that's something to pay attenti attention to >> interestingly when we had this earlier in the week it got better that's not the case today. >> definitely not. >> hard year to make money >> yeah. >> stocks or bonds orb bitcoin closing bell right now good afternoon welcome to the closing bell. i'm wilfred. not a pretty picture in the market markets down sharply at session lows right now just down on the dow. the high of course was positive territory mere t territory near the open. we are down 2.5% the nasdaq down more than 3% all of the major averages on pace for their third weekly drop out of four. >> coming up in the show we'll

hear how a november jobs report could effect the rate hike time line sarah is speaking exclusively, what he told her about the consumer, the economy and if he would run for political office >> first let's begin today with the selloff. bertha is up and has a break down of today's jobs report. let's start with you >> trade issues. larry kudlow speaking this morning positively the market dropped and still been dropping. i want to show you what's been moving here. trade related names. we use boeing as a standard bearer for trade you can see it is down about 3%. the continuing weakness and the financials has been noted all week we have new lows on all of the major banks. it doesn't really matter there it is.

it is a new 52 week low. it is down 2.6%. i is also interesting the big momentum sector is a slightly more defensive sector. united health has been a big market leader here down 9 points that is about 10% of the dow's decline. elsewhere if you take a look more defensive names not doing bad but even here proctor and gamble down half what the rest of the market is down but still to the downside. we had a nice start to the day with energy stocks on what looks like an agreement to cut production all of the big names, chevron and exxon were up. as you see here in the last couple of hours they too have gone negative. we'll see how the close goes down 600 points. back to you. >> down 6:52 new lows on the dow.

nasdaq on track for the third weekly decline bertha is there for us >> yeah. real broad decline 350 new lows only one of them on the nasdaq 100. the russell 2000 for 5% decline this week. it is worse than the major averages chip stocks are one of the big drags here on pace for their worst week since the october lows we are trading below the levels now where we saw reversal yesterday but not getting any help from the big caps where we saw a number of traders pile in in the afternoon apple right now looks like it has given up all of the year's gains. it was last down having a negative year in 2015. that year it fell more than 4.5% it is on pace for its worse quarter in about six years

take a look at some that were positive it is hitting an all time high earlier this morning it happens to be listed here tesla i want to point out is actually doing incredibly well for the quarter. very strong quarter. big turn around from the decline that we saw at the end of september. at this point tesla is actually the biggest car maker by market cap in the u.s. at $64 billion quite a rekcovery >> thank you for that. let's drill down the jobs report came in below expectations we have more on this >> a slowdown in hiring. they added 155,000 jobs in november it wasn't enough to move the unemployment ralt which remained unchanged at 3.7%. also disappointing news on

revision it was down from 250,000 jobs to 237,000 jobs a september number rose from 118 to 119,000 all told the net change is 12,000 fewer jobs than previously reported. larry kudlow told cnbc he was encouraged at strong growth and manufacturing. >> i was really impressed with the manufacturing number it was about 27,000. this has been a blue collar recovery it is the best since the mid-1980s and also the best blue collar performance i think it's a decent number >> others leading to gain health care adding 32,000 jobs and transportation adding 35,000 jobs it was a mixed bag for retail. general merchandise stores up. electronic retailers and

sporting goods stores all shed jobs one negative sector, the government lost 6,000 jobs back to you. >> some might not see it as a negative but a positive. >> thank you for that. the dow jones industrials, it is down 622 points. so off of session lows at this point but still, it is hurting let's talk about our panel today who is joining us. keith is here and steven, the chief u.s. economist and rick is joining us from chicago as well. is this astampede of of a bunc of wild beasts that get v a bunch of wide open plain and get spooked? >> you get these outside moves one or 2% in a market like this will move a lotover points on

the dow and the s&p. it moves back in 2009 wasn't that big of a deal when you look at the number it spooks a lot of people especially retail investors they start heading for the exits. what is the strongest month of the calendar year is getting off to a bad start i dare say we are getting close to oversold signals around 2575 on the s&p we should catch a bid there. what i'm looking for on the close is we have been selling them throughout the day. we need to catch a bid here on the close. i think we'll see some coming in >> overall in the last ten days there has been more good news than bad news. does it add to the concern we are selling off in light of that >> i love that good news leads to concern i think a lot of it is about the growth of the economy, the fact that the trade wars might not be as bad as they could have been as a result people are concerned about inflation and concerned about the fed actually getting

behind the curve interest rates move faster than what would be expected that said the fundamentals remain relatively strong we think earnings growth is likely to be strong. what has been driving on a global basis, most are still in fact we are a little concerned we valuations but we think when we look internationally that's lot of value to be found >> when you look at the data a rel tifrly big miss but -- relatively big miss but not huge >> not in december i think december will happen the question is what happens in 2019 i think it is probably shifting out into the latter part of

2019 part of it is even though it is good it's not good it's not bad we are coming off a fairly strong second quarter and third quarter and coming back towards trend. that's not a bad environment for equities but also does not justify of a lot of economists getting wrapped up on the yield curve. those recession forecasts are dead >> we heard from the st. louis president saying that the fed could decide to forego the rate hike when you talk about the language it has changed it is a pretty significant shift. >> it is now, i do believe that the fed like us is monitoring these issues i believe that the inversions are something to pay attention to they definitely captured

everybody's attention. i think that it's the short versus the long and big curve that is most significant and that's what the fed is referring to i'm not so sure if they say we don't want to invert the curve would that mean the fed is nervous about the economy? no guarantees. i can tell you this. if you do forensics on the week there is your curve flattening 30s are down 15. we are not closed yet. if you look on the day a different picture. twos are down 5 and 30s are only down 2 i think the curve will settle back here a little bit from the short end out to the long end. the five year will stay well bought and stay out with the rest of the curve c how it moves from here could be an excuse

i do believe there will be a pause. i don't think it should be shocking to anybody. our feds have the rate up a lot more than other countries with similar policies started a couple of years ago. at the end of the day the markets seem to be pricing in december although it is getting closer to 50 kt %. you should argue for 2020 there's this begins to price in. the markets like all markets move every second of every trading day and the picture is always changing. >> in terms of internationality you're a little more concerned you think shanghai is a buy right now? >> we do if you look at the chinese market it is up from the high in 2007 evaluation is an awful indicator. >> 2007. >> 2007. >> right >> but the economy is continuing to grow at 6.5% pace none of that has been effected

people would be screaming that the u.s. equity markets are a murderous buy. this is an economy that's growing even if it is 6% it is still the fastest growing economy we have seen in the world in the 1950s the underlying ability by envesting in the current markets is really important. the other thing i want today -- i want toded to mention is theye relying on the bonds they actually got that today. today was a victory and i think it's worth noting that >> steve, just to come back to the point on outlook we touched on the u.s. with you what would you think about international growth next year it is also a factor people have got more concerned about in the

last three months ago. >> yeah. i think it is getting more gloom gloomy than the u.s. situation that's one of the headwinds is a stronger dollar as we go forward. globally you can take whatever you want about klichina and whe it is. it could be growing but may not be generating any profits as a result of that the same thing is true with a lot of immerging economies what we are seeing in other countries, none of it adds to the decision that i really want to run in and buy immerging markets. >> we are seeing policymakers and politicians in large part swinging markets around the world. >> the moves are more likely

negative and that's a big problem. >> if you look at earnings growth it has been relatively healthy. i think there are great assets to own and they will produce value for our investors. it is hard to see the u.s. doing better than brazil and russia and china and india. >> i completely disagree with that the reason for it has to do with the fact that we are in an environment we are leaning towards a new cold war period. i changes it to a softer global growth story

>> looking at the week to date performance. banks have been slammed. it is down about 9% week to date do you think that's overkill particularly given all of the outlook all week >> yeah. and reflecting back to something he was saying is people are focusing on the middle curve inversion that we got and they are trashing all of the financials and all of the banks. it is in the russell 2000. they are down 4% this weekment i think it is vastly overdone. we don't have an oversold reading. the financials are definitely overdone i think they will come back once people focus on the entirety of the curve. >> rick, one thing that jamie dimon said was what we heard from him before, he wouldn't own government bonds any where in the world right now. what do you make of that

>> i think it is quite logical i know we have had a big rally here i think it's a counter trend move i believe that interest rates are ultimately heading higher. i don't think they will do it in a linear fashion the bumps will be by forces. >> you still think it is worth diversifying >> absolutely. if we are headed towards a new cold war and trade collapses and we are buying guns and ammo you're going to hope you own the treasury bonds they will be the one thing that probably don't default in the portfolio. >> and a final quick word? >> yeah. it is an overstatement i think you have to take a look at my situation and realize we are muddling through we'll muddle through better than everybody else that's why they don't do particularly well. >> okay. thank you very much.

great discussion the energy sector outperforming as oil prices rally. we look at some of the big movements for us >> interesting to see what's happening in energy today. you can see oil prices are trading higher right now just about 2%. that is off the opec news. that's one piece of the story. when you have to move down in stocks you'll see all of the energy names take a hit. they are outperforming but still negative t negative on the day. it pretty much incom -- you cane that we are trading lower on all of those basically at this point. that's because we have been having this push and pull between what's happening on the opec side, what will happen with supply and demand but also what's what's happening on the stock side

stocks in oil tend to mover together the day after the meeting that's not necessarily the case here. don't read into the fact that you're seeing a divergence here. again, energy is taking a hit although less of a hit today based on what we are seeing in the broader stock market >> it is interesting to see the retreat throughout the day it was really positive after we heard about the production cuts coming through thank you. >> that's a great point. let's talk about oil getting that lift as they agreed to cut production it was more than 1.2 billion barrels per day. she was at the opec meeting there. how much back and forth did it take to get to this production cut. in the bigger scheme of things what will it mean? >> i mean this cut was a really hard effort on the part of opec. even last night it was not clear

that we were going to get a deal they said they were not necessarily optimistic at one point it is a raeally robust cut i think it will be important to stabilize the market. >> iran was excluded from having to make a cut. what do you make of that does it show what's left of opec following this sort of blow that what's left is coming together quite strongly and looking together for each other? >> let me tell you, if iran had not been excluded from the cut i don't think we would have had an agreement. they were very angry they had a meeting with the u.s. special envoy. it injected a level of politics into this meeting. getting that exemption was part

of getting them to deal. he waulked out all smiles. they all leave feeling relatively good about this agreep agreement. >> one thing that has come out is this expectation in the united states. it could have as much as 46 billion barrels of oil much expanded reserves, massive reserves of gas as well. it said energy dominance is within our grasp is america capable of putting so much oil on the market that it detracts from whatever opec and allies decide to do? >> i mean this week was a very important week the u.s. became a net exporter you have the opec president today underscoring the fact that the united states, they the big producer right now i think for opec going forward

how they have to deal with this is they have to have this partnership with russia. in many respects it has become a market with three key players, united states, saudi arabia and russia that's the way it is going forward for some time. >> in terms of this sort of geo-political bids in the course of 2018 do you think there was more than normal and what do you expect for 2019? >> i mean i think the biggest geo political factor was the trump factor i think we have never seen anything quite like it with a u.s. president coming out and so publicly making a very transactional relationship for saudi arabia saying i am supporting you and your leadership because i want you to put more oil on this market. in the past you had u.s. presidents kwie yeltly asking to keep the market balancedment now do y -- balanced

everything is waiting to see what president trump does next is he going to be quiet or take social media and criticize opec? >> and he has some here because you have the cia briefing members of congress this week the consensus is that the crown prince was involved there. it gives him room to maneuver. >> this is what will be interesting in terms of u.s. saudi relations move forward it is targets arm sales to to saudi arabia naming crown prince. so i think we'll be in for a rough patch. the one thing i think will be worth watching is there is a bill to declare opec a cartel and does that get revived in the

wake of this agreement in does it get revived in the wake of the killing? that's something to watch going forward. >> were people interested in how the united states was going to react? >> i mean i think president trump and the killing looms large over this whole meeting. they asked specifically about that in the press conference i think there was a concern that saudi arabia would not be able to cut production because of the relationship with president trump. saudi arabia had a saudi first policy i think people were waiting to see how does it play out in terms of trump's relationship and what are implications for energy >> 52.5 as we speak. what do you expect in 12 months time >> i mean i think it is going to be challenging because it is a period of oversupply

i think going forward into 2019 key variables. what happens with iran sanctions? if the u.s. decides to remove exemptions are wegoing to tighten and what happens with the trade war? that's the looming concern is the trade war fears. >> it is great to see you. thank you for joining us >> thank you so much >> some great coverage from brian in the midst of that meeting. let's have a look at the markets. what are they doing as we speak? we are off for session lows which was down 660 points on the dow. currently down 590 an ugly end to what has been a challenging week the nasdaq down over 3% in terms of the sector performance. we got the defensive utilities

as well as real estate it is a negative territory as well information technology down 3.6% let's get a check on the home builder and how they are fairing. we have those details. >> hi. yeah the home builders were the outliers the home construction index is down as well as big names. we saw very few construction jobs added in the monthly employment report underlying weakness and residential housing as rates continue to slide the average rate is down from a high of 5.05%. a two month low is about 70 bucks per month on a $300,000 mortgage it could reprice lower today >> it's the key factor of what

it is doing or are we more focused on underlying economic data >> it is fundamentals. it is really the fundamentals. if mortgage rates are down if they go back up again it does not. it is about afford bltability, they are seeing the buyer traffic. we saw the home builder sentiment and hitting a two-year low. it is really about that affordability, can they get the buyers in. very fundamental >> thank you very much for that. we have 34 minutes of trade left and we are down 617 points on the dow. let's get over to cnbc and get an update with sue herrera >> hi. here is what's happening at this hour everyone. california authorities say a sheriffs deputy that died last month was actually killed by

friendly fire. sergeant ron hellis was shot by a california highway patrolman that joined him in the fire fight with the gunman. brushed our suggestions. he said russia had yet to complete the investigation of that incident. researchers at harvard say eating a mediterranean diet could be good to you long terp they followed 25,000 women and found those that strictly followed the diet had a lower risk of developing heart disease. it avoids red meat and includes more fruit and vegetables. hundreds of pilgrims gathered to witness the lighting of the vatican christmas tree.

you're up to date. i'll send it back to you >> usually it sounds depressing but with the title mediterranean. >> it is much more enticing isn't it >> yes it is. i can picture it i wonder if you get to have that in that kind of climate. >> no. no you do get to live longer in frigid weather >> very nice >> we'll see you next time >> see you next hour frm. we have 32 minutes left to go let's look at the biggest movers of the day what is the story of today's trade. what a week it has been. let me show you the big movers on the dow it is hard to imagine this it goes up and down. caterpillar trade related names all down about 3% today.

united health, which was a very big market mover and a big influence also down today. it was one of the two socks. go goldman sachs down generally more toz tifr tone to the overall markets. trade and tariffs a major issue. the close to look for 2632 was the no the november 23rd closing low. back to you. >> dlang ythank you. >> what are you watching >> i'm watching the fact that it is broadbased.

this is down about 5% for the week this is one of the few names that is not in correction territory. it is down 10% from the year highs and actually still up for the year even as we talk about the fact that health care overall is the best performing sector a tough day to go peb lick it is priced at $23 a share with 26 million, bigger than they original loithought.

it >> was interesting >> they raised what they wanted to you talk to the ceos they don't look at it at what happens for the one day. they are in it for the long-term. they do sort of say all right. rough day to come in they didn't lever any money on the tapeble. they have about 21 in the pipeline about half of them are in trials at the moment. these guys are in that area where they want to harness it. it is taking your dna and making it combat diseases in a way that is much more efficient than with traditionally see with things like chemo therapy >> thank you very much for joining us there from the nasdaq we'll see what happens and when they can bring their products to

market they are spending a lot of cash to get there >> let's talk more about the markets now. dow jones is down. it is off session lows rebec rebecca patterson is here. nice to talk to you. we had information coming down that you think might calm the markets. we had interesting information on wage growth, hourly wage growth that was less than expected you might think it would calm the market. it would allow them to offer

flexion blt in flexibility into next year the fact that you could have that story and this volatility suggests to me you a decent proportion of trading coming which are really about momentum and probably a decent amount of volume coming. it is hard to quantify the impact of that at this point in time the degree of the volatility and fact that technicals are speaking completely different languages right now tells me this is probably not human being investors doing a lot of this. >> or is it a difference of opinion between investors who are looking 6, 12, 18 months ahead and feel we are like cycle. even though it is good this month or this quarter they fear it could do a downturn >> i think it's absolutely possible but if you think what is going to trigger the recession most recessions start

because the economy is overheating. it forces the feds hand. they have to raise rates to a point that hurts the credit market and housing market and corporate borrowing there are reasons this time could be different without that or the fed really missing the ball which seems to be possible but unlikely i would bet on the fact that sit a technical selloff not the beginning of the end for the

equitycycle. china a little built less. we are seeing both react now china has done significant stimulus over the last few months we think some of that should be seen in the economic data in china it is in the coming months i'm more cautious on europe. we get resolution next week and even then i feel that the ecb is very constrained on what it can

do you will see minor physical stimulus but i don't think it will be enough to change much. it should slow down further this year it is already discounted in the market that is the consensus view usually equities will be driven more by what's not priced in if it is already priced in we are seeing it in bond yields following today. that's already there we have to see something new and much worse for this to continue on a sustained basis >> are you making any portfolio position changes based on what you're moving the markets this week >> no. we aren't. we have been aggressively within our equities for the last year or so. we are holding onto that we like the u.s. because it benefits from physical stimulus. it is also defensive.

normally it will be in timesover distress and the dollar tends to get a bid in times of distress we are neutral equities versus a client strategic bench mark and we put in defense ifr strategies last year basically looking for ways to reduce to volatility of our portfolios without selling out of stocks. those have been helpful for us there hasn't been many places the hide this year if the you're looking for a positive return this year there aren't many that check that box right now. >> thanks so much for jumping on the phone. trade worries with china weighing on the market due in part in canada this morning larry kudlow spoke about what it could mean for negotiations on trade with china. >> as i understand it, you know,

we did ask the canadian government to do this. they have been very cooperative. we appreciate that very much look, we have these sanctions that runs against our policy why should we enforce that i don't know, by the way, that that necessarily spills over into the trade talks i think it's a accept ral track. >> let's bring in cnbc who is outside the courthouse in vancouver where the hearing took place earlier today. over to you. what's the latest? >> reporter: prosecutors here confirming that cfo is wanted in the u.s. on charges of fraud we are also hearing that she was arrested here in vancouver on saturday as she was traveling from hong kong to mexico the allegations center around a subsidiary that was used to evade u.s. sanctions on iran from 2009 to 2014.

accused of making public misrepresentations about the connection and putting u.s. bangs at risk offines. this is ongoing. we'll jump on with my headlines. >> okay. thank you for that let's talk about what it means for tech executives who do business in china. jeff is here and joins us. how big of a factor do you think this arrest is and how things proceed with canada and the

united states and extradition and what happens with her in terms of getting a trade deal done >> that's a great question. it is who you had on yesterday you have the cheerleaders who think it won't effect trade issues it is a trade realist. most are in that category. peter navarro who raise good cautions we have voices that are interpreting it differently. it is a huge issue and is not going to be severed from the trade talks. it is a great national china

it is very much celebrated it is a very controversial company. they have violated certainly nonproliferation in the past like zte they have been warned and in this case looks like not just sanctions violations but actual bank fraud to create a separate company so that banks could put technology and money into north korea and iran in particular that's a big problem >> looking for a positive in all of this are you pleased to see canada and the u.s. working together on what was a controversial issue? >> i was just saying that nobody has brought that up today. good for you there is a positive. if we don't follow through with all of the ways we have slapped around canada look how they standby us on this our allies on united on this front in terms of enforcing these kinds of sanctions if we

don't follow through we lose credibility. we had tough sanctions and it dropped away some suggested because it went into a project that the trump organization hedge funded but 72 hours later suddenly we let them off the hook and our partners like canada were very confused in the u.s it is a great point. good for canada for standing by us >> just finally if you were tim cook would you go on a journey to china right now >> today i talked to quite a number of ceos half of them are quite worried they look at what seems to be trumped up charges we saw china before had taken four executives who got fired.

there were never any charges he could find a malpractice one just got released from prison it is for supposedly technology transfer it is -- i have to tell you, it's a dangerous time to travel. i'm cutting back on my own into certain places right now we have weakened leaders in both countries which is troubling he is not as strong as he was last year and same with president trump. >> okay. thank you very much. fascinating conversations. >> thank you we have 17 minutes left of trade. it is an ugly looking session. we are off session lows. the low is 60 points on the dow. we are down around 2%. nasdaq down 2.9% we'll look at w hofed governors are reacting we'll be right back. so a tree falls on your brand-new car and totals it.

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performers on wall street. we have been looking into that what are you seeing? >> retail is one sector that continues to under perform it is down more than 3% today. it is dragged down by shareover b -- shares of big lots they reported disappointing third quarter results certain lay number of retail names as part of this downward decline we are seeing in the market >> thank you for that. compelling but confusing fed talk today steve has more on what it means for interest rate outlook. over to you.

>> thanks. >> a strong downdraft has the fed debating whether or not to hike rates in december and how much it will hike next year. james bullard became the first to suggest the feds should not hike in december take a look. it went down to 73% on that. had been putting an 80% chance of fed hiking ahead. it had been on bullard's commentsnow. she sited many including trade

uncertainty. >> some tail winds that have provided a boost are fading and we may face some cross currents. the global growth that provided a strong tail wind going into this year has moderated. here at home the growth from fiscal policy is likely to fade going into 2020 and after being exceptionally accommodative financial conditions tighten in recent months. >> being confident and suggesting that future hikes depend on the data and outlook it was kind ovf interesting. the fed futures markets did. >> yeah. what are the latest expectations it is down to 73% earlier today. >> yeah. we are >> it is so interesting because what happened next year, look, it gets confusing and less certain as you look further out. there you go

it is earlier today. look, we were at a 60% chance of the first hike for 2019 coming in march we are now down below 40% for june we pushed it back considerably and we can't really even get 50% by september a lot is up in the air right now. i think what will happen is we will wait until december 18th or 19th and the press conference by to get a little more clarity on the outlook. i think there's another issue out here which is that the more the fed backs off there is a concern that people have that the more the fed knows that it's not telling us about weakness in the economy. >> steve, thank you very much. >> will the feds skip out on raising rates at this month's meeting? what's krour take on this? >> i think it's likely we see a hike in december clearly today's data will make

it more of an interesting discussion, weaker wages and a miss on the headline next year is really is meat and potatoes as you were just showing in your chart the market has gotten itself almost to the point it is pricing out almost all of the rate hikes for next year i think sit is a significant message to the fed i would say that it is really characterized by terrible communication by the fed about what plans are and what it is seeing in the economy. >> so you think that all of this volatility, this wild bull that's in the middle of a rodeo is because somebody doesn't know how to kplcommunicate clearly what's happening >> i think it started it on october 3rd. i think the fact that they didn't come out and correct that message about being a long way

from neutral let the market go into an unat tteathered. it is down around 10% from the highs. i think you had -- you have a lot of other factors you guys have been talking trade and everything else. the real factor for me that sent things spinning from october and november are i think they dad poor job and they really have to fix it hopefully it will get some sort of strong statements that they do want to do that every piece of inflation data and price is telling you that they are about to miss their target and they are missing their target >> david, what is your expectation for whether other big bangs will also delay any

expected tightening they were planning to embark on next year? i asked you to not give us the u.s. view which is having a big impact on equity markets >> i think when it comes to the big one they notoriously are pretty slow to change. so if anything the odds of a mistake there of staying the course and stays too tight into something that looks like a slow down would be for the course they did tighten in the middle of 2008. history is not on your side. i'm not predicting that's what's happening. i do think other central banks, bank of japan, some of the other kplodty currencies will probably be much more likely to sort of look at the u.s. >> okay. a little more than six minutes before the markets closed downright now. you think trade and inflation

are the two biggest macro issues we should be paying attention to what did they tell you on the jobs report and the president's tweet and procedures, what are you learning on those two that might inform how you do business next week and how you advise your company and your clients? >> that's right. i do think it's trade and inflation. i think trade is super hard because we are sort of fighting these tweets my basic story line here on trade has been don't expect that donald trump wants to have a full scale trade war it is an art of a deal style negotiation. crazy stuff will happen. it will set at the table just to scare off his opponents. he is looking to move to a more cooperative solution so that's still my long term view that's where we are headed the more the market sends him a message that the trade stuff is

a problem. we'll see how that goes. we had a kind of message today i think. we'll see if we get some comp plie -- compromise i don't see that full scale trade war. on the inflation side i think the evidence is amazing not to mention we have a near 30% fall in the last couple of months or a little bit more which is feed through a lot of headlines negativity for some of these month on month numbers you have the core pc running on a three month annualized basis i think inflation break evens are trading in terms of inflation expectations it came out today. long-term expectations back down to 2.4%. they are below the all time lows it is pretty interesting when everyone panicked and the feds

possibly being behind the carve r curve. >> yeah. it is great to see you thank you. >> nice to be here all right. the nasdaq continues to be the laggard on wall street, down nearly 3%. let's send it back for the latest >> yeah. we are continuing to watch we are off the lows. it looked like the nasdaq was in danger of losing gains for the year right now it is up about 1%. it is performing a little bit better than the nasdaq. >> these were plong the stocks apple not one of them but

amazon, mike soft and salphabet were the ones that turned things around it is slightly negative having given up last time was back there 2015. back to you. >> all right thank you for that the dow jones is down 533 points let's head back for the count down now >> thank you very much for that. before we get to the count down cnbc contribute toor is here.

>> we are at the lows of the day. technically it sets up for a potential other down day look, the weekend is coming. a lot could happen in terms of calming words from the fed or from the president or china trade talks. we'll see. >> okay. great stuff. good to see you back here. we have two plins left of trade. slets a look at what the dow has done as we mentioned, a csignificant s sell off

oil has been an important today. it is up 3% for the week the sector is still down also have a ten-year yield for you. this is about 2.8561 as we speak a significant move sheer s and p 500 week to date down 4.5% financials down at the bottom >> new lows in all of them 2632 is the old november low technically it is a positive and crummy day tariff to trade, the issues still a negative for the market and global growth, that's the big wild card. people saying we still see good

numbers. >> thank you very much we are just off the session lows we are down ton dow. >> that does it for the first hour of the closing bell we are down 559 points back to you looks like the s&p off by two

and a third percent. russell 2000 off 2% on the day with us to track the markets bob on the floor of the new york stock exchange bob, let's begin with you. >> what a wieltd weld week we h. it's largely trade related look what happened president's chief economic adviser saying they would consider extending the tariff truce. then just about half an hour later we had peter on cnn ask whether the u.s. would walk away if china trade talks were not resolved they said they would move forward. see, the market moved lower. we did end off of the lows for the day. here is the only little bit of good news for the day. s and p 2632 for the november

23rd low yes technicals do matter we do not break the old closing low. for the week it was defensive again. you took utility stocks. it tells you it's a defensive group. we had new lows and a lot of big banks down 7% for the week semi conductors down 70% that's global trade story. health care down 4.5%. >> thanks very much for that let's get to the nasdaq. we have details of what's happening there. >> we have the nasdaq closing for the first time since thanksgiving this week here, you know, we saw bob talk about health care and bio teches were the biggest drag on the week. the flaz dak down nearly 5% for the week and down.

tech overall up about 7% for the year except when you count the chips which continue to be under pressure and back in bare market territory. apple the biggest drag on the entire market having lost nearly $200 billion from when it was trading around a trillion dollars and now closing negative for the year having given up all of its gains among the peers that were the big winners yesterday that helphelp turn this market around no buying today they are both up around 30% if the year alphabet closing down negative for the year as well among the biggest winners take a look tesla is one of the biggest gainers.

tesla passing a milestone that is good for its payment to investors not only that it is also up better than 30% for the quarter on pace for a gain for the year wouldn't have thought that back in september back to you. >> all right thank you for that let's talk about this crazy market day who is senior portfolio manager. he is the portfolio manager. nice to see all of you today mike, give me your big take away on one hand we had all of this information. it is headlines you think would be calming the market. >> yes you had a jobs report that seemed like it was right in the zone it is mildly below forecast which meant that the economy is still growing. jobs are being added getting the fed to ease up a bit. this is the latest, a long line

of things you thought would be the bullish. it was buy back is in october. the midterm elections, you had the tariff truce, even the feds walk-back. it is in a stressed state trying to price a slowdown. not sure if it will be friend or foe. another visit there. >> your note said anxious here i was wondering if you were getting out in order to come up with words to describe this. >> i had been doing it long enough that i went back to what i wrote in previous market corrections. >> sum up for us your take on what it means for the yield curve for the dollar expectations >> not much. market is worried about other thing. there were about three factors that will dominate the calendar. these are three big overriding

forces one is brexit and secondly italy and the budget and u.s./china trade relations. it isn't as important now as these things it does show how markets can be quite disruptive they have been driving markets for a while. so until there's a resolution on these things one could consider them what are called uncertainties. it is when investors can't measure the risks l involved it could measure the amount of car accidents. there are ordinary uncertainties. these have potential to become markets are quite concerned about that >> are you surprised by the market negativity today? what should have been good news and indeed other good news over the last ten days or so of equities >> it is a little surprising

given the reversal we had yesterday. it was a pretty pleasant reversal nothing has been decided in this market we are testing the lows. we have done that for a few days now. we haven't broken convincingly above the 200 day moving average. nothing has been decided ne technically. you get the speeches that they give he is saying one thing and peter navarro saying another thing you a random nacture nobody knows how to gain anything here. i think what's important though is they have to decide whether it is the beginning of a bare market or correction within a bull market. conception is still on the rise in the u.s consumers are spending more money. it is not the nature of a recession. we have leading and economic indicators trending north.

i want to point out that stock markets do pretty well usually prior to the end of the kplik cycle. your average return is about 12%. a lot of people are core worried about that worried about the inverted yield curve. i think the market will be okay with this. we have to get rid of some of the uncertainty. we had the circumstance of a trump meeting. yet we still don't have any clarity close to that meeting. too much uncertainty likely not the start of a bare market likely a correction within the context of a bull market >> you're taking that penny and looking at it from a different angle. >> of course this story is

actually totally flipped on its head we have a downturn in growth it's becoming more noticeable. i think the market and even the fed yesterday blinked. you have the downturn in inflation. those things happened before the trade tensions and all of these other things popping up. it is what is going on here and all of those things are there but coming after it is a one-two punch. the first is a slowdown in inflation. also abroad, canada growth is negative japan and italy and sweden, switzerland and russia right now that's lot of happiness about opec cutting this or whatever. not a lot of people know russia is in recession right now. i don't know how long they will

be able to hold this for example. all of this is happening and then you're having these anxious moments of brexit, italy, the fed, whatever, white house those are negative i think the next thing is what is the next hunch. we had two and what comes next >> it is considering if there will be an economic lowdown. we are talking 2021 or are we talking 2019 it takes a lot to put us in a negative growth environment. >> i think it is what the market is really trying to surprise i think the next two to three earnings are corporate earnings. it is still about repricing a slower growth rate at this point. to a similar point i think all of the good news was in front of us for most of this year it fed two rallies to all time

highs that peak profit levels could not hold i think that's the fix and psychology of if it wasn't good enough what happens there a slow down and have we properly discounted stocks at this point? we have had the most to account for that maybe we have and maybe we haven't. that's ugly process we are seeing playing out >> what was the worst performing sector today we are joined by dan niles thanks for joining us. we have seen a big pull back there stocks >> i mean i think you both i think what you think about the smart phone industry, for example, this will be the first down year in smart phone university growth since the

first in 2007. so and i think that's structural you have over 4 billion people on this planet that have smart phones they are stretching out so people are used to buying new phones in about 1.5 years. now that number is close to three, three and a half years. so there's no reason this won't keep stretching out. it is structural we have the longest bull market since world war ii profit margins are at record levels now you have growth slowing across the globe in different regions. china, the countries that are linked to oils and russia etcetera we are just at the beginning of that i think you have both of those going on at the same time. >> i know you can't talk specific talks with us today but given that point of view do you think the pullback we have seen

in chip stocks, do you think they are just ified or done? >> i think they are completely justified. i don't think they are sharp enough if you look at a lot of names related to smart phones or chips they have outperformed the market i believe they should be underperforming the market when you look at it over a one to two year basis you a lot of inventories it doesn't look like it's going as well as it should you had several negative announcements. i think you're going to have a lot of other companies as you get towards the end of december.

>> they said they would work towards a deal and put a temp trar halt to these tariff increases, how much are you weighing this in when you're looking at the tech sector and possibility and growth when it comes to getting a trade deal done >> it is a great question. i think the issue here as you talked about earlier, you have larry coming out and saying one thing if you look back months ago you remember there was a sort of a meeting between the current administration and said oh, we kind of have come to an agreement. here we are several months later and we are dealing with whether there will be auto tariffs in europe the issue is there is no certainty around any of this

you know, i'm not that focused on trade i'm saying things are slowing down before a lot of these things happened. they are rolling over as well a issues and so that's what i'm trying to focus on it is what we have seen with stocks over the last couple of days. >> what would you make of the evaluations? >> well, if you think about what you're trying to avoid what are you try to go stay away from >> you're try to go stay away from companies and where there were tariffs

the good news is when you look at social media stock you don't have any of those issues that's the good news the other thing is when i look at china itself today we got to news that china, as you know, has not been approving new video games since march of this year that's nine months ago it looks like they finally started up that approval process again. some of the maims we were buying today and we were buying them very small but we were buying them was chinese gaming stocks because we feel like finally these stocks are down 35% it will effectively shut down. >> always a pleasure to speak.

we'll talk about trade with peter navarro. you don't want to miss that. coming back to what we just heard sort of suggesting that a smart phone exposure because of trade you don't want to be getting that do you think there's a sense they pull back earlier in the year are possible buys versus the ones that have pulled back in the most recent months? i would say you could also start to make the argument that it is the smart phone related stocks that have pulled back. it's not as if they have just begun to rollover. >> i think it's interesting when you talk about bottom fishing if you look at something like alphabet it is down a lot. in other words a lot of those big stocks had got rch such a

built into them they it is the top level. it doesn't seem as if they have gotten to the neglected rivals just yet facebook is at about as lowest ever >> transport down 2.5% and falling nearly 7% over the past 10%. >> the transports lead us higher it is a rough week take a look at what we have seen for this, the dow component that is showing down 7% for the week. if you take a look at transports in terms of going back to the worst month you have to go back to 2016 for the worth month. they were under pressure today it is between 2.5 and 3.5%

when you look at the airline index what is interesting about this is that the airlines, this is not a case where people are saying these guys have terrible business coming up profits are under pressure not as many people flying. that's not the case at all jet fuel is relatively benign right now and yet there's no confidence in the airline index or the airline stocks overall. again, really really rough session for the transports >> thank you for that. what do you make of the transports as an investment sector >> well, look, if you're betting on an economic slowdown we think the global economy will have the bigst sl biggest slowdown in over ten years. there's going to be sectors in there you can pick and choose from the earlier discussion and what

to buy it is chinese gaming stocks and some of the casino stocks and some of the transports that have been beaten up you can do that barbell approach i want to say one other thing about the transports and energy stocks look at what it has done, 50 to 70 if you would have sold energy stocks and bought transports you would have done pretty well. if you would have bought energy stocks and sold transports you would have done pretty well too. it is not just the market that is in a technical range. oil has been too it sets the theme for a lot of other areas including the transport. >> okay we'll have to leave it there. thank you for joining us great conversation to kick off

>> investors are bracing in the potential fallout. wolf, you have been all over the story. you are heading back next week what options are no front of the government in terms of this massive deal that the voters wanted but they were split it was close >> there is a lot of moving parts. it is focused on getting it through. it is all of which continued which she has a tough job getting her full deal approved. it could remain to vote against the compromise and middle ground

brexit >> if she looses her vote everything is on the table from a no deal brexit to a seconds referendum and from a new prime minister to general election many many many moving parts. steven is here with us thanks for joining us. >> it is not the perception that this vote will go through. it becomes sort of how severe would a loss be and what it might imply. if it is very severe or if

there's a chance for the eu to amend if they see it is possible to get through on a second vote. you just laid it out it is incredibly complicated flow chart of different possibilities and we should be extraordinarily careful thinking about we should handicap one particular outcome when there are so many possibilities. >> already the expectation is it will be tough to get this through parliment. does that mean if she looses the vote that the market is already priced in a large part of that and the biggest move is to the upside if she gets the deal through? >> that's right. it would be a surprise to get this vote through if it occurs even on tuesday. if it came through and was accepted it would be a big surprise i think you could see that in

volatility we have been focused on things that specifically effect if u.s. do you think it is an underwatched risk factor because of implications it could have for banks and companies with exposure sm. >> i think it is underwatched but i think you have to attribute some of the extreme weakness in even u.s. bank stocks to a little bit of concern. i think investors are throwing brexit on the pile of things they should be worried about without focusing on the kind of implications and what they going to be on these different sen familiar owes.

>> what is the concern now that brexit doesn't happen at all that it happens without a deal with europe and leaves the u.k. just suffering in the wind >> no. i think what's been interesting in the last week or two is that the chances of her getting this deal through have continued to decrease if we look at all of the sort of tea leaves out there. it hasn't been bad for the british panel. at the same time the chance in that of a second referendum has risen and no deal would be bad for risk assets. if it went the way of remain would be slightly better in the short term i think that the likely reaction to her vote failing in parliment is to the downside the question is how much more because a lot priced in already. quickly and finally the risk across europe, is it under watched by u.s. investors? >> well, i think the attention

has got to be on these amazing lists of different political and policy problems that have markets complete enthralled. when i think of problems not coming to a proper agreement with the wider eu i think of it as relatively small compare today the issues compared between china and the united states the fact that federal reserve and no surprise that, you know, actual engagement are enthralled to all of this it is going to create this level of volatility in the near term >> thanks for joining us >> be sure to tune in next week starts montd for our live coverage as the u.k. parliment

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truce. earlier peter navarro discussed what happens if negotiations don't lead to a deal >> tos not a get of walking away it's a question of moves forward which is to raise the tariffs on the 200 billion from 10% which they are now to 200% >> joining us now is mr. navarro from the white house thank you for join us. >> it is 10% to 25%. >> it was going to be my first question is 200% being discussed? >> yes >> okay. >> and it's worth breaking this down we have 25% on $50 billion of the most technologically

sensitive sectors. it is part of section 301 investigation and then we have additional 10% on $200 billion out of a total of over $500 billion to date we have collected close to 12 billion from klichina and solar. >> i guess everybody is wondering whether the 90 day will lead to something definitive or not. the tone was reported as positive since then the big headline has been the arrest of the cfo has it soured the tone >> no. it hasn't internally we are moving forward. we expect the chinese side to move forward it is important to point out in the dinner it consisted of the president of

china in an unprecedented move spending the first 45 minutes personally laying out in great detail the per am ters of what china proposed they would do that included much of the structural change that this side is demanding we cannot allow the chinese to continue their forced technology transfer and the cyber intrusions through business networks, the currency manipulation all of these things were addressed by the chinese president and 142 different ite items. it is in terms of the global economy. are we going to have trade or are we going have a an edge

where it is basically a 16th century? we'll see how that goes. that dinner was historic and there's great chemistry between our president and the presidentovpresident of china there seemed to besincerity. >> so how do you verify any deal that gets down in terms of opening the markets and in terms of the things that national security concerns where the pentagon went sell it on bases around the nation? >> well, you raise the perfect point to be honest i think one of the great things

is he changed completely the narrative on china forever we thought if we simply engaged they would become more democratic and more free market a oriented so we had the marriott hack and the bright light shown the other thing, there's an excellent article in my judgment that the game that china played on a very sense tiitive satelli. these are the kinds of things that china needs to understand that the united states will no longer tolerate.

we are hopeful a deal takes place and results in order make it all go. otherwise we have to defend ourselves as a nation. president trump, great leadership on this he will stand up for the american worker, for american businesses, american farmers against what is well documented chinese aggression and a wonderful speech by vice president mike pence >> you started out saying how he gave a presentation everything else they have done essentially means you're very skeptical of the likelihood of them doing that in exchange for what was he suggesting they would promise these? >> so two things here.

the dinner was a historic vent in terms of bringing china in a completely different way there is skepticism, so i guess we'll see what happens there's much at stake here president trump has been eloquent stating that we are the piggy bank of the world. the problem that we have when we negotiate with whoever we negotiate is they are getting such a great deal they don't want to give us anything we are not prepared to give them anything in terms of a quid pro

quo because we are so much behind the eight ball. we are not forcing the technology transfer. we are not having state owned ent int enterprises. what we have to give is access to our markets the largest market in the world. access to our financial markets, capital markets. this is a great gift we give to other nations. >> switching focus a little to what extent are you focused on this massive market selloff that reig nated this week

>> so look we don't do day-to-day policies to move the market what we do is focus on structural changes that will basically put in place changes that will deliver long-term economic growth. we had the jobs report today fantastic numbers on that. one of the great things about that jobs report is the fact that three quarters of the people that were counted in the new numbers today were people who weren't in the unemployment line they were people who came off the couches. these are people during the campaign we talked abiliout as being discouraged workers. that's great news. we are putting in place -- we have the tax cuts on the corporate side which are attracting new investments it is to restructure so we have

long-term growth, higher real wages. that's what is showing up in the data in terms of this stock market i really think it is a false narrative to blame all of this volatility on china policy trade is a very small percentage of our overall economy what we have basically is a federal reserve policy which over the past year and a half has lead to higher interest rates which have had implications in the housing market, which is strengthened the dollar in a way in terms of exports. the fed to the credit is moving towards this data dependent approach where they will actually look and see whether the kinds of rate hikes they have been doing are actually warranted. i think the markets churching through that right now but the

underlying fundamentals are bullish in this economy i think that you'll see if the market will be fine when it takes a good look at this economy. >> we'll have to wait and see. >> i want today ask peter about some of the tweets we have seen. the president was tweeting in the last hour or so talking about the former secretary of state rex tillerson where he had been positive in the past and saying he didn't have the mental capacity needed. he was dumb as a rock. given the president when he was in his post was positive about him did you fear a similar rebuke from the president one day in the future? >> no. i don't walk in fear when i'm here my mission is basically to create jobs particularly for men and women

in america my mission is to help president trump restore main street's faith by providing good jobs i love the president's tweets. apparently the media loves them too because they can't get enough of them i will say that the leadership we have when we were at the g20 sitting at the dinner with the chinese and seeing pompeo and seeing robert lighthizer, these are smart tough people american people should be blessed to have the great leadership that president trump is exerting. people come and go through the white house and they come and go in a way which is good for this country and good for the administration the next person up and it is all

good >> so i'm here in washington not las vegas. i'll let the markets handicap that what i can tell investors is this this is a historic time. it is critical for the long-term health of the financial markets for the economy to get this right. we had 15 years engaging in predatory behavior basically training over 70,000 taxes from america over 5 million manufacturing jobs during that time we had 2% or less growth. we had stagnant beige growth we had this so called new normal if we don't get the china thing right not just the united states and rest of the world we won't be able to have the next leg of global growth we are looking for. that mespeaks to the leadership he sees that vision and future

he is willing to stand up in order make that happen the door is open to change them. they know what needs to be done. we hope they sincerely take actions not to see they will do it fwou actually do it it's all about structural change >> it is great of you to join us thank you for all of the time you have given us. >> everybody have a great weekend. let's get reaction there has ban lot of back and forth and different takes coming from the white house and from the administration give me a sense of what it does to clarify some of the confusion surrounding the approach to the china trade deal >> i'm glad saying it is 25% and not 200% it was certainly an eye popping number it sounded like it was a gap earlier in the day

with this administration you can never quite be sure. i'm glad he cleared that up. second i think his answer was really telling when you asked him who would the u.s. be willing to give up basically his answer was nothing. so the administration taking an all or nothing approach. compromise means china does what we ask it to do. that is really important sort of take no prisoner stance there. the other thing is that he mentioned 142 list of items, we don't understand how many of those items the chinese would need to make progress on or how much progress they would need to make in order for the administration to count this as a success. still uncertainty around the r the peramiters it is stemming all the way back

to the first tar rifrs on washing machines that is money being paid by american businesses and by american consumers it is so interesting that the administration is touting that as a win they would say it is a cost to us >> thank you for that summary and reaction >> thank you sat down earlier today to discuss what trade tensions are impacting. his coanmpy's bottom line. we have highlights coming up

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shares of coca-cola finishing lower. announcing the would step down as chairman of the board in april moving to james quincy we sat down with kent to talk about the changes in the business and the economy > >> you lead this company almost ten years. how long have you been here? >> 40 years. >> how different it is today >> 40 years ago at coke we hardly knew what a fruit tree looked like, and today we have more than 20 million fruit trees under plantation around the world and four continents and the largest supplier of juice. we were a one brand, one product

business and now we have almost 4,000 products it is a continued evolution and one that is changing its pace to one that is faster we are witnessing new changes in the consumer and landscape i think we are keeping ahead of those. >> there have been significant clangs as you stepped down as ceo last year. they come faster now >> i think consumers changing faster they have to come faster everywhere not just at coca-cola. they have to stay ahead of the change and, yes, consumers want more choice than ever before they want differentiation. they want personalization. we have to stay ahead of all of these trends >> where do they stand right now coke versus pepsi? >> you know, i think it's always a nice media story, the cola

wars at the end of the day competition is he' competition is healthy and good. i hope it will be here to stay a strong competition, healthy competition is here to stay it makes everyone better. >> well it makes coke the bet are and the stock better. >> without a doubt. >> you have overseen another of macroeconomic environments including the financial crisis would you characterize the current environment. >> volatility, volatility and volatility and more unknown. more unknowns. i think just running a global business is just getting tougher and harder it's getting more complicated, not just the environment of information but also the sociopolitical dynamics around the world make it harder i think, more unknowns, more volatility, constant volatility. with bigger increases both on

the high end and the bottom end of the volatility. and so that's the world that we live in. and it's going to be here to stay i don't think it's something that's cyclical and going to pass. >> the markets certainly have been turbulent lately. concerns about global growth, are they justified in your view. >> there is not just one reason why the markets are volatile i think they are multiple perhaps. sometimes the market runs ahead of itself and pulse bacls back. but there is a lot of political uncertainty in the world you know, brexit has to land wherever it's going to land. everything that the u.s. is going through has to, you know, basically settle down. the trade wars there is just so much happening all at the same time in the world that i think meerjing markets are duress with interest

rates rising and the emerging market currencies have really melted in some -- many, many parts of the world. >> you have done so much business in china. i'm sure you have great relationships there. where do you think the trade fight between the u.s. and china is headed? >> i think for the benefit of both countries and the world it will -- it will get solved i believe -- i'm -- i'll a realistic optimist and i do believe for the benefit of both countries and both economies and the benefit of the world it will land in a place that is not perfect but better than where it stands today. >> so when you see a story in the news like this week where the cfo of huawei gets arrested by u.s. authorities do you worry about coca-cola and the presence in china. >> of course i worry of course i worry when there is a trade war and tariffs are

being put on each other, when an incident like that of course i worry. but as i said, we don't see a direct immediate impact. because we are no the considered- we are of course the quintessential american brandon. but we are so local, in our ownership in china is coca-cola cofco beverages. it's a large chinese company, state-owned company. we are owned by swire, a chinese enterprise so from that perspective we are very legal >> hindsight there especially from the distance, very interesting. kent was mentioned in a john podesta email as a potential vp pick for hillary clinton in the 2016 campaign. sarah asked if he is headed for politics and kent said he wouldn't make a good politician and will stick to board memberships and non-profit work. coke shares outperforming on a mix of defensive mood and better growth at the company.

and coming up tuesday, sarah sits down with coke ceo and now incoming chairman, james quincy. that will be interesting to compare and contrast the view on the company and the outlook, the global outlook. >> another tone there as well, mike, from kent about this you can be a very american company but as long as you do stuff domestically in individual countries. we have heard that from other brands they could be pushing manufacturing into the country where people do business. >> and coke was at the front lines of doing this many years ago. so, i mean, their local presence is so well entrenched they kind of absorbed the lessons of that. i do think consumer package goods is an area that's well-known as opposed to in other types of industries. nobody is trying to defend the making of local beverages to be shifd overseas the one thing is underscore scoreses the continuity ouf the oerkted land hoff sfr the

longtime ceo to the next and i think warren buffett is there as the biggest shareholder. it shows you at least in this phase of the company's history they've kind of got that sense of -- of continuity of essentially the the strategic focus. >> and they picked a brit as the next ceo. >> this time, yes. it's worth a try >> after the break. >> doing well. >> we'll look now at the key market moving events to watch next week.

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welcome back we have a news alert on facebook seema modi has the details. >> wilf, the facebook board approved increase of $900 billion-dollar share buyback program. it's worth noting they previously authorized under $15 billion-dollar repurchases since the program started in 2017. the timing of this buyback is significant. it comes as the stock has come under increased pressure as part of this tech rollover and increased concerns the regulation the stak stock is down 26% in the past six months. but up slightly right now. back to you, wilf. >> seema, thank you very much. mike, i guess he wasn't talking

about specifically stocks earlier dan niles. but implied facebook was something he was looking at for bottom fishing >> this is the type. as you said valuation is as low as since the 2012 ipo. the company has $30 billion in cash just sitting there. tons of free cash flow obviously account afford to be aggressive, not every company knows the right value for its stock. but it could theoretically but one of the things lending support. >> mike, when we consider the review of this week, clearly 4.5% decline for the s&p significant financial is really in the eye of the storm this week. >> definitely. financials and others. all of the groups you wouldn't necessarily want to see suffering the worst probably were suffering the worst bigger picture, you can definitely view this week as repeated tests of the lower end of the trading range we have been in for the last two and a half months. doesn't mean we go up from here. but it shows you there's been many chances to sell the market

around the levels and just above. and people are looking for signs it's sold out. >> great stuff, mike as always contessa great having you who here. >> great to be here. >> thank you for filling in. next week brexit on the hordsen we watch for that. that does for "closing bell" today. >> and "fast money" begins right now. have a great weekend "fast money" starts right now live from the nasdaq market site overlooking new york city a sometimes square melissa lee. tim seymour, steve grasso karen finerman and dan nathan. tonight stocks plunging back to the fall lows after the big reversal and one market bull explains why it's messy into year end plus the fang inferno rages on with netflix down more than 6% how much worse the traders weigh in we start with the selloff, the dow dropping nearly 700 points closing down about 50 oh points. the s&p 500 falling back to correction the nasdaq plunging deeper into a correction so as the market