Joining us is josh brown. I think this is so important, we have this continued strength in the big indices and faang is not leading. This is the thing that everyone has always said. Its a very narrow market, only a handful of stocks. That is not whats get on this year yes, theres been huge performance in some of the faang names. A lot of that was recovery, but you have a broadened rally, something weve been looking for for a long time, and you have great rotation you still can get new highs out of the indices one thing i think is indicative of that, boeing down 2. 7 , give or take, thats the biggest weighting in the xli, almost 9 . Caterpillar, also a bad day. Thats either the third or the fourth biggest weight in the xli. Despite the xli, its doing great. You have other names picking up the slack. And that tells that theres strength everywhere. Thats really what a lot of people like myself have wanted to see. Of course in a price weighted index like the dow, they are dragging. Boeing is very important. Youre saying the upshot is its a bullish sign for the Market Going Forward thats correct we can rotate away from a few big market cap tech names . Four points all from alltime highs in s p, semiconnectors alltime high. Remember the union pacific, a huge drop when they came for the rails . Got it all back. Not even four points away from the s p were at a record if we close where we are at the moment, but right on it. Well have to keep an eye on it. Also a record close walk for the nasdaq, 8258 key level. You can see the nasdaq 0. 6 . Julia boorstin is up covering the facebook settle machined and ylan mui is julia, lets start with you. Will, you see fining facebook a report 5 billion and imposing new Privacy Restrictions to prevent it from misleading users about privacy or misusing the data the implementing strict compliance measures, and new independent privacy assessments as well as new independent Board Committee focused on privacy facebook saying that the structural changes theyre making go beyond anything required under u. S. Law. Sarah . Julia, thank you. Facebook not only the only a Company Facing scrutiny. Ylan mui has details on the dojs new broader investigation into big neck, ylan . The Justice Department plans to look at three areas z kearse related to antitrust, are the Big Companies stifling innovation or hampling consumers. The the doj, earlier extra treasure require secretary Steven Mnuchin raised concerns about amazon right here they destroyed the Retail Industry across the United States no question they have limited competition. Theres areas where they have hurt small businesses. The Justice Department does not name specific companies, but the expectation is along with amazon, google, facebook and apple could get hit. Doj said if violations of the law are found, it would proceed appropriately, guys. Back over to you lets send it to mike for the first installment of the dashboard. The first installment does follow on this theme here, cal it loss of trust, inparticular antitrust. Its a bit of a history lesson, investors are struggling lets dial it back to what happened with microsoft, back before it came to a head the ftc started an investigation into microsoft in 1990, before the wordwide web even really existed. Look at this timeline, ill go through the dashboard in a bit of this timeline in exactly how long it took to unfold 97 products changes, u. S. Versus microsoft, the trial begins in 1998, rules that microsoft has a monopoly, they try to break it up the court says no, its not going to get broken up the stock was doing its own thing, in the late 90s. Finally it did catch up with the overall market look at a 22year chart of microsoft, and remember these dates from the beginning of it right here, inchally is when this was all going on for the most part, and that was the entire time that it was all about how microsoft was perhaps in violation, perhaps essential an antitrust violator. And of course we had a bear market, maybe it was related, maybe not, and a very long nothing for microsoft before it ever had the second act. These things take a long time even if in fact the government does get aggressive. Mike. Thanks very much. Way to the right side. A big impact since he took over coming back to the other stories, facebook, is the headline the fact it wont lead to a change of the business model. There are two arguments the first is probably zuckerberg will outmaneuver congress, and the investigatoruals agencies that are looking to it, and then maybe at some point theres some sort of settlement a check is written, but to your point, very limited impact stock is higher. Because the market is smarter than, you know, to but the other way to look at this beyond just what happens today, the other way to look at this is maybe breaking on facebook would be a huge win for shareholders what if it were a standalone company. Paypal couldnt survive without ebay paypal is now worth more than ebay at the time they were saying that, much more money was made when they broke up standard oil, a huge amount of value unlocked. Same with the baby bells, so actually for shareholders it might not be the end of the world if in fact a breakup happens, but were talking five years from now in between now and then theres still considerations about the state of the business. These companies are doing well amazon is a great example. Could they fight the government for the next three, four years teaming up against them. You know what, though theres never been an antitrust case where the consumer was benefiting and the government went after them anyway you have to prove harm to the consumer, and thats not what theyre talking about right now, because the consumer benefits from amazon being such an incredible competitor. By the way, they have less than 8 of total retail how could you possibly say that they have destroyed retail they have less than 10 of it. Its not a situation where they dominate the industry. Online is only one facet of retail its not the whole pie its a growing share of the pie, add organably with what walmart and target have been doing with digital omnichannel, theres no way you cant make the case theyre not out there competing. We need a lawyer to join this conversation. Joining us is Alexis Gilman partner, represented at t when the Justice Department challenged the time warner acquisition. Weigh in, if you would do you think the government has a sound kay to go after well, i think we have to back up no agency, neither the doj nor the ftc has allowanced a specific investigation, so we dont know specifically. If they mention social media, though, isnt that sort of the sure, those are likely candidates to look after, sure, but toss clear, what the doj announced last night, and what struck me is the lang way they used they announced a conduct of a review of Online Platforms when they launch a look at a company for its conduct or a merger, those are investigations, not a review i thought that was pretty interesting language theyre using. When the doj or ftc do start an investigation, thats almost always confidential. Very rarely does the Agency Announce an investigation, and when it does, its typically only after the target of the Public Agency has done so first. Is there any teeth to it. I think its not clear theyre investigating a specific company yes. They could certainly well be investigating facts and Market Conditions that might be the basis for an investigation, but thats not clear from the fdojs press release. Whats complicated in the u. S. You have two antitrust authorities in the doj and the ftc. Before one of the agencies can start an investigation of a specific company it has to get basically clearance, approve of the other agency to launch the investigation, and tech is one of those industries where the agencies have fought behind the seen to tackle some of the big highprofile investigations. So its not clear to me that the doj has gotten clearance to launch an investigation or the ftc, which has launched its own tech task force, so its not clear so far which agency is going to be looking at what. Alexis, just quick will with the ftc settlement, do you think the privacy issues are put to bed for five years that was a consumers protection action, so i cant say for sure i will say that privacy hasnt traditionally been a theory of harm in any antitrust case there was a german case where law does seem to provide some scope for privacy being a competition harm, but we havent traditionally pursued privacy theories of harm in the u. S. Under any trust law. Thanks for joining us. Thanks for having me. Were using big tech for shorthand. Youe but these companies are so different in what theyre doing, and theyre going to be treated differently by regulators and investigators. Apple a totally different can of worms if youre a demagogue or bernie sanders, and you want to make powerful applause lines, big it ecis what does that mean i think that point, lets take a step back. And the resolutions will be very different. I know its one day, but apple is down today, whereas facebook is higher still ahead, and theyre reporting later as well. Counting down to a huge afternoon of earns, facebook, tesla, ford and many more. Well bring you those numbers as soon as they hit. A number of companies citing the trade war in their quarterly reports. Well take a deep dive into the impact its having on Quarterly Results. As we head to break. New home sales rising 7 in june, topping estimates of 5. 3 . Median new home price, just over 310,000 we will be right back on record high watch here on closing bell. Prevagen is the number one pharmacist recommended memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Im off to college. Im worried about my parents retirement. Dont worry. Voya helps them to and through retirement. Dealing with todays expenses. While helping plan, invest and protect for the future. So theyll be okay . I think theyll be fine. Voya. Helping you to and through retirement. Here, hello starts with hi mple. How can i help . A data plan for everyone. Everyone . Everyone. Lets send to everyone [ camera clicking ] wifi up there . Ahhh. Sure, why not . Howd he get out . a camera might figure it out. That was easy glad i could help. At xfinity, were here to make life simple. Easy. Awesome. So come ask, shop, discover at your xfinity store today. Welcome back to closing bell. 44 minutes at the trade, a report alltime closing high will be 30. 143, 0. 35 at session highs. The trade war and tariffs once again showing up as a keep theme this earnings season irobot plunging, citing in part the direct and indirect impact, tupperware missing earnings, and giving guidance below estimates. What impacts you with the trade talks is the impact it has on the chinese economy. Big chip maker sending a more posit note with the cfo on the call to do business in china. Its a theme, but certainly it came up in caterpillar, but they also have weakness in the natural gas business the surprise was on natural gas and crown his better than expected, whether its banks or consumer stocks. And they sort of brushed off the trade war. Maybe theyll see it in durable goods, in terms of weakness in china. Lets drill down seema mody is following caterpillar. Hi, wilfred, a slow down in shale boom and higher manufacturing costs due to tariffs cutting into the prophet. Over in affairia, growth remains a challenge. Citing competitive pricing pressures as well. That stock is faring lower today. A close eye on what it sets tomorrow seema, thank you. Phil lebeau has a look at boeing. Will, this was the worths quarterly loss, but its the future of the 737 max production line this is the comment from ceo Dennis Mullenberg. He said one option is a shutdown that might be the most official things to do they currently are building 42 a month what will determine if they is shut down the Assembly Line if recertification habits and it returns to service, then the Assembly Line keeps going, and they ramp up production. We should point out today because of the so many of the issues regarding the max as well as engine issues with the 777x, that first flight for that plane is being pushed out into next year was this a slip of the tongue accidentally today no, no, no. No slip of the tongue. No slip of the tongue. I think almost everybody agrees, if anything, this is Dennis Mullen did not berg and the team softening the market for the possibility they may have to halt production. No, this was not a comment to some analyst question. This was very clearly stated repeatedly by boeing as a possibility if they cannot keep the timeline for the remainder of the year. Thank you, phil. A steep decline in boeing, jo trader are talking about the 50day and 200day have now concernsed that actually is where the selloff stopped thats not an accident you see a lot of support tend to come in at levels that shortterm traders believe are believable i think its emblematic, typically with a company with a disaster of this mag any 250ud and its going to cost them a lot of money, you would have a stock thats selling 12 times earnings, maybe, versus the s p, and it would bepaying like a 5 or 6 yield. You would say thats my margin of safety. This is a 21 times multiple still despite everything going on so still too expensive . Yes in other market environments weve seen blowups like bp in the gulf is a decent example of this, you say already, the to be has been hammered, and im willing to risk the legal liability and the period of time to recover is not that bad in this case markets by definition are giving them the benefit of the doubt im not sure theres a play for either Value Investors or technical traders, so i have left it alone, and i would advise other people to do the same until theres more certainty with the time horizon. All right we have under 40, 39 minutes left before the closing bell were on record close watch for the s p and the nasdaq were above that on the nasdaq, above it on the s p 500. Lets see what happens if not for boeing, the dow would probably by her as well. Facebook shares have largely shaken off concerns this year. Will earnings put a stop to the rally or addore mfuel wee find out after the bell. N,. Kevin Kevin Kevin KevinKevin Kevin KevinKevin Kevin Kevin trusted advice for life. Kevin, hows your mom . Life well planned. See what a Raymond JamesFinancial Advisor can do for you. Time to get the are word on the street amazon being raced s. But the firm also lowering the fullyear eps on the company, saying it expects the amazons oneday ships, so downgrade in eps, upgrade in pricing target, no downgrade to revenue just a margin impact Rbc Capital Markets are markets upgrading pultegroup it leaves a more risk reward profile, also improved Pricing TrendsGoldman Stacks upgrading party city to a buy. The firm says its better halloween timing this year are you kidding stop. As key tailwinds for the stock. Halloween upgrade hold on its an updre to buy no offense, that stock looks like its going to zero. This has been down almost since they dragged it back out this was a private equity catchandrelease. Theres absolutely nothing encouraging about looking at the price action i would like wait and see. So youre not buying chocolate for halloween . No, im not buying anything they give it to me in costume. Youre a trickortreater for life lets talk about amazon. Somebody that watches the show may actually own that one. I am a shareholder, full disclosure, which i think is important. Al zone historically has always been a Revenue Growth story, but people say, can they ever earn money. They actually beat earnings be a bill yor in net income four of the last five reports, so now the emphasize has shifted to, wait a minute, i dont know if thats so great that theyre harvesting, where is the Revenue Growth i think top line interestingly will be the thing people are nitpicking about number two, they committed to get twoday shipping down to one. They had that before the Second Quarter. I know were not there yet, but people will be looking to see if speeding up shipping times is lating to bigger baskets a and then of course thee consolidate youre trying to talk the stock up im not trying to i think thats the challenge for i dont need to its a 2,000 stock. Theyll be fine. Those are the things that i think people will look for, if they cant show a reacceleration growth, and if they cant demonstrate all that spending on shortened shipping times is helping the orders, then, you know, those will be what people harp on. Its up 5 , double most of what the s p 500 has done. Up again slightly today, with the upgrade from Credit Suisse the dow misses out today because of boeing and caterpillar. Up nt,ex rick reider will break down his key theme for the rest of the year we are on record close watch for the nasdaq and s p 500 weak earnings for caterpillar and boeing are dragging on the dow. Vesselors are awaiting facebook earnings. Time for a news update courtney heres whats happening at an naacp forum, democratic hopefuls responding to the testimony on capitol hill. Bless warren repeated her calls for president trumps impeachment. I understand there are people who for political reasons say its not where we want to be, but my view, some things are above politics we have them is our constitutional responsibilities, to do what is right. Amazon may have rejected queens earlier this year, but it has its eyeing on brooklyn according to a report citing several sources, they are looking for a massive space to open a logistics facility that lets it quickly deliver orders they say the company could rent as much as 1 million square feet. A Pennsylvania Superior Court threw on the meek mills conviction th