thank you very much for being with us. we always appreciate your thoughts >> thank you that does it for the exchange i'm going to move over and join melissa on power lunch in a few seconds from right now see you in a minute. >> see you soon. just when you thaug it was safe to get back in the water, the trade war turmoil rears its head again as president trump says he's not agreed to roll back china tariffs. silicon valley is turning into the valley of sin add linkedin is the latest to come under fire with former spies infiltrating the platform mpl michael bloomberg is reported to jump into the crowded democratic race but is he too rich to run we'll explain. power lunch begins right now let's take a look at the

markets. mixed bag after the trade deadlines we told you about. the dow and s&p 500 lower while the nasdaq is higher we'll have much more on this story in a minute. tyler. for more on those trade headlines holding back stocks, let's bring in kalaa from washingt washington a lot has happened in last 24 hours. >> it sure has the home stretch that was supposed be negotiated a a good bit of posture larry kudlow said in last 24 hours that any phase one deal would include roll backs it would be a requirement for this first deal. there's been no agreement yet despite chinese and u.s. officials yesterday saying there

had been the no agreement position is one that president trump appeared to back today >> they'd like to have a roll back i haven't agreed to anything got a complete roll back they know i won't do it. we're getting along well with china. they want to make a deal they want to make a deal a lot more than i do i'm very happy >> thank you today's small pull back just a blip hey, bob >> i know we're flat from the last few days but don't kid yourself we are up for the week here at new highs. that's the important thing to bear in mind the reason this is happening is because we've got some positive

news here. the nefeds neutral trade talk headlines believe the deal with come look where the market is internally we had more new highs than before momentum is bullish. rotation is into cyclicals, out of defensive stocks and new highs is lagging it advistends to be on the flatr side you saw the summary there. i followed larry kudlow. if there's a phase one deal, that will be tariffs these are financial stocks they have been out performing. value will likely do well into the dloez of the year. everybody is a little surprised

this week. this was the surprise that 20 point move up in the ten year yields that has created some additional rotation we weren't anticipating before you see the banks out perform. hold builders and utilities under performing now that's an interesting question about whether this will continue nobody thinks we will go dramatically north of 2% on the ten year that's providing additional space and some are arguing this will help a little more with staying near new highs going into the close of the year tyler, back to you >> thank you very much trade headlines continue to move and some would say confuse this market stocks are mixed but still on track to end the week near record highs you two know each other. >> we have passed in the hallway. >> i feel like i've seen this

movie before we get close and fall apart, whatever in here it sounds like there was a conditional agreement to reduce tariffs if there was a broader agreement reached on other elements of phase one trade deal if there's agreement on a deal, part of that deal would be to roll back tariffs. it was a lot more conditional to me >> so we thought >> i don't think anybody really knows. what's the missing part in these conversations? was it the progress we thought were being made but not yet forced technology transfer was it purely agriculture. was it 20 billion dollars worth? who knows in this situation. wall street may be following larry kudlow to an extent but the president is the decider in chief. >> jim cramer said a few moments

ago the president wants something big, concrete on the table. he wants it. >> how can there be that much confusion in the white house when kudlow says tariffs will be on the table and navarro says absolutely not >> they are opposed. there is skepticism in every headline >> disney skts for the lion's share on the bottom. >> where do we go from here? from here to the end of the year you have about six weeks of

trading. >> i thaug the market wought ths going to end around 30.25. i kind of expected the market would have pull back in late october and rally into the end of the year. we're well above a this now at almost 3100. they will start talking about retails and a great shopping season it will build up momentum. >> the shocking season is very short. >> by any standard, 2019 has been a good year. >> yeah. >> think about where we were a year ago >> what are we about 5 or 6% above january of 2018? >> fair enough still 20% higher than going into this year.

a lot of people were worried what has surprised you the most? >> i think the fact we haven't gone on the trade war and we haven't had a clear indication that a recession was coming. >> all of this will remove from our conversation but it's more of an all clear sign than we had in many months it's a positive. >> i guess what most surprise me is i never thought we would see three rate cuts. i didn't think we needed the last two but they did them any way. the rates may be looking like they are going up. the ecb launched that massive stimulus

>> rates, inflation and growth are all nominally at the same level. >> and my milk, 2% >> almond milk the dow is even lower today were not for the big gain in disney high hopes with disney plus streaming service. we have more on this story hey, julia >> that's right. disney ceo telling me that disney plus is ready to go ahead of its launch on tuesday he also announced new distribution deals for the app >> distribution deals were the number of different entip tieens we're pleased to announce a deal with amazon. we have deals with apple, samsung, mike microsoft, lg, google amazon being the latest one.

>> it's not just about disney plus that's a bundle along with hulu and espn plus. new fx original will be coming to hulu. also said espn plus added a million subscribers in the quarter and planned to expand. whether all of these new streaming investments could disney's court tv business, they are creating path forward should the tv business be so damatically disrupted that they would be forced to ship to more of a direct to consumer model. for now he's not concerned back over to you thank you very much. coming up, silicon valley has tried to position itself a paradigm of virtue a billionaire has become a

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welcome back silicon valley leaders spent years promising they and their products would make the world a

better place the tech ceos are under pressure from all sides professional social network linkedinis a gold mine for foreign spies digging for secrets. this coming one day after former twitter employees were charged with spying on users on behalf of saudi arabia and billionaire uber founder accepting a $400 million investment from the saudis has silicon valley become the valley of sin? great to have you with us. do you think silicon valley has enough self awareness to see what's going on and realize there's a problem here >> i think when a lot of these platforms started getting off the ground, 10, 15 years ago, it

was easy to preach this idea we're working towards a higher aim and pushing off profits in pursuit of whether it's organized the world's information or connecting the world or whatever. it's easy to say that in the beginning. now they have to make some serious ethical decisions and moral decisions around how they will operate i think we're starting to approach -- you saw reid hastings say we're in the entertainment business we're not trying to make some moral stance the biggest risk is alienating the employees who signed up for this idea that they are trying to make the world a better place. >> they want to sign up for the company that has a mission and some clear goal.

i mean that can't go over well >> it's not just that. you have to think about this a billionaire with his own funding. does he need to accept $400 million from the saudis especially a year post-khashoggi's murder? i don't think so this is something i've heard over the last year since khashoggi. people say if we don't take this money, someone else will they are funding at these high levels so there's competition for it i hear mike laughing a bit about that he's probably hearing the exact same thing where else can travis go to raise money? plenty of places plus his own checking account >> considering those zero percent interest rates around the world not just in saudi arabia >> i think we're getting to the point where folks are having to put their ideals, values to the test and some -- look, you can also say or make the case that

perhaps being up front about where they are now and saying look we're here to do a job and get paid and go home maybe there's something more admiral in that that sort of posturing that you're trying to make the world a better place. i do think right now there are folks who i talked to that are mid career in tech that are saying i didn't join facebook or google because i buy into the philosop philosophy it's because i have kids and a mortgage and i'm trying to survive in silicon valley and this is why i'm doing it >> when you're in your 20s, you're pretty idealistic you're going the change the world. then as you get into your whatevers, you become much more practical and you realize that the world is a much more complicated place than you

thought it was when you thought you could change the world i'm not defending him for taking money from the saudis. i don't. i think there's plenty of other places where you can take money. if you're going to do business in country, you have to make a decision whether you're willing to play by that country's rules. it's a simple and not so simple calculation. >> that's the response we hear from all these tech companies ranging from apple to netflix. we have to play by rules in china. we have to remove apps they don't want because they violate our rules. what's interesting about hastings, is he didn't say that. he said we're not the the truth to power business. we're in the entertainment business that's what the whole thing was about. they are one of their biggest stars and we knew them under the

bus. >> we're the scale we've never seen before thanks to the power of the internet to put a platform like netflix in almost every country. >> we have this conversation about the nba and china and make in the last month and here we're talking about content companies that are being called under question they are different kind of companies that can be put under this pressure. whether it's coca-cola or an automobile company they have to do business and follow the rules that are set in germany, sweden or china or

whatever if they want to play in those markets. >> it calls into question like what a company's alignment is and where it's located and are you going to export western ideals into countries abroad that might not abide by the exact same ways we think of doing things it's a legitimate question a lot of companies struggle with how do we deal with china and is an enormous part of our business and are we going to have to thread that needle a lot of companies are grappling with this. >> good discussion thank you. utilities are having their worst week of the year as the safety trade just got dangerous.

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welcome back defensive trade looks to be falling out of trader. selling off this week down nearly 4% and tracking for their worst week of the year is there danger in the so called safety stocks. let's bring in the trading nation team. leadership groups for much of this year, you can throw in there it backed off now. has the up trend broken or is this an opportunity to reload? >> most investors have thought about this market with like two buckets. you have your offensive bucket and defensive bucket of names. that's how they thaug about it you look at this relative chart that i brought in and you can see only the last 30 days with the market breaking out and respond have we started to see defensive names roll over.

you can see a clear up trend violation. i would be taking mount of the defensive and it will probably last until year end. >> erin, i guess if you looked at utilities you might say maybe there's not much to be hiding from in these groups but they do still have 3% dividend yields. how would you view them? >> they have gotten expensive. when you see them being powerful in this past year it's really about a dividend play. all of these rate cuts that we generally didn't expect and right up until the end of october when we started seeing good economic reports and expectation of no more rate cuts that's when they started going down

it's not until we have some real fear that you might see these guys out perform once again. >> maybe in the big picture not so bad that these guys are out of favor a little less to fear at the moment thank you very much for joining us today back to you. leawe'll lay out the core curriculum plus the surprising 2020 twist nbc news reporting michael bloomberg is preparing to enter the democratic presidential primary. what this means for the race to the white house. the major league soccer cup final kicks off sunday with two

of the most valuable teams facing off all this when power lunch returns.

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welcome back house investigators releasing transcripts from fiona hill, president trump's former top russia adviser hill describing to lawmakers efforts by rudy giuliani, the president's personal lawyer, to press ukraine to mount investigations into the bidens as well as possible 2016 election interference. amy klobuchar took a dig at the prospect of michael bloomberg entering the race.

the minnesota senator was quick to take issue with bloomberg who said he may run because the democratic candidates aren't good enough to beat president trump. >> what i respected about some of these other candidates is that at least they are just saying their piece they have views. we have some differences we debate them that's what we're doing on the debate stage i don't think any of them have said, well, i got in this race because i think the rest of the candidates aren't good enough. >> overseas, torrential rains drenched north and central england. swelling rivers forcing evacuation and disrupting travel many families had to be rescued from their homes one woman died after being swept away by the surging waters more rain is expected. that's the news update this hour ty, back to you. >> thank you very much right now let's take a look at the markets and they are kind of choppy right now. the dow down the s&p is off a little as well. the industrial is off about 64, 65 points.

the s&p basically dplflat the nasdaq pretty flat as well up 15 points the game publisher delivers results for grand theft auto five the ceo making bullish comments about its partnership with u.p.s. yelp shares are up as well to the tune of 17% despite mixed results. results were better than many feared talk is heating up that former new york city mayor michael bloomberg is preparing to enter the 2020 presidential candidate. many have been bashing billionaires so could a billionaire beat them all?

we have more on what a bloomberg campaign would look like if he does run strange bedfellows >> not getting the warmest reception from his fellow democrats. he would be a moderate billionaire in an anti-wealth democratic party that is now favoring bold reform he would be the richest man to run for president with a net worth of about $550 $52 billion he is a wealth capitalist. he argues the rich should pay more but pay it through higher rates on existing taxes. he favored a lighter touch on health care. >> if you want to solve inequality, you have to adjust how progressive the rates are. to replace the private system where companies provide health

care for their employees would bankrupt us for very long time it's just not a practical thing. >> mayor mike has given away over $8 billion to charity mainly focused on gun control, climate change and education and health care. when he says millionaires and wealthy people should pay more through existing taxes, does he mean a change to the tax code >> he says it's already progressive, ramp it up but not do a big structural change >> stick around. our next guest is a pioneer of the wealth tax he thinks the tax plan has major plaus. here is professor of economics at nyu great to have you with us. >> thank you >> what is wrong with the tax

plan the main problem is it's going to affect the aftertax rate of return for the very wealthy. there's a slogan that it doesn't sound like very much but you think about the rate of return on wealth which is around 3 to 4% and if you subtract the top rate warren is proposing of 3%, you're down to zero. >> she has since doubled that to 6% >> that destroys any incentive to invest. >> exactly

>> i think up to six% will be in negative territory who is going to sit around and see their wealth earning nothing or negative territory. these people will move their money to other countries your rates started at 05%. sw switzerland that has probably the only successful wealth tax in the world, i think their rate is .3% why do you think a lower rate te tends to work and what should the rate be if we had one in the u.s. >> i'm still in favor of the swiss tax. .3% would lower the return at

the top but less than 10%. it's less than most leading fees are on mutual funds. >> it's low enough that people wouldn't create these avoidance schemes around it. p it's why you get some revenue from a wealth tax when it's that low. >> exactly people respect going to ship their money to around the world. >> what is the advantage of a wealth tax per se versus taxing income what is a wealth tax do that an income tax can't or doesn't? >> i think general principle of

taxization should be on the ability to pay the ability to pay is based on someone's income but also on someone's wealth i would also capture there are wealthy individuals who have quite low income it would pick up those people and those people should be paying taxes opinion they are escaping the income tax now. >> under this swiss style of wealth tax you are asking peo e

people, it would be people under 200,000 there are a year it doesn't feel like it would go over too well amongst the masses here in the yiet in it's true one disadvantage is it would affect about a third of the population it's a very low rate up until a few million tlars. true you'd have to pay a few dollars more at such a low rate, it doesn't raise tremendous amount of money and one of the reasons that candidate warren has put the numbers where she has is she needs to raise a lot of money to pay for the things that she has proposed >> my estimate is that warren wealth tax would raise about 300

billion. >> a year? >> yeah. >> 300 billion a year. the swiss wealth tax would raise about 880 billion. it's not peanuts you could tweak it some more and get it up there to 200 >> exactly >> before we let you go, have any of the candidates gotten in touch with you >> it's curious i did expect the warren camp to reach out to me but maybe she wanted a fresh start on the wealth tax issue and she also has a very good team of economists working on the issue now. so far i've been ignored but maybe that will change >> probably want add hied a hige too. >> thank you very much >> thank you coming up, leon cooperman

whether explain why he is supporting bloomberg for president. if it's anything like his last experience on cnbc, you won't want to miss it. i thaug ought we were taking break but we're going to the bond market. rick is more ready than i was. he's at the cme. >> it's been a big week and not only for the u.s. but globally right now we're at 14 week high closing yields in tens and 30s add a couple of weeks for 16 weeks. there are fewer negatives. that drop is a positive economic development. germany had their gdp read this coming thursday they are

flirting with recession nar numbers. some of the bang indices are doing better higher global yields can back and jump start that economy. maybe that's what the markets are pricey in. melissa, back to you >> thank you coming up on the tasting menu, gap ceo walks out. e lon musk lashes out. we have all those stories straight ahead some farms grow food. this one grows fuel. ♪ exxonmobil is growing algae for biofuels. that could one day power planes, propel ships, and fuel trucks... and cut their greenhouse gas emissions in half. algae. its potential just keeps growing. ♪

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founder member has been betting big on crypto. the firm also wants to teach entrepreneurs how to invest in the space. >> known for investing in names like facebook, instagram and lyft is announcing a launch of a crypto start up school it's a seven week program. it's being held at the menlo offices and not just focused on digital currencies i spoke to partner chris dixon who sees potential for things like social net work to be

built. the founding member of the controversial libra association unveiled by facebook they are still excited about libra despite some of the scrutiny we're seeing from washington they make up about 4% of the firm's assets. it put their 2010 fund at a 16% return over a span of 8 years. as all venture firms would say these are long term bets that are seen decades long horizons the question is will all of this pay off? >> interesting story thank you. here's taste of some of the other stories we are following gap ceo is stepping down after

15 years with the company. robert fisher will replace him on an interim basis siting slower traffic >> that's interesting. jim cramer was bombing gap >> the fact he was the architect or the one who put forth the idea of splitting the company and now that was just in february and now he's out the door >> they are erodesing their margins with every single discount >> i refuse to pay more than 40% off. >> that's the way it is. zillow sticks the landing in house flipping shares up 9% after reporting the company would generate one and quarter billion from its house flipping business this year.

zillow sold 1200 homes the stock is almost 11% higher >> this is the reason why a lot of shorts got into the stock this strategy change in its business by taking on inventory onto their balance sheet >> they are taking a lot of stuff on the balance sheet >> we'll see when things get tough. elon musk taking a victory lap musk posting a letter where he gloats over tesla's strong quarter saying it's understandable you wish to say thanks with your investors given the losses you suffered from tesla's third quarter. he says he has many questions about the financial statements and asks to spend time with tesla's ceo and asked for a tour

of some of the factories like the one in buffalo it's like this >> yeah. >> it's fun to see those rich guys fight each other. mpl coming up, 70,000 fans will pack the seattle sea headachawk stadium this summer. they will watch a dosoccer game. it's attracting a business new investment too we'll talk to the league's commissioner next. ere were babi. and they weren't saying much. that's what we do at 3m, we listen to people, even those who don't have a voice. we are people helping people.

welcome back to "power lunch. we have breaking news on boeing 737 max and phil lebeau has it >> this is what many people have been speculating about that we could see some of these airlines, which have already delayed putting the max back in service until early next year, push it back even further. well, that is the case with southwest airlines this is what the three u.s. carriers along with boeing have been saying about the max returning. previously, southwest had it scheduled to return to service on february 9th. now it's being pushed back until early march. it's off the schedule through march 6th. this is significant, not only because of the implications for southwest as it continues to

cancel flights, but, guys, now we're getting into march, with the airline that has more maxes than any other carrier, it's not long until you get into that busy spring travel season and this puts even more pressure potentially on carriers. we should point out that boeing continues to say, we expect certification by the end of the year >> phil, just so i get this straight the faa has already said that even if the software upgrade, all of that is approved and the mcas is tested, et cetera, it needs 30 days -- >> at a minimum. >> minimum for the airlines. you can't jufs fire these up and get ready to go. you're talking 30 to 45 days and that's if they're really moving fast, melissa >> phil, thank you phil lebeau in chicago >> you bet coming up, the mls cup kicking off this wkeeend the league's commissioner, don garber, will join us next. at leaf blowers.

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as usual we were behind schedule. but sophie's enthusiasm cannot be dampened. not even by a run-away donut. we powered through it in our toyota prius. because a star's got to shine, no matter what. it's unbelievable what you can do in the prius. toyota let's go places. i'm part of a community of problem solvers.

we make ideas grow. from an everyday solution... to one that can take on a bigger challenge. we are solving problems that improve lives. with sofi, get your credit cards right- by consolidating your credit card debt into one monthly payment. and get your interest rate right. so you can save big. get a no-fee personal loan up to $100k. it is a big weekend for u.s. soccer fans. the mls cup final kicks off sunday between the seattle sounders and the toronto football club. this is the league's ratings rise and average club valuations top $300 million a 30% jump from just last year seattle and toronto worth around $400 million each and are among the most valuable teams in the league atlanta leads the way at $500 million. here now, don garber, the commissioner of major league

soccer and he joins us from seattle. welcome back when i found out it was going to be in seattle, the tickets were all gone in 20 minutes that's amazing >> how about that? you know, 70,000 fans will pack century link field and, you know, it was really the culmination of a great year for us you know, we had a new team, came on in cincinnati. that's averaging 27,000 fans a game we broke ground on a couple of new stadiums, we announced three new expansion teams. we had new owners come into the league it was really a season that had been capturing all the momentum of what's going on with soccer in north america, so it's very exciting >> it's not as if -- you've been commissioner since 1999, i read. it's not as if mls has gotten successful rapidly it's been a sloe buiw build. but something did seem to change a couple of years ago where the success has taken off. you've expanded the number of teams. the valuations have gone up, the

ratings have gone up what happened? what changed >> well, you know, i think it's about a good plan, you know, it starts with great onerous. the new owners that have joined the league, you have ron burckle who is just joining. you have joe man swesuetto, the founder of morningstar you've got great owners that have got a vision and a commitment to grow the sport and america are changing this is a league for a new america that is kprcapturing al the excitement of young people we have the youngest fan base in all of pro sports. we have the largest percentage, and the fact that we're building stadium in downtown environments we've got an exciting bunch of players that are scoring a bunch of goals and playing for national teams and all of that's leading to the success that we've had, certainly over the

last number of years >> does it help that celebrities are getting in on the action in terms of ownership, john whether it be attracting the younger audience or helping the violations go higher >> you know, i think it does i mean, it shows that celebrities, as you know, many of the athletes that have invested in the league, magic johnson or james harden, the great nba player, you know, they've got a lot of places they can invest their money and they're looking at professional sports and they're looking at soccer as -- major league soccer as a league that could drive a lot of financial opportunity russell wilson just invested in our seattle team matthew mcconaughey and austin and all of these folks are seeing value and that's adding to the excitement that we have mcelmore will perform at our pre-game ceremony in the march of match on sunday >> we wish you all the luck. it looks like everything is going very well. you'll have a sellout crowd on sunday seattle, which has been a power in the league for quite a while,

and toronto, kicking it off. my neighbor, don garber, good to see you again, my friend >> great to see you guys, too. >> fantastic >> going to be a great game on sunday >> should be cool. >> thank you for watching "power lunch. have a terrific weekend. >> why would you watch the jets versus the giants when you can watch -- >> heartbreak, right >> "closing bell" starts right now. >> a little bit of soccer on cnbc i like that. "closing bell" is starting right now and we've got 59 minutes left to trade. i'm here at the gap post today that stock sinking after the surprise news that the ceo is leaving. we'll be discussing that story coming up. as for the broader markets, nasdaq just about set for a record all-time closing high the dow and s&p, though, set to miss out as things stand >> and i'm morgan brennan in for sara eisen let's look at what is driving the action on this friday afternoon. president trump telling reporters he has not agreed to roll back tariffs yet, as part of a phase i deal with china more evidence of consumer strengths today as an early read on sentiment came in ahead of peat