sense. >> dow jones industrial average is up 200 points as we turn to the last hour of the trading day. >> yeah. it's worth watching the move in banks. huge move in the back of a steeper yield curve today. we'll see if it holds into that close. great to be with you, ty. >> yep, "closing bell" starts right now. >> thank you very much and welcome, everyone, to "closing bell. i'm sara eisen here with wilfred frost. we're watching very carefully the levels as we inch closer to a record high on the s&p 500 we're set for an eight day win streak if we continue higher stocks have lost a bit of momentum as you can see in the last few minutes we'll watch every tick for you heading into the close let's look at what is driving the action the rotation is in values and cyclical stocks winning to day industrials, transports, energy, financials, they're all working. the nasdaq down .5% on the flip

side >> 59 minutes heft in the session. ahead on the today's show, within striking distance of the lows, liz ann sonders weigh in on whether it is too late to get into the market rally. plus, we'll speak from twillio ceo. think lost steam on the back of the earnings and a stock offerings. let's focus on the big stories joining us to talk stimulus in the capital gains tax is chris

krueger. but first, mike with you and the broader markets. stepping up a little bit from the highs. >> we have they make a very near approach to the closing highs from february about 3383. right now somewhat lower than that this is a two-year chart of the s&p 500. still doesn't look like much of a moderation in the trend. the v bottom off that december 28 nl lth low, we did get abovee prior september high we had a little follow-through for a new high then the occasion for really the first decent pull back of that run. also very big moves in treasuries and gold. a lot of the hot money having a little bit of a violent day to

the down side. destabilizing markets slightly here's a look at the 2009 s&p 500. i put this up. 50% ramp of off a march low is extraordinary. so right there is august 13th of that year. so a low in march. all 13th it is up 50% from that low not a new all time high. the structure before this was much p different it's not as if it's exactly the same but this calendar year is matching this is 200 day spread en that here in 2019 was not nearly as high

so this is -- it gets higher only a few times in the last few years. it is very natural for the market to flatten out right here just for technical reasons >> mike santoli, thank you we'll get to the vaccine news of the day. russia registered the first coronavirus. they're pretty skeptical of this announcement meg tirell has the details for us. >> there are so many caveats we have to put front and sent we are this news that russia has approved a coronavirus vaccine first the most important that they've only tested this reportedly in a few dozen humans at this point. and they're really relying on that limited data and animal studies to approve this. it works effectively enough and forms stable immunity. they do say that they're going to start a phase three trial but until they run those trials, the long term effects and safety of the vaccine really remain unclear.

we've been talking with experts today including dr. paul offit who says there's no way they can have any evident that vaccine works at this point. for that, guys, we need phase three trials and u.s. companies have already begun those massive studies of 30,000 participants including moderna and pfizer in terms of winning the race, it's a matter of russia deciding to declare victory earlier than anyone else. this is affecting the stocks of the more volatile vaccine developers inovi is down 24%. and some negative analyst notes particularly on inovio coming out saying more questions than answers. and inovio pushing back the time line to september. some taking this russia news as

negative but most in the field just saying this is not a vaccine that's been proven yet back to you. >> no. i mean, they have approved it before completing the test and what's troubling potentially is that a lot of countries, they say, have already placed orders. meaning this could go around the world and a lot of people could take it. does world health organization get involved is there any safety check to make sure that people are taking something safe >> well, the world health organization's role as we have seen is pretty limited to being really an adviser. and so, you know, they weighed in recently saying they hope that governments will test vaccines appropriately before rolling them out but in terms of limiting what anybody can do, they don't have authority to do that so it's just a matter of governments needing governments to rely on data to really ensure the vaccines are safe in order to roll them out to their people but there is major concern that

this is announcement from russia will put geopolitical pressures on governments around the world to speed things up in a way that will not be good for the safety of these vaccines. >> if we were looking at the u.s. and european trials so far, even if we could put the question of safety aside, has there even been enough data to show they're really hugely effective in typical terms, effective enough to be rolled out widely already >> the key issue there, wilf, it's a brand new virus we just don't know the level of neutralizing antibodies or t cell that's can provide protection against the virus when people encounter it the vaccines can stimulate an immune response. we need to seat thousands of participants go out into the real world and see if the vaccine protects them. >> meg tirrell, thank you. meanwhile, we're waiting

policy decisions out of washington how would a new stimulus package and potential capital gains tax cut impact the market? let's bring in chris krueger he joins us by phone interesting, chris that, the president did float the idea of cutting capital gains. he can't do that unilaterally, can he what are the options here? >> well, i mean, we're pretty short on details and long on aspirations. we're assuming this is the idea that's been around since the george h.w. bush administration which would undechl capital gains to inflation to be clear, was a lot of the executive orders, we're really -- it's mainly foam and very little beer it's not like a magic wand you wave and you have economic stimulus when we look at the way the stock market rebounded and the economy has not in the sort of imbalance there. not to mention the fact that government debt levels have

soared and have to be paid for one way or another, can you make quite a clear case for why certain taxes particularly capital gains on stocks, for example, should be going up. do you think it's impossible ahead of this election for anybody to ar tim lags that they want to put any taxes up >> i think on the -- you know, on the president's focus on capital gains, you know, given the sort of upside down distribution effects of that action in the midst of a recession make this somewhat mystifying from a political messaging standpoint you also, though, contrast that with joe biden's tax plan calling for four trillion in increases. so you have a pretty clear zunks distinction between the two candidates right now >> so where do the stimulus talks stand now that president has passed the executive orders and what exactly is on the table in terms of unemployment

benefits either from the president's own orders or from what could actually get through congress >> unfortunately, the talks are in a perg torre rig gpu pergatow we're off the ledges of two fiscal cliffs, both the second round of ppp as well as that 600 weekly unemployment insurance check of -- which expired july 31 so really the next deadline if you don't count the conventions which begin next week isn't until october 1st when the fiscal year begins anew and you need a bill to prevent a government shutdown. you know, the momentum from this on the republican side really, you know, stepped back after that june jobs report. i think a few more, you know,

thursday unemployment claims could bring this back. at the end of the day, we're talking about what we've been talking though since we passed phase three. it's going to be a liability shield another round of stimulus checks more money for testing you know, i mean, it's no the a terribly complicated bill. you just sort of have to meet in between. pick a number and send more money out to -- out the door >> chris krueger, thank you for joining us we'll speek with tak with a ceo trying to strdevelop a conditio date that doesn't require a shochl stock slices. for as little as $5, now anyone can own companies in the s&p 500,

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plus, get $400 off when you pre-order the new samsung galaxy note20 ultra 5g. . the big ten is calling it off for the fall and it's not just football in the midwest, it's also field hockey and volleyball, all fall sports with the big 10 will be postponed the conference is making a

decision about winter and spring sports and potentially could bring back fall sports in the spring they're going to leave that decision for later but for right now, it's a no go. we saw yesterday draft kings and penn slide something what down on the slide some of the news may be baked in as we're watching the college sports wilf >> i'll take it. thank you. >> biotech firm is one of the many players working on a covid-19 vaccine and treatment one difference though, rather than getting a shot, altimune's treme treatment is intranasal. the runup for this one is huge more than 1,000% joining us now is the ceo. thank you for joining us so how does this work? you inhale the vaccine >> yes good afternoon thank you for having me. yeah this is a simple nasal spray the vaccine is delivered through the nose as in pharma nasal

spray. as you can imagine, that has a number of benefits it is less invasive. it is very convenient. but in addition and perhaps more importantly, particularly for this virus, they're delivering the vaccine where the virus enters the body. it takes it in the nasal cavity and replicates there it makes sense to put the vaccine where the virus enters the body this could be very important for this particular virus. because it goes through the upper respiratory track. what is the time line and how do you see it stacking up against the bigger more established players further along with the clinical studies >> yeah.

so we think they're going to be a need for multiple vaccines as we move forward. most of the vaccines are on clinical trials right now. as you know, most of them are instra muscular injections we know they can activate or stimulate an immune response which is good. we know so little about the virus yet. we don't know which is the most appropriate immune response. is it antibodies or neutralizing antibodies that manufacture the vaccines are showing is it t cell immunity? we think it makes sense to develop multiple options as we learn more about this virus. yes, fwheed a vaccine as quickly as possible.

but the front-runner vaccines may not have, you know, may not be a complete solution for this pandemic we need additional vaccines. >> there are a lot of runners out there at the moments we've been talking about all day with the announcement from russia do you have the ability to adapt and work with that front-runner to deliver the vaccine nasaly? >> that's a great question in fact, yes, as you probably know, a lot of the experts key opinion leaders around the world are now saying the best way to deliver the vaccine is through the nose we want to activate immune response in the nasal cavity the only way can you do it is via intranasal delivery. the antibodies that we generate through the shot of the injection don't get to the nasal

cavity it is important to develop immunity in the nose where the virus is infecting us. secondly, it's also possible as we move forward and learn more about this virus that we may actually end up using a combination of two different vaccines we might have a shot and an intranasal vaccine we can work together with other players. we're developing a single dose to the vaccine that is the other thing i want to point out most of the vaccines are at least two doses. we're developing it as a single dose into the vaccine. and by the way, the excellent room temperature stability so you can imagine a scenario without vaccine can be shipped to the end user and they can administer it themselves so there's a lot of ground to be

covered in terms of developing a safe and effective vaccine in the long run >> really quickly on the treatment option which you're also doing intrainnasaly it sounds like you're targeting what makes people very, very sick, severe cases but before people go into the hospital, so they would spray this in their nose when they're sick at home to prevent having to get admitted. is that what it does and how much data do you have on that that could be huge absolutely this virus enters through the nose it takes a foothold and multiplies and essentially creates an army of viruss in the nose and then it attacks the rest of the body so by the time our body finds out that it is under attack, it is too late for many people. and they have this overexuberant response to the virus.

what we're trying to do is activate our own immune system which is really the fourth arm of the immunesystem which is nonspecific. but it can actually begin to fight the virus. so what we're trying to do is engage that immune system as early as possible. trying to prevent hospitalization. most of the therapeutic studies are treating patient that's are already hospitalized or out in the icu. we're trying to prevent patients from progressing to severe disease and prevent from hospitalization. by the way, you can use this, if this works, it could be used for the next pandemic. again, it's a nonspecific approach and the idea is to

engage the body's innate immune system >> very interesting. we'll follow it. thank you for joining us >> thank you >> by the way, markets are taking a dip here. s&p 500 was approaching an all time high. it's gone negative we lost a bit of steam the dow losing a few hundred points it's up 21 points. s&p 500 is now down .25% after being positive most of the day financials and industrials and energy are still green we're going to be all over this. this is what retail investors are doing. that's next. ♪ ♪ i keep working my way back to you, babe ♪ ♪ with a happiness that died

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the high on the dow was 163 points we're up 250 points at the start of the show. and suddenly lower now to be

down 22 points in negative territory for the dow. the dout is the best performer of the three major indices they're now down .5% we were approaching those record all time closing highs for part of the session no the so now. the nasdaq, the worst performer is still that, down 1.23%. the hikes of apple now down 2.5% you still have financials holding on to a decent gain. banks up 2.7%. that is half the own gains in the last 10 or 15 minutes. three sectors now are higher no clear trigger for in necessarily. it was certainly a sudden moment that last leg down >> it was. the context is the biggest leading stocks of this entire rally had been on their heels all day. so you're kind of fighting a bit of a head wind if you're trying to get the s&p 500 back up to those highs. and obviously takes a lot of energy to do so.

kind of faded beyond that point. there also are a lot of very winning trades t gold is down a lot. silver is down a lot treasury yields up significantly. therefore, big selloff in treasuries or at least were most of the day so there is a lot of churn in the areas that have led the most it simply a reminder that not everything is perfect and blue skies and let's go to new highs for no reason. so all that in the mix for what seems to have gotten the market into a point where it sort of got enough already moment. >> you think investors are watching this biden vp pick? do you think it matters? >> i'm sure they're watching it. i don't know what the inference would be based on who the individual is.

tsz hard to know that will be the case unless the market is making the calculation that it will be an opportunity for his campaign to get energized. this is the point in the year most election years when the candidates are getting their post convention bounce i don't think that is the market's business this afternoon. it could be in the mix for one of the factors >> mike, stick around. we picked up a fraction. we're now down 0.3%. let's bring in j.j.kinihan always good to see you we'll get to your latest data in a moment first, a bigger picture question on the market. clearly, we were seeing a pullback in tech and rotation into value over the last couple sessions sl we seen how hard it will be in the last half an hour for that to keep all of the indices

propped up when you're not having tech performing you need one of the five or six stocks to speak particularly to the faang stocks to perform. and with all of them having a tough day, it makes us really difficult. so let's face it, maybe more normal times you can say well financials could pick up a lot of the slack they're facing a giant head wind and this being the second largest sector in the s&p 500, it just really hard to perform when you can't say that they're going to have great days, day after day because they're going up against the biggest head wind that they can in terms of how they make money. i don't think financials can count on much. until we get an opportunity for them to get going, it's hard to continue with momentum higher.

so retail investor enthusiasm is a huge story where does that stand now? has it cooled off a bit? >> well, you know, the overall market are down a bit. a lot of times volatility increases, people come into the market there is more opportunity intraday, et cetera, even longer term if stock prices decrease. number two, as we near these all time highs, i think people have a little bit of the fear factor of have we gone too far? and let's face it, a little bit of it may be timing in terms of the summer all of our lives people may not be flying to europe or whatever. i do still think people take some time off before their kids go back to school and whatever form their kids are going back

to school. so i think that also has a little bit to do with the fact that with the market has slowed down here a little bit, overall volume has slowed down if luke what is going on with the retail traders with, he see a lot of momentum of people caring about the market. >> on that point, one of the things that stood out from your monthly survey data is that millennials are buying wells fargo. >> yeah. i have to be honest, when you look at the stocks that our clients bought, you see the microsoft, apple, it makes se . sense. then you look at what the millennials did. they bought wels fargo the thing that stands out to me on that is they do have faith in the financials coming back longer term. b, it is a stock that people can participate in that has smaller accounts

one of the problems with the market maybe overall and, you know, i applaud apple for cutting their stock price. they're hopefully participate in it a little bit more they're in for affordable stock and way for people to participate in the financial markets. and, you know, the stigma perhaps that followed wells fargo over the last couple years isn't strong with millennials. the many of them were not as exposed as us were that are older. >> what are other names that stood out to you we look at covid-19 inoculation or whatever it may be, we have the news out of russia this morning. that's helped the market overall. so i think people are looking for the solution there no doubt about it.

>> what i find interesting about that was not a name that our millennial clients sold but more traditional clients sold i think that that's very interesting. disney was also a sell with our millennial clients i find those to be particularly interesting overall. and the differences between the things that millennials see as compared to the things that are more traditional clients are looking at overall the last thing i find interesting, if i look at our clients and traditional clients, the millennial clients continued to be much more bullish over the last few months.

it's the latest gap we have in terms of millennial clients are. >> great to see you as always. thank you. >> always a pleasure time for a cnbc update >> here is your update at this hour secretary of state mike pompeo starting a four country european tour in the czech republic he visited a town to celebrate the liberation by u.s. troops at the end of world war ii. pompeo calling out what he sees as current threats to democracy. >> it's worth remembering as we celebrate that because authoritarianism is still alive and beijing and in moscow and tehran, there remains work to do back in the states, northern georgia, more than 800 students have been quarantined in one school district after just one week of classes. so the district does recommend but does not require students and staff to wear masks. the viral photo of one photo

last week showed students without masks standing shoulder to shoulder. and how about this one nearly half of pet owners would rather quarantine with their pets than their significant other. this is according to a poll sponsored by fresh vet # 3% say that spending time with pets improved their mood more than spending time with their favorite human companion that sounds reasonable to me back to you. >> thank you very much for that. still ahead, high flying nikola giving up some of yesterday's big gains. the broader market slips lower we'll speak with an analyst that is maintaining a short term buy call on the stock. here is a look at the big move higher we almost touched .66 on the ten year we pulled back a little bit reversing the move of the data 0.6 #. as we have done and the s&p 500 is up .5%. i like liberty mutual.

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we have taken a turn lower here just about 20 minutes ago, the dow lost 155 points in five minutes. headline that mitch mcconnell says stimulus talks are at a stalemate. the dow barely positive. s&p 500 down .3% we're in jeopardy of breaking that eight day win streak. coming up, airline stocks holding on to gains today. tsa screenings hit a five month high and the one stock our analyst rates as a strong sell in the group [squeaky shopping cart]

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air hin stocks off the highs from earlier in mt session still mostly higher on the session. well, mixed results as can you see just delta really higher today. the latest here say data showing passenger travffic hitting a pandemic high. but despite the bump, traffic is still down 17% from the same

time last year joining us is our next guest chalk f thank you for joining us. the bounce in the airline stocks given that still year to date underperformers when we see data like that? >> hi, wilfred i think, you know, after what we saw when the virus cases started to stabilize in april and then come down, you saw a lot of pent up demand come back into airlines, especially with some of the great discounts you can get on tickets right now so i don't think we should be too surprised to see this uptick starting to happen now right around when virus cases are stabilizing in the u.s. again. there are really great deals. >> what about the stimulus are the expectations that these companies going to get more money already built in it to the share prices

>> i don't think so. i think the next round of political aid if there is one is a pretty big wild card i think in my opinion it's unlikely because i think now that you're seeing the virus stabilize and you are seeing it unemployment come back more of a range where we're familiar with in recessions. it's two weeks ago and we were still in depression level unemployment i think that will be enough to sway some of the more conservative legislators away from another round of bailouts so personally i don't think another round of government stimulus is likely even if it does come out it will be loans which is not a good thing for airlines that already have way too much debt >> you have a strong sell rating on american. tell us why. >> so i think naturally as an

investor, you expect when it looks like you're going to have a long term slump in earnings for a company. you expect the enterprise value to come down significantly to reflect that lower earning power. but what we're seeing with certain companies, americans problem bhi the most notable example is with so much new debt and equity shares issued, personally i feel like a hot of the retail investor influx is not digested the major impairment to the capital structure of american airlines i think the enterprise value, if you account for their new debt, new equity issuances and the likely rate of cash burn, it's actually higher than where it was at the end of 2019 i think the enterprise value can come through a lower share price. the debt is fixed. so that's my quick rational for

mesh airlines sent prize value needs to come down because it can't go up when we're in this major crisis for airlines. >> collin, thank you for joining us >> thank you >> up next, nikola gives up a chunk of yesterday's rally one analyst says it is still a buy. still much more on the down turn of trade in this final hour that we've seen the dow touching a fresh low down 43 points all three of the major averages in the red nasdaq is down 1.4%. we'll be right back with "the market zone. what happens when a wireless carrier

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their tools make trading quicker and simpler so you can take on the markets with confidence. don't get mad get e*trade and start trading commission free today. 13 minutes left in the trading day. we're now in the closing bell "market zone." of cnbc senior markets commentator is here to break down the crucial moments of the trading day. we have aerial vice chairman here as well happy belated birthday, charlie. we kick it off with the broader market we were on record close watch for the s&p 500 just a few points away. but we're now watching stocks sinking here shortstoply in the last few moments threatening to snap a seven day win streak for the dow and s&p

500. the day's high was 363 points higher the low is now negative 70 a 400 plus point intraday swing, mike we've seen this big move up in treasury yields which came off the highs around the time where the market fell. gold is down $110. what is happening out there? >> there is an unwind of some of the very persistent hot money trades that went pretty long distance recently. which would be the rallies in gold, rallies in treasuries, dollar declining i don't think that caused what happened in the equity markets it showed that the ground was getting a little bit shaky under people's feet in terms of the amount of dislocation just in the short term and the afternoon. and some of the trades that being said, the s&p 500 was stretching up towards this high in this way that everybody all at once decided it could be a seamless rotation from the big heavy growth stocks that have been driving this rally and are the major share of the s&p 500

and seamlessly go into the economic cyclicals the i think the rotation is healthy, makes sense, a lot of reasons to be supportive but it doesn't always happen in this magically seamless way. so i think that's all it was plus, you're up seven days in a row. it looked a little stretched in the short term >> charlie, i'm sure you think the rotation makes sense also. and no doubt positioned for a rotation into value. are we getting a clims about how hard it will be for broader indices in light of a rotation like that? >> well, it will be harder for the broader industries like the s&p 500 which are dominate bid overvalued tech stocks it won't be hard for the russell 1,000 stocks which are trading 14 times earnings. what's kept the big indices with the tech stocks and growth stocks so high has been the incredibly low interest rates. that make a dollar earned ten years from now is valuable as a dollar earned today.

we'll get a more normal relationship it is wide value outperform today and why it's going to keep outperforming in a higher interest rate environment. >> bone shares are up about 15% in august. but they had some negative news today. hi, phil. >> this stock is moving much higher earlier today the whole market pulled back, so have shares of boeing. still positive the news from boeing today is one that should not surprise people you have a company that has said the july orders negative 52 planes that, is six straight moez with negative orders on a monthly basis. year to date, orders are negative this year there are 864. you include last year, there are more than 1,000 maxes either orders or assumptions of orders

that have been taken off the book that shows you the impact of the max and the grounding that started last year. by the way, take a look at shares we're telling you the july orders are -- excuse me, the deliveries, four planes meaning that they have delivered 74 planes this year well, well off of what they usually deliver every year but they don't have the max or the 737 to deliver >> yeah. i guess a lot of it factors in boeing slight lit high boeing boeing slightly higher on the day. john fort has the story. >> a bit of a win streak for qualcomm here for the high profit licensing business. the chipmaker is up a little more than 2% after a federal appeals court overturned an antitrust judgement against the company. what a difference a year makes here last may qualcomm stock tanked down below $65 a share when a district court judge ruled that it abused the monopoly power in

wireless chip technology since then, qualcomm has settled the licensing disputeswith apple and with huawei just last month. the ruling validates our business model and licensing program and underscores the contribution that's qualcomm made to the industry of guys? >> jon fortt, thank you very much mike, was this a big weight on qualcomm's multiple. is it in the clear now >> it's not a big weight they had a few things gone in the favor recently and there has been a little more of a rewarding of the valuation for the last little while. certainly incrementally, it doesn't hurt the story around this company for quite some time simply has been, you know, kind of patent disputes and these legal measures as opposed to, you know, innovation and sales volumes. >> charlie, are there any chip

stocks or tech space that is not too expense sniff. >> this is one that doesn't pass the test if you go to sleep for five years, you just don't know when going to be a leader in five years i also think that the regulatory problems are very real you have the justice department disagreeing with the ftc, disagreeing with the courts. so where this all sorts out is too hard h it's not a business we think is a very good business. >> we're at session lows s&p 500 is down nearly 1%. dow is down .5%. nasdaq 1.8%. >> the deal with republic services early validation for nikola joining by phone is the analyst behind that quick take what exactly are you keying off

in order to be bullish for this company in lifgt the fact we won't see deliveries and earnings any time soon >> yeah. thank you for having me. >> we are maintaining buy because we're starting to see elements of validation of the business model from the outside. essentially what we heard yesterday was the first firm order for the electric vehicle trucks that came from a very established reputable fleet owner and that is external validation we expect several more of these date the data points ovdata poii credibility for a business plan. the fundamental plan is hold because of that execution risk and because of that profile. we do think there is positive news in the near term. >> similarity and differences with tesla

does that provide any lessons or road map for investors here? >> so the similarities in the near term, they will both look to produce battery electric vehicle truck n a certain way they will compete the 2500 orders that nikola got yesterday. it is very encouraging what is exciting about nikola is from 2023, they'll have a fuel cell electric charge that is new technology that includes everything so they will build the hydrogen and they will come in at lower cost of ownership than the traditional diesel truck we like got to market strategy i think it is a bold vent on the technology that can work well with trucks. batteries are heavy. so it's a good idea.

>> let's pivot back to the broader markets. right near session lows. mike, again, we're still not sure if the trigger was a headline for mitch mcconnell that no closer to resolving talks and disputes to get that deal either way, quite a significant selloff. i recall an intraday reversal. the leading group in the market breaks stride and the big nasdaq and software stocks have done, it's no the that easy for the rest of the market to just automatically pick up the pieces that made the overall market vulnerable to whatever is going to come along. it wasn't a forgone conclusion people that treated it as such were not on guard for anything that was complicating coming out of the blue like a reminder from this big california covid-19

caseload they had a big daily spike. it caused a reduction in the risk appetite in the near term >> a lot of the winners selling off. all getting hit in the selloff, charlie. even though it's not new news that stimulus talks are at a stalemate, what are your expectations for stimulus and how does that shape the view forward for earnings in the second half and for the economy? >> yeah. i think this is one where the politics of this are pretty clear. trump thinks it's in the best interest to prolong and continue benefits to the unemployed democrats don't want to give him a victory. they certainly don't want to be seen as standing in the way of that they're going to reach a

compromise >> you still think so. we have two minutes left in the trading day. clearly, internals softened here what do you see? >> they have there was 2 1/2 to one obviously, it's now right about break even 50/50. still not terrible it shows that you there was a little wave of selling that ran through the broader market though you still can see the evidence of that rotation toward more cyclical stocks week to date, look it at the industrials. again, software. and it shows you that you do still have outperformance. pretty significant outperformance by the industrial sector that is a ghoelobal recovery the

volatility is getting new lows that popped back up to 25. so it's less hopeful for the broader setup which is release of tension vix going lower. there should have been graphtational pull on the vix. the calmness on the market is going to wear on it. that reversed in the short term. see if this is more than one afternoon's hiccup. >> if there a theme of taking profits that, is happening in other asset classes. gold down 5.5% also seeing selling of bonds yields higher there. it is at 0.63. still significantly higher on the day. that is partly why the banks remain higher in the session it is well off their own highs

otherwise, all other sectors are lower. utilities and real estate are sensitive. technology and staples are followed close behind. but we're just off the lows but still sharply lower on the session. the s&p 500 is briefly down 1% moments ago. it's down 20.8% at the close the dow is down 0.4% nasdaq down 1.7% russell is down 0.6% itself. welcome back, everyone, to "closing bell. i'm along with mike santoli. take a look at how we finished the day on wall street things took a turn south in that final hour of trade. there you see it was sharp and fast it was down 103 points j.p. morgan the biggest winner, apple the biggest loser.

that will break the win streak first down day for the dow and s&p 500 in the last eight trading sessions the s&p 500 closed lower by .8%. most groups ended the day lower. value sectors led the day. we have financials and treasury yields the nasdaq was performing all day. it closed near the lows. down 1.7%. a lot of the big winners selling to have day like a microsoft, amazon, facebook, and apple. dragging the nasdaq down for the third day in a row the russell 2,000 index of small caps down .6%. also got dragged in to the selling there overall. held up a little bit earlier by the industrials, energy and financials we're going to discuss all of this with charles schwab chief strategist liz ann sonders and a cloud stock that worked in 2020 but seeing turbulence in august,

twilio ceo joins us. first to talk about what just happened, charlie is still with us alicia levine and katie stockton join the conversation. welcome to everyone. i'll start with you on this selloff we got into the close. what perpetuated it and what stood out in terms of the damage >> the backdrop was that the market came into august essentially bucking the normal seasonal weakness. we have up seven days in a row people got very excited about the idea that the retouching the old highs was destiny. and that we were having this very kind of harmonious rotation from the big mega cap growth stocks into the cyclicals. seven pleased with it. there was a little bit too much of kind of a shakeout in things like gold. remember what was also accompanying that strength recently which was dollar going down keeping real yields negative and that all got disturbed a little bit today

a little reversal. we don't know if it meanses anything macrowise or a mini positioning shock in here. it comes in the context of a market that was on a very good role and was not necessarily. >> naturally, yeah it came into finl resistance from february. that level is right around 3394. we've been watching it as potential resistance zone especially now that sentiment can be described as extremely greedy by somemeasures we're also acknowledging that breadth is now somewhat overextended with the percentage of stocks above their 50-day

moving averages. hovering around 80%. i think we're set up here for some kind of pullback. at least in the second half of august so we'll be watching for any down tick in momentum. >> liz ann the majority of the trading day, the discussion is value is working again. nasdaq is down three days in a row. the we haven't seen that in months is the tide turning? are we going to see outperformance here from the groups >> charlie, they didn't carry us to new record highs. the what is notable is technology didn't start outperforming when the selling began and yields started moving south. where does that leave us >> so just -- i'll repeat myself on this when i come on your show you can't talk about the market and we hire. there are different parts of this market. absolutely the s&p 500 is dominated by the large cap tech stocks but the broader universe, the russell 1,000 value was down 10%

coming into today it was sa, 16 times earnings so you're absolutely right the s&p 500, which i admit is the shorthanded that people use for the market is overpriced and is sensitive and too much retail optimism it in but the rotation that mike is talking about is absolutely got a long way to go i think value outperformed growth nicely today. and that's a trend that can absolutely continue. >> alicia, some suggestion that the markets sold off because of a negative headline about stimulus talks if we failed for another couple of weeks to get a full stimulus deal, do you think we'll see the market pull back meaningfully? >> i think we have about four to six weeks here of runway on stimulus the president is tapping into fema funds for the extra $300 a week for the unemployment insurance. and that takes you to four to six weeks. we saw this week that the u.s. spent $250 billion on that extra

$600 aweek today is like katie will tell you, they don't make great technical charts there is a lot of extension and overweight in tech names they can outperform and if they're weaker, it it take the whole market with them >> yeah. speaking of big ten, mike, it is a reminder when they canceled the big 10 conference, postponing the football season it brought me back a few months when the nba called off the season and canceled march madness. that was a real psychological point where we realized, things

are going to be very, did he different. we talked about how the numbers are looking different on cases hospitalizations and the death rate and we're starting to see that moderate. i wonder if a headline like this is a reminder that it will be a long road ahead. >> i think can you still take comfort in the trends. we don't know if that's going to extend into the fall the nba decision in march is when it became a reality we were shutting everything down now it's about the field position the market was in when that news hit and the news on the budget negotiations or lack thereof hit. i would put more weight on the idea that the market itself got wound up to a point where it didn't take a whole lot. so i would be a little bit hesitant to try to attribute it to some kind of retrenchment in a big way. of the situation with covid-19.

if he would look longer term, we're going to say running three trillion dollar deficits having this kind of we should be nervous about inflation and what sectors are going to do well it's not necessarily true that banks do real well in an inflationary environment because some of the banks can be long assets and have made loans that don't perform well when interest rates are going up but certain sectors, certain real estate plays, certain natural resource sectors do very well in a higher inflation, higher interest rate environment. some will do very badly. >> alicia, is there biden playbook for sectors yet

>> in general, dwoent think we should tell investors to invest based on politics. markets can move up with both administrations. i'll say this, if biden is elected, i think that health care sector is very strong here, particularly the services, the hmos and hospitals they act as the intermediaries for all that government money going to the patient so those sectors should do really well. if trump remains president, then financials should do okay. we really see this as sector based and not necessarily mar t markets overall. there may be some concern of taxes being increased under biden administration so it's not very clear right now, not a great way to position

your portfolio going into an election >> katie, you mentioned earlier that certain measures are flashing extreme greed talk us through which ones >> there is a greed index. it incorporates seven measures that are transactionally based on sentiment momentum, new highs and lows for the first time since january, it reached that so-called extreme greed territory. now that in and of itself is not a strong sell signal peaks in that measure do tend to proceed pullbacks in the s&p 500. often by a couple or a few weeks. it's a warning signal we should take note of and the fact this has really been very much a sentiment driven rally and with any bad news hitting the tape, whatever it may be, when you come into that news somewhat overextended or overbought, whatever you want to call it, it's more prone to that kind of pullback the so today's skiddishness for

whatever can you attribute it to does reflect that type of tape so that's something we'll be very, very sensitive to. >> what are the charts showing you on the growth trade versus value? we've seen some life there for charlie's beloved value stocks are you convinced? >> not convinced yet certainly we have seen meaningful value rotation. the long term actually even intermediate trend do favor growth that is not just large caps. that is also for small cap space and the ratios there it's to early to suggest it's going to be something that is lasting. when i look at industrials that benefited from that trade, many are knewly overbought from a short term perspective and face more resistance than average on the charts i think they're going to struggle in the coming days. >> charlie, alicia, katie, thank you for joining us. >> thank you for having us

>> happy birthday charlie who shares a birthday with sara and i from it last friday. we brushed up against market history today. stocks took an ugly dive into the close. on the other side of this break, liz ann ndsoers from charles schwab gets complicated, a lot goes through your mind. with fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations. that's the clarity you get with fidelity wealth management. and tailored recommendations. ♪ i keep working my way back to you, babe ♪ ♪ with a happiness that died ♪ i let it get away servicenow. the smarter way to workflow.

hi, seema. >> yeah, big news in the world

of travel. at a much lower valuation. much lower valuation and lay off 25% of the workforce guests booked one million nights of future stays, first time in four months. the ceo now trying to capitalize on this moment with an ipo sara >> thank you stocks selling off in the final hour of trade. closing near session lows. dow and s&p 500 snapping the seven day win streak nasdaq lower for a third day in a row. joining us to dissect this market liz ann sonders from charles schwab

no specific news out there what happened? it was sharp and fast and caught us by surprise as we were on record high watch for the s&p 500. >> that may be part of it, i think. we have the move up in the ten year yield today that is backed up by ten basis points so, you know, says that some of the recovery has traction which then begs the question of whether there is less impetus for the stimulus talks to get back in gear that is important. if you look at the recipients of unemployment, they start to receive it, consumption went well back into positive territory. the employee cohort consumption got back to prepandemic levels if you look at the data around

consumption trends that, stimulus was a big factor in some of the boost we saw in the economy. i think the real issue is that sentiment has got frothy so you are don't necessarily need any significant negative catalyst sometimes that can be a catalyst in itself >> right, we've seen the economic numbers and just how dire they are and we see the unemployment numbers i mean, obviously, the market, i guess, is betting on a stimulus liz ann? there was some question as to why the market wasn't throwing more of a fit. interest w

there was no movement in congress >> it's hard to see what the market is thinking at any point in time. >> liz ann, forgive me for a moment we have breaking news on the vice president biden's vice president pick >> it's camilla harris the vice president's website indicating he is picking mila ha camilla hair whois ran on the democratic side of the aisle did not win. had contentious moments involving joe biden but the former vice president has apparently overlooked those contentious moments and decided that camilla harris is the person that can help him win in november kamala harris, of course, one of the most outfolkspoken critics the trump administration she really came to attention nationally before her presidential campaign in part because of her role at high profile hearings grilling trump

administration officials home run presidential bid fizzled out. joe biden feels that kamala hair kiss help him win the white house. >> and, of course, they had a famous clash during the first debate but talk us through exactly what she adds to his ticket i mean the simple point, of course, is that she comes from a state you can already pretty confidently know you're going to win. >> sure. yeah he's not making this pick because he needs help in california he's making this pick because kamala hair sis kamala harris is a former prosecutor, a serious heavyweight player in the democratic party she is african-american, female, all of that will help win over constituents that biden needs to win over the question is in the wake of

the protests, will will liberals see her as somebody that's on their side or former prosecutor, will they say, you know this is somebody who is too aligned with the prosecutor's offices and police departments we'll see how this goes over >> liz ann, curious what the investor take will be on this news beyond just obviously being interested in it but as investors try to game out what this is all going to look like in november and whether that will effect policy in the course of the economy and markets. what is your take? >> so i'm not sure that if it was either kamala harris or rice, obviously they were sort of neck and neck

i think if there was a surprise pick, it would affect us put a quick glancing after the news broke, i just looked at twitter. of course, twitter, you're going to see people with their own bias that's already existed and there are positive things to say or negative things to say. but in general, we have not felt that this election with really have the potential to become a market mover until after labor day in terms of what campaign platforms look like. the biggest issue for the market in terms of volatility is if it is a contested election. i think that is top of mind for a the lot of investors >> let's bring in chris krueger. thank you. we talked to you in the last hour now that we have a vp pick for joe biden is kamala harris, what is your initial reaction what would you tell investors to expect this means?

>> i thin vestors shouk investod breathe a sigh of relief we didn't think that it was elizabeth warren but with harris, she -- biden is governing first and foremost by the political hypocratic oath which is to do no harm i think that's what he has done. harris checks the most boxes and i think the real focus now will be who could be in a potential biden cabinet which is where i think there will be investor heart burn. >> you don't expect full cabinet announcementors suggestions to come before the election, do we? we could there might be some. this is obviously a very unique

election the conventions are virtual. the democratic convention is virtual. and there is always this idea that biden who has, you know, struggled from campaign from his basement in wilmington although his poll numbers have increased while he's been there, the idea was why not, you know, sort of flood the zone as it were with the potential cabinet picks to prevent sort of give biden a heat shield but to also but out some of the new talent in the democratic party and do sort of a team of rivals from the 2020 cycle. >> clearly, there is a lot of anticipation on the vp pick. chris, i feel like even more so this time. can you characterize the importance of this decision whether it is because of biden's age? i don't know the fact he may not seek a second term the state of the country

>> yeah. all of the above look, joe bud enif he wins will be the oldest president ever so, yes, biden has also made a big sort of campaign thread, so to speak, of being sort of passing the torch to the next generation this the vice presidents have gone on to become president. that ratio would increase if if biden wins so, yeah you know, huge stakes here and biden would appear to have sort of gone with the safe pick. which is also what you do when you're winning in most of the polls. is. >> aside from a contested election, if we see the market pull back because of election

fears that will be a buying opportunity? >> depends on the virus and the nature of the economy. i think that really comes into play with regard to the election too. this idea that everything is static and platforms on the campaign will represent policy in the immediate aftermath of the election, that is never the case certainly not this environment so i think the health of the economy as we get closer to the election, i think, will decide whether we have election related volatility or not. these are buying opportunities volatility stay in your favor to determine the strength and weakness thalt is about the best tact you can take in this very uncertain environment. >> also starting to get liz ann questions about what biden's policies are going to look like, whether there is a lot of more

go stimulus and government spending or potentially higher taxes and things that make investors nervous. what you are telling your clients at this point about what to do? >> it's not just awe function of whether he wins the white house but what the makeup of congress is in terms of what the possibilities are in getting policy enacted on the tax front, it would have to be a blue wave in order for there to be much move on the tax front. i think on the regulatory front, it's a little bit of a mixed picture. you know, we've seen what can and can't be done with executive orders but i think that's the calculus is understanding the makeup of congress and even if it is a blue wave, tax increases are not necessarily going to be the first thing out of the block so even in a normal environment, there isn't always a relationship between what is top priority on a campaign platform and what actually happens.

particularly in this environment given the unique aspect of this economic uncertainty >> chris, finally, where does all this leave the currently leave the administration kamala harris being nominated here first black woman to be nominated for vice president by major party. obviously, it's a huge deal. takes over the news cycle. and potentially provides momentum what do you expect the reaction from the administration and what do investors need to know about what their priorities are going to be here in the next three months >> i think the trump campaign always sort of struggled in the primaries and how to match up against senator harris it may sound juvenile. but she is one of the few candidates who president trump didn't give a nickname to. looking for any daylight on potential cabinet picks and

then, you know, the convention is next week it's going to be a much different convention but we're already seeing the speaker line up there. and it's -- you know, biden had largely already, you know, laid out his four part plan which is essentially phase five he basically said, look, the virus is the number one, two, and three priority here because until we get that under control, everything else is secondary so i think, you know, continued fiscal, you know, full force fiscal policy. the question will be whether or not that is offset on the tax side which is largely dependent on the senate makeup liz ann and chris, thank you both for being here. >> thank you. >> to talk through the breaking news joe bud enpickiiden picking kams the s&p 500 is just about 1% away from a record closing high.

mike is taking a look at how we got here i blame you. in our morning meeting we said we're on record high watch you said don't sbe so sure >> you have to expect maybe it's not going to cooperate i'm not going to take credit for calling what happened. just my general reluctance to go along with a happy crowd basically is what got me to that point. government policy, sara, is part of the answer to how we got here this is from b of a. fiscal support over 120 years. well, here is this latest episode. the rescue of the economy after the covid-19 crash and the shutdown look at how that compares to what happened after the global financial crisis and with the financial crisis, it took the better part of a year for most of the central bank and fiscal support to really come through it was almost immediate this time so that's a big piece of it. of course, riving world war ii in terms of stimulus as a percentage of gdp. the other side of the equation is corporate borrowing costs at

record lows or near record lows. the last time we were anywhere near this low is right after world war ii in the late 1940s the fed and government is suppressing interest rates this is investment grade corporate debt yields. we're below 2% we talk yesterday of one junk bond issuer who sold debt under 3% so clearly those two things together, big stimulus and low borrowing costs explain how we got here doesn't necessarily mean that it just continues to work in this upward spiral because the market is a hungry beast. it wants help. they want more stimulus. it will only have marginal benefit from incremental declines and borrowing costs from here. so it helps explain how we got back all but a couple percent of the losses in equities it doesn't dictate where it goes from here. >> it does raise the question, of course, if we do start to see reflags happen and rates rise because of good news, vaccine or economic recovery, there will be

pain felt in pockets by rates rising again >> presumably so absolutely even if that's what you want to see. it did to some degree happen in 2016 you did have a release higher in bond yields. it's certainly helps certain parts of the market. but it also created more of a volatility and some offsetting currents in there. yeah, it's not a one way street. >> mike, thank you for that. still to come, twilio is a big work from home winner. businesses bring their operations online. we'll speak with the ceo jeff lawson about the transition happening inside various companies next

welcome back a lot of news happening in this hour presented democratic nominee joe biden picking california senator

kamala harris to be his running mate biden just tweeting out moments ago that senator hair srris is fearless fighter for the little guy and one of the country's finest public servants also, we had a late day selloff for stocks after we were on record high close watch for the s&p 500. less than 1% away. we took a sharp turn lower on the final hour of trade. headlines blaming mitch mcconnell that said stimulus talks are at a stalemate something the market knew. but on the tape. saw a lot of profit taking and the winners and apple and facebook and zoom video selling off sharply. the nasdaq got hit the hardest tech was down all day. down 1.7%. put the s&p 500 and dow did break their seven day win streak we were going for eight in a row. just did not get there we saw a lot of selling into the close. >> yeah, that sharp late day turn around. meantime, shares of twilio are

falling 15% since reporting second quarter earnings last week but for the year, the communications platform soared 150% boosted by increased covid-19 related demand. joining us now, twilio ceo jeff lawson >> thank you for having me. >> so clearly you have pulled back after incredibly good run and earnings was a factor there. but i guess the key take away from the earnings in an absolute sense is very strong growth. a number of customers and depth of relationship with those customers. >> absolutely. the growth in our scale, 46% year over year growth and $400 million quarter, it is a pretty astonishing growth trajectory. and that is fueled by how twilio is helping companies to navigate these difficult times using digital channels of engagement to talk to the customers and build relationships and be able to conduct commerce without the

fa is face-to-face aspects that society relied upon. >> one criticism that some analysts manage to throw your way was that you're too reliant perhaps for your revenue on some big single customers like whatsapa >> we're a very diversified base the we have revenue from customer officials 200,000 of them around the world. and that's really every sector of customer. every industry companies big and small. both digital disruptor type companies as well as the fortune 500 companies and everything in between. we have a diversified customer base that is really helped us during this year of covid-19. because with so many different customers all engaging in digital trance formation and this year digitsal acceleration of the plan, there is no single sector or company that influences our company more than any others that distributed customer base

is the key >> so we knew you do a lot of business, jeff, helping your customers communicate via e-mail or messaging but there appears to be a lot of investor interest around video so what are you doing with customers on video and how much growth is there? >> absolutely. we have a video product in the market twilio individual yo he thvideov hppa compliance into mobile applications and this is allowing a wide variety of new use cases to come about because of covid-19. whether it's distance learning, whether it is tell he medicine or traction with companies like epic and hospitals and video for accelerated telemedicine visits. we have seen cases at companies like comcast who allow a virtual technician visit to go diagnose maybe something wrong with your cable modem or tv without the technician having to enter your home they can do it all via video so the we're seeing a great

accelerationst number of use cases that there are for video as companies and whole industries really turn from phase one of covid-19 which was like an immediate response to something in place to them inventing what video experiences they really want the software products that they use. ep sick a gre epic is a great example of that they want vipd yoe integrated into the medical record system it's not awe completely separate system so epic, deleting the electronics company imbedding it into the emr allows hospitals to get a lot of efficiency ands doctors and patient that's have a better experience. >> jeff, so much of what you're saying now and on the earnings call clearly relates to covid-19 and clearly boosted your demand significantly. this is a great thing for right now.

it may see plateau broej for quite some time in the future. no this is a trend going on for very a long time anticipad seen acceleration as every company and every industry is having to figure out how to use digital channels and devices, mobile phones, web applications and more to engage can customers in these new ways. the now covid-19 provided an acceleration in fact, we did a survey of 2500 enterprise decision makers to ask them how covid-19 affect third digital transformation plans. these are plans being made and products being built but the plans have been accelerated. what we've seen is more budget has been opened up things that didn't have sea level visibility now do. the projects take on meaning for

many different kinds of companies. successfully navigating these digital trap transformations in an era of covid-19 is so important. i was talking to the cio of a major retailer they saw a multiyear being accelerationst e-commerce traction in one quarter. now they're having to invest in all sorts of other aspects to keep up that growth and delight customers and make sure they're able to continue serving and seeing a multiyear accelerationacceleration digitsal plans occur in weeks and months. >> i'm surprised that your example of a success story is a retailer, jeff you have a good lens into corporate america. which kind of companies, name them if you can or industries, are doing best when it comes to speeding up that acceleration digitally and using your platform to communicate with customers and which ones are not? >> absolutely. we see companies from just about every industry there is obvious ones that you see, e-commerce companies that make the transition are doing

very well. i think the number of boxes that show up at all of our house these days is far more the number i saw went from teens to 40% of retail back in i think april of commerce was e-commerce that is substantial. that's not just one company. that is a wide variety of companies including small businesses doing curb side pickup and big box retailers who are enabling a wide variety of commerce option wlz it s. i think it was a 208% increase in curb side pickup at major retailers. so that's an accelerating trend. but we're seeing even in the industries that are negatively impacted like travel, we're seeing those industries turn to digital channels to make the recovery for example, there are airlines that we work with that are using digital channels like e-mail and messaging to talk to the customers during this time to tell them that it's safe to get back in airplanes.

to tell them about the precautions that they're taking. so bidigital is not about acceleration for the customers doing gang busters, even the companies that have taken a hit, they're turning to digital and using the channels really effectively to communicate with their customers during this time i think across the board you're seeing the acceleration of the adoption of the channels both for companies whose plans have been drastically accelerated and then also there are industries where the plans have changed but the same way they need to go build solutions to these changing conditions. i think that is the most common thread i've seen across all the different industries is that companies who rely on just buying an off the shelf solution aren't prepared for a period of time like this when there are so many changes happening in society. it's the companies who hired developers and started building, listening to customers those are agile and able to keep up with the change that's are going none society as tremendously rapid as it's been.

they're able to roll with. that that's the superpower of software if you think about software, the ability of software to change, to keep up with the new landscape around companies is tremendous so companies who adopted software and building software to answer the challenges of the day, those are the companies who are truly winning across every industry >> we certainly have seen that in the software stocks jeff lawson, thank you for joining us >> thank you very much great to be here up next, kamala hair sis joe biden's pick for vp. what it means for business and the market with yale's jeff sonnefeld. - [narrator] at southern new hampshire university,

we're committed to making college more affordable. that's why we're keeping our tuition the same through the year 2021. - [student] i knew snhu was the place for me when i saw how affordable it was. - [narrator] find your degree at snhu.edu.

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time to get a update >> hi, sara. here is the update the pac 12 is joining the big 10 and cancelling the football soon the pac 12 is delaying ought sports until january 1st and sticking with sports, astros coach will be suspend ford 20 games for his role in a bench clear brawl in oakland believed to be one of the longest suspensions ever for a coach. athletics outfielder will be suspended for six games. new york attorney general announcing a price gouging lawsuit against one of the country's largest producers. the suit alleges that the farm illegally raised prices on more than four million cartons of eggs during march and april. and xbox players, you may have to wait for the next version of halo. microsoft is delaying the release until next year.

they say that delay is due to the pandemic and now up to date that is the cnbc update for this hour i'll send it back to you, sara >> thank you kamala harris will be the vice president p on the democrai ticket there are key lessons to take from this pick hey you, yeah you. i opened a sofi money account and it was the first time that i realized i could be earning interest back on my money. i just discovered sofi, and i'm an investor with a diversified portfolio. who am i?! i refinanced my student loans with sofi

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at the golden opportunity sales event. gets zero percent financing and make no payments for up to 90 days on all 2020 lexus models. experience amazing at your lexus dealer. presidential nominee joe biden announcing kamala harris as his running mate. let's before he in the senior associate dean of studies at yale school of management. jeff, goods to have you here we know that you recently had had joe biden at one of your ceo summits. you're an encyclopedia of leadership but what is your first take away from it the decision to pick kamala harris as vp?

>> well, thank you i actually have talked with vice president biden about candidate choices. i did four years ago this exact sim talk with president trump about a number of his choices. there is something to be learned from this. she's an excellent choice. she brings a fantastic bridge to this whole next generation of 55 years old. obviously, she has a footing as the first south asian-american to be in the united states senate and also african-american with both her parents are very well accomplished professionals. but she's done so well on her own. he will conseque eloquent and experienced. it's a great lessons for ceos to pick somebody as a partner who isn't necessarily somebody and she knocked the whipped out of him in an early debate rather than hold a grudge, they figured out how to learn from that she speaks truth to her power. i think her positions and his are similar. she is an authentic centrist

even though she has many liberal concerns >> jeff, but last week you just last week you tweeted that you thought val demmings is a better choice s that right? >> i'm so sorry you saw that piece. but, yes val demmings as a churchchurch- harley driving, gun-toting former police chief and a strong congressional leader brought something different. there wasn't any spirit of past animosity as there was with this sort of rivalry with joe biden up on the stage. it speaks to both of their strengths that they're able to be complimentary i candidly didn't know a lot about her until she became an impeachment manager. there certainly will be a lot of opportunity her in the future. i think lorne michaels has to be

happy. maya rudolph does an incredibly good job on this one >> good point. you advise ceos and talk to ce s almost as much as we do. what do you think are the important things going into the pandemic, an economic crisis the likes of which we've never seen before, a market that seems to be embracing the current separation's policies. what are you hearing >> that's a great question back to the last question on val demings, every time i brought her up to ceos, i had to persuade them. they were very much interested in kamala harris who's a known entity val demings was untested in many of these areas on economic issues she's very much a centrist like joe biden

is markets should find this extremely reassuring there are issues on assault weapon control, on criminal reform she's been with the cities aflame this summer, she's been very tough as a former district attorney and attorney general for the state of california. she's been tough on crime and i think she knows how to bridge the different communities effectively. we need to be who can be a unifier and she certainly speaks to that. she shows incredible representativeness and biden shows you don't hold grudges but you do what lincoln did and put together a team of rivals. up next, a sharp in today's swing lower. i can't wiat to share at&t's big 5g news... (shouting through the glass) at&t has nationwide 5g? yup!

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wild day for stocks today with the broader markets sinking in the final hour of trade we'll tell y touhe key factors that could drive trading tomorrow, next otta take off. otta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board.

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welcome back it's been a busy hour of news. of course, the big headline joe biden picking kamala harris to be on his ticket, first black woman ever to be on a major party's ticket for vice president. we also have following the markets, which had that nasty little selloff in the final half hour of trade. what are you watching into tomorrow and what should we know about what happened that could take us into next session? >> one of the first things i'd be watching tomorrow is actually how the big nasdaq 100 stocks behave even though we've been talking about emerging strength in financials, industrials and transports which remain in place, the nasdaq 100, those big cap growth names have pulled

back to a level that they bounced off of several times during this uptrend. it seems very routine right now. it doesn't mean they have to go and overwhelm the market and dominate everything the way they were for a while, but it would be a big weight on the market if that selloff deepened. as it was, the s&p is still 3% above what we used to think of as the upper part of the range it doesn't seem like very much yet aside from a short-term shakeout a lot of those interest rate sensitive groups did sell off like real estate and utilities >> there were winners as we mentioned, the banks in particular stand out they gave up a lot of their day's gains but still held onto 2% of gains. gold is down well over 100 bucks. just a sign of let's sell some of the winners we've got.

>> also a very stretched market. silver was pulverized even more but coming from a much more overbought condition because we had this spiral, very weak dollar, negative real yields, all that stuff feeding into very high price for those assets. i'm melissa lee and this is "fast money. guy adami, tim seymour, karen finerman and brian kelly joe biden picking kamala harris as his running mate. we'll break down what it means for the markets. plus gold and silver falling hard in today's session. is this trade losing its shine bk and why he thinks this tech titan still has room to run. we start off with today's massive reversal at one point today the s&p 500 was within 5 points of