l ♪ this is "niretly business rt" with sue herera and bill griffith. ♪ win streak. the dow raises eight sessions mr the first time ie than all-time highs.ing closer to >> deadline looms. the uaw and gm locked in intense negotiations. thth union scandal cominicates as workers get ready to walk. >> bad news for borrows the mortgage rates the biggest rise in three years and maybe just the beginning. those stories and more tonight on "nightly business report" for friday, september 13th. good evening, everyone and lcome. the dow's rice isn't flashy but it's there. the blue chip iex up eight straight sessions. investors have been in a better

mood, pri orily because trade relations wh china and a exempt some u.s. agricultural products from additional tariffs. that lifted shares of trade sensitive names like caterpillar and bogey and put the dow in riking distance of new highs. at the close the dow gained 37 points to 27291 appear the s&p 500 down 2. all majorig indexes are the third straight week. bob pisani looks closer at what's driving the mechanic and why next week could be decisive for wall street. >> stakes made a m est run of record highs but fell short month friday the 13th. still riding the impressive eight-day win streak. all major aveges up for eight days in aope. lower geopolitical tensions,at expens of more rateeuts from glebl central banks and a. strong consumer. all this retail sales beat estimates in the consumerim

set rose more than expected. it's clear the u.s. consumer is the key bright spot in global economy. that's why you saw economically sensitive cyclicale sectors l banks and transports leadinghe charge this week. and up again big moves in the bond market. the u.s. 10-year treasury yelled seeing the big surge since 2016. that listed all the regional banks up 7 to 10% each. bond yield botto last wednesday. no surprise that was the bottom for the stock market. but investo are treading with of the federal reserve meeting next we can. because near worried the stronger data mightake the f less inclined to keep cutng rates. right now the markets are pricing igh r 90% chance of auarter poi kaitn rates. 10 peppers odds of standing pat. no shortage of other n movert we can fedex general mills, darden and data on indtrial production and housing. for "nightly business rort," bob pisani at the new york stock

exchange. >> sharps of apple weighed on the market today and market value fell back below a trillion dollars after a goldman sachs analysts dropped the price target on the stock, saying apple's plan to bdle newest iphoneith a free year of the streaming video slfs harm hardware margins have a material pugativetimpact on earnings. apple dd the call late this amp saying, quote we do not expect the ieroduction of apple tv plus, including the accounting treatment for the seice to have material impact on our financial results. nevertheless, apple shares fel about 2% in trade today. and very late today, we learned that disney ceo bob iger has resigned from apple's board. no reason was given. but asno you disney is also launching a streaming video service to be called disney plus. > well, apple and other tech companies are being tar ted by a house panel. laakers made a public demand for documents and st letters directly to ceo as it deepens

investigations into big tech wer and potential anti-competitive behavior. ylan mui in . waingt >> the house judiciary committee is requesting documents from big techlu companies, ing emails and communications from top t executives. in letters sento directly the crows of plap facebook, amazon andlphabet. lawmakers said they are interested in competition and digital markets. whether dominant firms are engaged in anti-competitive behavior online and whether existing laws and enforcement a measur adequate. >> you can't have a conversation concerning the competitive nature or the size dominance of a alphabet or google who the parent company of google c or a facebook or amaze onr apple. because of the amount of information they store and keep. lawmakers call it a milestone in the committee's bipartisan iti-trustestigation. and they asked for some very specific information from each company. they'reer especially ited in

for facebook t means handing over documents rated to stagram, what's app and nova for and amazon they're looking for informationea op sh allege richls and pricing for prime. for apple lawmakers are focused why certain appsin were removed from the app store. they are seeking any domuments theny turned over to the department of justice and the f.t.c. as part of those anti-trust investigations. but today,c. f. chairman joseph simon said big doesn't always mean bad. >> on the other nd, though, if they are big and successful because they engage in anti-competitive conduct then we want to doomething about it. >> on capitol hill lawmakers said they won't prejudge the outcome of the investigates and they are still on a fact finding mission. for "nightly business report," i'm ylan muin washlgt washington. >> the trump administration has the mide of next year.tlan by b

larry kudlow told reporters today gnat plan he dubbed tax cut 29.0. he said it would be aimed at the middle hlass. but did not offer details beyond that. earlier this week w rm t president rejected a proposal to index the capital gains tax for flation saying it would benefit wealth investors too much. h care was a major focus a last night's democratic debate in houst'n. c the candidateshed over how the system should be revamped. making it the most divisive issue of the campaign. >> i think the obamacare worked. i think the way we add to it replace everything that's been cut, add a public option, guarantee that everyone will be able to haveda affe assurance, number one. number two, i think we should be in a position of looking at what costs are. my plan for health care costs a lot of money. c ts $740illion. it costs cost $30 trillion. >> statu quover ten years will be $50 trillion.

every study done showshat medicare for all is the most cost effective approach to providing health care to every man, woman a child in this country. >> on medicare for all, cts are going up for wealthier individuals a costs go up for giant corporations. but for hard working familiess ac in country, costs are going to go down. and that's how it should work. > what i favor is something that what barack obama wanted to do from the very beginning, a that is a public option. a non-profit choice thatould bring down the cost of insurance, cover $12 million prices for 13 million more the people. that is aold idea. >> i think we do have to go far beyond tng with the aca. i propose medicare f all who want it we take a version of medicare make is available for the american people. if we are right as progress he was tha that publi alternahat is better, then the american themselves. figure that out i trust the american people to

make the right choice for them.> the major health insurers all traded higher in today's session. health experts today gave up forumbs up up to treatment children with life threatening peanut aermgs this afternoon. th advisory kmet for the tfda treatment from aimmune r a herapeutic we told you about earlier.meg tirrell is with us about the vote and the treatment. represent mind us how it works. >> it's interesting we don't refer to it necessarily as a drug because it's made of peanut flour. the idea is that by gichg small doses at the beginning ramping up over time you can help patients increas tolerance to peanuts so they are protected in case of accidenta peanut ea exposure. >> this was an advisory panel. when does thentire fda vote on this treatment. >> right, this is the outside panel of advisers to the fda, the agency usually follows recommendations but doesn't have to. the agency is set to decide by

the e of january. >> and costs could becomen issue, right? >> that is the next question of course. if it gets approval what will it cost? the cpany is called aimmune therapeutic have put out looking between $3,020,000 a year as the broad rge. so it sounds like several thousand dollars floor peanut pouder highly regulated peanu powder gone through the fda approval process. but it's pot just the treatment that patiere going thave to take, it sounds like the fda might require that they have prescriptions for ep i penshe f auto injectors going with it because of the risk for allergic reaction to th product 's zbloef very good, meg tirrell thanks for staying late tonight. >> of course. >> appreciate it. it's time to lookom at of today's upgrades and downgrades. southwest upgred to outperform from nurmt at mcquestionnairy. thit analyst the competitive management team. the price target is $67. the sthck rose out 1.5% to 5

a.79. etsy upgrayed to outperform from nurmt at we had bush. the analyst cites newti iive that could drive margin expansion. the price target $66.6. the shares rose more than 3% to 56.86. advanced auto parts upgraden to buy fromtral at citi. the analyst says the state your namedtore sales sho drive the company growth going forward.ic target $188. that stock was up 1% to 157 ev. broadcom was downgraded to hold from buy at luke capital. edthe analyst c expectations for subdued growth. broadcom as you know is among thetech giants affected by u.s. china trade war. price target,310. dthe stockn more an 3% to 290.32 irchlt still ahead,ur market monitor has some real estate related names that he says are worth investi ♪

♪ ♪ we mentioned today strong economic reports a bit earlier in the program. but here is moreai d. reil sales rose 0.4%, more st of that came from purchases of new autos and building supplies. a economists sayt's driven by wages and strong job market process. a separate report from michigan also showed consumer sentiment rice. while consumers felt confident they are also w about the impact of tariffs. just a few weeks ago, wasn't it that mortgage rates seemed to be dropping like a rock. but tonight whave bad news for borrowers. ey started rising again.

win fact this the biggest weekly gain for mortgage rates in three years. diana olick has more. reporter: if youe hoping to refinance your mortgage at rock bottom rates, you just missed the boat. the average rate on the 30-year fixed is now 20 basis points higher than monday and 36 basis points hher than its last low and september 4th. that according to mortgage news daily. andd that's the biggest short--term jump since the week following the election of president trump. that is the bad newsor borrowers. god news is that rates are still incredibly low. in the weeks before this turn around, rates had fallen to the west level in three years. august was actually the best month for mortgage rate drops. and 2019 had been the best year since 2011. so it begs the question, is this short--term correction from those recent lows or new shift toward rising rates np matthf graham mortgage news daily says that's a risk worth considering any time they've

been moving lower at the best move lower would have mohs. to be driven by a big deterioration in gbal economy. while rates are still historically low, so many borrowers have already refinanced that the pool of those who could benefit isel sensitive.mited andim when rates dipped to the recent low, the number of borrowers with good credit scores who could savece on refin surged to the largest on record, 11.7 million according to black knight. at has now dipped back by about 2 millio more proof you can't time the nirtgage market fortly business report" diana olick in washington. sticking with real estate it's time for theeekly market monitor who is investing in real estate investment trusts. otherwise nene at reit. he remoted pro lodge ohsin tation homes each unmore than 20% and simon property down 10%. john the an is portfolio

manager at atlantaa capital manageme. nice to have you here. >> you stillike real estate . and you think it's doit' well near-tm? >> absolutely. near and short-term. i ndme, near longer term. >> let's get the first pick and it's aameri goldealtime trust. >> it's the only publicly traded reit tt focuses on temperature troet warehouses stron food industry fundamentals and fresh butfr perishable food shod continue to drive deman we als think it's a consolidator in what is a >> next, i guess it's a vote on hawaii, the hawaiian real estate investment trust alexandra and baldwin has a yield of 3.09%. why do you like this one? >> it' a local sharp shooter that owned a diversified portfolio of commercial rawl estate ini where the economy is doing great.

i do want to pointut that about two thirds of the portfolio is grocery anchored shopping centers but we are comfortabl with the exposure because of the grocery component and becdse it costs more and takes longer for e-tailers to ship to hawaii. >> and we finish up with invitation homes, the dividend is just under 2%. but you make the point that it's the largest single family rental reit in u.s. and it's in an awful lotf markets. >> yes. this has been our pick three so the thesis is still inta. thousehold formation and invitationon market mostly sun belt andestcoast, is two times national average. but the supply of affordable homes has not kept pace with that. that's tn rea why an average tenant stays for more than three years in anat invn me. >> the fed is widely expected to is that good or bad for real estate investment trusts right

now? >> i think investors -- and your viewers suld focus more o the tng end of the yield rve, what's ha hamgdappening with e yield won o on the 150er7 that's been going up which could potentially pressure reits in long-run an improving economy should help erybody including the landlords. i do want to point out the total return for reits inhe past ten years has been identical to that of the&p 500 index around 13% per year. despite whatever has been happening with theen fed policy d longer term interest rates. >> that's a goodfact. thank you, john, nice to have you with us with. >> thanks for having me back. >> he is with atlantaait c management. pg&e reaches another p settlement. and that where we begin the market focus tonight with california's largesterower prov agreeing to an $11 billion settlement tt resolve ab85% of the insurance claims related to the massive wildres back in 2017 and '18. the utility in the midst of a

bankruptcy reorganization reached a $1.0 billion settlement with other entities back ine. j tyson shares up today after mcsaid it's exempting u.s. pork from future tariffs. the meat processer pork unit accounts for 12% of annual sales. the stock up 2% to 85.17. and the fda said to date that me medicines including the heart bush treatment and anack contow levels of as probably cancer causing chemical. . that's the samene found in a blood pressure medicine that led to recalls last year. drug safety officials in the u.s. and europe say they are now.ht intnt the iss cares of the company were down a fraction to 43.71. >> cloud flair debuted on wamz. opening at $18 a sre.it the web sec company priced the ipo at $15 per share and one

its cofounders says there is plenty of room for it in the crowded cloud industry. >> we have this vision of it as aervice that customers choose to make sure their internet applications are fast but they're safe and that they're reliable around the world. having oth players in the market is great. but we work longside all of together i think we are just getting started >> soarsed shared 20% to 18 eve. to settle allegation that is the company overcharged the federal government for package deliveries. the justice department alleges that ups failed t abidey t terms of the contract with the general services administratn and overcharged for services from 2007 to 2014. th shares up a fraction to 122.67. shares of alt reeia on a report from cnbc that juul's valuation is coming down sharply.

altreeia has a % share in the andretti company it invested in juul at about $250 perhare in the private market. it is now valued 20% lower in a range between 225 to 230. altria stock dropped more than a 3.5% to fini42.01. >> this weekend is a critical one for the united auto worke and gener motors within the union contract eires late saturday night wle the uaw did grow toow temporary labor contrt extensionsith ford and fiat chrysler. gm still faces the deadline. and its leadership is ldingti neions even as a federal corruption probe expands and includes more arrests. ph lebeau has details. for the uaw and general motors both sides believe they should get a better deal in the labor gm wants uaw members to pay a

greater percentage of health care costs and allow more flexibility on jobs. janwhile, the union wants pay raises and mores added in the u.s. a particular sticking point, gm's idling of four plants including one in lordstown, ohio. that move drew the i of president trump who is pushing the company to add more jobs. overshadowing the foxx is the growing invtigation of w leaders either convicted or accused of spending millions of dollars on themselves. the recent criminal complaint in the case is raising fresh questions about uaw president ntry jones and former union boss dennis williams. how that investigation and file members is anyone's nk guess. if they vote to strike, gm dealers have plenty of inventory and sales are unlikely to be impacted. it's been more than 20 years since the last extended strike at a u.s.. auto maker. for now nobody expects another one.

but that could change if auto workers walk off the job this ekend. phil lebeau, "nightly business report," chicago. ford is recalling more than 300,000 of its 2017 ford explorer vehicles because of a sharp sea frame edge. the auto maker says there have been 31 reports of hand the vehicles were made at a chicago plant from february o 2016 to october of 2017. and coming up a controversial way to purchase pets. for many pets are more than just fur friends. they're family. but what does fido or teddy bear could be repossessed just like a car backup what you need to to know about the industr of pet repo ♪ ♪

wework is one of this year's widely anticipatedipos. but it's been struggling as of late. the valuation targets have been falling. and accordi to cnbc could come in below $15 becom its private valuation was as high as $47 billion. in a filing today, the shared office space company says it plans t make a number of governance changes, including curtailing the founder voting power. the company also eliminated a provision that would have allowed the founder's wife to lead the search for the successor if ever that time arose. wework hopes that such moves will help drum up demand from investors. americansan spent more $2 billion purchasing bets pets last year but half aesozen stround the country are cracking down on a controversial paymtppropriating for pets some call spreader to.

called pet lrssing. supporay as long as there is full transparency what's the problem? a growi number of customers rts. have no idea what a pet leasehes or thatre signing one. >> come here. >> it was one of love at f firs si patti and her husband scott. and kmas. >> we fell in love with him as soon as they took him out of the cage and put him in the lap. breederstown in new jersey. negotiated a price manned over the debit card andpared to leave except they were told the card didn't work. >> they said why don't you justt finance the dog. >> the smiths agreed and sign the contract. planning to pay off the balance right away. but when the bill came their puppy love quickly turned t q buyer's remorse. the financing was actually a pet lease, meaning chase didn't belong to them until he was paid off in full. according to the aspca lease

tend tbe 18 to 3 months long and usually require a final payment to keep the animal in this case $5. >> a dog cost $it thousand could end up costing $7,000. >> the consumer doesn't make the paymen, the financing company can repossess the animal just like a car. >> and we tnk they are using the threat of repossession. unfortunately to basically squeeze as much money out of the consumer as they ca >> the lending companies associated with the smith's critique virginia based my funding and font ray declined repeated ruests for comment as did breededs club of america. although the store said it stopped ofrpg the leases earlier this year. the contract that was e-mailed to the smith family emphasize lease.ions the agreement is a he family says in the store they were shown on an ipad only the areas where signature is required. >> i think their argument would couldn't make it more clear what

would you say. >> why did you tell me it was a. >> finance and we didn't see that page. >> the governor full murmurfy signed the bill august banning the leasing. joining indiana yab nevada, new york and washington. u.s. senator bob menendez says the federal trade commissiondo nedes tore to protect the consumer. >> they should know the ultimate payment. they should know the terms and conditio. there should be absute transparency as there is consumerunder the lending act. and we want the federal trade commission tossue rules that ultimately make that happen. >> sit. pawp give me your paw. >> after consultingg with the lawyer the smiths fieded for the t to pursue litigation t and paid off chase w whin weeks of utbuying him you can't a prison love. >> i tell p ple he cost me x amount of dollars. >> the s smiths they wish the love wasn't so expensive. a whoanin 1,200 more

expected. more nightly business report. >> there are other companies besides the two mentioned that offer similar financing in the aspca also point out if the pet is sick or die while paying off the lease, the consumer is still on the hook for the money. here is at ther looke day on wall street. the dow gained 37 points the nasdaq felll 17. the s&p 500 was down 2. and it was the third week ofga s for all of the major indexes. a good way to go into the weekend. >> indeed >> that's it for us tonight i'm sue herera thanks for joining >> us. 'm bill griffith. have a great weekend, everybody. see you monday. ♪ ♪ ♪ ♪

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