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tv   Closing Bell  CNBC  March 29, 2018 3:00pm-5:00pm EDT

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>> that doesn't improve the -- >> the bouquet >> i think hollywood will look at the reboot of "roseanne" and think we should be programming to middle america. >> there was a resonance there we'll see how the ratings hold up thanks for watching "power lunch". >> have a good weekend. >> "closing bell" starts right now. ♪ is it eaton? >> eaton. >> it's like football but it's soccer >> it's a cross between soccer and -- >> only wilf gets to play his high school recreation in metlife stadium. >> i let this detail slip and it's haunted you it's not until six weeks. >> hello, everybody. live from the new york stock exchange welcome to the "closing bell." i'm kelly evans.
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>> i'm wilfred frost we're in rally mode on final trading day of the month, the quarter and the week we're watching the markets closely. in one hour we could see the dow and s&p break a nine-quarter win streak with worst quarterly performance since q32015. >> it's coming to an end the russell small caps are struggling to stay positive. the nasdaq is still on track to do a positive one. seven straight, in fact. >> we're also watching international stocks the ftse 100 on pace for third negative month in a row. it was down 8% for the quarter the german dax was down 6.3% we saw the nikkei down somewhere between that, about 7% for the quarter. let's get to our "closing bell exchange". >> joining us are david kelley of jpmorgan funds, steve grasso at post 90s from stuart frankel and rick santelli at the cme in chicago. welcome. steve, this is a strong session after what's been a brutal couple of days frankly, not a great quarter what do you make of it
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>> well, it was my belief if they were going to try to rip into them further they would have to do it ahead of earning season necessity have a couple weeks to get into it, until we get into the thick of the earning season. it's just around the corner. if you look at where we are when you said nine straight up-quarters, 2673 in had the s&p cash is where we have to close above to make it a winning quarter. i think they're going to try - >> that's 20 more points than we're up right now. >> well, it's kind of obvious where the inflows are going to towards equities they're going to try to make a run to close this on a positive quarter. i don't know if they'll fall short but i think that's where they're headed to. at least for the quarter. >> whether or not we do end positive for the quarter, clearly we're not down that much when you consider the amount of volatility and doom and gloom there's been in terms of discussion points. that's not true when we look at areas around the rest of the world like germany, the uk, like japan. is that a fair return, you think, for the quarter
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is the picture in those regions turned significantly worse during the course of the quarter? >> no, i really don't think it has. in fact, i still think there's a lot of opportunity outside of the united states. the u.s. dollar has continued to fall the euro, if you look it on a year-over-year basis, that's a big increase a lot of international companies operate out of europe and a stronger euro hurts theirs earnings i think europe has been dealing with or getting adjusted to having a stronger euro again i think the european economy is improving. for u.s.-based investors, if the dollar falls a bit and so the euro strengthens and these foreign indices don't do well, it's not clear people actually lost money, so it's -- you know, at the end, it wasn't -- we're not very much different from the start of the year. i think prospects outside the united states are better than in the u.s. >> rick, it was interesting to watch what's happening with yields today the ten-year yield going down but the data this morning was
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pretty good. what do you think is going on there? >> yeah, i agree with you. jobless claims fresh lows going back to january of '73 we saw university of michigan, whopper of a number once again over 100 comping back to 2004. there were some spotty numbers whether it was the trade balance this week or chicago pmi which makes us look forward to the ism manufacturing number and nonmanufacturing number next week i tell you what, it doesn't really shock me. there's not a lot of buyers out there, but the buyers out there are finding there's just a general nervousness. and i think that accounts for the slow slide let's put it in perspective. i know we've said this many times. even at 2.74 we're still up 32 basis points so far this quarter on the year. that isn't too shabby when you look at europe i think all discussions should lead to europe when we were high flying in the
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stock market, i heard many analysts say, better opportunities in european stock market i get it but now we're trading more like a normal market, it seems the european markets lost a whole lot more that makes sense credit quality is an issue i've said many times, we raised rates six times. even though it's a slow, steady rise, europe is going to have problems they have problems in the bank the stock is at fresh one-year low. credit quality, toxic loans, nonperforming loans. this is the kind of environment where that catches up to you and i think those issues in europe are going to be big i think there's going to be a lot more discrimination by investors between europe, japan, in favor of the u.s. over the next couple of quarters. >> okay. very interesting perspective there, rick. guys, also with us, we want to bring in mike santoli with a check on how key market indicators are looking as we head into the second quarter mike, the outlook not as rosy as the turn of the year. >> these indicators, i'm
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suggesting they may have peaked in january, but i want to be specific about saying it doesn't mean the markets themselves have peaked if you look at several things like valuation, sentiment, momentum, even liquidity, you had this crescendo in january where they all seemed to be around their best levels, best moment they may not get better for this cycle but that doesn't mean the market can't keep going up here's the trailing pe ratio in the s&p 500. you see basically a lot of enthusiasm piling in there, getting that level above 23 by january. that's obviously come back down, normalized a little bit. i doubt we get to 23 times much higher earnings. who knows, that would be the continued melt-up scenario momentum, that's the relative strength for the s&p 500 that peaked in january this year was basically an all-time high in terms of the pace and angle of the assent of the s&p 500 even if we don't get data market, it can work higher but probably not with the same kind of ease. financial conditions, very easy at the start of the year goldman sachs financial conditions index, when this goes
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down it means lending is easier, and pops higher, this is the vix, credit spreads, all that. it's strong at easy levels but not as easy. finally, investor sentiment. you definitely have enthusiasm popping towards the beginning of the year that's also come off the boil. >> when we talk about valuations, do you agree with what mike was suggesting there, that the valuations multiple themselves have peaked for the foreseeable future and if we want to see markets go higher, it will have to be earnings driven >> i don't really. it depends if you're looking add lagged earnings or future earnings over the course of the first quarter, analysts and investors had to finally figure out what the tax cut meant and figure out what higher interest rates mean. but the reason a lot of pe ratios came down, certainly the forward-looking ones, because much better earnings estimates for 2018 after analysts did the
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calculation. i think we'll end the quarter at an average level of forward pe of 16.4 on a forward-looking basis. we can absolutely beat that. i think that can go up over the course of this year if the market moves up. i think that looks okay. i'm much less worried about valuations than margins. i think when you get into 2019, 2020, you'll have higher wages, higher interest rates. i think margins will be threatened but valuations can go higher from here >> by the way, the dow - >> just to be clear. valuations can go back up to january levels, i'm just saying january may be the ceiling. >> i was just going to say, up 450 points we continued the climb, to your point. to the charts mike was showing a moment ago, if we put those back up, financial conditions, relative strength, all that, it looks to me like things are getting back normal. the january moves stretch the elastic in a lot of ways. >> i wonder if mike would agree with me on this, but i think there was some technical damage
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that was done to the charts. today is the last day of the month, the quarter, the week there's a lot of window dressing, so to speak within the markets today. i wonder when we get back to what you classified as normalcy, do we see the markets take back up and say, time to sell large-cap tech again, time to look at valuations again specifically in large-cap tech, are the earnings going to be there? one last thing, tax policy david said that he thinks analysts are getting their head around this. that's what's been a little hesitation in the marketplace, whether or not they factored in eps growth i don't think they nearly have factored it in just yet. i think that's the tailwind. analysts by their nature undershoot i think you could see a lot of upside surprises come -- >> we talking to charlie about the same thing you don't think expectations are getting too high he said, no way, not yet >> not close. >> you're in that camp, too. thanks, guys >> mike, david, steve, rick, thank you very much.
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we have are 15 minutes to go we're sitting at session highs dow up 450 points to close out the week, the month, the quarter. nasdaq up 50 no, no, s&p up 50. the nasdaq is up 167 nearly 2.5% right now. >> amazon turning positive sparked a rebound in tech today. the "closing bell" is just getting started. >> announcer: straight ahead, the president goes after amazon again. how should ceo jeff bezos handle the criticism? plus, the zuckerberg relationship after yesterday's harsh words from the top executive at apple this is the "closing bell" with kell where can investors seek predictable income in an uncertain world? pgim sees alpha in real assets. like agriculture to feed the world. and energy to fuel its growth. real estate such as e-y evance warehouses. and private debt to finance transportation
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bell" with a strong market rally. the dow up 463 points. here's a look at some of the biggest percentage gainers in the dow. today it's intel and microsoft leading the way. apple up two also boeing, all four of those names are up more than 3%, wilf. >> kelly, one year from today britain is scheduled to leave
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the european union that's the plan. uk prime minister theresa may claims the momentum is finally with her having reached a transitional agreement for transition to 2020 with the eu the final exit isn't settled the transition deal means the dreaded no deal scenario for the markets is less likely that's contributed to the pound's rise recently. now, a key date will be the eu summit on october 19th where theresa may will need to have ab agreement in principle she can take to parliament, who she promised will get a, quote, meaningful vote on the deal. some remainers yearn for a second referendum but britain's top two parties, which won 80% of the vote last election, they both back brexit, making a second referendum highly unlikely joining us are ann berry from cornel capital and larry mcdonald, head of global strategy at acg analytics.
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if we look at the growth picture since brexit, growth has lagged, the blue line, but we haven't gone into recession scenario ann, i'll start with you in terms of what you expect in the year ahead will that trend remain, i.e., a slowing growth to the developed world but not a recession? >> i think what we're definitely seeing this growth rate reflect is the fact there's a ton of uncertainty about what the ultimate trade environment will be and how businesses can plan to invest to grow when they don't know what the tariff and regulatory environment is going to look like i think as that clarity unfolds, we might see some reflection of what the policy looks like >> you know, larry, the brexit itself was such a thrilling vote and day and it was for the markets. we saw all sorts of crazy things happening. kind of like the trump election here now it just feels like this boring process-driven outcome. unless something were to dramatically change. what the are your expectations
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at this point? >> it's all about what's priced in what's fascinating over the last year, as the uk has acquiesced to try to work with the european union, the pound has dramatically strengthened. then european equities in the uk are the cheapest equities in the developed work they are a screaming buy relative to the united states, trading at 13 times earnings the u.s. is close to 18 times. so, i think over the next year what's going to happen is the populous rebellion as the probability of something coming towards parliament, the populism will rise, the pound will weaken and uk stocks will be the place to be. >> larry, weirdly, as you're suggesting, it's kind of like bad news brexit for good news for the market because of the relationship with the currency the ftse is a lot of foreign investments. what about the ftse 250, the
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smaller companies more linked to the sort of outcome of brexit itself >> yeah, that's a good point the smaller companies won't benefit as much because of that -- because of the pound differential but a fascinating point is look at the eu. the eu will lose about $56 billion of tax revenue what's fascinating is they're basically -- the ecb is using -- the ecb is using the coupons that come off their balance sheet, all the bonds they own now, and they're using that to fill the tax hole. there's all kinds of counterimplications here over the next, like, six to nine months >> that's actually kind of fascinating. ann, in the meantime, sounds like lately this question about ireland and what kind of border there will be has been a stumbling block. how muchle attention to we need to pay to issues like that >> absolutely. this goes beyond the blunt instrument of tariffs. there are absolutely borders
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not just northern ireland and the republic of ireland. there's a question around gibb ral tost gibraltor. the other pig pillar that needs attention is national security and what are the military agreements with the european union going to continue to look like post-prection . >> what chance do you give to a second referendum and the prospect of this whole vote being overturned >> well, former prime minister tony blair came out today saying it's not too late. there is a way back. i think a lot of the perspective of members of parliament, think of that as the equivalent of congress, the british people have spoken and now it's about trying to get the best deal possible as opposed to really revoking the progress. >> is it proper to call them parliament members >> members of parliament, that's right. >> i mean, i'm - >> thank you, ann, for that
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answer because kelly has often said parliament members and i correct her to said members of parliament you thankfully backed me up there. that could have been a lot of trouble. i appreciate you that. >> there's an amazon angle here too, by the way. >> larry, you can't just throw that in there when we're trying to wrap. can you give it to us in two seconds? >> you ready as populism surges in the world, they'll start to focus on the top line of the f.a.n.g. stocks and amazon's right in that target zone they need tax revenue. >> larry mcdonald and ann berry, thank you very much. >> do you now agree that it's -- someone else confirmed it. >> you had to read it. i saw you just choke on it schedule we'll talk about later. >> privacy i did confirm is correct with many friends. >> correct in england. >> i was worried yesterday it might just be me not even in
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england. but it is correct in england, where i'm going for the weekend so i'll be right. we have 41 minutes to go before the close and near session highs. up a full 2.25% for the nasdaq the s&p is trying to get into positive territory it's flat, just negative apple ceo tim cook slamming facebook over its data privacy scandal but coming back aztec rallies. we'll break down the latest headlines when we come back. bia g rally day for markets. bia g rally day for markets. we'r
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welcome back as the market surges, the netflix of china isn't keeping pace on its first day of trading. seema modi is at that exchange. >> a lackluster debut for the chinese streaming site, down nearly 10% right now despite today's price action, keep in mind, is still the largest chinese ipo since alibaba in 2014 and the fifty chinese ipo the nasdaq has seen this year following 17 chinese listings last year. iqiyi's debut comes a day after another chinese online video platform billy billy sank in its debut. both are trading down. speaking to one nasdaq executive, i asked if tensions
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between washington and beijing is having any impact on the ipo listing. he gave me an emphatic no but said the fear of retaliation is something they're watching very closely. back to you. >> seema, thank you very much for that now, it's not just these chinese listings that have run into trouble of late. a number of recent ipos have had less than stellar returns. adt is down 40% from its ipo price, albeit up a nice 4% today. blue apron is now trading under $2 a share bouncing -- you keep an eye on that one. >> i do. it's right behind us and it's been an ugly one interestingly enough, a new report from renaissance capital says the ipo market had its best quarter by proceeds raising $15.5 billion with 43 ipos and driven by tech and biotech spaces there were names like zscaler,
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dropbox did well just last week and the next ipo comes in a few days with spotify and a direct listing on tuesday. >> bob pisani has a look at the unusual position with spotify which happens next week. >> spotify will be trading right here behind me some time on tuesday. some time. now, we've highlighted how unusual this direct listing is no new shares are going to be floated here all the shares being sold will come from the existing shareholders there's no traditional road show they did livestream their investor day there's no underwriting. no bank will be buying shares from the company and selling is it to the public and no book no one soliciting orders to buy and sell shares like you usually see. essentially there's no lockup. almost all the shares will be available to trade all this means, initial trading is likely to be a little more volatile than usual. we don't know what to expect three questions here first, how will they set the price? the opening price will be determined by orders from
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broker/dealers it's traded between $48 and $125 in the secondary market this year that's not terribly helpful in setting the price. morgan stanley has been hired as an adviser it's supposed to provide what they're calling a reference price that will be based on the trading in the gray market as well as fundamentals we'll see if that makes a difference second question, how about spotify trade? we don't know. you can argue since no new shares are being issued and this is a company with strong retail interest, the price will rise. you can also argue the large number of shares available may suppress any price gains finally, when will it open not early. i bet it will be lunchtime before we see any trading. it will be a slow process. back to you. >> i know. the suspense is going to be tricky i hope they can somehow get it to go along more quickly even for a regular ipo it seems to take until lunchtime. >> music just to keep us going. >> yes, from one of their playlists. bob, thank you very much bob tracking this for us
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spotify, number 35 on cnbc's disrupter list last year this year the disrupter 50 will be revealed in may stay tuned for that. about 30 minutes, a little more than than that to go into the close. at the highs the dow was up 450 points we're up 384 with some 3% gains for intel and microsoft. s&p higher 1.5%. nasdaq by nearly 2%. up next, a war of words pitting two f.a.n.g. companies against each other as apple's tim cook slams facebook over its privacy scandal. we'll tell you what he said. plus the latest changes facebook is making in response to the fallout. the president is doubling down on his beef with amazon a irpa of management experts tell you what to do when you kevin, meet your fr
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welcome back to the "closing bell." the nasdaq surging on this last trading day of the quarter we are -- we're up nicely now. seema modi has a look at the movers for us. >> when what a dramatic week for the nasdaq take a look at the f.a.n.g. stocks which have been at the forefront of this debate around privacy, regulation, china you can see they're having a strong rebound still, all of these f.a.n.g.
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names are down on the month. speaking of the month, take a look at the nasdaq it's lower by 3%for the month, on track for its worst month since january of 2016. trading at 6,595 if it were to close lower here, that's nasdaq 100, it would be below 7,000. worries over china seems to be a big part of the story. the treasury department reportedly looking into banning chinese companies from investing. and chapmakers and semiconductor names, it's no surprise qualcomm, one of the biggest chipmakers is up nearly 14.5% for the month. losers, jd.com, china's twitter, down 14% tesla, the worst performing stock on the nasdaq 100, lower by 23% so, while we tend to focus on the f.a.n.g. names, apple there, you can see higher, albeit slightly for the year. still a down month for apple but the losses were broad based when looking at the monthly performance of the tech-never
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nasdaq. >> thank you very much have you been here for the whoop whoop? >> i have. >> so you know it's going on >> we need to join in. >> no. but we do go to sue herera for the check of today's headlines >> hello, guys here's what's happening at this hour, everyone a federal judge ruling porn star stormy daniels cannot have a jury trial or question president trump under oath because the request to do so is premature. daniels' lawyer says he will refile that motion tripadvisor says it will stop hosting on laura ingraham's tv show after she attacked on twitter a student survivor of the parkland high school shooting wayfair and petland are also pulling the ads. ingram apologized for the attack. an apple update lets users control their battery setting. the change follows criticisms of apple after it was known that it
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purposely slowed phones to preserve battery life. and queen elizabeth taking part in maundy service at the castle maundy is a christian holy day falling on the thursday before easter that is the news update this hour i will send it back downtown to you guys kelly, wilf? >> i don't think she did the washing of the feet, though. >> no, that's done by the priests. >> no, i mean -- her feet. doesn't sound like something the queen is - >> no, i don't think so. >> -- likely to participate in sue, thank you very much >> you got it. >> this is the whoop whoop at 3:33.33 before a long weekend, which we're bound to have. >> i'm not allowed >> you're allowed. you can do whatever you ant, m friend. >> whoop that was fun you can do it, too
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>> 3:42, actual 42 for the blue. let's talk about facebook in response to data privacy issues. the stock higher by 4.5% >> facebook taking action on a number of fronts the latest on an on the record call guy rosen, facebook's vp of product management kicked it off by saying, none of us can turn back the clock he named four security concerns ahead of the election explaining the privacy si scandal one, combating foreign interference, two, removing fake accounts, four, increasing ad transparency none of this is all that new but the reach-out is part of efforts to gain back trust another change that facebook announced on the advertising front recently is shutting down a third-party ad targeting tool called partner categories, which
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essentially facilitates hypertargeted ads on the platform one of the big questions is regulation of facebook and tech, when that might be coming and what it will look like facebook users joining calls for it an exclusive survey for cnbc by reconnect research finds most facebook users support government regulation of personal data and while the majority think the platform will take steps to secure their data, 84% said they are more concerned about their security than they were a year ago. back over to you >> deirdre, thank you. by the way, you got to a high octave with that - >> i was trying to match. >> for a tall guy, you hit that high note. >> sadly, i can't actually hit the required note if that was requested. >> now we know apple ceo tim cook taking a swipe at mark zuckerberg saying apple refuses to sell
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data on its customers. >> we're looking at every app in detail, what is it doing is it doing what it's saying it's doing is it meeting the privacy policy that they're stating and so we're always looking at that should we raise the bar even more we're always looking at improving and raising the bar. >> mark zuckerberg, what would you do >> what would i do i wouldn't be in this situation. >> we have two executive leadership experts with us to discuss cook's comments and dig deeper on what is shaping up to be a duel between two of the tech world's most important leaders. jeff cohn, managing partner at elevate partners, a company of dhr international. also with us, adam bryant from american co. adam, i'll start with you, if i may. is tim cook right there to frame things as saying that they don't exploit customers in a way that, perhaps, facebook did? that was the implication. >> i'm sure there's some nuance there. at the end of the day this is
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about controlling the narrative at almost a post-it note level silicon valley for a very long time has portrayed everything they do as a win-win win for customers and win for them and that's been a part of their image as the innovation engine of the world now suddenly there's a question mark around facebook tim cook is pouncing on that because he's seeing facebook is giving tech a bad name overall he's saying, we're not like them again, there's some nuance there. he's got some good talking points that our consumers are not our product. this right now is a battle of those talking points zuckerberg is losing they're coming out with all these small changes but they've got to get control of the narrative. >> how do they do that >> well, look, first of all, i think it's fine for tim cook to say and do what he wants he's being authentic he's going to do what's best for apple. frankly, privacy is a core value. it's something that's a basic human rights for him
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if you recall, he stood up to the fbi when they wanted to try to unlock that iphone. you have to be careful about saying things, i wouldn't want to be in the situation mark's in or criticizing - >> or i wouldn't be. >> it might come back and bite you. >> yeah. what do you think about that he's gone and put that out there, kind of almost daring the public to come up with a way of proving him wrong on that, or does apple, is he standing on solid ground there, judge ef >> you know, i don't think so. again, does he know the privacy policy of all 2 million apps in his app store? that would be a tough task for any micromanager, control freak. it kind of reminds me of steve jobs in the early '90s when they had a closed system for all their apple. i think cook should be very careful about imposing or transferring his values on other people or other companies. >> adanl, there's lots of debate in terms of tech companies facebook, apple we mentioned
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also amazon is in the cross-hairs today as well on the president's tweeting and comments what's your advice to jeff bezos? >> he's obviously taken a stance where he's not going to engage at this point. trump is great at surfing public sentiment. there's this tech backlash he's riding we have to wonder if there are also some hidden agendas here. by focusing on amazon, it takes attention away from facebook and questions around the election, frankly. and it's also a good issue for his base this whole idea is amazon is putting mom and pop retailers out of business. it's smart on trump's part i think at some point bezos will have to come to the table and address this if there's a void, trump will fill that void >> we'll leave it with that. quickly -- >> i just think it's also a nice swipe by the president at "the washington post. i don't think he's too happy
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with them these days. >> i was going to say, if only bezos had a way to communicate with the public through a newspaper. anyway, editorially independent. thank you very much. 20 minutes to go before the bell we've just come off the highs. nasdaq is up 1.8%. still, a nice rebound across the board to end the week, the month and the quarter. up next, some charts stechnician will tell us what stechnician will tell us what heees in those charts as w many small businesses, closd choice independent insurance agents offer special protection that could help replace or repair damaged equipment and provide lost business income.e ou
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welcome back we're closing out with strong gains. the dow up 350 points, about 100 points off the recent highs. here's a look at the 30 components of the dow jones industrial average only three are in the red, including ge, merck and verizon. leading the way on the flipside, exxon is up there and intel with 3% gains. >> despite the fact the dow and s&p are ready to snap a ten-week win streak, i'm joined by jeff de graaf very good afternoon. thank you for joining us let's dive into the overall market chart and talk us through why you think there's some bullish signals there. >> the first thing we looked for
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is some sign of indiscriminate selling. so, you get the first low. that first low is usually being driven by a high percentage of names making 20-day lows what becomes interesting to us as you make another 20-day low, as we did here, that number starts to go down. so, this is baby with the bath water. the next low, as those lows contract means people are differentiating. they'll say, i'll buy merck but i won't buy pfizer that's good. it means people aren't taking down risk wholesale, looking for opportunity. >> a lot of people have been talking about that 200-day moving average of the s&p and we're close to falling below that what's your view on that some people say it's a bearish signal you disagree. >> it's okay signal. i think it was more selling at this low because we did close -- i'm sorry, intraday we traded through it that set off a lot of stops. those stops tend to not reset themselves again as you probe that level of the
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200-day, that significance starts to go down. it's not that big of a deal to me right here. >> let's talk about the banks, along with tech, two crucial sectors over the last couple of weeks. banks you think is looking fairly attractive at this level. >> yeah. look, the banks are well-established uptrend their relative performance made new highs in the last three weeks. that's a very unusual circumstance to have relative performance with a new high and the market about ready to fall off. most recently, the lows started to spike here. you can see other points in time where that happened. it generally coincided with some type of tactical low for the group. for us, as long as the trends are strong, as long as the relative performance of the banks are strong, that's a buy signal we thought banks were a buy as of tuesday i think they're still there. >> thanks for joining us today that was jeff from renaissance macro research. >> for more on these markets, victor jones joins us from td ameritrade we just heard a lot about some of the important levels and thing going on in the market what are you hearing from clients and customers as we're
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closing out the quarter and looking to start the fresh one >> first and foremost, you take a look at the dow as well as the nasdaq this move today pulled us out of correction territory even though there's a lot of positive sentiment, you have to be acare the vix is in backwardation. even though we're seeing the vix pull back here today, that may have more to do with traders changing their pricing models over a long weekend than it does risk completely disparitying from the market. that may normalize a little on monday but a positive sign here bouncing off the 200-day moving average. our clients, millenials as well as baby boomers, have been actively engaged in these markets since the february downturn. >> now, it's interesting you say that because a couple months ago we talked about how millenials were only in the market because they wanted to trade cannabis stocks and bitcoins. >> this week i think you can't talk about the market action without talking about yields
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the 30-year bond moved from 1.44 to 1.46 handle down the curve to the ten-year, they moved from 2.85 to 2.74%. that was in the face of rather inflationary data, kelly gdp which was relatively strong yesterday and also the core pce index today move from 1.5 to 1.6% and still you have the 30-year up about 20 ticks. even more interesting, kelly, is that financials have done relatively well into the tail end of this week even with lower yields and even in the face of a flattening yield curve our clients use some of that weakness to buy into names like bank of america as well as berkshire. even goldman sachs as a potential way to benefit from the volatility we've seen over this week as we get ready to enter into a new earnings season. >> it's a bit of a head-scratcher we have those earnings around the corner victor jones, thanks for joining us. >> thank you for having me, kelly. >> victor jones from td ameritrade. just about 12, 13 minutes to go here. we're up 381 on the dow.
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about 44 on the s&p. and the nasdaq up nearly 2% today. meantime, tesla hitting some roadblocks, down more than 20% this month risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group - how the world advances. ♪ call next. stay with us "closing bell" back in a couple minutes.
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snufd welcome back to the "closing bell. art cashin stopped by to say much like the trend all week, at first there was not any strong indication on the close, but now it's flipped to the buy side, about $900 billion to buy. the dow is up over 400 points as we watch that. >> that's been a wild month for tesla, down around 23% since the beginning of march today it's getting a bit of relief reiterating that buy call on the stock. but the firm did cut its price target to $420 a share from $500 saying tesla will show meaningful progress and ramp up deliveries and could see driving more than 70% top line growth this year. there's the stock, up plus 3%. we're getting some applause here, of course. some of the u.s. olympic/paralympic team come to
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the floor. they'll be ringing the bell in about eight minutes' time. >> very cool experience. >> very cool >> always lovely to hear the very well-deserved applause for people like this we will be back shortly with the closing countdown. >> you'll walk the floor after the bell. china sending a warning to the u.s. we'll tell you what investors we'll tell you what investors need to know comin we're helping today's leading manufacturers make things that think and do automatically. imagine that, a world of new digital products and servicesg all working together for you. can i borrow the car when it's back? get ready, because we're helping leading companies see it- and see it through-with digital. ♪ you're
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welcome back to "closing bell." i'm seema modi at the nasdaq nasdaq composite up higher by 2% but not enough to help the index close in positive territory for the month. down lower by around 3%, sharply underperforming the major indices, led by the f.a.n.g. stocks, many of which have been at the center of some type of controversy, whether it be privacy or regulation. facebook on the misuse of the data markets still awaiting word as to whether ceo mark zuckerberg will testify in washington shares down 10% for the month. apple, amazon joining in the selloff. netflix slightly higher but google down for the month. one of the weaknesses is chipmakers, names like qualcomm, texas instruments and lam research lam still seeing a gain of 6% but it hasn't been a name in focus so far this week biotech also participating in the weakness that we've seen
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this month the nasdaq biotech index closing lower or on track to close lower. ipos, chinese ipos have been in focus. iqiyi lackluster debut, on track to close below its ipo price and lower by 14% this is the sixth chinese ipo for the nasdaq in 2018 kelly, back to you >> seema, thank you very much for that it is the nasdaq today, the tech-heavy nasdaq that's led markets higher up the best part of 2% slipping from its highs of 2%. the s&p and dow up more than like 1.5% today. let's zoom out it's the end of the week, month, and quarter as well. nasdaq one-week chart, down 0.5% today, will end the week up more than 1%. pretty good despite that volatility we've seen in the tech sector. zooming out to the month, we have the s&p one-month chart all three indices down about 3%,
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3.5% for the month as a whole. the s&p is the best of the three indices. the dow the worst for the month. nasdaq in between. the sector for the month, we have 9 out of 11 sectors lower for the month. in fact, 8 out of 11 are lower you can see utilities, real estate at the top, financials are near the bottom. there's definitely been an interest rate impact over the course of the month. let's look at the quarter as well we've tried to take ourselves positive for the quarter as a whole today. it's not going to happen for the s&p. the dow will be down about a percent for the s&p over the course of the quarter as a whole. the nasdaq, in fact, for the quarter will end higher. so, again, despite volatility in tech the last month, it's still higher year to date and follows a great year last year quick look at the quarter at some charts around the rest of the world. just to highlight all the volatility we've seen, all the
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negativity we've seen, international markets down for the quarter. dax down 4% for the quarter. ftse 100 down 8% for the quarter. the nikkei down 7% for the quarter as well. bob pisani joining me. see some negative moves internationally. overall despite this volatility, u.s. markets end the quarter on a positive. >> two facts number one, historic highs in january. number two, 20% earnings expectations for the quarter that's a toxic brew. when we get concerns about inflation in february, then concerns about tariffs and concerns about earnings in technology, that impacts the market 20% is an enormous expectation for earnings growth. part is the tax cuts but part is the whole global economic expansion. earnings are stretched in the technology group we have an understandable tension going on here.
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i think by and large, with the exception of a possible few tech stocks, i think we'll be okay. the numbers early on for the first quarter, the first 20 or so quarters, have been fantastic. the numbers are well above expectations there have been about 20 companies already reported the first quarter. necessity had quarters ending in february the numbers are really good. i'm hopeful once we get into the earnings season, the sentiment will turn around a little bit. >> earnings will be key. let's have a look at the ten-year over the course of the whole quarter. interestingly -- >> rates were supposed to go up. >> rates going up were one of the sparks in the market selloff and most recently it's come down and also a spark >> it's hard to get this right listen, people coming on our air have been wrong for years about the direction of the interest rate trade we were predicting interest rates will be rising people on our air five years ago. it's one of the toughest things anybody can predict. as you've noted many times, foreign buyers are interested in
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buying our bonds at 2.8% that's a big factor holding things up. >> as we bring it back today, session supported by tech. >> yes f.a.n.g. stocks stabilized, markets stabilized. >> there is the bell on this last trading day of the quarter. we're up 325 points on the dow we've just come off the highs. ringing the bell at the big board, the u.s. olympic committee, in particular some paralympic athletes. the nasdaq is digiday. that's it for the first hour kelly has the second hour. >> thank you, wilf welcome to the "closing bell." i'm kelly evans. strong session on wall street. we've gone out with more than 300-point gains. still 1.3% higher for the dow. 1.4% higher for the s&p. 1.5% higher for the nasdaq and 1% gain for the small cap russells as well that puts the nasdaq above 7,000 to close out week, the month and, yes, the quarter.
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at the dow is still around 24,159 and the s&p around 2641 it's been a tough slog for the markets. joining me to talk about this is is cnbc senior markets commentator michael santoli, stephanie and bash dorian from yorkridge wealth partners. welcome aboard i want to show you the leaders and laggards of the major averages let's begin with the dow cisco led the way with a 9% gain boeing, intel, nike, microsoft all better than 4% higher. then the flipside of the coin, the dow laggards general electric down 21% for the quarter but names like p&g and exxon and dow dupont down 12%, walmart down 11%. in the s&p 500, here's how the first three months went. let by biotech, nektar, xl,
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netflix up 48.9% here's who lagged on the s&p, l brands down 37%. a couple of energy names hard hit as well and general mills down 25% in the quarter. finally, here's how the nasdaq looked we've been talking so much about that index lately. netflix led the way, seagate and micron were also up more than 25%. amazon up 22% in the first quarter. finally, here's who did the worst over in the tech-heavy index. it was a dense slide not a good one for the dental supplier dish network down 21%. kraft heinz having a tough one tesla down 17% tesla having its worst quarter of all time. mike, there's kind of how things shook out. what does it say to you? >> on a point-to-point basis, i think if you had said to somebody three months ago, the stock market will be down 1% after 2017, rates will be up, no
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big deal up 7.5% in four weeks, down 12% and then knocking around in this choppy range since then. i feel like the market today, this week, has proven enough it's trying to get its legs underneath it. you put distance between the lows today was odd. necessity bought stocks, they bought bonds seemed like put cash across the portfolio because we ended up with a little knocked loose over the course of the past couple of months i don't necessarily know that today says much about the second quarter, but i think the market's in an okay position assuming you have that tide coming up of the eshings. >> stephanie, when we talked last hour about the market looks a little more normal than in january, which was so hot. we started out the year so strong what happens now for the second quarter? >> people forgot stocks went down in january. it was kind of sill judge. i actually think the correction very healthy i think the macro environment remains pretty good. mike, you've been talking about the indicators, maybe some of
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the economic indicators have peaked, but i still think they're quite strong i think we're in a trading range until we get to first quarters earnings then i think that bails us out i think that's when sentiment gets better, confidence comes back a little more we all feel better about investing. and i think that it's a really -- it will be an interesting tell to see who the leaders are, and i think it's going to be financials and energy because they've really lagged recently. i also think the interest rate environment has gotten overdone on the opposite side as well >> right now we've slid back where do you think the opportunity is >> i agree with stephanie that the market will come back. i think the market will end the year very strongly january, as it goes 87% of the time, the market follows i think the opportunity after this selloff is in technology. i've been in technology but the fundamentals have not changed. you've seen extraordinary buying opportunities open up like in facebook, which continues to
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have a lot of, i would say, headli headline psychological issues with it. >> but you're a buyer? >> 30% grower, i do not see their business getting derailed. if you remember google last year with their youtube issues, the child pornography, even five, six years before that google with the browser issue with cookies. these are privacy issues they get managed i think right now facebook is doing the right thing. >> some people will say, go back and look at microsoft. when the doj, justice department started too crack down on them for three years the stock was uninvestable three years at least does that worry you? >> i don't think the situation is analogous i think microsoft was a different beast and dominating facebook is working with regulators who are looking at it i think there's 37 state attorney generals looking at them interestingly, i think 43 are publicly elected that may tell you something there. but i think the kind of r regulation will be about more disclosure, more transparency, which they're working with right
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now. i think zuckerberg has finally got it you have to be out in front. >> it gave you the opportunity if you wanted the price to come down a little -- >> 21%. >> let's talk about the interest rates. the ten-year yield, get this, hit 2.74%. it slid back down today. and yet we had strong economic data this morning. initial jobless claims, how about a 45-year low. the three-month moving average, 2.8% and that's the kind of thing the bond market would pay attention but today it said, no. >> even the two-year note, the one most sensitive to the idea the fed is going to add another rate hike didn't do anything today. the yield is down a little bit i wonder if this kind of data was in the bag first of all, jobless claims have been crazy strong for months and months now. in terms of the inflation, everyone knew the statistic effects would lift it a little bit. it's still on trend. you're right, it was the dog that didn't bark today in terms of bonds not deciding to take
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that news to heart again, ahead of a three-day weekend, end of quarter. i don't know if that's too much noise where bonds sort of hovered in this one zone for so long. >> our guest last hour said the banks didn't do as badly as you would have thought gip the way the yield sank >> we went from 2.90 to 2.70-ish and the banks haven't cratered, haven't collapsed. so, there's that i think first quarter gdp is always seasonally the slowest. the same thing is going to happen this year one will be the slowest and from there we'll gradually improve. a lot has to do with the fiscal stimulus it just got cast so it's not really into those nick numbers, i don't think. maybe we're seeing this overdone on the downside on the rate side the reason rates are going down
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is because we're looking at 1% for 1q i think we'll grow from there and rates can recover. >> barbara, are you looking at banks with interest here >> not really. you know, there's too much opportunity in technology and ems whe elsewhere. the fiscal stimulus is so huge we just had tax cuts in december the big spending bill. this doesn't happen overnight. this will be a multiyear situation playing out. plus pushes recession far off into the future. >> which industrials do you think are attractive >> i think you can look at names like cat and deere, even though there's tir riff issues. i think the tariff issues we're realizing. i think some names like that that have international exposure because growth is still continuing in international economies abroad. >> let's take a look at these policies president trump was on the road earlier today and he was talking trade. americans aren't necessarily following suit we have steve liesman at headquarters with some data,
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some numbers on trade and tariffs from our exclusive all-america economic survey. >> yeah, kelly, thanks for calling this one trade troubles for trump. say that one five times fast what you see when you look at our poll of 800 americans around the country. first i want to show you this, 36% of the public when we ask about these steel and aluminum tarif tariffs, they don't know among those who know, a six-point advantage for those who oppose the tariffs compared to 29% who favor, 35% oppose them if you look inside this favorable thing, if you open it up and look at the party differential, weak support from republicans, strong opposition from democrats, independents lead towards where the democrats are on this. take a look at the next one. we take a look at the impact of tariffs. 33% say it's a negative for the u.s. economy that's all the red stuff here. 45% say, hey, it's good for steel and aluminum but talk about consumer prices. 44% understand that tariffs are bad for consumer prices.
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getting to what you were talking about, kelly, what are american attitudes towards these countries the president keeps talking about? follow the green here. the green sees them more as economic opportunities than as economic threats 62% say canada's an opportunity. 42% say mexico and 33% say china. all this green compared to when we last asked it, it's actually improved you can take a look at the next one. we compare it to our results in 2016 the percentage seeing, for example, mexico as a threat has gone down. those seeing it as an opportunity have gone up kelly, i think it's issues like this that keep a lid on the president's approval rating. as you know, is stuck in that 40% threshold. it's these policies that continue to poll not so well for the president here >> i don't know. 4% of people think canada is an economic threat. we don't talk enough about our neighbors to the north, do we, steve, in all this drama >> no, i don't think so.
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i'm reminded of that movie which was "canadian bacon" in 1995 when a president had failing approval ratings and had to stir up an invasion against canada. i don't think we're thery et but that's what it reminds me of sometimes. >> i've never even had canadian bacon. >> it's ham basically. >> and i still don't really understand what it is. >> you think the longest unprotected border in the world should be defended >> far more attention should be paid to that problem up north. steve, thank you in all seriousness, we also had the president touting an infrastructure plan today but it sounds like that's not coming until after the midterm elections. barbara, does that impact anything >> no, i think any infrastructure plan on top of the fiscal spending that's happening, particularly at this late date, late march going into april, i think it's not going to happen even if it did, infrastructure spending plays out in years. >> it's a long, long time. back on the trade front. if those tensions in front of trade and china and the u.s.
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escalate, china says it could target u.s. businesses ranging from agriculture to aircraft also mentioned autos, semiconductors and those chip stocks finished higher despite the warning by 2%. it's tough to figure out how to follow the rhetoric on this one. sometimes the market is really sensitive to it. other times it feels like it has it figured out and nothing will happen. >> i don't want to ignore it and play it down in any way, but i think what it comes down to is it seems like negotiating tactics all around, right? looks like trump -- the administration already backed out from a lot of the tariff issues with other countries, minus china. so, i think this is going to have -- it will play out the way it's going to play out i have to focus on fundamentals. i have to focus on when a stock like intel is doing the right things, trading 14% forward estimates. microsoft, cisco, some wonderful technology companies that are still very cheap and not as controversial as f.a.n.g., i kind of feel like those are the areas i want to pick at on the
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weakness i may not catch the bottom - >> they were positive today. >> they were didn't feel so good yesterday or last friday. but that's the nature of the market i think you have to buy when it feels really bad it felt really bad over the last couple of days as barbara said, it's the earnings that will come through. i think eventually when people return to sectors and stocks they'll go to the strong ones. that's why i'm trying to find the strong leaders. >> mike, what do you think >> it's interesting. the trade stuff is always under negotiation. there's always a give and take so, what the president's done has surfaced all this stuff. i think when you look at the survey results, it almost made people feel like they needed to defend the concept of free trays. they say, i oppose the tariff thing. i think the sooner the issue goes back below the surface, it's probably better but it is kind of interesting the way china came back and said, oh, you want us to buy more of your stuff let's give you some sensitive technology. >> which we know they're ig eager to get their hands on.
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barbara, any chance good comes out of this when we look at the u.s./korea trade agreement just signed >> looked like some good will come out of it you know these things can escalate that's obviously what triggered the correction if we engage in a trade war, all bets are off the eu was saying, we're going after kentucky bourbon, go after this, go after that. but i think it looks like it's leading to some positive negotiation, which could be quite useful. >> may explain why the market is getting its head around it, too. thank you for joining us today have a great long weekend. stephanie and barbara. there's a lot more still to come on the "closing bell. >> announcer: next, fiery words from a long-time retail executive for amazon see why one of the biggest names in the business says it's time for the internet giant to undergo massive changes. plus, much more on a wild week for the markets as we end q1 and look forward to the second quarter.
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welcome back shares of amazon turned around, finishing higher by 1% after the president reiterated its criticism of the tech giant in a tweet. he said, quote, i stated my concerns with amazon long before the election unlike others, they pay no taxes to state and local governments, use their postal service as their delivery boy, causing a tremendous loss to the u.s. and putting many thousands of retailers out of business. that was the president's tweet what should ceo jeff bezos do about the president coming after his company? joining us is bill simon, former president and ceo of walmart u.s. and jerry storage, former of toys "r" us, hudson bay and he founded target.com and in '01 made a deal with jeff bezos and amazon anything else we should mention? >> and ceo of stoich advisers. >> jerry, we'll start with you first of all, how real the tret is to amazon and how jeff should
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handle it? >> i don't think it's a threat anymore. jeff did a fantastic job building that business he did take advantage of the tax policy in place at the time. one issue good for jeff. the other issue, is it good for the country, proper public policy it's based on a supreme court decision that came down three years before jeff shipped his first book it's an antiquated decision, it shouldn't matter where something is sold or how it's sold state taxes should be paid unless you want to beg or main street and put retailers out of business. >> the curious thing about this is amazon, for it isthe most pa collect taxes but the businesses - >> it's not a big issue for first-party sales on amazon. half their sales are through the marketplace, not collecting tax, and they should. >> right but it's the small businesses who are going to get -- not all of them are small but a lot -- any third-party merchant on
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amazon, if they're forced -- my point is, if that's what this issue comes down to and how it's resolved, how does that affect amazon's business? it probably helps them it will make amazon's offerings cheaper than the third-party offerings. >> not really because they collect taxes, too they should collect taxes on everything they sell just like everyone else in the world does. that's the correct way to do it. old arguments don't apply anymore. if you read that supreme court decision, it was based on the commerce clause in the constitution, how difficult it was to collect sales taxes, things that don't apply anymore. and at that point, e-commerce was nothing. it was zero. now it's taken over the whole economy. you can't pay for roads, schools, goes down that path. >> i see here you think congress should simply split amazon up. is that right? >> i think they should look at it i think for a long time amazon has operated the retail business certainly at a loss and continues to do that to this
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day. they've done it over 20 years. they subsidized the retail business with profits from web services that's like exxon deciding to sink their profits from the oil business to destroy the restaurant industry in the u.s it's anti-competitive. it's predatory and it's not right. you see what's happened to toys "r" us and department stores, jcpenney is in trouble and you see those segments struggling. that's because amazon sells below cost and continues to do that in an industry and it's destroying jobs and destroying value in the segment >> bill, long before amazon web services was really a material contributor to amazon, they ran the retail business. they ran it at or below cost the stock market allowed them to do it. kept financing it. why wouldn't that be the case
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if, in fact, aws hasn't grown? i don't know why we directly know it's a direct subsidy >> it could be let's let it stand on its own and see if investors allow it to continue to grow at no profit at the rate it's been growing it's easier to do when it was growing from $2 billion to $5 billion. now that it's $140 billion and grown in a way that's been subsidized, or at least subsidized from an investor perspective, let's let it stand alone and see if investors want to continue to buy that business that continues to lose money at $100 billion or $150 billion i don't think that will be the case the growth will slow, investment will go and wouldn't be trading at $1500. >> do you think they ought to be broken up? >> i think it's a difficult question i think the playing field should be level for everyone. that hasn't been true in the past i will say building on what bill just said, amazon has a lot more power than what people realize
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not only is it by far the largest e-commerce retailer but today over half of all searches for product purchases begin and end on amazon. google is not as important as it is forsearches if you want to play on the internet, you have to view your chief competitor, amazon, also as a ally. you have to figure out a deal with amazon so you appear on amazon.com as well as your own website. >> what do you think we should watch in terms of washington the president is not going to put this out there and not do anything. >> it's been a long time since regulators, since the government said bigness itself is the problem. the standard oil thing, they just were too large in this -- maybe ibm also back in the '50s, '60s i think there's a big high hurdle for that particular judgment i wonder if it will be more around the edges whether it's the collection of third-party -- or having to have
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other companies web search on an arm's-length basis equal to yours -- >> i say this is complicated i'm not there yet. i would say there's a whole evolving bunny of literature and discourse where you deal with more vertical situations like the at&t/time warner merger. that's what you had with amazon whole foods. and that didn't even get a look. >> it's not consistent yet but, you know, the retail guys hate amazon. i get it bill -- >> it's hard to show consumer harm. >> i think he's a revolutionary who changed the world so i think he's amazing. >> they also say that about musk, too but the company will be out of money. thank you very much. bill simon, jerry, thank you for joining us today. the gains in the market we saw were not enough for the dow and s&p's first quarterly loss since 2015 we'll check in with our "closing we'll check in with our "closing bell" investment club an
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here's a look at how we finished on wall street. for the day was up 150 points, nasdaq added 1.5%. s&p was up to 7,63 and russell up 1% as well. let's get to sue herera for a news update. >> here's what's happening at this hour. the flu season is winding down but public health experts are already preparing for next year.
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production is under way for next season's flu vaccine one official says advancing the vaccine technology is critical >> you want to make the body make a response against the part of the virus that doesn't change from season to season. we know there's a part of the virus that always drifts or changes from season to season. we want to make a vaccine that induces a response to a part of the virus that doesn't change. >> otherwise known as a universal vaccine. human rights lawyer, amalclooney joining the legal team of two reuters reporters accused of possessing secret government papers. the two had been reporting on the killy of rohingya muslim men during an army crackdown. for the first time an nfl team will have male cheerleaders quentin perrone were named to the los angeles rams squad they will be the first to perform the same routine as
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female dancers they are both classically trained dancers. you're up to date. that's the news update this hour back downtown to you. >> when are they going to let women play football? >> well, they do on some high school levels. i don't know in the nfl. we'll be waiting a while for that. >> it's a disgrace yes, i think so, too and i'm completely kidding thank you, sue. >> i know you are. >> have a great weekend. >> sue herera. the dow and s&p broke a nine-quarter win streak but the nasdaq gained up for the seventh straight quarter has been main street been handling this volatility it's time for our "closing bell" investment club. welcome to you both. a lot of ups and downs what moves are you making? >> i'm holding right now i'm not making too many moves. every time i turn around it's up 200 points and then down 150 points since i've investing on a budget, i'm not sure what to do
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so i'm in a holding pattern with my portfolio. >> wayne, what about you >> i'm in a holding pattern. about two-third cash and one-third holding stocks like apple, amd and nxpi. you know, it's crazy i'm waiting for a good time to buy back in but that's so hard to predict. >> wayne, two-thirds cash. what would be your target in terms of an equity allocation longer term if you did see either prices come down or somehow things get clearer for you? >> i think maybe two-thirds stock and one-third cash i'm willing to put a third more back on the table -- back into the market, but it's just a matter of -- and putting it back in the market in stock options more than just buying into stocks i lookforward to doing that during the upcoming earnings season that's my short-move. >> is that if there's weakness during that earnings season or how will you - >> yes, preferably when there's weakness a great day to buy into stock options like that is when
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there's a very, very bad day on the market in the midst of earnings season. if you can buy stock options on those days, that's the kind of thing i'm looking forward to make my move. >> beel see if you get your opening. we see some names you like is redmond, marathon. >> i'm looking at those -- two of those are dividend strong i like -- if you looked at the shows in the past, you'll see that i love dividend stocks. for this reason, the volatility of the market is so up and down, i still get my dividends and coming out on top whereas the negative is? a positive or negative side. >> what do you do when we have a slide all of a sudden we're down and it feels relentless to sell or do something to account for that do you have price levels you're watching to exit these stocks? do you have a shopping list of names you'd like to buy if they fall further how does that work for you
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>> well i keep looking in pharmaceuticals. i always stay with my eye on reits, which is redwood. i love those sectors oil and gas, i said last time, those are big for me >> real quickly, guys, wayne, how do you feel about facebook, some of these f.a.n.g. names lately >> it's funny. my coworker asked me to be prepared for that question before i came in here so i got a practice run with him. basically -- >> does he want a job in tv? no, go ahead >> i'm kind of had -- you know, i never got into social media stocks, so with that one, it's been long overdue, a significant pullback this is probably going to be the beginning of a tougher time going guard for that stock i'm still not going to get into it, but it's interesting watching how it all plays out. >> yeah. you're avoiding it what about you >> i'm avoiding it, too. i still have nightmares from snap, when i got into that, so
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facebook i'm just going to keep it on the sideline with snap >> oh, man that nightmare from snap >> i had mine also with snap >> oh, man both of you. >> yeah. >> got burned. all right. so you're both out of it then? you're screaming - >> yep >> thank you for your time, guys it's always good to hear your thoughts the dow and s&p did snap a nine-quarter winning streak. what about the second quarter? is more volatility ahead the "fast money" traders join us with their top ideas for q2 after this from q2 to hq2 the race continues by america ti tcauramon's second headquarters. the latest edition of our series pits the big apple against
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stock futures are marching higher but the dow is looking at losses of more than 4% for the month. >> i think rotation is good for the market, so i think we're going to see a much calmer second quarter than we did on the first quarter. >> apple ceo tim cook slamming facebook over data privacy in an exclusive interview with msnbc.
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>> the truth is, we could make a ton of money if we monetized our customer if our customer was our product, we could make a ton of money we've elected not to do that >> also in facebook news, cutting ties with exper yan and axiom as those companies provide targeted user data to users. >> president trump slamming amazon again tweeting about how little it pays in taxes and how it hurts other retailers. >> strong session on wall street today. gone out with a more than 300-point gain still 1.3% higher for the dow. >> we were just talking about this but we have a big move on the bell we went up from 311 but only up 254. >> there was obviously a lot of order stacked at the end and it did pressure things. >> usually moves around a couple points that's one of the bigger moves
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we've seen in quite some time. now, with this volatile first quarter wrapping up, it's time to think about second quarter trades joining us with their top moves are "fast money" traders pete najarian and guy adami welcome to both of you >> i thought you said wait >> no, we were saying hi >> wave, hello second quarter, we're about to start it guy, what do you think >> health care health care, health care now, pedro will talk about tech and financials health care has been under the radar screen i think the cross-hairs of the administration are off health care valuations are compelling. if you look the last couple of days on what's been a dicey tape until today, big cap pharma has done okay. the second quarter, say it, pete. >> health care. >> health care >> pete, what do you say >> you know, guy, i do like technology i'm going to get more specific and say cloud technology what are the stocks i like
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microsoft, absolutely love them. salesforce, love that as well. also ibm that's that secret name. six years it took them finally they're showing revenue growth and why because of where they're working to grow. they're doing it in the right spot it's in the cloud. i like those names i like the financials as well, kelly. quite frankly, a lot of guys like to bash against it. they all look at the ten-year. get concerned over these things. i still look at what happened last quarter when we saw where we had been stuck for a long time in terms of the ten-year, right? look at the quarters they put up i think this quarter will be even better because we'll finally have trading volumes that returned and volatility. >> fair enough i'm going to throw you a curveball in honor of opening day. yes. we're going to get news -- we got news on a data hack. i would love you to react for us but first to morgan brennan with the story. >> that's right. under armour disclosing users of my fitness pal, the food and nutrition app and website has experienced a data security
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issue. it says this happened back in late february 2018 it's affecting the user accounts of 150 million people. what's been impacted, user name, e-mail addresses, hashed passwords. what's not been impacted, government-issued identifiers because the company doesn't collect that users, payment card data was not affected because it's collected and processed separately but, again, data security issue here with under armour's my fitness pal that affects 150 million users. back over to you ed >> morgan, do you know with that, does my fitness pal own map my run >> i don't know the answer to that. >> i don't know. it's very much like that >> i don't know if it's -- >> -- that type of a feature. >> under armour also owns it but i don't -- >> yeah, i think it was acquired that whole operation was - >> every time i log in it's under armour advertising all over the place the shares of the company are down 2%. morgan, thank you. since guy and peter are still with us, hopefully standing by
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there, you know, it is another -- it's another problem for under armour here to deal with they've had their fair share. >> it's another problem for under armour where i go off that story is technology why do i say that? security what did mark zuckerberg talk about recently is the payments and how much money they're putting into security. how much hiring they're doing with security as well. so, those names that i mentioned, all those names have exposure in that area you can go to some of those names but i like salesforce, ibm. >> 100%. intel bought a cyber security firm. >> huge, huge. >> it's shocking to me, and probably pedro here to my left, that these stocks haven't done better than they have. you're in the sweet spot of cyber security names the one that really sticks out to me in terms of potential for a takeout would be fire eye. i know it's been difficult lately, but feye gets you done notice the way pete and i are standing, by the way we got a little bob pisani >> you guys could be nfl
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cheerleaders you got that stance going on >> she's right the rams, right? >> the men, the new men. professional dancers i'm saying, you have the stance. anyway - >> yeah, we got it >> i think pete could throw guy up in the air. >> i could hold you. >> we'd like to see that yeah, beautiful. guys, thank you both very much guy adami, pete najarian and a lot more coming up on "fast money" at 5:00 p.m. today. shares of amazon turned around to close higher by about 1% they fell earlier in the session when the president criticized the company in a tweet up next, our dash for amazon series continues today's match-up, pe'soste bton today's match-up, pe'soste bton against th we're helping today's leading life sciences companies go beyond developing prescriptions to offering subscriptions with personalized, real-time advice for life-long, healthy livingi
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welcome back back in january amazon narrowed down candidates for second headquarters to 20 cities and regions. we've turned to the mayors, ceos and local celebrities from those cities to make their elevator pitch for hq2. 14 cities have posted their videos and they'll be on online and you can vote for your favorite cities. in the coming weeks our cities will go head-to-head on tuesdays and thursdays until the voting whittles the list down to the final four last week we had you pick between pittsburgh and philadelphia and your votes are in hey, here we go. even though both of our judges chose philly, mike, 75% of our viewers chose pittsburgh
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so, the iron city is heading into the next round. >> i'm not going to take credit for that. >> were you wanting -- >> i picked them >> now, for round three. we have one of the ultimate rivalries, new york is facing off against boston so, let's get to new york first with new york deputy mayor alicia glenn >> new york is a global capital of commerce, culture and innovation this is where tech, advanced manufacturing, entertainment, all the sectors where amazon is growing its business collide to create new ideas and to fuel that cycle of innovation, we have the biggest, most dynamic and diverse pool of talent in the nation there are more than 2.3 million new yorkers with a bachelor's degree trust me when i tell you that's more than d.c., boston, san francisco combined we have an incredible array of colleges, universities and boot camps that can train the ready to work talent that technology firms like amazon need on top of all that, we're new york city where you can walk, bike, subway or take a ferry
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between incredible neighborhoods. we're the best in food, fashion, culture, apart of our funky dna. >> i love how new york also has the best production values of anyone we've seen so far. >> the whole film office. >> exactly let's see how boston does. david from bar stool sports does the honors >> i heard amazon is deciding where to put their new headquarters a bunch of big cities, new york, chicago, whatever. i moved my company from boston to new york. biggest mistake i've ever done in my life new york is a cesspool you can't even see the sky everyone's miserable see this weather, rain, 24/7 you can't go anywhere without seeing flashing lights boston is beautiful parks, grass. it's always beautiful out. the people are in a great mood the sports teams win, unlike here there's a no-brainer
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the biggest mistake i've ever done is move bar stool sports from the hub of the universe to this trash city. if amazon knew what they were doing, they wouldn't make the same mistake i did boston is a no-brainer i can't wait to get back that's coming from a guy who made the worst mistake ever. boston or nowhere. >> totally not credible doing it from new york. love it's on the iphone. i think these negative pitches might be my new favorite thing here we should have a whole thing going with these attacking new york. >> should be a takedown. >> that's half -- there should be a takedown contest. now that we've heard the pitches, let's bring in our panel of judges. we asked them each to rate these pitches based on tax incentives offers, fundamentals and x-factor joining us is mayor of stonecrest, georgia, who made a bid for amazon and former texas state senator. mayor, we'll start with you. who wins this one for you? >> oh, hands down, new york wins
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this let me tell you, as far as boston is concerned. i used to live in boston working for emc corporation. beautiful town they take this person and their one-minute of fame and kill it they talk about new york didn't say anything about boston whatsoever unbelievable so - >> he said their teams win, jason. >> terrible. new york, hands down. >> sore spot for new yorkers lately wendy, what about you? >> with all due respect to the mayor, i have to come down in favor of boston. the challenge that new york is facing, not only the high cost of living there, but the fact they really have not wanted to offer any special tax incentives for hq2 to be there, they also had a problem just a few hours after being announced as one of the 20 finalists that mayor de blasio talking about the destructive force that amazon has had on communities that's sort of where the left meets the right with what
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president trump has been saying lately and boston, of course, is willing to put a lot of money forward. they gave $150 million in tax incentives for ge to be there. they have a very talented workforce. and i think they're going to be extremely aggressive about trying to bring amazon's hq2. >> you tonight want it here. you want boston to win. >> i do, yeah. i think that the new york brand is you come here because you are drawn here, not because we asked you to come. >> mayor, what do you think? is new york -- does new york really need amazon >> well, it is a matter of desire probably more so than need and what they did that was smart is they talked about what they had with regards to their offerings. transportation, talent, education. those are the things that amazon
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was looking for. and the pitch man from boston didn't do that >> all right well, it's a tie between new york and boston with our judges although we'll kind of throw mike into the boston category. we thank you both for joining us jason larry and wendy davis. you can cast your vote for your favorite city and dash for amazon.cnbc.com. tell us who you think should come out there is much more ahead on the markets as we close out the quarter after this break the facebook fallout continues but we have an analyst to tell but we have an analyst to tell us mvo: we had support from the interfaith groups, but we have an analyst to tell us the synagogue, the churches. ♪ why when disaster strikes to one,
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we all get together and support each other. that's the nature of humanity. ♪ i'll stand by you. ♪ i'll stand by you. ♪ and i'll never desert you. h ♪ i'll stand by you. social media giant
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fox news host laura ingraham
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is losing advertisers after tweet being a student who survived the parkland school shooting sue herera is following the story. >> it is exploding on social media. the conservetive television and radio host laura ingraham facing a boycott and growing outrage after mocking parkland shooting survivor david hogg over his college rejections a number of advertisers pulled their support from the show and the list is growing. here's her first initial tweet, which drew condemnation from a wide group of people david hogg rejected by four colleges which he applied and whined about it. totally predictable given acceptance rates hogg asked his twitter followers to contact ingram's sponsors wayfair has pulled, trip adviser, expedia, necessarily and knew trish
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after ingram was urged to apologize hogg weighed in. a 100% agree an apollee and an evident just to save your advertisers is not enough. i will accept your apology if your denounce the way your network has treat made friends ingram is backing before, but this was after a number of advertisers said she should no longer support her show. any student should be proud of a 4.2 gpa. on reflection, in the spirit of holy week, i apologize for any upset or hurt my tweet caused him.
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immediately after that horrific shooting and -- cnbc reached out to the sponsors of ms. ingram's show we are waiting for comments from some of them but we have showed you those who pulled their support at this point. but the tweets, back to laura i think a ram, kelly, have been vicious. you are up to date we will see what other advertisers decide to stay or decide to go. >> they know that's how to put on the pressure. go to the advertisers. hey. pass please. i'm here to fix the elevator. nothing's wrong with the elevator. sue, what new guy? watson. ♪ ♪ my analysis of sensor and maintenance data indicates elevator 3 will malfunction in 2 days. >>
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♪ at&t gives you more for your thing. >> we'll be right back here on the "closing bell. >> we'll be right back here on ♪ introducing the samsung galaxy s9 with low light camera. now 50% off. more for your thing. that's our thing. but prevagen helps your brain with an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory.
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chip maker nvidia's stock dropped sharply this week after the company said it would temporarily suspend self driving testing on public roads in the wake of uber's fatal crash jim cramer saturday down with nvidia's ceo tonight for "mad money. >> nvidia's technology is an open platform. uber developed their own sensing and driving applications and software we want to make sure that we take a moment, wait until they do their investigation and learn what we can learn from them. but their technology and our technology is completely different. >> and that's a sound byte from the future you can catch the full interview tonight on "mad money" at 6:00 p.m. eastern mike, how do you think we are setting up now as we enter the long weekend and come back. >> tentatively it looks like the
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people think the month and the market can open in okay condition. april is seasonally strong there hasn't been an april recently that has had a big downside maybe that's a benefit i still think the market has a 2 or 3% upside before you can say this is more than a bounce right here. >> enjoy your time off that does it for "closing bell," everybody. "fast money" starts now. >> "fast money" starts right now live from the nasdaq market site overlooking new york city's times square i'm melissa lee. traders on the panel today -- pete najarian, tim seymour, brian brian, and guy adami tonight on fast, it is crypto hell with bitcoin having its worst quarter since 2011 there is one coin brine kelly says is going to the moon. it's not bitcoin he will tell us what this is. >> the top analysts on wall street coming out and saying this might be your best chance to buy facebook, the social media giant despite the controversy. firs

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