a thousand dollars >> nobody got power lunch right. >> i saw a category about business the answer was the dow jones nobody got that one either >> thank you for watching power lunch everybody. >> nice to have you here >> thanks for having me. closing bell starts right now. good afternoon >> let's get to what we have been focused on. the dow and s&p seeing their biggest two-day drop the dow is down 800 points at the low currently trading well off those lows it is down 340 points, 320 at the moment the high of the day was down 290. down 340 we are down nearly 800 points

declined we have got a big line up of guests today today's drop puts the dow back in negative territory let's get to reporters in the meantime brian sullivan has opec's impact on oil prices. that's a lot of i let's start with you, bob. >> it was an ugly day but it was the bottom at 11:30 is when the markets closed over in europe. a couple of things happened. we had him saying interest rates are within shouting distance the fed seems to be getting a little more accommodative. they say fears about a global

slow down were overdone. folks a lot of damage has been done we hit the 2632. it was the recent low on the s & p 500. 500 new lows here. lots of financials you look at citi group and at the regional banks, most of the major regional banks are at 52 week lows. financials are a complete mess a lot of damage on that. same situation and most oil companies say 52 week lows as we don't get any resolution of what's going on and solving the supply and demand problem. finally let me show you industrials, a lot of new ones here as well general electric all again coming off of the lows here up today. at the open this morning 52 week lows as well finally retailers like tiffany

and also 52 week lows. let's hope it is the bottom. it has been a lot of damage. remember, 1,500 points down from monday to the low today. that's lot in the dow. >> lots of lows indeed we did hit session highs it is down 281 points. it has been a wild ride for the nasdaq as well faang names turned where are they now hi >> yeah. that's really what's been driving things today it has been a mix in terms of dra t traditional names. it has really been the leader. they have been dragging the group lower. it is higher here. the leverage names are to the outside. among the best performers today. take two interactive the two most beaten up names

both were down helping to bring up the rear. chips also coming off the lows earlier dipping back into bare market territory these are names that are struggling another apple supplier reports a sharp drop in sales. the other negative factor 20% and 54% for broadcom it hit a two-year low today. a few green shoots hostess brands calling it the most attractive names in food right now. love the twinkies. a 34% increase in online sales so it's not just brick and mortar but their tech sales that are higher >> thank you oils plunging today as opec's meeting gets underway we have the latest headlines from the meeting, brian. >> the headline is that oil is

down 2.5% to 5150 and change everybody we talked to have said if we don't get a deal tomorrow that's no deal opec, whatever you want to call it, oil is likely to continue to fall maybe into the high $30. a deal is expected the question is how much whose shoulder is that is it the saudis the russians arrive tomorrow they are not a member of opec but everybody saying that the reason we did not get a deal is they are waiting for the russians to come in and bless that deal if you will. they are looking to cut a couple hundred thousand and it could take political heat off and everybody wins in that scenario. either way only the second time

in 30 years it has ended without some kind of a press conference. a very unusual way lots tomorrow and of course we will still be here back to you. >> we look forward to it it is always exciting live television thank you, brian back to the broader markets. news of an arrest in canada over chinese tech executive which stoked fears of the china trade truce is in san francisco with all of the latest. >> hey just said political intrigue was arrested saturday in canada. is being sought for extradition to the u.s china demanding her immediate release and bail hearing scheduled for tomorrow in vancouver. not long ago the canadian prime minister was asked about the arrest he said that the appropriate thor t authorities took it and said that the government had a few days advanced notice that the arrest was going to happen

it could be an important point as questions are swirling over whether president trump had any knowledge which occurred on the same day that he dined with chinese president in argentina and struck a trade truce the president's national skur security adviser said he knew about the arrest but he didn't know if the president was aware. this entire saga is an unexpected threat huawei is seen adds the tech and he isn't just an ordinary cfo. she happens to be the daughter and seen as a possible successor, guys. >> thank you for that. big impact and we will discuss all of that in about ten minutes time first of all business leaders meeting amid this market

selloff. becky is there take it away >> thank you very much as you mentioned we are there with randall so many things i want to get to. let's start with where the markets are today and where they have been over the last couple of months. market has been down at and t was down about 2% today. what do you think is really moving these markets is this a situation there is an economic downturn or is this just a fear factor at this point? >> i'm not a markets expert. we had this conversation early are today. it feels like we are almost talking ourselves into a downturn all of ceos out here all talk and say things feel pretty good. there are markets outside the u.s. that are feeling some difficulty but the u.s. feels good the consumer seems healthy the consumer spending during the holiday season, businesses are investing. a lot of people and myself

included say we see clouds on the horizon. they are derivetives i feel like we are trying to talk ourselves into this right now from our standpoint the u.s. economy feels pretty good >> based on what you see versus the concern you hear in certain places or just the worries we are looking at is it enough that ceos are changing expenditure plans for next year? >> no. demand is running really good for us our customers, our business customers are invesing like i said, consumer spending so we gave guidance last week that we will invest at a level comparable to this year. we'll continue investing >> when you look around are you spending those things on is that where the bulk of that is going >> so it is broad. we have been deploying fiberoptics extensively for the

last three or four years we'll finish that off this year. we built 14 million homes. obviously our wireless network, you feed the capacity for that first net we won on award for the government a couple of year ago to build the first responder network nationwide sit a big deal we are investing aggressively to build that across the united states you mentioned the big one, 5g. we are investing very aggressively in the n 5g verizon is going hard. i sympathy it's good for america. it is require ago lot as well. >> i saw an article earlier this morning that said these ideas that you'll need a 5g phone for next year are overstated would i need a 5g phone next

year >> need, no. there will probably not be broad enough deployments that somebody would find a 5g phone generally useful i think as we exit 2019 and turn more and more markets up on a mobile platform people are going to want a 5g phone i think it's into 2019 particularly if you have turned the service up you'll want that. i think you'll see businesses more than anything in the early stages clambering for 5g capabilities what i mean by that is businesses, you know, we go in -- if you're a business you deploy that. in a world of 5g it probably goes away. >> at&t had a big day today. justice department came back out with its appeal trying to stop the at&t time warner deal. how did things go today isn't

the courtroom? >> i wasn't in the courtroom i obviously had just gotten reports from the legal team. it sounded like it went well the judges were asking questions about errors in law and not fact ch factual issues and so based on what i have read and conversations i have had it feels light we feels like it went well. he had written an order that was fact specific. it was very specific to the at&t time warner case it didn't have broad application. so given that order it was a tight order. we felt good going in. after today's hearing we feel confident. >> i had heard expectations maybe you heard about the spring >> we reached an agreement with department of justice that we would run turner networks until february 29th. so my guess is they will

probably try to get an order out before that date >> you made a lot of headlines this week with the news that you would be going ahead and licensing friends to netflix for an additional year exclusively i think it wears off it came after a lot of people thought you would be keeping content like that for your own offering when i heard about that and the price that had been paid i thought about a story you told me someone wanted to come and buy your vacation house. you told them no it wasn't for sale the third time you came back and sold them the house. is that kind of what happened? >> i don't know exactly how it played out john and his team did that deal with netflix and netflix is the one that reported they had resigned the deal. look, it will be an interesting three or four years coming up. disney is launching their direct

consumer product we'll be launching our direct consumer product we each have significant -- a lot of content that has been licensed out not just to netflix fwou oth but to other players we'll want some of that to put on our platforms some like friends doesn't make sense to have it on a nonexclusive basis with others but have it on your platform, probably there is some content you'll think you want it exclusively on your platform, that would make sense as well. it will play out interestingly i think it will change dramatically as we get into this on a direct consumer basis >> thank you very much for your time today we really appreciate sitting down with you. >> good to see you >> good to see you too we'll send it back to you. >> thank you great stuff. more exclusive interviews throughout the show. we are looking forward to that

let's talk more about this with our closing bell exchange. we have steve and rick is here good afternoon to all of you steve, i'll start with you we were down about 785 points on the dow. we are now only down about 346 points in terms of this rebound what do you think shifted? >> you have to have a premise of what caused this everyone came in you see this >> and we saw it on tuesday as well >> tuesday as well we start to see this selloff so yes it was the global growth slowing. it might have been in the background

if they knew the markets didn't know you start to think this happened when december 1st and 2nd they were sitting down at the table. didn't china have enough time to respond to this? >> so you're saying we are rallying >> it was their olive branch, right? this was their olive branch. president trump makes him look good and effective and makes them look like they want to do a deal now you the market bouncing back from the lows. >> think about one last thing to put a bow on it. who was china more aligned with? >> maybe you're right but nonetheless we certainly.

>> it is inept >> we have seen a lot of market volatility we have had quite a few e-mailing in to say what do you make of this volatility? we think this is part of the bottoming process. the downside gap today closed the downside gap of october 20th which a lot of chart technicians look at. >> one of the way to keep your head is to look at the readings on the market right now to look at the advanced declined line which looks pretty good and look at the earnings projections going forward. >> if you can do that you'll be a man, my son. do you think people should be

keeping their head better than they are >> i personally think when i look at that yield curve it is not going to be the indicator many fear it will be when you 23 basis points in europe you're negative out to eight years. i mean low rates in the notion of there being a bubble, of course there is. it's not a bubble from the average speculator we heard jamie talking about risk free. risk free only means one thing anymore. printing press it shows you there should be nervousness when interest rates move low like this i will give everybody a lifeline here i think we are very close on u.s. rates to calling a bottom

on this drop it dropped from the double top which was your first warning sign from 324. they have been dropping steadily the last low the market made on august 24th before it started the big rally up above into the three and a quarter area is 282 low. today's low is 282 the midpoint of ten-year yields is 282 you will see we are down on bedrock footing. probably the process will be ongoing. i think it's begun in a solid way. i think that we may have seen the low in the long end yields i think it will go a long way to calm the equity markets should they start to float back without getting aggressive >> you have randall stevenson

from at&t by saying are we trying to talk it into a recession with all of this focus on the flattening yields >> i was there with my friend and portfolio manager. she showed me a chart when the 3-10 flattens there has been a 20% rally. i'm bullish here i would be buying this weakness. >> so on monday you felt people should do that what is your view now? >> on monday when we got to rally coming off of the positive trade talks we stopped on a dime where we did before. to jeff's point we tested the lows, the october 29th low of 2603 we did breach the november 20th and november 23rd lows i don't think by are out of the woods yet. i think we test not even the 2603 low i think we test the low.

i don't think the selloff is over i don't think it doesn't matter this time. i think it always matters. >> great stuff can i recommend as a great version if recorded. >> you're sprinkling the pop culture. >> yes we will leave it there coming up live we are covering the big wall street selloff. we'll hear from j.p. morgan's thoughts on the exclusive interview. and later we'll speak with ibm and walmart about growth concerns to trade troubles with china. ♪

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performing welcome ba-- welcome back there is a message here with jamie here with becky. overall upbeat on u.s. growths >> we still have a strong american economy as you speak to the ceo they say the economy is growing, they are still hiring people. unemployment may hit 3.3% this year that's all good. on the other side you have a bunch of geo-political stuff i think the one that's roaring the market the most is trade that's why you see it there. that was the added thing going up and is it receptionary. that's the thought maybe there's something that might tell you you have a

recession. >> it's fair to say some did lower guidance in general i think it's as simple as the market looking one of two years forward it is fearing a slow down and index down sharply this week it is down about 12% year to date bank ceos are looking at what's in front of them and they are kind of relaxed for the economy. >> how does it impagt the banks? >> the market looking forward the bank ceos. there is one further thing i give them. they make money throughout a 0 interest rate. it is almost every quarter this is better than that

i think that's where we get this the bank's evaluation shouldn't be but they are probably down at levels worse than we have been on any kind of historical comparison there were rates when they were less attractive than they are now. it is pretty cheap at the moment >> we'll stick with this conversation joining us is bill cohen and tom brown. good afternoon to you both i'll start with you. your reaction to the excellencos >> i don't think it could be much better if you're running a big global bank right now. you know, there's frankly not that much competition among american wall street-type banks.

they still get raw materials they make money on the spread. they have been making money, you know at $8.8 billion how do you get better than that? there's a little sell off, but maybe that's healthy i expect it to continue. can't get much better than this. do you think there's something they are missing >> first of all i would say as fund manager i don't find it healthy at all i have talked to 20 ceos in the last three weeks to a man and woman they all say the same thing jamie dimon said about the economy.

it is clear that their customers are telling them that the only problem they see are hires qualified labor but from orders and revenue standpoint the banks were fine and customers are fine >> so you are saying this is a buying opportunity and if so which names are you putting into and which types of banks >> right now you have got the banks trading at about eight times earnings. >> thaeds are trading at single digit multiples. >> why do you think there is

such a disconnect between what they are saying and presenting their business and what we are seeing in terms of share price you're down 10% with the sector year to date >> if you own goldman sachs you're down 28%. it is now trading below tangible book value i mean i don't know if -- thank you. what kind of welcome is that for david solomon? there is a scandal of sorts involving, you know, the malaysian wealth fund but i think the market is clearly overreacted. why is there a disconnect? i don't think people understand when the yield curves invert i think this self-inflected wound with trade and china is not helping anybody. cfos don't know how to plan. they don't know how to think

about things i think that's -- if donald trump is to be believed and we have 3.5% gdp growth interest rates at low levels still. maybe going up time to time but the economy is doing well. unemployment is low. i think it is a buying opportunity and to tom's point, yes. every selloff hurts. stock market has gone from 17,500 to 24,600 peak was in 27,600 we are down maybe 8% from there. we step back and take a deep breath we can all be thankful >> quickly on those evaluations you mentioned before, cheap relative to the s & p 500. what if -- and i know this isn't what you articulate but what if it is 0% next year would they still be attract ifr or is it something you think the market is pricing in?

>> frankly if growth was 0 next year the evaluations would be higher because earnings would be lower. you know, there are so many different forward indicators of the economy. it would be shocking for me to think that the economy was going to not grow in 2019 at this point in 2018. >> fair enough that's probably why we have a big difference here. >> thanks very much. >> thank you time now for a cnbc news update >> hi. hello everyone here is what's happening at this hour the funeral train carrying the casket of george h.w. bush leaving spring, texas for the slow ride to the presidential library in college station it is the final journey after a week in washington and also in texas. it is the first presidential funeral train in 49 years. house and senate releasing a

stopgap spending bill sending the bill to the white house. it keeps the government open through december 21st. a southwest plane carrying more than 100 people ran off the runway in southern california. the plane coming in from oakland, california was attempting to land during a heavy rainstorm. no injuries were reported. a new report from the cdc says approximately 58 million nonsmokers are still exposed to secondhand smoke the report says the ones most at risk are children. also those living in poverty and african americans. you have up to date. that's the news update i'll send it back down to you. see you next hour. >> thank you >> i just want to note, we are at session highs right now as the dow and s&p pair losses. down is down 207 points. we have got about 25 minutes to go in today's session.

let's dive into more on what's driving the selloff or i should say afternoon rebound. bob, let's start with you. >> 500 points taoff the lows today. we bottomed at 1130. that's where we dot bottomed essentially. the imf said fears about a global slowdown was overdone u.s. not heading for a recession any time soon. you can see we moved up here the highs for today. i keep emphasizing the new high list exploded this morning to more than 500 at the new york stock exchange big industrial names lockheed far while big damage in the banks. all of big money banks are at 52 week lows. all of the larger regional banks

here and the list goes on and on with bank stocks i mentioned a small group of oil stocks it has been clobbered as oil moved down on that opec and supply and demand uncertainty. i think she is absolutely right. it is a rare day when you see stocks moving when the market is moving down so much. we'll see if we can get a little higher we are improving here in the last four or five minutes. back to you. >> thanks very much. let's seasoned it to bertha. >> take a look at the nasdaq 100. it is now in positive territory. a lot of it has come from some of those communication names in particular the faang names >> netflix was the first to turn this morning you saw facebook, amazon and alphabet all moving higher as

well nice gains up better than 1.5% you have seen a number of new lows here. a lot of them have bounced as welch the one that hasn't bounced yet is apple l it is down after having a huge run-up on monday it continues to be the big drag here overall the nasdaq in positive territory. we'll see if it holds into the close. >> thanks for that morgan, mike pointed out the other factor that helped give a lift was a wall street journal story pointing that the fed may delay the december rate hike it is falling from close to 100%

to 70% range still down. ten year treasury yields hitting the lowest point since august today we'll diver into what it says about the broader market next. here is a look at the s & p 500 heat map for the day we are back in a couple of minutes. something is transforming and our world.. it's the longevity economy -

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live on capitol hill let's listen in. >> as always, when you communicate you find ways to i think improve the situation. i am very happy to have had the opportunity to meet with as many members of congress as i did >> thank you >> i'm sorry.

>> reporter: [ inaudible question ] >> there have been facilities in mexico and many facilities in the united states. general motors, i'm proud of the fact that we provide a very good wage rate and have, you know, workers that enjoy very successful and a good way to live their lives i'm proud of the jobs we provide here i think as we move forward there will be additional conversations there. >> reporter: [ inaudible question ] >> the announcements that we made we think are going to help us improve our capacity. as always we are driven by the customer and the market. you know, we made, you know, we worked very carefully and looked at what steps we needed to take to strengthen the company and as difficult as we are we think that the steps retake is what is

necessary for our future >> thank you everybody we have to go. >> that was mary, chairman and ceo of general motors. let's bring in phil to wrap this up for us. it has been a very busy two days for gm on the milhill, right? >> yes it was with the michigan delegation two of the four u.s. plants that general motors plans to close or idle down to no production at all are in the united states two are in michigan and one in ohio and one in maryland the reason that this is an important meeting is that they are trying to to figure out what they can do to force general motors to keep these plants alive. the reality is there's not much they can do on capitol hill. they may pass some bills which may take aim at some of the tax benefits that general motors and others have received under the latest tax bill but in reality

general motors has made the decision because it needs to close too many of these plants that are not running efficiently enough ironically it comes on a day we have confirmed that fiat chrysler will be building a new plant in detroit it is the first since before the recession. the reason why, fiat chrysler needs the space. its factories are far more efficient in terms of how much of the capacity is being used. as a result when you look at this it says it all. if you're general motors you plants not being used to their full capacity. you to close some of them and shore up the lack of capacity or lack of efficiency if you're fiat chrysler you're selling suvs, particularly jeeps at a record pace jeep will likely hit a million in sales this year 1 million vehicles for that

brand alone. it meets the capacity. that's why we have confirmed to sources it will be building a new plant in detroit back to you. >> thank you very much we are going to continue this discussion let's bring in debbie who just finished meeting with them minutes ago. thank you very much for joining us i don't know if you caught the end of that report he was reporting on the appearance in front of you and your colleagues but also that they are building a new plant. are they sort of shaming gm as it were? >> yes obviously we are glad to hear they are building a plant in the united states and we will be creating jobs here and keeping jobs here. it is a very complicated time. i probably understand it probably better than any member of congress, commodity on auto

industry i think general motors has made a decision and has a significant amount of production the question is how do we support gm and how do we keep the jobs here in this country in terms of answering questions

how do you bring those jobs and retain jobs there and have a company like gm continue to be competitive into the future? your meeting just now, did you get any answers in terms of how it will happen and what it will look like? >> i think it was a very complicated discussion a lot of us are concerned. i am. those jobs were created by a very bad deal 25 years ago what do we do about trade policy how do we level the playing field? we are all concerned about -- i still call it nafta 2.0. what is this new deal?

is it going to hurt or help talking to everybody i think in the meeting today there was a lot of emotion many were blind sided including myself and the industry is not together it is another problem that this industry is not a united industry it makes it to figure out what is it to keep the jobs here? >> congresswoman, should they be making decisions purely with the interest of her shareholders in mind or does gm have a greater duty to the american worker and the american economy because of the bailouts it received in the past >> i think it is a larger question period. i think there was a time in america where corporations shared they did care about workers. it wasn't all about the bottom line yes. we have got to be competitive. how do you make sure workers are part of that i think recent years you're

seeing this and all of these i'll tell you something. you know, i want to work and keep jobs here i don't want to see more jobs go some place else. the same day that ford or general motors made that announcement they told me they were pulling that in my district they handled it differently. all of the people at that plant will hopefully find jobs and make the same announcement that they were going to try to relocate those employees to another plant. there was more of a compassionate perspective. i think perhaps gm didn't do a great job communicating what they were doing with their employees. but look, this is complicated stuff. we deserve to be treated with respect and an important part of all of these decisions i think too much so they are not anymore. >> thank you very much for

joining us much preeappreciated. >> thank you s&p only down a third of 1%. the dow only down 130 points as we speak so we are well off the session lows as you can see. it was 785 points for the dow now just down 140. we will dive into that when we come back. we'll head back to the business round table. ibm and walmart ceo will discuss everything on the ecoms rk nt.ony' let's begin. yes or no? do you want the same tools and seamless experience across web and tablet? do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards

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the down only down 100 points the s&p only down 6.5 points right now. the nasdaq and nasdaq 100 have turned positive in the last seven or so trading. let's check in on twa what retail stocks are doing. >> hi. things have turned around in the

last hour or so. it is down about .06%. we still have a number of retailers down much more than the broader market or the xrt. many of them on earnings report. the moves seem to be a bit extreme. childrens place down because of the cost of stronger online sales and the cost to fulfill the orders from store inventory instead of from a distribution center this comes after a mixed report and lands end up 16% it is despite reporting a small earnings gain of 12% it could really turn around tomorrow lululemon coming down about 2% they had been down about 3.5% or so rh is what we use today call it. they are up almost 4%.

again, bucking the broader down trend. we saw this and as a matter of fact if you look at this shares are up 24% back over to you >> thank you very much for that. we have six minutes left to trade. after the break we'll be back with the close which is looking not too bad. >> after the bell we have exclusive interviews their thoughts on the market and much more later on the closing bell keep it right here you're wchating cnbc, first in business worldwide lies beyond the tech sector. it's about technology transforming every sector. ♪ at pgim, our bottom-up approach uses a technology lens to identify long-term winners. from energy... to real estate... to retail. finding such opportunities for alpha is the true value of active investing. and around the world, you have a partner in that pursuit.

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don't get mad. get e*trade and start trading today. we are down about 100 points right now as we approach the bell it is encouraging. no less, no green on the screens. nasdaq just about positive s&p and dow all down sector performance very quickly. it was down as much as 4 to 5% now down only 2% financials down 3 or 4% now down only 1.5%. we have four sectors in the green. they were almost all red earlier

today. s & p 500 today down 2.5% for the week as the whole. i will stop talking now. what a great rally >> it is fabulous. part of it is people are thinking this arrest took place on saturday. now they are beginning to think that the heavy selling on tuesday might have been by people who werein the know who had found out about it and sold. so if that's the case then part of the necessary early selling was done and that would create a vacuum and allow us to float backup

we had la dpsz guard coming out saying the u.s. is not going into recession in 2019 at 3:30 we had a little spurt up there was a wall street journal saying the fed officials are becoming more positive about how far the central bank will need to go saying the fed is starting to look at this about how aggressive they need to do it. >> and you had -- >> yes so some continuing negatives but we were so deeply oversold at 11:30. we were talking about 1,500 points in two days on tuesday 700 points on thursday >> from your experience when you see a big pick up is that something that usually carries on into tomorrow >> the trouble is we are not getting the kind of volume you need is for the market -- you need it to look like a

cattle stampede and you will be sure it carries over i think it will depend on the payroll numbers. >> just had a 700 point decline and almost 700 point we cover ri that's a remarkable day. >> we are down less than 100 points 92 points to be specific that is the end of trade down only slightly and nasdaq at positive territory back to you. >> thanks. welcome to the closing bell. i'm morgan wilfred frost will rejoin me in just a moment as well as mike santoli. here is a look at how we are finishing the wild day on wall street the dow has finished down just 77 points. this is after being down

earlier in the day similar story. we saw this late afternoon rebounds there finishing down only four points the level there is 2695. the nasdaq actually finishing the day in the green 7188 similar story for the nasdaq the russell 2000 finishing the day down .02%. u.s. china trade, the flattening yield curve and in the past half hour or so this report that the fed considers slowing down the pace of rate hikes we have two big exclusive interviews coming up this hour we have ibm ceo and doug mcmillan we are recovering from all of the angles we have bob tracking the big movers here. we have been keeping an eye on

tech let start with you this is 2632 as i recall the important thing is we bounced. we saw a bottom at the close for the european markets it was down 1,500 points in two days we turned around not just because of what we are told we had headline movers. take a quick look. atlanta feds say interest rates within shouting distance and that is getting a little more

dovers it is about how fast the central bank will need to go it added 15 points onto the dow. deep movers. many stocks down here were deeply in the red early on and turned green let me show you a couple of them >> home building stocks did a little bit better and some of the retailers bounced. that was a big move for them it is 34 turned around spotify was 129 at the home. 126 turned around and visa was 131 or 132 maybe a lot of stocks had big turn arounds. new lows today, 500 new lows today. the big names some of them in the industrial space and lock heed morgan stanley all of the big regional and money center banks and some of the oil service

names. i say not out of the woods just quickly. know fed and rates have a better stone. we are unresolved. tariffs as well as economic slow downs. back to you. >> thanks for that let's head to the nasdaq >> it is really is highlight of the day here we had a big reversal coming from the big tech names. take a look. that is what lead it and what has outperformed today it had about a 200 point swing from the lows. the faang names playing a big part, particularly the reversal on amazon following netflix's early charge in the morning. that contributed to the upside movement big names added to the points on the upside including microsoft chip stocks had gone into bare market territory you have a lot of names that

finished well in the red as a result here as we close the day apple is now the third most valuable company in the s & p 500 behind micro soflt and amazon back to you. >> what a difference a month makes. thank you. the energy sector getting slammed. we have details. >> leaders unable to come to an agreement of a scheduled press conference agreed to cut oil production but failed to settle on the exact amount the russians set to be behind the delay is it down 30% over the last two months. consensus is that a production

cut will be announced but it may not be as high as they initially expected oil prices ahead of that decision down 2.5% in today's trade. >> thank you >> we have stephanie here, a global research director senior vice president welcome to you both mike, i'll start with you. would you have expected it to end the way it did >> i wouldn't have expected that the last half hour we got that and the wall street journal article where messaging is getting more dovish. i think ai all along the way wea some of the most beaten up areas like housing stocks outperforming in the morning it is in the that big a surprise that we made another trip down and found no buyers.

the market remains a mess, right? we were up 6% in six days from a seven month low. we lost it all in a day and a half into midday today so could that be the kind of thing that says this is a very important reversal and we refuse to go below the levels we had a whisper of good news? yes. you never sound an all clear this time you can't sound an all clear. you literally can't do it. >> yes >> at the same time we keep selling off on the same data right. like we know that trade, there are question marks with trade. at least they make some progress opec we don't have to stress too much fed, we know they are getting more dovish. we have to see what they do in two weeks. i kind of feel like we keep selling off and then we kind of stabilize. i am trying to find the positives, because that's what i

always try to do lower oil, lower inflation lower interest rates that's good for the consumer which is 70% of the u.s. economy. that's good. actually, the data has been good the economic data has been good. initial claims were okay >> yeah. >> pmis and that sort of thing i know we are slow i agree we are going to slow but we are not going into a recession. it is not happening in the near term >> and another person that shares that is leon. we should actually point out it was partly behind the market rally. he was very clear. he thinks the market will end the year higher. where are you in this debate do you think this optimism, people are missing things when they have views like that? >> well, just remember the market is flat on the year give are take i don't have the exact numbers the market hasn't done much. the market's earning the d

dividend yield i think rick has said that many times on these programs. it looks like we are up or flat on the year. i think the economy is slowing a little bit you know, my big concern from a rhetorical point of view is that in 2008 the story was don't worry, home prices never go down now we are hearing it is all right because we have a strong economy, don't worry about the stock market i think we have to resolve where the economy is heading, what trade is doing that's creating a lot of volatility the market hasn't done much this year it is october chully pretty good >> mike, if there's one factor i think it relates to all stocks and that's it looks further ahead than economic data does. >> yes >> and it might be wrong but

there's a fear out there that markets are always one or two years ahead. >> yeah. i would argue maybe it is looking six months ahead in trying to see what things look like right there the market has been very sensitive. that being said, i mean the magnitude of the strong economic data in the moment right now in terms of those at 60 and all of the rest of it would suggest it would be a while before the market stalls out or the economy stalls out before it became a big problem. i agree with you i think it feels like the 2015 into the 2016 selloff. it was a lot of stuff going on imamericaning markets melting down ultimately the u.s. had a growth

scare but did not go into negative growth. >> not 94 or 95 anymore. >> well, i have one of these for any purpose. >> i'm learning. let's talk about the trade deficit. it increased the highest level since october 2008 it is the fifth straight month the trade gap increased. she sat down earlier today to discuss how she sees trade tensions impacting the market. >> there is that concern about trade and the trade tensions and rhetorics and threats and tariffs, those that have been applied and those being threatened and the uncertainty how it will be resolved which is weighing i think on the optimism of markets >> trade clearlya factor and does it alter the negotiations it is the bigger picture we are well aware of that. >> yeah. i would think so

i don't know that, you know, i don't know that gaming the growth rate of the economy necessarily matter for the trade thing. i think people are dug into their positions on either side they are trying to maximize the leverage within it >> it was kindov of states the obvious. global markets have been slowing for a while now. this obviously put a lot of pressure globally. i think china is in a lot more trouble in terms of their economy and markets. i think they will come to some sort of an agreement ton the trade front. >> do you think it is price into the market looking to 2019 >> that they will? . >> no. no i don't. look at the way the market traded on monday we were up huge. i think that's lot of question

marks. i think that's why we gave a lot of it back part of the yield curve inverting put some sour groups -- grapes on the market overall. even if it is something i think market will rally. >> trade tensions have weighed of course and one was the arrest of a top executive we have details for us >> questions are swirling as to who knew what and when setting a white house official that says trump did not know about the extradition request before his dinner at g20 with chinese president. that dinner was ton very same -- on the very same day his national security adviser said he didn't know about the arrest in advance and canadian prime minister said he had a few days advanced notice it is whether g20 trade

negotiations and if the president did have faith of one of china's top executives. here is where it gets more complicated. she is the daughter of the company's founder who has ties to the chinese government. she is seen as a possible successor. it is the world's number two smart phone maker. it continues to unfold still a lot of unknowns. the saga has huge implications back to you. >> thanks very much. we'll discuss the impact of this now. we are on the u.s. china trade relationship tim is here. tim, i'll start with you on this topic. do you think this arrest was part of the trade negotiations do you think it really and truly was unrelated to the timing of the g20 meeting? >> i think it's unrelated to the trade negotiations i think it would be hard to

think the trade delegation would be comfortable with us arresting a business official basically right before dinner particularly in a 24 hour news cycle. it seems kind of odd i also think that it has been under scrutiny since at least 2003 in their theft of intellectual property. i'm not at all surprised it certainly did not help markets overnight. >> maybe not surprised i think what is surprising for what many and certainly this is a conversation we have been having in the past hour is how long the news sort of held before markets found out about it it sort of added to the theory out there. steve was talking about it in the last hour that perhaps this was something that china and president xi of china was okay with and maybe supportive of in terms of the arrest.

>> right and there's also a theory perhaps people now about this on tuesday. it is hard to know who knew what when and whether apparently she is being brought up on bank fraud charges. it is to find out what bargaini bargaining chips we need so i don't think -- you know, i don't think the chinese government always loves all of the executives either. >> what is your take on -- take a step back on all of the developments do you think the fact that we are douchb correctly sums up the change in optimism we have had since a week ago >> well, i think there are three things driving the market. you know, it's fiscal monetary and now trade policy this whole china thing with technology assets and i think

the rate issue is a big part of what's happening and what the fed is doing or not doing. we know what the fiscal deficits are. that's not going to change that much i think the direction of rates will determine the liquidity and systems. it's not necessarily about what apple is earning or ge is earning or not earning it happened in '08 and it will happen again how far will a fed go to take that away? we just, you know, the conference was this week the news out of that conference was okay not great. loan growth isn't as good. financial stocks, most at 52 week lows because of the fundamentals get ago little tight. i think the fed is driving this boat here and they are either going to make it a lot worse or back off that's going to, you know, it sounds like they are going to back off but then what we will see what happens

>> okay. thank you very much for joining us still ahead, oil prices keep crashing after opec pushed off tomorrow up next we'll look at whether it could really help crude rally. >> and coming up we'll head back to the business round table in washington with a pair of big name interviews. jenny and doug will get their thoughts on today's market gyrations. this isn't just any moving day.

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let's take a look at the earnings for lululemon it is up about 18%%. they were looking for it to be higher by 14%. i guess you could call it a little bit weak. we have the shares here down 6% after hours. they were down as you can see on the chart a little more sharply than they are now. coming back a little bit

back to you. >> thanks very much for that we also have ulta beauty numbers out. >> shares of ulta moving lower after earnings guidance came in a bit soft earnings and revenue $2.16. we sort of knew it already from most recent investor meeting take a look at if -- the stocks. it is up about 22% in 2018 analysts saying makeup is one bright spot in the retail space. this holiday shopping season will provide as to whether it is truly a trend. back to you. we have another one now with josh >> broadcom looking for $5.85.

more importantly is the 2019 outlook they are giving us it is a revenue of 25.5 billion. it is stronger than the street was looking for. wired infrastructure clocks in enterprize at 1.3 billion. back to you. >> great stuff than thanks v thanks very much in terms of all of the reports lulu is suffering. >> that's right. in particular with lulu it tells you high expectations are. wouldn't have to be lowering guidance it is more of a measure of that. >> yeah. lulu is still up >> oil plunging today as they are meeting did not come to an agreement on production cuts

talks are expected to continue tomorrow brian will continue his great coverage from the summit let's bring in former adviser. thanks very much for joining us. if i start with you what's the kind of moving figure here of how big a cut needs to be? >> traders are looking for anything between 1.2 and 1.5 million cut. if opec comes in and says we will cut 800,000 and another will cut another 300 it is not going to be enough you need a million and you need it right away. no delay whatsoever. i'm looking at 1.5 million, a solid cut or we are going to see a 40 handle for crude oil. >> so what extent is opec much

weaker than it once was? the fact that russia works with opec these days is something you would not have expected years ago. >> no. you wouldn't have expected this. since 2016 the russians have joined opec. they have interesting showing up and the russians would like to see it around $80. this is where they canbalance the budget the u.s. would like a price that would be, you know, a little bill to cover the larger course of lifting it. it seems it is a general consensus here among all of the producers. they have to work together as in the past to cut the production especially now and the expectation is that the world demand for oil is is going way down and there will be no excess supply than today. 1.5 million may not be enough. >> russia may be working more

with opec but you have cutter exiting in 2019. is the cartel at risk of more members leaving and sort of losing its dominance within the oil market >> leaving now is producers less than 700,000 barrels a day it is a natural gas power but not very important in the oil market the fear is maybe others might leave and some have already. these could be part of the gaming bargaining and has always been fractures those that have large reserves and can wait and those that really want the immediate money and the story has always been that opec, despite all of the difficulties and conflicts have always put politics and other issues on the back burner and have always allowed the common interests and higher oil prices

to prevail >> quickly, is there a demand part of this equation as well as weak demand or is it just supply >> it certainly is you know, this is the time of the year where demand starts to falloff. you'll see it start to increase after the first of the year. when you look at the economies they are in a slowdown right now. demand from both of those are less let's not forget that all of this started when we thought they were going to have a lot of sanctions. opec and the russians ramped up production they have been floating the idea of cutting it back to 2016 levels which is about 1.2 million that we would need off the market i think it's probably a pretty smart idea let's not forget the bottleneck that was happening will be relieved a little bit. there are three pipelines that will be done at that point that will bring potentially a million

barrels to the gulf. it will add to the supply situation. you a pretty big problem here if opec doesn't cut significantly >> thanks very much. ibm one of the best performing dows today. becky joins us from the business round table for an exclusive interview with ibmceo. >> thank you very much as you mentioned, we are here with jenny you have been lehere with a gro of other technology ceos and other leaders. >> that's right. >> what happened at the white house today? >> we had an interesting discussion i would call it an innovation summit it is what do we need to do to make sure america is in the lead it was iai quantum and the

message most wanted to communicate is you don't want to be in the lead you want to be number one. it is about playing to be the best in the world. we were talking about what are the things that would help us be in the lead? >> part of it was spending we use today spend four times as much as china did on ai. those levels are about the same. >> yes we agree some spending is needed in some places it is one of the biggest things. we have national labs in this country. what do they do for ai get that organized one of the biggest pressing needs is an ethical framework for ai it is one of the inhibiters. you're balancing commercial use with security issues it will be true with all of these products let's get that framework written. i think there's really great

learning here. everyone had to comply the issue is 30 other countries are doing that when it comes to ai if we don't take the lead someone else does. it fills a void. >> gdpr, it was the privacy regulation >> yes for data protection. >> you were pretty vocal saying that you think some of our consumer technology companies have been irresponsible. >> we have talked a lot about what to do that slees the economy down sit regulation you only want to regulate a problem. if a company does mist handle data we don't want to be there a position we take sledge hammer regulate the problems. i think that's what you have got

to do or we will, my fear is that the lowest common denominator will determine the digital economy. find a problem and i think it can happen with people being liable for things that terrorism and other things on platforms and that's where you should focus. >> is it frustration that you see a couple of bad actors and you worry there will be some written? >> i think the bad way to frame it you want to get ahead of this before something gets written. let's be clear we know what problems are and let's legislate those kinds of problems. >> do you think a gdpr solution would be one well served here in the united states? >> i think the most important thing is we comply and put the money in.

>> obviously that's a moving target the market seems to change its mind on a day-to-day basis today the reason there was concern is in part because of hearing had been detained. some people reading into that were not coming to some sort of agreement or that we are ratcheting things up what would you say in terms of what you say with trade talks right now? >> i think having spent a day here i hear from many different parties very positive, what we have seen, a positive discussion there is a way forward here to work through the 90 day period here >> yes >> i am cautiously glad to hear what i heard about those thins that it will have a positive way forward and ind colludcludes ma access throughout the day i have heard people feeling as we have all

been told. there was a set of agreements and a good basis to move forward and certainly make progress. >> it is another discussion we have had here and even with some of our conversations we have had here again, we have to be setting the standards. we have to assume it will happen the rest of the world will pick up where ever the market leader is >> and i can't speak to their situation but i know if they will play across the world we obey the laws. that's an important part of being able to plan a global stage. >> let's talk a little bit about jobs tomorrow we have a jobs number coming out while we are looking at great numbers, 3.7% was the last we got. the one downside is they have had a hard time finding talent >> we get 7,000 applications a

day. i have more than enough applications that's not generally true for the world here it's not generally true for the company. there are 7 million job openings there are more than enough people looking but they are not qualified. it has been a lot of our discussion here today. we are putting together a platform of how do you get america ready? technology is part of what you to have. >> what about the new role you here it was just announced today. you will be in charge of one >> yes i accepted education in the work force. so we really are going to frame a program. we called it tomorrow ready meaning having america have the skills ready for tomorrow today. tomorrow ready in an america that always learns it is this issue that 7 million, 7 million job openings, not enough people to fill them

if you go under it what we will start to i think make headway on is that 185 billion is spent every year in higher education here yet only one-third of our working population has a bachelor's degree. does everyone need one our conclusion is no what we are going to put forward is a platform that says how do we broaden the base? it is not always with college degrees and retraining is a big piece of that. how do we make more efficient that $185 billion. this is one of the things we do as policy here the higher education act is up for reauthorization. some times timing is everything. 100 billion on federal loans 30 billion on grants and then work study programs over a billion. we could make simple end roads that get take work study right now 75% of the money has to be spent for jobs on a campus let's flip it. what about apprenticeships, out

with small and medium business you'll get the skills. when it comes to a grant or loan you have to be a full time student. you to be getting a bachelors or graduate degree. what about someone changing careers and what about helping them with the apprenticeship they don't have to be a full time student i think we can have much of a america than par tis paiticipatd quickly on being able to supply the jobs and our side is on the depl demand side. be willing to fit the right jobs >> last time you and i spoke was the morning you announced the acquisition. >> that's right. >> how are things going? has there been anything at all that surprised you >> the only thing is how clients think it is a great idea it is confirmed absolutely why we did it. everyone sees the challenge that we had 80% left of their work,

but it's hard. they say it's a multi-cloud world too. this is what that answer is that gives them no lock in. it helps them move it. it helps them manage it. that's the future and that's how they get the cost we fib shen si and innovation i have had nothing but a thousand percent strong support from clients >> morgan mentioned that ibm was the best component today if you look at the year it's the second worst what is wall street missing? >> clearly under valued. is it always about growth as we looked at our business we transition mission critical work and to the cloud and so really our role is about being a high value company but doing things that are both today's current mission critical work and transitioning clienting to the future i think we placed our bets in

the right ways you have seen us make progress as you saw our margins return as we made all of these investments. i think we now need to show that and continue to consistently perform. >> thank you for your time today. >> thanks. back to you. >> great stuff thank you, becky >> coming up there are 18 shopping days left until christmas. we'll talk to walmart ceo about the holiday season and what the company is doing to compete about amazon closing bell will be right back.

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welcome back to the closing bell with becky who has bceen joining us earlier she sat down with jamie dimon. here is what he had to say >> it is a big issue for some. some, you know, we have the change supply lines. they have to make investments different. they may hold off because they need to know where to build the plant. mexico, vietnam and things causes volatility. >> becky is back this time with

wall pla walmart ceo is back. >> thank you >> we are with doug, the chairman and ceo >> just the ceo. >> i just promoted you it does create uncertainty it is the fear of the unknown that can stop some in terms of what they will spend and what have the threat of tariffs meant to you so far and what are the tariffs meant for your bottom line >> there is the side where we are building stores and clubs and having we commerce that continues on it relates to how goods flowing out of china come in and it creates uncertainty as it relates to pricing we buy more merchandise made here in the u.s.a. china is second on that list we worry about next spring, next

summer, next fall, what customers will have to pay if tariffs have to escalate >> has it impacted your margins at this point or how do you tdel with it? >> we try to go up as little as we can there are some categories where this will show up. >> and your thoughts on where we stand right now. most looked at what happened as a positive stance. we still don't know what will happen 90 days from now. >> it is a volatile situation. it is nice to have a little good news we'll see. >> let's talk a little bit about the economy overall. i remember at that point walmart sales alone were 10% of the total u.s. retail sales. so what you all are seeing is what's happening what do you see right now in terms of the consumer strength >> it has ban good year.

-- been a good year. we believed consumers are in good shape we hear the news we have these same concerns you guys talk about all of the time. as it relates to the consumer we are in good shape. >> he said that the consumer environment is the healthiest he has seen >> it has been a good year, no doubt, as we have said, as we released results through the year we have tail winds. we had the tax changes a lot of things this year that have been strong >> you wouldn't go as far as to say it is the best you seen? >> there have been other good years. i have done this 30 years. walmart has had good years this has been a good one >> walmart does well when it is being well run i think walmart does well whether the consumer is in a good or bad position because you offer value. in terms of what might happen

with the potential slowdown would you do anything differently? >> pretty much run our play. we have a lot of work doigoing o change the company we are getting faster, more nimble and adapting to what's happening in retail. the plans result in lower cost we have been lowering prices we need to keep doing that we are approving in many areas and then kind of the magic of walmart is how we put it all together grocery pick-up has been really great. there is a lot in front of us in terms of what we control and what we do >> walmart is also the largest employer in the united states. i didn't realize you're the n d third largest in the world behind the u.s. federal government we'll gate jobs report tomorrow. what would you say ahead of that

>> wages are continuing to go up we raised our wages in the u.s our starting wage rate 50% in the last three years it continues to go up market by market we are looking at cities and states to get the talent that we want we are not focused on starting wages and hires new associates into the business. we invested in training. we have 200 training academies teaching people retail skills. we are teaching them how to intervu a interview and things like that our turnover is reducing as we implement more technology and give people new tools we want to have people with us so they use those things. our strategy is not related to starting wage rate it is related to everything that we do including the education and training >> you all started raising the amount of money and your employees and associates amazon has come out and announced the same thing this

year has it gotten harder to find the workers you want as the unemployment has gone down it probably leads to everybody starting to play more. >> some shifts are tougher overall our retention rates going up and that's helped us navigate this environment. >> you just described all of the initiatives you all are taking on there's been so much concern out there about ai and automation when it comes to some of these things are we going to see fewer jobs >> yeah. we just finished a panel there is a transition going on change is happening inside of i think all businesses and the cross industries we are learning how to put automation plays like the cleaners, like an industrial roomba but it's looking at the merchandise and learning thousand kplun kate with a device that goes up and down the

aisle to check to make sure thins are in the right place and priced right looking if inventory needs to be pulled down. >> will that mean fewer jobs >> i think over time there will be there will be period of disruchgdi disruption we want to train people so they can learn how to do new things as this change is happening now we have already seen new jobs like personal shoppers immerge we have about 30,000 personal shoppers picking grocery orders in the stores for pick up. one of the most popular things is the grocery service you can pick a time slot on your way home swing through and put it in your trunk and take off it has grown a lot people have new jobs creating that order for you folks that come out and talk to you far few minutes. that's gone really well. what i think will happen is we'll find new jobs, delivery

jobs, jobs related to customer service in the stores. we want to improve the environment in the stores. we want our apparel presentation to be better we'll redirect some of those positions towards that >> when we spoke recently it is something that surprised me. you said you carry around a list with you of the top ten retailers and carry it on your phone. what is it and why do you carry it around? >> you'll make me sound complete completely paranoid now. after learning a little bit from so many people we know that retailers come and go. you know, businesses grow and they don't clahange enough retailers do that on a faster cycle. if there were a group of associates and we asked them what the only thing that is

constant is they would fill in the blank with change. we learn from competition and focus on the customer. we are always changing i carry that around with me and see it fairly frequently >> you're not lying. you got an app that's got the top ten retailers by decade. this one goes back to 1950 and there are companies on here t.j.n.y. you see the rice and fall of sears and others it's a reminder that can happen to us too. part what have i do within the company is try to make a case for change, point to a strategy and a vision for our associates. we have great people and they rally and move and change. and it's happening at an accelerate theed rate inside the company, causing people to they think wal-mart as a business. >> thank you for your time we appreciate it. >> thanks. >> morgan and wilf back to you. we couldn't see this because the print is too small i'm taking a picture and i will tweet it if anybody is interest

interested in seeing the list of the top ten retailers over the decades. >> a slight shame, becky if we are talking about retailers it's not parchment with a quill i guess these days we make the lists on an iphone becky, thanks to you as always and also to the ceo of wal-mart. doug mcmillon. up next, sfoks rebounding late in the trading day we look at a group that led the comeback straight ahead don't go anywhere. broke my personal record.

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welcome back to the "closing bell." it was a wild ride on wall street with the dow rallying back from a nearly 800-point loss diana olick looks at home builders which outperformed all day. >> that is thanks to the big drop in mortgage rates the average rate on the 30-year fixed is down 21 basis points to the 4.73%, the lowest in two months down from a 5.5% in november according to mortgage news daily. a savings about $70 a month and $300,000 mortgage that's the builders are in the green. the construction etf and big jufrpgs for lennar and pmt ulte and toll brothers toll reported a big drop in the last quarter and the ceo blamed rising lates. >> diana thank you stocks making a comeback we check the after hours movers next. >> and coca-cola announced the current chairman will retire in

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after -- excuse me lower. slightly weak guidance yoofr yoofr shadowed earnings. they were much lower but recovered off the lows but still down 3%. shares of chip maker broadcom higher after the earning beat and strong sales guidance for next year. up 7%. and american outdoor brands formally known as smithen a wesson after beating full year guidance op higher sales of firearms. up 13% in the after hours tried process. a volatile stock but it's netsable given how depressed firearm sales have been. >> and one of the after hours movers based on year to date performance in terms of how tough a setup nef like lulu lemon. back to the broader markets, mike, i guess the story of the day ends up different from what we thought at lufrmgt. intraday rally. >> >> two heavy selling days and

you started to see the glimers of bargain hunting the fed dovishness in the "wall street journal" article was an accelerant but there was the impulse. before the jobs release which we have tomorrow morning the market has a tend sieve like pulling into a neutral zone. ahead of a sequential data release. i would expect that would have kind of been an upward drift anyway now the question is what do we get with the jobs number. >> what do you think we will get? especially since there has been the more -- taken to be dovish commentary from the fed. >> adp was on tarring, a little bit light in terms of payrolls today. i would expect the market is looking for a slight miss on payroll and wages but not negative i think a weak jobs number is going to flair up the steep slowdown if you get the benign wage growth as expected ob or a little bit below in terms of net payroll adds i think that's okay right now. because we have -- bond yields

will go up on that because we have rallied hard in the bond market. >> i guess also watching opec as well because energy was the worst performing and all prices slipped earlier. today, mike as always thanks morgan things for filling in. >> thanks. >> that does it for the "closing bell.." "fast money" -- >> "fast money" starts right now. live from the cnbc headquarters in inglewood cliffs new jersey, scott wapner in for melissa lee. traders on the desk are pete najarian tim seymour karen finerman and dan nathan tonight on fast a stunning reversal and wall street the down are dow with a drop early in the day rallying nearly 800 points from the lows almost coming all the way back, ending down just a mere 79 points and after taking out the november lows, the s&p bouncing back to end the day nearly flat as well. the nasdaq closing day i