regional auto makers there's not that many left to combine. >> we appreciate a little context on this one which will create the fourth biggest car maker in the world and finally completes a merger for chrysler. thank you, sir that does it for the exchange. i'll go join tyler and melissa for power lunch which begins now. we'll see you over here in a moment welcome, everybody here is what's new at 2:00 stocks are under pressure. a sign of a manufacturing slow down those are putting recession fears back into the market as it treats from all time highs have we seen the best of the record rally or is there many r to go? we'll debate that. jack on the attack the twitter ceo taking direct aim at mark zuckerberg

flight shaming is on the rise and one analyst says they will take a bigger hit than wall street expects as power lunch begins now welcome. tomstoc stocks are under some pressure now. s&p 500 back towards 30. we're still less than a percent away from record highs apple, one bright spot the stock is up after 2% we'll have much more on this later this hour. kelly. >> that weak manufacturing gave us stocks lower today. is it just pause on the race to more record highs or will recession fears hold us back again.

>> chinese officials skeptical as the u.s. might not be able to do a long term deal. it's trade related this is what's happening today you could see this in the revers reversal the fed engineering has really helped banks for this month. look down today and it says late yesterday and that's creating havoc with banks they have been big market leaders all throughout the month of october we're seeing very heavy volume

market concerns. we had some very light volume. we'll see if that changes today. we're seeing that in spades today. a lot of people worried about december 2018. remember the fed was in tightening modes there in 2018 in december. that's not the case right now. >> thank you >> it come back just like last month to december of 2015. remember, should we close at these levels the entire curve would be a three week closing lows. what's interesting is both maturities are, all maturities are down about eight basis points earlier short maturities were

fairing much better. if you look at a yjuly 1st chart this is important because we're close to the lows going back to july the spike low you see on the right side we're not far away from that now that level is 97.28. back to that yield curve topic, the range has been 20 to 14. it seems much of the flattening might have seized for a moment it's the end of october. sol of these rebalances were exaggerating many of the moves despite stocks sitting below record highs, there's a lot of clouds hanging over the markets. president trump pointing the finger directly at the fed he tweeted earlier that quote people are very disappointed in jay powell and the federal reserve. the fed has called it wrong from the beginning. too fast, too slow

they even tightened in the beginning. others are running circles around them and laughing to the bank dollars and rates are hurting. we should have lower rates than germany, japan and all others. we are now the biggest and strongest country but the fed puts us at a competitive disadvantage china is not our problem the federal reserve is we will win any way. he later tweeted the impeachment inquiry against him is hitting stocks so what's really weighing on this market andrew is senior portfolio manager. you may come at the market from different points of view but you think we'll finish well above 3100 this year there's the point of agreement

what i just read from the president s that a restraint on the market you first andrew and then joe. >> i don't see it that way i think it's good for the fed, good for the stock market. i think the market is vulnerable to some type of pull back. i'm amazed the market is not down more than it is today on all this bad news. what it really tells you is much of the market is in a couple percent of an all time high there's selling exhaustion out there which is there's not enough people to panic to pull the market down. my conclusion is higher by year end but maybe weakness near

term. >> i'm not sure i agree at all i'm not the president. i will say that we have a split economy. that's true world wide it's the services versus stuff economy. the services side is doing great whether you're apple or amazon the stuff economy, the industry, the purchasing managers are telling you we have a bibifercad economy. people have enough phones. we need to sell them stuff on their phones when you look at the economy, the market is being driven by the services economy

the stuff, energy, products, they are doing dreadfully. you have this unusual environment and there's no reason for it to stop. the real thing is we have the split economy and it's hard to navigate when you have manufacturers doing so poorly but the tech companies doing well >> taking a more global view -- go ahead, andrew >> i want to add is the stuff, the industrials, they didn't have very good quarters. they were negative and yet the stocks didn't go down. they went up the fact they rallied into the weak number s sign the market is anticipating a recovery in this

area of early into next year >> you're not worried about the chicago pmi number >> i think it's weak >> it's weakest since 2015 the market is telling you we're come sboog a low poipt here. these stocks would be lol rolling over and going further down if a recession was around the corner >> i'm not sure that's necessarily true what the fed has done is given us no alternatives central governments around the world have made us move from our checking accounts to our savings account.

we are all being pushed at the risk curve further an further by the fact we have negative rates and very low rates here in the u.s. some of it is simple supply and demand where do you put your money to get yield and be reasonableablely safe? >> have to leave it there. joe, thank you very much andrew always great to see you house voting earlier today to formalize the impeachment inquiry. president trump railing against it saying it's hurting the stock market could this become an issue and a sticking point in negotiations over a government shutdown which is also looming?

>> reporter: the calendar is not looking good there are just eight working days in the house left before the government runs out of money on november 21st democrats are eager to move onto the next phase of their impeachment investigation. there could be new witness, open hearings they'll have to put together a final report all of that takes time that's leaving democrats open to criticism from republican who is say they are ignoring the most basic function of congress which is to fund government, especially the defense department >> core message here is hard to miss our democratic colleagues have a priority list. picking fights with the white house is priority number one number one our men and women in uniform fall somewhat further down >> the reality here is that both sides will have to put aside those partisan politics in order to keep the lights on here in washington

we know that mcconnell and p pelosi have spoken on the phone about government funding there's a broad expectation here that congress will have to recourt to some sort of short term funding measure but how long that measure will last and whether president trump would back it if we're in the thick of the impeachment inquiry, those are both open questions. >> let me ask you a crazy question and that is this. what if the gop in the senate or the president says we're not -- i'm not going to sign or we're not going to pass any funding bill so long as an impeachment inquiry is ongoing in house. could that level of hardball be played here? >> i think it is possible to add crazy to your crazy, one question i've been asking is what happen ifs a shut down occurs request the inquiry even still go on. in the previous shutdown congress had been funded through a full year appropriations bill. that's not happened yet this

time around. it is unclear who exactly would be able to carry out the impeachment inquiry or who in the white house might be able to respond to any document requests, et cetera. there are a lot of potentially perilous politics at play here if this government does not get funded by november 21st. >> potentially perilous politics >> i'll have to remember that. >> thank you coming up, brand new unicorn getting a billion dollar valuation. we will hear in the company ceo about how big the company can get just by having people manage their short term rentals a social media showdown. twitter won't take political ads. rkucrbg and facebook walking the rope power lunch will be right back when it comes to using data,

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social media showdown taking place between twitter and facebook mark zuckerberg fighting for his right to accept political ads. dorsey saying he doesn't need them >> that's right.

twitter ceo jake dorsey and facebook ceo mark zuckerberg facing off just as facebook reed better than expected earnings, dorsey tweeted he stopping all political ads taking a dig at mark zuckerberg's defense that it's key for free speech >> the today's democratic infrastructure may not be prepared to handle in facebook's earnings call mark zuckerberg defended his position saying it's not a financial decision >> we estimate the ads will be less than 0.5% of our revenue next year. that's in the why we're doing this to put this in perspective, these same critics said it wouldn't be enough to change our

incentives the reality is that we believe deeply that political fee speech is important and that's what's driving this back over to you >> thank you let's talk more about this social media showdown brewing between mark zuckerberg and jack dorsey it's great to see you. stephanie, i'll start with you regulartorially speaking who has this one right we know there are rules. broadcast has to take what it's given. where does social media fall >> every one is following the law. this is way more a political question and trying to navigate both the regulators as mark

zuckerberg was talking about really angering policy makers in congress who want to see skin that facebook is willing to give to show they trying to be productive part of our democracy. >> right, dan, what would your take be on this back and forth is it just -- is this way for jack dorsey and twitter to differentiate it self or do you think there's a real stand that jack dorsey is taking? >> i think it's right. i think they have such a minuscule amount of ad spent coming from politics that it's easy for him to throw this away. we may be talking about 3 to 5 million in the next election cycle. >> what about claims of fake

advertising on facebook in is this something that mark zuckerberg says we can trust people to kind of fitter this information. if we shut this down, we'll shut down smaller voices who want to get in front of people in favor of the incumbents or is social media more nefarious in presenting fake ads because they can't be vetted and might confuse people in. >> the real issue is all the bad information whether paid or unpaid that people take to be truth. these companies have a problem with that and are being criticized for their roles in this there's only so much they feel like they can do to feel like it's reasonable. there's a little bit of a social license to operation what really do they need to be demonstrating how much they are trying to give back to fix some of these problems and so this

may just need to be some more talk than walk a little bit. they are a little oblivious when they are taking these steps. >> darngs educate me a little bit. obviously we work for a company, nbc universal that takes political advertising and a lot of the affiliates and company owned stations do as do most television stations across the country. what are the standards that are replied in those cases to make sure that the advertising is legitimate, number one that it comes from legitimate sources and that it is truthful? >> i think the standard actually increases as you getto the newer platforms. we know you have less jurisdiction on a broadcast network over what is run by a politician what is really unfortunate about this is it seems like neither

mark zuckerberg nor dorsey want to do the work we are cutting off some candidates that may be the only way they can really get their message out. i think it's particularly damming to twitter to think if you take his remarks at face value he's saying we can't control this thing and it could be really harmful platform i think it's more of a pnl issue. a classic challenger brand new by dorsey to get in the headlines with mark zuckerberg >> do you mean they don't want to spend the money to vet? >> correct if you imagine the difficulty and complexity of trying to be the arbitor of decidie ining wht political ads are acceptable that would be an operational nightmare. frankly, i think that would eat

up any potential profits that would come from accepting the revenue. >> it's a thorny issue appreciate you joining us to talk about it today. coming up, it's been ten months of nothing for energy stocks that sector up less than 1% for the year a year in which the s&p is up 20 something. is year end rally in store for energy getting your portfolio ready for halloween night? stay with us plap

. welcome back to power lunch. check out exxon mobile and chevron spilling lower ahead of earnings out before the bell tomorrow the energy sector closing out at the bottom of the barrel is there any relief ahead for these two stocks let's bring in your trading team

as you evaluate both of the stocks on a technical basis, what do you come up with >> we were underweight the energy sector tfor quite some time exxon has been in lower lows and lower highs for quite some time chevron looks like it's in a high level trading range . >> talking about what they are right now and what you think they can deliver down the road >> energy is an understatement that the energy sector has been tough to invest in when i look at these two companies i prefer chevron for

three reasons. chevron has mid single digit growth chevron has good cash flow and covers the dividend and chevron trades at a discount on a valuation base to exxon. right now chevron has already spent and now they are reaping the rewards of these projects where exxon is the opposite. >> thanks very much. for more trading nation head to our website or follow us on twitter. back over to you ahead, we're trick or treating but not for candy we're going to run through some of the big movers and grasso the friendly trader tell you what to buy or sell. the vacation rental start up raised $319 million valuing the company north of a billion the ceo joins us to talk about

the business, next why city says carbon regulation could cost the airline industry billions. we'll explain all of this when power lunch returns. - [spokesman] if you've tried college but never finished,

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welcome back here is your cnbc news update. firefighters battling a wind driven wildfire in san bernardino, california the hillside fire has destroyed or damaged six homes and two out buildings. 500 homes have been evacuated. it's one of two wildfires burning east of los angeles. >> this fire moved so fast and continues to have the potential to move so quickly that if folks

don't evacuate when we ask them to, lit be very difficult to try to get them out when the fire is moving forwae ining toward thei. >> even with a tentative agreement in place, chicago teachers continue to picket as their union and school district remain at odds over making up the school day lost to the strike today marks the 11th day of cancelled classes. a military dog injured president trump announcing that conan will leave the middle east for the white house. he was injured during the raid but he has already returned to duty >> he's a cutie pie. i don't know if you can say that about a military dog, but i think so >> all dogs are pretty good. that was a hero dog. thanks markets are under pressure they are off the lows of the day. let's take a look at the dow as you see the dow down 220 for

the dow. the nasdaq is off 35 about a half percent the dow taking the brunt in terms of those markets down four fifths of a percent. melissa. time for today's power moverer. the ceo is in fact retiring down 16% right now. wayfair posting a wider than expected loss. the stock is down 19%. shares of wwe getting body slammed. ref kn revenue coming if below expectation. that stock is down 17% well, every time a unicorn is born in silicon valley, an angel gets its wings maybe not. maybe an angel investor. we're about to hear from the company's ceo but first let's hear more.

>> the vacation rental started is now valued at over $1 billion after its latest fund raising round that was led by silver lake it comes amid growing interest in short term rentals. air b and b expected to go public next year they manage 23,000 homes on behalf of homeowners and handles everything from booking to housekeepi housekeeping they now have larger ambitions to ship from rentals to the reality market >> all right thank you very much. stick around we'll look into whether vacasa will be the next big ipo how many properties do you service right now and how has ta

grown over the last three years? >> we service 24,000 properties. three years ago it was about 5,000. >> whow do you get paid and by whom by the owner of the property or by an intermediary like air b and b or home away >> we get paid by the owner of the property to take care of their home and all things to do with the rental as well as guests >> what do you get paid, it would depend on the size and value of the rental but what would be a typical -- how is the figure >> it ranges between 20 and 40% commission on the rental >> if i'm renting a house for $10,000, $4,000 of that will come to you? >> that's correct. >> for a lot of american families they have a primary residence and if lucky they will have a second house, vacation how they will use out.

for that family, how do you get that family to join vacasa it doesn't seem as cost effective if 20 to 40% is going to your firm >> we help homeowners make a lot more money we had a lot more customers renting on their own they came with vacasa because they were tired of doing the work on average the customers make far more with vacasa than without vacasa even after our commission fee we're really good at what we do in terms s of driving bookings. >> how exclusive is your listings if i list on vacasa am i listing on home away >> yes we distribute those listings to other places >> what is the mote to your business why am i hittilit listing on yoe versus on the places you relist my properties on >> we add a lot of bookings.

a lot of our bookings, about 30%, come from vacasa.com. what sets us apart is our 5,000 staff and taking care of vacation rentals we take care of all the details. you don't need to work about key exchang exchanges, getting a plumber to the house at 9:00 at night >> how do you find the individuals who service the properties whether it's a plumber, a house cleaner, a roof repair person? how do you find them and make sure that they are either bonded or safeto let into someone's home >> yeah, first we directly employ the majority of our housekeepers we have over 2,000 housekeepers on staff when it comes to contractors, plumbe plumbers, we manage over 24,000 homes. when we pick up the phone at 9:00 p.m. at night, they will

pick up our call >> how would you characterize your relationship with air b and b. does it worry you that air b and b can't turn a profit? that's been a big source of revenue for you. s >> we have great relationship with air b and b i think it's too early to read much into the recent announcements. i think there's a lot of invest ms they may be making. there's a lot of money to be made there i think just basing too much on one quarter would be a mistake >> plans to go public any time soon >> that's something we're planning towards in the future >> the future. >> all right we appreciate that coming up, some spooky stock picks. we'll gefit ve stocks rated on a scale of trick or treat. stay with us woman: my reputation was trashed online.

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it's halloween but before you go out and collect the candy, we wanted to do a little trick or treating of our own here are the rules he'll decide if it's a treat, meaning buy the stock or a trick, meaning sell the stock. steve, are you there are you ready for this >> i am. i'm so ready thanks for the narration >> treat, you like it. trick, you don't like it got it >> got it. >> first off, altria >> trick nobody smokes anymore. it was supposed to be vaping that saved them. that did not come out to play and obviously perception is reality. even if juul isn't guilty of

anything, it's still a perception issue it's a trick >> apple coming off very good earnings report. >> that one is a treat i'm still long on it wearable, the iphone coming back into vogue every one thought hardware was dead services china not as bad. that one is a treat. >> third stock, lyft >> you know how i feel about this one >> you're going to say this. >> this is a trick this is actually, which is great, it's a one trick pony you don't have a lot of levers to pull. not going to be successful for any one of those players if i threw at you, uber, let aes say, you would say also that's a trick? >> i would say it's a trick but not a one trick wopony in was a

multiple trick pony. eventually uber fails but they have something to take investors eyes off the ball. >> let's go home builders now. lennar is a stock. >> i was low on it for quite some time. had a nice profit in it. i think eventually rates are going up despite what chairman powell said. this one i had to let fly and it was extreme profit it's been very profitable for a lot of people but the time has come to ring the register on that one >> snap. >> snap i got long it was the guidance that spooked a lot of people. it's bounced about 20% after earnings i think it's got a long way to go higher. distraction from facebook or distraction of facebook and twitter means a bullish tail wind for snap.

i think this one is still a buy. it's still a straigtreat. >> are you going trick or treating tonight >> i have four children and three of them are probably still in that trick or treating phase. i'm going to leave that to my wife i handle the giving out candy at home, which is the equivalent of turning out the lights and making believe i'm not home. i'm that guy i turned into that guy now which i never thought i'd be >> the guy in the recliner waiting for the kids to ring the doorbell >> all right we have time for this. i don't have a paddle for this one but scariest stock out there. >> let's preface this in is halloween. there's probably other scary stocks but macy's. if you look at the chart on macy's, it's pterrible

it's down 50%. this one can go lower. it's flirting with that $10 level. it's literally a couple of months away from slipping into an abyss i would not touch it >> extreme trick steve, thanks for playing along. >> thanks for having me. thanks >> we have too much tonight. all right. is flight shaming about to become a head wind for the airlines one analyst says the need to offset their carbon footprints with cost the airline billions and he joinss xt when you look at the world,

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i was looking for someone with specific skills. so i posted a job on linkedin. maribel had all the skills i was looking for... and looking at her profile... . ...i saw shared connections. that was a plus. but the most important thing... ...is the ability to connect to people and she had it. and i knew... ...she was the one. post a job today at linkedin.com/grow one of the spookiest things facing the airline industry today is what is known as flight shaming. guilt people feel that elevated levels of carbon emission associated with the air travel and airlines face for paying carbon emissions shareholders could pay the price. it will cost $3.8 billion a year by 2025 to offset carbon emissions for all global economy

flights but warns the actual costco be up to ten times higher joining us now is the analyst behind the numbers, citi manage director great to have you with us. >> thank you >> this is really a thing. i have heard of it but i didn't think this was something that would, you know, spark a research report from a major investment bank. >> it's funny. we approached it with the same skepticism that you just mentioned. i think you described the theme beautifully. the fact is there are three things to concerned about. this will affect three runningrf society. consumer hit, corporate hit and government it will affect 40% of airline profits. >> have the airlines in terms of the stock prices, have they factored that cost in? >> it's funny you say that

the global airline space hasn't considered this. to the degree that i think that will be hitting them in the subsequent years yes they all talk about being carbon neutral when you look at the number of consumers and corporates that are carbon offsetting the numbers are surprisingly small 1% of global consumers are actually carbon offsetting their flights. this is a theme that's still in its infancy and we'll get a significant amount of traction on over the next five years. just to be clear, it will be a theme that affects europe first and foremost >> is this carbon offset coming from somewhere in other words, are airlines going to be forced to respond to either governmental or u.n. guidelines that they must then follow to offset the carbon that issues from their engines? i don't see how -- who is going to enforce this, in other words?

>> funny you say that. you're referring to a program which is gaining traction into the next decade. we've already had our own program here in europe, the ets offset program which is really an intra european phenomenon the program you're relating to will ultimately take effect in the next decade. in terms of enforcement it will be very difficult because ultimately different airlines have different programs in terms of the way they want to offset some people don't have programs. other people use different forms of tree programs, other people use solar programs to offset effectively that carbon. but there's no uniform patent here that dislocation will cause problems >> you said this could reduce global profits by 44% by 2025. that's a huge hit if the airplanes were to absorb all the cost how much do you think they will absorb and how much will they

pass along as price hikes for travellers >> that's a great question in the analysis you're always looking at insulated pods. to do the analysis we look at what happens if the airlines eat the majority of the costs. the problem is this is an industry over the past 30 years has not been good at passing on effectively price to the consumer price has been in deflation since the 1980s in this sector and to assume this can be passed on to the sector or rather to the consumer is the wrong assumption i think the majority here will ultimately be eaten by the airlines effectively what is a commodity sector governments will also want their slice of the pie tax receipts on this will ultimately be a focus area for some governments we've seen it with apd i expect more to come. >> are there not enough ways to offset carbon for the airlines not to eat so much of that cost themselves are there enough emission

credits for lufthansa to buy in order to save themselves some money? >> it's very difficult in your typical tree effectively only offsets 50 kilos of carbon per year to offset the global carbon you'll have a big problem in terms of finding enough acreage to do this very good to talk about the theory but putting this into effect and having safety checks to make sure this gets done and we offset the right amount of carbon will be difficult then the consumer backlash as well this is an expensive exercise and i think it will have effect on volumes to put it in context 1% increase in price typically offset volumes in this sector by.65%. he have price elasticity in a commodity sector >> you cover mostly the european airlines, but u.s. airlines that fly into europe they also have to be part of this

>> i think the u.s. airlines have arguably been slow to adopt. many reasons for that. what i would point to is the fact that there are other forms of transportation that compete directly with airlines in europe that isn't the satisfaction in the u.s. you don't have the same high-speed rail network that the european market does it will take longer for the u.s. to catch on. one fact is true all corporate will want to say they are carbon neutral over the next 25 years it will be a stamp approval and that will gain traction and much to the deficit and problem for the airlines >> mark, great speaking with you. thank you. >> check please is next. it was sophie's big day.

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>> check please. >> came off record highs in yesterday's session but the mood is not so great considering chicago pmi. the bonds and tlt up another day. about 3% in two days >> yields have dropped like a tone in a weird way the president can be happy on that account >> there used to be saying first in war, first in peace, last in the american league. washington senators were routinely last now they are first the last shall be first. big night for me i grew up as a washington senators fan i put myself to sleep as a boy

listening to the broadcast look where i ended up. >> you do the same >> i call the markets every day. anyhow congratulations to washington national. they were a very pluggy team i don't know how to deal with this success >> you'll hand magazine. >> thanks for watching "power lunch" >> "closing bell" starts now and congratulations to washington nationals and their fans welcome to the "closing bell". i'm courtney regan i'm on the floor of the new york stock exchange at the pinterest post shares are down about 3% in the meantime markets are lower. retreating from those record highs. we'll see if they hold or deteriorate further. >> congratulations to tyler living his dream let's have a look what's driving the action headlines suggest chinese officials are unwilling to shift on key trade issues.wh