Plus Consumer Confidence slips but less so and bill dudley says the fed shouldnt enable the disastrous path of trade war es ka ligs and should attempt to influence the election not cutting rates further. We have it all coming up in hour joining us for the hour is steve grasso here at post nine good to see you. Good to see you. A wobbly session today in terms of the market. Up on the dow. That didnt hold but we are also kind of oscillating off the lows here still within this monthlong range. I think its about yields german yields, negative yields around the world probably heading even lower from there and taking the equity markets with it. Thats it from the 50,000 foot up and now trade headline, dudley today writing today and trump tweeting dudley in any other news day i think dudley should have been the focus from start to finish but when you have rates and when you have headlines on trade that kind of gets lost in the shuffle and been covering it quite well but that to me is something
Buy in the space how can that be . Well tell you as power lunch begins right now and welcome to power lunch. Im melissa lee. Stocks taking a breather today after yesterdays more than 1 gains, all three of the major indices are lower with the s p and dow on track to snap the threeday rally since last weeks big drop. Fractional losses across the board. Check out the transports theyre sinking further into correction territory American Airlines, the biggest drag there that stock is now down 16 for the month of august. Well have much more on that move later on. Ty we begin at the white house President Trump to meet with the president of romania while the economy is front and center for the president and the administration and eamon javers has the story for us now thats right. Were going to see the president of the United States in the oval office here in just a short time the president will have the opportunity to talk about the end of the 30th anniversary of the end of communism in romania
We lower on the douby just 6 points some individual stock moves on the final trading day of august to hit check out ulta beauty on track for the worst day ever down around 30 after missing on earnings, revenue, estimates for the fullyear guidance also coming in light blooming brands seeing a spike around 2 00 p. M. After Jana Partners to take a 9 stake in the company saying in a filing it believes shares are undervalued and intends to have discussions with the company about a possible sale. Nearly 8 pop there. Shares of lions gate falling on a report of comcast dropping starz. Comcast is parent of cnbc. Joining us for the entire hour, final hour of the final month of trading for final day of the month of august is mark tepper to these individual stock moves like an ulta, wilfred mentioned target up 25 , ulta down almost 30 . Why are these such severe reactions to earnings, these reratings of the stocks individual story or the Market Investors are concerned overall about just carrying r
The yield curve inverts again, the fifth time in the last week but stocks are shrugging it off. Weaker than expected manufacturing data and this season of retail volatility continues sharp moves in the stocks with more earnings movers coming in the next hour. Watching signals of the Federal Reserve. Philadelphia fed president harker throwing some cold water on any imminent rate cuts. In december i was not supportive of the increase i was supportive of the decrease somewhat reluctantly this time around to get us back to where policy should be were roughly where neutral is i think we are roughly where neutral is right now and i think we should stay here for a while and see how things play out. Well get another view from the Federal Reserve in the next few minutes here on closing bell. Coming up, an interview with dallas fed president Robert Kaplan with steve live from jackson hole joining us for the entire final hour, is mark leeman mark, it does feel like theres a little more optimism o
The currency weapon has been. Yeah. It was a big surprise last week when the president dropped that tweet about september 1st tariffs. And some people that i talked to, tyler, and kel, it changed the game for them. That what they thought they had was a figured out market for the most part. They felt that way because of the fed and the rate cut and they felt like they had their hands around where the market could go in the months ahead were still throwing out of whack by that. Going into that, this was a market that was up almost 20 , so far this year, trading near record highs coming off of good earnings, fed rate cut, felt it was all working for the markets. As you heard Barry Banister say, sure, we get more of an odds of a fed rate cut, trump did something good on the trade front and markets will be fine on that note, well hand it over to you guys. Youre always one tweet away. Thank you. Well see you later. Welcome to the closing bell. Im scott wapner stocks plummeting, names like ap