>> oh, i'm interviewing at cnbc 20 years ago and i said -- >> i walk into the office and there's this young lady who says my grandfather loves you >> and i'm sitting here with bill today and it is an honor. >> happy anniversary >> and thanks for watching power. "closing bell" starts now. it's time for the "closing bell" i'm wilfred frost. he'll explain coming up. i'm phil lebeau in chicago tesla's ceo elon musk revealing why he wrote, funding skurd in a tweet about taking the auto maker private. the details coming up. i'm leslie picker at cnbc headquarters shareoffs ratings giant nielsen soaring today as he's pushing the company to sell, and this could be one part of a big

sellout on wall street the cfo of netflix stepping down what it means for the company's financial future "the closing bell" starts right now. how many times have you practiced your walk on vacation? >> oh, every day on vacation >> down the boardwalk, along the beach, everything. >> i was thinking about the whole time >> it was looking well rehearsed. time well spent. welcome back welcome to "the closing bell" this afternoon we're going to get to all those stories in just a moment but first of all let's check in with how those markets are doing. we're now down about 0.4% on the dow, down 92 points. the low of the day was 156 points we're not at the lows but certainly lower than where we opened which was around the flat line nasdaq only a fraction negative.

the dow and s&p are lower for a fourth straight day now and we will keep an eye whether they'll close there. looks like they will >> pretty resilient i have to say considering the gloom and doom the latest fall out in turkey as president erdogan remains unwavering in his economic position >> reporter: sara, we heard from erdogan this afternoon speaking to turkish ambassadors talking about economic tariffs being high and the continued weakness in the turkish lira. his interior minister has vowed to seek out more than 300 social media accounts, investigate and potentially prosecute them for talking down the lira. that has not seemingly been enough to reassure investors about the future of the currency here we have that run away inflation number just under 15% and of course a huge deficit they're dealing with here.

the reaction from the people on the streets of istanbul, saying they're not happy with erdogan's rhetoric, blaming the united states for this current situation and also not happy about his calls for them to convert their dollars, their euros into the turkish lira. one action they did not take, of course, guys was to increase that bench mark rate currently still stuck at 17.75%. something every single analyst i've spoken to said would be key to turning around this difficult and complex situation with the economy. >> do you have any sense of president erdogan's support among the people, just how patrottic they're feeling when he calls on them to exchange their euros and dollars into turkish lira maybe they're financially secure but do they support their president? >> yes, i mean if youlic at his support in the most recent election, he was just elected in june, he does command a huge

amount of support in the rural parts of the country in terms of this weekend he was out talking to supporters at a number of rallies to clear up the black seacoastal region. he talks to supporters where he does get a warm reception. but typically the corporate elite here in turkey are a bit more san would in their reaction to the requests he makes and you really are going to see in the next few days how companies, how banks here react to this ever changing climate. >> bill, thank you very much for the update from istanbul so why is turkey so important? it's not the size of its km economy, the 17th in the world, but it's the 32nd trading partner for the u.s., it's the trading plunge and the potential havoc that could have on the country's business and fear whether this spreads across the

emerging markets think asian financial crisis back in 1997 it started in thailand with the brutal devaluation of the thai bot, but spread. we saw defaults, recessions and even bail outs the major similarity, turkey's massive debt binge over the years cheap money from the fed and other central banks, turkish business took advantage borrowing billions of dollars. external size is about half the size of turkey's economy that's where there's real fears here of default. because when a currency loses so much value so quickly it drives up the cost to service that debt we're watching other vulnerable currencies across the emerging world. russia, south mexico, and china all in the cross hairs could even be trade war fears with the united states but they have their own problems

and those fragilities are exposed when you have such a brutal sell-off in a country like turkey. that's why we're watching for contagion to see if it gets worse. >> i the point you raise there is keep an eye on the likes of china. so far when it's weakening it's kind of been framed here as that's a benefit for them. they can boost the cost of servicing that debt even though they've got a lot of currency reserves is going up. going into free fall is not a good thing >> also china's currency is managed, right even the decline that we're seeing in china's currency against the u.s. dollar it's speared by the chinese central bank the fear becomes if there is some sort of speculated tack or

pressure like we saw in the financial crisis it's going to be so costly for china to shore up its currency. that's why people are watching china as sort of the big indicator. it's also much more financially important than turkey, but they've got a huge chest to deal with >> let's talk what it may mean terry, very good afternoon to you. thanks for joining us. >> my pleasure >> eu banks do have exposure to turkey, but we don't think it's as bad as the euro zone 10 to 12 >> not really because keep in mind during the time of the euro crisis there was a broad swath of european banks of exposure in places like grease, spain, italy

and ireland. you do have exposure to turkey but it's not all banks, not as widespread across the banking system it has to be concentrated more against some key banks so the risks are concentrated. >> also didn't we learn from the european debt kris that just when you start worrying about the european banks the governments will come a bail them out >> we did. and there's a very good chance here that the ecb will come in and support the sovereign debt markets of these european countries in part because you need those prices to be sustained to support the capital buffers in the balance sheets of those eu banks so this is one way they can come in to help >> that would be of course to help the european nations, not to help turkey >> so what happens to turkey itself >> there's really two paths for turk turkey to take here. it could adopt it finally,

erdogan could relent and that would mean tightening fiscal policy as they started to do and really raise interest rates or potentially appeal to the imf to get some bail outs here. that's one path. i think the market would be very knighted do see that happen. >> you really think they would go to i mf where the u.s. is the largest shareholder to the fund -- >> i said there were two paths this is one. the other one is to finally disassociate himself from the global capital markets in one fell swoop, and that would be to impose capital controls. all the internal debts that these companies and these banks have that are currently in effect u.s. dollars and euros. and that would effectively end the story for turkey's relationship >> i don't understand why either of these parths haven't been followed yet his grip on power is as tight as

its ever been. >> and the opposition st. in disarray and maybe he's betting on that to think that, hey, maybe this is not so bad politically in the end after all. i can even withstand the recession given my level of support. but the reason he hasn't committed to orthodoxy because he has wetted himself to a policy of low interest rates and for a gentlemen to turn it around at this point is difficult. to say he's relenting to this conspiracy is to say he's no longer their protector that's tough >> clearly if this drives on how bad does the contagion get in places that could potentially be more worrisome like china? >> look, for some european banks

it could be bad, we're talking about several hundred billion dollars worth. could it get bad in china? china has no exposure to turkey. this is not the kind of crisis that would sink the china economy. it could certainly hurt the euro economy, but let's face it the ecbm is there to bail them out >> let's talk about it with our closing bell exchange today. rick santelli here as always at the cme group in chicago thanks for joining us, jonathan. the u.s. equity market under pressure today but nothing like we've seen overseas. >> you mentioned doom and gloom we saw the headlines and futures were down and we rallied back pretty quickly we did fall off the cliff here a

bit at 11:30 whether the euro closed it seems this market has really absorbed this information. i think investors are waiting to see where this pulls to. >> michael, do you think we're getting a sign of what a big currency fall can mean in negative terms for china >> yeah, i think we are actually and i think, first of all i don't think this kind of thing is likely to occur in china for a lot of reasons but i think it really does highlight the problems associated with investing in emerging markets without really fully understanding that it's just not about economic growth it's about dollar strength, exchange rates the political concerns, there's just so many different things you have to be aware of with emerging markets yes, companies in the u.s. have emerging market exposure but the u.s. is in some ways very much a safe haven away from em.

and i think you're starting to see flows suggest that's a perspective embraced by investors. >> rick santelli, what's the level of angst that you see in the bond market or even in currency outside of emerging markets where we know is the source of the pain right now >> you know, we've gone through the emerging market drill many times, even outside of big advertised crisis-type conditions so i think investors are well aware of all the issues involved in the fact that a two-year and a ten-year note basically hovering in the states give rise as our last guest said there are safe harbor areas to hang out investors have done just that. it is a very low level of nervousness i hear with the immediacy of contagion or systemic issues. but the european banks do have exposure between 150 and $180

billion. but the issue is what it does for maro and the central bank. every term, every crisis that happens from this point forward part of that is going to be what central banks have done. they've bib enablers to propagate whether it's companies that are zombies or in this case economies that are zombies mismanaged both politically and economically and from a monetary standpoint how mario deals with it, what he includes is huge we all have a runway here to the next global recession. and these central banks need to get their houses in order to have enough insurance to deal with that when it emerges, and i think that's the way i would frame the angst i hear on this trading floor. it's more of a macro picture for the next couple of years >> what's your general sentiment

towards markets as we had this low trading summer as we come out to summer will we get another kim to the upside? >> i think so. i think overall sentiment is going to pick up i think overall this market continues to absorb any negative headlines out there and continues to trade towards the high the thing that concerns me on a short-term basis right now is the vix. we've come up about 3%, 4% in a very short period of time. there is a bit of fear that's there as the market gets a little lofty >> all right, thanks very much still to come here on "the closing bell" elon musk answering one burning question from wall street after his desire to take the company private. and later a new op-ed "the new york times" says the debt market is sending a dangerous sse. 'll join us to explain on "the closing bell."

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the company private. explaining why he tweeted quote, funding secured last week. phil lebeau has the details in chicago. phil >> elon musk to explain what he meant when he said funding secured, but this all comes down to a meeting he had july 31st with a manager director of the sovereign saudi fund they had a meeting over the last couple of years where apparently the saudis indicated they would be interested in helping tesla pursue going public. in today elon musk wrote he strongly expressed his support, he's talking about the managing director of the saudi fund, support for funding at this time i understood from him no other decision makers were needed and that they were eager to proceed. thus that's his explanation for the words funding secured in a tweet he sent out tuesday morning. there is an estimation by elon musk that this $70 billion that some people have put out as a

figure for taking the company private is wildly inflated because he says by his own estimation he believes that at least two thirds of the tesla shareholders would likely stick with the company and not look to be bought at $240 a share. it's moved up fractionally, but at least we have a bit of explanation from elon musk for his rationale in putting out that tweet last week >> a bit of an explanation but as things weren't fully lined up this time last week, what do you think his original intention was with the tweet do you think it was a tactic to lead towards taking the company private or perhaps he was having a bit of fun like he likes to on twitter and suddenly after the fact realized he would have to paper over the cracks or face pressure from the sek. >> he wanted to face the short sell mfrpz. >> it could be a mix of all of

those reasons why he put out the tweet he put out i will say there's one note in this blog post where he says all of what i put out last week reflects my personal views as a tesla shareholder only and it was interesting when i read that i sat there and i thought i wonder if he was instructed to put that in there by the board because there was no reaction to him reacting by the board, and that's just an interesting thing that popped up nine when you read the entire blog post. >> absolutely. phil, we haven't send the end of this story i guess >> you've just seen the start of it you missed it last week. >> as i was practicing my walk to compete with you. >> i'm saying you missed an exciting week. 40 minutes to go here before the closing bell still look at declines nothing severe, but it dow is down 75 points, s&p 500 down about 0.2%, nasdaq is flat and

utilities and health care leading the charge up on s&p shares of twitter get a boost today after a noted short seller said the stock would jump more than 50% in the next year. a surprising reason behind that call straight ahead. and later top executives stepping down after nearly 15 years at netflix what it means for the streaming giant coming up on "the closing bell." why did i want a crest 3d white smile?

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welcome back to "the closing

bell." here are three individual market movers chenier energy, it's up over 1%. >> up next another winner. citron research says twitter could hit a new high saying it's more relevant than ever before and privacy concerns are in the rearview mirror. >> and vf corp announcing to potentially split. one will be footwear and other will be its denim businesses >> all i wanted to say is this is about vans. vans have been their hot brand vf corp in its most recent quarter reported growth of more than 12% but denim is actually declining, down 1% so the growth is happening in some of the more athletic brands

like vans. they've also got north face, an out doorsy brand, so this is the part of the company where the lee and wrangler jeans are in decline. >> it makes sense to split them up it sounds like there could be some synergies and simplications here >> yes, it sounds like it could be a stock winner for sure yes, if they want to focus, the other chatter out there det could open up to much more mma, look to add brands on both sides. >> but down 3.7% today we've got 33 minutes left of trade. the border markets are low down 71 pointson the dow, 0.3%. the s&p is down 0.2%, nasdaq

pretty much flat chemical giant monsanto ordered to pay $22 billion in its weedkiller ruling in the round up spray we'll explain that story and investment banker cohen says there's a big issue looming. is made of. but right now, our bond is fraying. how do we get back to "us"? the y fills the gaps. and bridges our divides. donate to your local y today. because where there's a y, there's an us. at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade,

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declines for stocks, most industry groups are lower in the s&p. materials, energy, financials getting hit the hardest. two bright spots in the session, though, as you can see and that would be utilities and health care >> time now for a cnbc news update here's what's happening at this hour, everyone. a deadly fire has killed nine people and injured 15 others at a hospital in taiwan authorities saying that fire broke out on the seventh floor of the high rise building. the fire was put out shortly before dawn. the cause of that fire is not yet known. a severe storm battered tokyo today. roughly 8,700 households lost

power. luckily the storm lasted just a few hours before the skies cleared. an oceanside boardwalk collapsed during a nighttime concert. the wooden boardwalk gave way during the closing event of a music festival authorities reporting 313 people required medical treatment and on a happy note a newborn giant panda cub made its debut at a south china park. he only weighs 21 ounces the baby panda is a boy. it is the second cub born to his mother ting ting >> i cannot believe a baby panda is quite so small. >> they are. they are absolutely tiny when they are born. they gain weight really quickly, but this is the area where they've had the most success with the panda breeding. it's an amazing complex. i've been there actually and it's an amazing thing. >> i think they're cuter when

they're older. >> they definitely are they're cuddlier when they're older. they kind of look a little rodent like. >> what were they called >> ping sai. you missed the baby rhino. >> wilfred keeps reminding me. >> i'll see what i can do next hour >> i look forward to it, the next baby in the animal series here on "closing bell. some investors feel a bubble could be brewing in the corporate debt market. in his latest piece the big, dangerous bubble in corporate debt author bill cohan writes the debt market could even lead to the next economic crisis. good afternoon to you, bill.

>> hey, wilfred, how are you >> very well indeed, thank you so your point on this is that there's been a huge amount of issuance on corporate debt, and when rates rise there could be some frightening wake up calls for individuals. >> right i think it's a combination of an unbelievable amount of new issuance because interest rates have been so low for so long, and that combined with the fed's eight-year quantitative easing program where they essentially bought back as much debt as they could in the marketplace, increasing their balance sheet from like $900 billion to $4.5 trillion and how that unwinds. and i think investors as i'm sure as you've talked about many times on your show have been desperate for yield. so as a result of interest rates being kept low for so long and investors being desperate for yield, they start bidding up the price of bonds that look like they're yielding, you know, a

greater amount over treasuries and as a result of that bidding process the yield of course goes down and so as a result risk has been mispriced for a very long time in the market. it's starting to be better priced now, by the way i want to make that clear. this is sort of an eight-year period before the last year or so and so there's a lot of money, trillions of dollars that has been invested in the bond market, and i think the risks have been mispriced. and that is going to come home to roost at some point as interest rates continue to rise. >> i have a flip side of this, which is maybe some of these buyers may have a bit of a wake up call to come. but if you compare it u.s. today versus some companies still in europe, they sorted out their finances by refinancing at lower rates on longer term issuance. so surely they are in a safer place even if some of the buyers of that debt may be due a wakeup call is there offset there that corporate america is in a

stronger position or not >> yes, i think both not only u.s. banks but u.s. corporations are in a better position i mean for issuers this has been basically fabulous unless the credit markets close completely and they can't refinance all their debt take at&t, post-time barner they have about $400 billion worth of debt on their sheet. if they can't refinance that they're goerg to be a problem as an issuer. the problem is among the investors, among the people who buy this corporate debt who have been hungry for yields, bidding up the price of corporate bonds to try to capture that yield, and i think they've been overpaying there's a huge risk with that, and people don't realize it until it's too late. until markets start retracting and they can't pay up and then it's a sorry tale. >> the imf has been warning

about this for a little while now. and those warnings have gotten louder recently, the amount of corporate debt it's not just in the u.s. but elsewhere as well. and it's not a problem until you say it is. and i'm wondering what turns the tide and is it a bigger problem in this country than it is in places like china where it's really exaggerated >> well, look, it's definitely a problem in europe where quantitative easing has been copied because i think a lot of central bankers around the world thought this worked out very well here. sara, as you know nobody rings the bell at the top of the market and says that's it, it's all downhill from here, it's been fun, thanks for playing it happens all the time, it happens suddenly -- i remember frankly when i was a banker and this goes back a way but united airlines was trying to take itself private and it looked to citi group who issued a highly confident letter they could have a buy out of city group, and

when that didn't happen the market closed, the credit markets closed for close to five years, and there was a credit freeze and we were in a serious recession at that time as a result it seems like a great party until it stops i'm not alone in this, there are many bond investors and big bond funds that feel the same way that this party has gone on for a very long time and, you know, it's feeling very tawpie, and people have bid up the prices of bonds and their yields have been lower where they're not getting properly compensated for the risks their taking >> bill, are there other areas out there, asset classes or markets that are in a similar position, whether that's venture private equity perhaps >> well, i think a lot of real estate has been mispriced. cap rates have been too low for too long the art market i think is wildly

overpriced but i think the big problem, you know, it's a $41 trillion corporate bond market. it dwarfs by like 50%, the size of the stock market. and when the credit markets close up that's where, you know, people can't get access to the capital they need to grow their businesses or hire new people or build new equipment, and then everything seizes up and we head into recession land. and that could happen before you know it. >> okay, bill, thank you very much for joining us today. joining us to talk corporate debt 22 minutes to go here before the closing bell just to give you a check of the major averages seeing the dow down 87 points, nasdaq flat, russell small caps getting hit a bit harder netflix's chief financial officer is stepping down what that mes anfor the company

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with more flight and hotel options. credit card customers will have access to more than double the travel inventory starting sunday those stocks you can see down today because other banks are as well the yield curve has flattened a bit and the yields have slipped as opposed to thinking that turkey will infect the likes of jp morgan. >> right, not much exposure from u.s. bank. it's really the european banks >> and they did decline 2%, and maybe buying by different people who aren't bothered from it. netflix cfo stepping down after 14 years at the company hoping to focus more on phil philanthropy do you have any context as to why he's stepping down >> i don't really. it came as a bit of a surprise

to most people at the company. he's been there for 14 years at the company, and he's been pretty successful in that role just looking at netflix's stock price over the years he's been cfo. there's really no reason to doubt the official company explanation at this point which is that, you know, he's been there for 14 years and, you know, looking to do something else, which i guess in this case here is philanthropy >> the company's changing. it's still not cash generative but it's getting closer to that point. is there any change that the cfo has something to do with that, the company is crossing over and evolving in its own kind of history? >> yeah, that is the big question and definitely going to be the thing that the next cfo will have to deal with david wells and netflix as a whole has overseen this tremendous increase in spending over the last couple of years where to this year they could be spending as a much as $11

million on content as you saw at the end of last quarter where they undershot their subscriber projections and the stock took a hit, you're starting to see a lot more concern from analyst and other investors whether they can continue to spend at this great level, burning $3 billion this year and if that's going to be enough to sustain subscriber growth over the near term. >> right, that's always been the interesting net flex model, which is it's sort of hard to justify the valuation. ware always sort of wander, tom, what the financial position the company is in with such a big cash firm. >> that's the big question they've benefitted for the last couple of years in raising tons of debt in order to finance their content strategy and they began doing this at a time when interest rates were incredibly low but as we've seen over the last couple of years interest rates have gone up, and it's something the company is taking a lot more notice of now.

and again you can use debt as a financing instrument for as long as it's cheap. but once it starts getting more expensive as it is for netflix, you have to wonder how much more debt they're going to continue to raise in order to finance all of their programming >> and finally i wanted to ask you, tom, if fete flinetflix fae sort of turning point? we've heard them talking about the competition, the fact that disney is going to be launching this competing product and taking itself off the netflix platform and how netflix is dealing with all of that >> sure, these are major questions for the company right now. disney is going to be releasing their product next year, apple another company that looks to be spending a ton of money, you know, their actual final product tbd. but they're certainly poised to be a big player there. and companies like facebook and hulu which is going to be part of disney strategy going forward.

so there's a ton of competition for netflix no question. netflix has already proved they can get, you know, tens of millions of people to subscribe to their service, so the more competitors there are out there, though, netflix is definitely going to feel the pressure >> okay, tom, great stuff. thanks for joining us. we've got 14 minutes left of trade. we're lower but nicely off the lows the low of the day for the dow was 156 points we're down 100 points at the moment that's 0.4%. the s&p down 0.3%, the nasdaq down 0.1%. resilient i would say. >> that's what i said. >> i said what you would say i wasn't actually look at you nor referring to you >> one would say, maybe. original up next shares of beyer plunging today wave got the details when "closing bell" returns with that

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welcome back to "the closing bell." there are your dow winners for the dow. only af them with the dow now lower. as far as the losers, the finances certainly getting hit hard some of the concerns around turkey and the fact we're seeing lower yield in the bond market >> and quite significantly lower yields we were at 3% ten days ago and now down on the ten year >> it was a brutal session as well >> it was indeed a california jury is ordering monsanto to pay $289 million in damages to a plan who claims the company's roundup weedkiller spray caused terminal cancer >> and shares of bayer which acquired monsanto in june are down more than 10% right now what's notable about this case is it's the first of thousands of similar cases across the

country involving the herbicide to go on trial, which means it could be a bellwether. it ordered monsanto to pay $289 million in damages to dwayne lee johnson, a northern california man who says his termtle cancer was caused by spraying round up while working as a school grounds keeper the active ingredient in round up first came under fire when an agency of the world health organization said it was probably carcinogenic. both sides spoke to reporters after the verdict. >> that's way bigger man me, so i hope that light will be shined >> the verdict today does not change the science >> monsanto says more than 800 scientific studies and reviews by the u.s. institutes of health and regulatory authorities around the world support the fact that it duds not cause

cancer monsanto says it will appeal the next case in the fall in st. louis. >> is the concern here, didi, that there's going to be so much liability when it comes to legal cases or is this a reputational thing? i remember there were already questions about monsanto and gmo products which are not exactly trendy right now >> yeah, exactly it's kind of a mixture tof both reputational and reliability issue. $289 million is no laughing matter indeed and when you combine that with the fact there are more than 5,000 plaintiffs all across the country in queue to file claims that's a lot. coming up next we'll have the closing count down and president trump is backing a boycott of harley

davidson we'll speak to a former harley davidson dealer coming up after "the closing bell. ey greeted me as they always do. sergeant baker, how are you? they took care of everything a to z. having insurance is something everyone needs, but having usaa- now that's a privilege.

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lira of course the really sharp sell-off happened friday we did see a little bit of an intraday rally but also a sell-off again. hit an all-time low for the turkish lira what does this mean for equity markets around the world well, sell-off asian markets were lower than europe and the u.s. because they missed out of some of thel selling. the s&p down only 0.4% so again as we've said during this show resilient really in the face of the size of move in the turkish lira itself. how's it affected the u.s. markets most of all, well-lets have a look at the ten year treasury overall we're now below 2.9% if we look at the sector performance today you'll see yet again like on friday financials have suffered not so much here in the u.s. because we think

u.s. banks have high exposure to turkey but because of those moves we've seen in the yield curves financials down 1%, and only utilities and health care are higher and fractionally higher at all, less than 0.1% higher. let's have a look at the dollar index as well over the course of one week of course the dollar of course has been resounding strong against the turkish lira the broader index, although it saw some strength on friday hasn't been that much stronger only a 1% move over the course of the whole week. again another factor to show it's not affecting u.s. markets too much so far this turkish lira story bob pisani joining me what's the main take away from today? >> the contagion concerns are not terribly widespread right now. you saw the rael weaknesses in the dollar strength that's causing problems in the commodity markets. this is rippling through

emerging markets we saw continuing weakness in emerging markets etfs like the e, m, your south africas, siwan, india were on the down side. i wouldn't say they were dramatic the volumes were up a little bit, 100% to 200% above the normal volume. i think the real worry everyone is talking about is what happens with china, if we get more devalueyings deval devaluations in china. that's much bigger i would note a bit of weakness in the united states beside the ba ba banks. brazil rallied in the middle of the day, but it's those home owners again today, remember what happened on friday when the ceo redfin warned home buying was waning, now we have high prices, weaker sales, waning

demand, that's like a triple whammy now >> and just on today's session we're now 126 points on the dow, and we are selling off a little bit to the close here. >> banks a little bit, goldman sachs a little bit weak, a few industrials. but the biggest declines are in the material names in the commodity sector you want to see if that really kind of spreads around right now if you look at europe, the big banks may have some lending exposure to turkey, they were down 2% to 3% today but our u.s. banks don't have lending exposure so you're down 0.5% to 0.8% or so for u.s. banks. so far the market is not signaling there's a major rippling contagion effect that' going on >> if we bring back these sectors as we've mentioned energy and materials, the bottom two sectors worse than financials as oil prices slide

some 2% today. and of course oil prices were down last week the sixth negative week in a row. >> and the dow here on quite a low for the day. >> anyway, there's goes the bell we're down a full 0.5% on the close. ringing the bell here is charles river, and waters. sara, back to you. and welcome to "the closing bell." i'm sara eisen in for kelly evans. wilfred frost rejoining me in just a moment. those early gains for stocks could not hold on. we did close lower across the board with the dow down more than 100 points into the close, down 0.5%. s&p 500 down 0.10% this is actually the fourth

negative session in a row, first time we've seen that for the s&p since back in march. a four day losing streak nasdaq was wavering between through the day. donald trump supporting a boycott of harley davidson motorcycles after the company said it will move some of its manufacturing overseas due to tariffs. coming up we will talk to a republican congressman, that's him in the photo he's a trump supporter and a former harley davidson dealership owner he's a biker and he'll join us with his take on the boycott and politics straight ahead. joining us today on the markets is stephanie link, and head of global equities research, and charliologi charlie also here. biggest winners on the dow today, you saw it for a second

there it is. and nielsen holders the biggest winner and lennar, suffering, those home owners, biggest loser in the session how worried are you about the contagion and any spill effect on the united states >> we're always worried about something. but if you take the turkey situation at face value even if the euro zone exports were to fall by 20% that would only be a 0.10% of hit to gdp in the euro zone so it's not that material. certainly that's what we're keeping our eye on but overall i'm not too worried at this point. i think overall it felt like a quiet august monday. and i think tomorrow we start to get some data like we get the industrial production figuree ea we get retail sales from china and of course we get our consumer discretionary earnings which i think is pretty good and

we'll have a better feel and more confident feel as we go through the week >> charlie, what's your view in what we've seen in the bank stocks friday and monday do you think people are concerned ability the exposure to turkey sois this a bit of a risk off moment for them in. >> i'd actually say option three, which is mostly interest rates as you said earlier, wilfred. these bank stocks moved fairly high this year because people thought we were moving towards 10% on the ten year. they got overpriced and now with interest rates back down to 287, wherever they are, maybe that's not going to happen. so it's more about the fund fundamentals of the bank >> we've backed off that 3% level on the ten-year. but there's no flashing fear in the bond market. there's not this massive flight to quality gold is down the it's not get a lot of safe haven love the dollar is getting that

instead. you don't get the feel it's this kr krises moment. >> nothing too significant but let's sum up the latest on turkey because of course it is the story of the day again the turkish lira collapsing as president erdogan stuck in the back. >> reporter: president erdogan doubled down on his blame game today after a weekend spent railing against foreign powers and the economic war they've launched against turkey as the lira continues to hover around new lows against the u.s. dollar this morning the country's central bank promised to support local banks with as much liquidity as they needed but it stopped short in raising interest rates to combat inflation and support the currency as many investors had

hoped. in a speech to a group of turkish ambassadors at the presidential palace in ankara, erdogan accused economic tear rtss attempting to harm turkey by spreading false reports those include seizing foreign deposits and impose capital controls, and he said they were just rumors. the new finance minister had promised to rollout a new economic plan this morning, but his father is philosophically opposed to interest rates and publicly railed against them the dispute of course in washington, d.c. and the continued tension of a pastor has prompted debate here his lawyer told us earlier this afternoon there had been no change in this client's situation and he'd still remain under house arrest back to you guys >> i hope he's enjoying a nice

dinner right now he can probably afford it, actually >> because he's got euros. >> well, he's got pounds which doesn't help at the moment >> still better than lira. >> stephanie, to come back to sort of the market fears on this people kind of playing down the risk of contagion this time around compared to grease the early part of the decade but is it giving osa bit of a reminder how much a foreign currency can hurt an economy as a relates to china >> oh, absolutely. i think if you ask me what i worry the most about, i worry most about the dollar actually and it's ascension in the last couple of weeks. this is going to have a really big impact to multinational companies and what that means for earnings so to the extent that the dollar continues to firm, that is the thing that i am worried the most about. and in fact if you listen to the conference calls for many of the companies in 2q they were more

worried about the currencies than the trade war issues. as i say today was sort of a quiet day. we'll see how this whole thing plays out, what that's top of mind for sure. >> and meantime, charlie, it was the small caps that got hit in today's session. is that no longer seen amidst the spot to go amidst trade wars and geopolitical tensions that's happening? >> small caps have really out performing larger caps because they have less exposure to weaknesses in emerging markets and strong exposure to the u.s. economy. so small caps have been the better place to be, and we want to stay there. >> all right let's talk twitter because shares today finished higher after citron research andrew left reversed his negative call on the stock he said he expected the stook to

rally after delivering personalized content and its privacy concerns being behind them >> and following citron's call explaining why he doesn't own the stock. >> you still own twitter >> no, i don't i don't. no, not for any particular reason other than i wanted to try to accumulate as much cash as possible. >> so you're holding more cash than you normally would? >> oh, yeah, a lot more cash i'm ready, willing and able if something happens. >> not really a statement on twitter. >> not really a statement on twitter, and perhaps we'll get to that general market sentiment in a moment. but first, stephanie, on the topic of twitter the bad news recently surely as come out of other social media stocks than it has out of twitter, has it not? >> i think if you look at twitter overall into the second quarter it was up 90% year to date over time it was the best stock in the s&p 500 in the second quarter in terms of performance

so, yeah, you had these very elevated expectations and it wasn't the cleanest quarter on guidance clearly they are spending more to cleanup the site, which i think is the right thing to do for the long-term. by the way, even though spending it going up they're still seeing revenues going up and active users knowing -- going up. it has pulled back i think there's no reason to rush in right now. it's going to be a show me story, and by the way we have to wait for the next quarter for facebook as well if i had to put those two side by side i think i'd much rather own facebook because of valuation. but the expectation for both stocks have come down financially and i think they're giving you opportunities for it long run >> two of the worst performers over the last month in terms of the -- and what about that

entment for going for cash >> bless him that's very hard to do there's been an alphalwful lot people who have been nervous for the last ten years mark cuban is a billionaire. he can do whatever he want, but individual investors should not sell stocks. >> that said, stephanie, what's your cash level at the moment relative to the last 12 months >> well, we have to hold almost 100% cash. i am always looking for opportunities. i think that there are a lot of good companies out there, and as i mentioned if there's any concern with regards to currency and pressure on earnings and that sort of thing and if turkey does get a bit out of control, i'm certainly keeping an eye out on certain names on my research purchase of merck, i liked disney, comcast i think there's a whole bunch of

names that are giving you opportunities on these pull backs. i actually think the expectations have been so high into the second quarter earnings you've got such extreme reactions to certain stocks that i think if you have convictions, i have conviction in the names i've just mentioned, i've been picking away at those names. >> okay, stephanie, charlie, thanks for joining us. elon musk clarifying his tweets we'll look at whether the saudis will provide that funding. plus a major shakeup at netflix as the long time cfo steps down we'll get the fast money trade on potential fallute from the stock. and we want to hear from you. "the closing bell" is back after a short break. or is it? this farmer's morning starts in outer space. where satellites feed infrared images of his land into a system built with ai. he uses watson to analyze his data

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fund has expressed a -- >> joining us now to discuss paul, what did today's blog post clear up if anything >> well, it was incredibly delicious irony. and that is elon musk when he originally broke this news said that one of the reasons he wanted to consider taking the company private is to remove the distractions of becoming a public company well, as we've now learned the process of going private, if it happens is going to be enormous distracting and take time away from all kinds of other things ramping up production, profitability, cash flow, and that sort of thing there's still a lot of questions unanswered here. you know, when he said funding was secured last week, why didn't he say i'm working on funding or in talks and

discussions on funding, and i'm sure the sec is going to be asking those kind of questions >> phil, of course to say the saudi foreign wealth fund could afford it is not the same as saying they've committed x-billion pounds to fund this. so is this sort of a desperate attempt to put the sec off the track of investigating him >> i don't know if it's a desperate attempt but it's an explanation most people look at and go you think because of these meetings, because you thought things would generally be approved funding would be secured? i think most people look at the explanation in the post today and look at it and say it really doesn't clarify a whole lot here whether or not that's enough to mitigate any potential damage with the sec, that remains to be seen we still don't know if this is an official investigation by the sec. there have been reports they're going to be asking tesla for

information. once we get a better sense just how serious the sec is about this, we might look back in a couple of months and say remember the time elons said he had secured funding and he really hadn't secured funding, i think that's what we need to find out is just how serious regulators are about this. >> you mentioned, paul, there are questions. i guess that's one of them and how much of this is allowed by the rules around tweeting. and the other question is this company going to go private, right? what are your questions? >> well, you know, all those are the main questions really when you think about it there's a very present commentary i thought by anthony curry and he said this is very much of a pattern with elon musk remember he makes these statements and he says oops and scaling them back a bit.

for example when the british cave diver in thailand was going to rescue those boys trapped in the cave and he tweeted out he was a pedophile. he apologized for that and then there was an apology to an analyst who had asked a question in a press conference that elon musk had deemed boring and, you know, ridiculous and that sort of thing so this is a bit of a pattern of him of saying things and trying to wheel back a little bit >> and guys, along those lines -- go ahead, phil. >> i was saying along those lines people have been saying, look, on twitter it has the same meaning as that. sure, if he's acting as the ceo. but he said today on this blog post those are purely my thoughts as an investor entesla. what is it are you acting personally, independently or acting as ceo of the company these are basic questions that investors should have a right to

know >> this was just a straight take over, the saudis buying tesla, would that be something that the u.s. government would approve? >> well, i think they have a lot of questions there i think there are a lot of questions that would be raised there, and frankly i don't think that would happen. i think that elon musk wants to control this company it is in his blood, it's in his dna. and i think he's looking around and saying who can i sell this company to he may be looking for funding, and that's far different but he still wants to be the person who calls the shots at tesla. >> paul, we'll give you the last word keeping in mind the stock price has since closed higher today, but just wonder how investors are gaming out what's going to happen next. >> well, they're obviously betting on whether this thing is really a deal or not to phil's remark, i'm not sure there's really any difference between elon musk as an investor or ceo it's really hard to make that distinction.

i do think he's absolutely right that, you know, i don't think elon musk wants to relinquish control of his company whatever deal is in the works here cleary elon musk wants to retain control of his baby, that's for sure. >> no question about it. thank you for joining us phil lebeau, thanks to you as well an earnings alert now on chinese ecommerce website vipshop. >> eps coming in at 84 krerncen adjusted, and revenues verse estimates of $20.08 billion. and right now including this move the stock is down around 30% year to date back over to you >> vipshop, excuse me. thank you, kate raj mfrpz netflix shares are up nearly 80%

this year. but up next fast money traders tell us now is the time to take some profits after we got that announcement today about the departure of the company's long time cfo and president trump backing a boycott. a republican congressman and harley davidson enthusiast seen here in this excellent photograph we've shown quite a few times now will tell us whether he's backing the boycott in a few minutes - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate! you wanna play again? - anncr: prevagen. healthier brain. better life.

welcome back let's have a look how we finished the day on wall street. the the dow is down 0.5%. the nasdaq down just 0.25% and the russell down 0.7%. in terms of sector performance it was energy, materials and financials at the bottom all down more than 1%. >> let's get to some of the other big stories today in our rapid recap. >> top story, turkey and its currency crisis. turkey's finance minister says the country is implementing an economic action plan to ease investor concerns. >> the rhetoric that has been very clear from president erdogan, he is continually opposing the idea of increasing interest rates >> new details emerging this morning on that stolen airplane that that was crashed outside seattle over the weekend >> will airports tighten security you can bet that is going to be a topic discussed around the

country. >> president trump backing a boycott of one of america's most iconic brands. >> netflix's cfo david wells is stepping down. wells joined the firm in '04 has served as cfo since 2010 >> he joined in his ability to be able to explain the fnlss >> tesla's ceo elon musk offering details why he tweeted funding secured about taking his company private. >> i left the july 31st meeting with no question a deal of the fund could be closed and it was a just getting the process moving >> rather than getting upset about shorts, the more people that short your stock, the better position you have, the more buyers you have in waiting. >> i wonder if elon musk likes getting advice from mark cuban, i doubt it >> but the point is this is musk

being musk >> and he's also raising cash, mr. cuban. interesting the point on turkey, i don't think it's going away anytime soon for turkey. >> especially because there's an action plan nobody knows about >> but the markets outside turkey not too put off by it >> well, at least in the u.s. we have to watch the emerging markets because that's where things tend to spread. we saw a big drop in the south african currency we saw that in the financial crisis of 1997 time now for the cnbc news update >> here's what's happening at this hour, everyone. the baltimore police officer who resigned after getting caught on video punching a man had a run in with that man before in june. the victim was charged with assaulting that officer. assault charges are now being considered against the former

officer. michael, the florida man who shot and killed a man in a dispute over a parking spot has been charged with manslaughter the confrontation was caught on security camera. police initially declined to charge him because of the state's stand your ground law. much of the northeast is trying to dry out today after massive rains caused heavily flooding you can see this parking lot almost completely flooded with water right up to some of the car windows. and mcdonald's is testing out a new breakfast sandwich in 200 locations. it's called the mcgriddle french toast, egg, american cheese, sauzage and bacon on a french toast bun brushed with syrup the problem is it weighs in at 650 calories, 37 grams of fat and 1,280 milligrams of sodium so that's like what of half of what you're all supposed to have during the day

>> it's a bit much for breakfast, i think, sue. maybe if it was part of the all day breakfast maybe you could pick it up drunkenly in the evening or something later we'll ask who you can see right here -- >> just your typical shot of a congressman. >> i was about to say they're not two separate guests. it's all in one. we're going to discuss about president trump's tweet relating to harley davidson that's coming up on "closing bell." eligible for medicare?

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welcome back netflix's chief financial officer david wells is stepping down after 14 years at the company saying he wants to focus on his next chapter of philanthropy >> joining us now to discuss karen finerman and pete nagerian does it make you nervous about a stock like this or would you buy it >> i think it would be a buy, because in terms of the release you could put out when your cfo is leaving this is not quite as good as it gets.

the only thing that would have been a little bit better instead of saying we're going to look at internal and external candidates they're saying we're going with our vp of finance who have been here for several years and who investors think have been involved for several years, let's say. that would have been the very, very best. this is next best, so i think investors shouldn't really freak out about this at all. the story really remains a question of netflix, the growth, and the competitors. this is sideshow >> pete, do you agree? >> yeah, i tend to agree with karen. i wouldn't be worried about thistthis at all the fact he's going to be there to sort of actually go through the entire transition and then step away. by the way, this was not totally out of surprise because starting in november he started sellin sa lot of stock positions out

i think it's something that's been in the process. it didn't just suddenly happen we're hearing about it now, and i think the transition will go smooth >> he shouldn't have sold them ipnovember he should have kept them since recently >> nut in november, but since november >> either way if he's been there for the best part of a decade i'm sure he's done well financially. given its extraordinary run, is it a good one to trade buyer options or is it better to hold the stock? >> i would say absolutely. i think part of the problem i've always had with netflix is when you look at the valuation it's so hard to get your arms around this whole thing and the fact they're going to be spending $8 billion on content combined next year, you combine that with pe, i think options is the only way to trade it. whether tesla or netflix or even amazon the way to trade these or invest in these is through the options themselves just because when you look at the stocks the potential volatility and the scariness where the pes are, if there's a

bit of a collapse, boy, these names are the first ones to drop >> and netflix had a disappointing quarter, missed analyst and forecast and that led to a steep drop that really hasn't been recovered yet. is there a buying opportunity here >> wilfred, i guess there's a buying opportunity if you think historically they do well in that quarter and the momentum will pick back up and we'll get to that same trajectory. where wuss it? 415 i think was the very peakish right before the quarter i don't think it can get back there with only one quarters worth. it has to be very good earnings. it's too expensive i just can't get comfortable a thought i've had for a couple hundred points now, i think i want to point that out >> thank you very much for joining us, and we look forward to fast money at the top of the hour one of fast money's biggest

bulls says a crisis in turkey is creating one of the best buying opportunities of the year. that coming up shares of harley davidson down today after president trump came out in support of a boycott against the company. tweeting yesterday many harley davidson owners plan to boycott the company if manufacturing moves overseas, great. a really bad move, u.s. will soon have a level playing field or better. >> this is the latest in the dispute between president trump and harley over tariffs on steel. joining us now is republican congressman jim runase and he squoins squo joins us now thanks for joining us. >> good afternoon. thanks for having me >> which of these two outcomes are likely, customers will

depart from buying harley bikes or those same customers will not vote for president trump in the upcoming mid-terms >> i'm a great believer harley is an iconic brand, but at the same time we have some unfair trade deals where harley is not able to sell its motorcycles overseas and it's one of the reasons why it's not about the tariffs the reason why they're moving production overseas, it's not about the tariffs president trump has put out, it's about the tariffs other countries have on a motorcycle that's produced here and sold overseas so i understand why harley davidson is doing it, but i also understand what the president was saying at the same time was we have to make sure we can keep that iconic brand here so in the end i think voters are happy with the direction we're going. people are talking about you know what, the economy is growing, we've got to keep moving the economy forward they're happy with it. they're a little uncomfortable

with tariffs but at the same time they're comfortable with the president making sure he's negotiating our best interest. and remember this president has said i'd like to eliminate tariffs on both sides. we would, people in ohio, mafrers and employees, we have the best manufacturing here in ohio and some of the best employees to be able to compete worldwide. >> so do you support the president endorsing a boycott of harley davidson? >> look, i support the president's policies of moving forward. in the end people will make that decision on their own whether they boycott or not. i wish i had more time to ride my harley, then i could make a better decision whethe boycott or not >> rephrase, would you buy a harley davidson if it were not made in this country, and harley davidson did say more are bought

and they will produce more in this country >> the problem is they can't compete oversea. this is an issue about a business making decisions to go overseas long before the president ever started talking about tariffs because they need today to be able to compete against the tariffs being charged when they say a bike overseas so in the end harley is making a decision in the best interest of harley and the shareholders. >> tidy up what the president should have said what did he get wrong in his tweet in. >> well, look, i think the president is frustrated like most people are in america where people are moving overseas, moving their businesses. but i think what he's trying to say is right now we have a great economy here, economy is growing at 1.4%, business is reinvesting in america harley please increase your business here and we're going to fix these tariffs long run i think that's what he would really like to do, and he's going to continue to do that that's why in the end this is

not what about the president said this is making sure we continue to negotiate not only a free trade system but a fair trade system as well >> how much pain do you think the manufacturers in your home state or my home state of ohio are willing to take as a result of the tariffs which are hurting, our tariffs, the tariffs being put on us for retaliatory reasons. all those exports that are going to china certainly are going to hurt manufacturers in this country? how much pain are they going to take and still support the president's policies >> remember the trade war didn't start here china and some of those other countries that are charging unfair tariffs when we send goods over there, but as i travel the state of ohio and talk to the owner and businesses they understand what the president is trying to do and they're trying to give him the opportunity to noegegotiate to e

it better for ohio jobs and ohio manufacturers. >> congressman, overall when you see how companies are reacting in their recent earnings or announcements do you think some of them are pushing through whether it's moves in production or price increases under it cover of what the president is doing and using him as an excuse to hit consumers rather than take the heat themselves >> well, i think there's a little bit of both i know companies are trying to build and grow and make sure they're continuing to employ people at the same time when costs go up they have to make sure they can pay those bills but also they have to be competitive. i do understand the business model. i understand when your costs go up sometimes you can absorb some of that, sometimes you can't i think right now a lot of companies as i travel ohio, they're concerned about the past they're concerned about the past administrations not doing anything to fix these tariffs and some of this trade war that wasn't started by us

so they're willing to give this president some time. they'd rather continue forward than go backwards. >> congressman, thank you for joining us this afternoon. >> thank you we've got an earnings alert. it's on switch >> the stock is down around 20% right now on a weak second quarter switch as the tech infrastructure company operates data centers and also provides cloud servicesch eps coming in at 2 cents estimates were looking at 4 cents. revenues right in line at $102.2 million versus estimates of $102.8 million. they've cut their full year revenues, and estimates were calling for about $428 million for full year revenues the company mentioning revenues were going to be impacted by several deals, and year to date including this move the stock is down around 35%, guys. back over to you >> ouch.

>> ouch indeed coming up elliot management at it again the latest target of its activist investing and whether this the start of a buy out boom >> but first papa john's franchisees are getting a bail out. we'll tell you all about it next you're watching cnbc first in bune wlddesissorwi

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welcome to at&t innovations where we give you more for you thing. and here's where we shrink the biggest names in entertainment so we can fit them into our unlimited wireless plan. who's first? no. this isn't permanent, right? ask him. [terry squeals.] get unlimited data, live tv, and your choice of an extra on us. more for your thing. that's our thing. visit att.com welcome back shares of papa john's climbing

higher offering franchisees a lifeline over the weekend >> in the form of royaltiy rejunctions, food service pricing and online fees through 2018 this comes after the company's founder and former ceo admitted to using a racial slur on a conference call back in may causal him to then resign as chairman of the company's board. the negative publicity has impacted the brand as it fell more than 10.% in july this is all very important as the company is 80% franchised in north america. the president of the papa john's franchise association said in a statement we believe it is time for it founder to move on. steve richie, the new ceo is pursuing the right initiatives to reinvigorate growth and recognizes the importance of working together to move ahead

successfully schnatter's representatives saying quote, i have little doubt the company's financial performance will continue to deteriorate understand the current ceo and board of directors. spoke to several franchise lawyers today who said this situation is very different as the founder is tied to some of the negative publicity papa john's has received. other companies have coinvested with their franchisees >> i mean, is there any talk of changing the name, kate? don't they face reputational damage as long as they have that name >> i haven't heard any talk of changing the name but we can say john schnatter's -- was terminated they are certainly trying to change the tone and continue to move away from the founder and former ceo here.

>> if they'd change the name it would make it easier to pronounce as well. >> that's a challenge for you, wilf >> they can just call it father johns and i'll get it right. >> there you go. very formal. >> easy to pronounce >> thank you, guys shares of tv ratings company nielsen jumping today after elliot management took a stake and has plans to push the company to sell itself whether this is start of a new buy out boom next. plus don't miss jim kramer's interview with cnbc brinks coming up on mad money at 6:00 p.m you don't want to miss it.

activist investor elliot

management taking a large stake in nielsen to push the t ratings company to sell itself this after third point pushed campbells to sell. is this the start of a buy out boom leslie picker joins us with a look >> private equity firms that cae opportunities for activist investors. nilsson is the latest example. it effectively owns about 8% of the company. a source tells me the hedge fund is pushing nilsson to sell itself those three have raised or are currently raising more than $50 billion worth of capital combined neilsen may be of interest to them for their part, nielsen is already undergoing a strategic

view of shares and market share data the board and management team are actively focused on executing the company's strategy and drive long term value creation for all shareholders. elliott initiated 17 activist campaigns, more than the other three most active investors combined m & a has been the biggest challen challenge. >> are we seeing private equity wanted to do some of this itself >> i think what you're getting here at here where private equity firms will take a stake

and push for changes like we're seeing here. in terms of working side by side with hedge funds we don't see that too often. especially since the trend is more toward private quitly fund-raising versus hedge funds which tend to be losing assets and aren't sitting on as much dry powder as you see in the trading world many i think technology has been a huge driver of capital as well as activism lately. the buyout world has capitalized on the sector. it's been difficult for them to institutionalize

i would expect to see a lot more given those two trends in the technology sector in particular. >> ubs is taking a page from netflix and spotify next welcome to the place...

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netflix and amazon prime make recommendations for their users based on what they've already watched. ubs is looking at applying recommendation algorithms to its clients. ubs is hoping to remain the middleman. this is what they're suggesting. individual clients that do speak to someone each day before they buy and sell stock as opposed to discretionary accounts it's not a bad idea to filter through the process. >> trading at high pace, where

you think it could carve out a difference but you're not talking about the brokerage accounts, you're talking about discretionary accounts this will settle in the middle >> i think big banks are trying to get more use out of big data. >> sure, i can't quite see if it -- it's almost like a trading strategy which hedge fund uses it >> ask questions, ask your broker >> big look. macy's will be the headliner on wednesday, walmart, nordstrom, jcpenney on wednesday. we got the last jdp report, it showed 4% growth in consumer spending the stocks have improved they've gotten inventory levels under control, i think it's going to be a tale of winners and losers for where that spending is going.

>> the two consumer stocks were top and bottom the two consumer sectors discretionary was the best performing sector up 0.7%. you saw a pretty stark divergence we'll see if that shakes out in terms of earnings. >> home depot will be especially interesting. it's been a big consumer winner all of last year, everyone's going to be wondering, what do home depot's executives say about the housing market the home builders are getting crushed. they've been weak all year, one of the worst performing subgroups. where are we in that cycle prices are still high, people have been spending on their homes at places like home depot. is there some sort of turn in the market >> let's have a look at how markets ended the day today.

>> we were down 130 points or so on the dow, the low of the day was 156. s&p down 0.4 sarah, apart from the financials which were low partly because of the yield coverage reaction, it was materials and energy that we suffered today. >> strong dollar weak economic growth there, especially in emerging markets they've been the big buyers of commodities, and that's where the economic growth has been i think what we learned today, the turkish lera isn't necessarily a tell for where the u.s. market is going friday we saw that it had a big impact last night, i'm sure you were watching the australia open sunday afternoon, when european currencies opened. i thought this is going to be ugly u.s. stocks managed to brush off a lot of that. >> challenged, but not quite -- he's back. that does it for closing bell, thanks for watching.

fast money begins now. fast money starts right now. traders on the desk -- funding secured or not tesla ceo elon musk is out of the blue tweet from last week, but it still left wall street kraching its collective heads. >> the biggest names in the states get ready we start off with more pain and no gain. stocks attempting to rally today. the prices add fuel to the fire. now the u.s. looks to be taking a turn for the worst the dow ending its fourth day in a row lower. maybe it's not the end of the world. are we missing the beginning of the end of this rally? >> one of the things we talked

about last