a big impact on margins and average selling prices >> seeing tim cook at the front door josh, morgan brennan, jon fortt here at post 9 the cycle is not the cycle any more this fills up quickly now. >> carl, if you have a capitalist bone in your body, it melts your cold, cold heart. they're selling phones today that start at a thousand dollars and people are lining up outside. you would say it is a testament to today's economy, but apple has been pushing the envelope on margins for a long time. this is a new level for them it is a statement that goes against so many of apple's critics that claimed over time, the samsungs of the world, name a company to drive down apple margins, they have to come out with cheaper phones. they eliminated the cheapest phone, and sold a more expensive, bigger one. you have to see how the holiday quarter turns out for them they used cash to have this advantage of retail locations like this one. >> josh, it is always anecdotal, is there a way to sort of characterize the wait, the line versus prior door openings >> reporter: 6:00, 6:30 local, about 30 people were in

i am carl quintanilla with morgan brennan, jon fortt. the fall of an american icon, les moonves is out after a number of new allegations of sexual misconduct. and it marks the first fortune 500 ceo to leave as a result of the me too movement. jane wells joinls s us with more details. >> reporter: moonves is out, half the board is replaced now what will moonves get any severance which could be as reported $120 million. 20 million is being given to a group or groups supporting women in the workplace if the company's outside investigations find he violated cbs policies, even if some alleged events happened years before he was at the network, he could walk away with zero other than benefits fully vested will cbs be sold or merged with viacom sherry redstone says she won't force it for two years if the new board decides to merge or sell, she's all ears. 6 out of 14 are women on the board. who will be the next ceo joe eianniello? untrue allegations from decades ago are being made against me that are not consistent with who i am it is the end o

i am carl quintanilla with morgan brennan, jon fortt is live at the microsoft ignite conference, sittingn and jim cramer's exclusive with jamie dimon. the 11:00 a.m. is jam packed as we continue to report whether or not rod rosenstein will need a job after today. the dow is down 143. worst day since august 30th. let's get to jon fortt to talk about the cloud, to the degree we are able to on this busy news day, jon. >> we certainly can, carl. i want to get straight to the three ceos the ceo of microsoft, you brought this group together from adobe, bill mcdermott from sap i have never seen anything quite like this frankly. i have been doing this on air and in print for awhile. more than a trillion dollars of market cap represented by you three gentlemen sitting here, and we are announcing open data initiative in the cloud. why is this so important >> you know, the insight that all three of us had based on the work we are doing with many customers, we talked about coca-cola, walmart today as customers that are excited about this open data initiative, it is their real insight that led us to

i am carl quintanilla, with morgan brennan, jon fort tech names are slumping, twitter down almost 3% below the 200 for the first time in a year tech dragged lower with concerns of new regulations from washington one bright spot for the sector joining us at post 9, long time tech investor. great to have you here, jay. welcome. >> glad to be here. >> nasdaq on pace for the worst week since march i wonder what's coming together to make that happen. >> it is important from my perspective, you guys have a show every day dealing with traders. i don't think technology is an easy place to trade stocks we're long term focused. one thing i can say with great authority is underlying fundamentals of technology are strong devices get better, faster, cheaper. entrepreneurs figure out ways to take advantage and disrupt industries or create new ones. you'll have periods of weakness in the stock market. >> why is it hard to trade >> i think it is robust area the spoils are enormous. most valuable tech companies in the world are technology companies. there are thousands of technology companies that do

morgan brennan back at post 9 and jon fortt.5, despite escalating u.s., china trade tensions chinese officials retaliating after the president announces tariffs on billions of imported goods. quite a day. >> i am calling it the tug of war on tariffs here is where we stand china announced it is moving forward with tariffs on $60 billion of u.s. goods, the rate will range from 5 to 10% and it could go higher chinese tariffs go into effect september 24th that's the same day that the u.s. will begin imposing duties on $200 billion of chinese goods. initial rate for u.s. tariffs is 10%. it will jump to 25% on january 1. president trump tweeted this morning china has been taking advantage of the u.s. for years, and promised great and fast economic retaliation if china targets american farmers, ranchers, manufacturers. business groups warned tariffs whether from china or the u.s. will hurt their bottom line, and ultimately result in higher prices for consumers wilbur ross, commerce secretary, argued earlier today households won't notic

i am carl quintanilla with morgan brennan, jon fortt at post 9 of the new york stock exchange we keep our eyes on the kavanaugh hearing, trade, rosenstein, the white house. we begin with facebook a good place for startups on shaky ground what brian acton's criticism of mark zuckerberg is he called it a whole new standard of low class. for more on the continued turmoil, we are joined by contributor walter isaacson and sus susan lyons. if the departure for the executives wasn't enough, back and forth between marcus and acton says a lot about culture at the company, who has responsibility for the position we find ourselves in as a country and planet, regarding social media what are your thoughts >> it says a lot about the culture. it says a lot about the business model, you have to monetize people that use the service to sell access. you are going to end up doing everything you can get away with i think the most important thing that brian acton said and it wasn't a low class statement, he is one of the what's app founders criticizing facebook, he said we were trying to find out revenue m

jon fortt is here, morgan brennan is off dow is up 29 apple is a big story this morning, ahead of the product launch tomorrow where three new iphones and other products are expected to be unveiled. stocks up today, but coming off four days of losses, and those tweets from the president pushing for the company to make products in the united states. joining us, cnbc contributor, advisory partner of walter isaacson, and casey newton in silicon valley we turn our attention back to business news. walter, i don't know what you find most interesting, the incremental steps on product or the degree to which their supply chains may change or not the president did hint they had plans to create new plants in this country >> right first start with the incremental changes in product i think it would be good to have a less expensive iphone and new grander more expensive iphone. i remember when steve jobs was running the company or when he came back to the company in the late 1990s, what they had done is milk the mcintosh product line, had six different variations, and xs and xss and xrs. he said it

i am carl quintanilla with morgan brennan, jon fortt at post 9 of the new york stock exchange stra straighttesla. worst day since july on news of top executive departures, including the chief accounting officer leaving a month after one month on the job elon musk's appearance on joe rogue and's podcast, smoking pot, drinking whiskey, handling samurai swords got an apology after a contentious call and guys, happy friday appreciate you helping us make sense of all of this tony, let me start with you. all of the executive departures, obviously cash flow, and now this sort of extracurricular activity as he goes on this interview. does it effect your research or not? >> it doesn't ultimately object the value of the company, how many they can make but it effects investor sentiment. everyone knows that elon is not your archetypal ceo for many of the reasons you cited. but he is a genius he has been a disruptive force in the global automotive market. and investors have to weigh that at some point some will say these are too distracting to us and the companies and we worry about that, they will sell

i am carl quintanilla with morgan brennan, jon fortt at post 9 of the new york stock exchange the s & some record highs, up 230 here. original record from january 26. we are higher by that by 20 points boeing, caterpillar, tech outperforming. joining us, henry blodget, business insider ceo talk about the action we are seeing what do you make of this took 8 months, we are finally back to the industrials. >> everybody loves a bull market great. valuations are getting more and more extended. as we know, can last for a lot longer than you think possible >> we had a year of multiple compression. are things expensive in your view >> the market as a whole is tremendously expensive on any cyclically adjusted metric nobody should be surprised by draw down, hope it happens way in the future and hope it is a new era of valuation >> steve, where are you? >> yesterday was an interesting day. price to sales ratio that just passed what we saw in 2000, so 19 years and it is getting scary. i agree with henry we love for this to ride as long as possible, but it is feeling like it is getting scary >> st

. >> and i'm morgan brennan in for kelly evans. jeff bezos life. the amazon ceo and blue origin founder will be giving the keynote at an air force conferenceches we'll take you there as soon as it begins "closing bell" against right now. ♪ rocket man >> good after, and a very good afternoon, everyone with elton john in the background. >> yes, appropriate music. >> appropriate music. >> he's always appropriate in my eyes. >> i agree. >> particularly today, the song and good afternoon and welcome to "closing bell." welcome to morgan brennan as well great to have you back with us particularly ahead of those comments that we're expecting from jeff bezos. we're going to touch on that more coming from that event and all the other stories. first a check on the markets and where we are with an hour left of trade the dow up 0.6%, s&p up 0.1 and the nasdaq is lagging down 0.2%. kind of been that story this week as well the nasdaq lagging, and the dow outperforming. >> that's right. we've got the dow up for its sixth time in seven sessions, touching the highe

i am carl quintanilla with morgan brennan and jon fortt the big story of the day, apple shares up 2% after yesterday's product launch investors wonder about the new iphone and watch will we see a slowing of replacement cycle. joining us, david wolf, apple shareholder, and ceo and editor in chief henry blodget we'll talk about the phone in a second the question is whether the watch was the most impressive part. >> seems like they're doing a great job it rating -- iter ating on it. they're doing what they did with the iphone people look at it like it was immediately, totally revolutionary, changed the world. first one, lots of skepticism, and they got better. >> given the fact we have larger screen size for the iphone and didn't get more details about other possible devices like ipads and mac books, do you think this is something that continues to cannibalize ipad sales? >> if you go back to history of the ipad, following iphone, expectations got wildly out of whack in the beginning people said it will be bigger than the iphone, ipad company. we had all indications since then that repl

i'm morgan brennan all of the major averages finishing the day higher stocks settled the dow is off highs still settling up about 115 points at 25971. s&p settling the day higher. the nasdaq up .6 the russell also higher we'll bring you the latest ton path of the storm coming up. we have cnbc mike santoli thanks for joining us the biggest winner today was apple. intell was the biggestloser. it seemed like a few days of pressure when the old highs were way back in january. it seemed like enough. you had treasury of getting released because the yields went up a little bit too. banks were okay. i think this market continues to be encouraging in the abstract you say we are 1% below the all time highs stocks were down more stocks down and new lows and new highs. it is enough to stay cautious as well it is kind of a wait and see >> i guess apple was flattering the overall indexes some what. >> tomorrow is the big day we get the flunew iphones. we get the apple can opener, whatever we will get tomorrow. it is a little bit excitement. there was a little bit of doom and gloom. no one wants to stay

. >>> now over to morgan brennan with a look at what's coming up on "squawk alley." >> david, at theck on tech as social stocks continue to sell off. case in point, twitter down another 4% we have an all-star liupne you don't want to miss this coming up on "squawk alley." >>> welcome back to "squawk on the street." the s&p 500 is at the lows of the day, off by a little over a half percent real estate industrials and telecom are leading sectors. financials, energy, technology the laggers. 59 companies were negative yesterday. it is interesting, within technology today, keeping a close eye on semiconductor stock specifically, smh is down. more than 2% so far in early trading. micron, falling more than 10% on pace for its worst day in three years. big losses there among other names, lam research and nvidia back to you. >> approaching the midnight deadline on the hearing about the new tariffs potentially today. coming up later today on closing bell, count down to kickoff, we will be joined by fan duel as the nfl season gets under way. >>> when we come back, social media names continue to

morgan brennan back at post

morgan brennan joins us now with more hi, morgan. >> reporter: that's right we'll be bringing you thoset them later on in the meantime, at this conference, it's the air space and cyber conference joining us now exclusively is the deputy secretary of defense, patrick shanahan to talk about the space force and talk about military readiness and so much more deputy secretary, thanks for joining us. >> hi, morgan, how are you >> reporter: doing great, thanks i know you just delivered a speech a short while ago for maybe some of the folks who aren't as familiar with you, your direct boss is defense secretary jim mattis retired decorated marine general, known as the warrior monk you spent 30 years at boeing you earned yourself the nickname mr. fix it how are you bringing that corporate experience, that private sector experience to the pentagon and the way it's doing business right now >> sure. absolutely the great relationship with secretary mattis, think of him as mr. up and out managing the relationship with the president, his counterparts in all the international countries and then overseei

i am carl quintanilla with morgan brennan, jon fortt at post 9 of the new york stock exchange stra straighttop executive departures, including the chie

. >>> i'm morgan brennan a day down on wall street.ore than 1% that index is now on pace for its worst week since march 23rd. you can see we have the s&p lower by almost half a percent, as well. the dow is up about 20 points. the worst dow performers, though, right now chevron, apple and goldman sachs. all of those down 1% or more and energy among the big decliners, as well. the xle is on pace for its fifth straight day of losses melissa? >>> from wall street back to washington where the hunt is on within the trump administration to identify a senior administration official who wrote a scathing op-ed about the president in "the new york times. hi, ammon. >> reporter: we know who it's not or says it's not them. take a look at the long list now of white house officials from the very top on down who have denied that they wrote this senior administration official in "the new york times" yesterday that denounced the president, all but calling him unfit for office and saying that there was a group of officials inside the administration who a

. >>> when we come back, morgan brennan with a big exclusive with a lot of focus on space from investmentetary of the air force, heather wilson, is with us at 11:00 a.m. eastern time. we'll get another check on the major averages dow getting support but the s&p has gone red and a lot of fang is in the reaseld wl. when you're on the course, nothing is predictable. that's why you have to be ready for anything. the same goes for your data. an apc micro data center solution orchestrated by the experts at cdw provides certainty that your critical infrastructure will deliver the performance you expect, and the ongoing support your business needs. so you're ready for anything. certainty when you need it by apc. it orchestration by cdw. adults are just kids with much, much better toys. [ giggling ] introducing the 2018 c-class sedan, coupe and cabriolet. the thrills keep getting better. lease the c300 sedan for $399 a month at your local mercedes-benz dealer. mercedes-benz. the best or nothing. at ally, we offer low-cost trades and high-yield savings. but if that's not enough, we offer innovative

i am carl quintanilla with morgan brennan, jon fortt.nves is out after a number of new allegations of sexual misconduct. and it marks the first fortune 500 ceo to leave as a result of the me too movement. jane wells joinls s us with more details. >> reporter: moonves is out, half the board is replaced now what will moonves get any severance which could be as reported $120 million. 20 million is being given to a group or groups supporting women in the workplace if the company's outside investigations find he violated cbs policies, even if some alleged events happened years before he was at the network, he could walk away with

a big impact on margins and average selling prices >> seeing tim cook at the front door josh, morgan brennan the cycle any more this fills u

i am carl quintanilla with morgan brennan and jon fortt the big story of the day, apple shares up 2%der about the new iphone and watch will we see a slowing of replacement cycle. joining us, david wolf, apple shareholder, and ceo and editor in chief henry blodget we'll talk about the phone in a second the question is whether the watch was the most impressive part. >> seems like they'r

i am carl quintanilla with morgan brennan, jon fortt at post 9 of the new york stock exchange we keepouse. we begin with facebook a good place for startups on shaky ground what brian acton's criticism of mark zuckerberg is

. >> on morgan brennan, we begin on capitol hill where big tech executives are testifying today. earlier sheryl sandberg and jack dorsey faced the senate intelligence committee over foreign influence operations on social media that hearing wrapping up a short while ago. in just about 30 minutes, jack dorsey will go solo. another round of questioning this time before the house committee on energy and commerce the focus online election meddling ahead of the november midterms and perceived censorship on social media platforms. our team of reporters is on the ground on capitol hill, covering all of the angles and we'll start now with carl keent nia. quintanilla. >> there was a pretty thoughtful three-hour discussion about all of the travails haunting google, facebook and twitter for their part, both sandberg and dorsey took pains to say, one, they were unprepared and ill equipped to deal with this when the companies were founded. the big changes are coming in the way users engage with these companies. their original ideas don't work anymore. as dorsey put it, tectonic shifts take a l