other state and local courts as for j & j in oklahoma, the judge ordered $465 million and of course they're appealing all of that case, guys back over to you. >> meg, thank you. the story the next hour is going to be will the dow close above 28,000 it's 25 points from it now. >> sitting right there clo "closing bell" starts right now. >> i'm morgan brennan in for sara eisen at the humana post on the new york stock exchange. that stock is up 4% getting a lift following a health care pricing speech from president trump just moments ago the rest of the market is higher as well. we're actually at session highs with the dow creeping closer to 28k. all the major averages setting records. we'll see if we get record closes and we have 59 minutes to do that. >> good afternoon. let's have a look at what's driving the action positive headlines from the national economic council director larry kudlow easing

some fears over china trade. retail sails topped expectations in october, climbing by 0.3% and oil pointed to surging global demand in the quarter. joining us is lindsey bell thanks for joining us. >> good afternoon. >> we mentioned on track for three record all-time closing highs at the moment and also on track for the sixth week in a row of gains for the s&p that's a remarkable run. >> it is absolutely a remarkable run and there's a few things that have gotten us here we have more clarity on the fed. they've cut for the third time and they're willing to maintain the stance where they are right now, keeping rates where they are. the third quarter earnings season was very good and we've seen an easing of trade tensions while there's a little bit of uncertainty there, that could rattle the markets going into the end of the year. all things understood, the economic environment though does still feel pretty good. >> let's focus on the big

stories we are watching today. kayla has details on those china trade headlines. elon has new information on twitter's political ad policy. and bertha is watching health care stocks. >> morgan, u.s. and chinese principals were expected to continue negotiations. no update from the trade representative treasury or the white house on that but as of the end of this week the eve of what was supposed to be the apex summit has now come and has no deal to show for it despite suggesting the two sides were still working towards this weekend as a deadline. white house economic adviser larry kudlow claims there's been no delay but he also won't predict when or by whom the deal will be signed >> i don't want to put -- i don't want to hang any numbers on anything. i don't want to hang any numbers on days, dates, days of the week i don't want to put any numbers. you know, the two leaders may be able to put together a signing

ceremony both leaders have said from time to time their top ministers could do it. >> president trump has tweeted frequently that he and president xi will be the closers of this deal and will sign it. larry kudlow and commerce secretary wilbur ross both in the last 24 hours saying the two sides are close, although we have heard that before. >> if the market is indeed up at fresh records as it is today because of larry kudlow's comments, it's a little surprising because did we learn anything new compared to his interview on "closing bell" earlier in the week, anything new and concrete at least? >> no but the semantics are slightly different the vocabulary is slightly different. last night after a council on foreign relations event he said that the two sides are down to the short strokes, so that is certainly a phrase that he hasn't used before so perhaps we could treat that as new information. then again some optimism from commerce secretary wilbur ross this morning ahead of a headline

to grant temporary licenses or renew temporary licenses for businesses that do business with huawei, so there could be some movement in the next few days, but for those of us who have been following this for years at this point, it certainly doesn't feel like much of a breakthrough waiting in the wings. >> he's making good use of his th thesaurus. the dow just 20 points from 28,000 twitter on valg new details about its political ad policy today and elon join us with more in washington on that. >> twitter is rolling out its rules for banning political ads on its platform. obviously that ban is going to apply to ads that are bought directly by candidates, political parties and elected officials, but it will also apply to ads that reference political content including appealing for votes and

solicitations of financial support. now, there is a big gray area around issue ads twitter is not banning those it's just restricting them twitter will no longer allow targeting of issue ads using zip codes or using key words that are negotiated with political content like conservative or liberal. guys, twitter said this new ad policy will take effect on november 22 and is not expected to have material impact on q4 guidance. >> whether it's twitter banning or putting tight guidelines on political-related ads or the stance that facebook has taken, is there an impact, is there an effect that investors should be aware of because so far the stocks have for the most part rallied. >> i think that these companies are still getting ad revenue from other places. this is probably a very small portion of their total ad revenue so i don't think it's something they should worry about. it's nice though to see that they are taking a stance on this though and really trying to create clean waters for the

political environment that we're about to get into in the next year >> health care stocks on the move this afternoon following a speech from president trump on new price disclosure rules bertha has the details for us. >> the trump administration's new transparency rules would require hospitals to publish patient prices for procedures starting in 2021 investors though shrugged off the headlines, sending the health care sector to new all-time highs a case of not as bad as feared four major hospital associations vowed to take legal action hospital stocks moved higher during the president's announcement policy experts note that the penalty for noncompliance is just $300 a day which is not a huge revenue hit for major health systems harder for smaller health systems. health insurers rose as they contended that disclosing their negotiated rates would make it harder to drive a hard bargain with hospitals health insurers are up for the seventh straight week. in a sense i think the fear factor on all this regulation has broken, at least for now,

with investors >> some positive moves there, relief moves i guess you could call them. thank you, we'll see you later in the hour. we have got just 54 minutes -- 53 minutes left in the session. the dow is high by 200 points following optimistic trade headlines kayla was discussing, we're set for record close bridgewater associates found ray dal yoe wayed in at the national committee on u.s./china relations yesterday. >> there's a trade war there's a technology war there is a geopolitical war, and there could be capital wars. that is the nature of the environment, and how that's approached is going to determine what our futures are like. >> for more let's bring in larry adam from raymond james and john rutledge very good afternoon to you both. >> good afternoon. >> john, you think a trade deal

is coming, is that right >> i think both of these guys need a trade deal. trump's got an election in a year he's got a softening growth economy. you've got impeachment hearings, and he needs a win and the win would be signing a trade deal and sending the stock market up some more. >> larry, is ray dalio right to think this war is going to be multi-tiered and it's going to extend to other areas like technology and capital regardless of what happens short term with ag purchases and other trade deficit related things >> i absolutely agree. ray is spot on what we've been telling clients is if you think about this phase one trade deal, while we think that will get done and it's very important because it will show some progress and it will serve as a catalyst for the equity markets, the bigger picture is what he's talking about and there is not only an economic but also a military technology and financial market type of

relationship that we need to work out with them i think what's important is that this is going to be around for years to come and if one thing has come from this trade war it's that we have to have a cordial working relationship with china because there's really no winners when you have these wars and that was starting to happen with the trade and now that we've got some progress, hopefully we'll be able to avert those worst case scenarios. >> is this potentially though, the phase one part of this deal, given that we are at record highs and we have had six weeks in a row of gains since that oval office meeting where close to phase one sentiment emerged >> the fact that the market is up 4% in a little over a month, that was a pretty big move swiftly on the back of that news i think the market is expecting that december 15th tariff hike to get pushed out further. i don't know that they're really expecting tariffs to absolutely come off near term but i think just a continuation of the

easing of tensions would bode well for the market but unless you get more definitive or clarity about what the next steps are, it's going to be hard to move significantly higher. >> john, this is very nuanced when you talk about these trade talks and you can make the argument that president trump has been under pressure in the u.s. given the fact that we're coming into the 2020 election but there's been pressure in she china on xi, right >> yes, there's a group in china too called the shanghai gang and they've been arguing for protecting chinese sovereignty, et cetera, so what xi needs is face and sovereignty protection. that's secret code for hong kong they both need a deal to be done interesting to me is xi has been holding hostage the location of a signing and the personnel of a signing because if you could

sign a little bill in iowa, it would be a big help in the elections and the chinese guys know that. now, on your bigger point, it is definitely clear the rest of the world is figuring out there's going to be two sheriffs in town and they're no longer going to line up with just one of them. at the davos in the desert meetings where ray dalio and i were both there, there were 6,000 people the prominent groups were china, india and russia they are now looking at a new version of the u.s.-russia split from years ago. >> and you're seeing that, john, start to play out actually in arms deals right now, right? you see it with turkey, with egypt, the fact that u.s. lawmakers are now being put in a position where they may have to level sanctions against some of these long held allies listening to comments on though, i wonder do you think this trade war, the enactment of tariffs, this idea of trying to level the playing field if you will around

things like ip protection, do you think we're too far gone, that it's irreversible, the point that we're at? >> some of this trade deal has been in the works for a long time buy more soy beans and protect my ip has been happening in china for the last year, including a new law in a new court in beijing to protect ip and it's because they want it, not because we're forcing them to do it some of the other things our guys said they want they'll never get, give up on industrial policy, give up on subsidizing state-owned companies which is by the way the welfare system in china, and give up on the tech drive through the one belt, one road program that's china's foreign policy. think about a tiny rabbit to pull out of a hat, they can get that done and that will do some amount of good and maybe push back the tariffs as we heard. >> larry, switching focus to domestic politics, impeachment proceedings and the election next year, are they a threat to the markets? >> as of right now i don't

really think so. i think if you look at the markets, there's an 80% chance that trump -- president trump does get impeached by the house but there's still less than a 20% chance that he gets convicted in the senate. as long as that continues to be the base case, i don't think it poses a big threat to the markets right now. >> i just wanted to come back to another domestic issue today's data, retail sales good but some disappointing industrial production. does that continue, consumers strong but the rest of the u.s. economy perhaps a little bit of weakness >> i think so and i think we're going into the holiday spending season and it's going to be a strong one consumers might even have a little more money in their pocket as they've been given the ability to refinance their auto mortgages or loans the good news is the fact that we're getting mixed data means that we're remaining in this goldie locks economy which

pleases investors because that means the fed is not going to turn hawkish all of a sudden they may be moving a little bit away from being dovish but as long as they're not hiking rates the market is going to be happen. >> do you think gdp is too low >> yeah. i think we could possibly see that move higher it's still early on. >> larry and john, thanks for joining us. >> my pleasure. >> thank you we are on record close watch for all three of the major averages after the break, mike santelli will break down the record run for the s&p 500 and how major trade milestones and setbacks have impacted the index in the past. plus apple hitting new highs this week and jpmorgan says one overlooked factor could signal even more upside ahead that's coming up in today's aymaeton st with us comes easily. that's what happens in golf and in life. i'm very fortunate i can lean on people, and that for me is what teamwork is all about. you can't do everything yourself. you need someone to guide you and help you make those tough decisions, that's morgan stanley.

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43 minutes left until the close. major averages at record highs heading into the close let's get a check on individual market movers. shares of far fetch are soaring today. the tech platform for luxury fashion saw revenue grow nearly 90% year over year and that stock is up almost 30% applied materials is also higher

after an earnings and revenue beat the company saw better sales across all segments and highlighted an uptick in chip demand that stock is also up about 8.5% today. >> 42 minutes left to trade. set for record closes on all three major averages let's get to the market dashboard. >> here's what we have for you the 3% threshold, right now, the s&p 500 is about 3% above its prior peak the 1% is in charge not of society but of the s&p the 4% fillip is the pace of nominal retail sales growth, and then the 2% tipping point is around a level of corporate bond spreads that i want to keep an eye on so 3% threshold right now, s&p 500 at 3116. for a couple of weeks now, after we started making new highs, i

was starting to point out the 3115 level would represent a 3% bump above the previous high from july right here which is about 3025 there's nothing particularly magical about the 3% number except these prior peaks since january of 2018 have not gotten as far as 3% above the prior one so essentially this is a greater force behind this move in terms of getting a little bit of distance i would also point out, each of these peaks was associated with an escalation of the trade war, the president's davos speech right horror, the mike pence talking about a cold war with china. each one of those at least in the general zone of when trade went from being a friendly force to a hostile one not predicting anything like that because i don't think this rally today is about the hope for a trade deal but clearly when the markets stretch like this it wouldn't take kindly to having a reescalation of those tensions >> mike, i know you're insanely smart but you know it goes 1, 2,

3, 4. >> that's why i have figured out the pattern here and you have to try to decipher it. >> oh gosh, you're too smart for us, as i should have expected. >> that's a teaser. >> you have an hour and 40 minutes. >> we'll do our best i have an unbelievable track record of almost never coming up with a theme mike, thank you. back to the discussion point, lindsey, the record highs, because it's taken us so long to really progress meaningfully higher again from the first time we reached that, does that make this less scary, less questionable that we're pushing higher again >> the problem is, to mike's point, the one big risk that remains out there is this trade issue because there's no real clarity or timeline or path to an end state so i think that is still a big uncertainty and we know president trump with really when the market is going up he feels confident and he can sometimes use that to put pressure on china which in turn makes the deals or the talks or the negotiations fall apart and that hurts the market.

>> it's going to be one to watch. we have 40 minutes left to go here before the bell the dow is currently up 197 points, just a little over 20 points from 28k. the s&p is trading at a record high up next though, shares of grub hub have lost half of their value this year but one firm just gave the stock a rare double upgrade we'll tell you why. later, the bad blood between taylor swift and scooter braun reaching new heights she says she's been subjected to tyrannical control over her music. we'll discuss it with charle koppelman coming up here on "closing bell. s in the cloud, h? mm-hm. your employees must love you. thank you. ah, you could say that. so how are things with you guys? great. thank you. thank you, sir. lunch next week? terrific. say hi to the team.

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welcome back to "closing bell." time to get the word on the street grub hub going from underweight to overweight, stating that their decline has been due to an irrational type escape and poor execution but that a turnaround is still possible. a note on uber and how they think that stock could double in 2020. the firm stating that they think uber is one major announcement away from a positive narrative change and that buying now will produce

outsized returns for those willing to take the extreme risk jpmorgan adding lyft to its list of top picks, the firm commenting they believe that the company's ride share business is likely to be profitable well before estimates and you can see that stock is actually bouncing today, about 2.5%. lints lindsey, your thoughts on ride share. on names like lyft, it's pretty incredible how much lyft and uber have sold off since going public. >> investor sentiment around these names is very negative short interesti is high which makes you think maybe it is a good time to get in because they're both down so significantly. facebook was down 50% after its ipo and look where it is today maybe these guys can turn it around but i don't see the fundamentals improving near term going into the end of the year this is going to be an easy stock for investors to use for tax loss harvesting reasons. i think for sentiment to turn, investors have been laser focused on profitability of

companies like this and we really need to see a projectile timeline to really understand when these companies are going to be profitable and how they're going to get there. >> there's an interestingtheme that both these sets of notes shares which is the only part of profitability is when you get a rationale price behavior between these companies. we've seen signs of that, albeit, the valuations seam extreme. for grub hub, there's more complicated threats from the likes of amazon and walmart in a related space and you feel like it hasn't gone through its peak of competition to then settle down. >> i think you're spot on with that analysis there. i think too when you think about uber and lyft, they are each other's competition so the question becomes a question of volume if they do become more rational on price. what's it going to do to volume. >> of course uber and grub hub are also competing as well

>> yeah. >> very interconnected here. >> we've got 33 minutes left of trade, heading for three record all-time closes. coming up, your last chance trade and thought of the day. plus, what do all of these stocks have in common? back in 2010 they were the biggest upside contributors to the s&p 500. after the break, mike santelli looks at how that has changed leading the charge this year. here's a check on bonds. yields ticker higher as stocks rally but the ten-year seeing a sizable drop for the week. "closing bell" will be right back it is nice. his haircut is "nice." this is the most-awarded minivan three years in a row. the van just talked. sales guy, give 'em the employee price,

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considering that job or any other job for that matter right now. we had reported earlier in the week after the "wall street journal" originally reported that he was a candidate for the we work ceo job, so hearing today he won't be taking that is probably a good thing for ledger and t mobile that he is not from a conflict of interest reason as t mobile and sprint are trying to merge so it could have potentially been a sticky situation there if he had jumped ship to become the ceo of a company that was controlled by soft bank when he was trying to merge his current company which is also merging with a company controlled by soft bank. so that's no longer a problem. ledger will be staying put at t mobile. >> one of the other issues that we were discussing earlier this week or maybe it was last week on "closing bell" was that it would kind of be hard for we work to offer him a pay packet that could rival what he's getting at a company that's worth ten times what we work is,

not to mention the potential upside if that deal gets over the line between sprint and t mobile, given the clear kind of pr issues we work would face if they paid him a fortune having laid people off. it felt like it was quite hard to get over the line. >> you may have heard that we work not exactly flush with cash these days. >> oh really >> that's definitely a factor. you also have to remember that if, in fact, sprint and t mobile merge, that new company is going to be larger than what t mobile is today so yeah, that particular company would become a real threat to at&t and verizon it's possible if john ledger decides to stay there that he could get a much bigger package. his future is still to be determined but it won't be with we work. >> alex, thanks so much for that t mobile stock moving up 2.4% on that news. you can read more about it on cnbc.com we're less than a half-hour away from the close. we are on record close watch and

here are the three things driving the action positive headlines from national economic council director larry kudlow easing fears over china trade, retail sales topped expectations in october, and health care stocks are moving higher following a speech from president trump on price disclosure rules it is time now for a cnbc news update and we go to sue herera for that. here's what's happening at this hour. apple will ban vapg-related apps from its app store it consists of store apps, games that let users regulating things like heating of vape pens. maryland delegate thomas branch who represents the state's 45th district filing paperwork to enter the race. he says this has always been a lifelong dream. jane fonda continuing climate protests at the nation's

capital. she has been arrested four times and once spent a night in jail bernie ebbers exhibited in one of the largest corporate scandals in u.s. history is asking a judge to shorten his 25-year prison sentence due to health problems. he has been in prison since 2006 his attorneys say he is legally blind and has several medical problems including a heart ailment. you are up to date that's the news update this hour back downtown to you >> sue, thank you very much. the house permanent select committee on intelligence wrapping up an open hearing as part of the impeachment inquiry into president trump >> that hearing with the former ambassador to ukraine, marie yovanovitch, lasted for about five hours and at times the testimony turned personal. democrats said that she was the target of a smear campaign that was conducted by president trump's associates and that led to her removal from her position over the spring.

>> in my line of work, perhaps in your line of work as well, all we have is our reputation and so this has been a very painful period >> president trump attacked yovanovitch several times today over twitter while she was testifying democrats said that amounted to witness intimidation but this afternoon president trump defended his comments. >> nobody has seen anything like it in the history of our country there has never been a disgrace like what's going on right now so you know what i have the right to speak. i have freedom of speech >> the work is not done for lawmakers here on capitol hill they are heading to another hearing, this time with a state department aid who said that he overheard trump talk about the investigations into hunter biden over the phone guys, that hearing will be held behind closed doors. back over to you. >> thanks for bringing us the latest lindsey, is there a point at which all of this impeachment

drama that is playing out in the house, playing automatic with these testimonies, that it actually starts to royle or affect the markets here? >> even if the house impeaches trump, the senate is controlled by the republicans so the market right now sees this as something that's not going to go through the question is how does it impact the 2020 election because i think the market also right now is expecting a trump re-election. so we could see more volatile times in the market as we get into 2020 and this becomes a broader issue in debates and things like that. >> 24 minutes left to go here. we're going to send it over to mike santoli. >> the 1% is in charge of the markets, just about 1% of s&p 500 stocks have an outsized effect but that's also the case. here are though the five stocks this year in the s&p 500 that have had the greatest impact together on the s&p 500's gains. these are not the five largest

stocks in every case but the ones that are very large and have added a lot of market value and therefore got the s&p where it is. all of them except for amazon have outperformed the s&p and by a lot. the s&p is up now a little more than 24% year-to-date but amazon is so big that just that 15% gain these together have contributed about 6 percentage points of that 24% gain in the s&p 500 so about a quarter of the overall gain, five stocks. these 495 stocks have done the rest that's not necessarily a concern because it's not truly a narrow market you have most stocks going up, the equal weighted of the s&p also at a new record it's essentially the essence of a market cap weighted index like the s&p is when it's kind of going up, certain stocks are going to be adding bulks and chunks of market value that are going to lift the overall index. >> instead of like previous years where you had alphabet and netflix partaking in this as well, the so-called fang trade,

do we need a new acronym now >> you can certainly generate an acronym but there's not really a theme. when you have jpmorgan in there, it's difficult to unify these stocks as saying, the investors are only interested in one kind of company i just think it's a matter of size plus performance gets you on this list >> mike, thanks so much for that we've got 22 minutes left of the session. we are on track for three record all-time closes for the dow, s&p and nasdaq russell still missing out, about 1.2% or so from its own record high up next, the last chance trade. plus shares of the this cannabis company have fallen more than 50% over the past year today it's fallen again after reporting quarterly results. we'll reveal the stock and what is drivinghero cinup "osing bell." at leaf blowers. you should be mad your neighbor always wants to hang out. and you should be mad your smart fridge

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staples and discretionary in the red. tech having a good day as well a little dire straits music while you talk lindsey, what's your last chance trade? >> i'm looking at home builders and i know the industry is up 40% on a year-to-date basis. that's a pretty good move, double what the s&p 50 has done, but if you look at the economic data, whether it's new home sales, starts, existing home sales, pending home sales, these numbers have been just moving higher throughout the year after about a two year hiatus, the prices for homes have been mixed but the fact that affordability have been improved so much with the fed cutting rates three times, it takes a little while for that lagged effort to come into the market and i think these guys can continue through 2020 to do very well you've got homeownership ticking up in the third quarter. >> even if we're seeing the long end of the curve inflated a little bit >> yeah. i think by historic standards,

interest rates are still very low and new home buyers, this is a perfect market for them. >> do you think we'll see them get into the lower end of the market, there's an issue they haven't been building enough homes. >> you can buy a home on amazon now for $1,000 or whatever it is. >> incredible. >> i think that that's an area that there's a lot of demand >> we got 17 minutes before the bell we are on record close watch for the dow, the s&p and the nasdaq. still to come, uninterrupted coverage of the final minutes of trade. we'll take you inside the market zone next. later, taylor swift's got bad blood with two music executives now the pop star is claiming -- we've used that bad blood reference a lot. >> but it's so good. >> she's left hand blocked from performing her greatest hits on stage. we'll bring you the details and reaction from famed music producer charles koppelman we'll ask him if he likes that song "closing bell" back in a couple

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♪ ♪ ♪ don't get mad. get e*trade, dawg. with 13 minutes left in the trading day, we are now in the closing bell market zone, commercial-free coverage of all the action going into the close. right now we are on record watch. >> we are indeed as mike santoli knows all too well, he's here to break down these crucial moments of the trading day. we've also got lindsey bell from ally investor. also, as we said, set for three

record closes. they will be on the right side of your screen throughout. let's kick things off with apple. john has more on jpmorgan's latest note on the company. >> one of a few upgrades for apple and even though apple is up 38% in the past six months, 71% in the last three, jpmorgan says there's still room to run the reason why, well, potential upside from high margin services, saying apple could put a lot more ads into searches, growing ad revenue at a rate of 28% a year now, jpmorgan also has an optimistic take on apple's new streaming service, apple tv plus, which i thihas 100 millio subscribsu subscribers in just four years jpmorgan projects services revenue will grow 17% in fiscal 2020 that's a point better than the previous target, guys. >> john, it's pretty incredible. shares of apple are up 68%

year-to-date and jpmorgan put this note out today but they weren't the only ones upgrading. the fact that wall street seems to be getting bullish here, what's the readthrough >> i don't know that there's that much except that so many people are used to pessimism ahead of a big iphone launch and the iphone 11 launch has done better than expected and that was confirmed in the color that tim cook gave around the call talking about how they're not really messing with inventories ahead of potential tariffs they're doing business as usual. this is real demand that you're seeing showing up in these shipment numbers, so that is significant. i don't really like the year-to-date numbers as much because we have that big dip last september and then the rebound, but 38%, that's still pretty good. you can see that divot there i kind of ignore that when i'm looking at the run, but 38% still if you're looking at 12 months or six months that's still pretty good. >> john, thanks so much. mike, we did get a downgrade on

apple yesterday. where is the community in general overall? >> honestly, still pretty cautious i think they're racing to catch up with the stock. in 2018 when the stock peaked, two-thirds of analysts recommending a buy right now even though you've gotten a few net upgrades, only 58% of analysts have a buy with the stocks stretched as it is and a multi-year in valuation, when analysts come out kind of finding new businesses to throw out there as an excuse for why there could be further upside, maybe they're thinking about that. >> 11% of total sales is only going to be like 3%. >> it's nothing for apple. >> yeah. >> amazon is also in focus today, planning to protest the pentagon's decision to award microsoft its winner take all, saying, numerous aspects of the

jedi evaluation process contain clear deficiencies, errors and unmistakable bias. the contest has been extremely controversial and a protest was expected by amazon which will take its fight to court on this. i think two things to keep in mind here. we're talking about dod contracting. protests are pretty common i think that is very much the reason why it shouldn't be surprising to see amazon moving forward with this, especially given the fact that it's been a very dramatic procurement process, but you see shares of microsoft up 1% today, shares of amazon down 1% i think overall the consensus is that it's very, very hard to overturn a contract award like this certainly anything could happen, but in general this has been seen as much more of a positive for microsoft if you will, at least from an investor standpoint there's a lot of future federal

government contracts out there where the cloud is concerned and so just the fact that microsoft is now -- has these bragging rights, really -- >> it's an upset so they obviously proved themselves enough, whatever the makings of a decision were that they could do the job. >> microsoft up 1%, amazon down 1% a judge in oklahoma issuing an order on how much johnson & johnson owes. >> j & j stock ticked. remember they were ordered to pay $572 million the ruling was reduced last month to $465 million essentially due to a typo or a clerical error while the state was seeking the ability to replenish the fund until the crisis is solved, the judge today stubck to that number they had been seeking to have it

reduced to reflect settlement payments and of course the company is are peeling the whole ruling >> meg, thank you. mike, health care in general is kind of dominating the market action today. >> it is obviously this is kind of one off and a reminder that j & j is fighting on multiple fronts but the move in health care was dramatic today and it showed you that people were looking for a little bit of an excuse to kind of call an all clear almost on the medicare for all thing when you had senator warren change her plan and united health flying on that. >> that being said though, in 2020 health care is always a sector that really just underperforms going into a presidential election year so i think there's going to be a lot of that, especially, like you said, medicare for all is going to be a hot topic going into the primary. i think that health care is probably going to have a rough go at it >> we've got 7 or i guess a little less than 7 minutes left

to go. shares of aurora cannabis are down, sinking again today after reporting weak quarterly results. >> aurora is down more than 17% after reporting a profit in canadian dollars and a 25% decline in overall revenues as well as a 33% drop in recreational sales aurora didn't have to write down inventory and claims they have the lowest cost of production at 85 cents per graham. michael singer said on "squawk alley" the company is focused on the u.s. market and has a partnership with nelson pelts to explore goods. cantor fitzgerald raising its price target back to you. >> thanks so much for that, mike we discussed that of course with canopy as well these guys have fallen significantly from previous highs. >> i really do think that one of the reasons it seems so dramatic is that the level of initial excitement about the opportunity

got way out of hand and everybody just got mispriced given the size, the opportunity and the timing. >> it almost seems indicative of the broader market sentiment, investor sentiment we're seeing right now, whether it's cannabis stocks or some of these companies that have gone public that are growing revenue strongly but have no sign of profitability at least for the next couple of years that's kind of what's driving these names. they maybe got ahead of themselves or they're in the private market or when they first went public and now you're seeing kind of this reckoning happening. >> absolutely. i think investors are holding these companies and their management teams accountable to a clear path to profitability or top line growth. if you're going to get these big multiples, you got to prove that you're worth it. >> shares of furniture retailer rh high today after they revealed a new stake in the company. they've added 1.2 shares or

$206.3 million worth of stock to its portfolio at the end of q3 they're up 7% today. we talked about this yesterday it doesn't feel like it's the number one position in warren's portfolio. >> no. it's a $3.5 billion company. it seems like a little bit of a one off. as a retailer, rh has performed better than many of the skeptics 245u9. hard to get behind what exactly makes it a berkshire hathaway type investment in terms of being an enduring brand but clearly they've executed very well. >> we were talking about home builders just a few moments ago. is this another way to play the consumer and the strength that or i guess emerging strength we've been seeing in housing >> it could be but restoration hardware is a specific story because they've been going through this turnaround process and reinventing themselves for them it's a bit of a

restructuring deal. >> shares are up 7.5% today. mike has more though on the market internals overall today >> just take a look at your general up/down breakdown for the new york stock exchange. it has been strong but not overwhelmingly so. once again, it's a little better than 3 to 1 up volume to down volume it confirms the fact that we have a decent rally going on here i think the levels make it seem like this rally is stronger than it is. it's more than half a percent. look at the new highs and lows on the nasdaq and i bring this up because there's been a high level of new 52-week lows on the nasdaq you see 113 there. nasdaq has never traded this high, 100 out of the 3,000 stocks in the nasdaq making new lows it'sconspicuous. it's doing exactly what you expect it to do which is hit

another low around 12. we did get to 11 in the dead of summer but this confirms that we have a very steady market until the market proves it's going to falter, that's going to stay low. >> we have another little leg up in the market such that we are at session highs three record all-time closes in sight with two minutes left. let's get to rick for a check on bonds. >> everybody's watching the dow to see if we hit 28,000 while we're on the air when it comes to treasuries and interest rates globally, they all behave exactly the same, except different scale let's look at how we finished the week in the u.s., sliding to the lows in the week in a noneventful trade. look at guilts in the u.k. sliding as well. if we look at the french oat, same scenario. gdp around the world coming down, the u.s. up 3/10 with regard to gdp. the nasdaq is going to blow out the old highs by 50 points.

>> it's this large cap driven rally here you've got alphabet at an all-time high today, one of more than half a dozen large caps today hitting historic highs alphabet also going to the high court as google and oracle's patent dispute is taken up by the court. applied materials is one of three chip equipment companies that are hitting all-time highs. they have really been hitting it out of the park, certainly strong earnings. they got an upgrade today. biotech not quite there but on pace, its seventh straight week of gains health care very much back in vogue. >> historic high for health care retail a good day on the retail sales report jp penny is on the upside but how low are the expectations comp store sales down 6.6%, awful but better than expected we're closing the week out with

fractional gains in the s&p 500. we're up for the week here low volume though and as you heard from mike, low volatility. there's the closing bell right at the highs for the day the dow jones up 212 points, helped by tech and health care we did it, 28,000. welcome to "closing bell." >> along with mike santoli. >> let's check inwhere we finished three record all-time closing highs and the dow above 28,000 for the first time ever. s&p up 0.8%. a nice rally we close at session all-time highs. the nasdaq up 0.7% the russell about a percent away

from its own record all-time high. >> fourth straight week of gains for the dow, sixth for the s&p and seventh straight week of gains for the nasdaq joining us to talk about the market day, marian mon taken, portfolio manager at gradient investments, and lindsey bell, chief investment strategist at ally invest. welcome to you both. mike, i'll start with you. the rally we did see. >> we certainly did and pretty impressive t yesterd impressive yesterday we said the market was sideways was that because it was tired or resting? it seems like it was resting it's looking like a pretty decisive breakout from this very long term sideways range the question now is, the market is betting that we've seen global growth. the fed probably stuck to the landing. rates are still low. liquidity is high and credit conditions are great therefore, the year end chase is on and maybe it's going to carry into next year you have to be betting against the charts and that whole

rationale to say that this is a massive head fake. i don't think it's a head fake but you have to be careful about short term how stretched we've gotten trader sentiment getting giddy so that's what you have to watch out for. >> marian, i know that you still think we've got 10% upside so you're looking for 30,800 on the dow then >> yeah. 3400 on the s&p. but we have had these consistent gains of the last six weeks across the markets and as was mentioned earlier, a little lighter on the volume side so we wouldn't be surprised if there was a pullback from here we're kind of out of that trend line, above the trend line recently for that reason we're using some buffered index etfs and the actual contracts along with some gold to provide some hedge on a pullback in the market we wouldn't be surprised if we

got between here and the end of next year maybe a 7 or 8% pullback so we've got a little bit of a hedge in there >> lindsey, we still have these trade talks right now. we thought we were going to maybe get some head way or announcement today on them it kind of came and went the fact that we closed at highs going into the weekend, are you surprised? >> it feels good closing at highs going into the weekend but next week, monday brings a whole new week and a whole new set of economic data and other issues and retail earnings will be another thing we'll be watching next week. i think the 28,000 number is nice but -- mike, you know this better than anyone -- crossing that threshold is easy staying above it is a little more difficult i think we're going to need to have more confidence about trade and the next steps going forward to really continue this move higher. >> we take health care's big jump out of this today this was tech communication services led, back to the sort

of age old sectors. >> treasury yields have stayed calm they haven't pulled back too much from their highs because if they get below one and three-quarters in the ten-year, you're going to say that wasn't really a genuine move higher, but with yields this low and it really was an index led rally. the nasdaq, the s&p and the dow were all up precisely 0.61%. that does not come from investors deciding exactly which stock to buy and which one to sell and whose fundamentals are better it's a rush to get equity exposure in the biggest, most liquid way >> democratic donor mark lazry, the latest wall street investor to issue a warning for the market about a potential elizabeth warren presidency. here's what he said earlier today. >> i think if you have somebody like senator warren who ends up winning, who's just a nominee, forget winning the election, i think the market will start

pricing that in and the probability of her winning, look, i think if she's president, the market is down 20, 30%. it is not good news and i think people are going to lose huge comments of money. >> do you agree, 20 to 30% decline? >> you know, i couldn't say for sure but i'm just going to guess that a 20% hit would be the initial reaction and that's really based on the fact that this is not a pro financial freedom type of candidate. this is a socialist type of candidate who doesn't really have a plan for funding all these free things. i think what people fail to realize, what voters fail to realize is that 55% of all workers own stocks through their 401(k) or because of their pension plan the stock market hit is going to hit them this entire economy is about 80% driven by the consumer

that's going to hurt consumer confidence it's going to hurt our economy yeah, i can see a 20% hit initially. >> mike, i think that was one of the things that was raised in that discussion today. it's turned into this elizabeth warren versus the billionaires, but you do see something like stocks pull back with that kind of outcome of the election, what that means for the middle class. >> the stock market is going to sniff something out ahead of time and if there's any indication so far once it's a general election you're going to have a much cleaner view of the potential implications in terms of both houses of congress and the rest of it we had a 20% decline in three months last year with no change in the president a 20% drop in the market can happen at any time everybody confidently thinking that the electoral result that's driven by the majority of the country is somehow going to cause an immediate drop in the market, i would take the other side of it being that exact cadence of decline, unless in

fact we're headed for a recession and go into one. >> which everybody said if trump won the spresidency we would se a major -- >> the market went up straight 40%. >> it was a big day for stocks the dow closing at 28,000. let's look at the week's biggest movers. >> this all happened so fast, 28,000, we just barely had -- thank you, peter, our dow 28,000 hats we just barely had it in here. remember, analyst optimism very high, retail optimism very high. a little frothy right now. the sectors that mattered, health care, an historic high despite the president's comments about controlling hospital costs, a new high for health care, new highs -- utilities up 1.4% there's the xlv, historic high for them

transports fell back from their highs. a lot they fell back due to declines on wednesday and thursday. energy stocks were a bit on the weak side. we had oil fluctuating the important thing, banks, when you get the yields of course moving to the down side in the middle of the weeks we had wednesday and thursday, they underperformed a little bit for the week overall, you get that big move up in the tech stocks and health care, that's enough for new highs. guys, back to you. >> lindsey, which sector -- bob, thank you very much. which sector stands out for you now in terms of still having a bit of value >> i think what's interesting is the move in tech because for a couple weeks there it did get kind of weak but it's bouncing back it almost seems like investors are going back to the old reliables, going back to growth names while value was doing well and you can see today health care did well. i think that tech is going to

continue to be an area where you have to have your money. it's almost a quarter of the s&p 500 and i think people continue to have faith in the sector, especially as we become a more digitally connected economy. >> as we hit these highs, do you get tempted to put money in overseas instead >> i am seeing some momentum going on in emerging markets and overseas but i don't say instead. i say and. there's still pockets of the u.s. markets that are attractive to us, small and mid caps being one of them. they didn't participate for the greater part of the gains this year and then health care is one of those rare defensive categories that haven't done spectacularly well this year and so fourth quarter people tend to move to something more defensive and i think health care looks attractive in here if you marry the two of the small and mid cap group plus the health care, there's an equal

weighted etf for that and so you can participate in that smaller end of things and the mid caps within the health care sector. >> we'll leave it there, guys. thanks so much for joining us. >> thank you. still to come, energy one of the worst performing sectors during the week. we'll break down the iea's energy report for 2020 with goldman sachs's head of energy and discuss where there may be opportunities in that space. "closing bell" back in 90 seconds. driverless cars, or trips to mars. no commission.

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welcome back 20,004.89, a record all-time close for the dow jones. first close of course above 28,000 as shown by bob's hat moments ago. record all-time closing highs for the s&p and nasdaq, also six weeks in a row of gains for the s&p 500. the iea is out with a report today raising its 2020 oil production growth estimates for countries out of opec and highlighting that the u.s. is set to be the key driver of growth despite calls for more supply also highlighted increasing demand in the third quarter. joining us now to discuss, head of energy at goldman sachs, welcome to the set >> thank you >> why did crude rally today is it trade hopes or actually

the iea report that we saw >> the report in itself actually was positive in that it didn't reduce demand estimates further. it's the first time in several months that we don't have another downgrade of demand. there are a few silver linings i think that's probably the first driver i think what we're seeing as well on the supply side is despite this higher estimate of global supply, the u.s. sector continues to show signs of slowdown the rate count today fell again so i think we have to put into context and what the agency showed and what the opec showed, the market is likely balanced next year. what does that mean though for u.s. producers and i ask that because you mentioned the rate count. lowest count since april 2017 now. >> i think the key takeaway is we reach a price point where u.s. producers are slowing down sufficiently it's the capital markets, the equity markets, the debt

markets, and the combination of oil prices here that is leading to the slowdown. now, the key question is, is it too much of a slowdown relative to fundamentals and our view is the market will be balanced next year fundamentals are relatively benign for next year you have this slowdown in shale but shale is still growing so the price action of the last five, six months, $60, in our view is what will translate for the next 12 months. >> what about longer term, is there a risk that they underpriced the u.s. commitment to it's allies in the middle east >> supply disruptions have declined saudi issue have been resolved there's a detente currently between saudi, iran and yemen. the key though is nothing has really been resolved on that front.

in iran today they just increased gasoline prices by 50%, exports fall and enrichment continues. in iraq you have social unrest so issues of course can creep up again and escalation can happen. the one caveat is if the world was worried about demand and sees plenty of supply next year it's hard to price this risk premium for a potential other shock. >> when you talk about crude being balanced going into 2020, what does that mean in terms of pricing? >> our forecast is 60, exactly where we've been the last five months the balance suggests a balanced market what's key for investors is you can still generate more than 10% return the key is when you invest in oil you're not investing in the spot if you buy an etf you're not buying physical oil. you're investing in futures that you have to roll every month that's why the shape of the curve is so key. i think fixed income investors,

they look at curve sheet. >> are you talking tango >> take an example like today. the spot is 63 next month the curve is pricing 62 you're big a 62, rolling up to 63, you're making that dollar every month. the spot doesn't move, you've accrued $12. you're up nearly 20% on the year that's the key really for next year there are three conditions that have to be met to get that the market has to be balanced. that's what all the agencies are showing. second, you have to be at cost support. the big failure last year is we were at $80. demand was falling producers were ramping up. today that's not the case. we're seeing a slowdown in activity third, producers have to continue hedging, creating that pressure on the back end all those ingredients are met. think about dividend and yield on the big oil companies it's 5%. think about even the ruble in

emerging market is 4%. oil right now delivers a 17% carry. i think that's quite compelling as a return opportunity, but again it's from the curve shape. you don't have to be bullish oil prices to get it. >> thanks for joining us. >> thank you. big consumer products company just filed to go company and frank has the details. >> reynolds consumer products just announcing it's filing for an ipo they're makers of aluminum wrap. when the company begins trading it will trade on the nasdaq. we don't know exactly when that will be. back over to you aluminum rap called tin foil. >> we call it tin foil here too. >> you know it's made of aluminum. >> all sorts of translations

frank, thank you. up next, we'll break down the charts to see whether this year's consumer spending surge will lead to a strong holiday shopping season. plus, taylor swift is involved in a music melee with the producers who own the rights to her old music former music publishing plecutive charles koppelman will exain what's behind this fight later on "closing bell." a more secure diaper closure. there were babies involved... 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.

a record all-time close for the dow finishing above 28,000 for the first time ever, 28,004, that was the level we closed at today, finishing out the week, fourth straight week of gains for the dow and record closes for the s&p and nasdaq. >> let's send it over to mike for the third installment of today's dashboard. >> 4% fillip or boost to the economy. retail sales numbers kind of mixed, not universally a great number relative to expectations. if you look at a longer term chart of nominal realty sales excluding gasoline so this is kind of a core retail sales and restaurant sales number, it really does show some

consistency around that 4% nominal level. it's not deviating much although a couple things are norteworthy one is this spike late last year as we got the stock market meltdown, government shutdown as well as going against very strong comparisons from the year before that's something you have to keep in mind i think right now this is holding in fine. you wouldn't necessarily say that it's going to be powering the economy higher we all know the consumer is very important but the longer term trend show you you're kind of clear of any consumer retrenchment, at least at the moment. >> mike, thank you. still ahead, health care stocks rallying after president trump introduced new rules for hospital pricing transparency. we'll discuss which stocks could be the big winners straight ahead. plus find out what to expect from next week's flood of retail earnings coming up imagine a disease is caused by too much of a bad protein,

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♪ welcome back it's time for a cnbc news update sue herrera has it for us. here's what's happening. new efforts to crack down on robocalls in michigan, 1.3 billion have been reported across the state this year attorney general dana nestle

announcing a plan to help fight those calls. >> we are strengthening our enforcement of these crimes using existing michigan laws and tools including established monitored phone lines in our office that will be staffed by skilled investigators to target the illegal robocallers that are spamming our state residents >> kenmore is calling some of its elite microwave ovens. the 1,000 watt counter top convection microwaves, sold exclusively at sears, have the incorrect wiring so the exterior surface could get hotter than 183 degrees and that poses a burn hazard. the world's largest starbucks is now open. hundreds of people waiting outside the new five-story starbucks on chicago's michigan avenue this morning. incidentally, chicago was the first city that starbucks expanded to outside of seattle back in 1987 that's the news update this

hour guys, have a great weekend morgan, back to you. >> five stories, that's crazy. >> it's wonderful. >> are they small stories or are they -- >> 35,000 square feet. >> i don't know how big each particular story is, but it's an extremely popular part of michigan avenue, so they're going to get a lot of traffic. >> and a lot of coffee. >> i'm sure the cold weather we've been seeing only helps the case. >> totally. >> the hot coffee over cold brews. >> just to get inside out of the cold sue, thank you it was another fiery day of impeachment inquiry hearings on capitol hill and ylan join us. >> lawmakers are moving on to their second hearing of the day, this one behind closed doors they're going to hear from david holmes, a state department aid who apparently overheard president trump asking about the investigations during a phone call with the ambassador to the

eu democrats appear to be trying to build a case around the issue of bribery. that could form the potential basis for future articles of impeachment. >> this is a story about an effort to coerce, condition or bribe a foreign country into doing the dirty work of the president. the fact that they failed in this solicitation of bribery doesn't make it any less bribery. >> now, the committee will be meeting again tomorrow for another closed door session. they're meeting even on a saturday that shows you how serious they actually are, and there are eight more witnesses scheduled for public hearings next week. guys, we will be here to cover it all back over to you >> ylan, have we seen any change in tone from key republicans >> not really. we hear them continuing to push the narrative that the witnesses that democrats are calling do not have firsthand knowledge of either the phone call between

president trump and president zelensky on july 25 and that they don't have firsthand knowledge of the relationship between the two. republicans today also try to talk about the fact that this is distracting democrats from their legislative agenda they called several times on democrats to move forward to approve the u.s.-mexico-canada trade agreement instead of focusing on things like impeachment. >> thanks so much for that the trump administration unveiling two new rules aimed at increasing transparency for health care costs. it would require hospitals and insurance companies to disclose more of their prices to consumers. health care stocks rose today but the president said hospitals would not be pleased with the new regulations. >> research has found that for the same mri at the same hospital patients were charged anywhere from $248 to $2,500, so ten times more at the same hospital i assume that would be different doctors within the same

hospital i don't know if the hospitals are going to like me too much anymore with this but that's okay, right? >> joining us to discuss, chris meekens, policy analyst. good afternoon to you, chris thanks for joining us. what's your key headline from what was announced today >> i think the key headline to me is that the administration wants to do something that will be very popular with the public. when i need to get new tires for my pick-up truck, i can go into a tire shop and know exactly how much it's going to cost. when i need to potentially get an elective surgery done, i have no way of knowing what the potential costs would be and what my out of pocket costs are. what they're attempting to do is really bring some transparency to the health care system and i think that is a very laudable goal what worries me though is that congress may not have given the administration authority to go this far and so what we have seen is this administration has repeatedly attempted to do

things that they believe are very popular with the public but then the courts say you don't have the authority to do that. i think that's why, if you look at hospital stocks and insurance stocks today, they went up in addition to other issues related to elizabeth warren. >> yeah, chris, that was exactly the question i was just about to ask you. anthem, humana, united health are all up 5% right now which seems like a sizable move for these names. how much of this is tied to the unlikelihood that this actually gets fulfilled by the trump administration versus what's going on with elizabeth warren's campaign and medicare for all right now? >> yeah, i think that's a great question what i believe looking at the numbers and in conversations i've had with investors throughout europe this week, though i'm normally based in d.c., is that people really don't view the transparency initiatives as something they need to worry about because if you look at this administration they tried to take action to

require pharmaceutical ads to have prices in them. the courts said that went too far. they tried to make site neutral payments for hospitals the court said that went too far. so the administration has proposed a lot of things but investors are at a position where they're like, until something actually gets implemented and the courts say it's okay, we're largely speaking going to ignore what the administration is proposing which is why the big news today really was what elizabeth warren did. she basically completely backtracked from her medicare for all only position. she said instead of a bill has to have medicare for all if she were to be elected president, now she's saying she would take a two-step process, pass a public option which insurers are not worried about, and then maybe in year three of her presidency she would get to medicare for all these names which have really been held back because of the perceived threat of medicare for all from elizabeth warren are now off to the races and could

continue that for the next weeks. >> chris, thanks so much for joining us >> thanks. still to come, former ceo bernie ebbers is seeking early release from prison after serving about half of his accounting fraud sentence. the details straight ahead. and taylor swift striking a chord of discord with the producers who own her old songs. former music publishing executive charles koppelman explains what's behind the disharmony that's coming up later on "closing bell.

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i was looking for someone with specific skills. so i posted a job on linkedin. maribel had all the skills i was looking for... and looking at her profile... . ...i saw shared connections. that was a plus. but the most important thing... ...is the ability to connect to people and she had it. and i knew... ...she was the one. post a job today at linkedin.com/grow welcome back former world com ceo berne eie ebbers is seeking early release from prison. >> a blast from the past, bernie ebbers presided over one of the biggest, most brazen corporate frauds in history, cooking the books at world com to the tune of $11 billion, at a time when the economy and the tech industry were fragile.

a jury in new york convicted him on nine criminal counts in 2005 and judge barbara jones sentenced him effectively to life, 25 years he's due out with good behavior when he's 86 in 2028 today about 13 years into his sentence, he apparently bears little resemblance to the telecom cowboy that we saw in court all those weeks in 2005. according to new court filings, he is blind, has a serious heart condition and the former bouncer has withered to 160 pounds ebbers' daughter says in a sworn declaration that her father, she spher fears, has only weeks to live. even judge jones, now retired, says he has been punished enough but federal prosecutors in new york say the life sentence should stand there's a new judge in the case. hear from victims and for more medical results. there's no word yet on how soon she will rule.

guys >> scott, thanks so much for that up next, look what you made her do pop superstar taylor swift firing back, accusing two music executives of blocking her from performing her older music at the upcoming american music awards we'll break it down with former music publishing executive charles koppelman. and coming up on "fast money", one group of stocks that's the single biggest opportunity in the broader market right now that's at 5:00 p.m. eastern time servicenow put our workflows in the cloud. this changes everything. you're right sir... everything. no not everything, i mean you're still blatantly sucking up to me gary. brilliantly observed, sir. always three steps ahead. six steps ahead. sixteen. so many steps. you done? a million steps ahead.

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♪ welcome back to "closing bell." pop superstar taylor swift is accusing music execs scott borchetta and scooter braun of, quote, exercising tyrannical control and blocking her from performing her music at the american music awards. >> the battle between taylor swift and the two music moguls is heating up ahead of the music awards on november 24th where swift will win the artist of the deca decade taylor swift suitweeting, i'm n

allowed to perform my old songs on television because they claim that would be rerecording my music before i'm allowed to next year swift asking for help from her fans and from the, quote, carlisle group who put up money for the sale of my music to these men. big machine responding, quote, at no point did we say taylor could not perform on the amas or block her netflix special. in fact, we do not have the right to keep her from performing live anywhere swift was with the label, big machine, until 2017 when she signed with universal music. back over to you >> thanks so much for that joining us now by phone, charles koppelman. he's the ceo of c.a.k. entertainment with five-plus decades of experience in music and retail he's worked with legendary entertainers such as michael jackson, jennifer lopez, barbara streisand and many more and he's the former chairman of martha stewart's living onmni media.

thanks for joining us. >> my pleasure >> first question, big picture, what exactly is in dispute here? you have publishing rights, the original recordings. >> i think the last statement that was read where they backed off the fact that they're going to prohibit it, they don't really have the right to prohibit her singing the song on the american music awards. the music publisher always has a right but she controls that so there is no issue there. they're trying to block her from singing on a show under the guise that it's a rerecording of a master that they own it's just not the case so i think they are wrong but i think i just heard you say that they've backed off of that it's pretty clear and it's also not really a fight -- it's a fight between a superstar who speaks for a generation and a record company that no longer

has her under contract >> either way though next year, am i right in saying, charles, that she has the right to rerecord it anyway >> yes, i think it's either a year or a year and a half that she has the right to rerecord all of her old songs it's a dispute that makes no sense. >> it's only a year's worth of disputes anyway? >> yeah, but the record company really doesn't have a right to stop the singing of the song on television they don't even have to get permission to do that. the amas don't need permission from the record company. they do need permission from the music publisher which of course they get it's also ridiculous because if she sings the songs on the ama, it only enhances big machine's music that they already own. >> charles, it definitely seems to be a bit of a nuanced and

kind of short-term battle that's playing out here is it kind of where all the money lies in the music industry and that is publishing so i guess how does this fit into that broader picture around publishing for a superstar like taylor swift, and how does it compare to other fights we've seen over the years? i think back to like michael jackson and paul mccartney for example, although that was more a publishing category that played out. >> publishing has always been the real wealth of the music background it's like real estate. you own a song to the exclusion of everyone else in the world and anybody that wants to use that song has to pay you today more than ever with streaming, with music being bigger than ever on a global basis, if you're the owner of the music publishing or the writer, you're making a lot of money. i would almost say that taylor swift probably makes as much money or has made as big machine has.

so it's not a david and goliath. it's a taylor and big machine. but i think they've backed off it because actually they were wrong in insinuating that they could stop her from singing the song on the amas. >> charles, what if you went to the bigger picture debate that could happen in this music industry that a record company that helps a star when they're small and they're starting out and gives them a good deal for the risk/reward that they're addressing in the early stages and then years later the star becomes just an absolute giant as would be the case clearly with taylor swift and then the star tries to exert their control, their power, their following to regain more of what they had previously agreed to, even if that deal might have been unfair in the first place, it was agreed to, is there any of that that applies here or not? >> well, you noknow, it's capitalism at its best years ago we signed tracy

chapman and she was a sophomore at tuft's university, no following whatsoever, signed her, put out her first cd. it sold gazillions we made a deal with her that for a new artist was a fair deal, and a few years later there was an issue that she didn't think she was getting paid enough. you always have the investment in a new artist that nobody really knows, that you have to spend a lot of money to get their music to be heard by the public, and then as time goes on memories fade and artists believe that they should own everything that they have, and maybe they should. after a period of time, they do. taylor is a perfect example. garth brooks owns all his masters. michael jackson owned most of his publishing so it's really -- it's no different than in your business. i mean, a young newscaster gets

his first job and he's successful, and 20 years later he's an anchor and demands a tremendous amount of money >> charles koppelman, thanks for joining us and putting it all in perspective. we appreciate your time. >> any time. thank you. great to talk to you still ahead, we're going inside the luxury real estate market why the rich are now turning to rentals. that's when "closing bell" returns. does your broker offer more than just free trades?

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welcome back let's send it to mike for the fiebl install maniment of the dash board. >> call it the 2% tipping point. look at the credit markets through the prism of triple b corporate rated debt on a day when the stock market is excited, rushing to new highs look at the credit markets to see if it confirms this is the spread between the triple b rated, the lowest investment grade class of corporate debt and treasury. when it goes down it means risk appetites ares rising. markets stronger after the turn of the year after

the stock market made the low in december of last year, that showed when the credit markets at risk of getting out of hand, meant a tantrum being thrown in credit look at the steady downtrend it's supporting the idea that stocks should be high and the economy okay and cash flows in good shape the one thing i'm watching, the tiny turn up there and preceded by a couple more late april, late july. that coinciding with short-term peak in stocks we may not get that right now. but if it continues high frere here it suggests that maybe risk is going to come off the a bit. >> it's nuts to see even back at the start of the year it was only a 2% spread anyway. >> if it went back to 2015 and '16 it was significantly higher. but you're right the absolute yield levels for triple b are 3.25%. one notch above junk grade,

incredible. >> thank you. >> inside the luxury real estate market we discuss why even the rich are choosing to rent instead of buy. >> the key things to watch as we head into a new week, the look ahead.

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luxury real estate may be sinking in manhattan but luxury rentals are soaring. robert franke has more on the story. robert. >> hey, morgan, the luxury real estate market in manhattan and specifically rentals is soaring as more wealthy choose to rent rather than buy. luxury prices at the very top of the rental market up 14% year to date that compares to luxury sales which are down 10% now this penthouse in tribeca up for rent for $123,000 a month. it's 6,000 square feet, 14-foot windows and ceilings, on the 56th floor you get the amazing sunset has an art collection worth tens of millions of dollars that's included and the owners who bought this back in 2016 for about $30 million built it with the intent to rent. they've had a lot of offers.

but none yet for the full year they want this to rent for a full year which would cost $1 the.4 million to rent for the year back to you. >> coming with tens of millions of dollars worth of art is somewhat grow tevfik i have to say. >> the sunset is gorgeous. >> the sunset is gorgeous. but robert, so $1.4 million a can year would be the rental cost what would be the cost to buy? i'm interested in the yield that you'd be paying in terms of fuel-year rental. >> well it was never put on the market it was purchased for just under $30 million in 2016. the market since then has fallen a little bit but they've put millions into it to renovate and build it so my guess it if it were on the market today, which it's not, well over $30 million. you're looking at $30 million purchase price versus annual rental of 1.4 million. but the orp has to pay

maintenance fees this is a prominent building, probably expensive, plus all the taxes and the mortgage payments, et cetera. so actually even 123,000 a month is not that far above what the owner costs would be. >> because if it's -- so if it was worth over $30 million it's like a year -- 4.5% you're paying roughly. >> correct. >> nothing is cheap with this apartment. but it not that expensive. >> right >> of course the carrying cost. >> you're right, which will of, it's bargain >> yeah. awesome stuff, robert. thank you. >> thank you >> now retail earnings take center stage next we can monday brings results from dillards and children's place. tuesday highlights include home depot tjx and kohls. wednesday target, l brands and la-z-boy thursday macy's gap, russell and

nordstrom. and foot locker closes out the week on friday decent retail sales today see if it continues into the earnings. >> another additional layer of red through on the consumer. something else to keep an eye on next week "closing bell" launching a weeklong series called watch this space. we'll sit down with some of the biggest names in the industry, the space industry get their take on where in space could be headed. guys, an all-star lineup and certainly as we see more wall street money, silicon valley money flow into virjman galactic now publicly traded here. it's becoming a big are thing for investors to be focused on or at least thinking about putting money toward. >> it's a ee normds total addressable market. >> a trillion dollars. >> the coverage. >> but i mean just the whole universe. >> the coverage is out of this world, i think next week there we go on the puns. >> 25 seconds for por, come on.

>> the countdown has begun for that. >> wow, i think we're at blast off. >> the countdown has begun to "fast money" for our viewers thankfully and a fresh bit of frg on friday ten seconds away lucky you. everyone have a lovely weekend out of time that does it for "closing bell." >> happy friday and "fast money" begins right now live from the nasdaq market site overlooking new york city times square this is "fast money. already have a good time on the set. >> yes. >> i'm melissa leave traders on the desk. and joined by jeff mill chief investment offers at brid more trust. health care stocks jumping as the president pushesfare price transparency in the industry why the sector could be the single best opportunity in the market the chart of the week. one whale making a splash betting on this name we'll tell but it. and time to blanc and chill on the cold novembe