exactly. >> very interesting. thank you so much. i just want to mention as we watch the markets, we have turned negative, some commentary out there. fully preparing for it's failure and escalating trade war when it comes to the g-20 meeting. we'll see if the dow can hold on >> thanks for watching "power lunch" >> closing bell starts now >> indeed does i'm david faber. >> i'm sara eisen. let's get the headlines on the foed >> reporter: dallas fed president writing that he believes a balanced approach to rates is appropriate he says the down side risks and uncertainty have increased and it's too early to judge whether those uncertainties persist. he points trade tensions and

global growth slow down as two risks that he will be focused on kaplan says tariffs may be impacting manufacturing industry and trade tension played a role in the global slow down. kaplan is concern that additional monetary stimulus could cause excess on the economy he expects a 2% growth rate and job growth remains moderate in coming months inflation will move higher in the next year, noting that the risk to the global outlook have been tilted to the down side and those risks could impact the u.s. economy leslie becker, thank you joining us, stephanie link is here from tiaa stephanie, not much policy implications but a lot riding on the fed right now. in term are of the data that was kaplan, dallas fed manufacturing index today was not pretty >> especially on the manufacturing side it's not been pretty at all.

let's hear what powell has to say tomorrow we'll focus on that. today was kind of quiet. we're waiting for g-20 we're waiting for powell we have the democrat debates we have a lot the rest of this week it will be busier week than june, july would suggest >> eamon javers is covering two executive orders bertha combs watching health care companies and details for push on big data tech transparency. eamon javers let's start with you. >> reporter: the president singled o singled out eight individual iranian officials. i asked secretary mnuchkin if any of them have assets, he didn't answer but they do have intelligence on these officials. we're getting set for the

president to sign another executive order. it's about health care costs clarity. what the president is doing today is going require hospitals and insurers to disclose negotiated rates for different services that they provide and also this will mandate that they provide patients with out of pocket costs before the procedure. that gives patients and businesses a lot more information about what's going on in the health care market the hope here at the white house is that will help to drive down costs as well. >> thank you let's bring in bertha coombs >> reporter: hospitals and insurers as well in fact the health insurers are lower. a number of plans already provide some kind of transparency and procedure costs. the new rules can denting insurers competitive advantage in negotiating rates with hospitals and could cause prices

to move higher because hospitals will know what their peers are getting. at the net and community health getting hit hard sara, as with health care it always depends on just how things will work out >> all right thank you, bertha. turning to fedex new shipping changes. >> reporter: fedex shares down 2.5% following a "journal" report it's cutting express price services this comes as contract for air delivery with amazon expires on june 30th. however the company says its pricing strategy is unchanged. fedex also issuing another apology for another error involving huawei huawei phone sent from the uk was returned to send fedex said packages sent to huawei were misrouted to the

u.s. the china government is investigating and could put fedex as it's unreliable entities list. fedex said 2% come from u.s.-china shipping. i want has a regional hub in china. they estimate 15% of fedex revenues come from aipac turning back to you, any thoughts or concerns about fedex at all obviously a bellwether of the future economy >> frank is brilliant. has a pulse on so many parts of the global economies fedex is going through some problems you have the amazon threat because they are building out their network and buying planes and building out distribution and distribution centers so that fedex now has to spend a lot more just to kind of keep up that's the problem, right? their expenses are going higher.

at the same time they are integrating at&t, not so well. stock is cheap yields almost 4% i can find a handful of industrials that have just that and stronger fundamentals. i'm avoiding that whole space. sneerngs tomorr earnings tomorrow technology companies will tell users how much their data is worth here's that story. >> reporter: dave, this bill comes from democratic senator mark warner and republican josh holly. it basically puts a price on your privacy companies would have to calculate the value of all the data they collect and disclose that number to their users these new rules apply to companies with more than 100 million active users and fcc would be in charge of creating the formulas the senators say the point is to show free service like search and social media aren't actually free you're paying with your data industry, of course, they argue the premise is all wrong

price is not a substitute for your data. back to you. thank you. we'll have a lot more on how this legislation could impact technology companies let's get back to the broader markets. president trump tweeting today in part calling the fed a stubborn child in term of its rate cut policy. let's bring in jack manly, global market strategist at jpmorgan asset management. welcome, jack. question is we've gone three weeks, near record highs hit those record highs on thursday for the s&p within shooting distance for the dow. what takes us there if we get there? >> i think we'll struggle to continue to generate meaningful price generation in the absence of earnings growth. what we'll see is markets by multiple extension rates staying longer equities have a second breath of life >> how much of a hope of a fed cut and hope of a trade deal can

carry us >> you have to get resolution one way or the other we talked about it multiple expansion as you get through and check off these issues, whether we like the answers or not, but as we get through the issues and more certainty that's what will drive multiple expansion actually i would say if we get some sort of truce on g-20, second quarter won't be that much important i think if we get a truce at least it will improve. >> jack, people will look at the ten year yield and say certainly not reflecting hopes for a particularly strong economy. at the same time from an investment perspective do i want to move into bonds when that is prevailing yield doesn't that lead me back to equity >> i think we have to think about bonds for more than just the yields i'm relatively bullish on the

state of the u.s. economy but we're closer to the end of the cycle than the beginning having that did your ration helps us to protect our portfolio. less for, for the yield. >> i advise clients to have some sort of exposure should they have more? if the yield goes down further prices go up you're benefiting from the continued rally in the bond market. >> absolutely. i won't overallocate but within my bond allocation i would take some chips out of high yield and move them back to higher quality. >> that's why you see defense lead people want yields i'm barbelling >> what's your defensive pick? >> what? >> which one of the defensives do you like? >> i like in the staple side but i don't like the staples i like walmart and costco and because you have growth there, but i actually have been also barbelling with materials, with industrials, because look at the dollar it's been interesting to see today what's leading it is industrials, materials and staples because they all benefit

from a lower dollar too and they have nice yields >> which sectors would you like to be exposed to now >> a healthy balance between growth and value i still like technology for a longer term secular trend. i like energy. i think the sector very healthy. financials may have some opportunities out there. >> why financials? what's the opportunity that you see? >> balance sheets are good when we think about the yield curve it's flat. but if you look at deposits, banks are paying you a whole lot less to hold cash than lending out. >> oil is on the up. less than a percent after we got new sanctions on iran, a bold move to sanction the ayatollah what's going on with energy stocks and the underlying commodity. why aren't we seeing a bigger price move >> a lot of investors were out there waiting for a whole lot worse to get announced the fact we're backing off on

some of this geopolitical tension, moving military intervention and talking about policy like we used to do business i think that's probably a welcomed sign by markets and reflected in the fact that prices haven't soared as much. >> they have bounced about 12% off the loss has had a little bit of a rally. we'll see if stocks follow they haven't in the last year. >> look at the one week chart of oil prices 11.4%. jack, thank you. karl icahn has a win a big casino win we'll bring you the details of a big deal involving cesar's, of course and the the roll icahn played >> pushing for transparency. which companies could be impacted by the most to force big tech how much user data is really worth as we head to break, dow is up 24 points the dallas fed falling to negative 12.1 in june.

estimates were calling for negative one on that read. it follows weak reading from philadelphia and new york's last week under 50 minutes to go before the close. we'll be right back. every day, visionaries are creating the future. so, every day, we put our latest technology and unrivaled network to work. the united states postal service makes more e-commerce deliveries to homes than anyone else in the country.

35 minutes left of trade dow is the only average that's higher thanks in part to boeing, utx and goldman sachs leading the way up let's go over to maike santoli. >> passive and private sounds like somebody is very shy. that's about vanguard. and momo in slow-mo. stocks that qualify as momentum names. deer and cheap and stretching the ceiling, sealing of this market's long standing trading range first of all passive and private. "wall street journal" highlighting vanguard has been considering ways to get clients into private equity which is this area of finance they would do this for their

affluent advisory clients not create index funds for everything why? here's the build up of uncommitted private equity money that's out there in the world. so almost basically $2 trillion. not just in leverage buy out funds but in all funds general this is the uninvested amount that private equity has raised it's a tremendous part of investing. it's clients do not have direct access to. another factor a lot of commentary on the fact the number of public companies listed in the u.s. has been in long term decline. through 2016 but basically the same story it peaked in the mid-'90s. gone lower not 5,000 stocks now, this isn't necessarily a problem. the overall mark, the s&p 500 has managed to get up to $25 trillion some companies are staying private longer their private equity fund own companies for a longer period of time vanguard and its customers will

not have full access this is in the mix as to why vanguard and the new ceo might be looking at this although vanguard is not hurting. they've had no trouble raising assets and low cost index funds. >> if you were to level the biggest criticism you hear from private equity, the returns are fine if you leverage the s&p five times you would do better. >> would you which raises the question why vanguard feels a need to do that the other criticism of private equities is fees how would vanguard create a vehicle that could access this market or with presumably wanted to keep fees to a minimum. >> mike, thank you mike santoli senators mark warner and josh holly derogatory a bill that would require big tech companies to disclose the valve their users data let's ring in our analyst.

mark, nice to have you first of all, is there a way to effectively put a value on the data in a way we can all understand >> i think so. david, you would probably answer the question the same way i would. can you look at revenue peruser, ad revenue facebook breaks it out by quarter, by region, so it comes in to about $25 in ad revenue peruser, per year. can you look at some of the smaller players and they are generating about $5. pinterest and snap and twitter you can get a lot more ad revenue. there's a very straightforward way of determining at least revenue what that revenue should be worth the revenue that these companies can generate perusers that's well documented. >> right would obviously reaffirm what many of us who follow these companies know they are incredibly profitable for a reason and that's one of the key ones there

i mean do you think, do you get a sense that we're moving down this road where this becomes likely and what conceivably the reaction would be when people start taking in these metrics who are not necessarily dealing with them day in and day out >> i'm not sure. i think there are three elements i saw in some of these proposals that i thought were actually very good, putting my policy hat on for just a second make it out optable. that's what facebook currently offers you make the data portable that's currently not offered that would be a great improvement. offer you disclosure so users can find out exactly what companies know about that. you can do that. go on facebook all the information they have on you a lot of steps being asked for or kind of out there except the portability. that's a nice improvement. i'm not sure there's a big backlash we do our own survey work. we ask u.s. internet users how important this data privacy to

them we see slipping concerns, declining concerns over data privacy and i'm sure this could wax and wane depending if we have a problem with the next election these concerns will keep sliding. most users like the trade off. you get an extremely useful service whether it's google or facebook in exchange for information about yourself it's a free service. most users are comfortable with that >> mark, if they go portable do you think that impacts the growth rates or the total adjustable market from someone like facebook? >> so, i've bond this. my guess is no it depends where people take their data and where they take it to some where else. i know it's this idea that people may be able to build byes off of paying users for their data i just ask people to reconsider that a little bit. justin caves these smaller networks generating about $5 in ad revenue peruser per day you give that halfback to eurozoners

as incentive to come over to your network you're paying people 20 cents, 25 cents that's not enough to get people to change the idea that people get paid for their data it's overstated it's not like the money to the end user will be enough of an incentive to get them to switch. people will leave facebook because they find something cooler or more interesting same thing can happen with instagram. free market i love to see that happen rather than it being regulated. >> is this the best they can, congress regulating big tech or is it just the beginning to get them -- given the magnitude of some of the accusations of the bad behavior of these companies and how irresponsible they've been with our data they have to disclose how much it's worth and get people to sign on. doesn't seem that harsh of a punishment or regulation >> it may not be that harsh and may well be appropriate.

we're seeing companies correctly react. they have over the last year i think, i think facebook has. i think google has too so, i think there's probably less of a societal risk here than it was a few years ago. public pressure has helped congressional senatorial pressure has helped there too. again, sometimes we get lost in the weed and forget these are free service you don't have to use google there are alternatives you don't have to use facebook we've seen people switching away >> mark, thanks for joining us >> thanks, sara. 38 minutes to go before the close. we're looking at a dow that's still positive, up 40 points or so s&p sort of flat i would say holding the highs, though, where we've been we hit a record high on thursday at the close sort of hanging in there you have strength in materials, staples, technology, communication services, energy

is actually the losing sector. expectations for spotify might be too high and another is picking a winner in the industrial space we'll break down those notes in today's "word on the street"

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♪ welcome back to closing bell the time for "word on the street". shares of spotify higher despite a downgrade to under perform from in line at ever corp. that firm saying spotify revenue estimates are achievable but grows profit expectations may be too high ubs upgrading hostess. new breakfast products, new production capability and reduced debt >> that's being very specific. jeffries upgrated deere from hold said farm fundamentals finally the turning around the firm predicting double digit growth for large equipment for 2020 anything on spotify? >> it's up 24% since the may bottom, right?

so expectations have actually been elevating as we've gone through the year there are legitimate concerns about publisher rates and grows margins and competition and that sort of thing. i get it it's had a nice recovery off the bottom it's not a bad thing to take some profits i don't disagree >> what's this runabout, the new netflix for audio? didn't we talk to dan about this >> we did. what in term of the podcasts and their move very aggressively into that area >> that's what's driving the stock. >> it was some time ago they announced those initiatives. >> this analyst is worried about it's not that profitable when we come back bernie sanders out with a new plan to erase student debt by taxing wall street. americans for tax reform president grover norquist will tell us why sanders new plan

will hurt your 401(k). >> and the new tap and pay subway system, we'll talk about tech driven future transportation >> you take the subway >> i've taken it four times already today. no three but i use my metro card. i don't tap. >> not for long.

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under 30 minutes to go, stocks are take pause here, holding near the highs, holding near record highs. here are three things driving the action hoping for a fed rate cut. hope for g-20 trade talks. and president imposing new iran sanctions boosting the price of oil right now. david? >> time for a cnbc news update et cetera get to contessa brewer >> here's what's happening democratic presidential candidate bernie sanders is co-sponsoring legislation he says would eliminate all student debt within six months and make public colleges tuition free he says the 10 year, $2.2 trillion cost will entirely be paid for by fees on the trading

of stocks, bonds and derivatives. >> the american people bailed out wall street, now it is time for wall street to come to the aid of the middle class of this country. >> russian navy vessels entering the harbor of havana to a 52 gun salute trump administration stopped all cruise ships from visiting cuba earlier this month 7/eleven is rolling out a new service letting customers to order a slurpee to a battery charge to pleases like beaches and parks. there is no minimum order required i can wait that's how you get your taqitos and slurpee in the middle sheep's me to. do you understand what i'm saying >> yes thank you. under 30 minutes to go before

the session closes let's head it over to mike anatoan told -- santoli. mom in slow-mo one type of investor says i want to own the most aggressive stock. the other says i want to be defensive. this year those two investors have basically the same experience interesting. the low volatility etf is tracking so why is this for one thing those low volatility stocks have showed the greatest momentum. it owns the stocks within the s&p 500 that have been displaying the greatest outside momentum when this rebalanced back in early part of this year it ended up having a huge overweight in health care, staples and utilities and had reduced its allocation to tech it became very much like a

defensive portfolio. it then just rebalanced recently and now back to being 45% technology sort of back to perhaps what people think of. this is one of these anomalies about this market going to a new high on the strength of defensive stocks >> mike, thank you new york city unveiling a new tap to pay system for its buses and subways. joining us is the ceo of cubic nice to have you here. >> thank you >> you brought one with you. i've seen them they are here at the wall street stop for the east sideline, not on the west sidelines yet. why are they better than a metro card >> they are much faster. and you can use ordinary credit card, you can use your phone, you can use your watch, and you'll be able to watch bar codes. so you can tap this and go through -- it didn't work that time

go through this time i had the card turned the wrong way. in less than half a second you can get through a turnstile. it's revolutionary technology in the sense that we'll have one account for each patron. that one account could be used for all transportation needs >> i can set up an account i'm curious. i have a monthly card for which i get a discount and i can ride as much as i want. how can i replicate that with your system. >> you can replicate that experience going forward and be able to use that as we expand the system for potentially all modes of transport within the system >> i'll have the account then i can use my phone. >> absolutely. >> when can i do that? >> so we started rolling it out as you talked about at the beginning of this month. the roll out is a phased roll out. we'll take a couple of years to roll it across the whole system. >> take a long time to educate the million plus people who ride the subway every day, i would

think. >> of course there's an educational process and it's pretty simple. you just tap and you go. >> there you go. you got it this time >> does that mean metro afterwards go away completely? >> metro cards will be phased out over time. >> what's your core come pen tency. what are you doing better than other potential vendors or any of these other municipalities were considering in terms of putting it in. >> we have vast amount of experience in united kingdom, north america and australia. we interact with 70% of all people who use mass tran sifrtry day with ticketing systems that's over 60 million people a day four times a day i would say our core competency as opposed to doing it for many, many years we're a fabulous system integrator of various technologies >> that means what what are you integrating here

that would make the experience better >> what we invented is one account. in the past we had a pre-paid card you put money on the card. you interact with the reader takes money off. we move that to the back office. so that the card wakes up the back office. talks to the one account, if you will and let's you through >> some people use cash. what if you don't have a credit card >> so, various cities have dealt with that in various ways. we found that there have been aspirations to get rid of cash, sometimes that hasn't always happened but you can turn cash into a card and use that as a pre-pay >> all right brad, thank you. >> thank so you very much. >> we'll be watching i assume i'll be using i one much daisy you may occasionally on the rare occasion you get on the subway >> be an upgrade without being

late somewhere >> thank you very much some news on tesla let's get to kayla tausche >> reporter: tesla has been granted a long awaited exclusion from the commerce department based on those steel and aluminum tariffs that went into effect back in 2018. the commerce department on the federal register just releasing several of these exclusion requests that were granted to tesla for aluminum components of things like batteries. the interesting thing about these exclusion requests being granted by the commerce department is that just a couple of weeks ago the u.s. trade representative denied several requests by tesla to be exempt from certain chinese tariffs for things like center screen and computer but at least on some of these aluminum components tesla is gettin ting a reprieve. does this move the needle to see announcements like this? >> i feel every day there's a new announcement with tesla. that's a big problem

with an investor it's too difficult to keep up >> the biggest head wind is tariffs on aluminum. could be another issue i don't have to worry when i look at other companies. >> not tweeting any more it's stopped >> thankfully. it's a start >> just emails we're on record close watch for the s&p 500 with about 20 minutes to go here before the close bell here's where we stand. the dow super25 points s&p bare tlif. doesn't look like we'll get there. nasdaq down. how much more should you be spending trading stocks right now, now that we're at these record levels. unchartered territory. >> cesar's investors, some of them think it jackpot after the company agreed to be acquired by rival operator the stock is up and we'll show you the stock of the company

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at carvana. the gaming industry, el dorado resorts smaller two of

the buyi ining caesars. about 77 million shares of eri, that's .0899 of each of its shares for caesars but 840 adds up at the beginning of the day add up to $12.75 no longer, of course el dorado stock is down sharply, perhaps because investors were a bit surprised that the premium paid there, the two companies have been in talks for some time there's been reporting of potential of a deal. price may have come in a bit higher than some anticipated they are talking about $500 million in synergy the way they did it did result in el dorado shareholders owning 51%. barely a take over more like a merger of equals el dorado's management will be running this do need to note the real estate investment trust stepping up to buy $1.8 billion worth of

properties, three harrah's properties from combination. in return paying $154 million in annual rent for them that's obviouslyhelping el dorado meet what are significant financing needs for a transaction of this size karl icahn happy day him he agitated, got the company to agree it should pursue a sale process and resulted in a far higher price than the $9.20 that he paid for all of his roughly 120 million shares mr. icahn even wrote about it this morning rare praise from the activist investor stephanie, this is a domestic player. going to have 60 different gaming establishments in 16 states but they are not in macaw? >> if you own las vegas sands you play for macaw the last several months it's

stabilized i worry about this combination is do they have enough scale in las vegas or even around the country. because these other properties, even though las vegas is small for wynn and las vegas sands still pretty big >> apparently el dorado has been sort inquis uritve >> if you don't have macaw exposure that's where you want to be. bottom is where you want to go >> their management has been lauded atlantic city, that's going to be big it's new i don't know if you hear of it >> good luck >> we got 15 minutes to go before we get to the closing bell here's where we stand on the major averages we're about down ever so slightly on s&p.

dow super. and russell 2000 and nasdaq both down >> statistically irrelevant. >> i'm glad you're saying what i typically like to say. >> i wanted you to say >> they had to keep it the same. >> most people watch it. so do we anyway, eamon javers is on also taking aim at ulta beauty and sending shares down. closing bell will be right back. . and you should be mad at people who take unnecessary risks. how dare you, he's my emotional support snake. but you're not mad, because you have e*trade, whose tech helps you understand the risk and reward potential on an options trade it's a paste. it's not liquid or a gel. and even explore what-if scenarios. where's gate 87? don't get mad. get e*trade and start trading today.

let's check in on individual "market movers". shares of ulta beauty and sally beauty fell after amazon announced the opening of a professional beauty store. amazon is higher bristol-myers is lower after announcing plans to sell psoriasis treatment. and an experimental liver treatment that failed to meet goals of a late stage study.

>> this will delay the deal in three or four months given the need for that. essentially have a sale prior to close which they hadn't anticipated. they've phase three drug for psoriasis that is promising but this is a delay. that's why you're seeing weakness in bristol and celgene. do you have any thoughts >> yes because i own bristol and i use ulta on bristol a lot of the hedge fund community was long bristol short merck. also because the deal was supposed to close you had that catalyst going forward start to work out the proforma on the model. now we have the delay for a couple of months it's not a disaster. i am surprised it's down this much lower 60s it makes sense on the yield alone. i still think numbers have to come down. this isn't even approved this drug like there are so many question

marks. just an overreaction shoot first ask questions later. >> both are taking it on the chin today all right we gotten minutes left to go >> this is last chance trade >> i thought maybe that was the last when he a lot of chances what will it be? >> all kind of stocks. >> she gives you your stock pick of the day >> got it. big clock over there counting down >> you have nine minutes to make it what is it >> it's actually a european ad company. you could take these comments and apply them to deere. i own cortiva. cnh industrial is a name i'm pitching it's down 30% since the february high there's concerns about ag and the ag cycle just based on the horrible weather we've seen over the last year i think the ag market is

starting to firm and i think you'll see it really in 2020 this is a little bit longer term holding. you have a new ceo and saept 3rd analyst day as a catalyst and they will announce more restructuring, free cash flow targets. >> interesting deere got an upgrade today and whole thesis was china called the cycle turning. >> it is definitely a theme in the last couple of weeks. you've seen all of these narjs dow, cortiva >> are they still getting killed on tariff. >> yes the group trades at 13 13 isn't that rich >> up next we're covering the angles of the market in our closing countdown. >> as we head to break here are the winners and losers in the dow. >> not those guys. >> they are all winners. ♪

you should be mad they gave this guy a promotion. you should be mad at forced camaraderie. and you should be mad at tech that makes things worse. but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. don't get mad. get e*trade's simplified technical analysis. under five minutes left of trading. time now for the closing countdown. let's trade the close. mike lewis joins us.

mike, how would you describe this price action, pausing but holding near the highs how significant is it? >> hi guys not a lot going on i expect to it be commonwealth until friday when we get to g-20 more importantly the action we saw post the fed is pretty telling how people are viewing risk going forward >> so now what at this point is baked in terms of fed expectations >> you know they did a decent job of closing the gap between where fed fund futures were for the yearer and what they are looking to do. a bunch members went from zero cuts to two cuts in 2019 it was reiterating they are ready to act if necessary. so now it's seems with positioning as low as it is and global central banks still being quite accommodating, we're at the point we need clarity. will we get rhetoric out of the trade discussions which will be good for the market or are we going to get a fed cut or both

the reaction from last wednesday people are ready to add risk there's not a lot on and at the end of the day with bond yields in the u.s., the ten year around 2% and 12 trillion, 10 to 12 trillion of negative yield assets globally s&p and u.s. equities still very attractive >> so you said it's a waiting game until g-20. we'll get that meeting in japan on friday. how do you game out the best and worse case for the market? >> that's hard to say. i guess if they said there was significant progress made it would be very good for the market the real question i think in investors minds are, are we going to get some sort of resolution with the trade, and what is the fed going to do and how does the fed react if we get a resolution my guess is that if we get some sort of positive indication they are working on progress and we get a break through and the fed is standing by ready to be

accommodating, investors will like that. equities remain attractive a little bit of clarity around trade and/or what the fed will do and that's contingent upon each other equity investors are ready to step up their risk appetite. >> mike, thank you >> within the s&p 500, goldman sachs looking at this. overall s&p returned to 16 and a half times forward pe multiple most expensive are at 28 times earnings least are below ten times earnings very wide split. last time you saw wide split was around 2000. huge premium hard to know if that will

continue that's what's going on within the s&p. let's look at the nasdaq >> basically some real large cap stocks are providing the lift to the upside some of those names that have been beaten down on trade fears have come back apple up 14% microsoft has really been one of the stand outs it cosmopolitans to near all time highs big drag is biotech's. snapped a five day winning streak part on that news with celgene's acquisition by bristol-myers being most ponied. >> and per that, slow drift downward after new highs on friday couple of groups notably weak dye including transports, russell 2000, energy and retail. retail pier 1 split one for 20 and moved down moved 30%. other retailers on the weak side energy stocks weaker on lower oil and morgan stanley lowering

terms for most of the groups saying lower for longer will be the the norm for natural gas and energy prices. so transports all weaker there's the dow jones industrials average in the black. s&p down five points and i'm sara eisen along with mike santoli. take a look how we finished the day. the dow finished higher by 11 points s&p 500 down less than .2. materials, staples and technology had a good day. energy, skoorconsumer discretio engineer, health care not so good russell 2000 down 1% let's go to you. >> not a lot of action today to

speak of there are still -- it's the end of the week. people are focused on the g-20 as i know you are. iran the comments this morning when we had if there was a conflict with iran and oil were to go into triple digits he had no doubt about it got to be something that at least investors have to keep in mind it's not that tensions aren't still very high. >> energy did not get a lift worst performing sector. to me strength in consumer staples. if you're bearish on this picture, you look at groups like that and say well texaco is trading at a record high walmart is trading at a new 52 week high. is that a vote of confidence in the economy and taking risk and that sort of thing or does it follow the bond trade which is lower yields, hope of fed stimulus, lower gdp growth and lower inflation which is not

arosas a rosy picture stephanie still with us. mike what about you, what was notable. >> picking up right there. bond yields drifted lower. that doesn't give you the opening for some kind of rotation out of these defensive stocks and, you know, we had bond market sentiment. look at trader sentiment, it's very extreme you have to think that at the slightest excuse you start to see reversal there and when bond yields don't do that i think a lot of people kind of stan still and say what is the market telling us i think we have to ask have we gone far enough in term of the overall indexes just relying on the slow and steady type companies and what might prompt some kind of rotation or some kind of a, you know, little bit of a gut check on those defensive stocks that's what we're waiting for. maybe takes clarity on the fed

or maybe just about time >> stephanie, a bull generally on this market, your position long what kind of groups do you want to see leading the charge? >> you want to see the cyclicals lead the charge. earnings will be a big deal. fedex, micro, nike, they are on my list. we have to get through those before g-20. this week will be very telling clearly the one group that i was actually little surprised at today that didn't catch a bid or the financials only because we got the part one of sea car. that's on wednesday. this is the capital return program. you'll have companies like wells fargo, jpmorgan, bank of america have some good yields. so i would think that the financials should do a little bit better and they just didn't. >> i asked you which groups.

i thoulkt you might say transportation dow transportation stocks got hurt again today big move lower >> transports and small caps have really been, i think, keeping the bears in the game in terms of trying to read this market and say that it's not really discounting a great scenario not to say that's predictive >> scott let's get to you. what are your thoughts as he end the trading day. the fed last week, round two of the gauntlet with the end of the week with g-20 for us we expect an overall trade deal but we've cut risk here in recent months. we're back to more of our strategic type of allocations. we have been well overweight stocks for years but we felt this big jump and the uncertainty surrounding this trade situation. we thought we would derisk the portfolio. right now in terms of just

stocks first response, we're where we think we should be for strategic allocation in terms of sectors, we're still leaning towards, you know, industrials. consumer discretionary, technology those have been some of the best performers this year so we don't want to get defensive. i think a lot of that movement is staples and utilitys. purely yield oriented. those stocks are not cheap should those sectors retain their valuations, when it is time to get defensive it will get dicey because those stocks will be very expensively priced. >> so you recently derisk though >> we did. >> the key reason was why >> a couple of them. one we had the big gigantic run off the panic christmas eve low. with this trade situation we think there will be a deal but we don't think it will be any

time soon. we think there will be a lot of day-to-day headlines and there's a lot of uncertainty surrounding this potential trade deal. clearly the market likes what the fed is doing we like tight. the market is also pretty convinced that there are some trade positives coming in the near to maybe intermediate term. we think it will be a little bit further out than that. you know as well as i do, if we see some negative talk between xi and trump this week and these trade talks fall apart this market will go lower >> so interesting because we had jonathan on earlier remember both of these guys, these equity strategists are not on board >> the consensus forecast is right where the market is. usually -- >> either take up their targets or turn cautious >> about 8% or 10% above where the stock market people are quite cautious and

very much in wait and see mode which is anet positive if the fed stuff doesn't come to pass >> it's hard to go out on a limb on sector overweight you're hugging the bench more than you normally would in this kind of environment because you don't want to lose your shirt. all cyclicals. i know we talked about barbells forever. >> it's working. >> i know one guy who thinks that the stock market should be a lot higher he's the president never shy of tweeting. president trump criticizing the central bank and the fed today it involved gdp, it involved the market and he also said, doesn't know what they are doing and we need a rate cut and what other countries are doing against us us against them. right. >> so competitive currency devaluation is apparently what might be suggested here.

what i thought since december was that the rate cut, the rate hike in december, should have freed jay powell and the rest of the fed from being concerned with being tagged as doing what the president wants to do. the president didn't want a rate hike then and he was very vocal about it to me at this point we know the president's position the fed is coming to its concluings that it's leaning towards an ease because of what the markets is doing, the global economy is doing seems we can co-exist in a world where the president wants to jump on the fed and the fed might do the same thing but for its own reasons. >> what if the president the took it one step further he could demote or fire powell what would happen in the markets if that kind of force of action

took place >> it wouldn't be good >> really? some people think it would be good because the market agrees with the president >> i think in the longer term you need an independent fed. i believe that the fed is independent. i believe that what the president is doing is jaw boning, but j. powell and company are independent. they are not feeling pressure. the media, they see what's going on, they hear what's going on but they've job to do, and, you know, it's our belief they will continue to do that job. it may coincide what the president is saying. you want an independent federal reserve. you don't want a federal reserve that's influenced by politicians and i think that is the case and it will be the case going forward. no influence from politicians. >> listen, stephanie, trump is nothing if not relentless. the expectation he'll stop forget it.

he'll keep doing this. powell may have ear muffs. >> but it's an amazing pivot in the last eight months. amazing. let them get the data. we talked about how consumer is good in the economy, industrials bad in the economy so it's not all bad. not all good i think they should take their time and they will do something. certainly seems they will go in july >> it's amazing that the central bank that got, you know, 3% growth, 3.8% unemployment and nearly 2% inflation is the loudest criticism by politicians. >> it could have been 4% or 5% gdp growth >> 35,000 on the dow >> we would be talking about inflation and mistakes and behind the curve and asset bubble and all sorts of bad policy >> stephanie thank you so much for the first hour scott thanks to you as well.

>> thank, guys >> coming up bernie sanders proposing to cancel all $1.6 trillion of u.s. student loan debt wall street could pay the price. up next we'll hear from both sides of the great student debt debate plus the u.s. and the eu are preparing to hit each other with new tariffs and that could take a big toll on the price of some of your favorite foods we'll give you the details ler closing bell.

stocks finishing the day near loss. let's take a look what got us here bob pisani is at the new york stock exchange bertha coombs at the nasdaq. >> reporter: we had a disappointing day. why was the dow flat again because we're getting out performance from defensive names, consumer staple names again another new high for coke and the proctor and gamble, c d colgate. utilities. many sitting at 52 week highs. one thing i want to point out

we'll have nine ipos this week, southeast big recent ipos had a terrible day today we had some of the names that were out there like crowd strike, revolve, pagerouty weak went public with a lot of fanfare a couple of weeks ago. down 12% not a trend but we'll keep an eye. >> let's get to bertha she's at the nasdaq. >> reporter: we saw a bit of fatigue here apple had been higher and really been one of the big impacts to the outside for much of the day. just faded going into the close there and we definitely closed near the loss of the day chip stocks just barely hung on for the day. to fractionally higher chip stocks have been one of the best performers here in june but if we look back to those may 3rd tweets from trump those are

still down 8%. they haven't yet recovered and still have a big deadline at the end of this week when the president meets with premier xi. senator bernie sanders announcing the college for all act in which he proposes taxing wall street transactions to pay off the country's student loan debt sanders wants to impose a small wall street speculation tax that includ includes .5% tax >> let's bring in jason who is the chair of council of economic advisors under president obama and grover norquist president of americans for tax reform these two gentlemen are not going to typically agree on much my sense here is there may be more agreement jason, let me start with you sanders the last time around had a similar at least proposal in his platform it may have been been a higher percentage fee in terms of stock

trading. what's your sense here in terms of a, the underlying problem and b, the way he's trying to attack it >> in terms of spending $1.5 trillion, i can think of 50 ways that would be better to spend it than forgiving debt, much of it for graduate students, much of it for people with high earnings, all of it for people whom already went to college so i don't think this is a high priority policy idea at all. >> and the idea just in general of raising revenue through taxing transactions, do you think that that has any currency, so to speak? >> you know, i don't mind that idea i think modest financial transaction tax, you have one in place in hong kong not like the financial markets have moved out of hong kong as a result of that you won't raise nearly what bernie sanders says you're going to raise from it

you'll raise less. but, you know, as a way to tax an activity, to raise some money in a progressive manner, i think it's fine and worth seriously considering. >> what's wrong with it, grover? >> the tax idea? first of all, it won't raise what they say it will. you increase debt. the challenge here is that if you cancel this debt not why all the debt farmers have. they hundred of billions of debt to federal government. federal government loaned a bunch of money to other people the clamor to get this done for many other structures and situations is going to be overwhelming you also have -- it's an interesting one, usually bernie sanders doesn't like the 1% or high income pep but this is a significant transfer of wealth from people who didn't go to college to those you're paying for something that

happened no incentive at all in term of people's behavior. it doesn't get to the problem. college costs too much and doesn't do a very good job of preparing people for jobs. people don't whine about the loan they have for their home because their home is worth having their home, can you sell it if you want it to it's a thing of value. can you go to a number of colleges in this country and take all the courses and pass and not have a skill that is, that makes enough known payback the debt and all the money you spent for colleges in the last 25 years it increased the number -- they doubled the number of bureaucrats at universities. that's not teachers, and when you spend $300,000 on elizabeth warren teaching banking when there are hundreds of actual banking lawyers and experts on banking who would fly to harvard every week for free to teach a course not take $300,000 out of pockets of students. >> jason, that does seem to be what's missing here which it

doesn't give any incentives for colleges to make tuition more affordable or make people graduate >> i'm happy to defend my vested interest here. you look, the typical student loan is about $30,000. the value of a college degree is about $500,000 for most people this is a fantastic investment they are getting a lot of going to college in terms of higher earnings over the course of a lifetime there's a significant minority that has a hard time paying back their student debts. i think we should be focused on them with systems like debt forgiveness for people whose incomes don't work out i think there's a big problem in the for profit sector where you have really high tuition and really bad out comes and regulating that sector i think is important too but i think we shouldn't mistake that for the typical person at the typical let's say state school, community college, even

private university like what i teach at, you get a good return on those degrees and those elizabeth warren law students, they did perfectly well wean their tuition. >> why waste $300,000. why have twice number of bureaucrats. the fact that you haven't collapsed -- >> the waste of $300,000 is her salary >> that's her salary >> it's competitive salary >> that doesn't sound realistic. maybe you know a bunch of them >> there are enough banking lawyers -- >> if you want a good faculty member you have to pay a competitive salary you have to end up paying them more i'm not really worried about harvard law students and how they do in life. i think we do want to worry about people at some of the fly by night for profits that, you know, turn out degree after degree, advertising the subway, take people's money, leave them

in debt. that's the segment we should be worried about not this against professor warren for some reason >> her salary just got a lot of athe tension and how she got the job got a lot of attention if you're talking about people who work a few hours a week teaching getting $300,000 a year you're saying why is college so expensive or why is a university so expensive that's one reason the bureaucrats, however much you're paying them don't add value. why did it get doubled in the last 25 years. there's a great deal of waste. the federal government puts a seefrs regulations on every one of those colleges. those bureaucrats figured out what the government regulation are trying to do let's drop the unnecessary costs of university and college instead of subsidizing past mistakes or failures and that just encourage colleges to charge more money. harvard has billions of dollars, they don't need to charge

anything to send kids to school because they have billions they've saved over the years i don't know why you call them a nonprofit. they've made a lot of profit >> they do offer aid to anyone who qualifies. many of these schools you're citing, grover >> i don't know why harvard law school or harvard business school should be free when their graduates do quite well. similarly why should we forgive the student debt of people that went to graduate school, people in high income brackets. we want to focus on getting more people into college, make it more affordable and making sure the education they have valuable in a lot of cases that does work already. >> just quickly grover, democrats are raising this issue which is affecting so many americans. are republicans going to have to put up a solution to this as well going into 2020 >> this administration has been trying to reduce southeast expensive regulations on universities something the democrats have

creased the problem rather than decreased the problem. step one is to reduce the number of regulations, the cost those regulations which drive up the cost of implementing them at universities big and small to get those cost down. some of this is the universities themselves have to get better at having university courses. you all seen have seen the list of silly courses these universities can teach people take those course, and the universities do not tell them that if you graduate taking the silly courses you're not going to be able to make a living as you move forward there's some responsibility on the part of the universities to make sure that they don't take advantage ever students who are not getting value for the amount of money they spend. >> right all right. well i took a lot of silly courses and look at me >> my point made >> there you go. i knew you would say that. grover thank you very much jason, thank you as well

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the dow closed modestly higher today the other averages were lower. let's get back to mike santoli >> we've been talking about this push to a new high which certainly took hold last week. but it really is the upper end

of a trading season. if you want to pan out a little bit on what the s&p 500 has looked like over the last five years, what you see here is two long stretches when the market kind of s of oscillated around e highs and lows it doesn't look quite as cataclysmic as it felt then we were trading until the 2016 election. then another strong upswing. we've been could so lie dating and it you see where i drew the line, the former highs from last year and just noesd above it right there. what we're doing is testing the upper end of this. seeing if we consolidated it long enough. if the fundamentals can come through to kick us into gear right here at the election you had a change flipped the switch from deflation to reflation

unclear if we're here yet or go longer sideways or maybe this is the end. not unusual for a bull market to act this way is one of the lessons here >> mike, thank you time now for a cnbc news update. let's get to contessa brewer >> reporter: house speaker nancy pelosi in queens new york this morning fora roundtable discussion on immigration. she stressed her belief that families belong together and say the proposed i.c.e. raids are scaring the children >> families belong together. it's a fundamental principle families belong together what we need there is comprehensive immigration reform with a path to citizenship >> a man on trial for murdering nebraska stunned the courtroom when he cut his throat during an outburst not clear what he used judge told photograph stories take off their cameras

he was immediately taken to a hospital parts of the country are dealing with snow. colorado, snow plows had to turn around because of 50 mile-per-hour winds a s and hea snow seems like this is the winter that will never end. crazy weather. >> david >> thank you, contessa i do think winter is over at least for a little while let's get to eamon javers. he's got some new news for us involving those new sanctions on iran in response to the downing of the u.s. one mandatory drone. >> reporter: the president targeting specific members of the iranian military with these sanctions today, eight specific members are named, treasury secretary mnuchkin said this was done because they were in the "chain of command" in terms of reason iranian actions not necessarily indicating that he believed all of these people

were the ones exactly responsible for the strike on the american drone and the attacks we saw last week on those japanese oil tankers the president using economic leverage here rather than military leverage as he contemplated last week and suggesting today he wants to ratchet down those tensions. here's what he said. >> smaeramerica is a peace lovi nation i look forward to the day when sanctions can be finally lifted. i look forward to discussing whatever i have to discuss with anybody that wants to speak. we cannot ever let iran have a nuclear weapon >> reporter: so, david, the president there make similar pitch here to iran as he made to north korea which is basically saying come with me, get with the american program, abandon your nuclear ambitions and you as a country and your leadership can get rich

if you join the family of nation and join global capitalism we can lift these sanctions and bring porosperity to your country. i just wonder how much more pain they can deal with. what is it, 80% of their economy right now sunday sanctions currency has lost most of its value. what sort of destruction and chaos that's causing >> whether the iranian domestic politics and this is something i don't have a good fix on you can bet u.s. intelligence is trying to gate good fix on how much pressure the iranian people can take and be willing to stands by the leadership there see where that breaking point is if there is one. >> thank you for the update. another big story on investors radar, tariffs, course this morning we spoke to the home depot ceo how the trade war could impact his company and consumers. >> the first step that we'll do

is try to protect the acustomer and the project. we'll work with our suppliers whether that's opportunities in supply chain, other elements of the business then we'll try to protect the customer on the project. some of it -- some of it has to get passed through but we'll try to minimize that impact on the customer >> that was your voice and hands in the shot. >> amazing followup question i don't know who that was. >> somebody who took a lot of worthwhile college course. specialty foods could be impacted by the tariff battle. >> reporter: hi. i'm actually at a specialty foods convention in new york city they have one of these every year today foods from france, italy and greece they are more impacted by this in 2006 the u.s. excused the eu of illegally providing subsidies

to airbus and air because saying the same thing about u.s. and boeing t april robert lighthizer said enough he issued a number of products imported from these european countries that could be subject to retaliatory tariffs think foods like osaigo cheeses and feta >> you find imported cheeses from whole foods to aldi, walmart, wegmans it runs the gamut. >> reporter: so i also just spoke with this business owner he's from new jersey he tells me he imports his products from italy but tells me the value added happens in the u.s., happens in new jersey. the labor happens here he tells me this costs about

$12. i asked him about the tariffs. what would this mean if tariffs were imposed he said it would be out of reach for most consumers a lot more expensive this is a conversation that a lot of business owners, people i spoke with today are starting to have what would happen. what are their contingency plans. a lot said would be priced out i'll send it back to you >> thank you i love feta. >> once they get your cheese there's trouble. >> so many good cheese come from europe coming up cracking down on vaping california set to vote on an e cigarette ban.

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still ahead investing in art. lu luxury assets out perform. we'll discuss that next. tomorrow on cnbc carl quintanilla will have a special report from hanoi, vietnam >> if you were an american manufacturer facing tariffs

would you be moving jobs out of china and here into vietnam? the 95 million people who live here certainly hope so only question is whether vietnam can handle that new business live reports from vietnam all day tomorrow on cnbc

luxury assets such as wear whiskey and art outperformed the stock market annually in the first radiator of 2019 according to the index nester works one platform trying

to break down the barrier preventing average investors from entering these asset class, offering you and opportunity to buy a share of artwork instead of the entire. joining us -- >> still learning. scott joins us nester artwork and managing partner of art. >> simply any investor can go to master works, create an account, invest in blue chip art works. historically these are paintings that are multidollar million painting that people haven't had an opportunity to invest in. >> you buy the painting? >> we buy the painting very similar to how a company goes public. we file the painting -- >> you've done this? >> we've done this with andy warhol

anybody can if vest in that it painting for $20 a share >> if this goes up to value when to sell it or can i simply and how is a decision made as to how to market to market. >> today we have new appraisals that help investors to think about valuation. in the future we're launching trading markets. very similar to a public company you can trade sharns artwork today the main liquidity main is selling a painting as the painting increases in value and we decide to sell it that's when the investor would recognize the game >> how did you get involved? >> pretty easy from our perspective. we invest in companies that are making radical changes, disrupting the standard quo. in this case this is the way art is traded for 2,000 years to the ultrawealthy no one has done this before. the second big opportunity is scott has had success in the past i've known him for a long time

>> a fairly large market but i won, issue there was an effort made and still exists to take sports players public a number of years ago the sec approved it. went through all of that hard to get the brokerage firms to adopt this. >> when you look at the size of art as an asset class, roughly $1.7 trillion asset class. this year it's estimated that $68 billion in art will sell within that blue chip segment alone it's outperformed the s&p by 180% since 2000 very interesting outperforming asset class that's used to diversify into >> gene isn't the better thing about investing in a painting getting to take it home and put it on your wall? >> i wouldn't know because i don't know, i don't have that kind of money. i suspect that's a nice part of it but scott came up with a clever work around that

tomorrow night launching a gallery. you can own a partial share of these and then take that trip to new york and visit your artwork at the gallery and see it live >> can i short anything at some point? >> this individual painting. >> so today it's all individual paintings. eventually we're working to launch a fund. there's no future market so you really can't short anything today. but we think that's interesting long term. >> we'll keep an eye on it where is the gallery >> 497 broom in soho >> you can take the subway there. >> i would of course that's how i go. or i might bake. >> i might take in uber. >> thanks to you both. >> thanks for having us. >> how much is your data worth to companies like facebook and google you masoy on find out. we'll explain straight ahead all, causing a lack of sharpness, or even trouble with recall.

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♪ in tech news a new bill could force companies like facebook and google told valley the valve your data. and amazon getting a patent for drone surveillance speaking about your data let's start with your data and what it could be worth >> reporter: mark warner and josh holly introduced legislation to force companies to disclose the value of their users data they aim to help users their transaction with companies that offer services free to use facebook already discloses the

value that it dearrives from its american and canadian users. it's about $10 a month that's according to facebook's first quarter report now what's most striking is facebook earns far more from its users in north america than from anywhere else in the world the global average revenue for facebook's 2.37 billion active users in the first quarter was $2.14 per month. facebook's average revenue per north american users has been increasing the $10 per month in the first quarter is up from just $4.14 in the first quarter of 2016 per month. now the question is that facebook starts telling its users that they are enabling facebook to earn over $10 a month or 33 cents a day from them would that change behavior or encourage people to opt-out of ad targeting that gets brands to spend so much guys, back over to you >> mark told us last hour no

he thinks it won't affect user behavior it's a trade off users will make have you heard any industry reaction are the companies still on board with this? >> reporter: here's the thing. facebook has the talked aboutthg facebook has talk extensively about how they're offering such a great service to consumers facebook believes they won't opt out of the targeting if they're concerned about privacy, simply because they would rather get more effective advertising, and better, more tailored ads to them, but one thing that's interesting, sara, people in american have not seemed too concerned about privacy and they haven't been acting on privacy certains, we talk a lo the about it, but here in the u.s. concerns are not really affected people's behavior. bill gates speaking on his greatest -- letting android win in the mobile operating business

take a listen. >> we missed being the dominant mobile operating system by a very tiny amount we were distracted during our antitrust trial, we didn't assign the best people to do the work, so the biggest mistake i made in terms of something that was clearly one or skill set, we were clearly the company that should have achieved that. >> interesting, distracted by the antitrust trial. >> that was the only controversial part not that they could have owned this area, but some -- >> didn't put the best people. the software engineers were working on the legal case? i don't know it's a hard leap to make. >> he also blames his own mismanagement. >> but google moved, apple moved, microsoft doing just fine >> absolutely. no doubt it's found another acts, for sure. amazon has patented surveillance as a service

technology for its delivery drones josh lipton has that for us. what does that mean, josh? >> so, sara, for it is about your drones, just deliver baby foot amazon could be considering something far more ambitious, according to a patent with the u.s. government. they emphasized this done september is very hypothetical, but the idea would be something like this, a customer could have a package delivered with a drone, and then sort that drone to conduct surveillance. if something is amiss at your house, a broken window or fire, maybe you left the garage door open, the drone would alert the homeowner or local authorities remember, amazon, of course has testing drone technology for years. in fact just this month a new electric drone that could be used within months to deliver packages what about privacy concerns? the company says it could at the employ geofencing or virtual bowenry around the home. and this would be a strictly

opt-in feature, of course. john tayle says that patents take years to receive, and don't necessarily reflect the actual product road map in other words, no timeline or cause. sara, back to you? >> josh, thank you can't tell in it's helpful. >> or just pr. "closing bell" comes right back e stock exchange which brought people together to invest in all the things that move us forward. every day, invesco combines ideas with technology, data with inspiration, investors with solutions. because the possibilities of life and investing are greater when we come together. ♪ through the at&t network, edge-to-edge intelligence

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2,000 more over the next five years, totalling about 630,000 square feet. it sounds like the new positions already in special engineering fields that would include both software and heart ware

of course that means that tech talent only heats up a statement from the mayor of seiges -- we must act urgently to tack the affordability to new affordable housing to increasing transit. you'll recall back in december apple said it would be expanding. it mentioned seattle, san diego and austin, perhaps didn't get the attention that amazon did when it was looking for its new corporate campus about tim keyed a coo cook dead they weren't interested in a beauty contest, in his words guys, back to you. josh, thank you. time for or wall street look ahead. fedex set to post results tomorrow, and san francisco will vote on a potential e-cigarette ban. >> the focus will be on fedex's guidance for the next fiscal

year project and keep topic for the earnings call. the acquisition of at&t and if the company will give a time frame for whether sinnerd. a did ii roy has a look at that ban >> it will pit the city directly against e-great maker joule. one measure would ban cigarette sales in the city, one prohibit the sale of manufacture, on city property the irony is based on -- in a statement juul says the

prohibition will not effectively addressed underage use and will leave cigarettes on shelves as the only choice for adult smoker if passed, the mayor would have ten days so sign the bill. back to you guys. >> aditi, thank you. as we look for the market action tomorrow, wondering if the highs can hold >> it makes sense the market went i'dle here. a lot of turnover last week, then options expirations, so i think you had a lot of churn next week, sitting there, waiting, watching the volatility index is at a level that seems high for how calm the mark has been there's an event out there that all traders are trying to brace in, at least one, which is mainly the g-20. i'm not even sure about what the outcome is, just get past it

>> you beyond that this is still the best june for -- >> 1997 was close to this one? but yeah, 1955. that does it for us on "closing bell." >> "fast money" begins right now. thank you, guys, live from the nasdaq marketsite