are retailers lower despite positive data the sharp sell-off in macy's shares pulling down the s&p retail etf as you could see macy's off 15% despite of the etf also down 2.5% and the broad sector decline comes as government data shows that retail sales rose half a percent last month joining us now to break it all down as they say is brian dodge senior evp of the retail industry leaders association brian thanks so much for joining us. it seems to me a strong economy is translating into confidence from people going out to the retail stores and buying right? >> that's absolutely right. we're seeing exactly the kind of momentum that we would hope to see going into the second half of the year. we've got a strong economy consumers are feeling comfortable opening up their wallets as we would hope they would do leading into the back-to-school season but i think what's most important is we're seeing retailers able to capitalize off of this because of the investments they've made over the course of the last several months and years to right size their store set, to make sure they're capable of ser

the profitability of those countries is three times that of the s&p 500. macy'sher example of today's report, and the growth. costs were good but investors were not excited about it because you need organic growth to compensate for the changing environment of rising interest rates, rising inflation and costs. >> you are saying look at the growth rates, nothing much the traditional metrics. example amazon would be a winner in the megatrend, forget the valuation and traditional pe , you have to pay attention to the organic growth. >> the top line growth in excess of 30%, organic growth, i'm not saying disregard valuation. amazon is unique. three if not for businesses in one. a1-stop shop in regards to e-commerce. and grocery's as a percentage of online sales that is only increasing. organic growth, and better profitability because of other businesses that are more profitable than e-commerce. the valuation is always important, and ratios like tech allow us to do better work on assessing the value of a stock. shares,ooking at amazon down more than 2%, are you buying?

macy's tends to be conservative with their guidance. all department stores falling on this news. , i haveo the bloomberg the s&p 500 department store indexling. julie: the other context is that macy's is up 46% this year, even with today's drop. nicholas: it had been 65% -- emma: it had been 65% up to today. julie: what about expectations for walmart? emma: it is a different stock story. they have been falling this year and we have a chart that shows the stock price compared with macy's. all eyes seem to be on e-commerce as they are in a battle with amazon. you can see amazon's market cap dwarfs that of walmart. walmart looking at about 40% e-commerce growth full-year and they had 33% commerce growth this quarter. boyle who covers walmart for bloomberg, says he will be looking at margins to see if they are passing along any of the costs. that will be interesting to see because that could create more space. julie: labor and freight costs going up. bring in my favorite chart, my walmart chart. mark: have a look at the stoxx 600 banks index, it ends in a bear market today, led by a number of spanish banks. they have the big exposure to em ,

s everywhere." >> brown: patricia merhmann told macy of her own daughter going in and out of rehab, of her family being torn apart by the wrenching decisions on when to offer help and when to push tess away, for her own good and t sake of others.>> didn't know if, when, or ever, she would be able to come through this, walk through this. you never get to t other side, because there is no other side. once you struggle with substance use disorder, you always have substance use disorder. >> brown: beth macy devotes much of the last section of her book to the treatment of opioiddi ion. in roanoke, we watched a weekly session run by vinnie dabney, a former heroin himself, who's now a mental health and bstance abuse counselor helping men and women in so- called "m.a.t.," medication- assisted treatment. daey's program uses the ulescription drug suboxone to reduce the paiymptoms of opioid withdrawal. it's a nec sary, but extremely difficult, process, says dabney. and many here are on their second, third, or fourth tries in the program. >> all kinds of things will happen to cause a percentage of them to dr

s. >>> shares of macy's tumbling more than 10% today even though the company reported better than expected earnings in sales this morning. courtney reagan looking at that for us right now >> i've been looking. >> and you're still looking. >> all the analysts say that profit taking is the reason for the sell-off macy's shares had gained 36% since it's last earnings release in mid-may macy's shares down double digits the price is just about where it was a month ago. the sell-off did begin premarket when only we had the main financial metrics at that point, all of which by the way beat analysts' expectations revenues beat. down slightly from last year, down 1%. comparable sales increased half a percent when analysts thought that would fall. macy'supping its full-year forecast i spoke to the ceo and he said macy's strategy and a strong economy drove sales which improved throughout the quarter. july was the strongest month, may the weakest after the friends and family sale shifted into april online sales are up double digits so that's 36 quarters of double-digit growth there. transactions grew

ramy: strong retail sales did little to help as the s&p 500 fell for the fifth time in six days. macy's tumbled and that's despite beating forecasts. haidi: the dollar reeling from the trade war. ramy: and tesla declines for a second day on reports of a subpoena from the s.e.c. it concerns elon musk funding secure tweet. haidi: hello from sydney where it's just past 58 a.m. here. i'm haidi stroud-watts. ramy: and it's just past 6:00 p.m. here in new york. i'm ramy inocencio. we'll be looking at how action in wall street and around the world will play into the asia pacific trading day. today's turmoil was brought to you by the letter t, turkey, ten cent, tesla and who let the bears out? copper now in a bear market. e.m. equities also. of course the s&p down by the most in about seven weeks. let's get more with su keenan here in new york. sue, even some positive u.s. data couldn't stop this sea of redful >> not at all. name the commodity, it's a down day. the trade war and turkey. the only one-two punch, stocks closed off the lows but boy, they were down. 10 cent, tech stocks were the low

ramy: strong retail sales did little to help as the s&p 500 fell for the fifth time in six days. macy'shat's despite beating forecasts. haidi: the dollar reeling from the trade war. ramy: and tesla declines for a second day on reports of a

macy's, in fact, sank nearly 16%. meantime the price of u.s. crude dropped 3%. as to where the major averages finish, the dow lost is 37 point, the s&p fell 21 points, its biggest decline since late june. and the nasdaq dropped 96 points. >>> the canadian ecommerce shop shopify is banning merchants from selling some firearms. more than 600,000 businesses use shopify to sell goods. the list of items include automatic weapons and silencers used on semiautomatic weapons. shopify reviews and changes its rules from time to time. earlier this year major retailers including walmart's and dick's sporting goods changed their policy. >>> uber is still struggling to make money. sales for the ride-hailing app jumped to 2. billion. that figure strips out items such as promotions, drivers' fee, taxes, and overhaul. still, that is an improvement from over a 1 billion dollar loss during the same time last year. >>> consumer electronics giant best buy is pushing into the health field. best buy is buying a great caca a company that buys response devices for the aging. best bay will pay $800 million for greatcall. it offers services such as easy conn

macy's led the way, gaining over 6%. kohl's rose over 3% and home depot climbed 1.2%. overall, the dow jones industrial average gained 89 points. the ssix points higher. tech companies lagged behind the broader market, holding back the tech-heavy nasdaq composite. it ended up gaining four points. >>> volkswagen is reportedly recalling 700,000 cars due to a roof lighting defect. the recall affects the tiguan and touran models, according to a german trade magazine. humidity can cause a short circuit in the roof's light strip, which could potentially set the car on fire. the affected cars were sold worldwide. >>> health insurer anthem is partnering with walmart to expand access to over-the-counter medicine for seniors. starting next year, their medicare advantage customers buy the drugs for reduced rates at walmart stores and website. health-related items such as first aid supplies and support braces will be included. that will help a lot of people, anne-marie. >> it really will. walmart has been fighting to compete with amazon and other pharmaceutical delivery platforms, so they're doing what they can. >> that's right. >> wendy gillett

the retail members especially after nordstrom, so happy to own macy's i drpt buy any more today and i would have liked to have sold some s puts, but i did not do that today >> quickly, for me it was trimming some of the technology exposure it's not a wholesale sellout, but trim a little bit. we were at highs, why not trim a little bit here and many even add to the financials. >> coming up, shares of nvidia getting crushed and we'll have instant reaction from top technicians and tell you what does it mean for the semistates? bitcoin rallying and it is still stuck in purgatory do we need to go deeper into the inferno to get back to bitcoin heaven and later, more details being reported of elon musk tweeting could be getting him into big trouble at the sec we areiv le in times square in new york city. more "fast" after this at&t provides edge-to-edge intelligence, covering virtually every part of your healthcare business. so that if she has a heart problem & the staff needs to know, they will & they'll drop everything can you take a look at her vitals? & share the data with other specialists yeah, i'm looking at them now. &

s but god will that there are good people there on that nastiness he paid a big family day you don't need a maci not even sure but his article that skeptical the homage. fosters society to the benefit of it. use a good i'm not going to get closer but not done to put it on and on it gets a lot of autonomy. i think it might make you sad but i think it was there had to be a mecca why did you buy the stuff. because when. is. this. going to be a government he can manage could ultimately compete. continue. to. companies have no. good use for you. know the. us the. most of the. to all the month a lot of the order. to go easy on me due to clipper thank you dollar three you can only live by for another picture but all the kids have it on and walk wish only you look at it with local. leaders. the military on. the. street. with the bus number on the bed between them i think that's one thing just like a better future for them the stop them from jumping up and down to come up but. probably nothing will.

i don't think the weakness in macy's that you had could be exposed to the whole group >> you know, the overall retail market is up 12% doubling the shis year. if we can bring our chart up again. some of these stocks are up 40%, 50%, 60% in 90 days. have they gotten ahead of themselves some of these were heavily shorted and had big losses last year >> exactly it's a case by case basis on these names. yes, they could have been heavily shorted. look where they're coming from they're depressed evaluations before so perhaps even though the past year they have shown some nice improvement, there could be more to go for some of them if they have growth initiatives it place. others, if numbers are not better than expected, if the guidance is not better than expected, by the fourth quarter you will see a pull back in names. the strength of the consumer is there. you will need to see companies deliver not just as expected but better than expected guidance. >> yeah. not to toot as soon cnbc's own t last year we showed many of these were pricing at 0.1 times sales. did the market just overestimate the death of retail or has it gotten overly opt

macy's shares. we'll get you ready for reports today from walmart, jcpenney and nordstrom. first a look at the s 500 winners and losers it's pretty amazing out there. the world is full of more possibilities than ever before. and american express has your back every step of the way- whether it's the comfort of knowing help is just a call away with global assist. or getting financing to fund your business. no one has your back like american express. so where ever you go. we're right there with you. the powerful backing of american express. don't do business without it. don't live life without it. you're watching "squawk box" live from the nasdaq market site in times square. >>> good morning welcome back let's talk about some stories front and center china says new trade talks with the united states are set to take place later this month. the chinese commerce ministry says it will send a delegation to the united states >>> uber reporting a wider second quarter loss as it ramped up spending on food delivery, bike sharing and expanding in the middle east and india. dara khosrowshahi has been focusing

lot of numbers and coming out this week including many retailers, macy's, jc penney, wal-mart but big ones, it's three dow components, 15 s&p 500 companies and the trader s are focusing on earnings and pertaining tortelier a they're saying it's stopping us from breaking out on the top side instead of breaking out through the ceiling in fact they're not seeing it as some big risk to materialize. back to you. neil: nicole thank you very very much now, turkish president has already called for a boycott of u.s.-made electronics that would even include iphones and also the high-tech devices not having a big effect here, because in the scheme of things, it's sort of like a rounding number on a rounding number but having said that it's a sign that if you're waiting for the release of this, that triggered a lot of these tariff responses on the part of the president of the united states, don't hold your breast so fox news contributor, liz peek, own super star connell mc shane and senior financial advisor, and anyone could jump in and out however you want so michelle, home depot, for the retail could save the day. the markets and t

another busy week of earnings home depot, macy's walmart you like the space discretionary had a great run. >> since the end of april, retail index is up over 14% in the s&p 500. you still buy it some of the names have done well weather was good, so that's going to help drive traffic. valuations are desebt b and if you look at short interest in these names, it swrjust makes se when you bring it all together >> jim, macy's is on wednesday to remind people of when they report >> as lindsey said, that's the bellwether of the traditional department stores. over the last couple of quarters, you've seen macy's respond well, but the rest of the department stores, whether it's a nordstroms or jc penney x kind of punkish. is macy's separates from the rest of the pack >> i think macy's is going to have a good quarter. they're in a good position that are valuation, it's up 60% year to date the valuation is trading >> anything you want to pick >> i like macy's and i like kohl's not sure there's as much upside in kohl's as macy's. >> we've owned xrt i think it's a nice broad way to play it. you don't get as much amazon, but i think going into earnings, you're going

currently the best performing stock on the s&p 500 large retail names getting set to report. we have macy's tomorrow, nordstrom, wal-mart. all of those stocks higher today. now, speaking of the dollar, multi-nationals which have come under pressure over it is last two trading days because of the global concerns. those stocks are now off their lows 3m leegt looegd the charge there, and thanks to the surge that we're seeing in oil right now. wti right around $67 energy producers are enjoying gains. energy, the best performing sector right now if you look overseas, it's a very different story. yes urk the lira rebounding today by around 6%, but traders say the turkish central bank needs to find a way to refinance its short-term debt. that expires next year according to the imf turkey's short-term debt just around $180 billion. turkey's foreign reserves at $80 billion. michelle, not a big cushion there. back to you. >> no. real shortfall, in fact. thanks >>> turkey's currency rebounding a bit today, but the president making headlines once again calling for a boycott of american electronics v wi

macy's up 34%. taking a look at the likes of target, up 18% luckily i'm in that one. kors up 18% or something like that >> like the s&p, the sector has had this i don't want to call it a stealth run because it's not like no one's focused on it but again, the headlines are in the sexy parts of the market >> right and yet, this is what everybody around the desk talked about at the beginning of the year. wait till the tax cuts start focusing, or filtering in, until the consumer is actually measured by retail spending, driving these things up. >> take a look at t.j. maxx. >> yeah. >> you can go across the board >> a new high. this is a very positive thing. and that's one more sign that the economy has more room to the upside, rather than, oh, it's topping out, you know, there's no support for anything but the four fang stongs >> pete, the re-emergence of tech helps with the market >> no doubt. >> "the journal" cited credit suisse saying the call action on the upside >> right >> and the tech stocks with gains in a week or so. >> i think the anticipation why you're seeing that, for instance in the spiders, by the way, ext

macy's will be recording results tomorrow. sarah, think so much. the market closes next. you can see we have green across the board here. the ss breaking its five-day losing streak. four day losing streak. this is bloomberg. ♪ [applause] >> "what'd you miss?" stocks closing of the green. largest500 holding its march in the dollar raising to a fourth month high. i'm lisa. scarlet: i'm scarlet fu. joe: and i'm joe weisenthal. if you're tuning in live from twitter, welcome to the closing bell coverage everyday from 4 p.m. to 5 p.m. eastern. scarlet: we begin with martin minutes. the s&p 500 ended the losing streak finishing up by two thirds of 1% beginning -- 1% gaining. earning season began for retail companies and financials also gaining and materials -- in materials -- and materials as well. joe: lots of green on the board today. scarlet: let's get to some individual movers here. we are keeping our eye on those retail names. certainly as they get into seemsg seasons, tapestry to be getting shoppers back on board with its recovering catesby brand. sales are beating analyst estimates and shares rose as much as 12% here closing

expected with 26% gain for the quarters, macy's expected a 4.8% gain for the quarter, so we're seeing continue to see good news, out of earnings, 25% that is the average s to you. >> thank you very much by the way, macy's up 132%, from 52-week low, up 151% so nordstrom up 39% brick-and-mortar names on fire they are going to have to deliver big, big numbers this week also taking on tesla, we will be speaking with ceo of commercial truck maker workhorse about that company's new electricity pickup truck this hour, from clicks to bricks ceo of casper will join me discusss why only mattress company is opening 200 stores across the nation, next. ♪ ♪ it can detect a threat using ai, and respond 60 times faster. it lets you know where your data lives, down to the very server. it keeps your insights from prying eyes, so they're used by no one else but you. it is... the cloud. the ibm cloud. the cloud that's built for all your apps. ai ready. secure to the core. the ibm cloud is the cloud for smarter business. secure to the core. so, howell...going? we had a vacation early in our marriage that kinda put us in a hole. go someplace exotic? yeah, bermuda. a hospital

alix: interesting to see if macy's stock will go down because of the risk off day yesterday and it feels like now, it is a better sentiment to report your release. sp double-digit's, dow jones up triple. relief after the selloff yesterday even though the u.s. market held up better than others over the world. euro-dollar up .2%. a mix dollar story after dollar strength as the over other asset classes. i wanted to highlight copper. a 1% increase after a 4% selloff yesterday. does not feel to me like everything is clear. david: a lot of ground to make up. time for the morning brief. we will get economic data, including housing starts, building permits, weekly jobless claims at 8:00 -- 9:00, the turkish finance minister having a call with investors that investors are looking forward to . and more earnings after the bell tonight with nordstrom reporting. alix: walmart shares rising in premarket trading after the largest retailer in the world posted desk sales and more than a decade -- best sales in more than a decade. joining us is patrick, as a neutral rating on walmart with a price target of $92. do -- see you have to to upgrade the stock? >> i want

macy's, we'll be getting the government's data on july retails. we got the numbers and reactions and all of that is coming up take a look at our s&p 500 and dow jonesbe right back here's a trip tip: when you search hotels on tripadvisor... enter your destination and the dates of your stay. tripadvisor searches over 200 booking sites... to find the best deal on the right hotel for you. tripadvisor. i was on the fence about changing from a manual to an electric toothbrush. but my hygienist said going electric could lead to way cleaner teeth. she said, get the one inspired by dentists, with a round brush head. go pro with oral-b. oral-b's gentle rounded brush head removes more plaque along the gum line. for cleaner teeth and healthier gums. and unlike sonicare, oral-b is the first electric toothbrush brand accepted by the ada for its effectiveness and safety. what an amazing clean! i'll only use an oral-b! oral-b. brush like a pro. ♪ we are just seconds away from july retail sales and second quarter productivity numbers in the futures are responding to some angst around the world, i guess not necessarily related to the lira which is the story. it has

macy's. is that wise probably today maybe even tomorrow. will not be wise by friday. >> really? so all these people who are posting charts of the 12 months it took for it to kill the s- >> well, you know, look, they want to have some fun. i absolutely remember 1997 i remember standing on the steps. talking to charlie gibson, "good morning america. standing on the steps where hamilton -- not the hamilton from the play but the real hamilton time to buy, hedge fund. why are you doing that isn't it horrible? well, it would be horrible if cisco were doing bad reports if intel were doing bad. microsoft were doing bad but those are companies that are doing well once again, not intel this time. you have to take that off the table. because they don't have a ceo going there. but there are companies that are doing very well. let me give you an example of disney there's so many money managers who want to be in disney that they are praying that erdogan somehow bleeds into disney so they can get it at $110. they want to buy it at 110 warren buffett i come back to, he knows where turkey is on the map most surely. but he has many conglomerate companies and there's not a lot of gdp

s&p 500, up nearly 1%. a lot of this may have to do with the retail, the company known as coach, those shares up 14%. it seems to be helping other names. macy'sie & fitch. for thesenice boost retailing names. if we happen to the bloomberg, we will see decent outperformance relative to market capitalization size on the year. what we're looking at here in white is he s&p 500 total return. they cap. we have thought up about 6.7% on the year. mid-cap, up s&p 500 4.6%. take a look at that in yellow. up 13.4%.0 small-cap, we continue to have that outperformance for the small-cap area segment as investors have looked toward small-cap as a place to hide against trade fairs. most of those companies derive more over there -- more of their revenues domestically. let's turn to large companies and the retailing space. let's take a look at the bloomberg dollar index. you can see earlier it had been down, that would have been its first down day in four. rising higher. not a huge again. the fourth up a day in a row. the first time we have seen that since may. thebloomberg dollar index, dollar is that ties last seen last june. pretty impressive. now let's tak