he's supposed to be a good bettor >> presumably he knows what it means. >> and elizabeth holmes not wearing her trademark black turtleneck is leaving court. the trial is not going to begin until 2020 in july that's a long time to wait for that one >> a whole year from now thanks for watching "power lunch. >> "closing bell" right now. welcome, everyone, to "closing bell. happy friday down here at the jpmorgan post we'll tell you everything as an investor that you need to know on this final day of the first half of trading for the year >> let's get to what is driving the action, of course, the last day of what has been a strong first half to the year for stocks banks and small caps are leading for a trump/xi meeting the market is up about 12 points on the dow we're off the highs which is up

111 points the s&p 500 up slightly, 0.24% financials lead the charge up 1.1% joining us for the full hour to break down the market action is jim lecamp let's start with the g20 meeting. you think the market could pull back 20% if trade breaks down? >> i think the market is not prepared for that at all and we've got a lot of complacency in the market. the markets are trading not far from all-time highs now. we don't have one reason to think a deal is going to be done or be real over the weekend. the good news is that china might have better impetus to do a deal now that they have these problems with their food chain they have problems with the port they have capital outflow that is are accelerating in their country. they have some serious problems and they do want to do a deal. a lot of people think they're going to wait until trump is out of office, try to negotiate with

the next one i don't think they have the time to do that i do think a time will get done. if it doesn't i think the market is not prepared for that we could see a big sell-off particularly in u.s. equities because they've been the benefactor, they've been the market all year and we would be the ones hurt the worst. >> what would you tell investors to do today, if anything, to hedge against that risk? >> i really don't ever think you should trade on news flow. i think that's really difficult. now if you're more tactical, if you have a portfolio that you're always going in and out, maybe you can trade a little bit on news flow. but here is what you need to know this is that time frame you're going to get more volatility anyway, this may through october time frame typically brings you a lot of volatility my gosh, last year we had a lot that started in september. so if you are going to be more tactical, you can use the volatility this summer to get rid of some things on rallies that you don't want and buy things you do want on sell-offs. >> heading into july, which is

typically a positive month, jim is here for the hour let's drill down on the big stories we are watching. bob pisani has a look ahead. kayla tausche is in japan with the latest on those g20 meetings frank holland covering constellation brands leslie picker has the details on the ipo and josh lipton on the big departure at apple >> reporter: everything was up, stocks, bond, gold the market believes an acome lags and a truce in the trade war will produce gains in the second half of the year. the market believes there will be a truce this weekend, is hoping for a full trade deal later in the year which might lift markets another 5% or so. bank of america thinks that. in the event things don't go well at the g20, tariffs believe it's highly likely the market will drop 5% to 10%. the biggest hope for the second half, a little surprise, a continuation of that huge ipo rally in the first half of the year, average returns for ipos in the second quarter, 30% twice the norm

that success means a lot more ipos coming down the pike in 2019 look at the candidates, wework, peloton, even airbnb back to you. >> thank you very much investors will be closely watching the outcome of the trade meeting between president trump and president xi at the g20. kayla tausche is in osaka, japan, with the latest kayla? >> reporter: that meeting is expected to produce a ceasefire of sorts, similar to the one that was reached at the g20 in argentina. this one could potentially be open-ended according to a senior administration official. one thing is interesting, this truce is contingent on both leaders' flexibility to entertain each other's proposals in future negotiations and that could prove tricky. we know u.s. ambassador la lighthouser has said it will not be balanced. president trump has a triple threat, that 90-minute meeting sandwiched in between a breakfast with the saudi crown

prince and the president of turkey where new sanctions could be discussed all of that will be capped off by a wide-ranging press conference guys >> kayla, we also had the president mention the likes of a possible trade deal with japan and with india do you think that is a little bit of rhetoric, just a distraction, or is there something serious in the works there? >> reporter: well, we know the president loves bilateral deals. he hates multilateral deals. talks with japan have been going on for years at this point since the early months of the trump administration talks with india are much more early stage, and they have been contentious earlier this year led by the commerce secretary and president trump had been criticizing india for its tariffs, perhaps he wants to see a breakthrough there >> kayla tausche, 4:00 a.m. in osaka, thank you very much shares of constellation brands getting a pop today on earnings. frank holland has been following the mover for us frank? >> reporter: shares up more than

5.5% after raising guidance 15 cents at both ends of the range. 17 cents above estimates including its canopy investment, a change in reporting from last year beer, the core business for the corona maker, growing more than 7% in line with guidance also we found out the $1.7 billion sale of lower end wine business is now expected in the second half of the year. the ceo said the company is a little disappointed in canopy earnings but he can inspects revenure expects things to grow >> frank, thank you very much. jim, what's your take on this one? is this a time to get in >> it's really interesting because a lot of people have been buying the consumer staple type companies all years as defensive measures, things that aren't going to hurt them. people will keep drinking. the reality is once you do that for long enough, the valuations get to a point where you can't call them safe havens anymore. the cash flow is really good here there's a lot of people that are

excited about buying cannabis-related things because there hasn't been a really elegant way to do it on a large liquid, publicly traded company. so that's going to be a little interesting for them but i think what you have to be careful with whether it's these drug companies, whether it's consumer staples, whether it's beverage companies, the valuations have been pushed higher than what you normally see for these types of companies this year as people have looked to be in the market, be a little more defensive >> let's move on to shares of the real real. surging today in their public market debut leslie picker has the details. hi, leslie >> reporter: investors are making real money in the real real ipo today those shares were sold for $20 apiece in the ipo and are trading upwards of 40% in their debut today. now driving investors into this name today, the aspects include top-line growth of about 55% they also have the potential as

the top player if the online luxury consignment market to build even more scale and generate even more revenue from that but the biggest detractor for investors include losses they're accelerating this year analysts and investors just don't see an obvious path to profitability, although the ceo susan wainwright said earlier on cnbc the path does exist, guys >> leslie, thank you turning to apple and the departure of design chief jony ive. >> reporter: two pieces of news. apple does confirm it is assembling its new mac pro in china, though the new $6,000 machine is both designed and engineered here and does include, apple says, u.s.-made components the headline really gbing attention, the one you mentioned, jony ive,

instrumental in the design of the i mack, ipod, i phone and iwatch two experiences veterans will be reporting to the ceo jeff williams sarah, back to you >> josh, thank you let's bring in kevin o'leary, chairman, and from evercorp, how big of a deal is this for the company as you try to analyst the earnings and the stock does it matter >> listen -- >> i don't think it's that big a deal >> we'll get to you in a second, kevin. >> as josh said, it is the end of an era. jony designed iconic watches it's the end of an era and apple is moving more and more to a services type company is becoming more important, how the products look and feel today i do think it is an important thing but not a deal breaker for apple. one thing that's notable is not

the fact jony ive is leaving but people are rolling up to the coo not the ceo and tells you what the structure looks like >> kevin, do you think it's a sign that this company is now more of a software services company, less a hardware company? >> they wish that could be the case investors do, too. the margins are much higher. i still think it's a big hardware play. i don't think ive leaving is that big of a deal i got to watch him design products the look and feel is at least 50% him. he was not a very nice person to work with. i'm just being honest with you but he and jony together created the look and feel of what apple is today obviously ive maintain it had through the different iterations of phones.

i remember seeing that phone sitting on a table and its first iteration and at least half of the pain and misery in creating it came from jobs himself. so my thought for this now is for the company to go out and recruit somebody new and fresh and different. make it a contest, make it a global contest to hire a new team, get lots of press. it would be very interesting i think the company could use a fresh set of hands and eyes as it goes forward. >> like a tv show you mean, kevin? >> like a reality show >> it could be a great reality show i'd love to host it. >> kevin, on the point, though, about the structure, tim cook, i think, has 18 or 19 direct reports. is that too many you manage multiple businesses do you think the structure works? >> i think it's okay he's actually a logistics guy and a very good one.

i don't see a problem there. i think at the end of the day he's formed an organization that suits his needs. he took a great idea and brought it forward 1,000 fold in terms of logistics and implementation. not a whole lot of new creativity he's not really advertising that the company has been built on the backbone of the trojan horse iphone and the services came in afterwards a lot of people are critical of apple but it's a machine to me it looks like consumer electronics. it's not what it used to be and that's not necessarily a bad thing. i can find better places to put money to work right now. basically it's a bit of a financial engineering play, a lot of stock is being bought back i don't think that's necessarily great. i would like to see more growth and innovation bring in fresh new hands and eyes it could be good for the company. >> to that point, a long time, well-known blogger's take on this was -- he said apple's in

trouble not because jony ive is leaving but i worry because he's not being replaced why is that? >> it kind of goes to the discussion kevin was arguing what made apple successful was the look, the feel, the ease of using it apple products are ubiquitous for you don't have to change how you use the product. it changes for you that is getting stepped away so now the design officers that are replacing ive are rolling up to the ceo. in the past the design officer always rolled up to the ceo. it is a bit of what design was perfect soefd at apple i think that's what the blogger intended to say. that's our take at least >> amit and kevin, thank you very much for joining us final word on apple, do you feel this is a sign they've lost their edge on the hardware front? >> we didn't need this to know they've lost their edge. you brought out the ipad and

that was revolutionary the iwatch was less revolutionary. since then what do you have? if i look at sarah's phone and my phone, there's different vintages but not very different phones at all. if there's a samsung -- >> there's cracks on your screen >> i have a few on mine as well. if i had a samsung phone sitting here, it wouldn't do much different than what this apple phone does so i think they need to examine how they're going to be the innovator they used to be. and if not -- >> does that need to happen to make the stock work? can the stock work as a services company, as a health care company? they have a lot of streams going. >> it might, but they haven't really proven themselves as a great value stock yet, and they haven't proven that they're still a growth company at all. yeah, you're going to have the cash flow from the services. you're going to have a good business there for a long, long period of time on the other hand, what are people looking for in stocks they're looking for either growth or they're looking for tremendous value that they don't have to worry about.

apple is still news driven, not a stock impervious to bad news >> will it jump or fall over the week based on how g20 goes >> it will do whatever the market does. >> pretty trade sensitive. >> everything is trade sensitive that has supply change, consumer electronics, anything along those lines is going to fall if there's no clear deal done here. the question is intellectual property theft and technology transfers. if we don't get anything meaningful on this, anything they do over the weekend isn't going to really count. >> still lots more to come with jim throughout the first hour of the show also coming up bank stocks getting a boost on the back of stress test results there could be major changes coming to one foreign bank name. we'll explain what coming up up next one biotech stock seeing a huge pop on the back of clinical trial data. we'll get the stock therapy checkup on that one next as we head to break a check on our "closing bell" data tracker.

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welcome back we have 42 minutes left of trade. let's send it over to mike santo santoli. a balance of powers, between stocks and bonds and a portfolio. allies of convenience. another look at the interplay between bond yields and stock valuations where they sit now, the many versus the few this is about the few big stocks working, the many smaller ones and then national declinism, not a great topic but one that we have to look for with regard to manufacturing right now. so balance of powers not only has this been a great first half of the year for stock prices but a stock bond portfolio, the traditional 60% stocks, 40% bonds. that's represented by this fund here vanguard balanced index fund has had one of the best first halves on record.

what you see here is the balanced strategy at 13.1% gain through today year to date that is a return of 28.6%. the only year that approaches that in termsof the full year return is 1995 where it was exactly 28.6 so essentially you've not been punished for staying balanced and having stocks and bonds, so you're taking only 60% of the stock market risk this year, this first half of the year and you have 75% of the stock market return without the volatility. nobody he can inspects that to happen again as a marker, it's not punished anybody for being under invested we have to ask exactly how that would be right now it's a pretty positive situation for people who just have a general allocation to investments in a traditional retirement portfolio >> 60/40 works sometimes, i guess. mike, thanks time to get a checkup on a

stock therapy story we told you about yesterday. pfizer out with a gene therapy study. meg terrell with the details at headquarters >> reporter: it's up about 17% the companies are developing gene therapies for a rare, genetic disease that robs kids of the ability to walk before they're teenagers and can be fatal in their 20s gene therapies aim to improve if not cure the disease by delivering healthy version of the gene responsible in the update some safety issues as well as ef kaficacy that doe' stand up it was given to parents for duchenne these parents try to figure out if their children will be able to get into the trials and because the therapies can only be given once, they try to sort out which trial gives their

kids the best chance today at least wall street sees sarepta as the winner. >> wow meg, so when might it be available potentially? >> reporter: for sarepta maybe 2021, but that would be pretty fast so we're still looking at a few years away, guys >> okay. meg, thank you very much jim, these biotech stocks, is that the way to play health care with less political exposure >> absolutely. if you look at the debates, it's this monopoly money economics that they grow out there, free this, free that, free health care forgive your student loans, reparations for everybody. the one area that is punished by this set of freebies is the traditional drug companies who is not punished are the innovators on the anti-aging, and all of these research and development companies with new genes, anti-aging drugs. and if you look at stocks they've all had pretty strong years yet the health care sector

has not. so you're seeing a lot of rotation now into the health care sector because it's underperformed and is not overvalued like the other sectors but it's very select they're going after the biotechs and the anti-aging companies >> all right we've got 38 minutes to go before the closing bell. the dow is still higher, 23 points higher. goldman sachs and jpmorgan are the leaders. financials still topping the s&p 500. technology at the bottom still ahead, nike gaining back its initial post earnings drop after yesterday's session. an analyst will be here to break down the one key thing from the report that could point to nike's future returns. plus, laying out a scenario in which netflix puts advertisements on its platform why the firm says it could lead to a massive revenue boost for the company. that's coming up on "word on the street." a look at the biggest winners for the first half of the year microsoft tops the list.

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welcome back to "closing bell." 34 minutes before the close. goldman sachs upgrading procter & gamble to buy from neutral says next year could mark a turn in profit growth which could provide a double digit total return consumer edge initiating an

overrate rating, it could create value for shareholders tilray could sell off pieces for instance >> and a new note on netflix, nomura laying out a hypothetical of an d-supported service that could add more than $1 billion in revenue netflix has said it doesn't expect to make such a move they haven't changed their recommendation or their price target which is only $320. it's a hypothetical assessment >> by the way, we like it. >> yes no, no, they don't like it the target is $320 i don't know where it is now it's above that level. jim, do you like netflix do you think they should start offering ads >> it's really interesting because at some point you have to worry about margins in this business because look who has come into the business, at&t, disney, apple is trying to get

into the business. screaming itself will be more commoditized then what do you have? bring the best content which can be hit and miss or you have to do something like this to create more revenue your margins will be what gets interesting with all of these companies because if everybody else is offering a streaming service, you can't keep jacking your prices up or people will just go somewhere else, and they do i think the other thing on some of these companies, and you look at the multiple on a company like netflix it's priced to perfection you'd better not miss. you'd better not miss any of your earnings reports. and i've said this about netflix before or any company trading at more than 50 times earnings, you don't have a lot of room for error there. you have to keep the pressure up >> i think the p&g call on goldman, considering your point about how consumer staples, valuations look rich, yes. p&g has had great growth for the first time in years, but the stock is up 40%. feels like a miss by an analyst in a catch-up trade.

>> it's not that normal to see a consumer staple company trading at 25 times earnings there's a lot of goofy things going on here. look at our cash flow. we can buy back shares or raise our dividend but when you look at a stock that's a consumer staple, a sleepy stock and you're at 25 times earnings, again, you wonder where the defensive money -- whether it will keep plowing into these things. >> all right we have about 30 minutes to go here are the three things driving the action right now which is higher? it is the last day of a very strong first half of the year for stocks banks and small caps are leading this charge. and there are hopes out there for the trump/xi meeting at g20 happening tomorrow morning contessa >> here is what's happening right now. james alex fields jr., an avowed white supremacist who drove his car into a crowd of anti-racism protesters and killed one during a white nationalist rally in

virginia, has now been sentenced to life in prison. his mother is seen here arriving at court democrats were quick to criticize president trump's joking tone when he said to russian president vladimir putin, don't meddle in our elections. this was at the g20 summit senate minority leader chuck schumer says his manner was appalling. >> he seemed to be joking and snickering with putin about it this is the well spring of our democracy, elections foreign interference in our elections, americans will lose faith in their democracy and this president jokes at it it's appalling it's disgraceful it shows he shouldn't be president. after some $5 million in mostly private donations and three years of restoration, nasa's apollo era mission control room has been republic stored the grand opening today comes just three weeks shy of the 50th anniversary of the "apollo 11" moon walk.

that's the cnbc news update. back to you, wilf. let's send it up to mike >> reporter: calling this allies of convenience, what i mean by this very, very low bonds around the world are flattering stock valuations because of the cash kicked off by companies back to equity holders this chart comes from tom lee and shows you the total cash outlay as a percentage of market value from buybacks and dividends and over the course of the past 20 years or so calling it the cash yield. right now it's at about 5.2% what's interesting it's been rather steady over the last five years or so. the mark has gone up and down like this but has been anchored by a consistent outlay of cash and buybacks when this line is going down, stocks are becoming more expensive and vice versa you do see a little bit of a warning, this turndown here in buyback volumes. we'll see if that continues. but the 2% dividend yield has

been a rock solid kind of north star for where stocks are valued at this point. wilf, you were talking about how the banks now have double digit cash outlay percentages this is about half of that for the s&p 500. as long as bond yields stay where they are it's hard to see this money making its way back, not being supportive for a while of equity valuations >> mike, it's interesting as well the split between dividends and buybacks the dividend part i guess seen as more long term and consistent because management doesn't want to be seen to cut dividends. that's the more supportive aspect of valuations than buybacks which can be seen as temporary. >> individual equity holder does not directly get any cash from a buyback unless they sell the stock, but it's just more about the volume of cash making its way back into portfolios essentially, investment accounts, by way of buybacks that in general and aggregate support these. that's right that's why it's interesting the 2% dividend yield has been such a consistent thing

stock prices go up but dividends increased at a similar pace. >> the median now is about 3.2%, i think. thank you, mike. we've 27 minutes left of trade. the dow is higher by 16 points the s&p up 0.2%. the russell leads the charge in part because the banks are doing well and the heavyweighting of the small cap index. coming up tech and consumer discretionary leading sectors so far. should you bet on those groups going forward? your last chance trade for the first half of the year with jim next my experience with usaa has been excellent. they really appreciate the military family and it really shows. with all that usaa offers why go with anybody else? we know their rates are good, we know that they're always going to take care of us. it was an instant savings and i should have changed a long time ago. it was funny because when we would call another insurance company, hey would say "oh we can't beat usaa" we're the webber family. we're the tenney's we're the hayles, and we're usaa members for life. ♪ get your usaa auto insurance quote today.

financials are the best performing sector today after the latest round of stress tests. wilfred has more on the bank boost. >> as we've been speaking about, the banks lead the market following those results yesterday. the median cash back yield for the next 12 months for the banks, 8.3% is via buybacks, 3.3% in dividend yield relative to last year dividends are seeing the bigger increase but buybacks dominate in absolute terms between the two that highlights bank ceos feel their stocks are undervalued

of the big six, though, jpmorgan split between buybacks and dividends was a little more balanced suggesting that maybe jpmorgan feels their stock is less undervalued, a tilt still towards buybacks deutsche bank planning to slash a fifth of its workforce as ongoing cost cutting and restructuring. in particular in equity trading. the stock is up today, though, getting through the rounds of the fed stress test unscathed than this story out there of late we've been discussing it and we'll have to wait and see exactly if and when that's confirmed. the stock is off its lows for deutsche bank. it was down -- it was in the low 60s. >> and are the cash returns from banks appealing to you for this group? >> here is what investors need to know. you see what this is >> a piece of paper. >> blank >> a list of every country in the history of the world that has successfully exited a zero

interest rate policy there's none the reason that's important it suggests that rates will stay lower for longer and look at the yield curve. it's really flat it takes away a lot of their profit picture are we going to get a bounce, an oversold bounce because of the stress test of increased dividends, et cetera maybe. but this recovery has had a long history of banks giving head fakes. i know a little bit about banks and head fakes >> sure, jim, but the argument back would be someone like warren buffett looking at this as a value play. the net interest income is not going to be increasing from here the fee income exists. the returns range between 8% for a low u.s. bank to 17% on equity for jpmorgan and just look at that cash back yield compounding over time. that's an impressive return. >> yeah, we've been hearing in for a long time. in the meantime a whole lot of

other places where you could have made a lot more money let's remember, too, where we are in the cycle we're not early. the interest rates in the united states have been low for ten years. so anybody wanted to attach leverage to real estate or to share buyback, they keep doing that at some point you get diminishing returns and a moment where the assets aren't even cash flowing enough to pay the debt i think you have to be careful about getting too in love with the banks. >> how many times have they done the stress test, nine years or something? whenever they do the cash returns, is it good for more than just a day or two bounce? >> the interesting thing this year is whether or not moving forward the actual stress tests aren't the restrictive factor. the regulators passed everyone with some head room. >> don't get me wrong. there will be some boost to that it's temporary >> 20 minutes until the bell here is where we stand in the markets. those financials keeping this

market higher for the dow up 22 points we do look set to end out the month of june, a very strong month for stocks and the first half of the year also strong on a high note. nasdaq up 0.2% a top analyst tells us how you should be trading nike shares in the wake of earnings [ alarm beeping ] wake up! there's a lot that needs to get done today. small things. big things. too hard to do alone things. day after day, you need to get it all done.

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nike shares just barely lower after a slight earnings miss yesterday china was a big focal point on the company's conference call last night here is what the ceo said on the call >> we are and remain a brand of china and for china. nike is proud of the investments

we've made and the relationships we've developed in energizing this marketplace we're confident that we'll continue to grow sport and our business in china for decades to come >> they did 22% currency neutral growth there the stock is flat. a miss on earnings rare for nike, but pretty strong sales growth what do you do with the stock? >> we're buying it i think this compounds i think the comment is underappreciated but so dead on. we are for china, up china what they have done at their size is they're for everyone, with everyone. they manage, despite having very targeted stories, they can appeal to everyone at the end of the day that's what you need to be this large they do it repeatedly. >> are we seeing a sign here where being the giant of your

industry the economies of scale that come with it is working for them in a way it might not for a smaller u.s. company or an asian-based company? >> so it's amazing because the worst thing we could say is monopoly bring everyone on and make this big tech but, yeah, i think if we think what it was before that word you have the ability to outspend your rivals paying these star athletes you need to have the biggest budget and it makes it hard to catch up >> though they didn't spell out how much risk would be to margins or the consumer if the next round of tariffs do go through, they can't reach a deal, we have factories everywhere, should investors take their word for it >> i think we've learned a lot of words for bad, cataclysmic, catastrophic the interesting thing at the end of the day you figure out if it happens unilaterally whether we think the consumers will take the price or not, everyone will deal with it

if they don't the brands will have to deal with it it makes it harder for competition and then through the rubble a lot is about brands. if you look at yoga pant makers or coffee companies, those brands have done extraordinarily well throughout recessions and while others around them do the same thing aren't doing as well. isn't this a lot about brand loyalty? >> yeah. i think it's exactly what it is and if you're a brand, the hardest part is marrying exclusivi exclusivity. how do you maintain this halo of specialness selling to the masses >> you have to innovate and keep the prices high because people will pay them even $200 because the new invasions are coming out. last year when they were losing share in north america it was a different story. >> the conversation you and i have all the time is that

sneaker is so critical the $200 nek esneaker allows tho sell a lot of $60 sneakers. >> and they've overcome zion williamson >> buy rating. >> good seeing you as always we have just 13 minutes left of trade here is where we stand on this last day of tried for the first half of the year up 26 points on the dow. there we go. up 0.2% for the nasdaq your last chance trade and how to position your portfolio tesla race to go hit the second quarter delivery targets. atro lern lors are expecting on th fntat o"csing bell." ♪

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ten minutes left in the session. jim, your last chance trade for the first half of the year is? >> this time frame of year is always more volatile, particularly until you get to november use that volatility to your advantage. you don't have to be afraid of volatility if you're trading stocks, get rid of what you don't like on

rallies and buy what you do like on dips. whether it's payment or the enhancers, i like the sector a lot. i'll be looking to buy into that group and artificial intelligence >> something like microsoft has been the best performer year to date only on a sell-off do you buy? >> yeah, you accumulate names that you're trying to get on dips particularly this time frame of year. >> when you say ai names, what do you mean? >> artificial intelligence >> i know, give us examples. i know ai. >> i like a lot of the robotic companies.

>> not the banks are you sure >> you know, i sometimes do fall for a head break not this time. >> well, thanks very much for joining us up next covering all the ankles of the market.

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five minutes left of trade for the first half of the year time for the closing countdown let's trade to close are we expecting a lot of rebalancing? >> i think there will be some. names are getting added into the index. i think it will be focused on more geopolitical issues >> i do think there's the potential and so going into g20, there are implications and impacts that have pushed it higher if you get u.s. china trade

talks, hope for an increase in demand and the opec meeting that can cause oil to move lower. where energy has had a good month in the oil services there are some names that have been pretty strong if you look at baker hughes up about 15% on the month. this may be a good opportunity to go out there and maybe hedge or take some profits in those names. >> you've been looking at tesla. >> the delivery numbers next week seems like analysts are wrapped around that 90,000 number i think that will be the important threshold to beat. i've been interested in how markets are getting positioned going into that delivery there's a stale number so to get a feel for what's going on in real time we look at the cost to

short on the street. the rise from the start of june and that cost remains elevated there are shorts on the street who think they're going to miss that delivery and we're going to see the shares sell off. >> great to see you as always. to miketalking about the many versus the few less elitist in the last couple of days. the overall indexes really makes a lot of sense going sideways all week look at the nasdaq 100, very narrow with very large growth stocks on a day it's getting rebalanced and here is the last couple of days, most pronounced, still way behind the big cap indexes

we have to be alert. what happens with the russell rebalancing of the indexes the biggest stocks becomes more of a small cap index after june 30th. in past years it has been an occasion for maybe a relative inflecti inflection the nasdaq 100 has been the outperformer and is looking at its best first half since 2017 notwithstanding scares on chips and also concerns about regulatory effects on the faang names. western digital, also we've seen some of those software players like cadence and synopsis

outperform microsoft has been the real rock microsoft now valued at more than a trillion dollars, provided about 20% of the upside here in the first half of the year that's more than facebook and netflix combined even though they gained more year to date. bob, over to you >> thanks very much, bertha. and we've seen a nice pop here, the dow jones industrial average going into the close of the first half of the year we end june with the best first half gains in more than 20 years. certainly that's impressive. we are essentially back to where we were in october of last year. we will get big volume going into the close mike referenced the rebalancing, the rebalancing of the russell 1,000. the big cam and the russell 2,000. remember the key are the ipos. uber, lyft, spotify, beyond meat

going into the russell you'll be seeing some very big volume there's the closing bell the dow jones industrials had a nice possible when it closed up on the day the best in the month of june. good afternoon welcome to "the closing bell." i'm wilfred frost. >> and i'm sara eisen. there is the bell. that's a wrap on june, on the first half of the year for stocks what a june it was got a nice pop into the close. look at the russell. s&p 500 up half a percent.

looks like the dow's best month. the best june. >> the s&p doubled its gains on the day in that last ten minutes to close up half of a percent. financials we talked about a lot. energy did well today despite crude slipping >> energy had a good month >> all sectors higher. >> joining us to talk about the market and what we went through for the month and the first half of the year, jim is still with us from ubs, the chief investment officer at citi, the founder of macro policy perspectives and, mike, what is your perspective into the second half given what we witnessed? >> month by month there's been a series may was down from the very

beginning. the market doesn't always sit around and pause the way it did this week. i think it's a net positive. i think traders just want the event passed i think the market is kind of gearing up to try and relax a little bit >> can the second half see equities continue to rise unless yields keep sliding? >> that's a great question the bond market is saying we're heading maybe for recession. yields have gone down. that makes the yield on the s&p

500 really a great bargain. we're already there or higher. and so you look at, okay, what are they going to project from here t the risks are more symmetrical i think that means the market is going to be more news driven and more selective >> i don't know, if the bond was flashing recession don't you think that would be a headwind for stocks couldn't you make the case that the lower bond yields, which has been a global phenomenon, stocks are back in the game >> it's more booze in the punch bowl

we've seen the stock market return positively to the idea that the fed will cut rates. if they don't cut rates that could be a disappointment. if they don't what's the message from the federal reserve board and the bond market? we are seeing some signs of a real slowdown, not necessarily recession enough yet we are seeing some signs >> julia, what's top of your list for what you're watching the second half of the year? >> there's a reason central banks are easing and that is because the global economy has slowed pretty sharply. the pmis are the primary place we see this. the global manufacturing cycle is in a recession as of may.

i think the risk to this glass half full and getting fuller is to the down side i look to october. are they going to be able to deliver double digit earnings growth amid a trade war? i think we'll see guidance towards a more moderate outcome. i think the bopped market is seeing the reasons why the fed is back in the game. >> if you're looking at manufacturing, yes, things have slowed down. today consumer confidence was okay >> yes no, no, no the u.s. economy is benefitting

from a virtuescycle between th domestic service sector and the consumer as long as that holds and there isn't spillover into the service sector, then i think the u.s. economy can manage that. they are doing risk management now and deliver one or two rate cuts that said for stocks the earnings growth will be slower i think the top line is going to slow >> provided the trade war doesn't escalate, can corporates shrug that off >> i don't think they can.

we're very concerned about the ability for companies to continue to grow in the environment we're talking about. mexico and brazil at 1%. a slowing and manufacturing in the united states. so there are quite a few head winds. and the fed's action doesn't necessarily mitigate all of that one of the big concerns we've got right now is that 5.5% of revenues of the s&p 500 in ch a china -- i'm sorry, in the u.s. are exposed in china we may see it kick the can, at some point what's happening in china will affect revenues, will affect earnings, and will be a further drag on the u.s. economy on the s&p 500 so we see more headwinds than tail winds at this point. >> a lot of people are turning cautious, strategists and economists it doesn't feel like we're at a

record high market, we just came off the best 17% first half of the year >> exactly i think the tricky part it's difficult to know when you're kind of observing a real declining trend that's going to get us down to somewhere close to zero growth or you just have a really high wall of worry because markets have been cautious, ceos have been cautious we have these big, kind of headline threats out there in the form of trade. we dial it back to three years ago when everybody was scratching heads over ultra low bond yields and stocks at their highs. literally mid-july of 2016, those were the headlines we don't know if it's a near miss or end of cycle >> david, what's your sector to pick the second half of the year >> health care, we think the earnings -- the ability for the stocks to earn money regardless of the economic conditions is the main driver for that

we want clients to stay fully invested in their portfolios but shift to higher quality. and take advantage of low volatility, that they can hedge using other techniques there are things we advise clients to do. >> thank you for joining us. >> my pleasure. >> thank you for having us still ahead on "the closing bell" ipo mania dominated the headlines in 2019 or q2 at least. there's still a slew of big companies slated to go public. what to watch for in the second half later, tesla racing to the finish line, making a major sh what's at stake for the stock. every day, visionaries are creating the future.

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welcome back as we wrap up the first half of the year, let's get a check on some of the best performers on the nasdaq and how some of the

big ipo names have fared since going public let's start with the nasdaq. bertha >> let's look at the companies that have been listed for a long time tech has been the real driver. some of the biggest names and biggest contributors are actually down today. apple has seen a huge comeback we'll see what happens this weekend if that momentum continues and helped spark that real turnaround in chips here. pretty good performers as well, alphabet or google was the laggard. the biggest loser for the first months have been tesla as people worry about the ability to meet production levels.

>> facebook is up almost 50% and alphabet up 4? >> do you think it's higher for an alphabet? >> i think it's a fresher story right now. >> is it nonexistent for a microsoft? >> it's hard to know exactly how you get at that. are they going to try to steal an election through linkedin i doubt it >> it has been a big year for ipo's. kathleen smith, the outlook on the ipo market for the second half of the year

how do you repeat? >> we have this massive backlog. we have record issuances we haven't seen in several years. and i think that shows greed on the buy side >> kathleen, do you agree? >> well, i don't see why not all the conditions the market has, we will see continuing issuance into a very strong market this second quarter was the highest proceeds raised in the ipo market in any second quarter. you have to go back to 2000 to see such an active quarter i know we had uber but we are

also seeing private unicorns some very large unicorns that have yet to tap the marketplace. airbnb, a lot of proceeds that could make 2019 a record even beyond the internet bubble >> which ones are you looking forward to >> from the consumer side we work airbnb and peloton and on the enterprise side people have been waiting for the stripes of the world. there's over 200 private companies worth over $1 billion in the backlog, record highs the markets have never seen in history. >> a lot of people talk about with big losses whether it can achieve the valuations that were once mentioned for it. what's your take >> people are watching that closely with the real estate exposure, in terms of how they choose to go public. if the direct listing may be a fit for them

the success of slack and spotify. names that are often mentioned whether that might be for them with the exception that direct stock may be needed in terms of funding the business it may be less given their business constraints they're facing quite a significant lawsuit in terms of the music publishers >> they're going to have to figure out how to disclose that. we think the thing to focus on with peloton is not the bikes but they have subscription model and that will be very attractive to investors looking to forecast the future growth for the company. >> if you look at some of the winners beyond meat up, zoom video up 10% these are crazy moves.

what does it tell us where the bankers are pricing them and what is most appealing to wall street >> i think it tells you there's really no science to figuring out when one of these companies that's small and young and is if a large market will catch lightning in a bottle. until we see every single generic, half-baked ipo come public and shoot to the moon on the first day we can't compare it to what happened back then. if we get all these deals out there and they all work, that's a problem. uber and lyft have struggled they haven't been disasters but have struggled i think you'd want to see that going ahead. portfolio managers can't beat the indexes with the stocks

already out there. a lot of companies not profitable yet you'll have to show profit before you get in. >> what's the verdict on not profitable companies there was some worry going in. it doesn't seem to bother wall street realreal is an example today >> if you have growth and gross margin potential, people will look at the potential for future cash flows in the longer term. >> byron and kathleen, thank you for joining us >> still ahead, going global >> and tesla, find out what analysts and investors are expecting later on "closing bell." you've been making headlines. smart tech is everywhere. and you've done a lot of good for the world. but is that enough. dear tech, we've got some work to do.

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time now for michael santoli's final dashboard of the week make it a good one >> we're calling it national declinism. the weakness manufacturing engages. this look at the regional survey, this is from deutsche bank

it's still in expansion mode this is the escalation blue is a blend of the reasonable nregional survey that is dipped below 50%. this doesn't mean recession. again, when we've been here before without a recession, the energy bust. we saw we could have a manufacturing recession. the trends are not good. we are in a bit of a negative load we don't know if psychology would trade. >> mike, as you said, we've had this before without a recession in 2016 and before without a rate cut

again, unless inflation and unemployment change direction the fed i wonder if it actually moves. >> the fed has not pushed back hard enough to call into question july. this dallas fed measure is at 2% however, back then in 2016 it had one rate hike. you wrn going to cut then. go on hold >> now we've had seven since trump has been president >> you got back to it in the middle of the year >> but it wasn't -- if we get past this week >> during a decline. >> the bond market is telling the fed to move. >> sure. >> whether the data is or not, you can debate that.

>> the fed has not disputed this notion too hard. >> thank you very much time for a cnbc news update. contessa here is what's happening now. at an event with jesse jack soj, joe biden clarified his stance on bussing and civil rights. particularly the exchange with kamala harris. >> 30 seconds to 60 seconds on a campaign debate exchange can't do justice to a lifetime committed to civil rights. i want to be absolutely clear about my record and position including bussing. i never opposed bussing. >> fraud convictions against martin shkreli claiming the trial judge gave confusing instructions about the law

a massive fire erupted at a construction site. is it grew into a massive blaze. fire sent huge fluplumes of smo and fire into the sky. >> thank you very much still ahead on "the closing bell, a high stakes sitdown. the g20 summit is under way. what to watch ahead of president -- >> what to wear? >> i don't know what came out of that and i haven't been doing an all-nighter like kayla so no excuse move on, move on >> the end of a long week. later, taxing wealth the mansion tax goes into effect next week. everything you need to know before that kicks in is where people first gathered to form the stock exchangeee,

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welcome back the g20 summit taking center stage as president trump and a face-to-face meeting with president xi jinping kayla tausche with the latest. kayla? >> reporter: hey, sara, well, president xi first proposed the meeting six months ago president trump will sit down with his chinese counterpart despite the fact that talks had hit an impasse both sides have been digging in. two people tell me the working assumption for what we could see. no one was willing to confirm what could happen behind closed doors. chris krueger notes that doesn't mean easy going for a deal down the road he says we suspect any breakthrough could be more cosmetic than real

the off ramps for a conflict remain filled with potholes. president trump earlier today or yet declined to say if you would remain the next round of tariffs proposed >> there seems to be a rumor about a meeting with president xi we look forward to it. i think it will be productive. at a minimum it will be productive we'll see what comes out of it >> the president leaving much to the imagination about this meeting. we'll find out very shortly what exactly will come of that. wilf, i know you were interested in what to wear at the g20 it's suit and tie during the day. it's cocktail attire at night. i see you do have your tie on this casual friday >> i do. kayla, i was going to say you are quite literally in the land of the rising sun, an all-nighter completed. morning for you.

>> reporter: yes completed. start to finish, yes >> she had to be up to tell us back in washington monday. >> question, kayla, as far as what people are talking about there and the rest of the countries and the delegations, is there this optimism we've seen today on wall street they're going to talk. the best case is they hold off on more tariffs? >> reporter: of course as i've reported anything can happen behind closed doors. even close confidants cannot say anything we'll see what language is in the joint communique earlier in the sessions there wasn't much consensus about how to stave off the next recession and whether they could get the

united states and president trump to soften. >> outstanding work. thank you very much. we will see kayla tausche back in d.c. on monday morning. let's discuss this further, wendy cutler, vice president of the asia policy institute and rufus, national foreign trade council president. good afternoon to you both wendy, do you think it's a given these talks actually resume after the weekend? >> nothing is a given. every one of the summit meetings can have surprises i think that's, again, the working assumption that there will be a truce on further tariffs, further trade related actions. again, anything can happen you never have 100% certainty going into meetings with stakes as high as the stakes for this meeting.

>> we've been talking so much about if things don't go well and the risk to the markets. we know what the trump move would be what would the chinese move be >> i think wendy is right, don't take anything for granted. everyone was predicting a deal is in the bag. this could be a complete breakdown. i think that's probably unlikely if there is, there will be an escalation of tariffs. they could get some kind of a real breakthrough. so the most likely option is some kind of effort to restart talks. given each bottom line it will be difficult to do that.

if we have tariffs going into place this extra 25% on $300 billion is really going to create turmoil for a lot of u.s. businesses the chinese reaction is going to be probably on a pretty broad front. they don't have many more tariffs to increase on u.s. exports but a lot of other levers to pull >> you're in the camp that you would like to see the power taken away from the president, right? >> we've been advocating some kind of sensible reform and that is related to the china dispute but much more related to the national security tariffs that have been used against europe and canada and mexico and japan on steel and aluminum for national security reasons. we think the president has been much to willing to use tariffs

where they aren't really justified. the constitution gives them the authority. we're not saying take it away from the president but we need a congressional review process that means something so that these authorities are used in a more appropriate manner. >> wenty, i wonder how you analyze the threat of more tariffs and as we have report this had new tone, the showing of the korean war, anti-american type sentiment the editorials have gotten much more hard line against the united states and china is standing firm. how does that position xi to go into the trump talk? >> xi will be under a lot of pressure the chinese economy, regardless of all these tariffs, has been

suffering some setbacks, some slowdown and then you combine with it the fact a lot of hard-liners in china now are questioning the concessions made to the u.s. in the negotiations before they broke down so i think president xi wants a deal but not at any cost. that's the question. we should expect he will ask president trump to help him on the huwei issue. that has come up since the talks broke down it presents a huge problem politically and commercially president xi is one of the hard-liners or there are hard-liners questioning president xi >> i'm saying there are people around him when they saw what was close to being agreed to

questioned the concessions being made to the united states. and i think the conclusion, i think china miscalculated, they thought they could go back to the u.s., take the concessions off the table and they would have a deal. it's going to be a hard slog ahead. resuming talks doesn't mean it will be just down the road these are difficult talks. both sides don't seem to be ready yet to compromise. >> you said it's hard to see either side on their bottom line >> i think the trump administration has been clear they want to see both fundamental refarms in the ip practices, systemic things in china plus they want to see some

commitments on reducing the deficit. both are still on the table. in the meantime china has raised obviously very clear concerns about not having tariffs remain in place as some kind of safeguard the u.s. has been insisting on, that if they do this kind of a deal, all the tariffs have to come out secondly, the chinese are saying the purchase commitments have to be realistic and probably lower than the u.s. is expecting thirdly, china is looking for some way of relaxing the huwei ban and other investment related bans i think this is becoming not just a tariff conflict but a conflict over technology and investment in the u.s. market and in u.s. exports to china and technology transfer, that sort of thing that will be more and more difficult for both sides to handle

>> we'll see what the readout is tomorrow thank you for joining us >> thank you >> thank you still ahead, a race to the finish line. tesla making a major push to meet delivery targets. what's at stake next plus, opec on deck the high-stakes meeting kicks off in vienna, austria we'll have a preview when it comes to feelings, it's more like five million. there's everything from happy to extremely happy. there's also angry. i'm really angry, clive! actually, really angry. thank you. and seat 36b angry. you're clive owen. and you're barefoot. yeah... there's also apprehension. ...regret... ...relief. oh and there's empathy... ah, i got this in zurich! actually, what's the opposite of empathy? but what if your business could understand what your customers are feeling... and then do something about it. you can turn disappointment into gratitude.

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welcome back tesla making a push to meet wall street's second quarter delivery targets. those numbers could hit early next week. phil lebeau has more on what to expect >> reporter: the expectations is increasingly becoming positive on wall street that tesla will hit its q2 delivery targets or at least the guidance that's out there between 90,000 and 100,000 vehicles, the total number of vehicle deliveries that are expected as far as model 3, 74,100 vehicles that's the target that a lot of people are looking for it would be a record quarter and elon musk said, look, we're close to hitting a record quarter. many believe they'll get to that mark we'll get the numbers early next week this will likely give shares a bit of a bounce early next week, some positive news there but increasingly analysts are

not optimistic about the second half of the year being as easy in terms of achieving deliveries or profitability or profit margin goals >> phil, is this the most important quarter in tesla's history? >> reporter: we say that every quarter. i'm not trying to be facetious i think it's important yet at the same time as we look at the third and fourth quarter the second half of the year has a lot of important things including china coming online, at least the hope, because that's a huge market and would be huge for tesla to start those deliveries >> phil lebeau, thank you. >> reporter: you bet still to come your closing bell sector spotlight as we wrap up the first half of the year. taking a look at some of the worst and best performers in the market coming up and coming up on "fast money" ubs cut its tesla price target for the third time. the analyst behind the call with what has him so rrd lhtwoieinig

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♪ as we wrap up the first half of the year we're taking a look at specific sectors that stood out. first up global market performance. second, a check on technology. the best performing sector of the year so far and, third, a look at the worst health care, let's start with global markets. seema mody >> reporter: despite the china trade war and slowing global growth, equities have posted impressive gains china now outperforming the u.s.

the shanghai composite up 19% versus the 17% gain for the s&p 500 so far in 2019 and europe, germany, italy, france, staging a comeback largely driven by the prospect of further easing. that really depends on who takes over for ecb president, mario draghi's term ends in october. politics also continues to play a role in driving two markets overseas first, russia up 30% this year as u.s./russia tensions cool and oil continues to trade higher on the year plus brazil continuing its climb up 15% guys, back to you. seema, thank you very much let's flip to the first half best performing sector in the u.s., that's tech. aditi has that for us. >> reporter: tech is the top-performing sector for the first half of the year, up 26% on pace for its best first half since 1998 that sector outperforming the s&p 500.

keep in mind the tech sector fell 17% in the fourth quarter last year, so it's been climbing back from that fall. the faangs are helping with facebook and netflix up 41% and 37% respectively google is the one tech stock that took a hit in part by its slowing revenue growth leading are xerox at 79% year to date followed by amd and cadence. analysts tell me the sector is doing well because in periods of economic uncertainty investors are looking for the scarce growth spots in the economy. back to you. >> aditi, thank you. from the best to the worst performing sectors, which is health care. bertha coombs has that for us. >> reporter: washington looms large, it's the worst start to the year since 2016. you'll remember back then drug prices were a hot topic in the presidential race. the gains came from medical device and tool makers, dense play, mettler-toledo

large cap biotech strong the first half of the year fueled by deals. big cap pharma lagged and health insurers were the big drag as medicare for all has taken center stage in the democratic presidential race. insurers have seen the worst first half since obamacare was passed back in the worst first half since obamacare was passed in 2019 cigna and cvs newly merged and facing pressure over pharmacy rebate reform. there's more to come a source familiar tells cnbc house democrats are working on a plan to let the government negotiate drug prices not just for medicare but for private and employer plans wolff. >> bertha, thank you stretch mike, i have to start on the global point seema made. >> i thought you were going to xerox. >> no, but we can come back to that. >> china, 19% year-to-date the euro stock, 15%, s&p 18% what global slowdown what trade war everything is focused on the central bank easing then.

>> that is true though the starting point matters a lot. >> sure. >> because the underperformance was very severe leading into this period. i'm looking at this period over a three quarter expanse. the s&p 500 is up a half a percent. this is the end of september last year. total return is about 3% essentially we made a really nice -- >> and china is probably not even up over that. >> china is not flat over that period of time and the rest of the world is not either. that's the distinction also why it is a very interesting level and point where we're going into the second half of the year because if you look at a two-year chart it looks like the market has kind of bumped up against a ceiling a few different times and we have to see if we have the makings to get through it, or, for that matter, what inside the market starts to work if yields go higher, for example. >> the question on health care, whether it is a bargain at these levels, and bertha raised and reported on key items that show that the political risk is far from over. the democratic debates are just happening, and that even in

congress there's noise about trying to make some moves here is this a threat for the group still? >> i think it is going -- yeah, it is going to be an overhang without a doubt. so you can't hope for a day when you say, oh, now i know what the policy situation will be for pelg it care wh what is really interesting is within health care, medical devices and health care tools has been excellent it looks like software if you look at the charts, but the rest of it, the health providers, the insurers have been struggling for the policy reasons we talk about. >> if we focus just on q2, what is best performing sector is >> sector? >> uh-huh. banks. >> june it was materials. >> yes so interesting rotations are happening. >> you are starting to see the stirrings of that. again, it is a question whether it lasts. >> materials is an interesting one. >> bond sentiment is very over-bullish yields look very compressed. you would think they should spring load to higher and that would be an inflation type trade with materials and things like

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let's take a look at how we finish up the day on wall street higher across the board. the dow eked out a gain, about 73 points, a big jump to the close. s&p 500 up about half a percent. all of the sectors within the market was higher, led by financials and energy, consumer staples bringing up therear. the nasdaq up half a percent but it was the russell 2000 that outperformed after largeliunder performing first half of the year the opec meeting slated to kick off last week and new york city's mansion tax goes into effect on monday let's start with a preview of the opec meeting brian has that for us. >> thanks. it will be a contested opec meeting. a couple of things to watch. quickly, number one, will they keep the 1.2 million barrel a production a day deal, a hard-fought deal they got in the past how do they handle the issue of iran from two different angles number one is iran is upset with opec because they feel they didn't get enough support over the u.s. export sanctions.

does iran play hardball in any deal, maybe try to hold out for something else also, what's iran's long-term outlook in opec? they threatened according to numerous reports in may to leave because they were so upset so a big opec on monday. highly contentious, and we will be there >> brian sullivan. nice shot. thank you. new york city's mansion tax increase kicking in on monday. robert frank is here with what that could mean. robert. >> hey, sarah. starting monday manhattan home buyers will have a new sliding scale tax on real estate starting at 1% for million dollar hoemts going up to 3.9% over the 25 million mark the state hoping to raise $365 million a year for its budget and transportation from that tax it comes as manhattan is already in a slump from a lack of foreign buyers, oversupply and, of course, the federal tax changes. but june was really strong as buyers like jeff bezos raced to close before the new tax takes

effect his $80 million purchase in the flat iron neighborhood saving him 2.5 million by getting it done before july 1st back to you. >> is this going to mean new york city, which has been pretty soft as you have reported many times, is going to get even worse in terms of price declines and activity >> it is hard to see any kind of upside catalyst for the rest of the year june was really strong we will see how the quarter comes in the daily comes out on tuesday so we'll see the question for the third quarter as it starts is, a, will it come back, will the strength in june continue at all? b, how will the continuation of the tax take effect. right now there's a lot of supply 20,000 units coming on the market this year while the overall population is declining. so that's a tough recipe for upward prices. >> robert, the new york city estimate of what revenue would be produced by this, what does that assume in terms of volumes? is that going to hit it? >> it assumed volumes from 2017, averaged with 2016

so that's a very good point. i think they were overoptimistic on the revenues. a lot of this were going to go -- ee marked towards transportation and the subway system in next year's budget they could come back with another tax or raising it again to close the gap. >> robert frank. thank you. >> thank you, guys what will you be watching in the market >> convinced me i'm not buying a $25 million apartment. >> you have a weekend to do so. >> that's true. >> kick it in gear that quickly. >> and you have liquid cash, you might as well. >> watching -- honestly, i don't think there's a way to have high conviction edge on the market over the weekend that explains this week's activity people acted as if there were two-way risk i think it was a constructive week overall in terms of the internal action in the market. to me, if we get a decent truce, bond yields is what i will be looking for, to see if they release higher. >> you know what i'm watching next week? tuesday, 3:00 p.m.

>> cricket. >> england. >> and the u.s., women's world cup. >> the u.s. won? >> yes >> oh. >> you tried to hit me with cricket. i'm talking about usa. >> you don't usually talk about usa. >> after you watch baseball from london. >> after i watch baseball from london, i will be there. anyway, come on, england. >> you're not flying in for the red sox and yankee's game. >> anyway, that does it for the show have a great weekend. >> enjoy "fast money" begins right now. indeed, it does. "fast money" starts right now. live from the nasdaq market site, overlooking new york's times square, i'm tyler mathisen in for melissa lee traders are tim seymour, carter worth, steve grasso and guy adami. i'm calling this the xi 20. >> oh. >> i love it. >> the xi 20. >> love it. >> but the chart master says there's trouble brewing and ubs

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