trader all of those have broken down this year think of how difficult it is for anybody to make money. that's the kind of market we are in, guys rally for today at least thank you for watching power lunch. >> closing bell starts in about three seconds >> welcome to the closing bell >> naturally >> there we go that's all i want to hear. the dow higher for the first time in five days. trading higher by 347 points the high of day for the dow was 387 points >> and this is the other

exciting news. this just in nasa's inside spacecraft touching down on mars moments ago. you can see the video there at nasa's jet in california a lot of nail biting in the last i would say half hour to hour or so as this spacecraft made its way to mars. only 18 have been successful we as a country have not put a spacecraft on mars successfully since 2012 it will be actually assessing the interior of mars both to inform us about our planet here here >> we'll talk more about that coming up amongest others. we are looking forward to diving

into that. let's start with the president who is speaking now. they will not be coming in >> reporter: [ inaudible question ] >> well, we don't like it. i believe they will be opening up something else. i was very tough i spoke with her when i heard they were closing. i said this country has done a lot for general motors you better get back in there soon so we have a lot of pressure on them you have senators and a lot of other people you have a lot of pressure they say the chevy cruz is not selling well i say get a car that is selling well and put it back in.

i think you'll see something else happen there. i'm not happy about it their car is not selling well. they better put something else in >> john, go ahead. >> reporter: [ inaudible question ] >> i have seen it. i have read some of it it is fine >> reporter: [ inaudible question ] >> yeah. i don't believe it >> reporter: you don't believe it >> no. i don't believe it and here is the other thing. you'll have to have china and japan and all of asia and other countries that addresses our country. right now we are at the cleanest we have ever been. it is very important to me if we are clean but every our place on earth is dirty that's not so good. so i want clean air. i want clean water very important

>> are you comfortable >> they are not. they had to use it because they were being rushed by very tough people they used tear gas and here is the bot btom line nobody is coming in unless they come in legally. go ahead >> well, i know her. i know she apologized and misspoke i have known her far period of time now she has been an excellent senator. she has done a great job she is somebody that is respected in the senate. she felt very badly. she certainly didn't mean that it was taken a certain way but she certainly didn't mean it

she already apologized and very strongly >> reporter: you said your policy at the border was the samt as the obama administration -- >> say it again. >> reporter: in response to last flig night -- >> yeah. we all had the same policy obama had a separation policy but people don't like to talk about that >> reporter: sir it was different you decide id d to prosecute everyone at the border >> sounds like a great deal for the eu i think we have do this. i think we have to take a look at whether or not the uk is allowed to trade if you look at the deal may not be able to trade with us that wouldn't be a good thing. i don't think that the prime minister meant that and hopefully she will be able to do something about that right now as the deal stands

they may not be able to trade with the u.s. and i don't think they want that at all. it would be a very big negative for deal >> with what about that? >> we do not like what's happening either way hopefully it will get straightened out europe is not thrilled we are all working on it together >> we don't use it >> i am not happy. you know, the united states saved general motors for her to take that company out of ohio is not good. i think she is going to put something back in soon that car is not selling. it is a chevy cruise hopefully she will put something. i told her i'm not happy about

it >> it is what the bottom line is they have to treat us fairly >> it posed one of those key questions relating to the gm plant closure. what exactly was the question and full answer? what do you take from that >> that's right. i was asking those questions at the end of the tape there and i asked him whether he had spoken to her he said he had spoken to her he says that the united states government has bailed out and

now she is pulling that company out of ohio. he blamed it on the failure of the chevy cruz i asked him if she mentioned tariffs as one of the possible causes of the layoffs. i also asked him about his trip to argentina this week and whether he is prepared to make a deal he says he is looking forward to this he wasn't incredibly specific in terms of what might happen later this week. >> in terms of excellents on other topics, interest comments on brexit which are not helpful saying that the deal looks like a win for the eu she will take that vote to parliment. >> yeah. i didn't hear the sound bite because the way this thichk is laidout.

the so politically that's clearly going to be something that is i think right where his base is politically. it was just outside and i think the president delivered for them he is on his way to mississippi to take part in a campaign event down there so he has his base very much on his mind >> okay. great stuff. thank you very much for that let's get back to the markets. dow is up 333 to be previce. let's get more on what's driving today's rally. >> it looks like a snap back you didn't see that around the thanksgiving holiday

it got us down to a new low for this it is important to keep in mind that the selloff has been around several different strands. perception that the fed was going to end theparty. people are making the bid. it looks like if the market was at least prime to have a bounce. here we are back to the year to date break even level. >> getting help from overseas as well >> that's right. came into the week that way. i think if you don't see an ugly market continue down on a monday it gives you a little bit of encouragement. the market isn't necessarily

trying to digest >> thank you joining us this thanksgiving day new york stock exchange and jack is joining us at the cme. very good afternoon to you all what's your take on this rally volume is a little bit thin. we came off the highs but we are finishing positively >> it isn't here right now either only seeing 2-1 to the upside. it may be nothing more than he has he thinksed. we have to wait and see. we saw it wednesday. can it continue and can it be something more sustainable there has been a lot of damage and we are seeing them get a benefit of seeing the bottom here maybe down 20, 25%. >> and some of those names that have sold off so dramatically have been the faang stocks what do you make of that

>> yeah. i mean the nasdaq in particular has had its own seven weeks of terror and maybe you're finally finding that bottom. who knows? it's various types of things, plenty -- probably more excuses than there are star wars spinoffs they are for expressing these kinds of things. started with these in the beginning and there's a growth scare and of course regulatory background which is not helpful at all i think plenty of reasons for it to have happened if you follow these for a long time you know it can be quite tremendous and declines of 20, 30, 40 pl% are not unheard of >> i guess there's a positive boost from the international

picture. the focus will turn to the g20 later this week. what do you think is priced in from the market on that side is it hard for the president to beat expectations in terms of what he can bring back >> i think the bar is so low that anything is going to be better than nothing. you know, the reality is we have had so much armageddon priced in over the course of the last month that the market is now starting to realize that evaluation is a question unless you think that we are going to see earnings fall off the side of a cliff next year we are trading cheap. we are trading at next year's forward earnings quite frankly, today was the first day the market acted a little differently we didn't see that large allocation which was pressing and trying to hurt equities and buying fixed income pretty much all day long we have seen the bottom at least the short term bottom.

people talk about balances they are balances until you look and realize that is a bottom >> do you think that a cease fire or some sort of preliminary outline to a deal is what the market's pricing is? >> that will be played out as we get to thursday and friday and get hopefully releases from them it will be an overriding factor. we have fed talk this week we'll wait to see retail sales if it can be an extension we see it over a four or five day period so that would be the thing that i think most people will focus on as we end the week, certainly. >> financial is having a good day today. do you think it is the start of a more meaningful term for them? >> i think they are following the same pattern everyone is trying to see what's on the other side of the peak. is it a valley or a cliff? i think until the fed gets its feet off the neck of the market

i don't think that it's really, you know, i think we are going to continue to see this volatility >> thank you all for your thoughts on this today it will be another busy week cyber monday expected to be one of the biggest online shopping days ever we'll see which tend to benefit the most more details on massive restructuring plan at gm what it means for the future of the auto giant ahead

every road in the world is now an information superhighway. (phone ringing) and the car has become an accessory to the smartphone. ride hailing, car sharing, carpooling... mobility services are proliferating. and there's a new generation who don't seem to want to own cars in the first place. it all means massive disruption to the car industry, cities, businesses and investors. i'm martyn briggs for bank of america merrill lynch. cities, businesses and investors.

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>> it is a spacecraft built by lockheed martin. it is the first time landed since 2012 sit a big deal it's a big mission for that we'll bring in former nasa astronaut and frooiedman t talk more about it what can we learn about earth and our plans to potentially colonize in the future >> congratulations to the team and everyone involved. they have been working on this for ten years. now that that's happened the real work begins there are pretty interesting things happening it is the first that will study under the surface of marches

we have mapped the outside of it we have had rovers crawling around and we'll look inside, what is under the surface? what is marches made of. we'll compare it to what we have here on earth. i think we'll find out more about mars >> and for folks that weren't in midtown manhattan nasdaq was broadcasting this landing a short while ago. they could really enjoy the excitement of it i always wanted to be an astronaut when i was a kid it is really exciting for me to see the innovation that this

represents for our country and for the world in general >> i'm interested in reading ahead of this landing that it's been so long since nasa put a spacecraft on mars we always talk about the headlines in the private space companies these days does nasa lag the quality and innovation and scope of those private space companies? >> i think it is more of a team effort we have these private companies who are taking that information and doing amazing things to it i think it's cooperative more than it is competitive >> and for investors who want to

i guess play space or play the space race they have the sort of more traditionalcontractors. >> i do think that it's really exciting to see how it entered this whole area and the amount of innovation coming from the private sector to compliment what's happening in the private sector you have large private companies also making great strides in thisarea

this particular mission was ten years in the making. these are big missions they take a lot of perseverance. >> and switching focus quickly i wanted to ask you about the likely had of these next year. lots of companies next year. do you think the recent market volatility and the pull back will make those harder to get through and perhaps change the time line? on top of that another factor, the difficulties we have seen with the likes of facebook and the controlling amount of share that the founders have, do you think it is going to go away from the next slate of ipos? >> i think that first of all each company is its own story. we have seen a lot of these come public this year some of them have done extremely well each of them have done their own

story to demonstrate the power of business to investors in terms of looking at trends we had 175 ipos come this year. we have very strong pipeline of companies in the tech space at tech sector looking for 2019, how the current market volatility will impact that. i don't think we will really know yet the conversations are very robust we are starting to see a lot of firms going down to road. not every company goes public but i think you'll see certain companies that have that dual class in place choose to continue it in the public

markets. >> okay. we'll leave it there thank you very much. >> thank you about 35 minutes before the bell the dow is up about 303 points right now. the s&p also higher by 36 points nasdaq is a big out performer. still ahead, facebook gaining back some ground today after months of declines and a new data controversy is brewing across the pond. we'll bring you the details ahead. >> and jay clayton joins us live for an exclusive interview we'll ask him about the market's recent volatility and very much more we are back there a couple of minutes.

welcome back to the closing bell chris pieter son will serve as the new cfo. they say they will bring turn around expertise and could serve as ceo in the future

the wells fargo note saying he checks all of the boxes they are looking for. a big move there. >> i'm looking at another company rallying as well with zillow the codpounder has been buying up shares of the slumping stock. zillow trading up just about 12%. stocks down more than 40% over the last six months. it also had disappointing earnings it has been shifting from more of a software company. it is to more of an actual hard asset owner of real estate >> it came at a bad time or at

least the market thinks that today up 12% i'm far cnbc news update >> hello thank you so much. here is blast happening at this hour united nations ambassador denouncing the seizure >> as president trump said many times, the united states would welcome a normal relationship with russia, but outlaw actions like this one continue to make that impossible. >> saudi-lead coalitions say they have launched an attack in the tase province. it came as fighting has picked up following peace talks between the warring parties. on a lighter note take a look at that that is a box of 16 dried per

simmons. it sold for $1,320 at auction in japan. it is renowned for its sweetness. let's look at the biggest movers bob, let's start with you. >> it is because of energy and industrials and retailers. let me start with exxon mobile what a disaster. it was $86 a plonmonth or so ag. it is stabilized around $77. it is certainly a good sign. look at that chart

it doesn't indicate that to me caterpillar 160 a month ago. it went to $110 stabilized around 124 that is a much more positive chart. retailers had a tough time nike went from 85 to 70 in a month. you can go a year and not see these kinds of moves nike is also stabilized. one thing that's a little bit concerned to keep an eye on is we see consumer staples sell off. the rally is over clorox it is a 52 week high only a few percent from that finally, general electric new 52 week low it was 575 but it's getting awfully close to that big low in the first quarter. back to you guys >> thank you very much for that. let get an update on the action. we have that now with bertha

>> last week we saw apple had been leading things and rolled over it looked like we are seeing that same pattern here going into midday. it is near the highs of the session. that is helping us number of apple suppliers today. take a look at this. up about 7% today. it was actually positive over the weekend. that's moving up chips also moving out of bare market territory it is getting higher as well one of the things folks has been watching is microsoft as apple is about an 820 billion give or take in change microsoft is getting awfully close to that. microsoft is outperformed. look at these stocks microsoft says somewhere around 24 apple is somewhere around 14 folks not seeing that. finally internet retailers today

on fire. jd.com higher. we saw record internet shopping numbers. i didn't step foot in many stores back to you. >> good for you. thank you. it's the biggest day of the year as bertha just mentioned. we are live with more on how much revenue cyber monday is expected to bring in, hey, court. >> reporter: hi. not only is it a big day it's the biggest day. cyber monday is expect today set history today. 7.8 billion tlarz for total u.s. online sales today after a record breaking weekend already. let's take a look at actual realtime transaction data from first data's network of 6 million merchants. it shows specialty retail logged almost a million transactions so far today followed by electronics stores general merchandise further down

there on the list. walmart has spent billions of dollars improving the interplay with stores. it really hopes that today on this cyber monday it too will make some history. this walmart fulfillment center is one of a network that helps to fulfill millions of items that continue to come in today thousands of employees work at this facility alone. it covers 21 football fields. it moves merchandise onto those delivery trucks. walmart merchandise sellers deliver are seeing an average volume of three times normal october and november volume between wednesday of last week and saturday i'm being told that the volume is beginning to pick up here on cyber monday some of the best sellers include things like ipads, tvs, gaming

consoles, games and lego and the cla classic board games and candy land back over to you guys. >> great stuff thank you very much for that joining us to discuss this further is bill simon partner at vantage wait very good afternoon to you both. if i start with you black friday is it was a big success. cyber monday seems to be going well brilks and mortar starts to take it back a little bit is it all still online only? >> i think it has been a great black friday for brick and mortar as well as online retailers. thursday night the traffic out was amazing. it was as good as i have seen it in quite a while traffic was still out again friday morning i think it was a good weekend in physical retail. it has been really interesting to see the physical retailers

are getting sort of that double whammy they have been busy all weekend and are now getting another real shot in the arm on cyber monday. so they have had three black fridays, if you will i think amazon will do well here on cyber monday and they did well over the weekend. they don't have the physical stores to get that massive traffic as well. >> do you agree with that based ton data >> yeah. it showed that same store sales in actual traditional retail were just about flat and that we commerce sales were up about 25% year over year after black friday so we are definitely seeing ongoing very strong sales online and but stable sales in the store which is very good for the retailers in terms of being able to leverage their fixed costs. >> and one of the top picks which are benefitting from those

trends >> right i think walmart is still really there. it is the low cost leader. they have such a strong presence online still they are pricing very well in the stores. so i still like them for a more interesting fun play american eagle is i think very interesting. so they are one of the top retailers. what is really interesting about them is the concept which is lounge wear for teens, 20 somethings they have over 100 stores throughout the country the reason they are doing so well is their image, they promoting the image of an authentic woman and as a mother of young girls who are soon to be teenagers i really like that. overall what i would say is very interesting about this holiday season is i think you'll see

traditional retail taking share from the online only players they are in a position to do this because they are the base of their traditional retail stores which is a much more cost effective model. >> bill, walk me through what investors can potentially expect here in terms of margins and profit blt a lot of the sort of brick and mortar retailers have very aggre aggressively grown out to do more of this e-commerce sales. it doesn't seem to be as popular. am i thinking about this wrong >> no. you're dead on you can take walmart as an example. they have invested billions of dollars to grow their infrastructure and operating income over the last four years. it has gone from 29 billion dow

to 4 billion store business will be more profitable you'll see margins moving around those that figured out how to stabilize the brick and mortar and being able to build a viable we-commerce a e-commerce are the ones. >> i suspect we'll be speaking to you both more in the coming weeks. >> we have breaking news on general motors and amy has that story. >> yeah. i can confirm for you that

general motors is meeting with larry kudlow that was schedule today begin at 3:00 p.m. east coast time. we believe it is still ongoing they would have arrived just before the president left. it is possible that she spoke to him directly we know she spoke to president trump directly over the weekend, saturday or sauunday. there was a phone call the president today just before leaving and getting on board marine one said he was frustrated with general motors he said it was upset they are making layoffs now after receiving a bail outfrom americantaxpayers.

coming up morgan stanley out with a warning about u.s. equities well tell you where it says to put your money instead dow is up 336 points stay with us

>> still to come on the closing bell we'll be joined by securities and exchange commission jay clayton will join us for an excl exclusive interview and so much more he'll be here with us. agreed to deal with brexit we'll discuss what is next when the closing bell returns

they will be ringing the bell today >> meantime the european union

leaders and you have been following this story pretty closely. >> they did win the unanimous support for her brexit deal yesterday. it took over an hour in support of that. it was higher but lost that ground it is because she is going to get it for which has been set for the 11th of december it would require major hurdles to be overcome as a no deal brexit would be the default if

her deal is not approved by parliment. that is why sterling gave up the gains and ri mains near that six month low despite that small win she got over the weekend up next, documents seized by u.k. parliment we have that when the closing bell returns let's begin.

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leave no room behind with xfi pods. simple. easy. awesome. click or visit a retail store today. a u.k. panel will put richard allen in the hot seat tomorrow i head of the hearing they have obtained internal facebook documents which sued alleged that facebook's policies restricting data access were anti competitive it created an app to find bikini

photos collins writing to facebook our interest here is how facebook restricts developer access under these new rules, whether they are enforced and what consent users have about this. facebook's allen responding to collins saying that they consider the app developer's claims to be without merit we'll have to see what comes out of this tomorrow very early new york time back over to you >> yeah. stocks up 3.8% today next we'll have the close. and we have jay cla i tyton joig i to talk about regulation.

keept right here we are talking cnbc, first in business worldwide

♪ introducing e*trade personalized investments professionally managed portfolios customized to help meet your financial goals. you'll know what you're invested in and how it's performing. so you can spend more time floating about on your inflatable swan. [ding] welcome back looking pretty good. starting with the european market we did get a big help today. you can see that up over 1%. if we look at the s&p you can

see we have that positive stock. we did have a little bit of a pull back. we have it relatively close to the highs which is encouraging we haven't though had a massive pick up in volume. could we get a bounce? higher volume than last week sector performance for you as you can see. cig any further cant out performance. financials doing well, communication services it is quite broad with that. very broad in terms of positive territory. it is getting back in the last couple of minutes. some nice significant gainers there towards the top. just going to bring in bob and show you the oil prices there as well it is over the last two weeks. it is after poor performance >> 35% decline in the last month or so. straight down.

finally in the last coupleover days starting to stabilize exxon and chevron among them retailers bouncing a little bit. a rare day when you get amazon competitors moving in. i would note industrials are much more stable the charts look a little bit better in the last couple of days i don't think it's any kind of turn around. i don't think it is going to happen suddenly embark on a different tone i think he is going to be aware of the global concerns and global slow downs. if anybody thinks they cig until they will not do any rate hikes. >> that's a speech on wednesday. there are also minutes on a thursday and other speakers. is the main focus g20? >> yes and the market has lead itself

believing it will be a deal not involve status quo no new sanctions we'll keep things going. it may be a bit of wishful thinking >> thank you for that. nasa, we are high by 350 points ton dow. the high was 387 a good finish. the s&p right at the highs of the day. that does it for the first half of the closing bell. back to you. >>. >> thank you welcome to the closing bell. wilfred will join us in just a moment here is how we are finishing the day on wall street as stocks settled. the dow finishing up 354 points.

1.46 higher. the nasdaq, the big outperformer today as tech and discretionary stocks lead the rally. it finished up 2%. the russell up by more than 1% really risk on sentiment today as tremendous ri yields are higher and crudes bounced as well hitting the lowest level since december of last year. up next sec chairman will join us to discuss bitcoin's demise you'll not want to miss that leading the dow today was american express and united tech was the biggest decliner it was the lieder ner. joining us to talk about the market day david but first we'll start with mike. it seems like if there's a word of the day it's over sold.

>> yes it was very over sold. you made a new low for this kind of correction phase. i want to note this rally brought us to within decimal places of year to date flat on the year it started december 31st here we are. criss cross this a while here we have four to five weeks to decide if it will be an up or down i think the action today, give you a little hope. you say you have to go back out and play tomorrow. when we made that flu low on friday it was a little bit less intense. you had fewer stocks making new lows it is like okay. this is a plausible place where we can have a little more than a one day pop of a rally you global stability and whispers of it overseas. you had a good black friday. it takes the attention away from

how slow it will be for the economy. >> and clearly it because factor mike also mentioned that sort of whispers of improving financial stabilities overseas do you think that allowed the markets to start positively here in the u.s.? >> i think people are looking for good things now. i think we spent the last two months looking at all of the bad stuff happens around the world now we decide to look at some of the good stuff that's what happens. the markets get oversold i don't think it is the beginning of any big up trend or down trend i think we are stuck here until we resolve wloo what the fed is going to do, what brexit will do that's lot of things floating around we have to wait it out corrections come in price some times. they come in time. i think it is a time correction and not a price correction.

>> it has basically been one of the last hiding places for growth stocks as the rest of the market gave way. that has now buckled it is what we can expect but also it has ban source of funds. it is a cliche basically people looking to mitigate the damage. they have been selling it. i think it has ban noisy situation with all of the rest of it. i don't think it's something that happens at the leading trend. i think when they have hung in there and they finally break it shows you that the correction has been going on a while. we have other stocks and a few of them, microsoft being one of them >> and it lead the rally today it is towards the top of the

sector performance it is up 2%. goldman sachs was one of the best performers and had the best day since october. they had a bounce of poor performance year to date is down some 6%. no real factors behind this other than the oversold factor >> none at all that treasury yields have found it you get a little bit of a bounce there. if it's an oversold rally it is one of the more oversold areas it was in july what it did actually lead to, a pretty good rally. there is cig flif kans to the magnitude today potentially. >> your thoughts on this >> well, i think we had a pretty good weekend shopping session there, black friday and so

forth. i think it kind of tells people that the economy is not falling apart which is sort of the assumption i think it helps certainly the american extresz, cease say and mastercard i think the banks are ready to rally on the fact that economy is not as bad as people were thinking last week it told people the economy is better than they thought >> it has been a rough year immerging market stocks and a new note says it will change in 2019 it downgraded to underweight predicting it will outperform who made that call >> a slower economic backdrop. you couple it with continued tightening i think it's a cocktail for a

much more difficult outlook relative to the rest of the world. >> interesting this particular take because it does outline factors that could make you less positive than you were a year ago. it also factors that apply for the rest of the world. >> yeah. >> it is development market equities >> right >> developers immerging. >> exactly >> it is interesting that the idea that there has been such outperformance that helped the dollar this year maybe you see a little bit of a receiving of those factors in 2019 it is a reverse of what we thought last year. so i don't think it is consensus yet. i think the u.s. is still the quality place. it is more expensive than you're paying for more stability and quality. >> given the comments you just

made where do you stand on this call for morgan stanley? you disagree with it >> i wish they would have told me three months ago. i didn't get that call i think my sense is that, you know, what they are saying is basically the rise in rates is hurt if the fed keeps rising rates it will hurt the rest of the world more than us we have the better economy so i still think we are still in the sweet spot here. it is still the best economy relative if you think it will stay strong you have to stay in the u.s. i don't think this rotation adds any value to the average investor to say i will sell u.s. and buy europe they don't know what that means. buy what you own and i think that's the best way to play it >> david, in light of that given the fact that we have notable feds it sounds like it will stay the course at least for now

depending on the data going into 2019 is that the case >> well, this past weekend would tell me that the economy is pretty good. i think the fed will hopefully stay on that track i think it's the best thing long term i just personally don't like the fact that these guys did way too much talking the data points and now that we are going have now a press conference after every meeting now which will be covered by all of the networks. they talk way too much raise rates and go away and shut up that's probably not going to happen >> a little bit of a smal on your face there. what does it mean for the next sort of six months >> i think there's a certain retrospect but i think it's difficult to turn it in reverse and i think there's one argument to be made that eight meetings

next year with a press conference means maybe you can dial down the suspense on each one of them. it doesn't seem as if there are only some meetings that being said i think that's gap between what the market is looking for for 2019 which is less than two additional hikes after december and what the feds on paper prediction is which is three or potentially four. at some woint the talking will bridge that gap. we have to see in what direction. i think there is enough to allow for pauses and wait and see but not sure if that's going to be ind ca indicated. it would seem as if it has already come off because we are down 2019 expectations >> shifting gears shares rallying today as it announced plans since the bankruptcy shares ending the day up almost 5% president trump sounding off meets with white house economic

adviser. cnbc has the details hey, phil. >> we are still waiting to find out what happens with that meeting between mary and larry kudlow at the white house. we have crews that are there here is the move in the stock today. the reason this stock moved is because these cuts will be helpful to the bottom line of general motors as painful as they are with human impact here. you're talking about cutting 15% of the north plern work force. that includes three final assembly plans, two in the u.s. and one in northeast ohio and one in canada. two engine transmission plants some of the workers today after they got this news were bitterly disappointed >> i have been working here far long time. i don't know what the plans are. nobody really told us what was happening here it kept us in the dark.

most are very low profit as a result they is made the decision it will cut 41% as you can imagine it does not sit well with the president. i spoke with her and i said this country has done a lot for general motors you better get back in there soon >> and he says that he has gotten insurances that gm will be in there in the not too distant future with something. it is very vague in terms of his

comments, whether or not he made some type of a promise as you take a look at shares of general motors and fiat chrysler go back to the middle of 2016. >> there was a little bit of a reassurance to get product line more in tune with what the market seems to want and not just sort of wait for the cycle to rollover entirely and go

through another downturn before making some of these calls i understand why they would say this is based on good thing. it is unclear if it can carry beyond this point. basically you have to get reassurance that it is in decent shape. >> there could be political fight back as well which we'll have to wait and see let's discuss tesla. he said the company had been near death >> tesla faced a threat of death due to the model 3 production round. the company was bleeding money like crazy and just, if we will solve these problems we would die. it was extremely difficult to solve them >> how close did you come? >> within single digit weeks >> single digit weeks.

i wanted to bring this up, how then can he look back at his attacks on the short sellers and members of the media that were reporting these stories that they were struggling and be able to stand up and do that again. he just admitted that all of those very much have valid concerns >> or is he exaggerating how close they were to death i'm not going say that i'm -- i don't know the bottom line at tesla. close to death would mean you can't go out and raise money you can't go to the debt markets. you can't go to the equity markets. they could easily have done that at any point when they were bleeding cash this summer. they have been rewarded for not going to those capitol markets not going to the capital markets and completely dying are completely different things. he said take what i said with a grain of salt. >> sure but i think it undermines your comments in the

past some what we'll see what happens they rallied since then. thank you very much. >> i agree that if on one hand you were saying that people who were spouting this negative case you lose money and you're potentially heading towards insol van insolvency you can't say we had no time left >> that makes sense. to phil's point i do think that musk likes to speak in a manner that makes him look heroic his time sleeping on a cot and getting the company to that model 3 production target is also understandable because of that personal branding >> he did look a little bit better rested. >> he did. >> i'm sure that's strongly correlated to his stock prices thank you for joining us we'll have to leave it there bit coin was the hot topic last

year it has fallen nearly 60% since then jay clayton joins us with his take on that and if there's more regulation ahead and cyber monday still the biggest day of the year. we'll get inside look at an amazon fulfillment center and hear from an amazon whole saisa coming up. xfinity mobile is a new wireless network

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we have more on what is behind bitcoin's demise. >> other major crypto currency close to the 2018 lows that indicates it is broad based selling. mayor factors behind the selloff include a whirl wind of regulatory currencies. they say the market selloff and shift away is also behind th plunge venture capital wrote in hi blog last night that he thinks things will get worse before they get better he did suggest investors may do

okay pointing to amazon's job following how it wasn't until late 2007 for amazon to train above the highs it reached in 1999 they say we have seen the story play outbefore from june to november of 2011 bit coin dropped about 93% in december of 2013 bitcoin fell about 85%. the question if it will rebound as it has in the past and a lot of that depends on regulation. back to you. >> the perfect place for us to start an even bigger conversation thank you. the sec cracking down on initial coin offerings two issuers are being forced to return their security funding to investors. we have an exclusive interview along with bob >> thank you very much

thanks for being with us what about the people that currently own ico's. it is if they are dealing with not registered security at this point. >> let's separate securities from nonsecurities i think we have been clear that we don't believe bitcoin is a security many that you see and talk about, they are securities if you will offer and sell securities >> it is along the lines we

would expect >> are all of them in noncompliance? there could be some narrow windows but you seem to be saying they are all in noncompliance. that seems to be the message >> we have had no ico's registered to the extent it is being conducted offer shore or pursuit,fine >> it is whether there is reliable price information as well as custody. it is the same with other

assets >> let me move on. we have a number of questions for you. a coupleov of months ago he said he was concerned about quarterly earnings reports and suggested we might want to look into that. are you plan to go do anything about it are you planning to hold hearings or something like that in the near future >> i think the president touched it which is short term i don't think any of us wants our public companies to be run exclusively for the short term does the regulatory environment drive too much short termism it is something we are looking at >> does it sorry to interrupt but does it based on what we are seeing so far. >> i think when people go quarter to quarter to quarter it is for the long term that really doesn't add up now, making a general statement

about that is pretty difficult to the extent that that exists and our regulations are driving it we should examine that and see whether our regulations could be improved without degrading investor protection. we know they thirst for information and thirst for reporting. it is for liquidity to have good reporting. the question is that as good as it can be and is there a way that can drive longer term thinking as well as responding to demand for short term information? >> i think what you will look at is not whether we will have quarter quarterly reporting but it drives all of us here to have to deal with flurps versus adjusted numbers. we are constantly on the phone trying to understand what the numbers are and then they change it it makes it very difficult to report to the public how really did the company perform? that is something that i think we would all like to see a

little more clarity on >> i think there's a very good point. first of all you have to have common accounting standards. if that's how ryou run the business it should be consistent so that it's easier for analysts and investors to track the dwarter to quarterchanges. do you think it needs to be looked at again? >> i will not excellent on any

pending cases or that area >> the industry as a whole >> look, our job is to continually look at our registrants. >> to switch folks we were discussing some of the excellents thcomments that it made just before the break. what was your reaction >> did he say that >> he did. >> no. you know, look,again, i'm not going to excellent on enforcement matters. that matter has been settled i think it was an appropriate settlement i think from a message to the marketplace ceos know they need to speakclearly and accurately as far as i'm concerned it has been settled >> tesla faced it due to model three production round did that mean during the six

month period were misleading to investors. if it was true -- >> you know it would be completely inappropriate for me to make those kind of judgments. >> how is the sec patrolling market moving activity on twitter? is there a mechanism inplace? can you tell us is the sec different than it was back then? is there anything that would help ensure that that kind of scandal, something of that

magnitude will happen again? >> you floknow, scandals are ner the same they rime. i worry all of the time about what the next scandal might be. >> always great to be with you, bob. >> thanks so both of you today >> we have breaking news on some

new excellents frcomments >> the president talks about china. he says here that if negotiations don't work out he could put tariffs on the rest of the chinese imports that are not subject to duty. saying if we don't make a deal i'll put it on and the president saying the only deal would be china has to open up the country as far as other countries are concerned that's up to them. the journal reporting here that the president said it's highly unlikely he would accept the request to hold off on the increase in tariffs. that sounds something of a p pessimistic note i asked the president on his way out the door here on the south lawn earlier this afternoon about the chancesov of getting tlau deal. he seemed more optimistic this afternoon than he does in this wall street journal interview.

the president telling me he thinks he could make a deal emphasizing he has a good relationship but reiterating that the chinese have taken advantage of the united states and they need to stop doing that it is over the course of the day or whether there is something afloat here. we'll know a lot more when we get here later in the week >> just stay with us let's keep this discussion going. i guess the president always before big meetings and maybe lays out bad news to make the good news sound better the market reacts negative to this >> apple is down 1.5%. >> yeah. i do think it's very consistent with the president's message and seemingly his personal inclination. i think it helps explain that. we are saying why apple has been

flagged. it seems the market has been gearing up he did also say perhaps iphones would be subject to that i don't necessarily think it is new news for anybody that was leaning in the direction of the add administration and softening in advanceover making some kind of an agreement >> yeah. >> i was going to say if i could jump in here he mentioned apple in this wall street journal interview. he was asked if the tariffs could be placed on iphones imported from china. he said i mean i can make it 10% and people kuld stand that very easily they have a lot of other alternatives the president talking about the possibility of tariffs on apple products there it might be part of why you're seeing that reaction specifically >> yeah.

thank you. apple shares now down 1.4% in after hours trading basically erasing the gains we saw there late afternoon when they rallied. the one other thing i would note is there has ban lot of focus by investors on the market and it would be really great. but what if instead of getting higher tariffs you get higher tariffs on goods like iphones. >> and pricing is very much well at the moment for apples stock price which has been soft of late and is sofrt again. let's take a look at how we finished the day on wall street morebroadly. it is up over a percent.

time for an update with sue. >> hello everyone. here is what's happening at this hour u.s. authorities reopening the busiest border crossing one day after their fire tear gas to repel central american migrants. mexico police also increased their presence at a sports stadium that is serving as a shelter at more than l thousand migrants nasa spacecraft landed on mars after a six month 300 million mile journey and a six minute decent through the planet's atmosphere celebrating the news the cdc announcing there are 116 confirmed daises of acute in 31 states total of 286 cases are currently under investigation. doctors really don't know what causes the paralyzing condition which has mainly effected

children and more than a foot of heavy wet snow hitting parts of illinois in the first blizzard of the season. these are scenes from woodstock illinois northwest of chicago. more than 1,500 flights have been cancelled over the past two days you're up to date. that's the news update i'll send it back downtown to you. at least we are only getting rain, not that snow. >> thank you very much 2018 has been a rough year it could be relief in 2019 we'll head there next to tell us which assets could see big gains flexi next year. for the first time calling for specific industry regulations. it is calling out the handling by companies that's coming up on the closing bell

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be on the way in 2019. >> each year were up at least 5% a little more in that year the large cap u.s. stocks, immerging stocks as well as corpora corporate bronze and what it tells us is rates went up. there were fears of a slow down hitting equities and commodities suffering from that oil crash and a lower dollar if there's good news it's very

rare to have only one or two go up in a given year and then typically you get a bounce back. i'm not going predict which ones bounce back but odds are diversify case will pay again. in other words some will win while some loose >> so it is rare that you only have a few but never in this time period none of themworked

>> very interesting. thank you for that >> shares up amazon rallying on cyber monday today finishing today up with a healthy return of 5.3% i'll talk about the holiday season we are back there a cup ofrl minutes. it's so simple, i don't even have to think about it. so i think about mouthfeel. i don't think about the ink card. i think about nitrogen ice cream in supermarkets all over the world. i think about the details. fine, i obsess over the details. think about every part of your business except the one part that works without a thought. your ink card. chase ink business unlimited. chase ink business unlimited, with unlimited 1.5% cash back on every purchase. chase for business. make more of what's yours.

the shares ending today at 5% and amazon hoping to stay ahead of the pack. it is from a fulfillment center in new jersey. >> in this million square foot facility the whole focus is moving the cyber monday orders out. amazon has a tall task ahead it set a record on cyber monday last year t busiest day ever selling 83 million items it offers deeper discounts on more items and free shipping to everybody not just prime members. of course it's been a busy cyber monday overall it shows it could be the busiest online shopping day ever on pace for 18% year over year growth.

a lot of competitors and target among them would like to take a piece of them. amazon thinks it could hold them off by owning a bigger pieceover distribution chain and hiring its own delivery team. it comes at a cost $6.6 billion it spent even before it offered up free shipping to everybody. it is almost half of the operating income we'll keep an eye on it. >> thank you very much for that. now saying humans may be relegated to a small corner of ndutd.rl fi o why there today's take away that's next. don't go any where

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prevagen. healthier brain. better life. price cuts fuelled an increase in transactions lower the charges on the index funds and removed investment minimums last month it attracted $6.6 billion to the u.s. open ended funds excludeing etfs. >> this is particularly impressive when they came in the environment that we have seen for equities i would have thought that would have perhaps had a bigger effect if the net effect it shows that the fee attraction certainly

works. >> basically get pressed for this kind of a tactic. the flows will come. what's interesting is right now in this phase of the market low fee cheap exposure is the chasing. people would rush. right now they just want cheap access for better words. >> and we'll see if it is long-term payoff ibm ceo speaking in an event saying it will promote and correct a pair imbalance it is the first to recommend specific action in the industry but there's been other ceos along this tone. >> sure. >> apple's tim cook. >> sure. >> sure. ibm is not really exposed. >> sure. it is a relatively easy way to

take the high road if you're a ceo in this industry >> sort of tried to stake out for apple as well. >> it sort of speaks to what we are seeing between big cap tech companies, those that have been reallycompanies, those that are consumer facing to have a different business model that isn't as exposed to harvesting and leveraging of that data. >> just renting your eyeballs to somebody else. >> yeah. elon musk is sounding the alarm on artificial intelligence he warned biological intelligence will be overcome by digital intelligence saying we are not paying enough attention to the ai threat. >> >> it would be something the same way that humans destroyed the habitat of primates. i mean, it wouldn't necessarily be destroyed but it might be relegated to a small corn over the world. when homo sapiens became smarter

than other primates, it pushed others others to smaller habitats >> i was an anthropology major that is correct. it's interesting he talked about that grand vision to colonize mars i heard him say there's a 70% chance he would go to mars which if you go wherever that happens you're going to stay. >> 30% is still -- >> to bring this back to mars. >> 30% tech stocks trading low following new comments from president trump. what the iphone tari tt s ffhawa just touted by the president could mean for apple's bottom line

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president trump telling the "wall street journal" that new tariffs could be coming on chinese goods, including iphones and laptops. we'll discuss what that means for apple which is currently trading lower next at fidelity, our online u.s. equity trades are just $4.95.

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apple shares falling post-market after president trump said in an interview with the "wall street journal" this afternoon he will consider imposing new tariffs on products imported from china. gene, what's your immediate reaction to this it doesn't come at a great time for apple's stock price as it relates to pricing of iphones. >> it doesn't. my first reaction is is this going to happen? is it true i understand trump is negotiating in public but that was my first question.

when it comes to apple, to answer your question the impact will be as much as 10% and as little as 0% depending on how apple wants to share that cost with their consumers. >> if do you think they would ph that to prices on to consumers. >> i think it's unlikely apple seems to take the approach that they'll stick with it. >> gene, the stock is taking a hit after hours but it's been almost straight down for a few months and i wonder how much of that decline you think was bracing for something like this along with the other issues plaguing the stock. >> i think this is a surprise. tim cook has done a great job of trying to be in the good graces of trump i was surprised when i saw it so the decline in the stock has been partial market.

less disclosures around iphone unit and the third is the negative chatter around supply chain but this is incremental. >> if this got much worse, how difficult would it be for apple to move production of its chinese aspects of its production to the u.s. >> it's probably easier to move the moon off its orbit than to shift i phone production to the u.s. we're talking about something that would take five plus years to do. there's near a million people we have been the cuts at fox comm that work on apple products. it's easy to talk about, hard to do. >> gene, thanks for joining us late in the day. gene muster from loup ventures discussing the afterhours move as a whole, decent rally, volumes weren't taking off. >> that's okay on updates, volume lags a bit. apple news, tariff news will be

a good test to see if this was a reflex bounce going into tomorrow, if this changes the psychology going into a tuesday. >> and of course we have so many potentially market moving events >> a lot of fed speak and overseas data. >> we'll keep an eye on. that fast money will do as well. time for their show, closing bell is done. >> "fast money" starts right now. live from the nasdaq market site overlooking new york's time square i'm melissa lee. tonight on "fast," general motors surging as it announces a major restructuring plan the stock is up 15% in the last month as the rest of the market struggles, does it have more room to run? plus a record-breaking run for retail is the retail rally back on? and it was a major rally on wall street stocks snapping back with the dow surging 300 points consumer discretionary and