♪♪ at adp we're designing a better way to work, so you can achieve what you're working for. ♪ "closing bell" starts right now. have a great weekend, everybody! it is the final hour of trading. we could get record closes on the s&p and the nasdaq i'm will fred frost. >> and i am sara eisen p after a busy week jeremy siegel will tell us the number one headwinds facing this market >> and "the avengers" already breaking records of its own and the amc ceo is here to tell us how his theaters are looking to capitalize that's a cnbc exclusive and it's coming up. >> next week big earnings from alphabet and apple we'll tell you how to get ready and discuss how those reports could shake up this market "closing bell" starts right now.

welcome to "the closing bell." let's check in on the markets. just under an hour left of trade. the key levels to watch as to whether we will get record high closes again for the s&p and the nasdaq are 2934 for the s&p. 8121.4 the nasdaq looks on pace for that the s&p just behind the level. the dow still hovers about half a percent or so -- >> we were on pace yesterday too. and just missed it >> just missed it. today we are off the lows as well, with just the first couple of hours of trade we were in the red for the s&p. now .2 of 1% >> weighing on the chips >> you've got sort of a mixed bag. coming up, rza withfrom wu-tang clan will be speaking to us before he rings the closing bell at the new york stock exchange maybe he'll offer some financial

advice like he did with dave chappelle in 2003. >> but also some comments on the nukes industry, comments on their new -- obviously the reason he's here is the documentary at the tribeca film festival last night. >> we'll start with gdp. in the u.s. gdp coming in better than expected for the first quarter, growing by 3.2% compared to estimates of 2.5%. in fact it beat even the highest estimate going into the report despite the economic data market action muted due to some weaker earnings numbers last night and this morning joining us now to discuss, mike santoli, cnbc senior markets commentator and mike faroli, chief u.s. economist from jpmorgan mike and mike. oli and oli. welcome to both of you michael faroli, big through the numbers for us how optimistic should we be about growth for the rest of the year based on this much better than expected headline >> this was a good number. we got better than expected news

i think particularly on capital spending and government spending we should keep in mind there were a few factors here that are going to fade. you did get big supports from inventories which will probably pay back a little bit in the second quarter and some of the news on trade is a little noisy as well that said, i do think what we saw today combined with what we saw earlier this week in terms of things like durable goods orders suggests that underlying domestic demand looks pretty well supported here. so i think overall the picture is positive and like i said we did get a headline beat on the number today and yes, there are some funny business under the headline but overall i think the news o'we got today and the news we got this week has been good for growth not only last quarter but this quarter as well >> mike santoli, fair to say some big earnings stock movers confusing the overall picture today for markets. but the bond market reacting more to that gdp print and inflation than the equity market >> the slippage in the inflation readings definitely got yields lower. credit markets are rallying

nicely it seems like this loose financial condition story is there. earnings in aggregate have held up fine because estimates were so slashed to the bone and i think that's a net positive though since the beginnings of earnings season if you go back two weeks the s&p's up about a percent and a half. coming into earnings season the market was essentially saying we'll give a pass for a first quarter for economic growth. and really when the earnings are coming in weak it has been global conditions for the most part that has been the cause if you looked at 3m. obviously intel kind of a specific thing to semis. it's much more a fwloebl picture than the u.s. consumer, for example. >> mike faroli is it too simplistic to sate economic data is coming in better than expected, the earn rgz coming in better than expected and that's why stocks are making new highs? >> yeah, right now that combined with the fact that the fed is clearly on hold and not going to be hiking rates for a very long time i think sets up for a pretty favorable picture and as mike noted the global story is improving at the edges. certainly got better news out of

china but more broadly we feel like things are stabilizing globally and the domestic picture we don't see a lot of storm clouds on the horizon. not much to complain about here. >> mike santoli, when does the stronger dollar start to be a problem for future quarters of gd snchlt above 98 today >> it was in such a sideways range for a long time. so there's a lot of sensitivity as to whether it can sustain this little breakout it's had. i don't know what level but if it stayed persistently around this 98 to 100 level, you're already seeing just in the past week emerging market stocks come off the boil and things like that i don't think it's necessarily gotten people worried, especially because it doesn't seem to be indicating that the fed is getting more hawkish. it's not about that. it's about the growth differenttials for the most part and that's the worst reason in the world for the dollar to be rallyi rallying in fact, you have some people making the case that if the dollar stays high up here it's yet another reason for the fed not to look to hike later this year because they wouldn't want

to exacerbate that situation >> mike faroli we talked to larry kudlow this morning on "squawk on the street" and then president trump tweeted about the gdp numbers, both of them celebrating that better number but both saying that inflation is way below forecast. and it's true. the pce did come in much lower, 1.3% is that a reason for the fed to be doing anything, cutting rates, for instance, which is what the white house is advocating >> i think the white house's advocacy of that position probably makes it even harder for the fed to actually do that. i think given what i'm hearing from fed speakers that they're feeling that if growth above trend, which it certainly looks that way and we'll get another check on that next friday in terms of the jobs report, that if growth is above trend they can afford just to kind of sit on their hands and let the economy start to build more pressure that would lead to eventually inflation actually cutting it's a possibility but i think given the growth backdrop, given the easy

financial conditions, this is a lot different than '98,'s the last time they arguably did an insurance cut. i think everything they're saying right now suggests they can afford to sit back and let the economy hopefully overheat and eventually generate inflation without having to knuckle under the president's wishes to generate that kind of inflation pressure >> mike faroli, despite a lot of debate that we've already had as to what's caused this gdp growth beat and as to how sustainable it is, is it fair to say snapshot today that the trump administration's growth performance has been much better than anybody expected? >> i mean, growth has been -- certainly did well last year and it's done well this quarter. some of that has been due to fiscal stimulus in the form of tax cuts and increased spending. in terms of productivity growth, it has picked up a little bit. i think we're still pretty far from levels that we would consider to bestrong productivity growth. i think ultimately the jury's still out as to whether the economic policies over the past

two years have generated sustained growth and productivity, which i think in the long run is going to be the real arbiter of whether this has been a successful economic policy setup >> okay. to both the mikes thank you very much we'll see you in the next hour mike santoli one stock dropping on earnings exxonmobil having its worst day of the year. dom chu's back at hq with more hi, dom. >> hello, will fred. one of the biggest drops of the dow is exxonmobil after the integrated oil and gas giant, america's most valuable energy company, by the way, posted profits and sales that both fell below wall street average analyst estimates. big part of the story of exxonmobil focused on the downstream, refining and chemicals operations fwhaz unit had its first loss in around a decade and it did say exxonmobil that profit margins were weaker thanks to other things, higher refinery maintenance costs. a bright spot for exxonmobil remains on that production side of things. overall production for oil and gas rose by 2% over the same

time last year meaning it now cranks out about 4 million barrel equivalents per day and when it comes to the u.s. shale production at the all-important permian basin out in texas and new mexico that is 140% higher than it was last year. so exxon certainly having some things to celebrate but those questions about profits and margins at refining a real weight right now, will fred, sara on what's happening with those shares >> dom, did you pick up anything in the conference call from management, commentary or the analyst commentary about whether it's turned now, oil prices hitting a new high for the year recently should be helpful and other factors have changed sort of from the tough environment they were dealing with in the earlier part of the quarter. >> so it was in the earlier part of the quarter but remember, these are year over year comparisons. they're still looking at some of the price action from the first part of last year and that's going to weigh on chevron and exxon. that's the reason why both of those companies came in with

some of those results that were weaker than some people had forecast even though we knew some of the dynamic pricing was different the first time around versus what it was last year but there's a sense right now that as those oil prices start to take a little bit more clarity for at least some of these oil and gas companies it will be big. now, i will say this there is some at least commentary out there among traders and strategists about whether or not you could see larger companies like exxon and chevron look toward more acreage acquisition, specifically in the u.s. we know chevron's going after anadarko right now it's perhaps locking horns with petroleum. but whether anadarko decides it add more acreage in the u.s. especially in places like the permian that's going to be the thing to watch in the coming months >> dom, thank you for that another stock drag on the dow today, intel on pace for its worst day in a decade. despite posting a beat on the top and bottom lines after yesterday's close the stock plunging on guidance the company pointing to weakness in china as part of the problem. as you can see, down 9.9%.

let's bring in ed snyder from charter equity research and david wong from nomura internet. good afternoon to you both david, if i start with you you initiated recently on intel with a buy. what did you get wrong when you did so >> in the very near term we're in a semiconductor downturn. intel missed forward guidance. but the important things about intel are very much intact we're seeing the transition to 10 nanometers. we're seeing the mobile eye division do well for autonomous driving. i'm very excited about artificial intelligence and data center which should pick up in terms of growth. >> so today you're reiterating your buy with a 10% attractive price as opposed to changing your outlook >> exactly p i see a buying opportunity in intel here. the fundamental long-term story is absolutely intact this is a solid profitable company that is a leader in some of the most exciting areas >> a 10% decline for intel's a

big drop do you agree is it a buy? >> it depends on your time horizon. i wouldn't be buying it here david's looking for ach longer term time frame. with intel it's a good bet it's a very solid company. the weak's in they experienced last quarter got worse this quarter. and they're guiding for a better year than i think they're going to have. and the problem they're facing is if you look at the catalysts that are undercutting their performance they're probably going to extend out into the next quarter or two and i expect another revision in downward guidance before this is over >> would you be buying any of the other chip stocks that have been hit today in sympathy with this report? have any of them fallen too far given that it might be a stock-specific issue >> it depends on what your investment strategy is i'm partial to texas instruments. and primarily because unlike intel texas instruments is returning all their free cash flow to investors either as a dividend or share buyback.

the management team is very tuned in to making sure that shareholders get paid for holding a stock. it's a much safer bet. it's also much more diversified than intel so they're not as susceptible to apple dumping them for qualcomm or any of the other id yo sink raltic things that drive intel but it depends on your time horizon. any one of those stocks to be frank you could hold for the next two or three years and you'd be fine. >> it's interesting, david, what you said about the cycle for semiconductors because just this week they ran up to new highs and have been one of the hottest spots on the market lately >> and i think this is actually a problem for many chip stocks i'm cautious on the chip segment overall. i'm excited about the small number of stocks like intel that are positioned for the long term, but in general i think it's time to be cautious on semis. >> because of the macro outlook more broadly or sort of -- >> where we are in that cycle? >> because of the semiconductor cycle we're down double digits year over year for global semiconductor sales.

and as you said, the stocks are at relatively high levels. so the question is which stock's actually priced correctly for the environment? and intel is one of these i believe. >> we'll leave it there, guys. thanks very much ed snyder and david wong amazon did beat wall street earnings expectations last night. but its plans to switch to one-day shipping for prime members raised some eyebrows of investors. we'll have those details next. and uber's on the road not talking passenger pickup it is the company's ipo road show we'll take you live to talk o t yr.t could be the larges ipofheea pnc bank has technology to help make banking easier,

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>> and not close to its record all-time close whereas the nasdaq and s&p look set to hit that oday. >> amazon shaking up the retail sector announcing plans to speed up shipping for prime members. cnbc's deirdre bosa has all the details. deirdre. >> hey, sara well, that one day shipping announcement taking most of the attention from yesterday's results. wall street analysts welcoming that move and saying it will drive future growth and keep amazon ahead of its competitors. investors seem to agree pushing amazon shares higher to more than a 25% gain so far this year markets essentially choosing to give amazon more leeway to fulfill some major ambitions as we heard on the call last night, one-day delivery is going to cost the company $800 million. it also comes as growth is slowing across the board north america sales grew 17% this quarter year over year. that's down from 46% a year ago. international took a major leg down growing just 9% year over year in q1 and aws amazon's profit engine

it is somewhat moderating. but here's the thing other amazon has proved time and time again that its massive investments can deliver. aws and its echo devices were big moonshot bets once but they ultimately made amazon a leader in the cloud and smart speaker market in the case of one-day shipping amazon has already laid a lot of groundwork and logistics and fulfillment for two-day shipping which has already expanded the prime ecosystem. back over to you >> people are wondering, deirdre, besides whether this will lead to growth and how it will hurt retail margins everywhere else, what was behind this move at amazon? what's actually going on with its e-commerce business, with prime memberships, and is there some sort of a slowdown that they're trying to prevent? >> remember that prime is the flywheel it's how amazon gets customers in, not just buying things on their website, but watching prime video and hopefully into the grocery space which it's had limited success in so far. amazon has said that last year

they sort of sat back a little bit and reaped the rewards of investments they made in previous years this year importantly the cfo says it's going to be a year of spending and they're certainly backing that up by putting $800 million behind but they've had lots of successes but let's not forget the flops as well. there was of course the fire phone and some things. it's not a guaranteed win. this could cost a lot of money not guaranteed to see the results of this. >> deirdre bosa, thank you we've got 40 minutes to go before the closing bell. take a look at the major averages dow's up 28 points nasdaq still on track to reach a record high. 8131 is where we are right now s&p too, we're on watch. up a third of 1% >> it's exactly where it needs to be at the moment. 2934 is the required number. >> the white house's top economic adviser larry kudlow called today's gdp report a blowout. coming up we'll get the take from the former chair of president obama's council of

economic adviser austan goolsbee, see if there's some bipartisan agreement on that front. and rap legends wu-tang clan have sold more than 40 million albums worldwide and now they're the subject of a new documentary inries and are ringing today's closg bell we will talk tos are rza don't go anywhere. ahead on "the closing bell." have enough range. n't it will never survive the winter. charging stations? good luck finding one of those. so, maybe an electric car isn't for you after all. or, is it? ♪ that we're playing "four on four" with a barbershop quartet? [quartet singing] bum bum bum bum... pass the ball... pass the rock.. ...we're open just pass the ball!

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welcome back to "closing bell." come down to the floor for a couple of individual market movers today chevron, which you can see down

1.2% today reported this morning. disappointing revenues but solid eps. a lot of focus on the findings exxon numbers, exxon's down more today, down about 2 1/2%, 3%, but week to date if we look at chevron it had a tougher week coming into this earnings important, much bigger factor for them at the moment is that potential takeover of anadarko and the bidding war that has started, not so much whether they will bet to buy anadarko but whether they'll get to pay more. the weight on the stocks coming into earnings disappointing week just going to show you oil prices year to date. slipping significantly today but year to date -- the question coming type earnings is would earnings alou them to catch up with the gains in oil prices year to date the answer not yet both exxon and chevron slipping today. >> colgate that stock is up a nice 4%

it is set to close at a 52-week high colgate out with results a beat on earnings and revenue for the first quarter, confirming its first full-year forecast and like so many consumer staples which are very in vogue in the market it did show some nice oirng revenue growth. that's the pure measure of sales. for north america that number was 3 1/2% but guess what it was on pricing instead of volumes. it was not as good quality as what we got from procter & gamble or coca-cola. nonetheless, these stocks are very much in favor right now for instance, something colgate is doing, and when i say pricing it doesn't just mean consumers are paying higher prices but they're shrinking the size of the toothpaste products in the u.s., for instance colgate total. and that actually leads to those higher sales numbers they are continuing to lose market share a lost analysts remain on hold with this one. colgate shares are higher, up a few percentage points ahead of the close. up next on "closing bell" we're going to talk to pimco's head of public policy about the key

trade risks facing investors in lles market. i' abe at the white house today and china talks pick up next week. we'll be right back.

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we've got quite a crowd here

on the new york stock exchange floor. that is because we are joined by a very special guest rza and the wu-tang clan ringing the closing bell today to celebrate the premiere of their new show-time docuseries, wu-tang of mics and men. welcome. >> thavgz for having me. >> tell us why showtime. >> it's been a network we've watched for years. since we was kids. but sasha jenkins, our director, mass appeal our production company, showtime, they all came and they wanted to help spread our story to the world it's a great network to do it on and here we are. >> and what a great title. "of mics and men." part of the reason for the documentary is to kind of tell the story of the difficulties you faced in your rise to face 20 or 10 years ago do you think things have improved since then in inner cities in new york in particular >> i will say some things have improved you see guys like us able to come out of our circumstances and take what was gritty and,

you know, multiply it to something of success that's an improvement. right? that's an opportunity of improvement. but it's still a lot of problems there. a lot of people are still in a poverty situation. but guys like us and our stories should inspire them to make it out of there you know what i mean there is an exit >> this is a showtime doc that you're doing talk of another one with hulu coming as well >> yeah, hulu is actually a scripted series. sought documentary we called it like it's our bible, and we'll say the scripted series is like our ben-hur. about a guy named aston sanders playing my character and we have samiq more playing raekwon, which is going to be praes interesting. >> you've pretty much produced every group album or solo album. do you have a favorite >> well, my favorite, it changes between only built for cuban links and liquid sords by the

gza. >> on the topic of the different albums, the way they've delivered has changed so much over your career does the fact that so much goes on to screaming now and it's focused now on individual songs as opposed to the broad album, does that disappoint you >> it doesn't disappoint you music started on a 45 single so i think everything is a circle now we're back to the single business and it gives artists a better chance to develop. but he has to be smart to put out that single and make it good we do miss the concept of a great album like remember pink floyd you got that album, you could play it from beginning to the end. or you get the marvin gaye "what's going on" album and you could play it from the beginning to the end 36 chambers another album you could play from beginning to the end. so we're missing that part of it the whole experience but still the single business is what makes an artist become -- make its awareness grow. and i think it's still healthy for us >> where do you stand on the streaming wars, spotify, apple, amazon -- >> the funny thing about it, it

took us a long time to find a way to monetize streaming. and a lot of artists were suffering because we was losing revenue. now that we've finally monetize td and we're finally starting to make some equity off it, amazon is coming in to give it way for free but i'm hearing, i don't know if this is correct, that even though they're going to give it to their customers for free we'll still make money so as long as the artist is still making money, i think that may best man win >> you sold one special edition album to martin skreli, someone who our viewers know very well, for $2 million >> right >> probably being moved out of prison, by the way, for running his -- >> so i was going to ask what was your view about all the of that who's got the album now? the government >> the government has it >> would you want it back? >> you know, i would love it back that album felt like a child of mine so it's like that child is off to college and the child's in

the world right now. i don't know >> is the public ever going to get to hear this album >> you know, i guess time will tell on that what i would like to say about the process of that album, though, is the idea is that music was being devalued you ever notice certain industries get devalued. and how do we bring value back to those industries? once upon ia time in shaolin wa an attempt to bring value back to the industry by saying treat music as art, something that is like objective, like a mona lisa, like a egyptian scepter, let to be valued at that and then when it's hard to get everybody wants it, right? so it was part of capitalism at its best i guess >> i hope you get it back if that is the intention. i want to ask quickly you're a vegetarian and you've done some work with impossible foods are you planning to invest in the ipo which is upcoming? >> i would love to invest, me and a few buddies. the funny hing, that i have a few friends in australia that's

also interested in bringing their products out there i would like to see that veganism and vegetarianism is healthy for our planet we know that, right? no animal, this is my opinion, i don't think no animal needs to die for us to live that same cow, he eats grass he gets 2,000 pounds from eating grass. i don't want to eat grass. but i'm saying we should be able to not have to put animals through suffering and kill them in order for us to survive because this planet earth provides for everything that walks upon it and everything that swims within it >> do you invest in any other stocks >> i'm kind of light on the stocks i'm just learning more about it now. my investment was into my music. music equipment and things of that nature. and building studios and it worked out for me but now i'm both this mature age -- >> but you're not diversifying your bonds >> no, i'm very diversifying my bonds. >> you're an icon for a lost

people on wall street and a lot of business medium and and i think it goes back to that dave chappelle skit you did. >> sfraul, thank you for that. but i will say something i feel is important is that we recognize that every industry has its players that help it grow you're talking about the cannabis industry, right and how a lot of people in my community are not benefiting from the way growth has made it to the stock exchange, it's now legal in some countries, legal in some states, and yet it's something we as entrepreneurs, we kind of started that pharmaceutical part of the business sought same thing with music and things like that wu-tang went on to make our industry at least a billion dollars through our music and through our videos and records and our movies and i just hope that those who are in control of capitalism, in

control of these markets realize that it's young entrepreneur minds like myself, mr. oliver grant right here, my brother devon, odb, when we was young we were still entrepreneurs and we put all our energy to make our product and now that product is a worldwide product. so you've got to kind of realize we've got to start younger in these communities and find out what's the next product because it all benefits and helps our country grow >> rza, it's been a pleasure having you with us and to all of the wu-tang clan congrats on the documentary, which charts that amazing rise you that guys have had and we look forward to seeing you ringing the bell later in the show rza, thank you very much time for a cnbc update courtney reagan's got it for us. >> here's what's happening at this hour. speaking at the council on foreign relations in washington fbi director christopher wray says china posed the most serious threat to the united states, saying it seems determined to steal its way up the economic ladder. >> china has pioneered a

societal approach to stealing innovation in any way it can from a wide array of businesses, universities, and organizations. they're doing it through chinese intelligence services, through state-owned enterprises, through ostensibly private companies 23-year-old rahel amudeo of texas has been charged with vehicular homicide for causing a fiery crash that killed four people in colorado police say there's no indication that drugs or alcohol were involved another brand of rocking sleepers is being recalled this after five infants died in them over the past seven years kids ii says it's recalling nearly 7 had not,000 rocking sleepers that were sold since fwvt at walmart, target and toys "r" us it comes just two weeks after fisher price recalled nearly 5 million of its sleepers. that's a cnbc news update at this hour.

sara back over to you. >> courtney, thank you very much 23 minutes to go until the closing bell take a look at the major averages we're on record high watch we've had some lift throughout the day. amazon coming near the best levels off that earnings reaction s&p's up a third of 1% energy the big loser on the day. oil prices down a few percentage points it is opening weekend for "avengers: endgame." the superhero film set the record for the most presale tickets for any title in amc history. coming up we're going to talk to amc entertainment ceo adam aaron about his theaters' plans to show the film around the clock this weekend >> but uber launching its 'vgoshow in new york city. wee t the details on how the deal is being marketed we're back in a couple minutes don't go anywhere. you've worked hard to grow your wealth. make sure you're working with a wealth manager who can grow with you. cfa charterholders have the investment expertise to unlock opportunities other advisors might not see.

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welcome back chinese president xi jinping reportedly signaling approval for u.s.-china trade war talks president trump meanwhile says xi will be visiting the white house soon our next guest warning investors not to get too complacent because there are other trade risks on the horizon joining us to talk about it libby cant cantrill, head of public policy at pimco great to see you as always >> great to see you too. >> let's start on this topic of trade. do you think most of that

progress is priced in and still getting over the line is probably harder than people expect >> yeah, look, i think there's a lot of political appetite on both sides to reach a deal however, anybody who's been involved in trade negotiations will tell you that the last of any trade negotiation are most difficult. and right now what i'm understanding is they're focused on structural issues it's not just about buying more airplanes or buying more l & g it's about intellectual property, technology transfer. and how will the u.s. enforce against the chinese on those things so i think there's optimism they'll reach a deal in may or june but you could also see a risk of this being more protracted given the difficulty and the structural issues at heart. >> make a deal before the campaign really gets going >> arguably how it ties into even today's gdp print i think that likely emboldens him to negotiate even -- to get a

better deal from the chinese and not to necessarily capitulate and to maybe go harder on the structural issues. so yes, i think he's going to be very cognizant of the market and the political wrangling going into 2020 but he may think he can ride this out a little more because of the strong economy. >> does progress with china mean harder play with europe? >> yeah. that's something else i'm talking to clients about, about the possibility of auto tariffs in particular as a way to increase the u.s.'s leverage over europe. now, as you all know, we've been in negotiations with europe over free trade agreement for about two decades and the same issues keep coming up it's always agriculture. so i think you could potentially see him at least move forward with the threat of auto tariffs if not actually move forward with auto tariffs. there's a deadline may 18th.

we could see that deadline -- going o'continue to 2019 >> would -- he's invested so much in this relationship talking trade. but i mean, if we go for tariffs on autos that hurts japan. >> exactly auto tariffs on japanese autos in particular is something that president trump is talking about in the 1980s so this is something that he really believes in it's fundamental for him i do think that japan has played this very well they've offered many concessions. >> libby cantrill, thank you >> thanks so much. >> uber is launching its road show tay today cnbc's leslie picker is here and has the very latest for us leslie >> hey, sara, this is day one of uber's road show day one of any ipo road show

encompasses meetings with all the underwriters' sales forces where the executives will help teach the sales forces how to market the deal to investors we're here at b of a which was the last stop for executives on that underwriter tour today. and from here the executives will traverse the country to meet with investors, whether it's one on one or in big group lunches where they will seek to sell about $10 billion worth of stock in this offering now, we got a glance at their retail road show video, which is essentially the presentation they put online that's supposed to reflect the presentations and the various marketing tactics they hope to use in those meetings with investors that they do across the country in it they tout the size and scale of their business, the diversity of their business model, encompassing freight, e-scooters, all sorts of new initiatives as well as the fact they are indeed global they also talk about the potential of their total addressable market for mobility as well as their intricate network and what they describe to be a very complex technology.

lastly they talk about their corporate governance and say they are one vote, one share separates hem from a lot of the other unicorns going public with the dual class share structure sometimes no votes at all for the shareholders that will be buying into the ipo. now, they do need to win over environmentalists because they released q1 projections for their finances showing about a billion dollars in operating losses in the three months to march 31st that's on top of the $3 billion worth of losses, operating losses that they had last year in 2018. they're also showing top line growth-b 20% for the quarter compared to a year ago which is a slowdown from the year ago quarter. they certainly have some marketing to do, guys. >> leslie, thank you very much for that we have 14 minutes left and we are on pace for a record close on the s&p and the nasdaq. they are both higher and set to close at yet another record

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here's where we stand in the final minutes. we are on pace for a record all-time high close on the np and the nasdaq the key numbers 2934 for the s&p, just above that level at the moment for the nasdaq. 8121 the dow of course still lagging its all-time record high >> this really is an earnings story. if you look at which group is powering the s&p higher it's consumer discretionary in that group you've got ford which is up 11% near the highs of the session and amazon which is also doing well up almost 2 1/2% now near its best levels. both positive receptions to earnings 10 minutes to go joining our "closing bell" exchange for the day we've got jim bianco president and strategist at bianco research and cnbc's rick santelli with us jim, we're watching record levels again here on the s&p and the nasdaq how sustainable is it we keep climbing based on better earnings >> i think it can be sustainable

in the short to medium term because one of the things that's helping to push the market higher is the perception that the fed has turned today we got the core pce deflator because we haven't been getting the pce numbers because of the government shutdown it will be monday. and it showed a stunning drop in inflation. and this is at the level that chairman powell recently said well, if inflation ever really fell a lot we'd consider cutting rates. guess what it fell a lot. it's put a rate cut into the equation right now as a matter of fact, the futures markets got it priced in for september, which is only five months away. this is music to the ears of the equity market. >> it's goldilocks as you were discussing earlier >> i think it is goldilocks. i'll continue where jim left off. if i disagree with him it's only in semantics i especially continue to think it's lowest core pce we've had since q1 of 2015 the break evens have been well

under 2% in 10s. so i arrive at the same conclusion except for i think it means we go longer with a silent fed versus with a fed that would cut rates and i think the divining difference there is strength we could argue imports woo wr too strong last quarter, exports too strong this quarter, trade tariffs, question marks with china on usmca making cross-border flows hard to calculate, trade deficit getting smaller, adding to gdp but we're making it too complicated. in the simple firm this first quarter even with one-offs is sochl better 2/3 of a percent of gdp was inventories. 2 1/2% it was better than anybody anticipated. on march 12th atlanta gdp as we talked about yesterday was .2. so i think strong growth and moderating or flat or even dropping inflation as jim has highlighted is goldilocks but

maybe it's goldilocks to continue this neutral stance i think a lot also depends on europe let's not lose sight of the fact bunds closed negative, the currency well under 1.12, which leads me to the dollar story the dollar's impressive even with givebacks today, wilf it's going o'most likely close right around 98, best close since may of 2017. >> jim and rick we'll leave it there. thank you very much. 2934 we're back at the level needed for the s&p. the nasdaq still looks set for a record close ford surging today fellow automaker tesla having a tough week eric chemi has the details at hq >> shares of tesla on track to post their world trade center week of trade since february 2016 more than three years ago that stock is also trading at its lowest level in two years. tesla of course reported weaker than expected earnings on wednesday this week and analysts were not sold on musk's pitch on autonomous driving growth. but the stock is also under

pressure following those blowout earnings from ford in fact, ford is poised to close ahead of tesla in market cap for the first time since late may of last year. certainly some interesting trends there breaking below the big $250 support level a lot of analysts were talking about earlier this week you see it at 234. that is a significant difference below 250. back to you, wilf. >> eric, thank you very much for that we have six minutes left of trade and we'll be back with the close. >> after the bell wharton professor of finance jeremy siegel tells us why he's getting mo ctis reauouon this market "closing bell" will be right back to a single defining moment...

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the nasdaq on pace for its fifth straight week of gains on track for a record close as well let's get to seema mody for a look at the biggest players today. >> it comes down to earnings fueling the nasdaq to new highs. should point out its all-time intraday high is 8151. but the nasdaq on pace for a record close and a number of stocks hitting 52-week highs today. not just a number of tech companies but adobe, comcast, starbucks, workday the nasdaq would be even higher if it wasn't for intel after it cut its forecast on the china data centers sales remaining weak it's a reminder that while a few new data points in the month of march suggest china's economy is turning around the semiconductor sector still is feeling the pain now i'm going o'send it down to

wilfred for the closing countdown. wilf >> seema, thank you very much. the nasdaq does look set to have that record all-time closing high it's going to come right down to the wire for the s&p the number we need to see 2933.7 to be a record all-time closing high we are just three or four points above that level as we stand the dow alas still off its own high but higher by 0.2% in today's trade. let's look at the sector seema said it was the earnings that drives the nasdaq it's earnings that drives the s&p's performance as well. consumer discretionary, consumer staples at the top that's amazon at the bottom. that's exxon and chevron if we look at the s&p sectors for the week as well which has drich fruts last high to this one, we see it's health care top interesting a rotation out of one of the underperforming sectors year to date that got us up this week communication services is up for the week as well facebook earnings earlier in the week energy is bottoming not just

today but for the week as a whole. couple other stories for the week ten-year treasury note steady slide dollar moving the other direction, up about half a they are-cent for the week. i'll bring in bob pisani and we'll look at the s&p 500 intraday 2933.7 is what's needed for a record all-time high >> we'll make it it looks like the low drift every day this week was right after the open. and that's because you get hit on the companies having a problem with the earnings. today it was oin tell and exxon. so we were up preopen on the better than expected gdp as we went into the open we sold off because of exxon and intel and yet the market drifted higher this has been going on for days and days now slow steady demand even on light volume this is very positive. closing ate new high seema was referencing the new high we were complaining earlier in the week only 13 new highs 30 today it's still small but it is

expanding and every day we go up a few points you get another 10, 15 new stocks at new highs. >> nice catch-up with the russell. >> the russell was down 8% for the year going into it it's getting better >> there goes the bell it is a record all-time closing high for the nasdaq and the s&p. 2939 up almost half a percent the dow up 0.3%. another record all-time. closing high ringing the bell here at the big board. rza from the wu-tang clan. sara, back up to you >> a double record there at the close. welcome to "closing bell." i'm sara eisen wilfred frost rejoining me in a moment along with mike santoli, cnbc senior markets commentator. really strong. didn't look like we were going to do this earlier in the session when stocks opened lower. there we go. new record close for the s&p

500. 2933.68 to get there we closed at 2939.74 ford surpassing it up half a percent. to be fair, consumer discretionary, best performer in that group was ford motor company with an almost 11% gain. haven't seen that kind of move in ford for years. other groups higher staples, health care, financials, materials, real estate, industrials, communication services and utilities it was energy that was the big loser. the nasdaq composite closing at a new record high. we far surpassed it at 8146. inching toward the intraday high as far as the dow unh that was the winner intel was the loser. that leaves us with our 1% healthy gain for the s&p 500 for the week coming up, jeremy siegel weighs in on this record close and whether the market can keep

rallying at these levels here are the stories on the radar for investors. first quarter gdp coming in much better than expected intel's new guidance weighing on the tech sector. and apple and alphabet get set to report earnings next week we'll talk about all those topics joining to us talk about the market today though is jeremy siegel professor of finance at wharton school. welcome, professor we'll get to you in just a moment first mike santoli on these new record highs and the better earnings and better data that took us there. how good is that >> better earnings than expected i think the fact the market is refusing a lot of pretty decent excuses to back off is the most encouraging thing. in other words, you have yesterday 3m, today intel. very big companies getting blasted on bad results and it just rotates elsewhere the grinding move higher continues. we finished about a point below the intraday high. i keep pointing out how

methodical and almost grudging these gains are. it just shows you the market is rotating, it's well supported. bond yields remain, corporate bonds remain very compressed in their yields all of which says there's no real danger points you'd necessarily cite in terms of it being immediately vulnerable >> in terms of those record closes, interesting that health care is the best performing on the week it is a theme of rotation. the russell also a strong performance for the week as a whole more so than, say, the dow. >> it's almost as if because we have that general acknowledgment that the market seems like it's it's an okay place, when you do have one sector taken down it almost immediately leads into something else this morning a little bit of a sell-off in big tech and the banks started rallying right off of it. there's not a rational reason except the market reports money doesn't want to leave. there's still a lot of worry among the public the professionals were all in on

this rally but the public is waiting and seeing >> which is one of the bullish factors. the -- professor siegel what's your level of bullishness as we witness the s&p and nasdaq closing with new all-time highs? >> it is a make the trend your friend market. a very old saying on wall street but that's what's happening there. the money is still moving. it could have been vulnerable on intel, exxon but it hasn't destroyed the upward trend it's still on track. we have seen these trending markets over the last two or three years. they go up a couple points, couple points. very narrow. it takes something very big before you get that jolt downward and certainly we haven't had anything like that that can destroy the trend. >> what was your take on gdp this morning and how important is it that inflation remains

benign >> that's extremely important, to say the least now, we know that the good number was a lot of inventory build and that this quarter is looking closer to 2% gdp is very backward looking i'm looking forward to the employment numbers we're going to get next friday you know, the forthcoming data that we're going to get. the most thing i would think could spark a really big rally in this market is let's get a chinese trade deal all that uncertainty off the table. look at how many of the firms have warned oh, their shedown in china and all that that would bright thaen outlook dramatically the only thing i'm a little worried about, the dollar's been very strong. and that's going to be headwind on earnings.

but again, this is an upward trending market. you can't go against it in the short run most certainly >> it seems like sometimes the strong dollar irks investors and sometimes they write it off. it was a huge factor in the consumer staples earnings and all the growth stocks got hugely rewarded which mike brichkz me to my question about the market reaction you've got to be in the right stocks this earnings season. because if you're not, punished really hard for the misses and the disappointments. look at intel today. and if you are look at ford today, up 11% on a better number >> even in the aggregate if you look at the companies that reported so far the punishments for miss having been more extreme than the average over the past few years and on balance the reward for beating has actually not been as strong as 234 part quarters it seems like overall the market is kind of fine. earnings are flat this quarter we're trying to look past it we think we're going to bet on the second half comeback

but individually a lot of offsetting currents under the surface. >> before we drive into the individuals a little more what do you feel about the broad market valuation at the moment >> 18 times earnings this year's earnings conservatively looked at that's quite reasonable in an interest rate environment that we have stable interest rates. not much higher. fed on hold at most. i'd still like to see them lower but no high yer 18 times earnings is perfectly fine it's not a cheap market. but with these rates it's certainly not an overpriced market and you know, talking about mike, the interesting point about the misses have been penalized a little bit more. i think wall street realizes that they guided down a little bit too much and as a result you really need to be that get that push forward

and if you don't you're going to suffer there was a big scare at the end of last year with the fed and fear of a recession or a big slowdown even i thought gdp was coming in 1, 1 1/2 just two months ago and it came in over 3% so a lot of that fear has been dispelled. you've got to beat by a lot now to get a big push on your stock. >> one company that had not guided down sufficiently until it reported last night was intel. it plunged because of weaker than expected revenue forecasts in its first quarter's earnings report last night. the company said it will exit the 5g smartphone market and said it's asession its future in the internet of things business. the drop also hurt other semiconductor stocks 37 we did see intel down 9% and a slew of others declining 2%, 3%, 4%. mike, the slight surprise is how much this hit the rest of the sector because there were some stock-specific aspects to this >> there was

it came a day after smaller competitor exile inks had an issue and also the sector as a whole had an all-time high two days ago i do think maybe that's why there was a bit more sensitivity across the board in terms of intel's numbers there's a big outright decline in that data center revenue number pretty hard to avoid that. tremendous move. it just shows the upbeat way to spin it is this is kind of resetting expectations for the company. the issue is intel still has to spend tremendously every single year on capital investment hard physical fixed investment and they will do that and they kind of willingly do that. it's always been the value play, the slower droeth play so i don't think it has to dollar for dollar affect the rest of the group. but certainly going into may you might have to still question whether the semiconductor stocks had a bit overanticipated the upturn in the cycle. you just don't know yet. >> you look at these year to date gains still among this group, very strong

exile in xilinx is up 40% qualcomm up even more than that. significant news nvidia up 30%. what do you do do you sell? lock in those gains now that we're getting? disappointments from intel and xilinx >> what we had is that big v shape. october, the christmas eve, with that 20% sale on stocks, which no one wanted to buy and now we're back you know, basically at the high that we had beforehand the tech stocks took a bigger v than the more conservative stocks, which is pretty normal following on what mike had said, a lot of these stocks, like intel, they had rallied a lot beforehand you often see that if there's that anticipation rally in the couple weeks beforehand, boy, if they're going to miss they're going to back off but it appears the mix, the money is still flowing toward equities.

there's no threat i think to this bull market certainly, as you can see on the near term >> this week's been busy for earnings look at what we can expect next week, the big ones to watch after the bell here on this show will be alphabet and apple the impact this can have on the markets. has the bar been set higher by the results from facebook and twitter and some of these other names that depends on advertising like an alphabet >> i think just because prices are higher expectations are higher i don't think people are reading through, maybe facebook into google a little bit that could have an impact more or less feeding off the same pie i do think what's very interesting for am because you had a fwloebl panic attack in early january it's almost completely been reversed and yet the stock has also flattened out just recently. obviously significance to all of them but i do think the market's willingness to sort of work through and say we can deal with the overall flat earnings

picture is encouraging until the market tells you the carriage has changed. >> but these two stocks are important to nafall into the god ca camp intel in the bad camp is sort of old tech >> if for no other reason than they're such an enormous chunk they're the kinds of stocks, in particular alphabet, the kinds of stocks that have been in favor, which is globally dominant organic growth disruptive massive companies the tech sector of the s&p, if you added amazon back into the tech sector, which is consumer discretionary, you add facebook back into it and alphabet back into, it it's a third of the market tech plus those three stocks >> i just want to broaden it out. as we see these record highs, low volatility, good time to bring the ipo to the market. we're expecting the biggie, uber how do you feel about all of these companies coming public at the time that they're doing it

>> yeah, i think it's fine i'm old enough to really remember 1999 when the ipos were crazy. they're not crazy now. not saying that awful them are great buys by any means, but most of them have earnings or earnings prospects ahead of them and just following up on this discussion of what apple's going to do and the rest of these stocks, think of how important a deal would be with china because so much of what we see is how is china doing? you know, with china we got the -- with the tariffs. if that is off the table china looks better if china looks better the sales of so many of our tech companies and consumer staples companies look better. that could really drive the market forward >> professor siegel, thanks for joining us great to see you as always >> thank you very much >> still ahead, former council of economic advisers chairman austan goolsbee will weigh in on

the record day for the s&p and nasdaq and the better than expected gdp report this morning. >> i don't know whether wilf and mike have bought their tickets yet, but "avengers: endgame" is already smashing records -- >> have you bought your ticket >> no. have you bought yours? >> no. >> it might be too late. coming up, amc ceo adam aaron will tell us whether the is yr'uster film will help save theas weaker box office performance and the impact it could have had not his company's stock. at emerson, when issues become inspiration, creating a better world isn't just a result, it's a responsibility. emerson. consider it solved.

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seema mody at the nasdaq marketsite way look at what brought us there seema. >> good economic data and upbeat earnings and there you go. the nasdaq closing at a record keep in mind the composite still needs to surpass its intraday all-time high of 8151. but with this week's gains the nasdaq up over 20% so far this year the big winners today included amazon, netflix, verisign. but it's important to note this market story really extended beyond technology. a number of companies hitting 52-week highs today. outside of tech. comcast, starbucks, with that com sales number out of china which came in better than expected workday among others hitting

52-week highs. nasdaq would have not much higher if it wasn't for intel's underperformance in today's session. but we will keep an eye on the semiconductor space next week. a number of companies with notable china exposure report including seagate and with everyone digital semiconductors and what we're seeing in the smartphone space of course will continue into next week. apple of course will be a big topic of discussion as well. guys, back to you. >> seema, thanks the u.s. economy growing at a faster than expected pace in the first quarter. gdp expanding 3.2% compared to estimates of 2.5%. white house council -- chairman of the council of economic advisers kevin hass eliot and national economic council director larry kudlow both appearing on cnbc today to discuss what this latest gdp number means for the economy >> the number was .3 lower because of the government shutdown and as you've covered a lot over the years the first quarter tends to be low because

the winter weather isn't really accounted for in the statistics. i think you add that all together this is really blockbuster news >> the inflation rate continues to slip lower and lower and actually by the fed's own measure the pced flator for deflation has dropped from 2.2% last summer to 1.4% this winter. even according to the fed's own spokespeople from the chairman on down. that could open the door to a target rate reduction in the months ahead >> joining us now to give his take, perhaps from the other side, austan goolsbee, former council of economic advisers chairman under president obama and professor at the university of chicago booth school of business austan, welcome back 3.2% you can't argue, that's a great number coupled with record highs for stocks today how worried should the democrats be about these kind of numbers >> well, nobody should be

worried about the economy does well it was a good day for the economy. the number getting above 3 for that quarter, we all got to take a deep breath and feel a little better from the fourth quarter number coming in as low as it was it's great that that slowdown maybe is not going to continue the strongest parts of the report -- >> you know i'm getting at it's good news for president trump as he enters an election campaign starting off very strong >> my argument is if the economy's doing strong that's good for everybody i haven't noticed that donald trump's approval rating -- doesn't seem to be that tied to how the economy's doing up or down he has kind of a stable base in his approval and no matter what happens from mueller report to gdp report it just kind of stays where it is. >> austan, some critics of his

economic performance have suggested that a lost it's been down to a tax cut that would only last for a few quarters does this suggest that that's not the case, that it might have long-term lasting impact >> i hope that it will have some impact but if you unpack the numbers in the gdp report today you might be still a little nervous about that tax cut not having delivered what its advocates wanted that is, it was supposed to drive investment investment growth has been modest it was quite strong at the very beginning of the tax cult, at a it's gotten slower and vote slower and consumer spending has been growing modestly we got very strong growth of government driving up the gdp. and nicely we got -- we saw an increase in exports.

i hope we can avoid any further escalation of trade war with china if we are able to at least reach some tentative agreement i think the markets would probably look pretty positively on that. >> what did you make of the comment from larry kudlow there, so focused on the weak pce number and whether that means the fed is going to act in either direction, frankly, whether it looks at the gdp or inflation number >> look, larry's an old friend that sounded like a little rose-colored glasses or trying to talk the fed into something as you know, the fed is looking at core inflation, not just the overall pce inflation. we had year over year deflation below what the 2% target is. but if gdp growth were to continue at the 3% rate, now, i

don't know that it will, the forecasts for next quarter are a fair bit lower, but let's say it stays at a 3% plus rate. i don't think the fed is -- for sure they're not going to be talking about rate cuts, which is what larry was discussing and i think you would start to see a number of people say maybe the economy's stronger than we feared when it was slowing down at the end of last year and they would go back to talking about increasing the rates >> austan goolsbee, thanks for joining us >> great to see you again. >> up next, the s&p 500 and the nasdaq closing at new highs today but earnings-driven selling has put pressure on some of the mkeleerart ads this week. whether that's a red flag for stocks, straight ahead

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welcome back record day on wall street, the s&p and nasdaq closing at new highs. let's have a look at those numbers for you. up 0.5% by the close to 2939 on the s&p. 8146 on the nasdaq the dow up a healthy 0.3% but not at its own record all-time high close >> we might be in record territory for the s&p and the nasdaq but a few key cyclical sectors have been under pressure this week mike santoli joining us from the telestrator with more. what debbie downer do you have for us >> this is more in the category of -- hey, i try to tell the next story, not the one we already have but this is in the category of things to watch. it's not really a sharp warning sign but we did have earnings-driven declines in three leading

sectors, semiconductors, industrials and transportation over the past few days this shows those etfs along with the s&p 500 year to date, how they have been outperforming and then you see this sharp decline. semiconductors there you see the industrials and transports it shows you it's a bit of a character change, a little rotation going into cyclicals that was supporting the last leg higher on the s&p 500. s&p 500 has been mostly steady through all this but this shows it's not absolutely a lasting trend. in march everybody was saying oh the market seems to be doing well but it's all these defensive sectors, it's all the yield plays we were working. the market, this goes to the rotation part we were talking about before you have had this handing of the baton from one group to the other. i would watch this right now because you did not have a very strong response in these sectors to this very hot gdp print today because of all the other

extenuating factors. but i would watch it just to see what kind of market we're going into as we get into may which of course tends to be a slightly less favorable period for stocks >> okay, mike, thanks very much. all-time high closes for the s&p and nasdaq today time for a cnbc news update with courtney reagan. hey, court >> here's what's happening at this hour. u.n. chief antonio guterres says china's infrastructure initiative could contribute to more equitable and prosperous world. he spoke at the belt and road forum in beijing >> we're now looking ahead aware that at least 75% of the infrastructure our world will need by the end of the year 2050 is yet to be built so we have a unique opportunity to build a new generation of climate-resilient and people-centered cities and transit systems. >> a man who turkish authorities believe has connections to isis was arrested and appeared in custody today. turkish intelligence believes the 26-year-old syrian was planning to attack a ceremony

honoring australian and new zealand soldiers who landed in turkey in 1915 a powerful cyclone, the second to strike mozambique in six weeks killing at least three people as the u.n. warned of massive flooding ahead over the next ten days. the storm was expected to dump twice as much rain as the first cyclone did last month that's a cnbc news update at this hour. wilfred, back over to you. >> courtney, thank you very much for that up next here on "the closing bell," a box office blowout. the 300 million reasons that "avengers: endgame" could be the savior for this year's weak movie theater sales. we'll discuss with the amc ceo after the break. >> and as we go to break, take a look at the biggest winners so far on the s&p 500 on this record day for the index, anadarko up 66% as a bidding war breaks out forha mpy. tt hess energy. chipotle can't be that far behind we'll be right back. how do you gauge the greatness of an suv?

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moments ago president trump just greeting japan's prime

minister shinzo abe after he arrived at the white house this is abe's third visit to the white house. it's going to be a two-day meeting between the two leaders to help cement their bonds they are going to be having a series of bilateral meetings to talk foreign policy, national security, and perhaps about most importance for our audience trade. president trump has long railed against that 67 or so billion-dollar trade deficit with japan japan has tried to sort of ease the tensions but remember, was disappointed when the u.s. pulled out of the tpp, transpacific trade partnership, something that japan had spearheaded, that group of a lot of countries that would have done trade together against china, sort of in an effort to put pressure on china. trump took us out pretty much first thing on the job >> the only other thing i'd just bring back to the data because it is an interesting difference that exports are really weak recently, for korea, for japan, where they weren't in the u.s. earlier today. so for whatever reason, whether it's china's bounce back, it's

not played out to damage the overall gdp here but it has done for some of those asian nations. >> so many more countries are exposed to the china weakness and slowdown than the u.s. which we got confirmed in the 3.2% gdp we'll keep an eye on those two, bring you any headlines as soon as we get them in the meantime "avengers: endgame" making its highly anticipated box office debut fs the climax of the this phase of the marvel cinematic universe bringing in $60 million last night making it the highest grossing movie preview ever in the u.s. >> and amc plans to show the film 58,000 times this weekend and keep 17 theaters open around the clock from yesterday through to sunday night. joining's now, cnbc exclusive interview adam aaron, president and ceo of amc entertainment adam, very good afternoon to you. thanks for joining us. >> wilf, thank you nice to be with you on this amazing record setting movie

weekend. >> record-setting day for the market >> yeah, record-setting close for the s&p 500. but adam, gauge for us how record-setting this is is it bigger than any kind of release you've ever experienced? >> when i say record-setting, i mean this is the biggest movie in the 108-year history of film in the united states it will be the biggest -- this weekend will be the biggest box office ever. last night thursday was the biggest box office ever. it is a true testimony to what great filmmakers and business people they have at walt disney studios. their chairman and president alan horn, alan berman, make and market incredible movies think about this of the 12 biggest movies of all time for their opening weekends disney has 11 of the 12 and "avengers: endgame" is setting a new market by a wide margin. we've got 10 million seats at

amc set aside just this weekend for "avengers: endgame." >> i wonder how much popcorn that means i wonder what are some of the factors that make this film so successful for movie theaters specifically one of the obvious ones of course is its action content which makes people want to come to the movie theater rather than wait to watch it at home what else? are there any other things you can point to it seems like quite a long movie. >> three hours and two minutes but three hours and two minutes of pure joy. a little weeping maybe but people are having a great time disney has great storytellers. but every studio in hollywood these days has great storytellers in 2018 it was a record year for hollywood, a record year for amc. as we look at avengers endgame in particular i think one of the reasons it's so wildly anticipated by moviegoers is the

marvel universe has been around now since really 2012 and wills been movie after movie and character after character and they've been woven together into this very important offering which really talks to all these characters in ways that clearly are resonating with moviegoers last night was the busiest we've ever seen. this weekend will be the busiest we've ever seen. we may top it. i wouldn't be surprised if "lion king" tops it just a couple months from now. when we look at the slate of movies that are coming out this year, it's really staggering i think we're about to enter a nine-month period, which length biggest nine months in the history of cinema. >> that's sort of where i wanted to go, adam, which is just how much of an anomaly is this right now compared to what you're seeing broader at the box office

in the u.s >> well, we've been saying for some time that 2019 is going to be a staggering year for the success of the box office. the year started out slowly but last year started out slowly people don't remember that in 2018 the box office was down 2 1/2% through mid april and then "the avengers" "infinity war" opened and the year ended up 8% and it was the biggest box office year in movie history here we go in 2019 the year started off slowly and then we have the biggest movie of all time in "avengers: endgame" and there are so many amazing movies coming out. excuse the list, but disney's got "lion king" and "toy story 4" and "frozen 2" and "star wars." ufls's got "the secret life of pets 2" and "hobbs and shaw" and the "fast and furious" series.

the joker, the backstory of the batman character sony's got spider-man. paramount's got rocketman the bio of elton john. it's an amazing slate. i think this could be the first year in history when the box office crosses $12 billion domgsly. we won't know till the end of the year but the next nine months are going to be huge. >> i wanted to ask a different question very quickly. what did you make of the story that netflix may buy its own movie theater? is that something they don't need to do and they could just work with you guys a little bit more >> i've said on your program even we'd be happy to show netflix movies at amc theaters if they adhere to industry standards about where movies play but on the biggest moviegoing weekend in history this is not a weekend that i'm particularly

worried about netflix. "the avengers" mcgrady n vrnl "avengers: endgame" is a reminder people want to see movies on the big screen that's not just an american phenomenon amc is also the largest exhibitor in europe. i'm here in london now and went to see the opening of "the avengers" in london last night he amc is actually in 15 countries and last night "avengers: endgame" set an all-time record for the biggest opening night in all 15 countries, in the u.s., europe, and the middle east. the movies are booming record year in '18 it's going toub a great year in '19. netflix was around in 2018 234e9 flix was around last night when vrnlgz vrnlgds n"avengers:d we're confident we can live harmoniously in a world where

movie theaters do well, where streamers do well. the appetite for content among consumers literally the world over is big enough for all of us >> bold call, adam biggest nine-month period in the history of cinema we're about to face adam aaron, thank you. good luck this weekend up next, the shipping wars amazon upping the ante it's weighing on other big retailers. details next here are the stocks driving ovits&p 500 to new highs, that dre to new highs in fact. we're back in a couple minutes corner of your growing business. from finding out what's selling best... to managing your fleet... to collaborating remotely with your teams. giving you a nice big edge over your competition. that's the power of edge-to-edge intelligence.

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welcome back here are some other stories on the "closing bell" radar today senator elizabeth warren wants to clear your student debt and make public college totally free this is getting obviously a ton of buzz. it wouldn't be totally free. the ultra wealthy would be footing the bill of $1.25 trillion over the next ten years. look, it's something that people can relate to. it's something that i think republicans will have to answer for, which is why do we have so much student debt and why is it so expensive to go to college? although the criticisms are coming obviously fast and furiously. "wall street journal" saying it's a recipe for class resentment and a subsidy for children who attend college at the expense of those who don't obviously a lot of complicated economics to go through here but definitely going to be picked up as a -- >> it doesn't create the right long-term incentives i always think there's not enough focus on the colleges

trying to cut pretty huge prices i wonder if that's something that could be looked at as well. i've gone on the hunt for the next bank of england governor. launched earlier this week but we were so busy with earnings we didn't have a chance to get to here are the odds from betting company ladbrokes. andrew bay he's head of the largest financial regulator in the uk he's favored 2-1 former indian central bank regulator. and former deputy governor of the bank of england. next at 5-1 shirtivadera the interesting thing, herman cain didn't take the job on the fed board he says because it doesn't pay well this job does pay well the bank of england governor mark carney gets about 900,000 pounds in total, including salary benefits, housing benefit, that kind of stuff, pension. so that 1.1, $1.2 million. >> not to mention rock star status as one of the most powerful central bankers in the

world. tons of money, speaking engagemen engagements. rajan would be a good fit. he's already done it in india. he has a lot of credibility. i love that the bank of england -- >> the cameron and osborne thing to take carney in the first place. >> canadian. >> the bank of canada before that but previously was marvin king, who's british. >> they've hired from different places >> clearly that opens up the field. lots of people apply >> 2 to 1 doesn't strike me as a lock for the favorite. still somewhat long odds >> anybody's guess >> and i'm looking at amazon's launch of free one-day shipping. we've been talking about this. that's for prime members raising the bar for other big reerths such as target and walmart. their shares really did take a steep hit on the news. i think that was a slight surprise reflex every time amazon announces some initiative that the incumbent retailer gets smacked. obviously it's going to raise costs across the industry. and i think the market is saying look, is it just they're going to have to spend more just to

maintain market share? >> it's interesting timing on the dow after they have a big eps beat that they say we can do something that might hit margins. >> it incentivizes you to spend more on amazon prime and less on everyone else because you can get it in a day. >> especially if that's the impression because as we know prime is not always today. for those things that are available it's a day so it's good marketing and it's good customer retention if nothing else >> up next, costco shares are making a move higher here in after-hours trading. we'll te y w llouhy pnc bank has technology to help make banking easier,

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shares of costco ticking

higher after hours the company just announced a dividend hike to 65 cents from 57 cents per share costco also authorizing a buyback of up to $4 billion. some shareholder-friendly moves from costco right now. >> with great fanfare two years ago foxconn promised to build a manufacturing plant in wisconsin that manufacturing plant in wisconsin that could create 13,000 jobs scott cohn joins us with more. hi, scott. >> hi, wilf. foxconn is still committed to 15,000 jobs within 15 years, but check out the sweet just this week from a senior foxconn executive asking who has a crystal ball to know if 13,000 jobs could be created by 2032. well, that's not encouraging remember that big announcement at the white house in 2017 about the $10 billion liquid crystal display plant revived in u.s. manufacturing in exchange for billions in state subsidies? well, take a look at the site today. there is construction, but work on the main plant is still

months away and the plans and the product mixed for that plant have been scaled back and wisconsin governor tony ever says that foxconn approached the state just last month asking to change the deal. >> clearly, the deal that was struck was no longer at play, and so we will be working with individuals of foxconn with wedc to figure out how a new set of parameters would be negotiated. >> the wisconsin economic corporation confirms talks are ongoing. if foxconn doesn't provide the jobs it doesn't get the money, but that doesn't account for millions of dollars in road construction, infrastructure improve ams a improvements and land acquisition. that money, guys, has already been spent. >> scott cohn, thank you very much for that. up next here on "the losiclosin

bell," investing in you and how you can find it in your budget. >> don't miss cnbc's exclusive interview with dell's founder and ceo michael dell catch that monday at 11:00 a.m. eastern on "squawk alley" stay with us on "the closing bell."

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welcome back a record day for the nasdaq. stocks that drove the index to those new highs. alion technology tops the list. >> invest in you, red, set, grow as part of our partnership with a corn, the microinvesting app in honor of financial literacy month glamour magazine has launched how to make an extra 10k hub and samantha berry editor in chief and financial wellness adviser council, welcome back >> thanks for having me. tell us how to make an extra 10k. we wanted something tangible that women can hold on to. 10d is a number that you can get onboard with and we looked at how can women earn an extra 10k. how can they save an extra 10k how they can invest an extra 10k

whether that is how they save money and getting an extra side hustle and we talked to women who are getting the extra 10k in a side hustle. >> $10,000 is not a small amount how do you get there >> we broke it down and actual things that people spend money on there's a lot of talk around millennials and their love of avocado toast and brunch to get to the 10k you have to forego 1,500 avocado toasts and if you like a starbucks latte, six and a half years of that, and it's 638 bottles of wine one of the things that the women they talk to, they gip up some of the things they can give up every month whether that's your uber bill or your seamless bill and look at maybe moving to a place that is more affordable to rent and create that fallback fund and the emergency fund that women and men need

>> you mentioned in terms of earning an extra 10k what about someone's existing job? are there techniques for essentially saying, look, get paid more to what you think you're worth >> we looked at a lot of the studies about what is the 10k bracket even in the job that you're in that happy are happiest, right? some of the studies have seen that that 60k to 75k bracket is some of the happiest people, and 75k being kind of the optimum, the happiness level is out we have the constant conversation with women about how to negotiate for themselves and how to ask for more. women don't ask as much as men for more money and when thai do ask they're presented that they're still getting less than man and push and negotiate for yourself. >> do you get feedback from readers when you do these types of segments? does this lead to engagement or is it one of the problems that perhaps it's men and women, but

predominantly women that they don't engage with these types of boring stories that are kind of full of advice. >> we've actually been surprised. we've been having this conversation with women for the last year and a half around money and we've centered it around personal story. so sometimes when you talk about money and finances and you do it in an academic way or in a big reported way a person can feel like they can get into the story and we've been doing our financial coverage around women and stories about negotiations and savings and all of that and we really center it around a woman's story or a collection of women's story and the response we've got has been really, really, really good. wooe h we've had a lot of people having a fullback fund and women having six months worth whether to leave a bad situation and we've had so many thousands of women saying that's what i needed and the reality is there's a lot of men and women that don't have an emergency fund, right? so 40% of americans would

struggle with a $400 unexpected expense on a given week because they are living a lot of them, paycheck to paycheck >> samantha barry, always good to hear from you on this issue. >> thank you >> editor in chief of glamour magazine you can read the one money lesson every woman should live by on cnbc.com and for more from invest in you, you can visit cnbc.com/invest in you we should note that nbc universal and comcast ventures are investors in acorns. >> a couple of record all-time high closes again and key ones to watch >> i have to say it's been such a quiet march higher, so it's hard to necessarily say that people are over excited and that's one way to say it's running its course or culminating. i don't know that it's going to be name by name next week. i feel as long as second quarter estimates don't fall on the reports next week in aggregate,

i think you're probably going to be able to stay in the zone. markets that don't pull back and keep marching higher, even though they say the tank is empty you have to give it the benefit of the doubt. >> nobody expected that. we'll see if the momentum -- >> front loaded and get the jobs number next week. >> great stuff that does it for "closing bell." fast money begins right now. >> "fast money" starts right now live from the nasdaq marketsite overlooking new york city's times square i'm melissa lee. today's lineup is dan nathan, jeff mills of pnc, karen finerman and guy adami energy burning out and the worst performing sector as oil gets slammed after president trump says he is pressuring opec we have the details. plus check out shares of tesla the stock getting crushed hitting a fresh 52-week low and its lowest in two years now well below it's support how low can it go? the traders will weigh in. first, china, the shanghai composite having the worst week of the year after what has been an epic rebound for chinese

stocks thir