two? kelly, can you tell me i can't even read it over there. >> it's a far reach. >> 7.5% for the nasdaq >> now you just need a pipe and, you know, a good book. >> a pipe is not what i was thinking of, kelly it was something a little liquid anyhow, pull up a chair. the next hour is coming. >> have a great weekend, everybody. >> have a great weekend. >> "closing bell" starts now. >> see you guys. have a great weekend i'm wilfred frost. stocks rallying as we head into the close. the dow and s&p 500 still on pace for the fourth straight week of declines lit's have a look at what is driving the action tech stocks driving the nasdaq now 2% of gains. mega cap names taking back the september losses the dollar strengthening once again. pacing for the best week since early april. that's putting pressure on gold prices down nearly 5% for the week. and the coronavirus and the economic recovery still front and center for investors

the u.s. cases approaching seven million. a new round of stimulus remains a major question mark in washington we've got 59 minutes left of trade for this week. we're up 2% for the nasdaq >> it's been a roller coaster of a day. coming up, we'll ask the billionaire investor where he is finding opportunities amid the renewed volatility on wall street we'll get his thoughts on the red hot ipo market and, of course, the spac craze the plus, former national security adviser mcmaster will join us to discuss the latest news on tiktok and simmering tech cold war with china we'll talk about the many battlegrounds for the united states and to mcmaster's new book which is out this week. let's get straight to the big stories. mike santoli is tracking all of the market action. julia has new developments in the tiktok saga. josh lipton is covering more on

the facebook fight mike, start us off on the broader market >> thank you very much we have a little bit of follow on rally here in the afternoon we have a little levitation after the morning and past couple of days tested out a very familiar part of this chart. it's a year to date break even level. it is minus 10% from the all time highs and it didn't really succumb in the very near term you also saw very heavy outflows from equity funds. that also shows if send. turned more cautious and overconfident back in august a lot of things that a correction is supposed to do seems like have been accomplished so far. where are we also? 3290ish. if that is significance to anybody, it was a big deal take a look at the nasdaq 100 versus the s&p 500 this month. and obviously nasdaq was the leader on the upside it has been the leader on the

down side this month however this week outperformed it is up more than 1%. close to 2% with this afternoon rally. this shows you the stuff that got us way to the peak that got us off into the direction and bouncing first started to round into shape. one complicating factor has been the credit picture look at the high yield debt etf against the s&p 500. this goes back to the start of the quarter. and what you'll see is this is the price of high yield bonds. did not at all rally along with stocks in august i would just dip lower right now. that sometimes happens toward the end of a correction. stocks start to outperform high yield. we have to watch that to see if it is signs of further instances of credit stress or worries about the overall economy. >> so, mike, elaborate on that trend you just highlighted where the high yield is at that level tend of a correction how long before the end of the

correction and what does that tell us about where we are right now? >> it's really a matter of -- to see if there is this inflection point in -- in essentially high yield used to be considered to be kind of a smart leading indicator. what actually happens though is if it's not so much a matter of credit risk going up in a dramatic way and people getting really concerned about a crash in the economy, it often responds to the equity market and higher volatility in the equity market. it is sort of a lagging indicator. and so right now for seeing a little bit of an upturn in that relationship of stocks, it's not that much of a negative. people look at weakness in high yield prices and say oh, no. is that a warning sign of some bad macro stuff to come? it's a lot of back and forth in the relationships. i think that right now you can't absolutely say the softness in credit is decisive and means this rally in stocks is doomed >> mike, quickly on the macro fears, if you look at the week to date performance, not only are the major indices

showing performance differentiation, but the sectors are as well. the you have energy down over 8% financials, materials both down close to 5%. the cyclical type stocks and sectors are really suffering this week. >> you're right. t t the reflation trade has come back the idea that we'll get acceleration globally is more muted. so all those things play out in the sector work. yeah so you're right. it's not necessarily the market saying the economy is in great shape. >> the dollar rallying is part of that story as well. we have to keep an eye on how it all fits together. >> overall the s&p 500 is down 0.7% for the week as we stand. mike, thank you. jirm a germany and france is down 5%. let's turn now to tiktok and

some new developments ahead of sunday's potential download ban. julia has the details for us hi, julia. >> wilf, just in time for the 2:30 p.m. deadline set by a judge. the trump administration filed in opposition to tiktok requesting a stay. they are set to go into effect sunday night we don't know what it says but here are the next steps. tomorrow is the deadline for tiktok to file response to the trump administration's filing today. judge will hold a hearing to determine, to decide what to do about the trump administration suggested ban. whether or not it will allow a shutdown of tiktok down loads sunday night and then, of course, if a deal is agreed upon for the sale of stakes in tiktok and oracle and walmart, the deadlines and threat of a shutdown would be

mute >> julia, we expect those parts of the deal to be confirmed ahead of the sunday dead lun no >> not necessarily i'm hearing conflicting things from my sources. a lot of uncertainty right now of course, there is also the question of having the chinese government sign off on this. the trump administration did agree to this deal in principle a week ago, now there is a question of whether or not the description of the deal as being majority owned in the u.s. is something that is accurate we have the last week in the chinese government say this 180 tiktok owned it will come down to what the u.s. government feels comfortable with in terms of the definitions of u.s. ownership. >> and we're still awaiting a final word on that front i'm sure we'll come back to you on that apple's app store battle

taking a new turn today. josh lipton has the details. what do we know? >> a break for some businesses the so here's the story. facebook now allows users to host paid online events through the app. that would mean apple can step in and take a 30% cut. facebook says they ask for an exemption and didn't get it. now they reversed the decision they will not take that 30% cut. apple recognizes the perfect you are that businesses are under and they give businesses time now to adapt to new digital models o apple maintains a clear consistent set of guidelines that are equal to everyone facebook is not pleased saying that apple agreed to have

businesses they pay apple the full 30% app store tax. tension between apple will and facebook sin tense fig in an interview on cnbc earlier this moshgs apple has in his words an immense amount of power over the app store they're also boeing to fortnight games. back to you. >> so what do we think, josh do you think some of the app that's are going to get that commission break are going to make this a volume game and try to get as many down loads as many transactions as they can through the end of this year >> yeah. we'll have to see how quickly they can make that transition. it's interesting what apple is saying here is okay, facebook, can you use your own payment system skip our fee that, of course, is not usually how it works apple is saying we'll give the businesses time to make this transition from physical to digital. once you go digit although, you're going to be subject, of course, to that commission

>> that is in line all you need for that commission is running this big powerful site hosting it, running it, providing service what's it comes to user privacy he and security obviously, seeing pushback here from facebook, epic match and spotify, we'll see. >> josh lipton thank you. much helping the nasdaq lead the charge after the break, airline stocks getting a boost along with the broader market today up next, we ask the ceo of hawaiian airlines about a new program to help customers avoid a quarantine in hawaii and what that could mean for travel demand. you're watching closing bell on cnbc introducing stocks by the slice from fidelity.

now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity.

get your slice today. ♪ ♪ ♪ ♪ if i could, baby i'd ♪ how can i, when you won't take it from me ♪

♪ you can go your own way ♪ ♪ go your own way your wireless. your rules. only with xfinity mobile. welcome back we're up 400 points moments ago. the high is 398. nasdaq up 3.3%

the tests will be next month travellers who participate drive through testing has the option to pay $90 to get results within 9 hours. joining us now for more, peter ingraham, president and ceo for hawaiian airlines and hawaiian holdings pete, thank you so much for joining us this sounds pretty impressive in terms of the turn around times available. how big an endeavor is it to get to this point and talk us through why you decided to go for the type of test that you picked >> thank you for having me on. >> it's great to be with you today. we're really excited about this. we've been working on it for a while. the beginning of august we were expecting to have the ability

for people to be exempted from the quarantine that has devastated demand for travel to and from hawaii. it was time to announce this so we've been working on it. the testing being done here is pcr test that is really the gold standard of testing and we know it add here's to the testing standards that the state of hawaii has established we want to make sure since we know since the beginning of april the defor travel is limited by the quarantine. just making it unrealistic for

people to accept that as a burden to travel we want to make sure there is an opportunity to test out of the quarantine and access the testing does not become a limiter. >> do you think it will be a game changer for demand? because i get that the quarantine and limits of testing were something that hurt demand. but there are a lot of other factors that apply here too. hawaii is not a short flight >> well, i don't think it brings us back to 100% of demand. they're the number one limiter on people's desire to travel

it's much -- it's an incredible pedestria impediment to demand this is a step function change in terms of expanding the market again. ttz awe step function that moves us forward and in a really important step for us to try and revitalize travel. it afegfects all the people tha lost employment. >> peter, of course, it's not surprising that businesses are tring do everything they can to try to get people engaged in the economy again. and taking some of the trips i am wondering though how you get comfortable with perhaps the margin of error on the test or the fact that people don't always perfectly self isolate after they take one of these

tests if they're choosing the 72 hour version do you think that margin of error here is something that will give people pause >> one of the lowest margin of error tests available. but frankly with the other test that's are coming available in the marketplace, it's still a significant reduction in any of the risk that are out there. i think that will make it more easy for people to think about traveling again. obviously, nothing is going to be 100% perfect. but i think if we can keep that margin of error low enough, then we can create an environment where people are comfortable traveling again and where our community is comfortable accepting more visitors into hawaii and allow us to get back into a better balance of economic activity.

while still importantly protecting the health care infrastructure of the state of hawaii and rest of the country so i think this is going to be something that we're going to see more of, not just here in hawaii but also to begin to open up international travel which is globally shut down almost entirely there are border restrictions and quarantinelaws >> we have been able to raise money from the cares act and also through the private markets. we've done over $600 million of financing in the private markets. and that has fortified the cash balance on our balance sheet we've been managing our cash

flow -- our cash outflow down to a pace of right around $3 million per day. that is something we have to bring lower and can eventually bring tozero that will help us on the cash flow statement and will will flow through to the balance sheet. so we think we're in a more stable place than we were. i'm feeling optimistic about where we would go from here. but it is obviously been a very, very difficult period. and we had had to borrow a lot of money and we'll be digging out of this hole for years to

come >> we still don't know what the winter holds for the virus there appear to be some movement in washington. now has all gone silent on that front. >> we definitely support an extension of the payroll support program for another six months payroll support program is arguably the most successful job protection firm. they kept them from going on the unemployment role. it's been a good outcome for our employees. it's been a good outcome for the

government we all hoped at the time that there is more of an economic recovery by now. and unfortunately, i think the ip pact of the virus has been deep eastern the economic recovery has been slower and there is bipartisan support for this law we see it across the aisle we've seen positive words from the white house. the real problem has been that there is not a legislative vehicle in terms of an overall economic stimulus package to attach this particular program to we do know that there has been a stand alone proposal that is presented in the senate. and that is gaining some support. you still have time by october 1st. so we're hopeful that legislature and the administration can do the right

thing. >> october 1st is one week away. we'll see if they do get that vehicle. for now, peter, our thanks to you for joining us peter is the ceo of hawaiian holdings >> thank you with 39 minutes before the bell, the dow is rallying into the close. up more than 400 points in the s&p 500 it is up nearly 2% as well after the break, financials are higher today but it's been rough sledding for bank stocks this year. kbw bank index down 40% in 2020. up next, we'll discuss whether an upcoming rule change can provide a boost to the sector. stay tuned we'll be right back.

>> some of very optimistic investors hope so, they certainly cheered the move by send bank stocks up when the

rule change was announced in june banking regulators are easing restrictions related to what is known as the voluntariker rule it was passed in an effort to prevent another financial crisis by controlling the risks that banks can take it sought to thwart them from moonlighting and using insured deposits to make big bets. over the last decade, banks have utilized work arounds like the exemption from banking activities however, beginning next week on october 1st, some regulations will be removed. notably banks will be allowed to participate in venture capital and credit funds now the bank seems to not be wasting in i time here goldman sachs is reportedly planning a new venture and growth fund and it is citi star impact fund this year. st. >> if this rollback had come in the early part of the last decade, i think it would have made a really big difference they've already, as you said, found their own work arounds, goldman sachs depending exactly how you call it, for example,

has its own private equity type businesses and on the other side of it, on the hedge fund side, i don't think that we're rushing to invest and buying the equity of hedge fund companies now anyway. they're not as attractive as they were. they're not as sexy as they were at the start of 2010, 11, 12 wait it was a punishment to not get exposure to the business models. >> it's more a reflection on venture capital and ability to get certain exemptions in it washington vc made the case as well with regard to the treatment of capital gains. of course, they have not made much movement on that in terms of taxation. but they have argued fiercely that they are the engines of innovation and job creation the way that other assets are not. namely, hedge funds, at least that's according to those who are lobbying for vcs in washington so thr seems to be a way vcs can found a work around from certain restrictions that were put in

place at least a decade ago. that is based on what is happening with the volker rule >> and the continued evolution of all of the regulations definitely keeping this compliance teams in business leslie, thank you. >> thank you >> and we'll have much more on the overall investing landscape at next week's delivering alpha conference on september 30th speakers include the treasury secretary stephen mnuchin, blackstone founder schwartzman and much more. register now at deliveringalpha.com. still ahead, billionaire investor mario gabelli joins us with his take on the volatile market and everything from electronic vehicles to the election as we head to break, here's a check on bonds

time now for the coronavirus tracker. the u.s. is seeing cases tick higher again rashgsdiecording a average of 43 new cases per day. that is up 9% from the week prior. texas, california, florida, have added the most on average. the florida governor announced to day the state is entering phase three of reopening meaning restaurants and bars can operate at full capacity

he is also saying that local governments can no longer collect fines from people who are not wearing a mask the passengers will be required to sinned a selfie wearing a mask in order to ride with an uber driver if that driver reports the person did not wear one on a previous ride that's pretty good addition. something possible these days. >> seems sensible enough >> yeah, exactly and for a driver, i would imagine, there is a level of comfort that you would want before stranger gets in your car. so perhaps the least those riders can do. time now for a cnbc update with sue herrera. >> thank you here's what is happening at this hour that rise in new infections that wilf mentioned, helping to push the u.s. above seven million confirmed cases. no other nation has more than six million. the cdc pulling testing out of

minnesota. this is after several racial and ethnic slurs as they went door to door. health officials say that study could have helped speed up the easing of pandemic restrictions in that state. the texas state fair under way it certainly looks different this year. it is mostly a drive through affair except for photo booths where you can still get a picture with the fair's mascot and he is called big tex and in cambodia, take a look at this guy that's a giant rat but he has won an international award for bravery and devotion he is a giant african pouched rat. he has been trained to find land mines and so far he has found more than three dozen. i'm still having a hard time warming up to that face. but, you know what he's a hero. >> quite cute looking as rats go, i would think. >> i suppose so.

oh, gosh i don't know what they're holding up in front of him come back on camera. because that's just not pretty i suppose as rats go, he's pretty cute. but -- >> yeah. >> so that's a win relatively speaking. >> relatively speaking >> thanks so much. >> you got it. >> here's where we stand in the markets. we're still up strongly. the dow especially after the break, the bull case for stocks, a top strategist tells us why he is we're in a secular bull market that could last another decade. you won't want to miss that. we'll be right back. [squeaky shopping cart]

[sniffing] is the salmon wild-caught? she only eats wild caught. [cash register beeps] uh, i need a price check on honey. don't get mad. get e*trade and get more than just trading. investing. banking. guidance. get e*trade and get more than just trading. t-mobile's new offer on iphone 11 pro is even better on our most powerful signal. switch and get two new lines of unlimited for only $90 and 2 iphone 11 pro's on us. only at t-mobile.

...i was just fighting an uphill battle in my career. so when i heard about the applied digital skills courses, i'm thinking i can become more marketable. you don't need to be a computer expert to be great at this. these are skills lots of people can learn. i feel hopeful about the future now. ♪

welcome back major averages bouncing back from losses earlier today. undec indices moving sharply up. let's bring in jeff who is founder of strategy and advisory board. jeff, great to see you you know, all the stats say this is the worst month for stocks since march. does this mean that the reality of the virus and drag of some of the economic effects are finally catching up with investors >> it's going to be just fine. stock market is going higher there are $5 trillion on the sidelines.

1982 to 2000, secular bull markets last 15 to 20 years, so what, we're 11 years into this one. we should have another four to ten years. and quite frankly, he believes it of there is so much money that should be invested in stocks why did $27 billion of outflows happen from equities in the week that's the most since december 2018 what do you know that all those people don't even, you know, every time the market turns down, the bears come out of the wood work and they say, you know, we're in a new secular bull market.

>> assuming you're right that we have fuf or ten mohr years on the upside for the broader markets, will cyclicals and value stocks to be the winners in that next decade given that they've underperformed so much in the first decade of the secular bull market. they underperform. you're right on that severing going to go up. in a secular bull market, they rise they rise a lot further and faster than most people think. '98, '99 when we peak, we did actually go into at least a trading range if not a bear market it ended in march of '09 when we

started this new secular bull market very few people believe it >> why do you think this bull market won't get exhausted before that time frame >> there are $5 trillion on the sidelines. people didn't start to embrace the secular bull market until the late 1990s they should have been getting cautious and right now, we scratch the individual investor. they're bearish. they don't believe the market is going up >> are you worried about the election, jeff in the short term? >> you know, quite frankly, i don't like either one of the

candidates as far as election goes, i think donald trump is going to win i think the markets will will like that. so i think the secular bull market continues stop loss orders are a good tool to use most of the really great investors i know manage the risk and that's one of the things that most unvestors investors do if you manage risk and the upside is they tend to take kaur

of themselves. especially in a secular bull market. >> jeff, great to see you as always thank you for joining us >> our pleasure. >> after the break, we'll break down new research on amazon and apple plus a look at why one firm says now is the time to buy for cruise stocks. those stories and much more when we take you inside "the market zone" next we're up 1.5% on the s&p 500 that's what my dad does.

good job, michael! ok, lindsey now tell the class what your mommy does... my mom has super powers. it's like she can see the future. what?! it's like she time travels in a rocket ship. that's cool! and then she comes back saying "try this" or "try that." she helps everyone. she helps them feel less worried. wow! mommy, so what is it that you do? i'm a financial advisor. she is! aig proudly supports all the professionals taking care of our financial futures. but we are hoping things will pick up by q3. yeah...uh... boss: doug?

sorry about that. umm...what...its...um... boss: you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today. we have over 15 minutes left in the trading day we're in the "market zone. commercial free action of all the action going into the close. mike santoli here to break down the crucial moments of the trading day. we have the capital partners barbara duran with us as well. very good afternoon you to, barb let's kick things off with the

broader market that is the first weekly gain after three straight weekly declines the dow and s&p 500 on pace to finish lower for the fourth straight week. but still a big gain as we stand for today >> it's a pretty significant gut check i think you would say. there's been, i think, eight of them in the last, let's say 12 years of four week losing streaks like that. the fifth week for what it's worth, usually is higher so it shows you that we've sort of had this symetrical unwind in terms of time and price of the runup. so, you know, you could make the case that was enough to skim away some of the excesses. i do think you got a little bit of concern building up in the

market and people went from kind of overconfidence to excessive caution in ahurry. they put in a temporary floor and see if the fundamentals can justify a return to those highs. >> mike, maybe some of the excesses have been trimmed when you look at the big tech names that are leading the market today, the fact that the nasdaq is outperforming, i mean, it does feel a little bit like august reduction are investors going back to that playbook and is that going to serve them well going forward now? >> you know, there certainly a muscle memory to it. i do think it does matter if you go back in time a little bit to

when these stocks traded at these levels before. and kind of have a little bit of a shakeout that could be all this was it meeans it's a free lunch to g back to the highs. but this is kind of what corrections do they seem like they're about more than just an adjustment in positioning and attitudes. >> do you feel like that is enough it's time to get back in again >> well, what i think are two different things i think it's plenty. i would like to see it over. i was originally in the count and the correction was started because of the high flying tech stocks and other names there are robin hood traitors pushing this up. but at the time, i am, i think, a lot of investors assume that this is going to pass the stimulus act we really need to. when you have unemployment still at nearly 8.5%, jobless claims

are down but they're still well over 800,000 i think the market which was discounting a v shaped recovery is thinking we have a bit of a pause here and the fiscal stimulus is looking, you know, we still have looking at what happened it may be delayed past the action this is the impact on consumer spending it shows up in the data. in the not-so-distant future i think there is more going on here i do think that the down side is limited. it is about the fed. and also what i call the hope of the vaccine. that is a key underpinning here. when it happens, it is also a big uncertainty. but i think the confidence level is very high it will happen you'd be ready to go and rollout next year. >> all right we're going to put that conversation on hold for now a lot more to discuss about the markets. we want to talk about cruise stocks they're rallying

>> barclay's turning bullish on the cruise line saying the industry reached a post covid-19 inflection point future bookings are truly remarkable but he added that the company doesn't expect 2021 bookings to be in line with past years. analysts at barclay's says the worst is over for the season norwegian is up 13% on the day st. >> you know, even if analysts expect bookings to go up and there to be all this pent up demand and the cruise lines are faced with really difficult decisions about which trips to keep on the books and when they may be able to do these. my in-laws had a cruise canceled in may how could the cdc rule on this

and when could we see the ships set sail again >> it's a good point most experts the cdc to extend the no sasail order in the fourh quarter. why they rack up debt to really operate in this no revenue environment. and some color i can provide to the 2021 bookings that we're seeing from the three cruise lines, one is they've all downsized the fleet. you were talking about fewer ships. plus, there's a 48-hour cancellation policy that they've offered customers. a lot of people that did have a cruise this year, have rebooked for next year. there is expectation that many people will reassess whether they feel comfortable cruise brg they actually set sail, you know, two to four days in advance. >> thank you so much for that. bob, you are tracted by the valuations >> you have to look at the down and dirty. oftentimes there is opportunity. she makes a persuasive case in

terms of valuation, bookings, still a very attractive. there is pent up demand. she looks at, you know, what happened in the european cruise industry this year it has been sailing all summer they have not had an instant of course, they are down to some countries with lower positivity rates. so i'm intrigued, however, i think you have to make, you know, have to know what the cdc is going to say. i was interesting watching it. also the supply is limited it's going to be a long way back for them so i think felicia is right. the bottom is somewhere in here. you have a long time to wait before you make any real money in this name i still stay away. >> amazon is entering the cloud base gaming battle with the

announcement of the new streaming service yesterday. at $6 a month, it is the answer to google's stadia they say that luna could drive upside revisions and the media revenue streams are worth $600 billion and the company's most undervalued unit and, mike, it's an interesting note more broadly to point to the fact that it's undervalued media business whether or not the gaming part is going to pick up significantly in the short term. but we always talk of amazon's premium valuation. net flicks and others in the pure media stream are proud. >> it's hard to say with any precision if in fact the media revenue should have a valuation equal to more than a third of amazon's entire valuation which is basically what that report is

suggesting there is the all unclusiveness of all of it prime gets you awe lot of stuff you consider a media business. i think it's a fair point that there is kind of hidden value in various franchises outside of web services it's not clear to me the market will ever pay dollar for dollar for that in terms of a comparable valuation on a netflix or something like. that it's an interesting way of looking at the sum of the parts. >> do you think luna can compete? >> it's interesting. they've got a lot of wood to chop here. they don't have the content. amazon being amazon. eventually they'll figure it out. they have the cloud technology i think it's important for them to be in there and it's very interesting that

they're tied into the thesis she presented. it is also how apple volumed of so you get a higher multiple for subscription evenue. so really just calling attention to this is an important part of what is happening sort of. you see on the e-commerce, there are huge opportunities for some years to come. it produces another pillar of support. i don't think a lot of us have been paying attention to i think it's a good move for them to be moving into the cloud space. morgue an stanley says now might be the right time to buy apple it's down16% morgan stanley says it is an attractive entry point ahead of

apple's upcoming iphone launch the firm points to the growing market share in europe and china as well as accelerating store reopenings in the u.s. as reasons to be bullish. the stores are reopening and selling things when they reopen and that revenue starts to crawl back to where it was before. >> right and that there is going to be a, you know, a strong upgrade cycle, the new iphone class cynt deuced and things like that. i do this much p more as a tactical reit rags of a target it's 130 near the highs. stock pulled back soon there after. the bottom recently under 105. so it seems like it is more of an opportunity to reload on apple under the same premise at which the bullish case stood, you know, over a month ago

i'm not sure there is any new bullish thesis in here >> does it make it cheap now >> i think cheap would not be the word but it makes them more attractive i'm not a trader i'm a long time holder do you wait a little bit i think if what is interesting about the store openings is that i think that is apple getting ready for what should be a monster rollout in the 5-g and the iphone 12 coming out they'll do it early october. i know there say little controversy. some say it's not going to be a big cycle. i think it will be a super cycle. they want to be ready. and i also think it is interesting yesterday you had jaybill that has 22 prosecutes of the revenue talking about it's gone very well in terms of the rollout of the next

generation i've been adding here. so if i don't catch things, they're in the long term trajectory and long term didn't have to be -- that's only five years i think every year you're going to see meaningful change >> so apple has a good bounce today. there is another big name and focus the last two months. tesla bouncing to day. but still down quite noticeably for the week >> yeah. you know, they were kind of the parallel risk appetite tells back in august they have become a little disengaged with one another. there was disapountment wipointf battery day. not surprising they're moving out of sync.

apple has led the way in terms of how the market peaked they got there before the rest of the market. it pulled bag more deeply than the rest of faang and the nasdaq 100. and now it seems like it's in bounce mode along with the rest. >> we have two minutes to go in the seg right now. what you are seeing, mike, between the lines? >> yeah. slightly mixed picture given how strong the indices are, certainly you have strength in terms of the breadth of the market >> it's 2-1 to the positive side the market did start in a heavy fashion. it was no the a lot of breadth to the advance it hasn't been able to make that up even though the s&p 500 itself up is nicely here take a look, too on a week today basis of the s&p 500 versus the equal weighted version. that is a proxy for the average stock. you'll see the equally weighted

s&p 500 underperformed so we're back to that mode it is the mega cap stocks doing a lot of the work during this week's kind of bounce and recovery volatility index is coming in. it's been range bound. it is kund ind of flattish durig the week not giving a strong signal >> we have a minute left of the session. the dow is up 1.4% of nasdaq up 2.3%. they're up 390 so nothing to sniff out pretty close to those session highs all sectors are higher on the s&p 500. tech leads the charge. it's up 2.5% that is the territory for the day. also the bottom for the week down 8.5% for the week the finances follow suit the second worst perform being

sector for the week. banks are down nearly 7% for the week other standouts for the day in the week, the dollar continues its climb higher up 0.3% today. 1.8% for the week as a whole gold in the opposite direction down .5% down nearly 5% for the week as a whole. zblr nasdaq is up 2.2%, kayla. >> and welcome to the "closing bell." i'm in for sara eisen and wilfred frost will join us mike santoli joins us. the s&p 500 is up 51 or 1.6% the nasdaq, the best performing index today. h up 231 or 2.25% the dow and s&p 500 are still negative for the week. the nasdaq is positive leading the dow today, goldman

sachs. and leading the s&p 500 and the nasdaq composite is microsoft. both the dow and s&p 500 posting their fourth straight negative week much as i mentioned, tech led the way today. nasdaq finishing the week in the green after three straight losing weeks coming up, we'll ask billionaire investor where he is finding opportunities in this volatile market and which stock he says could be a double right now that's coming up later this hour joining us, brarbara doran is still with us. mike, first, let's start with you. the tech thesis is in play yet again today. whether that muscle mem i have coming back into play? >> it seems like it is, kayla. the big question for most of this week has been, you know, has the market become a little bit oversold enough that people kind of get rid of these overcommitments they had to the big tech stocks.

and would in fact the negative seasonal patterns and this kind of quarter end trimming of risk kind of come to a conclusion i think you have some indications flight you that even if you were negative on the market, you're existing the worst seasonal period as we get into month end you have had an effect with the tend of the quarters to have a rally. market was down 10% on the s&p 500. without a lot of kind of stress in terms of credit markets and other economic signals so all that working together says maybe not get too negative right here when we still get remunders on remur remunders on remur reminders when you get the j & j vaccine. they get pumped out on a day like today or maybe even hope of a fiscal package i think the market is still in this kind of choppy fauz figuring out if it's rationalized itself enough after a month of selling but, you know, it seems like it passed the initial test the last couple days. >> does it surprise you that some of the year to date big cap

tech winners are once again leading the charge this week >> you know, wilf, it doesn't surprise me in the least i say the last four weeks were -- we've seen tech leading in negative territory >> we're living in this revolution, as you will. one of my clients says 2020 is the new 2030 all of the adoption rates and technical advances really sped up and we're at a pace today where we expect to be in at least five, ten years. so, you know, i'm not surprised to see it bounce back.

i did not think that selloff was systemic i just thought regular investors when investments have run up, it's a smart thing to sell and to rebalance mike, want to touch on that difference in performance we saw. dollar strength pronounced the dollar side and equity market weakness. >> yea >> yeah. can you do that on awe one week window the s&p 500 is down 2.6% you have the big nasdaq stocks up on the week it's not necessarily cleanest story in terms of the influence we did also see, you know, inflation expectations coming down you know, it's not necessarily something that says that it's all this constellation that is perfectly orchestrated

it was not that dramatic maybe it didn't have as much of a direct influence >> barbara, september is no stranger to selling. we still have three trading days left in this month and this quarter i wonder if you think it is too soon to say that the correction over right now or we could be in for more volatility next week. >> well, i have to say, i was very encouraged at the beginning of the week when tech started to recover. we had one day amazon up 168 points and said yes, people can't stay away. they're n then the next day it sold off i'm not ready to say it's over so this has major uncertainties including timing

maybe it is that day or maybe it's not if we can't forget about that, i think that will continue volatility the one thing that could help is if we get the stimulus package again that, is unknown i see them not being down side and not big upside just a trading range it is very hard to, you know, for traders to make money. i think if you're a long term investor, you just, you know, snap up some of the stocks and they get long and just raise >> looking ahead to next week. they will make the highly anticipated debut on wall street leslie picker is having a look at what investors should expect. >> i just want to urge our viewers not to get too excited early. it's temper your expecttations this process started and stopped many times behind the scenes perhaps that is what makes next

week's scheduled debut all the more anticipated palantir slated to go public direct listing this is determined by the market on day one and the company is not raising any capital from the event now direct listing which has only been used by two large tech companies in the past is not the only unconventional aspect of palantir they have a unique structure that gives the three founders just under 50% of the voting power. a big thing he does have going for it, however, is software he makes software for government agencies and corporations. that seconder as you know, as you've been talking about day after day has been on fire >> the other standout point whether there is a good or bad thing. >> good or bad thing that's a good point.

some public investors like to see companies that are in the earlier stages of growth perhaps than he is in. but that said, it's nice to see, you know, a company that's been around a while it has some staying power. it has customers customer concentration is another risk that people are seeing that said, it found itself as a main stay in the world of data mining and software. >> thank you, leslie we put them on the spot with this one you would buy into palantir? do you think it's large xboe sure to government agencies means that it's recessionproof >> this feeds into the long term themes that we're thinking about. where is the future of humanity? the future of humans where are we going whether we're looking at education or health care,

whether we're looking at consumer and happiness and the future of work these are things we invest in. the fact i made my way here, it's such an anomaly total minority but if you look at ed tech now and how can you power it with data, ed tech gives access to quality education which is a sustainable development goal number four. nice to plug an sdg during the u.n. general assembly week but that gives you access to quality. whether you live in africa or in new york and all of those ancillary technologies that develop with it, whether it's financing for student in africa so that future, you know, the future leaders that are facing climate change and the next pandemic are

well prepared. so i'm excited about what he is doing and i think, you know, these types of investments are very exciting for our clients. >> palantir listing is next week thank you both for joining us. >> pleasure. >> still ahead, we'll ask faang investor mario gabelli where he is finding stocks. and we'll ask scott gottlieb if the tougher standards for vaccine will ensure an authorization won't happen before election day. we're back nehere into 90 secons ♪

♪ i keep working my way back to you, babe ♪ ♪ with a happiness that died ♪ i let it get away servicenow. the smarter way to workflow. with the icon that does the same. the rx, crafted by lexus. lease the 2020 rx 350 for $409 a month for 36 months. experience amazing at your lexus dealer.

stocks rallying after novavax is starting the phase three trial. there is going to be emergency use authorization. the they state that participants in late stage trials should be tracked for median two of months after receiving the final dose before an emergency authorization can be considered. joining us now is former fda commissioner dr. scott gottlieb. he sits on the boards of pfizer. thank you for joining us definitely want to get to all of that but firstly, the spiking of cases in europe. how severe is it is there anything we can learn from it? >> it's deeply concerning and very significant france reported 16,000 cases

today. they have more than 1,000 people in the intensive care units across the country these are big surges these are big epidemics and outbreaks under way. you are know, it is a harbinger. the coronavirus would typically like to spread i think one of the take aways is even though the european countries have dense epidemics, they're nowhere near herd immunity a lot of people are vulnerable to this infection. we're seeing the spread. >> let's move on, dr. gottlieb my mistake there the new regulations, guidelines set out by the fda s that something you support or you are concerned they're a little too

strict >> we don't have the detaulz what details. it is very much in line with what expectations were i don't think is new tough standards by the fda even though it was reported that way i think it is consistent with the kind of us have that agency has been giving all along. and my hunch is that the manufacturers have all got this advice as well and so there is nothing really too new in this. now, you know, the white house does hold up the publication of this guidance as has been intermated, it's not going to change the underlying guidance that the fda gives to manufacturers. all it's going to do is hold up the public release of a document that will provide nor transparency around. that it won't change the scientific standards that the fda is articulating. they've been giving similar guidance for a long time right

now. think actually implement some of the guidelines i'm wondering what you think the likelihood is that the administration would do that, that the president's specifically would do that and what message that would send to the american public >> look, i think it would send a terrible message to the public >> they want to do it in a way that add here's to the gold standard of safety and effectiveness that inspires confidence in people and gives them the dofconfidence to go out and get vaccinated there is really no expertise in the white house to have the scientific standards they would use to adjudicate a vaccine. the ish u being reported is whether or not the white house is going to let the agency go forward and issue that guidance. but again, the scientific guidance is the guidance that

the agency has been giving to the board. i'm not familiar with the feedback that they've been getting. i have to assume they have been giving this similar guidance to the manufacturers at this point. i certainly hope that the white house doesn't try to influence the scientific standards again. i can't conceive of a scenario in which they try to do that that is so far to the way that agency historically operated >> yesterday, dr. gottlieb, governor polis joined the show he seemed relaxed about a pickup in cases in colorado, highlighting the fact that most of the people obviously there are quite young, healthy and risk of fatalities is low. is that right approach can we be more relaxed and not rush into lockdowns? >> i don't -- i certainly don't think we have to rush into more stay at home orders. i think the target is

mitigation we know what the sources have spread are we shouldn't be relaxed because the spread right now is confined in younger populations those individuals are not vulnerable they're a lot less vulnerable than older individuals but what we've seen time and time again is outbreaks in a younger co-hort eventually seep into an older more vulnerable population you can't just confine a virus to certain segments of the population no matter how much you try. if we have a lot of spread across the population, even if it's confined in lower risk groups, eventually it's going to get into higher risk groups and we'll see the death and disease go up. >> we certainly hope that doesn't happen but we know that you have been in front of all of this. dr. gottlieb, we appreciate your time today hope you have great weekend. >> thanks a lot. >> stocks soaring today. the dow and s&p 500 are now on a four week losing streak. up next, billionaire investor mario gabelli tells us whether he sees a buying opportunity and

here's another check on how the market closed out the session. nasdaq up more than 2% the only major average positive on the week. we'll be right back. what if you could have the perspective to see more? at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪

we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley.

let's send ut over to mike santoli. how do investors feel about the economy right now? >> this is how unveinvestors fel this is bank of america gauge. investors economic sentiment barometer. looking at the mix of stocks and bonds, types of sector stocks that they own and basically taking away from that the implicit expectations for strong the economy s and there's been this recent decline. there is a summer toime peak about how good the economy is going to be. what this tells me is essentially the expectations for the economy is more muted. therefore the direction of surprise, perhaps is now in an upward direction so it wouldn't necessarily come as anything startling if in fact

you saw some moderation in the recovery trend take a look at the economic surprise index also has moderated sharply but from record levels economists just really missed exactly how strong a lot of the indicators are going to be in the last couple of months. it has come back it's been a little bit more mixed. we have seen housing continue very strong. on the labor market side and consumer, maybe a little more mix. so i do think things are still okay in terms of being in place. but, of course, going into the fourth quarter is going to be a lot of questions about whether the economy can stand on its own feet without further support guys >> to that end, mike, next week we'll get another jobs report. the last before the election.

>> we came in roughly as expected but also slightly weaker and at very high levels i don't think any economists right now are equipped to try and handicap with any precision how labor market and this much stress and churn is going to perform. the stakes are definitely growing. it's no longer the okay where you're off the levels of the spring, that's good enough it may not be good enough for a while. >> mike, thanks so much for that famed investors mayor yrio gabe will tell us what p happen if joe biden wins the white house that and much more coming up next diane retired and opened that pottery studio. how did you come up with all these backstories? i got help from a pro. my financial professional explained to me all the ways nationwide can help protect

financial futures in peytonville. nationwide can help the greens get lifetime income because their son kyle is moving back home and could help set up a financial plan for mrs. garcia. and he explained how nationwide can help mr. paisley retire early and spend more time with his pal, peyton. and their new band. exactly! yeah. don't forget the band. i haven't.

the nasdaq gaining more than 2% the dow and s&p 500 still logged the fourth straight week of declines joining us now, billionaire investor mario gabelli mario, good to see you

thank you so much for joining us >> great to talk about my favorite subject, investing. >> very good >> it certainly wasn't going to be trading my first question does have taint of trading versus investing. in the short term would w. things like the election coming and lack of a stimulus bill, is it hard to see the market rally meaningfully >> well, when you look at 2021 and the premise that the market starts discounting, you have revenues, i think revenues will be stronger. i think gross margins will be a little narrow. tax rates is a wild card, wilfred. one side wants to raise the corporate tax. one wants to keep it constant. you know, as long as we keep it as a territorial versus global platform of corporate taxation we'll make changes are we going to have leverage on

companies? so those are the elements. i think the market discounted some of that already obviously, you have a little arm resting in between the two contenders and we'll see. so short term just echo bernard's comments about 80 years ago capital rains gates and what do you make but also what do you keep so what companies doll extremely well 18 months from now. and what sectors >> what are you focused on

overall? they are the right to vote for women and you have obvious i had a pandemic today we -- instead of an industrial revolution, a digital revolution that is powering what you're seeing in terms of direct to the consumer in terms of streaming and in terms of, you know, how people's chopping and they change this is the capitalist system does extremely well. unofficially at time with a long period of time so from my point of view, what i do think is going to happen? can you not have elected officials not have a bull and serve as transportation, the roads. they have to be renewed and embellished. 40% of our bridges are rated b plus up from b minus if one collapses like in italy, what are you going to do how you are going to sleep at

night? they double in the next three years if you get a big infrastructure bill which you get. stocks 20 billion shares stocks 35. and there say whole bunch like grace construction projects. so that's important. the second area is more important than that. and that is we have to worry about ppp. the planet and people and environment. how do we help the environment we have to have renewable energy and how do we participate in that we have a long list of companies that do that the so renewable energy. distribution security, battery storage. you take the wind and solar and that is a really interesting area that's part of the digital changes, wilf. >> i want to drill down on

infrastructure it sort of become a running joke here in washington for the last several years. i'm wondering what you think the catalyst would actually be for some sort of bipartisan large dollar movement on that? as we've seen, congress can't even put together short term stimulus for urgent economic problems and put aside partisanship for that. so what makes you think we can get any big picture packages done >> we have an election coming up you'll have some kprimcompromisn the way. how do we do it? do we have ebs for a tax how do we speed limupplement th gasoline tax clearly, we'll spend that money over time. we're talking about putting in

infrastructure for high because and local levels so that's my bet you don't have to agree. i think ut wiit will happen good question. >> let's talk about the media sector if we can, mario. and early this week was reported that he has taken a stake in comcast. what do you make of that >> you know, i've been following the roberts family and brian for probably since the early 07'70s. we have a competent knowledge of it when you buy a billion dollars of stock in a company that has a market cap of $200 billion and somebody else has control of the boat, you're saying i see a tail wind coming and i believe that the values are there and the underlying values. we calculate some of the parts, private market value which is not appropriate. some of the parts, how much is the cable business worth how much is nbc worth? what is that going to do how do you handle sky? how do you go global $60. stock is $45 it's a very interesting company,

extremely well run so what is milton doing? he's a money maker you have to assume that with comcast he's going to make money here i believe that he figured out what brian is going to do and what the company is going to do anticipate tries to get ahead of that tail wind they should listen >> but independent of that, think about the whole notion of content and creativity and distribution spotify, how do i play that? i play it by sony music. it is with universal those are the content providers. how i do pay built in entertainment? how long will it take? will they go back to broadway or the theeter? work in progress

and we think that's going to happen but more importantly, baseball is back. >> basketball is back. the bubble is working. hockey is back golf was terrific. even though there is no attendance it was an exciting format. so who ben futs from that? then when you talk about the election, the amount of money spent by the politicians on advertising and broadcasting is going to be a tsunami. over the next three or four months, you're going to have baseball sports back from pac ten is back. football is back so in addition to that on a secular basis, you have betting on sports. you noi, we have an analyst in london that covers these it took over the sports movement

which bet fox with the stars group. we have an addition to that gdc. you want to own the companies. you have a tuny company and they're bringing out the licenses for distribution. and so those are the things that we like to look at >> i want to make sure i don't run out the clock before asking about taxes. you said your taxes should go up the corporate tax rate goes up that will kill jobs. the biden platform would raise a trillion dollars by raising the corporate tax rate >> localityet's go over the man. last year before this pandemic

set in, $3.6 trillion. there was back up to 250 to 280. territorial is important that means that we want to get jobs back. secondly, let's solve the problem. no get rid of this or 1031, all my real estate buddies are going to hate this in addition, you have incentives and that we have to re-examine look, we have to pay a higher amount of taxes to support the country. but what's fair? what is equitable and what allows us to have an economy that attracts businesses globally that's work in progress. you like the things that lay down biden's proposals those are very interesting i think housing is a long way away people i talk to want to buy a houshgs get out of the inner city because of concerns of a pandemic and basically, that's a big

runway automobile sales this month will come out for september at about a 15.7 rate. that xl that excludes a big boost. and i see a long runway on that one. and companies that supply those companies had a terrible first half they're going to do outstandingly well over the next 12 months. i have a company that will triple in price that is selling around $6 with 50 million shares basically, they'll have a bad quarter again. then they have a long runway of goods since they're talking at a recent analyst meeting and they look at our companies with a microscope. and they looalso look with a telescope. how do we make doubles and triples? so i'm excited this is a very good time to be an investor. it's a good time to be an investor and try to get long term gains now if they get -- take the tax rate and raise the capital gains tax to 45% and pay, you know,

that may be unfair to allocation of capital by taxable accounts >> mario, always a pleasure to catch up thank you so much for joining us >> thank you for allowing me to speak. i appreciate sharing my thoughts take care v a great weekend. >> still ahead, we'll ask former national security adviser h.r. mcmaster about tiktok's national security threat and whether e th deal with oracle does enough to resolve those concerns what your mommy does... my mom has super powers. it's like she can see the future. what?! it's like she time travels in a rocket ship. that's cool! and then she comes back saying "try this" or "try that." she helps everyone. she helps them feel less worried. wow! mommy, so what is it that you do? i'm a financial advisor. she is! aig proudly supports all the professionals taking care of our financial futures.

welcome back to "closing bell." i want to give you a quick update on where stimulus talks stand in washington. a few moments ago a spokesperson for nancy pelosi tweeted the speaker and secretary stephen

mnuchin spoke at 3:00 p.m. today and they agreed to continue their conversation in the days ahead. senior democratic aides said that she instructed committee chairs to slim down a package to $2.5 trillion as a basis to begin talks with the white house. the but that is the latest on stimulus now we head back to headquarters for a news update with sue herrera. >> good afternoon. here's what's happening at this houshgs everyone in louisville, kentucky, breonna taylor's mother saying the justice system failed her daughter she had her sister read her statement as he had looked on with tears in her eyes >> i was reassured wednesday of why i have no faith in the legal system in the police, in the law that are not made to protect us black and brown people i hope you never know the pain of your child being murdered 191 days in a row. >> near paris, five more people

have been detained in connection with the stabbing of two journalists. police reportedly searching a property linked to one of the two suspects arrested earlier today. >> and a frightening high speed crash at the road world change-up in italy st u.s. owe olympian going over a guardrail. her father said she didn't break any bones but she did need surgery. and she said she will be back. we wu we wish her a very speedy recovery that is frightening. back to you. >> it really s thank you so much for that up next, former national security adviser h.r. mcmaster on the potential tiktok ban and the u.s. relationsp th cha. in hiwi ♪ ♪ i keep working my way back to you, babe ♪ ♪ with a happiness that died ♪ i let it get away

servicenow. the smarter way to workflow.

now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity. get your slice today. welcome back to "closing bell." a government filed the

opposition to tiktok's request to delay its app ban that filing remains under seal looking ahead, we await tiktok's response to that filing due tomorrow and on sunday, a judge is expected to decide whether or not to allow a ban from app stores all this as oracle and walmart take a stake in the chinese owned company is under review. let's bring in the white house national security adviser and retired army lieutenant generally h.r. mcmaster. general mcmaster, thank you for joining us i want to start with tiktok. i wonder what you think about the proposed tiktok deal and whether you think a minority stake like this, joint venture of sorts, can actually solve the national security concerns that are raised >> it's great. it is important that we apply a great deal more scrutiny to chinese companies and penetration not just in our markets but the access to our

data and what we recognized early in the trump administration is that the assumptions on which are approach to china are based are now really demonstratebly false. it would play by the rules and then over time as china prospered with liberalize and eventually even try to liberal rise the form of governance. well, it's very clear now that they're doing the opposite of that and so it's very important for us to protect american citizens from the kind of penetration into our data space that can really result in vulnerabilities for us eventualitier inabiliti and weaponizing that data against us like they weapon yeas data against their own citizens.

>> that is true. is there any transaction that would solve the concerns or do you think an outright ban is the only safe way to proceed >> i think it's just a beginning. we have to make sure the data is protected. all the americans these days, we ought to think about our data as gold and expect companies to be like for the knox. the right assurances have to be in place in terms of what data is kept and then also individual data and how it is secured. and what is really interesting i think for -- important for us to recognize is that when the chinese communist party and arms and company thies they coerce, try to use software, hardware, services, infiltration of people to try to get into that company

to extract data but also sensitive technologies and interlekt you'll property. it's important that the source code is important, who controls the source code, how that code is used. i think there has to be -- i'm sure it's on going there has to be a wholistic assessment how we can protect americans' data. the they won't treat our citizens better than they treat their citizens >> using this tiktok example as a broader big picture question, how much of a problem is it that this is the u.s. maybe with one or two other countries against china rather than with the whole of europe, for example, together as wleek that sort of broader battle against china if the u.s. doesn't bring the lukz of europe along it with, is all of this challenge, all of this push back from the u.s. side to china at risk of knoll raety achieving a great deal >> you put your finger on what

is important what china does and this is what i describe in battle grounds they employ a strategy of coercion and concealment they co-opt us by the lure of the market and then once they're in, once you have that relationship, they coerce you to adhere to the world view and make compromises that you otherwise wouldn't compromise and then they portray all of this as normal business practices. it's very, very important that united states, the eu and i would say japan and others if you think to 2018, there are 12 kun trcountries that join tor on app 10, the hacking organization of the chinese communist party that is really hund the sustained campaign of industrial espionage and against all of us.

so i think that there is more cooperation that meets the eye but certainly everything that we do to confront the unfair practices of the chinese communist party, economic practices as well as risk have to be done together. >> lieutenant general, trade battles. tech battles are one thing how worried are you? what percentage chance hopefully small do you put on the possibility that issues like taiwan, for example, could lead to something much greater. >> we're at very high risk now st there are a number of factors that contribute to this period of high risk one is the chinese communist party always believed they had a fleeting window of opportunity to take advantage of the growth in their economy, growing power and to reassume the position at center stage

i think what he is hearing is hey, you're winning. look at the united states. they're upcoming election. look at the racial i did vudz there by the murder of george floyd and the effect upcomin election, look at the racial divide and the effect of the pandemic and look how great you're doing what we've seen is a much, much more aggressive with this diplomacy aimed at europe and the united states, massive cyber attacks on australia, bludgeoning indian soldiers to death on the himalayan frontier, the land grab in the south china sea and the most dangerous flashpoint is taiwan and the rhetoric what you have is a party that is now continuously broadcasting a

jingoistic at its opropaganda aw people. >> i'm curious what you see as a end game we've seen a total geopolitical realignment against china in the last few years do you want regime change? do you want decoupling >> it's really competition really we had pursued this policy the labels aren't particularly useful, but one of cooperation and engagement, again, under those flawed assumptions that chinese would play by the rules, that china would liberalize its form of government they haven't done that quite the opposite competing to counter china's unfair trade and economic practices, it's also bringing our disputes to organizations like the world trade

organization it's also reentering the arena of competition in connection with security and working with like-minded countries to really convince china, hey, you can't accomplish your objectives through these forms of aggression what we would hope is that the chinese communist party leadership would mean they can achieve what they want without achieving what they want at the expense of the freedoms of their own citizens or at the expense of our nations if the chinese communist party continues on the path it's on and we don't compete effectively, the world will be less free, less prosperous and less safe. >> general, we're out of time. we'd love to have you back at some point thank you for joining us. >> thank you so much for having me >> lieutenant general hr mcmaster up next, find out some big restaurant companies that are reaching to minority community to bring in more diverse

ownership. 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. ♪

xfinity is your home for the return of live sports. hold the phone in front of you. how's that?

get...get mom. power e*trade gives you an award-winning app with 24/7 support when you need it the most. don't get mad. get e*trade and start trading today. with 24/7 support when you need it the most. good job, michael! does. ok, lindsey now tell the class what your mommy does...

my mom has super powers. it's like she can see the future. what?! it's like she time travels in a rocket ship. that's cool! and then she comes back saying "try this" or "try that." she helps everyone. she helps them feel less worried. wow! mommy, so what is it that you do? i'm a financial advisor. she is! aig proudly supports all the professionals taking care of our financial futures.