Wall street still trying to get a read on the situation, on the first trading day of summer which is today. Okay. We are off session highs at this very moment. The s p 500, though, any gain is a record close. It would be the second record close in a row. The dow is up 45 points at 26,798. The nasdaq hanging on by just a thread. Actually, its lower. Nasdaq down 11 points. Plus, its unique but successful, direct listing of slack for the next Silicon Valley unicorn, airbnb, wework could follow. And the banks getting a checkup in about 90 minutes. Raymond james ceo is here exclusively to tell us if hes stressing about the stress test. We are less than an hour to the closing bell on wall street. The end of a pretty good week for the stock market. Lots of news this week. Im Lauren Simonetti in for liz claman. Lets start the countdown. Lauren we need the show you these images from earlier today. Firefighters are still on the scene of a fire at the Largest Oil Refinery on the east coast. After explosions rocked the Philadelphia EnergySolutions Refining complex in the predawn hours. Minor injuries were reported. No cause of the fire determined but this complex refines crude oil into gasoline and Officials Say the fire damage could shut it down for an extended period, which may result in higher gas prices on the east coast just in time on this first day of summer for the summer driving season. Lets take a look at this. Futures rose sharply as a consequence, spiking 4 today. Elsewhere in energy, oil up 9 on the week on tensions in the middle east which provide more than a fifth of the worlds crude output even if we dont need it in the u. S. Because we are energy independent. Other countries do. We need shipping to be open in that region. In the stock market, take a look at the s p 500. May or may not make its second Straight Record close after touching record intraday today, but right now, its looking okay. It does have an up arrow just slightly. For the dow to make a record close, we are close but it might be a little difficult. It would be the first record close of 2019, but the blue chip index must rise more than 75. 22 points. The level you want to watch, the level we hit back in october, 26,828. Lets take a look at gold. Hitting a fresh new high as the precious metal is seen as a lower risk asset when Interest Rates may be heading lower. Citigroup sees gold hitting as much as 1600 an ounce over the next year. It is at 1401 now. A sixyear high. Over in the chip sector, Micron Technology leading the Philadelphia Semiconductor index down today. Jpmorgan lowering full year estimates ahead of results next week and cut its price target by 14 to 50, citing a tougher memory chip environment. The other issue facing investors today is the u. S. Curve on companies that do business with huawei. The Chinese Telecom accounts for about 13 of sales at micron. To one of our top stories today, the retaliatory air strike called off. Tensions certainly running high in the middle east. Why did President Trump stop the strike against iran after it shot down a u. S. Spy drone . Heres what he said in an interview earlier today. Reporter did you green light something or had you said if we do it, ill do this . What was the order . Nothing is green lighted until the very end because things change. I said how many people are going to be killed. Sir, i would like to get back to you on that. Great people, these generals. They said, came back, said sir, approximately 150. And i thought about it for a second, i said you know what, they shot down an unmanned drone, plane, whatever you want to call it, and here we are sitting with 150 dead people that would have taken place probably within a half an hour after i said go ahead. And i didnt like it. I didnt think i didnt think it was proportionate. Lauren airlines are canceling or rerouting flights near iran. United airlines suspending all flights between newark and mumbai and the faa is banning u. S. Airlines from operating planes over parts of the persian gulf and the gulf of oman. Who will make the next move and how will the u. S. Ease the growing tensions building in the middle east . Lets bring in retired Army Major General bob scales. Thank you for joining us. Hi, lauren. Lauren the message we are sending is dont mess with us, you wont like the consequences, but we need to examine a proportionate response. What is that proportionate response . Actually, its called a tenet of proportionality, is in international law. I mean, you dont bomb a major city to destroy a platoon position. Thats what proportionality means. In fact, in some cases, you could be tried for a war crime with disproportionate application of force. But what the president is saying makes perfect logic. I mean, there have to be red lines here. Clearly if the iranians are dumb enough to god forbid kill an american, then thats a red line. But have you noticed that over the last month or so of all this craziness, the iranians have scrupulously avoided threatening american lives in the middle east or elsewhere, for that matter. And i asked a friend of mine in the pentagon just this morning, i said how did this really go down . He said bob, exactly as advertised. He Said Lieutenant colonel came into his office and the president said how many people are going to die, he said sir, 150. He said lets dont do this. So theres no subterfuge here. Theres no wag the dog here. Thats actually what went down. Lauren but general, you know, theres a price of inaction as much as theres a price for action. So we have to do something. Would maybe get some allies to talk for us . Europe needs that oil, needs that gas thats coming from that area, even if we dont. Can we get them to intervene to facilitate talks with iran . No. Look, lets be perfectly frank here. We have all the cards in this game. And we ought to play our hand very carefully. First of all, time is on our hands. The sanctions are crippling iran. Secondly, the oil is continuing to flow. Just as you said earlier in your segment, we are a net oil exporter. Theres an oil glut in the world. This is not 1973, where saudi arabia can blackmail the west by controlling the oil. Theres very little iran can do. And the other thing is, their military, frankly, is incapable of a direct confrontation with the united states. So patience is the key word. The president is exercising that option. We have plenty of time to get this right. Lauren the president also said that he is willing to talk to the ayatollah. You see that happening . Oh, i think its got to happen, because you know, if iran gets to a zero net oil export condition, which could happen, particularly after the g20 next week, then irans got no choice but to go to the table to negotiate. The reason they dont do it is a matter of pride. Remember, this is a terrorist state and the idea of sitting down to the table with the great satan right now at least is beyond the pale but again, time is on our side. Lets take our time, lets continue to squeeze iran, lets prevent any more attacks on our oil assets in the middle east and wait these guys out. Lauren wait it out. All right. General, thank you for your insight. Really appreciate it. Lets get back to the markets because amid all of this, the markets still want to go up and after settling at a new record yesterday, take a look at the s p 500. Its up today, it just closed out its best spring since 2017. The average has seen seven straight positive spring seasons and so far its been up for three consecutive summer seasons. While were seeing some weakness today, can we expect another sunny summer for the markets or will continued geopolitical tensions, trade tensions, jeopardize all that . Lets get straight to the floor show. John corpina at the new york stock exchange, how much higher can the market go, because next week we are officially the longest bull market ever. The longest expansion ever. I think next weeks going to be a very important week. The information we get out of the g20, a date on the calendar we have been waiting for for a long time. Right now the sentiment is we will have some sort of amicable conversation between the u. S. And china. That will help our market. But overall, as we were talking in your leadin, the tension in iran, its clearly going to weigh on our markets at some point. The reality of that has not hit us yet. I think we are not really seeing through the clouds at this point. We are focusing just on next week. It is the end of the month. It is the end of the quarter, end of the half year. Thats something we certainly have to get through. But clearly, whats happening in iran and those headlines have been very concerning to me. We are just not seeing that reflection in the market. We arent seeing the s p and we certainly arent seeing it in the vix. Lauren to that point, chris, when we heard the president last night called off these attacks, you have to wonder, do you think he did that perhaps as one reason going into the g20, trying to cut a deal and keep talking with china, he didnt want the whole issue of provocation with iran clouding that possibility . I think that makes sense. Regardless of what your personal opinion is, seems like this time he made the right decision. Yeah, with g20 coming up, everybody would be all together, it would be one more thing to discuss. I wouldnt be surprised if Something Else pops up between now and the g20 because iran is obviously trying to get attention. They are hurting internally. Thats why theyre doing this. You know, countries that are solid at home, solid domestically, they dont pick fights with the worlds superpower. Lauren phil, talk about the energy market. You have oil moving on iran tensions but you also have this refinery fire in philadelphia, largest refinery on the east coast. What happens to drivers this summer . Well, it will be fairly limited when it comes to gasoline prices, mainly to the east coast. The good news is that if there is plenty of supply that can be piped in on the Colonial Pipeline into that area so the price increase you are going to see may be 10 to 15 cents a gallon on the east coast, should be shortlived even if this refinery is going to be down for a little bit. Dont panic. If you can put off filling up at least for a week, you might be better off. But the bottom line here is listen, gasoline demand is going up, prices are probably going to go up as well but thats a good thing, right . Because the economy is doing good. What about all those people that sold in may and went away . Come back. Look what youre missing here. Things are great. Come on back. Lauren you know, jonathan, that gets me thinking about the Federal Reserve here. You know, like oil prices being high and demand being high, this is a good thing and in some sense its almost an Interest Rate hike because the argument is if you are cutting rates, what are you seeing, what are you nervous about. Someone posed this question earlier. Im curious your thoughts. What if the fed just ditched the 2 inflation target because obviously were not seeing it, and just took it out of the equation. What do you think the fed would do . That would be a risky plan, i think, for them to do. I think what the markets react to, the known aspect of what the feds moves are going to be and how they orchestrate that. If they ever tried to do something that was so off the path that we have seen before from them, the markets would react unfavorably to that. It might be the right decision, but the markets will not be able to handle that type of deviation from the norm. Lauren chris, final thoughts . I would watch that 2 yield on the tenyear. Thats the pivot point. As long as it continues to sit right there, i think the rest of the summer, the rest of the year, the economys in good shape. We have seen this time and time again. We have these dips, the dips are to be bought. Lauren chris, jonathan and phil, we appreciate you. Thanks, lauren. Have a great weekend. Lauren you, too. Coming up, United HealthGroup Getting the green light from investors. Unh leading the dow 30 after the insurance giant announced plans to buy the payment firm in an all cash deal. United health is up, up, five bucks. Up next, trade chatter heating up as President Trump gears up for another g20 with chinese president xi jinping. Are we on the verge of a u. S. china trade war, trade truce . Well see. Countdown will be right back. With all that usaa offers why go with anybody else . We know their rates are good, we know that theyre always going to take care of us. It was an instant savings and i should have changed a long time ago. Were the tenneys and were usaa members for life. Call usaa to start saving on insurance today. That have made the rx crathe leading luxury suvogy and were usaa members for life. Of all time. Lease the 2019 rx 350 for 399 month for 36 months. Experience amazing at your lexus dealer. At comcast, we didnt build the nations largest gigspeed network just to make businesses run faster. We built it to help them go beyond. Because beyond risk. Welcome to the neighborhood, guys. There is reward. Beyond work and life. Who else could he be . There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. Hey i live on my own now ive got xfinity, because i like to live life in the fast lane. Unlike my parents. You rambling about xfinity again . Youre so cute when you get excited. Anyways. Ive got their app right here, i can troubleshoot. I can schedule a time for them to call me back, its great you have our number programmed in . Ya i dont even know your phone anymore. Excuse me . what . I dont know your phone number. Aw well. He doesnt know our phone number you have our fax number, obviously. Todays xfinity service. Simple. Easy. Awesome. Ill pass. Lauren the u. S. Commerce department is drawing a line in the sand ahead of next weeks g20. It announced five Chinese Companies were added to the National Security entity list. The companies which are all super computer firms with military applications, they must now get government approval before buying u. S. Parts and u. S. Components. President trump and xi preparing for the g20 summit one week from today. Lets go to edward lawrence. You know, why is this Trump Administration so focused on technology in their trade negotiations as they try to cut a deal . Reporter yeah, the heart of this is about stealing that intellectual property, copying what the u. S. Does. Also, a National Security risk related to that entity list because the concern about the spying china could do related to this. One of those was a university actually that was already on the list. The university then changed its name and address to buy u. S. Components, that new name has now been placed on the entity list. The company used intel and nvidia products in their computers that they sell in china. Now, the u. S. Going forward also with tariffs on basically Everything Else china imports into the united states. White house economic adviser Peter Navarro saying its not necessarily going to be at 25 , those tariffs, but they are going forward. We are on day five of a sevenday public hearing about what items should be added to the list to be under tariff. This as trade talks could be restarting. Not to rock the boat, Vice President mike pence has actually postponed a speech he was set to give next week. That speech was about china u. S. Relations. He has given a similar speech eight months ago the chinese took offense with because he criticized the chinese about their oppression and control of their population there. Chinese sources are telling us they were watching the mood of that speech next week to see if the actual meeting between President Trump and president xi would actually take place. Next week before the president s meet, the two trade delegations will also meet. Obviously we would like to come to an accommodation with china, having them stop the economic aggression, but the president is look, we either get a great deal or we dont. Reporter the chinese would like to see the u. S. Trade delegation come in with a more conciliatory tone in these trade talks here. U. S. Trade representative Robert Lighthizer says it was actually china that has pulled back all the concessions they had made in the agreement, basically deleting 45 or so pages out of the 150 page agreement that dealt with enforcement and those concessions. President trump says the chinese need to put back everything that they had taken out in this agreement to go forward with something. Well have to see next week who ends up giving ground. Lauren theres a realistic solution that could potentially come out of all of this. Thank you. Lets take a look at carnival cruises, sailing into quite a storm. The big board overall, no storm here. In fact, all the major averages up over 7 for the month of june. Final trading day is upon us. Dow up 58. Next week, the end of the month. The worlds biggest cruise operator among the top laggards. Talking about carnival on the s p 500 for a second day in a row after cutting full year earnings outlook blaming the cuba travel ban. Also weak demand in europe. Carnival also getting downgrades by barclays plus several firms cutting price targets to as low as 50. Carnival is under 50 at 46. 78. Thats a decline of 4 . Up next, it was a risky move that turned into a 19 billion windfall. Now Silicon Valleys newest unicorn may soon become the ipo poster child. What slack did and if others might follow it find the gold at the end of the rainbow. Straight ahead on countdown. It all started under this buttonwood tree. Twentyfour people came together to sign an agreement that created the stock exchange. Just the right elements coming together. It started when scores more people came together, just down the street and traded bonds that helped pay for the revolution, and the nation it created. It started in an office on the corner where the right people witnessed the telegraph and brought information and humanity together forever. It started with the markets, bringing together steel and buildings and silicon and medicine and rockets. We believe the possibilities of life and investing are greater when we come together. Its why for eighty years weve connected ideas with technology, data with inspiration, investors with solutions. So that every day together, it all starts again. When it comes to reducing the evsugar in your familys diet,m. Coke, dr pepper and pepsi hear you. Were working together to do just that. Bringing you more great tasting beverages with less sugar or no sugar at all. Smaller portion sizes, clear calorie labels and reminders to think balance. Because we know mom wants whats best. More beverage choices, smaller portions, less sugar. Balanceus. Org your daily dashboard from fidelity. A visual snapshot of your investments. Key portfolio events. All in one place. Because when its decision time. You need decision tech. Only from fidelity. Lauren slack, slacking off on day two as a publicly traded company, down more than 3. 5 . Actually down more than 4. 1 . On a mostly up market sort of day. It did rise on debut day by 50 . That was yesterday. I want to show you some of the years big name ipos and how they have performed. Zoom. This is the only profitable unicorn, by the way and barely, thats gone public this year. Shares up more than 180 . But lyft, on the other hand, down more than 12 . Slack is a different story. They chose its called a direct listing instead of a traditional ipo. Basically they saved money by cutting out that middleman underwriter. Spotify pursued a direct listing last year and our next guest says that was a great move. The ceo of equities end which has worked on about half of the unicorn ipos and as i said, most of them are unprofitable but for some reason, investors are okay with that, the profits come later. Do they . Growth has to be there and in order to achieve growth, i think most of these companies have to spend a lot of money and investors are okay with that. 20 years ago, amazon was the only company that was doing that. It survived. I think that model is giving investors a lot of confidence in saying if you see growth, if you see a path to profitability which slack does have, then they are going to be forgiving at least for a little while in making sure these Companies Get a chance to become profitable. Lauren is there also the hope that these unicorns mostly offer a Digital Service to an already existing company, maybe not even a tech company, so with the other Companies Using their services, they got to be worth something. Look, everyone uses email and slack is a good example of a company thats trying to displace email. I guess thats another way of saying theyre not trying to necessarily create a brand new market the way lyft and uber were, but Something Like zoom, Something Like slack, these are companies that are solving, building a better mousetrap, and what we saw with slack in particular, we crunched numbers at around 22 ipo peers of slack. Slack has shrinking operating losses compared to a lot of its peers, it has a better sales and marketing spend conversion so for every dollar it spends, it recovers 1. 10 back. You see zoom profitable, getting 80 times multiple on revenue. Lauren trading at three times its ipo price. Its incredible. You see a company like slack currently trading around 40 times revenue. Its peers, the other 20 companies, are around 22 times. Investors are looking at Growth Numbers as well. Lauren lets talk about the direct listing that slack pursued and of course, spotify did last year. Do you think other companies are going to say lets do that . We think theres a lost underwritunde lot of underwriters like banks, are like restaurants. A lot of these companies, slacks, spotify, they are coming in saying i dont want whats on the menu, im going a la carte. Some people can do that but most companies are just going to go off what the banks offer. Lauren you think investors are too exuberant on the ipo market . If you look at renaissance capital, they keep an index of all this, its up about 40 this year. Almost double the broader market. Are we too exuberant . I think what kathy from renaissance will tell you is the same thing i will tell you, money has to go somewhere. Theres a number of possible companies that people can invest in in the Public Markets is at an alltime low, 4,000 compared to 7,000 which is what we saw over a decade ago. The money has to go somewhere and they want to build a diversified portfolio, well, by definition, you are going to make more concentrated positions. If you want to see returns, especially in a low Interest Rate environment, you are going to go after where the growth is. Where the growth is is from the technology companies. Lauren yeah. Makes sense. Put 2019 in the record books for me. How will this year shape up . I think this is going to continue to be the year of the blockbuster ipo. We have already seen uber go out the door, lyft, pinterest lauren they were terrible, though. Uber and lyft did not perform well. I think most private Market Investors would be very very happy with what they saw in spite of the fact the people that invested in the Public Markets alone would not be very happy. You are absolutely right about that. Thats actually why we decided to build our company because these companies are creating value in the private markets, not the Public Markets. If you are a qualified investor, you may want to start paying attention and decide look, this companys not going to go public for another five years, do i want to start participating now or do i want to wait until they are already worth 80 billion. Lauren some companies are waiting longer now. They are waiting longer than ever before, have more shareholders than ever before and you have companies able to raise money more than ever before. If you are sitting on the sidelines, you may miss out on a lot of Value Creation at least for some of these large private companies. Lauren atish, thank you. Good to be here. Lauren lets take a look at the major indices. They are pingponging intraday. The dow is up 37 points. If its up 75 we do have a record. The s p 500 a gain of one point. That is the new record high. Nasdaq struggling today. Its down nine points. Tesla shares bobbing and weaving after an Early Morning onetwo punch. Gerri willis is tracking all the action from the floor of the nyse. Gerri jeffries taking a jab, lowering the price target of the model 3 maker to 300 a share despite elon musks brain child. Meanwhile, revelations the automaker may not be able to break a quarterly production reco record. [ inaudible ] the doom and gloom around tesla overblown, reiterating its outperform rating and giving it a price target of 355 a share. On the flipside, used car selling giant carmax beating new records. Shares at their highest level ever after beating on the top and the bottom line. The company notching its fifth straight quarterly beat on earnings. Wow. Shares up 4 . Facebooks crypto plans garnering new scrutiny across the pond. The uk, french and german Central Banks announcing they have the right to oversee this, saying they will be monitoring the social networks new Digital Currency to ensure it does not pose a threat to the Financial System there and it will not be used for money laundering. Facebook shares up almost 2 and up more than 5 for the week. Coming up, the countrys biggest banks about to release their annual stress test results. Raymond james ceo paul riley tells us exclusively what hes expecting to see and hear about his sectors health. Thats coming up on countdown. At comcast, we didnt build the nations largest gigspeed network just to make businesses run faster. We built it to help them go beyond. Because beyond risk. Welcome to the neighborhood, guys. There is reward. Beyond work and life. Who else could he be . There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. This is something bigger. [ movin on up by primal scream ] that is big. Not as big as that. Sure thats big. Thats bigger. Big. Bigger. Big. Bigger. Big. But thats bigger. Wow, big. So much bigger. This is big. But thats. Well, you got this. Youre smart,eat you already knew that. But its also great for finding the perfect used car. Youll see what a fair price is and you can connect with a truecar certified dealer. Now youre even smarter. This is truecar. I swibecause they let metual, customize my insurance. And as a fitness junkie, i customize everything, like my bike, and my calves. Liberty mutual customizes your car insurance, so you only pay for what you need. Liberty. Liberty. Liberty. Liberty. Lauren i want to take you to kevin hassett, the white house economic adviser. He is talking to reporters now. Lets listen in. I think so. But nothings finalized. Its not going to be too surprising for folks, i dont think. Is there anything else . [ inaudible question ] i dont have any updates on that. I know that there are ongoing talks that people expect to continue next week. Reporter next week . Yeah. I was told that. Anything else . If i dont see you guys next week, its really been an honor and a pleasure working with you. Lauren that gaggle is over and hes about to finish up his term. Investors are waiting the annual report card for americas financials, the big banks, the Federal Reserve will release the first part of their socalled stress test after the closing bell today. These tests show if banks capital levels can withstand the next financial crisis. Part two, thats next week when we find out the results and to see if the fed will green light dividend increases, buybacks, share repurchases, basically places where investors can find yields. Raymond james is a Financial Services company that provides Retirement Planning to their clients, 796 billion in assets under management. We have a fox business exclusive. Im joined right now by ceo paul reilly. Paul, thank you for joining us. Thank you, lauren. Good to be here. Lauren what do you expect from these stress tests in light of the banks being able to increase dividends and in light of investors saying we need something, we need yield. First, i think theyll pass. Second, i think people need to understand that the stress tests are almost draconian compared to the 2009 crisis. Lauren they got even easier recently. If they pass these stress tests theyre in good shape. I think the Financial System is well capitalized and what youre going to find is do regulators not want certain institutions to return more capital for other reasons, theyre not happy with them, theyre not doing Something Else theyd like them to do. I think liquidity is great and capitalization of the institutions we should feel pretty good about. Lauren if the fed cuts rates up to three times this year, as is predicted by some, what does that do to the financials . What does that do to the economy overall . The economy overall, im not sure how much difference it really makes. Its almost symbolic. I think that for companies that are borrowing 25 basis points or 50 basis points isnt a lot. Now, if you are in fixed income, you can make profits or it will push people to the stock market where you can get higher yields, if the cash yields get lower. So it should have a positive market impact. Lauren does the market feel a little toppy to you . It has but if you look at the economy and look at earnings and the alternatives, its almost the only place someone can go right now to get a yield. Its being influenced by low rates globally, not just in the u. S. Lauren next week, we have the longest expansion ever for the month of june which also wraps up next week. You got 7 plus gains for all three major averages. When you talk to people, what are they worried about . Well, i think short term, the economys fine. You talk about federal deficit, you talk about the longer term things, but what we tell investors is not to get carried away. Stay diversified, dont chase the market but i dont think its time to exit the market. We should, unless theres continued trade wars or other global disruptions, we should the market should be fine. Lauren is there a change in leadership in the market recently . In what terms . Lauren the nasdaq, the tech has been the tech sector has been lagging a bit lately, the russell. If you are just looking at the benchmark and you see the broad market and the dow going up at or near records, that might signal that maybe we dont deserve to be here, if you will. Well, again, its all relative. There has been a Bigger Movement to defensive stocks, utilities and others, with people saying i need to invest but im going to do is defensively instead of the tech and other growth stocks. So you are seeing people i think in the markets, they want to be in but being more defensive. Lauren tell me about your investor analyst day today. We had a great day. We talked a little bit, we have had kind of record recruiting these last few years and record retention. A lot of questions about do we think thats going to continue, which we are experiencing now. Also we do have a lot of capital, lot of questions about how are we going to deploy that capital, are we going to return it in buybacks or continue to invest in the business as we have been which is what our plans are. Lauren paul reilly, thank you so much. Have a good weekend. Lets check the big board once again because we like up days. We kind of have one of them today. Nasdaq is down today but the dow very close to record closing high. That record closing high is 26,828. About 35 points from there right now. Raising the stakes. Dish network chairman Charlie Ergen putting his chips on tmobile and sprint wirelesss leftovers but will the doj be willing to accept the Telecom Leaders new spectrum bet . Charlie breaks it next. And be sure to watch Cheryl Casone and me every morning, 5 00 a. M. Monday through friday on fox business network. Countdown coming right back. Whats going on up here . Cant see what it is yet. What is that . Thats a blazer . Thats a chevy blazer . Aww, this is dope. This thing is beautiful. I love the lights. Oh man, its got a mean face on it. It looks like a piece of candy. Look at the interior. This is nice. This is my sexy mom car. I would feel like a cool dad. Its just really chic. I love this thing. Its gorgeous. I would pull up in this in a heartbeat. I want one of these. That is sharp. The allnew chevy blazer. Speaks for itself. I dont know who they got to design this but give them a cookie and a star. It all started under this buttonwood tree. Twentyfour people came together to sign an agreement that created the stock exchange. Just the right elements coming together. It started when scores more people came together, just down the street and traded bonds that helped pay for the revolution, and the nation it created. It started in an office on the corner where the right people witnessed the telegraph and brought information and humanity together forever. It started with the markets, bringing together steel and buildings and silicon and medicine and rockets. We believe the possibilities of life and investing are greater when we come together. Its why for eighty years weve connected ideas with technology, data with inspiration, investors with solutions. So that every day together, it all starts again. Lauren the department of justice reputedly duking it out with dish chairman Charlie Ergen over whether he will get some of the spectrum tmobile and sprint may be putting on share should their proposed 26 billion merger go through. But its the former card shark who has long had a tumultuous relationship with regulators. Really the best man to take on more spectrum. Charlie has exclusive details. What do you think . The stock is down today on the delay of this deal. It looked like it was progressing towards a friday, you know, do or die. Lauren i thought it would be this morning. Me, too. A lot of people did. I kind of got the feeling yesterday that maybe not but they were still saying its possible. I guess its theoretically possible when the markets close that something comes out, just be prepared. But from what we understand, the delay, there is a delay in the works here and a big reason is has to do something with Charlie Ergen and dish. Heres what is going on. There are multiple negotiations going on here, right. Theres the states who sued, right, big states like new york state to try to block this merger because from going from four wireless carriers to three, they say is anticompetitive, could lead to higher prices. There is some negotiations there. There is obviously negotiations between the doj, tmobile and sprint on the final aspects of the deal. From what i understand, they are still talking. Not like theyre walking away from the deal. Then theres another negotiation and it has something to do with Charlie Ergen, the dish chairman, buying the spectrum that tmobile and sprint will divest to theoretically start a fourth, a new carrier, wireless carrier, and you know, build out 5g. Here is the interesting thing here. This is a guy that has been sitting on spectrum forever. Hes known as a very tough poker player and you know, think of it this way. They are relying on his promises or his i guess not promise or whatever, his willingness to build out, i mean, thats very capital intensive, building out a Wireless Network using your spectrum. That is kind of Holding Things up from what i understand. There is skepticism that he will actually do it. Hes got the fcc breathing down his neck to do something with the unused spectrum that he has. He still hasnt built out a 5g network. They want some promises and this is where it gets really lauren why hasnt he built out 5g . Who knows. Charlie ergen is a poker player. For all i know hes looking to sell it. Who knows whats really in his what hes doing. Lauren dish down 7 . Down 5 . Looks like it fell. Do we show sprint again . Looks like it fell a little bit on our report here. Yeah. Well, i dont know. In any event, this delay is whats causing the problem with the stock. You know, you start thinking when things are delayed like this, do parties walk away. That is clearly a possibility. That tmobile and sprint are going to say enoughs enough, im sick of this, and they are playing us here. I understand theyre not walking away yet. I hear they are still talking. So the deal is still like in the works. I think they have a broad outline of the deal. A lot of this from what i understand has to do with ergen and his willingness, remember, he has said hes going to build out something called narrow band. Dont ask me exactly what that is. But its not 5g and its not broadband and its not stuff that the government wants. The question is will he use the spectrum to do something bigger, particularly a 5g thing with a new carrier, will he put the capital, the money into it. And these are open questions. By the way, why does that matter . Well, if he agrees to do all that, guess what . The state cases go away. The reason for their case, that you go from four to three doesnt matter anymore because you have four. Lauren is there a dropdead date with all this . I think the next couple weeks, i think next week, i mean, who knows. At some point, sprint and tmobile are going to say to themselves okay, were giving up all this, we have to divest all this stuff, we have to create we have to give up spectrum that might lead to a competitor, is it worth it. I think more from sprints standpoint, the weakest of the four major carriers. They need to be in someones hands. Tmobile is another story. You know, do they extract so much stuff out of them that they have they can walk away. From what i understand, just so you know, they are not at that point yet. That doesnt mean they wont be at that point next week. I still hear theyre talking, i still hear that lauren well, this merger has been good for tmobile investors. We were just showing that chart. Since the announcement, tmobile stock is up 17 . Why is that . Because when you put both companies together, sprints up too, theres incredible synergy. Sprint has spectrum, tmobile has infrastructure. Theres a lot they can do here. Lauren yeah. Charlie, thank you very much. The closing bell ringing in about eight minutes from now. We may or may not have a trade truce by this time next week but our countdown closer has some stats he thinks will make your portfolio shipshape either way. Countdown coming right back. Your daily dashboard from fidelity. A visual snapshot of your investments. Key portfolio events. All in one place. Because when its decision time. You need decision tech. Only from fidelity. Saa Auto Insurance quote today. Lauren five minutes to the closing bell, like like rally is losing steam. Dow up to, s p down one. Nasdaq down 14 p. Look at weekly numbers. Certainly much better week and month. Nasdaq is up. Gerri willis live on floor. New york stock exchange. Look at winners and losers. Reporter boeing, caterpillar, cisco, logging first jet orders since the 737 disaster that came from korean air. Caterpillar confirming forecasts. Cisco nailing a 700 milliondollar contract. That was a big deal. Look at losers for the dow. Dow, verizon, mcdonalds. Verizon interesting story. Wall street journal reporting that 5g conversion going more slowlily than anticipated. They will be one of five u. S. Ceos appearing. That is a big headline. Mcdonalds, their adoption of the robot technology, it is spotlighting need to speed up what they do. S p winners. Insight, allergan. S p, mattel merger deal ban dodd. Mga says the toymaker cannot being salvaged. Lauren gerri willis thank you very much. Were one week from the summit between highly anticipated meeting between President Trump and xi xinping takes place. The Global Markets hope the trade war can come to some sort of a solution. Todays county down closer, says for better or worse now the time to prepare the portfolio. He has picks that make it happen. Rdm Manufacturing Group partner, ron weiner. The markets we might not have records today, but were very close to them. The markets are expensive. What can you buy right now . This is kind of tough. We think the markets is pretty fully valued, trading 16 1 2 times earnings. There are still plenty of places still growing. Got to Pay Attention to the trends. Got to look past the next, i dont know, 3, 6, 9, 12 month. See where things are headed. Where things are headed, still the cloud, still ai. It is still smart people figuring out how to invest their money correctly. We Like Companies like blackstone. Smartest guys on the planet. We were talking to them about separate investment, 8, 9 yield, private lending. Looking for places to make money. It will not be that easy. We dont expect a flourishing balance of 201019. Lauren you like ibm. Yeah. Lauren why is that. We havent owned it for years. After they announced a buy of, just forgot who they bought lauren come back to it. Yeah. Okay. But ibms trading better than it has in a long time. Now it seems to get its footing with the new acquisition, then we really believe theyre going to turn the corner with lennox software. Add bigger solutions, better solutions. More wellrounded solutions for their customers. I think ibm will be great. It is about a 5 yield. Lauren oh. This time blackstone is almost 5 yield. You have to hold stocks, might as well get paid while youre waiting t could be kind of volatile. Nobody expects, nobody expects an agreement between china and the u. S. Lauren what do we expect . What would please the markets . What makes you happy . What makes me happy they will continue to talk. This could go on for months it could go on for years. China says theyre in no hurry. If trump has the Political Savvy to keep it all together, this could go on for a long time. We have to look for good companies. Hold our breathe. Lauren ron, thank you very much. [closing bell rings] session lows. No record highs. Thats it for countdown. After the bell starts right now. Melissa new records on wall street amid rising tensions with iran. The dow closing down 30 points. It climbed above the alltime closing high during the day. Were losing steam in final moment of trade. Welcome to you. Kristina i dont think weve done this ever. Im Kristina Partsinevelos in for connell mcshane. Any positive close will mark a new record. However the nasdaq is in the red. All major averages ending in the green for the week. We have to break down breaking news with fox Business Team coverage. Blake burman is at the white house. Gerris