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. white house weak factory data as

it fell to a four year low and a rotation out of growth stocks some of those recent ipos all falling sharply today. we're down 237 points on the dow not far from the session lows. s&p is down and nasdaq is down joining us for the full first hour of the show, dna nathan quick take on the market move. >> it's very similar to what we've seen in the last week of the first month of each radiator when we've been in earnings this hold year. we saw this in q1. we sold afterwards we saw it again in july. other we are we made an incremental high. that's what is consistent. one thing that took it down into enthusiasm about low expectations on earnings with some sort of negative headline about trade and i guess the question is, is this playing out

the third time in a row this year >> communication services and utilities with materials, industrials, financials all down more than 1% >> we'll focus on the big stories. bob pisani is covering today's market kayla tausche has the latest headlines on china mike santoli has his market dash border we'll start with you on the market >> reporter: we were having such a nice rally going into the last day of october it fell apart. the narrative, we had stronger performance from cyclicals industrials trading down steeper yield curve. then bloomberg story about chinese officials skeptical about a long term trade deal soured the sentiment industrials had been up modestly but notably down banks, real leadership group particularly big regional banks, all were up several percentage

points low single digits. and they are now mostly flat for the month overall. transports another group that was acting a lot better. c.h. robinson was a disappointment a couple of days ago. they started blaming tariffs for slow trucking. they've been down. this is another big down day for the transports let's get into november and see if we can get the tone better. back to you. >> as bob just said cautionary china trade headlines came out and put a damper on some trade deal optimism. kayla tausche joins us with that >> reporter: beijing reiterating its view that any long term deal needs all tariffs removed but washington doesn't see that as a hold up at least for phase one president trump tweet agnew location to sign that deal will be announced soon and suggesting this deal will include more than half the chapters that are understand discussion. where and when the deal gets signed president xi will be in brazil

in two weeks both leaders are inactivitied to the forum in davos but to sign it before those new tariffs go into place on december 15th. the principals on both sides will speak over the phone tomorrow in a conversation that could yield some new details >> kayla, clearly trying to move the whole apec summit would be impossible but if it's neutral, just the two of them to meet quite easy to do >> reporter: it takes a desire to find that neutral location and takes schedules allowing that president xi will be in brazil on november 13th and 14th but president trump is hosting turkey's erdogan at the white house on november 13th, so that summit might be unlikely china has put forth macaw but proximity to beijing is unlikely china won't come to the u.s. unless it's a full fledge state

visit. clearly a lot of differences of opinion on this one and they need to find some common ground. >> got it. thank you very much, kayla we'll turn our attention apple it's holding on to its post-earnings pop. josh lipton has a look at the key development from the conference call. >> reporter: so, tim cook delivered what investors wanted, improving iphone trends, stronger than expected q1 guidance the topic on the call, could apple sell hardware and subscription basis, bundle of hardware and software services perhaps offered for a single monthly fee. you can understand why that would excite some on the street. cook shot that idea down and suggested apple already does in some sense saying customers today essentially view the hardware like that because they are on upgrade plans back become >> thank you, josh we'll continue this conversation and send it over to mike santoli for today's market dashboard

>> reporter: we'll pick it up right there. candied apple. we'll talk about the sentiment and technical backdrop for the stock. just another trick pull back in the markets see if it fits a pattern of previous post-fed action unprepared for a scare a little bit perhaps complacent in the short term. back from the grave. we were worried about certain things in the bond market for a couple of months maybe we're on the better side of that. let's take a look at the two year chart of apple shares what's interesting about it to me is a couple of things last year from this point right up to the peak on october 3rd five month run gained just over 40%. what do we have here we have about a five month run here and just about 40%. a little bit more than 40% new all time high. does not mean we're rolling over here remember apple last year gave poor guidance, had troubles in

china. does show you the stock has really put a lot of ground behind it, in a short period of time this is what analysts are saying i expected a bunch of price targeting increase we got 19 price target increases for apple. why do we have so much room for that the price target consensus wise is around 245. the street has been behind where the market is on this stock. it's a net positive. half of analysts are recommending it. then look at the valuation this run and flattish earnings period for apple has gotten valuation, this is the forward pe, pretty big run near 20. multi-year high and relative to the stock market now trades at a slight premium about 19 times earnings pretty good premium all of that put together is the stock is giving you a lot. the question do good results mean you're in phase for more confident growth next year

>> first and foremost love you embracing the halloween theme. my question on apple and its multiple if we fast forward five years and all iphone sales revenue that's received today to be transferred from one up purchases to a subscription model, would the multiple apply to that earnings be significantly higher or not? >> i think it would probably be appreciably higher all things be equal. if you're talking about the aggregate number being static and slow growth i'm not sure how excited that gets the mark yes. one thing that restrain the multiple for years in apple and the market's view still very hit driven they have to narrow it with the new iphone model if people say i'm signed up for years to come it doesn't matter. you don't care if the cable box is a great one you're signed up for the service and getting the hardware with it

>> to the question of apple do you think people say service revenue is a value because it's grown faster or because it's stickier how do you think about that? >> here's the issue. sales did not grow in fiscal 2019 for apple they decline these other products are making up a larger percentage iphone sales are 53% units are not growing. they know they are having issues in china number five as far as mark share. local brands so you want to re-rate the stock you have to convince hardware will recurring you might get that benefit for a couple of years and the stock trading at 19 times maybe it's starting to incorporate some of that the flip side, i don't know if you've seen this apple plus -- it doesn't look too exciting if you start to think about how do you keep that recurring hardware base there you need supply the services, look at netflix, to do the content that

they do. they lose three to four to five billion dollars in free cash flow to do it. who knows what that means for apple. >> you talk about the law. big media week on "closing bell". we have about 15 minutes left to go in the trading day. we want to break down the markets and bring in elisha are we much more fragile than we thought we were with a suggestion that trade dealings aren't perfect >> this is one of the reasons we were hesitant coming into this quarter because it was clear we had headline risk, all kind of macro risk out there that was going to be a hindrance to the market having said that, we believe that the path of least resistance is upwards because we have so much liquidity coming in to the system and in the end the earnings for third quarter has

not been as bad as feared. 2020 earnings have to come in but with some growth you should see appreciation even though today is one of those days where it's you play defense and sell anything that feels relative to global growth the real signal is move upward >> look at this economic data we're getting. it's weakening this trade deal looks like it's affecting market sentiment >> last two, three months of last year s&p 500 fell off a cliff and dropped 20%. estimates for 2019 across the board got slashed. this whole year we've been making them back doing better than the low exp t expectations were. so when i think about it on a corporate level i'm not impressed. that chart is very interesting to me because we've had incremental highs. like i said before they've come

in this earnings period as we rallied into it. we've seen two 7 percenters. when i think about that that's not too encouraging. that doesn't make me want to buy new stock. one difference is the dollar, the dixie. that's very good for multi-nationals especially as they have this head wind of trade, i . >> feels the reaction to the fed yesterday was risk off even though expectation was quite dovish where do you stand on that and what does it mean for the financial? >> going into yesterday early expectations we were going to get 25 basis points and fed was going to hold. dedicate looks like the matter is pricing in another 25 basis points in the next few months simply because you still have the inversion on three month two year treasury. the thing is the risk off is because the market doesn't feel

the fed will cut enough. you had gdp coming out of europe, lousy pmis we're still exposed to the lousy global data. i feel the global data is bottoming. doesn't mean it's good and it's inflicting but it's bottoming. if you look at yields, off the loss which suggest we're moving upward >> thanks so much for joining us great to see you still ahead president trump weighing in on the fed once again tweeting people are very disappointed in j. powell and the federal reserve. we'll discuss the rate cut decision and the president's ongoing criticism with prospe prospective fed board nom apology judy shelton >> how insurance companies are dealing with california's ongoing wildfire disaster. as we head to break here's a quick check on our data tracker. chicago pmi coming in well below estimates for october. and consumer spending is in line with expect jisseg rising 0.2%

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we have about 44 minutes left to go in trade.

let's get a check on some individual "market movers" shares of kraft-heinz are higher company saw a one ti gain of it's canadian cheese business. it did miss on revenue for the quarter. that stock is higher by 12%. search -- estee lauder, that stock is down. >> ongoing wildfire emergency in california left insurance companies scrambling to lower their exposure >> insurance companies have paid almost $25 billion for wildfires in california the last two years and insurers are trying to make these numbers work hike being premiums and dropping wonch. last year there was a 6% increase statewide in policies that were not renewed but in fire prone nevada county there was a 38% jump in nonrenewals.

those numbers do not include the aftermath of the camp fire in paris. that was the deadliest wildfire in california's history killed 85 people, left about 30,000 people homeless. and after a fire homeowners discovered that if they can get insurance, their premiums double or triple. one firm estimates 2017 wildfire season alone wiped out more than ten years of underwriting profits for companies that write homeowners policies in california yesterday analysts asked the ceo of chubb about the exposure that chubb had to this season's wildfires. he said look it's too early to tell what the season will bring. my biggest concern is did we assess the risk properly and did we charge enough for that risk which is one reason we're seeing these premiums go up >> you mentioned, as you were speaking, that it's sometimes hard the to get this insurance

the you're in a fire prone area of course your premiums are going to be high can you even get it? >> what's happening their policies come due. the insurance company says no thank you this is too risky a proposition for us we can charge enough for it. they are forced to go to insurer of last resort they are exchange exorbitant premiums by often people go without homeowners insurance what we saw in the paris fire there were quite a high number of people who were completely uninsured. >> crazy stuff thank you for following that for us >> we have about 40 minutes to go before that close bell southern let's take a look where we are on the markets not far off the loss of the session down about three quarters of a percent for the dow. nasdaq is down and s&p holding at 3032. up next shares lyft sinking today on the back of earns goldman sachs says now is the time the to buy. we'll get "word on the street"

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welcome back to the "closing bell". time the to get word on street bernstein couldn't grading southwest but raising the price target to $61.

their relaunch could impact the company's unit revenue >> morgan stanley raising its price target on tesla to $250 a share from $230. the firm reported strong third quarter demand it shifts questions to sustainability. morgan stanley maintains an equal rating on the stock. shares of tesla are up marginally goldman sachs upgrading lyft to buy lowering its price target to $58 a share from $71. firm says the company continues to gain share and showing critical operational efficiencies shares of lyft are down almost 6% this is one of your last chance trades having a nice run. >> i thought we would hold you to account but it's up slightly. >> just want to take cracks at me >> i still am. >> i think at the time, maybe a few weeks ago sentiment was so bad and the stock was making new lows every day

that's important when you go into an earnings event especially for a company like this if you follow this company even while it was private, never missed their expectations that they've given private investors and now this is their second quarter in a row we know there's tons of overhang tons of shares that need to be sold this stock when they reported in earl august was trading in the mid-60s but accelerated that share and the stock went down to low 40s. here it is 41 bucks or whatever so every time investors have the opportunity to sell they are doing so and this company has actually given you good news to sell on, just the supply is so great right now. >> you bought it then. an opportunity to buy more >> what was the goldman note talking about operational efficient isis talking about profitability sooner than expected looking out i think it was 2021. that's a long ways away. when you have beaten rates for

the current period or year that should give you some confidence. i can't kill tell you about all those growth equity investors what they will do with shares. some have gains from much lower levels even though it's well below $72 ipo price. >> upgraded by goldman dan still like it. still to come shares of pinterest. we'll get the latest read on it in a few minutes >> last chance trade dan is looking towards the bond market a little tease for you speaking of bonds here's a check on u.s. treasury yield 10 year on the back of that fed decision currently sitting at just under 1.7%. two year note at 1.524 "closing bell" will be right back after this quick break. it was sophie's big day.

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chinese officials are unwilling to shift on key trade issues the white house. factory activity falls to a four year low. rotation out of growth are all falling sharply in today's trade. >> time for cnbc news update with sue herera. hello, everybody here's what's happening at this hour chicago's mayor and the city's teachers union says a strike that cancelled classes for 11 days has been suspended and classes will resume tomorrow i'm happy to announce that we have reached an agreement with ctu president classes will resume. we have an agreement >> there has been another increase in the amount of people coming down with vaping related lung injuries. according to the cdc, 1888 cases have been reported in 49 states

as of october 29th but that's a big increase of 284 from the previous week so far 37 deaths have been reported in 24 states and washington, d.c. and democratic presidential candidate bernie sanders traveling to new hampshire to file his paper work for next year's democratic primary. yesterday pete buttigieg became the first democrat to file for that state's primary you are up to date that's the news update courtney, back downtown to you >> thank you very much, sue. today let's sends it over to mike santoli for his second dashboard. >> the question today with the slippage in the index whether this is just another trick we had a new high in the s&p 500 and then a fed meeting and then some backing off on the markets. this is a two year chart captures last year's high in september and then this year's path this s-in march, in may, in july, and in september you did

see the similar pattern where you had these marginal new highs get hit. fed meeting happens. maybe you get the as expected result the market finds a reason to take issue there's a case to be made because of seasonal factors being stronger and the fact that the market hasn't been lobbying for more easing from the fed maybe we can stabilize here without too much damage. i'm sure this pattern is in folks mind one relationship i want to see is between the industrial economy and the information economy. also kind of growth in value, defense cyclical this is tech, software sector specifically and transports. what you see in orange the transports slowly try to make a little bit of a come back here until they got turned away two pretty bad days in transports trade concerns again and software you see picking up. this has not resolved itself we don't know what character of market we have but it is one of those relationships to keep an eye on >> dan, to mike's point, to what

bob of saying earlier if you look at this month as a whole it's an odd mix. banks, health care and tech all doing well surely that trade will not continue >> banks weren't performing for much of this year. what has performed microsoft has been up 40% on the year for months now we've seen apple is up 55, 56% google is not from its all time highs. amazon is the only one that stalled. that's your big tech they are doing the heavy-lifting. you're seeing these other groups rotating a little bit. i'll make one point about mike's s&p chart. if you think about it 2018 high in the s&p 500 came on october 3rd. we are about 3% above that if you think about it. we're 13 months out and 3% above that we have not made a whole heck of a lot of progress. what has made a lot of progress is mega cap debt >> very interesting. sitting in neutral

but those big tech names i was at a conference yesterday and it was a retail conference and someone presented forget about the s&p 500, it's the s&p 5. >> health care, tech all doing well over the course of this month. now president trump lashing out at the federal reserve today after the central bank did cut rates for the third time this year the president tweeted quote people are very disappointed in j. powell the federal reserve. the fed has called it wrong from the bing, too fast, too slow he went on to tweet china is not our problem the federal reserve is joining us now on a cnbc exclusive is manager economist and executive director of the european bank for reconstruction and development. good afternoon to you, judy. thanks for joining us. >> nice to be with you thank you. >> despite that criticism on twitter from the president of the fed chair presumably he's happy with the decision itself and presumably you welcome the decision itself to cut rates

again. >> i do welcome it i think that yesterday the first requirement of discretionary monetary policy was fulfilled in that you should do no harm and it's clear the market got what it was expecting, even demanding and i think it's important when other factors are going to the right way for our economy you don't want to pull the monetary rug out from under them with a bad surprise >> what do you think is going on in the fed chair's head in the course of the last 10 months to see a massive pivot from where he was in december to three cuts later, without the data changing that much. it's changed a bit but a huge about turn has he been weak as he caved to what the president wanted? >> i'm not assuming he's trying to appease the president he's making his own decisions. you have to admit that it's now pretty established opinion that

the fed was raising too fast we saw very bad reaction to that final raise in december last year that was nine consecutive raises from late 2015 through late december of last year. and we saw that at some point when the markets have such a negative reaction that it does feedback into the real economy that sue probably half of american households with iras or other personal investments tied in the performance of financial markets. so it's really inflicting damage on them and hurting their confidence if the market is not living up to expectations. >> judy, what would you do from here is the insurance proeks that -- protection that we need over or is another cut appropriate as this economic data continues to come in a bit weak >> for me, the more compelling

issue is what is european central bank doing what are other major central banks doing? and i don't think that the federal reserve is actually addressing that directly we have christine lagarde going to take over the ecb tomorrow. if you look at the legacy of mario draghi, her predecessor since the day he took over the ecb in 2011 to eight years later this week, the euro/dollar rate has changed so much. used to cost in november 201 $1.37 to buy uniquo. now it's $1.11 it's a devaluation against the $. we could ignore that but i don't think it's the right thing to do i think we have to take into consideration what our central bank is doing and what you're

interest rate policy is relative to these trade competitors >> but the dxy, bark to the 19,7 handle in recent months. we should focus on what other central banks like the ecb are doing. do you think that's all we should focus on or is it the effect, if it's having an effect on the u.s. economy as well which doesn't really feel like it is. the u.s. data is much better than the johnson data, presumably you don't want the whole package that the ecb is having to deal with and that's a very soft economy. >> but i think that's kind of the point. their discretionary monetary policy has not done much to stimulate growth hasn't even enabled them to hit their inflation target so what's the purpose of announcing stimulus. >> why do you want the fed to follow suit and do the same thing, loosen beyond where they should be. >> we could be virtueless in a

vacuum but you have hundreds of trillions in derivatives and two third of them -- they are out there and linked to the differential interest rate policies of the ecb and federal reserve and the currency effects of those differential monetary policies and i think if the dollar gets too far out of sync with the $denominated around the world you're risking devaluation. the euro against the dollar hurts our exporters, it's the equivalent of a 20% tariff we would be accused of being protectionists if we respond by imposing any kind of tariff but that's effect it but it's the global financial instability that also concerns me and i do agree that our focus should be on a level international monetary playing field so i'm happy that the u.s. is calling out these other

countries on currency manipulation and largely being carried out through the central banks. >> judy, before we let you go, the fed has a dual mandate powell said he would need to see a significant rise in inflation before hiking. we should be far away from hike but we need to watch inflation carefully. where are you? >> i'm concern that this potential tweak over the inflation metric, it sounds like now it would have to even be beyond 2% for quite a while. it's unstated before we would say symmetrically it's time to move up. the self-examination the federal reserve is going through should be on a grander scale. what is the vision what is the narrative? what is the purpose of a central bank how is it facilitating productive economic growth i think we should be looking at not just the monetary framework going forward but also the

mechanisms, paying interest on excess reserves. that's causing some severe problems and we should be concerned about what are the actual goals of monetary policy and have we gone so far towards discretionary policy we're undermining what would be perhaps better economic outcomes if we used more free market approaches to setting the interest rate which is the price of vulnerable capital. >> judy, final question because i know we're up against a break. what's happening to your nominati nomination where are we with that >> it's proceeding on track. all the necessary paper work has been filed, and i presume it's going forward, and that's my expectation. i look forward to a confirmation hearing. >> good luck with that, judy and thank you so much for joining us >> my pleasure thank you. coming up next we have got your last chance trade >> plus way fair and etsy

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welcome back we got a news alert on wework. i wouldn't say this was a positive development for wework. adam neumann's former chief of staff alleges they engaged in pregnancy discrimination, gender discrimination, unequal pay and retaliation. the claim was filed on behalf of female employees of wework in response wework says wework to vigorously to defend ourselves against this claim we have zero tolerance for discrimination of any kind the ceo said she gave birth twice and had to stop twraflg

neumann for his pension to bringing marijuana on flights and smoking it while the enclosed cabin which she feared would be a problem for her pregnancy. she alleges when she returned her role was reduced and demoted. she says the male who replaced her as chief of staff received a salary was triple hers guys >> thank you for that update the story continues to mav multiple layers. 15 minutes left to go. we teased it earlier what is the reveal for you last chance trade? >> it ties a lot of concepts and that is buy u.s. treasuries. to me this one just bounced off a couple of charts one year bounced off this break out level when the fed started this mid-cycle adjustment three consecutive cuts it broke out and to me it looks like it bounced off a good level. look at the ten year treasury

yield, look at the one year. just got rejected. that's the down trend. look at the 30 year trend and the ten year treasury yield. where is it going? we talked about those rate differentials. it's going lower and towards zero when you think about the data, the optimism and the fact that you don't gate china deal and the data gets worse u.s. yields are going down >> with that 30 year trend highlights if you do get a deal the move where it could correct in the opposite direction is probably much larger than the room there is left to go unless you think -- >> i don't think a deal we'll get in the next few months will turn the global economy on a dime to me if you think about in the last couple of years, every single opportunity you've had to sell that sort of news has been the right trade and definitely as far as yields are concerned >> we'll follow that one see if it was as good for you as lyft has been. this is the last commercial we'll take before the close

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0.56%. the dow is down over 200 points. 220 to be precise. some big movers in tech. apple higher after reporting a beat on the top and bottomline two social media stocks moving in two different directions. jack dorsey announcing twitter will ban all political ads globally while facebook stands firm on its stance to allow ads. twitter has battled back to being flat off initially reporting the news jo jon you reported this last night. >> reporter: extraordinary the concern that i have leading into the quarter apple pretty much answered. one of those was with the tariffs looming would apple stray away from its traditional

tight inventory management and control. especially because they are not reporting unit sales like they used to. you might understand why they might want to ship more iphones into the u.s. in case it got more expensive to do it later. tim cook said absolutely not we're not doing that or have no plans to do it therefore, that strong overall revenue number and strong guide which, of course s-riding on iphone in the holiday season you come that with strength in services overall in the new products they got including the air pods pro, and there's reason about this >> thank you, jon. a couple of ecommerce retail names. wayfair stock diving after reporting quarterly loss that missed analysts estimates. shares down 19%. the ceo said the company costed a revenue beat despite volatility linked to tariffs and china trade war. investors are not impressed.

etsy stock plunging despite reporting profits. shares down 16%. the company also saw gross margins decline. after the bell we'll bet pinterest third quarter results. dan, what do you make of some of these ecommerce names going into a holiday season where we have so much riding on the back of consumers because that seems to be the strong point of the economy. should we read more in the ecommerce names? >> i wouldn't read too much into wayfair. it's a money losing company. think about the ipos we've seen where they have innovative business models but trade in high valuation you saw this grubhub investors don't have time for it etsy, had a little interesting niche player it's a good name into a holiday

period but, again, you know, investors are becoming increasingly concerned about valuation. >> mike, i've seen big swings on wayfair stocks after they reported earnings. this is not an anomaly for them. >> not at all. there were a lot of doubters heavily shorted stock. people have been waiting on both sides for either it to prove out, the model to prove out and to turn, get a window towards long term profitability or to have a stuvl like this that's where we're at. toek could what dan says, keeping the subscale ecommerce names on a short leash seeing that amazon on a relatively basis has held up seems like people aren't willing to wait it out >> we got five and a half minutes left of trade. little improvement the dow is now down less than 200 points let's get to altria, the tobacco

company taking a write down on juul >> reporter: that write down on juul investment as all trtria se down 2.5%. altria says it sees long term potential in the e-cigarette maker. >> we did not anticipate this dramatic of a change in the vape category the lung injury was something we had not predicted. >> altria beat on revenues and maintained it's 2019 guidance. back to you. >> frank, thanks so much it's about a third write down from their initial investment. probably more than that from where it got to in their minds the first six to eight months of this investment which felt very, very strong for the company.

>> it felt like a win initially. the markets seem to believe that too, it was actually a way out of permanent decline in tobacco volumes. to me that's what the market is trying to adjust to right now. if it turns out you mostly have the old business of altria then it's kind of a milk the dividend yield until the volumes continue to bleed lower >> some uncertainty about what will happen in that vaping industry as they figure out these illnesses. a tentative deal still needs to be approved by the u.s. and french governments fiat chrysler and psa, 50-50 merger create the fourth largest automaker in the world combined they sold 8.7 million vehicles last year what's in it for both companies? for psa the fca presence with

ram and jeep in the u.s. and north america. that's very attractive for fiat chrysler it needs to get larger as peugeot does as they try combat the rising cost of developing electric and autonomous vehicles. different reaction from investors of both companies. look at the reaction of the psa investors. they are not real crazy about this, though they need to do this and fiat chrysler investors they look at this and say this is the logical next step i'm not sure we'll see a whole lot of deals of this size any time in the foreseeable future and this still needs be approved by the french and u.s. governments. >> phil, thanks so much for that we got just under three minutes left on trade. let's get to mike. >> obviously been a pressured market all day but look at the up and down volume definitely to the negative but not necessarily a wash out earlier it was more like 20%

upside volume now closer 30 administers. backing off on a broad scale but not that intense in terms of lop side trading equal waited s&p 500 to the standard one the equal wait is underperforming. it's the mega caps holding this market together. just the kind of market we have right now. i did want to check in on the volatility index, the vic. it's popped up a little. about 13 1/2 now from pretty low levels whatyou see that down trend is still intact the market might have gone past the predictable volatile parts of the year. >> thank you, mike we got just two minutes left to go let's sends it over to rick santelli who has a check for us on the bond market from you look at 24 hour charts you get an idea the breadth of the move today and over the last several sessions we're now down look at the two year, down eight basis points,

hovering at the lows of 152. one basis point off the 168 yield low. remember when yields go down prices go up we're flattening on the bullish side the fed may be behind the curve. dollar index down almost 2%. what's not down for the month is the nasdaq we go bertha coombs. >> reporter: the nasdaq 100 is the big performer up 4%. big reason why is apple's big snap back up to record highs apple providing about 1/3 of the point impact that's about as much as microsoft, intel, facebook and nvidia combined. we wau western digital the worst performer. bob, over to you off the loss but a disappointing last day of the month. still pretty good month. s&p up 2%. remember this is the month where a lot of blow ups have happened

in the past. that did not happen. good month for banks good month for technology stocks overall we'll see if we can get in november -- big question for november can we get rotation in the to those cyclical names. we started to see it with the banks and semiconductors, but it's a very incomplete story and, again, trade will be the big mover on the market. there's the "closing bell" dow down good afternoon, welcome to the "closing bell" i'm wilfred frost. >> i'm courtney reagan >> let's check how we finished a rally, final ten minutes or so you see the leg up the s&p 500 only down 0.3% the dow only down half a percent or 140 points.

earlier it was down 270. nasdaq outperformed because of the likes of facebook and apple, strong earnings and held on to some gains nasdaq only down about 0.1%. joining us now to talk about the market day, dan nathan he remains with us along with ian myer who is joining us as we point out we saw a little bit of that rally into the close. >> kind of firmed up -- obviously you don't know if that's just kind of something mechanical there i think all day pretty standard sort of spill back from an all time high. the all thyme was reached in a tentative way. it's not a surprise. one thing that stands out. rick talked about the bond yields ever since the fed you have yields coming down and curve flattening again and hunkering backinto this sort of growth will not run away from us. fed will be out of game for a while. growth stocks and defensive

faring better. >> mike, also yields again highlighting their big impact on general sentiment. yes yields have the banks which make sense but banks were far from the worst sector. >> it's mostly -- it is mostly about kind of macro sentiment and offense versus deaf. honestly it really stoked the interest in the growth stocks. you saw the fang like stocks hold up better today than others i do think that's the mechanics. >> ian, it seems you believe the market could be too come play scene. you're watching the vix. mike pointed out moments ago still remains in this down trend. >> i'm a little bit surprised there's not as much concern about the dow transports and their continued negative divergence especially some of the commentary we got out of c.h. robinson. just feels to me people are

expecting some kind of china deal it's unclear what exactly that is just given the fact that there's a pretty big ramp expected for q4 earnings growth year-over-year just to make the numbers for 19, it just seems to me that there's still a little bit of risk to the down side that's not being priced into the market >> darnhow much would you like o see equities come back before you are bullish. >> listen the last two declines we had from all time highs in april and july have been 6.5%. it's something that's held uptrend. my point about bonds, had a great note out this morning, basically saying these three cuts we've seen since july are getting that mid-cycle adjustment, that insurance out of the way anything from here on out is really addressing economic weakness or that differential that we were just talking about

with other yields around the globe and that's an easier way to gauge where we are after 11 years of the supposed recovery here to me i think yields are going lower because i don't believe we'll get a trade deal that will cause the global economy to turn on the dime. >> we got a news alert on amgen. >> reporter: amgen is making a big bet on china's growing oncology market. striking a partnership with china as part of the deal. amgen will acquire 20.5% stake of the company for $2.7 billion. that represents about a 25% premium on the closing price of beijing's adr which trades on the nasdaq in terms of drug development amgen and beijing plan to collaborate on 20 cancer focused medicines from amgen's pipeline in china and other companies. the chinese company plans to contribute up to 1.25 billion to

advance those medicines. amgen's ceo dismissing any potential political concerns and heighten u.s.-china tensions saying the company is very interested to continue to build out its business in china and doesn't expect any political push back. amgen's executive vice president cited the fast base regulatory reform process in china as a catalyst for the partnership we're looking at shares of beijing, the chinese company up about 6% here in extended trade. interesting deal back to you. thank you very much for that we'll get now to pinterest earnings which just hit. >> reporter: so it looks like pinterest shares were down sharply after what appeared be a relatively strong quarter. revenue was roughly in line with expectations we also saw a nice beat on aps that coming at 4 million versus a negative 13 million in the same period a year ago

monthly active users 422 million, nice growth expectation from the street was 312 million. again shares of pinterest down sharply almost 20% they are up 32%, however, since its april ipo. again you can see down sharply in after hours after reporting what looked like a strong third quarter. back to you. thanks so much for that. mike, ipo price of 19. it was up, down. better than a lot of other ipos but not outstanding. >> hit a good run up to the mid-30s and then on the down side ever since then i do think it probably is sort of this shoot first. unremarkable on the revenue line it's roughly as expected but, you know, this has always been an expensive stock. nobody was quite sure exactly what they were talking about in terms of getting into profitability mode probably has to retest the lows

that it's traded at. >> we've seen the lock ups, had a massive impact on some comparable stocks. so it's not that in terms of today. >> no. definitely a reflex move >> monthly active users is up. the street is looking at 312 million. let's get back to our market discussion let's talk a little bit about the earnings sentiment and what that has done to the market. feel we're still long. things looked much better than feared it seems like some of that has been pushed aside as we got focused on trade headlines and economic data. do you think that shine has worn off from what we heard from earnings initially >> i wouldn't focus as much on earnings what going on and has gone on for the last, at least 12 months is the multiple on the market.

it expands and contracts based on expectations around trade deals or whether it's elizabeth warren, or whatever will drive more people to get more comfortable or less comfortable. the actual earnings numbers themselves haven't really changed that much. you got manufacturing, which is clearly weak and getting weaker. you got a lot of people betting the u.s. consumer will hold up the economy. but i don't get the sense that, you know, earnings growth is almost nothing this quarter year-over-year i would just follow the market multiple clearly the incredible monetary stimulus we continue to see globally feeds that multiple expansion. but i do think that there's plenty of stuff out there, like elizabeth warren, potentially, that should cap the multiples. so, i think that that's what's really going to drive the market over the next year is multiple either expansion or contraction as opposed to we're going to get some huge earnings growth based

on the economy >> dan, i want to circle back to apple because obviously that was a really strong report and tim cook had some optimistic commentary about things like the trade deal, even looking at the holiday quarter. you're not buying it >> i saw jay powell being optimistic about the trade deal when the back channels say there's no trade deal. chinese don't see a phase one. i don't think there's anything substantive. apple, this was the quarter sales in china last year were down 30% year-over-year. it was massive i just was really curious about that guidance when you consider these consumer tariffs are set to come in to place in mid-daens if you also look at apple falling to number five in market share in smartphones, behind local operators in china i just don't get the guidance >> i wonder if we should pay more attention to tim cook because it seems like he does have the president's ear

>> i think with good reason, the market is saying de-escalated, not ratcheting up the frictions. therefore go on this premise we won't have a massive -- today's selloff isn't all that much about the trade headlines. >> we'll leave it there. dan thanks so much more joining us ian, also. mark zuckerberg defends his company from criticism we'll discuss the stock impact next plus, brian grazer will weigh in on the future of streaming as apple tv launch starts tomorrow and kupperman writing a blistering letter to elizabeth warren orlando isn't just the theme park capital of the world,

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ultimately, it's helping thousands of patients return home. and who doesn't love going home. welcome back to the "closing bell". pinterest earns are out and that stock is tanking, down more than 17% despite reporting an unexpected profit. for more let's bring in michael levin. michael, when i look at these numbers looks like almost everything was better than expected what was the reason for the sharp downturn in the stock after hours? >> the profits were great. user rate was growth for stocks that traded multiples like pinterest people, prenlt

company include were definitely expecting a much morrow bust advertising result in the u.s. and, you know, if they had a much better result than expectation was last quarter some of it around easter time if you normalize for that you shouldn't have seen the debt in the third quarter and the guidance for the full year basically, you know, assuming to condecelerati continue with deceleration i think in the bear camp folks have looked at this as being relatively more niche. a lot of exposure to retail than cbg. some of our work suggested they are getting decent wins outside of those verticals if it's going be a niche story decelerating revenue growth you're not paying these multiples for small beats and users are nice but that's not -- that's not the driver for a

stock like this. you need to have ten out of ten. >> you upgraded to buy on the 17th of october, i believe are you reconsidering that now >> you know, we got to go through the numbers. i have to talk to the management team but too early to make that call. we're certainly very disappointed the results >> we'll leave it there. pinterest stairs are down 16% after hours. thank you michaellevine. >> mark zuckerberg responding to an op-ed from sorkin sorkin said facebook is not defending free speech. zuckerberg respond by posting mr. sorkin's own words quote america isn't easy you want free speech let's see you acknowledge a man whose words make your blood boil, who's standing center

stage he and advocating at the top of his lungs that which you would spend a lifetime opposing at the top of yours. >> causy, good afternoon clever tactic to requote some of sorkin's own words back to him but if it was just a private argument between the two of them and, of course, much broader than that. what are the significant of twitter taking a step they did yesterday and will that force facebook in due course to follow suit >> it's an interesting question. i suspect in the end facebook will be forced to make some kind of changes to its political advertising policy because it has just been under relentless pressure to do so and facebook is a company that usually is pretty sensitive to public pressure you know when it comes to twitter that's a company that made less than $3 million this year on political ads so it wasn't that big of a deal for them to say they weren't going take those ads any more but did ratchet up the pressure on

zuckerberg to explain himself and made him vulnerable to critiques like the one aaron sorkin levied today. >> it seems zuckerberg is fighting more on principle than from a business case because he said political ads will account for less than 0.5% of revenue. it's not that significant from a business standpoint. >> that's true except in this way the moment facebook decides it will send those political ads to be fact checked, it's going to enrage people on both the right and left some people are say they made the wrong call and create endless news cycles where they are being forced to defend their political judgment so, while i do believe that zuckerberg believes in free speech i think he's also working very hard to keep facebook out of all of those debates. of course what's been very funny by trying to avoid all those debates he's been sucked into another one. >> zuckerberg pointed out last night on the earnings call that national broadcasters required

bylaw to run political ads past the fcc. there's a regulation that exists that makes that the case i guess what he's implying by mentioning that if you change the rules for us, then we'll abide by them. is that really what at issue should there be a regulation or law that addresses this issue rather than leave it up to the companies to go all or nothing in one direction >> ultimately i just don't think facebook is that analogous to a prouder for two reasons. one you can macro target on facebook you can show a political ad to a small group of people, maybe ten people when you do that scale across the entire electorate democracy becomes very hard to follow. that's one reason why i don't think that really stands up. so i think for zuckerberg to say that he's just not going to take any of these arguments serious, i think is a problem >> but to your point then kacie would that not mean the results

should be even more restrictive regulation for a social media company than for a broadcaster and throw in the points that the likes of points that have been made many times the power of those advertisements is much higher on social media in the same way in the '50s when television and radio was growing all of a sudden people felt that was much more powerful than print media and therefore regulars around it when it relates to political commercials should be stricter than for print media. >> that's exactly right. it's the speed at which these ads travel the minute you post it on facebook it can be instantly shared around the entire world there needs higher standard and entity in the best position to figure that out is the u.s. government >> kacie, there's one line of response to this which is that everybody who uses these platforms knows they shouldn't believe everything they see and perhaps it gets dismissed and overplaying the influence

possibility here if advertisers political or otherwise see return on investment and spending on these latino forms doesn't it push against the idea it's just noise that nobody takes to heart >> it does you know we can debate all day how effective these ads are. clearly advertisers wouldn't be buying them if they weren't getting some sort of r.o.i.. i don't know at the end of the day the question is does a company like facebook be in the business of profiting off misinformation as we've seen in the past month just creating unending pr headaches for them they have to figure out a way around that whatever the r.o.i. advertisers may be getting >> kacie, thanks for joining us. up next, we'll break down the charts to see if today's selloff could scare investors away from the market >> later, brian grazer gives us his outlook for the future of streaming and whethethe r erare too many competitors getting into the space stick with us.

let's sends it over to mike santoli for his third dashboard of the day >> question here is whether the market is unprepared for any scare we might get as recently as august and september a lot of people very

negative, very cautious about the market and actually it was reflected in something like this, which is the fear and greed index capped by cnbc money. only recently i was talking how you were around neutral. before today's sale off we got up to 80 80 means it's very much in the extreme bullish range. some variety of market based indicators this isn't about surveys, this is about trading activity and a lot of other capital market indicators we've been higher than this. in 2017 when everything looked great, but this is just kind of an overlay of caution to say maybe we finally gotten people's attitudes in a position where they are complacent. it's not fully confirmed by every other sentiment i look at. but shows you perhaps the pendulum might swing back and we're not quite prepared for a shake up >> up next, brian grazer gives

us his outlook for the future of media and flood of new streaming services hitting the market. apple is ready to launch it's own streaming service tomorrow finduthat o wto expect from apple tv plus. that's later on the "closing bell". behind schedule. but sophie's enthusiasm cannot be dampened. not even by a run-away donut. we powered through it in our toyota prius. because a star's got to shine, no matter what. it's unbelievable what you can do in the prius. toyota let's go places.

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bell". now time for cnbc news update with sue herera. >> good afternoon, everyone. here's what's happening at this hour the democrats pushing through a package of ground rules for the impeachment inquiry of president trump. the vote was 232-196 with all republicans against the resolution and two democrats joining them both sides reacting to the vote. >> no person, republican or democrat, president or anyone else, should be permitted to jeopardize america's security and reputation for self-serving political purposes >> when you look at this soviet-style process it shows you that they really don't want to get to the truth, they want to remove a sitting president. in fact, the author of the articles of impeachment said, if they don't impeach the president he'll get re-elected california representative katie hill made her last speech on the house floor today she said she wasn't ready for

her time in congress to come to an end so soon she apologized to her family, friends and constituents for a relationship she had with a campaign staffer calling it an error in judgment. that is the news update this hour guys, i'll send it back downtown to you sue, thank you so much for that the streaming landscape is becoming more crowd with apple's long awaited streaming service apple tv plus apple tv plus officially launching tomorrow. competitor disney plus launching in two weeks time. joining us now, academy award winner producer, brian grazer. brian, how are you doing good afternoon to you. >> i'm great thanks for having me on. >> very well indeed. all the better for sight let's talk about "face-to-face." what's the thesis there? this is how you say in your career you wouldn't be where you are if not for those crucial

meetings as opposed to so many interactions are done these days by email or phone calls. >> well, here's the thing. because i produced over 100 movies and television shows, you have to move people. you have to move executives. you have to cause people to engaging a vision. it can be very intangible. even in the case of frost nixon or "beautiful mind" or apollo 13 i got to work with your father and through your father i had dinner with margaret thatcher and andrew lloyd webber, had a very, very stimulating conversation with theprime minister it was very fun. but i'm able to -- your dad was there too. >> but was he boring or only fun

with margaret thatcher >> oh, your dad was very nice. your dad -- incredible interviewer. we made a film about him an oscar nominated film. your dad was very sweet and very kind >> but, sorry, i interrupted you. >> okay. the point of the book is as follows. i've had to raise billions of dollars to pay for ideas, to pay for apollo 13 or pay $100 million plus for "how the grinch stole christmas" or "the "da vinci code". so you have to look at somebody, an executive or a series of executives and evangelize your mission or movie why this should exist and why it will be

successful only looking through somebody and expressing passionately and articulately a vision can you actually engage somebody's heart and when you do that, just like a movie character in a film, once you engaging someone's heart you can move them and they will actually, you know, if it makes sense, they will pay for these movies, and the same thing happens -- it's a food chain quite frankly. so i found that by meeting people, by looking at them in the eyes, by actually this microstep of actually putting your phone in your pocket when you're in the elevator or walking into a room having a meeting because the story begins then and you look at somebody they feel as though they are a human being. you are acknowledging them as a human being and that you're willing to give them that level of focus and because of that, it has a lot of value and so i coin it in the book to

be it's the wi-fi of human connections is looking at somebody in the eyes that becomes the beginning >> now i assume you'll have to have a lot more in person eye to eye meetings as you have to speak with executives running all of these different streaming platforms. now as more and more of these platforms are launching how is that changing the way that row duce content or your business? >> well, first of all, because i've been doing this for 35 years, the one thing that has stayed true, the true and most valuable commodity is the story itself there's been, as you know, many different distribution systems from thea the trical to dvds, to home video so as you said there's streaming wars essentially only yesterday -- there was a very important matter on one of

my television shows called "swagger" and that tv show is at apple. the senior honcho at apple decided he face time me, not talk to me on the phone. he preferred to meet together but i was unable to get to the office so we face timed and we resolved what we wanted to resolve in a very favorable way by looking at each other and having a conversation so whether it's a streamer, or whether it's ten years ago and wasn't a streamer you have to look at people to make a difference >> do you feel these different streaming services each have different formal brands and identities when you make a show you think this one will only work on a service and i want to make a good show and i don't care which stream buys it >> for me it's the forward ron howard and i have a company

where we have several different divisions of narrative form. so there will be documentaries there will be family films kids and family films. there's straight series. the point it -- the point of all of this is to, to do things that you deeply care about, that you deeply are willing to spend time and energy and passion and focus, to optimize the tv show or movies potential. and many times every one of these streaming surfaces they all have different personalities. and so you want to match your show or movie or documentary to the platform that's going to best service that movie, television show or a documentary. so it's matching things up >> given that part of, i believe, the value proposition of netflix and amazon, at least the way they convey is that they have so much data and ways to

analyze the data on the audience in response and what people like and kind of create this mosaic of an individual's taste, does it change the role of a producer to say look i can sell this to a broad group or figure out where the audience is. or if they say into out algorithms know that >> it's an advantage i don't look at it as somebody is giving me a prescription all those there a prescriptive element to it. so, i take it, you know, any good producer is going take advantage of that data so in the case of netflix or in the case of what's going new disney streaming service you're going to want to know the value system that defines their service. i have a pretty good sense of what the disney value system is. and i think we all know what that very well system is

so things we'll fall -- that we're going to make that fall within that value system, we're doing aretha franklin for ten straight hours under the banner of genius which we did albert einstein, picasso and now aretha franklin that's a perfect disneygram, not disney in the g-rated, it celebrates genius. that's the ethos of what they do in the case of netflix i have two movies there that really should be there. one is "hillbilly elegy" which was a best certainly my partner ron howard had directed and the next one will be on netflix. perfect for that service >> brian, we look forward to those shows and all the rest that you produce in the coming years. thanks so much for joining us.

>> thanks for having me. i appreciate being on the show >> brian grazer, academy award winner producer of "face-to-face. tomorrow we'll speak with actual media mogul, brian cox, the actor who plays logan roy. >> that's an epic show coming up next billionaire investor cooperman sent a letter to elizabeth warren. plus we'll take thepulsion of the global economy when we speak to mark sutton, ceo of international paper. we're back in a couple of minutes.

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thank you sofi. sofi thank you, we love you. ♪ let's send it over to mike santoli for his final spooky dashboard of the day >> what we were spooked by back in august is parts of the bond market doesn't seem that scary today.

if you look at this chart of the treasury yield curve, this is basically federal funds rate very short term rates controlled by the fed subtracted from the ten year note yield this went negative so this is what we were worried about. it went slightly negative shallow and now slightly positive this is slightly dated after yesterday. it's slightly below the ten year yield. if you look at this, this happened some distance before previous recessions and that's the idea that inverted yield curves start the clock ticking for a recession. what's interesting is this is by far the briefest and shallowest one if we leave this behind. we have to take that into account. 1995 almost perfectly flat fed cut rates three times and it steepened from there for a couple of years and we're years away from a recession. i want to look at the relationship between stocks and bonds. this has been where stocks have tried to get some headway over

bonds this year. this is last december. very low stocks. really declining bonds rallying this is sort of the ceiling of a trading range we've been in this year and just curled lower again. with bonds rallying, stocks taking a breather see where it settles down if we gate high or low and that means stocks are in better shape >> mike thanks so much up next cooperman sends elizabeth warren a letter. that's coming up powers a booming auto industry... a leap into the digital era draws youthful populations to mobile banking and e-commerce... trade and travel surge between emerging markets. every day, our 1,100 investment professionals around the world search out opportunities for alpha. partner with pgim, the global investment management businesses of prudential. ♪ as your life grows, so do your needs.

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welcome back billionaire investor cooperman slamming elizabeth warren. >> reporter: it's a strongly-worded rebuke of senator warren's tweet last week urging cooperman to pitch in a bit more so everyone else has a chance at the american dream too. cooperman who is not on twitter said her tweet demonstrated a fundamental misunderstanding who search-and-rescue what he stands f -- he is and what he stands for. cooperman is using the letter to make the case that billion injuries like cooperman got to where they are because of hard .

cooperman's shots were first publicly fired at cnbc delivering alpha event in september. >> they want to open the stock market in the words of the ex-president you don't make poor people rich by making rich people poor he was joking about those comments about not opening stock market but a warren victory would cause stocks to decline 25%. for that full letter go to cnbc.com leslie, thanks so much for that well worth the read. guys, it's interesting how far apart both sides of the argument are at the moment. yet there are nuggets and small amounts in each side's argument where they do overlap. just in this very polarizing world you don't see those two sides aligning whether it's cooperman or

whoever else a lot acknowledge they would be happy to pay higher taxes elizabeth warren i don't think fundamentally believes these people are evil or whatever. there are some ways they could overlap and find some common ground >> what really jumps out to me from cooperman's letter and this is something that happened with him in the past, he really demands people respect him for his wealth and what he's achieved he's gone public with this letter he didn't just send it to senator warren he wants the respect and he doesn't like the idea that perhaps very wealthy people are not doing enough because they are charitable in some cases but, the policy issue here is there's a massive amount of accumulated untaxed amount in this system, equity wealth is gone forever and no estate tax to speak of and you can't get at it it's not something that's very easy to bridge >> and i think on top of that qe has made things so much worse.

it is unquestionably benefitted those people who already had assets as opposed to those that haven't been able to save them in the last 10 to 15 years that hasn't been taxed so much anyway, the two sides far apart and no doubt the debate continues and will do. >> it continues, elizabeth warren's rally there up next we're going worldwide ceo of international pap certificate joining us exclusively. we'll take his take on the shifting global landscape and how the u.s.-china trade war is impacting his business when "closing bell" returns

shares of international paper higher today after beating earnings estimates as one of the top manufacturers of paper and packaging products, international paper has a unique view of the economy and how the consumer is really doing ceo mark sutton joins us now is an exclusive interview thanks for joipg us. but before i get to some of the more recent sort of cyclical base questions, a long-term structural one, which is to say the shift to e-customers has that been an enormous growth driver for you. >> good afternoon, wilfred, yes it has it's still a relatively small part of the overall corrugated

pack annualing market but it's growing double digit percentage willings every year. somewhere between 5 and 10% of the total packaging business >> mark we used to look at international paper and sort of still do as an economic the indicator of what's going on with all of the shipping looking at all the data you see and the results you've turned out, what's your assess of the global and u.s. economy? >> hi, courtney. i think the u.s. economy, the u.s. gchd number at 1.9% seems to be what with he see in the packaging business the packaging tracks just below u.s. gdp our u.s. demand is still strong. globally there is choppy water we export about 28% of with we make in the u.s. to europe, asia and latin america almost in equal thirds to the three markets. and we have seen demand declines and also some fallout from some of the tariff issues so we're still navigating that we think there was internet

builds last year in anticipation of all the uncertainty that played out through 2019. >> as we think about all of the packaging and we look at that as or the of a driver of economic growth, that can be a good thing. but then chk there is also a lot of waste we've been talking about in a lot especially in the world of retail and e-commerce. what's your view there on how you deal with that and square the two from being a successful business shipping more but also the waste of the packaging. >> it's a great question when you look at or business model. our products start with renewable natural resources, trees and recovered fiber. trees grown for the purpose. when we make the products we use the residual and generate 70 to% of our own energy from carbon neutral biomass. many products at the end of their live, the e-commerce type of product with is recycled at 92% back to the stream so this is a pretty sustainable business model and actually compared to some of

the alternatives, a very good way to move products and to enable commerce, renew ability at the beginning and cycleability at the end. >> mark we have run out of time. thank you for joining us here today. mark sutton, ceo of international paper shares higher by 2.4% today coming up next, the key things every investor needs to watch as we head into a new trading day "csi's going to be when long bell" comes back on the other side of the break. obvious. sometimes, they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities.

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we have several big movers in after hours trading we want to show you here pinterest plunging after missing sales estimates. afis, budget, also under pressure, shares down more than 10% after a big miss on both the top and the bottom lines and then cloud computing company arresta networks lower after issues weaker than expected revenue guidance because of a quote sudden softening in the fourth quarter with a specific cloud titan customer shares down 24%. the company declining to name the commerce but the largest includes microsoft, broadcom intel and oracle. >> looking to tomorrow, the okay jobs report hits at 8:30 a.m. eastern time we'll also get october auto sales number and of course the

long-term apple tv plus and netflix's film the irishman hits theaters, a limited release at least. >> plus, also coming up tomorrow -- >> we're going to be the number one media conglomerate in the world. >>s in executive level business! >> we're coming up to the finish line. >> know your role. >> and remember. money wins >> successions logan roy played by ryan brian cox will discuss blood 30see media competition also in the media secretarier. >> i'm so anow noyed op off tomorrow i won't be here sadly. >> so excited i will be here tomorrow. >> and you guys will kill it, i have no doubt. but he is also a british national treasure. i'm particularly annoyed, played churchill famously as well. >> who is on braupdwayway playing lyndon johnson. >> so much to discuss with him i'll be tuning in to watch that. and, mike, borgli will pivot

back to markets. jobs number the key focus. >> certainly the key focus i think expectations are pretty low. the formal estimates are low the gm strike is going to have the impact i think it might be a little bit of a test of just somehow sensitive the market is to something that looks weak. it's not really i think at the heart of what people are worried about right now. but the bond market rallied. i wonder how it gets asum lehto alim sited into the market story. >> there was a little bit of chicago pmi. >> chicago pmi disappointing and the national ism that crystalized doubts about the industrial sector. some expect aches you get some traction on that coming into the next report. weal see. >> chinese pmi was weak as well we should mention that in terms of the market nice rally into the close whether month end or not took us well off the lows >> bouncing oft old highs from july up didn't go back to the previous trading range, which probably is a net invite you

can't really talk about one day but not a damaging pullback. >> that said with apple and facebook earnings we would have seen more negative. >> most likely and you see the after hours action people are not giving benefit of the doubt to companies missing. >> thanks for watching that does it for "closing bell" today. >> "fast money" begins right now. live in from the nasdaq market site over looking new york city times squares in "fast money. i'm melissa lee. trade esper tim seymour. brian kelly. karen finerman and dan nathan. tonight break out the rally caps because the man who moves the market says we are headed higher he tell us why he feels bullish. tim seymour stepping up to pitch the next investment idea why he sees magic in the media stock. pinterest plunging after results. the company's conference call getting under way. we till tell you what's behind the 19% drop we begin with the scary halloween on wall street. >> spooky. >> investors getting spooked to cap off the final trading da