a three-day slide on the s&p 500. nordstrom down 19%. let's take you to the middle east.ay too fast on the draw. we started the trading week with news from saudi arabia. the top.f the imf was saying goodbye will indeed exhibit growth through 2020. the middle east and markets had a little bit of a time down one of base for the week. up one half of 1%. onse of the finishes thursday. egypt up 1/8. chicken on those benchmarks. iran was back at record production. canada is back online. the movie's story impacts the middle east. >> china's economy resumed its rise. way down by overcapacity in industries such as steel and cool. down 6% in april from a year earlier. retail sales also mr. the forecast. a rocky start. china's economy stabilized. a rebound in the housing market. a good week for sodastream international's. the company beat earnings estimates. the strong demand in europe helps lift earnings. the shares are down 15% over the past year. the french leader is planning to sell the banking assets to recover funds from $1.1 billion loan. they have the right to put it out und

you had nordstrom's falling the most in the s&p today. cutting its annual forecast and , thehat dragged on the xrt spider retail etf. you brought this question of earlier in the week. for retail spring the way summer was for media? at some point you realize media is up against a wall with the cord cutting and there is no hope and there was that huge selloff and stocks. are we here for retail? joe: i want to look at the 210 spread. and 10 year.ear those have been tumbling. earlier in your year we talked about the flattening that was going on then it started steepening a little bit. the narrowest spread in eight years. there is that anxiety that if it that haso negative historically been a recession indicator but that is flattening so people are paying attention. long-term rates dropping precipitously relative to short-term rates. dollar climbing to a three-week high. its early me it felt to lowest in a year but since then it has been strengthening at today's resale -- retail sales report raises the possibility the fed may end up raising ra

nordstrom's. >> sure is. sure it s. see what's going on with macy's nordstroms, going after their own off-price arms and this is a trend is that's certainly structural and sustainable. >> taat the same time, do you wt to pay 29 teams pe that pays to its peers as well as the markets? >> we think the stock is fairly to fully valued. what we're trying to do instead of are choosing channels of distribution and this year we've been very big on buying hand black players, coach and kors and being very selective in buying the apparel retailers like lululemon which can benefit from a secular trend. >> got really hit after the macy's earnings. >> coach has 5% of the sales to the u.s. wholesale and korv is about 38% of sales so there is some potential earnings per share risk in the kors story but the stock trades about ten times earnings versus tjx and we think it's more fair with kors or coach. >> if the department store chains are having troubles, what does that means in terms of inventory acquisition for tjx down the line? >> wh

points, and then retail on behalf of macy's is dragging down the likes of nordstrom, and whole host of retailers bringing down the s retail sector, and you can see that it is down about half of 1% on the retail sector. and a judge is iding with the blocking of staples and office depot merger. staples is down 17%, and office depot down 24%. >>> when we come back, when not to buy apple shares, according to a top analyst, the new piece with mick billiton with what he has a piece called uber versus mankind. >>> and a test happening in vegas, and what is that happening there, phil lebeau? >>> the hyperloop technology is getting the first major test in nevada from a company now called hyperloop one. phil lebeau is there with a special guest. phil? >> thank you, jon. we are inside of the hyperloop two with 11 feet diameter, and i i'm joined by the ceo of hyperloop one, and this is the perspective of what people may be riding in in the future. >> yes, this is the test scale that we are building here in las vegas, and you are inside of the loop that is made of steel and inside, it is a motor running alongside here, and a tr

when we do macy's,'s one thing. nordstrom another. e jcpenneys in your malls? >> yeah. you know what's working for them. s sephora inside their stores. that's working for them. >> your malls -- are we over-stored in the country? >> sure. >> the problem is some malls are too big. you can't find tenants. if you bring in a big discounter, it destroys the small stores that make up the mall. it's really interesting. this is -- it's going to be -- it's going to just evolve. the bankruptcies in retail are normal. they happen all the time. i grew up in connecticut. we had a retailer called cal door's that came and went and was it bradley's? >> yes. >> there is a hot jewelry chain called pandora. not the music server. they can't get enough of them. the retailer has to pick up his game and the mall owner has to create activities in the mall to pull people into the property and do things you can't do online. >> the teenage girls are the bulk of your shoppers in a mall. everyone is nervous. this is not surprising. i think it's bullish. i think the

dow finished nine points hire, the s&p was down -- high ethe s&p was down less than a point, the in that case fell three points. >>> nordstromt losing 17% an lower than expected first-quarter sales. they're the latest retailer to post disappointing earnings. sales fell 1.7%. the company also cut its profit forecast, and it is heavily discounting items to clear out unsold advisory. >>> sub view recalling nearly -- subaru is recalling nearly 15,000 u.s. models because of potential steering problems. the recall covers the 2016 and 2017 legacy and 2016 to 2017 outback models built from february 29th to may 6th. steering may not work because of a defective steering column. owners are advised not to drive the cars until they're inspected. >>> last week, u.s. jobless claims hit a 14-month high. some economists blame the verizon strike. some 40,000 verizon workers walked off the job last month. jobless claims surged in new york and pennsylvania to states where many of the verizon workers live. >>> mcdonald's is considering replacing its frozen meat with fresh meat. the hamburger chain is testing fresh beef at 14 of its restaurants i

s&p on 2016. >> e with see number likes nordstrom. kohls yesterday. that and the entire sector gets hammered. beyond just department stores. we saw walmart, for instance, dragged in and nike and all these other names. so what is the strategy. do you bottom pick now for the winners in retail or avoid the sector is this. >> retailers, we think walmart is quite fair and all you need is a modicum of improvement to get that 15% over the next 18 months on total return base. also you may want to look at tj max. but you want to go with the highest quality names. yes there is an issue with amazon coming in and repricing in a deflationary environment on retail. so you want to be quite comfortable with the best of where'd. >> markets more generally, markets suggesting more conviction in and around these levels. is it suggesting people believe the valuations or is it just a flush out before the summer and people move off heavy trade skblg i think there is a lot going on. investors are trying to figure out what is going to happen with the brexit, the federal reser

s korea town at the line hotel. this past summer the pair partnered with nordstrom's to create eight pop-ins throughout the country.the best compliment is when people say i'm so inspired by what you do. you push me to make this or do that. it's the great thing that poketo can touch people in that way and really have that experience beyond, you know, just buying a product. >>> i know that we talk so much about social, but i don't watch the to discount the importance of e-mail. e-mails evolved in big ways thanks to a growing focus on mobile and a greater integration of social. so we turned to the startup mag.com to give us five ways to make the most of our digital correspondence. >> make your contact list a database of information. two, get real time notifications. a chrome extension like side kick can alert you when your e-mails have been opened. then you can gauge when to check back in or figure out if reaching out a different way would be more effective. three, capture more e-mail addresses with the help of sumo.me. this service collects new contacts to add to your list through built-in pop-ups through your websit

s&p down by a hair and the nasdaq down 23. now, let's get to the names, big movers after hours on earnings. nordstromfirst and foremost, down 17%. nearly eight bucks there after its miss. a lot of questions about sales, trends and margins. shake shack up 5%. dillards down 4.6%. the minimum wage debate continues throughout the country. cities and states establishing hourly increases. workers are reaping the benefits, but employers are feeling the pinch. welcome back. >> thank you. >> so, who is hardest hit by this as we can tell? >> so, any company that has a lot of workers, and in that low pay area. it's not difficult, hotels, restaurants, businesses, airlines, businesses with a lot of employees. industrial companies. the problem is, the labor market got very tight in the last year. it's now starting to play out. >> in a way, it sounded like wages would be going up anyway. this is feeding into it? >> yeah, no, i think that's right. the minimum wage increases are coming at a time when the market has to take them. people are quitting their jobs at a very high rate now, confident they can get another jo

s&p 500 today. there is office depot off more than 3%. nordstrom down 2 1/3%.tein mart, also having a tough day, off 1 1/2%. short-term interest rates up. i want to throw it in too, david. that is significant sign with the yield curve flatting that fed is raising rates sooner rather than later. david: retail stocks getting hammered. melissa. melissa: donald trump 94 delegates shy of winning republican nomination outright, that is not discouraging the never trump movement. members are taking their fight to deny trump the nomination all the way to convention. joining me is eric ericksen, the reyour gent editor, resurgent editor. what is the plan? >> delegates don't have to bind themselves. they can vote to unbind themselves according to lawyers familiar with the rules. best-case scenario for the never trump movement, trump continues to show next couple months he doesn't have temperment and judgment for the general election and convince delegates it would be suicide mission for them to keep trump as nominee. melissa: but the biggest problem is, who do you throw ou

look at the s&p 500, losers include nordstrom, the retailers have had a tough go over the latest quarterr pressure while tech and health care gained. looking at a name that is record high and record low, invidia has moved to a record high, we see that as a real winner. meanwhile, gopro which has slashed prices for cameras, hitting a record low today. walmart testing out a two-day subscription shipping service taking on amazon. start your day on fox business at five a.m., and more "varney" after the break. ♪ finish. ♪ stuart: will you look at this? these are the major retailers. one of them is up a little bit, macy's, but they were down 10% yesterday. kohl's is struggling back, quite nicely, they're up 6%. the retail ice age is the story this week, all of these department store chains and major retailers, they're all down. why is that in well, maybe it's because of online selling. so we sent lauren simonetti out to see where people are buying their clothes. watch this. ♪ ♪ >> reporter: you have amazing sunglasses on. a gucci murse, man purse. where do you shop. >> >> everywhere. >> h&m, a

some of nordstrom among the worst performers, posting around 20% losses with macy's and kohl's. not far behind the company. if you look at the retail companies and the se, they are up for the month. you drill down closer to who is in that group, you have netflix and amazon. the consumer is shifting to these small retailers that can help lift these up as a whole. >> the volume is pretty light. what are we expecting? the calm before the storm? fell at theers beach house. the volume is 13% less than the 30 day average. it is calm right now but we have a lot of events coming up. we have the june rate decision and grexit and other central bank meetings. on thursday, we have an opec meeting. there is a sense we have decisions coming out there. it is calm now. and as chance for investors to ease themselves back in. >> thank you so much. is it for bloomberg markets p are what did you miss and the market close is next. less than four minutes until the close. ♪ scarlet fu: we are moments away from the closing bell. oliver: alix steel is off. ♪ [applause] bell]ng mixed session over the holiday weekend, with a third straight monthly advance since 2015. >> the que

the last week, we are up 2.5% since monday in the s, and p and macy's up 5%, and dillard's 6.5%, and in order strom a -- in order strom is -- nordstrom, and could bit a rotation? i suppose, but overall, it is that people thought they were way too cheap. >> what happens friday, two days from now, janet yellin puts the green light on june or july at the latest, because everybody says that you have to hear it from her for it to count. >> from the people i have taledd to, june is going to happen. i think that june will happen. if you are looking at the timing of what they have, and you have a meeting in june and one in july, and then you have, if you are further out, they won't do november, because it is right around the election, and maybe december, so she has to go in june, and they have set you up for it. >> and even though bullard told cnbc that it is not set in stone. >> well, you can't say it is set in stone, because you can't front and run. >> and he is still looking at the 2 d-- at the data. >> well, it is market dependent. i can't tell you if the first leg is up or down, and the market can handle it. >> but, steve, if we are not

s&p futures are down 9. lauren: volatility continues in asian markets too. nikkei sinking. in china social shanghai composite. call the amazon affect. nordstrominting results. down about 17%. jc penny is on deck later this morning to report. nicole: apple makes a billion dollar investment in china's version of uber. passes apple as the most valuable company in the world. lauren: facebook ceo finally responding of a liberal bias. we will have his response for you. nicole: nba playoffs, oklahoma city thunder beat san antonio sports. lauren: right now it's 5:31 on the east coast. first look at good morning markets and breaking news. today is friday the 13th. nicole: enjoy the day and be careful. presumptive republican nominee on hannity last night after meeting with house speaker paul ryan. >> i think we had a great meeting today and we are going to get rid of common core, bring education locally, we are going to protect our second amendment so important, so, so important. the second amendment is being chipped away. she wants to abolish the second amendment. nicole: peter barnes is in washington with more on this. peter: >> described thursday's

the s&p 500 off just a little bit as well. jcpenney and nordstrom posting disappointing numbers.aq. this index is up about 13% this morning. >>> sears is opening a store that will be dedicated solely to the sale of appliances. the retailer says that 10,000 square foot store will open next week in fort collins, colorado. sears says this will be the first of many all-appliance stores. but there are no details on where or when the others will be opening up. >>> hackers who stole $81 million from a bank in bangladesh are responsible for the hack of sony. they say it's so similar that they are very likely the work of one group. you might remember the u.s. officially blamed the north korean government the beach of sony. however, no word on who may be responsible for the bangladesh bank heist. >>> apple is denying claims it will stop selling music downloads. we told you about this on "mornings on 2" yesterday. a apple spokesperson says rumors are not true, but that the company is planning to make changes to its services in june. apple is also investing $1 billion in a ridesharing compan

s&p and nasdaq also higher by just shy of 1%. when we come back, terrible week for retail after disappointing results from macy's, kohl's and nordstrom among others. we look at what went wrong with ron johnson. plus the ceo of twitter's periscope is here to talk about competition for facebook live and more. will the republican party unite behind donald trump? greg abbott, one-time ted cruz supporter, will join us right here at post nine. they may want the latest products and services, but they demand the best shopping experiences. they're your customers. and by blending physical with digital, cognizant is helping 8 of the 10 largest u.s. retailers meet their demands with more responsive retail models... ones that transcend channels and locations, anticipate expectations... creating new ways to engage at every imaginable touch-point. it's a new day in retail, and together, we're building the store of the future. digital works for retail. let's talk about how digital works for your business. >>> our next guest was a supporter of senator ted cruz but now says the republican party needs to unite behind donald trump. joining us, former te

s&p 500 down 10 points. nasdaq off eight points. retail sales last montrose 1.3%. that had a lot to do with cars and online shopping. nordstromuarter sales down 1.7%, but the stock over the last year is down almost 40%. other big retailers taking a hit, michael kors is down 2 1/2%. tiffany down 2.4%. coach is down 3/4 of a percent. retail sales figure being up had to do with people buying new cars and people shopping online. we'll go back to "cavuto: coast to coast" right after this. ♪ in new york state, we believe tomorrow starts today. all across the state, the economy is growing, with creative new business incentives, and the lowest taxes in decades, attracting the talent and companies of tomorrow. like in buffalo, where the largest solar gigafactory in the western hemisphere will soon energize the world. and in syracuse, where imagination is in production. let us help grow your company's tomorrow - today - at business.ny.gov neil: we're down the lows, down 116, 117 points on the dow. retailers among the worst-performing sectors. walmart component within the dow is really a big contributor to that falloff today on slowing

problems don't know what the problem s if one were to take a flyer on some of the beaten down names, is there one you put money into? >> you know, i like nordstrom longer term. and like the fact that they got a little more conservative on earnings. but i still think that they've got a difficult road ahead of them. the reason i like it longer term is i think they're doing some things to bring newness and excitement into the stores. they're focused on some of these growing, exciting brands. one thing i've been saying about department stores is a lot of the brands are bypassing that channel. that's a very dangerous trend for macy's. nordstrom is still in the game and longer term, it's a stock that works. in the short term, i'm not excited about any of those that we heard report last week. >> liz dunn, thank you. i have breaking news coming in. let's get to d.c. >> the u.s. attorney in newark, new jersey, is announcing that a ukrainian man is pleading guilty to conspiracy involving the accessing of computer networks of press release companies that are issuing market making news and then stealing that information and using it to trade. the u.s. attor

s&p retail, srt, broad gauge of u.s. retailing industry plunging more than 3% after several stores a you were reporting earlier. some biggest loosers, macy's, gap, kohl's, nordstromers crossing. still to come on mornings with maria, moaches senator and donald trump supporter scott brown is going to be joining maria. navy admiral and actor and director ron howard going to be speaking with maria as well. keep it right here on fox busins [beekeeper] from bees to business expenses, i'm in charge of it all. so i've been snapping photos of my receipts and keeping track of them in quickbooks. now i'm on top of my expenses, and my bees. best 68,000 employees ever. that's how we own it. >> live from velasio hotel in las vegas, mornings with maria starts right now. maria: good friday morning, everybody, welcome back, i'm maria bartiromo, coming live from salt conference in las vegas, it is friday, may 13th, top stories right now 7:00 a.m. on the east coast. close ties to the clintons, new reports say the couple's foundation has received one hundred million dollars from pesian gulf states and helped out couple's friends. donald trump took on her last night on hannity. she w

s&p downside, nasdaq down nine. speaking of which, look at some of the retail hitting multiyear lows. he continues to plummet today. all of the pit lows. macy's, nordstrom'st is to the upside after a hike of better than expected. energy is 1% winning today as oil has been hovering around these highs. [inaudible] stuart: series of stories on the waves. testing a car pooling service in san francisco. ashley: it is not actually taking uber on headfirst. it is getting commuters together to share the cost of a right to work. it is only on an invitation companies and customers only available to use this on an invitation-only by the carpool app. it is very limited. it's not really a big moneymaker. it's just simply to get cars off the roads because traffic is crippling and they figure this is a way of getting more people to carpool and pay for the cost of the wear and tear. stuart: almost every driver i have known users have one. ashley: it is very detailed. it has great information. a very handy tool. stuart: a good competitor to uber. ashley: it will take people away, so you could put it like that. it is not a huge money spent in operation for google yet. stua

nordstrom. many think something further happened in retail jc penney is pleased with the performances the first quarter exciting the expectations. still there is a lot of chatter that is starting. retailers started slashing price s. knowing if the parent of stall wart stronghold victoria secret and bath and body works faultered concern is mounting ahead of reports this week. lowered earnings estimates for macy's and kohls citing early signs of strength that faded by the quarter's end. rbc analyst laurvelged coverage of the department stores and notes that the $5 million spent on the group has an uncertain, if not unfavorable roi. we have a number of other notes from analysts today. pretty negative ahead of the department store reports. >> we had joe with us earlier. he's an economistest. he's been watching the tax receipts and they've been sub par. last year we were tracking 6% growth and now tracking less than 3% growth. >> definitely. particularly, of course, this time of year. that's something that will probably be hearing from walmart on. perhaps more so than others. they'll often talk about the tax and what it means for the particular quarter. there's a lot going on that is not really positive for retail, u