there. it's got competition from a new hot spot the trump international hotel. it's number three on the gop list with just over $1 million democrats like to eat at their own private club, too. they spent almost $700,000 there. but the next favorite spot is bistro b senator debby stabenow's campaign alone running up a $26,000 tab. guys, i checked and those numbers include food and booze because sometimes you need a drink to survive in the swamp. back to you. >> i totally get that. thank you. thank you for watching "power lunch." >> "closing bell" is next. welcome to "the closing bell." i'm willfred frost here. a crazy week the zou down 300 at midday it's only just lower we remain in the red for a week as whole but well off monday's lows where will it end? we'll have the answer in 59 minute's time. >> i'm sara eisen.

welcome. pessimism on a trade breakthrough as the president said he's not ready to make a deal yet huawei tensions heat up. treasury yields, the dollar slipped as investors are still seeking out safety and government bonds to close out the week joining us for the hour margaret duran is back from bda capital partner. so it's been a stomach-churning week how are you feeling about the market now >> that's right. particularly down 700 points on monday i have to say i stepped in and bought on tuesday. we're going to see more volatility but in a trading range. i think the tariffs we needed a trigger after the run up in the first half and the tariffs when you look at 10% it's not helpful. we'll slow down growth in different areas but in terms of our $21 trillion economy, it's not that big a hit. >> what kind of stocks were yo beau i think >> my usual suspects mastercard, costco, amazon, and

orphan stock i got shopify which i'll talk about later. >> lulu for the first time >> no. i just added that. >> oh, okay. all right. we'll focus on the big stories we're watching this hour we have the details on uber's big loss on the stock hit. seema modi looking at the nasdaq's underperformance. and dom has a look at the market action this week we'll start with you on uber on this plunge >>well, sara, there's been debate over uber's quarter depending on who you talk to uber had a good one or a terrible one that giant $5.2 billion loss was a once in a lifetime hit due to the ipo, according to the ceo, or bigger than the combined 2018 losses for all but three of the s&p 500 companies. now coo said his company is

misunderstood. >> i think we've got to do a better job in terms of telling our story to the markets i think that the company is executing very well. somehow it's not getting through the noise. >> now if there is one thing that bulls and bears alake can agree on, there's a lot of noise and when it comes to arguably the most important metric profitability, the street did not get a clear answer this quarter. i think why you're seeing the stock trade down by nearly 7%. >> thank you very much for that. the nasdaq lacking today and seema mo mode i did has one. >> once again the semiconductor stocks are leading the nasdaq lower on renewed trade risks jpmorgan put out a note saying u.s. policy is becoming unconventional adding the currently dimension is pushing investors to assess how much

risk they want to hold and it also want to draw your attention to shares of craft heinz. it fell 8% yesterday and continues to fall after it posted a steep sales decline and reported in $1.2 billion in charges and write downs. it's one of the stories that continues to be challenged by changing consumers habilitates that stock is at a new low the earnings story continues to next week. we'll keep a close eye on the globally oriented names like sisco, and n vid ya. >> thank you europe is dealing with some emerging red flags the latest concern instability in italy we've been following this closely. and a bond move we saw today. >> yeah. we'll put in perspective in a moment one of at least two ruling parties, the league, tabled the motion of no confidence in the prime minister as the party's leader pushes for fresh

elections. salvini's right wing lead party has been in coalition with the leftist population party and he's acting opportunistically as his party leads the polls at the moment around 37% of the vote. the spread between the italian and year and germany increased this year. some context the italian 10 year shows that today's pick up in yields outweighed by the massive low in yields globally of late that said, if a pure league lead government did emerge, we probably would see more italian risk aversion. not at that point yet but something to keep an eye on. >> yeah. a political flair upcoming at a time where europe and the uk cannot seem to make a deal, have a deal come to any consensus ahead of this deadline. >> right. >> we got the surprise gdp move. >> yeah. it's the 4.5% against the dollar now in the course of this

quarter. so the last sort of month and a bit. why? because the gdp data negative 0.2% that comes after a surprise jump in the first quarter up half a percent. why was the first quarter so strong it was a lot of stockpiling into what was the original brexit date so now you have the offset of that people don't expect it to fall into two recession there might be stockpiling into october but nonetheless, a surprise but france and germany next week could see some declines in gdp for those two economies next week and what it might mean for expectations of ecb and the implications on the dollar. >> and, barb, as the european data goes from bad to worst. what does it mean for u.s. company earnings >> that's a question it doesn't affect us

what are the investment implications i think underlying this as the data gets worse and even if the numbers come in badly next week, we know that the central banks around the world are ready to step and our own fed chair said that, as well. so i think that will provide underlying support to the market. >> i want to show you the dow. it's gone positive so session highs here. another recovery during the final hour of trade. let's see what happens over the next 52 minutes or so. european fears, as we mentioned, slow down signals, escalation in the china trade war. made for a wild week in the market dom chu with a look at how we got here. >> there is no shortage of dips to buy over the course week and a half going back to the fed's interest rate press conference last wednesday and president trump's tariff tweets. today alone and take a look at the back to monday because remember the chinese devaluation of the currency surprised down 766 points for the dow.

another bounce back 311 points the next day as those fears started to ease a little bit only to go down even further as interest rates fell and rally all the way back and then a massive rally higher yesterday and then all today down 280 points at the lows for the dow and like you said we reached positive territory so it turns out that there are dip fires out there. the question is, will they be there going forward if the trade uncertainty persists back over to you guys. >> it looks like the s&p is just flat for the week after that dom, thank you it's been a wild week in the bond market. jeff sherman, joins us now to discuss. sum up the week in treasuries, jeff. >> yeah. well, it started off wield as a continue situation, as you mentioned. the rally across the treasury curve from last week but when you start to look at the close for monday there hasn't been much if you look

if you're the ostrich and cover your head in the sand and look at the close, you would say there's no volatility. there's huge swings when you look across the treasury curve specifically in the long bond, it's moved 2.5 points over the last two trading days. i'm talking about wednesday and thursday from being up significantly and down significantly and back down significantly and up significantly. it's been a lot of fall. as you mentioned, just like the stock market, not much happened since the close on monday. >> huge swing whether interday or the closes. why? have we seen the fundamentals change or crazy changes in sentiment? >> well, it's a huge sentiment shift. it started, as you mentioned, after the fed meeting with the tweet from president trump instituting trade sanctions on september 1st against china. since then, there's been a massive negative sentiment overhanging in the market in general. and so it got priced in very quickly in the treasury market we had a 30 basis point move in treasuries over the course of

three days three trading days and what you see here is everybody try to one up each other in negative acceptment so i think the interday volatility is reacting to headlines. there's nervousness on both sides. where people think that the bond market is oversold it's overbonded during the day and right now you're getting a the lot of measures it looks over bought. and so i think right now there's a lot of negative sendment already priced in the treasury market and what you need to see from here is what is going to be the next direction but in order for yields to continue to move lower, and we see a lot of people put out pieces rationalizing negative interest rates, saying the u.s. will go negative i think in order to get another move downward, you have to deliver really disappointing and negative data here in the u.s. but it's as negative interest rate policy the ecb continues to pursue you have inverted yield curves across the developed world it's causing a lot of nervousness for investors globally now. >> even as we're speaking, jeff, we're seeing 109 year yield tick

higher actually now most of the curve is higher. the dow rallied almost a hundred points in the last few months. it feels like the bond market is the center of the action at what point does the bond market not act as a deterrent for stocks and actually lead to the idea that evaluations are looking better and that dividend payi paying stocks are looking like a better bet. >> it's hard a lot of people like to compare the dividend yield and stocks to the ten year treasury. you have to remember those are different volatility instruments. the stock market tends to exhibit five to six times the treasury for people looking for safety, it's not dividend paying stocks will deliver that smoother profile that necessarily bonds with do. however, you talk about the bond market being the center activity it's because we've had the fed last week or the fed delivered interest rate credit but also jay powell said it's a mid cycle

cut. that spooked the bond market then president trump spooks them the other direction and gets his 50 basis point cut he wanted by taking 25 from the fed and the tariff policy driving the curve down the additional 25%. i think the bond market is saying are we going this into the global recession is it going to be it for tat policy between the u.s. and china? and then further to that, what is the ecb going to do people expect them to cut rates next month people now price that the fed is almost guaranteed to cut rates next month there's 2.5 rate cuts. four by next year. the bond market is showing fears we're perhaps getting closer and closer to having a recession, maybe not just in the u.s. but a global recession due to some of the policies. >> bob, how close did you watch the yield curve when deciding what is a legitimate evaluation for equities i think any equity investor has to pay attention to what is going on and, you know, everything about the inverted yield curve and

what it means. it signals a recession or often does yeah, you're concerned because are you missing something in the earnings but i think there's, you know, all the factors right now going on so, yes, i pay attention and then i look at, you know, there's some question about should you be buying more dividend stocks? i'm not. stocks can go down and dividend stocks is the fundamental story good if it happens to have a great dividend yield, so be it. >> look at the best performers this week. real estate the high paying dividends. utility ises number two and consumer staples are in the top five. >> yeah. that's the flight to safety that went on this week. we'll' if it's sustained through next week. it may not be. >> yeah. >> yeah. i would say don't forget, too, what performed quite well and has since we pursued the negative interest rate policy globally is gold don't forget one of those ones with a lot of street credit for a long period of time has been exhibiting that behavior, as

well when you look at negative yields now in the eurozone where sovereign yields on the front of the curve yield 100 to 120 when it gets to switsland's two year yield, about 118 negative today. you see people clam more for things don't forget something like gold which we've been bullish on. >> no yield is better than negative yield it's up 18% this year. >> thank you still ahead, we'll have more on today's action at this wild week when we speak to scott black. up next mike san tolly looking at the stock in your sector that could make or break your portfolio.

dow is firmly positive now up 22. we'll be right back. from the couldn't be prouders

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under 43 minutes left of trade. s&p will go positive on the week, if we do close above 2932. we're just about there we'll send it back to mike san s santolli. >> you need a bigger boat in retail now we'll detail how the sector is shaking out. absence of amity it's about how long kong. wider bite radius it chewed traders up in both directions and no summer block busters. it's about the earnings picture. so, first, retail. look at retail as depicted in two different etfs that capture the sector in two ways here is the xrt. that's the one we look at a lot.

that's an equal weighted index and essentially sort of gives every chain retailer about the same weight and that is actually badly underperformed over the last year. that's the white rth, that's market cap guess what's in there? well, amazon, home depot, and walmart. so the big guys has basically kept pace with the s&p 500 and opened up the wide gulf with the average retailers becoming a difficult sector trade it's interesting because typical playbook said fed is cutting rates. consumers in decent shape. buy retail socks winner take most attitude. >> right what does the result say >> amazon is in rt almost 20% rating. >> yeah.

thank you. >> how do you play retail now? >> i think selectively i think it's been a tale basically of two cities for awhile now i think as things get sold off and we've had the massive sell-offs you get opportunities like lu lu lemon i owned it but not added to it recently when it gold sold off it was an opportunity. >> so i think if you kochblt to buy the winners. there's plenty of losers out there. >> yeah. after the break, wells fargo out with a new note on kraft heinz as that stock hooverser in all time lows. what name to buy instead and later chip stocks falling on america's stocks on huawei we'll speak to t.j. rogers about the gl othtre r.anesf e adwa

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welcome back time for word on the street. we'll start with media markets seeing strength in advertising companies that reported earnings returns on many digital investments being made by companies unlikely to be value instructive over time. it says cbs is over the top model is likely to have the best attract returns with the blants of licenses, subscription, and ad revenue next up is apple

that's katie writing that. ample is trading just below the line on that. >> wells fargo revising down the earnings estimate cutting the 12 month price target to $29 citing risks of disappointing earnings yesterday. general mills stronger long-term growth potential particularly in the blue buffalo pet food brand those stocks moved in opposite directions basic any any consumer staple stock moved in opposite directions i mean, if you needed a list of what went wrong in the quarter and what has been going on forever, it's in this morgan tan stanley report it's delay call because the stock lost a huge amount of value that the u.s. is not turning a quarter. there's no long-term vision for a turn around.

that guidance is suspended that the numbers have moved lower on sales and it's a difficult one. >> yeah. >> saying dif dend. >> i think that's what investors are looking. he's been there just over a month. he's not out with a strategic win but he's promising early next year. oftentimes that's a chance to buy. they're coming out with something. they have to do something. i think in this case, i think the four years of great cost cutting but ignored the sale side there are terrible markets who knows what they'll do. they've lost share and remains to be seep whatever the crow come -- ceo comes up they've been pretty active the last year and a half trying to move supply chains out in china. even if of the ipad and the iphone, there's something that can be made elsewhere.

plus, they have customers who are loyal and relatively price sensitive. if they have to pass along some price encreases they'll line on their suppliers and they're big customers. they'll probably -- i don't think you'll see that much of a sticker shock for the customers. so you'll see. it could come up to 25%. >> pae 20th%. >> that's the question. >> apple just below the front line today as is the bow it was briefly positive. it's down again but only five or six points it was down as much as 286 points at the low. >> it's a coin flip. >> a coin flip the s&p is just negative and previously turned positive for the week, earlier in the show. coming up sinking after reporting a massive loss what to do with the stock at the levels. >> we'll dive into the escalading tensions in hong

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welcome back 31 minutes left of trade we'll have a look.

pessimism remains on a trade breakthrough as the president said he's not ready to make a deal huawei tensions and implications for the u.s. semis market continue to hang around. and the dollar as investors seek safety to close out the week the dow is just negative time for a cnbc news update. >> thank you so much here's what's happening. the man accused of carrying out last week's deadly mass shooting at a walmart confessed to officers while he was surrendering and explained he was targeting mexicans he said i'm the shooter. he waived his miranda rights britain was hit with a massive power outage friday afternoon. it disrupted train travel and snarled traffic right about the rush hour. you're looking at video of people being evacuated from a train station. the power supplier said issues with two generators were the

cause and the problems have been resolved president trump telling reporters at the white house he thinks colin kaepernick should get an opportunity to play again in the nfl but only if he's good enough. >> i know the owners i know bob kraft i know so many of the owners and if he's good enough, they'll sign him if he's good enough, i know these people they would sign him in a heart beat they'll do anything they can to win games. so i like to see it. >> you are up to date. that's the news update this hour back downtown to you see you next hour. >> thank you it's hot in washington back to mike for the second dash board. >> sara, a lot less amity than acrimony we look at hong kong the conflict with the government i want to take a look at the market action here

so hong kong and etf and ewh it has taken a steep accelerated move lower it's underperforming the chinese a shares index as well as the msci so essentially all markets outside the u.s. you can see it was holding up better relative to china before that so clearly there's been a little bit of nervousness capital flight the longer it goes on i guess the pressure on the hong kong dollar with the foreign exchange and machinations happening there. >> thank you very much for that market perspective on this we'll dive into it deeper in terms of the hong kong protests. in is pro democracy demonstration. this is staging a sit in.

>> i think the potential black swan, if there is one now, what is happening in hong kong right now and then if things escalading further in hong kong that would have real impact on the global economy. >> if you are a business owner in hong kong, or if you're an investors investing in businesses in hong kong, would you be committing more cap x family today would you move your family in or out? i think what you have to realize is the people of hong kong lost complete faith in their leadership in carrie lam and lost trust in their own police force. it's such an ominous for them to lose faith and trust in their leadership. >> we'll bring in the director of asian practice. previously served as u.s. treasuries chief representative in beijing michael, good afternoon. >> things are worrying what, from here, makes it worse?

what are the key factors you're watching this weekend and into the week ahead >> i think the economic disruption to 0 hong kong is worth watching and the flashing red light would be signs that we're getting closer to the intervention i think that's still a low probability or maybe put another way there's a high bar for beijing before they intervene directly the cost financial, diplomatic, financial, would be high i think that's the most important launch point now also because what it would do for the u.s./china relationship and tensions not looking for anything else. >> you say the cost. what would be the cost there is potential for financial transmission we discussed cap and flight. i think if you saw it under pressure saw hong kong assets dropping in a big way. it remains an important source of financing there's a lot of financial interlink ages at a time when

confidence in china's own economy is lagging because of the trade war. >> i think we have to step back and ask why this is happening right now. that extradition law was that planned was it a miscalculation by beijing? what is driving them >> i think it was a miscalculation by carrie lam, the hong kong chief executive and beijing. i don't think that beijing was initiating this move but they have clearly misjudged the degree of frustration with everyday people in hong kong what is different about this period compared to last protests like in 2014, we're talking about all walks of life in hong kong coming out for this. it's not about even issues of democracy if they were the case in 2014 but really a sense that hong kong's very dieblt as semiindependent territory in a way of life is under pressure

and that is different from 2014. >> could carrie lam resign and ease the pressure? is the moment already passed >> it may be past which makes it a difficult moment i think there's a window for her to resign, depending on how it's done if it's part of a political dialogue, i think that might have the opportunity to deescalade attentions. >> it's coming at the same time where escalations of tensions are happening between the u.s. and china over trade what is the significance of that do you expect beijing to point more of a finger toward the u.s. >> i do. it's happening at a time that the linkage is not necessarily direct but it's happening at a time when the leadership and beijing feels very much under pressure you have the 70th anniversary of the founding of people of republic of china coming up in october. so the patriotic themes in china are going to be on full tilt

it means the leadership is under more pressure to show it's standing up against foreign bullying and hong kong is part of this narrative that the leadership is trying to cast. >> how is the work force in hong kong and the corporate's that are based out? i read some analysis but suggest even if we get past the short term blip this is going to be something that particularly with the chinese u.s. trade war, as well, that could lead big financial companies to look to move to singapore and kuala lumpur do you think that's realtistic >> it is it's something we hear from our clients. i think its a long-term story but some will look to move to hubs like singapore. others will move to china. because if hong kong is always been an access point to china but one with a separate legal regime people worry hong kong is not special, why not move to shanghai. >> it sounds like it'll make beijing much less likely to negotiate with us.

will take a harder line because they have to. >> i do. i think so i mean, we really see beijing's positions hardining on the trade war. they do care about the issue vice president pence could start speaking up on the issue potentially. it seems as though he has a speech in the works for the fall that will be focussed on china human rights issues. this next several months will be important in terms of what it does for the bilateral initiative. >> michael, thank you for joining us uber plunging today after reporting a larger than expected loss

up next, we'll debate. is it a buying opportunity for the stock? >> and chips on base for the second straight negative week. we'll talk to a industry legend about what could turn around the untoheecr.to we're back after this.

18 minutes before the close. uber shares are trading lower about 6.25%. joining us debate whether it's a buying opportunity tasha is an analyst and dr martin, chief technical strategies at moneymorning.com are you still in the buy tesla, sell uber camp >> yes so ultimately think uber and looift are overvalued. when you talk about ride hailing you can't not talk about antonymous driving and that market neither of the ride hailing players will get the majority of the economics. those will go to the platform providers. companies like tesla, waymo who own the technology but even if you don't believe in the antonymous we saw uber gross bookings are slowing down

we're not too optimistic on the outlook for the companies. >> in terms of -- is it possible to be bullish on tesla and uber? do you think it's by mare? >> i think there's a place for uber and lyft in the future but they're overvalued today as a partner to a technology player, you can certainly get some cut of the revenues coming off antonymous ride hailing. it won't be what you get today i think one of the positives for uber's report here is, yes, they went down. if you look interday it didn't even go down as far as it got beat down on the general market tariff troubles earlier in the

week so that is a big positive here, too. i think the discussion on antonymous cars is antonymous driving is an interesting one. but before that comes to fruition, and, by the way, uber and lyft will be seeing a lot of cost reduction not just how much they're getting from the technology themselves that should give them a bit of help there. i think on the way to get there, uber is doing so much with their broader mobility as a service platform that will keep them as a leader that i agree with tasha it's been overvalued that buying this and accumulating it on pull backs over time it will be a good strategy. >> a barb? break the tie. >> i think uber. i wouldn't buy it here because i think he's right you'll have other opportunities but on fullbacks or locations like this i think you can add for a long-term story. they have so many parts. it's not just the autos.

>> whether in the short term or long term. the cash is getting burned quickly. >> is amazon spread too thin >> they weren't focussed initially -- >> true. there's capital demands here but i adopt think they're spread too thin the management they have i think they can manage this there's so many moving pieces and competitive and regulatory issues it's going to be awhile. so i don't think it's going to be a straight shot i think you own the stock but you'll have a lot of volatility. >> final word? >> yeah, you know, i agree i think the regulation is going to be big concept here. we heard on the uber call they're betting heads here in new york and i think scooters certainly not helping. are their brand. scooters are extremely dangerous from our research and, you know, they say that eats is growing but fuelled by subsidizes. i think even in the near term out of on ton mouse.

we're not too confident in the growth aspect there. >> thank you so much for joining us so we have got 15 minutes left until the close. we are higher now on the dow up by a couple of points the low session down by 300. the s&p down a third of 1% almost positive now for the week needs a couple more basis points to get there up next your last chance trade

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the decision we have reached out to both companies and have not yet heard back to cnbc a comment. >> thank you for that. we have got just 11 minutes left in the trade what do you got for us >> shopify i don't normally feel comfortable recommending a stock up 170% year to date i think it's going to have a long pathway to growth they have about 800,000 customers but you are talking at a market opportunity of probably 70 plus billion and about 10 million penetration now. it's a turnkey solution. they're gaining share. as they continue to scale, not only should revenues continue in the mid 40s base and gross margins, 50s, you'll see margins continue to increase >> if you look at the chart since they went public in 2015 it's a moon shot straight up. >> it is that's the type of thing we're

talking about roku a lot this week it's the secular trend and every time a retailer decides they want to go online and have the chance to compete with amazon, shopify wins >> it often wins it's a brand name. they're easy to use. it's assessable. it's not difficult and they've got worldwide opportunity which they're beginning to move into. >> nine minutes until the close. veng all angles of the market in the closie count down ♪

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don't get mad. get e*trade's simplified technical analysis. six minutes left to go in today's session. time for the closing count down. we look to close out a bumpy week let's trade the close. manager sean cruise. how would you describe what we saw this week and historical context and what sort of opportunities it opened >>well, taking a look at the volatility of what we've been seeing from the lobby sectors this week. and it's been kind of played out exactly how you would expect it to and some of the more defensive sectors like uk and utilities are not as volatile as some of the sectors that are more

exposed to the u.s./china trade issue. you can look at some of those mid sectors. i think consumer discretionary if you're look for an opportunity to buy on these. you can find some opportunity some of the consumer discretionary names but you center to be choosey when you go in there. >> what about the volatility level itself in terms the way it reacted. what do you expect >>ic you have to expect the volatility is going to play out and continue to play out over the next couple of weeks as we get more headline risk coming in i expect the vix to remain elevated i don't know you're going to see a massive spike. if you think about it, i mean, previous bouts of volatility we've seen the vix run up to 30 and get above 30 at times. this time it went to the mid 20s and started to pull back gradually. the market is weary of what is going to be coming for the next couple of weeks. it's not in full on panic mode.

>> thank you for joining us. great to see you up to mike santolli >>well, you know, about six or eight calm weeks until we got this bout of volatility. the market will rip through levels that had been untouched a little bit even though we're about flat in the dow, you have almost twice as many decliners. take a look at new highs versus lows it skewed slightly positive but a lot of stocks bunching up on both sides there's a lot of selectivity and whittling going on in the market what's fun is at the september highs, that's where we are that's where we fell off the shelf september 20th of last year we also got there up as the high i don't think there's technical significance but the market likes to get back to the levels and say okay everybody

real money buyers or sellers what will you do from here this low for monday did not get challenged but it got close over here so you've got a little bit of a scaling and a bottoming process on a short term basis here and, of course, today a little bit of an interday move the stocks following yields higher you can take some comfort and say as long as we don't break the lows maybe the market can settle down here for awhile. we'll get to chicago and rick santelli. >> thank you, mike if you look at daily and 10 year note yields we're up one week of bunds down 8 basis points a historic negative yield close getting ever closer to minus 60. if you look at the dollar index down more than half a cent on the week the big story was the big drop midweek of global yields and how central banks and foreign

exchange are muddy topics along with trade and tariffs and a lot of red in the nasdaq today. what does it look like into the close? >> on pace to close lower than 1% two sub sectors draft paid a role semiconductors and bio deck when dissecting the bank-related names that got hit hard. apple getting notable attention. it will be subject to the 10% tariff that starts on september 1st. and analysts now expect apple to apply for a removal of the products from the proposed list and to follow up with an application for exclusion once tariffs go into effect now to bob. >> thank you very much we are struggling a little bit going into the close the dow jones industrial average was flattish for the day

frankly, about flattish for the week down a little bit as we go into the close. there's been a lot of damage done this week in several sectors. retail had a tough week overall. there's a bunch of new lows today and some of the names here 52 week low. they're getting hit by declines, of course, in issues with retailers in the united states as well as china tariff issues banks had a tough week overall rick was referencing the lower yields and that's been affecting the banks. most of the big names are down about 3 to 4% for the week and we're back to levs two or three years ago in the major atf for the bank industrials are another week and general electric slows down. another 7% decline this week 3 m, cater pillar. i would say they're down about 4% overall for the week. one sector that is up a lot of volatility

that's for the stock exchange. >> and that's a wrap on the wield week that was on wall street welcome to "closing bell." >> we're alongside mike santolli we'll check in on how markets ended the session. we got a little bit of -- in the final ten minutes meaning we didn't close positive on the day for the dow. we didn't close positive for the week on the s&p. well off the lows of the week. well off the lows of the session. the dow down a third of 1%

today. peter navarro going to join us and he'll be here to tell us what the strategy is whether the talks are happening in september and how they're feeling about the crazy market action we saw this week you mentioned we're almost flat for the week, it's crazy on the s&p down a half percent or so. more definitive news than oh places where you can get some clues. gold is up 3.5% this week. it's not a good sign oil is down a little more than 2% not a good sign if you're betting on growth in the global economy. so mixed messages i would say it's confusing even though we saw many times stock continue to rebund. >> yields crucial for the week and real estate and you

utilities. >> i want to bring you breaking news now on the heels of the trump administration labelling china a currency manipulator, the imf is coming out with the country report on china. this is important because the next step in the whole currency manipulator process is imf brokering negotiations between thest and china about the currency so in this new report, the imf appears to endorse the idea that china is not manipulating its currency the imf saying the external position in 2018 was broadly in line with fundamentals and desirable policies and then later in the quote, here is the money quote here directors concur that greater exchange rate would help the financial system prepare for greater capitals it would be important. some directors call for disclosures of fx intervention not totally in the clear here but nowhere in the report did

they indicate that china is manipulating its currency. it's interesting it comes out. it's more on the china side of things. >> it would be pressing here in the way of policy. it was relatively bio form of calling. if we didn't mention enough. he'll be joining us in five or ten minutes time a great week to have us not only from the tweet from the president about the dollar, which we have today. but all of that still to come.

we'll get into the market day. president at delphi management is with us mike, do u you, first of all, a sell-off into the close. back to the most previous chart. we're off the lows. >> from earlier in the week. i think it's funny because if we finished flat for the dow or a little bit up, i was going so say it's an august friday. the market was levitating on meeting up some positions because the treasury yield finished up their highs after the cme futures closed to me, the sell-off is understandable might be going into a weekend. so it's off the highs of 4% from late july. but it did not really take a lot of excuses to go further to have

a further check than you, might have expected. it's a little bit from spill back from yesterday's rally. it was strong. if you gave back about half of it as you got to critical levels of the index. >> what are your thoughts on the week we witnessed? >> well, i really think the stock market is still fully valued and the fact we're going to get to 2 to $300 billion worth of tariffs won't be compensate bid anymore fed cuts. i think markets about 18.5 earn per earnings about 19 multiples i think there's a lot of risk out there. earnings momentum is good and the gdp forecast for the united states and the world is decelerating the maes its for next year is 1.7 real gdp. and it's at 26 according to the

world bank and so it's compounding the woes of europe and asia and interestingly enough, if you look at the trade data which i did for the second quarter, the actual trade deficit and services and goods actually increased year over year notwithstanding the tariffs. so it's having a effect on the world economies and it's not doing anything for our gdp deficit which equals 3.1% of nongdp. >> so, gauge what your positioning is at the moment is this your cash higher than they've ever been? >> well, they're not way other priced and we try to stay fully invested. >> if you look at the fedex is the apparel companies or they were affected. they were sourced out of china

or they were dependent on chinese purchases. we disrupted the supply chain world order here and mr. trump is doing something that is not in the best interest of the united states economy. >> as you look at what actually won out on the week. there were plenty of sectors that closed higher. >> yes and no. i think there's a short term reaction to the volatility we saw it in december and may. i think the market goes back to where the growth is. and i think what we're going see again. who knows what tweet will come out over the weekend we thought we had a truce here for the trade war. we did not now we'll see. i think the market gets relatively to this it hasn't changed the fundamentals behalf we know town true about the economy very consumer driven consumer spending seems to be

going up and that's not going to be corrupted by 10%, you know, increase in tariffs. so i think the market is fine. i think, you know, he was right that we are fully valued but i don't see we're going to do more on the downside. upside we're probably not going to new highs unless we get very positive news on china so, for me, it doesn't mean changing into a different type of rotation in terms of stocks we see in the short term flights to safety. >> what is your take on volatility where it got down to this week. >> i think we were settled out here between 17 almost 18 just reflects the actual exhibited volatility of the market that's the main input to where the volatility index is going to trade. off the mid 20s. usually if you get a spike on the chart it comes down. that's a net positive sign ting makes they're going stay elevated for awhile. seasonally it's a butchy period. it takes awhile for this to work the way through. i think there's a lot of talk

about people had got a ton of upside exposure to the mix. >> bob, thank you very much. >> thank you just have the breaking news the imf appears to endorse the idea that china is no map knt manipulating the yaun. we welcome peter navarro thank you for being with us today. >> good afternoon, sara. how are you? >> i'm okay. we're start of digesting the week that we just went through it was crazy it was volatile. and it was marked by an escalation of tensions both from the u.s. and china in the trade war. how much farther are we >> the dow ended up for the week about 800 bounceoff off the

wednesday low. more rate cuts by the fed is what is important as well as passage of the u.s. mca in the fall so i'm bullish on the economy. i'm bullish on this stock market on the china issue, i think any time that i talk about it or you talk about it on the air, i think it's useful to start the problem that we're trying to address with china it's basically seven acts of economic aggression that built in structurally to the chinese economy. and they're worth going over it's the cyber intrusions into the business networks to steal trade secrets. it's forced technology transfer exchange for access to the chinese market it's intellectual property to the tune of several hundred billion dollars a year dumping of products below costs into our markets, which our

factories and jobs out of business we've got the currency manipulation problem massive subsidizes and state owned enterprises and the seventh act of aggression, which president takes very seriously is the fentanyl and opioids that will kill over a thousand people this week, and over 50,000 americans this year. so when we're negotiating with china, these are serious structures this is about structure change that i think if the president is taking strong stand here now has bipartisan support on capitol hill as well as support of the american people if we can bring about the structure changes with china, it's going to be good for china. it's going to be good for the united states. it's going to be good for the

global economy we can't live in a world where china cheats and treats us like a piggy bank and transfers over a half a trillion dollars a year that's where we have to start when we talk about the cancel. >> our sure. there's a wide range of topics being discussed here we'll focus in on the currency aspect it's been front and center over the last week. do you want to see china allow its currency to free flow? it would see it weaken not strengthen. >> so i understand and argue it very clearly here is, also, what we know here at the white house since the tariffs were announced last year, the china yaun has fallen by about 12%.

and they devalue by over 10% basically to offset that and then in the deal with the rest the tariffs they're cutting their prices they're doing that so that's what we see. so clearly they are manipulating their currency from a trade point of view. because they're taking actions to neutralize. >> hang open on. why is that they're clearly manipulating if you put tariffs on another country that is slowing their growth and export and manufacturing sector worse than ours, that would argue for a weaker currency. i mean, that's the market. >> so actually, look, china basically put the smoking gun right into its announcement when it said it was going to stabilize the currency when it let it slip past the threshold of seven instead almost bragged about how it was highly skilled in setting the value of the currency.

we take them at face value you know there was a long history from roughly 2003 to 2013 where china was viewed as the worst currency manipulator in the world the problem with their currency -- >> it kind of wrapped up in 2014. >>well, yessed what happened when president trump took office, promising in 2016 as a candidate that he would brand china for the manipulator. it was on the best behavior for awhile but the facts don't lie here see truth from facts since we -- hang on. since we put the tariffs on, china has devalued its currency by over 10% with the express purpose of neutralizing the tariffs. full stop. so what we need here this isn't good for china we're seeing china lose when they devalue their currency on the capital.

we're also seeing the supply chain moving swiftly out of china. it's coming here which is great st more jobs and factories here. some is moving to other countries in asia, vietnam, malaysia, indonesia, thailand. it's good for the global economy. we'll see what happened with the first 250 million. china will bear virtually the entire burden of that through the currency manipulation and by slashing prices. this is where we stand and i think i want to emphasize here for investors that this, of course, is an important topic. but what really matters for the market over the next couple of months going into the holidays really is going to be how fast the fed is going to lower

interest rates and whether we get the united states, mexico, canada agreement and the fed lower rates, to be clear is important for two reasons. one, it was since jay powell was appointed chair, we saw rates go down by a hundred basis points come back 25 but what it's done is suppress investment correctly in our gdp equation and indirectly suppressed our exports through the currency effects so we had a 2.1% q2 growth rate. we saw two-thirds of a point lost to reduced exports primarily because of the fed's currency we saw commercial real estate, for example, loses about .2 of the point because of the higher interest rates in uncertainty over fed policy. so these are the kinds of things that they can if you're an investor you want to see the whole chest and we had some

volatility related to the china issue earlier in the week and at the end of last week but investors are seeing through that and this is a full market and we'll continue to be so. >> do you think the fed -- do you think jay fowl is trying to stifle growth in order to help the president? >> no. i don't think so i think jay powell made a mistake. look, i've seen this movie before when we went into the 2001 recession this is, by the way, for your viewers. in is what i did for a living for 20 years often on cnbc talking about macro economics and fed policy and how it affects the markets back when we had the 2001 recession, one of the problems was alan green span didn't understand that we were having an amazing tech lack call ash wen we could hit a 4% growth rate in the environment. he raised rates basically choked on growth.

i think what jay powell didn't see was the fact that tremendous power in president trump's economic policies with respect to deregulation. that was a pure positive supply shock to the economy it lowers business costs and so what powell, i think, might have been thinking was it might be hard for us to sustain growth at 3% without causing inflation. but guess what it's easy to do with the trump economy and we look at inflation now. it's 1.6%. we look at the inflation rates that matter from 2018 to 2019. they have fallen we can get to 3% and above growth rate if jay powell says i liken this problem with the fed has put on us like a governor on the old school bus so it couldn't go more than 50 miles per hour we've got a ferrari here, the president trump has designed and tax cuts

deregulations, energy, and a fair trade policy and we can get to 3% or higher easily if we have jay powell and the fed lower interest rates and let investment come back in the way it should and have our exports thrive like they should. >> let's talk about the next round of tariffs, peter, that surprises me which spooked the markets. september 1 the remaining few hundred billion of chinese imports mostly impacting consumer goods, apparel, toys, iphones, laptops are you going to argue the american consumer and american importers won't pay for that >> i will argue that and i'm going to recommend that your viewers find a guy named jerry storch who was on tv today on a financial network who gave, i think, the most delegate and eloquent view of why these

tariffs won't be passed on to consumers. he's a former president of toys "r" us a long time in china and with china because china is the toy capital of the universe. but basically what is going to happen and what is happening with the first 200 is going to continue to value its currency it's going it slash prices and suppliers will move to other places like vietnam and malaysia and indonesia and akron, ohio and we're going to be able to basically buy those consumer goods at the barrelly, you know, more than we otherwise would have paid for. >> you want them to devalue the currency >> no. i don't want them to devalue their currency. >> you just said it's going to. >> they're going to and we're going to take strong action against them but what i'm telling you is that this is how the chinese are dealing with it. they're hurting themselves

they're hurting themselves i mean, had is what -- here is what is interesting about this whole thing. while china is cutting the prices and cutting the currency to maintain the exports to the u.s. it's missing the bigger macro move here, which is the offshoring of production from china now back to america and to other countries and asia so i think, will fred, this is something that will play out over the next couple of months we continue to plan to have the chinese negotiators come here. and one thing i would like to -- i always wanted to have a rule named after me so i want to maybe introduce the navarro rule today and it comes in two parts it's basically anything you read in the newspaper that has unnamed white house sources will not be true. and the second part of the rule

is anything that you read about china or trade policy, if the polling people are quoted and that's steve mnuchin, robert lighthizer, wilbur ross, or the nec director larry kudlow or myself. >> what are you referring to >> reports you disagree on where the policy should go according to the latest reports, you're the only one in that group that was actually in favor of putting he's new tariffs on. >> i'm referring to a lot of stories that i've seen in and the point i want to make sure, sara this is crucial through your investors. we're going to negotiate this deal behind closed doors it's going to be done on our side by robert lighthizer. the best trade rep we've had in our history with steven mnuchin at his site.

what happens in the room will not leave beyond the room. the only other people involved is president trump, wilbur ross, myself, and larry kudlow none of us let things get out there. what i've seen too many times are strategic leaks from unnamed sources which are designed to try to get us to reveal what is going on 99% of the time, it's fake news. woe appreciate you coming on so we have you on the record. thank you for joining us i want to ask you about what cost is worth paying to get the result that you've want ultimately at the end. so we've seen an elevation and tit for tat elevation over the

last week. potentially, of course, there could be further elevations and escalations in the trade war to come if that meant the u.s. briefly in the short term, saw gdp contract is that a price worth paying to get the long-term settlement for the future of the u.s./china trade relationship. >> here is what i know first of all, american people are clearly behind the china tariffs and they probably understand that question we have a rare bipartisan consensus we need to stand up to china but the good news here, and president trump understands this probably better than anybody in this country. is that china is the one suffers far more harm than any might be inflig inflicted on us. they're sending us $5 of exports

for every $1 we sell them. i point where we hit 3.1% gdp growth and only one point of that growth was due to our reduction in our trade deficit i point is that we have a will the more to gain both in the short and long run from bringing about structure change. >> i don't see that scenario if we lower or trade deficit with china, we grow faster

montana trump promises every american farmer that you will be made whole you will not be hurt by china. he will not let china bully farmers as a way of having their way with this country or this economy. don't believe anonymous sources. in the meantime, let's focus on good fed policy. you can't have a 200 plus basis point spread between u.s. interest rates and the rest of the developed world and expect good things to happen. that has too change. and let's focus about u.s. mca i would love to see cnbc do a

week u.s. mca go out into across the great country where the districts are and talk to people about the importance of getting it this is a deal that is an interesting trade deal and that it helps every constituent farmers, ranchers, manufacturers, and workers you know, some trade deals in the past have pitted farmers versus manufacturers but this is a home run win it would be the largest trade deal in world history. it's the most modern trade deal in world history it's designed explicitly for manufacturing back to the united states. >> peter -- >> let's get it done. >> peter, if we do talk about the importance of the u.s. mca but you said the farmers may hold what about the semiconductors. the president said we're not going to do business with

huawei what does he mean? >> contracts no government contracts. these are comes in messy. >> yeah. >> i think, look, the policy is clear at this point. we're not doing government contracts with huawei. we're not selling them any items from the u.s. including chips unless they can get them elsewhere in the global marketplace. that has been our policy that's where we're going. >> i mean, since you brought up the navarro rule i was going to bring up what the journal brought up with the navarro recession. pretty harsh editorial talking about the destructivepolicies.

>> the "wall street journal" is in favor of deregulation and tax cuts but "wall street journal" has never ever supported our trade policy going back to when donald trump was a candidate and we don't expect them to change their stripes now. i would stand on what i said throughout the entire interview.

and i wonder where the journal was. where the "wall street journal" was from 2001 to 2016 when the president got elected. when we lost over 70,000 factories on trade and over 5 million mvring jobs. i wonder if the professor here if i gave a quiz to the editorial writers whether they can name all seven. >> i'm not sure the criticism is around that. >> i think it is, sara. >> i think it's about the tacts of how you doing it. the aggressive had hock surprise tariffs and find it's starting to impact the u.s. economy, as well >>well, okay let's talk about this notion ad

hoc. it's consistent about two things dating back to the first summit with the chinese at mar-a-lago in the spring of 2017. he is always willing to negotiate with the chinese if the chinese don't honor their commitments or renege on a deal they did, he will take action. so every time tariffs have been put in place by the trump administration, they have been well signalled to the chinese in advance.

the journal has no answer for china. you and i and everybody, i think, watching this show understands that china is engaged in severe structure acts of aggression against this economy and the world economy. what is the answer the answer is the trade policy that we'repursuing the fact is china keeps doing what it has been doing they treat us like a piggy bank. they're taking over half a trillion dollars out of the economy every year that's where we stand. they'll realize the best way forward is the solution.

>> peter i want to go back to the topic of the dollar. the u.s. km si 70% consumption only 20% of gdp is what i did to trade directly why is the president so obsessed about a weaker dollar. it doesn't make sense for the u.s. economy in the ong-term president trump is concerned he fetes up every day and thinks about three things creating good jobs and economy. >> do you think he's right >> it's the wrong determine nolgs and terminology i prefer to use is whether the dollar is appropriate with balance

and problem is when you see the fed raise interest rates to levels which are several hundred basis points above the rest of the world and the dollar goes up by almost 10%. it's undenial that harms our export growth. schooin hurting more than we are. it drives into the u.s. stock market and the bonds and the u.s. dollar. at the end of the day, we put tariffs on and the china yaun goes down by 12% and that's currency manipulation by any other name they are neutralizing. by the way, when you have the

kind of interviews with people who say that we're consumers or somehow paying the price, just remind them that china devalued the currency by over 10% it's what they have to say i'm telling you that jerry -- >> we're going to call him up. >> we know him he comes on all the time. >> we're going to be talking to him later in the show. peter, back to your point with the are in venavarro rule it's great to have you on the record. >> very gooddiscussion

i predict the 25,000 on the dow based on trump tax regulatory energy and trade policy. we got there and now we're going to get the 30,000 and move forward. and this president is the best president in modern history on the economy and i don't think that's to be disputed. >> peter navarro thank you for joining us. >> thank you a lot to unpack there, mike. >> yeah. >> nothing incremental on tactics were what the process was on trade talks with china. right. i just think it's a good articulation of a lot of disdent goals and -- can you have a tough stance on trade? a strong stock market say that the economy has unstoppable momentum with a tax regulatory reform and a 2% federal funds rate is somehow restraining it all these things moving in different directions i don't think we got a lot from

an investment perspective beyond the fact that we remain in a stalemated position with regard to the talks with china. maybe there's going to be progress and the tariffs are a good tool. and somehow the tariffs have been neutralized by china's currency policy which is their assertion and, therefore, is it not a good tactic? they're not biting the way they should. >> they had the talks, you know, could still happen. >> yeah. it doesn't sound like they're walking away. >> no. >> i think that we need to get a clarity on exactly next steps. >> time to get to cnbc news update. >> hello everyone, hello. jeffrey epstein repeatedly refused to answer allegations of orchestrating a sex trafficking ring that brought girls to him

so not to incriminate himself. >> el paso native beto o'rourke taking part in an event at mountain view high school including a balloon release in memory of victims. >> you're defining el paso at this moment. and we will not be made a afraid we will not change who we are. we will not renounce what is so special about this community instead, we stand up to be counted. >> and on a lighter note, this is my favorite story of the day. one that every parent can relate to that is princess charlotte showing her sassy side by sticking out her tongue at fans and the press while her mother encouraged her to waive at the

audience her mom laughed before ushering her right along. >> i love it. >> just shows she's -- >> that's so adorable. >> absolutely. she's just like every other 4-year-old. >> in a way. >> i'm sure she is. >> royals are just like us. >> thank you said that about central bankers yesterday. >> still to come, we've been discussing semis t.j. rogers will join us to ocp uss the outlook of chi stks in the wake of the escalading trade war

welcome back peter navarro confirming the u.s. government is not doing business with huawei as the trade war intensifies. joining us to discuss is t.j. rogers a good afternoon to you. thank you for joining us. >> thank you. >> how important is huawei's business to u.s. semis companies? >> well, huawei is very big or the biggest buyer of chips in china and china's biggest buyer

of chips in the world. it won't hobble the semiconductor industry but it's not -- >> so do you think it's worth it going after huawei from the administration as whatever they're trying to do secure a better deal, get them to the table get the concessions they need. >> yeah. you know, that's such a hard question because, you know, you're not listening to the real reasons. you're listening to the platitudes that explain that presumably explain actions start out with we had an economy that went into the administration and got kept in the tank by obama. we left president trump and he's done a great job with the economy. you have to give him credit for that you have to listen to some of the stuff he says.

he says the chinese are playing unfair on trade and my job, ceo of, you know, a couple billion dollar share company, i know that's true. i know the companies going into china -- and i know that they have to transfer their processes to china and it leads to our technology going to china. so there's a long-term explicit policy to become chip to make their chips in china and there's only one way they're going to do that they're going it take the business from us so the plausible argument is they're playing unfair to take your chip business and we're going to stop it you have to be in the short term it's credible. i don't know if it's true or not but it's credible. >> t.j., how much do you think huawei is -- it's a debate how much the chinese economy may be hurting. is huawei suffering?

>> they are. surely they are. huawei says -- they own the biggest but chip maker in china but they don't make the really hard to make chips they don't make the software systems that run on the chips. so if they get shut down, their products that make them in the company, their products are going to become inferior and it will harm their sales in the world. it's a crippling blow not to have american technology when you're a communications company. >> c.j. rogers with good to check in with you. thank you. >> thank you still ahead, the ceo of the company behind bratz dolls is trying to poach barbie makers after failing to buy the rival toy maker. -driverless cars... -all ground personnel...

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shares of toy maker mattel

getting crushed today, down more than 15% on concerns that the toy maker cancelled its bond offering over an anonymous whistleblower letter we reached out to mattel for comment. here is what the company said in part the offering of our senior notes due 2027 has been terminated while we perform a thorough review of these matters, we remain focused on building on our strong momentum to transform mattel into an ip-driven high-performing toy company and create long-term value for shareholde shareholders while not giving any clue as to what the whistleblower investigation is about. >> our next guest is someone who has been critical of mattel and recently trying to lure away the company's employees. let's bring in isaac larian, ceo of mattel's competitor mga entertainment. good afternoon to you. thank you for joining us. >> good afternoon, wilfred before we get started i wanted to tell -- tell you and sara happy birthday

i brought you gifts, but because the toy -- because the toy business is going to really the poop so i have a poopsie for sara and a this for you. i will leave it in the studio so you can have it. it is autographed and worth a lot of money on ebay. >> fantastic i hope our l.a. bureau chief takes note and sends that our way. isaac, let's get to mattel and mattel's share price decline today, down 15%. what do you make of this particular issue, where the share price is at the moment >> because i think what's happening with mattel is really it is headless the board of directors, the most incompetent i have ever seen they are rubber stamping everything this is not the first time it is happening, wilfred, with mattel. if you remember, when they reported the fourth quarter numbers, they said, oh, the numbers are going to be good and then two weeks later they --

they retracted that and stock dropped 30%. and, again, they are playing han han hanky panky. i don't know what they are doing, but in my opinion this is the major material thing that they pulled. i have never seen in 40 years that a company pull a bond that was supposed to close yesterday right at the last minute so it is -- i think it is the beginning to an end of mattel, and it is unfortunate. >> the only thing i can offer here is there's a ubs note today saying that they talked to management and while they don't know what the issue is, they say that the company's message is that terminating the deal may not necessarily be indicative of the materiality of the potential issue. either way, isaac, are you still trying to buy this company >> no. no, not -- yes, i will buy them in bankruptcy, but not now

i don't think it is going to be much longer. i don't think it is going to be much longer. look, last time, sara, that i was here i showed you lol omg doll and i said, this is going to really take a lot of market share from barbie, and that product has been on the market only for four weeks. it is the number one-selling fashion doll barbie is no longer the number one selling fashion doll, only after four weeks, and even the top five toy of everybody. so a lot of competition is coming after mattel this fall. lol from mga, we have another product called unicorn surprise that is also coming. don't forget, hasbro has "frozen. >> is it made in china, isaac? are all made in china? >> yes, everything is made in china. >> so does that mean that americans will be paying more for it when the next round of

tariffs go through >> yeah, it is unfortunately absolutely i hope mr. trump, if he is listening, he will spare the toys with tariff because these toys are in the second half 65% of the consumer's mid list for toy companies, and a lot of people are not going to be able to afford toys if the prices go up -- the prices don't go up by 10%, they go two, three times because the retailers add their margin on the tariff i don't know -- >> how quickly could you move production to a different southeast asian or even back to the u.s. >> it is going to take years to do because they don't -- we don't have the skilled workers we don't have the equipment. we don't have the infrastructure look, mga has the largest toy factory in usa, little tykes, in hudson, ohio with all of that, we are only at

30% capacity because we cannot even get labor with the immigration laws we cannot get skilled labor. so it is easier said than done, oh, move the production to usa it is not possible it is not possible the toy business, such a small portion of the economy i really hope that toy business is spared from the tariff. >> yes it is not echoing what jerry's story said, somewhat jerry's story said, former toys r us ceo quoting as saying it won't impact the u.s. consumer. >> and jerry is a good friend of mine but i disagree with him he has been in retirement for a few years. i am in the midst of the toy business every day. >> you are also apparently wearing a wig, trying to recruit mattel employees can you explain to us what we're looking at in this photo, please >> yeah. this is -- in this photo we have

a new product called "pop up hair" that's coming out. we in toy business, we have to have fun, so our employees said, hey, would you mind -- i used to have an afro so they said, would you mind putting your wig on and take pictures i said, sure, we in the toy business, let's have fun but as far as mattel employees, yes, openly we are going after them not the people in the suit we will not hire any of them they're not good but there are a lot of great people who don't get rich at mattel we just hired a very strong one and we will hire a lot more from mattel. >> isaac, we have to leave you there. thank you very much for joining us. >> thank you so much good to see you again. take care. thanks. >> isaac larian there for us >> did he say the toy business was going -- >> one of the gifts is called the poopsey doll. >> also a trip it has been a wild week for

the market and we had some great voices on "closing bell" during the course of the week here is a look at some of the top moments. >> the trade war, front and center, looking more like a currency war as china does devalue the yuan. >> ugly day on wall street, the dow closing down around 766 points >> what's happening in china is they have to have dollars to sell to buy their own currency to hold it up. if they were to ever free float their currency, i think it would drop 30% or 40%. >> yes, think you can expect a lot more to come in terms of broad-based chinese strategic response. >> the treasury department officially designated china as a currency manipulator. >> oil may be as i tweeted this, the single worst sector i may have ever seen other than when coal blew up in 2011. >> it seems like the market showing a bit of stabilization here. >> we're in a really dangerous

moment right now where a trade war is escalating into currency responses, and it is time for leaders on both sides to find a way to de-escalate. >> the u.s. has been a flight to quality for our debt, and we're seeing participant it come in here kind of like i have never seen before. >> so we put on tariffs around 10% on $200 billion of their exports and they devalue by over 10%. basically to offset that and then a deal with the rest of the tariffs, they are cutting their prices and they're doing that so that's what we see. so clearly they are manipulating their currency from a trade point of view. for all of the volatility we have seen in stocks, mike, and in bonds this week, the dollar has been remarkably stable. >> it has. >> and that's been the target -- >> as much attention as there's been on it. >> especially the dollar index. >> i feel uneasy about going on vacation next week given the fact there's a currency war

brewing, but i will be close by if anything happens. you call me. >> you cancel vacation if there's a big macro -- >> i will. >> you can. >> yes. >> i wish you both a great vacation i will do my best to hold the fort we are out of time that does it for "closing bell." >> "fast money" begins right now. ♪ and live from the nasdaq market site overlooking new york city's times square this the "fast money" i'm tyler matheson in for melissa lee. our traders on the desk are tim seymour, brian kelly, dan nathan, guy adami. it was a friday fade, folks, wall street closing out a turbulent week in the red. what can you expect for your money in the week ahead? we will break out our crystal ball plus, hungry for opportunity investors continue to chow down on those food stocks, but will this bing session end badly. oh, nice, right? and it is mall madness time. we will break down a few retail names that