thank you very much. appreciate that. diamondback energy, two names could operate in this environment as prices come down. opec meeting, theoretically, in a couple of weeks. that does it for "the exchange." i'll see you tomorrow morning at 5:00 a.m. on "worldwide exchange." "power lunch" with tyler and melissa begins right now hi, bri. thank you very much. good to see you. i'm tyler mathisen melissa lee is here and new at 2:00, president trump on cnbc earlier today weighing in on the trade war with china and the threat of tariffs on mexico. also taking aim at the fed yet again. plus, rayt hrheon the president raising a few concerns about the deal. $4.5 million for a baseball jersey babe ruth's personal memorabilia going up for auction with lots of other items we'll give you a sneak peek at some of the mostinteresting things play ball. "power lunch" starts right now

♪ >> welcome to "power lunch." i'm melissa lee. the dow is up for sixth straight day but off the session highs in the s&p 500 now less than 2% away from its intraday all-time highs hit back on may 1st. check out shares of beyond meat. beyond expectations here soaring 25% today. the best performing ipo of the year, up about 580% since going public just $25 a share. president trump on squawk box weighing in on the trade war. big tech and the fed and sounded off on the mega merger and the defense space. team coverage for that first, bob pisani at the new york stock exchange with the rally at this hour bob? >> low off the highs but up almost 6% in the last week it's the trade-related sectors continuing to lead, so you have semiconductors strong, transports, tough time in early may, most of june.

they're up, industrials and stocks all moving nicely here. new highs expanded nicely on friday, again today and off of the highs but you see amex, visa, microsoft, doing well off the 52 week highs. aerostock as well. raytheon deal and lockheed, l3 new highs off of those s&p 500, remember, over 2900 briefly this morning 2945 was the old historic closing high from 29.45 from the beginning of may, 27.45 down 200 and look, three months, we've regained almost all of the losses that we had 50 points away from historic highs on the s&p 500 still a lot of risks out there the biggest one in my opinion, stocks are expensive again we're pricing in china trade deal we don't know if that's going to happen we don't have any indication that's going to happen we hope, of course, for president trump and president xi to meet in japan later this month. we still have weaker global growth to dealwith and that

doesn't change even with a trade deal guys, back to you. >> robert, thank you very much president trump, in the meantime, on "squawk box" this morning doubled down on the trade war strategy kayla tausche in washington with more he likes tariffs, kayla. >> he does he is the tariff man, tyler. en and president trump joins "squawk box" this morning to hit critics in the business community who remain concerned about his tariff threats saying it creates more uncertainty in the markets even though this particular situation got resolved president trump, here's how he defended himself >> to the united states chamber of commerce, if we didn't have tariffs, we wouldn't have made a deal with mexico, we got everything we wanted and we're going to be a great partner to mexico now because now they respect us they didn't even respect us. they couldn't believe how stupid we were with what's going on somebody comes in from mexico and just walks right into our country and we're powerless to do anything. >> mr. trump lamented the multi-billion dollar trade

deficit with mexico but made no mention of his new deal, the usmca, the preferred tool of his top trade officials to solve that problem so what does it mean for china president trump says that tariffs will seal a deal with china too. he still expects to meet with president xi at the g-20 despite state media results that xi may back out if he does, tariffs on the remaining $300 billion in chinese imports will go into place. and that could happen as soon as the end of this month or early next month some washington strategists said a quick solution on the mexico front could signal some dovishness or a willingness to do a deal with china on behalf of president trump, but i'm told by two administration officials that the opposite is true. that creating less uncertainty on one front of the trade war just gives the president a longer leash to go longer and perhaps more painful on the other front. guys >> kayla, thank you. kayla tausche in washington. the president also firing off on the fed once again calling its

destructive -- calling it destructive. steve liesman with more on that. steve? >> quite a word. president trump in the cnbc interview was blunt about his continued unhappiness with the fed for not cutting rates. running off the balance sheet and as melissa said, called the fed, quote unquote, destructive. >> we should be entitled to have a fair playing field but even without a fair playing field because our fed is very, very destructive to us. even without a fair playing field, we're winning because the tariffs are putting us at a tremendous competitive advantage. >> so the context of that is obviously in the negotiations with china that he feels the fed puts him in a bad place. president trump also expressing his displeasure with personality over the committee saying they don't listen to him and end quote, they're not my people despite the mexican immigration and tariff deal, markets continue to forecast multiple rate cuts from the fed this year here's the probabilities down a little bit for june, but still strong 84% for july, going to 97% by

october. inside that, a 51% chance of three rate hikes by december ubs, our outlook, precautionary rate cut this is year from the federal reserve not predicated on adverse direct effects from a major escalation of protectionism against mexico some of the key dates to a july cut. got the fed meeting. might get like a warning or a signal that rates are going to be cut or thinking about it. and then you have the trump/xi meeting, maybe you have that meeting. if not, maybe more tariffs june jobs report, if that's weak, that would seal the deal underwhelming q2 g2 report the rate cuts he wants from the fed if some of the key economic reports show pronounced weakness which he may ultimately not want >> steve, thank you very much. >> the rate cuts he wants. >> has jay powell become the new

jeff sessions? >> at times. the president approved both. >> that's my point he was president trump's nominee. >> in fact, the president anointpointanoin appointed four of five the federal reserve bank presidents who the president does not nominate. >> sure. >> steve, thank you. more gains on wall street today. the s&p 500 now less than 2% from its intraday all-time high. a hit at the beginning of may, up 5% this month alone let's bring in mike ryan, chief investment officer with ubs and chief investment strategist with northern trust welcome, gentlemen good to have you with us >> thank you >> mike, why did the market take off in june? what's the predicate >> i think it's pretty simple. early on, what you saw is there's some expectations that not necessarily the fed was going to immediate cut rates but more open minded and we saw signs of weakness and concerns about the inflation that the fed

ready to pivot and saw it earlier this year and certainly something that was reinforced in june but i think the second issue is when we have this little bit of back and forth with regard to the tariffs in mexico. obviously, on friday, when we saw some movement towards resolution and obviously some follow-through over the weekend. one of the concerns about a broadening of these tariffs that go beyond just china includes our trade policy with mexico and canada that was taken off the table at least for now. that's part of the reason why we see better performance in june >> jim, let me ask a related question there the fed does seem to be sort of one of the activating factors in this rally so far. but as you look down the road, is it likely we're going to continue to see the threat of tariffs, if not the imposition of tariffs, as one of the items to make the market vulnerable? the president will threaten tariffs against who knows who,

europe, the trading partners, china and others and that may be something that is a stumbling block for higher stock prices. >> i do think that's true, tyler. we're going to see a bit of a jagged rally through the end of the year and into next year with improving growth and relatively low interest rate environment, buffet on occasion, buy the trade risks that you raise. so while it's a positive development we've developed, short-term mexican trade issue we've got to pass the usmca and the chinese trade negotiations are going to be going on, not just for this year, but probably for years to come. >> mike, in your view, if there is no deal with china. depending what happens with the g-20, does that influence your view whether or not the fed cuts interest rates in july or later this year and i'm asking you this because the market seemed to be rising with every passing day that it believes there are going to be rate cuts. >> first of all, i think it's

very conditional if we see a complete breakdown in terms of the negotiations with the u.s. and china and saw no pathway towards a resolution, what you certainly see is the economy impacted by that and that would wind up prompting a response by the fed. the base case for us, there's a back and forth with regard to trade. we're not going to see this definitive resolution reach at the end of this month. it's going to be a lot of back and forth and we ultimately think the two sides will come to at least an agreement in terms of working towards a framework with the trade accord. >> jim, if you had incremental mon money, where would you put it to work right now >> they look particularly attractive a lot of clients say we've had money on the sidelines we want to go into the market but we're worried about losing it you've got much better downside protection than high yield versus equities. during the 19% sell-off in the fourth quarter high yield down 6. during the recent 6% decline,

high yield was down 1 and we think you can get a return to save the 7% range over the next 12 months. that would be a destination number one for fresh money coming into the markets. >> fantastic jim mcdonald, thank you. mike ryan, great to see you. a crash in new york. sue? >> indeed, the fire department in new york is responding at this point to what is, they say is a helicopter crash into the roof of a 54 story building in mid-town manhattan that houses nicholas as well as other financial firms. we're calling all of them at this point we're trying to get a visual for you. wnbc has some footage of the lower part of that building and all the traffic, as you can imagine, we have first responders on the scene. but at this point, we can tell you that a helicopter crashed into the roof of 787 7th avenue

and first responders on the scene. the fdny said it's a helicopter crash. we are trying to get a live shot for you and we're trying to contact the firms that are in that building, so that we can set the scene for you. we're going to monitor the situation, guys and melissa, send it back to you and as soon as we get the live pictures, bring it to you. >> north of times square, isn't it, sue? 787. >> 787 54 story building. it does have financial services firms in that building but apparently, the helicopter that crashed on the roof, there are reports that are unconfirmed that there is a fire we don't have that confirmed yet. we're looking for the visuals. guys, back to you. >> seventh avenue and west 51st street i'm being told is the location of the building sue, keep us posted, thank you sue herera coming up, president trump weighs in on the deal of the day. will the $121 billion merger really limit competition and the president's tariff threat leading to a deal with

mexico we'll ask a former u.s. ambassador about that negotiating strategy "power lunch" will be right back of savings and service. whoa. travis in it made it. it's amazing. oh is that travis's app? it's pretty cool, isn't it? there's two of them. they're multiplying. no, guys, its me. see, i'm real. i'm real! he thinks he's real. geico. over 75 years of savings and service.

you guys be good. i'llshe's gone.ter. it's a dangerous world. [ screaming ] [ grunting ] woo hoo! [ screaming ] pops are your friends gonna die? pickles don't be so dramatic. but yes probably. there they are. aww! shares of united technologies are lower this hour raytheon agreed to a $121 billion mega merger. off the highs coming off the comments from president trump on cnbc. >> i want to see competition two great companies, i love them

both but i want to see that we don't hurt our competition >> morgan brennan joining us now with the company's reaction to the president's concerns morgan >> tyler, i put it like this quote, complementary, not competitive. that's how raytheon explains this merger. there's almost no overlap between the businesses and that business really all about technology so even though their products don't overlap, the underlying technologies be it ai, analytics, engineering techniques, those could be applied to different programs and production lines, whether it's in defense or commercial. so basically, across the portfolio. i sat down with greg hays and kenedy here's how they see it >> the commercial aeroside, we expect growth for the next 6 or

7 years. the modernization focus on the d.o.d., probably looking at 5% or 6% growth this is not about one company growing and the other not. i think both companies have a great future and together, only going to be better >> scale and diversification across aerospace and defense that is what this could mean the new raytraytheon technologi, could be in a bid for more defensively and modernization of the u.s. military, a key focus of the trump administration, a merger that could potentially cut costs, create a more competitive bidding environment, could be well received we've seen that's the case with another merger of equals expected to close later this month and just leave it with this when they came on the air earlier today, greg hays did say they will be talking to president trump later today and that they believe when he realizes that this could cut costs for the government, this will create jobs, that he will

be supportive. >> morgan, thank you morgan brennan with the lowdown into what this deal could mean for the defense industry and whether there is any regulatory risk with us now, analyst at cfr. great to have you with us. not only will greg hays speak to the president later today, perhaps already spoken to him but indicated on tv today they've been talking to regulators all along having heard president trump's comments about his concerns about limiting competition, does that become an issue, a potential issue in your view >> i'm not worried about it. i think once the president is educated on the facts of the deal that there is very little to no overlap between the products, and that what a stronger raytheon technology creates more for general dynamics and more competition in the defense side of the business and give the president exactly what he wants. >> what's with the ripple effects we see across the industry there's some talk this morning that boeing could look into ge,

airbus and rolls royce what are the impinges you see as an off-shoot >> greg hays said it earlier on your program, i think, very difficult to find combinations where there's not enough overlap to attract regulatory scrutiny this is one of the rare deals in which, primarily commercial aerospace company with relatively strong military presence and a contractor getting together to create r&d and cost synergies i don't think there's a lot of deals like that out in the pipeline. >> this is styled as a merger o equals is it? >> they're relatively similar in size and scale relatively similar in terms of operating margins and profitability. so yeah, i think that it does make sense as a merger of equals united technology is getting 57% of the deal and shareholders getting 54%. not quite equal. >> who runs the company? >> the ceo, greg hays going to take over.

after two years, the chairman. right now, the ceo on day one. >> jim, asked you the question of other combinations. you skirted it i don't know if you don't want to answer that particular question but what does it put on others as they compete with a raytheon combination zbli >> i think it puts pressure on r&d because the major starting deals is the r&d they're going to be on cutting edge and hypersonic missiles and microwave and laser emitting weapons. these are things that are the next generation of weapons for the defense department and i think that companies like lockheed are working on these as well so there's going to be a race to see who gets these weapons out first. >> jim, we leave it there. thanks for your time jim corridor. >> thank you. retail stocks with the best

run since february tastes change through the generations, but would a $100 engagement ring really get the job done owrprising results of new suey"per lunch" right back. >> love is blind this is my headquarters.

this is where i trade and manage my portfolio. since i added futures, i have access to the oil markets. and gold markets. ok. i'm plugged into equities. trade confirmed. and i have global access 24/7. meaning, i can do what i need to do. then i can focus on what i want to do. visit your online broker today, to learn more.

welcome back i'm sue herera with an update on the situation that is still developing in midtown manhattan. a short while ago, a helicopter made a hard landing or a forced landing. there's a variety of terms being used to describe this incident some are calling it a crash. on to the roof of 787 7th avenue that triggered a fire. the governor of new york was just talking about this. there are casualties involved. they don't know how many casualties obviously, you look at that scene on 7th avenue, they have emergency personnel in place the streets have been blocked off. 787 7th avenue at least partially evacuated because of

the danger of fire they have not basically come up with an idea of what exactly happened but keep in mind, the weather in new york today is rainy, cloudy and certainly not conducive to being up in a helicopter, so whether that led to the pilot having to make a forced landing, hard landing or a crash landing, we don't know, but it could be a contributing factor at this point so we know from the governor anyway there are casualties involved, evacuating parts of 787 7th avenue and trying to get it we are looking at a live picture now of the ground as you can see, fbi officials are on the scene as well. that's the latest of what we have and as you continue to look at that live picture, send it back to you guys and in terms of how many more casualties and the

extent of their injuries, pass it along to you. back to you. >> sue, thanks for the update. sue herera now get to michael santoli for "trading nation. mike >> thank you, melissa. retail higher today. the xrt retail tracking for the best month since january gains relief after may brought the worst selloff in more than a decade the management, your trading nation team today. pretty good comeback for the group but there's been kind of a split and obviously the big dominant retailers outperforming smaller chains how would you play it? >> it's been a big split i think you want to be selective, especially when you consider that the equal weighted retail spider ticker xrt coming off the lowest relative level since the start of the bull market back in march of 2009 so key on selection. a mixed group here what make it is most sense for

us, the highest growth companies in the space like costco, but then if you speak in more tactical ideas, maybe something starting to turn, i'd like at the e-commerce names like etsety let's start withw wayfair it's now turning up from important support level at 138 you've got a gap in the price there and 100 day moving average. so you add it all up we think this is a resumption of the stock's long-term uptrend. >> all right we'll see if it does resume as it indicates there boris, how about you big, small specialized? online physical? what works >> actually, i like physical i like ali's specifically because it's completely outside. sidesteps the whole e-commerce sector and the reason for that is because they basically have the huge advantage of surprise of discovery

hard to replicate. a small company, 23 boxes and 23 states plenty of room to grow and i think the problem with e-commerce is it's going to be an inexorable move towards one-day delivery, instant gratification. massive infrastructure everybody will compete and it's going to be more expensive for all of them. already, you kind of see as a casual shopper on amazon, the prices are no longer the lowest in the store and therefore, i think the e-commerce space will actually get ground down by competition and ollie's really stands alone in this kind of a perfect brick and mortar space i like it long-term play >>the treasure hunt experience >> yes, the treasure hunt experience, right. >> boris, thank you very much. and head to our web site, or follow us on twitte twitter @tradingnation melissa, back to you >> thank you ahead on "power lunch," president trump sounding off on trade and why he thinks tariffs are an important tool, plus, the sultan of s.w.a.t. up for sale babe ruth auctioned off. could go in the ballpark of $5

million. the first drug maker to file bankruptcy over its role in america's opioid crisis. much more when "power lunch" returns. >> and now, the latest from tradingnation.cnbc.com and a word from our sponsor. >> generally speaking, a strong dollar is good for the economy, but that doesn't mean all companies are going to benefit equally. in fact, companies that do a lot of business abroad and those in manufacturing tend to be more vulnerable to a strong dollar. so if you believe that the dollar is going higher, you might want to check your exposure to these kind of m anmpie i'jona payne and schwab is the better place for traders

man: stand up if you are a first generation college student. stand up if you're a mother. if you are actively deployed, a veteran, or you're in a military family, please stand. the world in which we live equally distributes talent. but it doesn't equally distribute opportunity, and paths are not always the same. i'm so proud of you, dad! man: i will tell you this, southern new hampshire university can change the whole trajectory of your life.

welcome back i'm sue herera here's your cnbc news update at this hour. the vatican issued an official document rejecting the idea that people can choose or change their genders, insisting on the sexual, quote, complementary of men and women, end quote, to make babies. this comes as june marks lgbt pride month. israeli prime minister benjamin netanyahu accused zarif of lying after zarif implied

that israel wants to destroy rihanna. netanyahu saying rihanna is the one that openly threatens everyday to destroy the state of israel several cruise ships leaving the harbor, grown in the last few days ever since the msc cruise ship smashed as it docked on june 7. four tourists injured in that accident warning about twisters in the u.s. the national weather service at an outdoor advertising company are teaming up to equip nine digital billboards in central illinois with the ability to display tornado warnings they've had an active season too. that is the news update this hour and guys, we are still monitoring that situation in midtown manhattan. we'll bring you an update as soon as we have more back to you. >> thank you very much, sue. the oil market closing for the day. and let's go to dominic chu with the cnbc commodity desk. >> we've got oil prices lower to start this week off. west texas intermediate, off by

over 1%. $53.31 $62.35 the most two day winning streaks, opec and partner countries do not have a solid plan for extending production cuts and khalid, russia is the only hold out on getting an extension in place and then there's the continuing trade tensions in china as president trump told cnbc earlier this morning that china will get a deal done with the u.s. because they have to, all of that, at least showing some weakness for oil prices today. melissa, back to you >> dom, thank you. dom chu. the u.s. holding off on tariffs against mexico after the two sides struck a deal but the trade war rages on president trump on cnbc earlier doubling down on his trade tactics, accusing former presidents of not doing enough >> they do a hundred billion with us. we do close to 106 billion with them we have the big advantage.

plus, we're the one that everybody is so used to taking advantage of as a country because we frankly have presidents that either didn't understand it or they were bored by it or not smart enough to get what's going on, but those days are over and we're doing great as a country >> our next guest, served several of those other presidents joining us now, the former u.s. ambassador of mexico, former director of national intelligence and currently vice chair of the associates. thank you so much for joining us >> thank you >> on the issue of trade, you don't approve of the use of tariffs as a tactic, but on the issue of trade itself, can you stand behind the president at least in saying you know what, something has to be done with this imbalance with china and allegati also with intellectual property theft and other of these efforts that the president is going after here >> well, i certainly agree that we have to do something about the imbalance in our trade with

china. i think we have to go after the intellectual property issue, no question about it. forced technology transfer for american companies investing in china but let me shift back to mexico for a moment, because we just dodged a bullet there in the relationship with that country and i think, you know, we've got to put things in perspective and also, highlight the difference between mexico and china. in the case of mexico, we exported $244 billion worth of products to mexico last year 2018, which is twice as much as the level of our exports to china. we have, mexico is our largest single trading partner now and when that agreement was negotiated with the mexicans back under the george herbert walker bush and bill clinton administrations, we saw this as a way to help build a north american trading and investing

platform consist of canada, the u.s. and mexico, going to be of a great benefit to our competitiveness throughout the globe and i think that's exactly what's happened. >> when you say dodged a bullet with mexico, at least with the latest, this latest round of tariffs, you mean that now, it's possible that the usmca deposeus forward? >> the trigger wasn't pulled on putting the tariffs into effect. it would have had a harmful effect on both sides i think sometimes mr. trump tries to imply we wouldn't be hurt by that but i got off the phone a while ago from some people in michigan who told us, told me that, look, the price of cars would go up, the inflationary impact would be high that would in turn, lead to lower sales of cars, lower bonuses for the workers in that state. and i think we just have a generally harmful effect overall. so yeah, i don't think tariffs

are necessarily, are a good idea in dealing with these problems and i think it's a rather high risk strategy. >> if you can't get a country's attention or get them to take action, whether it's china or whether it's mexico, what other weapons do you have other than tariffs, and are tariffs always a bad tool to use? it seems like you're saying that >> well, i don't like them i mean, i know about the tariffs in the 1930s president reagan talked to me about that when i was his deputy national security adviser and the harmful effects they had on our economy. i can see where, in limited circumstances and as kind of a surgical tool, you might from time to time use them, but here's the question that i would ask you. say we had gone to 5% tariffs and then what? if after that, there was no effect and no improvement in the situation, we ultimately went to

25 i cannot imagine that not having a harmful effect, not only the mechanics can economy but our own as well, it could have a devastating effect i think it's high risk to be avoided. and i think it also undermines the confidence that both governments and the private sector have in the trading and investment relationship between the two countries. >> do you buy into the idea even a little bit that by putting tariffs, let's say it's 25% on mexico, obviously, that's been set aside for now or on china that factories that are based there would flock back to the united states or to other non-tariff countries do you buy into that at all or not at all >> yes, i think they might conceivably be movement. even with this harm being done that i've alluded to you could see some movement to other countries. it might not necessarily be back to the united states, people who make toyotas and volkswagens in

mexico might move them back to their home countries to manufacture. so that kind of movement could take place ditto in east asia pacific region i have no doubt that increased tariffs will have influence on the patterns of trade. i don't doubt that whatsoever. but i'm talking about the overall economic benefit or damage that could be done by invoking tariffs as a regular proposition and that these high levels, such as 10%, 15%, wouln this economic time. >> thank you get back to sue herera with the helicopter crash in new york city. >> we can now confirm that there has been one fatality in that helicopter incident that happened just a short while ago. the helicopter landing or crash landing or trying to make a landing on 787 7th avenue. parts of that building have been

evacuated, as we said, but we can now confirm there is one fatality we don't know whether that is the pilot or whether there were other people on board that helicopter when it went down the governor used the word casualties as in plural but we have yet to confirm that we are expecting a briefing from officials shortly. whether that will be a written briefly or on camera briefing, we don't know yet. the building is managed by commonwealth partners. the property is owned as a joint venture between commonwealth partners and kalpers in january of 2016 we do know that there are several financial services companies in that building, including nicholas and bmp among others some of the floors have been evacuated because the incident triggered a fire on the roof of 787 7th avenue and unfortunately, at this point, we can confirm there is one fatality ty, i'll send it back to you as

we await more details and that briefing >> thank you very much we'll follow that story for you. to the bond market, in the meantime, rick santelli at the cme. >> hi, tyler up 5 basis points and doesn't sound like a lot double bottom right around 207 208. this could be the high close in 8 trading sessions you know, muni not many seem to talk about them lately there may be credit issues but low interest rates the best levels you see on this etf since september of 2016. the mexican peso is strengthening this chart through mid may shows how the dollar gave a lot back which is obvious but the dollar index is up just a peso, such a small piece of it and finally, the dollar versus the yuan, small piece of the dollar index but this time to the upside hovering at the best level since thanksgiving of 2018, tyler, back to you >> thank you very much rick santelli. coming up, a huge auction,

huge of baseball items including babe ruth and his personal collection in the house, we have what could be the most expensive baseball jersey ever to be sold. you're taking a look at it there. and the babe's granddaughter is here to talk us through it th'sexonpor nc at nt "weluh.

on saturday, at yankees stadium, the house that ruth built, there will be a rare public auction feoaturing the personal connection of one of baseball's all-time greats babe ruth. one of the items up for auction is babe's yankees jersey expected to go for more than $4 million. here with a sneak peek are david hunt, president of hunt auctions, top sports memorabilia firm, and linda ruth, babe ruth's granddaughter thank you to both of you.

>> thank you. >> fantastic, congratulations. i'm not going to qualify him as one of the greatest players, he was the greatest he made baseball what baseball has become talk about this significance what i noticed off the top is that it does not have the crossed ny, nor the word new york it has yankees on it >> the only time in the franchise history, if you can imagine that all the great moments they had, the nickname yankees across the front from 1927 to 30. in st. louis these jerseys used to bring a few hundred thousand and now the millions amazing piece. >> amazing look at the other things here. that's one of babe's bats.

is that one he used, linda >> notches >> he said, i want to be like a gun slinger. he would notch the back and hitting so many home runs. as he enkroefed into the barrel where the umpires use these, but with that historic, almost like iconic impression from ruth, it brings a lot more than just a regular bat. about $700,000 >> is it difficult to part with them >> very difficult. some of them have been in my family, like the suitcase there and it's hard. each one has its own story and it's really hard it's like you're letting go, i don't want to say soul but a piece of you is going. so yeah, i'm very attached >> which item is your personal favorite >> i love the stickers >> the suitcase stickers that's cool.

i would love to just display that >> it's quite, and still good condition. >> do you ever get tired of talking about babe ruth? >> no, 50 years. that's all i do is talk about him. i go places, we visit about him. now, he goes forever. >> he was truly n life person. he lived life hard and fast. >> it's amazing. we will go do talks with kids that are 9 years old who's heard of babe ruth every hand goes up it's actually amazing. it's an iconic mythical figure which was important to pop culture in american history, not just in sports endorsements, you name it. >> tell me what's the saxophone about >> he did everything you tell them. >> that was a gift and actually, he really tried to learn how to play it. my grandfather always wanted, mom said life didn't owe him a minute everything he wanted to do, he did. if it meant playing the saxophone, he played the

saxophone. he just loved it he was a ballroom dancer. >> the auction is saturday at yankees stadium. you have to reserve a ticket to go in? >> you do. just because of the security, they can give you a ticket, yes. this is something we wanted to do and linda as well and tom as well, and tom as well want to share this with fans if you can't bid, that's fine. but it's really american history. >> and there is prebidding where? >> if you go to huntauctions.com you can bid on anything or check out all the items. >> it's fun to look at it really is cool. thank you both very much >> thank you >> we appreciate it. good luck this weekend and in saturday's auction, huntauctions.com one last time. >> well, it is the first drugmaker to file for nkptbarucy over its role in the opioid crisis we've got the fallout. that's next. -driverless cars... -all ground personnel...

...or trips to mars.

$4.95. delivery drones or the latest phones. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade.

a company accused of playing a huge and perhaps criminal role in the opioid crisis filing for bankruptcy protection. meg tirrell joins us with more meg. >> hey, guys the bankruptcy filing for insuss therapists comes just days after the company agreed to pay $235 million around ilths biggest drug, subsys it's made of the powerful opioid fentanyl it was approved specifically for

cancer patients taking painkiller insys ceo and several others were found guilty. they claim the company bribed doctors and misled insurance companies to boost sales of the drug insis isn't the only company facing heat for opioid epidemic private company purdue pharma said in march it was considering bankruptcy as lawsuits for its role in the opioid crisis pile up and the first major trial seeking to hold the drug industry more broadly responsible for the epidem sic under way now in oklahoma where johnson & johnson is left as the sole defendant after both purdue and teva pharmaceuticals settles. other companies in the ross hairs are mallinckrodt and enda pharma in conversations i'm hearing this is just potentially the tip of the eyeingberg in terms of focuses on these drug companies and their roles in the opioid epidemic >> thank you very much we'll be watching that president trump with some tough talk for big tech but also a 'lexaicoof sort wel pln ming up on "power lunch." this is my headquarters.

this is where i trade and manage my portfolio. since i added futures, i have access to the oil markets.

and gold markets. ok. i'm plugged into equities. trade confirmed. and i have global access 24/7. meaning, i can do what i need to do. then i can focus on what i want to do. visit your online broker today, to learn more. plants capture co2. what if other kinds of plants captured it too? if these industrial plants had technology that captured carbon like trees we could help lower emissions. carbon capture is important technology - and experts agree. that's why we're working on ways to improve it. so plants... can be a little more... like plants. ♪

president trump has often been a vocal critic of big tech but he was a big defender of those companies this morning on cnbc julia boorstin with the details now. hi, julia. >> hi, tyler well, president trump on "squawk box" calling out the european union's regulatory approach to the tech giants and the large fines that it has levied but trump also said that antitrust issues are worth exploring. >> every week you see them going after facebook and apple and all of these companies that are --

you know, they're great companies, but there's something going on but i will say the european union is suing them all the time we're going to maybe look at it differently. we have a great attorney general. we're going to look at it differently. >> the president also said that as a by-product of the eu's fines the eu "gets all this money" saying "we should be doing that." president trump also criticizing china's tech expertise saying it's not as strong as that of silicon valley >> china, as great as they are, and they are great, they don't have near the capability of our geniuses in silicon valley that walk around in undershirts and they're worth $2 billion apiece okay they don't have nearly the genius that these people have. >> the president also accused the tech companies of colluding with democrats against him during his presidential run. melissa, back to you >> far-reaching interview. i guess he doesn't think much of all the a.i. developments and so

on going on in china, julia. >> yes, he was pretty critical but made some jokes there at the expense of the fashion choices of the silicon valley folks. he basically said that chinese tech companies weren't as creative as those here in the u.s. >> julia, thank you. julia boorstin >> check, please >> all right >> he's good with a phrase, man. i'll tell you. >> two-two-month salary for an engagement ring. while younger americans aren't married to the idea, so to speak, 12/3 of them say an engagement ring should cost less than $2,500. this is according to a report from td ameritrade that's less than half the national average price 31% of young millennials, 43% of gen z-ers say a ring should cost between $100 and $1,000. i don't know what that ring might be made out of but i'm sure you can find a nice ring for that amount >> i guess you can in a cracker jack box maybe. here

take this. yeah that seems low i think maybe a little naive >> but maybe they are more into experiences and they -- >> save the money for a nice honeymoon. >> exactly >> nothing wrong with that >> to each his own thank you for watching "power lunch. >> and "closing bell" begins right now. we're going to ring the bell welcome, everyone, to "closing bell. i'm sara eisen stocks are rallying again today after posting their best week of the year last week i'm here at the raytheon post. stock story of the day, the stock is higher. one of the biggest mergers of 2019 an all-stock deal with united technologies we'll have everything you need to know about that deal. who could be next. and of course all the other big stories investors need to know as we head into the close. and i'm wilfred frost. good afternoon to you. let's look at what's driving the market action today. tariffs on mexico were avoided and investors hopeful of a deal with china tr