know, which is what incentive to the chinese have to come to the table? and i don't see that yet i don't. >> a weakening currency. >> my point is they don't truss trump. >> no impact on the market today. but we rallied into the finish slightly higher for the day up about a% for the week. >> i leonard you weigh 230 pounds. >> 226 that does it for "closing bell." enough on that "fast money" begins next. "fast money" starts right now. live from the nasdaq market sight overlook times square. scott woman ner traders on the desk pete narjen guy adami. nathan and tom. the new crop of iphones off the charts why are shares of apple falling? we slain plus what's wrong with the banks? it should be nirvana out there but the stocks are in the mud. the chart master tell us why there could be more pain ahead first we start with the big story of the day the trade war rearing its ugly head again let's go to amon javers in dc

for this developing story. >> got scott, 5:00 on friday i'm calling it i don't think we are getting chinese tariffs this week. that has been the story line of the week just speculation about whether or not the president was going to process pull the trailer on the $200 billion in chinese tariffs the u.s. trade representatives office has been working on the past several months nothing has of yet and nothing expected today so the white house putting out sort of a maddeningly vague statement about all this, saying the president has been clear that he and hits administration will continue to take action to address china's unfair trade practices. we encourage china to address the longstanding concerns raised by the united states the white house not specifying at all what action it is that the president is going to take or not take. but saying that he is going to continue to take it, whatever it may be leaving us at a little bit of loose ends at the end of the week here is how we got where we are now. there are $50 billion of tariffs in place now on the chinese.

the u.s. trade representatives office on june 18th was directed by the president to identify tariffs on $200 billion more to figure out which products would have rates and what tariffs would be on july 10th, the process was initiated. on september 6th the comment period ended on that that's why a lot of folks suspected this week after the september 6 date was the week we would see the tariffs. the president tweeted they might be coming last weekend but as i say, here we are friday evening, and we don't have the tariffs yet. we'll see what happens maybe next week guys >> aim month, good weekend thanks very much from the north lawn of the white house. look at the market reaction. when the reports hit that president trump said he wanted push forward with $200 that took the dow down about 100 points bounced on the lows. rallying into the close. the industrials perhaps most sensitive to the trade where headlines.

guy, i think the market by and large wants to bet on us winning the trade war. but you see with the headlines and tweets things can get updates. >> market is -- we are winning the trade where. the market is only gauge the s&p closed above 290 oh. pete can speak to the vicks. kinning to go lower. effectively we are chinese down 20% we are unchanged maybe higher than when the rhetoric started i say this i think we underestimate the resolve of the chinese i say again, why -- if they waited this long why would they make a deal before midterm elections which we have a month and a half two months before or bch the end of the year especially with all the rhetoric surrounding the trump administration i think we underestimate the resolve resolve of the cheyennes. >> david teper telling me yesterday that the trade war is the single biggest unenknown, the tryingiest thing to figure out as as an investor whether

you have the ackman of a david teper or mom and pop investor watching right now. >> i think it's kind of interesting because we saw the schurm confidence print above 100 pretty high print and it doesn't seem consumers are bothered by $50 billion in tariffs we have. i think it's important i don't think the president understands this it's not like we are receiving money for the tariffs. it's really in the form of higher prices for our consumers. all of a sudden they slap on $200 billion of tariffs and they get this retaliations. this is where the consumer starts to get hits here. as we head into the holiday season, these are the things that you have to start to consider when we think about foreign guidance, we think about how companies are going to guide and how confident consumers are. to me, i think it does have the potential to ratchet up and really trip up markets here in the next couple -- >> this you news also did happen to come we should point out right in the midst of the frenzy over the manafort news out of d.c. that he was making a deal with the special counsel. >> which forces us to confront

the issue, what's more important for the market right now is it potential chaos in the white house? or is it actually a trade war? and i think it's absolutely trade war, because we talked about on the show before, whether it's policy that's already in the rear view mirror that's significantly beneficial and a tail wind that will keep on giving but also the reality is as we are talking, the trade war is something that could be potentially more destructive than president market prices in. i'm not saying high five nice job we won i would argue larocking around the world and would say if the rest of the world's economy at a fragile time in the global recovery is now printing pmis south of 50 in some parts of asia and actually significantly lower converse indicators in europe, even despite the fact that small business and workers in the this country have arguably never been happier np i don't think you can exits that long -- my view on the trade war is this isn't about manufacturing jobs this isn't about do we get some

better equilibrium this is about control of the internet and trade data and 2025 made in china. >> and all depends, pete on where it's all going to shake out. how much -- if the tariffs really goo into effect and you get the escalation of the trade war, what that means to the downside to the s&p, or a deal with china what it means to the upside and no one can seemingly figure that out. >> i look to more of the upside. i think it's more of a negotiation tactic none ever us know until it happens. you with he no he that is something that mr. trump put out something many times about northbounding how he does this teper called it tricky when you look at the market itself right now and guy brought it up. you look at volatility index it's not indicating at all right now that people saying gosh we are concerned. this thing is going to the downside if anything i'm seeing more upside activity in the big major indexes. seeing people playing for upside not just the united states but even around the globe. >> we put it forth at the beginning in the way we friemd framed it to guy, the market is clearly betting on some sort of

positive outcome if not, you won be where you are. >> right. >> the major averages today. >> the 10% up in flum to the up srd i'm not sure but i could see 5% move off this because the market is waiting for something. and this is the catalyst when you look for catalyst this is number one. it's not the white house itself. >> but it is okay >> peace part of it. >> earlier this woke we saw larry kudlow, the national economic adviser talk about optimism about the trade deal. and the president comes union and shuts it down. and to me i think this has -- it's going down a parallel path with everything else you just mentioned about the manafort things continuation. we have increasingly compromised president. and therefore it goes back to what we are talking about when guy says, the chinese they don't have to actually blinch right now. they can wait and see it out a little bit. >> i would argue, dan, whether the president is compromised or not, the i don't want to opine on that. the guys putting in place in the

trade policy they are going no where. this is a group of guys waiting to do this to china a long time. i think there are elements what is going on that makes sense. >> the irony is kudlow and unusualen don't want to do it. >> part of my point earlier is that who knows whether this headline that comes out about trade was anything more than misdirection, change of of the subject in the face of some pretty damaging potential headlines about the manafort deal, that had all consumed all of us for a matter of time the markets maybe didn't react to all that strongly to it but nonetheless, any time there is one of these tweets and the market got upset or a headline negative on trade. it's been quick. quick down and it's forgotten about. >> how about the market today. >> an hour or a day or whatever the markets come wak zwloo. >> how about the facts the market moves down 100 up feist down 50 towards the end of the day you are saying look the industrials look strong for the majority of the day. financials i know didn't move

enough but if you look at elements of the financial world, the insurance, the prungss of the world, lincoln of the world they were up significantly. >> look at the industrials if they were worried about this thing with mcthat chart wouldn't look like it does, would it. >> and i know steel companies are not symbioticive of the market but why are steel companies who have never had higher prices trading as if they are going out of business? that tells you those companies on the front line of what's going on i think are vulnerable and exposed. i don't think the market is paying attention to that. >> the market -- we have the s&p 500, the only major equity index up in the u.s., the up 8.5% every other major index is down. maybe they are telling us maybe lx, u.s. steel is telling us because the higher we ratchet up the trade war, the slower we are getting for the global economic recover recovery that we are supposedly in. to me i think it bosses. forget about the equity markets forgot about the vicks at 12 and

13 or the apnea 500 at 2904. what else is going around and do we have the potential for all of this seeping growth globally to work back towards the end of the year in early 2019. >> may i ask a quick question what holiday season. >> what are you talking about columbus day, holiday season. >> don't throw anything at me. >> going to be here. it will be here before you know. >> consumer pending into the christmas holiday. >> i'm kidding around. take a joke it's friday. and quickly the other side of the steel -- there has been a steel stock that's done well, up 3.5% we did a power pitch a whil back cleveland cliffs trades like somebody is about to buy it. u.s. steel traded awful. cleveland bounces there is a dichotomy there. >> coming up, a big week or apple with the new crop of products officially for sale now. it wasn't such a big week for the stock though we tell what you had some traders hitting the pause button process. plus cannabis stocks getting crushed today as a potential

u.s. crackdown cools off that space. got the details ahead. live from the nasdaq in times square and there is much more "fast money" right after this. who would have thought,

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back to "fast money.

apple iphone preorders kicking off to josh liptak 199san francisco about the details. >> preorders began at midnight for apple's new high-end iphones. now analysts and investors try and read the tae leaves. the xs max it's been pushed out. availability push oud. within one to you teeks. same goes for some model of the xs with the 5.8 irchl display. i spoke with gene munn sister. he says compared to the launch last year the lead times this year are shorter based on his research meaning you don't have to wait as long for niece new models, specifically compared to the iphone x launch last year, this year's iphone xs lead times were on average 68% shorter and the xs mass lead times were 23% shorter. shorter lead times could

indicate softer demand though he says it's not an exact science because we don't know how many phones they are producing right now. he says the moment of truth for him will be lead times, though, for the now xr hitting next month. that's the device he predicts will be the company's most popular model in the quarters ahead. scott back to you. >> josh thanks josh lipton in san francisco for us you got the new phone. preordered it already didn't you? >> well listen, i think what's interesting and see when we talked about it the other. >> night. >> that was yes or no. >> no, this is. >> immediately went. >> are you deflecting. >> if you bought the iphone x. >> he did. >> still deflecting. did you buy the iphone. >> i bot bought the iphone 8 last year. >> whoa. >> in since 2007 when they introduced the iphone i didn't buy the highest end phone they had tp this is an issue to think about. >> look, this is usually a sell on the news thing is it not. >> i tell what you. >> can i finish. >> my point. >> you stopped.

>> last night you were able to order the xs and the x max the upgrade of last year's phone on october 26 you get the new xr, a version of this iphone 8, a larger phone they do not have a smaller phone other than the 8 and 7 and it's really confusing landscape. when they report at the end of the october it's going to be, like, who knows what the heck the units will be like that's important to get your arms around. it's confusing for consumers, not only the names. >> it is, dan but the good news for apple stockholders -- clearly he still hasn't answered the question -- is that the product release cycle, the refresh cycle, whatever this is because this wasn't a new product. it was a bigger faster stronger. nothing new in there the good news for apple, no one cares. the moments have been derisked i think it's great new resist for the stock. no one cares they have to innovate like crazy. and people in the short run they are not playing that by the way, a year ago that release was fraught with problems and bottle necks and

confusion on the skews i'm not worried. >> i look at the average selling price, something if you look at 2019, up $60 from where it is right now from 739 that's huge. i mean, this is something i think that's going to be very, very big for apple was if completely innovative no the watch is though process the wind chill with the new chip far more efficient more health conscious that's something -- the watch is really killer by the way at $399 the margins are unbelievable but apple continues to work in the wearables area i continue to hit on that in growth they are already putting records out every quarter with the watch. in one will be. >> what's the high in the stock? 229, to a, 229, 230. >> six bucks off. >> if you do the math and play this game. katie hubert pete knows her 231 price target 18 multiple. >> ubs. >> 240 to 250. i think that's probably the upper end.

in this environment carter bracketen work talked about the 18% upside. >> you can see cb dubs thanks for being scott, friday into the god bless. >> you looking out. >> 240 upside. i think there is a chance you can see it fall back to 185, 190 you have to ask do you hold it and not trade as owe says oh and pete says. or do you trade at this level. >> back when warren buffett said i'd love it down 10% from here down 10% is when it went parabolic in front of this even. when you think it's kind of messy, gaming what the units -- i think you are right about the watch. this has the potential to really accelerate the sales but again, other products is 7% of the total sales it's not really moving the needle expanding the ecosystem, doing all the things that make sense yes. we won't have clarity until we get to fiscal q 4 guidance and that's not for a while.

>> we got phones ringing >> peopling anding on the ceiling. >> we got a commercial. >> friday night. >> and my collar is sticking up. >> and sister patrol. >> put a weight on the guy be careful just grab me if i start to go up. >> shares of netflix higher that this year. up 90% but no longer the only game in town the competition heats up we have the details coming up. here is what's mink coming up in the mean tight. >> pawn stocks smoked on a report that u.s. government could block cannabis workers from entering the country. plus talk about a bank job. >> this is a robbery. >> rates are rising. but banks n'gouccat mh higher we tell you how to cash in when "fast money" returns

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welcome back to "fast money. u.s. officials looking to crack down and canadian cannabis industry workers and investors adidi roy with the details from san francisco. good evening, adidi. >> hi there, scott pot stocks plunge at the opening report that canadians involved in the marijuana business might not be allowed to enter the u.s. even after marijuana is legalized in canada next month a u.s. customs and border protection official telling me under longstanding u.s. federal laws any canadian working or investing in the cannabis industry or is even used marijuana in the past could be turned away at the border and may even risk a lifetime ban on travel to the u.s. customs and border protection says this would even apply to canadian marijuana companies that are on u.s. stock exchanges and not involved in any cannabis business in the u.s.

border protection officials say that each inspection, though, is different and officers do have discretion todd owen with u.s. customs and border protection says our officers won't be asking everyone whether they used marijuana. but if other questions lead there or if there is a smell coming from the car they might ask. a more common question they could ask is about someone's work if a canadian reveals they are employed at a cannabis company they could be denied access into the u.s. officials declined to speculate how often this issue occurs but one canadian employee of a legal marijuana company tells me they feel traveled back and forth across the border without issue, even after disclosing during questioning that they work in the cannabis industry. and scott, while many stocks did recover throughout the session we have been seeing sell off in the past few days. >> okay. adidi thank you so much. adidi roy out in san francisco for us occupant to trade it. >> yeah, first of all the reason the stock sold off is not this news there was a downgrade in the sector by one of the big names

thinks it had gone parabolic in two weeks. and you got sanity into the fold the reality on the politics this is not a particularly new story. and i just think that the politics of cannabis in this country have never been better the states are continuing to see huge revenue gains that strikeles down to people, taxpayers getting the benefit of that and ultimately there is no turning turning back at the mid-terms there is huge livingston victories i think in in the dakotas, texas, know what's going on the east cove. it's about to flip look, the fed is fighting hard but i believe the trump administration believes the cannabis is actually a very bullish football football for them with veterans they are not turning awayfrom this. >> one stock over any other -- i mean canopy gets cup o call the public. >> the reality is the some valuations are challenging at this point but the -- you have to play with some of the bigger names, because i think they continue to take market share. it doesn't mean there aren't trade companies in canada

continuing to be port of the process. >> one of the companies if you want to avoid volatility is consequence tellation brands the investments have gotten bigger and big when you look at where they position themtz, alcohol company now adding this, i think that combination is something interesting. is it hitting any time soon? probably not overall in the longer term that's a stock to own. >> real good you've been all over this story months now and the stocks are up 100%, 200% in some case tilray has a $10 billion market high pressure. how play this market you're in a bubble. >> one of the things we talked about is certainly with names rockets to the moon i would be selling upside called. you better jump back in and get in there look at valuations and again the way people should be looking at valuations is probably unfunded capacity it's also going to soon be about revenues and then about ebidta but look at valuations they matter and the market is

starting to discriminate. >> getting tweets coming in people want to know -- they noticed you didn't answer the question they want to know if you ordered the iphone. >> i did order it. it's a rip off but i'll buy it i do. >> the stock could be up monday if dan did buy it. >> people wanted to know i'm not leaving anybody hanging over the week final trade what you got. >> csx, the rails are on fire. i think they continue csx better name. >> consumer letter m massies turns it around. >> mr. nathan. >> shout out to steve up in maine big fan of the show recover here buddy and stay tuned xlfment define risk short on the way. >> what would dan do next. >> guy adami. >> you do a show called the halftime report. great show by the way. >> thank you. >> unbelievable job. >> thank you very much. >> we do a show you're hosting we share a page we her name is michelle today is her last day there she is she is going on -- one of the best we have had. >> one of the best we have had.

>> good luck. >> just saying >> with that. >> have a great weekend everybody. >> no wait you got to get final trade where you going. don't go away. >> hurry up. >> see the quarter adobe had. >> that does it for us catch us back here 5:00 p.m. monday monday fidelity. open an account today.

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hi there, live from the nasdaq market site times square on this september, friday, the guys getting rrd behind me while they do that here is what's coming up on options action >> announcer: unindex is surging here is a hint and the chart master carter werth says it spells gains for one lagging industrial stock plus risk one, make three. mike coe has a way to triple money in netflix in one month. stranger things have