Fed governor saying the fed is likely going to need to shift its Monetary Policy from a policy of stabilization to a policy of accommodation which means helping the economy achieve the level of growth that it has previously. Remaining low until certain Employment Outcomes are hit. A thick fog of uncertainty now surrounds the United States. She goes onto say the Downside Risk dominates the strength will depend on Additional Support along with Monetary Policy. She urges fed emergency facile tills to be as broadly accessible as possible perhaps a concern on her part that maybe some of the current facilities are not. Melissa. Does she sound much more pessimistic compared to other Federal ReserveBoard Members . She does sound somewhat more pessimistic but the fed overall has been more pessimistic than the market this continues that concern. The concern about uncertainty that really has been a consistent note from fed chair jay powell but perhaps youre right, shes more pessimistic especially now jpmorgan is struggling to hold onto gains while stri group and wells fargo are under pressure lets get to bob for thenks sins in 2008. Wells fargo particularly difficult for some individual problems associated with wells fargo. Lets take a look. Down the most. Jpmorgan up just a bit you can see citigroup. Wells suffered a lot more than others partly due to provisions for loan defalults that others are dealing with and particularly problem customer remediation accruals. This is part of that scandal a few years ago. The situation is really hard to figure out for the analysts. The reported loss is 66 cents. The analysts had a loss of 20 and thats the average thats a very largest mate between the estimate and what happened the analysts really got it wrong because its hard to figure out whats going on here even jpmorgan that had the benefit of trading gains that wells fargo doesnt have, there were big numbers theres the bank, kbe. Its been moving down for while. Revenues here really tough to figure out wells fargo get most of its numbers. Theres the kb again its been going down thats the bank etf. Wells fargo gets most revenues just by lending. About a third goes to commercial they have a significant wealth advise business. They dont have Trading Operations look at jpmorgan this is a different kind of company here because jpmorgan has significant revenue from trading. That Corporate Investment at the bottom thats Investment Banking and trading. Its a Different Company here. The fact they did so well on trading helped offset some of those provisions for losses. I want to point out, i think this will be a problem now for these Regional Banks the provisions theyll have to pull out may be larger than some people think and again, that points to rather difficult earning season for the banks back to you. Thank you very much momentum names are under pressure check out a couple of these high flyers that had been at record highs. Crowd strike down 3 twilio falling down 5 this week zoom off 2 . For some context its still up 280 this year this as 74 of people polled said tech is getting over crowded in a new bank of America Survey is this warning sign for the rest of the market lets dive into that we had a gust yesterday who used an interesting illustration. She said equities have been going up as if on an elevator and the economy has been going up as if it was taking the stairs and stopping on the landings how the you see the economy unfolding from here . We just heard from the fed governor and very cautiously speaking there how will that affect my men aony and my equities . A bit of a head scratcher when you look at the Economic Data versus where the market is. A really Interesting Data point to look at is the composition of the markets now versus the last cycle. The Energy Sector accounted for 13 of the s p 500 in 2009 right now, its 2. 6 of the s p 500. Why is that Relevant Energy stocks are down 39 year to date versus the tech sector which is the largest sector. Now 27 of the overall s p 500 is up in double digits think about it from that perspective. That tells you is the market composition is no longer as economic sensitive as it was in prior cycles doesnt mean its immune to it but it does help explain some of this discrepancy of the markets doing much better than tohe othr all data are you making an argument indirectly for putting money into these sectors that are no longer so large in the s p because they are down so much this year or theyre not the fashion right now . Im explaining what is happening now rather than predicting it does help explain why this is happening. Its not random. Technology stocks are not closely tied to retail branches and not as effective some cases changing habits of the consumer towards their type of business so it would help explain it if youre thinking about it from the perspective of valuation, value stocks versus Growth Stocks are at over a decade different divergence of valuation. Value does look better than growth but it might take another decade for it to be reflected in the actual price who wants to wait that long we have seen a bit of a retreat from the momentum stocks, some of the Cloud Companies that we mentioned at the top of the segment some of the tech stocks doing so well until roughly this time yesterday when they started to pull back just a bit do you think that the tech trade or the cloud trade or some subsets of it are over crowded right now and therefore telling you to move somewhere else i dont when you look at the flows, theres so much money thats moving into new economy stocks collectively all sectors did well those companies are doing well and their growth phase has been spe sped up because more people are changing the way they do business they are working from home they are embracing technology in way they never have before and having to do that in order to operate their businesses in order to be profitable ive been working from my house and we could not have done it without the products that come out of Silicon Valley yet, you like some of the bank etfs, tom . Before when talking about banks, theres some opportunities. Bob did a great job laying out the landscape. However, all banks are not created equal. The big banks have some buoyancy in the fact they have other businesses outside of lending. Bob touched a bit on Regional Banks. Theres another etf which is kre, the Regional Bank sector which is more exposed to loans and if in fact you feel like this recession that were going through is going to be v shaped, theres a greater opportunity there for sure trs going to be marathon and not a sprints. If i were to choose, i wouldnt go into Financial Services and banks. I stick with actively managed etfs arkk, the technology etf has some really Innovative Financial companies in there that are like square, like lending tree, like zillow that are doing well in this environment thank you very much melissa. Delta reporting a bear than expected loss as traffic plummeted 94 this quarter phil talked to the ceo earlier today on squawk box. Hell say that things are better than they were in april, but lets be honest, this industry has a big hole its got to dig its way out of delta pretext loss was 3. 9 billion. The revenue just under 1. 5 billion. Lowest since the mid80s hes talking about how far the industry has to go until its back normal. As youre trying to bring demand back and confidence back, im not sure raising prices 20 to 30 will help i think lit be a combination of continuing to build consumer confidence, having a competitive fair out there by the time we get over the next 12 to 24 months, well be back in a sustainable position. Did you hear that 18 to 24 months. Its going to be a while in terms of liquidity, at the end of june, 15. 7 billion daily cash burn is down to 27 billion dollar big improvement from 127 million back in late march, early april. They are looking at the possibility of having to raise more capital in the months ahead. The daily passenger level is starting to plateau. The expectation in the industry is were not going to see any kind of a snap back in july and august down 73 in the last year. Bottom line is this, summer was supposed to be when the airlines made some money. Not a lot of money but made some money as they brought down their costs. They brought down their costs but they are just not making the amount of money that they need to make to give them some fuel going into whats going to be a slow fall and then you head into the holidays phil, let me ask you a question we see numbers being tossed about from united and others about the level of layoffs to be expected this fall what do you expect well, i think youll see 25 to 30 of the jobs that were guaranteed through the end of september go away. Some of those will be early retirements, some of those will be people saying im going to take an unpaid leave of absence. I still keep my medical benefits i just wont be paid by the airline. Theres going to be some people who are furloughed how many depends on the airline. Thats a given youll see a much smaller industry at the end of september. We dont know how many of theeds peop these people will be laid out. There will be layoffs. Make no mistake about that he didnt say he saw bankruptci bankruptcies he steered clear of that i think they have the liquidity. At least right now if we start to see things trend lower. Theyre not trending lower, they are just plateauing. Then its a different story. No surprise, ugly june for boeing yeah. 6th straight month where they had negative numbers in terms of the order book its not surprising given the fact you have airlines and Leasing Companies that are cancelling orders for the 737 max. Here is what we saw in june. Negative 182 planes. Almost all of those being max cancellations for the year negative 784 planes. Thats 784 planes that have come off the order book the backlog stands at 4,552 planes way down from where it was last year where it was well over 5,000 planes thank you very much. Coming up as reopenings are rolled back in california, the billionaire tilman says this environment is becoming impossible for businesses to operate in hell be here to explain bio tech stock blue print jumping on a 1. 7 billion dollar for its lung cancer drug the ceo will join us right after th qckre isui bak easy to get lost in the economic uncertainty. The volatility. The ambiguity. This moment calls for more. And Northern Trust delivers more. With specialized expertise. Proven strategies rooted in data and analytics. And insights borne from over 130 years of successfully navigating economic turbulence. Giving you new clarity. Inspiring confidence. And helping you uncover new paths forward. Northern trust now is the time to support the places you love. Spend 10 dollars or more at a participating Small Business and get 5 dollars back, up to 10 times with american express. Enroll now at shopsmall. Com. 49i found you good job. Now im gonna stay here and you go hide. Watch your favorites from anywhere in the house with the Xfinity Stream app. Free with your xfinity service. Now any room can be a tv room. Stream live tv, on demand shows and movies even your dvr recordings. Download the Xfinity Stream app today to stream the entertainment you love. Xfinity. The future of awesome. Welcome back shares of blue print medicine are up today after announcing a 1. 7 billion deal with roche to develop a lung cancer drug meg has the details on the big bio tech deal. This is a deal to develop and commercialize a drug which is currently pending Regulatory Approval in the United States for certain genetically defined cancers. This is a very specific and personalized way of going after cancer the deal includes 775 million in up front payments including 100 million Equity Investment from roche into blueprint as well as 927 million in potential milestones plus potential royalties if they are successful down the road joining us to this discuss this is blue print medicine ceo jeff, its great to see you. Tell us about what this deal does for your company. Youre expecting potential approval by the f darks of this drug by november, is that right . Thanks for having me on the show this afternoon. The announcement today of the global collaboration between blue print medicines and roche is Important News for individuals with certain forms of cancer that as you mentioned are driven by what is known as a ret mutation those occur in small percentages of patients in advanced Thyroid Cancer patients are in need of additional Therapeutic Options how does this set you up in competition with eli lily. They already have this cancer drug on the market that got approval in may. I think theres three critical components of this collaboration. First off it will allow us to bring it to more patients globally more quickly. Secondly, one of the challenges with targeted therapy is finding the patient. It can feel like looking for a needle in hay stack and partnering with roche and their expertise using data and diagnostic on patient identification, its like being handed the worlds most effective metal detector to help find the patients more likely to benefit. This sets us on a trajectory to be a financially independent company over the long term so we can continue to invest in our platform thats a huge challenge. It could really set us apart i know you have drugs earlier in the pipeline. Its nice to think for five minutes about something other than covid i have to ask you about the impact of covid because we know for Many Companies theyve had to put new Clinical Trials on hold or alter the way the they are running Clinical Trials. How has that affected your pipeline and will we see any delays because of that we see the impacts of the pandemic like every one else its been challenge. One of the things i find gratifying is that our employees have shown resiliency. We know that cancer doesnt wait for pandemic patients probably need us more now than ever. We have been working with investigators and patients to ensure therapies jeff, analysts came away with the perception they were strong commentary surrounding this deal regarding, remaining independent and there had been a perception theres a take out premium in your stock the assumption a Bigger Company would come in and be interested. What can you tell investors about your plan . Do those comments mean you plan on remaining independent for the foreseeable future there are no deals that youre thinking of down the line. Any collaboration in my experience has to be grounded in strong science and shared values and shared goals. So, i think this transaction now doubles down on the notion were set up to be be premiere Precision Medicine company over the long term both from the pipeline thats driven by our great science and now with the financial wherewithal to continue to invest in multiple programs simultaneously. The bottom line is youre saying you will go it alone. Were looking to remain independent. Thank you we appreciate it jeff albers. Tyler. All right. Stocks are right near session highs. The dow up now more than 400 points beaten down Energy Sector, what a change leading the way along with materials take a look at the semi stocks the group turning positive after hitting a record high yesterday. One trader says there are two names that still have more room to run well tell you what they are, next experience the joy of a bigger world in a highlyconnected lexus vehicle at the golden opportunity sales event. Lease the 2020 es 350 for 359 a month for 36 months. Experience amazing at your lexus dealer. Chip makers reversing earlier losses to trade higher today. This has softbank explores a potential ipo or sale of armed holdings the company it acquired for more than 30 billion for years ago to discuss what this could mean for chips and stocks in the space, lets bring in boris. What are some of the implications for other names in Semiconductor Space in. I think it hurts intel. Thats the key thing happ apple is moving to the arm market apple is careful when it selects its technology once it commits, it sets the standard for the rest of the industry apple goes first and everybody in the windows world decides to move over to the architecture which analysts say is 50 to 100 better intel gets very hurt in desk top space. Thats the biggest trade here. Todd, we have seen a lot of mna within this specific sector, could that benefit the likes of qualcomm and broadcomm who have a lot of cash on hands we are taking a wait and see. We have those names and other names were looking to pull up qualcomm is a strong 5g play they are well positioned. Broadcomm, we like this. Pretty amazing expanding volatility chart there higher highs and lower highs it should roll out it will drive Strong Demand. Those are two of our core Chip Holdings a lot of secular trends driving growth thanks for breaking it down with us for more trading nation head to our website or follow us on twitter at trading nation. Ahead, tilman. Were joined for our weekly check in on his businesses and be pandemic. Retail investors feeling teslas monumental trade da to shta shows 10,000 traders hour are buying shares all this when power lunch returns. Experience the adventure of a bigger world in a highly capable lexus suv. At the golden opportunity sales event. Get zero percent financing on all 2020 lexus models. Experience amazing at your lexus dealer. Welcome back, everybody. Here is your cnbc news update at this hour. Max well has pled not guilty to charges related to her dealings with accused sex trafficker j jeffrey epstein. Her trial date has been set for next year. The white house is looking at eedsing its controversial restrictions which could force some foreign students to leave the country if their classes were taught online thats according to the wall street journal the new England Patriots are planning to host fans at games this fall but they will limit capacity to 20 with groups of no more than ten fans separated by six feet. State and local aprooifrprovals still needed First Responders honored a fallen Washington StatePolice Officer as his body was transported to the medical examiner office. Two officers were shot following a car chase. One died at the scene. The other has been released from the hospital you are up to date thats the news update this hour back to you. Thank you. Stocks at session highs after comments from the fed that they may have to move a little more to be more accommodative due to the pandemic the dow is where we see the most gains. S p 500 higher we see the deep value plays. Ty amid the coronavirus crisis, a massive tug of war is breaking out between states and local businesses surging cases forcing governors in some areas to roll back reopenings california which saw nearly 10,000 new cases in a day Just Announced it would reclose Indoor Dining among other structures this back and forth is wreaking havoc on his businesses causing hundreds of thousands in wasted food and inventory of all, his restaurants are down 50 in revenues this year. Joining us is our friend Tilman Fertitta i know the last time you and i spoke, i felt that you were both a little discouraged and a little afraid because of what you were seeing in your immediate area of houston. Whats it like in texas right now . Its kind of funny. We kind of went to this shutdown a couple of weeks ago. People are back out this weekend. Restaurants are on the operate at 50 theres fo bars ano bars and cl. Everybody is wearing face masks. Its tough out there we hear all these stories about the hospitals in texas let me give you houston. The texas medical center, which is the largest in the world. They are in phase two at 9 of phase two out of three phases. Were not about to run out of hospital beds where well have people laying on the curb at the hospital you got to remember, theres 350 Million People in america. 1 , 340,000 have had it. Less than 1 this has got to work itself through the community and we got to protect the people that can get it you cannot shut down the employees. Bring in all your orders for the week and they shut you down. Theres no consideration for the poor working people of america right now. The way they are doing the yoyo. You know what the problem is, i have yet to see an lelected official miss a paycheck until they feel some pain, this will continue to happen. Theyre not worried about the Little People that are such hard working people that make america thrive they get their paychecks get them to give up 50 of they paychecks and feel some pain and then they will make better decisions for all the people, working people out there its an interesting idea. I think, frankly, as the year goes on, it will be lots of people they may not be the leaders, the mayo mayors, the governors, the legislatures in these states but there are almost certainly going to be Municipal Workers who will be laid off. These are the front line people. The government, individuals will feel some pain im with you on the idea that right now, the mayor of new york city, the governor of texas, the governor of california have not felt that pain do you think that there needs to be a morecentrally federally driven approach to when businesses are shut down the federal government has less power than the governors of the states do. The incidents of covid is different state to state theres some argument to be made what they are doing in arkansas ought to be different than what they are doing in texas than in florida than in rhode island what do you suggest beyond the idea of making them give back 50 of their pay would work . We saw a bunch of articles about it this week the problem is we got mayors, governors, county judges trying to make decisions and what i said is i think it is time for the government to come in and signing the water act or whatever and doing something across the board remember, how you can be fair is you use percentages. If your county or city or state has this percentage of cases, this is the road you follow. This has to be shut down i do think it should be mandated to treat everybody the same. We cant have governors and mayors change the rule on us every week less than 1 of america has gotten covid its not going away. If you think your kids are going back to school and these sports will be played in a normal season, its not going to happen somewhere we got to make somebody has to take control of the situation and mandate what we all do. What are you seeing across your businesses . Youve got lots of r. J. Nam ka knows in the gulf and across the country. Are they doing better, for example, than the Golden Nugget in vegas or in Atlantic City where the rules are really tough . Absolutely. First off, vegas is struggling because youre not getting all the flights in vegas is struggling. Atlantic city theres nothing open in the restaurants. You cant take a drink of water and take your mask off unless its a health issue and youre dehydrated and about to pass out. Lake charles, lockland, all the regional casinos around the country are doing okay they really are. Vegas is struggling. Atlantic city is struggling. Your higher end restaurants are doing better because youre in july your water front restaurants are doing okay you get back into the urban areas, your new york, chicago, los angeles, houstons, theres nobody there most of them are just shut down or barely doing delivery to go overall, when you look at all my 600 restaurants in the month of july, im down 54 you cannot operate at negative 54 . You cannot keep your employees at work at 54 there has to be more stimulus. Youve got to put all these people back to work. Weve brought so many back and then the states come back and shut us down and we have to you cannot have your hourly workers working. Lets turn to the nba my son has been praying to his framed signed james harden jersey that the season will come off. Russell westbrook has tested positive theres reports that james harden may have tested positive. Is this you believe basketball thing going to world in orlando . I cannot believe that this bubble is going to hold for three months and that 600 and some nba players will be isolated from their family, from their support systems, from their homes for three months and that this season will come off what happens if, say, team has five of their top players ruled out . What does that do to the competitive integrity of the game viewers will go this is not the nba. These are d league guys. I like watching basketball, but i dont know who these guys are. Is it going to work . No, its not going to work. I dont want it to happen to our team the nba has devised an unbelievable plan. They are being very strict about it its the only way its going to work in first week with 400 players there only two have tested positive inside the bubble if the players respect the bubble, this is going to work. If the players stop respecting the bubble, then its not going to work. Thats what it comes down to i understand if the players dont want to do it. As long as they want to do it, i think it will be great i think youll have an nba champion if the bubble breaks, were down all right thank you for your candor. Youre always informative and helpful. We appreciate your time. See you next week. Whether or not to reopen schools this fall has become a hot button issue with emotions running high on both sides stooe steve joins us now to take out the emotion and look at the numbers. Keeping schools closed will be bad for the kids. Its going to hurt working parents especially low income working parents. The impact from lost work when you aggregate it up from this group will not be overwhelming for the economy. These are the numbers as estimated by barclays. You have 14. 4 million workers who are married and both members of the family are employed 8. 2 million single parent employed households. Thats 14 of the work force a hit of gdp through january will be the 1. 2 thats before businesses and families take steps to reduce losses to the economy. Some of those steps we already know working from home. You could have child care sharing. You can use nongrandparents surplus or existing workers can take up the slack. While individuals would lose the hours and the pay. The overall economy would only lose some of the total output. Theres more to it the question is whether the educational and social lapses suffered by children is so great as to out justice of the peace weigh the chance of a covid19 infection. Thats an unanswerable question yet. The u. S. Economy can weather the storm of school closures, certain regions like the midwest are more challenged due to greater reliance on child care it also points out in some Industries Like health care, one if five workers relies on child care tyler. Thank you very much. Here is whats coming up we are talking podcasts, rvs and underwear in power movers. Thats a tease thousands of people are buying tesla stock and if airlines didnt have enough problems, they are now in a price war. Ayitus experience the adventure of a bigger world in a highly capable lexus suv at the golden opportunity sales event. Lease the 2020 nx 300 for 339 a month for 36 months. Experience amazing at your lexus dealer. Time for todays power movers spotify downgraded from a buy to a sell that stock is down by. 7 of a percent. Hanes is holding up better than competitors during covid19 closures the company sold 300 million of masks in the second quarter. Camping world, it thinks Strong Demand for rvs will continue into next. That stock up 800 from its march lows today up 11 the ty. 800 . To the bond market rick is tracking the action. Hey, rick. Hi tyler. Look at it 8 30 eastern. Inflation comes out. If you look at a cpi headline chart, this was up. 6. You have to go back to early 09 to find a higher number. Look at cpi year over year thats the lowest level since early 2011 thats what the market really focused on finally, the dollar index where its currently trading around 96. 25 will be the lowest close in about a month as you see on the june chart if you go back a bit you can see the lows of the year are within striking distance with respect to the weakness showing up in that trade back to you. Thank you. Yesterday afternoon tesla was soaring to all time highs and thousands of retail traders were getting in. Then the momentum reversed up next, were looking at the retail ripple. The retail trading on tesla has been so active lately that on robin hood, 10,000 traders per hour were actually buying the stock yesterday, and at that pace 40 people bought tesla while i was reading this intro to kate. Kate hey, tyler. Tesla had been a popular stock on the trading app robin hood but the level was an entirely new level of buying. The past day nearly 50,000 robin hood accounts added tesla to the holdings in just a four hour period yesterday, 40,000 people bought tesla, according to Third Party Website robin track. It was a whopping 10,000 people an hour. Tesla surged as much as 15 of the high yesterday coinciding with the buying spree. The stock has taken off in the past 10 days its up more than 15 . But mixed results for the day traders, depending on when they bought the trade may not have turned out well tesla ended 3 lower tesla is the tenth most popular stock even ahead of amazon the interest means there are nearly half a million robin hood Users Holding shares of tesla in some form. Back to you. What did you say . 50,000 trades an hour . 50,000 trades in the past 24 hours. Past 24 hours yet its only the tenth most actively traded stock on robin hood what are above it . It has been consistently regardless of the news that has been a top stock. It has been for awhile before they offered the ability to buy stocks and fractions of a share, it was relatively cheap and a name that consumers knew. Thank you very much so few people traveling this summer, airlines are forced to compete for the few flyers there are. Up next a lack at the Airline Price wars you can listen to us live on the go on the cnbc app [indistinct radio chatter] vo audi etron. The next frontier of electric. Get an exceptional offer at your local audi dealer. How does the world reopen for business . To return to the workplace, safely, companies will need the right tools. Thats why salesforce created work. Com its an allnew suite of apps, expertise, and services. To manage this crisis today, and thrive tomorrow. Everything Companies Need to return to the workplace. Lets reopen. Safely. Welcome back as Airlines Continue to compete for the small number of people traveling, price wars are likely the next wave of pains to hit the airline try. An Airline Analyst is oat with a note saying the price wars are likely and keep the industry unprofitable colin, its great to have you with us. Hi, melissa. Is a cheap fare going to be enough to convince the flying public to fly . I think certainly some people will be drawn back in by that, but i think not enough to make the industry profitable as a whole. I think if you look at a number of different poems and surveys, i think its at least 40 of individuals dont really see themselves flying for the remainder of this year as long as the pandemic is some kind of risk you add to that the business travel, according to deltas announcements today, has seen no meaningful recovery. I think were going to be in a price war for quite awhile, in my opinion. Who does it hurt the most there was a thinking during the pandemic that the airlines that go point to point would fare better a little bit more local airlines as opposed to airlines that operate on a hub and spoke model, where you have to transfer there might be more friction involved in going to the airport and getting to the final destination. You say thats not true. So is a price war going to sort of eliminate that . Well, i think that theres certainly some truth to what youre saying. There are savings and operating costs there, but i dont think the shift down in pricings fully appreciate it for some of the lower cost airlines. Yeah so just to give you an idea, in may, i think, the bureau of labor statistics showed that air fares for the u. S. Were down around 29 yearoveryear. Even as we got into june and you saw leisure demand Leisure Travel start to recover, the pricing was down 27 year over year thats about 30 worse than the Consumer Price index general i think what you look at what it does to operating earnings, even if youre hub and spoke, you add on how much more interest costs and put in here and the share count delusion from the big equity races that most of the airlines have done i think in a lot of cases, earnings per share, even if you get to more normalized demand level, where we are with pricing, new decbt, new equity, think the earnings per share will disappoint a lot of cases. Do you think ultimately there will be bankruptcies in this industry i really cant make a High Conviction call on that right now because were seeing some pretty unprecedented stuff coming from Government Support. Can you make a High Conviction call that there wont be umm, you know, if you put me against the wall, i would say a year from now well probably at least see one airline having talked about or talking about restructuring because i think the demand recovery is going to take longer than is currently being expected by the market thats my opinion. So you have a lot of competitors who are able to stick around a lot longer than they normally would because of all this Government Support because the debt markets and the equity markets have been so friendly right. We have cashrich airlines that arent making any money but they have enough cash to battle it out but air fare is down 30 . It will take awhile but i think eventually, yes. Colin, we got to go thank you so much for your time. Colin scarola, thank you. Thank you for having me. Melissa, good to be with you. Closing bell starts now. Thank you. Welcome to closing bell. Im sara eisen with willfred frost. The a reversal of the recent trend. Near session highs on the dow at 4 46 well take a look at what is driving the action a tough outlook for Bank Earnings as jpmorgan records record revenue well talk to the cfo. Tensions with china simmering as huawei an