Power lunch starts right now with two hours to go, here is where we stand with the markets. S p and nasdaq hitting record highs to close out the week. Nasdaq better than 1 . Alphabets power move behind that rally stock of double digits best day in years kelly. Thank you we are a week away from the decision of a rate cut the National White house economic adviser larry kudlow saying it is a miracle the economy is growing at all given years of monetary tightening mr. Liesman is here. Other parts of the economy reverse the strength of the First Quarter. Lets look at the details. We were looking for 1. 81 consumer is 4. 3. Best member since 2017 and powered by durable you see federal spending up 7. 9 Business Investment and exports were negative. In fact, i want to show you the reversal of everything strong went the other Way Investment positive in the first. Inventory. You see the consumer the contribution to gdp. Less than 1 to less than 3 that is a very big number. Here are the july probabilities after all the data the fed future markets puts it in the hopper. Still 100 chance of a rate cut next week. 83 of a 25 base and 17 chance of the 50 the cut with inflation in the report running below the fed target is enough for the fed to cut next week. There is enough that the fed hadnt already promised to cut we would not expect lower rates next week. If you said 2. 1 gdp. 3. 7 on unemployment. Retail was good. Durable goods. You wouldnt say the fed would cut. Concerns of Capital Spending they will be like the post man shall keep them from appointed round. Steve liesman, thank you. Larry kudlow weighs in on the concern of the dollar. Foreign countries may be manipulating their own currency lower to gain shortterm temporary trade. Kayla tausche joins us from washington with fresh details on the feisty white house meeting kayla, fill us in. What mr. Kudlow said feels like distinction with little difference reporter the meeting was focused on currency and debate over whether to devalue the dollar a presentation by Peter Navarro in the administration. Among the proposals he put forth were capital controls to weaken the dollar and potentially active job owning by u. S. Officials to drive the dollar lower. The outcome of the meeting as kudlow confirmed was not to do anything not to have a concerted currency policy change at this point. Even so, one official said it was President Trump who shut navarro down another said it was Thomas Phillipson among the chorus of every other official in the room, kudlow and Steve Mnuchin and lighthizer and moore they signalled they would be open to a softer dollar policy kudlow changed his stance and secretary mnuchin where he said on squawk box i will not advocate a weaker dollar policy during my time nearterm as treasury secretary that being said, we know the president is tweeting about the frustrations with the trade deficit and the stronger dollar contributes to that. Im told he has been asking officials for more than a year to find solutions for how to fix that antiinterventionist feel they won this week, but worry how lo long they can keep navarro and the president at bay thank you, kayla we appreciate your reporting sounds like a hulabaloo in the west wing. Reporter certainly we know the policy debates often reach a fever pitch. No more critical point than right now with china trade talk set to take place next week. We know President Trump has some envy of sorts for the economic power that president xi wields he is his own fed chair and he holds the strings there. We know he is envious of that and ahead of the fed meeting next week where perhaps a rate cut soften the dollar a little bit for the administration. Kayla, thank you. Lets dig deeper on this and what investors should steel in the week ahead we have peter bookbarr peter, lets get your reaction to what kayla just reported. Is the president for a weaker dollar or not . He is he tweeted about it. He sort of feels he is competing against everyone else trying to weaken their currency. We are all in the weaken currency hall of fame here fed had three rounds of zero Interest Rates were all hypocrites when it comes to who is not manipulating and who is whether they verbally do it or at the bank. Do you agree with that, steve . I am what are you doing over there . Im looking at the dollar to see if it is moving. I think the news that Kayla Tausche just reported cant be under scored a meeting in the white house where a senior white house adviser made a presentation to the president about different methods for weakening the dollar lets not be numbed by all thats happened in the last two years and lose the incredible nature of that the idea of capital control presented at a Cabinet Meeting to the president of the United States is it striking to you because it is not a strong dollar point of view or striking because of the intervention considered at all . It is tryiis striking for tw reasons. It is allowed to be presented at the Cabinet Meeting and actively under consideration. The second thing is the president has shown he acts on a whim if the idea this is in front of him like an article was presented to him about steven moore and decided to appoint steven moore to the Federal Reserve before the vetting process. This confirms the discussion that is out on wall street there have been a bunch of papers out there one who apparently decided against this today today. That presentation that kayla just reported. Even happened at all is striking news peter i agree lets put it in perspective. The dollar index and dollar trade index is no higher than 2015 we are a consumer dependent economy. Purchasing power is important to the consumer dependent economy weakening the dollar is nonsensical. I want to say one more thing for the better part of 20 or 30 years, we had a strong dollar policy that served the country reasonably well. There are probably as Many Companies that do well with the strong dollar as do well with the weak dollar. We have not really targeted the currency as a fiscal matter. Whether or not it is a Monetary Policy matter. Different story. One last point. We rely on foreign investment. We have budget deficits. Trade deficits we need that money to come here. If you weaken the dollar, that money doesnt come here and you will see higher Interest Rates as a result. Lets fast forward into next week i assume you are in the camp that says the market has already discounted an Interest Rate cut. Well, yeah. The market clearly has yeah. And then there are earnings. They discounted all of the news on earnings . They are beginning to because we came into the earnings season where this would be the beginning of the earnings recession which was supposed to be last earnings season. We had good surprises to the u up side. Not just because the barrier was brought down low, but good earnings and good guidance and revenue growth. What are you figuring in for the dollar think about the industrials. Think about the fed. It is not clear if that is supposed to make the dollar stronger or weaker at this point. It is interesting if chairman powell were to surprise the market with a 50 basis cut point. Lets say he and his cohorts shutout and they go ahead with 50 base points the dollar will weaken in open markets, as long as we have better economic data, the market brings the dollar back up what you hope for and what the president would like to have and would be great for the president to have a weaker dollar and stronger economy that is if the rest of the world, steve, starts to do better people want the dollar when Everything Else is bad by comparison. Two things we know. One is the rules are different for the World Reserve currency and two we dont know what the rules are. Gre Alan Greenspan put it best no factor to predict the value of the currency that does a better job than the flip of a coin we had a round table discussion with the fed he says the Research Shows we cant really manipulate the currency if we wanted. If you are a small country and you have a big budget deficit and reduce that deficit, you can raise your currency. We are america we are the reserve currency. We could try to not give dollars to people. People could still want those dollars and could lowers this prices to get them it is not something we necessarily control. Look at the experience of the swiss. Swiss national bank. Negative 75 points they have been doing it for years. Swiss franc continues to weaken. In terms of driving economic growth, euro from 140 to 110 how is European Growth how is the German Economy doing . That is dependent on exports. Peter, germany was the country that initially as everything started under no conditions are you going to do anything to weaken this currency we remember this is an anniversary of the whatever it takes and then you have the anniversary of the negative Interest Rates by that time germany was gre grateful for it. And the head of ifo actually said tells you germany now is very happy to bring down that euro against other currency. Their economy is so weak. Exactly. To make this investable, what are people supposed to do . Do the currency fluctuations mean you shouldnt have exposure to equity in other Council Industrie countries . Do you want exposure yesterday before the market got obsessed where he said we are close to recession you noticed banks are doing an. The fact is that today we had good earnings out of europe. You can be selective in the u. S. And weaker dollar will help the industrials. Also the fact a stronger dollar. Small and midcap if our country is doing well should be the ben efficie ben efficiefi beneficiary. Thank you apple planting seeds to grow the 5g we will explain that and bitcoins gains have been big then you wont believe which stock is climbing nearly ten times faster that and much more in das toy tasting menu dear tec lets talk. Dear tec we have a pretty good relationship. Youve done a lot of good for the world. But i feel like you have the potential to do so much more. Can we build ai without bias . How do we bake security into everything we do . We need tech that helps people understand each other. That understands my business. Weve got some work to do. And we need your help. We need your support. Lets expect more from technology. Lets put smart to work. I went straight to ctca. After my mastectomy, i felt like part of my identity was being taken away. My team made me feel whole again. Cancer Treatment Centers of america. Appointments available now. Welcome back apple making 1 billion bet on 5 5g with the purchase of intel chip component it could be a game changer for the stock. Lets bring in Mitch Steeves and steve kovak. He is saying apple may have lost the battle, but paid intel 1 billion to win the war that is the optimistic view that any would take about the outcome. Apple lost the court battle with calm kwa qualcomm they pulled out and said to apple were happy to have you take it. Why is this so significant for apple in the long run . Think back to the qualcomm settlement in april. They had four options of what to do if they wanted to get to 5g they could settle, swallow their pride or settle with qualcomminl they are known for making me mos they could go to huawei. They could wait and start from scratch. The competitors and samsung is putting out 5g phones. This is the best thing to do settle with qualcomm longer term, apple is a big proponent of doing everything they can inhouse to make their processors in house. Thats hugely successful better processors than anyone in the mobile space same for modems. Mitch, how successful is apple for the longer term and what does it mean for the competition . You have to bet on apple a little bit they have done this before they designed the chip which is a Power Management side. One thing im concerned is Power Management ic and 5g is not same game you cannot guarantee they will successfully create a smartphone modem. You will say they invest significantly into it. Qualcomm has 60 of the 4g market and now significantly similar share in the 5g market now that Business Model is at risk qualcomm is flat tells you something if apple is able to create a high quality modem. How, steve, will apple win the war . What will winning mean they have plenty of runway. Winning means divorcing from qualcomm and not pay unfair royalty and licensing fees they have plenty of runway this deal gives them several years to figure it out they have a twoyear renewal they have a good head start and foundation with the 2,000 intel employees and patents. That gives them a good hestart. What does this mean for the Chip Companies i think it means a chip stock will compete more. Chip Companies Compete more. You have Hardware Companies entering the chip space. That will mean more money going to design companies. It means that now more different issues on the chip side. That is an incorrect assumption. Now you see everybody competing to create the best chip. That is good for chips in general. In terms of the merger, that doesnt change the outlook of smartpho smartphones. This news is good for chips. It means it is becoming less and less comodotized over time. Guys, thanks. Mitch and steve. I appreciate it very much. Mcdonalds beat earnings investors are loving it, but what is the best fast odfo stock to order for your portfolio . We will trade that one next. Woman my reputation was trashed online. I felt completely helpless. My entire career and business were in jeopardy. I called reputation defender. They were able to restore my good name. If you are under attack, i recommend calling reputation defender. Vo theres more negativity online than ever. Reputation defender ensures that when people check you out, theyll find more of the truth, not trash. If you have search results that are wrong or unfair, visit reputationdefender. Com or call 18778668555. Welcome back to power lunch. Investorss hungry for consumer plays. Up double digits this year a trading nation team. Steve, obviously the Discretionary Spending side of the u. S. Economy especially on smaller ticket items has been a strong piece of the economy. I guess the question is whether the market is figured this out and stocks so strong or can you still play them . Mike, i think the headline here is the consumer is unshakeable. We saw it in the gdp report. Waging rises gas prices are cheap asset prices are high. As long as the factors are in place, the consumers show up you look at the stocks whether it is the kiosks or allday breakfast at mcdonalds or Healthy Options at chipotle this is relevant and being more efficient on the cost side the best bet in the market is the u. S. Consumer. Bill, is this the way to capture that strength in the u. S. Consumer . You see mcdonalds with a flawless quarter stock is up, but not flying today. I wonder how it sets up with risk reward. Omentum. These are moon shot charts you have the technology and consumer you know i want to play devils advocate looking at starbucks and right there at starbucks, look at the adx. We are hitting a point where the adx tells you how well a stock is trending is hitting a point in which it has chuexhausted ine past i want to be cautious. Looking at chipotle, it is not a breakout, but adx overhead you have a trend line with the adx. I like the charts. A lot of momentum. I am cautious. You dont want fear of missing out. That is a chart for chipotle over five years. Bill and steve, thank you very much for more trading nation, go to our web site or follow us on twitter. Kelly. Mike, thanks ahead here three Tech Companies reporting alphabet and twitter and amazon. And veteran boot camp. Training to help find them jobs. Knock, knock, we are visiting a power house with a gold front door. All this when power lunch returns. The latest from trading nation and word from our sponsor. 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Howd he get out . a camera might figure it out. That was easy glad i could help. At xfinity, were here to make life simple. Easy. Awesome. So come ask, shop, discover at your xfinity store today. Welcome back im sue herrera. House Speaker Nancy Pelosi telling reporters she does not think she and representative alexandria ocasiocortez have many differences the two met this morning in washington we had a good meeting the congresswoman is a very gracious member of congress. We had a very positive conversation about our districts and how we represent them. Our country and how we need to meet the needs. Protesters in hong kong took to the airport demonstrators dressed in all black and filled the arrival hall at the airport where they greeted visitors with banners. Talk about wild weather. Todays stage of the Tour De France was halted by a popup hail storm which made the course unsafe for racing. The race was stopped when snow and hail were spotted on the road downhill from the riders. A bulldozer had to be brought in on the other side of france, it was more than 100 degrees macing in europe that is the news update. Back to you. 109 yesterday in paris. Absolutely. Crazy weather. Really crazy. Sue, thank you lets look at the markets. The s p and nasdaq on track to end the week in the green. The nasdaq is the big winner up more than 2 for the week. Up better than 1 today. Lets talk about delivering. U. P. S. Having the best week ever earnings getting a boost from the rise of ecommerce up 17 making it the top s p 500 performer for this week in july. Kelly. Tyler, thanks. Alphabet is having the best day in four years after strong quarterly rules. The cfo spoke with josh lipton josh, shares are up 10 today. Shaking that off you are here with more kelly, clearly investors focused on what is going right for alphabet the Company Faces real potential challenges ahead like increasing regulatory scrutiny. The cfo doesnt dismiss that but suggested to me the company is prepared for it. Saying we are already subject to oversight in a number of areas this is not new. Competition or copyright or intellectual an prope property. Google disclosing the Cloud Business on track to rake in more than 8 billion annually. Is the Company Building out more porat said we recognize that acquisitions can be additive we are open to them where they make sense i asked about the peter thiel comments where they should be investigated because it is working with the Chinese Military a charge google denies she did not respond. Back to you. Thank you, josh. Lets hit the top tech stories from the power rundown alphabet surge twitter is soaring too amazon stumbling just a bit we have anthony joining us from aegis capital. Ageless victor is with us. Thank you. Lets start with alphabet. What did you see in this report . I note that one of your colleagues laura martin said the company should proactively break itself up. Something we were talking about here yesterday. Okay. First of all, the First Quarter numbers when they missed expectatio expectations, they are worried if google faded. That was refuted with the numbers yesterday with the growth in almost all line items. That is juicing the stock today after the announcement of the bigger buyback the bigger buyback. More sko tho than the buyback i Cloud Business investors were pushing alphabet to provide more disclosure on the Cloud Business they gave us the Cloud Business. It is 8 billion run rate. They gave us that number in 2017. A buy and price target of 1375 i dont know where it is today i lost the quote lets move to twitter. There is alphabet at 1251. You have 1375. Another 10 from here. Yeah. Yeah its an up side. Lets move to twitter it knocked it out of the park. It did. Up side in revenue i think this is the continuation of the fundamental improvement in the platform. Investment s twitter has been making with the leveraging ai and Machine Learning is a better product for users and businesses this is the early stages of the multiyear turn around more up side in ad loads room to continue to increase usage because of the health appareand safety issues. At a time they are under regulatory fire because of the monopoly listen, i think all of the platforms have different use cases. Snap is different than twitter all different use cases. I dont think they compete maybe instagram and snap compete more directly. I dont think twitter competes with other companies maybe with ad dollars they do. Does the win come at anybodys loss right now a secular change that is ongoing from traditional media. When it gets online, the ad dollar google has to fight for it youtube has to fight social media facebook yeah they have to compete more an degrees skifly against each other when it comes to advertising. Lets move on to amazon which has been the tech loser this week my goodness. The growth in the web services succumbed and fell to 37 . What is wrong with them in. Listen, investors dont like Significant Growth acceleration. Couple that with contraction with aws. And costs moving on the shipping side in the ovther thing. It was higher they were ooking temporary pause for amazon or something more profound . Nothing in print concerns me at all about the longerterm health of Amazon Retail business grow prime membership is growing. Aws is still the leader in the rapidly expanding market they have competition with google and microsoft i think they can handle that they are making a big push in advertising. Look out for amazon as far as the major Logistics ProviderVictor Anthony of aegis capital. Thank you. Thank you lets get to the action in the bond market today. Rick santelli is tracking that at the cme hi, kelly twoday charts you see the big drop yesterday right at 8 30 eastern. At that time we were getting the durable goods headline also mario draghi. Everything is pretty much the same pattern however, lets look at minus bund in midmay. Thats a good thing. Lets out run. Maybe we can out run the bad policy the questionable policy because as you look at the euro versus the dollar, the lowest level since may of 2017. Maybe they are in thmanipulating their currency kelly, back to you. Rick, thank you very much coming up, beyond meat versus bitcoin and pet power and lean hog getting leaner that is in todays tasting menu. Todays power house is 58,000 square feet. Actual 2 karat gold covered front door we will take a look inside and check e icpot xtthpre inne every day, visionaries are creating the future. So, every day, we put our latest technology and unrivaled network to work. The United StatesPostal Service makes more ecommerce deliveries to homes than anyone else in the country. Time for the power house today we take you inside the home of the entrepreneur who sold his business to starbucks for hundreds of billions of dollars. Andrew mack he and his wife co founded tea giant. The compound back acquired in florida. We got a tour of the residence before he bought it at auction check it out this place is over the top this 58,000 square foot florida compound was on the market for years at 159 million. Until it went up for auction last year. Public records show it is owned by an llc tied to teavana founder andrew mack who got the home at a fraction of the price. 42. 5 million for the estate that includes a 29foot fountain at the driveway and a 150,000 gallon Swimming Pool past the 500,000 mahagany doors is an italian stair case with gold railings. Upstairs, the mastersuite is inspired by the biltmore estate. On the subterranean level, a 3,000 bottle wine cellar, 3d imax Movie Theater and mega garage that can hold up to 30 cars as we said this was the most expensive home ever sold at auction. Auctions now used to be used for distressed homes now the growth is in high price homes. Tyler, so many high priced as we see over priced on the market people want to clear them and get them sold. 159 million to 42 million we were talking to the seller for years before it was auctioned. We dont know the market nothing like it has ever been built in this area that is probably a good thing. Tell us about the goldleaf one more time . This had a 22 karat gold front door 4 million of gold leaf in the house on the moulding and pillars. I was there when they put it on. 20 infrench artisans. You rub it on your beard to get the electrical charge and put it on as i left the house, i looked at my shoes so much extra gold, it was piling up on my shoes. My shoes were covered in gold. Occupational hazard of the health reporter. I can see the job listing on indeed must be french have beard. Diamond on the seooles of yor shoes. Do you take it off . It was a canundrum. I could do that robert, thanks after the break, we are heading out to the boot camp which is arming veterans with a new set of styles. Contessa speaking of shoes, they are trading in combat boots for a boot camp for entrepreneurs. How veterans are going back to College Campus to transition to civilian Business Life for successful careers i have that juhead on power lunch. 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. It can be challenging for veterans to reenter the work force after the tour of duty for women, it is a challenge which is greater contessa is at a boot camp to train veterans to get a job. Syracuse is tackling the challenge. Veterans getting a lot of experience and skills in the armed forces, but struggling to transition to civilian Business Life for women, here is the challenge. They look for jobs longer than men. They make 30 less on average than male counterparts the corporate environment is not an easy fit. It was not a culture fit. It was the lack of camaraderie and lack of values civilian values are values are different than him armilitay values reporter natasha spent 20 years in the army, had significant experience in management and logistics, but she quit a job at will jiam sona to start a shoe business and now shes at an entrepreneurs boot camp among 32 vets learning how to do business strategy, how to market their business, how to pitch to Venture Capital lis and helping to fund this overall effort, the former ceo of are starbucks Howard Schultz donated 7. 5 million. And jpmorgan chase, walmart, it really is the private sector stepping up and helping these veterans put their best foot afford that is amazing that she was 20 years in the army and then what you have to completely start over in the business world. Has she been successful . Reporter well, shes been very successful. In fact shes been over to italy, she is getting her first delivery of shoes this week. And so she comes here and she just really hones and refines the crafts that she started with in the military. They say one thing about entrepreneurship for women vets is that it is a great fit and they are seeing more Women Entrepreneurs coming out of the military than they are men crazy contessa, thank you time for other stories that were watching, bitcoin hovering around 10,000, up nearly 90 in three months sounds good, but nothing compared with the beyond meat during the same time frame it is up 800 since its ipo in may. At the highs today, beyond meat had a 14 billion market cap that is bigger than nearly 30 of the companies in the s p 500. The Company Reports results on monday, but it has beenunstoppae i wonder what happens when the Big Food Companies get in this area as well and if you are in the stock, you are aware that is coming but people have tried to short it and getting their face ripped off so to speak. And the heat wave is taking a toll on more than just people. Pigs are feeling the heat too and they are sweating off weight wish it worked to me that way. Asskinnier, they are more value they are selling 22 more than last year. Back in the winter, pigs were heavier and that put downward pressure on their cash value giving a whole new definition to the term lean hogs that makes no sense a heavier hog is worst less . It would have more meat. It would have more meat, gue. Nestle is known for snacks and chocolate, but pet food has been the largest contributor to the companys first half growth. Nestle said purina was the biggest boost. But overall they had a 15 decline in net profit. No amount of begin strips could offset that. Arthur ashe stadium will toast the fortnite world cup up for grabs for the players, many of whom as young as 12 years old, is whopping 30 million. Fortnite has lost i guess a little of its buzz, but it is still are the kids still playing it less, but they still do yeah my son is 13 you could not get him away from it a year ago. Now would he want to watch this event . No. Who is going to watch it . I dont know. Ill be watching the tennis there next month after the break, an update to a story weve been following regarding tainted alcohol. One company changing how it sells liquor on its platforms after the story ran right here on power lunch. lbeig bk. You should be mad that this is your daily commute. You should be mad at people who forget theyre in public. And you should be mad at simple things that are unnecessarily complicated. But youre not mad, because youre trading with e trade, which isnt complicated. Their app makes trading quick and simple so you can strike when the time is right. Dont get mad, get e trade and start trading today. Facebook changing the sale of alcohol after cnbc reported on this following deaths tied to boot leg liquor in costa rica. Frank holland is back with the latest and yesterday here on power lunch, the Spirits Company marc brown accused facebook, ebay and craigslist of allowing illicit alcohol sales. Yesterday facebook changed its policy saying well prohibit the sale of alcohol and Tobacco Products between private individuals. Our commerce policies already prohibit sales of tobacco or alcohol in marketplace, but were now extending to organic content, that is user to user. The new policy is effective immediately. Ebay says it only has exception of lie insicensed wine sellers. And you were playing that that papi can sell for 15,000 a bottle. And they would take the empty bottleses and fill it with hoop . And that cant be regulated that will still be available for sale so still that concern about people using it for counterfeiting but the actual counterfeited alcohol or illicit alcohol, that wouldnt be sold that is great love to see a response like that that quickly to your reporting thank you can we talk currency for a second of course we can. We spoke about the reports about the sense meetings in the white house about whether the u. S. Should intervene to lower the dollar the president wants a lower dwlash dollar and he got a presentation from Peter Navarro. They talked about having mnuchin and kudlow jawbone it down on tv but not 10 of the way through the meeting they shouted down the presentation according to the reporting from mr. Navarro and they were armed to the teeth with their rationale as to why it would not be a good idea. That would not be the first time i think that mr. Navarro has been on the opposite side of larry kudlow and Steve Mnuchin on questions of trade. As steve pointed out, it is really quite remarkable that in the white house there was a discussion of maneuvering lets say to use a less loaded word. Maneuvering the value of the dollar lower certainly runs contrary to what has typically been american policy but with a wink so starting but not ending. So look for more rhetoric about possibly pursuing this depending on how the fed meeting next week goes. And larry kudlow pointing out that what the president really objects to is other countries that they themselves may be manipulating their currencies. And we might pursue measures there. Thanks for watching power lunch. Closing bell starts right now. Welcome to closing bell. Im michael santoli. Im here at the cocacola post coke actually the best performer in the dow today and for this week broader mpicture is more mixed. S p 500 and nasdaq both on track for alltime record highs as we get into the final hour of trading. Well break it all down. And im sara eisen. Lets look at what is driving the action Second Quarter gdp ahead of estimates 2. 1 growth. Alphabet earnings leading the tech secto