, i would think the category i would be thinking about most is capital deployment emerging markets looked great for all the reasons larry said, but the tide is turning and bad governance, bad politics in these countries also figures in. if you were investors the first thing you do is buy treasuries or buy boons the second thing is take that cash out and deploy in solid markets. over the course of several sessions it could be a positive.

>> very quickly you're very bearish on turkey and that's clear. but a guest suggested there's not contagion across europe and across the u.s do you agree with that >> so much money has gone into passive management that it's more numb to this. the trump administration and i was in the kind of trump camp before the election. but now they've made some big mistakes here because number one they're throwing tariffs at china, and at the same time sanctions on russia and turkey think about it, those are the european -- germany's biggest trading partners, right? so they're basically going to put europe in a recession, the banks are exposed to turkey. you're talking about substantial bank credit risks that will eventually feedback to the u.s. >> got it. thank you, guys.

coming up two key pieces of housing data painting a grim thcture for the rest of e year what you need to know if you're thinking of listing your home.

welcome back this week we saw two distressing reports on the state of the housing sector that may impact the second half of this year what we need to know, diana? >> reporter: when reports really put numbers on it reasons why seven seen sales drop in the past few months. affordability fell to the weakest level in a decade in q2 this year. that was thanks to high home prices and higher mortgage rates. just 57% of the homes sold in the quarter were affordable to americans making the median income that's a national number, but in some markets it's really much worse. most of the least affordable markets of course are in california but in boston, seattle, miami, portland, oregon, and reno, less than 40% of the residents making the median income can afford the medium priced home

now, affordability is likely behind a drop in-housing sentiment among consumers. that from a new report from fannie mae it shows fewer americans think now is the good time to buy or sell a home. and fewer also said they felt sure about keeping their jobs in the coming year. none of that bodes well for the second half of the housing market this year especially if mortgage rates move higher although we are starting to hear more theories that inflation could delay that rise in interest rates >> maybe a little. thank you, diana we've got ten minutes before the closing bell we see the s&p and nasdaq and russell all in negative territory as well. when we come back a new lawsuit claims nike fostered a hostile work environment and discriminated against woil that's coming up on "closing

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blunted because they are marginalized and passed over for premotions nike judges women harder than women which means lower salaries and stock options. >> nike says it opposes discriminatio discrimination of any type the vast majority of our nike employees lives by our values. >> what i find confuse, though, they are in portland, oregon it's a very liberal town do you think the vast majority of men in portland, oregon, are really tough on these women, are are they a victim of their geography where they have people who are very sensitive to things >> i do know the issue is already out there, the stock is down 6% off the back of this, but essentially the stock is not down after the back of this issue because it's already had

this issued flushed out at executive levels five, six months ago the ceo came out in may and apologized for it. i think there's been some misbehavior there, but i think it's been priced inutah the stock already. >> they had a great year >> it was an issue then. up next five minutes left. we'll be back with the closing count down and after the bell facebook is now saying it will not allow content that quote finanalcily endangers people we'll explain what insurance on that means coming up on "the closing bell." . what good is your insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness,

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don't get mad at your well-liked neighbors. get e*trade. welcome back to "the closing bell." two minutes of trade let's start with the turkish lira what an extraordinary day for it today itself down 16% as we approach the kploechz oclose. year to date down nearly 17% extraordinary stuff. what's that done to the markets, well, it's weighed on european banks. some of them down around about 4% that in turn has a weighed on u.s. banks most of the u.s. banks down around 2%. overall what does this mean, they are down today but off the lows it's down less than 1% now, 0.8% there. and the s&p down 0.7%.

the we're focus on the u.s. bangs declining because of turkey, the risk of contagion, so on and so forth yields down and the banks are reacting as much just to that arbitrary move in yields as they are to any actual fear of contagion. but nonetheless certainly turkey has sparked the declines today seema, declines for the day not necessarily for the week as a whole. >> absolutely. i think what's interesting is the turkey situation has been a big concern for turkey for many months but suddenly u.s. markets working up to turkey's financial situation. the turkey etf down 40% today, its worst day on record. there's an emergency meeting in the reports right now that's being held by turkish banks tomorrow the big question is how will turkey respond in the imf could step in or like china they could implement capital control. a lot of focus will be on how things pan out over the weekend. china retail sales and

industrial production, that's something to keep an eye on. plus retail earnings we have nor next week. >> more data from the u.s. we've hardly mentioned cpi in the u.s. there goes the bell. we're down 185 points on the dow at the close the low was over 200 points. so we're just off the lows here at it close. that does it for the first hour of "the closing bell." michelle, back to you. and welcome to "the closing bell." i'm michelle caruso-cabrera in for kelly evans. here's how we're finishing the day on the wall street the dow jones industrial average finished about 186 points, off the lows nasdaq was down two thirds of a percent. and we're going to tell you

where to find some safe havens coming up we'll get to that in a second joining us today mike santoli and also is evan newmark leading the dow was 3m and century link was the week's leader and remember we have a lot ofects poseur to the tariffs. so much for the quiet. we got a crisis scare to help push the averages lower. >> i wouldn't necessarily say the start of something big kind of this flutter of global financial stress struck a market that really lost a bit of energy the s&p was up 6% in six weeks really it slowed down, was making very labored progress, was looking a bit defensive and it was an excuse to have a bit of a pull back

nothing too serious. it doesn't change the trend. >> mike, u.s. banks down because they're got fundamentally worrying exposure to turkey or it's a risk off yield, et cetera >> i think it's mostyly a risk off. we were talking about what might be the worst-case scenario the yields come down, and it just doesn't seem like it's anything that appears to be the start of a chain reaction of, you know, leverage trades, hedge funds, i mean that's the kind of thing you would expect to see really interrupt the positive story. >> but there's lots of idiosyncratic things with turkey, russia, too that just had a sell-off with the ruble because of sanctions, et cetera. however, when you can suddenly starting get much higher interest rates in the u.s., em starts to sell-off because the

risk here. is this the whisper of what could happen if really we start to see a sharp rise in interest rates? >> i think it's more than a whisper. i'm not saying it'll be turkey that brings on the correction. it's hard to draw a direct line from turkey. turkey has been an economic sideshow certainly for the united states. but if you look at what else is going on, u.s.-china, russian sanctions, north korean negotiations, nafta negotiations, iran sanctions how is the trump white house juggling what is at least six or seven bilateral negotiations ongoing right now? i mean turkey is sideshow, and you can see even a little blow up in turkey has created this kind of turbulence in the market i think over the next few weeks you're going to see the trump white house have a very hard time juggling a series of bilateral negotiate eggs so i think the headline risk is very great even though the u.s. economy is

doing well, there's nothing that's going to blow up the u.s. economy. >> it will hurt the u.s. market eventually is what you're saying >> eventually. eventually i can't draw the direct line, but the rael tais that when you get into risk off mode it's not good for u.s. equities u.s. equities are a little vulnerable right now >> tell me what the dollar is going to do in response to all this that would be the instrument that kind of hurts us. we'd have to see it. right now we are in a 13 high on the u.s. index but still in a two-year range >> i think what might happen as the second part of today's story is the cpi >> we're getting to that we want to tell people what it is before we talk about it >> sorry for getting ahead of myself >> no, you're not. you're spot on timing. prices continue to rise. and according to the labor department core consumer prices up 2.4%. the largest increase since september 2008 evan >> well, i was going there

>> we should have just continued. >> no, we want meme to know what the data was before you talk about it >> the data came in as expected. maybe a little ipon tn on the h side the bond market thinks there will never be inflation ever again. the cpi data would suggest although it's not guaranteed that somewhere along the line the u.s. economy is normalizing, inflation is normalizing and wages may someday go up, and you may get a spike -- probably hard to use that word spike, but you may get an up tick in inflation. you combine that with the trillion dollar deficits that the trump administration is running and you run the risk of the bond market falling out of bid. i'm not saying that will happen, i'm just saying i think that's the risk >> if you look at the chart of

the cpi, it looks like it's working its way back to what we consider normal levels of inflation. and if the fed continues what it's doing, that seems to fit together right now it's not as if they have to rush to get ahead of this, nor do they have to pause because we're still undershooting inflation. >> just to bring it back to the broader markets, the week as a whole the nasdaq ends positive and that's pretty resilient in the face of a bit of wobble in the middle of the week and kind of one today >> the u.s. market is insulated in large respect i mean there's not an earnings problem that comes out of turkey it really would have to come through the financial channel. the capital markets getting disrupt disrupted. we're very, very far from that >> let me take the other side of the coin, which is mike is

absolutely correct but the flip side of the coin is that you still have strength in technology you've not seen -- i mean you would know how off the xlf is off the year highs, but the financials have not caught up this year with the january highs. and if you were really bullish on the market you would have to say you would want the financials to be performing better than they are right now and it's just not happening. >> global economic tensions ramped overnight brought between the u.s. and turkey and russia amid the turkish lira sliding against the u.s. dollar president trump tweeted he will be doubling steel and aluminum tariffs levied against turkish all this as the russian prime minister warned his nation will retaliate against the united states' it newly issued sanctions saying the sanctions would be quote, a declaration of economic war joining us now it give her take is sandra, a mack croeconomic

consultant and also author of "super hub." good to have you here. what advice would you give to erdogan right now? >> to tread carefully. i think it's going to get worse before it gets better. we had a global synchronized global economy and i think there are two main risks. one is record death levels and trade wars the imf has warned of emerging market exposures as you mentioned earlier. trade wars will create much more uncertainty, but we're seeing now they are materializing and against this backdrop we have the turkish crisis with a autocratic ruler who is increasingly uniting more power. and there's hardly any opposition, and he's on an a tonfrontatito confrontation just as erdogan

is turkey needs a new business model. after the attempted coup, what should have happened they should have dialled back those measures and that didn't happen what we're seeing is a classic case of overheating of too much debt, too low interest rates, and now money is flowing out of the country and turkey has a great deficit, which is not a problem if there's enough capital inflows. and if capital doesn't flow back into the country, if they don't attract investment -- >> it wasn't that long ago argentina was in this position and they raised their interest rates to what kind of policy shock are they going to need >> i don't think there are any good awnings really, because they could raise the interest rates which would be a shock for consumers. they could tighten fiscal

measures which would also be tough for the population i think fundamentally what i said earlier they need to rethink the economy and cooperate. i think this confrontation we're seeing globally is not constr t constructive >> we talked how it's not going to be the same level of contagion. if they had to get to some kind of bail out, capital control, would that affect sentiment enough to knock the u.s. off course or not? >> it's tough to say that in itself would do it one thing to keep in mind is turkey is not clearly representative of how the markets are structured in term of their deficits, how they finance themselves it was pretty much an outlier, so i don't think you can extrapolate immediately to all these countries. five years ago sentiment and positioning in the markets was

fragile enough that cypress gave us a brief scare certainly if we got to that point that could happen. >> can i just justify why i was in cypress for two weeks it wasn't just that cypress was so important, it was that was the model where they re-did the entire banking system bail out system, right? i mean that was -- >> did you be some nice food when you were there? >> no, it was very hard to get food it was cash. >> i was not at all saying you didn't deserve to be there for journalist journalistic reasons for two week >> but remember the bailing system came because of cypress because they were going to be the model for everywhere else if again there were going to be bank failures. >> i want to switch the focus to russia clearly there's words coming out of economic warfare. do you think the sanctions that the u.s. is platesing cing on ra are the most aggressive or weak

ones how strong is president trump being on russia relative to china and turkey >> well, we're going in stages first of all russia has a fundamentally different economy. the sanctions that have been announced today need to go to congress and three months later i believe president trump under certain circumstances can even exacerbate them. for the trade relationship of the two countries, u.s. and russia is not that great but for russia the has a stifling effect. the ruble has been on a downward spiral since 2014 when russia invaded ukraine -- you know what i mean and so, yes, sanctions are really bad for russia, backing them into a corner >> we see it in that chart there as you were talking about. thank you so much, sandra from beyond global. thank you, guys. we will continue the market

discussions coming up. also as stocks had had their worse day for the month, the global turmoil concerns, we will discuss with fast money traders what they're hideout trades are. plus facebook removing controversial radio host alex jones for glorifying violence. and now the social media giant is banning content that could financially endanger people. coming up next the details on this latest facebook purge >> and we want to hear from you. you could reach out on ttt, wier facebook or e-mail facebook or e-mail we're back after a short break 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.

following controversy over cloudy rules surrounding the facebook pages of info wars alex jones facebook moved to clarify those rules today. and it's not just inciting violence, threats and hate speech that will get them to remove posts we do not, for example, allow content that could physically endanger people. >> meaning the social media giant is creating policy to create financial institutions or financial situations such as threats of ruining someone's credit or attempting to block individuals from employment. here to discuss is dan ives.

why are they doing this, what do you make of it >> it comes down to this has been the wild wild west for cyber criminals for years. and when you look at the financial crimes and some of the cyber issues that have happened, you know, facebook signed to this cyber security tech accord and i think it just speaks to a new regime at facebook and obviously post-came bridge a lot more pressure on them for cleaning up the platform and-think this is the first step in that direction. >> two kind of similarly related questions. first is facebook reactive than proactive when it comes to rules they introduced, and do they have double standards? do they only act when it's in their interest to react? >> there's no doubt. zuckerberg saw post-cambridge

now even though they're reactive they need to go and clean it up really across the board. it speaks to the security as they ramped up 5,000 employees to 20,000. but you really take a step back and you look at social media, this has really been a haven for cyber criminals for years and it's something they're finally cleaning up and ultimately taking a leadership position where twitter and others could follow i think it is reactive but just given the pressure that they're seeing this is something they need to do. and ultimately near term there could be some head winds from it i view it as a step in the right direction. >> could you define financial endangerment for me? and just discuss the practicality of policing, you know, millions and millions of facebook accounts for things that constitute financial endangerment i mean one person's honesty

about how someone else does business or what their credit score is another person's financial endangerment >> that's a great point. and this is definitely a slippery slope in terms of navigating that. i think what they're focused on is financial scams, malware, any sort of threats that they're looking toward there's no doubt things are going to slip through the cracks, and they're really going of consumers and ultimately tens of billions of dollars losing to cyber crimes and cyber threats no doubt you can't put the genie back in the bottle there's definitely going to be ramifications from this good and bad. but ultimately they needed to take this step that was long overdue. and post-cambridge they need to check every box. >> dan, obviously this is pretty clear assertion that fates book is going to decide in many different ways what kind of community this is. we're asserting our right to

exclude any kind of activity, and what does that become sort of a high touch constant effort for facebook to kind of tailor this experience in a way and all the costs that come with it? >> really from a high cost perspective for facebook really now it's going to be all about engagement because they definitely as they cleanup the platform and take much more of a monitoring approach, it comes down to users engagement, and we've got advertising dollars, $50 billion annually a year. so right now this is sort of a new paradigm for facebook. and that's why you've seen it in the stock and just the nervousness. it's a situation, but they needed to do this as it's become the wild wild west for cyber criminals. and this is something if you look at social media specifically here they needed to take steps to make sure that, you know, you don't have another sort of post cambridge on more of the financial crime perspective. >> yeah, i know. they're definitely concerned about that

thank you, dan coming up next investors spooked this new global turmoil flashes danger signs for the market fast money global traders tell us how they are seeking safety amid all this uncertainty. and later we'll have all the latest on the drama surrounding elon musk's anpl to possibly take tesla private and whether his tweets could land him in hot water. we're back in a couple

welcome back let's have a look how we

finished the day it's 4:30 on a friday. >> in the summer >> the dow down 47 basis points, 200 points in total. the lows of it day over 1% so we did rally about 20 basis points towards the close the nasdaq down about 0 it7% so was the s&p. >> about a half an hour away from a margerita let's get to some the other big stories today in our rapid recap. >> turkey's turmoil bringing out the bears. stocks having their worst day of the month so far today's drop wiping out the dow's gains for the week and the month. >> president trump just tweeting i have authorized a doubling on tariffs on steel and aluminum with respect to turkey as their currency the turkish lira slides rapidly. >> and that's an example of the president using maximum pressure when he wants to try to achieve what he wants. he's trying to get the release >> it russia warning new

sanctions will lead to an economic war >> there hasn't been any official explanation why but there's been plenty of speculation among traders that the state refiners had something to do with it. >> our july read on ctey and up to ten times headlines core, which is of course without food and energy. both those match expect eggs >> exclusive cnbc reporting. the board expected to ask relon musk to recuse himself >> where is the money? we need to see how they're going to secure the financing, what are the details. >> almost of it was international news and most all of it from squawk box. a lot really weighed on markets

and kind of impressive we did get a little bit off the lows by the close. >> yeah, the market is not really easily spooked right now, to be honest with you. i think we've had that support of earnings, and look, maybe it'll come but i don't think turkey feels as if, again, it's sort of the tip of something that's going to start spilling over. >> and other thing that happened this week is turkey and tesla. we still don't know where the money is coming from >> wile be amazed if you know monday where the money is coming from i'll be very surprised >> it's very fascinating you've never seen a board essentially trying to create a process after the ceo says let's buy -- >> and of all the ceos that want to recuse himself he's probably wants to do it less. and let's get back to turkey today and international fears and whether they should or will weigh on the market.

guys, how are you playing this, and is this the time to buy particularly attractive safe havens what's the one that gives you the best return at the moment am. >> i'll start off like i don't believe that and i listened to mike santoli hit the nail on the head i don't think this is something to worry about from the u.s. perspective at least in the near term right now for me i'm not taking my foot off the accelerator. consumer discretionary land, i love burlington. i think it's an amazing story. ept grated oils, there are certain names here that you could stick with that are going to continue i think to move higher in general. in parts of technology as well look, i think this is not going to derail the narrative from my perspective in the u.s. i don't think you're going to have guys going out and grossing up a utilities and consumer staples right now because there's a fear it's going to spill into the u.s. markets for me it's just keeping my foot on the throttle.

>> mike, what do you think you agree with him or are you actually seeking safety? >> i'll say two very quick things about it. number one as mike santoli pointed out and david just reeterated although we've seen a slight up tick in volatility, we're not really in volatile conditions right now however, i will say if you are concerned concerned about volatility there are things you could do. if you're in a name like rigged trance ocean, you can transition to something like hallowbert if you're kerped about consumer you could move into something discretion like auto nation. one of the other things you could do is hedge your portfolio. it's inexpensive to do that. right now the october spread only costs about $3. so you're going to risk only

about 1.5% of your portfolio if the market pulls back. there are things you can do if the market is concerned but there are things >> it's called short-term trade or short-term bonds. >> or cash >> you can get over 2% in short-term money, money market money. >> one day i want you to bring the passbook >> mock me if you will these guys, they're all looking at the vix and going, nothing to see here, move on. and i'm agreeing nothing is happening in turkey that i think moves the narrative. other hand, i think you will see over the next few weeks lots of reasons not to buy the stock market and so i'm looking -- >> so the vix is going to spike over the rest of the summer? >> they're going to spike before september 15th there's very little doubt -- >> you can make a big prediction, but you never put a

time frame on it >> i gave a month. i think within a month you'll see a big spike. >> david and mike, thank you both very much for that. and we're looking forward to fast money coming up deep yogurt and jail those are two places harvey pitt and tesla ceo elon musk could find himself time now for a cnbc news update hey, sue >> hello here's what's happening at this hour, everyone some bombshell accusations against the president by former white house advisor omarosa newman in her upcoming book called unhinged the former contestant says the president was caught saying the n-word multiple times during the fimf the apprentice, and she says there's a tape to prove her story. a group of female former nike employees are suing that company saying it discriminated

against women and fostered a hostile work environment it is seeking class action status senate confirmation hearings for supreme court nominee bret kavanaugh will begin on september 4 according to a statement from a senate judiciary committee. president trump nominated kavanaugh in july to replace retiring justice anthony kennedy. and check out this little guy. isn't he the cutest? he is 10 days oold and a black eastern rhino. they are endangered because there are about 650 of them left in the whole world so he is indeed precious cargo >> very charming >> i wouldn't say that to his face when he's fully grown >> unless you have very long leg, you might be able to outrun

him. >> i don't know about that >> have a great weekend, guys. there's a shot of the cutie pie. >> sue herrera, as always, thank you. we have a news alert >> that's right, third points 13 f filing, which is the filing that larger hedge fund managers file in order to disclose their positions at the end of each quart. this one is june 30th, second quarter holdings they've of course disclosed that stake in campbell we've been talking about for the last few days, where he is teaming up with family members. that is an activist position 5.6 million shares worth about $225 million at the end of the quarter, potentially more since that position was taken. also disclosed a stake in nxp semiconductor. as you recall that one had a tie

up with qualcomm, that deal fell apart and no shares have suffered as a result it's unclear what third point's exposure was another thing i thought interesting in the filing was their stakes in the faang companies and they actually dissolved a stake in alphabet, which was google's parent company during the quarter they got out of that, and they also sold about a million shares of facebook. but they did maintain their position in netflix during the quarter. other notable new positions include visa they acquired 1.7 million shares worth about $225 million as well as deere where their acquired about 100 million shares at the end of the quarter. >> did we learn anything new about campbles position in the filing or is it more of the same we've been hearing about his activism >> it's more of what we've been

hearing about the filing of his activism nothing new, it's just the first time we've seen it pop up in a 13f filing >> it's interesting because, you know, he really started out as an activist for the most part, looking for cheap neglected misunderstood broken companies but you see other stuff whether it was alphabet or facebook or visa, this is large camp growth manager right now. i don't know what to make of the fact he's swapped out of alphabet and maintains facebook. >> it's a great tale about the state of hedge funds i mean hedge funds now are basically, they're playing into the same stocks that you could buy growth index funded. campbells is a separate situation, that's an activist type situation, but everything else -- >> don't you want to pay them 2 and 20 for that -- >> no. >> or what you don't want it to do is stretch and say let me go find any other possible activist

situation. it's a weird thing to park money in large capital >> he has a lot of money to manage so it limits his flexibility i think. up next we'll take another look of the potential fall out of the turmoil in turkey and how it could impact the world and global markets plus one popular restaurant chain will be betting on adding chain will be betting on adding evagen. hebetter life.n.

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news alert on hilton grand vacations. >> the hilton grand vacations cfo is leaving the company saying its departure of its cfo is leaving for conduct and behavior not consist with the company's policies although hgtv is confirming its 2018 guidance and long-term growth objective as discussed on the second quarter calls but hilton grand vacations announcing the departure of its cfo. >> let's talk about the tension that weighed on the markets today. let me start with you. how much of a risk is the

situation in turkey right now for the rest of the financial markets in the world, do you think? >> well, of course turkey is the leakiest in the emerging markets basket it's got a basket of factors when you look at the current account deficit growing off of higher energy prices of course the iran sanctions are a big driver of that rising inflation you've got a lot of banking vulnerabilities right now especially with the u.s. treasury having a lot of scrutiny over turkish banks and turkey expected to be wn one of biggest violators of iran sanctions. that of course is going to make turkey the biggest risk in that emerging markets basket. and of course turkey is not the only emerging markets vulnerable oo a dollar. and with the fed on course with another rate hike in september that pressure on the lira is only going to increase and to make matters worse, you know, we're not seeing a shift

in political behavior, not at anyone should really expect it right now out of the turkish government with erdogan still delivering these bombastic nationalistic speeches, and his son-in-law is trying to say the right things but when he's sandwiched by erdogan's comments i don't think investors are going to get much confidence we're going to see a much tighter and fiscal monetary policy to stabilize the economy. >> do you think it's now an effort we get some kind of bail out or capital controls in turkey >> remember 18 years ago, 17 years ago turkey had to go to the imf for its standby after a financial crisis and in fact that crisis opened the way to the current ruling party, the akp headed by mr. erdogan to come to power and they've been there ever since. so they're having to go back to the imf or having to impose

capital controls which was done away with. it would be major for mr. erdogan. and i listened to him today. he made two speeches and he sounded very confident that the economic war against turkey that was being waged was one turkey was going to win and everything was going to be okay >> is he ever going to allow them to raise interest rates >> well, he's done it before even though he's been opposed to it during the election campaign, which he won on june 25th. he was obliged to raise it 500 points because, you know, people persuaded him it had to be done because the lira was raising funny enough the lira was still in the 4 plus to the dollar range, to 5 range. it didn't cross 5 until august 1st when president trump imposed sanctions on two ministers and today over the trump tweet it crossed 6 and went all the way up to 670. >> we talked about it all day.

>> reeva, why has president erdogan, why has he been so steadfast in refusing to seek ground on whether to release individuals given the pain he's received on response and given his strong domestic position now he's got the recent election behind him >> yeah, i don't know, i think trump has definitely met his match when it comes to very stubborn nationalistic leaders on the world stage that was an exchange at play. that was a bargain that was in play, but those demands increased when erdogan also demands, you know, issues over extradition, and more issues to come over iran sanctions and so even if you have a temporary deescalation between the u.s. and turkey, those relations are bound to get even

more intense again, when we have iran sanctions about to fall, later in the year those energy sanctions that turkey's going to be a major violator of, that competition and that friction between the u.s. and turkey is very much ingrained and is only going to deepen. and to the earlier point to understand -- >> i'm sorry, we've got to go to break. thank you so much lady and gentleman, we really appreciate it tesla shares finishing the week higher after elon musk tweeted he was considering taking the company private now musk under pressure from the company and the sec. what's next for the company and musk coming up next.

making a big move in after hours trading. >> a pair of fda approvals on this friday afternoon. the highlight for you, first we'll start with alnylam, the company closed up higher the fda approving its drug to repair nerve damage. however, this is sort of a historic approval. it's the first using this new technology known as rna interference or gene silencing technology which won the nobel prize in 2006. those on the move in the after hours as the fda disapproved its first drug for another rare disease. so two rare disease approvals here in the after hours for you

guys to highlight. wilf, back over to you >> exciting news, meg terrell, we love that now shares of tesla finishing the week higher. phil lebeau joins us to recap the highlights of what's been a pretty extraordinary week. >> wilf, it's been a wild ride for tesla shareholders this week it all sets up what will happen next week. and we do know from the reporting from a couple of my colleagues at cnbc.com that there will be the members of the tesla board of directors who will be meeting with financial advisers but we should clarify here they're not meeting to go a privatization plan, they're going to be meeting to setup a process to analyze what it would take for going private so the big question is there a detailed plan? we still don't know for sure we've heard elon musk say he's secured funding. at least he said that in a tweet

earlier this week and that's why you saw shares move as much as they did but we have not seen that detail in terms of what's the secured funding. was there an offer seat, who's behind secure funding? all questions people will be asking next week by the way, the sec as well as tesla, neither of them saying anything about potential inquiries from that tweet by elon musk. this is case where the tesla board has said they will meet with financial advisers. but whether or not we actually get more details, i will be curious about that >> okay, phil lebeau, as ever thank you very much. phil lebeau for us in chicago. now, fans of mcdonald's listen up. the fast foogid ant is offering one lucky customer free food for one lucky customer free food for life one lucky customer free food for life yeah, since birth. that drives me crazy.

yes. it's on all your email. yes. they should know this? yeah. the guy was my brother-in-law. that's ridiculous. that's next in today's take away do they listen? what? they're amazing listeners. nice. guidance from professionals who take their time to get to know you. experience the versatility of utility, with a range of suvs perfect for any adventure, at the lexus golden opportunity sales event. experience amazing at your lexus dealer.

time now for the takeaway. first up, samsung has a shiny new toy. the company unveiling its galaxy note 9 phone starting at $999. qualcomm's latest processor and twice the internal storage versus that of the iphone x, but is it enough to help samsung boost sales and lure over loyal apple users? that's a big question. >> that's a big question and most of the blogs you heread abt this and the hardware for the top-end samsung phones is better than the apple iphones and whether it's space, quality of the screen and the pen, whether you like it or not and people are loyal to the brand they're used to because of the ecosystem and it is interesting that we always debate will the iphone

cycle continue to impress? it always does, but it shouldn't necessarily when you look at some of these statistics. >> when you talk about people committed to what they've bought and that is jim cramer's argument that apple should get a p & g multiple as a child, if your mother used clorox, you will use clorox for the rest of your life. if people like iphone they'll continue to buy it >> it's the case, what'sironic about that dynamic is if you think back to the '80s and '90s, the critics always loved macs, right? they had this tiny market share because market share was big, slow moving and dumb and it was almost a microsoft position here >> the other point i would make, though, is the debate in the u.s. versus if you're sitting in asia and europe is massively favorable toward apple and the rest of the world, and it is the biggest by some distance and apple has the high end phones

than anywhere else. >> exactly >> next story, buffalo wild wings, beer, wings and gambling and it is considering adding sports betting to its menu in hopes it will provide a new round of yoeth buffalo wild wings is actively exploring opportunities as we evaluate the next steps for our brand and mike, i guess, lots of people competing in a very small sector and only three states have legalized it so far and obviously all of the casinos are looking at it and a lot of european sports betting companies are pushing into it. it seems like it would be hard >> it's a complete no-brainer for them, for buffalo wild wings. once it's legal -- >> i have two adjacent businesses one is gambling and the next is they should have the separate weed bar you can go, you can smoke weed. >> and when you're hungry. >> you can eat why not? >> mcdonald's is holding a free

food for life contest in which the winner will receive a mcgold card that's good for two free meals a week for 50 years. it's not for life. to enter, customers have to place an order using mcdonald's mobile app and then pick up their meal at the restaurant at which time the customer will receive one entry into the contest. this is obviously a way to try to get people to sign up for the app. >> sure. the app, interestingly, of all of the types of brands that need to launch an app where you can preorder and collect more quickly, mcdonald's has to be bottom of the list they get the food out so quickly. it's not like you have to preorder. >> there was a time when that was not true >> if you take it a few step ahead and the idea is you're in your car and it will tell you what's the closest mcdonald's to stop at. >> and pick it up. >> i like that you -- what if you live longer than 50 years and what if mcdonald's isn't around in 50 years >> you just assume or what if you want it more than

twice a week there are lots of questions, but it's a nice offer. >> if you wanted to sleep in your favorite team staum, urdiyo wish may soon come true. >> why sports teams want to expand into entertainment. that's coming up next. who would have thought,

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welcome back from hotels, restaurant, sports teams across the country are branching out into entertainment businesses excuse me, eric chemi join us with that. >> sports teams are looking at the next big way to make money the texas rangers are opening a complex outside the stadium called texas live. it features dining, art, music, entertainment venues and they're coming out with a loews hotel soon and they're using the land for the bigger entertainment goals and david cordish who is chairman of the cordish companies. together, they worked on the new venture for the complex. >> there are only so many dollars you can generate from ticket sales and tv revenue and this is just an added revenue source. >> tv rights and ticket sales are hard pressed to grow much more from here, so teams are trying anything they can to

leverage their brand value and they're hoping that fans of the team will still want to come and spend dollars there. >> what you see today opening is mammoth, it's a couple billion dollars of investment, but it's just the tip of the iceberg, and it will become where people will come for the weekend so maybe now you used to drive for a ranger game and go back home and now you come for the weekend because of all of the things you can do the hotel connected to the ballpark you stay in impea it's going to be a win, win, win. >> they're want to make money the rest of the year and keep it in their pockets >> makes a lot of sense. thanks, eric. >> it's also the start of the premier league soccer season this week. >> i had it on my claend ar. >> there you go. >> do they have these huge entertainment complexes by the stadium? >> the stadiums are in the middle of cities. >> right

and this is a big expansion, the texas prairie they just built over. >> it's always hugely available. >> always nice to see you, evan, on fridays. >> go have your margarita, michelle. >> thank you for joining us all week it has been an absolute pleasure and that will do it for "the closing bell." "fast money" starts right now. >> "fast money" starts right now and it was a brutal day on wall street and the dow dropping 200 points on the lows of the session on fears that the turkish economy is on the verge of collapse. that country's stock market and currency crashing in the u.s. and europe in particular this is president trump's last new tariffs on turkish metals. that's a clever headline and not a difficult day in turkey. >> that's cute i like that. >> the economy is not about to collapse they'll probably g