is that the current plan is for xi to come to the united states which means there will be no last-minute chance of blowing up the agreement. if they come over here they have to go through with it. >> art >> that concern pullback. >> thanks for your analysis. good to see you. thanks for watching. >> "closing bell" right now! ♪ welcome to "closing bell"! i'm sara eisen. >> i'm wilfred frost welcome back. >> thank you. >> hope you had a -- i know you had a lovely vacation. >> good weather in miami >> big market day. great to have you back for crude oil trading higher here on wall street goldman's head of commodity trading jeff currie will be joining us. analysts say this stock of

salesforce is a buy. let's have a look at the markets. it is looking better than it was a couple of hours back we opened higher, steady selling through until about lunchtime such that for the low of the day for the s&p down more than 1%. the dow the low down 414 but if we flip now and look at the four indices you can see we have split the losses essentially. down about 255 points on the dow. so still nearly a percent for the dow but the s&p down two thirds of 1% and nasdaq down 1%. >> real estate only group in the green within the overall market. dow seeing the biggest one-day decline. bob pisani has more on this intraday reversal, bob. >> aufoff the lows and seller exhaustion is the trend. take a look at stocks that are moving you have semiconductors. amd is down. you have got some big industrial

names like boeing down and not all of them. caterpillar is up and then not generally trade related that's weak gap had a great week last week health care not generally a trade relatted sector. they're all down airlines are down again today. the dow transports are down seven days in a row. generally again, not trade related. i'm sticking with the general theme that the market's stretched in seller exhaustion. if you remember what's moving the market, tail winds, fed patience is main story here with the china trade deal for hopes and a lot of problems with global growth. europe and china not necessarily growing because there's a trade deal there's separate issues and weighing and we have the strong dollar and again we have to reverse those declines in the earnings estimates we have been seeing in the united states. that's still not stopping. guys, back to you. >> bob, thank you very much for that see you back end of the hour. the u.s. and china are

nearing the final stages of trade talks. kayla tausche has the latest for us from washington. >> reporter: hey, wilfred. the two sides have been video conferencing to reach agreement on outstanding issues ahead of a late march summit. the deal as it looks now would see china buy more than trillion dollars in u.s. goods over six years and china would have a new law and there would be broad agreement in several macroeconomic buckets and agreement to keep talking. that's the enforcement mechanism for the deal and if issues are not resolved, the u.s. wants the ability to institute tariffs without retaliation. china is not happy with that steve moore for the white house and one time adviser to candidate trump tells me that

getting this deal down done now which has some of the first important concessions of 20 years will be positive for the economy and this is going to be the start of trade negotiations for a decade moore also says the failure to reach a deal with north korea raises the stake and president trump doesn't want to go 0 for 2 and as you heard art cashin say they could be relatted sara >> kayla, we talk ed earlier and you described this idea that the u.s. any point going forward can just throw tariffs on and it would be hard for the markets to live with that kind of uncertainty and that constant threat is that how we should be thinking about it? >> reporter: yes and then the question of what the u.s. would actually do with the existing tariffs in response to a deal. we have heard from our sources that the $200 billion tranche of

tariffs to come off and still to be determined if the u.s. is willing to remove the $50 billion tariff tranche at 25% and could have a scenario where that tranche of tariffs stays in place and then the u.s. keeps that tool in its back pocket to reintroduce new tariffs unilaterally if it feels that china has not done its part here there is also a scenario if we're gaming these things out, they punt again and then a tranche at 10% stay in place and continue to negotiate and then let's say the president gets xasxa exasperated and see those things playing out. >> thank you. let's bring in contributor peter, what is the market action today telling you about where investors are on this deal >> well, clearly, it is priced in even pre-market when the s&p

futures were higher, the german dax barely up. copper prices were down. bond yields were lower and only 20 minutes into the opening, the russell 2000 was negative so we've been pricing this china deal in it seems like 20 times already and i think we finally reached a point where it's more safer to say it's fully priced in. >> peter, what do you make of the fact of china outperforming -- stock market outperformance today again as we have done really since the start of february? 13.5% in february for the shanghai comp to the s&p 500 >> even at this level, the shanghai composite is 50% below where it was in 2007 you also have the inclusion or the increased waiting in the msci change that helped to bring new capital in and the shanghai come positive it is retail oriented so it deserved a

bounce no question about it stocks there, many stocks have gotten cheap there but i think we have to understand the perspective at which it got here. >> wondering, peter, how you're reading the moves in bonds yields are lower today we saw that back up, though, last week. what do you think that the bond market is teeing off of? >> very much sending a different message than the stock market. in early october whether the s&p 500 was at 2800, the 10-year yield was at 3.25% now 2.75 the german 10-year was 55 basis points and now barely 15 and japanese 10-year almost 20 basis points versus 0 today. so it's clear that the global slowdown i think what should be obvious to everybody, the bond market doesn't see that reversing quickly on any trade deal whereas the stock market is optimistic that any trade deal to regenerate growth even overnight we saw taiwan and

south korea, two great, industrial export global trade proxies had pmis falling below 50 and what the bond market is teeing off >> peter, you said at the top that the good news from the fed or u.s./china trade deal is likely priced in is it fair to say that the bad news of slower global growth is priced in in a way it maybe wasn't a couple of months ago? we have talked about it a lot. unless of course you expect the global growth environment to fall into recession rather than just slowdown. >> that's a great question we have to see the extent of this slowdown and how much further it goes and responds to a trade deal does the trade deal open wide the clouds and create this business visibility to then help growth i think that remains to be seen and we also have to see in the u.s. this slowing earnings

trajectory that we have been seeing for the first two months of 2019 whether that continues or not we may not know for sure until march, late march, early -- i'm sorry, in april seeing q1 earnings but it's now -- we have to start tracking to see the degree of this slowdown and how long it lasts. and how it responds to a trade deal >> peter, thank you for joinings us >> thanks. let's continue the discussion charlie, vice chairman and head of investments and steven grasso great to see you both. charlie, a treat to have you here in person. >> thank you. >> what brings you here from chicago? >> celebrating the ten-year anniversary of the market bottom and we think should be a national holiday let everybody out of school. celebrate. >> you're being modest not professing the fund is up 20.2% per year versus s&p 500 up -

>> yes our flagship fund, the aerial fund, number one performing fund in the class over that time period 20.2% per year for 10% >> you're the expert what is happening in the next year >> well, that's always much harder to say but i will say that there's still a lot of negativity in corporate earnings you asked whether bad earnings are baked in we'd say more than baked in. people are too pessimistic about the economy. people put too high a level of confidence in government statistics and they've been regularly revised up and the gdp number better than expected. we think people beat in the first quarter. we think oil prices being up is going to help energy company earnings so all in we would say there's more negativity than positivity and we will have a good year. >> ten-year anniversary has more room to run? >> we don't think that bull markets die of all age it is a cliche if anything there's momentum in

markets and when people are doing well, money comes in we really do feel that frankly that people are still scared from the great recession when we go talk to committees, they're asking that same question when will this ends? we don't see any reason why it has to. >> steve, giving credit your way, joined us last week and felt there was pullback. >> charlie can be right and can't argue with his fund's results an comes down to the timing of it right now so charlie could be right a year from now or two or three years from now stay the course. invest long term what about the next three months charlie would probably tell you his guess is as good as anybody's guess but eps negative, margins peaked, gdp falling. is this a good time to pay the high levels that we have seen in the market. >> you could also argue you got a fed totally made a u-turn and gone patient. >> right. >> be the dovish bias.

>> still quantity tatdtiative tightening. >> a potential deal with china. >> factored in. >> you say the good news - >> is the bad news factored in germany, japan and china in a recession or teetering so where do you go from here is lower in the overall markets. >> china is not teetering on recession. slowing from 6.5. >> the government pmi is contracting. the private pmi is contracting bounced a little bit what is a trade deal going to do for china when gdp has fallen pretty much collapsed for china? >> i think if you did get china recession then that's not priced in we could go around - >> the market up 25% this year. >> because it was to peter's point -- >> down a lot. >> look at how much it under performed and focused on falling off a cliff. so where do you look at with the

s&p where it is now, what's the next thing after china is it earnings i don't think so i think people's estimates for earnings are coming down still. >> charlie, to steven's point, hard to time the short term but putting new money to work today, what sectors in the u.s. get that money >> value still looks good to us relative to growth value had a terrible tn years even though our fund did very well so we still think value stocks are cheap. industrials are cheap. the port nofolio trading at 14 times earnings with the value bench bias we have got. >> which sectors are you watching, steve? >> if you look at the other side of it, he has a great point. value can jououtperform right nw the markets can and will probably go lower. >> are you in bonds? >> no, no. equities but it's a longer time horizon.

you could be in equities and think the market will roll over and get a little bit better of a cost in buying equities so i still love tech, tech longer term and overvalued at where we're at right now look at crm. work day splunk up 40% since the december bottom and why today salesforce is more important than ever to see how the market reacts to the momo names or go charlie's way and buy value over growth. >> we get the results at about five past 4:00 p.m thank you for that. >> thank you for having us. >> we'll hear from marc benioff and a slug of that interview on the show latter. stocks sinking andcrude up by 25% on the year we'll sit down with jeff currie later. after the break, emerging market stocks on the rebound after a brutal 2018.

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learn new voice commands and much more. clean my daughter's room. [ ding ] oh, it won't do that. welp, someone should. just say "teach me more" into your voice remote and see how you can have an even better x1 experience. simple. easy. awesome. ♪ welcome back to "closing bell." dow's been all over the map there. now down 255 at the high just after the open, up this afternoon down 414. as far as who's taking us down, united health shaving 66 points off the major average. mcdonald's, goldman sachs, walgreens also not doing too well caterpillar staying strong and industrials exposed to a deal to china and would benefit from that are at least doing better than the rest of the market. >> the impact on the wider

market baited throughout the session. after a rough stretch in 2018 the emerging markets etf seen a rebound up nearly 10% this year and outperforming today but can the rally continue seema mody has more from hq. >> hi, wilfred it's all about china that's the key driver, up 21% this year thanks to the pros suspect of a trade deal and beijing's commitment to stabilizing growth with accommodative policies this is ahead of the national congress that takes place over the course of the next two weeks where investors are expecting an update to china's growth forecast, foreign investment rules and potentially new stimulative measures and betting on further tax cuts to aids the manufacturing and infrastructure sectors but if they come up short experts say sentiment may cool down as valuations no longer look outright attractive. other factors to derail the

rally, the prospect of india, thailand electing leaders not pro business and a stronger dollar but, guys, for now those concerns seem to have eased back a bit. back to you. >> seema, thank you very much for that. still ahead on the show, tesla shares lower today as musk teases another new product announcement details on that. what it means for the stock. and braeblgieaking down the in big tech and whether there could be more pain ahead we're back in a few minutes.

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welcome back to "closing bell." big market day big intraday reversal lost some steam. went down to negative 400 on the dow and came back to down 255. still a percentage decrease there. the nasdaq down about half a percent. some tech names hit hard today and really health care that is the worst performing group down 1.5% shares of children's place plunging today after a big fourth quarter miss on the top and bottom line.

the kids' retailer issued weak guidance and cited a big competitor's liquidation and ended up buying in an auction some of the intellectual property rights blamed a lot of the declined on that but clearly had problems before that the stock is weak for the last few months. >> the guidance moved the stock rather than announcement on gymboree. >> i have gone for hawaiian holdings downgraded by deutsche banc. southwest recently got approval to fly to hawaii and plans to offer intra island flights and down 10% not so much l.a. to hawaii that they are incremental concerned and southwest doing -- once they're out there, lots of flights around there tomorrow on "closing bell" we'll talk to the ceos of southwest and delta.

those both exclusive interviews coming from the jpmorgan transports conference and don't want to miss that and transports down seven sessions in a row >> what kind of economic signals. >> there's wind taken out of the sails and getting the answers why tomorrow. >> technology one of the best performing sectors this year nasdaq closing out on friday with the tenth straight week of gains but could it signal headwinds? joining us now at the telestrator is katie stockton. what are the charts showing you on the qqqs? >> this is the qqq chart and we have seen a very impressive relief rally 22%, 23% right up this way and it is now above the 200-day moving average. however, there is still resistance very close by based on the november highs. you can see right around this 175 an change area that resistance although we have started to see a loss of short-term momentum there and i take issue with that starting to see the outside down

days in the market and you have an all encompassing day with a weaker close in store. >> katie, we went above the 200-day moving average, the fact it looks like we're coming back down again and is that quite a bearish sign >> i always look at the resistance levels as cushions, not resis points and auburn gets above and fails and comes back and that would be a step up for the market. >> moving on to the second chart, you are looking at consumer staples versus tech right? >> that's right. it makes sense to expect defensive sector rotation as we come into a potential pullback for the major indices so with the down tick of technology now we could expect some rotation into staples and a ratio of xlp over the xlks. notice it's oversold and we saw as of last quarter a breakout that suggests that there's more

upside of staples on a relative basis. >> it is interesting rotation of value in the selloff in the fourth quarter last year, felt like a big selloff and puts in perspective how incremental it was. >> i would call it a reversal of sorts with the 200-day moving average. it does appear to have reversed that down trend and maybe it is a trading range now but indeed it's a better position than we have seen in a while. >> thank you very much. >> thank you coming up, crude oil turning in a record start to the year and head of goldman's corporate commodities has a word jix we'll bring you the results as soon as they hit

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welcome back to "closing bell." we have just under 30 minutes left of trade. two sectors just into positive territory. real estate and materials. but as you can see, predominantly a down day

the down exactly 1% in points terms 261. the low down 414 time for a cnbc news update. >> here's what's happening at this hour. rescue crews search for victims amid homes smashed to their foundations after a tornado ripped through a rural alabama community on sunday. president trump ordering fema to deploy in full force to the region >> our whole nation mourns for the more than 20 lives lost and for the heart broken families they leave behind. i got reports on it this morning. and it was absolute devastation. it was -- it was just terrible venezuela's guaido greeted by his supporters in caracas the trip meant to build support for new elections after claims the previous election was not legitimate and auction of kareem ab

dull jab bar's personal memorabilia. including a signed basketball. all went for six figures the proceeds going to his sky hook foundation which helps kids learn about science, technology, engineering and math commonly known as s.t.e.m. that's the news update this hour back downtown to you and see you next hour. >> see you then, sue thank you. under half an hour to go in today's session. >> let's have a look at the biggest movers of the day. bob on the floor here at the stock exchange bob, we'll start with you. >> we need something extra we have tremendous moves up since the start of the year but the leadership is looking flattish and toppy in a certain way. let's show you examples. russell 2000's had a great run it was up at one point 20 pr% b beginning last week rolling over not dramatically but gently

moving to the downside transports, i've been highlighting this for years now. the airlines have not acted well they topped out a couple of weeks ago. and they're down significantly since then transports seven days in a row to the downside right now. biggest sector move for the year has been bank stocks they're up about 20% believe it or not quietly it all happened earlier in the year. kbe topped out more than a week ago. see the pattern. gently move to the downside. not dramatically no real leadership semiconductors up 17%, 18%, 19%. same situation topped out more than a week ago. also now maybe up 19% and now up 16% so far for the year and no big selloff but there's also the leadership groups, no longer a really leading we need a little something extra for the markets to get us going again. back to you. >> thanks for that

let's find out what's happening -- >> hey there, wilf nasdaq's down about half a percent. reversing some of the earlier gains of this morning to the down side the biggest losers in the nasdaq 500 workday, tesla with the announcement for march 14th and the biggest gainers today, facebook, kraft heinz on an upgrade this morning and mylan between 2% and 3% increased. microsoft, adobe, paypal with biggest negative point impact on the index and amazon, facebook and apple with the biggest positive point impact here today. back over to you. >> okay. thank you for that. let's dive more into the markets. samantha zamarelo is with us what's your take on the latest pullback was that due given the good news

that's priced in >> the sentiment has been all over the place and then volatility all over the place. if you look at what valuations have done this year, basically all of the valuation contraction we saw in 2018 is recovered. in em and in the u.s so that means all of the news has been priced in. >> what takes us where next? >> i think it goes back to washington so i think the same theme as last year if trade tensions simmer down at least optically i think that means that the u.s. market can rally and the dollar could weaken a bit and international could do well. >> with a trade deal with china? >> yes. >> you don't think that's already priced in? >> i think the majority of it probably is but that being said there are other issues so access to markets and technological dominance, two big things i don't think we've started to really think or talk about above and beyond just trade. >> talk more about the global growth environment what is it that has slowed it down a bit and what kind of

defines whether it goes further south or rebound from here >> if we look at top level data, business spending and cap x is main drag on growth and the consumer has been the only thing holdsing that up and seeing global hiring is still doing really well, consumer spending, businesses on the other hand are definitely on pause. >> so what does that tell us about earnings for the rest of the year and what's already baked in in terms of the weakness? >> i think earnings growth is lackluster ever where. they're all within a band of 4% to 6%. but to your point i think there's a bit a discount of global growth and then how markets do and i think there's a wedge between the two things and global growth isn't stalling it is just slowing down and i don't think markets are too upset about that we have priced it in from last year. >> so overall you like em and u.s. >> that's right. we think of it as a bar bell. >> talk us through the case for

em then given you're not that optimistic overall about global growth. >> for em it is this idea that china, everything comes back to china, is doing a little bit more fiscal stimulus, accelerating that piece, that means chinese sensitive assets are doing better for the year and we expect that trend to continue so that in a nutshell is em stocks and we think that em has the most room to go from significantly undervalue to fair value this year. >> do you think it's going to be a problem if president trump keeps up talking about the fed and blaming jay powell as we heard this weekend at cpac, the dollar, wanting it not as strong as it is or does the market brush that off >> i think anything to do with washington is still kind toll the fire for volatility but i wonder how desensitized we have bomb to these sorts of things and thinking to 2020, we know election years are tremendously difficult for markets for the

most part but i wonder if we're desensitized to policy news in that sense. >> so you don't think it's getting -- i mean, the dollar's up so it is not like they took that to heart. >> i don't think so. >> samantha, thank you for joining us great to see you still to come on the "closing bell," tesla says it will unveil the suv this month we'll discuss if that could be a big win for the stock price. >> not today. we'll speak with goldman sachs's head of commodities research jeff currie what he yssa about the year after crude's more than 20% rally for the year when you look at the critical issues facing our world, what do you see? we see breakthrough medicines getting to patients in record time.

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we have 19 minutes left to trade. the dow down 220 was down 414 the individual losers, nike, mcdonald's, walgreens, united health energy stocks are down, too. despite the selloff oil managed to stay in the green in fact, crude's performance through february was its best start to a year ever can the rally last let's bring in jeff currie at goldman sachs.

welcome back. >> great thank you for having me. >> you are bullish on the price of isle. we have seen more than 20% rally this year. >> let's remember we saw a 30% decline last year. we haven't recouped where we were at the midpoint of last year what is the key bull points? let's start with on the demand side, demand out of china for both december and january was quite strong even in europe which has aumont macro concerns, it is not weather related, up 7%, itly's demand up 4% january numbers. net-net the demand picture looks -- i won't say it's gang busters but it's rock solid. turning to the supply side, opec is pursuing a shock and awe strategy they're down 500 more than anticipated. you have venezuela losing some supplies and russia also committed this morning part of the reason we're up to have these cuts implemented in full by march and the market likely

rebalanced by april and could see it trading up into a $70 $75 range on a brent basis. >> coming to china, is the stimulus they're pursuing this time around the classic type that's energy intensive, infrastructure, build a bridge like disease wise, if we get a u.s./china trade deal, does that boost demand >> china, the issue there really is for the metals markets and they've priced in a lot of that, as well. when you turn to energy, when we look at that big credit surge, the one thing about it, short-term loans, which is really cash on the balance sheets of the companies opposed the real demand down the red and the main message we take from it, indicative of the fact for the government to step in and try to backstop any tie of economic weakness. >> on the supply side, opec,

what about the jawboning of trump? steps in on twitter and calls out opec because prices are going up too much. >> clearly he did that last week and it has a modest impact but i look at what they're likely to do, exit the cuts. they're cutting very sharply, rebalance the market and then get out. so if you think about it, this market rebalanced by april, they need to talk about exit strategy wi may or june of this i don't think they're conflicting messages of opec and trump this year. >> is that having a big impact than venezuela how quickly could the picture in venezuela change and then have an opposite affect on the price? >> we think the impact of venezuela is modest. it's 100,000 barrels a day and can grow to 200 or 300 that's stronger than saudi saudi and russia i really like the term shock an awe. the reason i say that is before they did little cuts, little

cuts and then prices rose too high the shale producers respond and created a substantial surplus. extra supply in '17. they're not repeating it this time get in, drop the production and get out of there. >> that is the bear case, right? that the u.s. producers are very resilient and continue to grow. >> well, they got hit hard with the 30% decline at the end of last year and the drilling came off during december and january. again, this is why opec is a really short window to accomplish this and why i think they'll be done by april. >> when you hear there's a possibility of china agreeing to buy lng exports, is that realistic? and is it something that they'll do just briefly and then go back to buying from the qataris and the australians? >> i think it's very realistic however, from a pricing perspective, mostly would be topping or winter demands and

really cold in china and they will have to bring in cargos of far away and the gulf coast and not a base load demand in the near term so i could see them realistically the cargos. >> what about the relationship of oil and the dollar? the dollar is languishing. but not maintaining the current relationship of when the dollar stays strong we have seen oil strengthen with it. >> right i think the world we lived in from 2001 to 2015 was an anomaly. for all those years before 2001, there was zero correlation of the dollar and oil and it's been zero correlation since 2015. why did you get in that period '01 to 2000, emerging market bull story, creation of sovereign weltd funds, they came in and bought dollar asets demand went up and the correlation of the two over that time period. there is no justification in the current environment.

>> what's happened to gold in the last week to ten days? it was a nice start to the year. just dropped off the last few trading sessions. >> i think you had a substantial, you know, the fmoc, the trade war and you put those two facts together with an improvement in the -- actually central bank buying was the third issue that drove it up what took it back most recent time period is getting a positive solution to the trade war you'll likely see a pullback that is pound the table time to be buying gold and sticking to the target. >> why why now? >> why now because you sold off on i think overly optimistic view of the trade war. you saw what happened today. people -- came out this morning with better odds on it and the market xleclearly didn't get th excited about it. >> down now almost a percent

jeff, thank you. >> thank you. 13 minutes to go before the closing bell dow down 211, half of where we were this afternoon down more than 400 s&p 500 down a little less than half a percent. sc> with intraday rebound, we'll diuss the bull market anniversary coming up. you're searching for something more... ...red-blooded. right this way. you thirst for adrenaline, you hunger for raw power. well, you've come to the right place. the road is yours, dig in.

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this week marks the ten-year anniversary of the bull market let's bring in mike santoli for more when's been looking at how the market stacks up against others. >> it is fitting of a shake-out today talking about this because the market ten years on felt battle tested. had near bear markets or quasi bear markets along the way but all in all for a stock investor it matched up well with other ten-year periods following a crash or dramatic marktd decline. 17.7% is the analyzed gain in the s&p 500 including dividends to today from that march 9th, 2009 low matching up almost perfectly t perfectly for the ten-year lows.

the forward returns are mixed in terms of history of this point on but generally positive so if you looked out five or ten years on balance positive and more muted returns versus what we have seen here we have a chart of the rolling ten-year return and at every point this is what the analyzed s&p gave you on a trailing ten-year basis so you see it's stretched up there as we anniversary'd to 2009 march low and stayed above these levels for long periods of time in the 1950s and then '80s and '90s and this in ooitsitself doesn't tels the upside is spent. >> value underperformed in that decade, dividends make up a big chunk of the total return. >> right because at the lows the dividends yield initially of the s&p above 3%. >> right. >> and in fact, back to 1974, well above that so i do think

that's a reason because you had an initial dividend yield buying it that low at 3%, 3.5% and then increases from that point on so yeah it's an important part without dividends it's in the 15% range. >> i know you said earlier that unpre unprecedented central bank stimulus i wonder if that has to do with the answer of when the bull market runs out of steam seems like we're going back to a period of the ecb talking more easing potentially and the fed pausing every. >> i guess if every cycle ends through a fed or central bank mistake in retrospect, that would have something to do with it between uses up resources of the economy, those are the two things that tend to get in the way unless you had a true investment bubble, and that was a segment of the market completely out of whack in toers

of valuation. >> i know jon fortt brought this up earlier how does it look buying at the very worst possible moment >> march 2010. 2000 rather exactly 19 years ago half the average annual return 5% total return analyzed from march of 2000 until today. so obviously there's a penalty for buying at historic highs. >> still up, though. >> still up. ten years after that 2000 peak, you were negative. just slightly. >> not hugely. exactly. like for the -- all of these things say long term - >> always does by the way, when you went through that ten-year period and the stock market was down on average, bonds did great it was easy to say why bother with stocks at this point? >> very, very interesting. great read online. cnbc.com for mike's ten-year

bull market anniversary. we will have the closing countdown. >> after the bell, salesforce under pressure and it's been long-term outperformer 93% of the analysts say it's a buy. we'll break down the numbers coming up. for your heart...

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bell." little more than two minutes left in trade. there's the intraday chart for you. opened higher. a lot of selling in the morning. we are off the lows. we were down more than 1% at the lows we are half of 1% and split the difference this afternoon. half screen of all the indices for you. the dow is laggard it was off more than 1%. it is now down just 0.9% nasdaq is outperformer down 0.3% real e state, utilities positive materials up there positive health care down at the bottom of the pile. earlier we had four or five sectors down more than 1%. quick snapshot shanghai up 1.2% today europe was higher, as well only slightly. oil there, as well up 1%. the higher but not by much

bob? >> we are down today but on very light volume and tells you that it's an exhaustion there's not enough buying interest to move forward and sellers aren't dumping stock in the market i'm emphasizing look at the market leadership for the year russell 2000, rolling over more than a week ago. down again we look at other sectors like semiconductors up 21%, 8, 9 days ago. so also 3%, 4% off the highs great for the year same thing for the banks up 20% on the kba. a week and a half ago started stopping moving down 2%, 3% from the highs there. it is not that they're coming in selling aggressively and the vix around 14 obviously people don't feel any particular need to do something. we need more than another catalyst to move the market and i think it's stopping the earnings estimates from declining. once that stops, people will notice that and then better

global growth stories. >> middle of the day bearish a smorgasbord of weakness you said. >> across the board. it wasn't just industrials or trade hangs it was health care and other sectors that are not trade related. >> there we go thank you very much. there goes the bell at the close. down 0.8% or 210 points for the dow. the low 400 plus s&p down only 0.4% nasdaq down only 0.2% and that does it for "closing bell. sara, back to you. ♪ welcome to "closing bell." i'm sara eisen wilfred frost rejoining me in a moment and mike santoli as always let's take a look at how we finished the day on wall street. lower but well off the lows of the session. the dow going out with a decline of 203 points. not as bad as we were at the

lows also not as good as where we were at the highs. uniteded health, biggest drag on the dow. s&p 500 couldn't manage to stay above the 2800 level closing down about .4% a number of groups did manage to ends positive including energy at the very last moment there. check out the nasdaq, tech didn't do well today the russell 2000 worse than all of them. down almost a full percent straight to the selloff. bob pisani, kate rogers bob? >> i'm faemphasizing this buyers coming in the volume on the light side look at the market leadership groups, russell 2000, for example. you look at the transports doing well recently gently starting to roll over. transports down seven days in a

row. sector leadership groups like bank stocks which were up 20%, 21%, in kind of gently overing today and not big selling but again no real interest in buying, just moving to the downside semiconductors with a great run over all and topped out. my point here is we need more of a catalyst i think the trade talk story exhausted itself at this point on a day of major comments from the president essentially even the trade names moved to the downside and health care, as well not normally traded and it is why i'm telling you about exhaustion individual stocks, amd, great stock run for the year down today boeing, industrials, down today and even some of the health care names. back to you. >> thank you let's check on what drove the selling at the nasdaq. kate >> down by a quarter of a

percent reversing the gains off the back this morning and off the lows of the day. down half a percent for most of the day. the russell 2000 closing lower by just under 1% today we are seeing a lot of movement in tech here today workday is biggest loser today even after a strong earnings report last week tesla, another big loser after the announcement over the weekend that the crossover vehicle unveiled on march 14th and then in terms of the biggest negative point impact today it's tech yet again microsoft, adobe, paypal and netflix bringing us lower, guys. >> thank you joining us to talk about the market day, scott wren first, though, mike, what stood out to you in terms of the selloff and the crazy intraday moves of today >> main thing is the fact that this little shakeout, scattered the birds and did no harm with

this dip bought in a hurry in the afternoon. rotating away from some of the groups overheated and got picked up elsewhere to me it was a non event in the aggregate because you're down on the s&p after being up but to bob's point of exhaustion, you have a premarket spike in the dow, more trade headlines. and the s&p got to a level it got to last in early november. a lot of people watching it. it failed there. the fact that the vix spiked up above 17 on this little pullback and then came all the way back down i think it shows you that there's a raw nerve out there. longer term pain trade makes sense. still higher and maybe not before - >> this morning one of the first things i said is gone for a week and it's the same old story. and then, you know, e-mails of traders saying actually that's the problem. how much can we rally off the same news?

>> for two weeks looking at the chart saying this is a logical place for the market to pull back and hasn't. but i still think we're in the choppiness before the next catalyst. >> scott, your full-year target for the s&p 500 is 2800, an area we have been adrianza for a while. i mean, i guess that suggests a level of caution for a moment. >> it is i was gone for two week's vacation and pretty much the same thing as -- just like sara mentioned but really for us stocks are close to fair value and where we expected stocks to finish last year so we expected decent return last year and not much this year so, you know, for us i think the s&p 500 ever since crossing the 200-day moving average we have been grinding through all of this resistance and then today happened we pushed the top end into some further resistance and i think just traders taking some money off the table. i think mike's right i think this is a non event.

certainly there's some positives from trade or the potential positives but really to push this market higher what you probably need is a much better than expected trade agreement and certainly the market's cautious in terms of that. >> let's talk more about trade negotiations in the quote final stages as the two sides plan a summit at the end of the month mike, we go around the houses on this of how much ispriced in nonetheless, this as an issue if it's behind us and regardless of the detail, the day we get that announcement, would that not be positive for the markets >> i think that it would be a net positive to be rid of the issue. it's almost like you see people within the absence of any firm details of what's going to be agreed to, people go around an this notion of if the tariffs

stay in place, i have never thought it was the make or break issue in itself for the markets but it's no doubt been a distraction and a headwind to some earnings estimates. >> we are starting to get some details of what this is going to look like. scott, looks like they roll back tariffs on both sides and there's an enforcement mechanism and some of the trump administration demands does the market care what kind of -- not a china trade hawk, is it >> the market is okay. we keep hearing all of these things now we need something solid to hang our hats on which we really haven't had in this whole negotiation process. so i think the market is hopeful. i think there's reasons to expect some positives here but the magnitude really is a big deal that's going to determine whether we go higher or lower if china and the u.s., if china agrees to buy more soybeans from us and that's about it, the

market's not going to like that but if we see some real intellectual property, joint venture things, some enforcement, you know, maybe that pushes the market higher but, you know, this trade friction plays into global growth and i think we would argue that the overall global growth is concern. we are not as concerned about china necessarily but we are concerned about the eurozone. >> so i think that's a key, too. in other words i actually don't think that the details of an agreement are a key swing factor right? the market, if you look at the way it trades, it is fine with the administration settling for something on paper saying this is a victory yes. i do agree from the economic standpoint, long-term agreements, would be great but the market is i think more short term about this saying take a china hard landing off the table. if we only worry about that piece of it, we are okay. >> mike, just to the point about the market is now bored of headlines on this trade deal and

yes i get the caveat that we close well off the lows of the day but energy as a sector higher today we had copper, oil higher. we also didn't have the dollar lower. actually overall today for the trade related sectors and movements they weren't lower. >> they weren't. although i would say that's also consistent with the idea that, look, china's pulling out of this thing or see a way clear to where china growth maybe troughs and think about the stimulus working. i don't want to make too much of those one-day movements and agree it's not straight out people saying, hey, we are tired of this. >> it brings up a point on health care slammed today. and that was one of the favorite groups, seen as a safe haven and growth stories what do you make of what happened there today and whether it is a good bette >> well, you know, sara, we are very favorable, favorable towards health care. we have been you know, you look at it on a

12-month basis, it is a big-time outperformer and over the last 3 months it lagged and i think probably one of the reasons that it's lagged is people are still concerned about these pricing on pharmaceuticals and just regulatory types of things and face it. one of the few bipartisan things that politicians in washington can agree on is that drug prices are too high so i would imagine that we are going to hear lots of hearings, see -- have ceos run through the wringer in front of congress and i think the market after the good performance in health care really over the last few years little more reason to take money off the table and see how it plays out. >> let's talk about transports they fell into correction territory today led lower by the airlines united, alaska, american and jet blue all down by than 1% and hawaiian airlines down after southwest will fly from

california to honolulu starting march 17 with fares as low as $49 through mid-june, also saying flying intraisland in hawaii which is a large part for the downgrade of the stock. mike, seven days in a row for the transports that's not a bullish sign. >> really not. airlines in particular it's been -- looks like a vulnerable spot partly for this reason right? the market has long ago decided that airlines probably had their best moment for this cycle in terms of profitability, capital discipline and capacity so yeah, maybe that story shifts and you have a counter intuitive of the idea of the stocks looking cheap and harder to work. >> what do you make of the weakness in that group >> good bounce but, sara, looking historically, i don't care it's the last six cycles, airlines are a trading sub industry group that's a tough group to buy and really try to hold it is a trade.

you know they have done well. they have reduced seat capacity, had a good bounce off the december lows and once again i think money taken off the table. we like industrials. industrials have kind of started to turn here a little bit lower but once again they've had a big bounce, too. so i think that -- you know, you look at truck tonnage and going through the roof and the trucking sub industry index is looking toppy, as well we like industrials, mabel not necessarily those two particular groups but certainly we're favorable towards industrials. >> on airlines, catch our exclusive interviews with airline executives tomorrow from the jpmorgan aviation conference, speaking with southwest ceo and delta ceo an united president they're all coming up tomorrow >> that's going to be good. we have an earnings alert on salesforce adidi?

>> shares down in extended trading. likely due to some light revenue and eps guidance for q1. revenues coming in at 3.6 billion versus expectations of 3.56 billion that's by the way the revenues up 26% and a beat there. eps, 70 cents versus 55 adjusted a big beat there but the company fell short and was a little bit light on the q1 guidance for revenues. expecting guiding for 3 hadn't 67 to 3.7 billion and then the q1 guidance for eps guiding for 60 to 61 cents versus expectations of 63 cents unearned revenue, 8.56 billion versus 8.22 billion expected a beat there another metric digging in for billings, something analysts

watch closely. we'll be on the call back to you. >> all right thank you. salesforce shares moving lower after hours. marc benioff will be here with jim cramer 6:00 p.m. do not miss it what's your initial take sort of a light miss on guidance but i guess the context, mike, is key which is this is a winner. >> the rare mega tech cap company at a new all-time high and software's the place, cloud software, enterprise software, maybe the hottest part of the market and not priced for disappointment and never is. chronically very expensive and reliable is that marc benioff with enthusiastic things to say probably about the business. long-term business it changes the reception of the numbers. >> we should say clearly long term winner but it was down 3.6% in today's trading adding another - >> got a downgrade. >> so it's not a small decline

for today. in terms of the numbers itself, let's bring in patrick ravens for instant analysis who has a buy. what is your take here, patrick? clearly the quarter was a beat the guidance soft. they have some form in giving relatively conservative guidance. >> so, two things. one, you know, it was a strong quarter as you said in q4 but it didn't accelerate so they grew revenue 26% in q4 and that was the same rate they grew last quarter. and, you know, investors would love to see acceleration secondly, as you mention onds the guidance, they basically guided below expectations for q1 and in line for the full year. and i think people would have liked to have seen them and starting -- have been used to see them beat and raise and didn't see the raise this time on the guidance.

>> so talk to us about what you want to hear from benioff, with cramer or keith block, the co-ceo on the call as far as whether this is still a winning stock. >> oh, i think we just want to hear that marc still loves this business and i think he does if you look big picture, he's got some trends that are really working in his favor the cloud is still going digital transformation still going and most important one is just as you look across the software landscape, the companies that are putting the customer at the center of the universe are the ones that tend to do really well and working for salesforce so i'm not too worried about it. >> you did a lot of channel checks in the industry what were some of the negative feedback you got i know that wasn't the predominant tone >> well, you know, there was an interesting complaint. the marketing cloud that that part of their business still

largely driven around e-mail and increasingly, you know, i think we are all in this boat, we are just overwhelmed by e-mail and ignore it and in-app messaging and notifications is more important and hearing comments of industry sources to see better functionality there. >> a question, mike. i mean, looking at the revenue breakdowns, total revenue increased 26%. subscription revenues up 27% professional services revenues up 12% are they taking share? seeing the growth across the industry >> i think they're taking share and general category of crm is taking share and no i think that they are they continually muscle out smaller players, as well. >> patrick, just talk us through how you think about the valuation and why you have a buy on the stock >> well, you know, in -- believe it or not, salesforce in the grand scheme of things is reasonably valued, trading

around 6 1/2, 7 times revenue. the median company on this space is over 9 times so obviously it's been a great last 12 months for these stocks but it's consistent performers, a leader in the space and relatively speaks, pretty reasonable. >> and, scott, what is your take on this software space sorry, apologies scott departed already. but we'll leave it there with patrick. thank you for joining us >> great to be here. thank you. >> my apologies on that. our thanks to scott for joining us earlier up next, tesla shares under pressure after a government probe into deadly accidents involving a company's vehicles a bull and bear debate, how much trouble it is for the stock ahead. plus clients have been buying up shares of tesla and find out what else td ameritrade is trading when we speak to jj kinahan. the future of technology investing

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welcome back tesla a big underperformer today. hey, phil. >> it's two investigations and they'

they're centered on two accidents of florida one involved a model 3 that was going along a divided highway. it ran into a tractor trailer. if this accident sounds familiar to one two or three years ago, there's similarities they're checking not only the autd pilot technology, was it on autopilot? nobody knows and the safety of the ballot ri. remember, back in 2016, there was a similar type of accident in florida and in that accident the ntsb did an extensive investigation and ultd matly found, look, not a defect involved with the -- or tesla was not at fault but safeguards there perhaps the person using the vehicle didn't understand how to use autopilot and nhtsa investigated and didn't find a defect with the system so this comes at a time of elon

musk said we'll have full autonomous vehicles by the end of the year and people saying if the technology is there, will the drivers fully understand how to engage it, how to use it? are the safeguards are in place? those are the questions to come up seeing the investigations play out over the weeks and months to come there's been questioning today about whether or not we will see the $35,000 model 3 go into production soon. how soon will some of the first deliveries begin within the last couple of hours, elon musk out with a tweet saying the gap in understanding is $35,000 model 3 production starts this month. but will not reach volume production until mid year, extremely difficult to predict the middle part of manufacturing s-curve. while we may see the model 3s the bulk, heavy production, not

achieved for sometime as mussk g indicated there. >> a lot of moving parts on tesla. let's bring in two guests. a bull and a bear. as usual on tesla gabe, the stock was down 3.2%. what do you think the news is that investors are processing? >> well, i believe investors are looking at what the first quarter might hold for tesla when they report their sales in early april. their deliveries specifically, my channel checks indicate that first quarter will be a total disaster. inside evs estimates model 3 sales are down over two thirds in just the u.s. consensus for the first quarter is about 58,000 model 3s and 300,000 for the year one thing i would ask any tesla bull is how much of a miss would it take for youto change your view >> gene?

>> i love to answer that i think a miss of 20%, 30%, it would take a huge miss and the reason is this to actually believe in the tesla story you look beyond the noise quarter to quarter that may seem like a convenient escape route for someone bullish and the company struggles near term but that's the way to look at this. a couple very simple data points last year in the u.s. 2% of cars were sold were electric. tesla had 80% of the market share. that's the future. tesla has a lead there their batteries are 92%, this is internal loop ventures work we have done of densities, lives. 92% more efficient than all the other major automotive companies coming out that's a major competitive advantage to build cars that are more profitable. the scaling question plays out

simple answer is this. it takes a massive miss. it is not about this quarter it is about this undeniable curve. >> gene, nonetheless, the price cut to 35,000, do you think that was made from a position of strength or a position of need and dare i say it desperation and what does it mean for profitability in the year ahead? >> so i think it was from a point of strength and the reason is that ultimately, yes, they take in some preorder money but cash is not the same critical question that was about the story a year ago if you go and recall that a year ago the bears were seeing $945 million debt payment made on friday was going to be the straw that broke tesla's back and ultimately they have call it 600 million in wriggle room and not from a point of trying to garner up extra cash. i think what is necessary, why they need to get that in the market, $35,000 vehicle, is people do buy cars and with long

lead times and i think it's important, same reason why they need to come out with a model y ahead of when it's available at scale. >> gabe, gene's point of the long-term growth of electric vehicles and tesla's comparative advantage particularly coming to battery technology, do you disagree with that >> absolutely and you will see audi unveil six new models tomorrow tesla i believe will show a cash problem when they report q1 because you take 3.7 in cash, less to convert payment, less a sizable cash burn in q1 and once again under$2 billion in cash. burning billions this year with over $9 billion in net debt. >> gene -- >> i think your math is incorrect. can we go over the math quickly? >> go ahead. >> so, the math that we have is that the cash burn in the march quarter, yes, they didn't give specifics around that. i suspect that given the

trajectory of the business it is not a quote massive cash burn. there is a piece in the near term tofocus on the cash piece is taking preorders of model y effectively doubles tesla's addressable market and assume a similar uptake of model y reservations at $2,500 look at a billion dollars and this is not the reason why to be optimistic about the tesla story but one factor that people who are more skeptical need to factor in taking the preorders in. >> it feels like the pattern is broken a little bit. musk used to be a hype machine teasing like today with the model y and stock goes up and investors get excited but if it feels like there's real questions of demand. >> well, it's a wondser why investors or customers put down a depositive it for the model y.

a year and a half ago, fall 2017, the tesla semitruck which i told everyone on cnbc was fake news and not up to the spces that was supposed to be delivered by now and then finally the super rodster, same time fall 2017. supposed to be on the road by now. guess what a few months ago all tesla had was a design shell fool me twice. it's hard to see why investors will be fooled a third time. >> gene, final word? >> i don't want to bet against ev and tesla is a leader in ev. >> all right two cases there. thank you. >> thank you. up next on the show, we'll break down the charts to see whether today's selloff combined with a trend of weaker expected economic data is a red flag for the market ji. latter, which td ameritrade clients were buying and selling

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despite today's pullback in the market some data could be pointing to an outperformance by stocks heading into the summer mike santoli with more at the telestrator. >> we are looking at perhaps leading indicator of pickup in economic momentum. this is from jim paulson let's explain what this is

in the blue, the citigroup surprise index going down, numbers lower than forecast than the case right now. another plunge below zero. this orange line is what he calls the economic momentum indicator which is essentially the recent six-month rate of change in the treasury yields and the u.s. dollar index and the market's way of sniffing out a pickup in growth and the line itself, the orange line itself is shifted out by six months so it's sort of trying to tell you which way the economic surprise index might go if it follows course right here. it is trying to say, hey, if the bond market and the currency markets are starting to lift off the lows, maybe it means the economic data's going to do that and trying to say is are stocks priced for this environment versus bonds priced for it jim is thinking that perhaps it could mean we have the makings of a stock outperformance phase

and been conspicuous. >> i'm just looking, mike, at the two lines. quite a busy chart last couple of years it looks like the orange line dragged higher the economic performance as it were and maybe the correlation not so strong in the three or four years before this. >> it is not perfectly tied, obviously. of course, the economic surprise index is sort of mean reverting. people adjust it to forecast down and sort of automatically kind of oscillate like that. so yeah. no guarantees. seems like - >> it is blue ri nrry. that's just the market. >> yields lower from six months but picked up. >> okay. mike, thank you very much. time for a cnbc news up with sue. hi, sue. >> hello, everyone here's what's happening at this hour. the u.n. nuclear watchdog agency saying that iran is complying with its deal. this is the same nuclear deal

that president trump withdrew the u.s. from last year. america's most advanced anti-missile defense system has been deployed in israel for the first time the israeli military releasing video of a transport arriving at an airfield in southern israel the system is known as t.h.a.d. the california supreme court upholding former governor brown's roll back of a retirement benefit allowing public workers to pad their pensions attorneys argued it violated state court rulings to make benefits for existing employees sack sacrosanct. cashless stadium, the first in the nation to go completely cash free. you are up to date i'll send it back to you see you tomorrow. >> a great looking stadium.

>> it is beautiful. >> thank you very much. up next. we'll get the fast money trade on this selloff and whether it's a buying opportunity. >> and then, td ameritrade chief market strategist jj kinahan weighing in.

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welcome back stocks sold off today with the dow and s&p with the biggest one-day declines since february 7th. let's bring in karen fineaman. thank you for joining us two, three hours before the close it looked a lot worse than how we ended up. what is your take on the initial selloff and the rebound? >> initial selloff to me seems like a china deal is already priced in or close to priced in and hearing from the administration it is on track and more on track and then even more on track so to have it selloff buy the rumor buy the news and i think there will be no more side after the trade deal and what i don't think is priced in is a hiccup and we

have seen in the past trump that sort of way he noeregotiates. not shocking to see a hiccup and not priced in and the volatility index doesn't reveal that, at all. >> sounds like you're optimistic and see a deal and upside. would you take some opportunity on a day like today and buy? >> i wouldn't because i don't really love to trade around positions but what i would do and what i have done is buy s&p puts because with the volatility index here that's pretty attractive insurance to own for -- wouldn't it be shocking to us to see a major or minor hiccup in this deal and that's the way to play it and still long term that we'll get a deal. >> karen, you know, i wonder what you make of the complexion of pull back hard today and seemed like the real winners, right? software growth names and boeing

which was everybody's favorite until, you know, this morning, i guess. >> right that's funny how one day makes a big difference and boeing with poster child for who's benefitted from the optimism about the trade deal, it is boeing sold off today but wow what a run it's had since the beginning of the year. that's a tiny blip of the valuation increase there. >> software was another one that declined during today's session. what's your take on that as a sector and salesforce that added to the declines with the numbers after hours? >> it's a question of valuation. great businesses still great growth but this price to perfection and if they don't deliver anything but perfection then downside that's a sector that's been too expensive for me. >> karen, thank you for joining us and we look forward to "fast money" at the top of the hour.

facebook had a rough month china's alibaba and the saudi royal family are just two of the big winners in the forthcoming lyft ipo provided it gets a good valuation, of course we'll look at who else stands to gain

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bought for three of five weeks, that stock down more than 1% since the start of february. joining us now is jj kinahan from td ameritrade interesting there's buying happening along with all that controversy happening with jeff bezos' personal life, that burst into the mainstream. >> right off earnings. they laid out a pretty good picture and very interesting to me, sara, it was three of the five weeks -- first three weeks of the month tended to be more buyers of amazon and primarily trading below the 1640, 1645 range so i do find that to be a good thing considering where it's trading right now but what i'm really interested in is what's next so to speak and amazon eight months in a row is a -- within of the top five buys of our clients so this is a stock that continues to register with our clients and all that they're doing. >> did anything happen around the news of hq2 and influence

them >> interestingly enough, i would say that the interest sort of waned as the month went on and i don't know that you could necessarily point to that as far as the price and went on with momentum of earnings i think the flip side is interesting is facebook. because our clients wereseller of facebook for three of the five weeks of the period, also the middle weeks particularly as, you know, facebook's rally above -- every time above 165 our clients would come in and sell it throughout the month. >> one of the other big buys you saw was apple and the earnings themselves were a catalyst, a lot of the buying after this. >> well, the interesting thing about apple is actually where the buying came from not necessarily the overall population it was millennials who drove the buying of apple. they drove three big stocks last

month. the buying of apple, absolutely. they drove the -- and they drove two sales. number one being netflix and number two underarmour and millennial population is sellers of under armour five periods in a row and very interesting that they were sellers of netflix. >> and to me in general clients in february net sellers? >> yeah. >> how does that play in - >> so the way the index is calculated is everything our clients do, takes into account fixed income, etfs, i think what clients are looking at last month, still very bullish on the market overall so if you look at the broad based etfs, buyers fixed income, buyers talking about the individual stocks they were buyers of and equities a little bit of net sellers which shows me they have faith in the market overall but they're having a tough time

picking out with tariffs, et cetera who's the winners, the losers. now, that gap between buyers an sellers is actually the second month in a row net sellers of equities that narrowed last month and actually again looking at the millennial population, it was actually net buyers of stock. >> millennials, they still don't like under armour? >> don't like it >> is that a big change? >> no. that actually continues where they have switched from is they didn't like nike for a number of months fitbit trading at a lower price anyway. >> just another point because it always comines up. millennials betting on cannabis stocks >> i would say that we are starting to see even more -- the interesting thing is millennials have been -- i know it's weird to say, buyers of cannabis the last few months and starting to happen is seeing more and more

of the general population you have aurora up there cronos didn't make the list before and come up over the last few weeks and the millennial population buyers almost every week of that. >> millennials are a contrary indicator? just kidding. >> they bought cannabis stocks and funions. >> how about retail investors overall and what you see in terms of trends in the broader market is that a lagging indicator when they're sellers? >> well, last month, i would say they've been out ahead this takes into account people who traded once in the month and looking over five years this is out ahead of the market and i think what's going on right now is, you know, some of the other stocks i didn't mention is chipotle and procter & gamble, 52-week highs or all-time highs and what i think is really going

on is people are a little bit hesitant to say, okay, i deaf niin itly want to own this stock right now. >> jj, great to see you. >> always a having me. >> controversy, that's one way to describe the lift welcome back that's one way to describe the lyft ipo which has lit a debate and on "cross money," don't fear the selloff. just keep buying stocks. he will explain. we're back in a couple

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the forthcoming lyft ipo has

controversy. at the same time, it still already has share of big winners. we have more on the story. >> hey lyft duel class structure is getting a lot of attention the council of institutional investors called it egregious and likened the co-founders to supreme monarchs we don't yet know what this will look like in lyft's case this all provides a controversy around this type of structure which bestowed voting rights on a special class of stock it is usually meant to protect the founder. logan green and john zimmer are expected to maintain close to majority control of the company by getting 20 votes for every one vote held by other investors when lyft does go public the others include an extremely diverse group of early investors set to cash out big. they include japanese

conglomerate, chinese tech giant and saudi prince bin talal carl icahn is also a back her of lyft this structure stands in stark contrast to uber when it goes public uber is not run by its founder it has already instituted a one share, one vote structure. uber though could be the minority in this upcoming class of ipo unicorns. remember, slack, ppinterest and air bnb could lack voting control. that lets them focus on the longer term vision back to you. >> i know we got first sights of the earnings of the company late last week. over the weekend, did we start to get an indication of exactly how much of the company's market cap is going to be offered at ipo? who is offering it

is it equal for everything indication of pricing relative to whatever the last raise was >> well, that's a great question i think it's a question that investors and even bankers are still grappling with this is the first of ride sharing companies to go public so there's no really good comparison i heard grubhub is described because it is sort of transportation as a service. they have a similar number of active users but this is certainly a challenge. we reported it's an ipo between $20 and $25 billion. but we'll see. >> all right thank you. >> sales force chairs are trading lower after reporting earnings right now find out what the ceo is saying about the resus.lt

shares of salesforce lower right now after report earnings above estimates. guidance was a little light on revenue for first quarter. jim cramer just spokes with the salesforce ceo and asked about that guidance. >> we're only giving first quarter guidance for the first time right now, jim. so we haven't missed any numbers. and number two, we're raising our full year fiscal guidance to $16 billion. that's amazing in fact, there is never a faster

growing enterprise software company at that level. >> you can catch the full interview coming up at 6:00 p.m. eastern on "mad money. if you're looking for the ceo to reassure you -- >> he's always going to bring it in terms of the tone, without a doubt. we'll see if that makes a difference tomorrow. it has been kind of a bellwether for the leading kbrgroup in thi market >> i'm going to mention as well, as we discussed earlier, transport downs seven sessions in a row airlines are a big part of that we'll get a great take on the environment. we have the ceos of southwest and of delta and also the president of united all coming up exclusively on cnbc tomorrow. not to mention as well another busy show. we have the u.s. ceo and the chevron ceo with us as well. so lots of good insight coming up tomorrow. >> as the market gets a little interesting here, right? you're going to look at this chart and say we poked up to a high at a level everyone is talking about. we'll see if there is any

follow-through >> if the china deal is -- as everyone is saying as it's starting to, what is the next catalyst the jobs report on friday. we'll see. >> yep. >> that does it for the show today. thanks very much for watching. >> "fast money" begins right now. >> "fast money" starts right now live from the nasdaq market side i'm melissa lee. thank you for joining our guests tonight, the market selling off today. top strategist says don't stop buying stocks. he'll explain why he thinks the bull run still has legs. plus, f-a-a-n-g bites back they're holding up to day in the carnage. wall street is betting this trade has a lot of fight left in it we have details. first, we start off with the market selloff the dow down 400 points the lows of the sessions. worst session of the year despite the u.s. and china inch is cloeger ser to a deal. s&p 500 up 11%, surging back from decembe