wednesday is the prediction. >> gpas back in the day. a fed meeting in two days. don't forget about it with other head lines going on. >> thank you so much for watching power lunch. >> "closing bell" starts in five, four, three, two, one seconds. hi everybody and welcome to "closing bell." i'm kelly evans at the new york stock exchange. >> a reversal of fortune for wall street. the dow did rally more than 100 points first thing this morning but has since given back most of the gains. right now a gain of 60 points. investors expressing parsing ahead of the two key central bank meetings. >> and some traders siting oil trade back. a deal could be announced this month but more likely it seems

yet again no agreement shall be reached. we'll see wti is still up about a little less than one percent. >> home builders stocks surging. homebuilders are having a party today. we will discuss whether you should be buying these homebledder stocks. >> a suspect in new york and new jersey terror attacks is in custody after a shootout with police. we will have the latest and discuss how to keep the city safe when the mayor of london who is here to ring the closing bell joins us. let's start with markets remaining calm after this weekend's bombings here in new york area. bob pisani has the low down. plus s&p 500 getting first new sector in nearly 20 years. very exciting for us market nerds. >> you and i are one of them. we are the two biggest market nerds out there. let's take a look at sectors.

the problem, energy was strong early on. oil hit a high in the early afternoon. about 12:00 drooped down. energy, market leader still up but not as much as before. there is our new sector, the 11th sector of the s&p 500 first new sector since 1999, real estate investment trust. these are stocks that own and manage real estate. they had a good year outperforming s&p 500. why not? long term interest rates are low. they pay high dividends. a lot of people want to own them. that is one reason why it was spun off. there are different retes. big shopping outlets. tanger, equity one, kimco. you say retail not that hot anymore. the biggest malls in the country still are doing well, still produce excellent returns. then there is a little nerdier part like data centers. these are most performing.

these hold corporate and personal data for many companies. that's in demand. that is a big hot sector out there right now. reits the 11th sector. >> we will see investments built around that like etfs and other packages. >> that is attracting investment in the etfs that hold reits. we have seen volume come up and that creating the 11th sector has attracted new investments. >> we'll see you at the close. let's get to our "closing bell" exchange. david wadell is at post nine. so is steve grasso and jack checks in from chicagoland. steve, we were just talking. you didn't see any safe haven plays today that you might have anticipated given the bombings over the weekend being only 23 blocks from the exchange here. you didn't see the dollar rise. you didn't see a rush to

treasuries. what do you make of that? >> unfortunately, it is a sad state of affairs that we are becoming a little bit used to these types of events. we don't have to tell the world we watched a couple of blocks away at 9/11 over 2,600 people lose their lives there, bill. unfortunately, the market maybe becomes a little bit used to this. there wasn't mass casualty. i think we are just looking at the fed and boj this week unfortunately. >> you were saying the same thing about how your attention is squarely focussed on the fed. is that true even if they do nothing and nothing comes of the meeting? >> i am thinking of bears and eagles. i don't think with the market tlz is much to focus on until we hear from the boj and fed. i would say the bojs remarks are much more important than the fed because panic is over the under mediate spike in yields. until the boj talks and fed

talks i think we grind around. >> i know i'm dreaming but wouldn't it be something if janet yellen and company would spring a surprise rate increase? there was an argument over the weekend that maybe they could close what was called the credibility gap if they were to do something like that. and you don't feel the markets are prepared for rate hike anyway. >> they are not. nobody is prepared for a rate hike. if you were to see a rate hike on wednesday chances are this market would break significantly. we could see 5% or 10% come off real quick. that tells you that nobody is really ready for it. remember, this is a fed that told us they were going to raise four times this year and we haven't gotten nothing so far. now numbers are starting to come through. we are looking at cpi and ppi in their target. we are looking at job creation. you are right. there is no reason why we shouldn't start the path to normalization. i think the biggest shock and what the bank of japan does or

does not do, if they come out with another tool or start to curtail that could send a signal not only to our fed but other central banks that qe isn't working or to put it into the words it is almost like you are in an airplane with pilots flying in the storm and they are banging on instruments because they haven't seen these meetings before. this is what we think of central bank credibility. >> what does that leave you buying? >> i think if you go back and you look at market return since we have been in this sort of fed centric world every time they speak the market rallies. last time we spoke about a month ago i told you i think the beta trade is the trade and if you look at what has happened since the brexit vote emerging markets are up like 8%. utilities are down like 6%. i continue to favor the

non-duration risk assets, small caps, growth, emerging markets and internationals. i think this, too, shall pass. for traders make as good time to make money. >> just to jump in, if you look at this, if you see look at boj and fed this little conversation that we have right now sets up for failure on both sides so you could see that 5% dump in the market as jack was talking about sooner rather than later because i think they both set up to fail at this point. >> that would amount to fed malpractice if that ended up occurring. that would indicate that the inmates are running the asylum. >> there was a feeling that oil was calling the shots today. the rally we saw pushed equities higher. >> the correlation between oil and s&p is back on. on again, off again. you can't rely on it. definitely for the last couple of weeks that correlation has been on. correlation versus causation. it's there right now.

the dollar sprinkled in. the truth is if you believe that the -- i don't believe the fed will raise. if you do believe that the fed was responsible for pushing people into risk assets in the equity market we are closing to the end than the beginning. you have to take some chips off the table. if you believe and everyone does in the market that the s&p has rallied that is coming to an end for all central banks. >> i know we are talking about prospect of rate hike. somebody talking about how their opinion was that a rate cut should be the next move. >> the bottom line is this that unless we start to see real progress come out of these central banks we are spinning our wheels. what steve said is absolutely right. it is turning into a lose/lose skair. we need to try to figure out how to protect ourselves going in? now only do we not have earn

certainty. we have the first debate and election process over our heads. these next couple of months are going to be very volatile. we have to be prepared for that. >> what kand of levels are you watching? >> 2144 old high going back. you look at that one. 2120 if you want to get granular. to the upside if we see that pop 2184 you lighten up. >> you mentioned emerging markets as some other investments that you like here. how does the dollar figure into that? >> so the fed is in the weak dollar game. it has to be. otherwise they will just transport growth and inflation abroad. if you look at economic surprise numbers, things have been pretty lame. i think that they recognize that they can't raise rates until everybody raises rates. >> no pressure on the bank of japan. >> thanks, guys.

that was a good conversation. >> 50 minutes to go in this session and stocks are rallying with the dow up 40 points. transports are up 49 and nasdaq is up just a point. it's by far the lagger today. we will run through big movers coming up. authorities have taken the 28-year-old man into custody in connection with saturday's bombings here in the new york city area. we will have the latest developments and speak to a former homeland security official about steps every american can and should take to stay safe in this new age of global terrorism. that's coming up.

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welcome back. shares of general motors higher today. the company upgraded to overweight from equal weight at morgan stanley. also raised price target to $37 a share from 29. it's 31 and change right now. morgan stanley says gm's business can remain relevant and profitable for longer than the market thinks. it cited positive early reviews for gm's bolt electric vehicle. and now to new developments in the investigation of this weekend's bombings in the new york city area.

morgan brennan is on 23rd street where one bomb went off. >> reporter: so the suspect ahmad khan rahami had been apprehended. he was shot several times but was conscious at the time of arrest. in a press conference new york city mayor bill de blasio officially labelling the incidents in new york as acts of terror. fbi special agent outlining the connection between the bombings in new york and new jersey. >> we have directly linked rahami to devices from new york and from saturday in new jersey. the work of the first responders, law enforcement personnel and the contributions of engaged public have been exceptional. >> reporter: back here on 23rd street where a bomb exploded on saturday night, the investigation continues. this is still very much an

active crime scene. just a short while ago the fbi did cart away the green dumpster in which a pressure cooker device detonated. officials saying at the press conference there is no other individual that they are looking for at this time. keep in mind this investigation is far from over. the motive is still unknown as is any potential connection to an international terrorist organization. >> thank you, morgan. >> so what is next in this investigation and are these types of attacks going to become the so-called new normal. joining us is co founder and former chief of staff at the department of homeland security. good to see you again. >> good to be with you. >> we talked after the san bernardino shootings about the so-called soft targets. how do you protect those? how do you guard against those when the bad guys are targeting them? >> you can't. and i think it is a good sign

that the old al qaeda was always trying to target very hard targets, iconic targets like the world trade center or military facilities like the pentagon. what we are seeing now is because we have put multiple layers of defense in place both abroad and at home they are opting for lower level attacks on softer targets. so what does that mean? it is incumbent upon all of us in the communities that we live in to help improve the resiliency of those targets. but in the end it will require a comprehensive effort. i think that is what we have seen on full display today. >> what do you think has gone well in terms of the effort to locate the suspect and get as much information as possible? >> this is an impressive effort. when i was in office you may remember the times square bomber in 2010 when i was at homeland security the show 24 was on and

i had to explain to people why that was not a realistic expectation about how quickly you could apprehend terrorists. in times square we apprehended in 53 hours. in this case with rahami we got him in approximately 50 hours. they did it through a combination of both law enforcement counter terrorism efforts but also enlisting the public through the first-ever use of the amber alert system on our cell phones as well as combining that with closed circuit television, facial recognition software, bio metrics found on the detonation device, met data on the cell phone. all of this came together for the impressive outcome. if i were to equate this to the olympics team america both in times square got a gold medal

there. to apprehend this individual in less than 60 hours is truly a gold medal outcome. >> it remains to be seen if this is a lone wolf or there is talk of a possible terrorist cell. that is still early to determine. in the meantime are there things that businesses and individuals can do to watch out for? what should they be watching out for as we try to ferret out exactly what kind of threat is involved here? >> two things that both businesses and families and community leaders can do. number one is you remember back during the boston bombing once the terrorist is out there is defensive efforts. before the terrorism takes place there is offensive efforts. on the offensive side we all need to be vigilant. as we saw in this case there were public tips to help lead to apprehension of this individual.

when the terrorist is operating in the community you may have to be in a lockdown situation. we have to be prepared in our businesses and at home to shelter in place and in order to do that i encourage you to go to ray.gov where dhs lays out the things you need to have ready to self sustain. >> i see you draw a distinction between actors and seed players. what do you mean by that? >> i think what we see here are signs that this individual was a c player. what i mean by that the bomb devices were simplestic, pipe bombs or pressure cookers. when you look at their placement they place them in the dumpster it suppresses the amount of force or damage that the bomb can inflict. the timing wasn't designed to have the maximum casualties as

we saw in the case of sea side the charity race wassed to start at 9:30. the device had not a timer but cell phone detonator yet did not delay the detonation of that device. it went off before it happened. these are signs that this individual wasn't sophisticated. he had no clear escape plan or in the most sophisticated plan we see suicide bombers. all that being said this is still a real threat. people were seriously injured and it does demonstrate regardless of the sophistication of the threat our terrorism and law enforcement are playing at gold medal level. >> good to see you again. thank you for your time. >> co founder and ceo joining us from d.c. we have about 40 minutes left here. the dow was up more than 100 points around noon time we lost half those gains and now continue to lose.

the nasdaq is now in negative territory. >> turns out twitter's nfl live streaming numbers were not exactly a big winning touchdown every wub was hoping they would be. twitter shareholder and analyst weighs in next. >> why is wells fargo stock up after six days of losses from the fake bank account scandal? we will have answers coming up.

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welcome back. shares of wells fargo are higher by 1.5% today. the firm calls wells fargo down side risk limited now and ceo testified before the senate banking committee about the fake account scandal. we will speak with a disgruntled wells fargo shareholder who says he needs to resign. let's check other moovs on wall street. sarepta surging after the firms upgrading the stock. the food and sdrug administration granted accelerated approval for the treatment. this has been in the news a lot. the drug is the first therapy

approved. by the way, sarepta ceo will be on fast money tonight coming up in a couple of hours from now. you won't want to miss that at 5:00 p.m. eastern time. pay pal is among the laggers today. cutting the rating on the digital payment company stock from hold to buy and lowering the price target. it is trading at $40 right now. firm says the stock is fully valued at these levels and it sees increased margin pressures from deals with mastercard and with visa. >> let's check shares of twitter now. under pressure after the social media giant released disappointing nfl live stream numbers on friday night. the shares down almost 4% on the session. julia boorstin, what happened? >> the shares are down about 4% today after what seemed like a smooth live stream sent shares up on friday.

today's stock drop comes after twitter revealed 2.1 million people watch at least three seconds of live stream. that is less than 1% of twitter's logged in user base. over 48 million people tuned into the game on cbs or nfl network for at least a minute. on twitter the average was 243,000 with each viewer watching for an average of 22 minutes. the prior week when nbc had streaming rights they had more people watching online at any one time. now, this disappointing news comes as twitter rolls out expected tweets today, photos, videos will no longer count towards the company's 140 character limit which is so much defined twitter. as twitter make as big push for live video it is trying to stream line the basic service. we will have to see if the combination changes and help it

add core users but the number of those streaming were a disappointment. >> thanks. >> i don't know if it was that disappointing. will live streaming strategy pay off for twitter. we have ross gerber. ross, it's the first time there may have been people who didn't know it was available on twitter for that game. 43,000 i think is a pretty good start. >> i think it is a decent start. how would anybody know it's on twitter unless you are on twitter already? twitter seems to be completely self absorbed and don't get that people don't know that nfl is on twitter unless they are on twitter already. if you are going to try to get new users i think they should start taking out tv ads telling people about this because it is a good format. >> that would be a little pricey. what do you think about any

efforts they might do to gain attention to football being on their platform and how it is going so far? >> so we actually were really not that disappointed either. for old stock we were pretty happy with the way it turned out particularly on the technology side. to me that was $64,000 question. could they do this at a mass scale and still be able to do it almost in tv quality style. i think they did. the issue is the stock ran up in anticipation of some bigger number that they didn't hit. so really more of a trading call than anything else. fundamentally i think they are definitely doing the right thing. the big question, though, is can they do enough of these to actually start moving the needle on the modernization side. even if they have full sell through by our estimates that gain probably only accounted pr

maybe $2 to $4 million in inkrii incremental revenue. if they do it successfully then you are talking. >> threats rr see if there is a progression after that. you have a hold rating on this stock. they only brought in 5 million new users when facebook brought in 58 million new users. what do they have to do to get this thing growing? >> so they need to do two things. and hopefully both things or happy with just one. two things is they need to grow the user base and it is going to take them time. these types of events will help. but earlier comment may be starting to spend money around these events to drive more users and get users aware of these events is important. so that probably will hit the margin short term and importantly monetization is

important. last quarter slowed down materialee. that is really why we threw in the towel on this one. they need to show growth in both metrics or one of the two. >> you say you own shares of twitter. >> we own an incredibly small position in twitter. it is on -- i do think the technology is indispensable for the media, for news. you have a terrorist attack. the first place you go is twitter. i think it is good for video platform. i think it is a confused platform that needs new leadership. i think there is value there. i'm not recommending it as a buy at this time. i think it's a watch. >> who do you think will buy it? >> i think the smartest move would be for google. it's kind of attracting even for apple. apple doesn't buy anybody. amazon could be interesting. a media company could be very interesting. i think there is a lot of potential for twitter if

somebody buys it. >> we'll see what happens. good to see you both. thank you for your thoughts today. >> time for cnbc news update. >> here is what is happening. mosquitos have stopped spreading zika in one area of miami. the neighborhood was the first area of transmission in the u.s. the cdc is no longer urging pregnant women to stay away from that area. >> today what we can announce is we have been 45 days without a local transmission of zika. >> hillary clinton reaching out to millennials. she stressed the importance of dealing with issues like student debt and health care and criticized donald trump for making the election into a reality tv show. and a wedding ring lost for 37 years has finally been returned to its owner after a scuba diving instructor found it

in waters off the coast of spain last month. gave the ring back. she found him after she posted a photo of the ring on facebook with the inscription on the inside. that is how they found him. >> fantastic. >> soon to be a major motion picture with julia roberts. >> she would be wonderful in that role. >> it means there is hope for matt who knows his wedding ring is somewhere off the coast of portugal. >> hire that scuba diver. >> exactly. >> see you in an hour. >> 28 minutes left in the trading session here. looks like we will be negative by the close. >> nasdaq leading the way lower. it is down about ten. >> what he is watching going into the close coming up next.

>> coming up a key gauge on home building. we'll have details and discuss if the good times for the housing market are here to stay.

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welcome back. less than half an hour to go in this session. on the floor with matt. we are wondering, markets tipped lower. >> you would think today really nothing went on. we were up over 100, down 50, now back to flat. we had a huge volume day monday and i think we are waiting to see what is going to go on with the fed and boj. unfortunately, that is where you are at as an investor. there were opportunities out there and stocks that we have seen huge gains on news. that will be the trend going forward. you will buy the news. >> what about oil? >> oil tracked lower from our high today. if you follow the correlation minute by minute the dow decreasing and oil decreasing. so that is where we stand. i think people are getting tired of the rhetoric and not believing anything we are hearing. >> tech has done so well the last couple of weeks.

now the nasdaq, is it giving some of it back? >> apple led it. and that was a surprise call, caught people off guard. we are going to see what happens with the fed. do you want to have a position going into that is probably not worth it if you have gains up 11%. >> thank you for joining us. >> there was no shortage of business titans talking monetary policy at delivering alpha conference last tuesday. >> the fed is putting too much emphasis on the business cycle and not enough on the long-term debt cycle. and i don't think they may be paying enough attention to how markets react relative to what is discounted in the curve. >> the idea that you should raise rates to replenish the arsenal is a weird argument to make. it is not true that major governments are completely out

of ammunition. >> that was a really great conversation in case you missed it starting today you can watch the entire discussion with tim geithner with bridge water's ray dalio. you can find it on the website deliveringalpha.com. >> anything else people might want to watch tomorrow morning? >> i'm not going there right now. >> today show. >> watch the "today" show tomorrow with kathie lee and hoda. might be fun. 22 minutes to go. the dow whether in positive or negative session. now we are back up 14 points. nasdaq still down 8. home builder sentiment seems to be sentimental what the surprising numbers mean next. >> we'll do it again later. on the heels of remake busts such as ben her and tarzan. hollywood studios are undeterred

going back to the well this time with my all-time favorite movie. i cannot believe they redid the magnificent 7. we will talk to the magnificent producer who has -- we'll talk to him when we come back, as well. we are going to do this all again. hey gary, what'd you got here? this bad boy is a mobile trading desk so that i can take my trading platform wherever i go. you know that thinkorswim seamlessly syncs across all your devices, right? oh, so my custom studies will go with me?

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whmade plastics that tmake them lighter?rs the lubricants that improved fuel economy. even technology to make engines more efficient. what company does all this? exxonmobil, that's who. we're working on all these things to make cars better and use less fuel. helping you save money and reduce emissions. and you thought we just made the gas. energy lives here. we're drowning in information. where, in all of this, is the stuff that matters? the stakes are so high, your finances,

your future. how do you solve this? you don't. you partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. morgan stanley. welcome back. tesla's early gains evaporating into the close. shares up about half a percent. the proposed acquisition could face delays. four lawsuits filed potentially injunction could stall the deal's closing. that's why the shares were

rallying. they have since moderated. good news for the economy this morning, the nation's home builders feeling better about their business than anytime this past year. impressive numbers came out this morning. >> reporter: really bill the street wasn't looking for a move in confidence at all. the folks here at eya developers said they saw unexpected sales surge in august. i guess you probably should have asked them. the sentiment index jumped six points to 65, the highest level in almost a year. 50 is the line between positive and negative. we were at 61 in september of last year. of the three components current sales jumped the most. sales expectations jumped five points to 71. builders say they are confident of demand but struggling to keep

up with it. a shortage of land and labor are increasing costs for the builders and regulation is slowing construction. some of the nation's largest housing markets are in most dire need of new construction according to a new report from the realtors which shows top ten cities where supply is tightest. the west is worst accounting for half of that list. the west actually shows strongest home builder confidence. >> thank you very much. let's bring in the ceo of real estate brokerages. somehow he works it out. fred with more on housing market. diana mentioned out west is where a lot of building is going on. you concur with that. >> the wild, wild west. she stated something that is really can't be overstated that

the fact is the municipalities are driving builders absolutely out of their minds and taking forever. there has to be stream lined ways of getting building permits done. a friend of mine built a house in malibu and took 16 years. >> and added cost. numbers were like $80,000 on top of a $350,000 house or something. >> guess who is paying? ultimately the consumer. >> i was going to say crow put up something interesting about the death of mcmansion after the crash and thinking about the existing communities like greenwich, connecticut where it was said it is the worst housing market in america. what do you do with these enormous mansions that don't suit the needs or taste of the next generation? >> i don't know. make them into dorms or get some startup to buy them and put 12 people in them to work. that is happening in san

francisco. they are putting, 12, 15 people in it. it is work. there has to be more use. >> why has red tape become a problem? i have not heard this before. when did that happen? >> get 50 home builders on here and you will hear everyone of them scream and yell about municipalities drive them out of their minds and take forever. remember, the people in the government are on salary. doesn't matter if something gets accomplished or not. but how about we do something like we do with roads where if you do it ahead of schedule you dpet it a lot cheaper? let's get government incentive to get this going. >> are you saying this is one of the reasons that the housing market hasn't recovered as much as it might have otherwise with low rates? >> absolutely. you know how i said over the

years the rates aren't that important. it's not going to make a big difference to people. the fact is we have to get this stuff stream lined to get the new construction done because if you get new construction done the older construction is also going to be able to sell it a little better clip, too, because you have more people buying new construction and less people buying older stuff so the prices kind of moderate because you don't have as much demand for absolutely anything you can get your hands on. so we have to pay attention to this stuff. >> i'm still thinking about how you transfer old housing stock of the country to new areas where it is needed. you can't just get this stuff -- >> it's not transferrable. >> if greenwich did something with giving startups tax incentives i bet people out of new york will move up and --

>> fantastic idea. >> here in palo alto i think i will find somebody to do that for you. >> 13 minutes left. the market on close orders. the dow is up just 22 points as we head towards the close. >> as you can tell everyone is -- when a moment turns romantic, why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat

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viewers issued me a challenge. >> they said could you name all seven magnificent seven original members? >> of course, i can. here we go. steve mcqueen, charles bronson, james coburn. brad dexter and the extra would

be introduced to american audiences in the magnificent seven. >> welcome to the new york stock exchange. >> excited to be here. what are you doing with the market right now? >> i'm waiting for -- >> is that likely to be -- >> i think so. >> i'm in the camp of i think they are going to raise rates this week. >> i do. a lot of good data coming out here recently. we are seeing that wages are rising. we are at full employment and trading gap as narrowed. i think there is enough good stuff for us to be talking about -- >> are you confident enough to be buying financials? >> not quite yet. i'm looking for a dip. that's the black swan i'm looking for. people are not really prepared

for it. we saw this a couple weeks ago when the feds were talking about the possibility of raising rates and the market plunged. so we have now come back. i think there is an opportunity that i'm going to wait for. >> how have you positioned yourself in the meantime if you are expecting this to happen? >> sitting in short term bonds. we are not completely out of the market but we have been waiting for this opportunity. this time of year is a little wonky anyway and it is the election. so we are trying to focus on things that will be hillary and donald friendly. >> give us ideas of those investments or others that you like. >> so they don't agree on a lot of things. some things they do agree on. one is homeland security, infrastructure i think is a big deal. i like reits for some things

discussed earlier. we are seeing a lot of millennials not in position to buy homes. i like health care and health care reits. some old text. >> you like them because of the dividend that they pay? there is also growth opportunities particularly in the reits since it is the 11th sector. and i think there is going to be a high buying in purchasing institutional portfolio but there is also really nice growth place. >> you like health care despite the number of political problems and all of that sort of concerns weighing on the industry. >> i'm staying away from big pharma and bio tech but i think there is great opportunity to get back because there is really good dividends. so a lot of that has been built in to the price change that we have already seen. i'm not completely out of this.

i do think that changing demographics having a huge impact. senior housing for example again in reits sector. >> good to see you. >> good to see you. thanks for having me. >> urban welt management joining us today. we will take a break. the dow up 15 points. we have the closing count down coming your way. we will name other names. >> waiting for market analogy there. >> i couldn't name the current magnificent seven. >> after the bell with the new york metropolitan area on edge and in the middle of a bombing investigation tied likely to terrorism we will talk to london mayor about the experiences of his city and what can be done about the threats on both sides of the atlantic. you are watching cnbc, first in business.

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♪jake reese, "day to feel alive"♪ ♪jake reese, "day to feel alive"♪ nchlts we head towards the close. we will show you what it looked like and oil seemed to have been the catalyst. wti had its own rally. that seemed to be a part of it.

>> real estate investment sector. >> first one since 1999. first new one since 1999. up just ten points as we get ready for the fed. >> gasoline dropped today. normally they move at the same time. down 3% with oil just up fractionally today. i can't figure out the anxiety on the floor. the futures say 15% odds. and yet there are people who -- why are people thinking this when the street is positioned on the other side. i think that is what has people a little anxious coming out saying we could make a case. my sense is they will be

hawkish. that will also create. i think it will be a little bit more on the future about where they want to go. u.n. general assembly is in new york this week. we welcome the mayor of london. you'll see him coming up. see you tomorrow. welcome to "closing bell." here is how we are finishing up and down session. the dow dropping 3.5 points on the bell. it looks like it will close around 18,120. s&p turning negative as everything piles in here ever so slightly. 2,139 is the closing level. nasdaq dropping nearly ten

points. nasdaq 100 had hit a new high earlier today. michael santoli is here today along with david winters. thank you both for being here. a couple of different factors on the market funny how people say nothing is happening. we are waiting for central banks. there is oil. the dollar still moved quite a bit. still jumping around here. >> this definitely tracked up and down. also, i notice within the market small caps up more than half a percent on a flat day. dow jones transports up. a little below the surface. gm up a good deal. there was stuff going on in the housing. strength behind the idea of maybe domestic economy. don't want to make that much of it. very much tentative action as we are all waiting.

the treasury market was placid. the yields across the curve didn't move much. i think there is a sense of paralysis. >> i think they both happen on the same day. come wednesday both bank of japan and fed will issue latest decision. rates and security holdings and in japan's case it is equity. what are you expecting? >> the thing that strikes us about the market is how concentrated the returns have been. only five stocks that generated most returns over the last year and three quarters and -- >> are you referring to the same? >> plus one more. i think it's microsoft and 41% of the returns have come from the five securities. so people aren't focussed on fundamentals. they are focussed on chasing those names which we think are very risky.

>> you think that seemed to hit earlier this year that that is still the place where people are looking for momentum. >> apple sored the other day. those are the securities and the rest of the market is increasingly neglected. we think that creates opportunities for investors. >> we are talking about how much has fallen. institutional investors. 11% last week. >> this stock really does grow. you had four years gone almost nowhere. in the course of that it was up 30 and down 30 and it really doesn't move based on economic trends or really what the rest of the market is doing. i think it has its own microcycles. when it does move it -- >> perfect asset. >> absolutely. meanwhile point to safety on top

of it. >> we were up and down and we were all around. >> if you look at it i know all market participants are so tired of it being called apple. tired of seeing it go up and if you credit it with the upswing last week you have to say at least there is something correlated to the down draft today. there was oil. we talked about that a couple of minutes ago. it is a global growth. it is a boj, it is a fed prior to the two events happening this week i see the market being pushed around. >> there were a couple of smaller stories today. go pro which interestingly enough came up with a new drone product. it has been a single story stock or single product stock in many ways. here is some pictures of what that would look like. it strikes me that the pricing point is similar to the new apple iphone. you have the holiday season

coming up. could this reinvigorate? >> important to know the starting point. go pro is $15. so then you can have hopes of decent holiday season moving stocks. as opposed to when it was one of those stocks that basically was all about taking over the world and making obsolete other devices. >> you had short interest still a name to be pushed around pretty easily. >> intel being an interesting bell weather. i think we have more news out of the company. >> so intel has announced that bob swan is taking over as cfo. he comes to intel from general atlantic whichan equities group. we knew stacy smith who had been cfo was going to be taking a broader role. that was announced in the last earnings report.

stacy smith cfo for nine years. bob swan who is joining from a growth equity firm as new cfo. >> what do you think? they said that they were raising earnings guidance. there was some sense of demand firming up. what is happening? >> i don't really follow intel very closely. what we are interested in to talk about today is the agencies on the index. and the fact is that if you look at it as if from a shareholder perspective people think they are paying ten basis points. if you look at the executive compensation 2.5% and then 53% of buyback being used to offset that solution. so index funds really cost 4.2%. they are really expensive and then you have cold stocks and so the risk is high.

there is a lot of concentration and we think people are wildly concentrated in this trade. there is huge risk. >> when you say that hidden costs of something, the whole market has the costs. in other words, if you own a stock outside an index fund collectively those people pay hidden costs. >> you are absolutely right. an active manager or investor can choose to own a company like british american tobacco with low cost. so in a zero rate environment you're actually right out of the box paying 4.2%. everybody is in this trade. and so then the index funds 95% of the time for the higher. >> the middle of one is happening in financial markets. this whole idea that shift passes going too far even though it seems like it is still in the

early days. i think i read about illinois shifting all 401 k moneys into purely passive strategy. >> pendulum always swings. the pendulum always swings way too far in one direction or another. sounds like it is swinging that far now. it is interesting when you look at the granularity of it who is the biggest in a name or fund. that would be curiosity. >> it is maybe the size of etf industries. thousands and thousands of these products. in some ways you can call them derivative products where people call them safest to hold are actually quite complex. >> it is a double bubble. you have etfs which everybody have been rooted into it. they don't understand the cost and the risk. and then you have 5,000 etfs. so you have all of these people

trading in all of these. not antitrading. >> you have to get out of here. it's about investing. and so we think this has become a hugely risky area. >> last word, mike? >> i remember when people were alarmed at the number of mutual funds. we had the same conversation. obviously going to be effects that do create these kinds of breaks in the market but i don't necessarily see people in aggregate doing irational things. i think maybe we should be welcoming. you want everybody to be headed the other way. >> the problem is that because of the market weight of the index funds everything goes into very few stocks that go up and the money gets sucked out of everything else. in terms of short term performance people go its it's a

self-fulfilling prophecy. >> could be a huge opportunity if you wanted to paint it in a better light. thank you for joining us. david winters. and by the way, thank you for joining us here. we will let you get ready for fast money. much more coming up sitting down with ceo behind the company that saw the stock surge. the ceo of sarepta joins us. we have the latest on the investigation into the terror attacks and hear from mayor kahn. later we will hear from a wells fargo activist investor who says john stumpf needs to resign. keep it right here. you are watching cnbc, first in business world wide. campus connected. and why a pro football team chose us to deliver fiber-enabled broadband to more than 65,000 fans.

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welcome back. the suspect in the new york and new jersey bombings is in custody after shootout with police. >> the suspect has been apprehended. he was taken into custody after engaging in a shootout with police. he was shot several times but was conscious at the time of arrest. the investigation continues

despite law enforcement officials saying there are no individuals that they -- no other individuals that they are looking for at this time. here on 23rd street where a bomb exploded the fbi swept the street for clues and carted away the green dumpster. new york's mayor labelling the incident as acts of terror and fbi special agent linking incidents here in new york to the saturday morning bombing in sea side park new jersey. this on the heels of remarks by president obama who offered federal support to new york and new jersey in an ongoing investigation. he is in new york for the u.n. general assembly which kicks off today. in light of that here in the city security which was already stronger than usual has been dramatically boosted in the wake of this past weekend's debate. >> joining us now right here at

post nine is the mayor of london, a city which has seen more than its share of terror attacks including the bombings of 2005 which feature multiple bombs. you just rang the closing bell. we thank you for joining us. >> you are on your way back to london after this. what kind of coordination is there between london and new york when events like this happen? >> the mayor of new york on two occasions over the last 24 hours. i have been impressed by the mayor of new york and the police and the public. we recognize that new york is a global city. some say the second greatest city in the world. we recognize what these terrorists hate about us is our way of life. we respect each other. we embrace each other and celebrate each other. you have new yorkers who are christians, jews, muslims. and they hate that.

>> london has certain ways of handling bombings going back to the bombings of the past. how would you compare the readiness of london to handle the isolated bombings relative to a city like new york. >> we have had 30, 40 years. you can never get used to this. what we recognized over the years is what they want is to change their way of life. they want is to be coward and scared. and so we are in close contact and that partnership is really important. >> whenever these events happen these voices that rise up, one immediately wanting to knit it into a broader international conspiracy or group and the other says local law enforcement issue. as mayor, somebody who is responsible for trying to deal with these issues, prevent them and obviously go after those who

are responsible. we can't keep up just with the police. they need the cooperation of the public. new yorkers and londoners provide. at the same time we have to stop our youngsters becoming extremists. we have to give them resilience so when they try to radicalize them there is no jewish conspiracy. we are the west. that is crucial. >> spoken a lot about that. what additional surveillance measures can we expect unless you think the attacks aren't here to stay or won't increase going forward. >> basic philosophy is you have the intelligence. somebody's behavior is odd, if

somebody has changed the way they act report it to the authorities. the authorities do a hard job. each day -- we make sure we recognize there are some people who hate us. we have to keep our city safe. >> what is the main priority you have when you go back. you go back to london. and just that generalized sense of anxiety people have. what are your top priorities as you head into that. >> the key message london is open. we are open for talent, business, innovation. that's a state of mind and new yorkers have the state of mind, as well. we will be open minded, outward looking, can't allow to be cowards and allow to make a change. it brings challenges.

>> the mayor of london, thank you again for joining us fresh off ringing the closing bell of the new york stock exchange. the government continues. what should government and drug makers do to be better prepared for next zika or ebola. co-founder larry elson picking a fight with amazon which has a huge market share of the cloud. what elson had to say coming up later on "closing bell."

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welcome back. a little bit of traffic getting around town in new york right now. we appreciate you getting down here fighting u.n. general assembly and many other things. on the subject of that meeting global issues very much on the docket. the challenges especially in the wake of the recent global health threats. what is gsk doing to take on these issues? meg terrell joins us here at post nine. >> thank you so much for joining us. as we say things like ebola and zika seems like we are constantly face agnew threat. we have stepped in with vaccine development programs. we neev seem to be able to get a

vaccine ready soon enough. >> absolutely. every time there is an outbreak and unfortunately we are in for an outbreak every year or every other year we only then start trying to make a vaccine. so being reactive we learn over the last ten years incredibly disruptive and expensive and sustainable. we decide today make a counter proposal and say let's become proactive. let's be prepared and have an organization that is dedicated, that permanently is having access to our secnology allowing us to make vaccine and dedicate that organization to make vaccines against a whole list of potential outbreak. >> it sounds easy. but if we knew ahead of time it seems everybody would be able to keep this from happening. how do you anticipate a problem that doesn't exist? >> we try to make vaccines

against most likely possible outbreak. if we do have such an organization that is there, permanent and dedicated if we didn't have the vaccine we can refocus the organization. it has the right technology and will go faster than we have been over the last few years. >> congress has been dragging its feet about providing funding for zika. i know gsk has a partnership. i was wondering if you can talk about funding delays, how big of an issue that is if congress doesn't come through by the end of the month with funding. >> we believe that this issue is bigger than zika. reaches not only zika but globally. we believe the solution is a global solution and in that regard have been actively

participating with other organizations and the number including u.s. development. creation of a new coalition for epidemic preparedness innovation and fund organizations dedicated to make vaccines against epidemic outbreaks. i have to say that the u.s. is at the forefront. in terms of funding and trying to make these issues. >> if you had this in place years ago, what would have gone differently? what outbreaks might have been contained earlier. >> i believe we would have had a vaccine faster.

having made a difference. >> i think you make a really good point with the sort of stalemate in congress with zika funding. it speaks to the idea that something like this able to combat the idea that people aren't going to be able to vote for this. can we get around the public shrugging shoulders. >> the issue we have is two years ago ebola was on the front line of every newspaper and every tv. today zika, nobody talks about ebola. tomorrow it will be something else. unfortunately, one of these days one of these will be global and very lethal. it will be catastrophic. we have to have a long term

commitment and solution and long term institution. >> potentially one that is not so dependent on headlines or congress responding to the outbreak of the moment like some sort of infrastructure in place that set up to respond. >> that's exactly the proposal. dedicated to make one vaccine after the other or in the case of emergency focus. >> why are you so confident that there will be deadly epidemic just described and will continue to have these new outbreaks? >> if you look back in 2005 it was an outbreak and then the ebola joit break and then zika outbreak. the reason is globalization. millions of people every day.

>> you can find different kinds of problems. not only talking one or the other. no matter what kind of disease or illness you can come up -- >> i am optimistic that for most of these vaccines are feasible. i am optimistic that we have developed technology to make these vaccines faster and cheaper. it may take a few years but if we start to go to the list one by one we will be ready for some of those. if we do it many, many times when an emergency comes and we don't have a vaccine it will be faster and more effective. i'm not saying we will solve all problems but i'm sure we will be much better dealing with them. >> sounds good. guys, thank you so much. chairman of vaccines. thank you for coming down to post nine. time for a cnbc news update. >> here is what is happening at this hour. we want to let you know that the bombing suspects rahami

according to law enforcement source will be charged on five counts of attempted murder, two gun charges, as well, according to a law enforcement source. we'll keep you posted on that story. meantime, miami beach becoming the first city in florida to ban use or sale of styrofoam. it is an effort to keep waters in the beaches cleaner. first time violators will pay a $50 fine. repeat offenders looking at up to $500 in penalties. prosecutors say chris christie was told about the plan to close traffic lanes near the george washington bridge on the third day of the four-day shown. the allegations coming in opening statements of the bridge gate trial of two former allies of the governor. k mart closing another 64 locations as the struggling department store chain continues to down size. the latest closures are in addition to a decision back in april to close 68 stores this year meaning it has now announced plans to close 14% of

its locations. and an mri confirming that minnesota running back adrian peterson suffered a torn miniscus last night. the injury occurred in the third quarter. no time table for his return. we wish him the best. and i'm a packer fan. that's the news update this hour. full disclosure. i see what is going on here. >> wells fargo ceo is set to get grilled by lawmakers tomorrow over the bank's fake account scandal. we will hear from one shareholder who says the only way to fix the problem is for stumpf to step down. will the updated version of the iconic western buck the trend. the film's producer joins us coming up on "closing bell."

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are welcome back. here is a quick look at how we finished up on wall street. red across the board, small amounts dow down three points. s&p fractionally lower, 18,120.

nasdaq dropped 9.5 points to 5235. let's get a quick market flash. >> two dividend announcements, two different directions from two travel and entertainment companies. we start with sea world which is cutting dividend to ten cents from 21 cents and then suspending dividend afterwards saying it is redeploying capital by buying shares in the remainder of 2016. and then on the flip side royal caribbean is raising its dividend to 48 cents, a 28% increase from previous level. >> thank you. wells fargo ceo gearing up to testify before congress. this after the bank was slapped with a $185 million fine for opening unauthorized customer accounts to boost sales numbers. shareholder calling for him to

be thrown out. joe armstrong joins us now. this is a big part of your person al wealth is in wells fargo? >> it is ainant part of it. everything i own is significant to me. >> understood. in this case why is it that having already suffered the fallout from the fine do you think much more should be done in terms of stumff leaving. >> i think it should be rejuvenated and made into a very intense entity that is monitoring the management of the corporation. that is a board's duty. >> you think the auditors failed here? >> i wonder where they were. they're paid significantly every year. i think they believe it is over 47 million for the last year. that's a lot of money to pay an accounting firm. they should have been raising

red flags and should have seen it and managed much earlier. >> as the details have come out about what was going on a lot of people are pointing to very public statements about exactly how many products per customer wells fargo sought to sell. cavalier comments about that. that was out there for anyone to see. did that register that that might feed into potential for abuse in. >> several years ago remember nor west acquired the name of wells fargo when it took over. at any rate his predecessor was advocating every home have several accounts with wells fargo. he said that is our goal. it didn't seem unlikely. there were banks with less concentration on it. certainly, it would be based on service that would attract the customer and allow the customer

to expand. >> what extent should we guess or anticipate that similar problems might be occurring at other financial institutions, that the kinds of incentives that reward sales people for opening accounts and bringing in business, certain types of accounts and not others could be occurring elsewhere and that this would be a more industry wide problem as opposed to confined to bad culture of one particular institution? >> as far as i know no other financial holding company is going to the extend that wells fargo did as far as marketing, marketing and marketing. employees are quick because they were hired as junior officer and then said they are training me to be a telephone solicitor. this isn't what i wanted. i think wells fargo is probably the exception to the rule. i am sure that other banks, all the competitors, banks listed in

the peer groups are looking very carefully to see if they are doing it correctly and probably monitoring it very effectively. >> why not sell shares? why is it something you believe you want to push for change at a bank and fundamentally i guess see shares do better, whole performance culture improved if it is based on what the new targets will be? why not just sell the shares? >> i don't believe in just selling the shares. i try to advocate better and improve management where i see weaknesses then it comes back with there is improvement and the profits and dividends are increased, too. >> gerald armstrong joining us to explain why he is pushing for big changes at wells fargo. appreciate your time, sir. >> thank you. >> and as mentioned we will be hearing from the ceo on capitol hill tomorrow. let's send it back to courtney reagan here.

>> shares of ascena retail down sharply after the company reported earnings that were pretty disappointing. estimates at eight cents adjusted. wall street looking for 16 cents. the full year guidance is quite weak for the earnings looking for range of 60 to 65 cents adjusted versus consensus of 83 cents. ceo will be very disappointed with the results. the parent company of retail names you may be more familiar with like maurice's, justice, lane bryant and ann taylor which was a big acquisition. largely women's specialty apparel retail. it has been a tough quarter and the previous quarter was a little bit rough, as well. back to you. >> this is a huge jump. i know they are not -- it's not like it is up in the 20s and 30s. 21% drop for the company. >> it was about 20 about two

years ago. so clearly in exactly the wrong place. women's specialty, mall-based retailer, maybe exposure to department stores. the rollout was kind of a sure strategy for a little while. >> 52-week high was nearly 15. ann taylor and a lot of mall names. loft. fascinating. remember when that all happened with ann taylor. down after hours. eight cents adjusted. the first presidential debate is a week from today. we will take a look at the latest polls to find out whether the race continues to tighten or if one candidate is getting more of a clear advantage skpmpt two billionaires battling it out in the cloud. why larry elson is taking a shot at the cloud business still to come on "closing bell." that's it. we need really tight temperature controls. engineering, aerodynamics- a split second too long could mean scrapping it all and starting over.

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handled millions of ticket orders without breaking a sweat. before all of this, [ crash ] the experts at cdw orchestrated a cisco hybrid cloud solution. scalability by cisco. orchestration by cdw. welcome back. this one is about chesapeake energy which is interesting because mr. icahn has been so active. in this case he roughly halved his position from 9.4% to 4.6%. that takes him below the threshold to report as a 13 d filer. unless he changes course and buys again this might be the last we get from him on the topic for a little while. no comment yet. i contacted both in the last few

minutes. it is worth noting in the last week or so since he has been selling the blocks of stock it is down about 11%. the name was also down dramatically during trading day, a couple of percentage points after the bell as we are getting the news. he has been involved in the stock off and on for many years. first got in most recently really in the second quarter of 2012 when it was roughly at $21 per share. that was a multi month period. he on paper it would seem lost quite a bit on this position. >> carl icahn continuing to sell. >> a lot of pressure given the fact that he filed. maybe it relieves a little pressure. maybe he seems to be taking a loss on this. this is low $2 stock. you remember when energy stocks were in real trouble. you can say i got three or four

times what the low was. >> anything larger to glean about icahn given the major story. >> seems he might be call ag little bit in terms of the portfolio. there was a while where his own public enemy was under a lot of pressure, as well, because of a lot of exposure to energy. i don't think it is a willy-nilly sales process. we are going to briefly listen in to donald trump who is on the campaign trail down in florida making some remarks. let's listen in. >> now she clutched him to her boozem. you are so beautiful she cried but if i hadn't brought you in by now you certainly might have died. now she stroked his pretty skin and then kissed and held him tight. but instead of saying thank you,

that snake gave her a vicious bite. take me in, tender woman, take me in for heaven's sake. take me in oh tender woman. i saved you, cried the woman. and you have bit me. heavens why? you know your bite is poisonous -- >> we missed the beginning of the story we are lost in the middle of it. donald trump in florida bringing more from the campaign trail in just a moment. we have our john harwood standing by in washington. with the count down 50 days to go until the election. looks like the race is tightening. >> it is very tight right now. seven days until the first debate. 50 days until election day. start the count down clock. it's a lot more than simply the presidential contest getting the attention between donald trump and hillary clinton. we have the balance for the senate. republicans have a 54-seat

majority right now. democrats need to carry at least four seats to pick it up. they have plenty of shots including seven senate seats that are up in states that president obama won twice. democrats have a decent shot of picking up the senate. on the house it is a much more difficult situation. democrats need 30 seats of a gain in order to take control of the speaker's gavel. problem is there are only about 33 republican seats in question. so they have to more or less run the table in order to win back the house of representatives. democrats have been hoping that a wide margin for hillary clinton in the presidential race might sweep in a bunch of house democrats in long shot races and give them the majority. there is no sign right now of that sort of lop sided majority. look at these numbers from real clear politics. the average presidential polls between trump and clinton. hillary clinton has a lead of less than one percentage point over donald trump and the electoral college battle is also tightening.

>> thank you. it will be interesting. we are really in the crunch time. everybody saying things are supposed to shape out. >> it is hard to look at past elections and use them as any sort of model for the current election for two reasons. there is donald trump and he is his own. he is what he is. he does different things and defies. part of his pattern is that he kiepd kind of stays on message for a while. he avoids saying inflammatory things and his poll numbers go up and then he gets sloppy and says something really inflammatory and alunates a lot of people and his poll numbers fall. it is where are we in that cycle? is he able to stay on script for remaining days. >> we are a week away from first debate between he and hillary clinton. kate kelly has an update on the carl icahn news. >> issuing a statement regarding

the pairing of his chesapeake energy position. he said we believe over the last few years doug lawler and his team have done an admirable job especially in light of the circumstances. we reduce our position to recognize a capital loss for tax planning purposes. so obviously throwing support behind current management team and also saying it was for their own financial reasons really that he and his company decided to pair that position which is worth noting they will own 4.6% of for the time being. >> thank you because it might have been an interesting window early as to what happens at the end of the year. >> you have to harvest the tax losses. it seems to be what he does. >> harvesting. it was one of the most famous western films ever made. will audiences accept a remake of the magnificent 7 after reborn oldies but goodies have been bombing? we will speak with the film's

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denzel washington, chris prat, ethan hawk, these are the big stars who generate box office returns and their star power will be tested with the attempt to resurrect the western and not just any western. a remake of the "magnificent seven." remarks aren't faring well this year but here to tell us if the "magnificent seven" can buck the trend is the producer, roger burn balm. welcome to post nine. thank you for joining us. there have been three remakes or

sequels. >> so people love this franchise. bill griffeth was talking about how much he loved the original movie. there is a lot at stake whether you could get this right and it opens on friday. what do you think will work to the film's advantage here. >> denzel washington, chris prat, vince, ethan hawk and anton puckia who worked with denzel and ethan before is a fine director. >> was it hard to recruit them all. did you have you to pay up big. how did you coordinate schedules. >> we cast antwan as the director and he said let's try to get denzel. he a relationship with him. he got denzel and he is the star of such magnitude that everyone else just sort of fell in line. >> once you get denzel, you tend to get everybody else. >> i could see that being the anchor of the whole thing. what about this idea, though, and you know the criticism, that hollywood is going back

resurrecting the known quantity and maybe iconic films and what are the risks of that and do you think it is a problem in general for the industry? >> well, this film was first made in the united states in the 60s. so that is like a half a century ago. so we're talking to generations of people who have not seen this film. but if you really go back historically, the original film was a japanese film. the seven samurai and it is a classic, mythic tale. and those tales could be told over and over again. but i think there was so much time between brenner and washington that it was time. >> katherine. >> well, do you actually believe that the history of the film will draw in audiences? is the advantage of resurrecting this old story that it is an old story that people don't remember and therefore it is time to tell it again because it is so compelling or people do remember it and love it and love the franchise. it sounds like you want it both

ways a little bit. >> well everybody wants it both ways. i think first and foremost, the job was to try to make a really good entertaining movie. and i think we have done that. yeah, there is that older demographic of males, myself included, that i remember going to the theater and seeing it when i was 12 years old. just the sheer fun of making it was exciting enough. but i think it speaks to the older mass. other than that, we're reliant on making a really good film. >> what is the number you wake up on saturday morning when you get the early reads and go, yes, we did it. >> it depends on how many people show up. >> that's what she's asking. >> i know. well, um -- >> because it wasn't that expensive of a film to produce, relatively speaking. we've seen much bigger budget movies. >> yes. >> was that part of the math here or did it just so happen that it didn't need the extra --

>> we were working with the notion that westerns don't easily travel overseas. and that is why we put together a diverse cast that spoke to the different cultures around the world. >> you mentioned some of the stars and did quite well on thanksgiving and you are going to take it to china? >> yes. we're going to take it everywhere. >> i still want to know the number. but thank you for joining us here, roger. >> thank you for having me. >> roger burn balm, "magnificent seven" hits theaters this friday. when you think amazon, you think online shopping. but the cloud is a huge part of the company's business. and oracle's larry ellison wants to take a bite out of that pie. find out how he is setting his sights high on jeff bezos when we come back. americans are buying more and more of everything online. and so many businesses rely on the united states postal service to get it there. because when you ship with us, your business becomes our business.

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declaring war on amazon saying this yesterday. amazon's lead is over. amazon is going to have serious competition going forward. we now have a tech advantage over amazon in infrastructure as a service. strong talk. >> strong talk. a long way to go. i remember when he said similar things about bill gates and microsoft in the 90s. so not necessarily a slam dunk. >> and what do you think, about jeff bezos and amazon -- i'm

kidding. >> he's my boss. i'm very limited in what i could say. >> who was making the point about amazon being a part of everything this day, "the washington post," they are in the cloud -- >> nobody could talk about them. >> we are all conflicted. >> but thank you for joining us. katherine ram pell and michael santoli, that does it for "closing bell." "fast money" begins right now. >> "fast money" starts right now. overlooking new york city times square, i'm melissa lee. we have tim, david, brian and dan nathan. tonight on fast, trouble on the homefront. despite the strong housing numbers there is a major flaw in the home building stocks and we'll see what that is. and there are only 50 days to go until one of these two candidates is elected to become our next president so why is the market so calm in the face of the historic election. we have a special report. and later shares of sarepta almost doubling in value.