Transcript: Nightly Business Report – August 6, 2019

ANNOUNCER:  This is NIGHTLY BUSINESS REPORT with Sue Herera and Bill Griffeth.


BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR:  Stabilized.  The stock  market puts the brakes on yesterday`s rout after China stops its currency  from falling even further.  


SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  Average Joe.  After a week of  being battered, what are retail investors doing with their money?  We`ll  get insight from one of the biggest online brokerages.  


GRIFFETH:  And Disney (NYSE:DIS) downer.  The entertainment giant misses  earnings and revenue estimates and the stock reacts.  
All of that and much more tonight on NIGHTLY BUSINESS REPORT for Tuesday,  August 6th.  


HERERA:  Good evening, everyone, and welcome.  Stocks recovered a bit today  on Wall Street, getting back not quite half the losses from yesterday.  The  catalyst: China stepping in and stabilizing its currency, not allowing it  to fall further.  


As a result, investors stepped in.  The Dow rose 311 points to 26,029.  The  Nasdaq climbed 107 and the S&P 500 added 37.  
Wall Street has been on edge over the trade war.  It`s clear investors are  ready to react to any headline.  
Bob Pisani explains what a trade war looks like to Wall Street.  
(BEGIN VIDEOTAPE)


BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Stocks rebounded and  also in the session managed to regain a chunk of Monday`s steep losses, and  it was the worst day in 2019, remember, on Monday.  The markets were a  little calmer today, but yesterday, the futures moved in a nearly 5 percent  trading range over a 12-hour period.  


That is extraordinary and a reminder that the trade wars could get much  nastier very quickly.  The central lesson is that the trade war can  encompass a lot more than just tariffs.  They can quickly morph into  currency wars, for example, which is why the markets had a big problem  yesterday.  The markets hit new lows after the close on Monday when the  U.S. Treasury designated China a currency manipulator, which opens the door  for additional retaliatory measures potentially.  


There`s also the prospect of other types of economic sanctions such as  China shutting down U.S. businesses in the region.  It is not just a matter  of how much is paid in tariffs, it is much more complicated.  


Beyond the numbers, there`s also psychological effects on investor  confidence, like the prospect of lower capital expenditures and lower  earnings growth and that`s what Citigroup (NYSE:C) said overnight, the  overhang of a sluggish economy, trade war threats, potential currency  devaluation.  So, that was enough to make Citigroup (NYSE:C) lower its  earnings estimates for the S&P for 2019 and 2020.  


Here is the bottom-line: the markets now view currency wars as another  aspect of the trade war, and Monday`s action was a reminder that full-blown  trade wars are multi facetted and they can get out of control very quickly.  


For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.  
(END VIDEOTAPE)


GRIFFETH:  As expected, China responded to the U.S. after the Treasury  Department designated Beijing as a currency manipulator.  
Eunice Yoon is in Beijing with more.  
(BEGIN VIDEOTAPE)


EUNICE YOON, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Take a look at the  front pages of the newspapers in China today.  “The Global Times”, which is  the communist party paper, says: Renminbi to remain stable despite  depreciation.  “The China Daily” says fluctuations of Yuan exchange rate  normal.  And these headlines are not only in English, but also in Chinese.   The message is just as important for domestic audience, as it is for an  international one.  


After the big selloff yesterday, Beijing would be wary of a repeat of 2015- 2016 when a devaluation of Yuan panicked investors and triggered capital  flight.  So the priority seemed to be to message to everyone today that  China would stick to its pledge to stabilize the Yuan.  


But the authoritative “People`s Daily” had a few words for the Trump  administration regarding China being labeled a currency manipulator, saying  that the U.S. is destroying international order.  The central bank which  manages a floating exchange rate called the U.S. move unilateral  protectionist behavior that violates international rules.  The bank pointed  out that China doesn`t meet the U.S.`s three criteria for the label.  


Secretary Mnuchin says the U.S. will engage in conversations with the  International Monetary Fund as part of the process to, quote, eliminate the  unfair competitive advantage of China`s actions.  The central bank  addressed that too, saying the IMF believes the Yuan exchange rate is  generally in line with fundamentals.  So, from Beijing`s perspective, the  evidence is in China`s favor.  


The latest developments would seem to escalate tensions, but I spoke with a  source who consults with the Chinese negotiating team and he said that  China still want a trade deal with the U.S., so China would be strong and  firm in rhetoric, but moderate in taking action against the U.S.  For  example, he said China announced it would suspend U.S. agricultural  purchases but the word “suspend” was used carefully, because it means that  there is room to reach a compromise.  
For NIGHTLY BUSINESS REPORT, I`m Eunice Yoon in Beijing.  
(END VIDEOTAPE)


GRIFFETH:  And a little later in the program, we`re going to tell you what  farm groups are saying about China`s plan to stop buying our agricultural  products.  


HERERA:  Not to be outdone, the U.S. is not backing down.  Ylan Mui reports  from Washington.  
(BEGIN VIDEOTAPE)


YLAN MUI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  On day two of the new  trade war with China, the White House doubled down on its decision to  accuse Beijing of manipulating its currency.  


LARRY KUDLOW, NATIONAL ECONOMIC COUNCIL DIRECTOR:  The Renminbi is dropped  about 10 percent in nominal market terms.  That`s not acceptable.  


Again, we have to keep our laws intact.  There`s G-20 deals.  There`s WTO  deals.  So, we did what we have to do.  


MUI:  The Trump administration also argued that tariffs are hurting China  more than America and that manufacturing is returning to the United States.   In a tweet this morning, Trump claimed that massive amounts of money from  China and other parts of the world are pouring in to the United States.  He  said: We are in a very strong position and that companies are also coming  to the U.S. in big numbers.  


But economists point out that tariffs on Chinese goods are paid by American  businesses, and Kudlow acknowledged today that a weaker Yuan and a stronger  dollar can help mitigate these costs.  


KUDLOW:  Now, ironically that actually lowers prices.  That takes the  pressure off any consumer price increases at home, but that`s the wrong way  to do it.  That abrogates a lot of pledges and promises.  After all, if  China keeps devaluing its currency, then money is just going to flow out of  there.  It has already started.  


MUI:  But former ambassador to China, Gary Locke, warned that nobody wins  in a trade war and consumers could be the biggest losers.  


GARY LOCKE, FORMER U.S. AMBASSADOR TO CHINA:  All of the tariffs in place  already are costing American households anywhere from $800 to over $1,000  per year.  So we need to have a reset.  We need to pause.  We need to get  people back to the negotiating table.  


MUI:  Larry Summers, who served as NEC director and treasury secretary  under President Obama, went even further.  In an op-ed in “The Washington  Post (NYSE:WPO)”, he wrote that the White House risks real economic damage  as businesses and consumers become fearful and hold off on spending.  


Trade negotiators from Beijing were scheduled to come to Washington next  month for another round of talks.  The White House said today that meeting  is still on.  
For NIGHTLY BUSINESS REPORT, I`m Ylan Mui in Washington.  
(END VIDEOTAPE)


GRIFFETH:  And we don`t have to tell you that the recent trade war fears  over the past week created some wild swings in the market.  
So, what does a retail investor do about all of this with their portfolio?  
Back with us today, J.J. Kinahan, the chief market strategist at TD  Ameritrade (NASDAQ:AMTD).  
Always good to see you, J.J.


J.J. KINAHAN, CHIEF MARKET STRATEGIST, TD AMERITRADE:  Hi, Bill.
GRIFFETH:  So, usually, when the market is at rough patch, the smart money  says, don`t overreact, this too shall pass.  But more voices on Wall Street  have been saying this may not pass for a while.  So, what`s an investor to  do with this?  


KINAHAN:  Well, it is interesting, Bill.  If we look at our client`s  activity over the last couple of months, I would agree, first of all don`t  panic.  But one of the things we have seen is our clients pare back on  equities and go more towards fixed income.  So, they`ve been net buyers of  product, but they`ve actually been next sellers of equities two months in a  row.  And the stock that they actually leading the way, Bill, maybe to your  surprise is Apple (NASDAQ:AAPL).  Then we have Facebook (NASDAQ:FB) and  Amazon (NASDAQ:AMZN).  


So, the FANG stocks have certainly gone from so en vogue a year ago to ones  where I think people are taking some profits right now.  As I say, going in  the fixed income, but they`re going in the short duration fixed income,  most of it under six months.  Because to your point, I think a lot of  people think it will last at least through the end of the year, but they  want to have money ready if this is settled.  They`re not taking off all of  their investments, but they`re certainly paring back some risk where they  see some existing.  


GRIFFETH:  Right.  


HERERA:  And are you hearing from your clients and would you recommend to  our viewers who have a long-term time horizon perhaps to put up a list,  make a list of the stocks you have always wanted to add to your portfolio  but perhaps they`ve been too expensive?  


KINAHAN:  Yes, I think, Sue, that`s a great point.  Yes, we have heard from  our clients.  But I think it is more, you know, at the top of the show Bob  did a great piece explaining what this sort of means in terms of a  devaluation?  And most of our clients just explain to me what this actually  means.  


So, it hasn`t been a panic phone call, which I think is great.  It is  people just trying to understand.  To your point, Sue, you know, if you  look at our mix at TD Ameritrade (NASDAQ:AMTD), we have a lot of clients  who are shorter term traders, who trade a lot of derivatives.  They love  this, when there`s volatility.  


But to the longer term traders, many of whom are watching your show right  now, what I would say is absolutely, look at stock you want to own, don`t  make the mistake, though, of going all in at this time, so to speak.  There  maybe other opportunities.  Maybe you buy a portion of a stock that you`ve  really had your eye on for a while.  Stocks have come off a bit.  That  gives you some opportunity.


But the one message I think to really take away from, you know, what we are  seeing is this lasted longer than people think.  And, you know, there`s no  reason to believe that the end is near so to speak.  This may be a  prolonged cycle.  


So no matter what you do looking — you know, just finishing earnings  season, looking at the earnings, what are the companies that you want to  buy saying about this or are they largely avoiding it because this is the  largest issue we have right now in the market.  


GRIFFETH:  J.J. Kinahan with TD Ameritrade (NASDAQ:AMTD) — again, thanks  for joining us tonight, J.J.  


KINAHAN:  Always a pleasure.  Thanks, guys.  


HERERA:  And now that those trade tensions have indeed escalated, Wall  Street is expecting the Federal Reserve to take action and cut interest  rates again, but just how many cuts does the street want?  
Steve Liesman takes a look.  
(BEGIN VIDEOTAPE)


STEVE LIESMAN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  In the wake of the  tariff threats from the president and renewed worries about a currency war  between the U.S. and China, markets are now more aggressive in pricing in  the idea that the Fed comes to the rescue and cuts interest rates this  year.  


The Fed funds future market trading with a 74 percent probability that the  Fed cuts its overnight lending rate by 25 basis points in September.   There`s a 73 percent chance it does another 25 in December, and it is  toying with the idea of January with a third cut with a 48 percent  probability.  


But is all of that too aggressive?  St. Louis Fed President James Bullard  making the first comments from the Fed since the trade war blew up again.   He`s not as sure about the direction of policy as the market is.  Bullard  saying the rates are, quote, in the right neighborhood. 

 
He doesn`t see a need for half a percentage point cut.  He expects another  cut but says it`s a, quote, losing game for the Fed to respond to all stock  market movements.  He also says that Fed policy can`t react to the day-to- day give-and-take of a trade war. 

 
All of this suggests that markets maybe a little more certain about where  policy is going than the Federal Reserve is, and suggest the Fed is not  going to react to every tariff move.  Eventually, the Fed is going to have  to see that tariffs are actually weakening the U.S. economy before it sets  policy lower.  
This raises the question, is this the start of a mid-cycle adjustment of  maybe just a couple of rate cuts or is it the start of a longer easing  cycle?  The Fed may come around to the view that it is a longer one, but it  doesn`t seem to be there quite yet.  


For NIGHTLY BUSINESS REPORT, I`m Steve Liesman.  
(END VIDEOTAPE)


GRIFFETH:  One of the Fed`s mandates of course is achieving full employment  so it watches each new piece of data very carefully.  And this morning, the  government said that the number of job openings in June was little changed  from May, signaling an essentially healthy jobs market still.  The number  of opening was 7.35 million, nearly 1.4 million more than the number of  unemployed Americans.  It`s the 15th straight month above 7 million.  


HERERA:  And one place looking for workers is Vermont, and that state is  offering incentives to help lure people to live and work there.  One goal,  bring in younger workers.  
Kate Rogers (NYSE:ROG) is on the job for us in Burlington, Vermont.  
(BEGIN VIDEOTAPE)


KATE ROGERS, NIGHTLY BUSINESS REPORT CORRESPONDENT:  For Collin Palkovitz  remote work means freedom.  


COLLIN PALKOVITZ, REMOTE WORKER:  I value working remotely, just innately.   It enables me to be wherever I want to be and to have my family be with me  in a setting that we choose and a location and a culture that we choose.  


ROGERS:  The 37-year old has worked remotely for the better part of his  career with Pure Charity, a technology nonprofit.  


He and his family were based outside of Los Angeles but decided they wanted  to buy a home and own some land.  So they packed up their two kids and dog  into an RV and drove 25,000 miles across the country for six months,  looking for the perfect place to plant roots.  They ended up in Vermont  this past January.  


Palkovitz took advantage of the state`s new remote worker grant program  which offers incentives of up to $10,000 to workers who do the majority of  their work remotely, to keep their jobs and move to Vermont.  Palkovitz  says he got some $4,500 reimbursed for his move.  


State officials say this is a way to attract a new and potentially younger  tax base in the face of an aging population that`s slowly growing in a  historically tight labor market.  
In fact, Fitz Ratings recently downgraded the state in part over age  demographics.  


SEN. MICHAEL SIROTKIN (D), VERMONT:  We have incredibly low unemployment.   We hear from the business community all the time that they`re looking for  workers and skilled workers, and this seems to be one small piece of the  puzzle to try to get new people to come to our state.  
ROGERS:  So far, nearly 60 remote workers have taken advantage of the  program with an average age of 38, an average grant of around $3,800.  Come  January, a new phase of the program will begin, new worker grants.  This  will offer up to $7,500 for out-of-state residents to relocate to Vermont  and work for companies based in the state like this Darn Tough Vermont.   The sock manufacturer is experiencing record growth but needs workers to  keep up.  


BROOKE KAPLAN, DARN TOUGH VERMONT:  We`re going to redouble our workforce  in a matter of years and we really need to work in partner with the state  to get those workers.  


ROGERS:  For Palkovitz who now lives on 64 acres in Pawlet, on the border  of New York state with his family, the grant program presented the  opportunity to make a needed change.  


PALKOVITZ:  This is something that we`ve always dreamed of doing, is living  out on a lot of land.  
ROGERS:  For “NIGHTLY BUSINESS REPORT”, I`m kate rogers in burlington,  Vermont.  
(END VIDEOTAPE)


GRIFFETH:  And coming up, Disney (NYSE:DIS) surprises and misses on its  quarterly results.  We`ll look at what happened to one of the more widely- held stocks.  
(MUSIC)


HERERA:  Oil prices fell again today as increasing tensions between China  and the U.S. create fears of a global slowdown in demand.  Both benchmark  Brent and domestic crude falling more than 1 percent today.  So, the  question is, how low could oil go?  
Brian Sullivan takes a look at the drivers.  
(BEGIN VIDEOTAPE)


BRIAN SULLIVAN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Energy stocks have  already been beaten up this year, but they really sank on Monday on renewed  trade war worries.  The S&P Oil and Gas Exploration ETF, the ticker XOP,  hitting its lowest level since early 2016 as crude oil prices now sit 30  percent below their highs, hit back just in early October.  
The big question now for oil and gas investors is simple.  How low can oil  go?  


Well, there are three main concerns in focus.  
Number one: the strength of the U.S. dollar.  The greenback touching its  highest level against the Chinese Yuan since at least 2010.  As the value  of the dollar rises, oil often will fall because it is globally priced in  dollars.  As the dollar gets stronger, you simply need fewer dollars to buy  the same amount of oil.  


Second: you have oversupply concerns.  Just last month, the International  Energy Agency published a report warning of another oversupplied market  next year.  On top of that, you got reports showing that China and other  countries have been taking in more Iranian oil than previously forecast.   In many cases, that oil is waiting reserve, maybe in a ship floating at  sea.  It has not yet hit the market.  When it does, and it will, oil is  likely to fall more.  


And, finally, fears of a global slowdown.  Investors are increasingly  worried the trade war will slow global economic growth, curbing demand from  some of the world`s biggest buyers of oil like the United States, China or  India.  


DAN YERGIN, HIS MARKIT VICE CHAIRMAN:  There are a lot of blinking lights  about risk in the global economy, and that translates into weaker demand.   And that too is weighing on the oil price and, in particular, on the oil  companies.  


SULLIVAN:  Oil had its worst day in three years last week when the  president announced his plan for 10 percent additional tariffs on Chinese  imports beginning on September 1st.  
For NIGHTLY BUSINESS REPORT, I`m Brian Sullivan.  
(END VIDEOTAPE)


GRIFFETH:  After the bell tonight, Disney (NYSE:DIS) posted earnings and  revenue that was below Wall Street estimates.  The entertainment company  missed earnings by $0.40 and revenue came in just over $20 billion, but it  was more than a billion dollars off the mark.  Not surprisingly, shares  were volatile after hours tonight. Julia Boorstin has the takeaway for investors.  
(BEGIN VIDEOTAPE)


JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  This quarter  Disney`s lower than expected top and bottom line results reflect the impact  of the company`s transformation as it integrates its Fox acquisition and as  it invests to build its streaming business.  CEO Bob Igor saying, quote:  The results reflect our efforts to reflectively integrate the 21st Century  Fox assets to enhance and advance our strategic transformation.  


But it was the disappointment performance of one of Fox`s films, “Dark  Phoenix”, which dragged on the studio`s top and bottom line results, both  less than expected.  And as the company ramps up investment in ESPN Plus  and gets ready to launch Disney (NYSE:DIS) plus, its direct to consumer and  international division reporting a larger loss than anticipated.  
But now, Igor says the company has all of the pieces in place.  Quote: The  incredible popularity of Disney`s brands and franchises positioned as well  as we launch Disney (NYSE:DIS) Plus in addition of original and library  content from Fox will only further strengthen our direct-to-consumer  offerings.  


For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin in Burbank, California.  
(END VIDEOTAPE)


HERERA:  Major drug distributors offer to settle opioid lawsuits.  That`s  where we begin tonight`s “Market Focus”.  


Bloomberg reports McKesson (NYSE:MCK), Cardinal Health (NYSE:CAH) and  AmerisourceBergen (NYSE:ABC) are looking to pay $10 billion to settle  claims that these companies helped fuel the U.S. opioid epidemic.  The  companies are in continuing talks with a group of state attorneys general  who countered with a demand of $45 billion instead to cover the cost.  All  three companies fell in today`s trading.  


The FDA is looking to bring criminal action against Novartis, accusing the  pharmaceutical company of knowingly submitting false data in its  application for a more than $2 million gene their by drug.  The agency  believes the treatment will remain on the market as it continues its  evaluation.  The shares dropped about 3 percent to $88.22.  


Shake Shack beat estimates thanks to an increase in restaurant sales.  The  company also raised its outlook.  Separately, Shake Shack is teaming up  with Grubhub for a nationwide delivery as the on-demand food delivery  industry ramps up in the country.  The stock soared more than 18 percent to  $86.72.  


GRIFFETH:  Take Two Interactive posted an earnings and revenue beat because  of the continued success of the video game makers “Grand Theft Auto” and  “Red Dead Redemption” franchises.  The company also raised its full year  outlook.  The stock jumped nearly 8 percent of the news to $124.56.  


Energizer Holdings (NYSE:ENR) missed estimates.  The company said it was  due to weather effects on its refrigerant business and weakness in its auto  care products division.  The battery company lowered its global net sales  outlook.  And shares plummeted more than 14 percent to $33.49.  


And El Dorado Resorts missed estimates due to flooding conditions in the  Midwest and construction disruptions at its Blackhawk properties.   Separately, the company may also sell a casino on the Las Vegas strip after  it completes its nearly $9 billion acquisition of Cesar`s.  Shares fell  more than 3 percent today to $40.45.  


HERERA:  China is suspending agricultural imports from the U.S. must seem a  bit of piling on for American farmers.  
Aditi Roy has a look at the toll it is all taking.  
(BEGIN VIDEOTAPE)


ADITI ROY, NIGHTLY BUSINESS REPORT CORRESPONDENT:  It has been a tough 18  months for U.S. farmers.  They`re already caught in the middle of a trade  war with China when torrential rains flooded much of the Midwest and  Southeast during planting season this spring.  And now China, which was the  fourth largest market for U.S. agriculture exports, is halting all  shipments of U.S. agriculture exports.  


STEPHEN NICHOLSON, RABO AGRIFINANCE:  We have been shipping those products  to them this year, although at reduced quantities.  We have also been  shipping soybeans to them this year, again at reduced quantities.  But you  are now going to shut it down completely according to what we heard the  Chinese say yesterday.  So, that`s going to put a lot more downward  pressure on prices going forward.  


ROY:  The American Farm Bureau Federation says exports to China in the  first half of the year are down more than a billion dollars from last year.   The organization also notes U.S. farmers stand to lose all of the nearly $9  billion market in 2018 if trade tensions continue.  Soybean farmers are  hardest hit.  


NICHOLSON:  That is the biggest export we have to China, and so, you know,  farmers who plant soybeans have really been hurt on the prices.  
ROY:  The administration has doled out billions in aid to farmers to ease  the pain of tariffs.  The president today promised farmers more help if  necessary, but many farmers say while the subsidies help, they don`t make  them whole.  


NICHOLSON:  It will help.  It will not make up the full — the full loss of  losing a whole market, you know, to us, to the United States.  
ROY:  While farm groups have been trying to boost exports to other  countries outside of China, so far, they haven`t had much success.  The  only exception has been wheat exports which have gone up 30 percent from  last year. 

 
For NIGHTLY BUSINESS REPORT, I`m Aditi Roy, San Francisco 
(END VIDEOTAPE)


GRIFFETH:  And up next, Apple`s latest effort to keep its customers in  house.  
(MUSIC)


GRIFFETH:  Finally tonight, Apple (NASDAQ:AAPL) is testing the waters with  a new credit card.  The hope is to keep Apple (NASDAQ:AAPL) customers  inside the company`s fabled ecosystem.  
Will it work?  
Deirdre Bosa takes a look.  
(BEGIN VIDEOTAPE)


DEIRDRE BOSA, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The Apple  (NASDAQ:AAPL) Card is here for a select group of users for now and later  this month to everyone who qualifies.  


TIM COOK, APPLE CEO:  Apple (NASDAQ:AAPL) Card was created by apple and  built on principles that we stand for, like simplicity and transparency and  privacy.  


BOSA:  It is an apple-branded credit card issued through Goldman Sachs  (NYSE:GS) and it`s only available to iPhone users.  There is a physical  card that works like any other credit card as well as a function inside the  Apple (NASDAQ:AAPL) Pay app to make contactless payments.  Its features  include enhanced security that uses the iPhone`s fingerprint or face ID and  a unique rewards program that gives 3 percent cash back on Apple  (NASDAQ:AAPL) products. 

 
Hundreds of thousands of people signed up to be notified when it became  available.  


UNIDENTIFIED MALE:  I am an Apple (NASDAQ:AAPL) user.  I have Apple  (NASDAQ:AAPL) computers since they started to launch them.  So, it is not  completely out of the question.  


BOSA:  Now, a select group will get to test it as Apple (NASDAQ:AAPL) and  Goldman Sachs (NYSE:GS) fine tune the product.  


For Apple (NASDAQ:AAPL), the card is a way to keep existing iPhone users  hooked on Apple (NASDAQ:AAPL) products at a time when iPhone sales are  declining.  It`s betting that customer loyalty and its reputation for  privacy and security will entice users.  


For Goldman Sachs (NYSE:GS), it is a high-profile push further into  consumer services.  The bank is hoping that the Apple (NASDAQ:AAPL) Card  can translate into new customers of its consumer bank Marcus (NYSE:MCS),  but will users adopt it?  


UNIDENTIFIED MALE:  I am a big fan of the Apple (NASDAQ:AAPL) products.  I  would have to look into the flexibility of it.  


UNIDENTIFIED MALE:  I mean, I already have everything linked to my iPhone,  so my Wells debit card, credit cards, all of that stuff.  And it has my  information on it.  I would trust them with everything else.  


UNIDENTIFIED MALE:  I have my American Express (NYSE:EXPR) (NYSE:AXP) added  to my Apple (NASDAQ:AAPL) Pay.  I don`t think I need — personally, I don`t  need anymore than that.  


BOSA:  One thing is for certain, the collaboration between the tech titan  and banking giant will be watched closely by Silicon Valley and Wall Street  alike.  


For NIGHTLY BUSINESS REPORT, Deirdre Bosa, San Francisco.  
(END VIDEOTAPE)


HERERA:  And before we go, here is another look at the day`s final numbers  from Wall Street.  The Dow rose 311 points to 26,029.  The Nasdaq climbed  107 and the S&P 500 added 37.  


And that is NIGHTLY BUSINESS REPORT for tonight.  I`m Sue Herera.  Thanks  for joining us.  


GRIFFETH:  I`m Bill Griffeth.  Have a great evening.  See you tomorrow.  


END
Nightly Business Report transcripts and video are available on-line post  broadcast at http://nbr.com. The program is transcribed by ASC Services II  Media, LLC. Updates may be posted at a later date. The views of our guests  and commentators are their own and do not necessarily represent the views  of Nightly Business Report, or CNBC, Inc. Information presented on Nightly  Business Report is not and should not be considered as investment advice.  (c) 2019 CNBC, Inc.


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