Welcome. Pessimism on a trade breakthrough as the president said hes not ready to make a deal yet huawei tensions heat up. Treasury yields, the dollar slipped as investors are still seeking out safety and government bonds to close out the week joining us for the hour Margaret Duran is back from bda capital partner. So its been a stomachchurning week how are you feeling about the market now thats right. Particularly down 700 points on monday i have to say i stepped in and bought on tuesday. Were going to see more volatility but in a trading range. I think the tariffs we needed a trigger after the run up in the first half and the tariffs when you look at 10 its not helpful. Well slow down growth in different areas but in terms of our 21 trillion economy, its not that big a hit. What kind of stocks were yo beau i think my usual suspects mastercard, costco, amazon, and orphan stock i got shopify which ill talk about later. Lulu for the first time no. I just added that. Oh, okay. All right. Well focus on the big stories were watching this hour we have the details on ubers big loss on the stock hit. Seema modi looking at the nasdaqs underperformance. And dom has a look at the Market Action this week well start with you on uber on this plunge well, sara, theres been debate over ubers quarter depending on who you talk to uber had a good one or a terrible one that giant 5. 2 billion loss was a once in a lifetime hit due to the ipo, according to the ceo, or bigger than the combined 2018 losses for all but three of the s p 500 companies. Now coo said his company is misunderstood. I think weve got to do a better job in terms of telling our story to the markets i think that the company is executing very well. Somehow its not getting through the noise. Now if there is one thing that bulls and bears alake can agree on, theres a lot of noise and when it comes to arguably the most important metric profitability, the street did not get a clear answer this quarter. I think why youre seeing the stock trade down by nearly 7 . Thank you very much for that. The nasdaq lacking today and seema mo mode i did has one. Once again the Semiconductor Stocks are leading the nasdaq lower on renewed trade risks jpmorgan put out a note saying u. S. Policy is becoming unconventional adding the currently dimension is pushing investors to assess how much risk they want to hold and it also want to draw your attention to shares of craft heinz. It fell 8 yesterday and continues to fall after it posted a steep sales decline and reported in 1. 2 billion in charges and write downs. Its one of the stories that continues to be challenged by changing consumers habilitates that stock is at a new low the earnings story continues to next week. Well keep a close eye on the globally oriented names like sisco, and n vid ya. Thank you europe is dealing with some emerging red flags the latest concern instability in italy weve been following this closely. And a bond move we saw today. Yeah. Well put in perspective in a moment one of at least two ruling parties, the league, tabled the motion of no confidence in the Prime Minister as the partys leader pushes for fresh elections. Salvinis right wing lead party has been in coalition with the leftist Population Party and hes acting opportunistically as his party leads the polls at the moment around 37 of the vote. The spread between the italian and year and germany increased this year. Some context the italian 10 year shows that todays pick up in yields outweighed by the massive low in yields globally of late that said, if a pure league lead government did emerge, we probably would see more italian risk aversion. Not at that point yet but something to keep an eye on. Yeah. A political flair upcoming at a time where europe and the uk cannot seem to make a deal, have a deal come to any consensus ahead of this deadline. Right. We got the surprise gdp move. Yeah. Its the 4. 5 against the dollar now in the course of this quarter. So the last sort of month and a bit. Why . Because the gdp data negative 0. 2 that comes after a surprise jump in the First Quarter up half a percent. Why was the First Quarter so strong it was a lot of stockpiling into what was the original brexit date so now you have the offset of that people dont expect it to fall into two recession there might be stockpiling into october but nonetheless, a surprise but france and germany next week could see some declines in gdp for those two economies next week and what it might mean for expectations of ecb and the implications on the dollar. And, barb, as the European Data goes from bad to worst. What does it mean for u. S. Company earnings thats a question it doesnt affect us what are the investment implications i think underlying this as the data gets worse and even if the numbers come in badly next week, we know that the Central Banks around the world are ready to step and our own fed chair said that, as well. So i think that will provide underlying support to the market. I want to show you the dow. Its gone positive so session highs here. Another recovery during the final hour of trade. Lets see what happens over the next 52 minutes or so. European fears, as we mentioned, slow down signals, escalation in the china trade war. Made for a wild week in the market dom chu with a look at how we got here. There is no shortage of dips to buy over the course week and a half going back to the feds Interest Rate press conference last wednesday and President Trumps tariff tweets. Today alone and take a look at the back to monday because remember the chinese devaluation of the currency surprised down 766 points for the dow. Another bounce back 311 points the next day as those fears started to ease a little bit only to go down even further as Interest Rates fell and rally all the way back and then a massive rally higher yesterday and then all today down 280 points at the lows for the dow and like you said we reached positive territory so it turns out that there are dip fires out there. The question is, will they be there Going Forward if the trade uncertainty persists back over to you guys. It looks like the s p is just flat for the week after that dom, thank you its been a wild week in the bond market. Jeff sherman, joins us now to discuss. Sum up the week in treasuries, jeff. Yeah. Well, it started off wield as a continue situation, as you mentioned. The rally across the Treasury Curve from last week but when you start to look at the close for monday there hasnt been much if you look if youre the ostrich and cover your head in the sand and look at the close, you would say theres no volatility. Theres huge swings when you look across the Treasury Curve specifically in the long bond, its moved 2. 5 points over the last two trading days. Im talking about wednesday and thursday from being up significantly and down significantly and back down significantly and up significantly. Its been a lot of fall. As you mentioned, just like the stock market, not much happened since the close on monday. Huge swing whether interday or the closes. Why . Have we seen the fundamentals change or crazy changes in sentiment . Well, its a huge sentiment shift. It started, as you mentioned, after the fed meeting with the tweet from President Trump instituting trade sanctions on september 1st against china. Since then, theres been a massive negative sentiment overhanging in the market in general. And so it got priced in very quickly in the treasury market we had a 30 basis point move in treasuries over the course of three days three trading days and what you see here is everybody try to one up each other in negative acceptment so i think the interday volatility is reacting to headlines. Theres nervousness on both sides. Where people think that the bond market is oversold its overbonded during the day and right now youre getting a the lot of measures it looks over bought. And so i think right now theres a lot of negative sendment already priced in the treasury market and what you need to see from here is what is going to be the next direction but in order for yields to continue to move lower, and we see a lot of people put out pieces rationalizing negative Interest Rates, saying the u. S. Will go negative i think in order to get another move downward, you have to deliver really disappointing and negative data here in the u. S. But its as negative Interest Rate policy the ecb continues to pursue you have inverted yield curves across the developed world its causing a lot of nervousness for investors globally now. Even as were speaking, jeff, were seeing 109 year yield tick higher actually now most of the curve is higher. The dow rallied almost a hundred points in the last few months. It feels like the bond market is the center of the action at what point does the bond market not act as a deterrent for stocks and actually lead to the idea that evaluations are looking better and that dividend payi paying stocks are looking like a better bet. Its hard a lot of people like to compare the dividend yield and stocks to the ten year treasury. You have to remember those are different volatility instruments. The stock market tends to exhibit five to six times the treasury for people looking for safety, its not dividend paying stocks will deliver that smoother profile that necessarily bonds with do. However, you talk about the bond market being the Center Activity its because weve had the fed last week or the fed delivered Interest Rate credit but also jay powell said its a mid cycle cut. That spooked the bond market then President Trump spooks them the other direction and gets his 50 basis point cut he wanted by taking 25 from the fed and the tariff policy driving the curve down the additional 25 . I think the bond market is saying are we going this into the global recession is it going to be it for tat policy between the u. S. And china . And then further to that, what is the ecb going to do people expect them to cut rates next month people now price that the fed is almost guaranteed to cut rates next month theres 2. 5 rate cuts. Four by next year. The bond market is showing fears were perhaps getting closer and closer to having a recession, maybe not just in the u. S. But a global recession due to some of the policies. Bob, how close did you watch the yield curve when deciding what is a legitimate evaluation for equities i think any Equity Investor has to Pay Attention to what is going on and, you know, everything about the inverted yield curve and what it means. It signals a recession or often does yeah, youre concerned because are you missing something in the earnings but i think theres, you know, all the factors right now going on so, yes, i Pay Attention and then i look at, you know, theres some question about should you be buying more dividend stocks . Im not. Stocks can go down and dividend stocks is the fundamental story good if it happens to have a great dividend yield, so be it. Look at the best performers this week. Real estate the high paying dividends. Utility ises number two and Consumer Staples are in the top five. Yeah. Thats the flight to safety that went on this week. Well if its sustained through next week. It may not be. Yeah. Yeah. I would say dont forget, too, what performed quite well and has since we pursued the negative Interest Rate policy globally is gold dont forget one of those ones with a lot of street credit for a long period of time has been exhibiting that behavior, as well when you look at negative yields now in the eurozone where sovereign yields on the front of the curve yield 100 to 120 when it gets to switslands two year yield, about 118 negative today. You see people clam more for things dont forget Something Like gold which weve been bullish on. No yield is better than negative yield its up 18 this year. Thank you still ahead, well have more on todays action at this wild week when we speak to scott black. Up next mike san tolly looking at the stock in your sector that could make or break your portfolio. Dow is firmly positive now up 22. Well be right back. From the couldnt be prouders to the wait did we just winners. Everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. Now you can share it between lines. Mix with unlimited, and switch it up at anytime so you only pay for what you need. Its a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy an eligible phone. Click, call or visit a store today. Under 43 minutes left of trade. S p will go positive on the week, if we do close above 2932. Were just about there well send it back to mike san s santolli. You need a bigger boat in retail now well detail how the sector is shaking out. Absence of amity its about how long kong. Wider bite radius it chewed traders up in both directions and no summer block busters. Its about the earnings picture. So, first, retail. Look at retail as depicted in two different etfs that capture the sector in two ways here is the xrt. Thats the one we look at a lot. Thats an equal weighted index and essentially sort of gives every chain retailer about the same weight and that is actually badly underperformed over the last year. Thats the white rth, thats market cap guess whats in there . Well, amazon, home depot, and walmart. So the big guys has basically kept pace with the s p 500 and opened up the wide gulf with the average retailers becoming a difficult sector trade its interesting because typical playbook said fed is cutting rates. Consumers in decent shape. Buy retail socks winner take most attitude. Right what does the result say amazon is in rt almost 20 rating. Yeah. Thank you. How do you play retail now . I think selectively i think its been a tale basically of two cities for awhile now i think as things get sold off and weve had the massive selloffs you get opportunities like lu lu lemon i owned it but not added to it recently when it gold sold off it was an opportunity. So i think if you kochblt to buy the winners. Theres plenty of losers out there. Yeah. After the break, wells fargo out with a new note on kraft heinz as that stock hooverser in all time lows. What name to buy instead and later chip stocks falling on americas stocks on huawei well speak to t. J. Rogers about the gl othtre r. Anesf e adwa do you have concerns about mild memory loss related to aging . Prevagen is the number one pharmacistrecommended memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Can i get some help. Watch his head. Im so happy. Whatever they went through, they went through together. Welcome guys. Life well planned. See what a Raymond JamesFinancial Advisor can do for you. Welcome back time for word on the street. Well start with media markets seeing strength in Advertising Companies that reported earnings returns on many Digital Investments being made by companies unlikely to be value instructive over time. It says cbs is over the top model is likely to have the best attract returns with the blants of licenses, subscription, and ad revenue next up is apple thats katie writing that. Ample is trading just below the line on that. Wells fargo revising down the earnings estimate cutting the 12 month price target to 29 citing risks of disappointing earnings yesterday. General mills stronger longterm Growth Potential particularly in the blue buffalo pet food brand those stocks moved in opposite directions basic any any consumer staple stock moved in opposite directions i mean, if you needed a list of what went wrong in the quarter and what has been going on forever, its in this morgan tan stanley report its delay call because the stock lost a huge amount of value that the u. S. Is not turning a quarter. Theres no longterm vision for a turn around. That guidance is suspended that the numbers have moved lower on sales and its a difficult one. Yeah. Saying dif dend. I think thats what investors are looking. Hes been there just over a month. Hes not out with a strategic win but hes promising early next year. Oftentimes thats a chance to buy. Theyre coming out with something. They have to do something. I think in this case, i think the four years of great cost cutting but ignored the sale side there are terrible markets who knows what theyll do. Theyve lost share and remains to be seep whatever the crow come ceo comes up theyve been pretty active the last year and a half trying to move supply chains out in china. Even if of the ipad and the iphone, theres something that can be made elsewhere. Plus, they have customers who are loyal and relatively price sensitive. If they have to pass along some price encreases theyll line on their suppliers and theyre big customers. Theyll probably i dont think youll see that much of a sticker shock for the customers. So youll see. It could come up to 25 . Pae 20th . Thats the question. Apple just below the front line today as is the bow it was briefly positive. Its down again but only five or six points it was down as much as 286 points at the low. Its a coin flip. A coin flip the s p is just negative and previously turned positive for the week, earlier in the show. Coming up sinking after reporting a massive loss what to do with the stock at the levels. 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