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the s&p and nasdaq hitting record highs we're waiting minutes from the last federal reserve meeting which could be coming any second now. apple hitting $2 trillion in total market value that's a double in just two years. it's phasing major risks to the bottom line. we will explain what those are as apple goes up

unlike other big bock retailers, the stock is surging as you see right there. "power lunch" begins right now welcome. i'm kelly evans, as we await the minutes from the fed, it's the financials lading the way. take a look at these top performers, airlines, cruise ships powering high, modest gains, but also inindividually is trading near its all-time highs. it's doubled this year and is reporting earnings after the bell today we'll have more on nvidia's monster run. ty >> fed minutes just released rick santelli is looking at the headlines. hey, rick.

>> indeed, one of the big issues was the way the federal reserve was going to tweak the way it looks at inflation, various policy-setting tools they have. how much more patience they have inflation has been a big issue with covid you can make good arguments both ways and as steve combs through the minutia for more details on these particular facts, discussion behind closed doors, the markets right now haven't really moved a lot we see the dollar index had a nice bounce today interest rates

are very close to unchanged. the problem with though unchanged on a ten-year now is lower than on thursday where there was much nervousness about a rise in rates that was a bit unexpected kelly, back to you. >> thank you, rick for that we're going to go we're going to go to bob pisani for reaction >> very narrow trading range today. tech is is it illetting. software and hardware is strong, but banks are about up today so tech, bankses, energy lagging. lowe's also on the up side they've been on a largely

downward slope, a slight uptick today, though. as for what's highs modest pullbacks here the market is very excited about the fed's september 16th meeting on the possibility maybe new targets and whether 2% is most consist able with their objective. we're seeing spikes in the vix for the next two months. kelly, back to you. >> bob, thank you very much. >> kelly, thanks very much just a few headlines the fed had a pretty spirited discussion on the long-term

monetary strategy and communication. i'm not seeing, at least off the bat here any particular agreement. they've been leaning on the outcome-based strategy that's where they've been leaning, sort of all over the place on the section i've -- they reiterated how the -- they did see a strong spending rebound and noted that fiscal policy had supported that spending rebound of course, you've heard several fed officials comment on how the lack of that new relief package in congress creates some risk, they think, to the outlook they say the high-frequency data they have seen at the time of that meeting and indeed since seen some signs of increases slowing to that point.

you know there's a bit of a back-and-forth and a tug here on the issue of whether or not supply constraints could cause inflation to now particularly worried about that i haven't seen to this point -- and i was speed-reading to be fair -- any conclusion my best guess is they'll side on the side of data base targets for their long-term strategy >> we'll check back in shortly, steve. we appreciate it for more reaction, such as we know what was in them, and also to discuss the markets and the economy, let's bring in tom

porselli and megan schu is head of investment strategy with williams trust we haven't had much time to look at the minutes, but tom, does anything leap out at you it sounds like there was a lot of discussion of things we already know, which is, for example, consumer spending came back rather sharply, for example the future of the economy depends on the future of the buy risk, et cetera, et cetera. >> i think it's a two-way conversation on what guidance is supposed to look like is not a surprise at all. they shouldn't rush to judgment on this. no one is expecting the fed to raise rates anytime soon our preference would be to take their time, continue to have they debates to figure out the best approach. we hope they come down on the side of more of a data-dependent forward guidance, like choose an economic variable, and tell us

that that's your -- that's what you should go it i think that's the best approach from a public guidance per peck spiff. the fact that it's very two-way, i think that's completely encouraging, because it suggests to me they're having a thorough conversation about it. >> megan, any insights that differ from those of tom >> i think the recession is unusual in that the fed has been taking a backseat to other policy makers. the reaction has been pretty muted. we didn't see this as a market-moving event, but it's -- i think in this type of environment where the data is moving so quickly and we are forced to use real-time data indicators nfc of our standard form of looking at data, the fed

minutes are going to be a bit lagging. clearly we're focused on the direction of the economy going forward. it looks like we'll see some slowing from here. so we're somewhat cautious on the markets. i'm not surprised of the reaction rear getting from the markets right now. >> my notes tell me, meghan, you have a modest underweight to, and slight overweight to fixed income and you're nibbling at gold i'm curious what you see in fixed income and where that would attract you at these yield levels and interest rates. basically our position reflects a more cautious stance on the economy and the trajectory going forward. we've had a nice recovery in certain aspects, but we think there's still pain ahead we're controlling risk by having a slight overweight. we did put that on several

months ago, in particular in the municipal bond market, where we saw a lot of pain, an historic dislocation. credit spreads and useful bonds have compressed quite a bit. so we are -- we are reevaluating it going forward, but for now we feel like having that -- having that somewhat cautious but notice overly defensive positioning has been the right approach, even though the market's recovery has been much more rapid than we expected. >> tom, in freshman economics terms, explain to me what the fed is doing and am i offbase in saying that what it appears it's doing is printing money and buying all of the debt it can get its hands on, most especially federal government debt, but also etfs, corporate etfs and other -- mortgage backs and other forms of debt. isn't it just flooding the system, flooding the zone with newly minted cash?

>> yeah, i mean, look all these facilities, the design is to make sure markets are functioning in as smooth a way as possible. that's effectively what the fed was trying to do even the purchasing of treasuries, right? all of these things are ultimately designed to make sure markets are functioning smoothly and make sure the backdrop is liquid, right? we've seen the fed go down this path before. they're not doing it again we expect it would remain a part of the backdrop for the foreseeable future the one thing we have to give the fed a lot of credit for is, you know, there was no hesitation on their part we're happy to give them credit for that early on, it was that they rushed into the market to basically provide this liquidity, and to make sure the markets could function properly. i think they're doing everything they should.

can you nitpick on some of the strategies should they have been rolled out a different way sure i think that's always true >> i guess it went back in a really rapid, as you point out, in a rapid way to the path that ben bernanke ablazed for them. thank you both for being with us we'll see you again. back to steve liesman. he has a nugget from 9 fed minutes. hey, steve. >> a couple quick ones here. first, the staff outlook that informs the chairman's opinion and other members of the federal reserve quite a lot. they see a rebound in the second and third quarter, but they're concerned about state and lots scaling back the reopenings of their economies, especially for businesses such as restaurants and bars they're concerned about renewed spread of the virus and baking in additional fiscal policy.

one more thing i'm sorry tom left they would have gotten a kick out of this. it's a bit on the wonky side, a bit of talk about yield curve controls, capping yields as one measursasure to help reduce int rates. they're not talking favorably about that at all in these minutes. they're saying most people who talked about it saul only limited benefits among the benefits to provide additional assistance to the economy, it looks like yield curve control is not winning the popularity contest and indeed may have been voted off the island. >> steve, that said, my guess is the low level of the ten-year has a lot to do with that when bond yields are basically at all-time lows, why cap them? i wonder if their feeling would change if we had a run of cpi reports oar something where they felt it was going to be passing, but the market treating it more

seriously, and the ten-year getting too high >> you know, i shouldn't have been concerned that tom was gone when it came to wonky stuff, because ear around >> in fact, you nailed it. they do make the comment in the current context. i really think you neal it, kellie in the context of the country yield curve and the differentials between the short term and long-term yields, putting caps on yields almost anywhere on it is curve -- rick is doing a headstand flailing with his feet in the air about yield curve controls in that context, it wouldn't do much good at all in the assessment i'm reading here. >> we'll see if different level beget a different apology. thank you, steven. still ahead, apple hitting a major, major milestone the first u.s. company, i think the first-sever company, definitely the first u.s. company to reach a $2 trillion

market cap, just as the ballots over its app store is brewing. we have full details for you. start surging double digits to a record high after a huge earnings report. we'll tell you what the ceo said that has all of wall street talking. more "power lunch" ahead - [announcer] if you've tried college but never finished,

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the dow has gone negative after the release of the fed

minutes. now hanging on to some negative territory, down just a couple mont months. meantime target is hitting an all-time high for the quarter. brian contributed canceled vacations. >> in the pandemic we're not going to restaurants we're not going to movies. those traditional summer trips have been canceled we're not on planes. we're not spending dollars on lodging, so many have been redirected to retail when i look at the most important numbers. it is the traffic trends in our stores, what's happening with market share and how those dollars are being repurpose. i think we're clearly seeing winners and losers.

>> well, target is the best performers out of the group of big box retailers, including lowe's with 35% comps, all who were flat or lower eddie just lifted his price target to 180 from 140 it's good to have you here, ed why is this performance sustainable? >> we think what is interesting here as well is you had strength across the store, right? this isn't like first quarter which was simply essentials. consumer buying things for their home, for apparel, and we think that's their merchandising acumen. >> we all remember a few years ago back when they were doing major store investment it was all about can they bring

back that old target they have certainly proven that they have. they seems to executing on all fronts i guess the question goes back to what happens in a more normalize the environment. what happens salafter that >> we think a lot of the changes are actually just tro ends that will take place. we view, if it's a use of pickup, a use of online as really sticky things not every retailer is performing very strongly. we think longer term there's a significant share between the target to continue to take share. >> i wonder how much more quickly that might play out. i know we're talking target here and, you know, not the other names we're referring to in the department tore arena, but just zooming out 30,000 feet, how many more targets can there be >> i think you've seen target

enter more densely populated urban area, but it's really how do you continue to get mower product activity out of the existing boxes things like pickup, things like delivery really help you to do that without necessarily needing to expand the footprints significantly. >> what is the biggest risk now to the stock >> look, i think the consumer environment is still very urn certain. i have stimulus that's largely ended, the enhanced unemployment which has been sunseted thus far. you're heading into an election cycle. frankly the consumer spent a lot of money on he toys, and we may see a nontraditional holiday season. how important is back-to-school shopping for target, and how important will it be? how likely is it to pack out in this abnormal year might be it be better, because they, unlike department stores, they sell the electric strong that kids will need for their

classrooms target said today they were going to basically elongate the season where you might have packed up all the back-to-school stuff, you'll see that exist during the season so it's going to be a very, very interesting back half of the year ed. >> thank you very much you can say that again thank you very much. we appreciate your time today. coming up, s&p 500 trading at a record high, up 55% from the march lows, and unprecedented comeback we will tell you the under-the-radar names, plus no comeback, the stock is up 350% this years, just $100 away from $2,000 a share we have the details on elon

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it's totally not the same without you. we're finally back and can't wait until you are too. universal orlando resort. buy now and get two days free at the parks. restrictions apply. welcome back the s&p high pales in comparison halliburton, mgm among the names that have rallied some of the consumer stocks among the hardest hit. do you fade any of these moves

they winners are not confined to one segment. halliburton, up 3 hundred% from the lows, that strikes me as sort of unusual given the price action we've seen. what do you make of this stock >> yeah, the stock really could have a lot of upside surprise here >> these other stocks that having going up for quite a while now, halliburton has had a two-year downward decline. whenever a stock changes a major long-term trend, it gives you a lot more upside. it's already broken above the trendline, and it's now just breaking barely, slightly above

the june highs now, you like to see more of a higher high. in other words, i would like to see it break above $17 to confirm that those levels have been broken, and the trend has actually changed here again, this is a sector that's overheated, under-owned if it breaks down in a meaningful way it could be one of the biggest surprises >> all right michael, which names stand out to you >> look, the name that stands out is ebay. even though it's up 120% and hard to believe there's value, we believe there is. they made a rapid focus to change to the whole e-commerce side, and they reinvented themselves they brought in a management team this was revolutionary for customer ease and loyalty. i think this has driven their double-digit growth and will continue to drive them higher in a meanful way over the next three to five years.

fundamentally it's trading in a range that they we will break out even further, and for good measure, you get a 1% dividend yield while you watch it rise. he we think ebay -- and it has taken advantage of the whole tej logical shift, where at love of companieses are up significantly more than they are >> another 1% today. michael and matt, thank you. for more head to our website or follow us on twitter. >> seema, thank you. apple to become the first u.s. company to reach a $2 trillion cap, but our next guest says the thrill could be gone. he makes hess case after this.

welcome back, everyone i'm sue herera here's your cnbc news update an internal report by u.s. intelligence agencies say local officials in wuhan and central china tried to keep national offices in beijing in the dark for weeks about the severity of the initial covid-19 outbreaks, according to "new york times," which also says the assessment doesn't entirely contradict the trump administration's criticisms of china, but it does add some perspective on exactly what had happened. the union representing new york city teachers warnings opening schools? september without stringent safety standards, including testing would be, quote, one of the biggest debacles in history, end quote. it's threatening court act the city's education department says it's working hard to keep schools safe. the army is investigating two soldiers who appeared in

uniform as say moa, a long-standing rule prohibits wearing a uniform at a partisan political event. >> sue, thank you very much. we've turned from positive to negative it was negative earlier. at the -- down three points. the nasdaq up 26 probably, kelly as a result of some of the words in that fed minutes report that we got at the top of the hour. >> exactly what steve liesman fingered, the fact they weren't interested in yield curve right now had rates near the -- that took some of the wind out of its sails. we have a news alert on app apple, the stop of the day what's going on, josh? >> thanks, the international trade commission has launched ahn investigation here of imports of apple products.

this is apparently following a complaint of patent infringement by japan's maxwell in relation to certainly mobile devices. they do emphasize by instituting an investigation, they're not making any decision on the merits of the case we did reach out to apple. we'll bring you the comment if and when we get them apple did hit the $2 trillion cap today you're next guest believes it leaves no room for error that includes a battle over the all-important app store. dan gallagher, it's good to have you here i think you really hit the market on something that the bears on apple having saying, which is people are paying so much more for profits today than they did, you know, back five

years ago. >> it was, even in just in the last two years, the p.e. has gone from 15 to a little over 30 now, so it kind of represents the investors paying essential dobling what they're paying for the same relative earnings power, and when you come into the security where the app store is under attack, we don't know how that will play out or when, and kind of hype around the 5g iphone that's been driving up the stock a bit, too, i think this maics this any level more risky than the last level. >> what does the stock know that we don't why is it totally unflustered given all the pressure on the app store that we can see it acts as if it doesn't matter >> the service's rerating has been going on now for i think

arguing since the last $1 trillion level essential since the fall, this goes into the idea of that's why 5g phone will come out, and kind of iphone super cycle. i think that's risky as well, because, you know 5g phones tend to be expensive. you have a weakened recovery, and 5g coverage is still limited. so i think there's a lot of hype we've seen that in other big techs as well, even microsoft, alphabet, all these stocks have gone up a very large amount. >> you know, there's something as well that's been going on to apple. it's not like a company like target or even amazon that has benefited from digitation trends a different analyst note i saw

said they might have had their iphone revenue hit by 10% for people deferring purchases and from the late launch of the next iphone they're looking into next year, seeing the catch-up from that on top of that typical growth saying 2021 could be a banner blowout year for apple so, again, it's almost as if covid has been a headwind for its stock and looking ahead to next year saying this thing could purchase, at least financially. >> it's certainly possible the next iphone is -- to me 5g has been this slow and a bit overrated in terms of a driver, you know s. you still can't find coverage in a lot of places, yet you have a lot of hype in this idea that this phone that's going to tap into necessary network is going to sell big i think that won't be the case, at least right off, and then, yeah, with the uncertainly

effects of the pandemic, the impact on consumer spending, especially if government still his starts to lessen or go away, leaves a lot of question marks in my mind. >> i wonder how many devices they're actually selling when i'm doing my broadcast from home, i'm using at least six discrete appele devices, only to of which i had before this pandemic happened. i'm wondering if more and more people aren't realizing how critical devices -- laptops, ipads, iphones -- are to work, school, entertainment, our future >> i think there's some trust to that i think we saw that -- part of the reason the stock jumped up, is you saw the last report showed a jump in i pat sales, a jump in mac sales, wearables, so i think people have been trying

to outfit for working and learning at home, that's helped them i don't know how long that effect goes. we're now six months into the lockdown i tend to think people who needed to equip up, step up their gear, have done that so in terms of a driver for next year, i don't see that being the same kind of strength. >> interesting point all right, dan, thanks appreciate it. dan gallagher. kelly? the president calls for a boycott of products. two major colleges have to put the brakes on reopening after major outbreaks of covid we'll have the number and ripple effect that's creating, right after isth

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johnson & johnson buying mo mean meanta biomarin plummeting today after the fda asked for more data on its treatment for hemophilia that pushes back a decision for approval under november of next year finally goodyear tier lower after president trump called for a boycott of the company, this after the company relately doled employees they could not wear maga hearts -- make america great again -- at work goodyear says the image on social media was not created orb distributed by corporate

i've been told that the president's limb see rides on specially design goodyear tires. university of north carolina and notre dame both canceled in-person classes after major spikes in cases. 146 students tested positive at notre dame since august 3rd. 130 at north carolina just in the past week. each school's positivity rate is above its state positivity rate. michigan state and ithaca have suspended all in-person learns for the fall semester. carnegie will begin remotely. >> i have a friend going to town at carnegie mellon i think she's intending to go all remote another friend who got into my university, university of virginia, is taking a gap year i heard i believe it was on "the

exchange" 20% of harvard's entering classes take a gad year. >> my baby-sitter's son is one of those at notre dame if i'm doing work from home for a while, the effects of all of this are far reaching. in notre dame's case these quarantined the sick students, but they were close to sending everybody home what happens to the students recirculating back home to the rest of the country. >> what has notre dame done? >> they've suspended in-person classes. all students are on the campus for a few weeks. the culprit was offcampus activities, good luck with that. >> the ripple effects will continue into next year. if you have 20% of your class taking a gap year, let's say those 20% come in. does that mean that next year they're going to take 20% fewer of the applicants?

>> bingo that's what robert frake pointed out. if you're the next waive that has been to be top of your mind. up, the story of a black borrower struggling to refinance a mortgage that's happening today that's next on "power lunch. introducing stocks by the slice from fidelity.

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welcome back near-record low interest rates have people rushing to reinnocence, but for borrowers of color, it can be more expensive. >> reporter: when he saw interest rates plummet, he decided to refinance the mortgage on his maryland townhouse. the original loan was in his partner's name, but she recently start ed her own business. >> over six-figure salary, 800 credit score,gainfully employed. >> reporter: he loaded alps of his information into a mortgage search site. the calls started coming in, all lenders asked his race, but all says he does not have to disclose it. >> he told the first lender he was black. >> the gentleman came back, and it turns out we're not interested in townhomes right

now. >> why not >> he just said it's an industry standard. >> reporter: he also disclosed his race to the second lender who said they could do the refinance, no industry issue with townhomes, but at a but ate higher than what he already had. >> i started to realize maybe i need to not disclose my race they said it was an option. >> a majority of home buyers are concerned about disclosing while less than white are. they deny black applicants at a rate 80% higher than white applicants, according to the most recent data from the home mortgage closure act two more lenders called and he declined to answer the race question both gave him competitive market rate one tried to beat the other. suddenly it was easy as it had been for his partner melissa when they pot the home

together two years ago. >> i know i'm not the only one to go through this i know i'm not the first and i know i won't be the last at least i want someone else out there to understand that this is not normal, this is not right. >> now online lending has helped to level the playing field some. there are new lenders that require no contact at all. they are particularly popular with black and hispanic but lgtbq. the good news is you are not required to disclose your race to any lender. the bad news is this type of bias is still happening today. tyler. >> diana, it is not good news. thank you so much, diana olick with more on a problem that extends beyond mortgages we welcome andre perry, author of a book "know your price, valuing black lives and property in american cities" a fellow stock exchange brookings institute

andre, welcome good to have you with us maybe i'm the only one that did not know this. i did not know and i'm surprised lenders are allowed to ask your race as part of the application process. why are they allowed to? >> one, we do need to have that information to know if we're actually lending to black, brown, and indigenous folks. there is data collection need. unfortunately we see data used to punish black buyers and sellers in many cases. we want to see sort of a color blind approach but we also know that if we don't collect the data we won't have the information to remedy the situation. >> but let me push a little bit here, and i'm just thinking off the top of my head why couldn't you collect that information after the mortgage application has either been approved or declined, so that it

isn't known up front and therefore can't get into in any way the decision-making process. >> yeah. that is certainly possible, but you still want a lot of information because there's a lot of things that occur in the front end that you want to address and because many people fall out of the process. so but i agree with you, we need a better process overall to eliminate the bias but again, it's hard to eliminate bias, even in the cases of more ai or technological, bias in, bias out. if you have programmers that share the same kind of biases as current lenders, you're going to see the same kind of dynamic so in some respects it doesn't matter if you're asking a question or not, there are so many ways to get a glimpse of a person's race in the application

process that shows up. >> let me ask a question again, because i'm curious and i'm ignorant on this is the fact that black applicants are rejected more than white applicants, is the solely because of bias or also because of data? in other words, data that is input creates an output that says this individual -- either because of income, length of other indebtedness, length of time at a job or their race, if they disclose it, is less likely to be able to pay the loan walk me through that so that i have a better understanding of whether it is bias or data or a little bit of both. >> it's a little bit of both i'll give you a brief history lesson a lot of us know that the home

owners loan corporation, federally backed loan corporation in the '30s red lined black neighborhoods, not allowing them to refinance loans and get low interest loans to develop communities to then pass on that wealth so many black americans do not have wealth. when you do not have wealth, you take on more debt. there is that issue. we should have policies that address that very fact that we know that policy violence against black, brown, indigenous persons occurred we need new mortgage products to do that. i want to be clear that there is racial discrimination in the market we control for a lot of the buyers' qualifications just like the person in your segment, we see when black people have everything required for at great loan and they still

get interest rates, still denied, and that's because of plain racism. >> i want to continue this conversation, andre, it's been great having you one of the things i was stunned earlier in my reading to find argentina net worth of whites, $190,000 and average net worth of african-american families is something like $18,000 it's stunning the disparity of wealth thank you very much, andre kelly. >> all right late last year bill gates regained the title as the world's richest man, but that was last year. 2020 has jeff bezos and elon musk to ea t eirnernhente t worth and it's only august we're back with shocking numbers after this

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circumstances, far from it but amazon was up nearly 80% and tesla up nearly 350% robert frank joins us now with a look at what this means for jeff bezos and elon musk's already considerable wealth. robert. >> elon musk has added over $10 billion to his wealth just this week, $63 billion with tesla stock quadrupling over this period musk has lots of reasons to dance. he just passed chairman of lmh to become the fourth richest person in the world, the net worth of $90 billion let's look at his rise he started in 2012, 190th place. january he was up to 37 and march up to 31 he passed warren buffett last month to take the number five slot and now is at number four he needs another 10 billion, not much, to take over mark zuckerberg for the number three slot musk added equivalent of $272

million a day to his wealth this year or nearly $11 million an hour just this year. musk and bezos have together added $143 billion to their wealth this year that is more than the entire net worth of a bill gates. kelly, back to you. >> the tesla one in particular thanks thanks for watching "power lunch," everybody. "closing bell" starts right now. >> welcome to "closing bell. i'm wilfred frost with sara eisen. stocks lost steam in the last hour, nasdaq falling into the red. anything positive would mark another record close for those two. back hovering around that flat line let's look at the action fed minutes just out last hour put some pressure on the market. officials say that the ongoing public health crisis would weigh heavily on economic activity and employment that was the selloff about an hour ago but another day of blowout numbers from american retailers.