keep our eyes on the markets into the weekend we've got about 15 seconds >> i was watching when larry was talking to you that's when it took a leg down i'm going with the airlines. american airlines delta. >> starbucks >> blackrock >> alphabet. >> all right thank you, guys. thanks for being here. thanks for watching. "power lunch" starts now thanks very much, scott. i'm dominic chu. what a volatile day. all the big gains wiped out just moments ago and stocks are trying to make another comeback right now. is the selloff still in full effect and how much more pain is to come the big banks kicking off earnings season. jpmorgan beats but a mixed bag for citi and wells fargo should you bank on those financials plus, a boots on the ground look at the american economy from jobs to wages to the consumer to materials, costs, and more cnbc's billion dollar buyer and owner of the houston rockets tillman frititta joins us for

the hour "power lunch" starts right now c can. welcome to "power lunch. i'm contessa brewer. all three major averages still looking at their biggest weekly decline since late march this will also be the third straight week of losses for the dow and the s&p. a lot of weakness out there. ford, gm, stanley, black and decker among the list of companies hitting new two-week lows >> i'm bill griffith here's what else is happening at this hour. contessa highlighted the ford shares ford sales in china dropped 43% in september compared to the same time last year. this is the third straight month of sales declines we've seen in china overall.

sears may be close to filing for bankruptcy this weekend. sources telling cnbc that the struggling department store is close to a financing deal to stay alive until christmas they have a major debt payment due on monday. so we're expecting that bankruptcy filing over the weekend. and just how important is a brexit deal? well, very the uk government is now warning brits that they could lose access to netflix and spotify if there is no deal on brexit that's what you call first world problems, dom. >> that's right, bill. we've got a lot more of those problems starting to build, perhaps. today's big rally more than 400 points as contessa pointed out on the dow almost wiped out bob pisani on the floor at the new york stock exchange. it wasn't until the 2:00 hour yesterday that we saw that big sell program come through. but it seems like things took a run at it earlier. >> volume is again heavy today a number of the big etfs

the s&p 500 not negative right now, but definitely moving down throughout the day and this action seems to be very consistent with these moment mum guys moving money around like commodity training accounts. middle of the day, things droop on heavy volume. out of stocks into bond funds today. yields move down, people start buying these bond funds. but there are many of them you can see just moving up the same time as the stock market moving down looks like some allocation going on heavy volume in a number of these etfs the russell 2000, the qqq, all very heavy twice normal volume. yesterday four times normal volume in the spy. specific stories, banked started. typically droop into bank earnings jpmorgan was good though the loan growth 6%, positive all the banks have now turned negative we have another oil story again

today. the iea trimming forecasts for global oil demand this year and next the oil stocks started drooping again in the middle of the day then all the industrials, boeing being the main one here. no specific catalyst larry kudlow was on talking about still not happy with the response from china. but certainly indicated the negotiations were still very likely to continue finally just want to note, tech's holding up comparatively better right now not quite the severe down slope we're seeing in some of the other sectors. >> all right thank you very much. and as you mentioned, president trump's top economic adviser larry kudlow post making the case for the american economy and weighing in on this recent selloff. >> all i'll say is we are in a hot, economic boom there's no end in sight in my judgment the u.s. economy and the entrepreneurs and the blue collar workers are killing it and therefore, i think the stock market will get back on track. not my way to forecast, but

yeah corrections come and go. >> kudlow also weighed in on president trump's attack on the fed and its independence steve liesman spoke today with chicago fed president charles evans. what did he tell you about that, steve? >> contessa, not engaging on the political rhetoric we asked charlie evans here at the engage conference for students a couple times whether -- how he would respond to the president saying the fed is crazy and he responded not by going back at the president but by talking about the economy and fed policy >> we're looking at the economy. we're looking at a very strong economy, strong fundamentals and we're adjusting the policy stance we've been doing that gradually. we've been moving up we're targeting 2.25% right now. i think neutral is in the 2.75% to 3%. after many years of accommodative policy that i have looked at strongly, it's time to

readjust the policy stance at least to neutral >> so at least to neutral. but then he said, hey, we may have to go a little bit above neutral. i asked him what does that mean. he he was very specific about it >> i kind of think maybe 50 basis points above neutral you have to remember there's a lot of uncertainty about neutral. there are different opinions about what that is in terms of short run, neutral and this longer term that's in the s&p. we might have to feel our way around that a little bit, but i'm going to look at how inflation is performing and the momentum in the economy. >> so let's look at where the president and his advisers in the federal reserve disagree and where they agree they all agree right now the economy is strong. where they disagree is the next steps that happen. the next one is they disagree on how long the strong growth continues. the fed sees growth declining in '19 and '20. larry kudlow says he looks for 3% growth next year. they disagree on rate hike

response to that growth. and during my interview with charlie evans, the futures went up but with the interview with kudlow it went down. >> thank you on behalf of all viewers out there. see you later. so let's continue this discussion on the markets. will this volatility create to put future rate hikes on hold. joining us double line capital's deputy chief investment officer jeffrey sherman back with us welcome back >> thanks for having me today. >> what do you think goes through their mind when they hear that? they've been criticized for ten years for keeping rates too low. now they're being criticized by the president of the united states for raising rates too aggressively >> right the history of the fed is it's a thankless position, right? it's not well compensated and you're under the direct targeting of all the market

participants so it is a thankless job if you listen to what the chairman is saying, he is telling you that he is going to continue the path of hiking rates. and when mr. powell came into office this year, he was lauded for being someone who thinking of market behavior but we shouldn't take that only in declines in the equity market remember the equity market is still up year to date. inflation is hitting their targets by almost every measure out there. and so there is no reason to think this volatility over one week is going to engage the path >> we all know the fed's been raising rates. we all know the economy is doing well, there is a slowdown in china. we have the litany of things going on right now so why all of a sudden this spike in long yields that began last week. what changed a all of a sudden >> well, the front of the curve

in the 2-year has been priced in all year so it's not the entire bond market was ignoring the fed hikes. there is a dynamic that's been pointing to with the corporate tax code this year that pinch and plan contributions from corporate entities were deductible at last year's tax rate which have long tails in their liability scheme so if you put those contributions in prior to september 15th, they were deductible at last year's tax rate which as we all know is significantly higher than this year so there has been that idea thrown around the market that perhaps that was, indeed, suppressing the back end of the curve. as you've seen since september 15th, rates have been up but we did break through the critical level we've been focused on here on the 30-year long bond where it finally broke through that level and did it with authority that started setting off this repricing of risk assets

the long bond woke up. the 10-year set new highs. right now as we're speaking, the 10-year is at what was roughly the high of the previous year. so we continue to watch the long end of the curve and it's repricing on the growth prospects, the inflation is coming through and the belief the fed will continue to hike absent some massive miss in the data that's what's changed about the powell fed >> all right jeffrey, so we have the fed trying to tighten things up a bit. meanwhile, there is speculation the chinese government, their command in control economy may have to ease things going forward. how does that kind of play out from an investment standpoint? are we likely to see that in the market from that particular action >> i think that's actually accretive that they're easing. it's undeniable that tariffs inheritly harm local economies

so the president here in the u.s. imposing tariffs on china should have ramifications on the prices here, not in china. china is also going tit for tat with the u.s so if they're going to continue to take each tariff that we impose and try to do something similar on their side, they're going to impact their local economy as well. so the only way to really combat that is to do some sort of easing stimulus. so cutting the rrr rate within the chinese economy was one way of doing that. but remember they have approximately north of $3 trillion in fx reserves to help stimulate so i think it's a ramification of the trade war and the tariffs we see that if the chinese are going to impose tariffs on u.s. products, they'll have to do some stimulus to offset on their own local economy. >> all right jeffrey sherman, always good to see you. thanks for joining us. >> okay. thanks for having me today if you've been watching the markets, you might feel motion sick today

it's been volatile up more than 400 points on the dow. then down more than 50 now higher again concerns how the consumer and the economy is dealing with higher interest rates. up next, tillman frititta, we'll get his take on labor costs, the economy, consumer spending 'sheith one of my favorites, brian sullivan. stay with us something is transforming and our world.. it's the longevity economy - americans 50+ driving 7.6 trillion dollars... of economic activity every year. right before our eyes, aging is unleashing exponential growth... ...in every industry. are you ready? we are. a-a-r-p is teaming up with business leaders and innovators... ...sparking new ideas and real solutions. so, what are you waiting for?

well, amid the wild ride on wall street, brian sullivan is in houston, texas, with a special guest. landry ceo and cnbc's own billion dollar buyer tillman fertitta hi, brian. >> hey, contessa you're one of my favorites as well yeah, we'll call him the consumer king. you guys have been doing a great job all day long on cnbc talking about the data, talking about what may happen, speculating we don't need to speculate because we've got a man here whose businesses touch all parts of the consumer economy whether it's dining, whether it's hotels, whether it's gambling. the markets have gone a little nuts the last couple of days i know if you don't look at your data daily, hourly

are you seeing slowdown on the u.s. consumer? >> brian, there's no slowdown happening out there. what you're seeing in the market the last couple of days, remember the market is up 300% since '09. you're going to have little corrections along the way. and it has happened over the last nine years. but there's not one catalyst or economic sign out there in the economy that is bringing anything down. you don't have any corporate debt that's an issue the only thing that i see that could be a catalyst is if rates ran too high and the corporate debt started to default. but right now earnings are good, the consumer's spending money. gaming is good around the country. i know everybody thinks it isn't, but it is people are eating in restaurants. people are buying cars people are traveling staying in hotels and corporate earnings are great. there is not a problem out there and there's not a catalyst for it any time soon. >> you and i have talked

extensively about the effect on oil prices do you in any way see a correlation between the stock market and your business >> well, sure. i mean, if the consumer stops spending money, we stop buying goods. the consumer -- >> it's a negative spiral. >> absolutely. but remember there's always one catalyst and it usually is in the debt markets. the first sign you see is liquidity dries up in the debt markets. they're smarter than everybody else they're smarter than the equity plays for people buying stocks when the liquidity dries up in the debt market, that's when you're going to see the down spiral so stay close to the debt market >> saying we've got nobody in the gambling tables because the dow's down 500 you're not seeing that reflected anywhere >> you don't see it anywhere right now. >> right now >> right now watch the debt markets they're always ahead of the equity markets

that's why this doesn't even faze me. watch the debt markets i remember in '09 and i was in st. barts on the boat and was about to do some refinancing and i was told the market just dried up and the rest of the world didn't know for three or four months. watch the debt market. >> well, high yield deetfs have seen that. the president, you might have heard. they've gone crazy you're like a mini federal reserve in a way throughout your business empire. has the fed gone crazy >> not at all. i mean, not yet. okay but if they start trying to raise it four to six times next year, because we -- people say there's no inflation, but why does it cost us more to go to a restaurant, more to buy a car, more to stay in a hotel like

this or any type there is inflation out there that's where i disagree with the fed. >> okay. so you think they should maybe slow down? >> i think -- >> you're the fed's market you're the guy that builds probably the best hotel in america right now. you build these hotels, you sell cars, you sell food to people. you think the fed needs to slow down a little bit. >> i want them to slow down a little bit i don't want to go backwards i don't want to raise it and have them say, my gosh, then bring it back. >> are we okay where we are now? >> absolutely you're fine. but remember your big corporate debt investors swap their floating debt. so probably 80% of your corporate debt that's floating is still swapped okay so we've all been waiting for rates to go up so we're all protecting ourselves. >> okay. so ppg, the big paints company nobody talks about ppg except this week.

you buy stuff. restaurants, for example how are your input costs do you see raw commodity inflation? >> yes, 100% it costs so much more a foot to build anything today your food cost is up everything is up so once again, that's where i disagree don't tell me there's no inflation. don't tell a consumer that's out there buying something you have huge inflation even in wages >> but the fed's trying to slow that down though you want to find a happy medium? >> 100%. don't do it too fast >> i want to ask you about housing in a second, but i want to follow up with this do you see the consumer -- of course there's a line out the door here. but do you see overall being price sensitive. if you raise the price of an entree by a dollar, does that slow down demand or is the consumer strong enough to eat that price? >> remember, i have restaurants that hit all the different

demographics from a claim jumper in a rain forest to a bubba gump everybody fits in a slot and the consumer at the lower level still watches. but the consumer at the upper level is still buying expensive wine, buying the expensive steak, and everybody fits in their niche. >> we are not done with you. we are in your hotel, spectacular place. thank you very much. coming up soon, we're going to be joined by the ceo of the biggest publicly traded bank in houston, prosperity bank he'll tell you what the consumer is doing, how much we're borrowing, and why higher interest rates for him are not necessarily a bad thing. a lot more to do from houston coming up. >> a lot of great insights from tillman and you guys in houston. we'll be back with you shortly later on in the show a whip saw day for the dow over a hundred points at this hour it was up 400 at the highs of the day. then down -ps.50lu

what's causing all that volatility those answers coming up on "power lunch." and they don't quit... except for cable. cable? oh you can quit cable. because we are cougars and we don't quit!! unless what?!?!?! [team in unison] unless it's cable! quit cable and switch to directv and get the most live sports in4k more for your thing. that's our thing. 1-800-directv

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years in prison but released him for time served. he has denied the charges. fema is pleading with residents who were displaced from their homes because of the hurricane michael to be patient because it may still not be safe. >> it's not safe to return doing so, there's no infrastructure there to support you. and quite honestly, it's a dangerous area to go back into you know, when you have this type of destruction, there's gas lines that are there there's power lines that are down in doing so, you're putting your life in danger and we ask you to be patient and medical marijuana seems to be a safe but only mildly effective treatment for multiple scleros sclerosis. researchers at the university of alabama birmingham studied over 3,000 patients with m.s. and found those who used marijuana had limited improvements joyou're up-to-date. back to you.

the dow lost all of its 414-point gain but now we're rallying again dow jones industrials up about 170 points triple digits again. all three major averages on track, though, to post their worst week since late march. visa and walgreens leading this hour leading the s&p 500 and the nasdaq 100 you can see netflix up 17 points they're up 5%. let's get over to dom now and look at the traders. >> all right let's get that volatile session in focus here by some of those pros on the floor of the stock exchange joining us now is at o'neil securities kenny, bob had brought up this idea there is some selling pressure that's come about in the mid-afternoon the past couple of days is there any sense we could be seeing a program on the buy or sell side come through in that kind of scale? >> no. i don't see it i think the volatility is almost

snapped back after what we saw the last couple of days. listen the market has had a lot of damage sbrerinternally the nasdaq, the same thing and so the market has to digest it it's going to churn, it's going to have this action. it's going to be up and have this resistance. it's going to back off which is exactly what we saw really happen today and until it digests, then i think you're going to continue to have the volatility i don't get the sense that there was any specific buy or sell program. i think it's just the market kind of thrashing around as it settles down after the 1300-some-odd point loss we've seen. >> but wait a minute you go from up 441 and then you're negative. that's within one hour there's got to be something going on there, don't you think? >> no. but so here's what i think listen bill, you and i both know it can happen very quickly because of the automation, the way the

computer programs manage it. but i absolutely think it was more technical i think the bounce this morning was from this oversold position. you saw once it opened up, it struggled. then it started the sell off once we broke back through, specifically talk about the s&p. once it broke back through, then it fell back down to the lows again. now it's attempting to go back up my sense is it's going to fail again and it's going to keep testing the most recent lows we had. i don't think because it was any -- a particular program, i think it's the market continuing to kind of find its way after the damage >> kenny, we've got two and a half hours left before the closing bell the 2:00 hour over the last couple of days has been key to the downside action. what exactly will you be looking for in the next two and a half hours to tell you whether or not this could be a good or a bad day? >> so you're going to look and see exactly what happens to the indexes. right now they're trying to rally them again my sense is they're going to take it to be almost close to

2765 which is now resistance it was support, now it's resistance i think it's going to take it there. and my sense is going into the afternoon as the weekend comes, i think people are going to just go home and not be long. a lot can happen going to wait again for monday just with -- you don't know what the headlines are going to be over the weekend after the damage has been done, i think they're just going to relax and sell them off at the end of the day >> thanks. we'll be watching that closing bell closely today let's get to the bond market another wild week there as well. another of contessa's favorites. it's rick santelli at the cme. rick >> hey, bill you know, a two day of tens. these give you big clues yesterday we were touching low three on the low yields. we now hover around 14 down a base point. we're down more on the week in the longer maturities. but if you look at a chart study

right around mid-may, you can see why everybody was so excited. once we went through that may high, never look back. that's where the momentum came as we come back down, one would suspect we would hold that kind of, you know, 311 area and we are let's start out mid-august of this year. we traded it down to 18. it's hovering around 30. but if you open a chart up to ten years, yes, it's nice to be steeper but in the macro it's hardly noticeable on that long-term chart. finally the dollar index up a quarter cent today but just about half a cent on the week. but we're hovering at levels we haven't seen since the end of september. but 95 is important. and we seem to have held that closely and with a small bounce. bill, great to see you and talk to you back to you. >> thank you, my friend. see you later, rick. i always thought i was your favorite >> i thought i was her favorite. >> don't fight

i said one of. there's lots of room for lots of favorites. >> i'm top five, i hope. >> here's what's happening in the market right now try to hang onto some gains at some point but when you look at it sectorwise, we're 50/50 pretty much half the market up, half the market down. the financials, ironically, the first performing sector right now even though we had strong bank earnings. we'll look at the big banks reporting those coming up. and a big slide for the regionals as well today. pnc, huntington, zions, and comerica coming up, a look at what the bas nkare looking at the ceo of prosperity bank joins us coming up (clock ticking) (bell ringing) it's time. time for a new kind of cloud. the ibm cloud. the cloud that proactively protects your business from threats, instead of just reacting to them. that lets you modernize and move more of your apps without re-writing.

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♪ earnings seasons kicked off today with the earnings from the big banks. leslie picker looked at the results for us and what did you find >> looked at the results, listened to the calls web and so far all three banks really swinging between gains and losses throughout the morning.

j p jpmorgan and citi -- analysts were impressed by the cost cutting employed by citigroup and wells fargo. the latter of which is following its sales practice scandal here's ceo tim sloan on the conference call in response to a question about whether there were any other skeletons in the wells fargo closet >> we have and will continue to look across every office, every business, every geography in this company i said in one of my opening remarks that we want to not only meet but exceed regulatory expectations because that's the right thing to do for our customers. so we're very far along in the process. we'll continue to be very transparent. but we're ultimately going to do the right thing for our customers and make sure you're informed about it. >> nothing in these earnings

reports really suggests the bottom is falling out of these banks, but nothing in the reports were enough to catapult them higher either and even though the industry plummeted this week amid all the volatility, it doesn't appear they really got to the point they were cheap enough that investors were willing to build them up significantly today. >> there's your answer we were just talking about why they would go down >> it's not just that. this sector as a whole is still down 7% year to date there's really not a lot of love out there except from the analyst community for these stocks >> yes. >> you wonder what it takes to get these guys back up on that track. >> and there were questions on at least two of conference calls about what is the market missing from these results why isn't the market understanding what you guys are doing? and the executives don't have a good answer for it >> the market always knows jeffrey sherman made that point.

tillman fre tertitta made that point. let's get out to the ceo of prosperity bank with brian sullivan >> you guys were just talking about tillman. we're still here with tillm'ti n and your first appearance on cnbc in nearly a decade here we appreciate you coming out >> thank you a long time. >> you are personal loans, consumer loans, interest rate sensitive. you are at the forefront of everything we've been talking about on cnbc for a couple of days here. what is your view of the economy? is it slowing down at all? >> probably what you've seen in the last few days, a lot of focus has been on the 10-year bond and, you know, the 10-year rate is probably around 3.20% and gone up. highest in seven years the reason it's gone up is primarily because of the things that we've seen. we've seen a better economy, tax

reduction, less regulatory burden and people are spending money and it's a great economy and that's the reason that you're seeing the 10-year go where it is today. in fact, it's probably a good thing that, you know -- i know there's some criticism but the rates have been artificially low for such a long period of time the fed has kept them low ten years plus they kept them that low because we've never been able to really hit a gdp. now we're at a 4% gdp. so if you're ever going to take rates up now is really a time to get more to normalization so that you have some bullets when the economy goes back down >> you are the fed though. adviser to the dallas fed. the houston branch >> i have to be careful what i say. but yes. >> have you gone crazy you don't look crazy >> i would tell you there's a lot of criticism of the fed right now. but the fed is going to be very patient. i'm not a voting member. rob kaplan who's the president

of the dallas fed is a voting member in washington but they're not going to go crazy. they just kept rates down artificially low for such a long period of time if you look today, rates are still very historically low. and really the 10-year based on the number of fed fund rate increases that we've had or prime increases, really it should be trading closer to 4% the market just hasn't let it go up there >> so let me ask what y'all have done is amazing in your growth over the years. and to be the largest publicly held bank in houston, texas, today, how many acquisitions have y'all done? i can remember when y'all were truly a small regional bank. how many acquisitions have y'all done >> we started buying banks in 1988 the bank had about 10 to 12 employees at the time. and today we're over $22 billion assets with 242 locations throughout texas and oklahoma.

so, you know, we've grown a lot. we've, you know, made 42 acquisitions in my lifetime. we started in the '80s when banks were really failing, when oil really went down then in '91, really the economy took off and you could buy a bank just on a healthy bank cheaper than you could a failed bank >> 42 acquisitions let me ask about housing 5% here's what everybody wants to know is a 5% mortgage going to kill demand for home loans? yes or no? >> you know what i paid for my mortgage when i first -- >> 13% i'm guessing. >> no. only 10% but i knew the guy running savings and loan >> they're all gone now. >> you know what i'm saying. is 5% -- oh, mortgages are at 5%, we're doomed >> no. let me answer the question very easily 5%, 6% is not going to kill the housing market this is -- it's really ridiculous to think that rates where they're at today are just

too high they're not. this is just a normalization of rates and where we really need to be as the economy gets better you want to be able to do this in a good economy. if you don't do it now, you're never going to be able to do it. a lot of this is because of what's passed because of this administration with tax reduction. probably i would tell you that bigger than a tax reduction, most companies are showi ining , 20% increase in earnings bigger for me is the regulatory burden it's made our customers and people i know just after years and years of pain really wanting to go out there and we see it right now. our customers are using deposits that they had really in reserves for a long period of time. they're buying new equipment they're buying capital goods and so it's a good economy and what you're seeing today is not -- what you're seeing today really shouldn't be really >> let me ask you this do you think, though, there's too much regulation even for

somebody to get a mortgage today? because it seems like we swing the pendulum and it was so easy when we had the crisis in '07, '08, '09 and today it seems so difficult for people -- >> the stack of paper is about that high. >> it's crazy. >> i'm going to get in trouble for saying this, but yes >> you're not in trouble with us >> we had 300 lenders that you could walk into any one of our banks and get a loan and today we really have 30 lenders that really focus just on home mortgage and it's because of the requirements of the paperwork and what you have to do. but it's become way too complicated. and that may hurt things more than really interest rates >> aur develyou are a developer. does 6% stop you from building a new hotel? >> not that. >> you'd build this again today if it was 6% >> this is probably the biggest project that's ever been done

that has no debt on it zero >> okay. if you had to borrow money stop bragging. if you had to borrow money, would it stop you? >> not at 5%. >> can we loan you a little money on it? >> all right tillman's bragging he paid for the hotel cash whatever it is i've got to go i've never felt more like a failure in my life back to you. >> it sure downsisounds like th banking industry is really healthy based on what you're saying >> let's do this while they were talking we were talking here about interest rates and mortgages and what rate the gentleman there was saying the 10% is the highest he paid tweet us what's the highest mortgage rate you have paid. obviously we'll talk to people with snow on the roof. >> my parents told me teens. 16%, 17% when i was growing up >> same here but i'm curious about the people

out there. coming up on the show, what kind of impact will the disappearance and alleged murder of a "washington post" columnist have on relations between the usa and saudi arabia more on that story coming up plus we are all over the markets as the rally starts to fade just a little bit here. visa, apple, and walgreens driving the green. but chevron, travelers, boeing weighing down on the index "power lunch" will be right back after this break

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the disappearance and alleged murder of jamal khashoggi in istanbul is raising concerns between business leaders and beyond richard branson has halted talks with saudi arabia about a $1

billion investment in the country. in a statement branson said, what has reportedly happened in turkey around the disappearance of journalist jamal khashoggi if true would clearly change the opinion of any of us in the west to do business with the saudi government we all want to note that cnbc has pulled out of a scheduled event in the kingdom this month. cnbc will no longer participate in the fii in riyadh due to the continuing questions surrounding the disappearance of journalist jamal khashoggi. how damaging is this potentially to u.s./saudi relations? let's bring in the head of commodity strategy at rbc capital markets. you've got richard branson here willing to potentially walk away from a billion-dollar investment in his space companies from this public fund in skrab becauaudi because this raises questions of

the business there >> you know, they detained several hundred people at the ritz-carlton a week ago one week after the forum. there have been questions about saudi arabia being a safe place for business now with this latest incident i think that ask only escalating concerns >> how much does this have to do with the fact that the crown prince is trying to establish his authority, consolidate his power at this point, and he doesn't have a lot of seasoning when it comes to leadership. >> i mean, he is a very young leader we used to joke that 70 would be young. he's 33 years old. he has consolidated a lot of power in a short period of time. there has been criticism of his policies not just what happened at the ritz but the war in yemen, the issues about some of the drivers being detained canada there have been concerns -- >> and yet at the same time it's clear that he doesn't have utter and complete control because his wings got clipped on the ipo -- >> of aramco but what's interesting is you

have all of these things that give investors concern and then you look at what he said on the social front people applaud what he has done in allowing women to drive, removing the restrictions on gender so men and women can be together at movie theaters you had this idea it was social reform but against a backdrop of political repression. >> it still feels as though -- and i'm not the middle east expert here. but it feels as though crown prince mohammed bin salman took a lot of leash is there thoughts that the elders in the kingdom think he may have overstepped his bounds? >> i think jamal khashoggi will be an important red line while he was a critic of mohammed bin salman, he was loyal. he worked for the head of saudi intelligence he was somebody who retained, you know, strong relations in the kingdom even though he was living in the united states for

a year so i do think there will be concern in some quarters about what does this mean for -- has he hurt brand saudi. >> we know how ambitious he is on a global basis. so this is just one incident now of this conference where other sponsors -- cnbc's not the only one sponsors other sponsors have walked away as well. one of their spoke poeople say today it will still go on. you have to wonder when the crowned prince will have to rethink his strategy >> yes, i was there last year, he gave an incredible speech of taking saudi back of a new chapter of the country there is a tremendous goodwill for him in the business community and at home and abroad and how does he manage this now is critical. >> it has been brought up. bob corker has said that the senate will move on this how will that affect business

and the kingdom? >> saudi arabia, where does the u.s. sell its weapons. the largest consumer of u.s. p weapons is saudi arabia. president trump was asked about this i don't want to put arm sales at risk you have bob corker and lindsey graham an hour ago on-air saying look this will destroy the u.s. saudi relationships if these allegations are true this is an important issue, billions of dollars in weapon sales that could be blocked by the u.s. congress if allegations proved to be true. >> holly, thank you so much for your insights. >> all right, guys, higher labor cost and rising material costs and rising interest rates, three major head winds for the housing market and the return of the sub prime lows why is this time different

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horton higher rates are making it impossible for buyers to get into the sub prime right now diana olick is join uing us bank of america is backing it. it is not the old subprime >> she wanted to be the first in line >> i left home about 4:00 this morning. >> reporter: to apply for a low down payment at a special four-day event in miami. >> i did autoho home in the pas and i went through foreclosure >> no down payment, right? >> reporter: the event is being held in cities across america this year run by the corporation

of america >> it is a national disgrace of the load amount of homeowner ships for low and moderate income of people and minority home buyers. >> reporter: bank of america is fuelling the program with $10 billion in mortgage commitments. >> reporter: do you see any risks to bank of america >> it is upside. we have seen significant wins in this partnership >> the mortgages are at below market rates of 4.5% they are fixed rates of 15 or 20 years. barrowe borrowers have to go through full documentation to prove to repay the bill >> diane , thank you. we ask you to tweet us what you pay for your mortgage of the highest rates was. alyssa told us 8% and jc of 17.5

and kathy of a whopping 9% paul was a lucky one, he paid 3.25%. we sad one fellow who had an adjustable rate, it went from 8.5% to 13.5%. >> now we know that. >> right, thank you for those early tweets on what you have been paying for mortgages over the years. the dow is still up about 140 points the 2:00 p.m. hour has been the time where the markets have been making these big moves we'll be watching for another icwamove here? whh y will the stocks turn you have to stay with us for the second hour of "power lunch.

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today. and we'll head back to houston on gambling, how it could boost the bottom line. the second hour of "power lunch" is starting right now. welcome to "power lunch," i am dominique chu. the dow had been up 414 points at one point and went down about 52 aft 52 s&p is half a percent and nasdaq at 1.5%. the dow has lost more than 1300 points in just two days and the major indices are on page since last march the s&p 500 is in correction territory of a pull back of 10% or more and about half the dow stocks are in that 10% pull back

or worse mode as well. take a look at what's happening with the vix, up 65% the highest level since february for the past two days, the 2:00 p.m. hour has been a bit of an inflection point for the markets overall. 2:00 p.m. right here, that's when things started to go and it was downward ever since after that the indention plunged within minutes after that particular move for more on the price action, let's head own to bob pisani overall. as we take a look at the overall picture for the markets, it is one where this hour has been critical do you expect something like that will play out again today >> yes, perhaps a little differently than it has been playing out the last few days, dom. i want to show you the dow remember for much of this week we essentially had nothing but selling. it has been slow down and down and little attempts to buy off any bottoms here

today we are getting consistent effort to buy the market this is consistent with momentum traders who are trying to still sell but people coming in are trying to buy at various parts of the day here. are there any signs of abbot bo? we have these wild surpriprice s we are in the middle there of 50 points of the s&p and consistent of people trying to find bottoms because people are trying to come in and buy. we told you a lot of sectors and 10% down of thelast two weeks and call ratios and a lot of people buying. it is very high in the past consistent with at least short term market bottoms. we told you about vix futures and the front month contracts and much higher and volatility and numbers and the contracts further out. this means traders are freaking out on the short term but not longer term. this is also unusual and

consistent of signs of abbott n abboabbot bottom in the past. we think the majority of systematic selling is behind us, 70%. he says and he follows a lot of these trends mo movers and followers. a lot of people are moving money around and a lot of etfs in volume and equities. finally the dow movers here, no help of the earnings picture of jp morgan. man banks being sold and another weak day for energy stocks as we saw i.a. making comments for oil demand and apple is holding up well and industrial is just a tough week guys, back to you. two of washington's heavy

hitters making comments on the market mnuchin saying the u.s. fundamentals are strong and the markets are just correcting. larry kudlow agrees saying the stock market will get back on track. this is a normal bull market correction let's bring in lindsey bell, investment strategist and omar aguilar with charles schwab. lindsey, we'll start with you. is there enough expectations there and can the market sustain this momentum giving the upcoming season? >> it is a good third quarter. the fourth quarter estimates are over 18% but, as you know the market trades off of the outlook of what's to come we have gotten some preannouncements from some industrial companies warning

about higher cost inflation and oil prices and cost for logistics and china and trade where this is the first quarter we'll hear from corporate management team talk about the impact of trading and tariffs on business >> omar, you have a large client based out here at charles schwab, we are asking you of things like earnings season and trading tariffs. what are the concerns that charles schwab customers have right now of the market? >> the concerns are not here on a daily basis. most of our clients are concerned of china and think about what is the trade war situation going to be. they tend to be concerned of what these corrections may mean for their portfolios or long-term objectives all those things are o f natural behavior changes that most of them have. what we tend to tell our clients

is that focusing on our fundamentals and what drives the market which is the economy and which is corporate earnings and valuations and sentiments. when you think of the four components, all of them continue to be positive and constructive for the rest of the year this is a great opportunity for them to rebalance their restrategy and reassess their risks. this is probably a good sign for them to start thinking about whether or not they have the risk profile that they have. we tell them to use the opportunities and look for opportunities to reassess their strategies >> we used to say the weather in maine, if you don't like it, you better change it or if you do like it, enjoy it while it lasts. >> we'll have volatility volatility returns to the market we are month ahead of midterm elections. in the third quarter you will see a lot more volatility as this time around the 3% spooked market earlier

this week. you start to see these concerns creeping into the market the earnings season is going to be good. you are going to hear it those concerns are any of the new -- omar mentions of concerns over china of the trades, that's not new this week. we have been dealing it for months >> we are starting to hear it in management teams and actual impact it was a concern but we did not see it in the numbers yet but we'll start to >> no secrets of larry kudlow is a friends of mine, earlier today on our air, he says the economy is running hot and there are no signs that it is going to slow downey time soon come on, larry, look at the markets, what are they telling us here. is that the kind of statement you often get from a government official right at the top of the market here. >> well, i can clearly not speak for him but what i can tell you that the data that supports the economy seems to show you that

we are stabling and growing. while that does not sell and leading to a good market, it pr provides a good support of what it could be. i do think we still have the extra leg that we have from the physical stimulus and as we were pointing out before, i think companies are still solid. we are thinking of a potential and great earnings season. if you combine that with the fact that there are no signs of the economy going anywhere that pays a good structure for the rest of the year that been said, higher yields and interest rates will provide more volatility to the market. that's the biggest difference. >> lindsey bell, cfra research, omar aguilar, thank you for joining us as well we heard wall street's take on the market but what about main street. our next guest working with more than 25 u.s. based companies

the core of the u.s. economy is on fire like it was in the 1960s. joining us now is kevin o'leary. it is good to see you. >> you don't remember the 1960s. come on. >> i was playing backup with the rolling stones >> yeah, yeah. >> that's why you look familiar. >> are the private companies seeing volatility as well? >> the small domestic companies are the unsung heroes of this administration most of these and i got a wide portfolio and almost in every state now across a wide range of different geographies and sectors of everything from baking and kitchens to high-tech and we do some backup work and target in the registry business of honey fund and anywhere between $5 million or

$500 million within sales, most of them are family-operated or family-owned what is the merge? we are having the best year ever, ever, in the last decade it is not spurred by tax reform necessarily. what's occurring out there in places like fargo and sounds like champagne and amarillo, texas, the beef slaughter capitol of the world the deregulation and the federal level has given confidence to these operators to do something they have not done in ten years and to actually take out loans and invest in their businesses and create jobs and increase sales and enhance margins and scale up i mean they don't watch television, they're not worried about the stock market >> wait a minute >> they're killing us. come on, don't blame us. we were talking about this during a commercial break. it is human nature when things

are really good to worry that it is not going to last forever it is when things that are bad that you think it is going to last forever this can't go on forever of the strength in the economy. we know what happened in th the '60s that led to an inflationary recession in the 1970s. what's ahead here at some point do you think >> it is a fair comment you are making the overall stock market is seeing something had large cap stocks on the s&p 500 have 50% of revenues internationally. you talk to me about a company in boston that makes cup cakes, they're not worried of trade war with china, they're selling cupcakes >> i go out and talking to ceos of small bourbon makers and they're worried about china's

trade war and i talk to a guy who owns a small steel company, he's worried of china's trade war and the cost that he has to fork over for the steel, number one. also, his customers are going to decide to take a hike and go buy from china, rather from him if he has to pass along those costs. >> january has a 25% increase across the board in tariffs. no question it is going to hurt some of these companies. the majority of the companies are only selling in $5 million revenues they're serving domestic market. what we never have before, this is why i think they're not gi r giving to the unsung credit market my private investments are way out performing the public markets, my miles. we are getting 11 or 12% or 14%

increase of cash flows we have not had the effect of cash reforms yet i am talking about deregulation. this is thing that people don't realize that we put a giant ball and shackle on the american economy for ten years. i am not blaming any politicians. you should have seen the regulation on small restaurants in towns like compton or california, you could not put in any more space you have to have a huge amount of regulations around the bathroom and how far it was. stuff that we never talk about and all of that has been wiped off the map. these operators are for you to operate. don't under estimate the power of a small american business when it is set free from government regulation. that's my point. i am going to continue to invest because i am making more money right there right now than i am in markets i am a major fan of the policy, i don't get involved in watching it and the day-to-day washington

fan natics but i am telling you america is on fire >> kevin o'leary, thank you. >> we have dig negative territory. we'll keep an eye on this because we know the last couple of days it has been at the 2:00 hour where things have gone a little bit wonky >> coming up here, oil almost is 20% this year. up or down, is that because the economy is coming along or it is relative our next guest says it is the latter part. he joins brian and our billion dollar buyer live from texas microsoft's momentum, the tech giant is not getting the same treatment as his well-known cousins and owning fang stock is not going to cut it in a rising rate world, we would think that's what the manager in the

company of the number one mutual funds said in the meantime of the 30 dow components today visa is the leader to the upside we had jp morgan among the banks reporting their earnings jp morgan is the biggest lagger of the dow today and followed by chevron. we'll be back with more "power lunch" after this. what do you look for when you trade? i want free access to research. yep, td ameritrade's got that. free access to every platform. yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. no hidden fees. no platform fees. no trade minimums. and yes, it's all at one low price. td ameritrade. ♪

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as you can see right there, welcome back to "power lunch." suc crew has opinion soaring by 17%. mike bradley is joining us now with brian sullivan live in houston, brian, over to you. >> reporter: yeah, thanks very much we are in texas, we'll talk about oil, we were in midland yesterday. the oil and gas sector has been the hardest hit sectors for stocks in the market of the last couple of days the big question is of course, why? when you got oil at 72 bucks or 75 bucks a while

why has oil and gas stocks have been hit the last several days when you got it above $70? >> it is a really unloved group. it is a group that people sell off the bat if things start to south. it has been out of tariffs for the last three months. it pulls back 25% of the reason. >> you had some big name stocks, marathon and mro down 11% in a week does that deserved to be whacked when $70 was high. now people are freaking out because we have gone down to 70. a lot of these stocks are down 15%. >> it is unwarranted these stocks are good buy. >> exploration of production >> we think it is going to be a great group to hold them over the next few years in terms

offof capital issues it is something that people are not looking at right now it is a non-consensus call that's where we'll try to butter our bread over the next two years. >> all right, we'll put you on the spot here. oil playing around in the 40s and 50s for a long time. when do we see $100 again? >> he's got sothe market has moo the next couple of weeks we'll not be able to replace those barrels. the markets are not under supply as people think. >> so you this i oil will go down >> it has gone down. we think a lot of the iranians at risk is dialing into the

market we don't see it and unless there is missile flying, we are not going to see our oil going back to 100 we look at it remaining of the year probably being 75 or $85 range. that's pretty darn good. >> it is amazing though once you have oils that drops from 80 to 40 we are able to drill out on the gulf for a loyal price oil companies are starting to make huge amount of dollars again. what is goingto happen and where do you see of tall fracking and such an abundance of oil today because of technology >> you see the shell grab over the last five or six years t we had a ton of dollars at shell over the last couple of

years and 253 and $350 billion to spent it was not spent wisely. a lot of capital is burnt. they're going to make more at $65 or $70 than they did of $120 >> bethany mcqueen, a friend of cnbc wrote a book on south america where she based the argue on the oil industry is built on capitol and not oil or labor and most of these companies will never be free cash flow. >> i disagree with that. what we see happening the next two or three years is a significant amount of free cash flow we see returns coming into this group and burnt a lot of capital over decades we see a lot of companies

generating a high return on 20%. we thi we want to buy low and sell high, best place to make money of gas right now is? >> if you have 12 or 19 months, emp is where it is going to be we think there is a massive rerate in this group over the next three years >> mike bradley. tph, thank you very much >> there you go. we'll come back with a final hang and talk about everything we have hit on and contessa, casinos, we may own a couple of casinos. >> and lebron, too >> i want to hear it >> go ahead. >> the rockets and lebron, that's going to be epic. coming up, our next guest says she missed the boat on amazon but is taking advantage of this sell-off to make up for it

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opportunity. corey upgraded microsoft today saying they made a mistake not recommending that stock earlier. they are now using the sell-off as an opportunity to jump in sara hinly, she's an analyst at mccorey. what are y -- mcquaire. >> you are correct, microsoft needed to do large applications and software to differentiate cloud k cloud. we believe that creates a substantial opportunity to get into a stock that's certainly being thrown out a little bit baby with bath water right now we are interested in seeing the

evaluations contract to something reasonable of 20 times earnings right now the stock has pulled back which makes it an attractive entry point but we expect it to be defensive in the current tapes of all policie we are seeing. >> the word cloud is a buzz word that's used in technology right now. if you are in the cloud, you are doing pretty well and they are growing in the cloud, right? >> that's absolutely right microsoft has a robust portfolio namely azure services. we were particularly excited of some of the things we are hearing and seeing right now they have taking this concept of cloud computing or remote

commuting and the way the world works today making it assessable and easy to use. the army is starting to put microsoft servers in some of their trucks and tanks in other words to be able to connect right to microsoft's cloud and be able to use microsoft's cognitive services right in the field, things like facial recognition which could make a huge difference for so many efforts that we are seeing for the u.s. army. that's one example of many >> don, you got a quick question i was going to ask whether or not if tlhere is a handicap is microsoft the best position there against google cloud and oracle >> microsoft is specifically addressing the public cloud computing layer which is a little bit different than what the sales force are doing. we think they are the best positions of our marketplace right now.

they have a large and friendly sale scores that does a great job with businesses. they really are able to distinguish themselves >> sara from mcquaire research good to see you. >> now, with sue herrera u.s. passer andrew brunson arrived home after being in prison on espionage and terror charges. he arrived at his home, he's prepared to leave. hurricane michael, entire blocks of homes have industried. rec sco

rick scott s we spoke to rick scott as he tours the devastation. >> everything got blown up the women who pays $1.4 billion for banksy's painting, got shredded she says she will keep it and some are saying the shredded pieces are worth more. it has been repainted. >> i bet it is worth more money now and its gotten so much media then >> some of these knew it was going to happen. they put it on the wall. they know it is a pr style >> the women next to her just turn around and look

>> as you look at some of those aucti auctioneer faith >> thank you sue herrera >> does the president have a point of great debate or should the fed pump the brakes or doing what is needed for the economy, that's coming up next. alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today.

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let's get a check on the markets. the dow have been up by more than 400 points at the highs you can see they are 43 point and the nasdaq up by 80 point and the s&p by 11. all at their best levels of the day. technology and communication services, they are your sector leaders, financials and the bank stocks on the yield of earnings and energy are lagging right now. you got activision and blizzard and netflix into it and hewlett pa placard bill >> secretary mnuchin was on "squawk box. >> people asked me if i was concerned of the yield curve too

flat and whether that'll affect recessions next year >> you see normalization in the yield curve which makes sense so the fact that occur at the same time is a correction of this stock market >> let's bring in jeff rosenberg. >> this is in version. >> what the mark is telling us now though >> you go t me >> to me it seems like they're still worried that the feds are going to go more times than not. they're worried that inflation are picking up and every time you are selling off for the tokt smarkt, you see a litt-- stock e the is low not true in the rest of the

world. >> jeff, what do you think it says do you think the mark are fearing that the feds are too aggressi aggressive >> the debate is shifting here you look at the range break on interest rates, it is really important when we saw this week in terms of the lack of inflation story. this is not an inflation story that you are reading out of the bond mark. >> this is the awe assessment of the outlook for real growth. so much of the focus are on no, ma'am mall interest rates. the real story is what's happening to real interest rate. the progress cause was when powell said, we are far away from neutral, probably >> that was really an indication that the narrative and story and last ten year haves been about, low for longer and secular

stagnation now we are talking about something very different >> the bottom is starting to price in is higher and long-term and yield interest rates that means higher growth and not recession. but the possibility you are looking about, more like 3%. >> guys, i would say this, we have been focused so intently over the course of five weeks their. >> maybe if i can follow up with you jeff of the whole process. are we seeing this great picture is it going to play out and corporate corporate yield in a negative way should we watch it for more signs of stress or things that are relatively healthy of what we have seen ton side of things. >> there are two aspects of that question the credit market for today and for the outlook, over the nerks

12 months is very strong it is a low default road environment. the the pretties are tight there is evaluations that i think that's happening it is related to what i am talking about before you got to break down between what are corporate bonds and pricing, versing what are they doing alternative. the big shift that we saw last week is the rise of the interest rate it means based level and across the country is kmoing going up in that environment, the cost of capitol or corporations has to go up because investors are requesting for higher returns. >> that's not risk of default risk that's a positive signal the bond mark is saying better growth, you got to pay me higher for a better growth environment.

>> you got a lot of people watching this week and paying attention on cnbc and don't typically watch. nor mortgage rates are up 5% my grand four and mother-in-law, what do you tell them how to spay attention to and what the feds are doing >> first, i tell them not to because if you are at that age level and ir still playing around a lot from the stock market, probably from a management perspective and not the widest idea. with rising real interest rate that's not going to be a necessarily. if you look back at the history of the mark move we have seen, it has drircven prices higher.

you don't want to be there with the grandmother or absolutely with the father-in-law >> and you want to make sure they are appropriately position for the cycle of life in which they find themselves >> you say in. this is not something that you worry about. we can get a cyclical bare market and ongoing secular recovery but with respect to what jeff is saying as real rates go up, that puts pressure on stock market evaluations. that's when you do slightly below just a little bit. >> jeff? >> what is this? >> your father-in-law? >> he's in french right now. >> jeff rosenberg, thank you both for joining us today. >> thanks. coming up, scary week for first

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a wild day of trading. where are the best opportunities for your money our portfolio manager of the tcw, it is a mouthful, but last year it was the number one fund. it is currently up about 10% this year out performing the major indices and a lot of these peers. what are you finding these >> we are finding them in stocks that are predictable and growing that produce earns and we found them in u.s. healthcare stocks as well. >> there are opportunities we think the opportunities are changing from being dominated by the fang stocks which ben faefid from a low interest rate environments

>> and as interest rates rise, bank stops are going up, why do you think they are suffering from that. >> bank stocks today are not seeing the type of loan growth results as people have expected. the performance of those stock of the last couple of days, they have disappointed for the last couple of years. >> so you are not going to bikinbu buy any. >> we are focused on business. we stay away from commodity oriented business and focusing on businesses that generate high returns consistently throughout the economic cycle in good times, our businesses are growing and bad times as well and banks are cyclical. >> can you tell us what you mean because is that what you want? >> some people are focuses

sickle ce cyclical predictability is so hard to predict. what we are looking for are businesses in demand on a daily basis. >> give us for instanc instance -- consistently and they are managed by proourven winners and great management team thst what we are lo that's what we are looking forward to >> trans union and baxter. >> thank you, joseph at tcw. >> coming up, the new abercrombie season is about to start. what effect will gambling have on the league's bottom line. we'll head to the houston rockets. that's next.

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heading back down to houston, texas to talk a little sports and hopefully a lot of gambling, brian. >> we are going to touch on that believe me, we want your input into the gambling side

the golden nugget casinos, the only five diamond hotel in houston he has a show on cnbc. congratulations on his success >> thank you >> the question we asked earlier, we saw the markets and bond yields have gone up you're now a big time developer. do you have plans to develop things like this or is this a one off? >> you kind of watch the world and see. there's definitely a need. >> you have never sat back and watched the world. >> we don't have the hotels they have in europe and other parts of the world i think there's a need it's something that i look at in your major cities. >> would interest rates sway you

from doing that? you say it will be a great project but i need rates to come down 100 basis points. >> for sure. you start seeing rates at 8 and 10 and 12% the world is going to shut down. we are so you to low rates now that capitalism will definitely slow down. that's why we have to keep them low. >> let's talk about gambling and sports i want her to jump in as well. it will probably be a rockets/celtics final. let's call it now. >> of course >> how has sports betting changed? is it working? >> it for sure is working. right now we also have it in new jersey and mississippi people are coming in and betting on football and baseball games and soon basketball games. it is going to change it but when the internet gets going, when somebody can sit in their

seat and bet who will make the first down or the next three point shot you'll see everybody do it like nay do in europe. >> we just got to numbers in it's very big. it is still less than half of what nevada made in its sports book but the analysts tell me they think that a lot of gaming insiders are hoping for big payoffs. what's your sense of what the profit line will be here well, let me just tell you this, in the sticks and bricks building it isn't going to change the world for you until it is on the internet and you're betting on so many different types of bets that's when the numbers are going to change. so it's really just the beginning. we are very happy at the golden

nugget, what has already happened everybody has it evolved it is something so new it no different than when a cell phone came out this is something so new but the world of gambling on sports is going to totally change in the next five years. >> okay. >> what you're doing today, it's a different world. >> it's a homer for new jersey we live there, work there, cnbc is based there we saw what happened there total economic disaster. how are you guys doing is it going to make it >> it is so funny. when we were on break and we looked at the report that i did the golden nugget was down 3% and everybody else was down double digits. so it's going to get tough in atlantic city again. there is not enough room for this many casinos.

i know we create jobs by opening them but if we go out of business you are back in the same place >> 100%. all it does -- and this is my biggest thing. when you overdo anything you create the jobs but nobody is making nuf money you have deferred maintenance. that's what happened a few years ago. people need to step in and regulators need to step in and if it doesn't work it doesn't work >> here we are at houston's only five diamond hotel we have to top meeting like this it's amazing how it works out. a res >>llight thank you. great interview there. check please is next let's begin. yes or no? do you want the same tools and seamless experience across web and tablet? do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team

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flexshares etfs are designed and managed around investor objectives. so you can advise with confidence. before investing, consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. not long ago, ronda started here. and then, more jobs began to appear. these techs in a lab. this builder in a hardhat... ...the welders and electricians who do all of that. the diner staffed up 'cause they all needed lunch. teachers... doctors... jobs grew a bunch. what started with one job spread all around. because each job in energy creates many more in this town. energy lives here. betty called me at she thought it was a fire. it was worse. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it.

chubb was there within hours. they helped make sure it was safe. we had everyone we needed to get our museum back up and running, and we opened the next day. here is what they were receiving. this is well before rates peaked >> and i thought 2%. >> right so those were the good old days you could make something on your cash as well >> here is what got my attention today. elon musk was maybe not a jokes

when he put up teslaila. >> after you have had enough of you can't say the word teslaquila >> 125 up right now. power lunch is over and closing bell starts right now. >> it is sometime for the closing bell here at the new york stock exchange another whipsaw day on wall street john joins us to break down his quart ef defending after sharp

criticism whether the fields need to change