2:00 p.m. in the east. we start with the major sell off on wall street welcome to "power lunch. stocks near the lows of the session. stocks down 800 points more than 3% earlier today now 2.76 the nasdaq off a whooping 5% or so down just about 5% or nearly 600 points check out the big tech first time we have seen technology getting crushed apple down about 6%. it's worse day since march. stocks that are holding up are like baker hughes and hess ipse ener

i see energy leading the way >> welcome just like tyler said, tech is lagging the broader market right now. you can look across the sector board behind me. financials down only 1.3%. look at technology it's the worst performer down 5.6% today even as the nasdaq hit a record high yesterday, it's not just the big cap tech stocks selling off. the momentum names have been struggling for a lot of this week already take a look at zoom. the stock is up nearly 500% this year the this amounting to a pretty big pause. same story with tesla. it's down 18%. finally docusign is down about 10%. about 8% today 10% in two days and it reports earnings after the bell. we'll have more on that in a moment first, let's get to bob for more

on this market sell off today. bob. >> you're right, kelly this is largely momentum driven. not external news events around the economy or vaccines like that the news has been positive let me show you the momentum etf. these are the largest holdings in the momentum etf. look at stuff that has really heavy volume over 200% normal volume with sock of these tech etfs. look at the triple qs. the tech spiders these are volumes north of 200%. all have much, much higher than normal volume. 200% or more on a daily basis.

we're still in the middle of the day. look at stuff that has not so heavy volume come pappared to w everything else is doing this is one of the things that my friend talks about. this is very rare occurrence almost never gets close to 20% the last time was 2018 in the middle of january. we had a correction back then. you see it there does it go on for a dup l more days t not clear right now

all the major indexes on track for their worst day plummeting from record highs they hit just yesterday. let's bring in brynn welcome to you both. brynn, is this the beginning of the end of this market rally or the end of the beginning >> tongue quetwister to start i all. no i think this is a healthy pull back tesla, zoom up 230% and nvidia up about 150% prior to today i think this is a reminder that gra gravity not only exists in nature but the stock market fp nasdaq needs to have a good 10 to 15 plus percent retracement

i think some of these high flyers like tesla and zoom will have more. i think that rotation will go right back into these growth names because once again, this is where you'll find growth. i think it's just the price of admission for owning equities and every one needs to just buckle up and ride it out. >> i guess we all find ourselves a little bit surprised that today is the day we see this first cascade in stock prices but earlier in the week, we started to see some erosion in some of those momentum names >> i think there's some discipline going on in the markets and some sell off which is profit taking some of the insiders were selling their own stock. some of the investors are doing some same taking some profits. it could signal the beginning of a rotation into other areas of the market

we're encouraging investors to diversify and look at those areas that have not run up as much as that large cap momentum trade has run up areas like your mid cap, small caps >> you do not say specifically value, which has been one of the debates but you're also interested in fjs and industrials. >> definitely. today we're seeing some of those leading the way. it may not happen before the election but probably after the election when it comes to value names, though, it is an area to look at you look at the disparity between like large cap growth and small cap value, huge disparity in returns here to

date for those investors looking for opportunities and felt like the other areas had run up, they could see values >> in the long run, i think the market tends to look at profits. companies that have growing profits, growing revenues are the place to be and is there any reason to believe that place is not going to be in technology, in semiconductors, in telecommunications and communication services >> sure. you're going to get growth there. i think every one knows that is where the growth and the innovation is coming what price will the market pay right now, today, we have a risk off sentiment shift. when i take a step back and look at industries out there, i think it will be more prone to rent value. some of the financials are rent, energy and own long term growth.

i do think when i go back and say the financials are cheap, what is going to cause multiple expansion when powell has said time and time again they're not going to even start thinking about rates for years from now i think you need higher sustained rates to get a lot of the value names. i don't see that long term i would maybe rent those names but long term we want to stay in growth where we think there can be some good multiple expansion. in it's a good point. >> we had aen unprecedented year with the speed and the markets in march and the speed up in the markets. in a sense we got ahead of ourselves and today it's a breather an opportunity for investors to

cool off a little bit. they can say where do we go from here they're looking to take the cash they require through stock prices increasing, what are they going to do with that money? they're probably going to acquire other companies. there can be a ben fits if you're invested in those smaller and mid cap tech names that could be bought by the larger companies. >> okay. thank you both today sharing thoughts about the sell off which has picked up some pace. markets are pretty weak across the board. tech is leading the way. take a look at the chip stops. josh is here for more. josh >> kelly, the semis have been soaring but not today. check out the smh.

that's the etf that tracks the sector, the chips. it's now on pace for its worst day since june some of the hardest hit. high flyers that have a lot of fans like nvidia as well as amd and sky rocks and corevo some of this could be due to si sienna a company that built optical components the smh is still up about 80%. stacy says there is evidence that demand might have been pulled forward as customers look to secure products when they could. back the you all >> josh, i also want to ask about apple given it's now having it worst day since march.

any thoughts there >> pull up that chart too. you're right apple is under pressure here it is having its worst day, at least right now since march. like the semis, again, got to remember the context here. the stock has been on a remarkable run even now with the sell off it's still up about 130% over the past 12 months more than 60% this year. i think catch up with gene munster. he has the fundamental question is the same. what is 5g iphone demand looks like he says demand would be weaker than some investors suspect. back to you. coming up, we'll have more on the major sell off as the stocks are wiping out. stocks are wiping out the week's gains so far all three averages are lower on the week on track to snap a

five-week win streak tesla in turmoil that stock down 18% in the past three days top anl alyst who says the stock is heading lower will join us after this quick break - [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. 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.

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the stock did open above 0

$500 share on tuesday after its split and is down 17% since then let's bring in phil for more >> there's no specific reason for this sell off. generally speaking when you look at tesla, it's down with the rest of the market there hasn't been a catalyst somebody rang the bell and say let's start selling the stock off. if you look at this over the last month, go back to august 11th that's the v, if you'll call it there, it's up 40% since then. they're down with tesla today. yet we still had another speck that was announced today this one is quantom scape. it's a 10-year-old company they are developing long range

ev batteries they have some long time investors including bill gates, voek s wa voeks wagon. it's supposed to start trading in the fourth quarter. >> all right thank you very much. kelly. after a monster run, are shares of tesla about to come back to earth? craig m craig, that's well below where reare now. why a neutral? >> the neutral rating is because we expect elon musk to have announcements that continue to surprise investors to the upside what we have identified ffr peop -- for people is the entry market the mini car which could be even

more important a great opportunity to sell that there's good potential to make his numbers and continue to see decent growth. not a great name to be short >> here you kind of discuss the price target it kind of sums up the whole story for tesla is there's a lot of really positive fundamental factors at play and yet you think the stock price is too high how do you come down to the valuation that you're at >> we have something like 400 evs that will get on the road by 2025 people have been tradieating tea like it operates in vacuuvacuum

they don't have any magic sauce. they don't have battery technology that other people do not have you'll see real competition. there's been a lot of duds out of detroit and european automotive oems. you're seeing a lot of specks come to the market people are putting a ball dollars in his hands to get out there and get it done right and several others i would say the catalyst in the sector from a trading standpoint has really been the negative catalyst it's been the betting odds and books for an r versus a d in the white house. people were putting on trades for one outcome over the other really it's a couple of things here as far as the nasdaq and the negative momentum in is tech

t -- sector of people hoping for more generous subsidied going forward. >> let me make sure i'm understanding. the stock trades at 4.10 your price is what? >> 150 >> you're saying two-thirds of the value of this company is going to go bluey by when? >> you have a company that's not going to produce have a million vehicles this year they said they will have a hard time producing 500,000 vehicles that has been valued similarly to the sum of the entire automotive sector. something like 40 million vehicles that makes no sense. this is company that will have real competition both on the technology side as far as autonomous driving and as far as the different vehicle platforms and options being presented to consumers. they are already losing market share in europe. you know, people have been just

too aggressively positive. it's been a momentum trade i think it's not really a great place for someone to belong. it has proven to be very tricky to be short. >> i want to ask you, i want to go back to something you said about the competition that's coming for tesla which is why you have a lower stock price with 400 electric vehicles on the road by 2025 you said they have no better battery tech is that true seems like the market is trying to catch upd and th and they arn hard they are working on the million mile battery we have big battery day coming up when we might get some of these announcements. there's the former employee who is working on battery initiative to maybe recycle some of these metals to keep their hands on supply going forward are they not one of the leaders in battery tech? >> they do invest very heavily there's no question about that the core of their technology came from panasonic.

it's the world's best in electr electric chemistry there's many good companies out there p i encourage people to do that the reality is they don't have anything that nobody else has. that is a very, very important thing to say max well technologies that they bought, the battery electric stuff is a dud the stuff out of maryland is much more interesting. they're adopting for difference technology solutions tesla may have a big factory but

they're not the only one it's not like semiconductors where the size of your factory determines your cost in batteries, your material costs determine your costs it comes down to how much juice are you getting in the can and what's your cost of materials. they have no fundamental advantage on materials cost. they are doing a great job on produce whag they neing who the. they make great cards. there's no fundamental advantage tesla has over batteries over any global producers >> they will have their case in about 19 days to say why they are superior thanks so much for now we appreciate it ty >> we got our eye ons this big market sell off. the dow up about 840 points. the s&p off 3.6% here is a look at what's leading us lower now it's basig tech stocks apple, sales force, microsoft are down roughly 6% and a couple

of cases for home depot 4% or so docusign getting crushed in today's session as it gears up for earnings after the bell. we'll have details on that more on the sell off and more on the markets after this 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.

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. welcome back dow is at new session lows as we're about 90 minutes away from closing bell no particular catalyst for the sell off i know many have been watching the see if we fall through a trap door with the trading action to open up the way for deeper sell off.

we'll continue to keep an eye o it the nasdaq is still the worst performer in terms of percentage there's the heat map all 500 names of the s&p as you can see, fraction of them, less than 10% are even green today. some of names that have been in the green are geared more toward the reopening. >> that's right. there's a few groups that work from home or momentum stocks that are sinking today keep in mind as i go through them it's very ugly today but they have run up huge this year. for now, today's pull back is a drop in the bucket first take a look at e-commerce shares these are names that have benefitted as consumers shop

online you see etsy wayfair has been one of the biggest winners. shop sdw shopify and amazon have participated in that momentum rally. take a look at recent ipos that have benefitted in their early time as public companies from this momentum trade. they are all selling off today take a look at big commerce down more than 15%. they are still trading well boabove their ipo prices look at the software trend these are the darling of the work from home trade zoom video some are saying that zoom video may have ruined it for the rest of these names because it's earnings earlier this week, those results were so above expectations how in the world can some of these other software names live up to them they are selling off today remember zoom video was up 40% in one session earlier this

week kelly and tyler, these names getting hit today but to put it in perspective, they are well up on the year. the question is, does this continue to fall or is this sort of a much needed breather given their run offs >> the complicating factor is they do have a lot of fundamental stories. you wonder how much of that demand was pulled forward and priced in. >> absolutely. great fundamentals particularly if you think that remote learning or remote work is, these habits are here to stay. you've heard a lot of chatter about the valuations getting extremely frothy we were looking at them earlier in the week. zoom video about twice its other software cloud pierce. they are getting very frothy will they justify this kind of

return a few years from now? the revenue outlooks we'll find out tonight with docusign it's been another one of these big winners. expectations are high because of that run up when it reports later tonight. it has some big shoes to fill and as you can see, docusign ahead of those earnings. >> i find it so satisfying to use when i click the initial here and sign here i love it. thank you. tough session for them today we'll see what their earnings say. let's get over to seema for "trading nation. >> highlighting one of the work from home plays. that's docusign still up big this year and now at a market cap of $345 billion. earnings are out after the bell. not a great sign to see docusign

down 8% ahead of its report card after the bell >> i bet they are wishing they released on monday when zoom did. they are one of the champs of the work from home environment everybody has used their process. i'm going through a closing process. i'm first hand testimony to their software companies include comcast, small business administration. it's ridiculous, absolutely insane valuation it's a question of whether the market will feel kind enough to take it up if they come in line, that sets us up for a much bigger decline on the short term. this is a trend that will stay with us past covid

it's very boring but very necessary space. they are dominating that space i really like it long term there's no doubt it could be very turbulent over the near term >> lot of growth drivers we saw that in zoom's report earlier this week. when you size up the chart, any reasons to be cautious here when looking at docusign? >> i would state it as innocent until proven guilty. you can see the long term up trend is very much in tact all we have a correction back to an area support, back to the up trend support. back to the rising 50-day moving average. i would say is the growth investors are even though the stock is expensive will probably be buying the stock on these pull backs to the up trend support line if that breaks, now you're see names like more concerning from a technical perspective.

right now that hasn't happened you still continue to play this along until you get a trend break. >> got it. report out tienonight it will be an interesting one to watch. kelly and tyler. back to you. thank you very much. still ahead, we track the sell off as it deepens. you can see the nasdaq 100 laggards ranked by the biggest decliner zoom video. we'll get the technical take on this, next

welcome back, everybody. i'm sue herera in milwaukee, joe and jill biden

meeting privately with members of the blake family about the shooting of jacob blake. they are on their way to a community meeting in kenosha, wisconsin. in germany, police suspect a mother killed five of her children before trying to kill herself before jumping in front of a train the children were between the ages of 1 and 8 years old. a sixth child age 11 survived and is with relatives. france reporting a second straight day of more than 7,000 new coronavirus cases. hospitalizations and the number of people in intensive care rose in kenya, pink flamingos have returned to this lake eight years after rising water drove them away. the birds were a national attraction for the park. back to you. thank you. an ugly day on wall street no other way to put it

stocks just off the lows of the day as you see there the dow industrials off 745 points minutes ago more than 850 points down the s&p 500 off 3.25%. nasdaq, the big loser today. down more than 4%. stocks are selling off and bond yields are falling as well rick is tracking the action. at the cme hig hi rick. >> we had some important data today. even though ism services wasn't bad, if you look at the july services surplus, it was the smallest in 8 years. we get down to 60 basis points, ten basis points away from the low yield at 50. it's moved up a bit to 62. add in the dow you can see the dow hasn't turned maybe we're getting an early word from the treasury complex that maybe the lows are in on equities for the day

the dollar index can't be the culprit for the drop in commodity prices it's unchanged today it's stabilized. virtually one of the small bounces for such a big move. tyler, back to you >> thank you very much, rick oil market closing for the day. rahel has the details. >> long time no so oil is finishing slightly lore today. it's off its worst levels of the session where it hit the lowest point since early august traders still keeping an eye on the gulf of mexico where offshore production remains down 16% in the wake of hurricane laura. you don't say this every day but hard to believe energy is the best performing sector today it's still down slightly but out performing the rest of the market by quite a bit with a few

big oil components up 2% or more >> thank you very much the nasdaq getting hit the hardest. it was yesterday it crossed above 12,000 for the first time ever with today's losses it's up more than 20% since june 1st. here for more, todd gordon is joining us along with mike santolli to walk through some of these big moves. todd, i'll turn to you first for some analysis of the charts. a lot of people pointing out how over bought the entire average had gotten what do you see playing out now? >> it's been an amazing ride up. i'm trying not to read too much into this pull back. we don't think it's anything to be overly concerned with and michael you might find this interesting. you get some context, let's compare to 2000 tech bubble. i'm hesitant to do that for several reasons. if we're expecting a similar reaction, i like to look at an i

understand indicator that measures volatilvolatility if we look at the last 20 months we're getting 9% high to low if you look back to to 2000 nasdaq, it was about 15% high to low before we rolled over there in march there's a lot more investor motion driving those prices compared to today. valuation aside. i would say we're not overly for it here. we're still a ways away being over bought within the bull market the last thing i would say if i can go to the s&p quickly we're seeing expanding volatility correction we're getting higher highs lower lows that correction began back in january 2018 we're not out of consolidation in the s&p that would be a monthly close above 3600 you would say the up trend is back in place. remaini ining cautiously optimi. >> are there analogies what

we're going through. the one that comes to mind is january 2018 >> there's certain attributes of this one and that one that do seem to rhyme. the aggress ifr over bought condition, as you mentioned. there's a little more of a vain of caution than there were back in 2018. if you remember, 2018 was very much an everybody embraced this very happy story about the economic expansion about the k fact we passed a tax cut and it was going to be 20% earnings growth this is the market racing ahead of people's perception of how strong it ought to be. i think maybe some of the field position characteristics are similar now versus then. not sure it has to be a similar outcome. that was a very, very quick vertical correction and a long sideways period in 2018.

>> let's talk specifically about apple which is one of the worst performers today i should say, one of the most important bad performers percentage wise. there's companies doing a lot worse but few matter more than apple. >> we are long apple in all three of our strategies here we remain bullish. that's roughly 32 times earning. it may seem expensive. here is some more history which is interesting the last time for me is this expensive 2007 ahead of their first iphone launch and had almost 45% revenue from the next five years we could be going into this new cycle with the new 5g iphone 12. earnings expected to grow 20% next year.

we did meet resistance following the split. support is viewed back down at about the 115 tlar own from our point of view. i would say support is still in tact >> nothing there that overly worries you. i have disney here in my motnot as well. why are you focused on it? >> we've been out of disney back in march we just readded disney to our portfolio. it's been in consolidation disney has been in consolidation since 2015 a move of about 160 would technically consider us free from consolidation streaming, the streaming plus is a big library of content to fall back on. i think they are releasing mulan tomorrow my kid would know. this movie distribution model, this is the future

it's the netflix model if covid is around longer than we expect, content stream willing be a great back up for disney it could work to close the gap that netflix has opened over disney if covid recedes, the parks can open back up last year i think it was like 37% of disney's re knew venue ie park >> it's remarkable to hear it's been in consolidation since 2015 is mulan going to be big in your house or are the kids too old? >> i'm probably going to see it this weekend not sure if that will be stock positive for subscribers i can pretty much guarantee as i go through the charts over the weekend that will be playing >> i think you're more of the c contrarian indicator camp. >> i'm way outside the desired demo >> thank you for joining us

today. coming up, wooe'll check on some of the biggest decliners on this down day. 29 of the dow 30 components are lower now. those new names, sales force and amgen are contributing to the declines

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bioex biotech sinking. >> biotech is down though not as much as tech you are seeing it have the worst day since early june among stocks that are the lowest in health care sector in the s&p. see names like ertex, regeneron, biogen and amgen. the growth names getting hit harder one interesting trend you're seeing is a drag among names that are in the diagnostic space and the tool space like bio rad. among the bigger pharma names, you are seeing weakness. pfizer is expecting to get data in october dr. fauci says that looks pretty optimistic >> someone comes out and says

i'm going to shoot for the possibility that i'll get it by october, you can't argue strongly against that. that is unlikely not impossible i think most of the people feel it will be november, december. >> an october surprise would be an optimistic sfriez for vurpri. let's take a look at the dow which is down more than 800 points short of 3%. the losses are worse in a percentage basis for the nasdaq. it's shutting nearly 5% today. up next we'll look ahead to tomorrow's job report. whether that's a catalyst for sochl t some of the selling we're seeing now. stay with us

today's weekly jobless claims number came in better than expected. the number comes with a caveat reflecting a seasonal change in methodology used by the labor department so the number actually ticked up from last week and according to the latest linked in data, overall hiring pulled back slightly month over month. it did not stop real estate and transportation from seeing big hiring gains both industries benefitting from low interest rates and summer travel joining us for more on the report is linked in's chief economist karen kimbrel. as we look at the hiring numbers during the summer, month to month, they look spectacular, i would say. but how do they compare with hiring numbers or overall employment a year ago, for example? >> sure. so basically what we're seeing is that the recovery is under way. but the gains are moderating we're still underwater relative to where we would have been in terms of hiring pace a year ago.

that is true if you look city by stity st city by city or industry to industry across the board, we're still not in positive territory where we're growing faster than a year ago. i think one of the most interesting things to take away from this is that while the recovery is going on, it's fairly fragile and it may be even slowing a little bit from what we can see in our data through late august. >> we are looking here at revitalized industries year over year, hiring public administration, wellness and fitness up real estate is up. i guess no surprise there. health care higher so there are some industries that are getting more close or even above normal. >> that's right. there are pockets where we are doing well or hiring and like you said, you know, ultra low rates with the inventory rebuild that we're currently in our economy. that is also supporting transport and logistic sector, health care is a no-brainer. people delayed a lot of, you

know, regular health care they wanted or elective health care and now they're getting back into that finance is holding up as well you know, despite what we're seeing today finally, i think the fun fact is wellness and if theness whifitnf the charts and reflects home gym building that people are doing right now. >> i would think so. a lot of gyms have not been open across the country how does the u.s. in terms of hiring compare with other countries that have been struck by covid-19? >> you know, everybody is going through their own, you know, experience and we are definitely in the u.s. lagging a little bit the rest of europe and asia. and that may be because elsewhere the reopenings have happened and have been sustained and in our case it feels a little bit more like there say rolling blackout experience of shut downs and reopenings happening in different place as cross the u.s. i think we're also a little bit more ham strung than that in many cases schools have not reopened and that is a head wind for working parents. and then last but not least,

there's a little bit more uncertainty here in the u.s. than say in france or elsewhere in asia. around what the benefits are that people can expect so i think people are kind of waiting to see whether or not there is another drop of stimulus. >> i think you began about i saying that some of the hiring momentum had abated a bit recently do you expect to see a continuance of that abatement and how concerned she with you be about it? >> you know, look, i think tomorrow we're likely to see continued improvement though much slower than what we've seen in the past couple of months then looking further ahead, so far as i can tell in the, you know, spotlight that i'm looking out at, it looks like things slowed dramatically. there is not a lot of improvement since mid august in the u.s. generally speaking. like i said, there is pockets of growth there are cities doing better and getting back close to normal but largely, i think until we address the headwinds around

whether or not consumers feel confident about spending, whether or not businesses can look forward and plan on investing and rehiring, we're soert sort of fighting with one arm tied behind our back. >> what cities are doing the best >> the secondary cities that have maybe less urban density. they have maybe more affordable housing stock, austin, denver, atlanta, doing well. really seeing the strongest hiring trends in the last couple of months. but also closest, the three cities, austin, denver, atlanta getting close to the hiring levels we saw this time last year >> we appreciate it very much. thank you. >> the nasdaq is down 5% right now as we approach the final hour of trading. we'll get you set up for what action we might see. we're testing fresh lows as we speak. the dow down 909 points. when the world gets complicated, a lot goes through your mind. how long will this last? am i prepared for this?

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we haven't had a day like this one since the middle of june for the dow, for the s&p 500 and the nasdaq just after hitting record highs for the nasdaq yesterday, above 12,000 it is off more, as you pointed out, more than 5%. this is really a case where the first shall be last. the technology companies, the chip companies like nvidia, the teslas, apples, all of those are leading wait lower >> let's look at the intraday action here. that's why this final hour could be interesting a lot of the traders arecashin in, watching to see if we would go through the lows from earlier in the day and for a while, we were holding them but now we have kind of retested those lows so to speak and we poked beneath them. that could make it a little more volatile as everybody scrambled to reposition. by the way, not everything is lower today. the reopening stocks are holding up relatively well if you specifically focus on the cruise lines, some of the airlines, retail, macy's still best performer in the s&p 500. it's not all coming up roses interest rates are lower

it's just a whacky session, ty >> very interesting to see retail up there. the beauty company, ralph lauren up is there in the green earlier today. it's been an interesting hour. and the next one promises to be even more so st. >> yes, indeed thanks for watching "power lunch," everybody. "closing bell" starts right now. >> thank you tyler and kelly a massive selloff. one that stocks could only go up, the winning streak is over the dow is now down 900 points we're looking at session lows as we head into the close welcome, everyone, to "closing bell." i'm sara eisen here with wilfred frost g frost. good by 12,000 let's look at what is driving the action big tech is at the center of the storm right now. apple down 5%. shares of faang stocks are lower. tesla is down 8% the vix trading above 30 for the first time since july. volatility comes back to this