There was some faint on tow mission over traden which turn helped ease some of last weeks recession. Overall it did have a much different feel from what we experienced last week which had intense the dow was up 229 to close above. 26,0 nasdaq added 150, s p gained 34. Its only monday. Even though were in the dog days of summer, this will be anything but quiet. Bob pa san any stocks off in the new york stock exchange. We have had quite a rally over the last couple of days. The dow has moved up roughly 800 toints since thursdays bottom. Stocks bd precisely when the ten year treasury bottomed at 1. 47 . Yields came off their lows, so market. Stock that shouldnt be too surprising since stocks were movin in tandem with bond yields all month. It can be tied to savings, fears of a possible recession in 2020, a point president Donald Trumps advisors made overheweekend. High hopes for u. S. china relations are adding fuel to the rally after the white house decision to extend a reprieve given to huawei given them 90 more days to buy supplies from american com cnies so it service existingomcus. Naturally cyclical sectors led the rebound today. Reets ander utilities u performed. Thats a reversal of what weve been seeing for the quarter and for most of 2019. Still, theres no shortage of catalysts ahead that can move the markets including a handf of retail and home building, manufacturing data and new home sales. Plus we hear from global Central Banks. Lots of chatter from federal serve officials at their annual meeting plus themi lates tes from both the fed and European Central bank. Busy weekven though its august. For nightly Business Report, im bobni pi lets turn to Burns Mckinney to talk more about what lies ahead this week in the market. Burns, nice to have you back. Welcome. Thank you so much. It does seem like its going to be a e busy weekn though were in the middle of august. You think the focus is going to be firmly on the fed later this week . Absolutely. There certainly is a lot of economic data. L weve beeing in a market over the last several months that been moved by two factors. We spent the last week and a half talking about trade and really we expect the markets to be moved more than anything by at jay powellays in jackson hole this friday. And the consumer has sayainly had something t about this as well, maintaining a strength based on the strong jobs market and we get all these retail earnings out this week. What are your expectations for that . Well, one thing i learned longha ago was youre going to lose money if you bet against the American Consumer and likewise the American Consumers willingness to spend beyond their means. And consumers have been strong. I mean, you do have a very strong job situation. Unemployme is near a 50year low. Consumer confidence and consumer Balance Sheets are fairly clean right now as well. So, yeah, we expect to see some good signs from the retail numbers and of course theres omalso been divergence. Theres been winners and losers within uretail. Saw over the past couple of weeks you saw a company like macys that got hit hard versus you saw walmarteport very strong and very good same store sales. I think you do have certain players like the walmarts of the world tha b haven really disrupting retail alongside amazon that have bee gning shares for a lot of other retailers. Where do you come down in terms of the debate thats out there right now about whether or not were in for a slowdown or were actually going to go into recession . Dont we dont see a recession happening, at least over t next 12 months. The market the economy certainly is slowing with the inversion of the yield curve,o basically put it simply, thats typically one of the best indicators o a recession and so thats something thats gotten investors a little bit cautious. Really in this case its had a lot to do with Interest Rates being moved by rates over seas. Simply puthat it means is that we do see the Economic Growth we dont expect it to tip into recessionary territory, but probably dip back into that 2 annual economic are you trutt t had over the last decade or so. The type of environment f whic investors can still do fairly well. On that note, burns, thanks so much. Burns mckinney with allianob investors. Thank you. Speaking of which, there are reports tonight that white house aides are looking at a payroll tax cut to help offset a weaker ecomy. This is big push to ease fears of a possible recession. Eamon rsja reports tonight from the white house. Reporter the white house went into full messaging this weekend to try to push back j the idea that theres a recession comint around the corner. Call it all the president s ecomic menace the Economic Team here swarmed the broadcast and cable nets with their upbeat and economic message. Between them lar kudlow and trade advisor Peter Navarro r appeared on f Television Networks in two days in the wake of an extreme volatile week on wall street. Ill tell you what. I dont see a recession. We had some blockbuster retail sales conmer numbers towards the back end of last week. Really blockbuster numbers. Reporter ro navisputed the widely held idea that the yield curve inverted. Technically we did not have a yield curve inversion. An inverted yield curve means a big spread. Reporter President Trump said its not the white house ats limiting the Economic Growth, its the fed. Interest rates are low. I think i could be helped out b the fedut the fed doesnt like helping me too much. Reporter the pr offensive continues tomorrow off air larry kudlow is going to host two Conference Calls for business, state and local leaders all bout the president s economic agenda. The white house says these calls were long planned and have nothin to do with recent economic concerns. Forep nightly businesst, im eamon javers at the white house. The president of the boston fed signaled h is not in favor of further Interest Rate cuts. Heited current Economic Conditions that are good. He said easing Monetary Policy eould encouragee to take on more risk and build up debt and that, he said, could wsen the next down turn and leave the fed with few policy tools. Meantime, china is choing the chorus o global Central Banks but its not lowering them instead the Chinese Central Bank is reforming the policy by gradually replacing the fixed benchmark lending rate with one that fluctuates. The hope is that it will Lower Borrowing costs f companies and support growth. Americas Biggest Companies are making a newledge and shareholder return is no longer the main objective. The Business Roundtable i changing its statement of, quote, the purpose of corporation, end quote. The influential Business Group said decisns shouldo longer be based on whether they will yield highe profits for all shareholders. Instead, they should take all stakeholders into account including employees, customers and community. What cld this new change to the Corporate Mission statement potentially mean for you . Joining us to talk about it is charles nelson. Hes director of the wineberg gornance nter. Thank you for joining us tonight. You. Reat to be with youre not exactly enamored u . The change in the mission statement, are not at all. Its a rerun of the Mission Statements you saw of many corporations 30 years ago. The shtreholder wr movement. Frankly, the more people you are, quote, accountable to, the less likely a bad decisioner wi ave any consequence to you. Its like yourh. Wa the watch stops it gets the time right twice a day. You get multiple constituencies you answer to. Youre going to get it right to somebody but that doesnt mean a healthy business. Forer shareho being deep sixed, today everyone is a shareholder through retirement plans, state pension plans, whatnot. It really will harm accountability of management to the shareholders andli the p frankly. Those who support this move on ugh say its a recogni that corporations need to do more to help balance out the ever growing income that may mean engaging more with the employees and the community but it doesnt sound like you would be a fan of that. Today a shareholder Profit Corporation has to take int account its employees in the community. Youre never going to get longterm profitability which is what delaware law has always said. Its the dea of the corporation to get to profitability unless you take care of the stakes, whether its the employees, the community, ppstomers and ers. Everyone does that. But to change the pole sta to reflect everybody, if you will, loses a sense of accountability and ultimately creates a real mess agai were all shareholders today. Right. The off benefithen a company does well. What theyve done is gone back 30 years a that was really the climate then that created the economic dislocations that resulted in what were doing today. If they feel thattrongly about it, let them cut their pay by 2 3 or so andkive it b to their employees. Theyre not going to do that. Thats why this thing is a little i have Great Respect for the Business Roundtable, but this thing was a bit selfserving in my view. Charles ellison with the university of delaware. Appreciate your thouyots. Thank googles original slogan was do no evil when it went public 15 years ago today. Later in our program well look at why googles t strategy f next 15 may be very different. But first the power of the American Consumer. As it changes an entire industry is remade. If you ever needed evidence of just how powerful thens er can be, take a look at the Retail Sector right now. Looks lot different than it did a few days ago. As our buying habits changed, a whole industry was transformed. Tonight Courtney Ragan takes a look at the American Consumer. Reporter well, there are many signs Economic Activity is sls. Ing. The consumer remains strong. Retail sales posted the strongeston five growth streak in more than 13 years. The consumer may be whatshe holding up u. S. Economy. 70 of Economic Activity is tied to Consumer Spending, but where we shop and what we buy has changed. More than 1 4 of the countrys malls have closed since retails real estate peak. Today walk into any mall and stores. Ee empty in less than three years there are 9400 fewer stores overall. Last year more than 500 Department Stores closed theird s for good. Bon ton liquidated, sears filed for bankruptcy and jcpenneys and macys went through store closure programs. We simply spend less at depament stores than we used to. We do think there are much more Department Store closures over the next five to ten years. Macys alsoad its struggles but we think jcpennejcpenneys mostrooncerningthe department so far. Reporter the shift to Online Shopping and the higher portion of spending on experiences instead of stuff has also pressured physical stores. Put together, the u. S. Needs less retail space. Online shopping accounts for 3 4 of u. S. Etl growth and half of all Online Shopping is done on amazon alone. Retail is not dead, its very much alive, its just morphing. Its morphingor to become digital and morphing to accommodate the digitalsu cr whos very savvy online and understands how to get what they need and how to curate the products they need. Repter u. S. Consumers arent waiti for onlineales toarrive, theyre spending on experiences. Retail success takes more than just a strong consumer. Shoppers have more choices than ever before. The winners have mix of the right merchandise, the right environment and the right experiences. R nightly Business Report, im Courtney Ragan in new york city consumer keep fueling the economy . Were joined by anthony tacumba. Anthony, welcome. Ce to have you here. Thanks for having me. I guess that is the question. I mean, couney laid it out beautifully for us there. Do you think that the consumer ha staying power and will continue to keep the economy healthy . We think so. Three main indicators that we look at to gauge the health of the consumer are first off oy unemnt, which is at a 50year low. Wage growth, which is at a 10year high. Consumonfidence which is at a multiyear high. Just as long as those three indicators stay strong, we see no reasot Consumer Spending would slow significantly any time soon. Crtney also highlighted the store closures that weve seen. Just breathtaking numbe over the last three years and looks like we could be in for another Record Number of closures this year. Whte are we in t cycle right now, do you think . I think that were getting to the, midd maybe towards the late innings of that. I mean, you know, look, the u. S. Was over stored even before the advent of ecommerce, but clearly with more and more shopping going online you just dont nee many physical stores. One thing to remember is that oing to beys are some retailers growing their stores but, you know, its it really is on a casebycase basis. I covered 5 below which is a very, very unique concept offering below for teens and tweens. The value consumers like and its amazon resistant. In general, do you think many of the retailers have as one guest put itmorphed and embracedhe new ways that consumers shopped . The smart os certainly have i think about a company, for example, like best buy which has significantly invested in their ecommerce channel, but also figured out great way to leverage the store. A significant portion of their online orders are actually picked up in store. Hi or i of a customer like rh which has made their stores big, beautiful, very sort of experiential. They have restaurants in their ostores. They50 of the sales online. The retailers that have the staying pow from my perspective have adjusted to the new omni channel reali that were living in. There may be no answer to this, but what mig be the right mix of brick and mortar versus online for particular stores out there to achieve success int . His environm thats a good question. P agree with you, its probably tough to come with a precise answer. I have retailers like rh, williams so he know mow do 50 of their sal online. 50 of the sales online, 50 in the stores and bng able to integrate the two of them and integrate those experiences. Anthony, thanks so much for spending time with any time. Anthony katuma with loop capital. Ill get it next time. Meantime he este lauder top estimates thanks to growth in the skin care, makeu and fragrance products. It ranged its full year but did say escalating u. S. And china trade tetions, bre and the hong kong protests are still potential risks. Estee lauder was up to 201. 65. Microsoft is giving mine craft game more graphics by chip maker nvidia. Nvidia shares jumped 7 to 170. 78. Chinese social Media Company weibo topped earnings estimatess itincreased its full year revenue outlook. It jumped 14 to42. 31. Pg e fell after a judge decide jury could whether the utility is responsible for a massive wild re that killed22 people and damaged more than 5,000il ngs two years ago. The company could face up to 18 billion inamages as the blaze was the second worst wildfire in california history. Pg e lost more than 1 4 of their value closing at 10. 67. Twitter closed 900 accounts it believed was connected toa. Ch it said it would no longer receive advertising from state controlled news media entities. Shares rose more than to 41. 70. And after the bell vidu results topped expectations as they saw an increase in the daily app users. Shares initially rose in after hours trading and they closed the re nlar session uprly 8 to 104. 22. Google made big ak cquisitis in the first 15 years but the if next 15 may bere. Various state attorneys general are reportedly moving forward with an antitrust investigation into big tech. According to the wall street journal, that probeikely to focus on whether a handful of companies are using their power to stifle competition. The investigation apparently could be launched as soon as next month. It has been 15 years since google wentpublic. The Company Started trading at 85 a share. Since thenas the stock surged more than 2600 ands josh lipton reports, thats due in part to its acquisition strategy. Reporter a 1,000 investment in google at the time of its ipo would now be wor about 28,000 in part because of its major thacquisitions. Es youtube, which the Company Bought for more than 1. 5 billion in 2006. Theideo streaming powerhouse now generates an estimated 20 billion in ad revenue per year theres also double click which it bought for over 3 billion in 2007. That advertising platform helped power googles ad busines still accounts for the vast bujority of alphabets total revenue. Its biggest acquisition so far, more than 12 billion for Motorola Mobility in 2012. Less than two years lat it sold motorolas smartphone busine to lenovo for 3 billion but googleo did get keep most of the portfolio of mobile patents offering the Company Legal protection for its android operatg system. To date alphabet has spent over 32 billion on acquisions, 40 more than amazon. Almost 500 more tn apple. What about the quarters and years ahead . Some analysts thi increasing regulatory scrutiny both here and abroad will hamper googles ability to do some deals. Im attempting to do a large 10 to 20, 30li b acquisition vertical ntegration acquisition in th internet advertising space off the table. Google for twitter off the table. The reason is the concentration of the large market share they already have inonline advertising. Google accounts for close to 50 of internet ad spend in some markets. They wouldnt be allowed to increase that share. Reporter tmahaney doesnk google can do relatively smaller deals to build out theou growin business as it looks to close the gap with Industry Leaders with amazon and microsoft. Googles new cloud chief ias ma clear that acquisitions will be an important part of his strategy recentl announcing that google will buy a Data AnalyticsCompany Called looker for 3 billion. Fory nighsiness report im josh lipdone in san francisco. An auction blunder. On friday we told you aut this rare 1939 porsche that went up for sale in monterey. It was set to fetch 20 billion. A misunderunderstanding. The bidding started at 13mi ion but the giant screen displaying bids showed 30 million. When it hit 14 million it showed 40 million. When it got to 17 million and it showed itisaying 70 million he stopped the auction and since 17 million was below the reserve price, r. M. He ss pulled the lot. It said this was in no way intentional on behalf of anyone at rm assothebys. It amplified by excitement in the room. Ouch. Before we go, heres a look at the days final numbers from wall street. Dow up 249 pointsse to c above 26,000. Nasdaq added 106. S p 0 gained 34. And that is nightly Business Report tonight. Im sue herera j thanks fning us. We want to remind you that this is the t year your Public Television stations need your support. Im bill griffe. We always thank you for all of your support. Thank you and see you tomorrow. Woman this is bbc world news america. Is made possle by. The freeman foundation; by jovy and peter blumr foundation, pursuing solutions for americas neglecd needs; and bys ontributions to ts station from viewers like you. Thank you. Sophie this