thanks for watching "power lunch," everybody. contessa, i'll see you back here tomorrow "closing bell" starts right now. it does indeed good afternoon welcome to the "closing bell". 3m down 2% after the ceo gave a bearish outlook on china on the topic of cline the markets were higher now they are lower. uninspiring headline from dow jones in terms of negotiations between u.s. and china on farm products we'll have that headline in a moment we're flat let's see if we close above or below. i'm courtney regan let's take a look what's driving the action the u.s. trade deficit dropped to its lowest level. new report u.s. and china are far apart on size of farm

purchases. they remain over odds on that. apple and nike are leading the dow higher joining us for the hour to talk about all of that stephanie link, a tiaa company relatively quiet day but that doesn't mean that there's nothing going on we had economic data and now this headline with u.s. and china still at odds. >> here we go again. i thought the data today, the economic data was the driver pretty good. initial claims, the trade data in general that's going to help fourth quarter gdp i thought this week ism services was pretty good. we're seeing okay. overseas we're seeing some pretty good data especially the pmis in china, europe, europe gdp today no worse than expected all of this seems to be setting up for better growth for 2020. we just need trade resolution one way or the other >> german factory orders and retail sales softer than

expected i get the trend is less bad in general in the last month. >> factory orders actually was revised last month higher. let's see. less bad, but i think there's room for optimism into 2020. again, if we get some sort of closure or just some -- even if it's detente on trade. >> chinese getting message on fiscal stimulus which is relevant we'll drill down on not stories and more including on oil, the key stories, of course, surrounding energy today brian resusullivan is in vienna, mike santoli is tracking wall street's sentiment on peck brian. >> reporter: i wish i had a deal to bring you

it's 9:00 here p.m. and still no deal this is supposed to be a quick easy meeting to extend the 1.2 barrel a day production cuts for several months they've been fighting for a couple of hours arguing about how deep the cuts are going to be and how long they will be as we reported earlier, number one, continuation of the same situation. that's very bearish for oil. if we get a continue jats of 1.2 million but for all year that's neutral to slightly bearish and if we get a deeper cut maybe 1.5 to 1.7 barrels a day for all of next year that would be likely the only bullish scenario, guys, where oil could see a pop on that news and we're waiting to hear from opec and whether or not we'll have some kind of a deal tomorrow russia comes in as of 9:00 p.m., guys, no deal yet. the u.s. oil industry is very much watching closely what happens behind us here because they would love to see slightly higher prices to get a little

bit of extra cash to help them pay off their debts and capital expenditures >> thank you, brian. the markets energy and otherwise overweighting for more details aramco announced the final pricing for its ipo which ovals the company as high as $1.7 trillion that's a huge number 1.7 trillion >> yes with a t. trillion while opec is debating their deal, saudi aramco announced their deal pricing behind the range, allowing the world's largest oil producer to raise $25.6 billion. that makes aramco the biggest ipo ever surpassing alibaba $25 billion listing in the u.s. as well as the agricultural bank of china, softbank's mobile unit last year. while this deal is poised to break records it's drastically

down sized from original estimates. now aramco was met with muted demand outside of the middle east, floated just 1.5% of the company in the deal. road shows in the u.s. and europe were cancelled after investors balked over social governance and geopolitical and exposure to oil prices but orders from retail institutional investors especially those in saudi arabia were still over subscribed meaning there were multiples of times, more demands for ama'am could stock. shares will begin trading next week >> we'll discuss that again a little bit later let's get to mike for today's market dashboard >> that aramco deal is not coming into a market that's all that excited the equal waited version of the s&p compared to the energy

sector with all those energy stocks counted equally as well this is just 0 a one year basis. it's almost this sort of alligator jaws type action if you subsequent you can see energy trying to stabilize still not really doing a whole lot. that leaves a lot of people to say hey the sector must be very neglected and hated and analysts anticipate professionals investors must have abandoned it it's hard to see that in the data if you look at the breakdown of analysts ratings towards energy stocks as a whiole win the sector, it's the sector with the greatest percentage of buy ratedings. 66%. as i say the other ten sectors have a smaller percentage. it seems investors, analysts have seen the stock prices go down and have had no real reason to revise down if you look at the difference between average price target of energy stocks and current price

you see that's also the largest gap. essentially analysts are saying it's the greatest upside for energy it doesn't suggest the sell side has capitulated. it is just expectation where crude is going not sure if we need to see that sentiment to wash out but it hasn't happened yet. >> let's have a broader chat brian is still with us in vienna brian, i get that we haven't had any firm confirmation of any deal at the moment but with crude sitting up over 6% for the week as a whole the market is certainly expecting that >> reporter: the market is and that's why i said if we don't get those longer deeper cuts, then we'll see the bottom fallout of oil it will reverse that 6%. have to be talking to traders the last couple of days, not my opinion, but that's what will happen oil, if you go back 30 years, and you adjust for inflation,

the average price of a barrel of crude is about 47 to 50 bucks. this is pretty much where oil wants to live. people ask why are there so many oil companies the that have so much debt? you know why these mid-level ones that are struggling were founded between 2007 and 2012 when the price of oil was 110, 120, 100 bucks a barrel they had to pay a lot for their land bore rod a lot to do it. that's why these companies that mike and i and everybody else is talk about they struggled so much they launch when things were expensive their cost of land and production is about 55 bucks a barrel for southeast newer entrants they are not making any positive cash flow and to be honest with you investors are sick of it they lost about a decade of returns. they are not making any money in these companies. they are getting frustrated. here's the big question, and i'll ask you wall street. what are the odds that jpmorgan and other big banks will allow

these companies to refinance their debt or extend the maturities not much they are sick and tired of not making money or losing money and if the banks close up all of a sudden the oil story is a giant debt and banking story i'll pass it back to you with that >> i can give you a short answer the bottom line is a lot of refinancing has been going on because rates have been low and as long as oil prices aren't collapsing the cash flow isn't too bad to meet it stephanie i'll pivot to you. where do you stand on the energy space at the moment? great dividend yields particularly in europe they underperformed even more than the giants here >> most don't have the to invest in energy because it's less than 5% weighted in the s&p 500 i'm doing a little bit of a barbell, the quality chevron where their dividend is safe at 4% they are doing a fairly good job. so they will have a better growth rate versus exxon

diamond back energy, emp play company. more beta. it's a great management team so i do think these are quality names, i don't think necessarily have to go down spectrum and buy those high beta games. >> going back to aramco, 40% typically would be bankers and listing companies would love the nuance here that they just a saudi listing with predominantly saudi clients buying it makes it a unique case you could argue hasn't fully listed yet and as the liquidity internationally picks up what the real price is. >> what aramco was going for when they decided to listing saudi arabia you're right in terms if you have an ipo with a limited diversification it's a risk. however i think with this one, with the different dynamics with the saudi government and a lot

of that money is coming from saudi retail investors, saudi billion injuri billionaires -- it will be interesting to watch >> thank you very much still to comeon close bell united ceo oscar munoz is ready for departure. we'll discuss the impact on shareholders with former continental shareholder next >> nearly three months since repo madness first hit wall street are regulators understanding what caused lending rates to spike. we'll get an update. here's a check on our data tracker. weekly job less claims falling to a seven month low america's trade deficit narrowed 7. imports fell coming in at

$42 billion. close bell will be right back. stick with us.

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. united airlines announcing today ceo oscar munoz will step down in may after which current president scot kirby will take the reins. for more let's bring in former continental airlines ceo first what's your take on mr. kirby taking over the job? is he the right one for this >> absolutely. one of the best teams put together in the business they rival the delta team with the two best management teams in the business >> is this a big loss for american airlines? at one point he understand he could have replaced mr. parker as ceo >> after a while you make a bad chess move scott kirby is a star. he's shown what he can do. he's the turned the juice on oscar was a smart guy for snag him when he could. >> gordon, will mr. kirby be

annoyed oscar munoz is sticking around as executive chairman it's still sort of like checking in on your junior to make sure he's doing the right thing if he's getting the job why not give him the job in full >> i think it's a compromise i know scott pretty well he's not hrchafing at the bit oscar has earned the respect both of those guys are mature and get it >> you nighted airlines stock has been relatively flat in the last three month, down 2%. what do you think is the lowest hanging fruit that mr. kirby could sort of attack to add value to the shares? >> well, he's been adding value as you see like even hubs like in houston are really strong, staff with professionals their on time performance, quality of their product, and quite frankly the amount of

revenue they get has climbed under scott's stewardship. that will continue and continue to compete heavily with delta for being the top talent >> steph, do you want to get into the airlines? >> i don't i feel they are trading stock. they are cheap, right? this one is extremely cheap like at nine times forward estimate, only up 4% for the year. you think there's some real value. you can pick away. but you have to be very tactical if oil prices continue to rise that will be a concern too many headwinds in this space. >> gordon, what do you think is the single best thing munoz did over his tenure. the employees needed to back up with morale. he bought the precision and executing the plan and making sure the plan optimized the

revenue. he's a real pro. i can't think of anything he failed at. probably didn't ask for enough money when he came >> what a perspective there of a fellow former chairman and ceo of an airline. thank you. >> always glad to help >> that's three months since the spike in overnight lending rates caused a case of repo madness on wall street. >> reporter: all of this excitement about what's going on in the repo parmarket >> what on earth is going on in repo markets as the new york fed now says they will have a repurchase operation in order to help maintain the federal funds rate >> when the inner plumbing seizes up is when you worry. >> you see this big spike. up 10% 10% for overnight secured money. there was a technical clog in the system >> wholesale funding market

liquidities really something that did rear its head during the financial crisis >> we need to look at deeper question, why is this system suddenly turned out not to be resilient? i love it. only here on cnbc will you get an epic montage on repo rates. steve liesman joins us with an up date. >> reporter: we now know the financial stability oversight council is investigating this worrisome blow-out in overnight rates in september that you just saw. today treasury secretary steve mnuchkin said one area of inquiry is over possible regulation we're working with bank regulators on what could have been regulatory that created the spike. in one of the most harrowing moments of the financial system, since the financial crisis overnight repo rates spiked to

7, some said 10% compared with a normal rate of 2%. at the time the fed thought banks had plenty of cash and remains a mystery why they didn't lend. one suspect whether government rules require banks to hold too much cash in reserve and if they loosen those regulations could they avoid another round of repo madness. >> if you had to blame one person more than the other would it be the treasury, the new york fed or it would be the fed itself >> reporter: you know, i think the fed did a good fake effort to estimate the amount of reserves required into the system i think nobody has ever been here before with a big $4 trillion balance sheet they tried to winnow down if i blame anybody it's the federal reserve system for not listening. the banks that were talking to the fed and saying we have a problem here and i think it took the fed a little bit of time to

hear industry talking about that problem and i think they may have finally opened up their ears and minds to the problem here >> all those i agree with you. you could also forgive the fed for not thinking oh, we're going take the profit making banks at their word on this at the first instance and maybe that could have been somewhere halfway in between. >> one of these days we'll have discussion in depth about this i put the blame on a survey that the fed does in which they relied upon to set policy and i think that survey was flawed the amount of reserves they thought the system was needed was incorrect and they found out it was plus or minus half a trillion dollars in the wrong way. >> when we have that discussion it will go into the next epic montage. >> who sexes up repo like "closing bell" nobody >> nobody.

>> thank you, steve. coming up, etsy is down. we'll get the "word on the street" on that call >> elizabeth warren has a new plan to ban mega mergers we'll talk to a top m and a nk, jpmorgan about the flury of deals they are on top of. what's coming in 2020? and that for me is what teamwork is all about. you can't do everything yourself. you need someone to guide you and help you make those tough decisions, that's morgan stanley. they're industry leaders, but the most important thing is they want to do it the right way. i'm really excited to be part of the morgan stanley team. i'm justin rose. we are morgan stanley.

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i still finished. - [man] in the military, you feel that sense of accomplishment. that's what snhu is. - you will march from this arena and say to the world.. i did it. - [woman] you did it. i love you. - [graduate] i love you too. welcome back to close bell time to get word on street goldman sachs adding nike to

their conviction buy list. firm please nike is on the cusp of acceleration and china is a cree driver of that growth meantime stifel is up on alphabet >> morgan stanley downgrading etsy the business model, and anticipates slowing growth morgan stanley notes the holiday calendar poses another risk for the fourth quarter because a lot of those items on etsy are handmade and take longer to ship out. >> you're going to miss the delivery deadline. the nike and google ones are interesting. pulling out a couple of numbers. nike three year eps growth, 19%

per annum. 21% next year. google 15%, 25% next year. which one is more reasonable >> i've owned nike for so many year just sold it last month because it's trading at 31 times earnings near term and you might agree north america sales. that's going to be the key for the stock. if they can grow more than 4% which this analyst thinks they will the stock will continue to work if they don't, i think it struggles here and they are going up against a very difficult comparison year-over-year in north america growth that gives me pause. fabulous company fit pulls backthat's one i would think about. i own underarmour and that's down quite a bit i also own google. >> that's focusing on the year-over-year north american sales. this focuses on eps growth which they say is delivered by cline and by direct to consumer. margin could improve

25% -- >> if they can do it this is a longer term thought, note, if you will versus the near term. i think if the near term misses you get the opportunity in a buy into what she's saying then i think it certainly could be an opportunity if you get it. >> nike is up a couple of percent. we've got 33 minutes left of trade at the moment. we have 36 point on the dow. here are the key things driving the action u.s. trade deficit dropped as i mentioned earlier a new report that the u.s. and china remain at odds on the size of farm purchases nike and apple leading the dow after a pair of bullish analyst notes. >> time now for cnbc news update with sue herera. here's what's happening. house minority leader kevin mccarthy says house speaker nancy pelosi is more concerned about tearing the president down than building the country up this after she announced the

house would draft articles of impeachment against the president. >> today with the speaker announcement she has weakened this nation. it was not new news. they always had this pre-written timeline >> background checks on gun purchases in the u.s. are inching towards a record high. by ten of november the fbi conducted 25 million background checks the gun industry says people are rushing to buy weapons after several democratic presidential candidates called for tighter restrictions and spacex launching a 3 ton shipment to the international space station including mighty mice for muscle studies, a mini brewery. that's the news update, guys sends it back downtown to you.

>> mighty mice that was a good one. >> you got it. >> we'll send it over to mike santoli. hi, mike >> stifel upgraded alphabet at the same time analysts upgraded facebook to a buy. are there too many likes among analysts for this stock right now? here's the breakdown, buy, sell, holds. it's pretty well loved you have more than 80% buys right here not too surprising for a big bellwether with great financials the. this is the time to think wall street was too negative earlier this year. the stock price was well one -- mid-100s that got you to move to what we see now. this is the gap between average price target and the stock pretty reasonable. the this isn't giving you too much of a skew or too lop side but a well-liked stock

based on how it was valued you'll like it now because the growth is not down too much but the valuation is more moderate here we can take a look at the for pe of facebook and alphabet together facebook in blue and then both of them against the s&p 500 on a relative basis facebook used to be much more expensive. they are basically the same value. but you see this nice cross alphabet is a little bit more expensive. then a relative basis not that premium. clearly an overhang. people worry about the effect of the advertising business model, the privacy concerns, the antitrust concerns definitely compressed the valuations as they've gotten to mega cap status. >> how much the regulation risk or possible regulation risk was built into some of those buy ratings. >> it's interesting. i don't think it is in the stated analyst positions on this stock.

if you read all the work, the reports say we love the business model, they have very resilient profit margins, no real sign that the platforms are out of favor. they love the idea of moan n monetizing i wonder if the market decided if there has to be accounting on what could jeopardyeopardize the businesses the >> softbank holds talks on health care start ups. what can you tell bus this company and soft bank's plans with it? >> it's notable we're talking about softbank vision fund 2 for years now we have discussed all the various investments with the first $100 billion softbank vision fund. of course wework was one of those. maybe one of the more notable,

more recent events what has happened is there's been a recent loss with vision fund, 2 a $9 billion loss somethinged with the first vision funding softbank's last earnings we're focused on the second vision fund. this is one of the first companies that the vision fund is looking at. it's a health care ageing care, home health care company fairly conservative company in the sense of what we think about what home health care is today this company handles a lot of the technological asects of home health care and back end technology with existing home health care companies. so not exactly a high flyer and that's the theme we have to see what we've heard from sexual intercourse the second vision fund, soft bank ceo and founder will take a more conservative approach, slow the pace of investments a little bit and take a look at companies that have a clear path to

profitability. obviously, wework and uber and several other first vision fund investment and/or softbank investments have not had this same clear path to profitability and it's hurt the bottom line. >> alex, thanks so much for that do check out the full write up from alex online coming up, gm announcing a multi-billion particular claim >> john harwood sitting down with vice president joe biden. we'll hear from the presidential hopeful on the issues that matter you the most. >> the ten year note hovering around 1.8%. "closing bell" will be right back so servicenow put your workflows in the cloud, huh?

mm-hm. your employees must love you. thank you. ah, you could say that. so how are things with you guys? great. thank you. thank you, sir. lunch next week? terrific. say hi to the team. will do. call my office, i will. -sounds good. alrighty. servicenow. works for you.

welcome back november marking a busy month for m and a with $70 billion in deals completed.

jpmorgan representing $60 billion of those worth including charles schwab buy be td ameritrade of those deals we showed you, you were involved in most of them or all of them last month >> monday was a good day for us. we called it our own jpmorgan merger monday. >> there we go clearly a lot of deals there across different sectors >> yes >> were there any common themes as to why they all happened all of a sudden? >> i think each of those deals actually is a good indicator of what you can expect to see in 2020 i'll try to weave the teams from the deals. if you look at the schwab -td ameritrade deal -- domestic u.s.

deals are up 10% off these mega deals about 80% of them in volume have used stock. 40% of the volume has been all stock, another 20% used some form of stock. when we look forward to 2020 i expect to don't he see that type of very strategic combinations where you have a lot of synergies that are then going get deployed, to in this case, enhance customer experience, and stock for stock deals. strengthening the company. then you look at tiffany all year we've been talking about europe out buying the u.s. has come down. if you look at over the last ten years how the landscape has changed. it's really remarkable top 50 companies market cap, go back ten years ago about 16 of them were european ten years later today, seven of them are european.

companies like lmh are looking to change that >> are you surprised they were able to execute it in the current environment where you have a relatively weak european economy compared to the u.s. >> for both generally that's a true statement lvmh their stock is up 30% novaris up 23% both these companies are operating from a position of strength they are very global companies lvmh is based in europe. when they are looking at doing a deal like tiffany this is so strategic taking an iconic u.s. luxury brand and making it a part of galaxy of what lvmh has. >> there's a lot of geopolitical tension going on around the world. lvmh cross borders and bought tiffany. that made sense to most

everyone is that the exception but not the rule going into early 2020 with these cross border deals >> it's been the rule fin past in 2019, as we correctly said tr cross border was down materially i'm more optimistic for 2020 less because geopolitical not connected to that but because european companies are realizing if you are not participating in m and a you're getting left behind because again talking about the top 50 companies, ten years ago, less than half of them were from the u.s. >> so it's not like ceos all of a sudden have an abundance of confidence it's that they've got to do this to don't expand their business >> that's a very good way of saying that. in fact, that's the amazing thing all through this year. consumer confidence has been really high. ceo confidence not so good but sometimes when you go into

uncertain times, you want to go into them being stronger and having more scale and having the synergies that you get being deployed to strengthen your company for the future that could be a driver >> i'm sure you saw senator elizabeth warren's new plans to ban mega mergers do you think it's a short sighted plan to set arbitrary rules around a merger that are based on size as opposed to the current set up where it's assessed more on competition >> yeah, because i think if you look at it from the perspective of at the end of many of these deals, is the consumer better off and what is it that these deals are being done for it's frankly resulting in a lot of enhanced consumer experience in some cases, more choice for the consumer, a ton of investments. in the case of novaris lowering the price of a drug and

improving the cardiovascular offering they have so the team is something that finally benefits the consumer. >> thanks so much for joining us up next, we got your last chance trade >> plus one analyst predicting apple will crush christmas and that's delivering an early gift for customers. we'll be back in a couple of minutes. ♪ ♪ ♪ ♪ don't get mad. get e*trade, dawg. we believe in education built for all people., - [woman] snhu was the best experience of my life. - [man] without snhu, i wouldn't be the leader i am today.

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just about 15 minutes left to go until the "closing bell" sounds stephanie, what's your last trade? >> las vegas sands las vegas sands is mass market which has done a lot better. i think as you go through 2020 and truly a 2020 idea, i think you're going to gee ggr, gross gaming revenues getting less bad to good because you have easier comparisons beginning after december valuation attractive, 5% dividend deal, great management. >> the point being very cheap stock. >> exactly thank you very much. stephani stephanie, and the final minutes of the

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year referencing a recent trip overseas and the weakness he's seeing in markets like china and europe listen >> i spent time in china over the last month, a couple of different times i was over there. i just came back from europe i would say there's still a lot of uncertainty out there, using a lot of economic data this week >> reporter: he pointed to weakness in two markets. 3m sells its products, to automotive and electronics unlike he some consumer names trade tensions and tariffs has really hurt the industrial sector and the key question now is if and when demand will recover as both the u.s. and china work towards a phase one deal back to you. thanks so much for that. stephanie, we touched on this topic earlier, but given your pick for some macaw stocks you're not that concerned. >> i thought he sounded a little bit better if you listen to the entire

program. he actually said there were some green shoots in electronics and in auto, which have really been left for dead. that's one of the reasons why dupont has struggled square substantiately to be down only 1.7% is pretty encouraging. but it trades 17 times forward and still have a lot to fix. this new ceo has a lot to prove. this one just is not my favorite within the industrial space. >> shares of slacker trading higher after beating estimates for the quarter. the ceo appearing on cnbc today. he discussed growing competition. >> we do need to address it because there's a lot of confusion. >> do they cheat on the numbers? >> what i said actually is they announced 20 million it's a migration of users. >> so if they are on one thing it looks like they are on

microsoft team but they are really not >> no. i think they are using it. they are using it for something fundamentally different. so, mike, do you think that slack is fundamentally different from microsoft teams in a way that the stock should be treated fundamentally different? >> i think they are fundamentally different. what's interesting to me, the company and ceo seemed frustrated at this story line that microsoft is going to be a athle threat i don't think that's the issue it came out an expensive multiple to revenue. they are not growing fast in that value jays. it found a level hasn't wanted to go below $20 a share. i would bet you that there's almost no value in microsoft right now attributed really to team you can't make that comparison directly analysts are talking that

microsoft can undercut but slack has to prove the financial story will follow the branding >> we got just over seven minutes left of trade. a trio of biotech stocks making massive moves. >> reporter: that trio is biogen one company. giving a presentation on alzheimer's drug it stopped development back in march saying it is unlikely to work but in october said it does work analysts seem to essentially be doubling down on the drug. biogen plans to file for approval next year next sage therapeutics the stock is getting crushed it failed to meet a main goal in

a clinical trial the company has more clinical trials next year the opposite story for aurina pharmaceutical. >> some major moves for those stocks biogen has been on a tear. >> doing really well lately. that's because we have been seeing some positive clinical trial data with the exception of sage unfortunately also some m and a which is a key driver for the biotech space people hope prices on drugs will hold off and these more catalysts wild keep going. >> kids are screaming for that discussion on biotech stocks

>> you know about the same as far as excitement. ulta beauty is coming here in after hour. >> reporter: as you well know investors will be watching for growth in gross margins. this is the first time we'll hear from ulta that coty was buying a 51% share in ulta investors will be listening for what impact that will have on sales. the stock is down just 4%. then take a look how it's been trading since its last earnings report it's down more than 30% since then never recovered after that sharp drop although only down 3% on the year thank you. i know you'll bring that to us stephanie what do you make of tall >> it's had some big moves

i owned it in the past trends in cosmetics is 50% of total revenues is declining. they need the to beef up their skin product lines they have been they have good names and brands. especially kylie jenner. let's see what they do the valuation has come down. trading at 19 times. >> i was going to say it almost feels it might be in that zone between the growth and value people had the hyper growth folks going for those double digit comps and not yet super cheap enough but i agree expectations seem low. >> mike, in terms of the broader markets with three and a half minutes lift, s&p higher, dow lower, holding on to yesterday >> idling and digesting. pretty much an even breakdown in terms of up and down stocks.

today slightly to the positive did not hold on to the grains. if you look at a little bit of sector stuff, two day chart of the s&p 500 against a proxy for fang, that shows fang underperformance, i think it's rotation out of those stocks jpmorgan another all time high today. hard to get too bearish when that's the situation >> kids like mike's analysis of the internals of the markets mike, before we get to bonds, bond market match up against the banks. >> it has. it's been constructive for the banks. >> you talked about the vix. it had speck >> it's calmeddown

there's a little suspense in th market not much has gone on except a little bit of sentiment shakeout >> two minutes to go until the "closing bell" sounds. we go rick santelli. >> reporter: interesting conversation as you look at this week in ten year note yields we've been climbing up slightly, nothing aggressive and going into the jobs report at the upper end of the range. the jobs whisper number since adp has come down about 135,000. so it looks like long is getting replaced at better levels. looking at a chart going back to october, right around 169 where traders look to buy on weak number let's go to bertha coombs at the nasdaq third session we'll close in the 8560s on the big index >> reporter: we're bouncing back today what's interesting is that the small caps have been

outperforming. they are down less than the overall market, russell 2000 down half a percent. five below after posting better than expected. none the less chips today are also rebounding although tech not a huge mover but we're seeing more green there. one of the big winners microchip after its guidance was better. one of the best performers this week over to bob. >> reporter: we had a little bit of a blip about an hour going on dow jones report that two sides on the china negotiation still remain far apart but we did bounce back. up close to the highs for the day. bank stocks are leading the way, a couple of days where rates are on the upside. that's been helping bank stocks. big disappointment, energy today. we started strong in oil here on comments that opec was weighing deeper cuts, output cuts but oil

faded late in the day as oil moved to the down side as well oil stocks moved down. you can see here this is the biggest loser in the last ten years. oil stocks up 6% in the last ten years. cls the close bell dow jones industrials average is managing to eke out a small gain, up 21 points at the close. a hectic mix on the stock exchange good afternoon >> i'm courtney regan. >> let's check in how market finishes slight gains for all the major averages which should be taken as constructive holding on to the gains of yesterday loss of t lows of the session coming late.

we're waiting for earnings from ulta beauty and zoom we'll bring you those results as soon as they are released. >> joining us is stephanie link a tiaa company and an adviser. mike the end of the day we eked out a maul gain. >> really idling within a very narrow range today market was a little bit off balance friday into monday, little bit of trade fears. it disturbed this idea we would melt up. hasn't done any damage to the overall trend. one thing i would look at, very large cap. internet has false terrified seems like they are waiting for some kind of clearance on trade and maybe for the seasonal effects to kick in >> barry, what's your take on

the data we're awaiting for the rest of the week and what we've seen this past week and some of that soft manufacturing data >> so, obviously payroll is a big number i actually think the selloff at the beginning of the week, although trade got all the headlines. had a lot to do with the market has been discounting global trade. we saw data consistent with that last week and through the weekend out of sha the ism number clearly through the market for a loop. i actually think that the market pmi, construction of that is much better in term of the way they weight the factors, and just the fact that they ask their constituents to just give them a read out of the u.s. as opposed to a global read i think that's more indicative nonetheless that's a number that really did cause significant consternation because if that global manufacturing and trade

recovery were not intact the basis for the rally we had for the last couple of months would not make sense that makes tomorrow's numbers critical this is making excuses, i spokes but the adp number i think was biassed by the weak jobless claims the month and it's not really indicative of the broader trends in the labor market those trends are quite good. we get very worked up every month about whether we created five or ten basis points of total employment but what's more important is 25% turnover in the labor market every quarter. that's been trending higher. that drives wages up that drives productivity up as well those trends are quite good. even if labor market is slowing, job growth, those trends will push wages higher and set a good tone for consumer spending and just the broader trend in the u.s. economy so on balance, i think what we'll see from payrolls tomorrow

will be good enough. and that global trade in manufacturing recovery is intact and that should carry us well into the fir quarter of next year >> we got a news alert on peck and brian sullivan has the story for us live from vienna. brian. >> reporter: hi are guys little chaotic sorry for that people are leaving the opec headquarters what time it is, 10:00 they cancelled the press conference when they have a deal what they do we get word of a deal they have a press conference in past years when the president of opec, secretary-general and usually the saudi representative but now this year, obviously it's a new saudi energy minister, one of the king's sons and now they've cancelled the press conference what i'm hearing and getting at, it's going fast and fluid, there

are still quote multiple issues. this is from two people with direct knowledge of the conversations upstairs the iraq issue is one. how much will they cut we don't know. the press conference, guys, have just been cancelled. the meeting could be extended until tomorrow morning we don't know. they could go on all night everybody has been here all day long the breaking news is that the press conference which normally follow as deal has been cancelled. done mean there's not a deal because the ministers have been in the building for a long time and perhaps don't want to face 200 journalists after being in meetings all day but the opec press conference has been cancelled talks are still ongoing. all the delegates are still upstairs my contacts are telling me is that there's still multiple issues with any potential deal we get more word on those we'll bring them to you. >> thank you so much for that. wti crude ending the day earlier today flat but up 6% week to

date apple is one of the biggest winners in the dow today after citi hiked its price target on the stock. >> reporter: it's beginning to look a lot better than last christmas that's how citi explained its price target hike on apple the hike is from 250 to 300 a share and not based on expectations of a 5g iphone cycle not based on sentiment or this year's iphone demands for the apple watch and air pods are better than expected so it should top $10 billion for the holiday quarter. january 2nd you might recall apple pre-announced a rough holiday quarter and the stock dropped to 152 citi thinks it goes higher from here >> john, thanks so much. stick around we'll discuss this a little bit. mike, a great performer. >> yes >> still has a much more

attractive valuation >> yes if you look at the nonhardware big cap tech stocks, absolutely. microsoft and fang, they are somewhat more expensive. apple is getting it. there's good news tactically is that the stock responded to this price target increase today and slight pull back that apple had from its high. not saying everybody is quite on board, but it sort of looks like it how steep the run has been. just when the story was becoming oh, it's not so dependent on the iphone cycle, not going to be driven, now what are holiday sales of accessories look like our expectations for that. that's inrejectije injects morel data >> is this an attractive point to get in or too expensive >> it's starting to get expensive. i've own it for a while.

it's trading at 22 times forward. growth rate is half of that of what google and facebook are so you have to compare them all if i have one name to own or two names the others are more attractive on value jays and on a growth basis not to say i don't like apple it's getting rich. >> we got another earnings report out next. moving on to ulta beauty earnings >> reporter: ulta moving up quite nicely after hours what appears to be a good quarter better than expectation. it was a 12 cent beat. revenue was 1.68 billion corps were in line up 3.2% guidance was the same. didn't narrow the range. didn't change much there beauty industry, been tough. the ceo pointing to that her comments saying despite the current challenges face the u.s. cosmetics category we continue to gain market share across all

beauty categories. the call begins in about 52 minutes. we'll be on that and bring you updates then back to you. so, this looks like a little better than what we thought they would be and they didn't cut their guidance >> comps 4.7 to 5. so they didn't lower i don't think numbers have to come down. we talked about it before the expectations were solo it trades at a reasonable value jays it's still a good company within the space. like this one. i like estee lauder. >> pivoting back to the broader markets. what's your take now in terms of rest of the year valuation and how we stand at the s&p 500? >> well the market is rich, no doubt. but my expectation is that we're in a point in time and you've had a lot of discussion about well this year's returns were attributable to multiple

expansion. last year's were the multiple got absolutely crushed as earnings were up 25% there's this thesis out there that 2020 will have to be about earnings growth. i think that's true but that won't be true until april somewhere around the end of the first quarter. how i come out on that, when you're in these periods where the fed is expanding their balance sheet, you can go back to qe2, qe3, in earnings the economy is bottoming and earnings are starting to re-accelerate. the market pulls that alford i think that process will continue through the first quarter, if i'm right from global trade and manufacturing bottoming that should continue in through, around about until we get about first quarter earning season in april. so through that time period i would expect valuations to continue to push higher and then at that point earnings growth will have to come through. the market way be somewhat extended vulnerable to a baift correction at that point i do think that whole idea that

we're going to have to have earnings growth push the market forward is mostly true for the second half of next year between now and the end of the first quarter i think we'll keep pushing on a multiple will expand and as i often used to say, the stock market stops at fair value for about a nanosecond on the way up and on the way down valuation is only a loose guide. >> catching it is the tricky part hold on. zoom video earnings are out. >> reporter: it is a beat on the top and bottom lines for zoom video, but shares are plunging in the after hours because the rate of revenue growth slowed significantly from the previous quarter. you see the shares are down nearly 8.5%. 166.6 million in revenue versus $155 forecast. that's strong growth by most terms. 85% year-over-year as i said a deceleration from 96% growth in the second

quarter. we didn't know what that rate would be because the company just went public this year the story here looks to be that slower rate of growth. however it's a profitable ipo this year unlike slack and crowdstrike, on an adjusted basis profit better than expected, adjusted earnings per share is nine cents a significant beat on three cents that was forecast. eps guidance above estimates again it looks like that revenue growth slowing and that's important especially when investors look much at slack as competition in this space from the likes of cisco and microsoft. thank you. >> this is one of the ipos that has performed okay it's a profitable company. do you want to play or not so much >> not so much the growth is decelerating when the multiple is this high people are not going to pay up for that >> makes sense to me thank you very much stephanie link for joining us.

mark fields ways in on gm's new electric battery cell venture and tells us whether he thinks tesla's track could beat ford's f-150 in a tug-of-war we're back in 90 seconds is the monolithic view of emerging markets obsolete?

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>> we have to make sure that we understand what electric pickup truck driver is looking for. and that's what we're intent on doing, building on the tremendous knowledge we have of the pickup truck market. so, really, identifying and focusing on the customers the way i think that market can be very significant and we're excited in the not too distant future to share what our entry will be and as you know we confirmed we'll be launching in the fall of '21. >> joining us now is mark fields former ceo of ford motor company. what's your take on this originally when i think electric i don't think trucks they don't seem to go together am i wrong in thinking that >> they have some capabilities as mary was saying you have focus on the customer and what they are looking for the use work buyer they are looking for torque and power

as you haul something or do more work you can draw down the battery very quickly so it depends on exactly what that customer is looking for for the lifestyle buyer might be a real option. for the pure work buyer, yet to be seen. car companies do this all the time tesla takes it to the extreme. they took a prototype and took a stock f-150 with rear wheel drive and they did a publicity stunt. he got media attention and publicity. >> but then why in the back and forth afterwards did you see back down? why didn't they do the proper challenge? >> whenever you do those challenges you want to make sure it's apples to apples. this was not apples to apples. >> there should be one in the future >> there could be. again you have to wait until

tesla gets to a production version of the tesla truck and ford gets to their gas-powered or electric truck. >> you're referring to what the customer wants you think back just a few years when you had an aluminum f-150 and people thought it was turning the world upside down because it was going a lighter truck. can you imagine going with that same market. >> when we went to aluminum we focused on what the customer wanted aluminum we got to lighten the vehicle. you got more towing capability we provided what the customer wanted in some new technology. but it always has to if cuss on what is driving the customer and their requirements >> going back to electrical vehicles more broadly and the partnership announced today with lg from gm, is that what holds back some of the traditional oems, battery technology or other aspects sean it a big

disadvantage not to be in the position tesla is where they are in control of those aspect >> i think what you're seeing a few years ago in the auto industry our thought was listen we'll buy our batteries from the battery manufacturers because we wanted to spend our capital on other thing. the cal can you laws was take advantage of all the volume from different customers to bring the cost down. what's changed is a couple of things first off with the -- it's tough to compete with santa claus. with the volumes that oems are looking at they want to lock in their capacity the calculus has changed to saying i'm going make batteries, i'll do it with a partner zoo i can pull resource. the second calculus is a lot where a lot of batteries are importd from china where all the variation of what's going on with trade, doing it near their plants has become real important.

so that's, i think what's driving the calculus >> what did you make of the gm lawsuit with fiat accusing fiat of having influenced the uaw strike >> this is a very extraordinary case because gm is essentially accusing them of ra keithering bribing officials and corrupting the collective bargaining agreement to give them a competitive advantage on labor costs. it's a couple of things. i think they are doing it a, because they want to put pressure on turn aw and put some screws on them to negotiate very firmly for the new labor agreement, which they have i think secondly, they are realizing that fca here in north america is a much improved competitor and they wanted to stabilize them if you think about it, if you look at their third quarter earnings their operating margin here in north america was over 10% and almost the same as gm's.

if you look at pickup truck market their ram pickup is poised to be number 2019 marketplace for the first time ever beating out the silverado they want to make their merger more difficult the merge company right now, the ceo is carlos traversa and he took opal away from gam and made it profitable 18 months later. there's a whole host things. >> thanks for shegd light interest as always there appears to be the turmoil at the opec meeting. let's get back to brian sullivan who is in vienna >> reporter: thanks very much. sources inside the meeting telling me a few moments ago iran has left the meeting and/or threat building. why is that relevant any deal that opec makes has to be unanimous all 14 nations have to sign off.

does not mean there is not or will not be a deal they could have signed it just before he left or perhaps he'll come back. we know iran which, by the way the longest serving minister of opec has a history of getting upset of leaving and then coming back the saudis and the iraqis have a little issue about ships in the arabian gulf and an attack on a saudi oil facility that saudi arabia blamed on iran. these two men and teams have to hammer out some kind of deal there's a natural tension. our sources tell us he just left the building his delegation has left with him. this is from a source inside the building he just left the building and the delegation went with him if he went back up stairs i would be surprised that's what i'm just guesting now from a source inside the building doesn't mean there won't be a deal or wasn't a deal but iran

has left the building literally and figuratively as the opec meeting with no press conference continues to stretch late into the night. not a good sign for this easy meeting that they were supposed to have. >> brian, as always, thanks so much keep us updated. as we head out we got some breaking news on digital bank chime quadrupling its valuation to $5.8 billion. (nervously) ready? ok, ready sweetie? nice, you ready to go again? are you ready, dad? i'm ready. imagine if your life insurance could help you live for today and safeguard tomorrow, so you're ready for anything. life insurance designed to protect generations of families.

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welcome back let's send it over to mike for today's third installment of the market dashboard >> s&p 500 has come off the boil a little bit but not cooled down the too much if you look at the pull backs we've had this year, this was 3%, almost nothing got about 7 there. 24r6 another 3.5 right there into october. so really it's been a nonvolatile year it's a little over 2% if you look at intraday you can look deeper but won't change the pattern

now sentiment is something to keep an eye on ned davis keeps a composite of sentiment indicators you see it rolled over from a slight extreme back to flat. typically it's going to go down towards pessimism. in '18 you stayed in this zone for a while. seems like again coming off the boil but not a point where it's giving you too much of a directional view >> i like all the themes today, hot or not, current mood these are good still ahead underwhelmed by the rally. a new poll show two-thirds of americans don't feel the benefit of weekend's rally what that could mean for trump's re-election bid. >> a new breed of banks on the block. we'll discus and still may

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it's a problem. but the ibm cloud is different. it's open and flexible enough to manage all your apps and data securely, anywhere, across all your clouds. so it can help take on anything from rebooking flights on the fly, to restocking shelves on demand, without getting in your way. ♪ ♪ . welcome back time for a cnbc news update with sue herera here's what's happening at this hour, everyone. the state department says the iranian government may have killed as many as 1,000 protesters in the past two months at a briefing this morning it called on other countries to stand with the u.s. in holding that regime accountable. >> we have seen reports of many hundreds more killed in and around tehran. and as the truth is trickling out of tehran it appears the regime could have murdered over

1,000 iranian citizens since the protests began we cannot be certain because the regime blocks information. tufts university is cutting ties with the sackler family over concerns over their role in the opioid crisis. sacklers responded by saying they will push to reverse that decision claiming it's based on unproven allegations and the vatican christmas tree has been lit. two children were on hand to help light up the attraction in saint peter's square the wood used in the nativity was from the tragedy in italy's forest in 2018 do you know the height because we have our own tree lighting at the stock exchange

this evening 65-foot. one statistic i know >> when i was down by you i used to love that ceremony. as far as i know, i don't think it's as high as 60 feet. i want to say about 40 >> the one outside looks super impressive but the vatican is a big place. that one could be bigger i don't know >> we'll find out. >> sue, thank you. we have an earnings alert on pager duty >> reporter: two cloud executing players moving to the down side. let's start with pager duty seeing an adjusted third quarter loss of 10 cents which is below expectations this company skyrocketed on its first day of trade in april on the new york stock exchange. but basically it's wiped out all of its ipo gains next is the yext, it specializes

in cloud computing it missed on its bottom line weak fourth quarter guidance the stock is down 20%. other companies see opportunity in cloud earnings from these two players haven't -- have been disappointing. back to you. now a war is brewing in digital bank chime the largest branchless bank in the u.s. recently raised a record $500 million in a series e valuing the company at $5.8 billion in total. quadrupling its valuation in less than a year thanks so much for joining us. break it down. what does chime does amongst a slew of companies and where this valuation stands out >> there appears to be dozens of times of these institution where they have an app and do you all your banking through the app and

no physical brick-and-mortar branch chime is roughly at a million users in mid-201 6.5 million today. they are the ones that the community seems to be placing their bets on this is the branchless bank, digital bank is that will be the winner. >> you have some articles as well on their revenue so we can compare sales revenue. what was the revenue because we have some other statistics as well >> to be clear we broke this news on cnbc 300 million in estimate revenue for 2019 and that's roughly quadruple in a year you think about these companies experiencing viral growth and viral valuations, this happens to be one of them. >> you mentioned that there are a number of these. this is one many are watching very closely because of 6.5 million customers.

did they bank somewhere else before and then joined climb's platform >> the typical use certificate between 25 and 35. they are younger make being 45 to 65 k. these are people who basically want to use a debit card to keep within their budget. they don't want to use a credit card to rack up points they want to use a debit card. there's something called debit interchange. each swipe chime gets a cut of that that's currently their business plan >> they are not offering anything that's necessarily proprietary or distinct beyond that >> there's a layer on top of another bank the top layer and user experience layer and for the these people it seems to be working pretty well. >> i would add one other point we frame this as the one that got 6 billion first of an online bank you can frame it a different way and say it's 2019 and taken this

long to get one that's valued at 6 billion when jpmorgan is 400 it's just not in anyway the same level of threat that other industries have seen from the digital revolution >> you look at uk, they are much bigger and coming to the u.s.. you're right taken a while in the u.s >> thanks very much. good to see you here in person do read his report coming up next biden on the record the democratic presidential candidate sitting down with cnbc moments ago. we'll have a first look at he some of his comments that's ahead when close bell comes back in the human brain, billions of neurons play in harmony.

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democratic presidential candidate joe biden sitting down with john harwood today and john joins us with a first look at what he had to say hi, john >> reporter: hi, courtney. we had a wide ranging interview with the information vice president here in iowa near the end of his bus tour in this state. we talked about the economic differences between him and his leading rivals, elizabeth warren

and bernie sanders in particular, joe biden said that the economy needs to be rebalanced in order to reduce income in equality in his mind, unlike bernie sanders and elizabeth warren that does not include wealth tax but a financial transaction tax. >> there is certain things you have to right the market a little bit here and the market is if you have all of that, all of the tax breaks, essentially all tax breaks, all of the benefits flowing to the top one tenth of 1%, there's never been as great a concentration of wealth including even going back to the great depression ever one thing that worries me the most is not the political, the economic impact on people who are -- the middle class is getting killed >> treasury secretary mnuchkin said today he opposed a financial transaction tax

because it would destroy financial markets. is that why you've rejected that idea >> no. i still think we should do that. that doesn't raise the kind of money. we should have financial transaction tax. >> reporter: and, guys, there's a lot more where that came from. he we talked about an entire range of issues from antitrust to fed chairman jay powell we'll have that all tomorrow on cnbc >> john, we look forward to that great stuff. the full interview posting on cnbc throughout the day tomorrow stocks on a tear this year with major averages rallying around 18% or more something president trump has touted on y nbc frequently but 60% of americans surveyed were not aware the stock market was even at those highs. daryl morey let's bring in managing editor of the "financial times". thanks for joining us. the takeaway of this is even if the president likes to talk about the stock market it's

irrelevant in winning votes. >> he made the argument for re-election is around the economy and the markets. american people don't know that the markets have gone up do you think stock market performance affects your personal finances. two-thirds said no if he's out there tweeting and arguing the s&p 500 had record highs is an argument for his re-election the american people don't feel that. then there's a challenge for him. the question we're trying to figure out do the economic indicators, do the market indicators drive voter behavior this time or because it's trump it's something else. >> does that not help trump but perhaps help the democrats talking about this wealth divide and pointing it out that you don't feel it because you're not part of the 1% >> in the swing states, people in less wealthy states or of less higher income are grumpier about this that's why you see elizabeth warren and bernie sanders really hitting home on that we saw four years ago this

general anger at the state of the economy, still exists four years later. that's what trump capitalized on it four years ago. can he capitalize on it again. that's what we find out when we do this on a monthly basis >> the president will say 3.5% unemployment a current of unease. beyond the stock market -- >> we've asked this question, are you better off than you were four years ago two third of americans say they are the same or worse off. again, we've done this now two months in a row. same results, two-thirds of americans say they are not better off again, even the broader economy, low unemployment, growth at 2%, 3%, everything from all indicators things are doing well people are still grumpy out there. not feeling it maybe because of wage stagnation maybe it's because of health care costs there's not a general excitement about the state of economy

>> going back to the stock market, it feeds the argument that we've had not justin election campaign but in the last couple of years, against allowing buy backs to be a significant consequence of a tax cut. >> that's obviously been part of the rhetoric we've heard from warren and more mainstream democrats on that one, that the tax cuts which were supposed to benefit wage increases and average working pierce has not bested the average american. that's where you see the harbor left in the democratic party which is the most activist again a lot of support those same voters who were angry four years ago moved to trump think they can activate. >> switching focus as editor of the ft here in the u.s., what did you make of bloomberg's decision not to cover -- >> imegan murphy who was a forme colleague of mine tweeted out she was presented with a very

similar proposal four years ago when bloomberg toyed with it and said she would have quit over it it's an open question whether bloomberg can move forward >> thank you for joining us here today. up next, five-time grammy winner dionne warwick joins us we'll get her take on the music industry ♪ touching you and loving you so make it easy to explain. give me a quality fund that helps me get clients closer to their goals. flexshares etfs are designed and managed around investor objectives. so you can advise with confidence. before investing, consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. their medicare options...ere people go to learn about

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christmas has come early this year because here to light tree at new york stock exchange is none other dionne warwick she's had over 75 charted hit and 100 million records sold she's not done yet her new album "voices of christmas" is also out dionne warwick joins us now. thank you for being with us here today. i imagine you had a very long career and had a lot of accomplishments. things have changed. you have new album out i assume it's streaming. how different is that? >> quite different i want really is usually we're running around the country, going to radio stations and doing that kind of thing now you put a little button on a machine called a computer and it's done for you. >> do you like it. does it give more access to more people >> of course everybody has a computer

i don't know if i like it or not. i like the interaction looking at somebody's face and talking to them. >> i wonder whether, if you don't mind me asking, it's made a difference, for he southeast older songs, in terms of the royalties that come through to the artist like you. does it make it easier for people like me to access older songs? has it seen a boost in your role >> yes since we got that law passed seemed to take us forever to get it done. finally they realized hey, why not. you know, it's been a long time coming but thank goodness it's here >> what do you make of what was happening between taylor swift and the folks that now own her music, she really wanted to own her music, wasn't able to and then whether she would be able to perform some of her older hits >> it's so weird when you are

responsible for make, a natural thing for you to own it. it's hers. nobody else's. she wrote it, she saying it. come on folks, give me a break really it's just not fair the industry has truly changed a lot. the only thing that hasn't changed is that everybody wants to take everything from you as opposed to being fair about it how much will my $2 and please give me a break. >> artists out on the road and performing live is a bigger part of the pie you're still doing that? >> that's always been a part of my life. that's the wonderful part is looking down at somebody's face and seeing them smile or arm going around the shoulder a hand grabbing a hand. >> a pleasure having you here

with us. thank you for joining us the >> good luck at the tree lighting >> we'll be there watching still ahead mike will have a check on an important economic indicator. >> we're counting down to the november jobrerts po all the tee things do you have concerns about mild memory loss related to aging? prevagen is the number one pharmacist-recommended memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life. so w>>i'm searching for info on options trading, and look, it feels like i'm just wasting time. wasted time is wasted opportunity. >>exactly. that's why td ameritrade designed a first-of-its-kind, personalized education center. see, you just >>oh, this is easy.

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welcome back let's get to mike for the final installment of the dash board. >> kind of fires resisten. companies resist firing employees. which is good appear a long-term view of weekly unemployment it's a weekly indicator we check in all the time you had one indicator about the direction of the economy this is what you want. as you see it curls up ahead of the shaded areas recessions. you had the little bounce recently but boy right back down today at the weekly level, just over 200,000, the four-week moving average here charted above that level. and look, about a 50-year low, hard to look at the number and say that we have actually increased recession risk or anything like that even if in fact job growth maybe isn't strong tomorrow, you are not seeing the other end maybe the structural differences, different companies that don't do periodic layoffs

but nonetheless this is insulation against the recession fears. >> mike how important is the jobs report tomorrow in particular it seems like they vary in importance depending where they are. >> it's relatively important i think the market wants to see it in six figures. put it that way. it doesn't have to hit the estimate on the button under 200,000. but you want confirmation that the economy is near the longer term trend and not falling away. >> okay. well up next like we mentioned the countdown on the all important jobs number set to hit the tape tomorrow morning. weal tell you what else to watch for when "closing bell" comes back is the monolithic view of emerging markets obsolete? at pgim, we see alpha in the trends driving specific sectors of outperformance.

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>> announcer: economic adviser larry kudlow, first word on the jobs report. china trade. white house impact squawk on the street 9:00 a.m. eastern. >> the results have come faster. what i definitely believe is the brand standard for something special, right as jack mentioned we have a purpose around cultivating a brody world, food with integrity. i believe that's how people want to eat and will eat in the future it was a matter of making sure we had all the right practices and processes in place to make the experience, you know, as safe, give people the confidence and trust they could count on chip on that.

>> that was the ceo brian nycole the stock tripled since nycole named ceo last year. up 90% year to date. catch the interview tonight at 6:00 p.m. eastern only on "mad money." >> in a tomato salsa colored jacket. >> that's true. >> looking ahead to tomorrow, the november jobs report set to be released at 8:30 a.m. eastern time economists anticipating non-farm payroll to come in at 187,000. that's a significant uptick following october's 128,000. some of these gains could be thanks in part to a reversal of the general motors strike impact and will be a key factor of course tomorrow. >> we're going to get another check on the after hours earnings mover there were a number of them np yext down 20%. ulta beauty up 10% better than expected, a decent selloff it

hasn't recovered from. >> broad market thoughts, mike, clearly jobs will be the key focus in the morning. >> they will and i don't think there is a doubt we are in the zone the market craves good news on the economy. we don't want bad news because the fed is going to be easing none of that game this time. right now the tracking for fourth quarter gdp because of the recent data popped up to 1.5% after 1.9 last quarter that's in the zone of people can get reassurance that's a trough for the year we're fine. the jobs number tomorrow should be -- i think investors want to see it blend in with the picture which i said if it's in the six figures you are going to be able to keep to that story. >> and after a big gut check back in terms of yield we held a small bounce. >> we have around 1.8 on the 10-year. i think above 1.7 is the zone it's okay. they can be stable below that then the worry is the bond market tells us growth is wore worse risk off trade that's not where

we are at the moment. >> it was only a slight gain but wasn't risk off. materials tech leading the way. >> exactly i think -- it was a mix but a good one so i don't think it was much of an issue in terms of risk appetite at this point. >> we're out of time here. just time to show the christmas tree outside which will be lit in moments from now, all 65 feet we are out of time that's the christmas tree does it for "closing bell." >> "fast money" begins right now. >> all right live from the nasdaq market site over looking times square this is "fast money. i'm scott woman ner if for melissa lee. tim seymour, dan nathan karen finerman and guy adami tonight on fast a roller coaster stock but one technician has picks no matter which way the market heads plus a trio newly public companies on the move. will the results help the once hot stocks regain glory? the desk breaks down the numbers. and eyes on jobs