big crowd today at the nyse.ashing revenue guidance for the full fiscal year not as low as the premarket indicati indications. we'll break down the earnings. >>> down 45 points time for the etf spotlight chip stocks. the smh under pressure this morning, heading for the biggest decline in about a month the biggest laggard is obviously broadcom, taking a hit after slashing its revenue guidance last night the stock is it on pace for its worst day since back in january. slightly higher. just barely for the year other big semiconductor names also moving lower on the big wa warning from the ceo broadcom on the conference call on demand. basically volatile and falling as a result of the trade war >>> when we come back this morning, we're awaiting chew why's first trade at the nyse. a day after fiverr turned in the third best ipo debut of the year we'll see how chewy performs when we get that open. a check on the markets as well, touch the 50 day, which we have been trying and have been closing above in recent days down

instead that number will ultimately be determined by the designated market maker at the nyse you willear that term direct listing a lot on this network today. how does that work what's a reference price leslie picker explains >>> a directingi differs in three major ways one no underwriters. in an ipo underwriters will market shares, set a price based on demand. direct listings involve financial advisers, usually from the same wall street firms these bankers provide advice about the process and help with the discovery of the opening price. financial advisers cost less than underwriters. two, no cash instead of raising money, the primary purpose of a direct listing is to create a public market for a stock by allowing early invest and employees to sell and newer investors to buy. three, no road show. traditional ipos require executives to spend two weeks on the road visiting with investors to pitch the deal and drum up demand direct listings require one day, just a few hours for executives to webcast the pitch for any investor who wants to tune in. we'll have much more live with leslie p

down at thewcomer nyse. bloomberg lp is an investor in slack.e: back now to the middle east and tensions between the flaring up as iran shot down an american spy drone. foreign minister tweets frequently. he just tweeted that iran does not seek war but will defend its skies and is going to go to the united nations with its trouble. war saying it does not seek but will defend its skies and take u.s. aggression to the united nations. we know that president trump earlier tweeted that iran had made a big mistake. analyst joinsense us from washington, d.c. is this all bluster or is this headed somewhere we do not want to be going? >> there is always the danger of that. one of the big concerns is that you get into this escalatory fashion where they do something and we have to respond and then we do something and they respond to that. it becomes a dangerous situation where the potential for escalating out of hand is real. rob, the fact that zarif is tweeting this would seem to indicate that the iranian government is probably on the same page. there has

up a lot today when we return, another public debut, fiverr opening for trade at the nyse. the company's ceo later this hour. >>> presidential candidate cory booker sitti inting down with j harwood. "squawk on the street" will be right back is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. every day, invesco combines ideas with technology, data with inspiration, investors with solutions. because the possibilities of life and investing are greater when we come together. ♪ ...or trips to mars. $4.95. delivery drones or the latest phones. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade. no matter what you trade, at fidelity be go[ laughing ] gone. woo hoo. ♪ welcome to my house mmm, mmm, mmmmm. ball. ball. ball. awww, who's a good boy? it's me. me, me, me. yuck, that's gross. you got to get that under control. [ dogs howling ] seriously? embrace the mischief. say "get pets tickets" into your x1 voice remote to see it in theaters. >>> beyond meat

following that fed meeting yesterday we're going to watch slack here as well, set to make its debut at the nyseour bob pisani is inside post five with all the latest good morning, bob. >> we have a new range here, 33 to 36. joe mccain, head of execution at citadel securities are we closer? >> we're getting closer. it moved up a little since we spoke a few minutes ago, so we reindicated the range, $33 to $36. and it's about 10 to 15 million shares in that range that are paring off and it narrowed to $3 from $4. so i think it's shaping up >> and we don't -- as we said before, we don't know how much is actually going to be sold right now, but 10 to 15 is not a shockingly large number. >> it's a -- well, it depends on how you look at it in the context of the number of shares that are eligible to sell, it's about, you know, in the 10% range. >> but that's fairly typical, 10% for an ipo, and this is not an ipo, it's a direct listing. what's amazing to me, it doesn't matter, direct listing, ipo, whatever you want to call it, this year ipos are tending to price toward the high end and open above this i

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surging nearly 60% today during a ferocious first day of trading let's get to leslie picker down at the nyseith more on this. hey, les >> that's right, melissa chewy shares soaring today, up nearly 60% in their debut. it's their largest initial public offering ever chewy and parents company petsmart sharing a combined $1 billion to investors and the deal was massively upsized and priced above a boosted range and selling more than expected and it received the bulk of the proceeds and the retailer acquired chewy two years ago and it's worth quadruple the amount. >> so what brought investors in the door today well, americans are spending more on their pets and they are spending more money online chewy says its customers each spent $334 on average in 2018. chewy says its sail sales grew with increased spending without add being more customers it grew 68% and consumers are pivoting when buying in stores and online 14% of pet industry sales in 2017 up from 4% in 2015 and it was projected to grow 25% in three years, but as those trends hold, her and more consumers are noticing supermarkets, warehou

shares through products offers exchange traded notes that covered the spectrum of exposure to the nyse there are leverage notes that are long, as well is inversely tied to the 10 companies in the index. you've got the original fang names, facebook, amazon, netflix and alphabet, plus six other well-known tech companies, twitter, apple, apple, alibaba, nvidia, tesla, and baidu. we are focusing on the three times in verse leverage etf, also known as fang. fang uses derivatives to achieve three times the opposite of the fang plus index. performance wise, it trailed the index since launching in january 2018, but be warned that this family of etf's are not buy and hold investments. fang has roughly $25 million in assets and is equally weighted with a rebalance every quarter. it comes with a high expense ratio of 95 basis points, but that should not be an issue for short-term positions. bloomberg intelligence gives fang a red light in a traffic light system due to heavy leverage, daily resetting, and credit risk. it is like a high-tech etf video with a 1980's twist. eric: it makes me want to

shares through products offers exchange traded notes that covered the spectrum of exposure to the nyse. there are leverage notes that are long, as well is inversely tied to the 10 companies in the index. you've got the original faang names, facebook, amazon, netflix and alphabet, plus six other well-known tech companies, twitter, apple, apple, alibaba, nvidia, tesla, and baidu. we are focusing on the three times in verse leverage etf, also known as faang. fang uses derivatives to achieve three times the opposite of the fang plus index. performance wise, it trailed the index since launching in january 2018, but be warned that this family of etf's are not buy and hold investments. fang has roughly $25 million in assets and is equally weighted with a rebalance every quarter. it comes with a high expense ratio of 95 basis points, but that should not be an issue for short-term positions. bloomberg intelligence gives fang a red light in a traffic light system due to heavy leverage, daily resetting, and credit risk. it is like a high-tech etf video with a twist. -- with a 1980's twist. eric:

he was fantastic >> slack is going to debut here at the nyse.he reference price, as you now know, 26 gives it a valuation of 15.7 billion. earlier on "squawk," stewart butterfield explained why the company chose a direct listing >> a lot of investors who are used to a model where they get a small allocation and they wanted a big one in direct listing, at least they have the opportunity. one of the hopes for a company like us is that there's not too much volatility. we are hoping that this model, where there's many sellers, many buyers, supply and demand, we reach a market clearing price a lot earlier. >> all right so a lot to learn about this company. >> and the process always worth mentioning. capital raising function here, it's going to be a direct listing. similar to what we saw with spotify. not as well known a name as spotify, given that is a consumer company didn't trade that well day one they want to make this look a bit better at whatever they call them, their agents who are dealing with it. goldman sachs being the chief one. if you can

in fact, almost a quarter of the dow hit 52-week highs. 250 stocks at the nyse visa new high. procter & gamble, mcdonald's, american express, walmart. it is a very diverse group of stocks travelers also hit a new high. so no one particular sector dominated. if you had o'wick one i'd say consumer staples generally had a good week. not a defensive tone to the week pepsi, colgate, paul olive, err shi, kimberly clark. coca-cola. all the trade sensitive sectors this week were the biggest movers i know everybody talked about the fed but if you look at auto parts which moved on mexico, semiconductors, metals and transports all big movers. back to you. >> bob pisani, thank you very much for that. the nasdaq closing higher for its fourth straight day. not quite five, though, alas but let's send it up town to bertha for a breakdown of all the movers hi, bertha >> considering where we started the week where things looked so dour, it's been a remarkable comeback best week of the year for the nasdaq best week since that christmas eve into the end of the year rally that we saw. and among th

up that's hard to believe right here now >> if you're hearing the cheering here on the floor of the nysehe house, we have got young kid named king in support of king fights cancer, a charity, getting a nice standing ovation here. >> absolutely. >> at the nyse, 5-year-old. >> young boy fighting leukemia. >> very sharply dressed. >> very well deserved round of applause for him we are 36 minutes into trade markets sort of flat as you said, sara, with the defensive tilt. >> we're down 0.3% the yield picture changes over the last couple of days. yields rising monday, tuesday, that helped a risk on tone today, a little bit lower. how does that affect what sectors people should be playing. >> was this to me? >> yes, liz ann. >> i was still actually silently cheering that young man. pictures like that actually kind of put all of this in perspective, don't they? >> yes >> as far as the -- what was the question about the yield move? >> exactly how are youti positioned based on your expectations sector wise. >> in august of last year we moved to more of a neutral position with our sector recommenda

the stock lists on the nyse today under the ticker chwy.but. >>> regulators around the world gathered in tel aviv for the antitrust new frontiers conference this week a hot topic in israel, tech regulation back in the states after attending the conference now. and joining us now is william kovacik, former chairman of the federal trade commission and is now a law professor at george washington university. and bill, overall, what is your viewpoint on using tariffs in any way? is there a time and place for it and we do have the rest of the country still has some on us we've never resorted to it before, but is there a time and place for it >> i think in specific, extreme circumstances, there are, but it is a step that has, as your previous segments described, a very disruptive effect on a large number of commercial arrangements that have been crucial to the development of growth throughout the world. and it is an area where others can punch back so, you set in motion a process, which one of your colleagues mentioned a moment ago, in which you c

speaking of ipos for more, let' bring in the services leader and former nyse of listing as well as everote cofounder and seen yore adviser. gentlemen, good morning to you both david, i'll start with you you've advised companies that were looking to go public. how would you advise some of these names that are now in the pipeline today >> thank you for having me great to be with you we have about 600 folks that are working with companies looking to go public and beginning of this year, we were worry ied abu how this would play out we're halfway there. we've had chunky deals and lot of folks are asking us how do you feel about the plans of the year for the most part we feel good about that there's been a valuation, people looking at it again to say yopg that's all bad frankly there was a point in time where we were a little worried as we saw companies come tog market. nothing was pricing below the range. now we've had about 15% of the companies priced below the range. 70 in the middle l 15 above that feels pretty good on balance, the market seems to be able to shake off concerns like brexi

. >> meantime there's more another tech unicorn set to make its debut here at the nyse tomorrow onlineice tonight our leslie picker scoured the s1 and joins us now on what we could expect. >> in about five hours we may have a better sense of chewy's ipo price. they're the online retailer acquired by petsmart in 2017 price tag was $2.5 billion and five years later looking for $8 billion, more than twice the valuation in the sale. the company boosted its offerings by 12% yesterday on better-than-expected demand. they will raise another $100 million to be raised by chewy itself and petsmart will retain control with a dual class structure. we're getting used to those dual crass structures these days. top line growth last year was 59%, to get to $3.5 billion in sales. one interesting factor to note, chewy specifically cites amazon pet product offerings along with a potential headwind, along with general competition in the industry they will list under the symbol as chwy and will begin trading tomorrow. >> is petsmart public? >> they are public. >> okay. i couldn't find it it seems interesti

stock market was at session highs before the beige book hit let's get reaction on the floor of the nyse. >> we extended the gains where we've learned that china tariffs and a tighter labor market are the biggest worries. we largely knew the risks coming into today's beige book. nonetheless, interesting to hear the dow up 187 points. we built on the gains. we're at session highs s&p 500 above 2800 which is a key level to hold onto take a look at the sector check. really defensive in nature which is interesting when looking at this rebound yesterday and even today. utilities and real estate continuing to lead us higher and some big names in tech making a rebound. apple leading the dow higher and look at the retailers. when you talk about the impact of tariffs on prices and also consumers, by and large we've heard from a number of companies telling us tariffs will likely lead to higher prices. >>> all right. thank you very much. >>> tariffs on mexico are set to kick in on monday. that is i think the 10th both sides meeting inless than an hour in d.c will we get a deal in time to avert the

determine chewy's final ipo price begins today at 4:30 the stock will be listed right here at the nysel chwy and will begin trading tomorrow >> all right, leslie, thanks m to feel compelled to explain every absence or every time they go home early his post on this topic went viral. he joins us next and stay tuned for a big interview on "closing bell." former disney ceo michael eisner at 4:00 p.m. eastern time. we're back in two. >>> time to kick off our new summer series "power lunch" going to work. we are taking a look at the everchanging face of the workplace and highlighting some of the companies and industries leading the way. and today meet an advertising exec. who wrote a linkedin post that went viral. he said he didn't need to know when his employees had to leave earl for a kidsk soccer game or why they need to work at home telling his team to stop apologizing for having lives president of a company in chicago, he manages a team of 175 people thanks for being with us >> thanks for having me. >> what prompted you to write this post? >> there's a couple reasons. first of all i thi

racking up gains, but the gains are getting narrower and narrower bob pisani is on the floor at the nyse bob? >> the s&p is up about 3% this quarter, but it's been a super big cap rally. so just take a look. the s&p, again, up 3%. the big caps only up .4% small caps, look at this down for the quarter that's what i mean big cap rally. but the biggest of the big ones are the ones really pushing the markets around in this quarter so look here five stocks, microsoft, facebook, amazon, disney and apple. account for 30% of the gains for the whole s&p this quarter five stocks. microsoft alone, look at this number, accounts for 14.8% of the gains for the whole s&p. call it the triumph of indexing. a group of companies that have gotten so big, they essentially have become the stock market when they do well, the markets do well. a simple way to look at it thought experiment suppose the top 50 stocks in the s&p 500 were up 1% on the quarter and suppose all the rest, all of the other 450, were down 1%. you would think 50 stocks up, 450 down, hey, the s&p is going to be down, right? well, you would b

mike santoli, bertha coombs at the nasdaq bob pisani at the nyse peter, let's trade this close.chief market strategist at cantor fitzgerald in case anyone was wondering and a regular on "closing bell." you've been cautious on this market all year long. now we've had a pretty strong week, best of the year do you trust the rally >> nice to see you guys. thanks for having me you know, no, i don't. i think this rally is somewhat reminiscent of some of the bounces we saw in 2018 in particular there was a bounce in october which really ended up being something of a rotation rally which is i think to some extent what we're seeing in this one as well. if you look today we're really seeing a rotation into defensives we're seeing underperformance in many of the cyclicals, the transports consumer discretionary, the banks are underperforming relative to the defensive names, especially consumer staples. i don't really trust this rally. i in fact expect rallies like this to occur even within the context of a more bearish view >> peter, is that why the russell's underperforming, and is it a bu

. >>> keep your eye on chewy today, obviously big ipo here at the nyse, opened around $36.30, got tohis morning, east coast time, now back below $35, actually hit $34 a few moments ago which is obviously below the opening trade. still 50% plus gain for the day which had been the fifth best day one performer of the year. >> yeah. the puns are just all over the place. i don't know which one to go with so i'm just going to leave it alone >> dad jokes >> it's ahead of father's day. >> it was another major week for ipos, we had strong start out of the gate with crowdstrike and fivr as well and next week i think everybody's expecting to get that direct listing from slack as well. >> that will be big. >> not to mention a ton of focus on the fed for obvious reasons and the upcoming g20 meeting so rest while you can this weekend. for now, let's get to the half and the judge at hq. >> happy father's day too. >>> i'm scott wapner front and center this hour, the broadcom broadside, the stock getting hammered did hopes of another leg for the rally just get pounded as well it's 12:00 noon, this is

>> leslie, thank you leslie picker at the nyse. we always think about uber and lyft and what difficulties they've had out of the gate and overall the ipo picture has been pretty good so far. >> a lot of these smaller ones have done well and it's a supply and demand sort of thing uber and lyft also feel like they're basing a little bit and the fever has broken to it is down side and uber is 50 cents from its price of $45 and lyft feels like it's been basing in the mid to low 60s in a while. so if you have a better market and you may see these things start to break out a little bit. >> if you think, for me, the ipo has come out outside of uber and lyft and this is cybersecurity platform, they have 44 of the fortune 100 kleins and this is vital to their success, and of all the companies that should trade at a model and rid now i am less concerned even their their addressable market, and cisco and not mcafee, et cetera and i think these guys and let's see the multiples and it's had a huge run out of the gate, but this is very interesti

joining us now is the cfo of now from, joining us the nyse. thank you for joining us.the offering today. can you give me some sense as to what the purpose of the offering was and how it helps to improve your finances? made withfering was shares in the treasury and ask petrobras to work with them making this offering, but it is being made and petrobras is helping. it could execute the equity deal. talking tou are investors. what has been the reception to the shares in your company right now? >> the reception was very good. we talked to many investors in this last weeks. we have been talking about the great story the company has put through. goinge been through tremendous deleveraging to get the company to a level where we believe it will have a lower cost of capital and be able to compete in the market better. we have in doing portfolio management, looking at what are the assets we should be devasting from, and the ones we should be concentrating on. without we have a big divestment plan that will help us, not just deleverage the company, but invest in deepwater explora

that's because the reference price is more of an arbitrary one set by the financial advisers in the nysend a direct listing, so no shares were actually sold at that level. the shares opened at 378d $38.5 rose as high as $42 and ended at $38.62 to many, that's the beauty of the direct listing strategy versus the more traditional ipo. there's no favoritism on the part of the underwriters and there's no money left on the table, because slack didn't raise capital in the first place. overall, slack's debut was viewed largely as a success. and further evidence that the direct listing model works there were no crazy price swings trading volume was manageable, and the public markets valued slack well above where it had been trading recently in the private markets. to be fair, slack debuted in a near-perfect market environment with the s&p 500 reaching a record high yesterday, but its direct listing is certainly causing other companies that qualify, at least, to think hard about whether they want to try that method of going public in the future guys >> all right, leslie, thank you very much. we'r

bertha coombs up at the nasdaq bob pisani here at the nyse. first up, let's trade this close.g director of u.s. equity cash trading at barclays mike, we are seeing a little bit of a bounceback. still technology is in the eyes of the storm today with new antitrust investigations on silicon valley what do you do with this group what are you watching? >> we're obviously watching the action this has been a crowded part of the market to begin with to see the sell-off on news that we've had isn't completely surprising but how the market is reacting and digesting it is kind of interesting today. we've seen the bulk of s&p components up on the day as you guys have been noting tech has been down and under pressure i think this is more a reaction to headline. there's more to come for sure. rather than comment on those individual names i just think this is sort of the derisking that we had in mind when we thought we'd see further down side to the s&p. i think we're coming toward a near-term bottom for markets, equity markets >> mike lewis, thanks very much for joining us let's get to mik

bob pisani on the floor of the nyse kevin hincks at td ameritrade.s bounce and will it last >> well, so many things are driving today. you had good news out of china and you had some interest rate news, right? i think the fed went full dove here, and i think the market really fed off that today. >> you're watching salesforce after the bell it's been a while since that stock has been under record high how important psychologically are these numbers going to be? >> well, you know, mark benioff's going to put a positive spin on it. the street is looking for 61 cents as the previous guest said but i think the whisper number is closer to 64 cents. the implied volatility on the options looking for just over a 5% move here >> what about gamestop which also reports >> gamestop's a little different. option implied volatility looking for about a 10 1/2% move is this new management team turning this company around or are we looking at a long good-bye here by gamestop? >> kevin hincks, thanks for joining us now let's send it back over to mike santoli third dashb

the pack over 500%, and it doesn't look like the necessary is about to stop and bob pisani is at the nysethis week are coming and we've had 66 ipos so far this year and they've raised 26.7 billion that is a very strong first half considering the ipo market was not even open in the first two months of the year due to the government shutdown. so incredible returns here it's the overall returns that are impressive 57% of those 66 ipos trading above the ipo price and that's fairly typical look at this the average return so far this year is 22%, way above average and the average first-day pop is 28%. heavens, that is way above a typical number so what exactly is going on? the company's doing best, the ones that are really popping are high growth companies. so we saw beyond meat, we saw zoom and pagerduty and they've had pinterest, tradeweb they're all 40% all very high growth and even the last three ipos from last week, chewy, fiber and crowd strike, they've had huge gains in a few days and they can't say it's cybersecurity and anything is popping that has any growth and we'll see what happens

joining us to discuss the road ahead is pwc's leader and former nyse's head and brian hamilton good tooth >> is this all going according to plan? you think the way it's been priced and this sort of general buzz is what we've all been after? >> i think so. i mean, i think coming in this year, people felt like it would be another good year and frankly, we've had a tremendous ipo market, particularly in tech, since '17 really with just the exception of the fourth quarter in '18 so i think this is going according to plan. we had a little bit of a wobble with a couple of deals where people thought we made retrade on valuations going forward, but so far, so good. we're ahead of last year's pace. we're ahead on capital, because we've had a lot of chunky ipos we've had six $1 billion or greater ipos this year versus four last year that's noteworthy. a little more capital being raised in the first half the question is, can we sustain it or close out the year in the same way we did last year. >> what's the answer to that >> well, i think there's some risk to that a lot of the volume right now is

. >> bob pisani at the nyse. let's get down to the federal reserve with less than an hour to go until that hotly anticipated decision will they or won't they cut rates, and whaz huawt's the lane investors will hear? and does steve have access to twitter? >> i will have access, kelly we are looking at a pivot from patients to possible rate cuts as the fed meets unprecedented public pressure from the president from markets to ease policy three scenarios. the dovish one says here is a cut. we hear you, we hear what you're saying, we are really thinking about it the hawkish one is weakness. what weakness? the fedspectations, willingness to cut rates and marks down at least somewhat the inflation outlook and the economic we'll have to see if the fed in its forecast builds in rate cuts for this year and next not a single fed federal forecast in march that the fed would be cutting rates this year, and they forecast rate hikes next year. it's a sign of how dramatically things have changed. we are a small probability away

50% on its debut last thursday, slack, the collaboration software company, they direct listed on the nyse new lows. microsoft put a ban on the rival company. that is not good. kristina partsinevelos. >> the share price is down 3%. microsoft has a sris, prohibited and discouraged technology list. on that list is slack free. the free slack version you can download on the phone. as well as few other companies. google docks on the list, amazon web services and few others. the reason microsoft put the list together, they said slack, there could be some security threats, security holes. it is not due to competition. i would like to point out a year ago in microsoft's report, one of their reports they did say that slack was a competitor to office for microsoft. so back to you guys. cheryl: why everybody likes the ipo. we have joined by norm connolly. "marketwatch" technology editor jeremy owens out in san francisco. guys, i want to talk in particular, norm, this market. we have trading range on the dow, 81 points. cautiousness ahead of g20. the story about technology, huawei, 5g products, what a

investors more likely to turn to secondary markets as an actual benchmark for the price tomorrow now the nyses also likely to reveal a so-called reference price later tonight that should not be confused with an offering price or an opening price. this is more of a starting point for the market makers to begin building an order book tomorrow morning. when spotify listed last year, its reference point was $132, but the first trade was made at nearly $166 a share. spotify ended its first day of raidi trading about 13% above its reference point. >> the prevalence of these secondary markets and the about for early investors to make some money before these companies actually go public, how is that contributing to what we're now seeing as a little bit of a rise of these direct listings >> it's a good question because one of the main purposes of these direct listings is to give employees liquidity. the problem with the secondary markets oftentimes is they just aren't as liquid as what we see in the public markets. there aren't enough people, enough buyers and sellers to come up with a price that peop

gerri willis is tracking all the action from the floor of the nyse.ffries taking a jab, lowering the price target of the model 3 maker to $300 a share despite elon musk's brain child. meanwhile, revelations the automaker may not be able to break a quarterly production reco record. [ inaudible ] the doom and gloom around tesla overblown, reiterating its outperform rating and giving it a price target of $355 a share. on the flipside, used car selling giant carmax beating new records. shares at their highest level ever after beating on the top and the bottom line. the company notching its fifth straight quarterly beat on earnings. wow. shares up 4%. >>> facebook's crypto plans garnering new scrutiny across the pond. the uk, french and german central banks announcing they have the right to oversee this, saying they will be monitoring the social network's new digital currency to ensure it does not pose a threat to the financial system there and it will not be used for money laundering. facebook shares up almost 2% and up more than 5% for the week. >>> comi

slack shares will be listed right here on the nyse under the symbol "work" and should begin trading byorrow guys. >> leslie, thank you in the meantime canopy growth is set for growth after the market. aditi roy. >> they boosted sales growth by more than 300% last quarter. investors will look to see if the company can maintain that growth they are looking at revenues of 92.6 million and a loss of 36% on the bottom line canopy's plan for when canada's market opens up for edibles in december we will look to see if they leverage their partnership with constellation brands analysts want to know about the company's production capacity and ability to scale up. we are waiting any minute for a result of a shareholder vote on the acreage deal and looking for commentary on the call about that back to you guys. >> aditi, thank you very much for that 30 seconds left, sarah a well-executed dovish tone from the fed chair without any dovish action in supportive markets but only slightly up, 0.3%. >> how will the president respond i think is one question and how far will this market go in pricing in mo

courtney, doing such great work on walmart all week long as we said earlier, revolve opens at the nyse the open along with beyond meat after the first public earnings last night this is -- they call themselves a next generation fashion retailer specifically for millennial consumers, been around for quite a while. founded in 2003 in los angeles we'll talk to the co-founders, i think, later on this morning interesting story, cramer would love this one. >> oh, yeah, for sure. ipo price at the high end $18. we just showed, stock trading around $26 and change definitely a strong start out of the gate certainly interesting just to, you know, talk to the co-ceos on "squawk alley,". more to come on all of this. we'll keep watching that also beyond meat >> meantime, as we go to break, look at the dow, up almost 300 points 2878 now on the s&p. take another look at shares of another recent ipo after the first quarterly results. we'll talk to the company in the next hour. president xi is on the tape saying trump is my friend. and with that, we're close to session highs. dear tech, let's talk. you

over to bob at the nyse. >> light volume. real estate is historic high territory.r today. energy moved higher. strange. oil closed lower energy stocks up essentially 2% below the historic highs and waiting for the fed to set a stage for an easing cycle on wednesday. market want it is fed to leave the door open for a rate cut there's the dow jones industrial average bell closing near the lows of the day just up 7 points let's take it over to the "closing bell. >>> if you're just joining us, very good afternoon to you >> along with mike santoli look at how we finished up the day on wall street high ir across the board a small range we saw in tells of the dow trading. closed up just above the flat line there as far as the s&p 500, losing some steam really into the close. we did get a positive close, though, after two straight weeks of gains communication services, real estate and energy that took us there and financials and materials all weighed on the major averages technology a real shining light today, especially the fang stocks facebook having a good day and small

trade let's give you a look at futures as we get started with trading, 30 minutes from now here at the nysee have the april s&p case-shiller report, home prices up 3.5% in april compared to one year ago, compared to 3.7% gain in march all right. let's bring in carl quintanilla. yesterday or over the weekend, traveling to vietnam, you saw a bit of some of his teases and reports, but he's there in a place that, of course, carl, has become so central in the discussions of trade that we have on this desk every day with jim in terms of changing your supply chain, so curious to see what you have learned in the time you've been there in terms of how easy or difficult that actually is. >> yeah. david, you're right. it is funny, you know, we talk about it at the desk all the time, and then you get here on the ground and see what is happening in real life because this is not something that companies address directly or specifically you and i know we have read the transcripts and the conference calls, they say we're looking at it, we're going to study it, reports that others may or may not be studying

dow features up 86 s&p up 9 nasdaq up 49 more "squawk on the street" live from the nyse straight aheadyour life grows, so do your needs. ♪ and with bank of america and merrill, the benefits you get can grow, too. as a preferred rewards member, you can enjoy priority service and exclusive discounts... so your growing life can be more rewarding, too. ♪ what would you like the power to do? ♪ >>> let's bring in art cashin with ubs feels like this market is desperate to gloom on to any positive news as it relates to this trade meeting between the u.s. and china >> yeah, well, they tended to hear in the present tense, which sounded like something in the past tense and you know mnuchin said we had a deal that was 90% done the market took it as is 90% done >> oops. >> what they failed to look at was, yeah, we had a deal 90% done and they walked away from what was 90% done. so it means we have possibilities. but not a heck of a lot more than that. you can see how nervous the shorts are they came running right in they haven't really backed off much since then, even though people have come to the

closing at a record high, let's get to our "closing bell" market round-up, bob history here at the nyseing by at the nasdaq >> we hit historic high, 2,945, we did it on some trade euphoria and central bank euphoria as well we had a number of sectors move us forward throughout the last couple of weeks here, insurance stocks, travelers, for example, consumer staples narmz were really important and although it's a small group, real estate investment trust and utilities also moved up, of course we had lower rates moving them forward even as the banks fluttered, consumer discretionary also just shy of a 52-week high. big stock of the day, slack and the ipo market not really an ipo but let's call it going public for the first time, $26 reference price, opens at $38.50 and closes just above that which is perfect for everybody who wants to be negative on that particular stock ipo lollapalooza continues >>> let's get to the nasdaq, bertha has what's been moving there today for us >> tech continues to be strong, the nasdaq itself is about 1.5% away from its may 3rd closing high chips have been a

. >>> time now to get our closing market roundup bob pisani here at the nyse with today's biggest movers bertha coombs standing by at the nasdaq frank holland watching the transports nice comeback today. and kayla tausche's in d.c. with what's next for the china trade battle bob, let's start with you here at the big board >> good news is six straight days of gains. but bad news is ran out of steam here late in the day here up 80 points but we were up more than 200 points the big trade sectors all moved today. we saw semis, transports, retail and industrials. all of these were much higher, though, earlier in the day i just want tot to point out some sectors that have been notably weak recently. we saw, for example, natural gas stocks, three-year low in natural gas today. and again all of these names in the natural gas space like cabot, range, southwest energy, concho all weaker. gold hay huge run in the last few weeks, maybe 15% all these stocks have been up 10%, 12% the last few weeks like ymana and heckla, all moving down >> bertha at the nasdaq. what's been moving there >> take a look

. >> seema, thanks >>> stocks falling for a second straight day bob is at the nyse as always bertha coombsthe nasdaq. let's start with you, bob. >> the important thing today is the pattern continues we've seen in the last six weeks. defensive names, consumer names. your mcdonald's, your pfizers, your procter & gambles what's down besides tech names banks and oil stocks have been underperforming. so jpmorgan and goldman sachs. you see exxonmobil and chevron this has been a pattern for a long time. take a look here look at these consumer names hershey's, pfizer, coke, and the utility names all outperforming. generally has been tech underperforming. i think that will reverse if we get some movement on china trade. >> bob, thanks let's get to bertha at the nasdaq for more on the big movers there >> the nasdaq 100 snapped a six-day winning streak, in part because of facebook. that was the biggest drag on some regulatory issues raised from emails reported in "the wall street journal. you see that down. it was chips that were the biggest drag overall as a sector evercore cutting its outlook for t

trade let's give you a look at futures as we get started with trading, 30 minutes from now here at the nyse

that's because the reference price is somewhat of an arbitrary one set by the financial advisers and nyse$38.50 and rose as high as $42 and ended at $38.62 to many that's the beauty of the direct listing strategy versus the more traditional ipo. there's no favoritism on the part of the underwriters by the most prized investor clients and the slack didn't raise any capital in first place it's further evidence that the direct listing model works there were no crazy price swings and the public markets valued slack well above where it had been trading recently in the private markets. garnering a valuation of $20 billion yesterday. >> okay. thank you for that, leslie stick around, we want to bring in john elton. lesson is what >> i think direct listings are terrific the only issue is that they're not raising capital so for some companies direct listing aren't the right approach you do achieve liquidity i think it's an efficient market and gets the pricing quickly you see that in -- you know, trading throughout the day. >> but here's the question we say there's certain companies it's good for,

joining us right now is nyse board member, speaker and author of the following book, follow these leadersrms of women on board. >> it's a a slow process. the trend is barely going up. there's a lot of work to do. maria: and financials and technology, still at th bottom f the barrel in terms of putting women on-board. >> cree, very much so. >> how do women access networks needed to get a place on those boards? >> very good question. look for the influencers. and what can be done and what i late out in my book is all the information you need's on the internet. it's amazing what you can find. so go out, target some companies that you feel like you would be a good fit for. study who's on the board, study who is stepping down, study who -- what those expertise is of the people stepping down, and then start to figure out who he knows who. maria: it's interesting. let me show you the piece that dagen mentioned during the commercial break. a buzzfeed reporter found a photo of tech executives visiting an italian designer and it was photo shopped to show women ceos who weren't there. you have a pic

let's welcome paul hickey, co-founder of bespoke investment group and mark santoli joins us from the nyse nasdaq or something, mike? >> i got an appointment here at 9:00, joe. didn't see how i could do both. >> mike is up next >> are you -- oh, okay, you're sitting in for someone today all right. >> yeah. >> i'm not going to take that personally we love having you down here so, paul, some type of watershed event you think or just funny the way fundamentals sometimes match up with where you ought to be technically >> sometimes things line up altogether turkey has been a worry in the emerging market space. this is -- it is rallying. overall, you have the ecb and the fed come out talking more dovish policy, going forward, that's great for emerging markets. it weakens the dollar. it helps boost the economies of these emerging economies but also from perspective of u.s. investor, the currency translation. think about it, last year, brazil up 15% local currency terms from the ewz, the etf that tracks it, flat. you get the added juice of a weaker dollar, boosting your overseas returns when you l