liquidity, enough appetite to invest then just look at that performance. >> been great having all you with us. once again, shannon, welcome to delivering alpha a great event we're proud to have hosted ed last nine years the exchange begins right now. all right. thank you, scott welcome, everybody here is what is coming up. the fed decision, well, it has come and gone. now what we're going to look at what could be the next catalyst to take these markets to new highs or make it all the stripping california of its auto emissions waiver. we'll speak with the state attorney general about the golden state plan to fight back. and destination domination why airbb could be the hottest ipo of next year speaking of domination, dom chu now here with your market numbers. >> mr. brian sullivan, thank you very much for that glorious

introduction the markets are dominating because they're about a stone's throw away from record highs on the s&p level here above that 3,000 mark, but still, the dow industrial, s&p 500, the nasdaq composite up roughly a third of 1% it's not a lot, but still big. hovering right near the record highs. if you're talking about record highs, you can't leave out what's happening with utility stocks and the aerospace and defense industry for ewe tutilities in terms of cyclicality and defense straight up defense for missile, rockets and everything else. both sectors here up again over the course of the past 12 months, we'll put a star next to wee each one place we're watching, darden restaurants. big restaurant operator in the united states off by 4%. second worse performing stock in the s&p. this stock beated on sales, comu in part to a drop off in traffic

at olive garden locations. those shares remember since the december low, up 34% to the highs, brian, and then if you look at this fall, down 5% from those record high levels, back to you >> good stuff there. appreciate that. and welcome to the exchange. i am brian sullivan in for kelly evans today. so while the market has been slowly grinding higher, what has been perhaps more unusual is that an unlikely group of leaders that have been moving the needle let's get more on this from bob pisani if i went to you on january 1st of this year and i said bob, i'm going to make you a bet. a new tire or pocket square that utilities are going b to be some of the hottest stocks of the year you probably would have said you got to stop drinking on the day after new year's, but it's been a very unusual mix of leaders. >> consumer staple, i would not have bet on that one those defensive name, but they were the market loade ersleader. but i want to concentraton

today because we're grinding higher on an odd mix so for example, you look at moving us forward today. health care stock, material stock, technology high kind of an unusual mix lagging today are some cyclicals. retail stocks, industrials, energy it's a little odd because we've been moving higher recently partly in hopes for progress on trade and indeed, today, the u.s. and china today are set to resume face-to-face taubs to the first titalks for the first tim couple of months we want to highlight a very important move here. big buyback announcements. microsoft propping up tag. they announced a huge buyback. target, a really big buyback 9% of their shares outstanding darden, about 3% outstanding you see them down because of theics mix on the metrics. all three xaens have seen huge reductions of f their share count in the last decade and that's been boosting earnings. i bring this up because the companies themselves have become the margin alibiers of stoal

da dog, look at that enterprise software. huge this year we had a number of these big companies out there like pager duty really moved big in the last couple of months and here's one today. data dog at theness dak. back to you. >> that share count is a major factor in the markets. the same amount of money chase ing a smaller pool of assets that sends prices up see you in a bit thank you very much. >> meantime, u.s. china trade talks resuming in washington today. this follows months of tensions. the question of course is will anything substantial come from this round of talks? kayla is live in washington with the latest kayla. >> well the white house brian would tell you it's important these officials are meeting face-to-face just a few blocks from here, for about four hours now, a chinese dell del gags. about 30 officials deep, has been b meeting with u.s. trade officials led by the deputy u.s. trade representative

the chinese side led by its vice minister of finance and on the agenda today, i'm told by two sources it is currency it is fentanyl and agriculture the only topic that has two educations where officials are going to be discussing this. of course president trump has for months said china would need to commit to buying u.s. agricultural products to unfreeze these discussions and so far, we have yet to see these materialize, but we've learned that a separate, smaller chinese delegation is going to be heading to nebraska and montana to meet face to fate with farmers early next week, so this could be a positive sign that potentially an announcement is forthcomi forthcoming, but we don't know planning for the visits which are still in the planning stages today, the vice president was asked at delivering alpha how talks are are going with china, when we could see a deal and here's what he said. >> the question now is is whether or not the china wants

to do a deal i think that we have a sense china wants to do a deal just don't know if they want to do it yet. >> of course advisers to the white house have said that the president sees that window as perhaps closing for a deal before the end of 2019 of course 2020 becomes ab b election year and this becomes even more politicized than it is >> all right kayla, in washington, d.c. as always, thank you very much all these trade worries have been b weighing on investor's sentiment on a macro level, but there's been this one giant thing that seems to outweigh these concerns the american consumer. listen to what the panelists tat conference today had to say on the subject of the american shopper. >> we think that the consumer is is the bright spot in the u.s. economy. but that cap ex and man a fakihturing sector is already in recession. >> consumer confidence start to break, that would be very

worrisome. around two thi-thirds of u.s. gs the consumer >> in terms of markets, the biggest risk is if there was a recession in the u.s., if the u.s. consumer gives out for whatever reason, markets are not priced for that in any way >> the question is this. if the consumer does eventually break or slow down, will the rate cuts help prop us up or keep things the way they are joining us now is michael and john he is with miller value partners john, i'll start with you. bill miller. you live in baltimore. >> no, actually, i live in new york >> i was going to say because if you're living in baltimore and you're going to white marsh mall and you look at the parking lot i know bill made a great call on avon to us on halftime report a while back are you betting still big on the american consumer or is there no value to find left for miller value partners >> there's also value.

especially these days. a lot of what ifs. what if the consumer goes down what if there's a trade war that gets out of control. what if there's a bad election so those create value for us and b obviously for bill so we're looking for those opportunities where there's a quake, a pivot to value. a pivot away from value. those are all opportunities. people have been saying the american consumer is going to go you know, drop >> they have been saying that for 40 years 40 years you have these moments like you talked about last december there's opportunity. but we're half a per sebt sent from a record high in the s&p 500, john. is there any value left to be had? >> there's a tremendous amount of value our funds trade at ten multiple when market's at 17. so we saw a lot o good flows the last couple of weeks obviously as people have recognized the value. i think the move from active to passive favors active managers because obviously there's less active managers looking and more

opportunities to be had. i think the consumer thing is overplayed in the green room, i'm watching incredible so everybody's talking about the student loan debt but yet there's companies out there willing to refinance that $3 trillion or 1 t.2, of millennias who have all the student loan debt at low rates thanks to europe and some of the problems happening around the world that's a huge refinance. instead of a mortgage refinance, you could refinance your student loans and go spend you're going to go out and buy things go out to dinner get a nicer apartment. maybe a car. >> we got a show in rapid fire, we got a take on just this on millennials and debt. >> i saw it in tweet >> never tweet all right. michael, i'm going to go to you. talk b about interest rates, okay does the american economy need either saving or propping up at the fed hinted yesterday

>> pretty tough to believe the economy needs to be propped up the fed says look, we think the base case is good. frankly, the we, the fed are concerned about, it always talks about cross currents whether it's international ris bs brexit, talks about trade quite a bit, but it has the notion of taking out an insurance rate cut or two so we look at that and say well, probably the fed will cut again. does the economy really need it today? no, but the fed is really try ing to take out some insurance again against downward trends down the road. >> yeah, and you know cooperman said this to scott and the gang. he talk ed about how the fed didn't need to cut rates so let's flip it. instead of a do no harm strategy, is there a chance the fed harms the economy maybe in way john was talking about, which is encouraging people perhaps the borrow more than they should be >> sure, a b possibility and the idea that when money is really cheap, it covers up a lot of sins, that's been playing out in the markets for a while keeps some companies around a

bit longer than perhaps they should be. so by making that borrowing window wide open, the fed can do that against that though, the repo market has been in a bit of disarray and that seems to have gotten a a fed concerned but yields are low companies are able to access the credit markets well. it's possible the fed causes the economy to maybe yoef heat a little bit, but hey, dprout is not that amazing pretty good at low, too,s but not seeming to blow the top off. i think we're a ways away from having a real issue. >> i think the fed said yesterday that spending has been rising at a strong pace so they inserted that sentence into the statement. i think one of the interesting thing is st. louis fed james buehler sea change if you look at rates year over year, they're down almost 150 basis points in the ten. so even though the fed has really just reduced rates a very small amount, the actual -- >> heavy lifting for the fed and jimmy was right.

the funny thing was that bullard said the market priced in 50 and he said no, just 25 then yesterday he said oh, we should have done 50 >> they did the fed's job for them >> bond markets front run the fed and donald trump has eased more than he could have. it's been a monumental move. the idea of dissent of the fed is interesting the other way saying don't cut at all so you've got the sense on both side of the al, if you will. >> i'm going to be data dependent. >> forget about powell we should just interview the bond market. john and michael, thank you very much we do that almost every day here on cnbc. here's what else is ahead on the exchange >> coming up, hitting the brakes the administration revoking california's emissions waiver. we'll talk to the state's attorney general on how they plan to fight back plus, barclay says one

recent ipo could soar 20% despite its already 525% rise and one ceo was proven right in the latest auto safety test. it could be good news for one stock. this is the exchange on cnbc ...all while helping you to and through retirement. can you help with these? we're more of the plan, invest and protect kind of help... voya. helping you to and through retirement. through the at&t network, edge-to-edge intelligence gives you the power to see every corner of your growing business. from managing inventory... to detecting and preventing threats... to scaling up your production. giving you a nice big edge over your competition.

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california fighting back against president trump's plan to evoke its auto emissions waiver that allows the golden state to have stricter pollution rules than the rest of the country, but trump says he will curb california's power and try to push a single federal emissions standard forward joining us now with the late nest this fight is california attorney general mr. attorney general, thank you very much for joining us have you filed suit yet against the trump administration >> thanks for having me, brian well, we just learned a few minutes ago that the administration finally posted its rule, so no, not yet we're fast, but not that fast. we will move as quickly as we can. we are prepared to do what's necessary and we'll review and go forward from there. >> what has changed in the last few minutes? >> it's now a fact that the trump administration is moving to try to rekrend california's

waiver it's now a fact they are trying to do this without legal authority to do so and it's a fact that they're going to try to base this decision on a proposal that has a hard time squaring the claims with the facts so you'll be filing suit. >> we're going to move as quickly as we can. we know the trump administration has been talking about doing this, so just a matter of time >> for our viewers that are not aware, they don't live in your state, how strict is the difference between the federal standard and california's st standard which was you guys were granted your autonomy under the 1970 clean air act how big is the gambp between th two because they'd b b probably say it's a hardship to make 49 states worth of cars then cars for your state >> we all try to move towards a

cleaner future and knowing the largest source of f that emissions pollution in america is transportation. our vehicles it's important enough to try to tackle global warming change, but not so big that automakers can't meet these standards ch now we have a group of some of the largest automakers that are willing to voluntarily agree with california to move on similar standards. negotiate standards that are not quite what the current standards are moving forward into the future into the 2020s, but certainly far beyond what the trump administration is proposing. >> is there any gap in the middle that you would agree to do you have to go all out to make sure california keeps that autonomy or is there a deal you might agree to in between. >> there's one issue which is the national car standards that we are defending we're saying the trump administration should not try to

break those national standards that apply to everybody. now they're trying to go backwards on those we're saying they shouldn't. today's action goes somewhere else it talks about the waiver that california has under existing federal law to move forward, more ambitiously than the federal government requires. that waiver we got after applying and making and providing proof and facts that show why california must do this that waiver was granted. it's one of about over 1000 over the last 50 years. never has a waiver been revoked. that's what this action today is about. the trump administration is try ing to do something they can't and we're not going to stop doing what we must because in order for us to continue to be the economic juggernaut for this country, we create more jobs than any other state we become the fifth largest economy in the world we need to continue to do what creates those jobs and makes us prosperous >> the attorney general of california and he is primed and ready for a fight over auto

emissions. appreciate it, sir thanks for joining us here on cnbc >> thank you on deck. he just took the reigns at the faa and now he wants to take the helm of a 737 max. a closer look at how the faa chief is uniquely qualified for a hands on approach and whether that could speed up the plane getting back in the skies. plus, the numbers keep on growing. cdc now confirming seven deaths and 530 cases of lung disease related to vaping. will the entire industry go up in smoke back in two. - stand up if you are first generation college student.

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it is time for the debate and welcome back to the exchange if you want to know what stocks are on the moou, we got you covered. shares of grub hub, they are fall iing because jim cnenos to cot wapner and crew he is short the stock. saying some fees will come down. employee costs are going to rise as well. that was announced at delivering alpha and they're down 6%. u.s. steel son pace for the largest percent drop in more than a year. the company giving a weaker than expected outlook and noted that the market conditions have softened a bit after a brief recovery of course throw in a tariff related comment here and as bob mentioned at the toch the show, data dog continues to soar it's a new stock this is its first day of trading. it's a cloud software company. they've priced their ipo at 27 and they're doing very well

today. all right. now let's get a step outside with the world of money and business and go to sue for a cnbc news update >> thank you so much, brian. here's what's happening at this hour, everyone president trump is asking a federal judge to block an effort by new york prosecutors to obtain his tax returns trump's attorneys filed a lawsuit today in u.s. district court saying it is intend ed to address the significant constitutional issues they say are at stake nancy pelosi unveiling a plan to lower prescription drug costs. a glooal shared by president trump. the plan would allow medicare to negotiate lower prices on as many as 250 of the most expen cy drugs and apply those to private health plans >> makes lower drug prices negotiated by medicare available to all americans it stops drug companies from ripping off americans while charging other countries less for the drug a massive three alarm fire broke out at a construction site

in austin, texas this morning. officials say the fire started at a three story apartment complex that was under construction luckily, injuries have been b reported you are up to date back to you. >> all right thank you very much, sue, herrera. here's what else is coming up on the exchange coming up, one stock has rallied more than 500% in four months and barclays says it could jump another 20% the mega merger that could have been between apple and disney and some good news from airbnb as it gets rea to dyipo. all ahead on the exchange. i wid shake your hand. granted. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ markets. the business of trading goods and services. nasdaq operates among the largest markets in the world.

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if only they had a camera on the commercial break >> we got started, actually, there are cameras. >> we got r started way early today. >> sure did. let's get you caught up. time for rapid fire. this is probably the greatest single collection of rapid fire in a long history of this program. here now with their take are bill griffith, dominic chu and contessa sledge brewer

>> everybody needs a nickname, brian. >> everybody needs a hammer. >> first up, fake meat mania in full effect. hard to say. barclays giving the stock an overweight $185 price target citing beyond's big potential for growth in top and bottom lines. comes on the same day impossible foods announces it will make its grocery store debut in california bill, you have been doing this job. you've been with this fine network for a long time. you've seen things come and go what do you make of the craze? >> i've been on regard saying this is a fad, but i'll say you know robert frank said something interesting the other day in a different context. used to run coca-cola, told robert that the best thing that ever happened to coke was pepsi and if pepsi didn't exist, he would have to invent a pepsi the best thing to happen to these two companies is to have both around because the competition is a great imptous for growth however, two things have to happen for these companies

prices have to come down because right now, they're three times regular meat and i forgoat what the other one was but i'll think of it. >> i don't know if they have to come down. here's why cause think the younger generations are accustomed to paying more. go ahead >> these are n a healthy alternative so they niese the change the recipe to make it healthier at risk of the flavor. >> back to my point about young people spending more they're willing to spend $5 on coffee, prices don't have to come down for starbucks for people to want it. people got accustomed to paying more the educational background is thing, it's not just about healthy. getting away from consuming animals. >> definitely bad for the an a mall >> if you look at the climate strike and who's involved, all young people who are going to be drive thg and i think that i think i agree that sky is the limit. >> everyone one of these bull

ish cases -- >> 140 billion >> they're going to mention total address bable market it's the justification every one will have on these products. what i thought was interesting are those analysts who say this is not akin whole idea that the total addressable market is. it might be as big as it is for soy milk or almond milk. >> we got quickly, i tried the beyond sausage saturday morning. i got beyond sausage i liked it it was all salt. great. >> tastes like a bubba burger. >> alternative here. >> i like it but i'm stunned that you're taking a wrap. >> wow >> for those out there in the audience -- >> i do. >> do not miss impossible foods ceo live on bill griffith's final ever show. today at 4:30 p.m. on closing bell going to be a good interview

next up, home soaring app announces it intended to go public next year the company also saying it took in more than a billion in revenue in the second quarter. second time it's done so and announced another milestone pass now features 7 million listings and more than 100,000 cities around the world dominic chu, what strikes me is h that i did not know there was 100,000 cities in the world. sounds like a lot. everybody loved we work. everybody loved uber is airbnb the same or can it separate itself? >> i think it has to separate itself, but the problem is that you are not put in a box with investors where they'll view you in the same box. the sharing economy and everything else. the problem here what's going to happen with regulations, locally with those hundred thousand cities because each of those municipalities has its own set of regulations and how they unify those. i will say this. i am a a hotel fan

i don't use a lot of the non hotel type properties. i have ventured into the vacation rental by owner market, but i have not, i'll say this for the record, i will not speak aauthoritatively op this because i have not used an airbnb. >> i have. if you look at goldman sachs' analysis of ipos, they say profitability the first year isn't the most important metric. what happens is you look at the sales over the first three years. 7 million listings they're going launch this multi-million dollar marketing campaign if they've earned a billion in revenues, do they need it? i don't know but and to your point about -- >> you live in manhattan they hate airbnb you can't have one unless you live in the building because they don't want transients going through. >> airbnb says in 2011, 40% of its listings were in the top ten cities this year, only 8% are so 92% of those are in markets

outside the top ten biggest cities >> sledge bring iing the hammer with numbers >> nailed it >> ahh >> wow >> you with me feel me? >> i didn't like you 30 seconds ago, now you're all right. >> a new survey found millennials, amazing story they have an average of $28,000 in debt. of course with everybody screaming about student loan crisis, you might assume the bulk is student loan debt. oh, no you'd be wrong the biggest source of millennial's debt is not college loans. it is credit card bills. contessa brewer. >> so there are americans afterall >> not to be the grouchy old lady, when people say now, oh we can't afford it, it means your expectations of what is normal for life have changed. in the old days, we didn't have, i don't mean me, i mean bill >> he told you to say that

>> ten pair of shoes now seems the normal you know like it's just what people -- >> when bill rode his horse to work, come on, the old days. i'll defend you on that one. people have been complain iing about millennial spending since before we called them millennials. because in your 20s, you make bad, dumb decisions. then you get smarter and learn >> yes, that cycle repeats itself, but they are at a slightly bigger disadvantage than previous generations because wages have not kept pace with inflation and they are unable to afford some things that we could afford at the same age in previous generations. but to their advantage, mom and dad have been a big help in many cases into defraying some costs. >> this whole thing was a northwestern mutual survey of those aged 23 to 38. that's what we're defining asthma lineals now the idea here is the justification used was that they wanted to keep up a certain

lifestyle. that's the same every generation has used from the beginning of time >> it's like 1710 in france. people were doing the same thing. that's what the 20s is about >> is he man slating you >> no, he's not. i likeded it you're good. yeah >> dig you out >> no, no, no. you were on the right path >> i feel like i'm in a therapy session. >> i don't know what it is right now. i'm just going to sit here >> go ahead. is there another one >> what's that >> a new topic from "vanity fair" features a passage from bob b iger on his upcoming autobiography. it high lights his close relationship with steve jobs and potential megamerger between two companies that never happened. he wrote, quote, i believe that if steve were still alive, we would have combined our

companies or at least discussed the possibility very seriously this would would have been a top story on cnbc. >> i think very interesting. i didn't, i have to admit i didn't read walter jacobson's biography of steve jobs, but i don't know if this came up at all, but i think it's interesting the relationship with these two men developed i mean he says we could have said anything to each other. that's saying a lot when talking about steve jobs because he didn't tolerate a lot from many people i don't know that they would have combined the two companies. because apple didn't have as much i think to offer disney >> at the time >> the other way around. >> well but you know we had this convergence of media and technology now that's happening in many cases, but back then, that wasn't the case >> also the employees are very tend to be different >> cultures are different. >> yeah, but remember, this was about having that conversation they would have had it because they were pretty close when disney bought pixar that was the whole reason steve

jobs -- >> that made sense i don't think the whole company would have made sense. >> never know. finally, our last one is also on apple. we save the best for las last. the company submitting a trade marc application for the term, slowfies, i hope i never say it again, slow motion video selfies. get it a slow selfie. >> like what you're seeing now >> it's a new setting introduced on the new iphone 11 shoots video 120 frames per second apple paid $400 to submit the trademark application to keep competitors from cashing in. >> they deserve it >> whichist exists only today. watch. >> oh, here's, oh, that's beautiful, ryan. >> that's nice >> flipping my hair just like rachel >> the fan you need to fan. >> a slowfie >> with the hair blowing

>> vidal sasson commercial >> do you think it's weird, themt to trademark this but don't offer you an app to help you use it >> they don't call it a slowfie on the phone >> so if you want to own it, own it like over the thing and coall this with it >> a name like that has to happen virally don't you think? >> no. you can't just -- if that's the case, we should just let them have it. >> booer going to call this a a slofie >> i would say this, all of that stuff we talk about, slofie includeded, i'm probably going to get the iphone 11 because of the muhnew campaigns. they're awesome. i'm on a 6 right now i'm the cheap guy. those cameras, the pictures we've taken -- gl i want to ask our audience something because i upgraded to a 10 and i love an

apple but i'm going back to eight. i miss the home button >> my company issued iphone is an old one a 6. >> got the same thing. i start moving the thumb to try and get it to go back. >> i do the opposite i look for the home button on the 10 this is a first world problem. >> i enjoy this so much, brian >> this has been great fun >> he's the 10 i'm the 8. >> got it. >> thank you, everybody. contessa wins. no drug, no booze, no guns, at least not in portfolios both trillion dollars beit what take a k loob at the markets now. stocks losing nearly all their gains. we were up 125 at one point. dow is still higher by 12 points we'll see if we go negative. back in two minutes. of course i have- ever since i started renting from national. because national lets me lose the wait at the counter...

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invest ng xens with esg records is one of the fastest growing areas in business vesting. with assets in the sec r tor touching $12 trillion last year. let's get more on that melissa lee is at the conference in new york with a special guest. melissa. >> all right, brian. thanks so much asana joins us now i want to talk to you about the rise of esg was $12 trillion is a lot of money what has really driven it? the millennial investors >> r very nice to be here. the numbers we're seeing, i would be careful with those numbers a little bit just because nobody has a very good sense of the total size of the market it's increasing, no question about it and the millennials, no question, have much more interest in the environmental and the social and the

governance aspects than previous generations, but they are still not the biggest investors. i think the interest is obviously generated by millennials, but also by large investors and investors at large. sx >> in general, it's viewed at investments in public companies, impact investing, investments in private companies. you do both. so which sorts of sectors are the hottest for you these days >> most interesting sectors are education. there's so much going on we know the problems in terms of access and outcomes when it comes to education whether we're looking at the u.s. or europe or emerging markets and attack is providing tools for say kids with different learning abilities to get up to speed at their own speed. it allows, so it sort of provides access to more people in a more equitable way. that's a very interesting way.

it's growing very, very fast again not just in the u.s., but also particularly in asia as we speak. the other areas that's very interesting is the applications of technology to the health sector again, improving access and outcome. obviously a huge, huge area. certainly effort to use cleaner energy is one of the biggest areas we're focused on and the last but not least is affordable housing where you can provide housing for low income populations and obvious service and california, we've been talking about a lot the last few days, but at the same time, if you provide community services, health services and make sure that with the services you provide, you have a healthier population that can pay their rent so it's better for business >> so if you can just drill down on clean energy because that's one area our viewers is invest in there are public opportunity

there. is that an area of the market that does well in good times and bad because it's youed as a riskier area when we see a risk off movement in the market, you see a lot of the clean energy companies sell off. >> so i think we have to look and it's company by company, obviously. we have to look at each situation. but the most important thing with regard to energy right now is the problem with stranded assets so if you are an inves r tor in what's called stranded assets, things like coal or heavy oils, or anything that's hugely polluting so you have to spend a will the of peopmoney cloning u that can't be a good long-term investment i think more see that. whether the markets are going up or down. similarly, anything that increases energy efficiency. if you're in a downturn, you want to cut costs. so anything that improves energy efficiency is good so that's why things like led or other ways to reduce your load in a given city has been so, so

popular under all economic circumstances. >> actually people think about individual investment, but uber for instance on the surface, it seems like it could fit into an esg portfolio. does it? >> really great question because it has a will the of advantages so say for certain, say women who have a limited number of hours to work in a given day great. you can become an uber driver. it does not, really no barrier to entry in that way so that would be a big positive. the negative is that uber collects a huge part of your rent and then says that you're not their employee so no benefits provided to those workers. it's very different than say a credit card company that provides an app if you call it that and charges you 1%, 2%, 3%, 4% you know, this is in excess of a third. >> so socially, it doesn't work.

>> it doesn't work >> we're going to have to leave it there thank you so much for joining us we appreciate it brian, back to you >> all right, melissa, thank you very much. great stuff. well, elon musk was right. at least according to one safety ratings agency teslas are now considered some of the safest cars on the road what that could mean for the rtdeloent of the electric vehicle industry. coming up next [upbeat action music] ♪ (pilot) we're going to be on the tarmac for another 45 minutes or so. whai tell clients, etfs can follow an index, but which ones target your goals? it's not about quantity. it's about quality.

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the insurance institution of highway safety giving the tesla model 3 its highest rating this may not just be good news only for tesla phil is joining us now with what this may mean for the broader ev vehicle industry. >> this was a series of tests for three electric vehicles and one hydrogen cell vehicle. when you look at the results for tesla's model 3 this will get attention in part because it received the top safety rating possible by the way it's the first tesla to receive the best rating possible, but there are other vehicles that got the top safety pick rating from iihs, the tesla 3, the audi e-tron as well as a

full cell suv from hyundai, the nexo, in california you may have seen it, the rest of the country probably hasn't yet. in terms of what this might mean overall for the autoindustry you're looking at the chevy bolt, did well in the crash test didn't get top safety rating because of concerns of headlight glare. it gets to the point of whether or not evs, weather they are safer. shares of general motors which makes the chevy bolt, and we're also showing you this because i get this question every day, what's going on with the negotiation with the uaw, they're talking, no update don't be surprised if this goes on for a little bit. >> let's go to the faa this is really interesting the new faa chief steve dixon, meeting with boeing executives, touring taeflts. he's a pilot, test pilot, he wants to get in this plane

itself. >> he's commercially rated to fly the 737 and he flew it for a number of years when he was a pilot with delta so he knows how to fly this plane. he told us the other day i am not going to fly this plane until i believe it's safe. today he will get in the simulator of the 737 max in seattle when he's there. and in terms of what's going to happen in the future, keep in mind that boeing's time line is that they get a certification flight happening and apply for recertification later this month or early next month. certainly early in the fourth quarter and expect to return to service by the end of the year keep in mind steve dixon also said yesterday he's not just getting in the isil lge getting in the simulator, he wants to pilot it, he won't be in the recertification flight but at some point he plans to fly it. >> good point. thank you, very much

juul falling more than 8% this week, some country, states, cities, trying to ban e-cigarett e-cigarettes n e ongoing investigatio remains a top priority what crackdowns might mean for that industry. stick around automatically goes into a money market fund when you open a new account. and fidelity's rate is higher than e*trade's, td ameritrade's, even 9 times more than schwab's. plus only fidelity has zero account fees and zero minimums for retail brokerage and retirement accounts. just another reminder of the value you'll only find at fidelity. open an account today.

the numbers they just keep growing the cdc confirming it is now investigating 530 cases of vaping lung injuries half of those people under the age of 25 cbs and warner media dropping all advertising. with mounting pressures, the prospect may be on thin ice. down nearly 22%. i assume ultra is down not because people are thinking they're going to turn kids back to cigarettes but because they may have spent billions of dollars on an asset that could be much less certain. >> it's uncertain how many vapor users would do that and it's not clear when that plays out. certain

certainly investors would err o the side of caution. >> things could change but it looks like everybody was wrong about this industry. what happened? >> it's a complicated situation. on the one hand you have the true health benefits for a smoker switching to any smokeless product,bout 90 to 95% less harmful, you then at the same time have nobody who wants a new problem. so even if there's 480,000 people a year who die from smoking related disease, there's a handful now appear related to vapor and nobody wants to be the one that let the new problem begin. it's a lose-lose situation. >> is the market overreacting? you have the esg investing where they won't own these stocks. >> until you have clarity on what the situation is going to

be, it's tough to make an investment with that as piece of the equation. >> when you travel around the world, a great percentage of the world smokes a lot. >> there's also a smoking alternative, a test market in atlan atlanta, been successful around the world, but it's growing. so there's way that the nicotine delivery methods are evolving but yes, it's a large investment. >> do you think they'll have to write off juul >> we'll see what happens, and where do the con summers go when they switch? is it to a tobacco flavor as opposed to the other flavors or maybe a cigarette. >> maybe they don't go anywhere but some people do go because there's nicotine involved. >> it's addictive, yes. >> yes not recommending these stocks.

we'll see if altai has any value. that does it for this edition of the exchange. the dow trying to hold on to marginal gains "power lunch" picks up right now. >> i'm bill griffith, here's what's new heavy weights delivering in new york city, why one ceo is sounding the alarm on the economy. plus mr. zuckerberg goes to washington making the rounds in d.c. today. we have details on that. and later the streaming wars are heating up as major media giants dive in head first we'll tell you who the big winners could be "power lunch" starts right now welcome back to "power lunch. it's going to be a big hour. i'm morgan brennan, let's look at where we stand with the markets the dow and s&p back within