kohl's all jcpenney, missing on sales.his is bloomberg. ♪ ♪ not afraid of the outrageous challenge, a trade war is happening over the pacific ocean. this is the fight song from china over the u.s./china trade war. joining us now, david kelly, jp morgan asset management chief of global strategy. we can joke about that, but that is a different kind of china. some harsh words overnight from the ambassador to the eu. guest: i admit the fight song is a little funny, but there is a serious problem. what we are seeing around the world is a gross in nationalism. let's be clear, nationalism is a negative sum game for the global economy. the more everyone builds up barriers and their military might, the worse the global economy will do. it is a very bad sign we are heading down this path. david: we were talking about soybeans and commodities and things like that, but the conversation has really shifted over to tech. we will put up a chart that has showed what happened for semiconductors, the lowest since 2008, the biggest shift in a

start with jcpenney i think this is an important one. missing on the top and bottom line. larger loss than expected. those same-store sales were down more than 5%. the ceo of jcpenney actually said that the tariffs imposed by president trump haven't had a impact on the company just yesterday but they are concerned about that second potential round of tariffs on the other remaining $300 billion of goods. he said it would have a more meaningful impact. certainly something to watch for. on the kohl's side, another department store missing its earnings, lowering it outlook for the full year and the ceo saying the year started off slower than we'd like. nordstrom's, macy's, they're down on the session in sympathy. the department stores have a challenge. they're trying to move locations. they're trying to spif of displays to get consumers in the door. that is difficult to do when it is easy to shop online with competitors like amazon or go straight to the manufacturer, buy off the website. sometimes the price something more competitive. certainly don't have to go to the store, i

former jcpenney chairman and ceo allen questrum. what all this means. very good to have you, what do you think? >> i'm not an expert on it it is certainly not good for the customer short term. i believe this will be short term. reaction of the market today it really dramatic. that kind brings people to their senses. both parties need to come to agreement. there is lot to be gained in china and a lot to be gained in the united states. the president had to do what he did this has been going on for 30 some odd years. they have to make sure we're also on the fair side. we have to make sure what we are asking them is fair to them, equally fair to our own people. but right now, it is, most of the goods are not in, not in the stores. so we don't see the price effect. i would say we probably wouldn't see price effects until fourth quarter or into the first quarter next year, if it goes that long. i don't believe it will. neil: could on stepsably start in june, the full effect it, wouldn't be realized until quite some time later? >> wouldn't be realized for prob

. >>> jcpenney lost 46 cents per share, 8 cents more than analysts had anticipated revenue was in linemore than expected. >>> now to the broader markets and the biggest themes driving the action right now, and dom chu joins us you're doing themes, dom are these the biggest themes don't give us any medium-size themes. >> no, no, i only go big, right? i go big or i go home. so the biggest themes happening in the market right now from a sector or broad-based perspective have a little bit to do with what you guys were just chatting about with regard to kohl's and jcpenney. at least in the s&p 500, jcpenney not a part of that, but kohl's is -- if you look at the best-performing year-to-date sectors, the reason why it's important is because technology, industrials, and consumer discretionary on a year-to-date basis represent the best performing they are the leadership in the stock market so far. the s&p is up about 13%. and you can see each one of these outperforming. discretionary a huge part of this week's theme because of all the companies reporting. if you take a look at some of the lagg

if you look at anything that has to do with jcpenney, they will be suffering.om was impacted by some execution issues but on the other side, if you look at companies like t.j. maxx or companies that offer experiences, they are doing fine. it is how the consumer chooses to spend that additional dollar on their experiences. shery: what about the property market in the u.s. because we continue to see some mixed signals. lastly, new construction numbers, new home construction numbers beating estimates but today, existing home sales disappointing. what is your stance on housing -- the housing sector and asset classes surrounding that sector? linda: i think the housing sector, if you look at a longer term trend, you are seeing the demand for households and how formations will increase. there is a structural demand but obviously from month-to-month, there is going to be some volatility. the lower rates we are seeing is going to help mortgages. you may actually see in improvement as the spring and summer months roll-on. paul: just before we let you go, i want to let yo

jcpenney, coals.ers, lows down the most in a decade, that's a turnaround story. each retailer is grappling with it in differing ways. ♪ >> deutsche bank is hitting historical lows with the annual shareholder meeting on the backdrop of further revenue weakness. they are targeting investment banks were "tough cutbacks" in a campaign to restore market confidence following the breakdown of takeover talks with commerzbank. did anything get said in the agm we weren't anticipating? anything new? >> we do know now that they will have more cost cuts, and many people were predicting this. they did leave out the fact that the equities business, which many say are going to get deep cuts, but the question remains what they will be talking about in the timeframe. time will tell whether this is going to be enough to boost share prices. clearly shareholders are not happy, everyone sitting in the agm. ♪ eliminate planning to about 7000 salary jobs, about 10% of its global white-collar workforce. the automakers under p

jcpenney, kohl's, and some of the home-improvement retailers, lowe's down the most in a decade.a turnaround story. each retailer is grappling with it in differing ways. >> deutsche bank is hitting historic lows as it holds its annual shareholder meeting on the backdrop of further revenue weakness. they are targeting investment bank for tough cutbacks, most notably in a campaign to restore market confidence following the breakdown of takeover talks with commerzbank. did anything get said in the agm that we weren't anticipating? anything new from christian sewing? >> we do know now that they will have more cost cuts, and many people were predicting this. the question mark remains. they did leave out the fact that the equities business, which many say are going to get deep cuts, but the question remains what exactly is going on with the timeframe of it. so time will tell whether this is going to be enough to boost share prices. which clearly, shareholders here are not happy with. that is what everyone got the feeling of sitting in the agm in the building behind me. >> ford is plann

also that following nordstrom, jcpenney, all disappoint. -- coming upstors in less than half an hour. >> that is right. we are hearing from some of those retailers including target that tariffs will cost them. here is the drill down. giving you a sense of how that might play. lowe's is a major player in appliances. bigger than home depot, best buy. take a look at the percentage price increase on the ticket sales price at lows. over $500. the prices have gone up over 5%. what you are seeing is there a suggestion that because of steel and aluminum tariffs, we are starting to see the effect of price hikes. mentioned, now that we are putting some real names to the concern that they list -- to the list of banned companies, we are watching for market reaction. trying to sort out the supply chain of these companies being targeted. >> i am not sure if i'm going to pronounce these correctly. all surveillance he quit makers could be targeted by the trump administration did senator ted cruz adding his voice. he once more chinese firms to be targeted. >> let's get some more insight into the marke

jcpenney's, the loss much wider than expected.s also a concern is that the fiscal 2019 started out on a bad note and then just falling sales and earnings for the company continued to bring the stock down, revenue falling more than 4%. lower saleskohl's, than expected and way below estimates. they also cut their 2020 profit outlook, and if we go to home depot, a mixed report. their sales missed on lumber prices, but they are warning that the trump tariffs aimed at retailers could actually impact them by $1 billion a year. cost. in the product paul? paul: su, there were after the bell earnings from nordstrom, as well, disappointing results, just like kohl's, cutting their full year outlook. hope thathere was perhaps nordstrom would lift the mood freed it did not. let's go to after hours. -- nordstrom would lift the mood. it did not peel let's go to after hours. they are a luxury retailer. if you look at the big picture chart, nordstrom also under pressure with the entire regional group. they cut their sales forecast for the year dow

jcpenney missing top and bottom line -- revenue 2.44 billion first time eight quarters miss like thatrth tariffs goes into effect on chinese imports there you have expectations poor performances if more tariffs into effect on chinese goods kohl's hurting disappointment, 61 cents a share lowered forecast are importantly see what is happening to the shares right here down 9%, ceo quoted saying the year started off slower than we liked that is what he said, this morning. home depot meanwhile, a double beat. get this, they are surprising on upside 2.27 a share revenue 26.38 billion still down, why? well reported slowest same-store sales growth in three years with, blaming poor weather you know apparently could be a factor for this retailer of home goods, those numbers came in 2.5% for same-store sales from expectation 4.2%, meanwhile, we've got a merger under way t-mobile sprint getting approvals from fec credit charlie gasparino they have to get through justice department two agreeing to provide 5g services within three years 75% u.s. population, laws prepaid cell phone service to get th

to kohl's's, jcpenney and ascena retail that's what's going to moffett market tomorrow.eft to go before the closing bell the important thing here today was just off the old high, on the s&p 500. and when trade with china -- whenever you get headlines implying there's not going to be a trade deal the markets sink and move to the down side. let's go back over to you. >> gain of nearly 200 points, near the highs ringing the bell at the big board, bank united at the nasdaq u.s. ecology, a company that provides environmental services "closing bell" starts right now. >>> if you are just joining us, good afternoon and welcome to "the closing bell. i'm wilfred frost. >> i'm sara eisen. along with mike santoli, cnbc senior markets commentator here's how we finished up the day on wall street and markets did hold near the highs pretty much for the final hour of trade. going out with a gain of about 3/46 a percent on the dow up nearly 200 points. s&p 500 up a little more than .8 of 1%. the nasdaq did better. technology led the charge up 1%. a comeback in some of those important trad

maxx, home depot, jcpenney overall theme was disappointing showing that the department stores just aren'tnd the bottom line, a contributor wrote me, an expert on all things retail, she said that the companies have been trying to drive traffic through fewer promotions and it just does not drive traffic. they are trying to drive comps that way, but it is not a sustainable way to do that and therefore they are paying the price on that. she also said you just have to look at the stores themselves. you go into a target, and you see the venerated revamp and it is a whole different ball game than going into a kohl's which does not feel she says fresh and they have not done the restoration program that some. walmarts and targets have done >> and the take among the bulls is that. >> caller: -- kohl's is in a better position from a land perspective. >> and a lot harder to pass on pass through the tariffs if they continue to get hit and if the trump administration does go through. so that is another big headwind people are talking about today >> all right busy hour obviously."squawk all next we'll t

let's talk about jcpenney also falling. quarterported another of falling sales. is in the stages of a turnaround. and first quarter results at home depot mixed. the home improvement chain failed to fully rebound from the lackluster end to last year. than expecteds but profits beat estimates. the drag was caused by the wet weather. that's your bloomberg business flash. they were also talking about the the trumpthey think trade war is probably having effect on their numbers as well. oldie: it's a bit like the weather argument. you can talk about tariffs and give guidance. guy: everybody's doing it. tariffsto suggest the will impact your business. all of the uncertainty does impact things like spending and whether it impacts consumers spending on their homes yet or not. guy: it's a neat excuse right now. vonnie: exactly and the shares are only down .4%. still ahead, we are digging into the details of mounting u.s. china trade war next. majors, we have just a little bounce today. the dow is up .5%. the s&p 500 .75%. .8%, the leading index. ♪ guy: the european markets

jcpenney did worse, a number of retailers did poorly. the outlier is macy's, who did better.id: go forward in the guidance. how much are tariffs? emma: a lot seems to be a tariff concern. kohl's had already factored terms into their guidance which is why they cut it. u.s. in peril imports -- u.s. apparel imports, almost 30% come from china. if we increase tariffs, that will be of concern. retailers said an open letter to the president they could be catastrophic. if we look at the bloomberg, tariffs are working in terms of increasing prices. this shows you the u.s. consumer price index and the white line is the terror impacted categories and as prices -- tariff impacted categories and those prices have risen. it is an inevitable process of increased tariffs. david: generally if you sell more -- if you charge more you sell less. that is how it works. coming up, robert lighthizer is on the hill talking with republican legislators. we talked to senator mike braun of indiana about how his constituents are very. life -- are faring. live from new york, this is bloomberg. ♪ when you

jcpenney back to.y's >> maybe it is the retailers getting ready for the tariffs. >> no surprise inventories would be up because they had to bae while the getting was good >> yes, they had to -- so they have all the stuff >> if the president does the next $300 billion, i had been thinking that it wouldn't hurt the consumer much, but that is not true the president saying it really won't. larry kudlow says -- remember he said that it was and that was contrary to the story line from the president. but i think it is important that we point out look, i mean i have been pro tariff. manny made me think jim, get serious here this is hurting. so he is talking about listen, that may, the may -- the unglorious month of the -- what was the movie? >> in-glorious bastards. >> yeah. it's may >> i do usually know my show tunes. >> my fair lady. >> get me to church on time? >> my fair lady. >> the rch reference makes for sense. >> is that the wrong -- >> may >> i looked at hammerstein's house and almost bought it >>> st

the cloud of the trade war looms large over retail, nordstrom joining kohl's and jcpenney in declinesa desperate gamble, theresa may making a final gambit to get her brexit plan through before leaving office, but the effort looks doomed. a look at retailers. brutal quarter for nordstrom, cutting projected earnings per share forecast for the full year $3.25, before seeing anywhere up to $3.90, so clearly taking a hit.first quarter comparable sales falling 3.5% , much worse than the estimate of a very slight decline. so clearly misses for nordstrom. urban outfitters on the higher side, up almost 2%. not only a beat in first quarter comparative sales, flat compared to expected fall, they launched a new competitor, newly. rent.8 a month, you can joe: playing the waiting game. the trumpet ministration holding back on the huawei ban on concern it could sideline ongoing negotiations, only taking actions after the latest round of talks stalled. i want to welcome our senior trade reporter. one of the key things the administration has done is really intertwining national security with trade, no

kohl's and jcpenney out with big disappointments blaming china and trade for their troubles. t.j. maxx and home depot didn't seem to have that trouble. at upside surprises. 170 shoe retailers writing a letter to donald -- donald trump asking for hauled in the increase in tariffs on china's footwear. they say it will hurt their businesses and in a report by uvs on the same topic analyst saying tariffs on chinese goods could lead to widespread store closures putting at risk $40 billion in sales. focus on retail focus on technology trade a busy day down here liz. liz: thank you. coming up rescues now underway after devastating tornadoes and historic flooding terror of -- through oklahoma and texas. forecasters warn more deadly weather is on the way plus president trump may be facing headwinds in the polls. we have the reality check for you at this stage in the 2016 campaign. hillary clinton was up doubled digit in the polls and unlike the 2020 democrats hillary clinton was not running against the sizzling trump economy. that story is coming up. i switched to liberty mutual, because t

and jcpenney, macy's and home depot all say if trump goes through with the chinese tariffs for importsdo it will have a major impact on their bottom lines. home depot also says that trump's tariffs have resulted in roughly $1 billion impact on its businesses. also 170 shoe retailers including nike, under armour and adidas sent a letter to trump washing of the, quote, catastrophic effects his tariffs which could lead to a massive 100% duty on shoes. >>> house and urban development secretary ben carson struggled to answer question about a commonly used real estate acronym while being grilled by congress reporter katie port yesterday. watch this. >> i'd also like you to get back to me to explain the disparity in reo rates -- do you know what reo is -- >> oreo -- >> no, or reya. we call it an reo. i'd like to know why we have more foreclosures with people losing their homes and stains to their credit and disruptions to their communities and neighborhoods with fha than we are to gses. >> i'd be extremely happy to have you work with the people who do that. >> mr. carson, respectfully, that w

home depot, kohl's, and jcpenney's are out with earnings, and all three missed. >> notably, we are seeingarter for nordstrom. >> yes, and a particular call out there is that their department stores really fell 5% decrease in sales. , a they said it was execution issues, and my years of retail reporting have told me it's two years of having the wrong close. you have to ask yourself about the health of nordstrom going forward. >> target soaring after earnings temporarily blunted concerns over the new chinese tariffs. as it stands, terrence haven't really dented them, and they are firing on all cylinders, for 8%. %. 4.8 >> they are doing a good job. you are seeing the haves and have-nots of retail. you have walmart, target, costco -- and the have-nots are a lot of the traditional department stores that we saw posted very disappointing results. some of, kohl's, and the home-improvement retailers, lowe's down the most in a decade. that's a turnaround story. each retailer is grappling with it in differing ways. >> deutsche bank is hitting historic lows as it holds its annual shareholder meeting

the outlook channel of distribution when we have a big position -- >> you're talking about macy's, jcpenney, these are companies that did not -- look, my travel trust, kohl's, they did not report good numbers. is their inventory kicking in? we go to tjx, is it out there? >> right now i would say inventories are in relatively good shape. >> really? >> the concern would be things start to back up we really have seen the retailers react to that and we've reacted and really put it in our numbers we took our sales down the second half in connection with a real concern about the business going forward but have been able to hold our profits together so far as we've come here so we're looking for the business as we start to anniversaries, some tougher comps next year. the comps get somewhat easier as we get into the second half of the year that's what we're pointing to at this point right now as we've come out of the first quarter into the second quarter the retail backdrop here in the states is pretty challenging >> and that includes ecom. >> our growth continues digitally. that business continues

jcpenney, double miss for that stock. as you can see the stock down now trading at $1.07. 46 cents a share, versus 38 cents a share, a loss. so very disappointing there. same-store sales down 5.5%. ceo telling investors this, we anticipate a more meaningful impact on private and national brands if the fourth quarter tranche of tariffs goes into effect on chinese imports. there is the china effect. on the other side tj maxx beating top and bottom line. doing well with all of their brands. t.j., max, marshall's home goods. they're raising revenue. saying the treasure hunt shopping experience what people like out there. home depot also doing well. eps coming in at 2.27 versus $2.18 but they had the slowest same-store sales in three years. invest took a look at that and sold it off this morning. it is marginally higher. a mixed bag. we're seeing lots of differences between the retailers. it goes to where they're sourcing goods from china. back to you. melissa: liz, i hate that excuse about chinas, because you don't have to so

raise prices still, the big retailers, wal marpt and target over the special names like kohl's and jcpenney, their diverse product portfolio, more flexible pricing and slowly improving digital strategy comps have been better at big retail up 4.8% for target versus a 5.5% drop at jocpenney. shares of target and walmart outperformed the broader retail sector, target up about 14% just this week. kelly, back to you >> seema, thanks very much it has been a big week for retail and we're beginning to get forecasts and studying gauging the impact of the new tariffs on the u.s. economy. a lot of them aren't pretty. you must be so relieved. we have our forecasts, our analyses, steve. >> i am never relieved when the forecasts are downward first, kelly, many economists have dramatically changed their outlook. they have forecasting a trade deal, no new tariffs now two things, they plugged in the new tariffs announced this week, and they're adding another round of 25% tariffs as their base case. that's a big change. i don't know if the market's there but the economists see higher prices, lower gross, red

shares are down 12% for calls, down 7% for jcpenney. back to you.oks and k cbs radio. >> thank you. >> cities across the bay area have battled with electric scooter companies about permits and parking and the piles of scooters on all of those sidewalks. spend now one california lawmaker wants there to be a blanket law statewide for all companies and users. the law, if passed would require electric bike and scooter companies to get permits from cities and agree to rules for parking and maintenance and safety with the cities before operation. >> i think that is totally reasonable. >> i think that mainly the scooter company came in before anybody knew what hit them. >> the bill passed the assembly and now goes onto the senate. it would apply to comedies that began operating in cities before 2020 and plan to continue past 2021. >>> the east bay commute into san francisco is always bad, but today, it is an absolute mess. >> absolute disaster. >> you will need a lot of extra time if the east bay is a part of your commute. eastshore freeway and highway 24,

private brands including aeropostale, and jcpenney and kohl's back to you. >>> president trump putting a positive spin on the trade tensions with china calling it, quote, a little squabble, and key members of the administration have been very vocal in the last few weeks that a deal with china was coming soon >> we had very productive meetings. >> a lot of progress. >> making great headway. >> our hope is that we are in the final weeks of an agreement. >> i think we're pleased with the progress. >> very productive >> i think it will be a very strong day, frankly, but we'll see. >> they were constructive discussions between both parties. >> constructive, productive. let's bring in our eamon javers from the white house where he got to speak with the president earlier today. eamon? >> reporter: that's right, tyler. despite all that constructive dialogue and progress you heard administration officials talk about in that clip, we haven't gotten to the point where we've got a trade deal the president, today, placing the blame for that squarely on the chinese side here's what he said. >> we ca

they're sounding the alarm over china, executives from khol's, jcpenney and home depot are telling investorsariffs are squeezing their profits. and 170 shoemakers and retailers including nike and converse are sending a letter to the president warning of higher costs for customers if this war continues. there appears to be no end in sight. the trump administration now considering a move that could crush any hope of a deal. "the new york times" reporting the president could limit chinese video surveillance firm hick vision from buying american technology. essentially black listing the company. the reason? hikvision is expected of playing a role of the mass detention of a minority in the region. this comes after the president black listed another major chinese firm, telecom giant huawei with a 1-2 punch. one that has gotten bipartisan support. first limiting u.s. companies from selling parts to huawei. secondly, signing an executive order that blocks u.s. firms from buying foreign-made equipment if it is deemed a national security threat. what's the reason for targeting huawei? you don't know t

concerned about amazon >> i feel a lot better about amazon after i watched kohl's and jcpenney's and macy's. those were horrible results. >> nordstrom >> and, yeah, that's right all of them. so i feel like they're in the right space in e-commerce, right space in aws in cloud, cloud is a really big part of their profitability improvement and overall, yeah, they are more profitable, so actually, the multiple has come down spa substantially and the growth has too but it's growing double digits and i see that continuing for the foreseeable future >> there's facebook which you mentioned is up 40%, e-marketer comes out today, talks about engagement, their focus for engagement goes down >> that note made no sense because it didn't take into account what's going on in instagram, it just talks about facebook losing three minutes. that's it. that's kind of irrelevant when you think about all the traffic they're pulling in the same platform i did a quick channel check on this name and i still own it, we're going to spend in our little universe of 29 private companies domestically another 14% up

. >>> today's mixed retail earnings coming after shares of kohl's, jcpenney sh, and home dt all felll analyst at forrester research. it's been a tough morning. tough morning. what do you make of all this >> well, i think that what you saw is one good story, which is the target story, and that tracks the general merchandise story. walmart did really well this quarter, too and amazon is great as well. so, general merchandise and anyone investing strongly in e-commerce, general merchandise and grocery is doing well. now the issue is department stores and even home with some concerns around tariffs and just the fact that the home sector in general appears to be softening a bit. so, i think that's really what it is, is that we weren't expecting a great q-1. q-4 was dismal for a lot of retailers, but there were pockets of positivity, particularly in the online grocery space. >> what's your walkaway or takeaway from the lowe's situation? >> i think that the issue with lowe's is -- first of all, it's not surprising that the shares are down, partly because they -- >> by the way, we're talking

place in general, and this only adds more pressure for the mall and other department stores like jcpenneyn you like the high-end? >> we like lvmh and tiffany. we are selective about the high-end. there are considerations from brexit to the mainland chinese consumer more in china. we had so much s&p market volatility. this does often correspond to the wealth effect, so if something -- so it's something that we are cautiously optimistic about. tiffany has a new ceo. they have very unique characteristics. alix: and rihanna, right? [laughter] taylor: what is happening -- >> what is happening in luxury with millennials this really interesting, too. david: thank you both for being with us today. coming up, bayer ordered to pay another $2 billion over cancer claims for its round up weedkiller. more on that next in the bottom line. this is bloomberg. ♪ david: time now to look at three companies worth watching this morning. volkswagen has put back on the table and ipo for their truck division. it was talked about earlier, took off the table, and put it back on the table now. they need the cash to

jcpenney unchanged. on same-storet sales and earnings-per-share, but had some projections at that were a little disappointing. romaine: i think the good aspect of this retail season is a lot of these details seem to be company specific. you didn't really hear as much talk about china and trade. there was a few mentions of it, primarily prompted by questions by analysts, but a lot of the questions don't seem to be focused on that too much. they seem to be focused on the to domestic aspects like you saw with target and walmart in tjx. they are very specific to their stories. but none of these are really broader economic stories. these are very company specific stories. alix: and i wonder how long the margin story is going to hold up. at what point does a tariff delay compression? -- tariff deal a compression? michael: that is a problem for them down the road. we won't see a real impact on margins until that happens. if the president goes ahead with the $370 billion of tariffs that haven't yet been levied,

other retailers, kohl's, jcpenney's and nordstrom also have disappointment, so keep an eye on them.l this morning is the food allergy fund, they fund research to find unreal underlying causes for food allergies. it is a much different day than yesterday, pretty quiet, the dow jones down a little bit, 25,121. the s&p 500 and the nasdaq posing some gains this morning, but earnings can certainly direct the market today. google is removing marijuana delivery apps from its place store. it is taking effect in every state, regardless of legality. google says the changes to the amount of kids using the place store, and to avoid problems. processing payments is still illegal on the federal level. google is suggesting part delivery services use an app to promote their business but take the actual sale and delivery process outside the app. >>> uber has a new policy that will allow the san francisco company to ban writers with low ratings. they have announced that people with below average ratings can lose ask us access to the app. they can have the opportunity to improve their rating, the guid

root jcpenney, though, rim -- though, remember that great quarter? it doesn't look like it held up.

will be felt by the consumer that's back down nearly 6% other companies like carnival, rite aid and jcpenney all down 5% to 7% worth noting there are a number of companies within the retail space that are sitting on big stock drops. gap, tiffany, even crowinger down 30% from their respective highs. and that's why again one of the big losers in today's trade. guys, back to you. >> seema, thank you so much. stephanie, it's been a hard week for the retailers. where do you want exposure >> i want them in the big boxes. i don't want them traditional. either sector leaders like costco i still think that -- >> diehard costco fan. >> anytime i -- >> shareholder as well as stockholder. >> yes i am a shareholder i definitely frequently go there. i would say every time i try to trim a position in costco i regret it because the stock continues to be a compounder such a great story because of the revenue and its description. some restaurants, i like mcdonald very much i like the transition there. >> trade wars? >> they could be but i love it because they are doing great things fixing the company, restruc

ceo of jcpenney saying a second round of tariff could be a problem for that company. macy's, reiterating those kinds of remarks as well. finally not just a domestic concern but of global concern. the ecb in its financial stability review, cautioned weak growth, continued trade tensions could spark larger declines in the global financial markets. neil? neil: jackie, thank you very much. as jackie is speaking i'm going through the presidential candidates caught tweeting or asked about it press. eight of them said this fully justifies beginning inpeachment pods against the united states. elizabeth warren, cory booker, kamala harris, a host of others says this is more than enough ammunition to get impeachment hearings going. add to that uncertainty and trade, how much it potentially will roil the economy if this impasse lasts a while. we have former dallas fed advisor danielle dimartino booth. to you first. this fixation, a lot of people have with the yield curve right now, that shorter term rates are now rising above longer-term rates, like a 10-year note, normally presa

jcpenney's ceo on the wires saying tariffs will have meaningful impact on the company. market watcher mark luschini and veer nokia veronique de rugy. this is prebigger tariffs coming into play, so play that out? >> i think we've seen a lot of volatility for the last six months because of the trade wars and that there was always the hope that things were going to be resolved and not resolved in massive price increase and i think i think investors are starting to realize that the -- are coming up actually this may very well happen and i think we're going to see, while in the first, until now, every month it was going up and down, ended up in a positive overall, maybe the first month where it doesn't happen. i don't know. we still have, nine days to go. so it is going to be interesting and there's no doubt about it, i mean i think people are reading this properly. the tariffs coming up is going to mean this time around a big sticker, price shock for consumers. a lot of vinyl goods are in the list of impacted by the tariffs. neil: right. >> and so, yeah, they're -- neil: th

that's what's happening there the jcpenney stuff is more disconcerting. it's in the graveyard. it's been for years. but that stock now at 80-some odd cents. people know what the next headline is going to be and now they know it's coming closer so what are the knock-on effects for the other big box department stores it won't be a great day. when it happens, if it happens this week or next week, it's not going to be a fun day. so you have some people positioning away from that and you get that action. but i want to point out, the best retailers are also getting hit today. look at nike down. no company specific reason look at lulu off 7%. no reason for that other than the category of names it's in. today they spun the roulette wheel and it came up retailer. have fun >> that would affect a nike and lulu which is just starting to grow >> is that a new concern, though >> it's not a new concern but the rhetoric from china on a daily basis feels like it's ratcheting up. >> and it could get worse. 100% right but that concern has been with us for a long time sometimes you get these indus

than last quarter's rate but on par with the rate from last spring three department stores, choelz, jcpenneying tomorrow analysts don't forecast positive comparable sales for any of the three, even though rival macy's did see a comparable sale gain in the first quarter the one wild card with retailers this week, will any address tariffs in a way that help investors identify the risks >> thanks, courtney. let's get to dianna with more on the housing data. >> tomorrow morning we get sales of existing homes for the month of april these remember clothing so people who are out shopping in february and march remember, march we saw a really big drop in mortgage rates so we will find out if that had any effect on sumers in april we get the sales of the newly built homes for april but those represent signed contracts in april, that's when mortgage rates were a little higher we will get an idea how rate sensitive today's consumers are. we also i get earnings from toll brothers tomorrow afternoon, luxury high-end home builder we've seen significant softening on the high end of the market because of all

jcpenney losing money. a bigger drop in sales than expected.across the board. right. as you may have heard a moment ago politics in america is at a turning point. bill mcgurn is with us, "wall street journal" editorial board guy and a fox news contributor. am i right? there is a sea change in politics coming as we try to figure out what went on in '16, am i right? >> absolutely. we're waiting for now the biggest part of the fact bombs to drop is the inspector general's report on the fisa warrant. he has been working on it since last march. two u.s. attorneys are investigating hillary investigation on emails and fbi's origins of its counterintelligence investigation. there were criminal referrals from congress. president trump says he will declassify all this stuff. one reason it is taking these people by surprise, they never imagined, do you think peter strzok ever imagined his texts to his mistress would ever be public? james comey, the fisa warrant, fisa warrants are not usually publicized. it is a treasure trove there. these are people, john

shoppers due to the tariffs and jcpenneys, macies and home depot say if trump goes through applying tariffsct on their bottom lines. home depot also says trump's tariffs have resulted in, quote, roughly a billion dollar impact on its business. lastly, more than 170 shoe retailers, including nike, under armour and adidas, sent a letter to trump warning of the, quote, catastrophic effect of his tariffs, which could lead to a massive 100% duty on shoes. hello. this is affecting the american economy. we're going to continue to follow this story, of course. willie? >>> joining us now actress kate mull groove, best known for her roles on "star trek" and, of course, "orange is the new black." a few years ago she decided to step away from her career to care for her aging parents. she's here with a new book. thank you for being here. >> wonderful to be here. vuch. >> to give a background your father is diagnosed with aggressive lung cancer. your mother diagnosed with a typical for of alzheimer's. you decided to do what with that news? >> my father was easy, fast and furious, three weeks from soup to