transparent. you can do stock buybacks and fiddle with the eps. >> the way you look at the acceleration of that chart, it does get you thinking. no sign of the president yet, but -- >> he'll be along. thanks for watching. "closing bell" will take it forward from here. we are standing by for the president as well. welcome, everyone, to "closing bell." the major averages are mixed on this final day of august as the s&p 500 looks to wrap up its seventh strike month of gains. >> let's have a look at what is driving the action the nasdaq the biggest winner in august, but fluing the flat line chip stocks also taking a step back case-shiller had the biggest rise on record, and consumer

confidence fell to a six-month low. we have 59 minutes left in the session, sara. coming up on today a show, the ceo of fubotv as the company gets approval from the online wagers from the state of iowa. plus noted value investor scott black on his outlook, as we head into a new month two value plays he likes. and then president biden is expected to address the nation about afghanistan this hour. we will take you there live for those remarks. let's focus, first of all, on the big stories we watching today. mike santoli is watching the action, and josh lipton is following apple today. mike, start us off, if you will, please, still set for a record close, at least. >> pretty much holding the

highs. pretty quiet, not a lot of churn underneath the surface unlike yesterday, more stocks than up and down the nasdaq 100 is bumping up a little bit against the trend line maybe the s&p gets there as well, as you see from time to time as we get near this line the last several months. it has paused. we're also going to lose that peak from the first or second day of september of last year. where we did come to that 10% correction, the last time we neared anything like that, so it will look even smoother if we get to november. take a look at the most volatile jumpiest stocks relative to, i guess, steadier blue chip quality stocks, the high beta index led the way from the spring into the early summer we're not saying it's on the down side, but certainly it's lost a bit of steam, quality good balance sheets, predictable profit margins, that's a typical

second year after a recovery type of pattern. the sbhp is the 100 most high beta stocks in the s&p it just reshuffled much more tech than it was before, meaning it might not be so cyclical or jumpy from mere take a look at tesla quietly the chart has been improving for a while. when you look at the previous peaks, this was the wild into august 31st of last year, just a complete buying emotional stampede going crazy up toward 900 -- actually up towards 700, as it was about to be added to the s&p 500, eventually above 900 earlier this is what people are looking at it's been improving, kind of turned its average higher. so probably good it's out of the spotlight whavr you think about

acting is a more order ly mike, obviously it's somewhat treading war we spent so much of this monthsh kind of ended up being a nonevent yield. does that apply also to the jobs number on friday, or are we past worrying about what any of this data does to the fed now >> i think there's some significance to the job number coming on friday it probably will be whether there's more pressure for the fed to stay something definitive in september, maybe november, but i just do think it will make check off the box about whether we're making our way toward substantial further progress as the fed has said, or not the fed's own meeting on the 22nd, people come back to work, i do think there's more of a quorum arguing about the macro

data points. i think we also have to keep watching the other data for signs of slowing now after the second confidence read pointed toward some weakness mike, thanks. apple hit a report high this week josh lipton has details. >> weknow big tech has been under fire and that, of course, includes those big app stores. today some news on that front. south korea's parliament passing a landmark billing, banning companies from acquiring developers to use their online systems, so developers can now avoid paying commissions to the app stores, directing users instead to pay with -- apple spokesperson says this will put users at risk of fraud, undermining the privacy protections, making it different to manage their purchases and

features like parental control will become less effective and the global platform for access billions of consumers around the world censor tower estimates that consumers spent about $4.6 billion on google play that means google collected about $1.4 billion as for apple, they say south korean consumers spent about $1.4 billion, subject to apple's fee of up to 30%, earning the company an estimated $414 million, against, according to censor tower so the question is whether this is a broader trend will other companies start passing similar bills? the president of south korea, by the way, must review and sign this bill. we should also mention that apple has delayed production of new apple watch models, because it's encounters challenges of

manufacturing them with production delays due to a new complicated design >> on the antitrust issue, apple faces probes where are analysts on this issue whether it is a material risk to investors and to the way ultimately apple makes money >> if you're after apple investor, you're watching it closely. you're watching the app store very closely it's a big and broader part of that service analysts will tell you it's probably about 30% of total services revenue south korea is interesting, because south korea in and of itself is not material $400 million will not make or break apple. i think the bigger question mark is, does this spur more countries to promote, pass similar bills? we don't know, of course countries will have different

laws, customs and traditions i do think it's interesting. if the president does sign that into law, how south korean consumers react i think will be interesting to watch do they ultimately decide, i won't use apple and google's payment systems. those stores are effective, official to use, so i think the behavior would be curious to investors in the street to watch. >> josh lipton, thanks so much much appreciated while josh was talking, we did go negative on the nasdaq, but only by a tenth of a percent or so. still to come, the ceo on fubotv and whether the nfl season will lead to more streaming subscribers. and airlines and cruise e etfs you're watching "closing bell" on cnbc.

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all the major stock averages are on a gain for august, but the nasdaq leading the way let's bring in the managing director of global make rho strategies. good to see you, ben some are worrying about the fall, given that the fed is set to start scaling back the emergency stimulus growth looks like it's slowing a bit here with the delta variant. stimulus has peaked as far as the amount what does the setup look like

for you for september and the rest of the year >> great to see you again. i do think it's a good setup you outlined the risks, the same thing will happen, so it's going to impact markets, but it's also a function, i think of the pandemic changing, at least in the view of the federal reserve. and at the same time we do have did the consumer confidence numbers show, but it sets up for what i call a deferral delta defers the activity maybe for a bit out of the fourth quarter. if you think about the leisure and travel sectors that underperforming, probably there's some room to go. i think it's a good setup for the fourth quarter. >> you say it's gone too far, you would be buying the dip on those airlines cruises? what do you have in mind

>> i think the global reopening plays a major theme there. it's not just us where, let's say, we have managed the pandemic where we don't close off the economy. now that's starting to change, too. some countries are taking -- if you think of airlines, leisure, it's also to the global economy -- plays to the global economy, so i think, yes, there is an opportunity here for that sector in particular >> switching focus a bit, ben, what do you think is the level of importance now of fed tapering on the level for the u.s. dollar? is that the key factor or are there other factors like a safe haven and global flows going to be more dominant? >> certainly will play a role, wilfred. let's think about it, if we're

going into tapering, in the future, now, we get this language, it's a bit about timing of the tapering, how fast it will go i think the dollar itself can gain strength, because i think it means that the fed has said the pandemic is -- the economy has more room to recover that should fuel the dollar. also there's the safe haven idea that we do have to keep in mind there are dangers out there, so that too i think is an opportunity, really the currency has lacked really over the last year or so it's going to have a prospect, or specifically th reconciliationcouple spending

will ultimately mean for the economy, but all the other items that's mentioned is not. so i think we'll go to several steps to the house first to get a better sense of how large the package will be, but looks like, at least on the infrastructure spending side, that's coming there, so i think that's priced. >> if we look at the market performance for this quarter over essentially two months or so, we have the s&p up 5%, ftse down, and china down quite sharply. do you think we have felt the flows in the past, or could there be a steady flow further of money coming out of asian

markets back to europe and the u.s. because of the clampdown we have seen there? >> i think you cannot exclude that crackdown, because, yes, you're right, just basically unpredictable policy currently we don't know what else they're going to do. it comes in phases each day, but to me the other parts of the market are pretty attractive tang singapore, taiwan, any of those, those have started dealing with the delta advance in a much more meaningful way, but the etfs have underperformed relative to the u.s., so i think that gap is another opportunity. i would be yeah, you still have to be defensive on that though plays out. >> ben emons, thank for you calling us we have 43 minutes left to go before the bell major averages lower today

fractionally remember we're coming off a report close small caps hanging in there. after the break, allbirds gets ready to take flight the sustainable shoe company filing for an ipo today. we'll tell you about them next check out some of today's top-searched tickers no surprise zoom is at the top of the list. a big sell-off today, down more than 16% on a weak er outlook robinhood back a little after a sell-off we'll be right back. [ watch ] proactive notifications from fidelity keep you tuned in all day long. so when something happens that could affect your portfolio, you can act quickly. that's decision tech, only from fidelity.

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baaam. internet that doesn't miss a beat. that's cute, but my internet streams to my ride. adorable, but does yours block malware? nope. -it crushes it. pshh, mine's so fast, no one can catch me. big whoop! mine gives me a 4k streaming box. -for free! that's because you all have the same internet. xfinity xfi. so powerful, it keeps one-upping itself. can your internet do that? leslie picker has the details. we told you as well, like crab shells >> yeah, yeah. that's part of their whole

sustainability model allbirds showing widening losses, with a single digit percentage growth. this may be the ultimate test to see if investors can look past muted financials, in lieu of something else they make sustainable shoes, so it's pioneering what it doved an spo, mean it will have to abide by the certain framework -- in thi case all-birds work with iss no surprise there, if allbirds continues to do so, however, it would be a sustainable public

company. guys >> it is all about sustainability they mentioned it a hundred times -- it was like 200-plus times. i counted. >> they do consider that the competitive advantage, to beat their competition. i think it's interesting that adidas is collaborating with allbirds on a shoe nike is working on sustainability as well i wonder how far they can go with this competitive advantage is the price point is something to consider. they're certainly not expensive, but not cheap either so you have the same kind of situation with a lot of these

models one thing to look for in the fall are a lot of these offering, direct-to-consumer offerings that do have this sustainability or social aspect to them. warby parker is another one. brilliant earth, which filed its ipo yesterday, so a lot of these companies have the sustainability idea to them. it will be interesting, though, to see what that means in terms of their valuation, do they command a premium as a result of that orl other things cup to the forefront. >> i think it's so interesting, leslie, and also one would compare whether the products in the consumers' eyes command a premium.

esg a factor that definite li goth consider, but we might be overpaying this. it's kind of a cost of doing business to all companies, even the exxons of this world, that they have to check that sustainable box, and therefore, i think, that those premium -- anyway, we must pivot away and get to shepard smith >> the white house pool has notified that the president will be out in about two minutes, and what the road is forward regarding all of those who have been left behind, depending on whom you believe about the numbers, hundreds, 100 to 200, maybe more, have not yesterday been able to, for one reason or another, and thousands, even thens of thousands of afghans

who have been promised by none other than the president himself have not been ability to escape an the pad forward we got a paper statement from president biden yesterday. the president initially was to have appeared today at 1:45 eastern time that was moved ahead a bit now we have arrived at 3:30 eastern time jen psaki said this morning on twitter, that the president will express his thanks to the service members who executed a dangerous mission. he will also offer thanks to the veteran and volunteers who supported that effort. she goes on -- he'll lay out the decision to end the war,

including the tough decisions. he will make clear, says jen psaki, as president he will approach or foreign policy through the prism of what is in our national interests, coalition how best to continue the american people safe all of our diplomatic efforts that were stationed in kabul have now been moved to doha, qatar. whether the taliban will be able to hold off isis-k and other terrorist organizations is a matter for future reporting, but the way in which the united states helps facilitate that is part of what the president may be addressing here today how do you keep communication lines open with the taliban? create a you need this/we need

that situation, where the two can work together in an effort to keep afghanistan from blowing up and causing problems for us domestically, in creating what amounts to a civil war inside afghanistan. there is little question there's a humanitarian crisis right now. it's widely estimated as many as 500,000 children in afghanistan are food insecure. the economy is riddled $9.5 billion in frozen afghan money all of that for the president to address now >> last night in kabul, the united states ended 20 years of war in afghanistan with more than 120,000 people evacuated. that number is more than double what most experts thought were possible no nation, no nation has ever done anything like it in all of

history of the extraordinary success of this was due to the incredible skill for week they risks their lives, they did it nose that isis-k terrorists, sworn enemies of the taliban were lurking in the midst of those crowds still, the women and men of the united states military, our diplomatic corps, and intelligence professionals did their job and did it well.

risking their lives in a miss service mercy, not war 13 members heroes gave their lives. i was just at dover air force base with the dignified transfer we should never, ever forget in april, i made a decision to end this war as part of that decision, we set the date of august 31st for american troops to withdraw. the assumption was that more than 300,000 afghan national security forces that we had trained over the past two decades and equipped would be a strong adversary in their civil wars with the taliban that

assumption that the afghan government would be able to hold on turned out to not be accurate i still instructed our security team to prepare for every eventuality, even that one that's what we did so we were ready when the afghan security forces, after two decades of fighting for their country, losing thousands of their own, did not hold on as long as anyone expected. we were ready when they, the people of afghanistan, watched their own government collapse and the president flee amid the corruption and malfeasance, handing over the country to their enemy, the taliban, and significantly increasesing the risk to u.s. personnel and our allies as a result, to safely extract american citizens before august 31st, as well as embassy personnel, allies and partners,

and those afghans who had worked with us and fought alongside of us for 20 years, i had authorized 6,000 troops, american troops to kabul, to help secure the airport. as general mckenzie said, this was the way the mission was designed that's what it did since march, we reached out 19 times to americans in afghanistan, with multiple warnings and offering to help them leave afghanistan, all the way back as far as march after we started the evacuation 17 days ago, we did initial outreach and analysis, and identified around 5,000 americans who had decided earlier to stay in afghanistan, but now wanted to leave.

our operation allied rescue ended up getting more than 5,500 americans out. we got out thousands of citizens and diplomats from those countries that went into afghanistan with us to get bin laden. we got out locally employed staff of the united states embassy and their families, totalling roughly 2,500 people we got thousands of afghan translators and interpreters and others who supported the united states out as well now, we believe that about 100 to 200 americans remain in afghanistan, with some intention to leave most of those who remain are dual citizens, longtime residents, who earlier decided to stay because of their family roots in afghanistan is the bottom line -- 90% of americans in afghanistan who wanted to

leave were able to leave for those remaining americans, there is no deadline we remain committed to get them out if they want to come out secretary of state blinken is leading is the continued diplomatic efforts to ensure safe passage for any american, afghan partner or foreign national who wants to leave afghanistan. in fact, just yesterday, the united nations security council passed a resolution that sent a clear message that the international community expects the taliban to deliver moving forward, notably, freedom of travel, freedom to leave together we are joined by over 100 countries who are determined to make sure the taliban upholds to say commitments it will include ongoing efforts in afghanistan to reopen the airport, as well as over-land

routes, allowing for continued departure for those who want to leave, and deliver humanitarian assistance to the people of afghanistan. the taliban has made public commitments, broadcast on television and radio across afghanistan, on safe passage for anyone wanting to leave, including those who worked alongside americans we don't take them by their word alone, but by their actions we have leverage to make sure that happens august 31st was not an arbitrary deadline it was designed to save american lives. my predecessor, the former president, signed an agreement with the taliban to remove u.s. troops by may 1st, just months

after i was inaugurated. it included no requirement that taliban worked out a cooperative arrangement with the afghan government, but it did authorize the release of 5,000 prisoners last year, including some of the taliban's top war commanders among those who just took control of afghanistan by the time i came to office, the taliban was in the strongest military position since 2001, controlling or contesting nearly half of the country. the previous add manufministeras agreement said if we stuck to the may 1st deadline, the taliban wouldn't attack any american forces, but if we stayed, all bets were off. so we were left with a simple decision -- either follow through on the commitment made by the last administration,

leave afghanistan, or say we are weren't leaving and commit another tens of thousands more troops going back to war that was the choice, the real choice, between leaving or escalating i was not going to extend this forever war. i was not extending a forever exit the decision to end the military lift operations at kabul airport was based on unanimous recommendations by my civilian and military advisers. the secretary of state, the secretary of defense, the chairman of the joint chiefs of staff, and all the service chiefs, and the commanders in the field. their recommendation was that the safest way to secure the passage of the remaining americans and others out of the country was not to continue a

6,000 troops on the ground in harms's way in kabul, but rather to get them out through nonmilitary means. in the 17 days that we operated in kabul, after the taliban seized power, we engaged in an around-the-clock effort to provide every american the opportunity to leave our state department was working 24/7, contacting and talking, and in some cases walking americans into the airport again, more than 5,500 americans were airlifted out for those who remain, we will make arrangements to get them out if they so choose. as for the afghans, we and our partners have airlifted 100,000 of them. no country in history has done more to airlift out the

residents of another country than we have done. we will continue to work to help more people left the country who are at risk. we are far from done for now, i urge all americans to join me in grateful prayer for our troops and diplomats and intelligence officers who carried out this mission of mercy in kabul and at tremendous risk with unparalleled results an airlift that evacuated tens of thousands to a network of volunteers and veterans who helped identify those needing evacuation, guide them to the airport, and provided them for their support along the way. we're going to continue to need their help we need your help. i'm looking forward to meeting with you and to everyone who is now

offering or who will offer to welcome afghan allies to their homes around the world, including in america, we thank you. i take responsibility for the decision now, some say we should have started a mass evacuation sooner, and couldn't this have been done in a more orderly manner i respectfully disagree. imagine if we had begun evacuations in june or july, bringing in thousands of american troops and evacuating more than 120,000 people in the middle of a civil war. there still would have been a rush to the airport, a breakdown of confidence and control of the government, and it still would have been very difficult and dangerous mission. the bottom line is, there is no evacuation from the end of a war

that you can run without the kinds of complexities, challenges, and threats we faced. none for those who would say we should have stayed indefinitely, for years on end, they ask, why don't we keep doing what we were doing? why do we have to change anything the fact is, everything had changed. my press says predecessor had m with the taliban the taliban onslaught was coming we faced one of two choices -- follow the agreement of the previous administration and extend it to have -- or extend to have more time for people to get out. or send in thousands more troops and escalate the war

for those asking for a third decade of war in afghanistan, i ask -- what is the vital national interest? in my view, we only have one -- to make sure afghanistan can never be used against to launch an attack on our homeland. remember why we went to afghanistan in the first place because we were attacked by osama bin laden and al qaeda on september 11th, 2001 they were based in afghanistan we delivered justice to bin laden on may 2nd, 2011, over a decade ago al qaeda was decimated i respectfully suggest you ask yourself this question -- if we had been attacked on september 11th, 2001, from yemen instead of afghanistan, would we have

ever gone to war in afghanistan? even though the taliban controlled off afghanistan in 2? i believe the honest answer is no that's because we had no vital interest in afghanistan other than to prevent an attack on america's homeland and our friends. that's true today. we succeeded in what we set out to do in afghanistan over a decade ago then we stayed for another decade it was time to end this war. this is a new world. the terror threat hats metastasized well beyond afghanistan. we face threats from el shabab in ma'ama, al qaeda affiliates in syria and establishing

affiliates across africa and asia the fundamental obligation of a president, in my opinion, is to defend and protect america not against threats in 2001, but the threats of 2021 and tomorrow that is the guiding principle behind my decisions about afghanistan. i simply do not believe that the safety and security of america is enhanced by continues to deploy thousands of american troops and spending billions of dollars a year in afghanistan, but i also know that the threat from terrorism continues in its pernicious and evil nature but it's changed, expanded to other countries. our strategy has to maintain,

too. we just don't need to fight a ground war to do it. we have what's called overt the hi horizon capabilities we have shown that capacity just in the last week we struck isis-k remotely, days after they murdered 13 of our service members. and dozens of innocent afghans to isis-k, we are not done with you yet. as commander in chief, i firmly believe the best path to guard our safety and our security lies in a tough, unforgiving, targeted precise strategy that goes after terror where it is today, not where it was two decades ago. that's what's in our national interest

here's the critical thing to understand the world is changing. we're engaged in a serious competition with china we're dealing with the challenges on multiple front with russia. we're confronted with cyberattacks, nuclear proliferation. we have to shore up america's competitive to meet these new challenges in the competitive for the 21st century we can do both, fight terrorism and take on new threats that are here now, and will continue to be here in the future. there's nothing china or russia would rather have, would want more in this competition than the united states to be bogged down another decade in afghanistan. as we turn the page on the foreign policy that has guided

our nation the last two decades, we've got to learn from our mistakes to me there are two that are paramount. first, we must set missions with clear achievable goals, not ones we'll never reach. second, we must stay clearly focused 09 fundamental national security interest of the united states of america. this decision about afghanistan is not just about afghanistan. it's about ending an era of major military operations to remake other countries we saw a mission of counter-terrorism in afghanistan, getting the terrorists and stopping attacks morph into a counter-insurgency, nation building, trying to create a democratic, cohesive and united afghanistan,

something that's never been done over many centuries of afghanistan's history. that mindset and those large-scale troop deployments -- and for anyone who gets the wrong idea, let me say clearly, to those who wish america harm, to those who engage in terrorism against us or our allies, knows this -- the united states will never rest, we will not forgive, we will not forget, we will hunt you down to the ends of the earth, and you will pay the ultimate price let me be clear. we will continue to support the afghan people through diplomacy, international influence and humanitarian aid we will continue to push for

engagement to prevent violence and instability. we'll continue to speak out for the rights of the afghan people, especially women and girls, as we speak out for women and girls all around the globe ivan clear that human rights will be the center of our foreign policy, but the way to do that is not through endless military deemployments, but through diplomat set, economic tools, rallies the rest of the world for support. my fellow americans, the war in afghanistan is now over. i'm the fourth president that must face this issue of whether and when to end this war when i was running for president, i made a commitment to the american people that i would end this war today i have honored that commitment it was time to be honest with the american people again. we no longer had a clear purpose

and an open-ended mission in afghanistan. after 20 years of war in afghanistan, i refused to send another generation of america's sons and daughters to fight a war that should have ended long ago. after more than $2 trillion spend in afghanistan t. the costs of researches that brown university statemented would be over $300 million a day for 20 years, for two decades, in afghanistan. yes, the american people should hear this -- $300 million a day for two decades. you take the number of $1 trillion, as many say, that's still $150 million a day for two decades. what have we lost as a consequence in terms of opportunities? i refuse to continue a war that was no longer in the service of the vital national interests of our people

most of all, after 800,000 americans serving in afghanistan, that have traveled that whole country, brave and honorable service, after 20,744 americans service men and women injured, the lost of 2,461 american personnel, includes 13 lives lost just this week, i refuse to open another decade of warfare in afghanistan we've been a nation too long at war. if you're 20 years old today, you have never known an america at peace so when i hear that we could have, should have continued the so-called low-grade effort in afghanistan, at low risk to our service members, at low cost, i don't think enough people understand how much we have asked of the 1% of this country

who put that uniform on. willing to put their lives on the line in defense of our nation maybe it's because my deceased son beau served in iraq for a full year -- before that -- well, maybe it's because of what i have seen over the years as senator and vice president and president traveling these countries. a lot of our veterans and families have gone through hell, deemploymplemployment deploymen birthdays, anniversary, empty chairs at holidays, financial struggles, divorces, loss of limbs, traumatic brain injury, post-traumatic stress. we see it in the struggles

system have when they come home. we see it in the strain on that are families and caregivers, we see it the strain in the families when they're not there. we see it in the grief borne by their survivors. is the cost of war they will carry with them their whole lives. most tragically, we see in the shocking and stunning statistic that should give pause to anyone who thinking war can ever be low grade, low risk or low cost. 18 veterans on average, who die by suicide every single day in america. not in a far off place, but right here in america. there's nothing low grade or low risk or low cost about any war it's time to end the war in

afghanistan. as we close 20 years of war and strife and pain and sacrifice, it's time to look at the future, not the past to a future that's safer, to a future that's more secure, to a future that honors those who served and all those who gave what president lincoln called their last full measure of devotion i give my word with all of my heart, i believe this is the right decision a wise decision, and the best decision for america thank you, thank you, and may god bless you all. may god protect our troops president biden marking a moment in american history, the war in afghanistan, he said, is

over for the departure and the way it happened, i take responsibility. he said the world has changed, the cost was too great, the strategies going forward are different, and we hold the taliban to their word for safe passage for those who still need to exit, and on isis-k, we are not done with you yet. importantly, at least in the moment, he said that they were ready when security forces for the former afghan government did not hold, and he said the mission worked as designed we'll get right to the "closing bell" in just a moment first, seth jones is here, senior vice president with the center for strategic and international studies, former adviser to u.s. special operations in afghanistan. seth, thank you. is he right? did it work as designed? >> look, i think, shep, the evidence is pretty overwhelming, it was chaotic this was what my conversations with multiple americans and

afghans on the ground indicated. this was a chaotic response. many couldn't get to the airport, people were killed trying to get through taliban checkpoints we had an attack i think it's a bit of whitewashing of history. if anything, it shows that before we had made all these decisions, we really needed to conduct much more operational and tactual-level planning of getting americans and afghans out. that just simply was not done. >> seth, thanks so much. i want to turn to the politics in the brief amount of time we have larry sabado, the president needed a political reset did he do what was necessary in that lane? >> he did with democrats and democrat-leaning independents. this is turning out like every controversy.

he's going to keep his party base, the independents who lean toward the democrats republicans now have a very central issue they will use for the rest of biden's terms. so, look, it was the most cohesive, coherent explanation of what happened, but people remember the chaos they will remember the chaos in the long run, they may remember what they had hoped would happen is the united states finally, at last, getting out of the afghanistan >> larry sabato, thank you jen psaki is now briefing. she will no be asked about an interpreter or someone who saved the president life years ago in afghanistan when he was a senator. it's a story that's broken at the "wall street journal." that news conference will be streaming at nbcnewsnow, and also on msnbc, our sister

network on satellite and cable initial we'll have complete analysis tonight at 7:00 eastern on cnbc, on the news, for now it's time for "closing bell. wilfred froos and sara, back to you. >> we do want to head i hit the closing bell mike, we're seeing a bit of softness, now did a tenth of a percent. a downbeat way to end a month. just quickly run us through the internals. >> they look a bit better than the index activity right now, actually more stocks, more volume to the up side than the down side. a lot of sickly are holding up okay it's a quiet session i would say we're holding near the highs is the rule. there's pockets of strength to a

new high just in today's tape. it would been a strong performer. a lot of that is cell towers, 5gs, logistics, not necessarily office buildings clearly it's a known potential cath list, the seventh month in a row that we're higher, it seems like going out near the highs is a pretty benign outcome at this point, sara. >> 523 record closes for the year of 2021, so far seven straight months of gain. take a look at the major averages, s&p is down about a tenth of a percent there's the dow, down 17 points, in a narrow trading range, mostly low are, but again coming off the record highs, what is not work snowing dow is the biggest drag goldman sachs, walgreens and mcdonnell's are the outperformers. the nat dak was strong for most of the day

highs have gone negative negative, apple is part of the story, zoom taking on some growth concerns, even with the beat on profits. amazon is an outlier, some of the media names also doing well today. airlines are bouncing back that's going to be the bell, and it wraps up another strong month for stocks, the seven in a row for gains. seven out of eight for the nasdaq wilfred, over to you >> welcome to "closing bell. as sara said, a resoundingly strong month of august the nasdaq up 4%, s&p up close to 3%, the dow lagging up 1.2%, but ended on a soft note, albeit slightly solve on the s&p, nasdaq, all down about 0.1%. real estate the top sector today.

straight ahead, scott black outlines where he sees opportunity in this market he has another couple of stock picks, as he always does when he comes to join us plus we're just moments away from earnings from ambarella, crowdstrike and pvh. joining the conversation today is barbara duran from bba capital partners, shannon from boston private wealth, and keith lerner a very good afternoon to all of you. mike, sum it up. ending august with a year-to-date gain on the s&p, and a very strong month once again, once against puts the u.s. ahead of the world. >> and it's somewhat due to the unique characteristics of our market, of our indexes the persistent of the rally, we never before had seven months in a row. those particular months in a

row. we're very close to that the reason is because, when we get nervous or some of the cyclical areas have gotten overdone, the thing to fall back on was growth. when we are afraid about economic growth, it's a reason to buy the so-called growth stocks it doesn't mean it lasts forever, doesn't mean you're not going to drop the baton, but i do think it explains the persistants of this rally, plus, of course, massively strong gdp, 40% earnings growth, the fed looking for excuses not to move really quickly, all going into what we have seen so far this year. >> barbara, how does it set us up the rest of the year? we are approaching some of the s&p strategist target prices for the entire year. either they have to go higher or maybe just march in place? >> well, i think that's an excellent question i think a lot of us are asking

ourselves after seven straight months, the market is up over 20%, it seems every day there's a new high when you look at the fundamentals, they are still intact what you have seen is the earnings growth is tremendous. it is now 30% greater than pre-covid, and earnings estimates keep coming up we're growing into the valuation. however, having said that, we now have a bit of the covid variant slowdown i think that could delay things a month or two we're all waiting anxiously to see the jobs number on friday. because i think there's still the risk, people still think the fed is commit to do keep rates low, but if you see the numbers come in too hot on employment, it will take more than one report, i think people will start to get worried about inflation. i think personally it has peaked and am not concerned, but i

think we could be in for a bit of a pause payments are tapering off this month, and we're done with earnings season, so it's hard to see what the near-term catalyst is, but i don't see a down side from here. >> keith, you've been looking at that >> the first thing is, when you have a good market, that tends to be a good sign. we looked back at the last 14 times when we saw markets municipal up seven straight months the market has been up 13 out of 14 times i would not fade this strength it doesn't mean you can't have a pause or can't have some consolidation, but looking at six to 12 months we're still positive the other important point is this -- even though the market is masse new highs, the p.e., which is still elevated, actually has contracted this

year it's been all earnings driven this year, and we expect that to continue. >> mike, how do you look at it what percentage of the gains this year has been earnings versus just multiple expansion and fed driven what does that say when the fed starts to move >> the math says that earnings have more than accounted for the 20% gain of course, the market runs ahead as it did late last year, prothe publish photographs i way too low. the fed crass the backdrop obviously we've had very strong credit conditions, very look financial conditions the federal reserve is not changing things, so i think that's more just part of the backdrop i think the bond purchases, a lot of people say mechanically or functionally what is the point, but psychologically think act as a placebo, where the fed

is truly trying to restrain the policy the bull markets are happy to take any excuse to go higher i think this one has really easy to persuade that the path of least resistance is up for now, which doesn't mean it will stay so easy indefinitely shannon, do you think investors are meaningfully changed that overweights and underweights >> i think there are some investors who have mced to get very pro-cyclical. we saw a bit of that in the fourth quarter last year i do think that picked up as we came into this year. i think it accounted for the fact this stagnation in the big-cap tech names i think what we're going to see now is we'll continue to see what mike pointed to you know, if we think about

where the bears are, the bears are in the faangs. they've been fleeing to big-cap tech here in the u.s. in periods of volatility. i think that that will persist what i'm more concerned about, or perhaps focused on the differentiation between what i think of as business silly cal and consumer cyclicals i think we should be enter a period of -- but also based on these year-over-year comparisons that will become more different. if i look at where that points to, that certainty points back to some of the big-cap names if you're pro-cyclical, it might be a nice way to hide out for the next six to eight weeks. it's been indecisive on that it's financials, that's pro-cyclical communications service as well, but utilities is right up there.

real estate has been outperforms, so what kind of message is that sending whether you want to be in the economically sensitive parts of the market >> i think there's a number of strategists recommending going to financials, going to sinally cal. what you saw in the banks in particular in early august, they had been going through a monthly downward slope, if we will they've had a bounce back, but the fundamentals have not changed. interest rates are low they'll have a tough time making money on their margins, and so on i think you're seeing a delay in the recoveries intact, but it's delayed with the covid variant we are seeing reports from restaurants, people are not going out as much, so shannon is talking about a six-to-eight-week period i think we'll see a rotation back into that, and that will stutter step the move back into cyclicals and economically sensitive. i think once coast is clear you will see more of a rotation.

they have traded off, where is the value? the tech trade is crowded, we made a lot of money. even though they will grow into their valuations, i think that's what drives the rotation, where is the cheap sector now? it's just been that way all year long i think that's what's happening. >> energy the only sector that finished lower we have some earnings to talk about. courtney >> amberella turned out. revenue stronger than expected shares are popping here almost 8%, likely in response to the third quarter revenue guidance range of 88 to $92 million that's above the nearly $79 million that aroundists had forecast for that guidance shares again higher by 7% for

ambarella. thank you both we'll keep an eye on that, which of course powers a lot of i phones keith, you mentioned the earnings factor. what about economic growth we've had a number of indicators out lately point to go slowing consumer confidence today on top of the university of michigan, a big drop we saw earlier. retail sales how is it all adding up? >> i think this is somewhat natural. we are at peak growth, but it doesn't mean weak growth we think economic growth will stay strong through next year with above-trend -- when we look back at the peak in isms, that typically happens early in the cycle, sometimes injects volume dill in the national, but we still think the economy will grow closer to 4% next year. that's to support earnings going back to the overall market, it's been up seven

straight months, that's only up about 3% since last may, so we do think we're going to see more rotation that broadens this market out quite a bit even though there are some concerns about the delta variant numbers, if you look at some of the outflows of the cyclical areas, they've been pretty pronounced i would say the market is anticipating some of this slowdown when we do see a peak hopefully in the fall, some of these areas we think will move higher. one area that's gained in trablgs shun is the small caps a 20-year low in evaluation perspective. >> we have another earnings result josh >> crowdstrike with revenue coming in at $337.7 million

versus expectations of $323 million. they're looking for between 8 and 10 cents for the year, they give guidance 43 to 49 cents versus expectations of 40 cents, and revenue 1.391 to 1.409 billion after the guidance and expectations they're heading into this, the stock was up about 30%, just hit a new all-sometime high in yesterday's trade, but giving back some of that initially in the after hours. back to you all. josh lipton, thank you so much shannon, back to broader markets, what are you -- and which countries or regions in particular look attractive right now? >> well, i think for us, i mean, this is a place where we added in the fourth quarter of last

year, we really felt like there would be a significant rebound over the course of the next 6 to 9 months in europe, and, you know, it feels like the vaccination rates was faster and the rates are higher, so we were anticipating this economic rebound. so we like europe here, and we actually like the emerging markets. i think clearly we have seen some pressure over the last month or so based on what's happening in china and the challenges that have been faced by chance ease equity investors, but if you look at where the growth will be over the next 6, 9, 12 months, we think both international developed as well as emerging market equities makes sense to have in your portfolio. we will leaveit on that note we are squeezed by the president, but thank you for bearing with us. up next on the show, atlat merchant capital's bob diamond

weighs in and why we're likely to see speed bumps ahead later, the iowa racing and gaming position giving approval to fubotv today. we're back in just two minutes here on "closing bell. new customers get our best deals on all smartphones. that's right. but what if i'm already a customer? oh, no problem. hey, cam...? ah, same deal! yeah, it's kind of our thing. huh, that's a great deal... what if i'm new to at&t? cam, can you...?

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stocks finishes higher bob diamond, the former ceo -- bob, great to see you. are we stretched to the up side? >> i think a bit before the delta variant impacted spending a bit, i think we're already a bit past the kind of spending, too.

we've all learned to follow the fed, and i think chairman powell and many other fed governors were clearly signaling, that while rates are not going up a while my own view is that's going to be sooner rather than later. of course, 5 trillion the fiscal stimulus during 18 months has really come to an end the trillion is not kicking in for a year so none of these are negative. we still are very, very constructive on the technology sector, but we think other sectors will have some headwinds. >> i want to do ask about banking more broadly

within -- what chances do you put in there as -- >> you know i think it's a very, very interesting time to kind of cut to the chase you actually for the first time since the financial cried have been constructive relative to the u.s. if you put it in context, the u.s. banks just killed it in investment banks so many of the european, uk, swiss, investment banks have been shrinking, some of them internal challenges, some regulatory-wise they've been absolutely killing it but i

think one of the things -- have had a positive impact. withen plan in the single currency but i think at the relatively valuations verse deutsche, jpmorgan is a very strong bank, but it's price to book is 1.6, 1.7 sometimes. at deutsche it's 0.3 so i think we'll see a period of outperformance verse the u.s. competitors. i wanted to ask about your new focus. >> also the status of the circle of potentially filing for a license to become a fully regulated bank

>> we are so excited we think circle is a key player in the stable coin era is just very, very well positions to be going after the commercial payments as the larger legacy banks. jeremy announced just a couple weeks ago, you know, that in stable coin world, strong stable coin firms want strong regulation we grace and support strong regulation. we also announced last week that our portfolio was going to be in all cash and treasuries, part of the feeling that the most regulated, most conserve activity stable point will be in the strongest competitive

position >> it also highlighted the fact that these currencies are not regulated at all there really is no accountability for the decisions being made, whether it's shareholders or regulators the other thing i would say is the regulators are watching this space. if the fed launches a virtual currency won't they go after things like stable coins >> first, you have to separate stable coins from cryptocoins. it's more like gold for speculation. stable coin with $27 billion outstanding, has over just under a trillion in directions using usdc it's a significantly different platform we really embrace regulation for all the reasons that you say

we want to be seen as the most conservative and most highly regulated a firm lie circle embraces consistent and strong regulation we've been squeezed in time, so i'm afraid we'll have to leave it there but great to see you, as always. >> great to see you both meantime earnings crossing. >> so a pretty become second quarter for pvh, reporting earnings for the quarter, $2.72 compared to analyst expectations of $1.20 that's an adjusted number, but still very large the company also guiding earnings per share in range of 1.95 to $2, above street consensus.

ceo larsen notes that the international business is performing above 2019 pre-pandemic levels in europe particularly strong gross margins. less promotions tommy hilfiger slightly above expectations, calvin klein slightly below. it's expected to be challenging because of lower tourism but pvh higher when we come back, the ceo of fubotv talks about the push into sports betting. we'll be right back.

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welcome back shares of fubotv closing higher.

this thursday it will launch its free-to-play gaming, and the real gaming app will launch in -- joining us now to discuss in an exclusive interview, dthe ceo. david, good to see you. >> thanks for having me. i wondered if you could touch on that, first of all, and maybe address where you feel that's coming from. is it people cord cutting? people adding their service to their existing services, or cord-nevers, younger people who may join their service for the first time and be with you for life rather than the third

quarter was extremely strong with all kpis up, streaming hours, you know, ad revenue, et cetera we're feeling good about that. we're adding our base of cord cutters, obviously the number of cable cutters, moving into streaming is quite strong, very solid tailwind we're also see cord-nevers starting to look at service, not seeing enough content on some of the streaming platforms. >> how significant is the interactive gaming and betting on your platform going to be have you factored that into your forecast for the years ahead >> no, we have not, actually

if you think about what we're trying to achieve. there's really three goals the first is to rye deuce the cost of entry into gaming. the second to create very attractive user economics across gaming and video the third is really creating defensibility remote around the business if you think about the market share that we have today with respect to our video business, you know, if you think about where gaming is going? you know, taking 3% to 5% of that to yield from $1 to $2 billion of top-line growth it's certainly importance and interactivity for us to isolate customers that we can target later at a more efficient cost to acquisition >> what does interactivity mean? you're watching tv, betting on your phones? doing it all on one screen

just walk us through exactly how it's going to work >> it is really the importance for us was about getting that licensing, to be regulated we want to embrace regulation and have discussions with regulators, because their job is to really create a safety environment for -- to do that, so from our end, it's about where you can answer questions, and surprises, that will lead to greater engagement we already stated they're up to 30% to 37%, when you factor in interactive elements into video, so at the moment, to get licensed and to do it quickly, you know, the goal was to actually be able to meet all the regulatory requirements bet on

their mobile devices, but what we have done, is we're ability to leverage the data from both sides? once that is cued up, it allows you to change quickly -- just fewer steps, as we kind of get into the process, we'll start to iterate quickly to create an interactive user experience for people that don't understand lines, and really the betting space. >> what is the most important sport to you at the moment, david? does embracing the betting side of things mean you expect that to change somewhat in the years ahead? >> well, you know, i can't really speak to the changes that could happen over the next three to four years, but i think there's one thing that we all know, nothing beats the nfl. i think the gaming companies all do very well seasonally, leading

into the playoffs. you know, q3 for cable companies has a historical seasonally important quarter, from one apartment to another apartment and, you know, it's proven to be extremely important for vittium mpds as well we anticipate the start of the football season will be quite strong as the past year, and you have over 74 million capable subscribers today that we're looking to atracked. we think that the future is very bright. >> a number of companies for this reason, david are doing this and recently a report that espn is looking for a place as well >> i think that i've been one of the first people, if not the

first person to say this over a year ago all of this just validates what i've been saying i think this is going to be very important for the leagues, because it will improve engagement, but you know, in our opinion, you know, we have a very different experience we actually shared with you one feature where we connect video on the back end with the book, and i think you're seeing a lot more of that from us while we can do that while others may not be able to, we control the end-to-end solution, and are able to manage all that data as you know, all companies are not allowed to share data. there are privacy rules that regulate the way we're allowed to leverage data we don't have that issue, and we think we will build a phenomenon all user experience. >> david, thank you for joining us to talk about it. keep us posted >> thank you for having me.

up next, mike santoli is back, with a pulse check on the consumer "closing bell" will be right back do you have a life insurance policy you no longer need? now you can sell your policy, even a term policy, for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized that we needed a way to supplement our income. if you have one hundred thousand dollars or more of life insurance you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit conventrydirect.com to

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welcome back it's time for a cnbc news update

with courtney reagan. >> hi, wilf. president biden defending his decision to withdraw u.s. troops from afghanistan he says it was designed to save american lives and end a war that was not improving america's security >> -- was the choice, the real choice, between leaving or escalating i was not going to extend this forever war, and i was not extending a forever exit on the news, was biden right? and what happens next in afghanistan? tune in tonight at 7:00 p.m. eastern. tex lawmakers are close to sending governor abbott a restrictive rewrite. the state house passed a bill after a last-minute change the bill gained national attention after democrats twice walked off state's capitol to temporarily block the bill.

rescuers trying to save people tracked from the fl floodwaters. back over to you, sara. >> courtney, thank you back to mike santoli, who is taking a closer look, is there cause for concern? >> you also saw a crash in this ratio here it's the spread between what consumers say they expect from the economy, so their expectations for the future, against the present assessment of conditions. so this is expectations minus the current conditions what you'll see as the pattern is recession, recession, recession, recession that's when basically people don't think they'll get better when you're coming out of the recession, and things have already been bad, people

brighten up, and then slowly the spread, and down as things actually get bers, things are great right now, but look how compressed this cycle is here? obviously it's an unusual recession. we have a lot of things weighs on consumers' minds, as well as maybe the loss of some of those additional jobless benefits. i don't know if up to infer anything about the fate of the cycle here, except that things are moving along more quickly than they typically would. if you look at the last time around, look how slowly and gradually we saw that taper off, whereas right now both went down all at once. so worth watching, and i do think we can all just agree, this is a very unusual cycle we don't really know we might be in the middle stages of it, even though we're about a year out from when things look readily awful.

>> the averages finishes out the last day of the month with small losses up next, scott black will discuss with us some under-the-radar tech names that's up next all the things, all around you... where you learn, work, and fly... we help make them healthier. we are the people of abm. for more than 100 years, we've been a leader in making spaces cleaner, from the things you touch to the air you breathe. today, more than 100,000 of us are innovating to ensure spaces are more efficient, healthier and safer. abm. making spaces healthier for you.

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joining us now for an exclusive interview, scott black of delphi management he's got stocks picked for us as well i always like to get your take on the environment for value stocks, which you are a value stock picker for a long time we've had this real tough of war between growth and value this year, it doesn't feel like we know which environment we're in. this month, the nasdaq won, up 4% on the month, but value has been doing it better where does that leave us >> truthfully over the last three months, value has been trumped heavily by the large-cap growth of the nasdaq, the russell 1000 growth is up 14.2%. valuations are very close at this point the s&p 500 is about 22.8 times this year, and yet the russell 2000 is roughly 20 times, and

the russell 2500 is 20 times there's not a lot to choose from, but the money has definitely gone back into the large-cap stocks as you probably know, the top five stocks in the s&p about 21%, and then the nasdaq, google, facebook, you know, those are about 42% waiting. so the industries are driven by the large-cap names. i think what happened when it was the onslaw, people got worried the economy was going to fizzle out i think unfortunately the money has rotated into the big-cap names. >> to your point, valueations are high across the board, so where are you finding it these days >> you have to do item selection. we look for strong free cash flow, sustainable earnings with low multiples. i have a tiny tech company in

fremont, california, called ichor. it's got a bulletproof balance sheet, $80 million in cash, which is 277 earnings will be up nicely, 370 this year, and then 415, a 10 pe., it's got the wind to its back that's the thing that drives -- this year is going to be a record at about 80 billion, and next year is another record. this company makes -- delivery gas and chemical delivery subcomponents, the two biggest customers -- all of whom are doing extremely well if you look at kla, lamb, and amat, this is a surrogate play the company generates nothing but cash they've had nothing but free

cash over the last three years, the first six months they generated another $24 million, anddoes about a return on equity so i think the primary demand is behind them. dr horton is about -- this is a larger cap, about 36 billion in market cap they shut out the lights this year they have the highest operating margins, and the earnings are accelerating nicely. we have on the 1120 this year, $13 next year, that pushes it to 7.4 times earnings

company has had a straightup record in ten years, no breaks in earnings through thick and thin unlike a lot of 4078 builders, this company consistently generates free cash. they're well positioned on lots. they have a five-year supply of which they own only 30%. they have an option for 70%, and whereas the average price of a home in the united states is about $375,000, the last for horton was $324,000, and about 60% of their homes actually went unit dhow 300,000. they have a segmented market, the dr horton, the first-time business, and new business called express, a lower-end, smaller in square footage, well below $300,000 with mortgage rates today, the apr going into today was about

3.3% by historic norms, we're still near lows. as you know, the mortgage rate tees off the ten-year treasury we don't see a big uptick on what was ar tick lated last week in jackson hole. >> thank you for joining us. >> thank you for inviting me take care. >> see you again soon, i hope. up next, fake it until you make it? theranos' elizabeth holmes is headed to court. details when "closing bell" comes back (vo) this is a place for ambition. a forge of progress. a unicorn in training.

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he faces his own trial next year if she decides to use that strategy, it adds yet another dimension to a case that's already being looked on as a sort of referendum on silicon valley culture the whole idea of fake it till you make it where when it comes to raising money for investors, it's often more a business' story rather than the business itself many are looking to the verdict and potential conviction of holmes to send a powerful message. >> if you go too far, if you push the envelope too much, if you lie and you exaggerate, if you hype and exaggerate to the point of lying, then it becomes securities fraud if on the other hand she's acquitted, then i think that nothing is going to change >> ahead of that though, selecting a jury in a case that has gotten lots and lots of attention. some 40 jurors in the courtroom today being interviewed. nearly all have heard about the case including one who said he

remembered holmes' pension for turtle necks four jurors have been excused. the hope is to get a jury picked by thursday with opening statements set to begin next thursday >> on the cover of magazines in those turtle necks so, scott, what does her team need to prove here that she was not in the right mind when she was doing this or that she didn't know about the level of fraud? what is the sort of argument >> well, the experts are saying that this really comes down to a question of intent the government has to prove that she intended to commit a fraud if, for example, she was under sunny's spell so to speak, maybe she couldn't have. if she was in this fake it until you make it, maybe she was doing what entrepreneurs in silicon valley have been doing forever and didn't really believe there was a fraud. again, if she didn't intend to do it, it's not a crime.

>> fascinating stuff, scott. thanks so much for the update and look forward to further ones in the days ahead. up next, key data, earnings and a crucial oil event on deck for tomorrow we'll beatinoufor me wchg t so of those factors and discuss what to expect when "closing bell" returns. new customers get our best deals on all smartphones. that's right. but what if i'm already a customer? oh, no problem. hey, cam...? ah, same deal! yeah, it's kind of our thing. huh, that's a great deal... what if i'm new to at&t? cam, can you...? hey... but what about for existing customers? same deal. it's the same deal. is he ok? it's not complicated. with at&t, everyone can ace back to school with our best deals on every smartphone - like the samsung galaxy z fold3 5g.

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let's get a check on this afternoon's biggest earnings movers crowdstrike beating, but slipping post market a mba rella beating on the top and bottom lines they are seeing good demand for its chips that go into security cameras and cars and pvh, the retailer, more than doubling earnings were up and a solid outlook. that stock up 7% after hours >> now to our wall street look ahead on the data front. we will be getting some manufacturing pmi and ism manufacturing data

the opec ministerial meeting gets off tomorrow as well and we'll get earnings from campbell's soup, chewy, and more plus, don't miss our first on cnbc interview with the ceo of chewy on the back of that company's earnings we look forward to that tomorrow down about 2% or so in today's trade. sarah, you know, off to a very strong month, but trading water. although we kept saying that ahead of jackson hole and that didn't prove to be such a big event as everyone feared or hoped. >> the reason there's so much hype around the jobs report on friday is because a number of fed member, including maybe fed chair himself, have been saying we want to see one more good jobs print that substantial progress to get going with the taper scaling back the asset purchases. so we'll see how the market reacting either way to that one, mike what will you be watching as earnings season kind of wraps up

here and we go into september, which seasonally is not such a great month for stocks >> it is not, although in years like this one when the market has been very strong and not volatile, it's been better better in the last ten years than in distant history. it makes sense to keep it in your hat as part of the backdrop, but seasonality is not exactly the bull's friend here but i would mention though, yes, we all said that the market's waiting for the jackson hole speech by fed chair powell once he gave the speech, the market went up 1% the rest of the day. so sometimes it just holds the market in place and then after it's through, who knows. maybe it's reacting to it and goes on to do what it was otherwise going to do. so i think the ism numbers matter tomorrow. you have the transports very weak still so a lot of these pockets of the market seem like they're not really back in gear. especially on the cyclical side of things. indecisive leadership, but it's netting out to an indexer's

dream because the index is h holding on well through august >> quickly say as well, keeping an eye on wells fargo. closed down 5% on reports regulators are considering more punishments as opposed to the story a few months ago, which was existing restrictions might be lifted. so a big swing there would you say the stock was already up on hopes that this story would ease and it's still up 51% year-to-date. keeping those in mind. >> that's going to do it for "closing bell. "fast money" begins right now. have a great night >> all right tonight on "fast money," break out your rally caps. tom lee is here and he's calling for a september surge and names the best opportunities for your money as we leap into fall and the stock rallying and we are all over the afterhours action in shares of crowdstrike and pvh. both stock