scotty vest has, you're going to succeed in retail. you've got to be multichannel to do it, it seems to me. but the stores don't hurt. >> gray is the most popular for finance, black is the most popular color overall. >> check it out. >> man in black. "closing bell" right now it is time for "the closing bell." i'm sara eisen in for kelly evans. a record setting day for stock chairman j. powell says gradual interest hikes are still appropriate. josh lipton in san francisco. apple ceo tim cook getting a $120 million payday. we'll tell you why coming up i'm robert frank at the pebble beach car auction this is one of the most famous movie cars ever coming up for sale can you guess which movie it was in anyone anyone anyone i'm michael santoli in for

wilfred frost. can tesla be fourth $4,000 per share? one major tesla investor thinks so she's written to elon musk to make her case. welcome to "the closing bell." happy friday welcome, mike santoli. >> i knew you had that competitive thing on the walk with wilfred i didn't really go for it. i didn't think it polite to show him up >> nobody can match my walk. >> i'm not trying. >> i got a text from wilfred every single day let's check in on this market. another record setting day of market rallies

s&p, nasdaq, and russell all hitting highs for the session. >> couple percent below the old highs. the s&p 500, a bit of suspense here about a point or two in record territory on a closing basis some people will put some significant in that because it'll be a weekly close. some people look at shorts and patterns >> so it would be a record close on a week where we're having a record long bull market. >> that's right. and almost seven months to the day. i think sunday would be seven weeks since that old record high >> the high is january 6th >> let's send it out to cnbc news reporter steve liesman.

>> j. powell said the gradual rate hikes were made appropriate. so no change outlook for the market he says there does not seem to be any risk of overheat wrg which kind of led to market to say you know what, i know what the fed is going to do and powell said the economy has strengthened substantially, and maybe more importantly said he expects that strong economic performance to continue. the fed will do whatever it takes on inflation, both if it under performs or overperforms that's a new use from the phrase of the cries era, doing whatever it takes now, it was taken dovishly but there was some sense people who saw it more hawkishly, and that was the statements on excesses in the run up to the past two recessions, destabilizing excesses appears in markets

rather than inflation. where would you look beyond it well, you would look into financial markets for that what he does about that, unclear. take a look how it reacted at one point during the day in the wake of his speech, it's still below 20 it had popped up a bit, but now it's back down and 1975 to be totally and precise, the market clearly taking this dovishly i want to make one more point, and i thought it was one of the more interesting quotes of all the bank presidents we talked to in the last couple of days here. there are problems out in the economy, but listen how james bullard described it >> i think coming out here, a lot of times we were in crisis mode yeah, so i do think we're in good shape for today, but

monetary policy is about trying to play it out two years ahead >> so i don't know, mike is that a sales signal when a federal reserve bank president says something that good >> there's kind of that knee jerk reflex that says, well, contrarian reflex tells you that could be maybe a sign we're getting towards the end of where it's easy at least although you can't do this with any precision necessarily. i think it's hard to really pull apart this case things look okay for the moment >> i think a big issue is the issues that are on the table right now, for example, the tariff issue, for example, emerging markets have not risen to a level where they create a systemic risk problem or concerns about melt downs that we seem to have fatesed eveced.

you have separate fires but not a big configuration right now we're dealing with >> people were looking for headlines on trade chairman powell, i guess it doesn't help for him to talk about that he doesn't like to weigh in on the politics of it what are you hearing on the side lines? >> he said like a lot of economists like that the current levels it's not one that's going to create a big crisis if it escalates from here, that's where the concern is. and you don't know what's going to happen in the next round. we do seem to see some talking maybe the trade issue is a bit off the boil and obviously, sara, if you were to get a deal say with mexico or canada or both, that could be a game changer and really remove something that's weighed on the

market for quite a while now >> certainly the uncertainty there. good stuff out of jackson hall all day long joining our closing bell exchange to talk about the market today holly, were you encouraged by what you heard from chairman powell as the market seems to be >> i was encouraged but stocks are clearly doing better than the fixed income markets are we're seeing new highs, expansion. whereas if you look at interest rates the long end of the curve isn't moving all that much if you look at the ten-year rate, for example, since the start of 2018, the long end of the market is not that much of an impact from what chairman powell said this morning and from what some of the other bank presidents have been saying. and i think that's because you have a lot of demand from our interest rates especially from overseas

markets, insurance companies, mortgage servicers there's still a lot of demand for our products relative to say the shorter end or some of the other countries. >> holly, that would suggest that there's a steady demand out there, but also perhaps the federal reserve is on a relatively predictable path the markets are comfortable with, or you might see volatility >> you're seeing that complacency especially at the long end the one thing i think can really do something here, the more you get these fed members saying the flattening of the yield curve may not be signaling recession in the next 12 to 18 months, something like that, i think the more they say that makes the markets a little bit more concerned and also are going to force that issue and flatten the curve. they tend to like looking at the three-month ten-year that went down 72 basis points you're above 10% odds of seeing

a recession in the next 18 months so i think the market could push that further especially if you see another rate hike in september. and here's another interesting note the ten-year yield has traversed the 234 level every year since 2008 so far this is the first year we haven't, but we still have four months left to go. if you get the rate hike of 25 basis points, and we're not seeing inflation, so you could, that could be when you see the curve very close to inversion if not already in negative territory. >> gordon, the markets started high, stocks, that is, and they appeared to get a jolt from chairman powell's speech, all the way up to record highs >> there's two stories to it first up the interest rate stories is very important but it's also the dollar and with president trump whispering in the fed chairman's ear not to be too much of a

cowered out there, i think there's been a nice balance struck between the two currently on the floor i think the people are feeling as the american consumer goes so goes the market and we've seen notwithstanding today where they backed in a little bit, but good strength from the retail sector that tells the american people are going in their pockets, getting out there spending and that's been the key that's probably been missing when you go back to why the market has been languishing at certain points >> larry, where does it take you as an investor in terms of trying to figure out -- because one of the big questions has been just where are we in this cycle, will the fed hasten the end, will they give it new life? we've had this stock market that's made a fairly impressive return, but it's not a lot of enthusiasm and energy. so where does that take you? >> there's no question that a dovish and gradual rhetoric coming out of the fed is just what the doctor ordered on a friday in the summer

what the fed is really saying to us is don't worry, enjoy the last few weeks of summer if you have them, this is the homestretch. come the fall if we're worried about valuation, which the fed seems to be concerned about, if we can have a more dovish posture maybe the leadership of the market is going to come in september, a mere volatile time regardless of what's going on. you have mid-term elections, a major issue and of course the overhang of the fed policy it's going to lead us into other leadership areas of the market you see emerging markets hurt by higher rates but also the dollar you see gold left in the dust, everybody hates it, don't go near it, getting a bit of a bid here this is where you get some excitement coming into the fall because you can see that change in leadership. investors going into that, it's a fine line between competennfie

and complacency. it's like a no-brainer, everyone thinks trade gets revolved it's not necessarily how these things will play out in the fall so changing leadership is a great strategy for investors if they're going to connect the dots >> every time it's been a buying opportunity in the dip, though it has instilled some fear and clearly is an overhang it doesn't appear to be going away even if the u.s. can strike a deal for instance on nafta, china, still looks like an impasse. president trump tweeting it looks tough on china, what's your approach to some of those trade headlines and how would you recommend people protect themselves >> you know, i definitely agree that you might want to be preparing your portfolio or essentially buy some volatility. but if you try to short this market, you know, they say never short a dull market.

and if you've been doing that, you've been getting caught the political uncertainty he discusses is out there frankly, i was, i guess impressed for lack of a better word, how little the markets reacted to it. how confident the markets have been so even if there's a shift in november i don't think investors are concerned that the new administration or a new congress will dramatically shift what has been a winning combination so i just don't see a lot of things getting in the way of the trend we've been seeing and i do believe we'll exceed the january highs. >> well, right now we're flirting with them just about a point above the old highs. gordon, larry, holly, thank you very much for your time today. >> gordon mentioned it, retail overall having a strong week with big earnings beats from several big store chains in fact, the ceo of target says

it's the best consumer environment he's ever seen, but not all retailers are doing well cn >> expectations were high after big beats by big players like wal-mart, target and home depot. but a handful of those recent reports falling short. a strong consumer backdrop is just part of the picture fundamentals with the right merchandise at the right price, still matters. gap falls, but still makes up 25% of total sales banana republic is turning around in that small athletic brand. and forecasting the stocks is going to stay range bound until sales and margin improve and like the gap and footlocker also posted weaker than expected

comparable sales growth. jeffrey says footlocker, is, though, the way to play nike's resurgence he likes what's going on there despite today's move shares are shading almost 30% here, though we should mention it does have a market cap under $40 million. we still left the specialty players reporting next week on tuesday. best buy and tiffany, plus bj's whole sale wednesday we have american eagle, dick sporting goods, pbh and others wednesday dollar general, dollar tree, lululemon, ulta, actually a couple more. back over to you >> courtney, even in hard times retail is hard when we come back hawaii already feeling the impactof its first hurricane in 26 years. we'll go live to the island on an update on conditions and how bad the storm could get. that's next. and still to come, she

tweeted and musk responded we'll talk to the tesla shareholder who is urging musk to keep this company public. why she thinks the stock could get to $4,000 a share. that is coming up on "closing bell."

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brian's back? he doesn't get my room. he's only going to be here for like a week. like a month, tops. oh boy. wi-fi fast enough for the whole family is simple, easy, awesome. in many cultures, young men would stay with their families until their 40's. welcome back to "the closing bell." we have the broad market, the s&p 500 set just barely to close at a new record. 2874 is about two points where it closed above its high in january. nasdaq also at a record, that's the outperformer today, up 67 points, so almost 0.9% here are the winners in the dow for the day.

dow dupont, some of the cyclical name, intel, visa and unitedhealth all up more than 1% the nasdaq as mentioned hitting a railroad high. meg terrell is up in times square with the stocks leading that rally >> hey, michael. and the good day for tech is a good day for nasdaq. and net flk bringing the index into green and record territory today is auto desk netflix as mentioned, workday and comcast. auto desk on up 4% on a q2 beat. hitting a new all-time high today going back to its ipo in 1995 and netflix up 5% on suntrust. one stock that's not in the tech space but also helping out is

papa john's. that stock up more than 4% on reports it's hired bank of america and lazard guys, back over to you >> meg terrell, thank you for running through some of the movers up at the nasdaq. meantime we were tracking hurricane lane it's now a category two storm that's already dumped more than 30 inches of rain on hawaii's big island big concern right now are potential land slides or mud slides >> absolutely. just how bad could it get for the island chain, joining us on the is brooke bingaman, and what are the main impacts to people on the island? >> yeah, so the latest forecast shows that hurricane lane is moving very slowly northward

it's only moving about 2 miles per hour toward the hawaiian island chain and the problem with this slow moving system is that that means the impacts are going to be worse for the island because the longer that storm sits there, the longer the islands will get dumped on with rain, the longer the shores will be impacted by dangerous surf, and then the longer we'll be exposed to strong winds so these are the threats that we're looking at and, you know, so between now into the next 24 to 48 hours most of the residents on the other islands will be experiencing similar impacts to what the big island saw yesterday. >> how much evacuation is being ordered and how effective and how many people are heeding those orders >> the evacuations are actually handled by the local county officials, so i don't know those numbers. you need to talk to them

but what i can tell you is that the national weather service is providing constant briefings to the local officials so that they can make good decisions in terms of evacuating. >> you talked about how slow moving it is, although it has been downgraded in terms of strength so essentially it's a very intense rain event here. we're not talking as much i guess about surear winds what does that mean in terms of when it'll actually work its way through the islands at this point. is it through the weekend? >> right now the official forecast has this storm continuing to move north, and then we're forecasting between saturday afternoon through the early morning hours of sunday is when we expect the storm to weaken further to the point where it can start making more of that westward turn. the problem, though, is that that's where the uncertainty lies, is when exactly will that turn happen, if it happens so that's why we want all the people in hawaii to be vigilant

and stay aware because there's still a possibility it could get closer to the islands and just linger and stall and cause even more flooding impacts and more surf and wind impacts. >> we'll continue to watch the forecast all weekend long, brooke thank you for the update >> you're welcome. >> so we've got a little less than 40 minutes to go here before the closing bell. s&p, nasdaq both hitting record highs today, russell 2000 as well as shares of apple go higher, so does tim cook's paycheck the big payday the ceo is expected to get coming up. and later this tesla shareholder grabbed the attention of elon musk after penning an open letter why she thinks tlaes could get to $4,000 a share. "closing bell" is back after this but right now,

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welcome back to "the closing bell." dow is up 135 points the s&p 500 up 0.6%. record territory we'll watch out for that record close in just about a half-hour. russell 2000 also at a record high, up 0.5%. another strong week for u.s. stocks >> the price of bitcoin peen while has been actually on quite a ride it's bounced off the recent low, you see it there about $6,600

for bitcoin. bears of course say it's the beginning of the end bulls say a great time to buy. and on monday cnbc will airour new documentary highlighting the crypto craze here's a sneak peek with a guy by the name crypto kid >> so row live back here. >> yes, this is where you enter wonderland >> ah. >> a serene paradise there's even a saloon. >> no. >> with his beach blonde hair, board shorts and tiger skacarf, justin may not be the picture idea of a millionaire. is that what you do on a daily basis? >> yes, but you've got to use anti-freeze in the winter. >> make no mistake he's sitting

on a massive fortune built on bitcoin. what do i call you >> some people call me justin. some people call me crypto kid i tried to change my name, but the bureaucracy was a nightmare. >> that seems crazy. >> yes, i'm obsessed so right now we're mining crypto currency in 2009 i came across the bitcoin scientific paper and it was like, wow. that's when i got a job working construction for the sole purpose of investing in bitcoin. >> unlike other bitcoin millionaires who cashed in their staggering returns for boats and yachts, crypto kid keeps his paws off it all together >> i sold all my stuff, moved

into the most living environment i could. >> a tree house. >> yes, there's lots of hard surfaces to hit your head on, so you have to be very gentle like a sloth. >> okay, so show me around >> yeah, so here i have my kitchen area, the living room. you can sit down if you care the library. >> doesn't seem like a real easy way to live. why do you live like this? >> i'm not paying rent, you know so i can spend that money on bitcoin and other block chain assets that i believe eventually will change the world. >> what a character. that documentary premieres monday 6:00 p.m. eastern right here on cnbc and be sure to visit cnbc.com/bitcoin boom or best for previews >> they found the right guy, to

essentially capture a lot of what this has been about the early adopters to buy into the idea >> it's a good story hedge funds, though, have been more interested. it's not just guys out in tree houses and tom lee has an interesting take on the melt down we've seen in bitcoin he says it's related to what we've seen in emerging market stocks in fact, if you look at this chart the two moved pretty close together when emerging markets sell-off, hedge funds aren't buying risks. and it gets caught up in the selling that causes emerging market selling >> little bit of a market scale, but it's definitely a risk asset, exactly and one that's going to suffer with the u.s. dollar reversing

time now for a cnbc news update >> here's what's happening at this hour, everyone. senator john mccain choosing to discontinue medical treatment for an aggressive form of brain cancer a statement put out from the family earlier says the product progress of the disease render their verdict. robin leech has passed away at the age of 76. according to a statement given to the las vegas review vernal given by his family leach passed away peacefully overnight. the man who shot and killed lenin will remain behind bars for at least two more years. he's serving a sentence of at least 20 years to life on a lighter note the paris

zoo unveiling these beauties the two female jaguars were born july 7th weighing in at 2.2 pounds don't be fooled, though, these aren't lap cats. they can grow up to 8 feet and weigh up to 260 pounds and the fossas are extremely endangered there's only 200 i think left in the wild >> they look so scary even if their babies you've got this down to a science. >> i have a lot of help. >> thanks, sue well, a small fire broke out late yesterday at a tesla auto factory in fremont, california tesla's spokesperson says cardboard and shipping materials being prepared for recycling on the fence line caught fire no injuries reported shares of tesla are down after ceo elon musk tweeted he

wanted to take the company private. but some investors are pushing back on his plans, urging him to keep the company public. an investor cathy wood argued it would keep it from reaching a potential valuation of up to $4,000 per share woods joins us now to discuss. good to see you again. >> i'm happy to be here. >> so you're a tesla fan you think the stock could go up to $4,000. what did you say in your letter to elon musk. >> we said be going private he would deprive tes all aof reaching his own priorities. mobile as a service, utility, energy, storage, even air passenger drones, we're hearing tesla's focusing on. so he's got big plans, and he needs to scale these plans we don't think it'll happen nearly as effectively as in the private markets as in the public >> has he responded to you

>> actually, he tweeted the letter out and said thank you for the thoughtful letter. >> we should be clear this idea of a $4,000 price target as your bull case projective in about five years >> yes, five years >> it's really premised on it becoming an entirely defer business than what we watch right now, right. >> correct >> in terms of what's driving the quarterly financials, the production, it's in fact transforming into a software business not a capital intensive luck tronnic vehicle business. so how does this management, this company bridge us from here to there, in the best case. >> much more easily than traditional car companies because it's already halfway there. it's already doing the electric vehicle part we think electric vehicles are going to continue to fall in price and everyone's going to go electric they're also ahead in auto pilot and having their consumers basically collect mileage for them

they have about $10 billion worth of data. mobility as a service is an artificial intelligence project, deep learning. so he's been aiming the company in this direction since the beginning with auto pilot, a very important proof point there. so we think he's already way ahead of the game. he's got the data. he's got a chip that's three years ahead of nvidia's chip he's got batteries which are three years ahead of any other company's batteries. and he's had this vision about autonomous taxi networks from the very beginning >> but he also has a cash burn problem and constant questions about whether he's going to need to raise more capital with a bond that hasn't been performing very well. >> so it's very interesting. i was a short seller, a person who was short the stock called us and we had a debate yesterday about this it seems he has crossed the

6,000 or 5,000, 6 thoub unit projection limit on that point we believe he's turning cash positive. with that in mind, now he' losing that argument, the argument argument we heard yesterday is there's no demand for this car i asked this person yesterday do you know what the market share for this market and premium combustion engine tesla has in july, 51% -- >> how big is that market segment? part of the case is there's been no demand for a $35,000 tesla model 3, they've been promising doesn't make them any money -- there might be demand for that one. >> so their average price is going up because more people are buying the higher end version of the model 3. very interestingly since the beginning of the year one of the biggest trade ins for the model

3 is the honda civic, an $18,000 car. so they're actually expanding this market. so we think that's proof positive that -- >> the competition, though, comes out -- i'm just going to phil lebeau tweet. two hours ago, whoa,ado just took out an electric prototype that goes 0 to 60 in two seconds. >> doesn't have the chip >> you're talking about in five years having 4 million autonomous taxi fleets like that's going to be in place in that span of time i guess the question i have is even if the world needs this, it's going in this direction, batteries are going to get cheaper, the data is where the money is, how is this company necessarily the vehicle that can achieve that in that span of time in. >> it's way ahead of the game, it's in the pull position. from our research we believe

that electric vehicle sales will be 17 million units globally in 2023, 2022, '23. and we believe tesla isgoing t gain -- actually lose share from this 51% but be a very big player in that market. the reason we get to those levels is electric car prices on average, given the way battery costs are declining, are going to fall below in price of toyota camry by 2022. and they're much bigger cars, much lower maintenance, much bett better performance and you can tell from the demand, the orders that he's gotten that people want these cars our director of research father has never bought a new car he has a model 3 on order. he's never bought a new car. he's bought an average used car of $18,000 he's buying a model 3. >> so you're debunking the

demand theory. but there's still a supply question what gives you the confidence based on the track record from this company and this ceo, they're going to be able to keep up with that demand even if it's there, just to get to the 6,000 level, i mean the ceo has had a public melt down >> it's been interesting to watch spacex so spacex failed, failed, failed to land its rockets on barges in the middle of the ocean until it succeeded. and then it succeeded -- in other words there's an artificial intelligence problem at work here they're going to iterate and iterate until they get it right. and they're going to be able to scale enorm laes when they get it right we think they're in the middle of getting it right. >> and musk is the man to do it? >> indeed. >> and you have full confidence, even after the nrlts view he gave to "the new york times. >> this is the kind of person

that you need, one with vision who ends up at times very frustrated with the short time horizon of public markets. but the public markets will reward him handsomely if he just sticks with it and starts performing at production levels. with shares that are outstanding that it will take to outbuild china so forth, we think it'll be a 90 billion cap company from 55 today >> that's going to be a bull case, and we'll see how it goes for a while. thank you very much cathy wood from arc invest. u.k. spirits maker diageo is reportedly looking to make beverages. and later we're heading back to wyoming for an interview with it governor of the bank of canada his thoughts on president trump's trade policy and more still to come on "the closing bell."

stocks are enjoying a nice broad rally here into the close. level to watch on the s&p 500, this is going to be the level,

2,872.87, an all-time closing high, the fist time we've seen that since january 26th. mike reminds me that august 26th is on saturday -- >> sunday. >> when we come back liquor diageo is going shopping >> and this weekend we'll be hearing this at pebble beach >> bueller bueller, bueller >> the famous ferrari from ferrous bueller's day off is up for auction this weekend we'll see how much it's ingog for and whether or not mr. rooney plans on making a bid we're putting ai into everything, and everything into the cloud. it's all so... smart. but how do you work with it? ask this farmer. he's using satellite data to help increase crop yields. that's smart for the food we eat. at this port, supply chains are becoming more transparent with blockchain.

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to improve short-term memory. prevagen. healthier brain. better life. welcome back to "the closing bell." let's check in on some stocks to watch. up first shares of software maker autodesk much higher after reporting an earnings in revenue beat the company saw an acceleration of avenue revenue per subscriber up 15% today up close to 50% year to date and this was like going sideways for several years, and they did this kind of transition, this play book now that adobe

followed, to go to subscription based, cloud bases, software instead of licensed annual deals, and it's taken off. very expensive stock >> chart tells the story there diageo reported within talks about a possible deal, an investment or alliance to create cannabis infused beverages constellation brands really leading the charge on this one for a 38% stake. this is where the whole beer industry is going. i find it interesting they're all talking about all sorts of products but not mixing beer and cannabis >> right, right. >> but actually using cannabis in some way or another >> obviously it seems like a defensive move alcohol and beer sales are down. >> it's a major vote of confidence and legitimacy in the

entire sector and a lot of those canadian stocks were up today just on news that diageo, a major player was looking to get in as well tim cook about to get $120 million richer we'll tell you why up next on "the closing bell. and at expedia, we don't think you should be rushed into booking one. that's why we created expedia's add-on advantage. now after booking your flight, you unlock discounts on select hotels right until the day you leave. ♪ add-on advantage. discounted hotel rates when you add on to your trip. only when you book with expedia.

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this wi-fi is fast. i know! i know! i know! i know! when did brian move back in? brian's back? he doesn't get my room. he's only going to be here for like a week. like a month, tops. oh boy. wi-fi fast enough for the whole family is simple, easy, awesome. in many cultures, young men would stay with their families until their 40's.

we've got a market flash for youoon arconic leslie picker with the details >> reuters reporting that arconic is having discussions to sell the entirety of the company. this coming after last month it announced it would be undergoing a review to potentially sell its buildings and construction unit. now, sources familiar with the matter tell reuters that arconic is looking to sell the entirety, and that it's talking with private equity firms about a potential sale as you recall "the wall street journal" first reported last month that arconic was attracting interest from private equity this story now appears arconic is engaging in those discussion. it's gone through a series of deals. it spun off recently from alcoa

in 2016, most famously underwent a management following that elliot holds board representation, and according to sources familiar with the matter elliot has been, those board representatives have been the ones that are pushing for the sale of the entirety of arconic. now, as you can see their shares are spiking upwards of 4.4%. and so we'll continue following this when we have calls out to arconic and the interested parties. >> close to a $11 million market value. with debt it gets up to $16 pillion. shares of apple jumping in the past yiear, and as the stoc rises so does the pay for ceo tim cook josh lipton has the details. >> mike, tim cook today stands to earn a total of $560,000

shares as part of his compensation plan. performance criteria, by the way, cook requested. that's about $120 million worth of stock since cook took the reigns in august 2011 apple stock is now up 300%. in all cook's realized pay today, meaning actual take-home pay before taxes, $702 million, most of which we know he is donating to charity. so how does that stack up against his peers? remember execs have equity stakes invest in different times, paid out in different ways so comparisons might not be apples to apples here. having said that to date 408 mill i see dollar google emphasis one caveat, those execs haven't been on the job as long as cook. then there are the founders like mark zuckerberg who takes a --

salary jeff bazos, $12 million. of course he owns a big stake in a high-flying company, of course his net worth $167 billion according to forbes. up next we're coming right back with the closing count down you always pay your insurance on time.

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baz we have a little bit of suspense in the last minute and a half of trading here the s&p 500 trading 2874 and change the all-time high set january 26th closing high, 2872.87. so we're a couple points into record territory it's been seven months you had a steep correction of drawing back, nasdaq also in record territory food share jerome powell had a relatively soothing speech on the course of monetary policy. bob pisanny here basically said, look, the economy is good, no overheating, and graduate increase from here and we'll wait skoo see. >> and his colleagues also backed him up. we had the head of the dallas federal reserve, mr. kaplan, saying we should do right to the fed neutral funds rate, which would be 2.5% and stop there, essentially. the other major development, mike, the continuing decline in the dollar overall, yesterday

was the exception. we saw this again today. this helps metals, emerging markets in general, and that is of course related to trade tensions >> absolutely. bob pisani, thank you very much. that's the week. it looks like the s&p 500 is going to go out at that record we will wrap it up here. second hour starts right now sara welcome, everyone, to "the closing bell." i'm sara eisen in for kelly evans. mike santoli will be back in just a moment. let's take a look how we're finishing up a historic day on wall street. s&p 500 closing at a new record high first time we have seen that since back in january -- january 26th, there it is. 2874.79. the dow a few hundred points away from its own record, up

about 0.5% nasdaq also going into an intraday record. tech bounce back strong. russell 2000 index of small caps also closing at a record high. what a day what a week. another strong one for stocks. fed chairman j. powell calling the economy strong today coming up you'll hear from another central banker, bank of canada governor how it's impacting his country, trade, and of course the canadian dollar better known as the loone. let's talk about this. despite the s&p 500 hitting another record high today, one fifth of its stocks are still least 20% of their 52-week highs. including names like celgene,

american airline have you been surprised it continues to melt up >> in fairness to mike santoli, mike said this is what would continue to happen, indicated it was a very strong possibility. we'd get this grind higher he said it a couple of months ago when it was not as obvious i would say it doesn't feel like super party, like we're at record highs, everything is going great kind of thing. it feels like it'll have trouble getting much higher unless there are some positive surprises. but for the time being i think you have two worlds. you have the world of the u.s. economy. everything is fantastic and then you've got this world of macro economic, a really global uncertainty. you've got the u.s.-china trade war. you have nafta still up in the air. you have iranian sanctions,

russian sanctions, donald trump in the whole white house circumstance that's going on, possible impeachment and the market is interpreting these two worlds independently they're saying these two worlds are separate, they have nothing to do with each other. and the real question is whether in the next month these worlds are going to collide >> we have 13,000 clients and they're calling in and saying why aren't we doing as well, why aren't we hitting all-time highs. and as we look at the global markets together, what we see is u.s. markets have only been beat by two other markets, india and norway you look at the chinese market is down 20%, and that's not before taking into account the currency somehow the u.s. market is able to overall all the things evan was talking about, but the globe market certainly hasn't. it's really a dichotomy between the u.s. and everywhere else in the world. >> you can have that gab close

obviously a couple different ways one of which is the rest of the world has a little bit 06 a phase-out performance. and the other is the u.s. maybe which has been benefitting from some extraordinary circumstances with the tax cut and everything else, declines a little bit. but i mean it's funny, evan. you say you saw this was coming. you could actually look at this and say the market is up 7% year to date in the u.s., earnings up 20%. maybe all those things you think the markets are ignoring are just restraining it. >> i think that's true and i think in fairness that is a little bit of what's going on right, which is that it doesn't feel -- we don't have people running around here with hats. we don't have, you know, people jumping up and down buying you don't have retail people going i've got to get into the this market. it doesn't have that feel that you would typically expect -- >> isn't that the point of what is helping drive us higher

there's not a lot of euphoria, i think kramer calls it an underdog market. everyone wants to hate it and find all these bearish reasons and that's partially why it keeps climbing up. >> you've got to look at the valuations margins don't have much more room to expand especially if you get into more inflationary situations, so it's very difficult to sort of fight eventual market contraction, fight value asians given where our sales ratio is today and the rest of the world catches up to the u.s., and we kind of bump along >> let's look at the monetary sides of the equation here federal chair jerome powell speaking at the retreat in wyoming today. saying, quote, if the strong growth in income and jobs continues further gradual increases in the jobs rate will likely be appropriate. this comes as president trump has leveled criticism at rate

hikes as recently as this week a lot of folks maybe braced from kind of signal from fed powell, hey, we're independent, we're going to follow our path and he did suggest that, but the markets seemed to say that there was a flexibility implicit in what powell said >> the market was going to like almost anything he said as long as he didn't say, oh, we're going to jack up rates a lot more than you think. as long as he stayed away from that message the market i think wanted -- the market wants to believe what it wants to believe, meaning it will be -- things are trending positive until it has a strong reason not to and as long as things remain relatively rocky in europe and in japan, and as long as they don't see that tightening happening, i think they're going to positively interpret that out of the fed >> and we saw that in the dollar move that's become sort of a pain point in the fed market

recently, having that pin. >> usually when the dollar trade is up, you see international stocks trade up as well, except accounting for the fact of their earnings we haven't seen that quite as strong just to jump back to the point, i think long-run, the u.s. economy can't continue to grow the way it's growing without trading with some sort of inflation. it seems to be up, but generally the fed is behind that inflation. the market went up substantially as we saw a continued series of rate hikes >> the amazing thing throughout the last decade, the market -- if you look at the long end of the bond, does not believe the u.s. will have inflation ever again. and so far it's kind of been true >> well, and i think powell suggested that you don't want to just write off that message of the long end of the bond market,

what it says about inflation or long-term growth and essentially don't say inflation must be triggered by this set of events and we're going to get ahead that, right? >> he's taken flexibility, said we're going to do whatever it takes using that phrase on inflation. meantime passive investing still ruling on wall street. stock pickers have another dismal here. bob pisani with the details. here we go again, bob. >> twice a year we do this a report that measures the performance against active u.s. stock funds against their peers. stock pickers are still losing out against their passive brethren now, just 36% of active u.s. funds stock managers manage to outperform their passive peers over the last 12 months. it wasn't much better a year ago. look at that, just 43% outperforming in 2017. so afghanistan it's just getting worse. so why can't active managers

outperform consistently? well, there's several problems first, generally too much cash on the side lines. second, often just the wrong mix of investments if you're underweight apple, just as an example this year you're going to underperform the index. and third, the fees they charge. the highest hurdle active managers face is their own fees they charge. active funds that charged the lowest fees were able to outperform their passive peers more than those that charged their higherpeers. if you think about it, you're going to under perform in the long-term. so it does matter. investors would greatly improve their odds of success by favoring low-cost funds which succeeded far more often than high cost funds over the long-term. many of them are very good structural problems like too

much cash or for example the high fees they charge, that's what causes much of the problem. sara, back to you. >> all right, bob, thank you very much. obviously you have a take on this >> well, so evan here was saying there's another reason that explains this, which is math and jack said the whole world can't on tutperform the index, t is there any way over the course of multiple cycles to say that sometimes there's a better or worse chance in the markets -- >> i'm a big index guy i've had my money in vanguard over 25 years now, and so i've been a long proxluatizer of vanguard in a way to go even when i was goldman sachs and others who make all their money

from active fund managers. the name of the fund group is prime cap, their low-key, they won't get your money, they won't take your money anymore. i've seen it with my own eyes it can work but they have very low cost, low turnover, and also happen to be growth pickers if you have a combination of those things, that's your chance of picking -- >> if you look at most of the smart stock pick, i'll use that in quotes, its value has underperformed in the last decade, so most active managers. there's an interesting paper that says the other factor if you look at momentum relative to growth, growth has actually beat momentum if you're a momentum manager or growth manager and a guy who's an active manager that trades 100 basis points on trade and everything else, you just got crushed. as soon as people start saying value is dead, which they did in

2001 value, resurges, and i think we're probably in for a value resurgence >> there's been a mini resurgence lately. >> it's been too small though. it's been like this and we need to see it like this. a lot of people buy value. >> what the audience needs to be aware of is that statistically speaking it's very, very, very hard to fight the hard math here most of these things don't take into account all the funds that have gone out of business. statistically i think 95% of vanguard outperform their peers. >> i generally disagree. i do think if you're expose yourself to particular factors, you give yourself an optionality and out-performance relative to

be peer index, and so generally i agree with you but i think there's an option for out-performance for people out there that want to try to beat the market >> good discussion, guys >> absolutely. we got short ratio in there and everything up next, we'll take you back to jackson hall, wyoming, to get reaction to chairman j powell's comments from the governor of the bank of canada mike, its currency has been kind of weak this year. >> it certainly has. plus netflix shares have been falling over the last two months traders tell us if they are buying this dip.

federal reserve chairman j. powell today calling the economy strong and signaling no change to the central bank's rate hike plans of gradual hikes and he is joined by a special guest, the governor of the bank of canada, steve take it away >> following your heart, we are going international at jackson hall right now

we are pleased to be joined by the governor of the bank of canada we have a real rare opportunity here this may be your last interview before you go into your blackout period and your meeting. you had a recent inflation report that was a little hot, around 3%. tell us how you're reacting to that and what that might mean for policy coming up >> well, we don't want to offer a running commentary of theidate wrau a, steve our measures of core inflation, which extract all the noise from the data are all right around 2%, so very close to target. >> so this is where you think it's going to come close to? >> that's exactly it m minimum wage effects >> i don't want to profess our viewership is all that ignorant

about canada, but i think what they've been thinking about is canada represents one of our security threats so i want to educate them what's going on with the bank of canada you guys have been raising rates in almost lock step with the federal reserve. you're a little bit behind and you've tagone up from 1% to 1.5% we have a chart even of the canadian target rate there that's the canadian cpi we just talked about, and the outlook is for further rate hikes, is that correct? >> well, it is we're in the process of norm normalization just as the fed is we started on this a little later tharn the fed did, even though we came out of the crisis pretty similarly then we had a collapse in oil prices, which caused a detour for canada but we're back on track. the economy is at full strength now. we're in that mode watching it carefully. we're watching carefully how it's responding to the past interest rate hikes.

>> be our international observer, if you wouldn't mind we have a u.s. central bank at 2%, canada at 1.5% ecb is negative as is japan. how is it possible that all of these rates are all over the place in what's supposed to be a globalized world, and where are they all headed? >> well, conditions differ a lot place to place even between canada, and the united states, such close neighbors, when the fed was first starting its normalization move, we were cutting rates. we actually had rates moving in the opposite direction at the same time. and of course with exchange rate volatility to go with that, but that's just part of the adjusting mechanism. underlying conditions weren't all that correlated. we all started this thing together in the crises, but the escape velocity has varied a lot according to how quickly the country cleaned up the problems

that were there. >> is everybody eventually headed in the same direction could you see a situation where a year or two from now all the global central banks are more on the same page? >> absolutely. -- that distinguishes the behavior such as the oil shock we had before, i think absence of that i think mother nature is taking care of this. >> let's talk about the big issue right now between the united states and canada, and that's tariffs >> so the actual tariff wheres, the steel, aluminum as well as the actions on lumber side, those are actual actions and we build them into our forecast things, you know, are threatened or just talked about, we don't we don't respond to those. but if you take any, say, generic tariff and you put it in place what matters then is there

a counter measure, and of course there have been. so there are counter measures. so that raises prices in canada, about at the same time the tariff causing a disruption, which actually can have a slow down effect certainly on those sectors. >> do you see the tariffs a major risk to the economy? >> yes, canada is a very trade dependent economy, much more dependent than the united states or any other economies you're mentioning for us the entire structure of the economy is built on cross bodder supply chains and us contributing to them and disrupting those will mean very big adjustments for the canadian economy and it's causing today companies to delay investments i'm a pretty optimistic person, and i think certainly around nafta there's every reason to believe that we can work out the issues that are on the table and the news in the last couple of weeks have been encouraging

on the mexican-u.s. front. and we'll rejoin in due course >> could you and the federal reserve chairman in mexico, could all three of you solve this problem in less than 15 minutes? >> probably less than that when central bankers say we don't have anything to do with politics or any of those things, so it's much seizure on a techical level but much harder on negotiation >> sara, back to you that wraps up our coverage see you back in the office i assume next week >> it was an awesome line up, steve. thank you very much for all the great conversation steve liesman out of jackson hall, wyoming. putting into perspective, evan, just how much pain there is on other economies and countries around the world the governor of the bank of

canada says this is a major risk to the canadian economy. canada is pretty open, so it's vulnerable >> yeah. what you have is -- the way to think about this is you have a bunch of central bankers who are apolitical and they're trying to guide central bank policy, and you have the united states saying basically this country is having a currency war against us and where monetary policy meet currencies is exactly where a trade war meet politicians and where we run into a global trade war in the economy that's why no matter what j. powell said or the bank of canada says they are dependent on what j. powell does or what the premier of china does or at the end of the day what trudeau does in canada >> and he says that's a much harder game. >> and the stock, it's going to get messy in the next couple of months, i can promise you that

we've got a news alert here on united. let's get to leslie picker with the news >> united continental, chis the parent company for united airlines is making the jump from exchange to exchange it's currently listed on that you recollect stock exchange and announced today it is transferring its stock listing to the nasdaq stock market it expects to begin listing on the nasdaq on september 7th, and we'll continue with the ticker symbol ual as for why they're making the jump, well, the cfo of united said they're highly related platform initiatives offer the most cost-effective listing alternative and support our work to deliver our cost targets. now, this comes after pepsi decided to make a similar move in december, being the biggest -- one of the biggest companies to switch from new york stock exchange to the nasdaq but we do some movement between the two exchanges frequently it's not uncommon to see this.

although when you see storied, larger companies of this size it is certainly interesting to note guys >> leslie, thank you very much usually that market share takes battles with ipos. the listing fees, it doesn't make that much difference with a large company like that. >> netflix shares higher today on the back of an upgrade. we'll get the past money trade next >> plus we'll discuss whether trade fears could cool off what has been a red hot move from traders on wall street that discussion coming later on "the closing bell. ♪ it is such a good time to kiss ♪

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netflix had a good week and a good day shares closing up 6% today suntrust robinson upgrading the stock citing success in international markets. can netflix be buoyed by general market strength and sort of re-claim those highs we saw before earnings? >> yep, still a good way above but options actions traders join us for their take on this. this stock had a huge gut check after the last earnings report you have an analyst out there saying this is 15% decline off the highs buying opportunity, certainly not about valuation. so what's it about >> valuation has always been the knock with this thing, and then people had two other primary concerns one is saturation, the idea they would have a lot of subscriber

growth maybe in north america but not elsewhere. and they did seem to answer that one sufficiently and the other was continent cost the problem i have with it, though, is content providers don't generally trade at these kind of nosebleed valuations you take a look the stock had earlier this year, it doesn't demonstrate the same strength other areas of the market here do, so i wouldn't chase it as 12 times revenues >> do you agree? >> i don't know if i'd call this chasing it down 15% on the high, but i'd buy it here. the story here has always been about growth investors doercht care about valuation. they've made that clear over the years. if you see any type of valuation slow down that's going to be the hiccup we saw a few weeks ago. even in the suntrust note today they mentioned india as a growth, but that's probably capped you have to see a global growth

story here, and we do get that yes i think netflix could make it last. >> the freak out was just because they missed their own guidance on subscriber numbers >> if they missed their own on subs globally it means it takes a moment to get to where you can justify -- >> but it wasn't a one quarter kind of thing. >> i don't understand how a suntrust upgrade adds 6% to a $130 billion company >> it's kind of followed in the -- it just shows you, bullish in the market. >> see you guys in about half an hour and tonight on the show, fast money. >> tom lee says there could be one chart that could hit where bitcoin could head next.

>> i already did that this show, but it's a good chart, a good signal here's what's happening at this hour, another ally of president trump caught up in the legal mess surrounding the president. allen wisingbering, long time cfo of the trump organization, was granted immunity in the michael cohen criminal investigation. he is the executive listed in the case as having repaid cohen for cohen's payment to stormy daniels. two people were killed when a tanker truck crashed and a burst into flames on the 105 freeway near the los angeles airport this morning the accident and the resulting fire, i should say, closed the road in both directions. it caused a huge backup. some people actually zurdeserted their cars and walked off the highway with their luggage heavy rains caused massive flooding today in hawaii as hurricane lane is bearing down

on the islands it is expected to turn and make a direct hit on hawaii an old controversy erupting again in suburban, illinois. how much freedom is too much for young children a neighbor called police saying a child was walking around without an adult police responded and found nothing wrong. the mother responded saying she let her daughter walk her dog around the block to teach her responsibility >> i don't know, that would make me nervous, walking around 8 years old, on your own, and marshmallow doesn't look like an attack dog, either back to you guys thank you, sue let's get to real world impact of the trade war kate rogers is live in wince borough, south carolina, where another plant is facing closure in the wake of potential tariffs in a county that's already suffering. >> that's right, element electronics, which you can see here behind me, they assemble

tvs with equipment imported from china. they'll have to layoff 126 people unless they're handed some kind of lifeline in this ongoing trade war. he's doing everything he can working with lawmakers across the state, putting politics aside in order to keep this plant open, he said. the ustr actually said the tariffs that element electronics are pushing back against are open to public comment at the time take a look fannic had to say to us >> if you want to do a tariff policy, make sure you have a tax that's competing against americans. >> we're in the town of wince borough, where current omb director nick mulvaney was formerly a congressman the county has been hit by a

string of unrelated economic blows in the last few years. a local hospital is also preparing to close so local residents say they're really concerned here about more job loss >> it's not just businesses, it's people. it's who's behind those doors. it's families, husbands, it's wives, children that are affected >> now, another interesting layer to this story as element is pushing back ens tariffs its getting some push back itself mainly from the alliance of american manufacturing who says the company isn't a true american manufacturer because it imports those parts from china and puts them in the tvs so a layered story here. >> quick question, kate, are a lot of these kind of small businesses and towns getting exemptions from the tariffs. >> so, sara, that's an interesting question right now there's basically availability from the public at every level to comment on tariffs and how they impact your

business the american cay company they did that this company, they say it's not in place nothing yet is finalized, so it remains to be what will happen >> thank you very much, kate rogers it has been a big year for m&a deals. our next guest sees the trade war as a big headwind to this activity joining us now is charles, the global co-head at global industrials group. >> thanks for having me. >> what's the connection here between the tariffs, these disruptions to international trade relationships and m&a? >> it's a great question i think what we're beginning to see is the true impact of this

noise, the tariffs, the true sechbtment of tariffs of the u.s. on what we practice every day. as we look out to an owner to find a division, we're finding two years ago we'd have a lot of chinese asian buyers who'd be willing to pay top dollar prices and put down a deposit we're seeing those lists are gradually being slimmed down and many of those lists are essentially private equity focused. >> do you think this is a chilling effect from a lot of the tensions out there, or do they generally fear regulation will step in the way of the deal closing? >> we don't know yet i think a lot of this noise is just happening antidotally i can tell you what's happening thankfully the market is very, very strong. there's a lot of money out there. there's no difficulty in raising private equity money but we are seeing a smaller list

emerging of available buyers from the list we might be selling. >> charles, let me ask you, i don't know if you remember going back to the late '80s, early '90s, remember the japanese were buying everything, pebble center, rocket beach, and that reminds me of the chinese investors, they were buying some of the real estate developments. is this just a natural reaction to kind of the peak and ebb and flow of foreign investors, or do you think there's something more substantive coming out of the tariff war >> i think you be to break it down a bit one of the things we're seeing is the influence of chinese government on outbound we've seen a raining of of some of the investments you're

referring to a lot of the focus has been to focus the chinese buyer on businesses they actually fundamentally understand but at the same time we found that because some of the more sifious developments and indeed some of the regimes within china have slowed down m&a praus, those companies that need to show they're taking rapid action and quick action can't afford to have months and months of closure risks are opting to go a more domestic route or the private equity route >> i was going to ask a domestic question, could this open the door to more american companies getting bought by other american companies whereas they used to pass the competition overseas. >> yes, i think that's exactly right. and you have the same regulatory issues without the international overlay. it's a phenomena we will continue seeing i think.

what we're seeing is although the absolute dollar volume of deals is going up the actual number is coming down. so with a strong market we've seen an increased headline number of m&a or dollar transactions but the actual number coming down thanks for having me when we come back will trademarking acronyms actually help proctor and gamble appeal to younger consumers we'll have the details in today's take away >> plus robert frank is behind the wheel of a piece of history that's about to go on the auction block. u so good at this? had a coach in high school. really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum- just to help you improve your skills.

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this week papa john's ousted found founder launched an online move to quote save itself that's ahead in the take away. but first robert frank is riding away in a piece of film history. >> coming up, the ferris bueller ferrari comes up for auction it is so choice. if you have the means i highly recommend picking onupe are you taking the tissue test?

yep, and my teeth are yellow.

time for whitestrips. crest glamorous white whitestrips are the only ada-accepted whitening strips proven to be safe and effective. and they whiten 25x better than a leading whitening toothpaste. crest. healthy, beautiful smiles for life. the pebble beach auto auction is getting under way >> we turned to someone who is very popular with the motor heads and the geeks, a real righteous dude, robert frank >> from the '80s >> i didn't think we had enough bueller references >> you can never have enough,

sara you and mike are so choice, save ferris, that's all i can say for those motor heads the real star was this car. >> the 1961 ferrari 250 gt california my father spent three years restoring this car it is his love it is his passion. >> it is his fault he didn't lock the garage. >> famous ferris bueller ferrari, an actual car used in the movie is about to be sold for an estimated $250,000 to $1 million. here's the catch, it's not really a ferrari they used three replicas made by a california company that used ford engines and a hand built chassis. one of the movie cars wound up in a ravine. another in private hands, and this one was hidden in a garage

for 30 years and has now resurfaced >> i take it to a car event and it's just inundated with people, and it's a lot of fun. >> we know this is legit because the man who built the car for director john hughs has certified it and during the restoration he provided some of the evidence from the film. >> they had allen ruck actually kick this grill. so we left that. they literally dropped the car off, it was covered in two tarps and film they said if there was any damage he said called paramont >> if you don't stop and look in a while it might pass. guys, back to you. >> robert, since it's a replica, custom thing is there any way to bench mark how much it might go far relative to a similar car

that obviously wasn't in the movie? >> movie cars are so hard because you don't know what kind of premium the movie is going to fetch. those cars would maybe fetch 100, maybe $150,000. that's why there's such a range here i have to say from all the really expensive cars here, and there are some cars here 5, $10 million everyone is looking at this car who knows, all it takes is two people that love the movie and really want this piece of memorabilia. so we'll see you tomorrow. >> you have to be a super fan, evan >> they might take bids by phone. >> i'm going to leave this one for robert because robert is -- to use -- he's as close as anyone i know to the lifestyles of the rich and famous, little homage to robin leach there.

>> champagne wishes and cav iar dreams, evan >> you actually can't run it back in reverse and have the odometer go back >> robert, is that true? can you confirm that >> this car actually has 1,400 miles on it. in the face to face s bueller film had has 300 we tried reversing yesterday and it didn't work >> it's his job. >> he belongs in pebble beach. get a nice estate there on the golf course. cnbc will foot the bill for that, right? >> of course up next papa john's teaming up with two banks. details on what it means for the das kewaker's next move in toy'ta ay.

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time now for the takeaway. shares of papa john's up 10% today. the company has hired bank of america and lazard as financial advisers to advise the company on the business and, quote, it's too premature to say that the board has authorize good further action what a saga this one has. >> we know the market cap is 1.4 billion. >> but my point is that when you have a company where most of it is the brand value papa john's is the value of the company and yet you have this weird thing. >> his name is on it >> it is the papa john's >> the 2,000 locations, obviously. you know, a lot of franchisees

and they have reputational damage to deal with. >> they're not leaning back on the quality. >> they're not marketing the tomato sauce >> procter & gamble may soon be laughing out loud. >> is that lol >> yeah. the company reportedly applying millennial-friendly acronyms like lol and mbd and would this make you omg >> i always see stories like that and i say, can we do that >> this is an exploratory phase. they're looking to trademark it with soaps and detergents. unclear whether they'll use this in advertising, marketing or names of products. they have to do the trademark so they can have exclusive access to use these for these product, but even if they don't get it they can still proceed with it they have a millennial problem and they need to start reaching out to the younger consumers

>> you think it's a lame idea, huh? >> as i said before, if i know what they mean, i don't know how millennials are -- >> some others that i didn't know >> did you know lqtm >> laughing quietly to myself. >> osmh is laughing and shaking my head. >> that's a combination. >> lenders getting into some risky business with personal loans. wall street journal reporting american express and goldman sachs, lending club and others are sending out some of these unsolicited offers often to people with poor credit scores. >> credit cycle is a creddit cycle. >> i get marketing material from marketing companies. it's stuff that's designed for people with poor credit scores i'm on somebody's list a financial adviser, top-notch credit score you're winning

>> i don't have robert frank's ferrari, though. >> or the fake ferrari. >> you could bid on it >> i could. >> tiffany's big sporting goods, best buy, lululemon. we'll get you a full preview after a banner week mostly for retail we'll be right back. when my hot water heater failed it rocked our world. we called usaa. and they 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.

>> more retail earnings will be out in force next week, best buy, bj's wholesale, tiffany, wednesday dick's sporting goods and thursday we'll get dollar general, abercrombie & fitch, lululemon and ulta beauty. lululemon hasn't real he had a new ceo and this will be the new ceo's first earnings. >> hasn't had a ceo and the stock has never really been cheap. people had been concerned about not so much the brand, but the category a little bit. >> they love the yoga pants. >> some retail still lives >> they're posting a lot better comps and some are up double digits this year >> i still wouldn't buy jc penney >> tiffany is a fun one. >> tiffany's always a fun one to

examine because of the other crosscurrents, too, right? tourist travel, currencies are big. big, actually in japan. >> yes and asian general and the asian consumer >> and they've had resurgence as far as tapping into the right fashion because what we saw from earnings from gap and l brands is that fashion still matters. yes, traffic numbers are great the consumer is spending and helping find cornell target has ever seen and the president tweeted. >> and they'll be the donald trump show next week >> no matter withretail earnings >> it will be 100% quiet today >> from him, i don't know? and yet with it all the market just kind of cuts to the chase at least so far. >> and the chase is higher >> better economy. >> it's supported by the corporate input that you would look at. >> i think september will be fun. >> last year, this was the point in the year when there was nothing else to worry about.

it's not saying it's going to repeat and do you have an election this year and we have to watch it. >> i mean, august has been pretty lukewarm. evan, thank you for being here see you next friday. have a good weekend. >> and you as well see you somewhere around next week for part of the day that does it for "the closing bell," "fast money" begins right now. "fast money" starts right now, live from the market overlooking times square i'm melissa lee, tim seymour, brian kelly, first timer and fast money friend, tony dwyer and steve grasso tonight on fast -- tonight on fast, retail has been one of the hottest trades out there and there's one new reporting earnings next week and they're about to break out plus want to know where bitcoin is going next? of course, you do and tom lee will break down the one chart he says could tell you everything you need to know about the crypto universe, but first we start with two words we haven't uttered in months.