coming up, don't miss sara eisen's exclusive interview with boston fed president eric rosengren it willthe last comments we get from anybody at the fed before a quiet period. >>> joining us now to talk about the market day jim lacamp is still with us, along with liz young, director of market strategy at bny mellon and mike anatoli. we had a number of new records today from really big names, microsoft, mcdonald's, visa, costco jim was talking about how the markets feel so complacent what do you make of the action today? >> what i think is happening when we get late in the circle, you can argue what inning we are in, but when you get later in the cycle the market has a hard time deciding whether to go up or down and gets sensitive to all of these macro headlines, unfortunately i don't think the market is following fundamentals as much as we would like it to as professional investors, it's following sentiment, following things that are said minute to minute by the president or anything that happens from a macro perspective. >> mike, what's your take on the intraday moves >> softened up a l

. >> thank you >>> we're sure to get more on all of this when boston fed president, eric rosengren joinss later on "closing bell. >>> let's get to some corporate news boeing is announcing a huge charge in relation to its grounded 737 max jet fleet frank holland joins us with more >> good morning. boeing will take a 4$4.9 billion after-tax charge related to the grounding of the 737 max the company is bracing for potential payments over several years to airlines for delayed deliveries and disruptions to schedules. those carriers have canceled thousands of flights since the max was grounded in march following two deadly crashes boeing says the charge will cut its pretax profit and revenue by 5$5.6 billion this huge hit will produce the biggest quarterly loss in boeing's history when it reports results next week. the charge only focuses on the impact of the grounding and does not include estimates of boeing's financial liability from the crashes boeing acknowledging mounting costs will make the 737 max less profitable the estimated cost to produce the plane will be 1$1.7 billion fwhs th in t

friday, jim bullard and eric rosengren taking center stage alongside the bank of japan.ll with me for final thoughts, mike schumacher, kathy jones, and matt hornbach. looking ahead to next week, what are we looking for? matthew: clearly looking at the data but it is not clear to me that really matters a lot to the fed at this point. i think they have made up their mind, or at least the consensus on the committee has. that ishe things worthwhile keeping your eyes peeled for our trade headlines. starting to see these headlines pop up late this week, with the president of the u.s. suggesting he was not quite happy with the fact that china has not continued to buy agricultural products as he thought they may have suggested in the g20. not over.conflict is it is ongoing. that is one of the things that is leading the fed down this path. jonathan: kathy, looking at the trade numbers from china, not pretty. imports from the u.s. down 31% year-over-year. is that going to be a sense of tension in the coming months? kathy: sure. much of that is soybeans, agricultural goods grown in

i just raised a question whether they should go i think on cnbc the other day, eric rosengren, the head of the boston fed was interviewed i thought he made a lot of very good points. he seemed questioning the need to go. the way i look at it i see consumer confidence high retail sales recently strong employment is strong interest rates already quite low. the economy is growing a trend trend growth is about 2% wealth is at a record level and, obviously, due to the stock market corporate profits are decent coming in stronger than expected in the quarter and stock repurchase activity to me which suggested businessmen are not pessimistic. what's going on is we're rewarding one questionable policy with another questionable policy the questionable policy was the indiscriminate threats of tariffs. i understand what we're doing with china it makes sense, but threatening europe, threatening canada and mexico that's created a lot of business uncertainty and, you know, a weight on capital investment and now we're rewarding that policy by cutting interest rates when interest rates were already very

john williams is speaking and friday, jim bullard and eric rosengren's taking center stage alongsidehe bank of japan kuroda. standing by with final thoughts, looking ahead to next week, what are you looking for? >> i think clearly we will be looking at the data. it is not clear that the matters a whole lot to the fed at this point. they have made up their minds or the consensus on the committee has. i would say one of the things that is worthwhile looking for our trade headlines. we started to see the headlines pop up late this week with the president of the u.s. suggesting he was not happy with the fact that china has not continued to why agricultural products as the he thought they may have as suggested during the g20. ,he trade conflict is not over it is ongoing. that is one of the things that is leading the fed down this path. >> looking at the trade numbers from china, really not pretty. the import from the u.s. down 31% year-over-year. is that going to be a source of tension in the coming months question mark >> sure. much of that is soybeans, agricultural goods that are grown

. >> so, sara, on vacation with eric rosengren. >> i came back he had a speech at columbia. >> well contact back but outstanding interview. >> takes a fed president, voting members own will i to bring me back. >> oh, my god, you're such a greek. glad you did grabbing the news still today. pretty significant. >> it shows it's not a unanimous decision if the defed does cut rates as powell has indicated he wants to do. there are voting members and you could see dissents and robust discussion about whether it's appropriate or costly to do so we know where the president stands he took aim at the fed again today on twitter tweeting out, it is far more costly for the federal reserve to cut deeper if the economy does in the future turn down productive to move now for more let's bring in diane sw swann. so, diane, is the president right that it's inexpensive and productive to cut now or is eric right it could be costly to cut now? >> that's the tightrope the fed is trying to walk. do they cut which is in part in response to the white house policies on trade and a weakness of grade globally and slowd

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eric rosengren will be on 4:30 p.m. eastern otime on "the closing bell." the fed's quiet period start this afternoon after rosengren this is the last fed official you'll hear speaking >>> the cloud is raining profits. microsoft hit it out of the park last quarter we're debating other cloud pure plays next >>> plus, jon najarian's unusual options activity his last pick just doubled in price. see what he sees now >>> before the break, what happens after boeing jumps 3.5% or more in a day our data partners at kensho show the stock keeps going, up 81% of the time in the next month by an average of 5.5%. for more, go to cn.c/kshbcomeno. "the halftime report" is back in two minutes. in stores everywher. prevagen. healthier brain. better life. is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. every day, invesco combines ideas with technology, data with inspiration, investors with solutions. because the possibilities of life and investing are greater when we come together. ♪

two dissents esther george of kansas city and eric rosengren of boston both wanted to keep rates unchanged. on the economic outlook, surprisingly the same from the month or months when they didn't cut rates. they say the labor market remains strong economic activity rising at a moderate rate. unemployment remains slow. household spending appears to have picked up business investment has been soft, that's the one negative. inflation running below 2%, market based measures have remained low and survey based measures are little changed. very much the same characterization and actually a little bit better than prior months when they didn't cut rates. >> the trick will be in the press conference which starts in about 29 minutes time. so far in terms of the power pirouette that needed to happen, what do you think? >> you know, i think it's okay if he wants to call it on global development and muted inflation, that's fine, but it's a hard case to make on the domestic front. i looked at this statement before we got to read the new one, it was hard to make changes, they didn't and they couldn't, be

. >>> boston fed president eric rosengren will be on "closing bell" today at 4:30 p.m.astern, that's a cnbc exclusive interview. >>> other stocks to watch, carl icahn has filed a proxy statement seeking to replace four board members at occidental patrol yum petroleum >>> skechers surging today as second quarter results topped forecasts. the company saw big sales gains in india, china, mexico, the middle east, and strong demand for its women's, men's, sports and street wear lines. >>> coming up, want to hit this up and see what the market cap is microsoft -- >> it's the largest. >> headed for 1.1 with the "t. i hope in my lifetime i see it begin with a q, quadrillion. >> that will be a long time. >> maybe if you live to a really, really old age >> microsoft shares hitting new highs. we'll break down the company's report next. and then blackrock's ceo larry fink will join us to talk about the quarterly numbers, the markets and a lot more remember, he got some grief for saying i expect a melt-up before a meltdown >>> at 7:00 a.m., we'll be joined by marc lasry who owns the

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. >>> now on the topic of the fed, boston fed president eric rosengrin says a rate cut isn't necessary. rosengrend the fed is in a position, quote, it does not have to take a lot of action he sited the strength of the u.s. economy and current inflation levels now rosengren remained cautious over the impact of global trade tensions but warned of the consequences of lower rates to guard against a potential economic downturn. w. we have to think about some of the collateral effects of taking out that insurance, so we need to think about the potential costs. i agree with the overall view that if we are going into what is clearly a downturn, you want to act aggressively. and the reason for that is because we don't have that much room before we hit zero interest rates. >> but you're not convinced that's where we are. >> i'm not convinced that the data we're seeing right now shows that and the uncertainty is something that we have to live with by traditional measures of uncertainty. i don't think they're particularly elevated. certainly the trade concerns are a concern. certainly the foreign concerns ar