>> reporter: [ inaudible question ] >> you've got to get rid of the migration and visa lottery ask them if they agreed. they never agreed. >> reporter: can you promise the military will not fire on foreign civilians. >> i hope they won't we are not going to stand for people doing what they did to the mexican military and to the mexican police what they did to those people, they were very badly hurt and badly injured. what they did with rocks being thrown in their faces, not happening with our soldiers. >> reporter: [ inaudible question ] >> no. no you're creating violence by your question you are creating it. a lot of reporters are creates violence by not writing the trooet the fake news is creating

violence the paem that support us, those story know whether the story is true or false. you would have a lot less violence in the y. >> i think we are doing very well on the senate it is obviously very important i think we are going to do also well in the house. we are going to see. i can only say this, the house is a lot of stuff.

>> reporter: [ inaudible question ] >> what's your next question how many questions do you have >> reporter: [ inaudible question ] >> we are doing a perfect executive order. the border is closed they will go through the system and be shipped back. >> are you worried about the lawsuit filed yesterday? six sued you -- >> just so you know, honduras are letting their people come up and form their caravan in the country. they are doing nothing we are paying them hundreds of millions of dollars. guess what that money is going to stop very soon thank you all verymuch

>> and welcome everyone to the closing bell just heard president trump making market moving comments there on talks with china. i think nay will make a deal they very much want to make a deal the president talking about china and also adding that they will be having dinner together so a little friendlier tone. it is hard to follow back and forth. >> it has been the story today this morning you had headlines we'll have a deal and the market soaring.

he was saying that was a little bit of aggressive headline it is really incredible volatility based on words that are being used >> the rally off the lows on these presidential comments. we are headed south again down 200. we were up 200 points. at one point during today is low is down 302. let's bring in ben white to make sense of all of the headlines. let's start with you on what the president just said. >> yeah. i asked the president about china. a little bit hard to hear but one of the questions i asked him is dwloen you think you'll get a deal the president sfrply department answer that question just that

he is going dinner are eager to gate dole. so very much negotiating there and just as a remainor, three officials told me there's no indication of any stepped up activity no indication that a deal is eminent. he wants it to be on his terms >> i heard you earlier today o cnbc you were noting some of the reporters that put out that report were good reporters, very experienced long-time people what do you you think was the cause of the confusion it is very different than what

he said. there's no interpretation there. where do you you think the disconnect might have been >> i think there are a lot of good reporters that have a lot of good sources. one is not all of the sources are saying the same things you have different people i think sorting through it can be a little bit confusing it is an indication we are close to a deal or something is about tohappen

>> i don't know how we are making it on big strategic issues it is to change industrial policy on forced technology transfore stop stealing property there have not been high level talks about any of this stuff. the reporting is in looing with me we are not close to any kind of deal he knows part of the reason he is going down i think we are seeing the president looking to goose the stock market >> which is interesting.

>> it is trump's job >> the question is who do you out source that to >> the president is optimistic he is thinking maybe more long-term than just next week >> they should be addressing these things it's not the trump administration's fault i'm commenting that trump is claiming significant progress. based on my reporting there isn't any talks towards

progress >> i'm not sure exactly what the president is talking about over than his aspirational goals to be able to make this deal. he said that that he would negotiate a great deal with him that happened never happened >> if i could jump in on that the big timing here is the election coming up on tuesday. it has enormousen -- enormous incentive. they want to see whether the president is politically weakened or strengthened they might cut a different type of deal than they would if he is weakened on tuesday.

no reason for them to come to the table before they know the answer to that question. >> and they don't face elections. thank you. good point turns to other big economic market mover, what it will mean for the federal reserve. steve has been digesting all of it and what was a very strong number >> it was a strong report. you look at all, can this strong momentum continue? context 250 on the payrolls. we are looking for 188 it is 0.2% it is year over year president trump remarked on 3.1% unemployment unchanged here is the year over year chart

on wages we haven't been here and a nice steady rise. we'll see if it can stick around you can get employees getting a raise with productivity. the narrative with respect to dynamics will be wage growth and ability of terms to manage amidst the strong u.s. economy m you might have had a snap back from the hurricane the next thing that -- he is encouraging. that will be the concern, how

how does it let it go before it leans back against the momentum. >> all right thank you very much. let's go down to the big money stock story of the day helping drag the entire index down by sur rieszing we are no longer reading the data. >> being on the bottom of an iphone average selling price suggests they read it was clearly beyond our expectations they say

he said she doing with currency headwinds go and some fp the other problem, here is dook f. m zb -- this is like going to the market and he says how many units you in there it doesn't matter a lot how many units wi units there are in there in terms of the overall value that's in the car. >> some question whether apple is trying to find bad news here.

apple says it is going to provide more date a going forwa. back to you. >> thank you joining our closing bell to talk about all of this today is michael jones, chief investment officer. kenny is here and rick is with us as always china trade headlines and good jobs what is more important to you today? >> i think apple doesn't speak to the fed but in terms of what policy will go forward the trump tweet and china trade and strong

jobs report it certainly sent the market from s&p to plus 30 to minus 30 in a short period of time it is friday election on tuesday. there is that nervousness building >> let's pliay a game. how important are the results for the stock market >> yeah. i think the market takes off if you get the split congress i think it just churns maybe the market absolutely goes lower. >> that was a quick summary. do you agree

>> yeah. he democratic sweep is so hard to imagine if it did happen i agree it would be a bad day ch it puts another tax cut on the table. as good as it might sound another tax cut the it would be bad for the bond market should republicans hang on. >> wouldn't it also. >> the funny thing about the market's trading pattern has been the market has been really freaking out about the fed raising interest rates

we have looked at this extensively. historically when it is gone from a trading range the a trading then the market has rallied. the only reason rates were that low is something was brock in the economy. you fix that you sustain higher interest waits ch the marng is pleased with that. we have hatd rates at 5 for 10 kbroors. >> so this is all right we are talking election, fed and job, trade wars and what it will -- i don't know, yes, it moved the

market yesterday i don't think it's the big driving force. i still contend most rational investors and people i rubbed shoulders will think it will get worked out it isn't ready for everybody to set their hair on fire with regard to interest rates, the real antagonist was they were too low for too long. we have the -- you know, we need to lock those that are addicted in a room. they are going to and they have gotten used to an environment. at some point there has to be a ration n rational approach and how much they restrik it to give us a

metric for cost of cap pal -- capital. >> and if rates go up stocks will have to reprice it doesn't mean they are going to collapse necessarily. i guess it depend on the rate at which it will go up. >> so they were priced wrong >> what. >> i would have -- who would have thought it wouldn't be a bumpy ride >> yeah. >> it is much less bumpy -- >> got to go >> there is a new high and one basis point and sevenier high on on 10s the whole curve continues to

frm. >> the fed never raised lates good luck to america another 500 point swing for stocks it is down 141 now why is there suddenly seemingly so much volatility up next apple is shaking up the way it reports earnings. some not too happy about it. we'll debate whether it could be go thing or not. stock down more than 7%. stock down more than 7%. we'll be be right back chasing after short-term returns? instead if getting caught up with the crowd, the investment managers at pgim take a long term view. uncovering opportunities for alpha across public and private markets,

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rj it happens to be is fifth straight losing week saying it will no longer break out the individual numbers for the phone, ipad or computers

much of the street negative on that plan. they think different saying we support this change because we believe that investors are dialing apple as an eco system and we would prefer more of trepds and average revenue per user he joins us in new york. kevin, what is your beef is apple's plan >> first of all more data is always better, but specific to apple. you sell a unit or a mac computer facebook and google. it is completely open and not apple. this is a mistake.

when they are building it off the trojan horse. if sales go down, if i was a shareholder i would want to know that data. that's how i get newdata it was an effective argument of why apple is doing this. listen to this >> the fact is that when you're in the proctor and gamble do they tell you how many they sold they don't they need to be followed by totally different analysts if they were followed by the people that did consumer packaged goods

>> yeah. >> i don't think so. you know, i covered it in 20 years. i have a good handle on how things go. i am comfortable with the methodology. my preference is they could give into how they are purchasing the device and what they are paying. i think they are two different variables that are important for us to understand the strength of their eco system >> i guess not liking the move is one thing not liking the move enough to stop liking the stock is another. you're a cash man

apple was escaping how it would be punished for it i don't think it would get a 30% downside i'm going into a more conservative mode in terms of my equities it was balanced sheets and cash flows that are increasing. i don't i like any controversy i'm getting really boring these days it is outperforming the s&p. the average punishment is 10%. it is in the a small amount. 10% of the market cap is a huge amount of money here for a reason i don't understand. i can't understand why it is good for me not to know how many iphones are sold in a quarter. when is it good for a ceo to say

i think you should digest our data this way. walk this way, dance this way. i don't want to walk that way oredneor dance that way give me what's relevant. >> thank you taking his price target from 215 to 185 on a sustained downturn in apple. thank you. still ahead, russ koesterich, what he sees for the u.s. economy what do you look for when you trade? i want free access to research. yep, td ameritrade's got that. free access to every platform. yeah, that too.

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warning that yemen could face the worst famine and urged them to halt their violence. >> yemen stands on the press pass the situation is desperate we must do all we can to prevent the already dire conditions from deteriorating into the worst famine we have seen in decades >> partnering to allow drivers to per sue online drivers for

free the toys 'r' us mascot is back he will reappear this holiday season in the aisles of 600 kroger super markets kroger will sell dogs and others from brands only sold at toys 'r' us before it went bank rup back to you. >> don't call him like i made the mistake of doing once as a child. >> i can see you doing that. >> tormenting giraffes >> so cute >> a mini giraffe. we are uptown. bob, once again, another -- you look at the headline

i won't seem like a lot. it was a 500 point swing day everyone is totally confused on the trade issue. let me show you up and down on trade. it is 2:00 in the morning on possible trade deal headlines. we come off of lows. look at industrials. it is the group you want to watch. normally they will move together you see, no real clear movement here a lot of confusion is what you see. y you have rates going up. it is up 6 or 7 points and we have this all in the red down about 1% back to you. >> thank you, bob. let's go to the nasdaq and

watching the biggest movers. >> you know, we are starting to look at small caps going into the green moving up a little bit. the big drag is apple with a disappointed look. today it is responsible for 60% of the downward movement in the nasdaq you had others as well among the biggest movers kraft heinz. starbucks with a new high today as it was fairly chipper there >> seems they are doing well >> for 8 bucks what do you

expect cud low shooting an interview right here on cnbc >> we are doing a normal routine run through of things we have already put together and normal preparation. there is no huge thing we are not on the cusp of a deal >> i spoke with him yesterday. they very much want to make a deal i think it will be a very fair deal for everybody it will be a good deal for the united states. >> joining us now to discuss today's volatile is russ how are the -- how long it will last given sort of volatile comments that move from the white house. >> i am not under the assumption in a matter of days. i think it will be a prolonged

issue. when you layer on tighter conditions it isn't a mystery why it is picked up in the back half of the year >> so what do you expect do you expect more of the same then will it be a volatile next couple of months or will it take that back off of the table it begins in 2019. i don't think it remarkably disappears

there is a good argument we sea peak growth in late '17. i go back to this issue that has nothing to do with trade it is tightening financial conditions the dollars have been stronger yet markets are wobbling a little bit it creates more involve volatily >> what are the hedges, what will be negatively correlated with stocks. i think there are a couple themes what will be more resilient? a lot of early 2018 it was about the momentum trade i think we entered a period we wanted a different characteristic you want quality companies with earnings consistency and high profit blt. >> the u.s. markets are 22 times and the s&p now we are at 16

some still call it expensive the japanese stock markets, it is on every metric it is the cheapest in the world by far and nobody seems to care. >> we care we are overweight. it has been for some time. as you said, one of the advantages of japan, i don't think it is particularly expensive but it's not cheap the economy is slowing even more japan, you're seeing rising profit blt you're act which willy seeing it compared to the rest of the world. right now japan is our favorite place. >> always apleasure to get you incite thank you. have a great weekend >> thanks. >> all right take care. still ahead, what matters most to the market

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the dow is down 119. it was down as much as 300 earlier. it was up 200 to 500 point swing today. >> and this has gone positive. >> small caps. got to like it >> better economy. we have an amazing jobs report >> apple and starbucks all mentioning in their earnings report this week it is the state of the consumer. that's next. >> plus it was a month to forget the group getting slammed like no other one name losing investors more money after key fda decision today. we'll have who and why for you straight ahead

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it is up about half a percent. it is lead lower by technology communication services discretionary is hanging in there. >> we have huge quarterly numbers. it is from apple and starbucks all three with huge parts of their business it is of course china. we are back with a look at what they are saying about the china consumer >> it is not just that if we take a look we know there's a manufacturing slowdown in these particular earnings calls they wanted to exthe call. tim cook noted that the business was very strong, up about 16% there. iphones saw very strong double

digit growth and other products were better than the overall company numbers. optimism from apple. also looking at what happened with starbucks as well they came out and said they continue to attract existing customers as well as new customers as they open new stores they are seeing streng from the consumer standpoint for their product in their stores. there is the big e commerce in china. he is is saying he is seeing strength in their consumers. this is what he said earlier today. >> we think the consumers are fundamentally healthy. they have over the last years they have a lot of savings there is real wage growth. fundamentally from what we can

see in various categories, the general merchandise cat gor aeg are doing quite well >> all right we dough know there a-- we do kr growth in china. many of them said they do see optimism through the trade tensions we see going on right now. back over to you >> i was listening to that he did say there was a little bit of weakness like cars, the more durables. i wonder if it is a story where the consumer is doing better but manufacturing not as much. >> and there was a huge difference in selling a couple coffee to buying big picket ie tops

that's when we saw that there if you're seeing that does it mean cars mean that maybe the consumer is slowing back at that side of thing? the u.s. side of things very much in question going forward whether or not they go towards other agreements with other manufacturers, that remains to be seen as well. if you take a look at the way the chinese industrials have performed it echoes concerns that maybe the big ticket stuff and underlying parts are not as healthy as someone would want to make them out to be. >> yes >> this week >> thank you >> you got it. about 11 minutes to go before the closing bell. taking a look at major averages. dow is down 120 points coming

off of back to back gains. >> on pace for an up week. >> yes >> and russell 2000. naz dock is down apple is down 7% >> we have a lot more left to do a look at some of the biggest movers in the worst part of the market lately. stick around let's get started. show of hands. who wants customizable options chains? ones that make it fast and easy to analyze and take action? how about some of the lowest options fees?

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f a economy voted against approval for one of its drugs. let's get more on the story and others in the bio tech space today. >> the company drug for depression is for the period of outside advisers they voted 21-2 against approval of themedicine >> the fda mengsed the strength of the clinical trial data

it is also opioid combination. it has been a different story today for sage therapeutics. it has been facing the fda panel today. it is halted right now but more than doubled in the last year and rose this week as the fda signals a more positive approach the panel voted 17-1 in favor of it if approved it would be the first to treat post-partum depression >> good stuff there. >>why was it so general? >> october was a bad month both down more than 15%. a lot of it is that the whole market was being volatile.

there will be a lot of hearings. around this time there is a lot of fe kocus on drug pricing >> thank you have an awesome weekend. all right. up next we are coming back with your friday closing count down >> after the bell, is china trade a bigger influence on this market we'll discuss what matters most we'll discuss what matters most coming up on the closing bell. which means you can retire, without retiring from life. having the flexibility to retire on your terms. that's the power of pacific. ask your financial professional about pacific life today.

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all right. welcome back by were up and trying to make a come back. it will be a week that is higher it seems impossible to believe that the dow is likely to end the week higher. it is the biggest joint decline ever it is down from last year. go pro down 25%. it is good for driving bad for energy stocks. that is wti. a lot of oversupply out there. they go into effect this month

iran has been telling very quietly. look at this big china based. chinese state run companies were buying er buying etf watch this all right. it is amazing. i always seem to run into you ton floor. >> the good news is -- >> yeah. i ate them all >> it is amazing to me we are going to end is week higher. >> this is was not a good day. what we really cared about is do we have anymore clairity on what's going on? we do not. >> it is so confusing you don't get industrials moving you get boeing down, caterpillar up we know the feds will raise in december 3 at any time 1% wage growth it's not friendly to the markets. interest rates was all down

today. the question is how much more are they going to move we needed data to see that >> yeah. >> so much of that is apple like 100 points all right. it is the bell for the week. >> welcome to the closing bell joining me is mike both off today. happy birthday to mike one day off a year here is how they are finishing up theday. sort of a weak finish to a

strong week. the nasdaq closing the lowest of the bunch. it is down 1%. apple a big part of that story s&p 5050 going out with a loss for the week s&p up 2.4% best week for stock since back in march we are covering all of the angles for you bob is here on the floor with today's big movers uptown with winners and losers there. we are in washington with the latest rhetoric on china there's been a lot of it let's start with you >> as i mentioned, it was a very frustrating day for all of us. tariffs are the mover of the market we didn't get any clarity of

whether there was any deal or not. it is all related totrade. there are some of the big reads. the question is what do they do in 2019? not a lot of clarity ton trade front. it is not helping at all oflk the fed is under pressure to raise rates a little bit of confusion in the markets. >> all right thank you very much.

apple this afternoon when we get there we'll find out what its market cap is. we'll get the current share count. it looks to drop below that 1 trillion mark. fifth straight week. as bob mentioned and you have been mentioning it is a pretty good week. the nasdaq one of the best driving by small caps. they are higher by about 4% for the week a big rebound after the lows but saw earlier in the week on monday from chip stocks. chips having a monster week. it is names like micron. devices up double digits back to you. >> all right thank you. comments on china from president trump and larry today. deal, no deal? maybe a deal >> my reporting is three senior administration officials telling me no deal is eminent.

no unusual activity behind the scenes no heightened pace of talks here among the trade negotiating team we did have mixed messages here between the president's tom economicadviser. >> we are doing a normal routine run through of things we have already put together and normal preparation. there is no mass movement. there is no huge thing we are not ton cusp of a deal. >> we have had very good discussions. we are getting much closer to doing something. they very much want to make a deal their economy wasn't weighed

down since we have been doing this skirmish they very much want to make a deal. >> larry saying earlier today that we are not on the kus up of a deal when i asked president trump on the south lawn where he stantds he says progress is being maid why discrepancy between the two men? the answer in terms of both gentlemen. the job is to be involved. the president's job is to send overall messaging and also to the chinese public and chinese leaderships. >> i think he is signaling he is open far deal but very much suggesting he would like it on his terms. >> all right thank you very much. >> joining us is scott

>> hi ch i don't know you call it i call it good cop bad cop he is in campaign mode i will say that i think china having slowed this year after tightening last year now easing this year i think we'll start to see growth coming out of china i think it will be good far lot of names that many of us hold in our portfolios i think they will crack down on capital flight and so the casino names should be something we are watching the trade war will be something for a long time. i didn't trust the futures this

morning. >> so we like a lot of consumer names. we have been adding to things, we sold out of e-bay we'll upgrade the policy of our portfolio. we bought into starbucks we like walmart. we like costco so that's lot of places, mcdonald's, home depot there are a lot of ways to play around the edges

the market has to adjust these aren't levels that will shut down price multiple expansion. the market is rekal grating. it takes some time >> we actually had a fairly good week 2.5% gains across major averages best week for a lot of them in months what does that tell you after the october we had has sentiments shifted >> i think it's more of the former than the latter we would like to think we found a durable bottom here. i'm not so sure that we had. it was very typical from

oversoldratings. more investors closed up books going long into the weekend. it is a welcomed sign however i don't know that we have necessarily passed the point at which this corrective process has fully flushed out at levels we could get to. i think it's no more than a correction fundamentals and the support by them in by job gains we have had. it shows investors they pulled $8.8 million in the final week of the month. that by the way is the largest weekly withdraw since february okay people are pulling money from

taxable bond funds what does it mean and where do you think that money is going to go to the stock market or somewhere else >> we are all waiting for that big rotation we haven't really seen them at all. it is quite interesting even as yields continue to shrivel what you're talking about as release of bond funds i think has more to do with saying look around now there is no alternative to stocks it is called cash. now you can earn a two handle plus it means they can earn a yield that's visible and can begin to compete with those longer duration fixed income that aren't as stable.

>> we saw quite a pop. ten year yield closed up over 321. >> we don't think the fed is out of line maybe pausing in the first quarter and then starting up again that pace will be good for stocks >> we all know that. i do think that -- i mean the jobs report was a double edged sword this morning at the end of the day you don't want to bet against what is good for the consumer

i was quite heartened by the jobs report and the wage numbers. zblechb wage numbers a lot of people want want americans to finally get paid more that was the if and the fed will have to keep up with the rate hikes. >> the thing that has been super important during this earnings season and this is something that we watch is revenue revisions. they have been pretty powerful if we continue to see rising revenues and there are all sorts of variables we see measured wage growth then i think we are fine. it is a much more aggressive

fed. >> all right let's check in on apple. got to talk about that today having its worst day since january 2014 it is dragging the dow down 100 points apple the down 6.63% you don't typically see a day like that for app. mark said it doesn't mean anything for the broader market. what does it mean for apple which has been such a winner this year? >> it is obviously very interesting to see if companies that have been immune and for the market ohaverall it is sitting on 100 billion plus dollars it is a fairly reasonable multiple it is news that wasn't quite as good as expected on the revenue

numbers. concerns are if they continue to see some deterioration others start to fall the wayside. it was a massive move. >> and nancy, all day on this fine network were ve speculating what they think to give what do you think? good decision or bod decision? i think it's a super interesting move i am we minded when woke and so i think it will be an interesting thing to watch i understand why they are doip

it it is moving i way from aircraft production p i thought tim tim cook's -- there yeah i want to told it to the fire. you can say hey , you made me dinner it's super interesting it could be good or bad. >> it is bad i think the motivation was correct. i bet they will modify that decision >> rrt >> did you buy manufacture >> we did not but with new money we will buy more we are a pretty full cons.

so if it this is when you want to wait a lit bit. if you're not in the stock it's a good time to put your toe many i don't know that it is is i think a lot of reasons to like them for the next year but not necessarily the next month >> thank you news alert on twitter. here is julia. >> twitter deleted more than so thousand automated accounts discouraging people from voting in the midterm elections on tuesday. these wrongly appear to be from democrats. a twitter spokesperson saying we took actions on relevant

accounts it does come after he has spoken about what she policing. back over to you >> wait. what did you say it with was primarily democrats? >> so these were fake that before most rpg -- they were aiming to manipulate people and do voter suppression >> got it. thank you for that update. up next, we will discuss whether apple's rnings lead to more for the already troubled

tech sector. >> more fed rate hikes or something else we'll hear it that says one would close. would close. we'll be back on closing bell. ? a what now? a satisfaction guarantee. like schwab does. man: (scoffing) what are you teaching these kids? ask your broker if they offer award-winning full service and low costs, backed by a satisfaction guarantee. if you don't like their answer, ask again at schwab. if you don't like their answer, betty called me at she thought it was a fire. it was worse. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it. chubb was there within hours. they helped make sure it was safe.

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>> shares of apple as a fallout continues. nasz dak had been turning around from the worst month since november 2008. what does it actually mean for the broader tech sector? we have jordon and dan the trouble with apple, how much was unique to apple and how much could spell trouble for decknology dec -- technology >> i think apple called out concerns in some of the imprerjing markets if we we step back the key secular clouts we are seeing a broadening of

the revenue drivers there. services grew over 20% this is doing well look at other technology names ciscoe an -- -- providing a significant expansion opportunity. overall we sue m here in the technology sec or po you can't you rely an a bm.

>> i that's deaf that being said the macro-environment. it is very strong. in terms of investing or enabling services for yourself as a consumer are very high. there is a good underlying demand for technology. we would say that each company is individual and apple last night although the quarter i think was quite a good quarter, the fourth quarter that being said we still like apple a lot at this if point it has $25 to share in cash.

it even in the current fiscal year that just started even though people are >> a big demopd the you agree we with. ton? >> with do she stepping back and thinks about whaeng i now, clearly with the compares it is likely to slow the key is they are innovating, delivering value to your customers. >> you don't care they will not give us the number of iphones sold

i i this we all appreciate there will be third party services that can pro vie earlier jim cramer come teared it kuld i think apple wants teem to if do you think it would desaev higher multiple >> no. because i think it isnever a good thing to offset the fact that they are not disclosing unit volumes, they will be giving more segment margin data. it will be real profit blt especially services that can be helpful. as a general rule we think it is not as good and envis tos tloeft

their own devices. it will not describe a higher value in the face of less information. >> and yet you still like this stock. >> we do there is enough information when you loong at the company you know, that the company is generating tremendous value. companies like cyber security space, these are companies that put numbers out there. they are performing well and stocks are dirt cheap. >> i think you like facebook as well thank you for sharing some of your picks both of you liking apple today >> dirt cheap. >> coming up we have seen big swings in the market that week there has been one group of investors that seem to lose out

regardless of whether they are rallying or selling off. >> up next we'll tell you what's behind the dliecne and how this weekend could impact prices. rebekkah: opioids has taken everything and everyone i've ever loved away from me. everything. i blew my ankle out and i got prescribed pain pills by my doctor. if making my detox public is gonna help somebody i'm all for it. i just wish i would've had a warning.

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we are here talking about the decline. >> i it was an ugly week for royal prices declines more than 15% on the month. where did this all come from when oil was recently trading in the 70s and everybody thought the market rebalance was happening? it is pretty robust out there. they stand ready to help out if that's drop off in iran's export we'll see after the sanctions go into effect this weekend on top of it pumping in 11.2 billion barrels a day if oil prices are any indication the market thinks they are not going to come off as fast as

they estimated u.s. national security adviser said the trump administration wants sanctions but doesn't want them to harm the countries that depend on that oil despite what seems like a soft ir stance the president tweeting with a game of thrownes sanctions. low 60s not far from the high 50s. there could be another dip here. that's what the market is bracing for. >> it sz than been incredible slide here >> we rb waiting for sanctions

to kick in you'll always have buyers out there that are one not allies with the united states and will buy discounted oil you can guess who the biggest offender will be it will be china >> that or end ya. >> yeah. >> biggest buyers out there. in case my kids are watching, they are not ships operated by ghosts, they are super tankers that turned off their gps. thank you. your kids watch? >> i hope so i love you if you're watching. bye. if you look at the dow and you think we are down 109 points it does not tell the story of the market today it was another 500 point swing we were up 200 and then down on sort of conflicting headlines. by the way, 94 of those 109 points were apple. it is about half the dow was

higher it wasn't that bad of a day. >> and we did see a big keefrp it is the best week in several months all right. time now for cnbc news update. >> thank you very much here is what's happening at this hour a man accused of killing two black shoppers pleading not guilty in court. gregory bush facing a judge. they said he made a comment shortly after the shooting he is being held on 5 mall dollars bond warren stumped telling supporters the days of republican control across the

political spectrum are over. >>. alec baldwin arrested a short time ago in new york city. the 60-year-old was arrested after punching a 49-year-old man in the face in a dispute over a parking spot that is the news update. i'll send it back down >> the president was asked about it he wishes him luck. >> i thought the president is -- >> he was commenting on quite a

few things today i don't know >> yes thank you. >> you got it. china trade is front and center that's where we are going to go next all of the talk about china tra trade. should they be more aware? we'll have that coming up next hedge funds got hurt when hedge funds got hurt when stocks ral hee chasing after short-term returns? instead if getting caught up with the crowd, we have much more ahead on the closing bell we have much more ahead on the across public and private markets, while anticipating unforeseen risk, has powered our rise to a top ten global asset manager. partner with pgim. the global investment manasines prudential financial, inc.

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♪ >> all right welcome back put the trade dispute back in the spotlight. investors also have federal reserve and interest rates especially after this morning's strong jobs report which one matters more to the market and your money? is it fed or china >> joining me is economic policy analyst and professor brian at the kings college in manhattan

>> it matters to the fed the fed has to chart this interest rate policy next year it is trying to figure out where the economy is going that's what they are trying to fig figure out we are hearing conflicting signals from him and your team you know the root of this is tariff policy. >> so you basically disagree with me. it theshooting that causes recessions what happens to market riekt now any -- what know what the deal

is is it more of what thaw agreed to earlier this year ultimately -- >> let me just one point >> yeah. >> so we have seen this trade fight escalate you know, it hasn't made a huge impact yet maybe it will. man it won't and yet the fed and that and other data that doesn't include trar -- tariffs. it's not just a market issue

businesses care about this these are investment plans that does cause a recession. >> i agree -- there hold on rn ryan. >> i i gree we we they have been deleveraging their balance sheet to a couple billion dollars a year zblp all right they are if they are trying to bring it in the lots of of companies and sectors it can effect. if you're talking about right now it is going to have a huge.

>> so you you have a profes we have had a fed raising rates but never had it while also delev efg ch. >> p so mean -- >> the a bear oop an a uni-cycl. >> he will say i have no idea how to look at it. will they get it taken away in how do i chart monetary policy with that kind of uncertainty? >> yeah. don't you need another trillion of stimulus. >> so what are you thinking as far as the economic given all

sorts of to make >> we got a mess thank said we wrn and we were and we weren't good luck. >> jimmy, we know the answer to that it starts with a g, guessing zbli think it would be it is a speech from the white house. here is how we should think about china. sheer how it fits into the entire geo politics. i'm not saying china is an evil empire but letting people know where we are going rather than sort of jumping around i think it's no way to run economic policy. >> he has been pretty

consistent we have got to leave it there. >> thank you >> you bet >> it is a spirited debate the s&p higher but we'll share new numbers coming up m. herb lon miss k, he did n not -- we'll have more coming up not -- we'll have more coming up in today's take away equipment problems during harvest and provided guidance when we started exporting internationally. now we're working with them on cybersecurity. my grandfather taught me to make a wine that over delivers. chubb, over delivers.

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elon musk appearing on podcast. tesla ceo said he is not spending too much time thinking about them >> it is this obsession with him. it has been like 1% or less of time >> it's a tweet but go a head. >> when you tweet souder >> okay. >> that's credible trn there is a group of people that are quite smart, have a strong financial interest in tesla's downfall >> tesla stock finishing higher

by nearly 5% do you believe elon musk >> i don't know if it is 1% of blast someone should analyze and see if it is 1%. up next general motors is cancelling book by cadillac. it is an $1,800 a month service. service allowed cadi fans to develop different models for the different fee. they had a pretty good week. what's your take >> i love the subscription yidea it is too expensive.

$1,500 a month to switch cars. good idea. i hope they lower the price. maybe you'll more takers >> toys 'r' us, parter inning to launch preponderance-ups in groceries it will 35%. it is up your company. it is your city. your kid was a giraffe for halloween. >>. >> it's true >> what's your take. >> this this will be can they are trying to find alternatives for that everyone and their mother trying to go part of the twin parkt

they have called about it and what they will do to try to atrack that diebdover audience good news if you're a babies r us. >> right maybe and mill. >> you do buy a lot of toys it's a racket. >> just you wait the market goes down hedge fund get hit. the market goes up hedge fund gets hit what's the problem we tell you why they get hit in the double whamy stick around

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well october certainly was

not kind to most investors but some hedge funds got hit particularly hard. leslie pick we are the details on why. >> it was an absolutely brutal october for hedge funds and it appears the pain continues despite the rally over the last few days today excluded. prime brokerage divisions of major banks sent notes to clients showing estimated performance among the hedge funds they work with, cnbc shows a range of losses averaging about negative 5.5%. goldman says october was one of the worst monthsfare fundamental long short hedge funds since they tracked data in 2012. these are the stock pickers making bearish bullish bets. it doesn't appear the losses will be ameliorated by the rally. david morris says that yesterday was one of the larger if not the largest days for covering short positions on record, he says, it's the largest he has seen in

his decadeslong career now covering shorts into a rally can both contribute to the rally by pushing prices high are and can make losses steeper by buying back the shares at a higher price credit suisse said it was likely to cover wooing to stop the bleeding before posting monthly numbers to investors he says the body also float to the top. in other words we can expect to see more fund closures, guys >> thank you for the update leslie not getting any better out there for hedge funds. and speaking of hedge funds. paul tutor jones will is sit down with jami cranium are tonight. he had this to say about market volatility. >> when when everyone saysing are he we going into a bear market i kind of use -- i go back and i think about the 9 on 2000 top. the '06-'07 tops

obviously what typically starts bear markets is interest rates get so high they click it. we are going through a tighten cycle. at some point they stop. >> okay. >> in 2000 when they stopped the market went back and re-tested the old highs. >> well, look, big congrats to the whole team because jones doesn't do interviews. concongrats, jim you can catch the full interview. 6:00 tonight i love the slow southern drawl he has >> 6:00 eastern. next week, is another busy one for earnings including disney as 21st century p. o. box and the fed meeting. we preview some of it next alpha seems more elusive today.

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. wove got a news alert op get. eric stepping in the details. >> so former ceo john flannery we lerpd about his severance details. 4.25 million making over the next 12 months a non-compete included in the next 12 months and a prorated portion of the performance of the company from 2016 to 2018 those are the bullet points. you mainly only $4 million usually ceos get more when

fired. back to you. >> eric, thank you very much listen you can't -- i understand these things are written into corporate contracts. lawyers handled this stuff stock down 70% in two years. they moved the headquarters from connecticut to boston upending families, they've been laying off people that's the kind of headline that's going to tick people off. >> that he is getting a few million. >> yes he didn't supervise the destruction of g.e but still a lot of money for a short time. >> all right we should talk next week because it's another busy one for earnings we have a fed meeting on wednesday. but we also have all sorts of earnings be softbank and mntsd, marriott on monday tuesday a midterm elections. in case you forgot we also have earnings from eli lilly. papa johns also 21st century fox. activision, blizzard, yelp, thursday and friday, brings people ppi

date pb preliminary consumer sentiment reading wholesale inventories what are you watching. >> worldwide exchange at 5:00 a.m. eastern time. >> i love that show. >> it's a great show. >> close to my heart thank you for being here. >> no. >> it was superinteresting anchoring with you. >> thank you for making it easy and the whole team thank you. >> that does it for us here. "fast money" begins now. >> "fast money" starts right now. live from the nasdaq market site over looking new york city's times square traders on the desk tim seymour. karen finerman tonight on fast it's the apple avalanche. there is trouble ahead cat claws back paige shares of the industrials giant soaring 8% this year but the chart master says don't trust the dead cat bounce but we start off with the trade war whiplash after three days of bliss without tropic triple digits in a dramatic day on the stre