transfer the information across borders than it is to transfer actual currency. you can see organizations such as organizatied crime or any ot criminal organization transfer this data across borders in lieu of cash and that actually, that really lends itself to their practice >> appreciate your joining me today. >> welcome, everybody. i'm tyler mathisen new at 2:00, will it make the fed rethink its plans, plans they have, to cut interest rates. now if the chances of a cut have gone and some say they have, what does it mean for this record breaking rally. plus low, low, low mortgage rates.

soaring rates. where housing is headed in the second half. "power lunch" starts now well stocks are in the red this hour, but they are well off session lows now down just 47 points on the dow. it was down more than 230 earlier. still it is on track to break its four-day winning streak. the s&p 500 on pace to break its five-day streak. treasury yields up strongly. and kelly -- >> that's right. stocks are staging a comeback. around the best lels of the day this afternoon seema is tracking the action >> hey, kelly. stocks leading the dow include goldman sachs, boeing and nike a chipmakers are rebounding around 10:40 a.m

that's when the s&p 500 bottomed out. so tech is playing a role in this turn around as well big losers include rate sensitive group, utilities and real estate. even a number of consumer staple names. they're down about 1% on the day. trader caution though it's important to smooth out the data and look at the broader trend. taking into account the stronger jobs growth. the average growth is now 171,000. that's lower than the 12 month average of 192,000 and the a 2018 average of 223,000. bottom line, the trend is is still slowing jobs growth, but the question is whether the fed puts more attention on the june jobs report or longer term average. the dow is down 41 s&p 500 down about seven points. >> thank you let's dig deeper into the later employment report now. looks like strong jobs growth is back after a month long breather and the must remembers that come

ahead of fed chair powell's testimony next week. elon is in washington with more. >> well, tyler, this blockbuster report, 224,000 jobs in june surprised looked good. it ticked up mainly because of growth in the labor force. wage growth was up to 27.90. that's a 3.1% increase and almost every sector added jobs the only exception was retail which has shed jobs for five months down nearly 6,000 in june so of course the question that's casting a cloud over these numbers are are they so good they'll keep the fed from

cutting rates. >> it shows the administration is working it shows the economies really respond policies that help cred create a better environment for businesses to be successful so they can hire people we see gains in activity that it's paying off >> the fed releaseded its monetary policy report it was compiled before today's numbers on the jobs report were released but it did highlight global uncertainty and guys, it reiterated the fed >> cut rates and if he had his way, it would be right now

>> we're pay iing a lot of interest, we don't have a fed that knows what they're doing, so it's one of those little things, but if we had a fed that would lower rates, you would have a rocket ship when obama was here, he paid close to zero interest rates paying real interest and yet our economy is is much bet eer than it's ever been >> goldman sachs sees a 75% chance of a rate cut at the fed's july meeting stocks have had a strong run for the month on hopes that rate cuts are are ahead, but the latest jobs report has shifted from how much the fed will cut later this month to whether the fed will cut at all. bring in ron insana. cnbc's senior analyst. not really public. and jamie cox, a managing editor with harris financial. the president says he's paying interest rates

there have been reports the trump organization has about $340 million in adjustable rate debt there's some cognitive dissonance here guys because when you look at what he says, the it's the strong economy in history so we should have lower interest lates that's not historically the way policy has worked. now granted, one could argue there are external risks that there's been some slowing in the u.s. economy but given today's numbers, the pricing in as much as a 50 basis point cut, that seems to be a little too much to expect. >> jamie, the fed dupt know what it's doing, says the president, does it? >> i think the fed does know enough is is is enough you continue, you're going to torpedo markets. the fed backed off we have had a rate increase and the fed's been talk iing about cutting rates. i think the fed has become a punching bag for the last couple

of months because it seems like they're in the this conund rum data is unclear economic data has been softer, but not really bad. so i think the fed is going to give us 25 basis points to placate markets and that's going to be it that might be too much i think that the economic data in the second half could pick up and it could be that if the fed makes a policy error by cutting. i worry it's more on the downside than the upside given the data that's coming through i would be in favor for them doing nothing for july >> that makes a lot of since and ron that's why if we're at the least in an unclear situation, it seems like an odd time for this to make a relatively unpres tented move by cutting rates many the middle of an expansion for a slowdown that hasn't materialized yet >> i wouldn't go with unprecedented. you look at '94 and '95. '97 and '98, there were policy

changes ahead there's $13 trillion of overseas sovereign debt that carries interest rates and at record lows >> or the shock is -- what's going to happen rng that's fair and understandably, the data has picked up softness, but we're talking about a rate cut if they phrased the whole thing differently and said it's a strong economy, but no inflation, rates are too high, there wouldn't be a b problem but they frame it as we will support the economy if needed. they don't say inflation is slow i think they box themselves in >> or with wpt to an insurance rate cut that we have a lot of overseas risk, whether a hard brexit in october or further slowing in china because of the trade war. whether it's italy having problems with european union or a whole host of countries in or near recession that could drag down the u.s they haven't been that explicit about what they're trying to do. >> last hour when i said mohammed, does it just buy a 2%

yield? he said well the german boone is is at minus zero percent think about that answer. does the, should the u.s. ten-year yield be at 2% based on these fundamentals and the answer is well, but germany's is as as low as it is >> they should be equal to nominal growth about 2% somewhere between 1.5 and 2. now u you've gotten a yield curve for six months which is sending a message to the fed they should be doing something, but again, that could be happening for a variety of reasons. the u.s. economy is not near recession. the rest of the world doesn't look so hot. >> back to you, jamie. you seem to think that it's likely to be a cut either at the next meeting or one after that you question whether it's needed but let's assume that it happens. what do i, and that's really all i can work on here as portfolio manager. what should i do with my pmoney?

how should i i rea. >> even if there wasn't one, just a a steady state leads you to a couple of conclusions s&p 500 has rocketed 3.5% higher than international markets we've been buying some international. in addition, we've been looking at the opportunity to rebalance in our fixed income portfolios treasuries have gone up a lot. it's a good time if you have a couple that you want to off load but got caught off sides, this is a good time to do so. you're not going to look at markets selling off, but this is a good opportunity to rebalance because in this uncertainty, this is where you goet the chanc to do these things >> real quick. >> i think the bond market and others may be well pricing in the fact president trump is going to pack the fed with people who will do his bidding like the two nominees who are out there right now and that

lower rates are coming irrespective of economic reality and i think that's what bond markets both here and broader. >> ron, jamie, thank you very much now let's get battle over trade. china putting huawei at the center of negotiations with the u.s. diedra has the latest for us >> telling me huawei was too small to be of concern to president's trump and xi his company is smack in the middle again the latest in a report in hong kong china post setting sources saying that the chinese commitment to buying products like trade shares from last weekend, that will depend on how the trump administration handles its ban on huawei. last week, president trump agreed to remove some on china's biggest tech company, but we have little detail and republican lawmakers are pushing back on a roll back

also the first public defense of a law that bans government agencies from doing business with huawei cite iing once again those national security concerns so this is far from over and these developments that come ahead of trade talks scheduled for next week when american negotiators are set to visit beijing. back to you. >> thanks. coming up, the chip stocks caught in the middle of the trade talks falling today. how should you play this group as it continues to get knocked down plus the road ahead for the auto industry tariffs are a big concern for tease companies. that and more to watch for when "power lunch" continues.

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trade tensions dominate iin the discussion trt first half of 2019 and that will continue in the second half especially for automakers phil lebeau has your second half play >> the second half about tariffs, slowing sales and potential merger deals on r tariffs, the big question is if the u.s. puts a tax on vehicles imported from europe. if that happen, it could impact sales. which slowed slightly in the first half of this year. and don't be surprised if nissan, renault, fiat chrysler and others revive the idea of potentially merging operations

that could rev up auto stocks in the second half of this year >> joining us now, jd powers president and ceo and we have had some soggy i guess you could call them. we're trying to figure out what the incentives are telling us about the demand and that the the market is a small part used autos are still strong. how would you describe the state of things overall? >> well, you know, the it's not as gloomy as it might sound. this year, we're going to, we're on target, jd power analytics team is projecting a $16.9 million sorry, 16.9 million units worth of cars being put into the market this year. last year, that was 17.3 the good news is that those numbers might be a little low on unit volumes, but the average

sales price will be much higher than last year >> is that sustainable we know about the pick up truck that's going to carry the $100,000 price tag is that because you can get good financing terms? what happens if prices don't keep going up? >> it is if rates jump, those predictions will be lower and sales are going to drop. i think you're going to see activity in the used car market. got a lot, used car dealers are also happy new car dealers are selling more new cars

those tend to be at a higher price and margin >> i spoke to an auto retailer i said how's business. he said i'm supposed to tell you it's good, but it has slowed and we don't really know why why has it slowed? >> again, i don't know which retailer that is there are some winners and losers in the market you're seeing a fair amount of higher end vehicles under pressure that's a good deal you might not buy the new car. that said, those franchise dealers would tell you that they're pretty happy right now again, interest rates will have an impact on that. but right now, lower volumes are still 16.9 we're at 2013 levels

still a pretty large amount if you look to historical trends. >> dave, what's it looking like for electric car demand? tesla just moved a few vehicles of its own how big is that slice of the pie getting? >> still a small number. this year, you heard from phil and others, we expect audi, mercedes, most manufacturers who are mainstream are launching vehicles they have the advantage of having the 7,500 tax credit.

they have a benefit tesla won't enjoy. but they have mine share and they're moving iron. get, small numbers are still under 2% but it's grown quickly >> thanks. appreciate it very much. >> stocks are lower today. strong jobs report has cast doubt on what was considered to be a near certain hike not rate hike. rate cut from the fed. the state of jobs and the american economy is on tap plus the governor of arizona who jumped into the nike controversy with both feet putting one of those feet in his mouth. those or the latest phones. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade.

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to improve short-term memory. prevagen. healthier brain. better life. welcome back semiconductor socks sinking after a profit warning from samsung. how should you trade this group right now? mark newton and mark teper are your trading nation team here to help answer that question. mark newton. this has been an embattled group of course. you had something of a comeback from the recent lows b, but how does it look to you chart wise at this point? >> near term is still right to

be bullish on semiconductors charts aren't really showing a detier yor rag even though we've been down most of this week. so trends are in tact. momentum is bullish. i'd be a buyer into next week and think that the group likely carries up the levels to 1600 on the stocks so it's really still up about 13% just in the last five weeks, so tough to make too much of today. on an intermediate term basis, i have larger krp concerns i think you're seeing momentum divergence this past april mayo cured at lower levels, so i'd be a seller into the fall in semi, but for now, i think it's really the right place to be. so really a different opinion between near term and more intermediate term. i think the trend is slow, but it's right to play the pullback this week and buy into this group. >> all right and mark teper, do you make much of the samsung results and what

it says about the group or how would you pick and choose among the names here >> memory chips have been weak for a while. you've got supply and demand issues there the west way to play this is to be selective invest in companies that allow you to participate in the highest growth market. we like ai data center. gaming so the company we like is nvidia because it gives us exposure to all of those areas it's nearly 50% off its highs right now. they did have issueslast year with their crypto exposure, but those troubles are behind them so looks a good buy at this level. >> crypto's not necessarily the worst thing in the word. so we'll see how that goes thank you very much. appreciate it. for more, head to our website. tyler, back to you >> thank you very much let's go to elon

>> the fed has released chair powell's callanders for may and they show a previously undisclosed phone call between powell and president trump this took place on may 20. very brief just five minutes long from 4:42 to 4:47 p.m. and it occurred before powell spoke in florida on the conference on credit markets. there are no details on what was said during this phone call. though it is safe to assume that president trump was the one who called chair powell but again, a new phone call now being disclosed between president trump and jay powell as we know, president trump has been very critical of the fed. powell will be testifying on capitol hill next week we'll see if he addresses what that discussion was about. >> thanks. ahead, falling morning rate, but soaring prices where housing is headed in the second half. plus the power house

we'll take you inside a florida mansion that comes with a 6,000 square foot game loom. in case anyone plays the old school ones still. video games. anyhow, amazon also turns 25 and jeff bezos has become the world's richest man in that time we'll have his staggering daily haul for you ahead on "power lunch.

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welcome back here's your cnbc news update a strong aftershock has hit southern california. the 5.4 magnitude rumble was the larmgest so far striking the same desert region as yesterday's initial earthquake which was the strongest in 25 years. and now to northern california where they're dealing with a different issue homelessness in san francisco, the number of people living in their cars or

on the streets increased by 17% over the last two years. officials say the lack of affordable housing is the main factor it's hard to believe but these images are from alaska where record breaking heat is is hitting our northern most state. temperatures are expected to hit nearly 93 in anchorage, the warmest it's been since 1969 and queen elizabeth ended her trip to scotland today by taking a stroll through an edinburgh farm the queen enjoyedsome time wit a duck named olive who appare apparently is is very human like and no, olive was not required to courtesy, only to quack that is the news update this hour guys, back the you >> all right, sue, thank you very much. about 90 minutes until the closing bell take a quick check on markets. we've kind of come full circle this afternoon to this morning before the b jobs report was out. down about a quarter percent

across the board here. the dow is down b only points. the s&p is down about six. north ameriasdaq is is down abo ten-year yield we've been watching, around 2.04% >> job growth is back. it sort of took a hiatus in may. the report came in above expectations and we've got our jobs friday panel with us to break down the data among other topics mark and joe, a republican strategist and former white house aide to george h.w. bush gentlemen, welcome as always. mayor, why don't you take the first whack. the numbers were strong given the kind of breather that we took in may. >> this is the continuation of the job growth that began under president obama. it's continued for over 100 months, so it's consistent,

persistent reflects the continuation of the cur b b, but mas bs the effect that income inequality remains an issue the black white job despairty remains the same the housing ownership levels for all people are down. we're always going to applaud that more americans are working, but there are some important challenges that the economy continues to tase. face >> joe, incomes rose at 3.1% hourly earnings up .2%, so there has been some glacial wage growth here. maybe those are some bright signs in there that we're

ignoring >> those are good numbers. certainly the movement is is in the -- the june jobs number was good for us. those are the numbers we want to see. strong job growth and the numbers, much higher than expected rate of unemployment ticked up overall 3.7%, but the unemployment numbers continue to go down, which is the right direction for them i have to admit i agree with the mayor that there's a big despairty between blacks and whites with regard to median income, with regards to employment blacks are still unemployed and twice the number of whites, but certainly we're move ng the right direction. >> so the wall street moving t topic two, mayor, "wall street journal" editorial board says the trump economy has been

better for minor fis tties than the obama economy and they say among other things in this editorial, that nearly a million more blacks and two million more hispanics are employed than when barack obama left office and min minorities account for more than half of all new jobs created during the trump presidency. how do you react >> the reason why i say it's trash news is because it doesn't take into account the fact that president obama inherited an economy that was in shambles the worst recession since the great depression and brought that economy back. came from 16 to 17% down to 7% on president obama's watch so you can't take it out of context. "wall street journal" i think is seeking to spin some numbers instantaneously, which although accurate, you can't make a comparison when president trump inherited a strong economy a growing economy. declining unemployment

president obama inherited a colossusal mess and i consider that when i evaluate the performance of the two men, of the two presidencies let's see when president trump finishes his first year, where the economy is relative to where it was when he took office that's the comparison. if you want to evaluate it from a political perspective. >> joe watkins certainly it is true as mayor points out that president obama took a rough hand off from given the circumstances then the journal goes on to say the reality is that wages are rise ing at the fastest rate in a decade for lower skilled workers and unemployment among less educated americans and minori minorities is near a record low. is this more spin on the part of the journal or fact? >> i think those numbers bear out that we're move ng the right thdirection and they're encouraging for people at the

low end. on the ground, it hasn't trickle. you won't see great movement among african-americans to support americans or vote for president trump in the next cycle, but the numbers are moving in the right direction. the mayor is right that president obama did take a rough hand off and he did very, very good job with the hand off that he got, but we're headed in the right direction now with these numbers and time will tell whether or not this economy is markedly better for people of color >> we have to leave it there mayor, you're excited as a lot of people are, about the new orleans pelicans and what they're going to look like this year >> zion williamson i'll make this prediction. be in the nba for three years. >> there's the marker has been thrown down. mayor, thank you thanks >> thank you >> thanks. team now >> interesting theygot reddick. >> exactly

>> a shooter >> alonso ball rick, sorry to delay this, but man, your bulls aren't doing it for us lately. >> shocking, isn't it? chicago team nonperforming yeah, kind of like a lot of loans in europe. nonperforming, but something that is performing, the economy definitely performed better than antis pcipa anticipated. it's up nine basis points on the day and three on the week. everything on the curb is up on the week that is is very important. maybe we put in the low yields temporarily. we know these big data points of course always leave that impression on the marketplace. here's a chart that you need to pay attention to now this is our ten year minus ten year boons what's fascinating is one month ago, the spread differential was about 227 basis points now 13 wider the wider it goes, the more we escape the gravitational pull from low interest rates in europe and i think that's a good thing and finally, if a stellar

performer on the week, it's an intraday of the dollar index not only is it up over a half a cent today, up over a full cent on the week. back to the "power lunch" gang >> thank you rch rick santelli. coming up, arizona's governor caught a little flat footed. apple plflexing in google's backyard and we'll tell you what a nn pyediteislar d or didn't do to get a $56,000 fine. today's tasting menu when "power today's tasting menu when "power lunch" returns ♪♪ ♪♪ ♪♪

welcome back here's a taste of some of the other stories we're watching the arizona governor facing criticism after stepping out in some nike sneakers yesterday there you see the governor in his sneakers comes on the heels, ha ha, of his decision to yank financial incentives for a nike manufacturing plant in the state over that betsy ross flag

controversy. the governor's office saying kelly, that he did not call for ban or a boycott of wearing the shoes. he just was doing what he could to address that controversy. >> listen, nike is as u bik wiitous as water what i think is more important watch is if everybody starts thinking b about it. this is my point about the response some of these politically sensitive stories is if people like the governor, joe blow out there starts thinking twice before putting on those nikes in their closet. >> yeah. how about apple trolling google again placed a billboard boasting about its privacy record in toronto. sidewalk labs has received a lot of push back over its smart neighborhood plan that would be loaded with sensors collecting data apple placed a billboard in january and now they've placed one in a pretty prominent site,

sort of quietly calling google out. >> it would have been popular if they had one pleading with leonard to stay in toronto >> i know. zblncht this story getting a lot of buzz. australian bernard tomac was fined 56,000 for not try iing hard enough at wimbledon he was playing joe will fred tsonga it was the shortest match at wimbledon since 2004 he was also fined for the same reason at wimbledon in 2017. don't know why he would be tanking. there's no, he doesn't get a higher draft pick. >> right but this is not the australian i thought was going to be involved in this headline. i didn't see this match, but i did see kyrgios play nadal yesterday. he's been known to tank before or get, get into problems with fined for his behavior he was pretty chill yesterday. now this whole controversy over whether he tried to hit him in

the chest with the ball as he admitted he tried to do. in any case, defending his country men say iing a lot of people don't understand how bernard plays. he moves slow. plays the game slower. i don't agree with fining the guy all of his prize money, he earned the right to be in the draw he thinks outrageous and hopes bernard is all right >> that's a lot of money >> that was all his prize money to get to that stage interest rate, the hot topic today as the strong jobs report could mean the fed won't cut later this month will they or won't they? what does it mean for the housing market that's right ahead on "power lunch.

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stocks wilting today on concerns that the strong jobs report could prevent the fed from cuts interest rates the direction of rates will be b key for the housing market in the second half. diana ole eck looks at all the issues affecting housing >> mortgage rates, home prices and supply could all make for a meaningful change in the pace of home sales in the second half. mortgage rates have been falling steadily since the start of this year the 30-year fix was just about 5 5% last fall now below 4% lower rate rs already paying out buyers and increasing

competition. if rates stay this low or lower, we could see a big sales boost in the second half but that will juice prices again. the big gains in home prices were shrinking dramatically in the first half, but made a u turn in may, suddenly gaining again. that's thanks to lower rates which helped buyers afford more. at some point though, affordability kicks in and lower rates won't help buyers, especially first timers. that's what happened in the spring of last year. the only thing that could help would be more supply housing starts have been weak this year, but builders say they are starting to pivot to cheaper entry level homes. exactly what the market needs. >> let's dig deeper into what investors should be watching for in the housing market. joining us now is the chief economist at red fin a lot of the moves will already happened in terms of low interest rates if we go back up from here, is that going to be a real problem

for the market >> well right now, since mortgage rate rs low, we've seen an increase in mortgage president clint applications we're seeing more buyers coming out, contacting our agents and if that continues, we're competition. we'll see bidding wars and prices will jump back up >> if rates stay low >> there's a little bit of a delay between when rates happen and how long it takes buyers to react to rate changes. the market hasn't fully reacted to how low the rates are we've seen data in early indicators in mortgage applications and home tours. it will be a while before we see a full effect. >> what your seeing in a hot market like yours, like seattle, versus what you're observing in some of the markets that had not been hot until recently like pittsburgh or salt lake or

kansas city? >> see, seattle isn't that hot seattle is one of the cities where inventory is piling up same with san jose and boston. it's the middle of the country that's in places like oklahoma state, or memphis, some of these more affordable markets where people can afford an entry level home >> i won we talked about some supply problems. how much of a problem that is? do you see that there are buyers out there? there's just not the right inventory or there's not enough of it? how much is supply really the head wind here >> i think supply is the root cause of why we're seeing the market react the way it is, interest rates when interest rates come down the only place for the market to move is prices because there's not enough supply to absorb new demand that's a consequence of builders building towards more luxury, more affluent type customers

instead of entry level home. prices are growing most for the starter homes in the bottom third of prices. >> what's the solution, if any, that you can see to the affordability crisis we ran a moment ago about how affordability has driven more and more people to the streets in san francisco and has made some of those markets like san jose, los angeles, new york, "untouchable" for entry level buyers what's the solution? >> it's interesting because we're seeing people on the left, people on the right talking about the same thing which is decreasing regulation which is holding back supply. places like minneapolis and oregon, they are doing away with this time of single family housing to increase supply but that will take a while to manifest in terms of more supply in the meantime we'll hear people talking about rent relief or other redistribution of income to help people out who

can't afford their housing >> great point thanks for your time appreciate it. thank you. time now for the powerhouse. today we take you inside the home of a tech titan and who else but robert frank to do it >> reporter: that's right. today's powerhouse is the home of hp enterprise ceo antonio neri it's located in delray beach underneath this unassuming roof is one room that costs more than $3 million to build. wait until you see what it is. the massive 12,500-square-foot florida estate is the homicide of hewlett-packard enterror price ceo antonio neri he purchased the property back in december of 2018.

before he bought the place, we got a vip tour with the broker but what's even more impressive than the 125,000 gallon pool and waterfall in the backyard is just beyond the four bedrooms and five bathrooms past the kitchen and behind these doors welcome to the estate art game room it cost $3 million to build. >> you heard her 6,000 square feet. almost half of this mega residence is a giant gaming wing >> first area you have your video gaming cage. pin ball machines. air hockey table and racing games. also a racket ball court and hi-tech simulator. two lane bowling alley with your other wall of bowling shoes. right past the popcorn and concession stands there's a

movie they are that doubles as a wide screen gaming room and the karaoke room >> it was originally listed at $$8.8 million. he got it for $7.5 million there's 37 estates in delray beach. home to jerry smith and ex-ceo of aetna ron williams. delray has seen strong sales recently you can get a full tour of this home and many other mega mansions on secret lives of the super rich on friday at 9:00 p.m. eastern back to you. >> i'm befuddled >> you have to have a lot of people over to justify that. >> i wonder how much time they will spend in there. maybe we won't

jeff bezos founded amazon 25 years ago today. mind-boggling numbers how much money he's made is in then when "power lunch" returns. you should be mad your neighbor always wants to hang out. and you should be mad your smart fridge is unnecessarily complicated. but you're not mad, because you have e*trade which isn't complicated. their tools make trading quicker and simpler. so you can take on the markets with confidence. don't get mad. get e*trade and start trading today.

jeff bezos founded amazon 25 years ago today. he has become the world's richest person in that time. that's a big perspective you

have >> 25 years. i'm the richest person in the world that would being a great jeff bezos found amazon.com july 5th, 1994. 25 years ago today since then the company has broken many records. turned bezos into the richest person on the planet forbes said he and his family is worth $159 billion he did not make that money evenly across the 25 years but for some sense of scale consider what it means if you broke down into smaller increments. he's made an average of $6.4 billion per year over the past quarter century. that's $530 million a month. $122 million a week and he's made an average of $17 million per day every day for the past 25 years the vast majority of his wealth has been made over the past five years. just in that span he earned about $130 billion or $71 million a day just since 2014. >> you know, i wonder -- i a

sure if you asked him if he's the richest man in the world he would say no the i wonder when he started amazon he saw it going beyond books into all kinds of things >> i think so. didn't he register it would be the everything store he's fulfilled it. that's the comprehensive part. >> thanks for watching "power lunch" >> have a good weekend "closing bell" starts right now. welcome to "closing bell," everyone jobs numbers did have stocks selling off earlier today but they rallied we have 59 minutes left of trade. record all time closing highs are in play once again >> thank you, wilfred. here's what's driving the action strong jobs report sparking concerns fed will not cut rates this month the 10 year yield is above 2%. financials are leading join us for the hour to break down the actio