let me show youwhat i mean why don't you take a stock we all know, merck, then amazeingl it spent two decades lots in the wilderness until they discovered keytruda mostly lung cancer, in trials for many types of tumors, the strength of keytruda breathed new life into merck stock. now merck has dropped five bucks in two days with the darn thing coming back down to 81 at its hideous lows, it was down nearly $10 from last friday. $10. how the heck did that happen first, did anything negative occur at merck when it comes to its pipeline, its portfolio, nothing, nada, if anything a couple rivals in the cancer space produced suboptimal results in papers, at least this very weekend when we look at drug stocks we have to think about pricing. did any politician running for president have anything new to say about pricing? >> no, what caused the downturn, the rotation i think it's the rotation out of stocks that thrive in a slowing economy and into stocks that thrive in an accelerating economy. think about it, what kicked off this merck stock, it was last wednesday, a weaker payroll number, a n

image of merck with. it but it went to the. they're going to let me below list the list of items that you no matter to go to relook at your list and the trouble to do so be sure to get the disclosure. and to come in i'm not coming down i'm going to. be on programs. oh let's try this so mary beach up that. this child is she was. she ever did any job with the government and public sector that is one of the challenges if it's public sector as there is bureaucracy in it in knowing how to mend mitigate this your credit spaces and knowing how to manouver it without being an autocrat i guess is a little bit of a challenge and somehow i think my mom is the place i vent and probably 6 or maybe i'm with when you but is it. because there was a guest and i go get it because there was this dish assertions that. cooperation with setting. up a strawman to say it isn't this is going to which is you almost. always sometimes by this my honda she feels like i'm spending too much dying or. spent too much time worrying and all. it's like. i always

the second biggest would be merck. the settlement 12 billion, said to be $12 billion, settling with 2000, 2000 local governments. a very big deal there. 23 states in the opioid crisis. merck was the last big deal, 4.85 billion. 2007, doesn't even compare with this particular settlement. i will send it back to you. connell: gerri, thank you. in addition to everything gerri mentioned president trump right out of the gate taking aim at the fed again, with a tweet that reads the federal reserve should get our interest rates down to zero or less. we should start to refinance our debt. interest costs could be brought way down while at the same time substantially lengthening the term. president says we have great currency power and balance sheet. the usa should always be paying the lowest rate. no inflation. only naivete of jay powell and federal reserve doesn't allow us to do what other countries already doing. once in a lifetime opportunity that we are missing because of boneheads. melissa: i think naivete was auto correct.

lauren good and tom forte, thank you for joining us to break some of them down >> thank you >>> mercks one of the biggest drags on the dow as we stand, the dow is down 24 points, by the way. meg terrell has the details on what's in the drop in merck shares meg, over to you >>. >> it's a draft proposal from house speaker nancy pelosi that's been circulating that has pharma investors today on a bit of an edge it would enable direct negotiation on 250 new medicines. what's new here is that there's also a provision that would make the government-negotiated prices available to commercial plans as well this hit names like merck particularly hard today. it's come back a bit since earlier this morning it had been down about 5%. other names from pfizer to bristol to abbvie, surprisingly actually in the green right now and biotech, too, is holding up as well. after an initial wave of concern, many are coming to the conclusion that the plan goes too far and it will be dialed back, but evercopprps isi says what happens next could be on a trump tweet. he backs the idea, that could mean it has trac

a company like sky works has grove thin dividend 25%, merck 14% andretheon near 10% so they are growingnd not destroying the balance sheet , so that's why we think owning these stocks when you have such low yields in the bond market make sense for a long period investor. liz: it just feels like the market is headline driven. one minute if there's a good headline about trade, the market jumps 300 points. the next if it seems like we're off the rail once again, we're down 200 to 400 points. what would bring rationale back to the markets? >> yeah, you know, we have to see some of the u.s. chinese discussions bear some fruit, rather than stopping and starting we've seen so far in 2019. i think that's really what gets us out of this trading range. we're stuck in there until we start to see actual results from those discussions, and whether those discussions actually bear some fruit on actions, so that's what we're really kind of looking at right now is we might be stuck there but what we're interested in is figuring out what the companies are going to say when they start to report earnings i

reaction was mixedith merck filing and eli lyle and another rising. >> there is questions about perdueirm an is going to do. it could semgts w shte attorneys general or file or bankruptcy. if it does that, the sackler family owning purdue will find itself in unwelcome spotlight. g tyrrell explains. >> they are among the richest families the sackler aim adorns university from universitiet to museum, the blockbuster pain killer ox int coloradan. ey are in lawsuits with many cities, the family is a big are target. >> we have evidence that members involved in seems conversations, marketing, planheng, accompanied sales representatis on calls. they are part of the entire enterprise in a which that is it generally not normal just for j people who have owned a share of the company. ahead of the first federal trial in the opioid lawsuit scheduledor october purdue and the family have been in attorneys general and others.te pu wh but according to the state ags the sides aren't on the same pagess pro and the company has reportedly threatened to file for bankruptcy if the settlement isn't reached.

. >>> the fda approved the expansionf two of merck's hiv treatments for adults viral areally suppressedxpanded label gives certain hiv one patients the choice to switch current the rpies. merce 1.5% to 85.16. wal-mart will s stopling e-cigarettes due to the growing global health concerns of vapingta the giant plans to continue to sell the current batch of nte-cigarettes the inventory runs out. theut news did not impact altri which own as to li 20% stake in juul as shares were up 2% while wal-mart dropped a shack unthe shun. >>> time tor the wtkly mar monitor three picks this week that he says can thread the needle between risk awareness and steady growth. joining us this week mike bailef director research at fbb capital markets. thanks for joining us. >> greatba to be . >> you've got two defensive plays and then a growth play. first defensive play very much a household name. color ox. why that one? >> so color ox some of the picks in week are relative compared do something. so for color ox one thing we like we like the space if you you want to be consumer staple great place to be. do yo

climate activists threaten to merck has been presented with amnesty international's highest honor the ambassador of conscious of award amnesty said that she had shown great leadership accepting the prize in washington the 16 year old urged everyone to join the global climate strike on friday saying see you on the streets this is the news from berlin you can always find the latest headlines at e.w. dot com or you can follow us on twitter. don't forget you can always get to news on the go just download our app from google play or from the apple store which will give you access to all the latest news from around the world as well as push notifications for breaking news you can use the app to send us photos and videos. coming up next it's business news with monica charles i'm sorry kelly in berlin thank you so much for watching and a great day. the mob. song. the old favorites. i am going to stick tucker going to cut plenty of emotion. the best game of cricket in 60 minutes on double click. the adventures of the famous naturalist and explorer. to celebrate alexandre from the boards of 251

and merck. the all time high 130. that's where it's headed valuations are not stretched the space had a bull's-eye injury that's now gone. >> i don't want to have to be forced to pick a name. i buy the xlv. by the etf only up 7% lagged the mechanic you have smooth sailing going into year end if it's dead on arrival. >> almost daring to you would you rather him. >> i'm not going taking the bait i'm not taking the bait. i want to go someplace else with this nobody tells me what to do. >> right. >> my question is for every positive headline like you get the negative headline there is a a lot of time to the election. >> but at least it delays it at least there is the stagnation if you were concerned that something was going to happen either before the election or that's probably off the table now. for me i'll got further down the food chain and say maybe look at biotech again. ibb, the nasdaq biotech traded really well today. the reason i say that is if there was any hesitation about buying out some of the smaller cap bio

chief antonio terris their inaction drew a scolding from teenage climate activists gretta to merck join a whole has been following developments at the united nations. i'm announcing that earlier this morning we have filed an official complaint under the convention on the rights of the child's. weld leaders don't like being told what to do much less by a group of school children including a certain swedish teenager who decided to take them to court my name is to get the to learn i am 16 years old and i'm doing this because well it is off failing to protect the rights of the child by continue to ignore the climate crisis a summit on climate change is the centerpiece of this year's general assembly and grettir totenberg it stand strong. it's a shift in emphasis 1st secretary general antonio terrorists who came to office focusing on conflict resolution but instead has watched peace escaped the likes of syria yemen and libya with a new cold flick looming in the gulf it is that sense of urgency but i have to say the secretary general didn't do it alone i think all you had to do is watch the m

business which provides the same data minding a -- data mining and analytics for companies including merck and airbus. the challenge that palantir has had is they are always building for the long term. this is an ancient company by silicon valley standards. 15 years old. that is two times the length that it normally takes to go public. this company has had a tightknit group of investors who have been patient and waiting for the big payoff. the challenge has been that they have not yet turned an annual profit. caroline: we will see how much longer they have patient investors. let's turn to another key story in the markets today. the trump administration has unveiled a sweeping plan to revamp the housing market. the treasury department would release fannie mae and freddie mac from government control. this week they were put into government conservatorship when the housing market unraveled. this company has decided to go microphone free with its new feature despite looming competition from apple and amazon. this is bloomberg. ♪ caroline: sonar unveiled three sonar unveiled three new products,

. ♪ best.s is bloomberg this week, morgan stanley chairman spoke effusively with the merck about thesee of the economy, that policy and the global trend towards negative interest rates. he joins on the council of columbia business school in new york. >> it is a conundrum. at one level, we have record low unemployment and we still have mobile growth. the u.s. economy is performing strongly. china is performing strongly. mixed, butbviously has been mixed for two decades. on one level, it is quite strong. there is a sense of inevitability we are at the end of a cycle. aatistically, there is recession every seven years, but it doesn't have to be. not hadalia, they have a recession for 28 years in a row. >> why then, so much pressure on the federal reserve to continue to cut rates? andhe economy is slowing the job of the fed is to balance monetary policy with economic outlook and fiscal policy. when the economy is getting hot, they should raise rates and the reverse. i report -- i supported the latest fed cut and i expect they will do one or two more, but then it is time for a pause and rea

merck is dragging down most health care stocks, down during the session, and this all happened in wall street, including goldman, sounding the alarm to a potential drug pricing headlines in the coming weeks, following congress's august recess. they see there will be a focus on the amendments to the drug pricing deal. "bloomberg intelligence" says they will race for a bite when congress returns, noting that lawmakers would face inflation-pegged rebates to medicare. abigail or caroline? caroline: we have got some breaking news. a rating cut to junk by moody's, now seeing a ba1 for these companies, over at moody's, ba1 overall,t, a so this is clearly one for us to watch coming from moody's, and we know autos have been under fire, whether it is tariff concerns, trade concerns, and, indeed, overall the element of a need to make money in an era where perhaps people are not purchasing as many car so quickly. guest, sherryour paul. this is interesting. this is a time when corporate's corporates- when have been doing this, and are we expecting a rush? they will not think be as intense. that is

united health, merck, apple is not helping, fading fast we didn't have a lot of help from those cyclicalts, energy stocks, retail stocks, all on the weak side that didn't help the old momentum stocks mastercard, paypal, visa all were doing well. one thing that's continued to be on fire, emerging market etfs have been hot. turkey up. south korea up look at these. some have been up 5%, 6% in the last four or days. there's the "closing bell" we didn't make to it a new high. s&p 500 got within six or seven points of a closing high, intraday dow jones industrials average closing up 48 points >>> welcome to the "closing bell". i'm morgan brennan >> i'll wilfred frost. let's check in on how the markets closed which was just losing momentum in that final ten or 15 minutes. such that we were only higher by .2%. nasdaq and dow up 3% the russell had led the charge this week. similarly the sectors that outperformed at the start of the week didn't really outportland today. certainly holding on to the gains of what's so far been a decent week. >> materials, consumer discretionary, tech stocks were the

scary for these drugmakers, but you see all of them moving higher on the day from the lows, you have merck , eli lilly is down marginally as well with pfizer in the green, bristol-myers higher, analysts thinking that the plan is so aggressive that it's unlikely it will be passed to the market, which is mixed on that news, bonnie. -- vonnie. washington, what can you tell us about the events leading up to today's firing? and also about charles koppelman and how he is going to take the department forward. >> we don't know if there was a final straw between donald trump and his national security advisor. there was a lot of debate about the president's proposal to host taliban leaders at camp david in maryland last some sortry to seal of agreement to help get troops out of afghanistan. we know just broadly that john bolton came in to the white house with decades of very well-known and hawkish views on foreign-policy issues. whether it was iran, middle east peace process or things like north korea and he was not typically the type of person to end to the president or the white house views or con

merck is down 4%, one of the poor performers today. guy: a bit of breaking news.n today, lloyds bank in the u.k. came out with a set of figures that were worse than the market was anticipating. it suspended buybacks. the region is ppi claims in the u.k. have been higher than ppicipated -- the reason is claims have been higher than anticipated. if you've spent any time in u.k., your phone has rung at some point with someone asking you to claim for ppi. this is insurance, and has gone on for a very long time and cost of these banks billions. the deadline is coming and people are rushing for the lastgasp to get that in. , people have come out were anticipating this, and said it sees ppi claims rising by -- $1.2 billion to $1.6 billion. barclays coming out and saying like lloyds we will face similar pop -- face similar problems. there seems to be a last ditch rush to get some of these claims in. let's turn our attention to what is happening with the british political scene. this feels related to the ppi story. in the last hour, the house of commons speaker has given h

i want to take a look at mark, up a better part of -- at merck, up a better part of 2%. rivals not posing a threat. the same story with one of the competitors for a bladder cancer drug. do not have very good results of a trial. shery: thank you so much for the latest on the markets. coming up, we speak to the head the u.s. china trade tensions. the latest violence in hong kong, and much more. this is bloomberg. ♪ kevin: this is "balance of power" on bloomberg television. i'm kevin cirilli in washington. shery: i am shery ahn in new york. we turned to riddick a good death for first word news. ka: president trump is ramping up his attack on adam schiff, questioning whether he should be arrested for treason. he also called the whistleblowers account of his phone call with ukraine's president a fraud. republican congressman chris collins of new york says he will now plead guilty to insider trading. the congressman was charged last year with trading on nonpublic from an australian biotech company. he was one of the early supporters of president trump run for the white house.

to merck have been invited to testify before house panel on capitol hill.ater this month she will speak at the climate summit in york. >>> in a speech to house republicans doesn't trump is revealed one of the big reasons why is rolling back requirements for energy saving lightbulbs. >> people say what's with the lightbulb? and i say here's the story. i looked at in the bold that we are being forced to use, to me most importantly, light is no good. i was like orange. >> is believed he was talking about l.e.d. bulbs. traditional incandescent bulb several warm amber glow. >>> healthcare and guns were among the topics this week at the third democratic residential primary debate in houston. we asked former several cisco mayor willie brown if anything was different in this there debate >> clearly a few things. beto o'rourke's comments about going after automatic weapons and how they ought to be taken away, that was a new movement. when amy reminded everyone that he wrote the bill and she read it? >> yes. >> that was dramatically new and believe me i think that ma

of course thank you for taking time to chat with us karen, as you were saying that was the ceo of merckking about the challenges for the pharmaceutical industry but looks like they're immune to a certain extent. >> thank you for that, joumanna. we'll talk about the impact of negative yields too for the economy as the bank for international settlements warns the acceptance of negative rates is, quote, vaguely troubling more after the break do you have concerns about mild memory loss related to aging? prevagen is the number one pharmacist-recommended memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life. >>> you're watching "street signs. the bank for international settlements warns it's troubling. the amount of bonds trading at negative yields increased to a record of more than $17 trillion, which the central bankers bank says is equivalent around 20% of global gdp their also concerned about negative rates speaking exclusively with cnbc saying the cons are starting to outweigh the pros. >> definitely central banks look at

merck just behind apple at the top of the dow 30 heat map on what? this is important. the success in two late stage studies related to its joint cancer treatment with astra-zeneca and a new antibacterial product as it jumps $1.59 on this no germs idea. we are talking about ipo'ing like it's 1999. up next, the pipes are freezing on the red-hot ipo pipeline and that's conjuring up comparisons to the dot-com boom and bust. before you turn tail and run, one of the original titans of tech, scott mcnealy, says there is one major difference between then versus now and it could mean the difference of a higher value portfolio. >>> and mulling whether to buy the new iphone 11? check out the new and improved foxbusiness.com website. i was just looking through it. one of the pieces that caught my eye there was everything you need to know about the iphone 11. look at that before maybe you buy the stock or maybe you buy the phone. >>> plus all the latest business news and stock info you and fox business have and need. fox business invested in you. so is "the claman countdown." we'll

it's not like every big pharma stock has been crushed merck was great in this environment. there is a big performance gap between the haves and have-nots. bristol-myers has been getting eaten alive by competition but their cancer drug op teva versus keytruda it's well on its way to doing $10 billion. optiv's numbers have stagnated abbvie, kroens's disease, psoriasis. it's a victim of its own success. humira generated 0 billions. it already peaked and lost patent protection late last year, first quarter humira's international sales plummeted by 28% because of the competition abbvie has this thing locked down till 2023 they don't have anything in the pipe that can replace it which is a big problem. humira accounts for more than half of their revenues both need to do something major to get back on track on january 3rd briggs toll myers made a bid for celgie. celgene has a huge pipeline. many of which are approaching the end of their clinical trials in particular management identified five different celgene products is that worth the $90 billion in cash and stock price, the tag

merck shares are on track for the biggest percentage drop in two years. touching the lowest point, analysts noticing the pullback is a part of the broader market representation that's going on. another move today shares of dollar general are lower on the downgrade to market performance at bernstein, this on valuation concerns. what they say are possible limits on longer term limits growth due to a lack of expansion, the shares giving us about 2% in this session now over to sue herrera for the cnbc news update >> hello, everyone, here's what's happening at this hour. the trump administration wants to overhaul the housing finance system it includes almost 50 changes to the current finance system, which would reduce in part the role of the federal government >> treasury's reform plan takes great care to preserve what works in the system. each of the treasury's recommended reforms is incremental, realistic and balanced >> a school bus driver is dead and seven children injured following an accident in mississippi. a helicopter was sent to the area to air lift

is on whether people believe that the candidate is actually going to take us somewhere beyond this merckonald trump. frankly i gaffe like him and sometimes when i say things you don't know the difference between us, so that means he might be able to poll some of those trump voters. i think the democrats who are voting in this primary are going to want to see who has some vision and ambition for the future that is beyond this hot mess we're in. i think that's going to play out in the coming months in their own debates and conversations with each other. >> so that same poll, you know, abc news/"washington post" asked which candidate had the best chance to defeat trump and look. senator warren was the only candidate to improve her standing. she's at 12% up from 7% since july. so do you see that things are starting to take shape or change a bit in the democratic field? >> yeah, no. i don't think they are. and that's the exact question. who is most likely to beat the president. i think at least and we've seen polling. at least half, up to two-thirds of the primary electorate is more concerned

merck down two and change as you can see right here. is adifficult week for health care.says blame elizabeth warren her plan for "medicare for all." she is leading in the polls. big concern for that sector going forward. will those companies really be under duress between the new programs. chevron is may face potential fines on carbon emissions in plants in australia. that could hurt results. dow winners for a second. nike, we talked a lot about this story. that stock up 6% after blowout earnings. just amazing, china sales up 22%. strong global growth helping the stock doing very well indeed. doing well online and in china. home depot tells advisory raise the target price on that stock to 220, that is good news for them. mcdonald's rolling out a new plant based burger. we like that as well. some people like that as well. ash, back to you. ashley: some do, some don't i know you don't gerri willis. thank you very much. today's "countdown" closer says he has the key to unlocking the next boom in the marketplace. no pressure. we are joined by dave maza head of product at dire

merck down, health risks of baldness drug. that stock is down.nd payments company, been on fire all year. everybody in the category has been. rotation out of growth stocks, into what you might call value stocks. that is what happened there. we want to look at laggards. market access, atp and verisign. market access, one single day they had decline, their biggest in seven years. think about that. adp, you know these folks. this is data payroll folks. cowan, bank of america cutting price targets on the stock. all three of those down. but the big story has been, pretty good week for most of the indexes. and for investors in general. ash, back to you. ashley: gerri willis. thank you very much. despite jitters in the major average, on this friday the 13th. our closer naming stocks can be portfolio lucky charms. i should say that with a irish accent, shouldn't i? i hudson valley cio gus gasko. thanks for being here. haven't been a too spooked friday the 13th. markets have been treading water. from your perspective which stocks do you like, to quote, ke

actually are the backbone of a lot of corporate bookings, that if you're going to be able to get merck's business or celgene's business, you have to be affiliated with expedia. >> absolutely. we have a big part of our business and a growing part of our business is powering other players out there. we power a lot of the big traditional corporate travel players that might service that. we have an incredible business called ingencia which is the fourth largest travel agency in the world which allows us to go into big corporates and service their corporate management business >> i love the product, and i always thought it was undervalued. you guys obviously did too. >> yes. >> but you branded it new. >> yes circumstances that something people have a hard time to find i know at one point you weren't that happy with how it's going but you really kind of turned it around >> so we recently rebranded the whole thing to vrbo. and the reason why we did it was that the original brand that was the essence of home away was vrbo, vacation rentals by owner, a very authentic brand as we thought about our

let us get to the frankfurt motor show where matt merck -- where matt miller is joint by joined by stuartme ford had a downgrade to this level, they awk the blue oval. how does that affect your business in europe? disappointed with a downgrade from moody's. we don't expected to have any impact on our business in the near term. we have strong liquidity over $30 billion so we feel we are well-positioned to finance our plan with restructuring in europe which is an important part of taking our business forward here. that bill ford once said when ratings were upgraded back to normal, it was one of the happiest days of his life. will this deepen cost cuts? stuart: i think we will stay on our plan. we have a clear strategy in europe to transform our business. we also have plans around south america. we are taking action also to improve our business in china. i think moody's reference that in the note yesterday. we are staying on our plan. matt: what are the biggest headwinds here? is brexit the number one uncertainty that is causing you issues? stuart: clearly that is an uncertainty. we don't kn

a little bit of mist and merck around first thing, this photo sent in bya around first thing, this photopressure, it is in fa ct this area of low pressure, it is in fact the remnants of x hurricane dorian bring what and when you whether as a gradually pushes south and east. here's how it looks or wednesday, a cloudy start, kamal brea ks wednesday, a cloudy start, kamal breaks a wednesday, a cloudy start, kamal breaksa rain wednesday, a cloudy start, kamal breaks a rain across much of england brighter skies for scotland northern ireland and gradually spreading their way south and east. scattering of showers for parts of scotland in northwest england, when the day across the board with gusts around 30 to a0 mph and locally a bit higher than that for northwest scotland, the temperatures sitting in the high teens for many in the north getting to a max of around 21 celsius the south and east. i was to the back of the weather front is to move it to thursday but the next area of low pressure starts to push in. this is the remnants of tropical storm gabrielle and that's going to bring wet weathe

lots of countries nearby are being affected, for instance merck has blown all the way to malaysia, wherem kuala lumpur, and you can see as well as i can just how bad it is. people are reporting dry and itchy eyes, and we are told around 1500 malaysians schools have had a close. if that is malaysia, but it's look at singapore, because it too is blanketed in smoke. here we have the national environment agency's a index of singapore currently 124, anything above 100 is classified as unhealthy. and these are pictures from singapore, and you can see how bad it is. there are concerns for this weekend's formula 1 race, that it could be affected, and tourism officials are already encouraging visitors to wear masks if conditions don't improve, though it is not the most attractive proposition if people are thinking about visiting. indonesia has arrested close to 200 people in six provinces in connection with these fires. let's hear from rebecca hence connection with these fires. let's hearfrom rebecca hence key who used to be the bbc‘s indonesia correspondent now based here in the newsroom , corre

jp morgan, for example, moved up almost $2 on its highs, defensive sectors like merck and health careconsumer staples like procter & gamble had a good day. this time much less drama. only a 20-point range in a somewhat more scripted press conference than the federal reserve. let's check in on the markets and how they close s&p and dow were in positive territory. dow up 36 points, just off the high of 51 the low, though, had been down 211. nasdaq and the russell, though, lower. a decent late recovery halfway through the press conference from jay powell and the banks were what led that here is kpw's bank index intra-day. that sector finished higher on the s&p. kpw banks up 0.6%. >> definitely the first place we look point out the close on fedex, one of the worst performing stocks after earnings disappointed sales disappointed guidance disappointed. closing lower almost 13% worst day for this stock in years, going back to 2008, 2009, citing all sorts of macroeconomic uncertainty. fred smith, ceo saying we're whistling past the graveyard >> whether it's fedex or less dovish tone people ho

fin tech has been strong and consumer and defensive names have been strong merck was down yesterday kimberly-clarkm names, weak what is happening today? how about these four names exact same thing this is what i'm telling you, a little bit of a trend, too early to take a major trend, we're sthe seeing this for a second day in a row. deeper sick-li eer cyclical nam. john deere, fastenal, this were all up yesterday what are the names looking like today. today's performance. generally they're outperforming a little fastenal down 1% some evidence that some deep cyclical rotation may be going on right now the important thing is all year low volatility stuff has ruled the markets. i'm talking about consumer staples have generally been strong reits have been strong utilities, these are -- from the 52 week highs, these are essentially right near historic highs throughout the year. what else? rotation is going on these are the ones hit badly these are the ones that may be doing better if we finally start getting some rotation into the markets overall. industrials also only 3% from their historic highs disc

apple, pfizer, merck, some of the consumer names helping out we're back to the old slower global growtho fedex. transports are the weakest far and away banks, energy, metals and mining, there is your global cyclical type names, utilities holding up better, reits holding up better, consumer staples, looks like early part of september right now. for the transports, as carl mentioned, fedex down 11%. u.p.s., and you see, the logistics guys, jb hunt, expediters, some of the truckers, not surprising i agree with jim, a rather dispiriting report we saw overall from them. here what i want to point out with fedex, this is the canary in the coal mine we knew about this back in the early part of 2018 that's how far this stock has gone it was 30% off of its highs going into today now it is 40% off of its highs this was not something that the people were astonished about what was amazing, this ey lowerd the numbers for the 2020 estimates. that's what's got even more people throwing in the towel the earnings coming down for several years. this has not come as a shock people were surprised that they

a necessary component for merck's trust in the intelligence community particularly when implementing surveillance against americans. by many americans, the report on pfizer abuse from the presidential election. however, it's a fact that most individuals at the top of the fbi have been fired, terminated or referred or reported to be under communal investigation although that has escaped the notice of the majority on the committee. oversight deterrence is needed when the top-level officials are criticized and potentially even indicted for divulging sensitive information and lying. that said we face the authorization of authority passed in 2015 as part of the usa freedom act with terrorism. 215 business records and wiring taps. it is a medley difficult to separate our concerns on pfizer abuse and reauthorization facing us but we need to protect valuable tools and goals. two of the authorities were straightforward. the lone wolf and wiring tap provision. the loan will prevent surveillance of terrorists seeking to harm us even if no proof of the terrorist being directly to al qaeda. this

health care, merck, pfizer down. industrials like cat, up again cat's having a great month, up over 10% f.a.a.n.g. stocks, netflix is weak for the third day it's down about 10% in three days remember that big drop on friday reed hastings talking about the tough competition in streaming from apple and disney, amazon, and nbc's own peacock. that's launching next year and a lot of choices there for consumers. but elsewhere, it's not mixed in europe the economic data was awful overnight, flash manufacturing pmi, lowest level in more than ten years. germany may already be close to a recession, predictably, the yields in europe dropped, large banks like ubs, all down, as you can see there. as were the big-cap european names. siemens, daimler, all week sara, back to you. >> i just want to pick up on that data, sarah the u.s. market improved, but it's not just manufacturing and not just germany that was the standout weakness of the data, but german services pmi was below 50 as well the french numbers showed both declining, j

health care, defensive sectors, united health, merck, pfizer, procter & gamble and johnson & johnson.sumer weaker, cyclical stocks. closing off the highs of the day. we made a strong push to 27,000 on the dow, just shy of that and are heading toward 3000 for the s&p of the didn't make that one either but a strong showing for the day, almost 2-1. there's the closing bell dow closing up 163 points. >> welcome back to "closing bell." i'm sara eisen. >> and i'm wilfred frost nasdaq up 4% also a strong boupsback in the russell, which similarly has underperformed of late russell was up 1.1%. >> nike closing at a record high off the highs of the session still propelling the dow as the biggest winner there, adding 23 points to the 163-point gain we are await iing the president news conference as the house of representatives begins impeachment inquiry. >>> first eamon javers as we wait president trump's news conference quite the dramatic setup into this event, eamon. >> that's right, sara. getting access to the complaint that is now the focal point of this impeachment inquiry into the presiden

. >> one last thing, jim, pfizer and merck up as mcconnell appears to not be on board with pelosi's planhe drugs are moving. i don't think speaker pelosi, not as -- speaker pelosi is not trying to redo the health system she wants affordable care act, i think she's a practical person and won't go -- won't rock the boat bigger issues to worry about >> she does. which you talked to her about this week. pfizer is leading the dow, up 61, to bob pisani. >> happy friday, everybody we are knocking on the door to new highs. tug of war between cyclicals and defensive stocks going on this week, for the moment, today, cyclicals are taking -- winning out here retailers up a little bit. energy started up, now turned negative, banks, industrials, also fractionally to the upside. this has been a remarkable week. a lot of theoretically bad things have happened this week and the market is largely shrugged them off. want to remind everyone that, you know, stuff could have gone wrong very easily here shrugging off iran issue, the big surge in oil that we have seen, that whole thing of spike in repo rates ma

seattle genetics is among the leaders with bigger companies, merck and bristol myers also gaining.mong the biggest laggards and the biggest gainer is due to old-fashioned m&a, dova pharmaceuticals is being acquired by sobey in a deal valued at almost $19 million that's sending that stock up almost 40% >> a quick take on health care more broadly what'd you like? >> within health care, we would like to be in the medical devices, right that's where i think you're going to get more stable growth. a company like abbott labs that's a company we really like, we own it. abbott labs, one of the great things they're doing right now is they're really at the forefront of solving this diabetes epidemic that's a result of years and years of these high-carb diets. their freestyle libre glucose monitor up >> let's get over to bed bath and beyond >> upgraded from outperform to neutral. also upping its price target to $16 a share from $14, just two days before the beleaguered retailer reports its quarterly results. analystset bashen says he sees a good chance of stabilization if not growth as sweepi

zelenskiy is happy about having his conversations about macron and merck will out there for a world toon't you think it will influence any conversation that president trump or any president that follows him? the democrats have harmed our national security today trying to harm president trump. >> bill: the left are suggesting it isn't a complete transcript. that's what the allegations are. d.o.j. says they interviewed people knowledgeable with the process for creating the transcript and confident the document is adequate. >> i hear a lot of excuses for why it doesn't say what they thought it would say. we know we promised it, now it is not an accurate transcript. that's a bunch of garbage. democrats will keep making excuses and keep coming up empty. >> bill: we're out of time and we appreciate yours. we'll get cut off by the computer. john ratcliffe. thank you for coming here today >> sandra: just over an hour after the official transcript was released on the conversation between the president and the president of ukraine. reaction is pouring in and you can read it at fox news.com. we'l