We have full coverage. Were down almost a percent right now and the small cap is down by 1. 6 take a look at the stock netflix down 4 . Well have much more on these moves later this hour. Kelly. Lets begin this hour at the United Nations where President Trump talked tough on china seemed to turn markets and the headlines about impeachment sending us lower e eamon has the details. Reporter the president taking a tough line on china today suggesting that theyre guilty of intellectual property theft and putting that in the context of a deglobalization of the overall World Economy saying leaders for too long have participated in globalization that hurts their own citizens. The president has been ticking the opportunity throughout the day to defend himself on this burgeoning ukraine scandal even as democrats are talking up the idea of impeaching him here is what the president had to say earlier today they have no idea how they stop me. The only way they can try is through impeachment. This has never happened to a president before theres never been a thing like there before its nonsense and when you see the call, when you see the read out of the call, which i assume youll see at some point youll understand that call was perfect. Even the Ukrainian Government put out a statement that was a perfect call there was no pressure put on them reporter a forceful defense there from the president of y t United States. We have been learning that nancy pelosi expects to make an announcement at 5 00 p. M. After she meets with her conference to discuss impeaching the president. Whether well get a road map for a way forward at that point is unclear. An announcement is coming at 5 00 back over to you its going to be a long three hours. Thanks very much the march to new record highs taking a detour today. Starting with the president s speech at the u. N. And continuing with that talk of impeachment. Lets get to a rundown of the new york stock exchange. We sort of had three strike hit to stock today we started positive but began weakening after the open we had weaker Consumer Confidence the u. S. Consumer is helping prop up the World Economy. President trump emphasized the negatives on china trade at his speech he said china did not promise reforms. Consistently stole intellectual property finally an hour ago impeachment talk got louder. Speaker pelosi said there will be an announcement made later today. We had a very narrow trading range the last three weeks the s p is not moving to 1 range and predictably stocks lagging today. Stocks like Goldman Sachs and jpmorgan back to you. How much more pain could be ahead . Lets bring in cnbc contributor. Theres things out there that are bugging the market high pressu pressure how much do you adistribute these things or concerns about impeachment announcement from Speaker Pelosi i think todays moves you can largely attribute to those factors. If you look beyond one day theres good reasons to be more bullish and cyclically positioned i think every one is worried about a recession. Every one is worried about some of the geo political they are hiding out in treasury bonds. I think theres a much bigger payoff than there is from honkering down and staying defensive. I know rich disagrees with that. I look forward to hearing what he has to say. What are your thoughts and is the Political Risk one the markets have not yet priced and especially as the odds of the house passing some sort of Impeachment Movement thats now at 42 . Its basically doubled over the past couple of weeks or so is this the risk that the market has not put in it doesnt have to be that you believe that the president will be impeached but it could be you believe that President Trump enters the 2020 election cycle in a more weakened state right theres a lot packed into what you just said. I think the important part is that weve seen ridiculous events occur for the past two and a half or three years. One day up, one day down the market for most of that peer went up. Now the question is why is the market now very shaky when were getting more of the same whats changed the answer i would argue is the fundamentals in the background are weakening. When the fundamentals are strong, the market can shrug off a lot of these events. When the fundamentals are weakening, they cant. Theres no counter balance to the issues going on in washington i think thats what people are missing. Its in the background, fundamentals are weakening they are not weak in an absolute sense but they are weakening and our expectations will continue to weaken. Thats a source of much debate the economic index went back up to recent highs. We know well that the manufacturering stuff is lo inig worse than the consumer side im wonder because your point of view, if youre concerned about how valuations have gotten this year cyclical pes have contracted. Therefore the rest of the market looks expensive. Itd signals youre at the peak of a cycle i think thats what were seeing now. Not just the economic ba backdrop but what is priced into the securities i agree with Richards Point you want to buy them on earnings but many of these companies have seen significant earnings downgrades im not sure they are trading on peak earnings. They look considerably cheaper versus the defense of stocks but the secular gross stocks you have some sort of steady Growth Companies that you find and the better retail companies, for example. Some of the Consumer Staples that have some growth. You have banks i dont think they are over earning by a significant margin. All right thank you both adam neumann vowing to pressure and agreeing to step down as the ceo of wework. Hes officially stepping down he will be replaced by two ceos that will be taking his place who are currently at the company. He will be seating majority of control from super voting shares all of these moves preparing wework for an ipo down the road. Theres a line if there saying they will look hard at balancing weworks profitability and high growth the information coming out with the story saying wework is look at thousands of job cuts its had to make the company realize we need to get our ship in order here. It will allow the company to continue in a private way for longer its not one to one like any other share holder how does id shake out over all . I think the general idea is he will have to listen to others more than he would have which was a huge reason that so many of these public investors were look at the company were hesitant on investing in the company. At three to one, you have to be cognizant of not only what softbank thinks, but even down the road after an ipo youve got to listen to what your next institutional shareholder thinks. T to your point he will still have some control hes still the largest share holder in the company from an economical standpoint. Three to one thats still a god amou good amount of control its not like hes going to be in the shadows obviously, the perception here needs to be hes giving up control. Thats the whole purpose in doing this you have to imagine this wasnt adam nuemanns idea. He was likely advised or pressured to do this quite a turn of events. Its been a world wind that sort of culminated in wework if it was the fist out of the gate to ipo, things were different and they ipoed before uber and slack and a variety of other ipos that didnt do well, would this chain of events have happened or is this because weve seen such poor reception on the other ones and this company was sort of even a bigger stretch on the valuation. They would have just felt hood wiwinked in the end. It would have been much higher than 15. That assumes it went public unless youre talk about private investors being hoodwinked so softbank was the only one that invested has there been any other reporting on why activities that werent that horrifying to anybody who knows this guy transporting marijuana overseas were practically legalizing marijuana in this country. What is it that really changed softbanks mind about going from backing him to wanting him out and all of these changes in matter of days that will be the story that every one will need focus on in the next coming days obviously the major part of that was the reception of the ipo which was there was obviously push back among public investors saying we are uncomfortable investing in this company as its currently set up here are the things were uncomfortable with one of them was that adam neumann has too much control and was the ceo and chairman and had all these side deals and his family members are involved. These are more of your professional managers. Grown ups in the room thank you. Thank you markets are climbing back and some headlines reporter President Trump just tweeted he is going to authorize the release of the transcript of his conversation with the president of the ukraine thats at the center of this scandal that now has democrats talking about the possibility of impeaching the president. Here is the tweet from a couple of seconds ago the president saying im at the United Nations representing the country but have authorized the release tomorrow of the complete, fully declassified conversation youll see it was a very friendly and totally appropriate call no president and unlike joe biden and his son no quid pro quo. This is nothing more than the continuation of the greatest witch hunt no indication if he will release the full whistleblower complaint that involves him and his behavior relating to the ukraine. Did the president threaten to withhold military aid from the Ukrainian Government in exchange for an investigation into joe biden and his son. The idea he is releasing the transcript tomorrow is interesting because Nancy Pelosis staff said shes going to make an announcement in the wake of their impeachment meeting on capitol hill at 5 00 p. M. Today she will make that announcement without having seen this full transcript not clear when capitol hill will get the transcript that could put the democrats in an awkward position as they are deciding about impeachment you would think the democrats would be forced fo ed postpone announcement auout of fairness. Reporter the train seems to be moving pretty quickly on capitol hill they could modify what they announce they dont have to announce an impeachment effort they could announce the beginning of an impeachment inquiry and gathering that whistlebloer report and the transcript would be part of such an inquiry it does present a wrinkle for democrats who seem to be moving full speed ahead up on capitol hill tactical wrinkle is the way to put it. Markets trying to gain this out. Thanks for now were continue to follow this. The dow down about 87 points. A pretty wild day here on wall street well off the lows of the session. Well have full coverage as the hour continues Bernie Sanders says billionaires shouldnt exist. Details of his plan to get rid of them are coming up. Dominos made its name by delivering businepizza to your i 30 minutes or less has the competition taken a bite out of their business . Well have the ceo, next welcome back dominos shares a lower today the key reason why is tlidelivey Third Party Services like door dash are helping to flood the field with more options for consumers. How do they stay ahead lets get over to kate rogers in chicago where she is sitting down with dominos ceo kate thanks so much. Rich, thank you for being here with us today. My pleasure kelly just mentioned all the competition were seeing in the restaurant space when it comes to delivery and Third Party Apps youre adamant using these apps is not the way for growth for dominos. Why have you chosen to go this route . Weve had a strong and profitable Delivery Business unlike a lot of the other restaurant brand, we dont have to decide to get in or not or try to figure out which of these third parties is going to be the winner at the end of this shake out. Were really focused on building, continuing to build that tliDelivery Business with r franchise and doing it in a profitable way we believe that means doing it on our own the broader story in the space is technology. We have seen of your competitors, mcdonalds, starbucks make these big splashy tech in order to help build out that part of the business. Are you keeping your eyes open for any partnerships or acquisitions we look at all the options. Do we build it, do we go out and buy something. There are other times well go out and partner with someone dominos is undergoing a big exchange you do use a lot of steel and aluminum im curious have tariffs have impacted you we talked about supply chains but the actual terms, the costs have gone up, right . Most certainly Construction Costs have gone up were in a really robust labor market so wages have risen in construction as well the good news is we have such a terrific four wall economic model that even with some of those rising costs were still able to deliver to our franchisees a great investment two and a half year average pay backs for Dominos Pizza today in the u. S. We mentioned international expansion. Youre doing business in places like china im curious how International Tensions and trade tensions are impacting the business is it showing up anywhere outside the u. S. Were not seeing it in our business with respect to trade tensions the great thing about our Business Model we have International Master franchisees. They are locally owned and we buy almost all of our ingredients locally as well. Were building businesses that are benefitting the economies of the international markets. Places were growing rapidly, were an merging part of the economy. We talk a ton about delivery on cnbc. You hear it every day. Analysts say is two and a half the opportunity that delivery presents for the Restaurant Business im curious what dominos is doing. We have groan our business over the last ten years. A big part of that is having a great value offer for our customers. Its about having the stores we now have 85 plus percent of our global gofootprint. The number one criteria when consumers choose is convenience with carry out were going to continue to build more units and get closer to them thank you so much for joining us we really appreciate it. My pleasure back over the you thank you coming up, netflix was one of the hottest stocks but its lost 30 of its value in the past three months. With all the streaming competition are netflixs best days behind it the nasdaq still picking the brunt by more than a pceernt right now. Power lunch will be right back keeping the night interesting, is all about setting the right tone. Lower carbs. Lower calories. Higher expectations. The light beer youve been waiting for has arrived. Corona premier. Has arrived. When i lost my sight, my biggest fear was losing my independence. Mmm. Good. So ive spent my life developing technology to help the visually impaired. We are so good. We built a guide that uses ibm watson. To help the blind. It is already working in cities like tokyo. My dream is to help millions more people like me. It is already working in cities like tokyo. Through the at t network, edgetoedge intelligence gives you the power to see every corner of your growing business. From finding out whats selling best. To managing your fleet. To collaborating remotely with your teams. Giving you a nice big edge over your competition. Thats the power of edgetoedge intelligence. Classical Music playing throughout doprevagen is the number oneild mempharmacistrecommendeding . Memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Welcome back netflix has entered the upside down stocks falling to its lows of the year disney, apple and comcast crowd into the streaming space lets bring in your trading nation team today. Really a dramatic ride this stock has been on. Really a tremendous out performer up until a year ago then plunged out of its trading range earlier this year. You see any hope it might bottom any time soon . It isnt reacting to the conditions and thats an issue for it it has down side momentum. We have seen it accelerate in the last week or so. Theres no support on it until the december of last year low right around 231 i think netflix still has some down side risks. We will expect some kind of relief rally from that support level and thats where over sold conditions are likely to matter. Its 10 down from here not a lot has changed but its not as if subscribers are swinging is this the market waking up to reality . We think its the beginning they have two major issues subscriptions being one of them. For the first time in almost a decade their subscriptions have fell the second problem is the content competition has heated up companies are spending large amounts of money to buy this content for a five year, two year lease and they dont have as much money to put towards their original content earnings matter more than ever especially for this Company Going up against companies with strong Balance Sheets and strong earnings i would say away for the near future all right well see if anybody can come to the rescue here. Obviously sentiment is declining fast we got to leave it there for more trading nation head to our website or follow us on twitter. Kelly, back over to you. Ahead, the senate is about to kick off a hearing to discuss whether big tech has gotten too big. Well bring you the details. Bernie sanders releasing a tax plan for the wealthy with a firm message billionaires shouldnt exist nike reports earnings after the bell well tell you what to expect when power lunch returns woman what gives me confidence about Investment Decisions . Rigorous fundamental research. With Portfolio Managers focused on the long term. Who look beyond the spreadsheets to understand companies, from breakroom to boardroom. Who know the only way to get a 36