>> no one wants to be long on the weekend. the virus vern are, the whistle-blowing scientist lost his life over this. >> i worry about the people in wuhan, who aren't able to get incoming food and-month-old supplies as the quarantine stiffens thanks for watching, everyone. >> "closing bell" is right now. hello, welcome, everyone, to "closing bell. i'm sara eisen at the casper post 59 minutes left to the close >> i'm brian sullivan. maybe not a happy day for stocks, so let's look at what is driving the action on this friday number one, you did have the jobs number showing continued strength 225,000 jobs, but there are new

worries about the coronavirus's impact and where is wilfred he's down in d.c., he did a long forum and great interwould you are vp mike pence. >> we have more of that to come, including whether the vice president thinking that the rising deficit may offset any of the good news associated with these strong jobs number why he sees evidence of greater economic cooperation from china and whether or not the uk's huawei decision risks derailing u.s. trade talks. we'll see you in a about i for all of that joins us is dan nathan welcome back >> good to be back. >> why is tech and amazon in particular the key to the market for you now?

>> when you think about the action last week we ended on a sour note there was a lot of pessimism this week. and we ended the week on a dour note what is most interesting about the market right now is the s&p 500 is still up 3%, nasdaq composite doubling that. what did we see this week? we saw amazon which had been a laggard to some of is peers, maybe a new all-time high, and then this uber today, pinterest today, up about 10%. these were names that were kind of left for dead. >> don't you love pinterest? >> we're going to get to that. >> we'll get to it i got here late. we have michael santoli with his market dashboard, and me material monitoring the latest on the coronavirus

>> we're going to start off with thanks for the support, and look at the support that the bond market has provided for the stocks and whether it will continue to do so. then lifetime achievements, two tech companies vying for the largest in the country and show me the money. we did get the jobs report today, i'd like a real on the weekly earnings, and known pain and glory, a big glimpse on sentiment, with a nice rebound stocks versus bonds over the last six months, s&p 500 put um again the ten-year treasury yield. these are obviously different scales, but what i'm focused on is this pullback in october, bond yields bottomed, as they did this time, as they got higher, theymake a new high until stocks were significantly

onward to the up side. here we have seen another he situation where bond yields bounced off the lows, have not made a new high. if we curl back lower in yields, probably will take away a bit of support. i think it's okay if yields don't make a new high, but you don't wanting to it sag toward the lows that's more of a "w" pattern we haven't had a need "w" here in the pullback, but you want to look at thisrelationship as it carries forward, reacting on the news going into the weekend. thank you, mike. we'll see you in a bit what do you make of that relationship >> i could not agree with mike more when you think about -- there's a triple bottom loud from 2012, 2016, last summer 2019, it's down in that 1.4, 1.5% areas

if it goes down there, usigh alarm bells go off, mo knowingly equities those yields are supportive for the right reasons. if they're all for a the wrongs reasons. >> yields are great until it's too low, and then it gets worrisome. >> exactly >> we're very -- we'll just do it -- >> those are fighting words. >> let's do it, you and i. it's been a great week for stocks today stinks. >> yeah, but why the chinese hadn't stepped in, even with this jobs report authorities, we're back to the same trade we've been in for a long time. you know what to do, sara, buy the dip. let's buy into the january jobs report. steve liesman has more on that has the news gotten let good

i feel like more economist notes have come out. >> i haven't changed my view, sara, that it's a very strong jobs report. here are the numbers, up 225 that number hasn't changed, which is 158, average hourly wages, kind of on the contained side, just 0.2%, month to month unemployment rate, because people came into the workforce these are the kinds of numbers that fed watchers keep essential bank on hold and further policy combination is unnecessary, bmo writing the job report supports the fed. the question for the months ahead, how it withstands the boeing shutdown. continued weakness overseas, and fallout from the coronavirus i guess what i was referring

to is there has been mention of the fact that manufacturing jobs were negative. that's actually the third time in the last four months beef seen a loss of manufacturing jobs retail continuing to be a drag on the labor economy, and financial jobs actually shrunk for the first time in many years. all of that is true. all of that is true, sara. manufacturing has been on a long, slow, steady decline, and this goes back directly to the tariffs that have happened i think that was sort of in the market one other negative is you had a very strong construction jobs report up 44,000, might have been because of really warm weather in january. >> steve, have you done any research, that big brain of yours, how tied we are to china's gdp? there's the thought they'll go back to work in a week or two and everything will be fine.

if you think people are going to jam into a factory next week -- >> these like -- certainty not at thinks levels that china represents of global gdp where it is right now, which is 16% or 20%, depending on the measure you use, but it's a lot more than when the sars came around in '02, '03. i'm going to be reeling the reports this weekend if this forecast for the first quarter creates a knock-on effect for the united states for the first quarter and second quarter as well >> take a look at ed hypingman >> he said zero growth. >> but he also said he's very upbeat on the u.s. economy and.

>> we could get to a point where nike can't supply shoes if the factories are closed down for months. >> nobody knows better than sara the knock-on effects of international. we've had years when foreign growth surprised us and u.s. growth surprised to the up side. we've had years when foreign growth was below expectations and u.s. growth was below expectations we can run, but we can't hide. >> steve liesman, thanks very much all right. now, let's talk more about that, and get the latest on the coronavirus. chinese state media says the total confirmed cases is now 31,521 death toll, 638. meg tirrell has been closely monitoring the story from the beginning, and she joins us with more developments, and what some companies are trying too do to understand what this virus is. >> brian, that's right illuminize that's technology ha

been used to track whether the virus is mutating. we talked with the chief medical officer about why that's crucial information. >> that change can lead to more -- greater infectivity or greater viralens -- due to the -- are muations in the areas that the vaccine recognize, and will they become less effective. >> so far he says while there have been some changes identified, still he emphasizes it's early and there's a lot left to learn. sara >> meg, it is thanks. the impact has been front and center following a number of earnings reports listen to this. >> we're not seeing a significant effect on the

business overall where we see an effect is in north asia, business in hong kong, that is down significantly, proan overjaw standpoint, it's not material in any way. >> we are currently focused, almost slowly on the health and safety of our employees, our customers, and the macao community at large i don't want to predict when operations will be back to normal they will be eventually. we're not sure when, but macao is set up for a great rebound. >> this is major news which is headwind people are staying at home so we're seek an impact. took their earnings guidance go 25% down to 2.5

>> i saw your interview, and what is disappointing, it's also demand. >> it's more demand than supply for these companies. >> that's right. so you tell me there's going to be pent-up demand for people on unpaid furloughs, you might lose a large slug of q1 all that said, when we get to q2 earnings, it's a massive mulligan what does it do to s&p 500, earnings growth especially where a lot of their growth comes from, you know, outside the u.s., special china. >> you've got to give ceos a wide swath of cover. >> there were alarm bells that went off when the chinese saw the yuan depreciate. that could be a real impact. when people we know the last

couple years, expectations have been here and they come in a here and we've just seen multiple expansions. >> a lot more on cnbc's specialty report, 7:00 p.m. eastern right here oncnbc. up next on "closing bell", much more from wilfred 'interview with vice president mike pence on whether the uk's huawei decision could harm trade talks between the two countries. investors ghosting shares of casper today the gains disappearing more on casper ahead. and your closer to, stacey cunningham, whether you should ever invest uryo hard-earned cash into money-losing companies. we'll be back right after this

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wilfred has had an interview have with vice president mike pence. >> how disappointed were you

that the british decided to grant access to huawei >> i think the president has been very clear, secretary of state pompeo reiterated it that the united states is very disappointed that the united kingdom has decided to go forward. >> the president was appear president-elect appe appear -- >> when i went with the president's direction, i met with prime minister johnson, i told him the moment that the uk is out of brexit, we were willing to begin to negotiate a free trade arrangement with the uk now the uk is out of the brexit, our teams have begin that process to work, but we just don't believe that utilizing the assets the technology of huawei is consistent with the security or privacy interests of the uk,

of the united states, and it remains a real issue between our two countries. >> is it a deal breaker? >> well, we'll see we'll see if it is we'll continue to make it very, very clear the president has a strong relationship with prime minister johnson and we are ainge to build the economic ties. we have mardy it clear that as we expand opportunities to build out 5g across this country, the fcc just announced a new arrangement that we think with catalyze the expansion of 5g technologies, we want to see our companies immediate the neither without the compromise of privacy and the compromise of security that necessarily coms with huawei and control by the chinese communist party.

>> the attorney general said the united states should invest 234 companies do help them catch up with huawei. is that a realistic option in the short term >> great respect to attorney general barr, but just over the last all across the country, and that's the plan the president has endorsed to rural areas of this country, by using the power of the free market and american companies, and the united states and our allies around the world can meet those needs themselves let's bring in wilfred, who is still at the white house, sending a pretty clear message i thought to prime minister boris johnson about cooperating with

huawei i wonder how willing they are to threaten that trade deal. >> absolutely. i great, and when the uk made this decision, initially there was a send of surprise that the u.s. reaction had not been louder and fiercer, will be that, gosh, we got away with this it's clear from that interview, behind closed doors, at least, the response had been loud and clear. or to plow on with huawei in the 5g ned work. another big takeaway is how clearly he the possibility of the u.s. investing in companies to speed up other companies'

innovation in 5g just going back to comments i've had from sources in trees ra may's government and boris johnson's government, the big debate is we understand the u.s. doesn't want us to go ahead with 5g, but our response has always been what is the alternative wilfred, good to see you thank you very much. you have the dow down 282 points, the s&p 500 also down, 30 stocks are down, the number one gainer, maybe it's moving on wilf's interview >> also a dividend, too, in this environment. >> sounds good especially if dan is right on yields. we'll get more into that on the rundown, pirnl. up next is your "word on the

street." plus former chrysler president jim press discussion a wild week for tesla, and a new shake-up at ford what a time to be alive. the world is customized to you. built for you. so why isn't it all about you, when it comes to your money? so. what's on your mind? we are edward jones, a 97-year-old firm built for right now. with one financial advisor per office, we're all about knowing what's important to you the one who matters. edward jones. it's time for investing to feel individual.

welcome back to "closing bell." a pair of dueling notes on twitter.

guggenheim believing long-term potentially is fairly valued, but susquehanna believes that things like the olympics boosting twitter's stock needham is out on a note with world wrestling, and the best scenario is amazon buys out all the offshore rites for the o.t.t. networks. longtime ge bear, giving it a hold ratings, and raising the targets. joining us us now is the analyst, john hinch. now you're going from sell to

hold i get i'm wondering playing catch-up, or has something fundamentally changed? but the company has successfully shifted the narrative away from fundamentals and scrutiny that's been the preponderance of the initial response, and ge is such a big name, so it's hard to rewrite that negative. >> john are things getting better or things have stopped getting worse? >> i think it's more the latter. >> this management team has restored confidence, as we know, especially with companies with so much financial debt, we know

that confidence is critical. we have done a decent job from here i think it probably transcends with my group. i think my industrial group is overvalued ge probably meanders. >> as the industrial cash flow is improving, and management has come in and done the right thing, and we knew power was a disaster, and it tell graphed at this point. >> except the fact they set the bar so low for the cash flow a. and it proceeded to beat, and there's other issues that ge by its own hand got better. the question is when will this prove out? probably a year or so

where could your $1212 call be wrong? >> is the company has winnowed itself down, it's very highly profitable i think what -- apart from the market what could possibly happen is that, you know, they're able to successly reorganize to drive toward the narrative of closer to a dollar per share. that's possibly how you get there, but right north we're talking about 35 cents a shaich. it's a pretty long stretch from here to there. >> dan, are you a buyer of ge, or have you been >> this is one you hear people say there's a lot of stock us out there, and it's such a complicated situation. even when guys like you started downgrading the stock, it was already cut in half at that point, people are like it's a value story, and then, like you

said they started getting rid of the assets i don't likes it. >> there's like 8.7 billion shares outstanding that's why i brought it up you think about price action, ge is cheap, it's at $9, don't lose the fact that they have 9 billions shares outstanding. they need to rein that in. >> at least they're selling that, they're going to get $20 billion in the door this quarter. that will buy them some time for sure. >> a lot of people say larry culp is the real deal. >> sure. his track record was at a much smaller company that was a fine-tuned machine the circumstances here are very

different. he's a great ceo by reputation, but i don't know how you can run out to simply say i want to be with joe know what he's done to sell businesses. >> you run out of things to sell that people want to buy. >> he was forced to do it, he did it to save the company, but that doesn't leave you with an inspiring -- >> so it's sort of an upgrade. still not so hot on ge here are the three things driving the action today the strong jobs growth 225,000 jobs added in jauron wears easily beating estimates there are in worries about the coronavirus impact on the chinese economy and global trade. uber says profitable is just around the corner, putting the

stock on its pace for the best day ever let's gone to contessa brewer for the update. house speaker nancy pelosi just laughed at a reporter's question that president trump is calling for his impeachment to be expunged. >> if they don't want to honor their oath of office, then they're going to have to expunge it from their own souls the violation of the constitution. flu city widespread in every state except oregon and hawaii all but five states reporting high activity. there have been at least 22 million cases of influenza so far this season, and 12,000 deaths. russian president putin, and his counterpart taking a break

from talk. i think from the video, it looks like they're trying to more stick than carroll you know what i'm saying that is the cnbc news update this hour. back to you guys. president trump has been a big critic of jeff bezos, but now another member of the white house has a beef with bezos. we'll tell you more coming up. pin tres shares are soars. dan nathan might be taking a bit of a victory lap, as he picked up his last-chance trade in early january. find out which stock he thinking could soar next. that's later and a check on where the bond yields are. look an that 10-year we'll talk more about that he has a trading idea, and it

could be good news for the real estate market. stick around what's important to you.ow

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we have 24 minutes to on go, here's michael santoli with the number two on the dashboard tod today. >> that is what both apple and michael have done. it's within a whisper of each other. you never know in real time how many shares there are. but what i find most interest about this is the way microsoft has accelerated to gain microsoft right now is checking off every box. it's now trouting above 30 times earnings it's added 600 billion in the

last 12 months it's what it peaked at in late 1999, so i think you you can make the case that microsoft is crowded. they continue to habitually flock toward >> there are four of them. which one is more expensive ♪ microsoft has a higher p.e.. >> listen, apple is an interesting one, it did not grow earnings or sales last year. its p.e. nearly doubled, all the multiple expansion they obviously three off a ton of catch that maybe it's in 2021. >> microsoft, on the other hand trade (3) 2 times, it's priced for growth this is a mid teens grower, and they have that dividend yield. they're just two different businesses

the two stocks make up 40% 71 stocks. if one or both decides to go -- >> this goes back to the multiple expansions. in 2020, they can continue to go up, but at some point when you have the maga complex making up 17% of the s&p 500, a good percent z -- it seems dangerous to me at this point. the really's getting a big narrow here. these things have gone parabolic. you know, you're going to see sales accelerate and today's closer is stacey cunningh cunningham dan here has been pounding the table on pin tres. pinterest.

>> profitable in 2019, expected to be profitable in 2020 this compete reports in a couple weeks. if they're able to guide up, you'll see mid 20s easily. >> i saw no table pounding, but he was optimistic. good call, dan earnings beat, pinterest is up 10.5%. what were you do now, though it's his take as well as his last-chance trade. keep it pinned here on "closing bell." ♪ ♪ ♪ ♪ don't get mad. get e*trade, dawg.

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welcome back first off, dan, great call i said if you take a little off, that was my target you hilt your target -- >> but that is not your last-chance trade. >> we were talking about interest rates my belief is the longer this coronavirus sticks around, i think you'll see a lot of growth not materialize. i think that puts pressure on

u.s. treasury yields we have the ten-year treasury yield over the last ten years or so that is the line in the sand, and we may see something in a long time. we know last summer, there was a lot of talk about recession. every rear session has been preceded by a yield curve inversion. we are already six months past that let's go to the final chart. that's the 20-years u.s. treasury etf that tracks long-term u.s. treasury yield you sue the up trend, the down trend. i think you buy it on dips here, because i think a lot of the issue that are depressing yields right now will continue. we may start to see -- at least

not get more hawkish, now when there's pressure on jay powell, and the more that corona sticks around, you'll see -- >> you tut what would that do to the stock market >> i don't think it's going to be brea. mike santoli talked about it lower yields are good for to bes. i think we probably go below 1%. >> if you see all these -- you see what's going on with growth. do you remember a lot of people thought it was goodo on.

>> i know, but that's the sort of action. i think they learned their lesson now >> that's not what he said, but he does like the 20-year tlt. >> its think it's the new pinterest. we're going to bring you uninterrupted coverage of the final minutes of trade you can always watch this or listen to us live anywhere you go "closing bell" will be back "closing bell" will be back right after thiss printing out and saving money. shipstation saves us so much time. it makes it really easy and seamless. pick an order, print everything you need, slap the label onto the box, and it's ready to go. our costs for shipping were cut in half. just like that. shipstation. the #1 choice of online sellers.

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we are now into the market free zone. >> mike santoli is here to break down the crucial moments, and dan nathan also here as well michael, what stuck out to you today? >> you know, obviously we're nervous in front of the weekend. fridays have not been strong this year. we talked about that a couple weeks ago, i don't think it's very much damaging to the trend, but i think it's natural to have a question whether we've been to hasty. >> over the last year, we've actually seen in the third,

fourth week we'll seen selloffs in the market. it looks like we would do it again for the fifth consecond tiff quarter in a row, and we're right back to the highs. so i really feel like we doesn't have enough game >> yeah, i have 2 1/2 over for near use of the worth "hasty." and it's earlier in the original promise to be profitable sometime in 2021 the ceo talked to cnbc earlier today and spoke about uber's past to profitability, and relying on discounted -- >> i do think that the era of only pricing to win business is over, and i think it's leading to the era of actually having a

great service, innovating on safety, for example, that every time you take uber, you are your safety area, you can text 911 if anything happens, you can have someone track your ride. we think you should price based on service, not based on discount >> are you surprised >> they talked about when they would be profitable and how they would get there. i think they hunkered down and wanted to get that story straight listen, the stock has come a long ways off the lows and it's up about 50% after being cut in half. i'll tell you this the deal was priced at 45, it opened at 42, i think there's a lot of overhead resistance, if you're buying here, you probably don't have much of a run here. >> i think it's an interest

change in narrative, who we talked about being the amazon of transportation, and now on the first line of the earnings statement talks about profitable growth >> yes, absolutely, a shift in the story. what i would also say, and this is, by the way, the mega upbeat case another ipo that bottomed at the -- was facebook. maybe of 2012. they couldn't shoot straight, couldn't get anything right. it was still down january the next year from the ipo price i'm not saying this takes over that way, but it's a similar cadence. >> exception one scales that almost -- >> of course that's why it's not going to be $600 billion, but could be more than 60. canada goose revising its guidance lower, warning that the coronavirus outbreak -- the

stock down 4%, off its lows for the sessions, really cutting earnings forecast and sails. it's you'll at 2010% to 20% 689. >> it's a very discusses couraging charge are chart i don't know if it's a brand erosion. we have a news alert on apple. josh lipton has the details. >> some important news remember the company had temporarily closed offices and stores in china until february 9th, on what it called at the time an abundance of caution because of the coronavirus after consulting, apple says, we

are working towards reopening or corporate offices, and the week of february 10th, and we are making preparation to reopen our retile stores. remember apple has worked hard to build out a network of stores china. it has 42 of them over there, and they thought closing for a brief period wouldn't have a material impact. they want the online store remained open, but we have to see what investors making of this news now, now with this news statement, no hard timeline of when they will reopen apple does not break out how much revenue that accounts for, but they believe the stores generate probably around 10% of greater china revenue, so not an insignificant amount here, guys. >> josh, thank you very much meantime, fedex that stock

gaining ground as well frank? >> surging right around 5% after announcing it would use its drowned division to maximize the e-commerce growth, also increasing the packaging that ground trucks delivers, makes their trips more profitability with 12% of revenues back over to you >> frank holland, thank you very much we have about five minutes to go. cruiselinesers are getting crushed. contessa brewer has the details for us. >> only down 14% in one month. it has one shipped waiting on

results of coronavirus tests administered to four at the passengers they readily been this china and so had 23 other passengers those passengers were screened and sent to newark airport to fly back to china. eight americans are among the now 61 confirmed cases of a coronavirus on, as is holland airlines f. carnival's stock is -- norwegian has dropped 7%. almost 4% today alone, this is a segment that's getting slammed with coronavirus concerns. also the perception they're getting, what do you do with those stocks >> i don't think you touch them.

it's not something that's making people run out and get on the next stef boat leaving at some point it's going to be cheap enough -- >> it had been pretty cheap, but it's tough to know. >> i'm not going to challenge what apple has said but when there's 31,000 cases, the spread has not slowed down. you want to be disciplined about this stuff it's a cheap stock, trading about ten times. if earnings come back, and it's a 10% earnings grower, that's

how you buy a stock like this. we've got about two minutes left to go rick santelli has a check on the bond market. >> it was a wonderful jobs report yes there were big seasonal revisions, those are all takeaways, and another nervous weekend rather unknowns, but they're still up on the week you can see the volatility there. go all the way back to february 2012 for 10s, and 2012, 2016, 2019, we have bottoms you need to pay attention to. 151 to 195 is the containable range. outside of that be nervous frank holland, even with the setback we're up 376 points on the week no nasdaq. >> after a record close, the nasdaq is in the red or will finish with the best week since

november of 2018 consumer stocks among the biggest gainers. the ibb and smh both down today, but both also having a great week it's the best in the year for the ibb, and best since june apple, texas instruments and intel contributing to about half the declines bertha this is the fourth fry out of the last five we've seen a downturn that said tech and health care real liter are what moved things higher, certainly the best of the dow with microsoft and unitedhealth microsoft with its best week since 2018 meantime, biotech and semis, as frank mentioned, the big winners this week, but energy also snapping a five-week losing

streak, even though it was a laggard. utilities that risk-off move this week, down for the week the dow closing down nearly 1%, third time this week welcome, everyone, to "closing bell. that was a wrap on what was a overall strong week, but ending on a down note s&p cutting its gains for the week, which were still pretty strong, but the dow also closing up, making its best week since last june.

the russell 2000 has been a laggard. nasdaq hitting record highs, it was up 4% on the week closing down today some pockets of strength in today's session, which week talk about, including the different players, but also communication services, having an up day >> 14 stocks in the s&p 500 closed up 10% or more this week, led by biogen, cody, and even twiters. stacey cunningham, should you ever buy the stock of a losing company and what happened to casper? she is your closer today joining us to talk more about it, is michael zinn. dan nathan principal at risk reversal advisers. yes, today not a good day, to

sara's point, but the best weeks since june for the dow why this sudden strength >> to me sudden strength is more about the market wanted a dip, said it was over-eager i think the big explanation is what has been continuing to work, which is thenasdaq 100 type stocks. the big consistent giants that have basically seen as leadership for a long time they're both quality and they're defense. they're perceived as being these battle ships, so i think it's understandable a lot of this open-ended, we don't know -- >> dan, if you do back, and we've done it before, but if you track the fed's balance sheet with the equity markets. that's the wind at our sails

here, nothing has changed. >> well, it's funny, the fed chair called that a mid-cycle adjustment they adjusted it up. that fits the yield curve. they knew what it was going to do to risk assets, but i think what changed this week is china grout in the game. that's really what they did. what was it, 10% decline after being closed for a week in their own stock market i don't think we've had much of a change in the actual reasons we're seeing more quarantines, more disruption into business activity at the end of the day, your guess is as good as mine. >> i won't deny that liquidity plays a big role, but mike, the fundamentals of the u.s. economy were actually is the pretty strong this week the services number was pretty good private sector jobs. >> that's the backstop of this whole thing, and by the way, that same moment when the fed

started adding liquidity was when they started sees the isms bottomed the global fundamentals bottomed at that moment and the first stirrings of a trade deal. so, yes, i think the market was hopeful in trying to price it in >> correlation is not a causation, i'm told, did the global central banks turn things around, or did they get so luckier they timed it as we were naturally bottoming anyway >> i think honestly the fed repo operations are mostly a red herring, but the idea that the fed is going to tamp down any dislocations is a good psychological background. >> michael, weigh in here, is the market getting ahead of itself

>> i think you can have a good deal of confidence that there's not necessarily a ton of down side the market got bought, as we talked about, the tech has continued to lead the pack what's the up side from here that i think is the remaining question you have a valuation question, you've got a fed that no longer adding aggressively to it is balance sheet, and you have questions about durable of european growth as we saw today, so investors can have conviction to buy the dips, but there will be dip buyers. >> i get all of mike's points, but the equity market is a discounting mechanic fame. we have beer i stocks now, so looking backwards at data, i'm not sure that's telling a story, and four companies that are

worth more than a trillion dollars, mike. >> yeah, they've been juggernau juggernauts, and they have clearly demonstrated, whether it's cloud, digital transformation, that that phenomenon continuing to be what's going on, it's almost the invasive speechies that's taking over the world at the expense of more traditional sectors i great that multiples aren't cheap. as long as you see observability organic growth, and you continue to say it, and to some degree at the expense much the old-line sectors, you'll continue to see a lot of conviction in this super-high quality blue chip >> or maybe the u.s. is a safe haven and the u.s. is a place to be. >> michael used the term

"invasive species. when you talk about the market being a discounting mechanism, what was apple's 100% grain foretelling? was it foretelling a massive earnings growth? we're not expected to see that so then you take this unforeseen coronavirus here, will it help the cycle? i tell you this, people forget that apple was the most valuable stock in mid-2018. >> all i've said is we've had a proceed live race of etfs, and all these etfs are the same five stocks at the top, so there's these buyers of these stocks that's got to help so it doesn't account for the outperformance. >> it's brian's favorite point wilfred interviewing vice

president mike pence today in a first on c increases interview he asked about how the administration plans to tackle the deficit. >> we sought in the last administration a doubling of 9 national debt, but we also saw an american economy that wasn't growing by more than 2%. it was the slowest economic recovery since the great depression the president came into office and said, first and foremost we have to restore growth deficits and debts are right in line, but it's first about getting the economy moving again. we really do believe the extra sect torrie we'll end in the 3% range, which is what president trump set back on the campaign trail in 2016. >> wilfred joins us now from the white house. it was a good question what did you make of his answer?

>> i wanted to give a bit of perspective between the obama deficits and temp deficits president obama inherited a deficit, fell to a low of 2.4% of gdp president trump inherited a deficit of 3.1%, and it has ticked up each and every year since then, 4.6 of gdp last fiscal year, and of course comparing it relative to gdp is the best way of doing it on the topic of whether in a second potential administration tackling the deficit should be a high priority, i asked that question to larry kudlow >> in the second term, i think the president would love to have tougher limits on spending right now the definite is about

5% of gdp. so i call it a reagan era type of deficit i don't think it's a problem i think it's very manageable incidentally, i want to note some analysis from the congressional budget office, with whom we don't always agree, but actually their new estimates on a stronger economy throwing off retvenues, we have essentia paid for the entire tax cut essential. we almost paid through stronger than anticipated growth. i like that. we are spending too much i think that will be a key.in the president's second term. >> reporter: larry mentioned the cbo estimate there instead the cbo has the deficit forecast to be flat this year, again at 4.6% of gdp, and then

debt get to -- so the pace increase, the deficit therefore shrinking a bit. a lot will rest on the growth rate and the relationship with china. one other big takeaway, it was a more constructive tone coming from a member of the administration who used the phrase "new cold war" talking about china and his 4ud son institute speech today the tone was more constructive he said the announcement of $75 billion in tariff relief wasn't even part of the face one trade deal we think it gives evidence that china is beginning to step forward and take the necessary action clearly face two is 23409 very close, but if that does come closer after an election, then the prospect is certainly that

guys >> i just don't understand their whole assertion that growth is going to help pay for these deficits we had a trillion dollar definite now, a little under 600 billion when obama left office as a result, we did get a supercharged growth late in the cycle, but not enough growth to be able to pay for it. >> clearly you can argue about the size of the deficit in absolute numbers, but the key is to focus relative to gdp, and relative, the deficit has increased a bit slightly each and every year under the trump economy. you can't say that it's shrunk, but just focusing on the dollar amounts isn't as relevant when the economy is growing we'll have to see if it comes down in the uture. at the moment unemployment where it is, they tend to focus, including in interviews like

this morning. >> i don't floe, i guess the plus side is the democrats challenge him that too much. >> actually, it seems acif large deficits relative to gdp don't seem to have adversus immediate effects, and all the other things we thought might happen it's not even up to target but to make the case that somehow you can out-race it with gdp growth, there's no way the math works >> thank you, wilfred. mike and dan, thank you both as well. up next a big executive change at forte. we'll get reaction with jim press, and casper gets crushed on day two after a pretty strong ipo yesterday. stacey cunningham is our closer today. she'll way in. weigh in what do you see?

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and when you open a new brokerage account, your cash is automatically invested at a great rate. that's why fidelity leads the industry in value while our competition continues to talk. ♪ talk, talk it was a big week in the auto sector. you may have heard about this company called tesla up 20% in two consecutive sessions, but giving back a stanch at portion of those gains. like from 950 to 700 this week, neff a shake-up at ford jim farley expanding his

roles there, and issued disappointing guidance for 2020. joining us is jim press. executive vice president sdwrim, listen, it's good to chat with you again. i don't think many in american know as much about the car business as you. how did ford screw up the explorer launch that badly >> it's great to be with you, i appreciate it, especially on a record week for the stock market i don't know if it really was screwed up i think these events are probably all related to this transformative time. if you look at tesla's success, instead of overpromising and underdelivering, he's now exceeding expectations, because new technology and that transformation is accelerating at ford, which still has to maintain the old business model has to contend with investments

in the fuss as well as trying to make sure the cash flow machine keeping residents. it was a move that was already in the works it isn't just a function of a maybe a less than successful launch. to be honest, the launch was very aggressive. it's different to launch in a new plan, a new product at the same time, so i think that was a challenge that frankly they learned some of their shortfalls on >> one of their most popular cars, the explorer, it's a known brand, many have to be sent back for multiple problems. this is not a company that is new at building things is you're absolutely right

in the processes, maybe even the culture. maybe they need a little of the old mullally -- and, he's a transformative guy, but hi also drives performance because of some of they things that happened. that was the biggest --. >> how does the industry, jim, your world, those folks at ford, gm, chrysler, how do you think they are watching this tesla move >> it's really interesting the forward-looking folks recognize that they see tesla in

the rear-view mirror they're doing things in a different way that being bound by the existing industry in the way things have always been done, they could see it that's why they forecast problems, doom and gloom. they're starting without any legacy, and he's doing things the right way based on what customers want >> and it just works jim, that's the point. tell la will go, what, 300 miles on a charge. i'm nothing going to pick on any other car companies, like it goes 190 miles on a charge actually, first of ll, all

americans don't want electric cars -- of the electric car buyer, you know what i mean? >> yeah, they want electric cars, tesla gives them not just a car, but the iphone of cars. it's being a at that time constitutions symbol they love overthe air updates. they even like the games it's a cult in some ways, and it works. it is definitely the future. we all have to recognize the industry, to put our arms around it and try to move towards it. i think that's why it accelerated with farley. jim press, nice to see you. >> thank you, i appreciate it.

up next, stronger than expected wage growth could that be a red flag for inflation? >> as a reminder, you can always watch or listen to us wherever you're going, you with catch yourself on the cnbc app we'll be right back. it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪ doprevagen is the number oneild mempharmacist-recommendeding? memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life.

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let's go to mike santoli. >> show me the money is what american workers are saying here they also the average learning of a workweek. it was steady this combined let to about a 2 1/2% gain year over year to me the takeaway is it's been consistently above the rate of inflation. it if that's the toggle, because you're staying ahead of inflation, you definitely had some downturn in this number, as we had a lot of big russian hours. right now i think it's solid,

but not accelerating, so okay for now. up next, our closer today is nyse president stacey cunningham, who will discusshe t state of the market after warner music announced plans to go public ♪ ♪ ♪

when yowhat do you see?itical issues facing our world, we see breakthrough medicines getting to patients in record time. we see harnessing natural gas unleashing the promise of clean energy. we see engineers simulating the future to improve today. at emerson, when issues become inspiration, focusing core strengths to create a better world isn't just a result, it's a responsibility. emerson. consider it solved. hello, everybody here's what's happening at this hour new york state will challenge the department of homeland security's decision to block new

yorkers from participating in trusted traveler programs. this and what new york's governor calls retribution for a new york state law that could hinder immigration enforcement. >> it is an abuse of power it is extortion. it is hurting new yorkers to advance their political agenda and we're going to fight back. british scientists expect to have a vaccine for the coronavirus early next year, but they caution there's a lot they don't know yet and the wreckage that killed kobe bryant, his daughter and seven others did not show? outward sign of engine failure the ntsb is investigating and a final report is not expected for at least a year. brian, back downtown to you.

>> sue, thank you very much. also topping your headlines today, new developments in the college admissions saga. douglas hodge, he's the form terr head of pimco, being sentenced to nine months for prison, also two years of supervised release, a $750,000 fine, 500 hours of community service, allegedly uses rick singer to help five of his children get into college. turning to ipos right now, one of the world's largest music labeled filed its first document to go public. >> reporter: warner music group filing for an ipo, the third largest music company. thanks to revenue from subscription streaming services, the company has grown

dramatically from when access industries bought it for $3.3 billion in 2011. warner music reported $4.5 billion in revenue last year there's no word yet on the vale ways, but yeast year when its largest rival was valued a the 33 billion, that's when it sold out a stake. we'll be watching it back over to you was shares of cap per plunged finishing lower by 18%. casper was valued not long argue, but with today's market cap, $345 billion. how do you explain the gap

>> i think we're talking about private verse public market valuations in the public markets, you get the benefit of many buyers and sellers coming together, and also with more information so you see as companies enter the public market there's a transition where public market investors are looking at them different. you see that over time, so you mention casper, we're on day two. day two is certainly not how we think about the long-term success of a company the ceo was on the show yesterday, and he talked about the long-term goals, and you think about a lot of the companies that have come out over the years, it takes -- when a public market company looks like >> so the ipo market is fill in the blank? >> the ipo market is getting ready to heat up i think there's a lot of companies ready to come out in

2020, many looking over the next several months to get in, especially ahead of the election when you look at the data, there's not too much that really is associated around that, but companies tend to want to avoid it in i were we've been talking about uber today, that's a company that's taken time to find a shareholder base, so to speak, but there's obviously been a clash between public markets' willingness to overlook, and trying to, you know, serve those needs. there's already a reluctance to rush to the public markets, was there not? has it changed become worse >> i don't think so. we've had such a long run. companies are recognizing the fact that they should be ready to say out there's a lot of value you get the khaleed that's unparalleled, even though you have access to a lot of capital, you also get that currency

you also have the credibility and the visibilities there are a lot of countries that are getting ready to go i don't think we can underestimate the value, and really looking at what a company has underneath, right? those disclosures and that transparency is really important, and the discipline in governance is also really important. >> what's this whole ebay thing? the parent company made a bid for ebay >> let's talk think about it, jeff is a chemical engineer, he pralted power plants in california, and thought n. trading was inefficient. he thought there was a better way to do that, bought a company for a dollar and turned it into a 50 billion he-plus company that comes from a dna of problem solves

after energy it was credit default swaps. did we seep -- >> so used skis? >> it's a transaction processing and data platform. we look at how to make things more efficient are there ways to ask the right question. >> by the way, you were also an engineer you were an industrial engineer, so do we need a retail trades platform was that ever a part of the discussion >> i think part of the discussion is how to take the assets we have as a met team and find businesses, one, that we can make more efficient. that's in our dna. you'll continue tows ice do that >> wondering how the wework

debacle changed what you do? >> and they're more fogs cussed on the discipline of governance, and there was a fear of missing out. without necessarily he thinking what the long-term pipeline -- it's an portion and healthy correction the fact that the public markets deliver that is value we saloon underestimate. we should also recognize that people benefit, the broader country and world benefit from companies being public they benefit because there's a higher quality of companies out there, and they also share their success. the american dream is built on people being able to build a country eye.

>> i think companies are recognizing they need to tell their stories differently, where their stories may have been more focused on how they're going to continue to grow now they're focusing on how to deliver value more broadly. >> stacey cunningham, president of the new york stock exchange >> thanks for having me here, brian. >> thanks for having us here >> we love having you here we get to talk about what's going on in the economy every day. >> i want to talk about food, but that's -- you're a former chef. >> i like talking about food >> i care about the guests. >> when the landlord has come to visit -- >> why are you so great? coming up next, the streaming wars, they're about to get more crowded. find out what major company is about to get in on the major action, whetheorot trer nhe's any room left. we're back after this. i'm 52.

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a merger, viacom/cbs is combining. they do have existing streaming services the new streaming venture, which hasn't been named yet, will build off of cbs all-action and including parapoint movies and more joining us is alex hermeshermano broke the story. what more can you tell us? >> this is a weird situation they're both early and late to the streaming wars, because cbs all access has actually been around for about five years already. it with show thyme together, cbs' two major streaming palace forming already have over 10 million customers.

since they are now one, cbs is basically going to say we have all this new viacom content that we can add onto the existing platform we have we'll probably rebrand the thing, but all of of a sawed all access which has live sports, live news, can now have paramount movies, nickelodeon, comedy central programming, so it's sort of a bundle of new things so an all-encompassing streaming services >> alex, any sign of whether cbs viacom will anticipate in the new content arms race, or will it just be another venu for what's already out there on cable? >> to some degree they probably have to, brian, cbs all access does have a handful of

originaling, includes new "star trek" features that have brought in subscribers, but not nearly as invested in originals as netflix or disney plus is. we may learn some of those details on viacom/cbs's earnings call sources tell me they are going to talk about the existence of this new combined streaming service, which will be a first, so we may get a clue on whether they're spending more time on originals. we are told we will get an eye into what's already exists there's all these different streaming services under the umbrella we're going to get more detail on the metrics behind those, how many subscribers, revenues, et

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all right. time to kick it back over to mike santoli for the final dash boor of the day, of the week, sounds like pain and glory >> there's an oscar theme. i know show me the money thanks for your support is when you -- >> pain and glory, i believe nominated for best foreign film. anyway, look at the bull/bear indicator. that's what this measures. it is not yet in the overly frothy extreme bull territory. that means, according to strategists at b of a, you till want to give the up side the benefit of the doubt we'll see if the news flow

cooperates >> we have a news alert. sue herera has the details. >> thank you very much we want to let you know the justice department has basically drop its antitrust probe of four automakers, fords, honda, bmw appeared volkswagen. the background to this situation is the justice department wanted to find out whether or not those four automakers basically worked together in an anticompetitive way to put in place some standards that were in california but were beyond what the trump administration wanted put in place so the justice department investigated all four of the eight omakers for possible antitrust. they have not dropped that it's ford, honda, bmw and volkswagen. >> not sure this was a big overhang, though >> it was seen as a way for the administration to try to

short-circuit those california standards and see if with you do it by way of saying that the companies improperly got together to help set them. up next, clash at a cocktail party. the white house's peter navarro and amazon's jeff bezos feuding. it has all of wall street buzzing. we'll tell you the full story, straight ahead t looks gross what is that? you gotta try it, it's terrible. i don't wanna tray it if it's terrible. it's like mango chutney and burnt hair. no thank you, i have a very sensitive palate. just try it! hey guys, i think we should hurry up. if you taste something bad, you want someone else to try it. it's what you do. i can't get it out of my mouth! if you want to save fifteen percent or more on car insurance, you switch to geico. it's what you do. dog, dog, dog.

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cnbc frmts are the. so lets say you're at a big cocktail party, maybe tonight. and somebody you don't know comes up to you and asks for a meeting. now, in person by the way has also just put out a 54-page report slamming your company for selling counterfeit goods and calls your employees minimum yn ons. if that happens tonight, how do you respond? that's what jeff bezos asked on instagram yesterday, throwing shade at white house economist peter navarro who says he asked multiple times to meet with bezos but only offered other senior executives, even after bezos agreed at something called the alfavela club cocktail party in d.c. to meet when navarro came up to him in person do you think you have the best response foss the his instagram post pep he says he will send

you a seinfeld certainy. >> navarro walked up to the your buddy bezos. >> which sun one is my bud. >> can we meet. >> call jay carney head of pr and we get it done but in tech parlance ghosted him. >> navarro was deeply offended and angry. >> i think he is mad bezos is sure we'll meet. >> maybe there is a difference. >> bizarre. >> a difference in the understanding of what the proper protocol maybe bezos feels it's it's a principle meeting. >> i don't know what goes on at the alfavela club. some of the club you don't talk business. >> it's an interesting lesson what to do if you don't want to meet i have a guy he will hook us up. meantime another feud brewing between nancy pelosi and facebook now what, eeme >> the alfavela club you guys were talking is known as one of the best clubs in washington,

d.c. lamarly because they don't invite me to the cocktail parties. it sounds right. >> moving to the dispute we see this unfold on twitter in realtime pb with, a dispute between nancy pelosi, the speaker of the house and facebook and the video the president post on both social media platforms. look at the video from tuesday night, trump tweeted this out. the tusk egoey airman, nancy pelosi ripping up the speech, the video makes it look as if after the honorees were honored by the president she's not what happened. she ripped it up at the end and she applaud the tuss keyingy airman pelosi inens censused by the video. writing this on twird li twitter saying the latest fake video of speaker pelosi is dlibltly

designed to mislead the american people and every day the platforms refuse to take it down another reminder they care more about the sharltd interests nan the public interests facebook and twitter holding firm, saying they are not removing this video from in re services facebook saying simply the video doesn't violate their policies which do ban anything that makes it look like like somebody said something they didn't say or did something they didn't do this didn't violate that twitter says they have a new policy coming but doesn't happen until march 5th. that's why they didn't take down the video, guys. >> well first off i hope you get in the alfa club you deserve every opportunity to go to the alfavela club. >> thank you wild time. >> mike from an equity perspective, at some point you tick off enough people in congress they might decide maybe you are a publisher under legal standards. >> that is the big thing

hovering over the companies for sure on the other hand, creatively editing these clips, i mean that -- >> you can't go out. >> that was typical. i don't know it was a close call to be honest as much as it might be disjenn use and misleading. >> betting big on the oscars both draft kings and fan dual looking to cash in big, the full rundown when "closing bell" comes back blocking the pd-l1 protein, lets the immune system attack, attack, attack cancer. pd-l1 transformed, revolutionized, immunotherapy. pd-l1 saved my life. saved my life. saved my life. what we do here at dana-faber, changes lives everywhere. everywhere. everywhere. everywhere. everywhere.

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this week's big event is set to be sunday's night's oscars. this year viewers bet big on who takes home trophies last week the draft king ceo got his bet in in. >> if betting can did do for the oscars what fantasy does for sports hopefully that's a boost. we'll have to see. right now people favor 1917" and jauquin phoenix. >> julia boorstin here with more, julia. >> well, sara, this year gambling on the oscars is spanning to indiana beyond new jersey where there is an estimated $1.0 billion in oscar bets placed last year. still the faft is universal's

1917 one to two odds. followed by parasite with 1 to 3. once upon in hollywood 9 could 1 and irishman 50 to one odds it's hoping to expand upon the success it found using those oscar bets to draw new people gamblers which expands its potential audience guys, back to you. >> julia boorstin thank you. >> i'd say parasite e dark gross at the end but really good but i will say this "1917" i'm talking our book, so visually stunning i think i might go back and see it again this weekend for the camera work. >> yes i do think once upon a time in hollywood. >> i liked that. >> was an inside track for a while because movies about hollywood get a boost. "la la land.

900 voteners the academy. >> i think the problem is we are watching tv appear not movies so none of us see the full slate. >> all but one. >> that does it for "closing bell," bell. >> all right see you monday. >> see you monday. brian is back is the good news of the weekend look forward to it "fast money" begins right now. live from the nasdaq market site over looking new york city's times square. i'm tyler math in. traders on the desk tonight. and tonight on fast the markets ending the we can on a down note the fierce of a global slowdown and coronavirus seeping back into investor minds. plus it's friday and you know what that means for the chart of the week, if you are spooked by the swing, guy has an idea you want to check out. there is the chart we figure if pout later counting down to the oscars just over two days until the industry big awards are handed out.