suit. you know. can't tell. okay. well, we have the worst day since august for the s&p. the nasdaq having the worst day since july a lot of red. >> coca-cola, merck, at&t all higher. closing bell with much more on the markets. welcome to "the closing well." i'm kelly evans here at new york stock exchange. >> that makes me bill griffith. we are watching the markets lower across the board today. the naz democracy and the russell 2000 particularly in the spotlight. the russell now 7% off of its most recent all-time shies set back in july. listen to this. the nasdaq, one of the statisticians, robert hum and i figuring this out. on friday, the nasdaq hit its most recent 14-year high. today, with it being down about 1.2%, it's in danger of closing

at a 5-week low. from level, one extreme to the other in one day. >> this is a month of extremes. multiple new highs and we could be closing lower based on a sell-offs here for the month and keeping an eye on it with an hour to go. >> by the way, alibaba not immune to the selling today. its second day of trade here. down 4.5% after friday. when's behind the red arrows? >> below 90 now. that was the level we heard before it went public to watch and even after it went public. began trading i should say that he said to watch and right now cracking that level. >> we know somebody when it hit that high on friday of $99.70, somebody had to have been buying at that point and underwert at those levels right now. >> feeling the pain. after the bell, an tony jenkins will be here. his bank making a ton of moves

and a billion and a half dollars into trying to jumpstart a global world franchise, that and the state of the financial industry and you won't want to miss it. >> from michael dell himself, a rare interview. public interview with michael dell. our jon fortt is wrapping up that surprise interview with him, with the computer pioneer. he is. we'll see that interview first right here coming up on "closing bell." looking forward to what he has to say right now. >> and let's dive into the markets. dow off just about 100 points right now. little more than half a percent is the s&p. shedding 15. and that nasdaq as bill mentioned off more than 1% today and almost 52 points as we speak. >> let's talk about it today. bill smeed from smeed capital management with us. anthony chang of chase. courtney ratliff of loop capital back with us and rick santelli, as well. rick, when's the market telling

you today? still, this is a story where we're focusing so much on the equity markets when the -- the treasury markets are quiet right now. >> well, you know, i think that the treasury complex and many of the traders tay you canned to in that complex think of the world as a bunch of pieces that add up and when they look at growth, they look at what percentage comes from the u.s., europe, china, japan and, of course, today's story with the finance minister, chinese finance minister talking in australia, it put a negative tone to the market but let's put even more granular tip on the pencil. production 6.9. that's the lowest since the credit crisis. if we look at iron ore, iron ore prices are at five-year lows. we see what's going on with regard to the japanese economy. and i contend even though janet yellen and company don't seem to be in a mode to change anything

they're doing and not sure i know what it is they will be doing, but based on europe and japan and china, i would contend that these are issues that could change the numbers in the u.s. and i'm sure, of course, that the federal reserve would pay attention to those. i continue to think that weakness cannot be overlooked. >> rick, i'm glad you brought up tips. i want to talk to antony chang about this. i just don't understand this one. you have u.s. growth, a lot of indicators rick was talking about, the labor market, financial markets even doing pretty well, but inflation expectations, antony, they moved lower in the last couple of weeks and we know that it's inflation expectations to respond to in the past exiting quantitative easing. so what happens if everything looks okay and not enough inflation? could the fed find it has to do

more here in terms of dare i say more quantitative easing? >> in an environment where inflation is low and the economy improves and you can't really be led by one or two flick s statistics and you have the federal reserve raising rates, that's a good market. and back to the 1990s when the federal reserve was raising interest rates and the fed funds rate and the acceleration was greater than the consumer price index, that was great for the equity market. the average gain for the market for the s&p was 10.5%. all the other periods where the inflation rate was accelerating a lot more than the fed funds rate, the average gain for the s&p 500 was just 3.4% so that's a best of all possible scenarios. >> this is really interesting. you are saying we have been here before and raised even though inflation expectations weren't quite there and that that's actually been a good environment both for stocks and ultimately

as it was in the early '90s, the broader economy responded quite well, eventually, too. >> that's correct. the federal reserve raises rates because the economy is getting better and if they don't raise rates, guess what will follow? inflation expectations knocking on the door. remember milton freedman, when you change monetary policy, it affects the economy 12 to 18 months into the few cher and they want to be ahead of the curve despite the criticism. >> there's a lot of -- >> what did you say about lawrence welk? >> a lot of bubbles out there. yeah, yeah. bubbles. you know? let me tell you something. i understand what's going on with the inflation or lack thereon but many would contend the central banks themselves putting the negative spiral in prices. if part of the solution is deleveraging and depricing, are

we going to continue to impede that process? >> okay. >> we got more people added to the group here. kevin, get us from raymond james, also joining us, bill smeed. lately, the trend has been for the stronger dollar especially with what's going on with monetary policy in europe and the dollar goes higher. gold and oil and the others going lower, do you think the trend continues and good or bad or u.s. equities? >> i think three trips to europe ending in late january, and you pay twice as much for a cup of starbucks coffee in every major city regardless of whether it was in spain or italy where the economy is terrible or it was in a country that's prospering say, like a london or a zurich and geneva. the dollar is ridiculously undervalued and the japanese are only one this is seem to understand that. and are dealing with it. so you're right. the price of oil is the number in the inflation numbers.

oil and gasoline is going down. and when oil and gasoline prices are going down, makes the inflation numbers look good. that's a positive for the u.s. economy. it's both an absolute household benefit but it's also hugely positive psychologically. >> bill, look at what's happening to markets today. the energy complex under pressure and the energy story that's been the story for the u.s. economy since the financial crisis. i mean, we have to be airful that this time around there's not a risk of snuffing out the very thing that's propelling us. >> there's going to be a well-known fact get crushed here in the next three to five years. during the risk off, risk on years, people bought stocks and bought oil at the same time. they need to revisit the period of 1981 when oil was 40 to 1999 when it was $11. and look at what the stock market did. there was a complete opposites there.

and the people have been trading them together are making a quantum mistake. the world is flooded with oil. and the united states is the largest user and our local auto deal kerrs are selling electric cars. >> courtney, last week when you were with us -- >> great point. >> -- you saw the s&p at 2100. here we are at 1993. you still hanging on to the target for the end of the year? >> absolutely. i think we have plenty of room to still go into the end of the year and hit the 2100 number. stock market will go up and down. as we all know, it changes every day. everyone was excited on friday and continue to see significant highs. we are just basically back do where we were the week before and we have several months left here in the year and it will continue, especially as i think large caps will continue to rally given the defensive posture. >> ah, i was going to ask you, the russell, i won't go into the details of the technical thing

but a death cross today. some technicians are worried about that. as i mentioned, the nasdaq hard hit, as well, today. can you see the large caps continuing higher even if the small caps go lower here in a meaningful way? >> i think that's why it's happening. i think we are moving into a more as i talked about defensive stance into the marketplace. i think people are buying large caps. going to be a flight to safety over the next 12 months and small cap names are actually tied more closely to the interest rate fluctuations and small caps are in trouble potentially right now the but large cap names help the economy rally. >> i'm going to ask you the same question. if you have a situation where inflation expectations are dropping because of the strong dollar, what's happening with energy, with gold, et cetera, with trouble around the rest of the world, real u.s. rates are turning positive potentially.

as people say the fed is behind the curve, is it possible the market is tightening policy here and that that could force the fed to respond if it doesn't yet feel like we're ready for it? >> it's kind of interesting right now because of the inflation, the real local drop of inflation is giving a boost to the long end of the market and the fed tries to affect long-term rates with the action. you look at the inflation, the growth rate, i don't know how they get to 1 3/8 by the end of the 2014. even getting to 15 basis points by september '15. they run the risk of running the economy out. the "today" show not a bad time for bonds, especially in the long end of the market keeping inflation where it is. >> just so everybody know what is kevin is referring to there, when the fed came out with projections, they looked hawkish. looked higher as he's talking -- >> aggressively higher. >> 1% by the end of the yenext

year. people say you're crazy to think that the fed is worried the policy is tight but that's a risk given the we javibehavior markets. is it snot. >> very much is. the two bigger hawks comes off the committee in early 2015 so i don't know what the fmoc will look like when they start tightening aggressively but what i'm worried about -- i think the market starts to see this is that if you're not getting the inflation then how can the fed come in and tighten so aggressively without hurting the economy and what they don't want to do. so right now looks like the market's fairly well adjusted. >> all right. we have to -- sorry. we are out of time. appreciate it very much. as lawrence welk would say, thank you, boys and girls, for joining us. >> we'll be back up and following this one. we promise. thank you. the market's off. the dow 114 points now, again,

it is the outperformer of the session with the nasdaq, s&p under pressure today. alibaba giving back some gains. the pros will weigh in on the big test facing this week's raft of initial public offerings. how would you like to be public this week after last week's big show? jimmy choo going public. citizen's national here in new york find out if alibaba set the stage for them to sink or swim. michael dell with our jon fortt in a first seen on cnbc. >> he talks markets. fed policy. the big facelift he's spearheading at the bank. coming up with antony jenkins. stay tuned for more. in a world that's changing faster than ever,

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down 1.2%. a lot of technology stocks, yahoo! for example, down sharply. already highlighted alibaba down 4.5% and the russell 2000 is also sharply lower, as well, today. >> dominic chu is track ing the for us. >> auto zone posting weaker than expected fourth quarter sales and customers bought new cars instead of fixing up the old ones they have and shares under some pressure. also, check out advanced auto ports, o'reilly and pep boys. tesla, there's a cautious note of valuation concerns and the shares down by nearly 5%. a tough day for other so-called momentum stocks. priceline, amazon, netflix to the downside by much more than the overall market. tekmira moved higher as

regulators approved expanded use of the ebola treatment. alibaba gained 40% on friday. alibaba shares you can see there down by 4% and perhaps air coming out, kelly and bill, of that alibaba ipo balloon. back over to you. >> certainly is. thank you for now. but has alibaba set the stage for other companies on deck to go public and means for the ipo landscape? >> let's talk about it with mr. ipo himself, and bob pisani. what did you think? >> i was here two weeks ago and laid out the template for what would happen. i think didn't think it would print at $100 that and did everything in the pristine way for an ipo. >> does it make, strengthen the ipo market or did it suck all the oxygen out of the room? >> i think it sucked the oxygen out of the room. a singular event and does not

say that any chinese offering to come out is going to do equally as well. completely different dynamics. >> how about any offering? find out this week, we have almost $7.5 billion of deals. alibaba is $21 billion but citizens financial is going to come this week. 3.3 billion. that's the second biggest ipo of the year is this week. the second biggest of the year. >> lucky them. >> very well-known bank and you know what's going on here. an rbs spinoff essentially. that's going to be a big one to watch. i'm looking at can they price these kinds of deals in the range this week? >> bob, do you share david's view that the ipo sucked the oxygen out of the room or no? >> i'm not sure. we have a real test this week because there's -- now going to dump a lot -- dumping is not the right wing. bring a lot of stuff out and we have other big names, the biggest bank in colombia here in the u.s. this week.

retail companies, travel port is coming public. it's a big online company. in the travel space. pricing this in the range it will be successful this week. >> yes? >> i'm not so sanguine about the stocks. i think everybody's going to tread carefully and people who were not the people to hold on for a long time with the alibaba not so quick to come here. we have the shortened week with the jewish holiday. front pricing for tonight and tuesday for wednesday. >> how much of a hangover do you think there is today for people both in alibaba specifically, bob, and maybe the market in generally? again, remember this debate last week was ranging, does alibaba -- >> i find the action today puzzling. there's no real headlines other than the chinese finance minister saying we won't maybe

do as much stimulus. if this keeps going for a couple of days, i think you will see a bounce later in the week. until we see severe headlines. cyber arc this week. an israeli cyber security company, maybe $70 million trying to float but the first tech stock in ages. i'm watching tech. >> he doesn't look impressed. >> where's the tech stocks? >> he doesn't look impressed. >> a bunch of them out there and heard zero from the companies. >> i agree but speaking about the israeli stock for a moment, the israeli connection with the its seems to be something that cannot be broken. we had a stock came out last week, rwlk. redidn't look like it was pricing well. ended up breaking the issue price at $12 by a half a dollar. and then from there just made a beeline to $35. so people are -- >> you never know. >> you really never know.

people evaluating the each situation and those to be repriced to the downside. >> where are the tech stocks, the big ones supposed to -- the tech ipos hitting the market sheer? >> i don't see that there's any rhyme or reason for why but i'll tell you the scrutiny that everybody tried to put on alibaba is going to be ten times more oppressive with all these other stocks. the last big tech company was mobile eye. they do the collision avoidance systems. it's been a couple of months as we have seen a tech company. >> yes. seeing a tech company, see that it's an israeli company and barclays on the top of the list of the underwriters -- >> it's a triple play. thank you. >> thank you so much. >> see you later. 38 minutes to go here into the close. still looking at significant losses for the dow off 100.

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welcome back. so energy weighing a bit on markets here today. so, too, that miss on home sales earlier this morning and comments out of choo that, perhaps about stimulated growth and alibaba hangover and a picture of the nasdaq off 1% and the russell off almost 1.5 today. you see west texas sbeer mediate now? i can't wait to fill up the tank again. >> getting there. 17 states with an average below $3. they think 30 by halloween. >> bring it on. blackberry with an impressive run as a stock. this year, up almost 50% and undergoing a major makeover as you know focusing on secure, smartphone technology. >> but the company isn't leaving the lahardware business completely. it will announce a new hand set

this week. when's the future? joining us is two guests. welcome to you both. lou, what's the company look lick in t like in the next couple of months? >> impressive turnaround. you see the stock off the december lows. this ship is definitely righted ooitsds. i think it is going to sink. i think what we have here is -- >> really? >> yeah. we have the mobile industry's version of radioshack. this is a company that's struggling to stay relevant. it's not even an also ran. when's the last time you were excited about the blackberry device? the 10 flopped. last time you were in radioshack. i think this is a company that might have one saving grace and that could be its intellectual property portfolio. they have about 7,000 patents and 3,400 apps. and that might prompt a suitor. i say might. prompt a suitor to acquire them

like google and motorola and not invest on that. >> all right. there's a piece this morning in "wall street journal." the new directions of the company, less emphasis and in fact abandon the consumer market overall for the hand sets and go only with the enterprise market and other things they're doing. what do you think? >> i think it's super smart and i think that lou has some good points but i completely disagree with them. i said this earlier before also is that you don't need to be the number one or two or number three dominant player in the marketplace but wireless space is tremendous. you could be a really, really good number four and i think their focus is, government, enterprise, it's security, all the thing that is the other manufacturers and headset players are not. and i think at $10 a share i think it's a steal and i don't think it's a dead dog. i'm not the oracle of blackberry but an advocate for it and i miss that keyboard and i know other people do, as well.

>> bill still has it. i miss it. we know that tie're trying to do that snap-on keyboard to the iphone. you know, what happens here if people maybe look at security, higher emphasis on it, the enterprise side as they should and think maybe it's time to give blackberry a new look. >> i don't think so. >> i think it was a competitive advantage in the security space and now apple teaming up with ibm to offer security solutions. that's a niche that doesn't have many riches left in it because the competition opened up. >> you have a company with 50 million users. you have a loyal following. a billion dollars in sales. as you mentioned, they have this 7,000 ip portfolio and i don't think it's going away any time soon. >> i think the ip portfolio only has so much value.

50 million users, i mean, i think apple sold that many units in the last, you know, the last version of their launch. >> it's not looking to compete with apple. not looking to compete with samsung. it's a different demographic and smart they're doing that. they don't need to be the number one or two but if they could be a dynamic, extraordinary number three, they have a good slice of the market. >> it is a fair point and not interested in investing in maybe threes or fours. i look for ones or twos. i don't think it's an attractive investment. >> lou, you don't have a blackberry. >> definitely not. >> i'm ready to kick mine back on and waiting for the passport and super excited about that. >> that will be out next month and we'll see what it looks like. >> sounds awesome. >> i know. you're not impressed. it get it. i get it. thank you both. >> thank you. heading into the close, half an hour to go, in fact, and the

market, the dow breaking below that 17,200 level. watching alibaba, of course, off the 4%, 5% today after that open on friday. >> really, the nasdaq and the russell are what we should be watching today and focusing on that a little bit later this hour. also with home sales cooling, sorry, guys, i went off script there. with home sales cooling last month, is the housing market heading for an icy winter? there's a deep dive for us on housing coming up. barclays group ceo tells us what he is worried about and excited about the future. antony jenkins here after the bell. stay tuned for that.

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percent, as well, today. >> existing home sales dropping in august and snapping four straight months of gains. our diana 0lick has the details for us. >> reporter: a sharp drop in the investor share of home purchasing turns the overall volumes down. they had slowing the purchases of existing homes back in the winter but this was a real turn. take a look. sales of existing homes in august down 1.8% month to month from july. sales down over 5% from a year ago but the headline again is that drop in the share of investor purchases. just 12% in august. now, that's down from 28% 4 years ago and why the all-cash share down, as well. this does not mean that investors are selling selling. not when rents are skyrocketing. this should make it less competitive for first-time ers

market. they don't have enough confidence in the housing market and also this stigma attached to that single family rental home is really gone right now an they have a whole lot of those to choose from. more online, of course. back to you guys. >> diana, stay with us. we want to talk about why housing can't seem to kick it into high gear. >> joining us, two guests. good to see you both. fred, for you, still all about jobs. job growth is not there, the housing market won't be picking up any time soon, right? >> exactly, bill. jobs, but it's also about job confidence once you have a job. saying, okay, i'm going to stay here. everything will be fine. the economy will do well. it is a matter of people getting comfortable. and then it's the millennials this kind of don't care about

housing. they'll take an apartment with their friends and spend more money on an iphone than they will to make a mortgage payment. i think they have kind of learned from the last crash that it's not an absolute 100% sure bet and they must make that american dream. that's a lot of it. >> well, that may be, sherry, but we learned more are moving out of the house and household formation is starting to pick up a little bit. maybe it is all about job confidence after all and that if we see enough of that, the home ownership rate will start to go back up. >> it may. but you know what? at the end of the day this is what we asked for. it's what we asked for asking congress to get tougher on buyers by requiring a better debt to income ratios and better down payments and credit skoerls and asked for when we asked the department of justice to go after banks for the fha buybacks. we have a situation where wells fargo and paying billions of

dollars in settlements reduced the lending by 82% and what we asked for going back to fha when they had to borrow billions of dollars from american taxpayers and said you need to raise the fees to cover the risk and now fha charging home buyers mortgage insurance for the entire life of the loan which is completely disconnected with the actual risk and no surprise that first-time homebuyers have a hard time. we asked for that. >> what about that in your reporting, diana? we talk about the slowdown for loans and supply side, is there a reluctance on the part of lenders, as well? >> reporter: i think everybody wants to blame it on tight credit and younger millennials but there's a reason i'm standing in front of a single family home today and that is it's not all about credit. you can still get a good loan if you have a smaller down payment today. and millennials will eventually aspire home ownership when they

get married and have kids. many say i don't want a home because i can rent this single family home and going to be a lot less stressful for me. 2 million more of these out there for millennials to look at than there were before the crash and the investors who have taken these rentals on have really done well in the management scheme of them and making it easier and more desirable for millennials to rent. >> fred, what about that? in your experience, how difficult is getting credit? how much of that is a hurdle for making the home sales? by the way, what about new products such as rent to own schemes coming to market to meet the evolving need? >> there's all these guys now on television and on radio saying, call me and you can share my secrets on how to flip homes. that tells me immediately that the market's about to crash. if these guys are now back in the market selling their promises. but back to your question about -- >> how do you crash without a recovery?

>> oh, well -- whatever. we'll -- >> i got it. i got it. the lawrence welk effect. i like that. bubbles. >> that's two. >> anyway, going back to the qualifying, i mean, fha now and scary, there's lenders telling me, we can do 500 credit scores, no money down out of the person's pocket. no skin in the game. all gift. fha. we'll underwrite it. thrilled to do it. and the flip side also on conventional loans, you can now do a 95% loan up to $417,000 with none of your own money. get 100% gift. so, they're opening up these little things but then you get into the fha monthly mortgage insurance payment which is obsce obscene. you have more people be able to afford property. that simple. >> look, it does seem, though, that -- there are articles going

around industry publications of whether banks stay in the mortgage business. there certainly is something beyond just these cyclical effects going on here. >> that's the regulation. >> that amongst other -- that amongst a lot of other problems we are having right now are only temporary. the lending issues will work themselves out. the issues millennials are facing will work themselves out. it's going to take longer far first-time home buyer forever to get into homeownership and makes sense. maybe it was too easy before. so, you know, all of these things, i do believe it's a temporary lull adjusted to that but bill mentioned an interesting point that we have never had a housing recovery in the lower end of the housing market which is where these first-time buyers come in. inventory is still a problem. and that's where most of the almost 9 million people still underwater are living so that's segment never recovered. >> yeah. >> i love to rent. >> so far they do.

i have two kids that are in the same boat an they're fine. they have no aspiration of moving into a house of their own. >> no worry. >> thank you for joining us. good to see you. heading toward the close now moving to the next camera, we have about 20 minutes left in the trading session. coming off those lows, the dow down 94 and watching the nasdaq composite which are both sharply lower today. >> looking forward to this. up next, michael dell speaking with our jon fortt in a first on cnbc interview. find out how the tech veteran is reengineering dell. later, iphone is not for sale in china. how and why is it for sale in china? huh? exclusive cnbc video proves that it is. we have a full report, eye opening, just ahead. who's going to do it?

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welcome back. michael dell attending the social good summit in new york here. >> jon fortt was at the conference and nab an exclusive interview with the tech veteran as we're calling him. >> reporter: yes, indeed. thanks. i'll have the full interview tomorrow at 11:00 and able to talk to michael dell about a number of topics, including whether he'll go public again. alibaba a customer of him, tech value vaations and did sort of address the reports this morning that dell might be looking at emc, the storage leader, as a possible takeout target, perhaps not of the whole company was pieces of it. >> we are very interested in the storage market. certainly, you know, as there are opportunities to expand, you know, inorganically, we'll look at those. don't have a comment about a

specific idea that may be out there. >> reporter: not a rumor necessarily but an idea that may be out there. i mentioned to him interesting how he took the company private, the pc market turned around. great for him, wasn't it? you got a deal, i said. he didn't take the bait and carl icahn would say he did get a deal, guys. >> nice try. >> exactly. great stuff, jon. catch jon's full interview with michael dell tomorrow on "squawk alley" at 11:00 a.m. eastern time. coming off the lows. >> look at this. >> as i'm often one to say, appare apparently. >> off 93 on the dow having a tough session on the back of the successful ipo of alibaba on friday. again, trading down today and taking the rest of the market with it as both the s&p and nasdaq and the russell as you rightly pointed out under pressure. when we -- still to come, barclays group ceo speaks with us about the market, the fed, the biggest challenges of the banking industry. stick around for that important

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should i -- we are down 94 points right now on the industrial average. look at the nasdaq down 1%.

that's off the lows. >> so's the russell. barely, though. >> this's the one to keep an eye on right now, right? >> let's ask bertha coombs. this is not the way to start the week or the fall season. >> no. it started the quarter at an all-time high and now negative for the year, down about 7% from that all-time high struck on july 1st. looking at the chart, it started to diverge from the big caps and today really been weighing here, the worst performer. nonetheless, the big caps themselves under trouble. yahoo! in particular with a nice run up into that alibaba ipo but the minute that stock opened, we saw yahoo! start to sell off and the questions, what will happen with yahoo!? how do you value it? a pair of downgrades today and can't as you start looking at it post-alibaba. momentum stocks overall today taking it on the chin. tesla getting hit hard.

netflix down hard, as well. and apple today having hard times staying positive. that's kind of what's been helping us off the lows and apple into positive territory after the record debut for the iphone 6 and not getting a halo effect for the component makers beyond qualcomm. one of the standouts, one of the few nasdaq 100 stocks in the green and others, the teardowns over the weekend, really not getting any momentum from it. bill, back to you, you know, i remember a time when people talk about apple lovers as dinosaurs holding on to a dying technology. hold on to the blackberry. >> i am. i'm going to be very sad if i can't buy a blackberry anymore. just saying. john chen, keep it going. let us little guys buy it, as well, too. thank you, bertha. >> thanks. >> did she call me a dinosaur? >> no, no. >> just checking.

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all right. as we head toward the life, herbalife is down. when's going on? >> we want to call your attention to this fact. it was the last five, 15 minutes or so seen a sharp downturn. the stock off the lows right now and down about 10.5%. trading desk trying to figure out what's going on. there's chatter and working to confirm what's going on but still for right now you should just be aware that this multi-level marketing company, the heart of a lot of controversy, and of course, a big target for short sales by the likes of big ackman down 10.5% on the day approaching the closing bell off the lows and, bill, kelly, a trade to pay attention to. >> we'll do that. thank you. meantime, here's how we are doing as we head toward the last few minutes before the bell rings. dow down 103 right now. nasdaq down 1%. the s&p down here about 16

points. here's what we're following. russell 2000 since july, this index is down 7% in that time. down 1.5% today but there's the all-time high set back in early july and here we stand today at 1129. joining me now, jeff of fifth third bank and randy of charles schwab. blue chips generally higher still and the secondary stocks, small caps lagging. what do you think? >> this is a market struggling to understand where global growth is and what equity investors should pay for it. the combination of valuations and growth prospects, the russell 2000 small caps in general came into the period questioning growth and much richer valuations. they're hurting in comparison. >> do you think that continues? >> longer. last two months, consistently, we have been putting wit large caps and also with emerging

markets where we think that value to growth equation is a little bit more favorable. >> randy? >> the simplest way is high beta names and the means when the market goes up, they outperform and goes down they underperform. that's a simple nutshell. >> when does it present a buying opportunity, though? we went through a period of a couple of years people quick to buy on the dip. >> statistically we're overdue for a correction. but that doesn't mean it's inevitable. any time we get a dip here, 1%, 2%, 3%, people jump in and buy as we have seen. so, any kind of dip really is going to continue to be a buying opportunity. >> i disagree on the small cap world. these trends overperformance of one capitalization over another tends to last for longer periods of time. a long, long run and everyone was willing to pay up for small cap names and we don't think

gnat global growth is going to be that good. >> what are you waiting for? raising cash, what are you waiting for? >> we are putting it back and looking for lessening risks and we think we like the fact that the u.s. and allies are pushing back against isis and removes a big risk in the oil sector. we like the fact that the fed has come out and clarified its stance and we like the fact that the dollar is strengthening which is going to keep a lid on commodity prices, givers a longer runway for recovery. >> where does schwab want to put money to work right now is? >> we are looking at the energy sector. outperform for technology, as well. we look at those areas right now. >> stronger dollar have something to do with that? >> a little bit. it is going to help company that is do the majority of the business domestically. we want to be careful of export business. the simple economics tells you to struggle a little bit as the dollar gains strength. >> good to see you both.

thank you very joining us today very much. going out with minus signs to begin this week. the dow down 104 points. s&p down 16. nasdaq down 52 points on the close. stay tuned. an important interview with the ceo of the barclays group coming up with kelly evans and company. see you tomorrow. thank you, bill. welcome to "the closing bell," everybody. i'm kelly evans. this is how we're finishing. dow giving up about 104 points. nasdaq the real underperformer today with the russell. both down more than 1% and the s&p giving up 16. back to the level of 1994. and some to quus focus on aliba. joining me is michael of destination wealth management. sarah eisen and nathan from simply money and fast money trader tim seymour.

welcome one and all. and, first of all, nathan, you think that this alibaba being down today 4%, 5%, is that just giveback after a big pop on friday or something more to it? >> first off, ipo is it's probably overpriced. and now we know that. okay? the markets are recovering from a financial sugar high and when that wore off today, everybody woke up and said let's get back to business as usual. moderate growth and profits squeezed everywhere you can and nothing dynamic going on here and drive markets forward. on the other hand, you look at the horizon, no such thing as a recession and back to where we were before. rates are coming down. wondering when's going on in europe. business as usual and now going to settle in. i think more of a trading pattern. >> that true, sarah, you think? >> it started overnight with china. the shanghai dropped almost 2% overnight. comments of sidelines of g-20 from the chinese finance prime

minister not injecting stimulus and worried markets and over in europe where the data is pointing close to recession and again in europe, we talked to the e ur president saying today no recession. there's a concern there. with that, a stronger u.s. dollar and s&p 500 companies are vulnerable because they do a lot of business overseas, at least 30% business overseas. >> michael, you've spent time in alibaba, haven't you? >> i have. it's an interesting company. you know, when you walk in front door of alibaba and take the tour and i was fortunate enough to have a tour, they have a gigantic lcd screen to show the entire world and every five seconds it updates on a realtime basis, a dashboard of the purchases around the world. alibaba has huge global expansion -- huge global expansion hopes. the reason why this doesn't really matter is as was said, ipo, it probably is overpriced, already valued significantly

higher than the overall market and that sort of valuation i think really is a combination of china and internet. sarah talked about what's happening in china right now in terms of weighing on the markets. just go to china and talk to the chinese and they'll tell you they're weighing on the markets and so much money coming out of the china right now going into what? u.s. equities, u.s. real estate and singapore. >> did you get involved in alibaba offering? we did not. i'm not into buying overpriced stocks. i can certainly see why some might speculate but a stock richly valued at this point. >> more people know a story of alibaba than the stock and it was alibaba and the 40 thieves. i don't know if they were -- >> i don't know if many people know that story either. >> you come to your own conclusion about who the thieves were. >> what they know is the numbers are absolutely astounding. 80% of chinese restale sales. potential for 850 million internet users.

hard to ignore that. >> let's get tim's take on it. friday and today and also on what happens if the underlying china story is slowing. >> the china story as i think people need to know, it's less about macro than liquidity. sarah talked about may not be pumping the money into their economy. last week they pumped into the banks. helped the market last night. they talk about maybe not as much stimulus and said they'll have trouble reaching the growth target. if you think 7.5% on china gdp moving forward, you should sell alibaba. but amazing to me to get so negative today and probably the same people were saying, hey, this is a company with extraordinary growth. somewhat in line of badu and ten cent trade and where you started this conversation. what is it really that the markets are responding to today and i think it's global macro. and i think trading stocks is something that people been able to do, been a stock pickers'

market for a couple of months and the dollar involves interjecting. i think you have to be very careful right now and correlations moving higher and volatility. >> yes. it is a great point and why last hour we were talking a little bit about whether there are clouds gathering, especially with inflation expectations dropping. i do want to get to that in a second but a couple of things happening. cnbc is covering the corporate perception indicator and the way that wall street perceived today. here's a look outside the new york stock exchange right now, in fact. there are what's called a flood wall street campaign going on. not just in new york but, in fact, around the world. we saw some significant crowds in paris and other places. and we actually see these crowds yesterday shutting down midtown manhattan. a big turnout and continues today. all of us here to come to the new york stock exchange saw the extent to which there were police barriers and roads shut down earlier this afternoon.

not huge crowds that i saw in front of the exchange. this looks like it's on broadway so a little bit different part of lower manhattan and more of a crowd than certainly this afternoon. >> they were lower. you couldn't get near the exchange. they wouldn't let us in with the press badges. >> we know on the anniversary of the occupy wall street, last week, the new york stock exchange simply repaired and i say new york stock exchange but this area generally speaking. there were barriers. there were police. there were -- nobody showed up. that's a little bit of how it felt earlier today and certainly picked up. >> i was here last year exactly the same time for occupy. it looks like the police more prepared this time. seemed like more barriers. >> they were there at 7:00 a.m. when i came in this morning. they were prepared. >> bonuses this year on wall street rose by 15%. i'm sorry. if you went out and polled all of america and say what was your raise this year, they go, 2.5%, 3%.

you walk into the boss's office and pound your hand on the desk for a raise and talking about why the economy is sort of begrudgingly moving forward is because most people are not getting 15% raises, wlorptd they're part of creating the economic system we have or not. >> but they have nothing to do with money and greed. >> that's the point is that on occupy wall street day nobody showed up on the anniversary of it in this specific place and climate crisis day there's a big crowd outside. they chose wall street as a high profile place. >> and the businesses that -- you know, the harm they do to the environment. >> what about social responsibility, michael? does this feel like it marks a moment whether it's b. corp.s or thinking longer term about -- >> no, no, no, no. >> how they're spread around. >> no. >> this is not that watershed if i may moment? >> no. just because you have this number of people rather than occupy wall street, people are moving toward green.

you saw the rockefeller foundation. i don't think this is the moment. this is not the boston tea party right now. i think that green is certainly going to be something that companies are going to be moving towards. why? because it's profitable. i don't think it's necessarily because people are marching. >> they would like to think it's a waterhead moment but maybe attention to the link of economics and finance and social responsibility issues like climate change which is what they're trying to do. >> but it's interesting -- go ahead. i was going to say we have antony jenkins here on a day talking about ways to measure women in leadership positions and investment dollars, more money to green bonds. to michael's point, because it's profitable and wonder about the inch us the from more women, millennials with social activist kind of goals. >> well, i tell you what. i mean, the way i look at the market responding to thesepragm.

looking at the m & an overnight and look at buying into shale, buying into u.s. energy boom that many cases is green and many cases it is not green, depends on how you interpret it. the deal activity around energy infrastructure continues to soar. the focus on corporate responsibility continues to be a focus or wall street but i -- it's hard for me to think that these are issue that is are pushing the markets around today. >> fair point. there are the crowds. one more look here outside the new york stock exchange. certainly gathering, to as they say, quote or #floodwall street raising awareness of the role of climate change, climate crisis and wall street. thanks, guys, for now. tim seymour, we'll let you go. "fast money" coming up here at 5:00. hay'll be asking the producer behind "forrest gump" what she thinks and joining fast. straight ahead here, were

companies humbled by the financial crisis? herely half of all business executives think they were not. believe companies are not acting anymore responsibly today than six years ago. are we setting ourselves up for another meltdown? that's next. and ahead, hearing from the man trying to turn barclays reputation around after a string of scandals. antony jenkins here exclusively. what if we finally had a back yard? that would be amazing. hey, what if we took down this wall? what if this was my art studio? what if we were pre-approved? shut up! from finding to financing, how'd you do that? zillow.

welcome back. all day cnbc is diving into the corporate perception indicator survey. what stuck out to us is business executives themselves say nothing much was learned from the financial crisis. 49% surveyed said corporations were not humbled after the crisis and don't act more responsibly now than before. these are people inside the industry saying this. want to talk about it. chris weylin is here with the

panel. you surprised by this? >> no. large companies are very difficult to manage under the best of circumstances. they're constrained today. the regulators are trying to affect them from outside but as far as the way they operate internally, i doubt much as changed. >> i feel like the rhetoric, especially the financial sector and surprised -- i mean, maybened kating they think it's a lot of talk. >> talk in part but you have to wonder going back 100 years, it's been really great research on whether or not corporations or responsibility of shareholders much less anybody, and, you know, since the crisis, layers of regulation on top of these companies, especially the big banks, they're constrained in ways they can make money and measuring whether or not they're responsible in an ethical and moral sense, i don't know how you do that. >> that's what i was going to ask. >> i think what's really -- this is a cynical perspective but i think what's happened is more

regulation, maybe there's a regulatory layer of responsibility that's been layered on and what companies are better at is not necessarily being more responsible. think they're more capable of public relations. >> appearing more responsible. >> they check the box. >> how does that make you feel as an investor? are you concerned about it now? at the end of the day you have to allocate money to these companies. >> being green, having good governance, sounds idealistic but they're good for shareholders. i think they in the end help share price when they're responsible in how they're behaving. do i look at it as merely one thing to invest towards? no. >> winston churchill all over again. capitalism is a horrible system and the best system ef. enron happened, i said this is astounding. a lawyer said, greed is around

for a long time. it's going to be around for a long time. ask the manhattan district attorney how many insider trading convictions they have gotten. in one regard, nothing changed and yet american business i think is very confident because they have come out of 2008 and they have really performed well for their shareholders and i think if anything it could breed overconfidence. i survived, created jobs. didn't go under. you should be thanking me and one industry that's shocking that they have ranked high was airlines. who couldn't shoot straight, didn't know how to price themselves and too much equipment. >> the flights are on time. >> most expense i. >> what i find is small enterprise, especially small banks, manager vs a significant part of their net worth invested in the net worth, they're much more responsible overall. >> of course. >> smaller, partly. right? more on the line. not dealing with the manager

that is don't have a stake in the enterprise. >> live pictures of when's happening just outside here in downtown manhattan. the new york stock exchange flood wall street. that is climate crisis protest. if you want to call it that. happening around the world, in fact. there were protests on sunday. there were demonstrations today. we saw the barriers going up and we can see the level of activity certainly picking up. chris, does this feed in? >> look. i have never seen such an assortment of whack-a-doodles. they're predicting the end of the world. i don't agree with them. >> but isn't this what michael was just talking about, trying to invest in company that is behave responsibly or no? climate change just too much of a hot button issue? >> we are. look at the way we save energy in this country. the change that is have been made already today and not enough for these people. >> we have plenty of open spaces here in america still. if they're fracking europe at

the rate we're fracking united states, you couldn't walk. i think michael's got a great point and not yet to the point to align the investing values with the social and our environmental values. >> comes to the climate protesters, protesting businesses in general, not just the banks, a separate -- >> contactually. >> a lot of businesses, especially consumer companies i have taken a look at do have massive programs that they're trying to do to conserve water, doors is leading the way and people just don't know about it. it's not sexy. the press releases, we don't report on. >> that's what i was saying. >> i'm glad you mentioned. this is the issue. are companies actually getting and behaving better or in other words saying and representing themselves as doing so? >> they are putting in -- it's an economic risk for them down the line. beer companies, food companies, other consumer products. they need to do this. >> the risk. >> look at what's happening at mcdonald's. with mcdonald's it's a change in

the menu. there are demographic change that is are happening that companies have to respond to. i do think that they're better at public relations. go ahead. >> that's what makes the nfl so astounding because they're -- you're right. everybody's getting better at it and then a prehistoric organization looks so out of touch. >> well, that's -- you kind go of wait a second. you should start consulting with them. they missed the boat. >> well yeah. deer in the headlights. >> they were chasing me down the street. >> were they, chris whalen? >> they were predicting the end of the world. people are going to change. companies are changing now and i think the market drives it as much as anything else. >> i would just like to know, you know, this is a bigger turnout certainly a little bit more activity than people both in new york and i think other big cities were expecting.

that alone -- >> it is very surprising such a big turnout and again, i think it's very important to recognize this is not one central theme in the crowd. if you take a poll, there's corporate irresponsibly -- >> they're real issues. >> i understand that but i'm saying this the not one singular group. that is disenfranchised group that have separate issues. >> there's everybody there. >> as this country ages, look at the buying habits of millennials, those demonstrations are larger and larger because they start to get the heartfelt issues. look at the cars that they buy. buying priuses and honda fits. they're not buying their living room with a v8 engine going down the highway. >> no. they're not buying the living room. >> no. they're buying thing that is are

perceived to be healthier for the environment. save money and those with money, what are they buying? tesla. >> i think if there's anything that this suggests to me, here we do see activity around okay pi wall street. it was the financial crisis, the motivator to get people out. today, you have to say it's this climate crisis and it's one of the issues where, you know, there weren't many people saying it didn't happen and people who don't even know especially on the corporate level how to talk about this. the insurance industry, a lot of people faced with making business challenges about something they're not sure what the facts are. >> here's the thing that many people in business really fail to recognize, if you actually filtered down past manager ranks and you talked to people that have been out of work for literally years, who are underemployed, if you talk about people feeling as well off as they did give, sixes years ago,

people saying, no. gdp and the wonderful numbers and the real life experience for people, people have been negatively impacted by the financial crisis and now stagnating home prices. >> you also have a central bank that is publicly embraced a 2% inflation target. 2% inflation. 20 years will cut your purchasing power in half. >> we can't get 2% lately. >> are your grocery bills going up, kelly? >> yeah. >> i just want to point out here. obviously, this is getting more heated right outside the gates behind us. we should mention, i mean, it is not all -- someone mentioned it was not organized. there was a big protest at the united nations. the world leaders are in town. that u.s. former vice president al gore was there. ban ki-moon was involved. it's different than occupy wall street. this is a different issue at the gore front of global policy. >> there are big speakers today

involved. i think a couple of actors and actresses down here. >> leonardo dicaprio involved i think. caught my eye. >> i was in alaska and picture taken in front of the gloesier which had about a lake and a mile and a half between me and the glacier. where i was standing 60 years ago that's where the glacier was. i think at the end of the day there are some issues and maybe baby boomers don't want to deal with anymore but the rest of the world is. >> we got to take a break. just for people know what we're looking at, flood wall street. flooded with people for climate change and maybe other reasons. just by trinity church and continuing to monitor that during the show. we'll leave it there with chris. thank you for covering a lot of ground on corporate social responsibility. >> glad you got here. >> no problems. coming up next, exclusive interview of antony jenkins.

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systems, new payment systems and metrics and here to talk more about the pipeline in an exclusive interview is barclays group chief executive antony jenkins. welcome to new york stock exchange. >> thank you. did a great job with alibaba on friday. so proud of them. >> that was an incredible day for everybody involved. now here you are on a monday and outside, i can't imagine what it was like for you to get into the building? >> it was perfectly fine. we weren't where the protesters were. >> and the issue they're out there is actually one that you -- in a way relates to an issue internally and about improving corporate social responsibility. we are here to talk about women at the helm of different divisions and you are doing a billion and a half in green bonds over the next 12 months. does this represent something bigger understoway at the bank?

>> csr has the place but big companies can really make a difference in the world where we try and address a problem that's there. we use our core capabilities and commercially advantageous to us. in both cases, for example, women in leadership index, putting together is what we do to promote diversity an it's something which resonates well with our clients and we'll will have a billion pounds of those by november of next year. >> there have been huge changes. this isn't the best time to be the ceo of a big international bank. there's been scandal after scandal after scandal. just a lot of businesses that aren't -- as they once were. this is more than a 300-year-old bank. what does it look like in the next couple of years? how different from the barclays of the past? >> we are 325 next year. we are very focused on the if

y future aenl it's the exciting time to be a chief executive of a great bank like this. we have changed immeasurably in the last two years. much better capitalized than we were. the business mod sell focused. we have great people leading the organization. all of these things means that barclays can be successful in the coming years. it is a much tougher environment than five years ago, ten years ago and that toughness in the environment means that banks like our vs to adapt and evolve in order to win. >> are you committed to the u.s. where the investment bank harking back to lehman and to the financial crisis, you bought that bank after it filed for bankruptcy, it's been, what? four, five, six years now and recently you have had a spate of high profile executives leaving. and questions about, you know, whether this old strategy, the global strategy of barclays remains the strategy and commitment to the u.s. remains

and to the investment bank. >> i lived and worked in the united states for 13 years and i believe in this market for barclays. we have two sizable businesses here. the investment bank. only foreign bank in the top five and first half of this year. we have got a very sizable credit card business here in this country. so, they're great businesses for barclays and very committed to the united states. i'd like to say that's understandable. always get done over. we have hired 18 new people for investment bank in the first part of this year. senior people. people want to come to barclays to be part of the exciting journey we are not. >> not cheap and comes at a time that the u.s. is regulating foreign banks who have a presence here. making it more difficult, more costly for them. you don't have the cheap retail basis so how do you account for that difference, for that additional cost? >> i think you have just got to be very good at what you do and

manage your costs overall. i believe that technology presents a transformational opportunity to step the costs down, not just in retail banking but also investment banking and very good at how you allocate capital. we're very good in that environment at barclays. >> technology, technology spells the end of banks hayday a commenter recently wrote. why are you confident technology can help you more than it hurts you? >> we are seeing the leading edge of banking through technology. everything the cheaper. and that allows us to deliver unique experiences for our discuss mores and clients and this little thing i'm wearing here, use it to pay for things at 300,000 outlets in the uk. >> hold it up higher if you could. >> it's called a pay band. >> a pay band? >> use it to pay for coffee,

sandwich and now you can use it on the tube or the buses in london. you can leave your house in the morning without a wallet, anything else. and from next january, you can use it to get into the work building. >> the u.s. is behind in some regards to what you're seeing on the market in britain. >> that's right. >> is the apple phone going to narrow that? >> i think apple pay is very important because what it does is introduces near field communication into the u.s. sort of technology to pay for taxi ride in new york city taxi cab and speed the adoption of one of the banks in the first wave of that but what it says is technologies are coming to play and this little device over two thirds of the people customers for this are not customers of barclays at all. >> even as you look to the future, a couple of issues plaguing you right now.

i'd like you to give us more information. the dark pools. the stock market trading that happens off of exchanges like this and that the new york attorney general sued you about earlier this summer. and the other issue that people feel like could be the next shoe to drop in the industry with regard to the manipulation of currency markets. what can you tell us about these two things? >> very difficult to say anything about ongoing litigation or regulatory matters but we responded robustly to the allegations of the attorney general made. and we investigated them fully using internal and external resources and we believe that our position on those allegations is strong and we'll be proceeding with that through the court system. >> you don't believe you did anything wrong with that case? >> as we have said in the detailed response, we believe that the defense is strong and intend to defend the allegations robustly. if we have made mistakes, if we have got things wrong, we'll acknowledge that, take the

sanction, we'll learn and move on but where we think that we are on strong ground then we'll defend our position. >> with regard to manipulating currency markets, again, a $5 trillion daily market, huge one. we have seen a number of individuals leave at major banks and eric holder attorney general here might go after individuals, it's not over yet. how do you manage around that? what may be coming? >> it is very hard to speculate on the ongoing investigation. i can't really say anything more than that. >> understood. we'll leave it there for now. antony jenkins in town for the clinton global initiative, as well, talking about tracking women in leadership roles and did green bonds and see if it helps you navigate the crowds outside on your departure. thank you for being here. >> thank you. >> and now we're going to head to washington with a news alert. >> reporter: hi, kelly. treasury secretary lew dropped a

fairly broad hint here speaking at an event at the brookings institute in washington, d.c. taking questions from the crowd dropping a broad hint that the department will release an action of some kind. here's what he said at the beginning of the remarks which you can see here. later today i will have more to say about the efforts to address a glaring loophole in the u.s. tax code, inversions, acquiring foreign businesses and switch the citizenship outside the united states and saying today. 4:00 hour. we'll see something from the treasury very, very soon, kelly. >> amono, thank you. that's one to watch. appreciate it. keep us updated. sales for iphone 6 are off the charts. prices for the phone on china's black market skyrockets. you'll be shocked how many how much they're selling for. you can call then generation

debt. details of a startling new study on the poor financial help coming up. we'll be right back. when you compare the top speed of dsl from the phone company

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hi. >> hi. check out the stock retail group that was halted on the specialty apparel retail posted weaker than expected fourth quarter results. that stock is currently trading down about 15% in the afterhours. kelly, back to you. >> ouch. hor beg morgan, thank you. topping the most popular stories on cnbc.com, allen wastler is here to explain it for the hot list. >> yep. billionaires hoarding cash. it's a piece of robert frank looking at the wealth-x survey showing they have about $600 million in cash stored up. 10% increase from previous year and gets into how people interpret it that maybe they don't want to make their money play in it and keep it out of it. it ties into the second story on the hot list today, death cross.

in the russell 2000. that has people freaking out, too. the 50-day average below the 200-average and another bearish signal and finally third one on the hot list today, a look at health care. this is part of the corporate perceptions indicator. the results for us taking a look at how in the u.s. we think corporations and individuals should pay for health care and the rest of the world thinks the government should. we're different again. that's the hot list for you. >> thank you. a lot to check out over on the website. up next, the post baby boom generation, the gen-xors on the way to be the first to fall behind the previous one in terms of wealth accumulations. just ahead. and as we head to break, another look live outside the new york stock exchange. climate change protests gathering quite the crowd. we'll be right back. [bell rings]

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if energy could come from anything?. or if power could go anywhere? or if light could seek out the dark? what would happen if that happens? anything. according to a new report by the pugh economic mobility project, general-xors, people born between 1965 and 1980 haven't been able to accumulate as much wealth as their parent at their same age. 75% have bigger paychecks than parents did. the term wealth does include

retirement, homes and other investments. why is this happening? we want to bring in sharon epperson with the panel. i can't help but think of the protests outside and talking about the differences with regard to finances today versus those of a generation or so ago. >> yes, this pugh study showed that 4 out of 10 of those who w.h.o. are college educated and upper mobile are facing student debt. but the reality is, even if you just look about 14 or 15 years ago, we are looking at folks with 60% more debt than someone of the same age in 2000. and that growth in debt between 2000 and 2008 was so extreme that really twice as many people were going into the great recession in the gen-x category going in with debt than those in just a few years earlier. so it really is just a more recent phenomenon. you don't have to go back to our

parent's generation, with student loans, mortgages we are accumulating a lot more debt than our parents did, a lot more than those did 15 years ago. >> student loan sounds so practical and so responsible. you know what it really actually is? people want the latest iphone, the latest handbag -- >> but $600. student education is $120,000. >> people are willing to go into debt, not just for education, they're willing to go into debt for stuff. we're wealth managers. you know how many times i give a presentation and i ask people in the audience, how many people here have a worse car than their children and three times as much money as their children and hands go up. people are spending money and i that's the problem. >> it's a trillion dollars worth of student debt. >> i'm not discounting it. >> you have to qualify ar mortgage. student debt, just say i want to go there. >> i understand. >> the government says absolutely. >> but that today -- that's

today. that's today. we have to think back to the great recession and what the studies are showing like the one out of the st. louis fed is people were going into the federate recession with so much more debt than just decade before and so, yes, they were able to qualify for the mortgages that now there's no way to be able to get and now trying to deleverage all of that debt they have accrued and reducing the income. >> i believe it. >> where are we, sharon, in that deleveraging period? how much longer does it last? >> i think quite a while because you're looking at numbers so astronomical for folks in terms of debt load and what they were anticipating even as the incomes are rising. a percentage of that debt is so much greater. >> depends on why -- this is why home prices matter so much. it's double digits off the very lows but if home prices pick up 30% and most people are back

above water that will probably change. >> that's not going to happen. >> this is why the economy stays slow. >> yes, that's absolutely true. >> not going to see really rapid interest rates and simply the rule would be do not borrow more for college than you expect to make the first year out. $30,000 first year out, don't borrow more than 30,000. stick by that rule. >> i'm sure they have learned that lesson for the kids. that's why it's still going to have an impact on the economy for sometime. they will not see the wealth that their parents did. >> complete lie agree. >> a challenge for all of us. apple, speaking of the iphone -- >> that's right, kelly. >> all right. apple setting a new record as the 6 and 6 plus hit shelves this weekend. are people going to have to change their style? not lifestyle but the pants to be able to carry them. that's next. we'll be right back.

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welcome back. in case you hadn't heard, apple's selling a record number of new iphones over the weekend. but the biggest winners from

this launch could be a pair of retailers. jane wells is here to explain why. >> reporter: apple products change a lot of things. could they make you change your clothes? this is an apple iphone 5. fits in my back pocket or front pocket of my skinny jeans. we don't have an iphone 6-plus because we're not that cool. here's a mock-up. i don't think that's going to work. so it could be the end for skinny jeans and good fuzz for cargo pants with these big pockets? i found these not on the front but out on the sales table. way in the back at gap over the weekend. could they start moving forward? well, don't laugh. look at this video. very first products which debuted at ralph lauren's spring and summer 2015 fashion show were cargo pants though for women they are more tapered. not baggy. >> i'd wear cargo jeans to fit my iphone. i think they're cute. >> if people wear skinny jeans, don't think that's going to work for them. >> i came back to buy a backpack

for that phone. i need a backpack just for that phone specifically. that's it. >> reporter: see? good for backpack sales. most people said the new iphone is too big for pants? girls will knee tripods to take selfies. from fixthenation, will the big 6-plus format make anyone look thinner? >> i think that's what they have the instagram apps for, some sort of slimming technology. cargo pants. you heard it here first, jane. love it. thank you so much. i want to know if anyone -- you going to wear cargo pants. >> you can actually have skinny cargo pants which i'd be willing to consider. because normally, cargo pants are not my style. >> you get the big pockets and the tight pants. >> i made it clear on cnbc today. >> i use the plus during the

week and the "6" on the weekend. >> with your man bag for it. >> jane, if you thought you paid too much for your iphone this weekend you may want to thank your lucky stars you didn't buy it in china. not yet available there. in some cases you could pay thousands if you can get your hands on one. how much can you sell these for? >> you can sell it enough -- you can buy a ticket to china. you can go to china, stay in a hotel for a couple days. have all the chinese food you want. fly back to the united states. if you sold your iphone plus, pay for your you are entire trip. we're talking $2,000, $2,500. >> we were in one apple store over the weekend with these long lines. the shoe shine guy let us know the people in line were all getting ready to remantd phones back to china.

>> that's absolutely true. what i'm sure people know at this point is that in asia you have to have a big phone. if you look at all the soap operas, everybody's using a galaxy note. i've seen you watch them. >> i do. religiously. >> but it speaks to the demand. china is such an important market. it is interesting to see that 10 million number without china in the weekend. last year at this time during the 5s and 5c, 9 million included china. we'll see what happens to the totalle number. >> when you look at price targets and going to $130 on apple, somewhere to you in the low 100s, that's probably good for everybody. if you look at your fru401(k), you have an index fund, apple went to 3.5% of your portfolio. it is not only a news item but it is actually an investment item. >> if you look at the pe ratio of apple compared do alibaba,

the pe ratio is miniscule. >> that's always the case. these companies, the e catches up with the p over time. isn't that the argument for buying when they -- even though the valuation was crazy at the time, turns out -- >> raises a good question. what do you comp alibaba next to. >> that's a horrible comparison. >> go to the alibaba site, however, and see what they're selling. all of a sudden people in mainstream america go, oh, this is what they're selling? >> when you compare alibaba to amazon, you start to see look how cheap alibaba is. it all depends what you compare to. we'll be right back. stay tuned. "closing bell" after this.

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welcome back. you are looking at live pictures outside the new york stock exchange where we've gone from occupy wall street to flood wall street. flood wall street intentionally chosen because it this is meant to protest part of a worldwide series of protests bringing awareness to climate change and the role that wall street i guess plays in it. >> the economic community in general, the financial system, calling out companies for not doing enough really, not

spending enough when it comes to climate change, just not being aware. looks like it's calmed down and there is music. before we were -- it was a little messier zprp earmessier. looked like there was -- >> you would have thought it was a boxing match. is it something now that companies when they look at these crowds, think about the business risk, how do they respond? >> companies have to think in terms of making sure they communicate to the world that they are a company that cares about women's issues, cares about greenish tifs, cares about the green in our society. >> i think the media has a role, too. companies put out these things and the media doesn't do a lot on it. >> as those values start to translate into stock prices going up because corporations behave that way, you'll see a direct correlation. >> which is exactly --

>> for now, thank you this afternoon. "fast money" is coming up in a few moments with melissa lee. >> i hate crowds. i'm so glad i'm not down there. jack moss said in his interview on squawk on the streets that his personal hero is for rest gu is forrest gump. we is the producer from the movie, calling in, telling her thoughts on why thee thinks entrepreneurs might really gravitate to this movie. "fast money" starts right now. live at the nadz marketsite in new york city's times square. stocks close sharply lower with tech and small caps leading declines. the nasdaq seeing its worst day since july 31st with the momentum names in particular. tesla, amazon, netflix all logging serious losses. tonight we ask is this the