following this for us on capitol hill power lunch starts now >> thank you, kelly. we'll see you in a moment. the beige book will be released, let's get a check of where we stand right now, ahead of that release. the nasdaq fractionally lower across the board let's get to steve lease manning for the beige book >> slight to modest pace of growth a bit of a downgrade from the prior report in september. the beige book saying growth was slight to modest last month they said it was modest they added that activity varied quite a bit across the country we'll talk about that in detail in a second. many business contactslowered their growth outlet for the next 67 to 12 months. manufacturers report higher input costs due to tariffs and trade tension weighed on global activity throughout the nation manufacturers overall reduced their head count overall employment including the

service sector, employment rose slightly and it was slowed by worker shortages, household spending was solid. agricultural conditions across the country deteriorated some of the detail we were talking about in terms of around the country. boston said signs of slowing were more widespread than they had been in the past chicago said manufacturing declined with a slight increase in growth overall. kansas city had a slight expansion. new york reported a subdued pace of growth. and dallas a moderate expansion. tariff guys were mentioned 24 times versus 24. it's been elevated as you know, for the past 1e6r8 months. >> steve, thank you, sir steve liesman. markets digesting the beige book let's go to bob pisani >> basically flat response here, with the s&p down 8% bank stocks still slightly to the down side. the key is to watch the global

growth commentary. remember what happened yesterday? the imf lowered its outlook for global growth to 3% from 3.2% back in july this is the lowest growth we've seen since the financial crisis. also lowered china, europe and the united states. i think that weight on there, i heard steve mention concerns about global growth there. this plays in with the whole retail story we had today. we got a puzzling retail sales report for september even onlining sales were down. some people are describe this as an outlier there's a lot of discussion about recession in september or recession in 2020 consumer confidence was a little weaker than expected maybe that's playing into the mix right now. i think the key is, watch the global growth outlook. kelly, back to you >> thank you, bob. >> lit's get some more reaction, shall we to the beige book and what it means for the markets and the economy.

chief u.s. strategist with cross mark global investments. this beige book sounds really pretty beige >> it does >> and we anticipated that we would hear the same thing we heard from the last beige book slowing global growth, trade and tariffs continuing to be the same issue we heard that after the last fomc meeting we expected we would hear it from this. the oath difference that we were looking for was in the housing sector in the last beige book the talked about having constrained housing sales, we've seen that pick up. i haven't read the details yet of the report, i'm not sure how they're categorizing housing at this point in time we see that as an area with a lot of up side potential going forward. and we've seen that. especially with the report coming out this morning. that's an area where i would look more into >> as an economist, where overall do you see u.s. growth trending for this year

is it at 2%, even though the first quarter was higher than 3% which would suggest then that maybe this fourth quarter is going to be well below 2%. where do you see that sweet spot number >> i think that's a good question i think theory ailty is, it's going to be somewhere between 2 and 2 and a quarter% there will be a little deceleration as the year goes on you'll see that evident as we go through the entire third quarter numbers and get those out in more detail. we'll see a little bit more in the fourth quarter i think the fourth quarter will end own a stroeng stronger note into 2020. >> let's talk about corporate profits and what we're seeing so far. they seem to be beating estimates, at least what we've seen mildly beating estimates what are you looking forward to in this corporate reporting season and what do you see for 2020 >> expectations are expecting a

double-digit year over year growth in 2020 we just had our investment policy committee and we're debating this, and what our outlook was we expect to see things trend higher we're note going to expect to see the double-digit growth in 2020 we are so far, with a couple days of heavy hittingenings coming in. we are doing better than expected we can see sentiments start to change a little bitp that can drive the economy, that drives people's spending habits. we can see companies start to generate numbers go up a little bit. i think a ten or 11% growth rate for 2020 may be a little high. >> quickly,s before the others jump in here you don't think this is going to be double-digit. why do you expect them to be that good if the economy is slower than that what is -- is it comps that are going to be better or what >> i'm not sure that it's just coming down to comps but we have to look at where we

sit in the economy we see things slowing, the consumer is really strong. we're starting to see troughs in a lot of areas ee merging markets steam to be having a trough at this point. and starting to come out of that in the math orlt of those areas. >> if we start to see global growth turn around with a trade. we don't have a big deal but a small deal in trade. we'll start to see more positive numbers come out and start to see things turn around i think we'll see check takings turn higher. not just the consumer, but the overall economy will start to be better >> how do you feel about the consumer at this point and within the beige book, we have household spending remain solid. we heard from the major banks saying the consumer has been strong where do you fall? are there shadows of doubt on the consumer at this point in your view? >> no, i don't think there are any shadows of doubt i think the consumer is responding to 3% year over year wage growth. and with a lot of consumers

living paycheck to paycheck, which is not an ideal situation. 3% wage growth gives you 1.75% contribution to gdp. and the next thing you know, you're running at 2, 2 1/4%. which is where we expected to run. the more important thing is the downward pressure we're experiencing on inflation. that's going to continue to be an issue going-forward i think that reduces nominal gdp growth as we go into 2020 until the end of this year, those are the factors that will wind up causing people to downgrade earnings expectations and make the double-digit numbers that victoria was talking about a less and less realistic as we go forward here it's going to be harder and harder with less and less pricing power to drive those kind of earnings >> steve, thank you much victoria, always great to see you both president trump speaking a short time ago, while meeting with the president of italy.

eamon javers has all the details. >> the president stood alongside the president of italy, talking about tariffs against the eu, in a week in which the wto has formally authorized the united states to go forward with tariffs against the eu, in a dispute over airbus. the eye tal yang president said he thought tariffs between the two trading blocks, the united states and the eu would be counter productive for everybody. the president then stepped in and said this. >> in a war of tariffs with the european union, the trade imbalance is so great that we can't lose that. because they do much more business than we do. it's a very tough situation for us for many years, but now it's a tough situation for them because i can remedy the situation very easily. and there really is not any financial counterattack. hopefully i don't have to do that with all of that being said, we are talking. >> so the president's argument there is because of the trade

deficit between the united states and the eu, the united states has more product to tax than the eu does, vice versa therefore, the united states is in an advantageous position. that's the same argument he and his top aides made on the china trade war as that was getting started. what we've seen in that indication, the chinese have responded outside of tariffs they responded by cutting back their purchases of u.s. agricultural products. there are other ways for these other economic entities to respond to tariffs being imposed. the president there saying, ulgt m ultimately, if it comes to a tariff war, the united states simply can't lose. >> thank you, eamon javers. coming up a drop in retail sales, are they starting to show cracks are the semis getting ahead of themselves?

welcome back to power lunch. retail sales dropping for the first time in seven months, led

primarily by auto and online sales declines we saw some strength until clothing it's been a mixed bag for retail stocks this year department and clothing stores have been put on the clearance rack liz dunn ladies, welcome to you both. >> what happened with these retail sales numbers >> otto was clearly the weakness, and i think the consumer is fine, they're in great shape. there are sectors that are underperforming quite a bit. department stores continue to underperform, and really most of them all >> the consumer is getting mixed messages, what do you mean >> i think right now, we have a little political chaos going on, there's a lot of activity based on tweets on both sides. the consumer is kind of mixing up that politics with the true fundamentals of where the economy is and how strong we

actually are >> do you really think that they're paying that close attention to the political noise? and that is affecting what they're doing, whether they're going to the malt? >> yeah. >> it's chilling them somehow? >> it's not affecting them a the mall in particular it is but if the clothing stores and the typical -- what we think of as retail, that's not affecting them too much. the bigger purchases with auto, et cetera, that's where they might shutter back a little bit. everyone is fully employed best employment pretty much in our lifetimes and they're still spending, it's really a strong situation, i do think that people have become almost addicted to chaos. in terms of the stock performances, though, we've seen some stocks richly rewarded for executing well walmart and target for instance. and others who are absolutely punished you say department stores are uninvestable in terms of the walmarts, the

targets of the world, many would argue their valuations are rich. they're full at this point do they deserve a higher valuation from here? >> yeah, i think the valuations are full if we look forward and think about what's happening on the manufacturing front and the baijs book, i just heard the last segment discuss all the cracks in the economy. you know, it's not a foregone conclusion that the consumer continues to be strong there are concerns with valuations where they are, i think you have to be cautious. i think there are names that are -- like target for instance, throwing up the best numbers they've had in a decade. and still relatively reasonably valued walmart might be a little stretched. you have to be selective if we continue to see a deterioration in in the economy, you have to worry about a correction >> what about the holiday season people wonder, is everybody going to emerge from it? the weak players especially.

is this a do or die moment for them >> it is a very darwinistic type of situation in general in retail, that will shake up even more come holiday season q3 numbers in retail it's not that we don't pay attention to them. it's nottive our strongest quarter. come into q4, it is make it or break it >> does that mean? i'm thinking through this, are they doing discounting how is that going to ripple through the sector, whoever some of the teen brands, forever 21 just filed for bankruptcy. as each of these players try to hang on, what impact is that going to have on everyone else >> i think the traffic is down it's not even -- sometimes they're offering discounts sometimes they're playing to the dollar and people are still not frequenting them in their spaces they're going automatically to amazon, to walmart, to target, to the big players that are wing in this this type of situation they're starting to shop more on

instagram and all these other new mediums. it's not that people are shopping around at macy's, bloomingdales, et cetera, they're sort of foesh getting about them >> if you had $5,000 to put into these companies, which two would you choose >> gosh, i wish i had $5,000 >> don't we all. >> i think target. even though lululemon has had a run, you could probably still chase it i'm intrigued by some of the newer business models. i like stitchfix a little more cautious on something like a real real. sospreading my $5,000 pretty thin there. >> amazon has become a cult favorite for people to discover fashion items. >> the cheapest fashion items. >> super cheap, yeah >> absolutely, that $29 dress, i have to admit i did buy two of them now i have less than $5,000. but yeah, there was this fashion

dress this summer that bloggers were talking about that was $29. and discovered on amazon so i think slowly it's happening, but for the most part, people aren't going there for true fashion, there will be one offs at is this point. it's really rempl replenishmentf things they're already buying. one off fashion items. for the most part, discovery of true fashion is happening away from amazon still. >> there's a bank of america merrill lynch downgrade earlier this week, one of their key points is that people -- they don't want to pay $400 for a new coach handbag. they'd rather pay 4$400 for a used luxury brand. is all this a part -- you're willing to spend the money for high ticket quality things but not willing to spend the money and go to amazon and buy the

blogger's dress. >> transparency is becoming more and more clear to the consumer you can shop around easier, you can use amazon to search at other retailers. there's a camera icon, you take a picture. say you're tjmaxx or marshalls you take a picture of that tag and it am tell you if it's cheaper on amazon or if it's even carried on amazon >> i didn't even know that >> it's super. it allows the consumer to be savvy and make good decisions. maybe you can get that louis vuitton cheaper than a coach bag. go for it. >> thank you >> thanks for having us. >> gm shares are popping as they may have a deal to end the month long strike to end the union there. you've also got 90 minutes to buy netflix before its earnings report is out. should you check out shares of nvidia which are up 8% in a week. how should you play the chips from here? we'll explore that

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welcome back to power lunch. semis swinging lower today after mixed earnings from asml a day after hitting all time highs. is it time to cash in on the chips? or can they resume their run your trading nation team today they've been leadership for this market for a little bit of a stretch now, do you think that can continue right here or is it time to take some profits? >> i think it has been the leadership it's also been a sign of the trade for the market. even if you get a little short term pull back in the semiconductor stocks here. i'd be a buyer of it you're above a rising 50 and 200 day average. you start looking at some of the best performing names, the five largest names represent 40% of this index, and those are all charts that look like buys

i would be buying any pull backs in the semiconductor stocks. >> when you think about it, the semis have managed to perform very well. despite a lot of the noise around exposure to the chinese trade situation. as well as maybe slowdown in cloud computing architecture things like that >> i agree thatablied dips for the semiconductors i wouldn't chase the rally we saw last week. let's not forget the index is up about 45% since the december 2018 low the group has performed quite strongly the long term thesis of the internet of things is going to be a big driver for the semis. i would wait for the pull back semiconductors are commodities they're flashy steal and oil socks. when demand slows down, people lose pricing and this group sells off i would be more opportunistic and wait for the selloff

>> thanks for joining us today tyler, back over to you. >> mike, ahead on power lunch p.m. netflix is set to report results after the bell, investors watching for any subscriber weakness as competition moungts in the streaming space. can netflix stay number one? what does the rise of sports betting mean for pro hockey. we will sit down with gary bettman for an exclusive interview. why leon cooperman says the market will drop 25% if elizabeth warren becomes the next president all this when power lunch returns. and now the latest from trading nation.cnbc.com and a word from our sponsor. >> when if comes to ininvesting,

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welcome back, everyone i'm sue herera senator lindsey graham criticizing president trump's decision to pull u.s. troops from northeastern syria. essentially abandoning the syrian kurd fighters who battled alongside u.s. against isis. >> it is our problem, in my view to abandon the kurds, they're not safer. iran is going to move in to syria. they're going to be the biggest beneficiary of a statement like this isis is going to reemerge it will be on president trump's watch. >> florida's attorney general opening a statewide investigation into vaping companies doing investment in that state >> we are acting with urgency, we are acting now, and wesh not waiting for the federal

government to get its act together in regulating these products any longer. >> you are up to date. that's the news update at this hour, kelly, i will send it back to you let's check on markets right now. the dow with a slight gain, just about a point. it's been climbing the last few hours. the nasdaq remains the worst performing today we have pretty big moves today. opiod litigation that number not as bad or as big as expected. and tech data soaring as they're making a 5 billion offer to buy the company. he would not be surprised if this starts a bidding war for tech data. those shares up 13%. and they cut profits following analyst day this week.

adobe is downgraded by city and slack. they're all down today >> the oil market is closing for the day, and let's go to the commodity desk where we will pick up. >> oil prices are closing in the green. global benchmark closing around 59.44. let's talk to century media closing around 53% should encourage economic growth, and demand for oil indications for opec that further oil supplies could be in store. one thing investors are watching today, the weekly inventory numbers in the west they'll be watched in about an hour >> we appreciate it. good to see you. >> gm and the uaw have reached a tentative deal to end the strike if it's approved never a sure thing

>> you need two approvals, you need the local leaders, about two of them will be meeting in detroit tomorrow that approval may take 1, 1 1/2 weeks to approve them. here's what this agreement is all about, in terms of what it means for not only general motors, but united autoworkers 9,000 jobs will be retained and/or created general motors will maintain plant flexibility. you're going to move certain models from mexico up to the u.s. no, that's not happening and the strike continues that could change tomorrow, they could say go back to work while you're working on ratification that remains to be determined. the uaw leaders will be voting on this deal tomorrow. it has to clear that hurdle. they have to take a look at if, the member vote could take several days it's estimated this

strike has cost general motors over $2 billion. most estimates are between 1.5 and $2 billion shares of general motors pulled back a little bit. from a couple hours ago, they are up today on this news. take a look at the suppliers, we talked about this for some time. because the gm plants aren't running. the suppliers have had to lay off many of their workers, thousands of those workers all of those stocks moving higher after this agreement. if gm goes back to work. they can fire up their assembly lines as well. >> credit suisse was out with a note saying, that if the streak goes until october 21st, they think the cost savings target will have to be paired back. >> i think there's a good chance to see adjustments i don't know the exact date gm reports its earnings, but i wouldn't be surprised if you see some adjustment. it's going to have an impact on

the third quarter in the beginning of the fourth quarter, whether or not that's something they can make up as they ramp up production they'll make up some of this but how much this lingers into 2020, i think that needs to be seen >> phil lebeau in chicago. >> netflix set to report its earnings after the bell. that said, the street remains pretty bullish despite concerns around netflix's subscriber growth julia? >> the big question for netflix is whether last quarter's disappointing inninger national growth and loss of domestic subscribers was an aberration or a sign of the times to come. now, the key metrics here to watch in this quarterly report are subscriber numbers, the company forecast it would add 7 million subscribers in the fourth quarter the company will guide to the addition of 9.5 million

subscribers in the fourth quarter. >> we could see the stock make a swing. netflix tends to be volatile after earnings, on average, over the past eight quarters, it's swung 5.5% in either direction >> stick around, with apple and disney, stepping into the streaming ring next month. can netflix stand up to the competition? joining us for more on that now is someone who lowered his price target from $350 to $275 victor what's the most important thing for this company this afternoon. >> i think it was international subscriber numbers they suggested that international subscriber numbers came in weaker than expected however, though, i think the numbers have come in quite significantly, both the buy

side -- the bar is pretty low entering into the print tonight. it's possible that netflix could outperform the third quarter number as well as the guidance >> why are people picking up on this international weakness that you mentioned? >> well, you know, you look at international data tracking and data that shows that -- some of the data outlook shows there's maturation of growth in several international markets. the big ones like germany, u.k., france and spain that's been reflected there. even if they beat numbers tonight. beat lower numbers, lower numbers entered into the print you see some sort of rally for the stock. i think it will be short lived because i don't think -- investors, i don't think should be obscured by any sort of relief rally, there's still several negatives in the business model that will keep the stock at bay next year >> the biggest negatives will be the competitive streaming

service, and we don't have a lot of details about those services, because they simply haven't launched yet we know the pricing, but in terms of the offerings and exactly how they will do, we have -- we're sort of in this vacuum of information. netflix can post great numbers, forward guidance, i don the know how much stock you'd put into that >> this is really the calm before the storm, melissa. that's why that guidance number will be so interesting, any commentary that read hastings provides a bad competition he's not shied away from the topic of conversation. what he's likely to say is something he said in the past. they're not just competing with other streaming services netflix has always been competing with television and all forms of entertainment i think it will be interesting to see the commentary just as much as the q 4 subscriber guidance number, in terms of the international piece. the reason that is so important. there's a sense that the u.s. market is saturated and that's why there's so much hope and focus on that overseas growth. >> victor, how does a company

forecast or model fourth quarter subscriber numbers in an environment in which we don't know whether these competing streaming services will gain a lot of traction? >> it will be difficult for them to forecast. for the fourth quarter it should be fine. when you actually see the impact of disney and apple and maybe some other competing services coming to market that's what i think. i think near term you wouldn't see as much pressure on subscriber growth. i think this is more the longer term, one year, two years out. that's when i think you'll see pressure on the subscriber growth from the competing services you'll see upward pressure on markets. that's one of the issues they're facing i think netflix right now is a hedging business

i think it should be valued like a hedging business high single digit to mid teens as well as the fact that the price and power in the domestic market is essentially gone for them >> there is a stock that's sitting at 284 you think they'll have a price target of 275. the simple question i have is, the best days for netflix, have they passed by >> i think so. you have competition, loss of premium, second run content. lack of price and power. some saturation of growth. as julia said, not just in the u.s., but outside of the u.s. as well you have this cash issue that's still an issue for netflix i don't have cashflow affecting until 2033 they place financial risk on the model in the face of all this rising competition >> thank you both, victor anthony. we'll get those numbers after the bell

and we have a quick note on new content and development. silicon valley getting the hollywood treatment once again mike isaac's book super pumped, the battle for uber will be developed into a limited series for showtime that was a good book to the bond market now, rick santelli is tracking the action. >> the fed, every time the stock market gets week, they seem to be leaning more toward easy. the linkage is about stocks than bonds. look at a two-day shart forethem actually look at the right side compared to the left. highest yields going back to the end of july. now, look at u.s. ten-year, we're down two basis points on the day. steepening out toward 16 basis points look at a two-year note yield,

they're down four basis points on the day short and not performing well. the dollar index, the worst of the four due date charts you can see we've been down about 4 out of the last five days we're about to test 98 even. lowest levels in seven weeks kelly, back to you >> thanks very much. the biggest story in sports right now is the nba's kerfuffle in china the nhl is trying to bring its sport to china we're going to ask gary bettman how he'd handle that if the gm of a hockey team made that tweet.

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welcome back to power lunch, new jersey just handed in its biggest month yet for sport s betting. garden state gamblers waynered $445 million in september. the nfl was back in september. contessa brewer is live in las vegas at the g 2 e global gaming expo

with the national hockey league's commissioner gary bettman. contes contessa >> $11 billion has been legally bet on sports since the supreme courtover turned -- commissioner bet man, you were first a staunch opponent of legalized gambling and now have embraced it fully >> what is the national hockey league getting out of marter inships -- partnerships with the betting sites. >> once it was legal we have to evolve with the times and make sure our fans would have the best possible way to connect with our game. if they don't want a sports bet, that was fine if it interested hockey fans we wanted to provide them that opportunity. if you're not a hockey fan yet, we may turn you on as a new fan. it was a question of evolving with the times >> when you're talking about really maximizing the returns

that are possible with sports betting, how important are these partnerships your media deals are coming due soon how much are you invested in the next partnership with the media network. >> everything is related to everything else. >> the partnerships with the sports books give us an opportunity to work together to bring our brands together. to make sure that our fans are comfortable, if they are placing bets who they're dealing with it's about trust, it's about reliability. and by the same token. when we start dealing with the media companies in our next media negotiation, there will be opportunities to focus on what this will do to expand our viewership >> in terms of the technology that is now available to the sports better, in terms of -- you have proprietary technology coming out -- >> we're in the process of scaling player and puck tracking which will send off thousands of data points so that our fans can

have a second screen experience if they want to see what's going on in the game from a data standpoint it may provide an opportunity for prop betting, it was all started to be a broadcast enhancement and once the supreme court ruled. we pivoted to make sure we would be in a position to use this for sports betting if it made sense. >> commissioner, it's kelly here back at studio it's great to have you with us it's one thing for the nba which has been in china for 30 years, dealing with the -- is the nhl sure it real li wants to expand in china right now >> i think the general answer is, and i'm not going to weigh-in on the nba's experience, when you're dealing in foreign countries, geo political issues, can impact your business, and you have to be mindful of that >> two questions, the first one is this, how much of your time or of league executives time,

and how much of the owners time is being spent these days thinking about how we integrate gambling into our sport? how we bring it into maybe our venues which will get me to my second yes, and so is it a big hunk of your mind share or a small part of it because there's a lot of money at stake. >> when i stopped practicing law, i stopped keeping time sheets we just have to make sure. and we went through a process of understanding the landscape and making sure rear knowledgeable on all the issues. you may recall we were the first sports league and currently the only one playing to put a team in las vegas of the major sports we understood the landscape a little longer than most. >> do you have a policy regarding what players, owners,

managers can tweet or not tweet. have you been talking formally or informally about what they can or cannot tweet. >> if you're asking me, have we issued any memoranda or have i made any statements since the nba's chirn in a experience, the answer is no we've regularly interacted with our clubs and our players in terms of what our fans expect. we rely on the good judgment of all of our on ice and off ice personnel. overwhelmingly proud of the people and players conduct themful ises >> in this long runway how important is china to the nhl's growth internationally. >> we probably have the most international player base of any

of the sports. and to the extent we can do business internationally, we do it, and when there are impediments to it, we either pivot or choose another course there are no hard and fast rules in terms of how you do it. >> in one final issue on this, commissioner, so are you concerned about what players might say or managers or employees as you guys look to make china a key growth market?? >> i rely on the good judgment of our personnel on and off the ice. our organizations, particularly our players, understand that our fans like to focus on first and foremost on the entertaining aspects of our game, extraordinary competitive balance and the amazing things that our players can do on the ice. >> because we're here at the global gaming expo, can you give us a sense of what sports gambling is doing for the

national hockey league, can you quantify player engagement or revenue? >> i think it's early days we have three partnerships, fan duel, mgm and william hill we've had a relationship, longer term, with mgm because of the golden knights being here in las vegas. there's an opportunity to create revenue streams but as importantly there's an opportunity for fan engagement and that's what we're first and foremost focused on. >> commissioner bettman, thank you for spending time with us. >> thank you. a billionaire making a bold prediction about what happens during an elizabeth warren presidency. >> elizabeth warren is elected president, in my opinion, market drops 25%. bernie sanders, same thing >> why is he sorry worried sometimes, they just drop in.

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and i knew... ...she was the one. post a job today at linkedin.com/grow elizabeth warren's plan to tax billionaire's wealth getting a lot of attention at the debate last night robert frank joins us with that story. >> good afternoon, tyler warren saying she has no beef

with billionaires but billionaires do have a beef with her wealth tax here is what investor leon cooperman said this morning. >> we have to agree what the maximum tax rate should be on wealthy people i believe rich people should pay more i have no problem with that. this wealth tax is baloney. >> taxing wealth is splitting the democratic candidates with more moderate candidates saying that warren is punishing or demonizing the rich with a wealth tax, warren lashing back, saying billionaires are escaping income taxes and only face a wealth tax that would-to-meet the country's needs. 2% wealth over $1 billion at 3%. >> taxing income is not going to get you where you need to be the way taxing wealth does the rich are not like you and me the really, really billionaires are making their money off their accumulated wealth, and it just keeps growing.

we need a wealth tax in order to make investments in the next generation. >> now in contrast, joe biden wants to double the capital gains tax rate saying, quote, we have to start rewarding work, not just wealth. but this split was really broke into the open last night between those who want to raise current rates on capital gains or next and elizabeth warren that wants a brand new tax code with a wealth tax. >> even as the front-runner not backing away from that. >> could you imagine how a wealth tax -- what it would do for the industry of tax shelters and sheltering assets? >> oh, they are already waiting. i mean, the accountants, all the tax preparers, they are salivating over the prospect that she does this it would be a boom for that industry. >> frank, point made. >> "check please" is next. i knew about the tremors.

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>> check, please. >> you guys know jennifer aniston, right who doesn't know jennifer aniston? >> i was in the airport the other day, she's on every magazine, every with one. >> exactly she has a new show launching on apple tv called "the morning show." she just joined instagram. what happened when she joined instagram? she broke it practically 9 million followers almost immediately. this is what she grammed a picture of the friends cast having dinner recently and apparently the whole thing shut down. >> as meg tirrell said last hour she wants the apple service just

to watch this show aniston is going to the gram and it's working out for her. >> yeah. my wife works at the "today" show, right? they're not looking forward to it there the nats, my washington nats i was a fan of the senators. congrats, go nats. >> "closing bell" is next. welcome to "closing bell." the company set to report after the close. we've got netflix csx also on tap to report and 59 minutes to get you there. >> and i'm wilfred frost good afternoon to you. big miss on retail sales put a damper on sentiment. better-than-expected housing data upbeat earnings trend and concerns over software and tech stocks lower we've been up, down, all around for the markets