sinking toward session lows. so many questions remain. >> so we'll keep following, obviously the developments at the airport in kabul and the market, as the final hour of trading takes off in just a few seconds from now meantime, thank for you watching "closing bell" does start now. thank you, tyler, kelly, welcome to "closing bell." i'm sara eisen, we are expecting a briefing from the pentagon on the deadly attacks at any moment we'll take you there live is not it begins. >> i'm david faber in for wilfred frost. energy and stock caps. let's get to the pentagon for a briefing on what is happening. >> can you hear me okay? >> john, i can see you and hear you fine. >> the general will have some brief opening remarks, will address the events today, and

then we'll take questions. i will moderated questions police, before you ask your question, identify yourselves and your outlet so the general has an idea of, and a reminder we have 30 minutes and a hard stop at 3:30, so general mckenzie, over to you. >> john, thanks. two sue i'd bombers, ace saysed to have been isis fighters detonated in the vicinity of the abbey gate, and the baron hotel, immediately ajdjadjacent at this time we know that 12 u.s. service members have been killed in the attack and 15 more service members have been injured. a number of afghan civilians were also injured and killed in the attack we're treating some of these at hkia, and some are at local

hospitals. their loss weighs heavily on us all, and we'll talk about that more we continue to focus on the protection of our forces and the evacuees let me be clear, while we're saddened by the loss of life, we'll continue to execute the mission. our mission is to evacuate u.s. citizens and more. despite the attack, we continue the mission. as of today, we have problemly 5,000 evacuees on the ramp at hkia awaiting airlift. since august 14, more than 104,000 civilians from hkia. over 66,000 by the united states, over 37,000 by our allies and partners. that includes bringing out about 5,000 americans. as the secretary of state said yesterday, we believe there's about 1,000, probably more than

1,000 american citizens left we're doing everything we can, in concert with our state, if they want to leave and, remember, some don't want to leave it would be difficult to underestimate the challenges our forces face. 9 threat to our forces, particularly from isis-k is very real i would like to express my pride in how our forces have overcome the challenges and delivered the results we talked about in my opening portions, the number of people we've been able to extract from afghanistan we would also be remiss not to mention the tremendous contributions of our partners.

the system who supported this operation downrange, across the central command, the european command and northern command areas of responsibility. moreover this evacuation would not have been done without the transportation command, and airlift provided by the united states air force no other military in the world has anything like it i would like to thank the host nations who have generously provided answers for the processing, care and feeding of our evacuees i also need to acknowledge the temporary suffering that some of our evacuees have had to endure. pleat knows we continue to e continue our mission, to get as many as possible out of afghanistan. we also continue to expand the capacity at our intermediate facilities to ensure safe, sanitary and humane conditions, while continues to look for alternate way to say expedite processing and ultimate transfer to the united states and order

destinations i'd like to close out my remarks today by taking a moment to describe the heroism that our marines, soldiers and sailors are exhibiting, as they screen the people who are exhibiting on to the airfield. this is close-up work. the breath of the person -- while we have overwatch. we still have to touch the clothes of the person coming in. i think you can all appreciate the courage for this we have screened over 104,000 people finally, i'd like to over my profound condolences to our family members of our -- we have put more than 5,000 soldiers at risk, and today we have seen how dangerous that mission is. isis will not deter us from accomplishing our mission, i can

assure you of that all americans should be broprouf the men and women in the u.s. forces we appreciate your thoughts and prayers for all our service members carrying on this miss today. john, i'm now ready to take questions. >> thank you, general. aleta? >> reporter: thank you, general mckenzie, aleta with a.p thank you for your time. can you give us your assessment of the isis threat going forward? what are you seeing on the ground now does this cut the evacuation short, do you believe? are people able to get onto the airport now? finally, the president has warned that any attacks against the u.s. would be answered will this attack be answered militarily by the u.s. >> a number of questions there let me try to take them in

order. first of all, the threat from isis is extremely real we've been talking about it for many days. we saw it manifest itself with an actual attack we expect those attacks to continue we're doing everything we can to be prepared. that includes reaching out to the taliban, who are providing the outer security cordon around the airfield to make sure we know what they need to do to protect us we are continues to bring people onto the airfield. we just brought a number of buses aboard the airfield over the last couple, three hours we continue to process, we continue to flow people out. the plan is to operate under stress and under attack. we will continue to do that. we'll coordinate quickly to make sure that it's safe for american citizens to come to the airfield if not, we'll tell them to hold and work on other ways to get them here.

what i thinkwe have the actually to do all of those things as we go forward. let me just come back one moment you talk about going after isis. yes, if we can find who is associated with this, we will go after them we've been clear all along, we retain the right to operate against isis in afghanistan. we are working hard to determine who was associated with this cowardly attack and we're prepared to take action 24/7, we are looking for them >> david >> reporter: general, david barton with cbs. 27 casualties is a terrible number 12 dead. can you explain the circumstances of these attacks which resulted in such high casualties for the u.s.? >> sure, david first of all, you understand

that we're still investigating the exact circumstances, but what i can tell you this the attack occurred at a gate. at a gate we have to check people to ensure they're not carrying a bomb or any other weapon that could ultimately make its way on to an aircraft it requires physical screening so while the air bass itself is surrounded with walls, we're well bunkered in, at these interface points, these gates where people actually come on the airfield, there's no substitute for a young man or woman, a young united states man or woman to conduct a search of that person before we let them on the taliban conducted searches before they get to that point. sometimes those searching have been good, sometimes not before this attack, we had passed 104,000 people through, so this attack is one too many, but we'll evaluate what happens, and find ways to get better, but the key thing isyou don't want

somebody on an airplane carrying a bomb, because that creates massive amounts of life, so you've got to do the searching we work with our afghan partners on the ground to conduct those search, but ultimately americans have to be in danger to do the searches there's really no other way to do it. i cannot tell you how impressed i am with the daily heroism of the men and women doing this work, continuically soldier, sailors and marines. they're up close to thousands of people flowing through to the airfield you have all seen the image. to get up and do it day after day, it's remarkable somebody got close to us 12 service members died, no one feels it nor directly man me, and we recognize we need to continue to eiffel wait or procedures at the same time there's a tension there. we have to continue to let people own the airfield, because

that's why we are there. we're not there to defend ourselves. we're there to defend ourselves while we process american citizens first, but also the other categories of people i've mentioned. >> reporter: just to be clear, this suicide bomber was going through the gate, being searched, checked by u.s. service members when he detonated his invest vest? >> that would be my working assumption i know this, he did not get on the installation it's at the interface point where this attack occurred we just don't know more. you we're investigating that, but right now our focus, we have other threats, extremely active threats against the airfield we want to make sure we have taken the steps to protect ourselves. over the next day or two, we'll

learn more right now our focus is going forward, ensure that another attack of this nature does not occur. as you know, typically the pattern is multiple attacks. we want to be prepared and ready to defend against that >> courtney? >> reporter: it's corti cube coe from nbc news. can you tell us more about the threats? and some of the steps you may be taking to mitigate future attacks? would it blue putting u.s. troops marines outof the airport for additional perimeter security finally, with all of this, is there any discussion about sending additional troops for additional security mesh snow showers. >> we have the forces we need to protect ourselves there. i'm always in a constant dialogue with the secretary. if i needed anything else, i

would be talk to go him immediately. let's talk about the threat streams. very, very real threat streams, what we would call tactical. that means imminent. we know they would like to lob a rocket in there. we have pretty good protection on that. we have our antirocket and mortgage tausche system, the guns systems that are pretty effective. we feel we week in good shape for that kind of attack. if a suicide -- vehicle-born, they're working all those options. we have seen their ability to walk in a vest-wearing suicide attacker all of those things we look at we share versions of this information with the taliban, so

that they can actually do some searching out there for us we believe some attacks have been thwarted by them. we've been doing this since the 14th this is an attack that's been carried out. we believe it's possible others have been shall warted we cut down the information to the taliban. we give them enough to act in time and space to try to prevent these attacks. we try to push out the boundary even further, so we don't get large crowd at the gate. clearly at abbey gate, we had a larger crowds that we would like, which shows the system is not perfect. we want to keep that kind of standoff in play standoff is always the best defense, unfortunately we don't have the opportunity so we take it shall to close up, we take the threat of these attacks very seriously

we're doing a variety of things. we attack helicopters on the ground that would fly in to take a look they have good thermal and optical systems. we have aircraft overheads, we have unmanned aircraft that have the ability to look. all of these systems are being applied all vectored by the intelligence we receive. alex horton, "the washington post". alex, are you there? >> reporter: yes general, this is alex horton with "the washington post," thanks for doing this. can you give us a sense of where you are in notification, how long you expect that to take

and can you tell us a bit about how the forces have reacted? you introduced salts more standoff at this point, but what other measures you are taking to increase the security? -- >> for notification -- i -- i believe that process is ongoing, but i do not have visibility on it my visibility is the day-to-day in the theater, but there are other people that can answer that question, i'm just not that person, alex again, we have reached out to the taliban. we told them you need to push out the security perimeter we have identified some road we would like for them to closed. they identified they would be willing to close the roads because we assess the threat of a vehicle-born threat is high at

this point we talked about the overwatch we have in place, but we have our unmanned aircraft and drone systems with very good optical and other means so we try to identify patterns we also have our aircraft that we fly, that i mentioned a few moments ago, as well at other manned aircraft that come off the carrier everything ranging from -- to 130 gunships. the ac-130 is a very highly targeted system, and also a very visible platform we no from long experience that digital demonstration of this we're going to strike them immediately.

we're looking very hard. we assess. we are in a period of heightened warning right now. and we're looking as aggressively as we can over >> gordon. >> general, "wall street journal. can you tell us if the recommendation for stays after the august 31st deadline would change because of the threat stream we have been coordinating very closely on various things do you still trust the taliban? is it possible that they let this happen? >> so as to whether or not they let it happen, i don't know. i don't think there's anything to convince me that let it happen whether or not i trust them, that's a word i use very carefully. it's not what they say, it's what they do they have a practical reason for

wants us to get out of here. they want to re-claim the airfield we want to be out by that date, too, so we share a common purpose. as long as we keep that common p purpose, they have been useful they have cut some of our security concerns down long term, i don't know what that's going to be i will tell you this anytime you build a noncombatant evacuation like this, you expect to be attacked so we thought this would happen sooner or later. it's tragic it happened today. it's tragic there was this loss of life, but we're continues the mission. i won't share my advice, as you would understand, but we're continues our mission. >> even before today's attack,

you were just four days or so away from leaving. how soon will you have to start 2ki78 minutishing the evacuation flights if those, indeed, continue -- because of the remaining withdrawal of troops and equipment. >> without getting into specifics, the plan is sdichbd to maximize throughput of the eva evacuees we recognize a need to balance the two. we won't get to a point where suddenly we turn off the spigot we will do it at some point. at the same time, i want to emphasize a plan is designed to maximize pushing people out, continue to defend ourselves and bring out our equipment and personnel. >> will you also have to develop

alternative routes to get the remain americans in kabul that want to leave, safely to the airport? >> i will tell you we have worked over the last week, brought in hundreds of americans by working alternate routes, by establishing contact with them different ways to get to the airport. our task force, our jsoc does it very well. that's not something we're beginning now. we have done that all along. we will continue to do it up to the last month. jennifer griffin, fox news, general. can you say there was one or two suicide bombers at the abbey gate can you say for certain it was a male bombers can you give us any more details about the explosion at the baron

hotel? finally, there are state department employees and why were the marines so close together that so many were killed in one strike >> we think one suicide bomb at abbey gate, don't know if it was male other fee yale. i don't have that information. don't know much about the second bomb, except one went off in the vicinity of the baron hotel, which as you're aware, is a deeply bunkered 40e89, and there was no uk casualties i'm sure there were afghan casualties, but it will take us time to learn how many afghan casualties we took some of them on the installation many were taken to hospitalization in the town.

we're trying to gathers more information. i don't know that the size of the bomb, and the size of the bomb is directly related to how many people are affected so we are going to investigate that as i have noted before, you're at the interface point of these gates. somebody has to look someone else in the eyes and decide they're ready to come in we will find out exactly what happened, but beyond that, i would not want to speculate at this time. >> reporter: any other american citizens from the state department that were killed? >> none that i'm aware of now. now back to the phone. laura sullivan >> reporter: thank you, general, for doing this can you tell me, we have heard reports of a third and possibly fourth attack in kabul today can you confirm those?

are you concerned about other threats to the aircraft? well, there have been reports of other attacks, but we have not been able to run it down i can't confirm that there have been other attacks in kabul away from hkia today. the safety of our aircraft coming in and out is of paramount importance you have the opportunity there for 450 or more people to die if you have a significant mishap with the aircraft. we know that isis would like to get after the aircraft if they can. we don't believe they have the manpower to do it. they have taken shots at our aircraft without effect, but as you know, military aircraft have a variety of self-defense systems. what is more vulnerable is the

charter aircraft that do not have the systems so with the isr, we look carefully at the approach pattern and departure pattern to see if they see any sign of something that might pose a threat to aircraft we look at that religiously throughout the day and night as we conduct operations. aircraft is really the only way we have -- >> sorry, guys, we have to keep moving one more question, and then give the general a chance to close out. >> reporter: at this moment in time, how do you believe the suicide bombers made it through several checkpoints, whether it was taliban or afghan forces was there a failure or somehow they evaded them well, clear ly there's a failure somewhere. it was a failure by the taliban

operating with varying degrees of confidence. some are scrupulously good, some are not. i don't know the answer to that question but you can be assured we'll try to make all of our practices better >> general, we're going to let the general close out. sir, any closing thoughts you might have, sir? >> john, thanks. i would like to say, today is a hard day, but the thing i come back to is remarkable professionalism that the force on the ground is showing ultimately at these screening points in particular, you have to get up close and personal there's no way to see that safely from a distance we should bear in mind we've been doing it well over a week we brought 104,000 people out. that's a tremendous number of contacts that every individual marine, soldier or sailor has had to have as we bring people aboard the airfield. it's a very heavy heart that i

do this conversation with you today. nobody feels is more than me or the other members of the chain of command we'll do everything we can to improve our practices there to make sure it's as safe as possible for the folks on the ground s john, thanks very much. >> thank you john coriry, spokesperson at the pentagon general mckenzie, remarkable transparency on a dark and difficult day 11 u.s. marines and one navy medic killed in the afghan attack that happened earlier today. some of the details there may have been confusing. here's how that gate works there's a road that leads directly to the gate that road has blast walls on either side. at the beginning of that road is a taliban checkpoint, a series of them, where the taliban are

supposed to physically screen every human being, who then moved forward to the next checkpoint, which is the united states marines then individuals are hand searched, much as you would be in secondary screening at the airport, as it's been described to me. it was during one of those hand searches that the suicide bomber at that gate blew himself or herself up the general said they don't know the size of the bomb, but were the marines close together or was the bomb so big it extended over an area, they don't have those details. there was a second explosion at a nearby hotel, but no british troops were killed there or injured, to their knowledge. a number of afghan sillance, the count from the hospital is 60 afghan civilians and many more dozens injured, especially in the sewage canal that rings the area the evacuations are continues.

from what the general said they're bringing them in on buses. whether they're walking in and out of of the airfield was not made perfectly clear, but we've been getting intelligence that there was an active threat stream underway now, they knew of specific kinds of threats that they are facing, and he gave us details. he said they would look to carry out a mortar attack, but described the defenses very concerned, and we've been hearing they from our sources as well, about a car or truck bomb in and around the airfield remember, to cause havoc, they don't have to get inside they made that very clear today. and they believe that though those attacks of that kind of imminent he also said some attacks having stopped as far as the evacuation mission, it will go on un

under ---al saying mission will continue, but i did notice one matter in wording, where he said the evacuation will continue until sometime near the end of the month. prior to today it was a hard stop on the 31st of august now he's saying sometime near the end of the month if that is a distinction -- if that was a difference without distinction, that remains to be seen 104,000 people have been evacuated so far, 66,000 by the united states, 37,000 by allies and partners, 5,000 americans are out of there and importantly they believe about 1,000 americans remain to be evacuated from not just kabul, but the entirety of the country. from kandahar, it's about a 10 1/2-hour drive under perfect

circumstances. these are anything but perfect circumstances. the overriding question of all of this is the taliban had guaranteed the united states military and the office of the white house security for the evacuation of our troops, and the president was crystal clear that if the security was breached and americans were hurt or this operation was upended, that the response would be swift. we have not yet heard from the president now some six hours or approaching it since this happened at about 6:15 p.m. afghan time, but what sort of response might the united states have can terrorists attack and killed united states military members and now face a return attack that is the question the answer will come from the president. in the newsroom, i'm shepard smith, sara, back to you. we'll continue to look for updates, and of course watch the news with you tonight. in the meantime, we do want to share with you what is happening in the market. the session lows down 200 the

dow is still off about half a percent. only sector that's positive right now is real estate, somewhat of a defensive one. everything else is down. it's a reversal of what we have seen in recent daze, where you have seen stocks climb all the way to report highs. that's what's under pressure today. this certainly doesn't help risk sentiment, though nothing extreme treasury yields do remain higher. from jackson hole, we have had heard from the hawkish fed presidents they want to seeing tapering now, but it doesn't matter until

jay powell speaks. we don't get much from, as others believe as well how long he's been so cautious guess what he's waiting for more progress, whether it's more jobs improvement, he wants to see how delta is potential impacting the economy. i think it would be a surprise if he announces anything swift we're watching shares of abercrombie & fitch plunging today. up next, we will competent to the company esr's ceo about the results. dow down 170 points. we have just under 30 minutes left of trading. yeah...uh... doug? sorry about that. umm... what...its...um...

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missing the numbers a bit off the street's expectations. joining us is fran horowitz. welcome. >> thanks for having me. they're zeroing in on sales, which missed the market a bit. why do you think you saw a decel

deceleration. >> we have seen or brand's product, voice and experience come together and be well received holister was up 20 we relaunched gilly, and there's so many things happening. >> i think it was just high expectations from the street >> we were thrilled with our results. just could not be more pleased with where we landed for the quarter. >> so what about right now what are you seeing as far as back-to-school trends, any visibility into the comes months hole lister and kids are

back-to-school brands. we've seen in the early states like georgia, texas, florida, a nice start back to school. it's a very elongated back-to-school season. the tristate areas aren't going back under labor day, but our back-to-school business is good start. at abercrombie, we think of it as back to fall. that happens a bit later. >> the cfo said there is some assumptions of supply-chain pressures coming in on sales can you go into more details as to what you're seeing there, what the problems are and how long they'll last? >> i think the supply change is a challenge. when we set up in 2020, we set up something called a covid playbook our teams have been hard at work since then i would say it's a good warm-up

to what they're experiencing now. there's a lot of challenges, but that said, we are managing it better than most we've always been bringing or inventory to the long-range strategies >> some of these things are out of your control. i think your cfo even said that. you seem to be relying on the reopening of vietnam are there any inherent risks in that >> we work with 17 countries around the world you're right, some of it is macro and some of it is out of our control, but we are controlling what we can. the team is mace sure if they have to move from ocean to air to get it as quickly as we good. >> also a call about jeans, and just how much things are

changing no more skinny jeans, higher wai wa wa waist, why does it matter that you're seen new styles >> in our industry, i'll call this a seismic shift to see something that great happening in our industry at this time could not be more exciting i mean, everybody needs a new pair of jeans. and then you need new shoes, a top to go with it. there's new proportion happening. but as far as the wider legs go. the influence of the -- there's so many things happening.

>> i've got some jeans on now, do tell anybody. >> '90s straight, a good jean, david. of course many ceos are facing it is that something you're thinking about or what have you seen? we're milt gaiting that, and, and finally, you mentioned you launched a new brand you don't see a lot of big companies launching new brands at such a high speed >> it's exciting

we came out -- in a very strong place, as well as getting all the processes and functions. it's part of what we do, through that point -- the relaunch of gilly, to make shoves it was an inclusive brand and we're excited to have announced zappos and the knot and it was a great partnership. >> i have to come back to the stock price. it's down 11.5%. i know eyou're pleased with 9 results. what do you say to investor selling the stock and focusing on the great expectations instead? >> i tell them, i'm more confident than ever in the brand. i go through all the things we talked about, the launches this

quarter, we're getting our product, voice and experience together, terrific, and we're seeing a grate response. i continue to focus on that. >> fran horowitz, thank you for the time >> thank you, sara. coming up, one report says the chip shortage could make the iphone 1mo3 re expensive we'll give you the details next, in the market zone from day one to graduation to your dream job, that's why we're keeping your tuition low for the 10th year in a row. - [student] the affordability and the quality of education, it can be enough to change your life. - [announcer] as a nonprofit university, we believe in making college more affordable for everyone. - southern new hampshire university, it was just amazing experience. - [announcer] find your degree at snhu.edu.

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mike santoli is here to break down the crucial moments, and stephanie link from hightower. s&p 500 and nasdaq are on track to break a five-deign win street anything assistant out as to what could be the driver and he deep it looks to last? >> just some mess station. we have jay powell speaking tomorrow i would still characterize it as a bounce in a lot of the cyclical groups then they have spilled back again essentially the market probably said they got a little too left behind in this latest phase.

it doesn't help to have this ugly news out of afghanistan, and it seems like it maybe sent a bit of a wave of modest risk aversion, but i don't think that's a key driver either day or going ahead to what this market will do. >> as horrible as it is, you said it. >> now sure it's having an impact on oil as well. >> yeah, not even that whether it would be that vector driving in it's hard to separate out what the market is doing today, key existing with this news you have a bit of a giveback, as we got

to report highs. >> that certainly has market implication, the ever to push that legislation through. >> obviously the unfortunate news in afghanistan today set the tone it's very serious, obviously it's worth watching how biden and his add manages respond, we did take another leg down when we had that news conference. i like to look at the policies in place

either way we have a ton the stimulus that's working. that's why you're seeing gdp at 6.6% in the face of delta and all those worries, personal consumption, and also hotter inflation the prices index a strong 6.1%. these are confirming what we have been talking about for months now the consumer is strong, i economy is recovering, it's leading to some inflation and it's why we heard about the need to start to taper. i don't think we get anything tomorrow from powell, but i think you'll get something in october for implementation sometimes in november. any deviation from that will be a surprise to the market

the president will be delivering remarks at 5:00 on the kabul attacks. >> tsmc raising prices of its own, but an analyst says really people don't have strong insight. it could be possibly to have iphone 13 with a higher price, though brad says his view is add speculative as anybody else. thanks, josh stef, apple has underperformed the market what

are your thoughts? >> i'm market weight, to be honest with you, david i think it's a great story, but they're like 85% of the sell side have buys on it i think we know about the iphone cycle coming up. i don't think it will be a monster cycle, but i think it will be good what don't we know in this story? so, i think it's more interesting, because i own a bunch of the semicap equipment companies. talk about pricing power, not only are they po tench allege going to raise prizes by 20%, they already raised last fall prices by 10%. i think -- obviously they're taking advantage of the strong demand and weak supply, but i think they're protecting their profit act so they're protecting that profitability

so this is a trend you want to own companies with a pricing power. so you really want to find strong companies, again, with pricing powers amazon, though, is a standout today, and you look at some of the other games doing well there's a bit of an e-merit business kind of a laggard trade. we were talking about 85% it has doing nothing in about a year.

i do think some of the smaller software names is probably the little subtheme that is at work, too. >> salesforce the outperformer in the dow today shares of dollar tree and dollar general, though, under pressure. really has been a tale of mixed retail bertha coombs has the detail what is behind the big calls in the stock? >> they faced higher wage and shipping costs, but they have less room to pass those costs on gross margin juan in line, but the discounter warning higher shipping costs will eat into profits dollar general bead on sales earnings and comps, but executive sees headwinds continues. on staffing the ceo said the end of the enhanced unemployment

benefit has made hirlg easier, but on the other side it's impacted sales a bit because some of theircustomers have cu back so it's a mixed bag for them you know she said we had a great quarter, which they did. if you look at the sales growth, profitability, and she's not seeing any slowdown in the current quarter, so these retailers are seeing big moves in either direction. oercht williams sno-- on the ot hand williams sonoma was up. >> best buy with really remarkable information better. so ross stores not so great. you have winners and losers, market share gainers and market share takers

dollar tree, of course we know that the freight costs will hurt them, but sg & a was better. inventory are high, but nowhere need as bad as dollar general. their inventories were up 20% versus flat sales. so to me i think the actions should be reversed i don't own either of them i do own tj and best buy, in full disclosure. >> williams sonoma up almost 10%, but best buy obviously had quite a nice move. those companies seem to be getting rewarded for it all

eight or 12 months ago, they had to be more forecasting in terms of thinking that the supply chains would hurt them >> worst performer in the s&p 500 right now. it's eithery, as i mentioned mike, what do you say? it feels like a soft day. >> it's a giveback now you see about four times as much volume in the new york stock exchange, as the up side, pretty consistent with what the index level is showing i did want to take a quick peek at the bonds prior to tomorrow it's high-used, riskier corporate debt comparable to

treasury debt. it's firmed up this week that shows you no real economic stress or panic on the corporate side the volatility index has perked up, traded toward 19 today, and the known catalyst of the powell speech, and what's been in recent context, a down day from an all-time high let's take you through the market, it's been a week final trade. boeing, caterpillar everybody

first applying for the dow, and we are coming off record highs it's been a strong on a lower day, and overall a dreary move off the news in afc. welcome to "closing bell" here i'm david faber along with sara eisen. let's look at how we closed here >> you just did it we'll do it again. things can change ever so slightly, as you see the dow was down by almost 200 points there. s&p and nasdaq almost better

as we mentioned, williams sonoma has been one of the biggest winners on wall street today, and raised its outlook, coming up, the ceo will join us on the strength of the consumer plus we have another huge hour of earnings ahead for you. peloton, workday, gap, all set to release their latest results. we'll break those numbers down, as soon as we get them st stephanie link is still with us, but first we'll get to mike santoli on what we saw today in the markets. today it seems mostly like hesi hesitation. in general, it's been upward

drift into today today was really more downward drift. it has necessarily been a lot of urgency but a bit of a test of the rebound we saw the past few days was really something of a shift, or if it was just a bounce today we gave back about a third of the gains in those areas. treachery yields, rock steady. i think it's mostly about, hey, marke market has come a -- but until it breaks down or shows a change in character, i don't see a lot of selling coming in to cash in on it. >> especially around some of these cyclical stocks, like

energy, this is off more than 4.5% >> yeah, look, i'm going to disagree a bit i think we have some macro concerns settling in i think at the end of the day, it is really difficult to make a coherent argument that monetary d. we've had three weeks of pandemic lows, a surpalace of jobs, about 1.5 million more jobs than willing workers, so i think the market is looking for the fed to explaining in any way possible why we still need accommodative monetary policy. i think that's where we've been sideways into jackson hole, and we'll do it again until we hear from jerome powell i think we'll see some interest rate sensitive moves.

>> we did hear from a number of fed governors today, that, at least in their opinion, the taper needs to begin fairly soon is it soon enough? >> i would argue it's probably not. there's two sides to this coin one is that we don't need monetary policy. what ails it is that we don't have enough willing workers. the other side of this coin is i worry more about delta's impact on our supplier and trading partner countries. they are much less progressive taiwan is still somewhere around 4%, for example. what we are seeing is closures a lot of those countries where we depend on raw materials and upon components this means these pressures are more than transitory, unless transitory to you means more than a year.

the shipping crisis has increased. we're seeing 40-foot cargo container rates 400% what they were a year ago going into california we're seeing 600% to some ports in europe. all of this will continue, so i think the fed needs to turn its attention to inflation, and i think that's what they'll do let's get to peloton results. i noticed the stock is down sharply. diana? >> that's ball it was a rough q4 for peloton. connected subscriptions grew to over 2.33 million, but paid digital subscriptions were below estimates. gross margins were far short of expectations, 27% versus

estimates of 35% that's significantly lower when compared to q3's gross margins peloton announced today it's dropping the place of its basic bike molding to $1495, also having received approval, it would be -- begin selling its tread. full-year guidance of $5.4 billion is slightly above estimates. while that's good, gross margin guidance for the whole year is well below estimates, so that problem is not going away. back to you guys. >> thank you, diana olick with those numbers. we'll see how it opening tomorrow morning, but down as much as 12%.

>> this was always a concern with the stock it was going forward for the bike sales, which have been so strong, but steph, what do you do with the stock remember, you mentioned it, the stock did rally on the tread presumption, it was up 7% it's an ultimate stay-at-home stock. it was a great stock last year, and it was a benefit from stay-at-home.

the others thing is this was one of the best quarters in the company's history. they're taking advantage of the digit at expansion around the globe, talking about how they have 55 million subscribers, half the fortune 500 companies, and now raising margin guidance to 21% the stock is jumping don't miss jim cramer's interview with them tonight at

"mad money." >> i actually think the key data point was the decrease in pricing. it's positioned as a growth story. and connected fitness, but once you start to reduce pricing on the books, now we have doubt as to whether there's a growth store with legs. they were adding content to keep users engaged if you are purchasing a growth by decreases the pricing on the units i think that's what the market is primarily -- there is, in the release here, an internal controls update. they do say, in their form 10-k

a material weakness was identified with respect to identification it was a result of discovering a material indiscrepancy it doesn't result in any material misstatement, but it's. >> down 13.5% or so. did you want to weigh in on peloton. where the street is, we're in this in-between world of stay-at-home stocks. >> yeah, i mean -- look, before this after-hours drop, it's down by a third it had a big reopening setoff. it looked like zoom in the trajectory, the same massive gains, big drop, and then a partial rebound. i think you had a really hard time sleeping with the valuations as they are, if you

don't have a pretty direct path to multiple years of really strong growth. it's not about, they have a great brand and people love the product. that doesn't get you quite this far on valuation levels. maybe competitive threads and things like that -- i want to get to hpq josh has the results. >> q3 results, eps of a dollar versus expectations of 84 cents. the q4 guiding between 84 and 90 cents. for the year, they do raise their target they're looking for between 369 and 375. for pcs, s10.4 billion i did have a chance to speak

with the ceo enrique lawrence. he sounded a confident tone, saying we see very strong demand for pcs, a shift from consumer to commercial as companies reopen we expect a new version of windows to drive growth as well. he did talk about some challenges that the company is facing, that retch would have grown faster if it worth -- and controllers, we are selling everything we can produce, he told me, looking hard to ramp supply, back to you all. that's usually a high-alaska problem, but they had been the -- and then we heard about the chip shortage, when urn describing earlier >> yeah, by the way, lam

research just raised their dividend that's what i own on the semi side hp, it's been a great story, right? a 2.7% yield they have been declares and executing since he's become ceo. they have done a very, very good job. i'm not surprised in the least in terms of pcs. we knew we were going to see decelerating pcs we knew printers had a challenge because slower back to work. i think if this were to put back termly, it could certainly -- and pcs are not going away, nor are printers. >> hb down almost 2% greg, i'll give you the final world on the conversation. you think that inflation will be a bigger problem and that they're going to have to ultimately respond to it? you think they should be tapering

what does that mean in terms of what your portfolio looks like >> look, i think we hit on this at the top of the hour, or before that when we had the conversation about retail. i'm looking for things that are somewhat immune to the pricing pressures. i'm looking for things that can pass on for pricing. i totally agree, you know, i'm not looking at the dollar trees, looking at the wall martz and targets in that value seg metropolitan, but able to pass on pricing, and ability to retreat, or well positioned for that, given their investments. right now i'm going to hide out on things that are safe, a lots of things in big tech, some of which we're talking about today multiyear growth stories

>> so you want to insulate yourself, and offer you a growth story. catalyst that you can pinpoint on >> we'll leave it there. thank you both for joining us on a busy market today. find out whether the retailer can turn it around plus the pulse of the consumer in the wake of the company'sig b earnings beat. we're back in two minutes on "closing bell.

$4.2 billion in risens everybody is looking at a retail, the comps of 2019, take out the pandemic the margins came in better operating margins are way higher here's the kicker. they are raising their guidance for the year it is stronger that it looks like the street was expecting. not just because of big beat we saw, because it is implying that the second-half guidance is also stronger than what wall street was looking for, and sees revenues up for the year up 30%, which was expected the strengths continues to be in old navy and athleta

we have see better results from gap brandt, but banana republic is still down 5% online sales about 30%, which is a little orse, but that's because the stores contributed more as reopening happened i did get a chance to speak to the ceo, and she had headlines, that she's very proud of the performance and spoke to the fact a lot of consumers coming into the gap they recently launched a loyalty program. gap brand, she said, is also very popular with teens. she said that's always a good things she also said that banana republic is seeing big improvement, and athleta did

well off the olympics. remember, they sponsored simone biles, so they have been focused on mental health they a good olympics with her, as well as allyson felix i spoke to mike breitbart about this turnaround, and of course i asked him about easy, this is the kanye west collaboration. >> of course, you did. >> and it's one reason that gap is cool again. he said they're going to release more things as they come it's in product development. >> i remember you discussing, which is his last album? i guess by saying "album" i'm probably dating myself. >> it's been a while i'm more focused on his fashion

line. >> i know you were net real quickly, sara, do we node -- from an overall sales? >> it was about 40% of last quarter, so, yes, it had been going very fast. one of the reasons we're seeing the sales declines is they have seen a lot we're going to stick with retail talk about another retail winner, check out williams sonoma, which closed up more than 9%. brands like pottery barn, west elm, rejuvenation, williams sonoma, saw their stocks soar. the company posting better than expected results on the top and bottom lines, raising its 2021 revenue forecast, expecting high

teens to low 20s percentage growth, and raising its different by 20% joining us for an exclusive interview a laura alba, ceo. what do you think the street got wrong? you know, it's always hard to guest, but we've been seeing strength before the pandemic, and what was sad, we were worried the pandemic would all be a negative. we didn't know what would happen due to our growth strategy, our amazing people, we outperformed, and we have a clear road map people were focused on their homes during the pandemic. everything now that we're out again, are

people still refurbishing and refurnishing their homes in a way we saul? your results point to the fact they seem to be. home has always been your greatest asset, right? it's where you work and celebration improving your home has been -- we seeso many people, i don't know about you, but everyone wants to be -- and the market is so fractured

>> and so, as we think about the future can that continue, even if we do assistant to see housing sales roll over? we have started to see sales come off a bit. >> i believe that. i believe customers will always look for the best product. we are designing the whole home. we love what we do we have a vertical structure, we have so many peoples that is talented working on these designs. we combined that with our design services, which we provide both instory and online it's a very, very compel platform as by the way, i believe

strongly and very optimistic that the industry will continue to grow what about rising costs? how has that impacted you guys >> i think those who understand where the customer wants value, and then also how to build quality into a product will be the witnesses who will be the winners. at the same time you have to have offsets. >> are we paying more for products or are consumer paying more? >> some products are more, at

the same time customers are also looking for value. west elm, for example, has more opening price points, but pottery barn, too, has added the apartment strategy that attracts younger customers, people who aren't looking for such large-scale furniture that's been a big growth driver for them we're also offering customers' more value. >> beyond the home, laura, you guys seem to benefit from a number of other trends happening all of that sort of things, which i know you got asked about, how sustainable is that rise in business beyond the initial pop? >> what is as fascinating, as well as we're doing, the truth

is the traffic in the retail stores is down so imagine when that comes back, too. people are out, but not as much as they were before. there's still up side in some of these businesses, and some are really nascent we have strategies in place to say this big is only this big, this is how big the market is, what do we need to do to improve our offer. i talk about west elm yesterday, the market awareness is so low if we just bring it up to what is a normal brand's level, that's three times on west elm as loy enlone. so there's plenty of growth. >> how do you that increasing marketing spending? , we are increasing marketing spending we have been very careful about measuring, adding spend to where the customer responds, but we are also aggressive and using this important tool, and this

history of ours with data to put the money where it matters so you saw that we also increased our advertising spend which is deliberate and competitive and an opportunity for us both with new customers and existing customers to get more share. >> laura alber, thank you for joining us let's get to shepard smith for the latest on the attacks in afghanistan. >> a horrible day for the u.s. troops in afghanistan. the latest news is isis-k or the islamic state in the khorasan has claimed responsibility a suicide bomb and another bomb at a nearby hotel that housed

british troops, but no british troops injured there central command general frank mckenzie said 11 marines and a navy medic were killed and 15 additional service members have been wounded we have not been able to get in the context on the severity of their wounds, whether their families have been notified and where they are in hospitals. these are the first u.s. mel tear doths in afghanistan since february 2020, and today was the deadliest day for the american military in a decade they say they're especially concerned about car and truck bombs. we know of thrills three separate blasts that have happened across kabul. we have no indication of -- there are multiple reports of bombings across the city of kabul. late word from the kabul hospital, at least 60 injured

afghans in the blast taken to hospitals. details of how the bombing at the gate happened have been coming outtrickles the entrance is a long road with blast walls, i believe we have some video of that area. at the beginning of this there's a taliban checkpoint where the taliban are supposed to screen people who are coming in there's supposed responsible a physical screening apparently the suicide bombers was able to get past that screening. what we don't know is whether the taliban missed is or whether the taliban allowed it there's certainly no way to trust the taliban anymore. the berth ginning of this agreement was the taliban were to provide security for u.s. troops and complete access to the airport in exchange for our departure on tuesday next week

president biden is expected to speak at 5:00 eastern time, 2:00 pacific. we'll have live coverage after that the press secretary -- it's our understanding the president will deliver an address, not a question and answer session, but following the president, 5:45 eastern time, jen psaki, expected to take questions in the white house briefing room. we have gotten a statement from the defense secretary lloyd austin essentially the word is this will not deter us. the evacuation plan moves forward. how do they do that? the pentagon says they've been bussing people in, presumably screening them at another location, so here is the main question -- the united states

military has now been attacked by terrorists, and at least 12 united states military members are dead what does the united states do in response? last week, the president addressed this on august 20th at a briefings that happened at 1:49 p.m. in the east room at the white house, during which he said, if there were any attack or any impediment, that the united states would respond forc forcefully he'll speakty top of the hour, and we'll hear from them na> up next when we're joined by anls, hiked the price tart to $135 a share umpire: ball! good eye! good eye! eyes are good for lots of things. like reading! be the best, caleb! statistically impossible, caleb. umpire: strike three, you're out! you'll get 'em next time!

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shares of peloton are shrinking after hours. they did miss some expectations. also cutting the price of the basic price by $400. need you actually raised your price target in the face of this that's a bold move, i guess.

what is your take? >> david, thanks four things. the guidance from has lowered expectation. number two, is that the adjusted ebitda loss, which was quite a bit larger, we thought we would be in adjusted ebitda positive, but they're guiding to a negative $325 million loss that compares to a $470 profit that consensus had the company is stepping up some logistics in 1q, but i would see the subscriber guide is better than expected. one of the things we are positive on the company is because of the large offal value tread that's coming out. and i think this is where the debate will be, is the price

cut. the reason is another focus on affordable for the company we think they're lowering the costs, which is allowing them to vet in affordable. i think the bearing are saying if there's -- they're missing the points they have a really low churn, and lower prices means nor customers on the platform long term you also gave us a sense on what you and other analysts may be focused on do we have any sense of what may have been behind it, or are we just going to have to wait >> yeah, they called it increase cost i believe it's just shy of an eye bet today loss for 1q the another focus is what they were -- we weren't expecting the price cut for the bike, so we have bikes being down 10% year over year in fiscal 22, and then

selling almost 600,000 treadmills driven by the launch of tread, so i think seeing that breakdown will be another key focus of the call as well. >> does this give fuel to the bearish argument that is, look, if you are a buyer of peloton, i would have bought it during covid-19, and what is the market side and growth beyond that? >> i think what the company is telling you is the value tread is really important. i think what we should be seeing here in the fiscal first quarter is it's a seasonally weak quarter and may go towards typical seasonality, which is greater spooks in the december and march quarter, when typically demand is the highest. that's i think what you're seeing with the guide above consensus. i would be surprised, you know, i think this will present a buying opportunity, but

certainly the 1q guide and adjusted ebitda coming in worse than expected. >> the stock is off at least the lows that are shown here bernie, thank you. >> thanks for having me. up next, mike san tollist is back to break down some inat da, and looking a whether sentiment could be peaking

mike santoli is checking in on corporate sentiment how is it looking? >> corporate executives have been in great spirits, as you would expect, recently, given the greatest earnings growth in a decade this is a quantitative measure of executives' commentary on conference calls that b of a collects you see the surge off the 2020 bottom, but they're asking if we've seen about the best of it? this fits with so many indicators, and now maybe some moderation, which is not the worst thing in the world it's kind of what the market is

built on looking forward multiple we're up 20% in the s&p, but the p.e. is down on a forward base, because earnings have been up so much you see from late last year, we're actually looking much more moderate still late, but what i would also point out, though, it's kind of a floor here it stopped compressing it becomes tricky going into next year, decelerating 5% to 10% earnings growth, that gets at tough into next year, maybe we get back to that pattern. mike, thank you. as we head to break, here's

another check on today's after hours movers you can see peloton well off the lows though, so we'll keep an eye on that. but you see, gap, sara's favorite. >> i just happened to be reporting on it. >> excellent reporting, by the way. and we're still working ing on kanye's next album

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closing near session lows. they snapped a five-day win streak, but major averages are still on track, and aren't too far off from record highs. joining us is cameron dawson you've been watching the retail trader enthusiasm. we have seen that heat up a bit this week. what sort of signs railroad reading to gauge the appetite of retail investors, and what that means overall for the market >> for all of this talk about the resurgence of the meme stock rally, as well as what we have seen as this impenetrable brick wall of support at the 50-day moving average, we actually saw something really interesting and the margin loan account balances for retail traders in july so in july, they declined month over month for the first time

since march of 2020. the retail buyer has been such an important part of driving this market higher, so his turkeyly what we have seen is retail trading and retail leverage peaks right as the s&p 500 is about to peak one data point certainly does not make a trend, but this is very important to watch as we move forward, if we continue to see that leverage pull back. >> does it jibe with your overall view that we may be near peak levels? >> we're not necessarily calling for a peak in the s&p 500, but we are thinking we will see more volatility than we have seen when we look under the surface of this market, what we see is cyclicals really underperforming defensives that's important, because it's a reflection of how much risk traders want to have in their portfolios when you see semiconductors are

or transportation underperform utilities, this can often by a leading indicator of future volatility, but because the underlying economy is still very strong, we're not thinking this is going to be a major pullback in a true prolonged peak, but truly a sort of possible volatility as we go through the rest of this quarter. >> so compare the volatility for me for what you see coming verb what we've had >> well, like i said, the retail trader has stepped in and bought every single dip volatility has been very low it's been surprising to see it be very low really from a seasonal perspective usually this time of year forward returns are weak and seasonal we typically see more volatility that leaves september to be the last month of seasonal trading as we move into october, the seasonals do get better. >> you like quality stocks a lot of people like quality

stocks we had a blackrock etf person yesterday who likes quality. give us a sense of what that means? >> we think exactly that the time is for quality. so the rising tide that lifted all boats over the last 16 months that provided huge opportunities for low quality kind of chunky balance sheet names as well as those infinity multiple and moon shot names, we think that liquidity tide is starting to fade and so what that leaves us with is wanting to focus on quality and how we define quality is those companies that have the ability to return capital to shareholders and grow that return and cover that return of capital really well with free cash flow. we also like that strong balance sheet as well as seeing the earnings we saw today, companies that have pricing power and are not industries that have structural challenges.

so as this cycle ages, and we're now firmly mid cycle, but as we move closer and closer to late cycle, these quality factors will become increasingly important because that is what is going to be the balance in the storm of what could be a more uncertain economic environment. >> cameron, thank you. good to get your views up next, your earnings scorecard. peloton sinking and workday popping. though peloton is recovering a bit. it was down a little more than 9, 10% 13 after the initial news hit a miss on profitability. we'll be right back. ♪ ♪ ♪

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zbl peloton shares under pressure well off of their lows after roeporting a wider than expected loss, lower outlook and somefocused on the fact they were cutting the price of the bike hp also lower after missing revenue. estimated shares of workday and gap are both higher. almost up 6% after beating on the top and bottom lines

especially strong guidance there out of gap >> well jay powell makes his highly anticipated speech tomorrow and all of wall street, you t erns all of yoouthe, u're going to be watching the key things we'll be looking for when "closing bell" comes right back like..like it's a mirror, dad. you know? alright, okay. how's that? is that how you hold a mirror? [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most and $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today. folks the world's first fully autonomous vehicle is almost at the finish line today we're going to fine tune the dynamic braking system whoo, what a ride! oo i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you

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looking ahead to tomorrow, the key event for wall street, of course, fed chair jay powell's speech at virtual jackson hole taper talk comments on inflation. the delta variant. concerns will be top of mind for investors. powell's set to speak at 10:00 a.m. eastern time. investors don't expect him to announce the paper, today making their opinions they want to see the start now. september, october finish up by the first quarter, second quarter the news will be in what he says about the delta variant. how concerned he is about the harm that could pose to the u.s. economy because that would make people think he's not going to be in a hurry to taper what he says about inflation, which he's always said is transitory the supply chains are lasting a

long time. i think the big question is what does jobs look like. he says he wants to see more substantial progress on labor. have we seen that? had one good report since then >> we have so many ceos that join us. i can remember kelloggs a few weeks ago, but so many say listen, inflation's here at least for the next 12 to 18 months at what point is it no longer considered transitory. >> and wages, too. wages aren't likely to come down anytime soon i think it's transitory as you can see over to the other side also, mike, inflation expectations in the market have not really been rising and they've been backing the powell point of view which should indicate he's not in a hurry to do anything. >> they're well off than where they were in the spring. coming into the summer, the thought was we're going to get to september before we see back to school. you see all the dynamics, how the jobs market responds to that that way, you can get all of the

committee on a spectacuimilar p. then the minutes came out from the prior meeting. we'll see if powell wants to push back on that, saying things were hastened. i think that's the fulcrum on what we're going to be watching. >> thank you president biden expected to speak on afghanistan any minute. shep >> thanks very much. it is 5:00 on the east coast 2:00 p.m. on the west coast. in afghanistan, they're eight and a half hours ahead, so the middle of the night there and it is a tenuous situation even at this minute. the president scheduled to speak at this minute we're led to believe he'll be a few minutes out. isis k orhas claimed responsibility for what happened at the kabul airport two attacks. th