i've got to say, cannabis is one of them. but it is also a business-friendly climate with a relatively low tax rate, something in the area of 4% is where he wants to take it. he's actually a tax-cutting democrat >> thank you so much for watching "power lunch. have a great weekend >> and "the closing bell" starts right now. see you next week. >> it is the final hour of trade. i'm sara eisen >> and i'm wilfred frost a strong jobs number this morning. we'll talk about itwhat it means for the fed with dallas fed president robert kaplan. >> warren buffett telling cnbc berkshire has been buying amazon we'll discuss whether investors should follow him into that stock. >> and the ipo mania isn't over. soft banc considering an ipo for its vision fund. "closing bell" starts right now. welcome to "the closing bell." we're on record high watch for the s&p 500.

here's the level to look at. 2945.83. that would mark a new all-time closing high and we are just below that level. still we've got a pretty solid rally here dow's up 200 points. 3/ 3/4 of 1%. the nasdaq roaring higher up 1.4% the russell also doing well, up 1.7%, wilfred. with these gains after a really bumpy week we've actually turned positive on the week >> only just about, though the dow still negative on the week we could get another record all-time close for the nasdaq as well though it doesn't look likely the level there 8162 that is needed the dow still some 300 to 400 poinds off its own record all-time high close. meantime, shares of constellation brands rupp more than 30% this year we'll talk to the ceo about which products are seeing the most growth in a first on cnbc interview. let's get to the markets joining our "closing bell" exchange j'aime carrey hall senior strategist at bank of america merrill lynch. michael faroli chief economist

at jpmorgan. also joining us cnbc's rick santelli from the cnbc in chicago. michael, i'll start with you on that jobs number this morning. break it down for us what does it mean for the fed? >> we heard from jay powell two days ago and he said basically the economy growth looks good, inflation pressures look muted, and they're comfortably on hold. i think what we saw this morning was that growth again looks good you had that 263,000 increase in jobs inflation pressures look muted .2 gain on average hourly earnings is kind of so-so. so given that the story on the economy hasn't changed i don't see why powell's view of being comfortably on hold would have changed. so i think this is very much -- doesn't chait narrative i think that we heard from the chairman two days >> and the markets' view hasn't changed. who would have thought going into this year after the end of the year we saw last year we'd

be up in the beginning of may 18% on the s&p 500 and just persistently making new record highs? where does it go >> yeah. we continue to hit new closing highs in april now that we're where we are, we think there's limited up side to equities at this point so we've been of the view that the s&p 500 could go as high as 3,000 this year. we have a yearly target on the s&p 500 of 2900. we think at this point you want to focus more on picking your spots within equities rather happen just buying the market wholesale. we do think cyclicals, higher quality cyclical areas of the market are the place to be many of them are still undervalu undervalued. positioning has been lower areas like industrials where you've started to see improving signs of momentum and some of the indicators we track that are signs of in china. definitely areas to pick your spots within the market. >> rick, was the viept in his interview with eamon javers earlier today, was he right to be celebrating the state of the

economy and at the same time also saying we should get a rate cut? >> well, i agree with the first half wholeheartedly. the second happen makes zippo sense to me. listen, i understand in the political arena, whether -- no matter what administration, the people they send out when numbers are good talk it up. i get it but it just is completely incongrue incongruent. as a matter of fact, i would frame it this way. many people berated the december rate hike and they said jay powell, you know, bad thing, we need to take it back let's really look at the facts last friday we get 3.2 for first look at first quarter gdp. today we get 263,000 jobs. most think the number should be closer to 100,000. and 3.6% unemployment, the best since november of 1969 you know what that tells me? that tells me that many were fearful toward september of last year the fed would be more aggressive the december rate hike in my opinion especially through the

positives of hindsight doesn't look like it was a mistake as a matter of fact, the next move for the fed whenever it occurs most likely if things continue would be another quarter point tightening but the reality is that now the stock market isn't thinking, oh, my god, this is only because the fed has cut. jim bullard hinted this morning. no this is really about the notion that the stock market and the economy could do their own heavy lifting as long as the fed doesn't screw it up. i think that's what i walk away with >> so michael fehr roli, what ae we looking at this year? 2% economy 3% what's your forecast for the year >> i think for the year probably between 2 and 2 1/2. certainly q1 as rick pointed out was good some of that was inventories, which will probably pay back some in the second quarter but overall i think the economy looks okay it's not going to be as strong as it was last year because we don't have the benefit of those tax cuts to boost consumer

spending this year but at the same time financial conditions look easy had to ease quite a bit recently the global backdrop is getting modestly more supportive some of the trade headwinds are abating. so i think overall the picture looks pretty favorable not as strong as last year but still above trend i believe. >> sara and i were talking at the top of the show about which indices. may had an all-time record high close. the one that definitely won't today is the russell do you think small caps do a bit of catch-up? >> right so even though we've been constructive on equities going into this year, one of our calls is that we've expected large caps to outperform small caps. and even though you've seen a bit of a risk on rally today and small caps and large caps have been neck and neck for the year, small caps have been underperforming since last summer and we expect that could continue there's a couple reasons that we're a little more cautious on small caps and overall the

earnings trends have still been a lot weaker with this earnings season, recent earnings season, expectations you're still seeing cuts to estimates across the board. and while analysts are finally slowing their estimate cuts you're seeing those revision trends improve faster within large caps and this earnings season you're not seeing as many small or mid cap companies beat as you're seeing in large caps one of the other reasons we're a little bit more cautious down the caps spectrum is small caps have really deteriorated in quality. so one of the attributes that we expect to work well this year is higher quality, more stable earnings stocks, and within the russell 2000 you're seeing a near-record proportion of stocks right now that have no earnings and you're seeing a record proportion of lower quality companies, companies that just haven't been around enough to have a history of earnings stability. so i think you're seeing a focus on that. you're seeing a focus on leverage where companies down the cap spectrum have seen record leverage ratios. more floating rate debt and the market is starting to focus in on that. those are a couple of the

reasons we're more cautious there. >> jill carey hall, michael feroli, rick santelli, thank you all and have a great weekend >> thank you >> berkshire hathaway buying shares of amazon ceo warren buffett revealing the firm's stake in the company to our own becky quick ahead of berkshire's annual shareholder meeting this weekend >> one of the fellows in the office that manage money -- >> todd and ted. >> todd and ted. one of them bought some amazon so it will show up on the 13f. it is not true to say i'm buying amazon it's true to say that berkshire has bought whatever shows up there. >> although you've been a fan of amazon and jeff bezos for a long time >> yeah, i've been a fan and i've been an idiot but i do want you to know that no personality change has taken place or anything. >> is beckshire too late to the amazon party joining us is glenn fell from jefferies and jason ware from

albion financial group finally. warren buffett has been praising jeff bezos for years and talking about how much of an oversight it was not to get in early what do you think about him getting in now with amazon trading just below a trillion dollars and up another 30% so far this year? >> you know, there's still 17% up side to our $2300 price target we've spelled out a $3,000 price target on 2022 numbers when you look at the sum of the parts across six of its businesses so if you look at the up side between 17% and 50% up side from current levels, we still think there's a lot of room. yes, he's late but the party is early and we think it's underpinned by ebidta growth that's going to be north of 20% margins can go from 6%, 7% and potentially double and you still have high teen growth they put up almost the same growth as google and they're twice the growth

rate of google it's pretty amazing what they're doing at their size and scope. we are still bullish and again, we don't believe that investors are late if they're new to the story certainly it's had a great run but you've got to look forward to what they can actually do, and we think the prospects still look very bright for amazon. >> jason, that said, 100% of analysts on the street have a buy recommendation on amazon and now perhaps the most famous non-tech investor has finally thrown in the towel of not owning the stock and is. how many new buyers are there left >> i don't know how many new buyers there are left. as far as the sell side's concerned. but wilfred, when we bought this stock for the first time back in 2016 three years ago, we felt like boneheads for paying up for amazon at that time. it was trading around 750 a share, $375 billion market cap, and every analyst on the street at that time had a $1,000 price target and everyone was bullish. that was the pushback we

received across the board when we were late, quote unquote, to getting into amazon three years ago. fast forward three years, and amazon continues to do what they do well, which is grow their company, dominate their markets, and make key investments in areas that are looking beyond e xhert and cloud five and ten years down the road, where the company can continue to grow into what is basically the largest store in the world plus. we have apple and disney that are saying what their streaming services were. this is amazon plus. this is the world store plus health care plus video plus digital advertising plus transportation and logistics we like the bezos story. and we continue to think there's up side from here. >> i thought it was interesting, jason, that in that sound bite we played from his conversation with becky, buffett really went to great lengths to insist this wasn't him doing the buying, that this was his deputies and he's done that before.

maybe he didn't want to confuse it with his long-time reputation as an old school value investor. >> i think he's being honest he's not actively rung the berkshire investment portfolios. we're also long berkshire for clients. we know the company quite well he's not in there making those active daily decisions on the portfolio or quarterly decisions or however often they're in there making buy and sell decisions for the portfolio. so i think he's being honest and the reality is it's ted and todd's show now as far as the investment performance and the stocks they choose are concerned. and they're looking at amazon and thinking, well, maybe we're quote unquote late but this is still fundamentally a good company and if we have a long-term time horizon then paying the 1900, 2,000 on the stock we'll look back and be glad we made that investment decision i just think warren's being honest >> brent, what's your take in terms of the advertising revenue that amazon is pushing into such high hopes for it, it's high margin is the growth disappointing there or do you think that's

just the start of great things to come? >> i think it's really early growth rates are going to bounce around we think it's super early. retailers that we talked to continue to say that you'd be crazy not to list on amazon. there's a lot of retailers that are trying to go direct to consumer and we think many are saying you can lower your cost of acquisition by 10 x. we think it's early. again, the ecosystem for digital advertising, the advertising industry's going from 700 billion to a trillion. half of that's offline half of it's on-line there's a tail wind for the entire ecosystem pinterest, facebook. you look at the group, it's doing very, very well. google was the only outlier this quarter with the growth rate but we think, again, it's super early and we have a lot of hopes for that business to come. >> okay, guys, we'll leave it there. thank you both very much brent and jason. >> be sure to watch "squawk box"

on monday for becky quick's sit-down interview with warren buffett that kicks off 6:00 a.m. eastern time they usually spend the whole show together getting into absolutely everything. >> absolutely everything it's always awesome. always must watch. as is the rest of "closing bell" today. we've got much more on warren buffett and berkshire hathaway as the company's agm gets under way in omaha we'll take you live to the conference floor that's coming up on the show >> after the break dallas fed president robert kaplan joins us in a first on cnbc interview his thoughts on today's blowout jobs report and the president's push to cut rates next and we are keeping a close eye on the s&p 500, marching toward the close, flirting with ending at a new record high the number to watch, 2945. atlittle over th just below that figure we'll be right back. let's build a better world for investing.

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steve liesman joins us now from the conference with dallas fed president robert kaplan. steve, over to you >> yeah, wilf, thank you very much we have enough fomc members here to hold a meeting and raise rates if you wanted to not in the cards >> not in the cards. >> robert kaplan, dallas fed president, joining us. what did you make this morning of this very strong jobs report today? >> consistent with an economy that's growing at a solid rate maybe not as well as last year but still solid rate of growth and we expect that to continue in 2019. >> were you surprised by the strength of the number >> i think it's still my view that we're running out of capacity in the workforce. we keep saying the unemployment rate's 3.6 >> running out of capacity we do 200, 200, 200. we're not running out of workers

at all >> well, we're bringing people in off sidelines but we're starting to approach prime age papgs precrisis. we're reaching prerecession lows on discouraged workers in a good way. i would expect it's going to slow down but i don't think that would be necessarily a bad sign. in that it's just a fact when you've got this low rate of unemployment but we're going to grow we think at solid rates we would like to see ways to continue to grow the workforce and we may have to start looking at other alternatives. and that may be transportation issues, child care, and yes, immigration, even though it's a sensitive issue. >> you don't get worried about inflation when the unemployment rate palls to 3.6% >> so you know, the trend mean measure that we use at the dallas fed is hovering around 2% it's not -- >> hold on because jerome powell made that famous on wednesday talking about the dallas trend mean what you do is get rifd all the noise on the top and bottom, the outliers and it's not just food

or energy, could be one thing one month, one thing another month. >> it tends to change month to month. i like that measure better and i think it's a better indicator -- >> it's been doing what exactly? >> it ended last year around 2 it slipped a little bit early this year, 1.8, 1.9. it's now around 2. the point is it's not that we don't have any inflation the reason is -- and you heard me say it before inflation forces i think are going to continue to be muted is technology enabled disruption and to some extent globalization. businesses have less pricing power today. and this comes through in corporate earnings reports, it comes through in all my conversations, businesses just don't have pricing power to the extent they have wage pressure and cost pressure it's going to come out of margins more likely than being translated to prices >> at 2.4 are you at a neutral rate do you think right now? are you still seeing the economy with your balance sheet and the funds rate >> my own view, yeah at the rate we are, 2.25, 2.5.

we're in the neighborhood of neutral right now. and i think sort of the performance of the economy reinforces to me we're in the neighborhood of neutral. >> how so? >> i think potential growth for the u.s. economy, let's say we get a little improvement in privth productivity, i still think it's around 2%, we think we're going to grow around 2.25. and i think all that's consistent with a policy setting that's probably in the neighborhood of neutral. >> sara or wilf have a question? i thought i heard something. >> i can ask a question, steve thank you. >> go ahead, sara. i had something in my ear. i wasn't sure what it was. >> probably a producer president kaplan, when you see jobs numbers like today and when you talk about a pretty decent outlook for the economy, see us outgrowing the world, how much do you think it is the tax cuts that we saw adding sort of an extra jolt of stimulus this late in the recovery? >> so our own view in our work

at the dallas fed is there were three elements of this fiscal stimulus one of them was an individual tax cut. one of them was a big spending bill and then the third was corporate tax reform and i would say at this point we think those first two items are waning but the corporate tax reform probably we think will have some sustainable positive impact and i think that's likely to help here. >> president kaplan, sara said it in her question the u.s. is outgrowing the rest of the world, the developed world at least how concerned are you about a prolonged or further strengthening u.s. dollar and what that might do to growth prospects in the 18 months ahead or so? >> listen, i've learned from 30 years in the markets, it's hard to forecast what the currency's going to do. i do worry, though, on your point, i worry that weak growth outside the united states, particularly in europe, we're not immune to it and some of

that is spilling over. and particularly that's the case because almost 50% of s&p 500 earnings and profits come from outside the united states. so i think that's a bigger issue that i think will have some muting effect on gdp growth here >> let me follow up on wilf's question what other things concern you? corporate leverage inside the united states. it doesn't seem like at this conference which i've been to now for five or six years, there's a pressing issue on the table of something that must be done or addressed right now. >> so to me the big issues are -- it's still the case our workforce is ageing and workforce growth is slowing. and we still think that's going to be an issue to deal with for the next number of years we're getting a good bout of pulling people back into the workforce. we've still got an aging issue and also our skills of our labor force, math, science and reading are lagging. we're not investing enough in our human capital skills training and education and our third thing, you've heard me talk about corporate debt corporate debt's at record

levels triple b debt's tripled overt last ten years leverage loans have doubled. and i think in a downturn if we slow more that could be a bit of an amplifier to the slowdown and i still -- i think it's worth continuing to talk about that >> president kaplan, vice president mike pence this morning on our air questioned whether the fed ought to be following the dual mandate and said maybe it should just be following inflation. what do you make of that >> my own view, and i was a market participant for a long time and now i've been on the fed close to four years, there are periods in our history where we're very glad we've got a dual mandate, where we worry about employment and inflation there are periods where it seems like because right now we're at near or past full employment we worry a bit more about inflation, i think the key is our framework needs to stand the test of time it can't be the framework that's right for the next six months, next 18 months it has to be a framework that works for the foreseeable future on a sustainable basis

so i'm glad for one that we've got a dual mandate >> so texas doesn't have its own district for nothing it's a major, major -- as a country it would be a stand-alone country with a major economy. two issues are huge in texas right now that are huge for the u.s. economy immigration and trade, if i could put those as one and oil and gas. is what's happening at the border now hurting the texas economy? is it helping the texas economy? >> the issue at the border, because it hasn't been that widely reported, the migrant issue is a vea real issue, and i was just down at the border last week, in that we have a record number of migrants moving up from central america what border patrol is doing is diverting personnel to deal with that so a lot of the commercial traffic we're hearing from businesses is being impeded. so for example, the average number of trucks across the el paso border our contacts tell us is 3,000 a day commercially. it's down to 1,500 this is affecting logistics and supply chains not just in texas

and the southwest but also in the midwest. the issue is does it go on right now it's not gone on for long enough to have a material impact on texas. >> it could. >> it could, and it's something we're watching >> let's leave it there, president kaplan and we'll come back and ask you about the energy and oil and gas business next time. dallas fed president from the hoover institution monetary policy conference in stanford. >> all right, steve, thank you very much for bringing us that interview. our thanks to robert kaplan as well we've got 34 minutes to go here before the closing bell. still got a 200-point rally on our hands with the dow, very strong day broad-based gains. s&p almost a full percent. and we've got gains in almost every sector within the s&p 500. energy leads the way consumer discretionary and industrials not far behind still to come, adidas shares soaring today on earnings. i spoke with ceo casper roarsted he shared some updates about the company's new partnership with beyonce. by the way, that stock at a record high along with the s&p

right now. and up next the nasdaq is up for its sixth straight weeks of gains and outparticipation the major averages today we'll drill down on atwh's driving the index higher

welcome back the nasdaq leading the major averages today on pace for its sixth straight week of gains. seema mody is uptown with a look at the biggest movers so far today. seema. >> april jobs report underscored a healthy labor market and that's really helped lift stocks across the board as it

pertains to the nasdaq a number of companies' specific stories amazon higher by 3%. after warren buffett told cnbc that berkshire has been buying shares of amazon and then there's upbeat results from monster beverage, gilead science as mong others one sector to highlight is online travel. positive comments from deutsche bank this morning regarding trip adviser and its attractions and restaurants business growing rapidly for the next several years, which they say will help drive topline growth that certainly has been a source of strength for the company in recent quarters and we'll have to see if that continues the company reports earnings next week on may 8th now, one stock not joining in on the rally we're seeing in the space is expedia earnings last night showed revenue in its home sharing business slowed for the second consecutive quarter. guys, back to you. >> all right, seema, thank you time for a cnbc news update with sue herera hi, sue. >> hello, sara hello, everyone. here's what's happening at this hour general motors recalling almost

370,000 medium and heavy-duty diesel trucks equipped with engine block heaters because of fire risks gm says there have been no reports of injuries, accidents or fatalities tied to the recall the truck driver accused of causing thursday's fiery crash on interstate 70 near denver which killed four people making his first appearance in court. police say the crash involved at least 28 vehicles including 24 cars and four semi trucks. president trump's former attorney reports for prison on monday michael cohen was sentenced to three years for tax evasion, lying to congress, and campaign finance crimes and be careful when you answer your front door take a look at that. a woman in south carolina was stunned to find an alligator at her doorstep, and a pretty big one too. it actually looks like he's trying to get to the doorbell, but he didn't succeed. >> smart alligator >> luckily, she had her screen

door closed. >> yeah, luckily he wasn't a tiny bit taller. >> exactly back to you guys see you next hour. >> thank you very much after the break, shares of constellation brands up more than 30% so far this year. we'll talk to the company's ceo about the stock's rise and of course constellation's big plans. later i sat down with actor alec baldwin ahead of the release of his new film about the life and career of john delorean >> do you think you're going to beat the avengers movie at the box office [ laughter ] >> he didn't have a lot to say on that question it was hard work we will have his comments on the state of the media landscape pretty interesting comments on that so comparisons between john delorean and elon musk ♪

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life. to the fullest. welcome back to "the closing bell." the s&p 500 is creeping closer to another record all-time closing high 2944.5 is where we stand it needs to be up about a point and a half more for a record all-time closing high. up 0.9%.

dow up 0.8%. nasdaq up 1 1/2% all the sectors in agreement sunday is cinco de mayo which kicks off beer selling season for corona maker constellation brands constellation shares up almost 18% since just last month. joining us to discuss, bill n newland, the ceo of constellation brands and our new york stock exchange, closing bell ringer for the day. nice to see you. >> thank you nice to be here. >> mariachis following >> anytime now >> let's talk about your beer business growing 8% to 10% in a category that's basically growing 0%. how do you sustain that level of outperformance >> there's a number of things that are working in our favor. we have a very strong demographic base with our hispanic consumers and that's a great tailwind but our brands are just resonating with consumers. consumers are moving to the high end more and more often. and our brands fall beautifully into that space. we think there's just lots of runway to go for corona, modelo, pacifico, victoria we're excited about it

>> all those brands you listed there are big famous brands. i guess if there was a trend that dominated over the last five years it was people shifting away from the known big brands toward some of these craft pop-up brands. do you think that trend has peaked and people are now coming back to the bigger brands? >> i don't think so in the sense that people are continuing to trade up so there's a billion cases of domestic light business that is trading up to brands like corona and modelo and things of that nature while craft is not as high growth as it once was, there is still a real interest in trading up and we are a recipient of that growth. >> one other trend in beer which was interesting to see from a very small base, particularly in the heineken numbers recently, is zero alcohol beer what do you make of how far that can go >> there's not a lot of evidence that when people choose to consume alcohol they're really looking for zero alcohol other than in very isolated situations in many instances when you think about wine as an example people view it as having wine is

actually drinking a lower-calorie product. corona premier which we just introduced this past year and has been a phenomenal success-s low carb, low cal. we think it's pretty well covered and we're not sure that's a trend that's likely to continue >> want to ask about your investment in growth and specifically the transaction announced between canopy and acreage and how you think ultimately that will affect you. >> all of our investment is through canopy and our view is the united states will be roughly half the size of the overall cannabis business over the course of time what this deal allows canopy to do is be the elite player in the united states market much like they're the lead player in the canadian market when it becomes legally available in this country. >> when are we going to see the drinks >> drinks are going to be available starting in the fall in canada. and canopy will be ready to go with drinks in canada when that becomes legal. >> you've added a couple brands

recently in the liquor space a whiskey brand making some more venture capital investments. is that something we can expect to continue from here? >> well, we started our venture arm a few years ago. nelson's greenbriar, which is the one you're refer to, was one of our first investments it's a great product with great heritage it fills in a white space with our portfolio. goes very nicely with high west, which is another one of our investments. we're going to continue to do venture investing. and as those become big enough and successful enough we will integrate them into our core business much like we have done or about to do with nelson's greenbriar >> you're a fairly new ceo for constellation. first non-family member to take over this company. what kind of changes from the outside can you actually bring >> i think a number of things. one of the things that rob sands was particularly anxious to see is to build up a successful capability to innovate i had done a lot of that in my career and he was very anxious to not only do well with what we've got

but also to step forward and to do new things. premier is a great example of that in the beer business. we've done a million cases of bourbon barrel aged wines from zero 18 months ago we're doing a lot of things in the innovation arena that i think are really something rob started but we picked up on and we expect to take forward. >> i'm not sure if this is quite innovation but it's definitely an area you're expanding into which is to try to partner a bit more with some of the sports modelo in particular has always been partnered in the soccer space but you're expanding that a bit more domestically in the u.s. >> we are. we're not only doing it with soccer but we're broadening the advertising base modelo's a great example it's been up double digits for 30-plus years. show us another product that's been up double digits 30 years in a row but it also has the chance doto really broaden its base away from its core hispanic base and a lot of that's being done through more advertising and nfl, nba and other properties compared to what it used to do

>> what about corona refresca? i'm not a beer drinker but i do like the idea of flavored beer i think i could get down with that how's it going in the test markets? >> the test markets exceeded our expectations we are just now shipping that -- >> what flavor i didn't know about this one >> there's a grava lime. coconut lime passion fruit lime and they are delicious so if you haven't had one, i encourage you to do so you'll really like it. it's delicious >> it does sound refreshing. >> it is very refreshing >> at 3:41 p.m. on a friday afternoon. thank you very much for joining us great to see you we have 90 minutes left of trade. as we mentioned, we're pushing closer to another record all-time closing high on the s&p. 2944.9 we are less than a point away from the s&p to hit that record full-time high coming up softbank reportedly mulling an ipo for its $100 billion vision fund. we'll discuss if investors should buy in. >> after the break cnbc's live t

berkshire's annual shareholders meeting. >>'s this the kickoff of this weekend. the actual shareholders meeting is tomorrow but today you're getting the early taste of thousands of shareholders who are already here on the floor trying to buy everything berkshire that they possibly can. talking about flavors, guess what this one is i'll tell you when "closing bell" comes right back

berkshire hathaway holding its annual meeting cnbc's becky quick is there with an update. >> hey, sara hello, wilf. it's good to see you guys. this is the day before the annual shareholders meeting. 40,000 shareholders or so are expected to descend on omaha and land here at the convention cent center thousands of them are already here they are making their way through the convention center where more than half of berkshire's almost 80 companies have set up booths all kinds of things you can check out along with all the shareholders that are here today. earlier today we actually caught up with warren buffett and charlie munger who were also making their way along the floor. they were checking things out and taking the time to really see what each one of these companies is all about but they also stopped and talked to us for a little bit about what the secret to their success is charlie says it's very simple. >> we don't think they can solve our problem of being a -- by

buying one which is less competitive at an enormously high price whereas everybody else thinks that will work wonderfully of course it doesn't >> yeah, we don't think -- and we also don't think we can analyze every business or we don't think we can analyze 90% of the businesses or 80% of the businesses >> yeah. >> and if you ask those who watch this, maybe try five >> we mentioned so many of these companies are here we're standing here in front of the kraft heinz booth. obviously there's going to be some questions about kraft heinz and what we've heard from the company with some of the stumbles along the way but they're here they've shown up and they're already drawing a big crowd. you'll see the wiener mobile is here they've brought a lot of new condiments with them, including these two flavors.

okay this one is mayochup, mayonnaise and ketchup. this is one mayocue, mayonnaise and barbecue sauce which one do you guys want i'll let you each pick which one of these totally interesting flavors -- >> i want mayocue. >> mayocue because becky -- ketchup plus mayonnaise has been around before, hasn't it it's called thousand island sauce. >> we're having a party here >> back to you guys. >> i have a question, becky. i don't know if you can still hear us. but my question, becky-s a serious one that goes back to the comments you were saying earlier about a totally different topic, which was the

buffett investment in occidental and the fact that brian moynihan got involved with that >> that caught me off guard, wilf the fact that brian moynihan was the one who first placed the phone call to him. brian moynihan and bank of america are involved in the deal in the bid for anadarko. buffett told us last night, said brian moynihan called him a week ago this past friday and said can you meet with the ceo of occidental he said sure, i can meet anytime saturday and sunday. flew into the town on sunday, had a deal within an hour of sitting down that's how quickly things can happen you want $10 billion here's the terms they took it, worked out well for both sides we'll see what happens >> i think the other question, becky, about the next deal they're sitting on so much cash. i think you mentioned earlier more than $100 billion >> even with this 10 billion they're committing to occidental they still have about $100 billion left, at least based on

the cash number we had seen at the end of the year for this company. they have 111 billion or 112 billion at the end of the year even if they spend 10 billion on the anadarko deal with occidental they are still going to have more than $100 billion in cash to put to work who knows? maybe they've been buying some other stock, maybe we'll hear something else tomorrow from he and charlie munger but this is a company that needs to be thinking constantly about big deals and how to put all that money to work and guys, it's really marred to take you seriously with a mariachi band playing behind you. >> it's dying down >> it is just died down. i think they're about to kick off with their next song becky, we will leave it there before they do thank you very much. >> have fun. >> see you guys. >> bring both sauces, though, please, if you can if it's only one we'll go for the barbecue be sure to tune in on "squawk box" on monday becky's sit-down interview with warren buffett that kicks off 6:00 a.m. eastern time >> s&p 500 nearing record territory. we are on all-time high watch

heading into the close in just ten minutes. >> but first, shares of hsbc jumping after posting a 31% rise in first quarter profit. we'll break down the keyre aas driving the surge of europe's biggest bank we're back in a couple minutes [beep] you should be mad your neighbor always wants to hang out. and you should be mad your smart fridge is unnecessarily complicated. but you're not mad, because you have e*trade which isn't complicated. their tools make trading quicker and simpler. so you can take on the markets with confidence. don't get mad. get e*trade and start trading today.

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welcome back to "the closing bell." got a stock to watch today hsbc you can see trading up some 3% the main reason first is it foremost nice little beat from their earnings profit 4.1 billion, expectation 3.7. revenue 14.4 expectation was 13.7 there was also encouraging guidance about the ability to cost cut and change the amount of their cutting costs going forward based around what the revenue outlook is and that encouraged the share price move to more like 3% or 4%. trading, by the way, only down 5% year over year. the u.s. investment bank average was down 14% they beat there as well. now, of course 80% of their earnings comes from asia the commentary on the outlook for asia i'd say was a little lackluster relative to the recent slight stabilization and pickup we've seen. certainly wasn't bearish but it wasn't as encouraging as you might hope nonetheless, hsbc, europe's biggest bank in terms of -- up

3% today on that u.s.a.d.r >> financials the best performing group in the s&p so far this week. wilf, thanks up next we're coming back with the closing countdown as the s&p 500 and the nasdaq both try to close in uncharted territory we'll track it for you next. your control. like bedhead. hmmmm. ♪ rub-a-dub ducky... and then...there's national car rental. at national, i'm in total control. i can just skip the counter and choose any car in the aisle i like. so i can rent fast without getting a hair out of place. heeeeey. hey! ah, control. (vo) go national. go like a pro. it's the first day of school. yeah, he's so nervous. tom is letting him know it will be alright.

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just under three minutes of trade. time to go up to the nasdaq, which is just trading at its all-time closing high record level, seema >> record high for the nasdaq. we're back above 8161.8. it's also the sixth week of gains for the index and the best day for the nasdaq since march 11 the big story of the week has really been apple. you're still seeing its upbeat earnings report from earlier this week. propelled the stock higher plus positive commentary from ceo tim cook, who said chinese stimulus programs including the value added tax reduction helped revive apple's slowing business in china and the question is if there are wider implications for other china-exposed stocks what's interesting is tech did play a big role in driving the nasdaq this week but if you look at the best-performing stocks for the week tesla is one of them rebounding up 8% for the week on reports that it's going to raise an additional $400 million in latest sale of stock with the co-founder elon musk committing to buy an additional $50 million in shares.

that certainly is a vote of confidence now sending it back to wilfred frost for the closing countdown. >> seema, thank you very much. we have just over one minute left of trade here and the s&p is itself just on track for a record all-time closing high it's up about a percent. and as you can see there, the russell leads the charge today, up about 2%. nasdaq up 1 1/2. the dow's up 0.8%. going to bring in bob pisani as well straight in, sectors all of them higher for the week as a whole just about flat. great resounding finish to the week but that brings us -- >> little bit of problem with energy want to watch next week. crude stabilized today but most of the big oil names down 4% or 5% on the week metal names had a tough time the steel names, material names, freeport had a bad week overall. there's been some winners and losers next week let's see if oil stabilizing, opec meeting coming up let's see if we get some news on the china trade talks. let's get some more china data in the comments from the semiconductors, still weakness

in china even though indicators go up the commentary on china from the semiconductors have not been very good i'd like to see some more data sentiments improved. we need to see the data improving. >> okay, bob, thanks very much there goes the bell. 2945.7 is the level we're currently at on the s&p, which is just a fraction below its record all-time closing high up 0.95% just missed out. the russell at the back there 2% that does it for the first hour of "the closing bell." sara, back to you. off the record by just a fraction of a point for the s&p. but still a very strong day on wall street. welcome to "closing bell." i'm sara eisen wilfred frost rejoining me in a moment along with mike san toemi, cnbc senior markets commentator. take a look at how we finished up the day on wall street. dow climbing 195 points.

s&p. okay finishing at 2945.39 the record high close would have been 2945.83 we're basically there, folks nasdaq commodity did it -- yes, it did manage to climb and make a new record close. 8164 was good enough needed 8161. so that is a record closing high for the tech-heavy nasdaq composite, which jumped by the way 1.6% very healthy day the russell 2000 continues to play catch-up. outperforming up 2% on the day strong jobs number really taking us higher on the day and on the week which heading into today was actually down. now we're up on the week for the s&p. here are the stories on our radar for investors. earnings forecasts aren't rising despite many bottom line beats vice president mike pence taking aim ought the fed's dual mandate. and shares of beyond meat sizzling again after a very strong ipo yesterday joining us to talk about the market today is rebecca

patterson. bessemer trust managing director p. chief investment officer welcome back to you. first, mike, the persistence of this rally making new highs. >> yes persistence is a good way to characterize it. obviously we had this little two-day mini shakeout. down 1 1/2% or 2%. i think today's reaction to the data says look, good news for the economy. still good news because beyond yields and interest rates remain so benign. i would say this is not necessarily the start of something. this data confirms what the market has been leaning toward for a while, which is that growth actually held up okay in the first quarter. i do find it slightly interesting the market reprices in the morning higher and sits there and closes right through the high as opposed to busting through it it's a very methodical market. it marches and trudges ahead you have to be on the lookout for people getting a little complacent or perhaps some little pockets of speculation

arising here >> clearly today's a very positive day for the week as a whole the fact we end flat is that a positive because of the challenges we face this week >> i think the jobs report, certainly the economy's doing well that was a support we felt they'd and earlier in the week i think the counterpoint to that was the change in perceptions around the fed we saw a pretty big move in two-year yields this week. starting the week around 225 ending the week closer to 2.35 it sounds small but for a two-year that's a big move and so that's the fed. the fed is telling us pricing in a rate cut for now does not make sense. that acted as a little best a ceiling on the gains unemployment rate with multidecade lows inflation is not high but it's high enough that the fed doesn't need an insurance move >> however, it does seem like the market likes this sort of goldilocks story of strong growth, strong hiring, low unemployment rate and strong wages or inflation

and that is exactly what they got in this report >> i think that can continue a little longer. the question is what is the new news we're going to get in the months ahead that can take us up another 10% or 15% another 5% easy, probably. because we don't have a market that's that crowded right now. it doesn't seem overextended technically. but to go a little further from there you need china to do much better you need europe to have a huge recovery for me the likelihood of those catalysts isn't very high. so i think there's some up side but i think it's probably limited from here. >> mike, what do you make of the sector performance for the week as a whole financials did pretty well >> financials did pretty well. the market continues to kind of give different sectors their day. the fact that tech again was leading the nasdaq record, that's the consistent theme throughout it all. no matter what else takes its turn, big growth in tech seems like it's in favor i think the overall breadth of

the market is not totally impressive it's fine. there are not a ton of stocks making new highs i do think it's selective below the surface, but look, today consumer discretionary amazon a big part of that. i think in general that was the way you would say that makes sense. we see a strong jobs market, a strong domestic consumer russell 2000 clicking above a level. had a hard time getting above 1600 >> most of the last month we were asking the question will energy stocks finally play catch-up to oil prices they were for a couple of weeks but it broke down this week. >> it broke down i think that it's really the one major contrarian call you could make-s to say that energy is about to revive here but it's in the wrong places in a lot of ways. i think crude oil is almost -- is not in the right zone for them to really coin money high enough to keep investment going -- production but not enough to really be a windfall and you know, value is not working in general it just doesn't seem like the

right mix of factors except to say it's so out of favor, it's such a small percentage of the s&p. 5% multidecade lows >> let's talk about earnings season, which is starting to wind down, almost 80% of s&p 500 companies have reported already. 76% of companies reporting so far have beat estimates. only 18% have missed and yet as mike santoli pointed out today, full-year 2019 forecasts have not risen despite all this positive beats of q1 estimates. is this a cause for concern? mike, your point on that is the outlooks haven't been increased but the beats have been relatively significant for the past quarter >> very. to the point where everyone would say that it was mostly about analysts having gone too far in cutting and there's been enough top line growth for companies to make the numbers. so i do think you could spin this a couple different ways, the fact that 2019 estimates have not really lifted one is analysts aren't seeing the fundamental drivers to kind of take numbers up the other is residual caution

out there and companies are being conservative and there's a little bit of margin pressure depending on the sector you look at i think that's another consideration. but you know, i guess flat is okay because they're no longer going down but you would have liked to see over the course of earnings season people have cuss to take their forecast -- >> why do you think the forecasts aren't going up? >> it's still pretty disparate we don't know how much stronger china's going to get we don't know for sure if europe's going to recover. if i'm a corporate executive do i want to get ahead of that or stay cautious? i'm probably going to stay cautious and that's translating into some of the markets' expectations we're going through the season my old team just met today to talk about what we're seeing in terms of all the stocks we own and it's a really different story no matter where you're looking right now. to your point, mike. the more domestically-oriented companies are doing better guidance but we are starting to see some margin pressure, particularly in the small caps with the large caps, again, more domestically-oriented doing better but then the mix really depends on the sector and even the

company. the one big surprise to us has been staples, which for the last several years have been left for dead, and now you're starting to see some of the companies outperforming in a fairly significant way. some of them are figuring out how to become tech companies basically and survive. >> has the market already caught up to that would you be a buyer at some of these staples, especially the ones that are showing some nice growth >> we have some companies but we're not overweight this sector the companies that figured out tech a few years ago have made the investment they're starting to see the fruits of their labor. so you're right, sara. i think a lot of it is in the price already. >> let's talk about vice president mike pence everybody's talking about this appearing on cnbc earlier, saying the federal reserve might want to rethink its primary goals as an institution. listen >> back when i was in congress we had a whole debate about the dual mandate of the federal reserve, and it might be time for us to consider that again. by just looking at inflation

you'd make clear there's no inflation happening here, the economy is roaring, this is exactly the time not only to not raise interest rates but we ought to consider cutting them >> later we asked members of the federal reserve to weigh in on pence's proposal >> i actually have supported single mandate for the fed in the past i've said that it would clarify what the fed can actually do over the medium term i don't think actual policy would change very much we would still react to the economy and everything >> there are periods in our history where we're very glad we've got a dual mandate, where we worry about employment and inflation. there are periods where it seems like because right now we're at near or past full employment, we worry a little bit more about inflation. i think the key is our framework needs to stand the test of time. it can't be the framework that's right for the next six months, next 18 months it has to be a framework that works for the foreseeable future on a sustainable basis

so i'm glad for one that we've got a dual mandate >> we're going to discuss, this but we also have some headlines actually just crossing on the fed right now. dow jones reporting that paul winfrey from the heritage foundation is under consideration for a fed post dow jones saying winfrey has confirmed that he's been contacted by the white house about a possible nomination. the white house has a few of those to make now. let's bring in steve liesman does winfrey work in the administration already doesn't he advise president trump? >> yeah. he was in charge of various jobs on domestic policy inside the white house, which it's pretty normal to take somebody who's worked inside the white house. i believe bernanke worked as ceh for a while for george bush. and you've seen this before where people come work inside the white house and then they go work for the fed so that's not an issue i think at all >> what do you think about this pick i'm not sure but it seems like he might be less controversial

than a steve moore or herman cain, maybe less baggage >> i think back on the spectrum is what i would say. let's go back, sara. the trump administration has had a lot of controversial appointments, appointing people who didn't really agree with the mission of the agency. when it came to the fed the trump administration was very much like other administrations in terms of going through a very deliberate vetting process, finding people who were acceptable to markets and to the mission of the agency. the president sort of abandoned that with moore and cain it feels a little bit like he's back on the reservation or back on the plan here in terms of going back to how he did it before nothing dish mean, i don't know paul winfree i looked up his bio. london school of economics masters of science worked inside the administration on domestic policy, has written about how to eliminate obamacare and has been a bit of a budget hawk, or

deficit hawk but none of that is disqualifying. it was some of the other issues the other candidates had that caused people to say wait a second and you have to ask some questions, sara. why should an appointment like this be controversial for the president? why should he should to expend even an ounce of political capital putting a guy on the federal reserve board or a woman? >> but steve, just to your point there on the past candidates that are no longer being considered, if we take moore, for example, what was it do you think that scuppered his chances? was it the trumponomics potentially too close to the president or was it the wild card comments he made on women's role in the workplace? because i guess that does raise the question whether there's somebody else out there that the president could successfully get appointed that would toe the line he wants on trumponomics and being relatively close to the president in terms of a phone call away. >> that's an excellent question. there are some people who say

they're not happy moore was disqualified for his writings about women rather than his unqualification in terms of monetary policy. the idea was that for a lot of people who follow the fed or cover the fed or in the markets was moore's problem was that he wore his politics on his chest rather than other fed officials or fed appointees who wore them on their sleeve. everybody's political in some way or another the question is what is your primary role here? and the idea was seen as a major litmus test, will. could the president put a person who was first and foremost a political supporter and put him on the fed for that reason rather than some other expertise he or she may have >> but i don't think that's why he had to withdraw i think he had to withdraw because it became politically untenable to get senate confirmation after some of what he's written which was highly offensive for women. >> i think you're right about

that, sara i agree with you i'm just saying that people who follow the fed their concern -- i think your analysis of that is correct. he did withdraw likely because of the writing and that caused the senate to buckle >> winfree i agree, steve, not really known that much outside of conservative policy circles really a think tank kind of guy. but we will go back and read his every writing. >> i've read a few they're interesting. i've read a few. they're interesting commentary they're worth reading. >> we've got weekend reading now. let's get to this discussion before the fed openings on the dual mandate from mike pence first of all, it's convenient when you want a rate cut and you have inflation that's undershooting. it's not so convenient when you have inflation that's going up and not such a strong economy, which is what we had in 2011, which is why the ecb and jean-claude trichet and one of the biggest policy blunders ever, pulled the trigger, raised rates into the european debt crisis >> one of the reasons why.

not purely because of the mandate. >> inflation was rising. and the economy was hot. >> but you can have a single mandate like 2% plus or minus 1% so that gives you room not to rush ahead when it's 2.1 so i wouldn't -- >> very freaked out about -- >> jean-claude trichet made an error for all sorts of reasons i don't think you can say that was because purely if we changed the mandate that would have happened there >> what do you think >> i think the dual mandate serves a good role in that some of the labor data can be much more leading in terms of where the economy's going. and we have to remember monetary policy acts with a lag so if you wait to see inflation hit a certain level and that's the only thing you're looking at there's a good chance you're going to be chasing it and you're going to be behind the curve. i think having that real-time labor data as part of your mandate is probably very helpful for the fed. other central banks clearly do this successfully with a single mandate. and it's interesting that vice president pence made these remarks because the fed as you all know is looking at this exact issue. what should their framework be

for the next 20, 30 years? while everyone's looking at inflation targeting or some version of that, we don't know exactly what they're going o'confirm when they finish this process. one other last quick quick, thing i'd say when we talk about cain and moore and possibly winfree, one argument that hasn't been made that i think is so important is word choice. which you all know extremely well you want anyone representing the fed to be very judicious with their word choice and have great judgment because they move global markets with everything they say so when you look at some of the things that were said by these nominees, personally i would question are they the right person for the fed because of that sense of judgment i have no comment on win sf free >> someone who can use a word like transient so we can obsess over that word for an entire week >> transitory. >> transitory. transient. >> inflation's just passing through. >> we've got to talk about beyond meat because it just wrapped up its second day of trading, finished almost 2% higher, which wouldn't be a big deal except it's pretty impressive so far for a company that sells meat replacement

burgers debuting as the best-performing ipo of 2019 yesterday. soaring in its debut and could be the competition -- could the competition be feeling some pressure? take a look at cattle futures. they're down more than 7% since last monday. i had no idea if there's a correlation there with beyond meat, but it is a notable decline. >> yes ag futures, livestock futures, they whip around pretty well psychology drives them in the short term i have to say, over the many years beef consumption's gone down in this country cattle futures have not exactly gone to zero long term i definitely think you're talking about substitution, and what's interesting about beyond meat is that they're not saying oh, we're competing with all these other vegetarian options they're seeing we're a meat alternative. so i do think it's interesting when you talk about potential disruption >> you think i'm on to something here >> i think i'd like to see more than one big stock move, futures move >> we will keep an eye on cattle

futures. >> rebecca, thanks for joining us great to see you as always rebecca paxson >> record day on wall street as the nasdaq closes in uncharted territory. s&p 500 falling just short of a new high, less than a point away plus softbank ceo masayoshi san considering a sale of his vision fund as he looks to cash in on the strong market for start-ups. what the ipo could actually look like straight ahead. the unemployment rate falling to nearly a 50-year low. coming up we'll ask the ceo of career builder about whether there's a risk that the jobs mark itohoets o t. to a single defining moment...

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click, call, or visit a store today. nasdaq new closing highs it was up 1.6% the s&p missed out by a fraction of a point but still had a healthy 1% gain. the dow up 3/461%. >> we've got some breaking news on sinclair broadcast group. julia boorstin with the details. julia? >> well, sara, sinclair announcing that sinclair broadcast group is acquiring disney's 21 regional sports networks from disney at a valuation of $10.6 billion for those 21 networks.

now, sinclair is paying 9.6 billion adjusting for some minority equity interest byron allen, he's a big media executive here in los angeles, he'll become an equity and content partner in this rsn holding company. in this press release sinclair pointing out there are some portfolio delivered combined $3.8 billion in revenue across 74 million subscribers, just giving a sense of the reach of these 21 networks. a note here is that this sale does not include the yes network. we've reporting on this and our sources tell us that they're close to selling the yes network to a consortium including the yankees, which would have the biggest stake. amazon and sinclair broadcast group as well as some private equity companies will also -- are likely to purchase that yes network which is the remaining piece of this. and that valuation we expect to be around $3.5 billion guys, back over to you >> julia, thank you. we're going to have a lot more on this story later on the show.

new report from the "wall street journal" says soft bank is considering an ipo for its $100 million vision fund. it has an impressive portfolio including uber, wework, door dash ceo masayoshi also considering additional fund-raising. deirdre bosa and leslie picker joining us with more on the potential plans. deidra, what do we know about this >> this is a report from the "wall street journal," that masayoshi san may be looking at an ipo of its vision fund. they make up some of the hottest most richly valued tech companies in the private markets. ordinary ma and pa investors don't get access to these companies because these companies need to go through a lot of s.e.c. guidelines to actually become public this could be a way for ordinary investors to get a piece of these companies that are staying private for much longer before

they go public and you are seeing sort of demand for that. you see that in the secondary markets. you see a lot of the mutual funds going into these private companies before they become public this would essentially be a way of doing that. a whole lot of governance questions around it, though. >> leslie, would there be complications for certain types of investors to hold an ipo like this or provided it's set up the right way and i guess highlighted by the like of kkr and blackstone who have changed their own status recently, is it quite manageable >> that's a good question, wolf. if it's a partnership structure, a lot of index funds and other specific mutual funds would be precluded from owning it, but it would of course be open to any public market investment so long as you don't have some sort of charter that prohibits you from investing in a partnership structure if that is the route that soft bank chooses to list we've seen these types of permanent capital structures with some hedge funds in the past i'd be curious to know what structures soft bank is pursuing because 100 billion in assets is

no small amount. dp pursuing the public market for listing a fund of course comes with its own challenges especially when you look at kind of a liquidity mismatch. >> we will leave the soft bank discussion there dee, thank you for joining us. leslie, while we've got you i wanted to move on and talk about carl icahn's fund reporting a loss of 5.8% in q1 what's behind that and how bad is that ranking relative to peers? >> so according to their conference call related to earnings, this is icahn's publicly listed enltty, they lost about 5.4% in q1 and they're attributesing that almost entirely to their short positions. they said their short positions and other expenses detracted 12.8% whereas their long positions actually had a positive performance attributed to 7% in terms of performance in the quarter. we don't know exactly what those short positions are that really kind of detracted from the performance in the quarter but certainly a very difficult market for any short seller to

be in right now. >> yeah, not a start to the year that you wanted to be net short of leslie, thank you very much. >> thanks, wilf. >> still to come, berkshire hathaway has been eating the s&p -- beating, excuse me. beating the s&p 500. those heinz stories. over the past five years but the charts might tell us a different story. >> this video montage of santoli is everything. ♪ looking so crazy in love >> also adidas teaming up with beyonce. find out why the athletic company ceo says she is a great choice to build a franchise with she gave us? new details on it. later on "closing bell." i've always been excited for what's next.

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eliquis, the number one cardiologist-prescribed blood thinner. ask your doctor if eliquis is what's next for you. mike santoli at the telestrator with a look at the stock's performance. berkshire. >> berkshire hathaway which over the long term has trounced the s&p 500. has been one of the miracles of the investment business. but over five years it's also done well against the s&p by this measure i'll explain that in a moment. this in blue is berkshire hathaway shares, the class b shares, which is the most heavily traded ones right now. the orange is the s&p. that's a pretty healthy margin of advantage for the stock over the s&p considering most active managers have not been able to do that. it's about a half trillion-dollar market cap but look at the next screen. this is the total return, which would include dividends for both

stocks and quite neatly it almost exactly matches up berkshire hathaway slightly trails the s&p because the snch faces a dividend of close to 2%. berkshire hathaway kind of famously does not. buffett refuses to do that he's matched the market's return over five years. over 20 years he's doubled it. >> in my book only the second chart matters. you've got to compare total return -- >> typically if you're talking about investment experience. >> but that's what i was going to just double-check on. his phenomenal record and brand image for being the best does stack up long term by beating total return >> oh, without a doubt by a lot most of the outperformance in the company was somewhat smaller when in fact the investment portfolio probably mattered more than it does right now because of course the operating businesses of berkshire are vast and really look like the u.s. economy. >> i wonder if he's going to get questions about that he's such a proponent of index funds and just buying the next fund and holding it.

this suggests in the short term you'd be just as well, berkshire stock or an index fund >> and i don't think he would denao ney that he'd say we've done well over a long period of time. he loves to collect dividends. he won't pay one he advises people to invest in index funds. he wouldn't do that himself. >> definitely the last five years just matching it is impressive the dividend thing is an interesting point. investors showing cash flow companies with dividends >> what he has said in the past is he has a strong record of allocating capital he'd rather retain the capital, look for opportunities rather than pay it out in cash. when he's gone we'll see what the dividend policy of the company -- >> which is why he's going to get questions on what you're going to do with more than 100 billion in cash. >> mike, thank you as always we should throw that into the montage for monday time for a cnbc news update with sue herera sue. >> thank you very much, guys

here's what's happening at this hour, everyone the trump administration proposing to make it easier to deport immigrants who rely on public benefits. right now legal permanent residents who are declared a "public charge" meaning they are primarily dependent on the government can be deported but currently it's rarely ever done this proposal could increase those cases. a three-judge panel ordering ohio to redraw its congressional districts. the judges say the republican-drawn map is unconstitutional, ordering it to be redone before the 2020 presidential election. a destructive tornado touching down this morning in fayette county, texas west of houston. several businesses and a church among the buildings that sustained some major damage. and in honor of unofficial "star wars" day a hospital in iowa giving newborn babies "star wars"-themed hats. there's a bb-8 and a yoda among others look at that, princess leia.

remember, tomorrow is may 4th. so may the 4th be with you so darn cute i love that. >> i know. it's adorable. >> it's a step too far, but they're so adorable that you have to love it. >> too far for what? >> well, "star wars" themed babies >> i'm saying it's still adorable i like it. >> have a great weekend, guys. >> the kids have no idea >> up next, the ceo of career builder weighs in on the strong jobs report and whether she thinks these labor gains are sustainable. >> also ahead, i spoke to actor alec baldwin about the potential drawbacks to more companies such as apple and disney entering the streaming industry >> the increasing square footage of the business is also allowing for a lot of people to work in the business who really don't know what they're doing. we've already had enough people who don't know what they're doing in television in films

now we have a lot of them. >> don't miss the rest of that interview coming up on "closing bell." what do you look for when you trade? i want free access to research. yep, td ameritrade's got that. free access to every platform. yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. no hidden fees. no platform fees. no trade minimums. and yes, it's all at one low price. td ameritrade. ♪

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the nasdaq closing in record territory today. these were the top performers in the nasdaq 100 monster beverage had really good results. tesla's capital raise went well. closing up 4%. >> the announcement went well. looks like the pain happened in advance of the announcement. >> now, the u.s. economy added 263,000 jobs in april. easily beating wall street expectations with unemployment hitting its lowest level since 1969 let's bring in irina novoselsky, ceo of online hiring platform career builder irina, thanks for joining us great to see you >> thank you for having me >> in terms of diving into this month's numbers but also the recent trends, where in particular with r. we seeing the most demand for jobs >> continues to be around similar areas. one of the most interesting things to know that you mentioned it's a 49-year low since 1969 two of the industries that were actually high growth in 1969,

one of them continues to be a high growth area today one of them is manufacturing and the other one that's not is retail it's an interesting fact of some things have changed. >> what is the biggest mismatch in terms demand -- >> supply and demand really around health care and moving more into technology roles such as a.i., cybersecurity. one of the things we're seeing is not only just the labor shortage but actually a skills gap that's happening across america. >> why aren't we seeing higher wages? if it's so tight and we're at this 49-year low on the unemployment rate. 3% from last year is an improvement on wages but still not really where you'd think it would be at this stage of recovery >> pay was not even mentioned in the top five what candidates are really looking for is location is number one a good boss. 60% are willing to leave for a different boss than they have today. they're looking for a culture. benefits is really important it's not really around pay today

anymore. >> you're saying workers aren't demanding it they're getting incentives in other places >> it's not what's driving the turnover it's not what's driechg people looking for another job. it's skills and investing. one of the things they're looking for from employers while it's a candidate market if you look at the jobs report it's a challenge for the employer side if they're not investing and really realizing that today technology infrastructure for hr hiring is no longer a choice, it's mandatory if you want to get some of the best talent. so a lot of what they're doing to find that talent because it's not out there today is investing in upscaling and rescaling their existing employees >> we also did see a very strong productivity report this week. in other words, companies getting more out of fewer workers. i wonder if that's partly just replacing those workers you can't find with technology >> 50% of our bloir base we talked to has openings because they cannot find qualified talent one of the things they're looking to is technology but the other thing is the idea of perfection and the perfect

candidate no longer exists one of the patterns at career builder we're seeing employers and advising them for those that really are winning at the talent game is to stop really looking so much on the resume and start really basing it on skills it's no longer about experience but what are the skills you're looking for that that person can have in order to matriculate into the role. >> what's the top company everybody wants to work for? >> the tech companies are huge west coast continues to be moving as far as the biggest region we're seeing a lot of growth, is people actually relocating moving more into the west sxoeft actually midwest in cybersecurity roles. >> of course if it was just purely on having a good boss it would be cnbc because we're so fortunate. >> irony of it my first job was actually here. at the exchange. it doesn't look the same anymore. but yeah >> welcome back. irina novoselsky, thank you for joining us >> thank you for having me >> up next, betting on beyonce adidas teaming up with the global superstar we've got the scoop. new comments from adidas's ceo

>> and what is a major milestone? did i read that right? "jeopardy's" reigning champ scoring yet another win last night. he's moving up in the record books. the details coming up. pnc bank has technology to help make banking easier,

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feel that? that's the beat of global markets, the rhythm of the world. but to us, it's the pace of tomorrow. with ingenuity, technologies, and markets expertise we create the possible. and when you do that, you don't chase the pace of tomorrow. you set it. nasdaq. rewrite tomorrow. welcome back here's what else is on the "closing bell" radar today earlier i spoke with adidas, or adidas, per wilfred. >> adidas.

>> correct i did get the scoop on the company's new deal signing up beyonce. listen >> she's probably one of the most influential females in the entire world everybody knows her. and we felt that the fit or the ideas brand was quite high we've done a deal with her where we're going to co-create products the first products will come out in very limited supply by the end of the year. and then over time we're going to build a great franchise together we had more than 1 billion impressions within 24 hours as the deal was signed. a fantastic asset for us as a company. >> that 1 billion in impression was sort of a new metric but he's doing the easy playbook with kanye west. that's something they pioneered as well. it's sort of a co-brand with adidas where they release, you know, the beyonce brand will release its own categories and limited release, as you said, which is going to start by the end of the year, means could see really high demand, high resale demand this is something that adidas is doing. it's gone after celebrities.

kanye, pharrell. it's had great success with both now beyonce. it's distinguishing is itself. >> i was going to say not backing away from the kind of fashion tilt that the brand has. >> athleisure fashion versus just core sports performance >> when it was announced i was surprised the share price didn't react more strongly. but since then and including today it's doing very well indeed >> stock had a record high today and that was really on the results which boiled down to two areas of growth for this company. china, e-commerce. e-commerce grew 40%. north america slowed down a little bit but they've been having some supply issues which he said should clear up in the next three quarters >> beyonce can help there. i've gone for "jeopardy" wiz james holzhauer, as you know one of my favorite shows. >> have you seen an episode now? >> no. but i just love it so much without having watched it. he scored his 21st win last night bringing him into second place for "jeopardy's" most consecutive wins still substantially behind ken jennings, who won 74 times ken jennings got to -- i'm just reading it obviously i haven't watched the show but

i'm interested in it $2.5 million holzhauer has 1.6. got 80,000 last night apparently the really unfair thing, until 2003 you could only do five in a row and then you got booted off. >> now they changed that rule allowing -- >> james holzhauer would have been -- >> the -- it must be incredible if i'm going to dvr "jeopardy. >> apart from a few types of shows like the nfl, what type of show still is appointment viewing where people go back and watch it on linear tv? very little. >> one of the oldest forms of programming on tv for a reason >> never gets old. i grew up playing it it's even better watching someone like this because he just does not miss a beat. he's the fastest at pressing the button he always gets it right. and he always wagers more than anybody else and gets these incredible totals. >> the other thing, reading more about him, is he's a professional gambler >> that's right. >> so i hope he doesn't just splurge -- >> and there is a gambling game theory type aspect to it

it's interesting >> go for the daily doubles. that seems to be the strategy. >> and final "jeopardy." yeah earlier this hour we heard sinclair broadcasting finalizing the acquisition of 21 regional sports networks from disney and values them at $10.6 billion sinclair already the nation's biggest owner of local tv stations this would make it a huge force in cable programming and sports cable programming. disney had to sell these by law to finish the fox deal it didn't seem like there was a frenzied bidding war for a while they languished. 10 billion is around what they thought they would go for, but it's perhaps an interesting strategy to pair local tv where you have news and perhaps leverage it with local sports coverage because it is really, for regional sports networks it's baseball, basketball, hockey focused as opposed to football it's local news, local news, local teams. >> you can see some synergies both on the right side of things and get something pickup and cost synergies not transformational >> not at all. in fact, that's why they kind of

hung out about there -- the tribune company tried something similar. >> 10 billion is what people settled for the last -- earlier people thought could to be 15 to 20 >> that's right. amazon could get in there. >> people thought anyone was getting there. there were celebrities rumored to be in this deal it's interesting there wasn't -- >> yet the amounts didn't go up. and it seemed like sinclair offering cash was what put it over the edge. >> up next, alec baldwin on the record i sat down with the actor ahead of the release of his -- one laugh. we did get one laugh >> trump impression. >> we will be discussing his new film on the career of john delorean he's got advice for elon muss s k and for the streaming companies. along with complete reliability. then went beyond. beyond clumsy dials-in's and pins. to one-touch conference calls. beyond traditional tv. to tv on any device. beyond low-res surveillance video. to crystal clear hd video monitoring from anywhere.

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welcome back i sat down with actor alec

baldwin who plays john delaurean in a new movie "framing john delaurean. we spoke about hollywood, streaming and comparisons drawn between john delaurean and elon musk >> i think musk has had more success than delorean. delorean fizzled out relatively quickly. they came out with a modest batch of cars and they sold those and an issue right away was creating the parts in maintaining those cars, but i think at the time that delorean started the project and i think the whole thing was conceived he wanted it to be legit. he wanted to -- and then he found out that he didn't -- he hadn't managed as a -- as a car company executive who was in charge of all of the aspects of the car company, not just design like he was when he was at gm, other men were left at gm to solve the financial problems and the funding problems which were

fundamental and when he got to a place where he was in charge of everything his inadequacies came boiling up, but musk is different. musk is someone who, i think, most people that i know, i have a few friends who have teslas, they're very happy with the car. they love the car. i think tesla, the only critique i would offer to him is just do the car business don't worry about going to the moon and outer space and all these other things he talks about. just make a car very good and he's made a very good car. delorean wasn't a good car it was a good-looking car, but it wasn't a good car >> i want to talk about the content space given your space as a famous content creator. are you excited to see the likes of apple and disney entering the streaming space to take on the likes of amazon, hulu and netflix. as an actor, is the more the merrier? >> i would say overall it's a positive, but there are drawbacks and i think the

fracturing of the audience has created a lot of -- it's created a lot of opportunity for people who were want just actors, and writers and craftspeople, but for the audience, as well to avail themselves of more diverse programming. i think that the increasing square footage of the business is also allowing people to work in the business who don't know what they're doing with television and films and now we have a lot of them and we have a huge tent now. >> you're a purist of whether netflix movies that don't go into theaters, whether they should be considered for oscars or not you're a purist like spielberg or does that not bother you? >> i completely understand spielberg, and i agree with him in one sense i wouldn't want to say why i agree with him overall i agree with him that movies are

made and there's a vote that you cast when you go out and watch a film now if we're going to say that that's changed and we're going to say that a majority of film content, particularly film content for adults is going to be viewed at home or on a tablet or some kind of a device, we have to acknowledge that >> it's an interesting movie, of course part documentary and part dramatization him playing john delorean and a fascinating story which i would say there are a few little comparisons to elon musk which stand out, but of course, as baldwin rightly says, musk has had more success. >> as someone who was around at the time he was quite a phenomenon the cars always caught a lot of attention. >> just looking at rotten to mate oh 83%, not bad critical acclaim >> it is of documentary ilk, though if you think it's pure -- it

mixes between documentary and then baldwin re-enacting certain key moments. so it's not a dramatic, intense drama movie. it is docu format. so there we go. >> still ahead, your wall street week ahead and we'll bring you the key things you need to have on your radar as we head into a new trading week coming off of record highs for the nasdaq and just aboutorhe f t s&p as well "closing bell" will be right back really? [horn honks] man this is what i feel like when i wear regular shoes,

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♪ ♪ let's take a look at how we finished up the day on wall street first go to the nasdaq composite. it hit a new record high at the close, up 1.5% s&p 500 almost got there, just less than a point away from its own record closing high. it's pretty much there for all intents and purposes, up 28 points and consumer discretionary leading the charge higher, but all groups did close the day positive the dow climbing 197 points led by caterpillar industrials also having a pretty good day, will fred. >> indeed. >> here's a look what's coming up on the closing bell calendar. another busy week of earnings kicks off monday with aig,

occidental petroleum and tuesday lyft, as well as results from electronic arts, match group and mylan. >> wednesday, etsy and uber. booking holdings, tapestry and dropbox, friday brings uber's long-awaited ipo and earnings for via com and tribune media and myriad we have a few key earnings, mike, but uber will be front and center >> it seems like they'll build toward uber. be beyond that, we're at that moment saying okay a lot of people onboard with the fact that the market has upside momentum and this rally has been more impressive than most thought and a lot of people looking for the ironic top moment whether it's softbank deciding to go public or uber getting priced and it doesn't work that much according to script, but i think that's where

we are in the market lyft earnings which is interesting, and mike, today resoundingly positive and taking us flat for what was otherwise a challenging week coming back off the highs. >> it goes down as an up week and it's important for some folks up 17.5% for the s&p. >> have a lovely weekend, everyone thanks for watching. that does it for "closing bell". >> "mofast money" begins right now. >> i'm melissa lee tim seymour, phil camp relly of j.p. morgan, steve grasso and guy adami. the market rally is back on. the dow surging after a strong jobs report and there is one chart that could mean record highs are here to stay we've got the details, plus lyft spinning down ahead of its earnings down 13% from the ipo price and is the ipo boom about to go bust but first, it's a jungle out there and berkshire hathaway is going head first with amazon