short time ago the quote from him is "nobody panel and how you can best trade this volatile market and protect wins a trade war." your portfolio >> later, could uber's first few not a ringing endorsement of the president right now. days of trade impact the parade of unicorn ipos? >> this is a very headline-prone market right now as you can plus the crypto craze. tell this day's tweets up, yesterday's maybe not. >> so far stocks are shrugging you'll hear from mike novogratz. it up. dow still up 291 and the shipping wars. >> thanks for watching "power the walmart-amazon battle lunch. heating up today >> "closing bell" starts right all of that when "closing bell" comes right back now. volatility is back on wall street >> a major sell-off in stocks today. >> new tariffs for months on end lowers global growth prospects in general >> i don't necessarily think we can say gee, that was it, we're past all this. >> been a wild turnaround here as we've seen all week long. 3:00, anything can happen. >> still an ugly day following what was the worst week of the year. >> what will today's final hour of trading have in store "closing bell" starts right now. it does indeed. welcome to "the closing bell." i'm wilfred frost. >> and i'm sara eisen.

big comeback on wall street. dow jumping more than 350 points at the high. we're not too far off those levels, just under 300 points higher now we've got full team coverage as we enter the final hour of trade. bob pisani on the floor of the nyse bertha coombs at the nasdaq. kayla tausche's in washington with the latest on trade mike santoli with the market dashboard. david faber with details on a big media deal today and our guest host for the hour, sarat sefi from douglas c. lane and associates >> we're covering the news stories of the day till raye earnings on deck reaction from ceo brendan kennedy before he jumps on the conference call. and it's day two of our story. a five star fund manager tells us three moves to make before the close. and don't miss our interview with hedge fund legend mike novogratz. his take on the bitcoin boom and the market comeback also >> let's begin right there with the market rebound bob pisani on the floor. >> yesterday everything was down it% to 3%, didn't matter what

you were in. today a little more differentiation. trade-related names, particularly industrial names, your boeings, your cattar pilar, your 3ms, dow du pont all higher 52-week lows yesterday a lot of damage has been done. your johnson & johnson, procter & gamble flattish to slightly down a little more differentiation today. we had retail stocks hitting 52-week lows yesterday this morning at the open they were also down again they have rebounded a little bit. but a lot of these names have significant china ex-poebz, tariff exposure i'm talking about. many of them have tried the brands, for example, that of course source much more in china and therefore they're getting hit a little bit more. some of these names like american eagle, gap, l brands, all notably to the down side in the last several days. and of course double-digit declines there finally i want to show you uber because on a big up day with the dow jones industrial average uber is up, moving up through

the day, but still pretty modest now just $38 >> meantime, the nasdaq coming off its worst day of the year. let's get to bertha coombs for what's leading the comeback there. hi, bertha >> we're in a broad rebound with more on today's market action the rebound we saw in stocks tech outperforming nasdaq health care and consumer names. apple moving out of bear market sneaking up a bit from territory just barely. yesterday's declines you said you were buying a despite a jpmorgan analysis little bit today on the dip. what sort of themes -- are you predicting a pretty big headwind looking for bargains in this for prices and margins due to those china tariffs. environment? have we seen that yet? >> we've already seen the health but the stock is still down 4% care group has been horrific for the week despite the rebound. and despite a big bounceback in this year. technology was up 25% and health care is up 2%. apple chips supplier names like one would think there has to be skyworks that one still down 5%. some relatively attractive broadcom in fact one of two of stocks there pshtly on the biotech side the 30 philly semiconductor index stocks that's up those stocks have been very fractionally for the week. weak we have a couple of names. take two interactive the best performer in the nasdaq 100 today after its revenues topped bio haven and -- they're stocks expectations notwithstanding continuing challenges and that have been hit recently. pressures from fortnite. both have products that's proving a lift for gaming

stocks back to you guys >> lawmakers making fresh we expect an approval for comments on trade today. kayla tausche tracking the latest in washington for us. migraines. silicon valley bank. kayla. >> hey, sara president trump says the trade bank stocks have underperformed. war is just a little squabble it's a regional. with china but lawmakers have people think about the west now had a few days to digest how coast banks as being affected by this conflict is actually venture capital. the markets and unicorns of playing out in their states. and what's become clear is that course but that's 11 times earnings republicans are reluctant to criticize the white house's strategy while the bullets are home depot we also find that attractive live in the air. housing is not going away. senate majority leader mitch mcconnell just a few minutes ago said there will be costs, and we think at 17 times next month's earnings it's though >> ultimately, nobody wins a attractive >> given the market pullback has trade war. been driven around trade fears, unless there is an agreement at do you think the small caps which tend to be more domestic focused are attractive the end after which tariffs go away hopefully, these tactics will >> we're more cautious on small lead us to that day. caps and i think that's actually an area of key risk right now and if it does i think it will because even though they are be a winner for both sides >> mcconnell and three other gop relatively more domestic, 20% of senators said that the strategy sales coming from overseas cannot go on forever versus about 30% of large cap sales coming from overseas, a lot of these smaller caps are republican senator john cornyn equated the current state of suppliers to the big play to playing with a live hand multinationals they might be less able to price grenade. they are clear the u.s. needs to through the impact from higher

hold china to account but they tariffs. don't want to see this go on for they might be less able to shift much longer. their supply chains as some of sara wilf these bigger companies can >> kayla, thank you. joining us with more on today's market rebound and what to do and they're more sensitive to a from here, alec young from ftse russell and serat sefi from global recessionary scenario, if douglas c. lane and associates we saw sort of the worst case joins us they're nor sensitive to higher it's a mini rebound. we're making back about half of what we lost yesterday how does it feel to you? volatili volatility i think around trade we're a bit >> i think there is some meat on more cautious and we do expect them to underperform this year the bones. so i feel okay about it because i think there is some substance. you saw a rally in january we've certainly been whipped that's kind of tapered off a bit around the last few days but i and they've been underperforming since about february think the key, investors just but i think beyond trade there are some other issues that we've needed to believe that the talks haven't completely collapsed, that tar talking seen with small caps they're highly levered and president trump -- the fundamental trends have been >> they're talking but they're weaker so this earnings season you've seen small cap earnings come in also taxing, new tariffs >> they are. but tariffing when you're not in line with expectations and talking is worse than tariffing down year over year in when you're still talk comparison to large caps, where and president trump confirmed a we've seen, you know, better meeting with president xi at the than expected earnings, slightly g20 june 20th. so i think as long as people positive growth, more beats. feel that way and as leader msh within small caps you definitely connell mentioned, as long as want to pick your spots, and that's where our analysts can these negotiations as difficult come into play as theymay be get to us a plac but overall definitely more cautious there

where the current tariffs are >> mike, i guess we have to keep lifted and no new tariffs are it all in perspective. imposed i had i it's a pain today the market jumps worth going through. the question i think after s&p up .8 of a percent having been burned a little bit yesterday it fell about 2 1/2% add it all up and we're 4% off with overoptimism recently i think investors are going to be record highs on all this trade circumspect. we'll need a steady diet of turmoil. does that feel right verifiable credible good news on this front to avoid, you know, >> it falls within the range of another lurch downward because what you would consider to be a this is a very binary issue. fairly routine pullback. even if you kind of stripped away the causes or perceived if this issue goes the wrong way causes so right now it feels about you can forget about second half earnings growth pickup right. the s&p up 13% or so year to you can forget about p/e expansion. date you're working with house money you can forget about new highs it's very important. this has become the proxy for global growth. for the start. the problem su i think where we is the glass half full or half peaked is an uncomfortable level empty? it depends on what you think because we peaked right just about trade. about where we peaked in >> is this ultimately what you september. so it leaves this residual doubt expect from s&p 500 earnings for the rest of the year or is it that that's maybe all the market has for now, maybe this is some really a sentiment factor for kind of a trading range we're going to have to hash through at the market least for a little while, which >> right now it's a sentiment wouldn't be the worst thing in factor but as this gets prolonged and the world but i do think those we get uncertainty going maybe are the questions that get asked tactically two, three weeks companies whose >> mike, do you think there's products are going to be any prospect that the fed does affected by these tariffs are going to have to bring down start to fear the trade war and the insurance cut comes back into play or again only will we earnings and that's going to be reflected pretty soon in stock prices as see that cut after bad data

the uncertainty goes down, especially as input prices go which is not necessarily good for markets? down the question is will these >> i think it's a little more the latter right now i don't think the fed has indicated that the committee is companies pass the prices on or really looking for an are they able to pass these opportunity to grow easier or at prices on? and if they are then the margins least pre-emptively. stay the same. >> i think it depends on the but i would guess right now in this kind of honeymoon period where people haven't had too market reaction. i had i if the market tantrum much fatigue with the lasts longer and goes severely uncertainty, but if it goes a deeper like what we saw last december it prompts a fed -- couple more weeks i wouldn't be surprised for the market to pull >> no doubt about it back and shoot first and ask it would cause the same feedback questions later. >> what sectors in that case loop from december but that's not really what we're talking about as an insurance would you want to avoid? cut. the insurance cut was have your >> i think until we really see cake and eat it too, the market's at a high, we have no the proof with some kind of inflation, therefore give us a fed ease and we can party even credible agreement that rolls harder that wouldn't really be the tariffs back with the leaders of circumstance >> but this isn't really a tantrum yet either both countries, tariffs and despite yesterday's focus and trade remain an overhang on one-day sell-off it's not been -- >> does the fed play into your cyclical global sectors. so i think you have to step back view on the market right now a little bit from tech, from >> i don't think it does semis, from industrials, from particularly i'll tell you what it does play, materials and you have to give more of a nod to the staples, is the fact that uber and lyft had good days today. reits, utilities, telecom -- but we didn't buy those stocks but we needed to see those pop

and they're up 6 1/2% and 7 1/2% it doesn't have to be all cyclical defensive there are names that are more respectively and that givers a little confidence to the whole discretionary like your starbucks, your mcdonald's that subculture of all of these are proving more resilient unicorns and when they're coming you've got to look at the domestic to global public and what the market is but i think it's foolhardy to going to think of them and are those valuations reasonable or just rush back into the global not. >> i don't think they'll be cyclicals at the first sign of popping the champagne corks yet. stability here it's all relative. if the last now weeks have we take your point-car, kari taught us anything it's sort of a trust but verify when it comes to trade headlines >> some of the big tech kari and jill, thank you both companies are more expensive and therefore risk i guess but some very much for joining us up next, uber's wild ride. of them don't have that much exposure to china. the stock having a volatile which ones are you buying? first few days of course but >> companies like google, rallying today we will break down those moves and what to expect next. microsoft, and i like them >> we are hitting this story from every angle because of the kaj cash flow huge cash flow, great balance deirdre bosa, what's on-tech sheets and if you get the pullback deck next for us >> as you guys were say, uber they're going to be the first to and lyft rebounding today but buy their shares back. not nearly enough to recoup and huge margins their losses since going public. you'll get some protection on the down side. i want to look at companies like interactive it has secular meanwhile, zoom and beyond meat growth interactive owns match and continue to soar tinder that kind of protects you if we speak of uber, leslie picker go into this but at the same time i don't looking at the way wall street cashed in on its bumpy ipo want to be completely, quote, naked not owning some of the other stocks that could come leslie >> it's not your typical deal. back some of the industrials or uber's bankers are profiting off

cyclicals. the ipo through more than just because we know as we saw in december if you were defensive you would have missed the first underwriter fees we'll tell you how coming up three months and a huge rally going forward as well. after the break. >> given this is a u.s.-china trade war does that mean you can buy europe at the moment >> i think everything is really binary on this issue because china's had some success with stabilizing their growth with tims and people associate europe's state with china. the thinking goes if china's stimulus works then europe rebounds and if trade hurts china they're going to draw negative conclusions on europe. you can't really separate europe from this whole u.s.-china trade war. and oh, by the way, even if we manage our way through the china issue with trade we've got a tariff -- an auto tariff debate looming with the europeans >> yeah, deadline there on saturday thank you. sarat, you're staying with us for the hour lucky us major deal involving hulu unfolding today with disney taking full operational control of the streaming service after

cnbc parent comcast agreed to eventually sell its ownership stake. david faber's been working on the deal all day and joins us to explain. it's a bit complicated sxl a bit more complicated than some of us had assumed when disney closed the acquisition of fox and when our parent company comcast closed the acquisition of sky it was not a surprise to anybody that the two companies perhaps had it in their best interests to figure out a deal to sell the 33% of hulu that comcast owns. what is a surprise, to sara's point, is that it's a complex deal in which comcast will not divest its ownership in hulu for at least another 4 1/2 years under the deal it has until january of 2024 to retain that interest and has been given a floor valuation for hulu of $27.5 billion that will allow it at least to, well, hang around for a while, watch as the hulu service perhaps increases its reach and its overall value and then be in a position to either

realize 23% of 7.5 billion or perhaps more both sides getting what's called appraisal rights at that point to decide what the stake will actually be worth. during that period comcast also will have to make good on so-called capital calls when hulu needs money but if it doesn't it can get diluted down to as low as 21%. that's as low it as it can go. comcast knows in four years it will receive $5.8 billion. that's 21% of 27 billion for its part disney debts operational control. something it really needed to let's take an intraday look have near term in order for it at the dow jones industrial to be able to effectively roll average. out its direct to consumer saw a comeback yesterday -- today from yesterday's big decline. remember, we dropped more than 600 points strategy with hulu being one 617 points yesterday and we closed the day higher by partar of it, espn and the yet about 200. so off the session highs to be rolled out disney plus because you can see it came a service. now it can do a lot of things it little bit earlier in the might have not been able to do afternoon up 363 but still a pretty broad-based earlier today the company's ceo rally. a lot of the hardest-hit trade

bob iger explained some of those names in the past few sessions led us higher. things in a conversation at an dow, visa, caterpillar, boeing, investment conference. >> first and foremost, it's the apple coming back in today's third prong in our direct to consumer strategy with espn plus and disney plus. action shares of uber turning in we'll be able to manage their first positive close up more than 7% after a rough first few days customers across all platforms, with volatility gaining steam across the board, is the red hot customer data of course, password, user name, all those ipo market starting to cool off? sorts of things. give us the ability to bundle, which is a big deal. deirdre bosa joins us now with share data more dee? >> wilf, yesterday was a rough one for nearly all the public unicorns today, though, as you saw, they advertising. ad sales is another benefit to are roaring back all of this. many of them adding to >> you can see of course disney's stock price is doing triple-digit percentage gains well, better than the overall from their ipo prices. market, and our parent company zoom shares, they have more than doubled from this ipo price. comcast benefit a great deal perhaps in part as a result of same for pagerduty the deal as well beyond meat was a rare winner in yesterday's sell-off on the back over some 2% of impossible meat's funding steve berkman who runs of course nbc universal had this to say news today it continues to surge. about the deal "perfect outcome for us. we believe strongly in the and it has more than tripled its price from its ipo price direct to consumer space our content's a key driver of pinterest also holding on to that ecosystem and the extension gains of 50% of the content licensing a very different story, though, agreement will generate for the ride-sharing companies significant cash flow while their rebounds today not making giving up maximum flexibility to up for all of the lost ground program and distribute to our since they became public

own direct to consumer uber is still down more than 10% platform." of course they're building that from its debut on friday business while also affirming the value of the stake and providing a even with the sort of rise into path to liquidity as well as the close. lyft even with today's rebound has lost nearly a third of its hulu's success as part of this, wilf and sara, value since it started trading nbc universal programming will so is it maybe too soon to say still be available as a part of the content licensing agreement they have with hulu for at least the red hot ipo market is cooling? but these big swings in both directions over the last few another three years, after which days could make investors they can start to pull it. nervous, and it could raise >> interesting to see if they questions about the unicorn ipos keep it once they've exited. in the pipeline, especially the david, thank you very much money-losing ones that are >> you're welcome. getting ready like wework. ing back to you guys >> great to see you. david faber. >> let's bring in leslie picker another media deal has made headlines of late. with a look at how some firms on sinclair broadcast group acquiring 21 regional fox sports wall street cashed in on uber's networks that disney had to sell rocky ipo. following its measure v merger >> despite today's gains in uber's stock, investors who with 20th century fox. bought into the ipo are still the deal valued at $10.6 sitting on about a billion dollars in paper losses from the billion. sinclair ceo chris ripley joins previous two days of declines. me now for an exclusive but the banks don't appear to be interview live from the jpmorgan technology media and communications conference. a very good afternoon to you, suffering financially at least according to a filing disclosed chris. thanks for joining us. yesterday, uber's 29 underwriters need a combined >> good afternoon. $106 million on the deal nice to join you >> let's talk about that deal morgan stanley the lead bank took home 40% of that.

first of all goldman sachs also generated a 10.6 billion significant return from a private investment the firm made 21 tell us how that price evolved including the market was pleased eight years ago. now, on top of that the firms that you paid essentially less may have made even more cash by than could have paid deploying an unusual technique known as a naked short according to four sources. >> it was a very lucrative deal naked shorting is used when the for sinclair underwriters are concerned that the $10.6 billion headline price a deal is in trouble it allows the underwriter to sell additional shares short in translated into a 6 1/2 times excess of the 15% that they acquisition and 5 1/2 times after tax benefits and was over typically -- that allows them 100% accretive to our free cash flow per share so really just a once in a the ability to buy ooh even more lifetime outcome to acquire a stock back in the open market to support the trading. banks were likely able to make strategic asset in the media excess fees by covering the naked short because the stock space. and the reason that happened was remains below its ipo price. morgan stanley and uber declined it was a forced sale by the doj to comment on that and the other larger -- large guys >> okay, leslie. thank you very much for that the only quick thing i'd say on this is whether morgan stanley cap media companies couldn't was long or short on the participate in the option for various reasons. pricing, ipos are coming thick so it really did leave sinclair as the only strategic bidder for and fast this quarter. they were delayed from q1 into q2 and all of that is very the whole -- versus financial positive for banks' earnings into this quarter because of the players who just had a difficult fees they earn from bringing the

company -- >> what are some of the reasons? time figuring out this factor. >> it might well slow down >> chris, i guess the market was as quarters go, this quarter's very pleased by how accretive already going to be a strong one for equity capital markets your guidance was on the free cash flow side initially divisions within -- securities division let's continue the discussion on ipos mike is at the telestrator with on the flip side some are a broader look at how those ipos concerned about the irvin crease in debt you'll have to take on are faring mike there was a story today in the >> this is the renaissance capital ipo etf. "new york post" that raised the this is a basket of relatively question of whether you'll in recent etfs up to two years old. fact have to pay higher rates for the debt than you'd initially hoped. uber, by the way, lwill enter what's your response to that this etf on friday article? not in there yet big comeback from the december >> yes i think that article was very low but not yet back to a high much misplaced of almost a year ago the debt we need has already i think a lot of folks who would be bullish on the market want to been committed to and it's at see this index confirm any move in the broader market simply very favorable terms to sinclair and at the end of the day this because it's a measure of speculative appetite and asset will be a free cash flow appetite for emerging growth story. i did want to take a look at ipo machine. so it delevers very quickly. issuance broadly speaking as a >> isn't rsn regional sports percentage of overall market value. network ultimately, chris, a we think this is a very busy ipo market not historically speaking. declining business this is a three-month average. >> they are not declining this is from a different businesses as a matter of fact, they are renaissance. one of the major pillars within renaissance macro research look at how low we are

just barely 1/4 or 1/3 of 1% of the paid tv universe we have really set sinclair off to be the preeminent business in market value in terms of issuance if you want to go back to the local sports and news. early 2000s or late 1990s, you and those are the biggest see what a really crazy active pillars in live viewing, which ipo market was has massively outperformed any no supply-demand issues here other genre within the video it's a question of avptight for new companies. business and at the end of the day for >> i don't know if we can bring less than the price of a back the first chart as well whether there were some common starbucks coffee you can enjoy factors that could be plotted against it, when we do see the in your local market almost renaissance etf declining every night a baseball game, whether there are some like the average age of the companies basketball game, or a hockey listing is much older or top line growth isn't as strong, game for your household. it's interesting to try and break it down. it's an incredible value the focus has been on oh, it's >> i get it. but i guess the reason i posed the question that way is aren't ride-sharing companies >> this is a much broader look millions of people actually this has spotify suspending their cable bill, pulling the plug, because the this has altese which is not business you are buying is that new in ipos it seems whether investors are disproportionately making it very expensive willing to bet on untested companies no matter the size and industry >> well, i think that is a >> one of them is beyond meat, which went up another 15% today, misconception, that millions of people are cutting the cord. guys it's trading at 54 times sales if you take a look at the paid

for a food company tv bundle overall, you're seeing what's tyson trading at? about a 1% to 2% decline on an >> it's strictly about the annual basis public being very excited for and at the end of the day it's this emerging area of the food still an incredible entertainment value versus your business, having only one pure play way of playing it that's the way i would read it in-person entertainment options. >> time for a cnbc news update >> in terms of the focus, chris, with sue herera. hi, sue. clearly for you on live news and >> hello, sara hello, everyone. live sports, what do you think here's what's happening at this on the flip side for the hour companies like netflix that are secretary of state mike pompeo betting so heavily on entertainment and drama content? meeting with russian president vladimir putin in sochi. putin telling pompeo that a do you think they're overpaying for that content relative to the telephone conversation with president trump this month 10.6 billion you just paid, for encouraged him to think that relations between russia and the u.s. might improve example, for lots of sports? the u.s.-led military >> well, for us it was very coalition combating the islamic important to carve out a niche state group has detected no within the video business that increased threat to its troops was going to be sustainable for in iran or syria from the long term. and when you take a look at what iranian-backed forces. companies like netflix are doing this from uk major general chris or amazon or now even with apple gurkha in a video conference entering the ecosystem, they're call from baghdad. really flooding the market with >> i think it's important to say cheap dollars, with low to no that many of them are compliant and we have seen as i say no profit motive and creating just change in their posture since an oversupply of general the recent exchange between the

united states and iran entertainment programs and we hope and expect that that and when we looked at the will continue. ecosystem and our size, we're here at home, comedic actor relatively small in the large tim conway has died. media and tech landscape, and we he is best known for his time on need to be able to compete in an "the carol burnett show," where area that had sustainability and he won four emmy awards. he also won two for guest local sports and news is one of starring roles on "coach" and those areas that we think will be sustainable for the long run. "30 rock." he had been suffering from a >> you know, chris, we were all brain disorder tim conway was 85 years old. sort of transfixed when they put and a wonderful comedic gift together that compilation of you are up to date anchors around the country that's the news update this hour, guys repeating your talking points, i'll send it back downtown to specifically republican talking you. >> all right, sue, thank you points that were very pro trump. still ahead, a crypto comeback are you guys still giving that bitcoin surging above $8,000 kind of clip out nationally to you will hear from billionaire investor, long-time bitcoin bull your anchors mike novogratz stay with us "closing bell" will be right >> well, we clearly delineate back our commentary from both our liberal and republican or conservative-based commentators, and it's clearly differentiated from the rest of our news content. so i think a lot of that criticism is misplaced >> are you giving them

republican talking points? >> no, we are not. >> what's your forecast, chris, for the year ahead in terms of the political cycle? i know 2018 in your news business was a strong year because in the midterms. do you think 2020 will be the biggest on record or does social media now take some of that potential pie on the political front? >> so the political ad spending market looks to be incredibly robust for the back half of this year and into 2020 already there's a record amount of money lining up for the primaries and a record amount of candidates for that matter too it will certainly be spread the ai i want? well, insurance it's all about trust and speed. around to all sorts of media i need it to guide this analyst types, but there's always heavy to customize flood coverage for this house. spending on traditional so that this team, can inform this couple, television product it's going to be a banner year that their payment will arrive faster than this guy. in 2020. >> what's your goal? are you looking to compete with hey. fox news ♪ ♪ is that the audience you're

going after for the 2020 so whether i'm processing claims elections? due to this fine gentleman... >> no. (car engine starting) we are not a direct competitor or suggesting premiums for this young lady... to fox news. ai can help change everything at this company. we primarily do local news and now local sports expect more from ai. so it's really a mainstream ibm watson. audience that we target. >> chris ripley, thanks for joining us >> thank you >> ceo of sinclair turning back to this market rally, dow's up a good 300 points let's send it over to mike santoli for a look at how the growth stocks are faring today mike >> yes, i wanted to take a look at some of the pockets of leadership within the market today. obviously, the overarching storyline is maybe a little bit of a lull in the trade rhetoric has gotten the market to bounce. but look at some of these growth sectors that investors have rushed back into obviously, the nasdaq 100, qqq, pretty much a bellwether for growth software, the igv software etf, this has been the most stalwart leadership in the market, and investors rushed right back in it's not a china play.

it's not because software stocks here'sshow me making it. like. were depressed unduly because of oh! i got one. all the trade war noise. the best of amy poehler. it's because they remain one of amy, maybe we could use the voice remote the best leadership groups in to search for something that you're not in. the market in terms of the fundamentals, in terms of how show me parks and rec. the chart is structured. from netflix to prime video to live tv, biotech, the s&p biotech etf, xfinity lets you find your favorites with the emmy award-winning x1 voice remote. that's about an equal weighted show me the best of amy poehler, again. this time around... biotech etf. now that's simple, easy, awesome. obviously not a lot of china exposure but it just tells me that a lot experience the entertainment you love on x1. of traders and investors are access netflix, prime video, youtube and more, taking the six-day setback not all with the sound of your voice. click, call or visit a store today. so much as the market assimilating these genuine fundamental trade fears but as they shake out in the market that might have happened for other reasons and they're going to use it as an excuse to buy some of the recent winners and bet that they're going to continue to win. so obviously, that's the complexion of the market when you have the overall s&p and dow up let's say 1 p.2%, 1.3% welcome back to "closing bell." we closed higher by 0.8% on the dow. the high was 364, and we did >> sarat, what's your take on slip in that final hour and a that point i guess companies like apple are half of trade or so, albeit the still significantly down over the last 48 hours, down 4% net, nasdaq did close higher by more than 1%. presumably because of china tech, therefore, was the best

links. >> the companies that are directly exposed to china have sector the s&p utilities were in the red. full coverage of your latest felt the first front of this decline. and i think the second decline headlines. bob pisani at new york stock exchange will come when -- none of us bertha coombs at the nasdaq. know the unintended and aditi roy with bitcoin consequences i'll go back to when oil went to moves. we'll hear from mike novogratz the high 20s and everybody thought oil companies might not bob, let's start with you with a make money but everybody else is going to do well we don't really know what summary of the new york stock happens when some of these large exchange >> we only regained one third of companies that are affected with the losses from yesterday and china start pulling back on bedid it on much lighter volume capex. pulling back on software than the down days we had those are things i think we need to be careful of recently we had some very oversold i'm not saying you need to sell conditions going in this morning. oil service names like hal burt those stocks but i think just kind of bifurcate them and say ovrn, schlumberger, proxies for they're not going to have any exposure at all is something i global growth, down big, they don't think really makes a lot of sense at this point bounced back nicely today. >> up next china names like alibaba also the china trade impact on bounced back big some of the semiconductor names. restaurants, energy, and all of these big movers to the housing. >> plus our "closing bell" down side in the last month or so, nice bounce today. newsmaker mike novogratz will trade-related names, same join us to talk about bitcoin's situation, caterpillar, boeing, big run. dow, du pont, 3m we're back after this short break. don't go anywhere. dow, du pont, 52-week close yesterday. some of the names not sitting far from where they were back in december including some of the oil names like halliburton

we did get bifurcation today. some of the more defensive sectors. utilities, for example, were down your daily dashboard from fidelity. that had a very good month overall. gold miners, which were up a visual snapshot of your investments. recently on some of the recent market chaos, they also declined key portfolio events. as well. guys, back to you. all in one place. >> bob, thank you. because when it's decision time... let's get over to the nasdaq bertha coombs is there with more you need decision tech. on the movers. only from fidelity. uptown bertha >> some of the hardest hit yesterday were the leaders today. the chip sector as bob mentioned bouncing back but it's still down for the week. although out of correction territory. some of the big losers yesterday like skyworks bouncing today but down 5% for the week. you need decision tech. ♪ apple still also down for the week not trading on strong volume today concerns about apple not just in terms of the components that it has to bring from china into its phone but its sales in china take two interactive was one of the big standouts. it's actually up for the month one of the few tech stocks that is good earnings and part of that was strength of its revenues in china where its nba 2k had strong sales up about

74%. school zalnik says they've been improved for the 2019 version but he also points out entertainment, china very important for entertainment companies. guys, back to you. >> bertha, thank you very much for that bitcoin making a major move surging above $8,000 aditi roy joins us for more. hi, aditi. >> hi there, wilf. bitcoin has been surging the last few weeks today reaching its highest level since july 25th. the cme's bitcoin futures climbed from 7,000208,000 yesterday. since the beginning of the year bitcoin's value has increased more than 100% that's welcome news for crypto investors who have been pummeled for months however, the digital currency still well below its highs of around 20,000 in late 2017 as for what might be driving the growth, industry watchers say it could be chinese investors looking to diversify also companies like samsung and amazon, they're accepting crypto currency and that could be pushing up prices. and digital currency critic david gerard says large holders

are buying up the market until short positions get forced out those who guided the price higher would then sell off at a profit back to you guys >> thank you, aditi. joining us now with more on the recent ralfully bitcoin is mike novogratz, ceo of galaxy digital holdings, long-time bitcoin bull and believer theories abound as to why bitcoin is suddenly making this move what do you think it is? >> there's a bunch going into it one is names like microsoft made a big announcement yesterday that they're doing an identity solution that's going to sit on top of the bitcoin block chain that's one of the biggest companies in the world kretd credentializing both blockchain and crypto facebook is moving into the space. they've made announcements about their upcoming project trade developments have sent markets on a wild ride and some again, one of the biggest companies in the world sectors are more exposed to the credentializing crypto china fallout than others. i think the more of these names you see in the space the faster let's dive into a few of the areas we're watching kate rogers has a look at restaurant exposure in china it pushes institutions to start

ylan mui is watching the energy participating. 2016-17 was 98% retail driven and we're moving into an area space and ben is in dana point, california with a look at how where institutions start buying home builders are reacting crypto >> mike, where do you stand on kate, let's start with you >> if consumer sentiment in china shifts, the companies with the debate about blockchain being used more and what that the most exposure are yum china means for bitcoin? with more than 8,000 locations starbucks with nearly 4,000. for example, jpmorgan coin being used does that enhance the case for and mcdonald's with just over 3,000 restaurants. bitcoin or is it actually a threat because bitcoin becomes starbucks locations are company one of many currencies out there owned while another brands' that uses blockchain franchise which analysts from >> listen, i think when you look morningstar and btig say means back at 2017, one of the real that the coffee giant could feel more of an impact if preferences problems was everything was in china were to change due to another bitcoin. these trade tensions ethereum was another bitcoin starbucks of course is betting and so you had this amazing big on china, even calling the supply response to price country its second home market everyone put out their own coin. executives have said in the past that the brand is well so instead of having 21 million positioned to withstand ongoing developments due to its 20-year bitcoins you had a zillion of them and that helped the price history operating there. collapse now out of the rubble we've kind of broken ourselves in a few domino and is papa john's all different categories have a few hundred locations between them in china so there's bitcoin really has won the store of value less risk of an impact there back over to you >> kate, thank you the digital goals, if you would. and no one else is really in increased tariffs on american that space liquefied natural gas could have

a big mpact on energy stocks in that space bitcoin's kind of a complete project it doesn't need to get better. ylan mui with the details on so i think these other new coins that angle in washington ylan >> sara, president trump will be coming in actually help bitcoin speaking at a new lng export terminal in louisiana any minute because they're credentializing now, and there has just been a the space. in a narrow lane there's no massive amount of investment in competition. gold's got a $3.5 trillion this sector. the terminal that trump is market cap visiting cost $10 billion and created 6500 jobs. bitcoin's 308 billion. they've got a long way to go there's an estimated total of $50 billion in projects either the other lanes like ethereum planned or under construction in and eos where they're trying to louisiana alone. be 3.0, much more crowded lanes but all that momentum is running and the tech's not there yet smack into the trade war with that's a two to four-year story. china. just yesterday beijing hiked it's a really revolutionary story. but you're not going to see the tariffs on u.s. lng from 10% to price moves there as dramatic as 25%. and analysts said that shipments you will in bitcoin right now are already slowing down because it's going to take time. in the first half of last year 17 vessels left the u.s. for >> and yet mike, the price has china. in the second half of the year been all over the place. there were only nine tankers it's doing well lately and in the first two months of it's well oft highs that we saw this year just two veslings were bound for china. at the end of 2017 or so so guys, ultimately the fear is that beijing might hold off on what did it get to, 17,000 new contracts by u.s. lng and how do you advise an individual that could jeopardize this investor that doesn't have as much money as you do to not lose investment back to you. >> ylan, thank you very much for their shirt buying bitcoin >> you know, you should always that meantime, u.s. home builders put in what you can afford to.

we tell people, you know, 2% to also closely watching trade developments diana olick is at a home builder 3% of your net worth think of it like a big stock conference in dana point, bitcoin itself -- people have california with those details. gold positions they have google positions zieba. >> reporter: the focus of this and they should have a bitcoin entire conference is how to build more affordable housing and chinese tariffs just fly in position i think over the long haul the face of that there's limited supply remember, home building is not a we're seeing people move into high margin business the space. there's something magic that so they really have to pass on all increases in their costs on happened this is a 10 1/2-year-old to the home buyers i just spoke to the ceo of experiment it's not the code itself clayton homes which is a right? if i relaunched the bitcoin berkshire hathaway company he saidthe initial chinese code, which is open source, tariffs already cost him 2% more tomorrow and called it novo coin for the products he needs. it wouldn't be worth anything. he expects that to increase in the next round of tariffs. bitcoin is the social construct of people thinking it's worth they were already hit by canadian lumber tariffs last year which increased costs and something. people complain about the they have much higher costs for volatility i actually think it's a miracle labor right now. that in ten years we've created so it becomes a lot more difficult to build that entry-level affordable home when something that's got a $120 they have higher costs for land, billion market cap you know, out of nothing labor, and now materials back to you guys >> diana, thank you very much >> mike, in the long term do you for that sarat, there's clearly the see bitcoin as negatively impact of tariffs on correlated to traditional risk manufacturing here and that's pushing up costs what about the companies like assets like equities or in fact the restaurants that kate the broader economy? and when you see things like

mentioned or the apples that trade wars spark up is that an sell into china? because the state media rhetoric added reason to buy it in china has really elevated in the last couple of weeks and there's more of a sort of >> 100%. we're so early on in this anti-american tone to their experiment people don't have broadcasts do you think we could see their positions yet. boycotts in china of purchases they haven't really moved in of american brands >> there is a big danger of but 100% in time this is going that to be negatively correlated. because remember, all their it's literally going to trade press gets controlled by the government so if there is anti-american like gold. propaganda against american >> make some news, mike. products, you could see a >> listen, i think we'll go back decline. and remember, apple had that a couple quarters ago where their and certainly test the old highs products declined. and that could kind of happen in the next 18 months. again. and they could be the other one thing i've learned in these substitution because there are predictions is your some really good companies out destination's no there that make phones at a much cheaper price. and as well as other local timing of them we've had a big run. we're up 35% this week companies which produce food we probably will consolidate and yum that's been in china for many years has had that effect between 6800 and 8300 for a with a lot of people competing little while before making the >> the chinese think long term next leg up. but i tell you, there's a new you really think they would energy in the space. i was just out in san francisco. encourage boycotts of american products when they also want to send the message that china is the one that's open for business i visited eight different funds. and we want to be a place where each of these funds had a boy companies can come and -- genius, one of the smartest kids >> i don't think that's going to of their generation, working at

happen now but this is kind of one of those them so we're sucking in unbelievable things as we go down the road, as the tariffs are on there's human capital into the space the threat of some other things, i certainly wouldn't short it. this is just -- they don't have to do it to all the products but >> okay, mike, thanks very much. they can start doing that. and then consumer sentiment we got you to make that starts moving away from it prediction not set the time that reflects the stock price. so we're going to get -- >> i think it's not necessarily an overt instruction by china citizens to boycott, but what's changed in the last month or two mike nove drats grat has been let's keep this trade >>ike novogratz, thank you >> thanks, guys. negotiation away from the >> up next we'll go to south dakota for on the ground headlines to now it's in the reaction to the trade war impact headlines and with it there on america's farms comes an anti-american tone in domestic chinese -- which may or may not lead to boycotts >> it could be more of a nationalist tone doesn't have to be anti-american. it could be made in china, use in china >> a tough one for investors to figure out >> absolutely. but you have to be careful of that to watch. >> let's head back to hq to steve liesman. we have some sad news on the passing of a former fed official steve. >> wilfred, thanks very much alice rivlin, a pioneering influential economist and also a

pioneering influential female economist dead at the age of 88. she has a very impressive resume the first vice chair -- the first female vice chair of the federal reserve from 1969 to we've done it! hah! 1999 first female omb director. great work old chap. and the founding director, the we'll be rich and famous. first director of anybody of the well i'll be rich, cbo. before the cbo of course, they you'll be famous... at least amongst your digging friends. just passed bills that didn't here's a thought, ever consider investing? score them for economic impact e*trade has easy to use tools she also spent the last 20 years that help you get started. or so of her life as a senior you like playing with tools don't you? 'course you do. fellow at the brookings institution. fed vice chair alice rivlin dead at the age of 88 ♪ i'll just say i'm glad to have don't get mad. known her and taken part of her start investing with e*trade. considerable wisdom, in a very, very impressive career ghbasing bell's" goingo tbe rit ck

soybean futures hitting multiyear lows as chinese tariffs hit farms on the ground. >> brandon whips, who is a farmer, serves on the board of directors for the american soybean association. it's good to talk to you, brandon. how would you describe the impact so far that you felt as a result of the tariffs? >> well, sara, it's been a very tough year for soybean farmers, woman: my reputation was trashed online, particularly in south dakota, i felt completely helpless. where just geographically we're my entire career and business were in jeopardy. so landlocked that we rely on export markets off the west i called reputation defender. coast for most of our exports they were able to restore my good name. out of south dakota. so the loss of the china if you're under attack, i recommend calling reputation defender. market's been particularly felt and consider joining their groundbreaking campaign here in south dakota to give every american the right to remove old, inaccurate search results >> do you link directly the by going to righttobeforgotten.org. china trade talks with your vo: if you have search results that are wrong or unfair, sales? how quickly do you see reactions in terms of how much you're able call reputation defender at 1-877-492-6705. to sell each quarter >> well, it's absolutely related to trade if you you look at the soybean

listen to your mom, knuckleheads. hand em over. chart, it almost reads as a how hand what over? likely is a deal with china. video games, whatever you got. let's go. you can watch videos and the less likely, or the more escalated the trade war gets, of people playing video games in the morning. the lower our futures sink is that everything? i can see who's online. i'm gonna sweep the sofa fort. well, look what i found. we've maybe found support here take control of your wifi with xfinity xfi. finally. maybe we're a bargain to the let's roll! rest of the world and we can get now that's simple, easy, awesome. buying to these low levels but i can tell you right now xfinity xfi gives you the speed, most of the farmers in my coverage and control you need. country won't make any money if manage your wifi network from anywhere prices remain where they are when you download the xfi app today. >> the president continues to say he's going to watch out for the farmers, they're going to prepare for aid packages do you take comfort in those kind of statements and promises? >> a small amount of comfort really i don't talk to any farmers that would prefer an aid less than 30 minutes to go in today's session package over just an intact set market continues its rebound off of yesterday's big slump of trading markets, trading dow's up 300, making back about partners for us. half of what we lost yesterday we've worked for decades to build the china market, and to have the rug pulled out from we have everyone here to talk about what's driving the market. under us like this, it's bob pisani at the nyse definitely hurting bertha coombs at the nasdaq. we are thankful that the mike santoli has the tilt index administration notices that the things that they're doing to try

dashboard. plus coming up aditi roy's going to correct some negative to look at the bitcoin boom and behaviors by china are having a negative impact on american deirdre bosa will look at how farmers and we look forward recent volatility is impacting the ipo market but first, bob, to you for an eagerly to seeing what sort of update on the market >> we have regained. aid package might be in the sara's right half the losses. offing this year >> very quickly, brendan, do you but there's been tremendous think the president will still damage done. we've emphasized the retailers get support from the farm belt, which was a critical area for and industrials. him in the last election given many retailers' 52-week lows, some of the pain you that guys down'sing tads l brands bouncing a little bit are feeling? >> well, it's very hard for me today. but it's been down about 11%, to see into the minds of all 12% for this month alone on farmers. they're hardly monolithic in exposure to china. their political persuasions. other retailers also sitting but what i will say is that you near 52-week lows. caterpillar 60% of its revenues know, we're certainly watching outside of the united states off about 2% today but it was our bank accounts dwindling and down 10% for the month going that has to weigh on our minds into today first and foremost not much of a bounce considering the election seems like a the issues for them. lifetime away quite frankly when we're thinking about the prices that we're dealing with. deere up 1% despite a downgrade >> breandon, thanks very much fo from jpmorgan. i want to highlight that zero joining us >> thank you downgrade from jpmorgan. >> while president trump's trade it relates to china. war rages on, congress has been they kuld it a perfect storm for pushing him to move on u.s. farmers what's been going on with china over there infrastructure legislation as the global markets are deteriorating roads and bridges hurt the country frank holland is taking a look oversupplied with corn and bean and wheat way above expectations at those problems and some solutions that could come into

and china's demand for soybeans has been declining, partly thanks to the asian swine flu. play frank. >> hey, good afternoon, wilf you know, america's roads received a d in the most recent planting season here in the report card of our nation's united states is off to a slow infrastructure congestion and traffic delays, start. the primary reasons for those china one of the issues. low marks. and those are due to structural 166 to start for the month issues by 2025 the impact of our bad caterpillar -- excuse me, deere roads is expected to cause $2.3 close to 145 back to you. >> let's send it to bertha trillion in business sales coombs at the nasdaq losses, 1.2 trillion in lost >> we're seeing a little best a gdp, and more than 1 million slip as we move into the last half hour of trading lost jobs. you can take a look at the big also by 2025 the report says thr fang names and large cap names facebook slipping into negative roads that gas taxes stood at 18 territory. facebook today some issues over cents for more than 25 years and the american society of civil privacy and a malware issue with engineers and the u.s. chamber its whatsapp application of commerce have advocated to but some of those chinese retail generate more money to the names are doing very well today. take a look at jd. infrastructure and with electric it's one of the few names within cars becoming more prevalent the nasdaq 100 that is actually that's a long-term solution or up for the week. it's a situation where drivers put a device right on their it has wiped out all of its vehicle and nationally, there losses yesterday and come right back meanti meantime, we have new highs in are concerns about privacy and the new names. not necessarily the big tech the government having all that stocks pepsi with an all-time high

data wilf and sara, back over to you. today. >> frank holland in columbus, equinix, which is a logistics thank you. the shipping wars upping the ante with amazon company. we'll have the details next. and ipos putting in highs today as well. performing wp on the after market >> we are highlighting all-star fund managers this week, finding out their top picks amid the volatility joining us is five-star fund manager brian yachtman, chief investment officer at icg. talk us through what you think of the volatility, whether you'd be buying in >> i think that uncertainty always creates a lot of volatility and the most important thing when there's uncertainty is to develop a robust portfolio that's robust against various economic outcomes so i think trying to time it's really not the right strategy, successful winning strategy. it's about finding great businesses and holding them for the long run >> brian, let's go through your top three picks. the first one is moody's

what's the buy case? >> well, understand from a big backdrop we're looking at a deflationary world where you've got lots of innovation, things are getting better and faster. a lot of disruption. and it's great for consumers but it's wreaking havoc on investors. so when you bring up moody's, what i'm thinking of in all of our strategies, trying to find businesses that are global champions, that have enduring pricing power, able to fight against that deflationary world and have long-term volume growth opportunities. so in the case of moody's, you've got a business where as long as business is being conducted in the world you're going to have people who want to lower their cost to debt and have debt issuance sought fear is we're in a globally overindebt world, perhaps cornett debt issuance at an all-time high so it leads oftentimes, when there are -- when there's a lot of uncertainty in the short to medium term, oftentimes that leads to great opportunities in the long run moody's will act as a toll taker on gdp when you think long run,

this secular trend of rising global wealth. >> one of your picks that stood out to me was the luxury goods maker, trades here under ad adadr adr cfruy. >> walmart is firing back at why do you want to be here amazon and the latest especially at a time when the development on the ongoing chinese consumer has slowed down shipping war and courtney reagan a little bit joins us on that story. >> sure. >> it was less than three weeks so again, coming back to that theme, we're looking for pricing okay where amazon would try to get one-day shipping for prime power. and richemont is one of the members. well, walmart then tweeted a globally recognized luxury companies that's producing a suggestion next day was coming luxury brand of jewelry. for its shoppers today it's here. free next-day shipping on so by definition when you have walmart.com is available for something that's -- let me step phoenix and las vegas and southern california in several back to talk about that -- the big overarching view days from now on orders of $35 you have a world where right now or more. by the end of the year walmart in china there are 350 new says 75% of the country will millionaires created daily in have this option china. so to start, between 150,000 and and it's not just the upper class but also the middle class. 220,000 items will be eligible they're forecasting over 2 billion people to be added to for next-day shipping and the middle class over the next walmart's head of e-commerce mark lowery says that is just

ten years. the start and for context that's and so when you have all these more than the 100,000 items the people mixing with each other, they're looking for a way to differentiate, to say hey, i'm typical walmart store would worth partnering with, i'm valuable and so these are globally sell one-day delivery has been part recognized status symbols such of the plan all along and when as cartier where you can show that and to showcase that, it has to it comes to cost to execute the be difficult and costly to obtain shipping lore explained it's less so if there's rising global expensive for walmart to ship wealth by definition they need to continue to raise their one-day rather than two-day. prices to continue to be how is that possible difficult and act as a good status filter. theelinible items are located in the same fulfillment center so so while there's this fear now they ship in one box and the that's leading to a great main orders are coming from six opportunity for a long-term fulfillment campuses ultimately investor >> brian yacktman, thank you for located close enough to the end consumers to make one-day ground joining us shipping feasible. the big question is this going talking strategies >> thank you for having me >> looking at sort of the big to change consumer behavior? picture structural shift at a will it shift market share in time like this when investors walmart's direction? are so focused on the short-term some think yes, others think same day is really the big game volatility >> i think what they're trying to do is take a view that is changer, wilf? >> courtney, thank you very much much longer than assuming this for that amazon ending the day higher than walmart albeit both is short-term volatility stocks in the green. but i think if you take into up next, the biggest names account what's happening some of these stocks like a richemont

making major moves after hours could get sold off pretty badly. stick with us on "the closing sought opportunity there could bell." we're back in two. be watch this come down if incomparable design makes it beautiful. things get bad in china, then you -- then you've got to pick up for the long term >> what about the general point of a global luxury brand versus domestic u.s. retailers, particularly toward the low end of the spectrum ahead of walmart's numbers of course this week >> and i think what you're playing there is global growth we're not in the eighth or ninth inning of a global kind of slowdown if that's the case, then i think a stock like that does very state of the art technology makes it brilliant. well but if we are slowing down given what's going on in the world, the visionary lexus nx. maybe it's just slow growth, a stock like that could trade at a lease the 2019 nx 300 for $359 a month for 36 months. pretty serious premium that would be hard to buy >> okay. let's send it over to mike for a experience amazing at your lexus dealer. look at how wall street volatility index is responding to today's comeback. mike >> yeah, wilf, it's come off the boil a little bit. yesterday we highlighted how it had popped above the 20 level, which sometimes is viewed as a little bit of a demarcation line between a stable and an unstable

market it is down a little above 18 right now. one of the relevant points from yesterday was the high yesterday was less than the high from last thursday it's not on that chart, but it was about 23 last thursday so the high yesterday did not get to that point, which some traders were looking at and saying okay, maybe the market is saying that in fact this decline was running its course at least for the very immediate term that being said, i would say that this receding of the vix down toward 18, it's sort of ratifying today's bounce but it's not really saying that this is an all clear, this is back to normal you'd have to see a much more steep decline back to 16 we closed friday around that level. i think the market is still a little bit on guard, a little bit of an agitated state that's probably expected after that six-day slide. right now it's doing what it's ...or trips to mars. supposed to do but the vix is $4.95. not really giving you a signal delivery drones to say today's bounce is off to the races to the up side, guys or the latest phones. $4.95. >> before we start the show, no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade. trying to think of the santoli adjective to describe the bounce today. the best i could come up with

was tenuous. >> i would say maybe mechanical no matter what you trade, at fidelity feel that? that's the beat of global markets, or something like that the rhythm of the world. it's a little bit rote right but to us, it's the pace of tomorrow. now. but tenuous, i don't know if i want to say it's that with ingenuity, vulnerable, but that's not bad technologies, >> over 1%'s not tenuous, is it? and markets expertise we create the possible. and when you do that, >> well, you regain 1% you don't chase the pace of tomorrow. look, it's fine. the market's doing what it's you set it. supposed to do, which is responded to this oversold condition. you had a pretty decent little nasdaq. rewrite tomorrow. one-day washout yesterday. so it's bounced when it's supposed to. but that doesn't necessarily tell you that what the market has been dealing with for a while now, it's already worked through the system let's take a look at how we finished up the day on wall >> mike, thanks, we'll see you street, up across the board at in a bit up next, we'll look at the top session highs. analyst calls of the day, how those stocks are trading into the close. >> and later, we'll break down the dow up 26. and 64 at the highs of the day two earnings with ceo brendan and lost a little momentum there into the close kennedy. the s&p 500 up 0.8 and it lost we'll get his instant reaction to the numbers before the company conference with analysts stay with us "closing bell" back in a few 2.5% yesterday and we didn't minutes. it's time for our memorial day sale on the make up for yesterday's

shortfall. the nasdaq bounced back 1.14% and the russell did better up 1.3% and the theme of the day really was a little bit of a rebound especially on those hard-hit names that got caught in the crosshairs of the ongoing trade tensions between the u.s. and china and there's still hope that there's still talks going on and maybe it got oversold let's check in on the headlines making news after hours. tilray getting a hit on earnings and that's up 5% after hours. >> shares of agilent giving weak third quarter and full-year guidance down about 8.25%. mike, what's important for tomorrow >> we're in one of those phases where the market will be reactioning reacting to its energy figuring out if monday is the tradable low for a while. we did get macro numbers tomorrow and retail sales and industrial production. so to me, whether the trade overhang is really going to

continue to make investors nervous, the derell raising in the u.s. economy or if the u.s. still looks pretty resilient and therefore able to withstand it the treasury market didn't budge that much today and the yields lifted and a flat treasury curb and it's a subdued market tone >> with the pullback, by the end of the day we had a worse performance than europe which is indicative of the fact that as you said earlier it was an encouraging bounce and by the end of the day it was uncertain as to which direction we were headed with. >> when the u.s. market hit the tie, i guess, and you have to see if that pervades i did notice that the u.s. market reached its all-time high against the rest of the world, so essentially, there's never been more value relative to the global gdp -- i mean, to global market cap than there has been in the u.s. and there's room for a slippage in that, you would

think. >> also watch the retailers ahead of walmart's numbers on thursday and some of them have gotten beat up and the xrt we have macy's tomorrow and it's sleep number 360 smart bed. been cast as the next potential it senses your movement and automatically adjusts victims of the trade issue it's hard to say whether that to keep you both comfortable. would come to pass and the gap save $1,000 on the new queen sleep number 360 has traded poorly. that stock gets right in the special edition smart bed, only $1,799. middle of it all. >> oil prices slipped in today only for a limited time. and they have faced a more healthy rebound and the dollar remains remarkably flat. >> the dollar is just kind of calm, right? >> except against the chinese currency that's fallen and a lot of people see that as the leadingenticat leading indicator. china. >> "fast money" begins right now. "fast money" starts right now overlooking times square tim seymour, chris verone, and guy adami and still half of the s&p 500 is sitting in a correction and one top technician said they can't buy me out

he'll take us bottom fishes and it's a shipping showdown any walmart firing back at amazon starting to roll out one-day deliveries for all orders over $35. which stock has the edge in the market coming up nicely. here are the top analyst calls of the day upgrading tyson foods to outperform from neutral. the firm believes the company's investor day in june could be a positive catalyst. >> next morgan stanley upgrading coca-cola to overweight from equal weight saying coke offers a superior growth outlook. >> and national beverage corp. with an underperform rating

citing challenges in the market share. that stock getting slammed today. a wells fargo note on coke was interest i interesting. it said we're in a win-win situation with coke and pepsi finally. >> so i like both the stocks we own both the stocks but negative on the valuation. they're trading at 25% premiums to the s&p so what you're getting is growing dividends, strong cash flow, but you're not going to get a growth -- if things turn in china and we get into a growth mode again, these stocks are going to lag but in the meantime these are expensive staple stocks because of where interest rates are. >> defensive >> it's a defensive play keep that in mind. build a veifd dirsieportfolio but that shouldn't be your core long large holdings. long large holdings. >> up next small things. big things.

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welcome back to "the closing bell." eight minutes left to trade. higher by 221 points on the dow. let's bring in kevin hinkz, senior equity strategist at td ameritrade to tell us why he's

watching retail stocks into the close. this is earnings related rather than trade war-related, is that right? >> thanks for having me on as we get to the second month of earnings season we get to about 90% of the s&p and here comes retail and retail is always fun because they're not in the other indices but they're fun stocks to trade. macy's comes out with earnings tomorrow morning before the open and no one thinks they're going to do well on earnings and we like to look at stocks like that. macy's $17 not long ago, got up in the low 40s so now we're looking -- back in the low 20s, we're looking at it hard again to see if it can meet some really low expectations >> what do you think the recent sell-off in the retail names has been about do you think it's about earnings expectations or is it about trying to price in the next round of tariffs we could get, 300 billion on chinese goods coming into the u.s. a lot of them going to those retailers. >> some of that, especially with

macy's, some of that may have to do with china and the tariffs and the disruption that they're going to see in their chain. but we also look at -- when i look at macy's, i also look at nordstrom. and i don't know if they have the same thing they have a business plan that's much different than macy's so we like to look at both of those. they're both up to date but they've both been extremely weak, as you can see >> sarat, would you buy the likes of macy's at these valuations >> here's what we do we let our -- >> one second, kevin sarat, go for it >> i think macy "uss a tougher buy at this point. they've got tougher comps from last year. they're language really good numbers. and they're really focused on cutting their story. you can see the whites in the eyes of the execution online and on retail, that could be a buy at this point wait and see >> i wonder kevin how walmart is set up for earnings on thursday, especially in light of the news today that it's going to beat amazon to same-day shipping, or

next-day shipping. >> right and think about this they don't have a membership fee like costco and amazon so if they can meet or match the same delivery system as amazon, it puts them in a pretty favorable light. now, mark laurie, as you know, the head of e-commerce for walmart, he's kind of the rock star of the walmart experience so it will be interesting to see how he presents himself through this i think e-commerce is going to be critical for walmart. they had a big jump after last year's earnings. we're watching walmart too that's again tomorrow after the bell >> kevin, very quickly, do you think people should be focusing more on earnings than the trade war? would you be buying the pullback from the trade war-related tensions more broadly? >> well, i think this academy and the nfib small business showed that today, is really healthy. there was a lot of noise and a

lot of headline risk over the weekend with all the news that caused some uncertainty. that uncertainty seems to be dissipating, and the market kind of looked back at the data for sure >> okay, kevin, great stuff. thanks so much for joining us. kevin hincks from td ameritrade. up next we'll be back with the closing countdown. just five minutes left to trade. free tools and resources e on investor.gov. before you invest, investor.gov.

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welcome back to "the closing bell." first and foremost a very quick thank you to sarat sethi for joining us for the full first hour of the show please come back again we have just two minutes left to trade. to mike santoli on the floor with the close mike >> this notable bounce losing a little bit of steam in the last hour the dow now up about 230 points. if you look at what it's done in the past few days it will give you some context at today's high the dow was up 363 points, which basically would have recaptured more than half of yesterday's decline of 617. so we've receded a little bit into the close, not necessarily on any headlines it was a little bit of a cooling off of the trade rhetoric earlier. white house talking about continued negotiations with china. but mostly seemed like a pretty technical bounce we did very oversold conditions as of the close yesterday. the nasdaq was a leadership area in the market today. i was also going to highlight the dow transports

pretty good bounce, up 154 points in the transports but only recapturing a small portion of its losses. bob pisani over the last few days >> i think this is a pretty tentative bounceback we did get a rally, half of what we had, but as you noted fading a little going into the close. we did work in stupidly oversold conditions energy stocks, semiconductors china stocks way, way oversold that's good news on the other hand, the volume on the bounceback is pretty anemic today. we had really big volume in the last four or five days as we were moving down a lot of people obviously wanted to lighten up their positions as they lowered global growth forecasts on the tariff wars i'd say it's a nice bounce but it's pretty tentative. >> you come to realize we can get hit by these trade war headlines now at any time. >> right >> it was by no means a chase to the up side. it was letting prices lift after we did get the oversold conditions yesterday retail earnings tomorrow maybe the one thing to look at >> maybe but 52-week lows and a lot of

paper's out about exposure to china and exposure to the tariffs. a lot of private label brands out there. that's you why see some of these big names like kohl's to the down side. >> macy's in the morning thank you, bob ringing the closing bell here at the big board itau and up at the nasdaq roku. here's sara and wilf with the second hour of "the closing bell bell". >> different mood today on wall street welcome to "closing bell." i'm sara eisen alongside wilfred frost. mike santoli joining us in a moment it was an up day dow rally .8%. not quite at the session highs the s&p 500 rallied about .8 of 1% most sectors were up today

10 of the 11 sectors higher. technology led the charge. industrials, financials, basically if you've been hit by the recent market sell-off by trade over the last few sessions you saw a bit of a comeback today. nasdaq up 1.14%. the russell 2000 index of small caps, which has been hit harder than the rest of the group over the last few days, up higher than the rest, up 1.3% >> we've got full team coverage of the biggest wall street stories. bob pisani and bertha coombs here to break down today's market movers. kayla tausche has all the latest in the u.s.-china trade battle and aditi roy standing by for tilray earnings. a reminder we have an interview coming up on that too. >> the tilray ceo coming up, instant reaction ahead of his company's earnings call in just moments from now let's get straight to bob pisani with the biggest moves on the new york stock exchange for today this rebound we saw. bob? >> it was i rebound but it was less than half the losses we had yesterday. mercedes going into the close a bit and it was on much weaker volume overall as we move to the up side. this is the good news.

we had some really oversold conditions on big sectors. energy, semiconductors, china stocks even the dow jones industrial average was way, way oversold. and all of them saw bounces though mod evaluate. we did see some moves up in energy i did want to highlight that's been terrible recently energy sort of a proxy for global growth. oil stabilized around 61 names that are awful this month like halliburton and schlumberger did have modest gains but the declines this month have been rather dramatic. trade movers down 7, 8, 9% they were up 1%. going into the day on the flat side that's a bit of a problem. finally just want to note retail stocks, new lows today, although they ended a little bit higher still a major problem. guys, back to you. >> thanks very much for that bertha coombs is at the nasdaq with the biggest movers there. bertha >> apple one of the biggest movers about 20% less volume than we saw yesterday. moving out of bear market territory. shrugging off a note from

jpmorgan which says apple could need to raise prices by about 14% in order to mitigate the impact of tariffs. they don't expect apple to do that given its pricing pressures already. chip stocks also rebounding, moving out of correction territory. but again, not on strong volume as we saw when they sold off the bias here are on concerns that this will not be resolved anytime soon communications names were mixed. take two interactive, strong day following its earnings comcast, our parent company, on a deal to continue with hulu through 2024 facebook and alphabet faded but really a little bit lower at the end. biotech surging high tomorrow a very big day for biotech. the oncology conference. the abstracts will be published after hours tomorrow that's one of the things that will see folks move into biotech, anticipating some moves there. back to you. >> bertha, thank you the u.s.-china strayed

battle the driving factor in this volatile market kayla tausche has more on the news that we got today, kayla. >> the latest as the u.s. and china continue to talk and discuss when to hold the next round for the u.s. delegation to travel to beijing. fielding feedback from companies in the crosshairs of a new $300 billion product list for new tariffs. and lawmakers are trying to figure out how long this space can sustain this period of elevated tensions and costs. two iowa senators are strategizing to limit the fallout for farmers. chuck grassley, who chairs the senate finance committee, told reporters he's writing president trump a letter because "i'm not sure if you talk to him face to face he hears everything you say. senator joni ernst said she's in touch with the department of agriculture and cannot yet estimate the cost to farmers in her state. and senate majority leader mitch mcconnell, who says the strategy needs to produce results >> ultimately nobody wins a trade war. unless there is an agreement at

the end, after which tariffs go away hopefully, these tactics will lead us to that day. and if it does i think it will be a winner for both sides >> president trump now says that could be three to four weeks away though sara and wilf, we have heard that before >> kayla, thank you. we are still by the way awaiting results from tilray. we'll hear from ha company's ceo in just a moment when the results hit. first our comments from our "closing bell" all-star panel. cary firestone here in person. welcome back senior equity strategist at bank of america merrill lynch and mike, i've got to say i think tenuous is better than mechanical >> it could be both. and i think it was both. the market bounced where it had to if it didn't bounce after being really oversold yesterday, at least as an attempt, it would have been a bigger negative. i think one of the things this market might benefit from is people were not crazy greedy

bull, going into this space. i think they were comfortable, complacent the market trying to delink itself from the trade noise and i think it was trying to because we know what we're going to know for a while about this setup on trade. therefore you saw today people trying to buy some hard-hit areas, an attempt to say maybe a 5% pullback over the course of several days is enough or getting to be enough for now but that being said, as you rightly say, it was a little bit of an unimpressive finish to this bounce today. >> jill, would you say the pullback has been sufficient to deploy cash in u.s. equities once again >> well, we got close to a 5% pullback and then recovered from that when we have looked at different scenarios that we at bank of america have put together around this, one of our expectations was that if the tariffs went up from 10% to 25% on these chinese goods we could see a 5% pullback in the market.

and then an extended period of volatility since it looks like we're not going to get a resolution right away. talks are continuing we're going to have some time in between. this is going to be a volatile period for the market and any news on trade can contribute to that volatility. obviously, some optimism today but we do expect volatility to be here to stay until we can get to a resolution. >> carey, how have you been navigating through all these twists and turns on trade? >> i think they expected that at a certain point the market was going to have to -- we had a november up 25% from december 26th at this rate the market would be up 55% for the year. so 5% is comfortable if it was 10% -- if it was 7% we'd be buying the market would be trading at 15 or so times earnings. >> we're not buying the ditch just yet >> we started buying there are a few names we added to positions we own 34 names.

we bought valley bank, home depot. we're going to be buying -- they've been hit and we think that the market right here canpause for a bit but it doesn't have to -- i think that the level of volume which people have talked about a lot being weak, remember, the market has a short memory. it's not so short that it doesn't remember december. and nobody wanted to go plowing full speed ahead and have tomorrow be a disaster today so i think it's great that the market is up about a percent and we can worry about volume later. >> kari and jill, just sit tight if you will, please. we'll be right back to that broad market discussion with the all-star panel but first let's get tilray numbers which have just hit aditi roy's got them for us. >> tilray shares are soaring here, up nearly 6% after some positive numbers let's start with the revenues. it's a big beat there. 23 million versus 20.2 million in revenues. eps is a slight miss

a loss of 27 cents versus a loss of 25 cents. also a really important metric that analysts are looking for is kilos. 3,012 kilometers sold. that is a twofold increase from the prior year on the call we'll be looking for more color things like canada's -- the supply issues in canada. that's been an area of concern from analysts. and we'll be continuing to monitor the call in just about an hour back to you guys >> aditi, thank you. joining us now for a cnbc exclusive interview tilray ceo brendan kennedy. thank you so much for joining us stock is popping after hours give us the highlights in your view of the quarter. >> thanks, sara and wilf we're very pleased with our q1 results which include the first quarter of canadian adult use. revenue up 195% year over year to 23 million u.s. dollars,

which shows the long-term opportunity we see not only in canada but other countries around the world >> when do you see the balance with those other countries around the world ramping up as well to the same extent you've seen in canada already >> i think if you look at our results you'll see increased revenue from international sales and we expect to see that continue throughout this year. germany is an important emerging market two weeks ago i was at our facility in portugal for a ribbon cutting and production at that facility continues to ramp. we expect to begin exporting from portugal to germany and other countries in the eu. we'll see in the second half of this year. >> you made a number of acquisitions over the past few months how are you going to explain what sort of company you're building to investors? some of them medical, some of them in the natural products space. what's the investor pitch?

>> it is rare you see an entire industry emerge overnight, and that's what we're seeing we're seeing 150 to $200 billion industry globally transition from the state of prohibition to the state of legalization. and so there are opportunities in the medical segment of the industry globally. there are opportunities in u.s. cbd. and there are opportunities in adult use as well as hemp food and so we'll make investments across all four of those segments based on where we think we can generate the most profits. u.s. cbd is really interesting to us right now, and we'll make investments there in the second half of this year. >> brendan, we just showed a graphic of some of your recent partnerships abi in terms of drinks, novartis for medical, authentic for consumer products. is that your full slate now? have you covered all the areas where you want to have a big partnership? >> no. not at all

we're very pleased with the partners that we have. the sandoz unit of novartis, a.b. inbev and auth entic brands group. but there are other opportunities that are out there. cannabis is disrupting a number of industries. we've mentioned pharmaceuticals. we've mentioned alcohol. we're starting to see tobacco companies enter the industry i think retail is the next area where lots of retailers throughout the united states are looking to have a cannabis product, products derived from cannabis, primarily cbd, on their shelves. and we hope to have our products on their shelves in the second half of this year. >> the tock's all over the place, brendan, down 30% over the last three months, well off the highs that we saw last fall. how do you speak to investors about the kind of volatility still feels like trying to understand how investors -- investors are trying to understand how to properly value this business and what to trade it off of with wild moves on a

day-to-day basis >> personally, i tend to ignore the daily fluctuations i'm a long-term shareholder. i'm a large shareholder. and i'm in this for the future and it's rare that you see an entire industry emerge overnight. like any other emerging industry, any other emerging segment that is this large, you're going to see some daily volatility our objective is to invest for the long term. >> brendan, we thank you for joining us ahead of your analyst call brendan kennedy of tilray. the stock's up some 7% after reporting a revenue "closing br