surfers, hikers, once they start thinks services, they are hooked. >> julia, thanks so much my question is, where do you charge your phone when you're out camping lives in the dirt. >> my question is, where is the weekend tweet? >> coming up after "the news with shepard smith," with his the news with eamon javers just today. have a great rest of the day, everybody "closing bell" starts right now. >> i get to tweet weekend before eamon this week. that's great news. welcome to "closing bell." i'm will friday frost, a huge jobs miss. the majors averageses mixed, with the nasdaq outprisming. >> the august payrolls report missing by nearly half a million. tech stocks are outperforming today, docusign and mondo db jumping on earnings.

the financials, those are pulling back, now down 2.5% for the week capital one and american express. we have 59 minutes left to go in the session. then it's a three-day weekend. wilf. coming up on the show today, the ceo of redfin joins us with new data plus brian deese on today's massive jobs miss and how the delta variant is weighing on the economic recovery. but, first, let's focus in on the big stories mike santoli is tracking the action joining us to talk about it is annetta mar cowski, and mike set the stage for us this wrix it turned incredibly slow, still maintaining this

orderly up trend, but really slowing down this week we spent the entire week between 45.20 and 45.50. a narrow range today it's been the large-growth stocks that have been supporting things, outperforming cyclicals, but it's not that profound if i was looking for something to be concerned about, it's probably that the big nasdaq stocks as a group are starting to look a bit extended and having the main support. if you do have softer economic data, that doesn't help you get a rotation into cyclicals, maybe that causes the overall indexes to give way a bit. so we'll see i don't think the jobs numbers really blindsided the market, if you look at how it's been acting the equal-equitied consumer discretionary sector has basically been sideways to slightly down since the spring

similar story with transports, right? so transports are right here they're slanting a bit lower this is your consumer discretionary basically doing nothing for the summer health care as a growth, more defensive group, that's been gaining ground the entire time that shows the market was already or yechbted in that direction. take a look at the bank of america bull/bear indicator. they put this out every week we never got to this extreme greed all-in face. some flows have rolled over. some other positions data with hedge funds, so now you see it's almost dead neutral. that is good news. you don't want people to get overexcited, but there's a

defensive postures we have now gone into september with. >> some slight oddities, despite the bad jobs numbers, yields rose, and banks have fallen. that theme has been played out this week. a soft sector despite yields holding up i guess that also fits in with your point >> yeah, well, it is a business tough to disentangle these moves. >> also nothing today implied that the day of the first rate hike is coming any closer than we thought it was last week. that, in some sense, is what banks are all about. just general consumer spending story, consumer credit has been a slight soft spot, and the other people of the treasury yield is longer-term yields, the partner has gone up, when it seems the fed is going to do

less tightening that would be somewhat consistent with how the treasury curve has behaved relative to expectations of what the fed mike do. might do >> thank you very much, mike the jobs is coming in way below expectations what is behind the huge miss and what does it signal more about the recoveries let's bring in our guests. annetta, i will start with you obviously a big disappointment missing by about a half million jobs the extra unemployment benefits have not yet rolled off, but will here next week. what do you read into about what the report is telling us is august an anomaly or the beginning of a softening labor trend? >> well, first i'm going to say to me it wasn't as big of a shot as, for example, the april

employment report. we were looking for 570,000 jobs, but we knew there were risks to the down side based on some of the big data indicators. i think the question to ask yourself is should we be extrapolating from this weakness and i think absolutely not nothing indicates there's been a weakening in labor demand. this is 100% about labor shortages. this report was very reminiscent of the april one with very weak hiring and very strong wage growth by the way, that was the strongest wage growth since that april report again, to me that's fully consistent with weakness we know from claims data people are finding jobs, so the only way to -- i think a lot of people are quitting. if you're not happy with your job, and you think you're going to be able to equally find another one, and you get hit

with a spike here, i think a lot of people will sit it out and radio that time to find another job. >> veseth, what do you make of those numbers? do you agree with aneta? >> i wouldn't say i see something else entirely, a bit of a disagreement, but broadly i completely agree that this report does not tell you something about the underlying trend for the economy. the jobs report was bad, but it does not throw the medium-term out the window i think the leisure and hospitality you can very clearly attribute to the delta variant surge. with education, there's a lot of uncertainty about schools. that gives you confidence that it's near term where i had would differ a bit is on what it means, how to interpret the wage inflation

hourly earnings were high this time, very high back in april. part of that is almost surely being accounted for with this composition effect that the missing jobs, primarily among the lower-paid workers that's one of the categories, and when it comes to the underlying trend, why i'm less worried about labor supply, prime aerial participation ticked up again, like it has for the past three months. i think that's an underlying trend, as the expansion, as the recovery continues we'll continue to get people coming back into the labor market. >> if the actual jobs miss was temporary, why did you downgrade your q3 gdp earlier this week? >> that's exactly right like

consensus, we missed the jobs number this morning. that downgrade was driven off consumption. we are seeing a slowdown in overall spending in the economy. we know from equity analysts that cover the automotive sector at morgan stanley, august was probably the trough, in terms of automobile spending. those big ticket items matter a lot, as more and more of this federal support starts to unwind we'll have a slowdown? spending we think that too is temporarily. we expect q4 to step up a bit, but there's -- we'll have a slowdown i think markets are looking for anything to react to, and so, yeah, there's a bit of a temporary near-term for slower growth >> aneta, if i can get your take on what you believe we may see when the federal unemployment

sweeteners, roll off if we'll see labor coming back after that happens >> yeah, i do expect to see a pretty notable pickup in hiring in september, into october look, i'm not suggesting that every single person that's going to lose benefits will find a job within two months, but what we've seen in these earl spaces, about one out of every individual who would benefit, ends up in employment by early august so if you sort of apply that ratio to the remaining unemployed, it could suggest about 1.25 million people will have jobs. that's sort of on top of the baseline then, in addition, you know, if schools reopen, which it looks like they're still on track to reopen, that's roughly another million individuals who have been self-reporting that they cannot work because of child

responsibilities, so i think we'll see that as well so i think some of the labor supply issues that have been holding back the facebook hiring will really start to dissipate in the next few months. >> thank you both for joining us good to see you. >> thank you. still ahead, housing prices remain elevated, but a new report from redfin says homes are taking longer to sell. we'll talk about a potential slowdown with the ceo of redfin. that's next. you're watching "closing bell",.

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every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. the housing market is slowing a bit, according to redfin despite the slowdown, it says prices remain elevated joining us now "closing bell" exclusive interviews is the ceo. ben, always good to see you. >> thanks for having me, wilfred. >> so a bit after slowdown nothing major? what's causing that? >> it's a return to normalcy, what's new is new listings are up about 10%

we haven't seen an increase in inventory for a long time. they thought if they wait one more month, they'll get more money, but now i think sellers are near the top of the market, more eager to get their homes listed and sold. it's easy to put deals together than it has been in a year. >> we're near the top of the market, you think? >> i don't think ear going to see price appreciation of 20% to 25% for years. prices may still remain strong about a third of homes are selling in a week, but they won't be shooting through the roof the way they were in the spring or last fall. >> you know, we just had a conversation about the labor market i have just gone through a home renovation itself. it took longer than expected, because of problems with labors and materials, just shortages everywhere how does all of that play into the housing market doesn't that make supply even

more constrained how did that ever get fixed? >> i do think it's affecting housing market builders are having a hard time -- you also see it in the i-buying market. buy homes and then renovate them right now we can't get anybody to show up on site they're either smoking dope, sitting at home or busy with another project. so the real challenge is getting homes onto the market and getting them ready, because there isn't enough labor to do all the work that's going to be a real challenge for us, and for every other hissing agent, every oat i-builder. it's not going away. >> digital transactions still significant? or are people getting out, seeing houses themselves in person >> people are seeing homes in person, but the virtualization we saw during the pandemic isn't

going away it used to be folks were afraid walking into a home because they were afraid of getting sick, but now it's convenient. you don't have to fly out there if you're going to buy a house 1,000 miles away you with get a virtual tour. it's been a matter of convenience, in the same way we're talking through zoom, people are doing that with real estate it was once driven by fear of infection, now it's just easier and just as good. >> obviously we've been living through climate changes in a number of ways impacting industries, and diana olick has highlighted how it's changed building we had this big event in the northeast with the remnants of hurricane ida which really caused a 1 in 100-year event

how are people looking at buy arology building homes >> if you look at where people are moving, it's to florida and the southeast, which is especially flood prone it also has incredible heat risk as temperatures rise they're also moving to places like phoenix, las vegas and utah in utah, a third of the homes there are prone to wildfires salt lake city is just going crazy. so i think this idea that climate change is going to be factored into how people think about housing, it hasn't happened yet the only people who have figured it out are the actuaryists, so increasingly it will be harder to get a loan for these properties, because the lenders will see the write on the wall, that this collateral is at risk. the most affordable places in america are the places that are at the most risk of being affected by climate change

they'll be flooded by hurricanes, affected by wildfires. >> that is fascinating, glenn, these event still don't resonate enough, i guess, to see behavior changes. city centers versus the suburb or rural change. a big bounce back in the last few months >> cities are starting to come back it was really hard to sell condos in the middle of the pandemic, so april through august last year, nobody wanted a condo. they went even coming into the office that market has started to run, but still, i would say most people are accepting longer commute, further away, they want to be closer to nature, they want more space, they want to pay less for it, and obviously seeking lower property taxes which are available in more rural areas. all of that is combined to make people move further from the city center. that trend has moderated

somewhat, but it hasn't reversed by any means >> glenn kellman, always great to have your opinion thank you very much for joining us have a good weekend. >> have a good weekend bye, everybody chinese tech stocks having another wild we'll after all of the volatility, the dean of valuation says some of the most well-known names ar now undervalued. as we head to break, check out some of today's top search tickers day. the ten-arye onx=c■

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movers the database platform company giving up current guidance the ceo earlier was on "techcheck," and gave his take on the company's reach. >> we have all types of customers, 29,000, some of the largest brands in the world. people like toyota, at&t, morgan stanley, verizon, et cetera, as well as cutting-edge startups who are building their business on top of mongodb. meanwhile, shares of pa pagerduty up about 8%. thank you very much. still to come, brian deese is on today's big jobs miss, a and whether he thinking it's anomaly or sign of a brought are

slowdown. cyr ox is now making a major play into augmented reality, maybe be your own tech support as we head to break, here's a check on bonds yields are moving higher the ten-year yield is up to about 1.32%. about 1.32%. stay with at pnc bank, we believe in the power of the watch out. "closing bell" it's one way we're making a difference. low cash mode on virtual wallet from pnc bank. back

the extreme weather events of the past week having a major impact on the trucking industry

with rates rising. frank holland has the story for you. >> hey there, wilf, prices are surging 80%, according to new data from convoy on supply-chain disruptions. the power outages in new orleans creating urgent needs for food and water, pushing refrigerated trucking rates to all-time highs, now more than double the rates back in september of 2019. natural disasters are major supply-chain shocks, but many truckers you now turning down the risky paybays. >> aversion to hauling into the risk areas is greater than the pull factor of extra earns when you look at the past half decades of major disasters, you say rates jump anywhere from 5%

to 50%. >> truckers are see the benefits j.b. hunt up 33%, old dominion up over 50%. back over to you >> frank, thank you very much. trucking really an important area for us to continue to pay attention to time for a news update. hello, everyone. here is your cnbc news update. local officials briefed president biden on how st. john's parish has been affected. after that he will tour a neighborhood on the ground and taking an aerial tour around new orleans. as biden was flying south, the white house announced he wars ordering a declassification that could lead to them being released a group representing relatives of some of those killed caused the move a true turning point.

they think the evidence will show that saudi arabian leaders were involved. and images like this one of jacob cransley made him a symbol of the january 6th attack. he faces between 41 and 51 months in prison he says he's now lost faith in former president trump courtney, back to you. rahel, thank you very much we have just about 28 minutes left before the "closing bell. here is where we stand before we go into the three-day weekend. dow jones industrial average is up, s&p 500 trying to hang on to the slightest of gains, and the nasdaq is down about -- up, 0.3% cyr ox launching a new

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xerox with the launch of the business that helps work forces train employees and solve on-site issues yew augmented reality. joining us is the cyr ox president and ceo of steven bandrozak. when you first read the description, it's hard to understand, but i think some of the examples are more clear. so give us an example of how

c care-ar could be put into practice in the real world if you think your washing machine is brought, you call an 800 number, and you wait for somebody to come for service two days later somebody shows up if that individual has 30 days' experience, you get that resolution if mishas 30 years of experience, you get a -- what care carear allows the closing of that experience gap. it's not dependent on an individual's knowledge second, we bring artificial intelligence and realtime information to that evicinity. if a consumer calls, and we searching a link, you automatically can start

troubleshooting and start self-serving that problem automatically. think how many times somebody hag to come to your home, and it was something simple lie resetting the switch on your phone. it allows us to start to cycle to service quicker we capture that initial instance in carear. we have the ability to give them all the previous information, and then we augment with that training, video, all things necessary, so that somebody who has 30 days on the job has all the experience of 30 years on the job. we use that technology to bring that information to the hands of a service tech anything. this is going to be revolutionary. >> so if it's revolutionary, i mall xerox is betting pretty big on it. >> we just launched it, and

we've got an investment from service now. we're excited about where this is the opportunity, if you think about the tam in this space, it's over $80 billion of tam we love the fact that we have been a part of the service now ecosystem. think of service now, over $110 billion market cap bill mccdermott, their grout -- what i just described to you gets the customer output and customer resolution quicker than anything we have seen in the industry so we think our partnership and the validation of what we do, in an $80 billion tam is a tremendous opportunity we are really excited about the launch >> so, steven, i total by getted why the in some of the examples you explained. i was reading up on some of this you suggest this could be use as

well for fixing an mri machine or jet engine, but surely there are various requirements for the actual person handling those pieces of equipment to be heavily trained, and they could just follow on-screen instructions. >> well, you think about if you went to a home depot and got a barbecue today, the last thing you do is open the manual to read it. you go to youtube and get the instructions what we're trying to do is take advantage of digital hears, how we live in our own consumer life in terms of how we resolve problems and issues. we're trying to close that knolls gap think about the workers today. my own workforce, a high percentage of them will retire over the next couple years i've got to be able to close that gap when i bring an early-career employee in and closing that gap between a 30-day experience and a 30-year experience individual. we do that through technology,

a.i., artificial intelligence, with the ability to do vr for virtual -- be able to do support remotely so we do a couple things one, we bring knowledge to that individual, two, if they can't solve it themselves, we do a vr session back to a level of our help desk, and then they have assistance we can train and help. the idea is as long as we have a digital native who knows how to use the tools, we bring all the training, all that that is what happens to close that knowledge gap as rapidly as we can >> thanks so much for joining us good to see you. >> great our pleasure we have a news alert on lyft with josh lipton wilf, this is from logan green, lyft's cofounder weighing in about texas sb-sb-8 -- tweeting-

it threatens to punish drives gets people where they need to go, especially women exercises their right to choose. they have created a legal defense fund to cover 100% of legal fee foss drivers sued under sb8 while driving on our platform back to you, guys. >> thanks for which for that, josh up next, new concerns about a potential fed-induced bubble and another major energy company started by activist firm ennumbr one. th if you're 55 and up, t- mobile has plans built just for you. whether you need a single markt or lines for family members, you'll get great value

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we have got, what, just 14 minutes or so left in the trading day. we are now in the "closing bell" market zone. mike santoli is here to break down the crucial moments of the trading today. today we have capital to market president keith bliss with us as well very good afternoon to you, keith. let's kick things off with the broader markets. a mixed today following a disappointing jobs report. despite the miss, the nasdaq is on pace for a record close, as is the s&p 500, only up by one basis point. mike, i guess the surprise is we haven't had a bigger reaction, despite that big miss on the jobs spread. the question is, if we get another big miss two months in a

row, for another month, would that start to be seen as a bigger negative? >> most likely i mean, i think you might have some of the same explainations or scrutinizations, but i think that's a bit distant from what we're dealing with now, in terms of trying to felt are the number today in what we more or let expected what was going on some of the air coming out of the broad market today, especially the small caps that have been good this week and some of the cyclicals with an attempted rebound, so it seems more like the market had already gone back on its heels, but yes, the question is, if this is more than a temporary lull, we'll have to figure out how to re-value a lot of other stuff along the way. >> keith, it's interesting to watch the market reaction, or

perhaps the nonreaction, to see a jobs number miss by half a million jobs we always say the market is a leading indicator but does this suggest to you we should be considering, perhaps, a correction that is all but inevitable or is that not what you see? >> every teem -- we always have to look at the headline number until the increase in wages. the unemployment rate ticked down 0.2%. also look at the big revision we got in the july number you know, statistically speaking, the august jobs report is always a bit dodgy, just because you get seasonal factor, so i don't take much from this,

but if we start to see this in the september and october report, then we really have to start assessing our positions. that's when i think you see corrections start to take place. fair enough. today's report could lead to as bubble, according to bank of america. there are growing fierce month, that weak economic data -- despite growing inflation. the firm also says the global flowing into stocks are slowing down after peaking in march of this week. mike, what duid you think >> it's a revival of a popular line from the last cycle, where we had gotten in this habit where we watched financial markets do very well, because the federal reserve kept having to come out with round and round of stimulus or support i get where the worry comes

from, looking at things like -- but maybe in a few weeks we may find out if the fed remains all in wee seeing the commodities in the bond market, and so, i think it's one of those things that hovers out there it's not evident to me we have be able-like conditions. >> keep, what do you make more about that >> will that make it impossible for the fed to do to continue this super-loose stimulus? >> sen we have seen it in commodities. we're actually going to get some pricing data before -- both on the ppi and the cpi, before the fed meetings on the 22nd

i agree with michael, you know, if inflation really starts to take off and it's -- the fed does look at that in addition to the basket of goods. i think it is going to force their hand they'll have no choice at that point. when you look at the euro zone, they -- the highest since the '70s, so i think that's why you're getting the signals we're not there in the u.s., but it will force their hand, regardless of what happens with fiscal stimulus we're just going to have to pare back on what they're doing. >> i was going to say, i think part of the concern, when i had this conspicuous worry is this idea of the bond buying that the fed is doing, and has been doing for almost a year and a half, is

somehow this direct tangible instrument that is inflating markets. in reality it's more just kind of a steady as she goes placebo effect too say, hayer we're still in -- that will be again another thing that gets tested last time around -- -- back if 2013 and '14. we'll see what happens this time financials would be -- we're watching that keenly they've been under pressure today, and this week, consumer-facing payments likes america express and capital one. wells fargo is the laggard for the week, on fears they may face

additional penaltyies. i think additional punishments would be significant i think a reversal of a mo from hoo higher a couple months away, sooner rather than later is also a factor here, as oppose to -- but mike, we mentioned it earlier, and metsed it just there. it's not really a yield story this week, but credit cards both on the amazon story from yesterday. it's credit cards again, consumer finance, and it's stock-specific issues like wells fa fargo. >> it does seem like that's the case tivn

the yields have. you know, to the banks are a big component of that, a parnell ponten exposed to consumer -- it seems how the core banks are trading, so it's one of these non-signals. the reflationary signals have been in idle mode, i think that's goes for the banks as well >> so, keith, if you believe what mike is saying is this something something you're interesting in, or is financials not an area that you think is prime for picking? >> if i could hedge my bet a bit there, i would want to see them come lower a bit >> i agree with all of michael's analysis there this is the way they've been

behaving and trading is a people are wondering to see what's going to happen in the coindividuals economy right now. if you assume we're going to be coming out of the back end of this, demand will pick up in the fourth quarter of this year, consumer credit will pick up perhaps we get some of the supply-chain disruptions around automobiles, for example, they get worked out we willsee consumer demand and consumer spending pick up. but i think the financials would be a good place to put money at that point in time. >> got it. so maybe not yet. engine one is taking on another energy giant leslie picker has the details. >> a source close to the matter telling me engine number one did meet with executives at chevron. however, this is not an official campaign, and it's unclear whether engine number one has a

sizable active stay. that said, they had been putting ute feelers to investors, chevron telling that it has contingency plans to respond to events, the company noting that it engages regularly with shareholders and looks forward to discussing the next chapter of the lower-carbon story later this month. >> thank you very much, leslie i want to get keith's comment on this one before we go. is this an area you want to follow as an investor? >> certainly that's going to be, you know, the flavor of the day, as we move forward, especially when you think about what is going on inside our climate and what carbon-producing companies

are impacting that i live in new jersey where the brunt of that storm hit, so i can certainly sympathize there the think that's going to be interesting for me to watch, courtney, a lot of the big integrated oil companies have already started to pivot in towards more sustainable energy policies, so i'm not sure what engine company number 1 will do. but how will they pivot, adjust business models? and engine number one will certainly by a part of it.

>> mike, what had energy done? >> it bounced. it's still down for the week it seemed to get watched out, and i would say a half-hearted comeback, but it's not that persuasive yet we have two minutes left to go mike has more on the market internals, what is going on under the surface? what do you see? >> a bit of weakness some giveback for what has been a strong weak, actually for market breadth again, small the dollar index

has weak eened getting a bit of extra downside move today. that's kind of what you would expect the dollar to react the volatility index is giving way a bit. hovering in the 16 range i do think there's a case to be made that we have a bitof potential for september volatility, giving a lot of legislative stuff, and that we haven't had an air pocket in a while, but i see it basically benign. the s&p has just dipped into the red which means no record close. >> tech and health care,

industrials, energy. they're the worst-performing sectors. down about -- nothing too meaningful cold up -- nothing too significant. the nasdaq, go, up by 0.2. >> welcome to "closing bell. i'm here along with wilfred post the dow jones industrial average did up the slightest bit, but enough to call it negative the nasdaq is the one lone standout the russell 2000 also loer

coming up, the national economic council director brian deese on -- and how much longer the delta variant will weigh on the employment picture mike, we're going to give you the first comment here i know we talked about it earlier it's a shortened week, kids are back to cool. things feel like a restart. >> you you should get more participation, more volume more sing of-stock action going on. it's just steady and durable i think you would -- give back for the -- bigger picture, it

seems like the market is just holding. the u.s. open is on. it's not impressing with the velocity of the upside move. the business nasdaq stocks are looking like they might get fatigued here. earnings estimates keep going up you know, september says that month when people at least remain on alert are they bullish still? >> clients of our team, as the market has just continued to move higher. we haven't seen a 5% pullback since last october there really have only been a dozen or so.

they're taking that and they're actually becoming a little bit more aggressive, willing to take on more risks. so that's when we have to step in and almost say, you know what we have to make sure your portfolio is still aligned with your risk tolerance. but in reality, we all know volatility is norm at. as mike just mentioned, we are entering a period of weak seasonality. we have to make sure that clients are prepared for whatever might come their way. in the years ahead ago well. >> is thereg

foreboding? >> i would probably be on the same side as keith no one wanted to see that. we did see the delta effect, there were a slight silvertn@■n. well, the fed and powell have made it very, very clear, that they are data dependent they

going to be paying very close attention. but we can't take too much away from just this month >> keith, clearly the delta variant hasn't hit the stock market, but if it has managed to hit the jobs market, is it possible it will hit earnings in monthstn@■ i think the bigger risks are twofold. number one, and therefore to the equity prices, would be rates

due to the inflation you may see corporate houses anything those are longer-term things if i look out at the horizon, wilf, i don't see much that will impact corporate earnings where they are today >> again, i don't see that on the near-determine horizon being impacted >> let's get to the bullet

the ideas being floated around. those were all pardon of president biden's original proposal a cap on what ds are calling mechanic aree time accounts a requirement that -- on publicly traded assets like stocks. , it's still too early to say, but democrats are by september 15th, and essentially vote on it

by the end of this month already moderate democratic senator joe manchin is warning that the process needs to slow down but they are casting a wide net. back to you. >> mike, parts trying to shrug this off, because the benefits of spending will come with this, and far outweighs the negatives? >> that along with the fact it's a long distance and twisted one between these types of proposals. it's very unclear what the over-arching objective is on a lot of this stuff. it seems likea mix of certainl people, they really do want to show there's an effort to raise some revenue and not just run up the deficit. but at the same time people feel rich people are too rich, companies have had their way too long, the wealthy don't pay

enough in taxes, and there's way -- let's target those things as disincentives, i think all of that, none of it will almost to -- are other policy objectives or what i think it's tough to tease out. whether they're paying higher rates or not, they somehow figure out a way to get it done. may the best man win in this capital system, but is this something that investors need to worry about? >> well, i'm not so sure that it's going to be so dreadful to the corporations, because one thing that most economists agree on is that corps it is don't end up paying income tax, anyway

it's passed on the real question is going to be how much elasticity will have by pricing these products i think, courtney, the devil will be in the details some of those revenue proposals are kind of insane, in my opinion, include as excise tax on stock buybacks. it is true that companies will find a way to do it. i would go for a better policy proposal to close some of the special-interest loopholes one thing to note is when we did reduce the tax rate to 21%, it does juice the economy it juiced corporations, it increased hiring, and did have some capital pouring into the united states economy. that's one thing i worry about there will be initial shock if they do get this through, and

certainly we'll see those companies that do moth of their biggs, especially in high tax states like new york and california it could be a real problem for them >> sara, rounding things off, all things considered, are you closer to taking profits or increasing positions >> we say at this point, we're definitely not taking profits. it's still very important to remain invested. if we have learned anything over the past year and a half, when people potential goal scared out of the market, it's become very, very difficult to find opportunities to get back in the market and reinvestment. so certainly not taking profits. we see many reasons to be optimistic, and we're staying straight here. >> keith and sarah, thanks so much for joining us. >> my pleasure. up next, financial professor

aswath damodaran will join us, to talk about which sectors to take profits in. as well as one he's very bullish on. plus brian deese on the disappointing august jobs report ltvaanw fears of a potential dea rit spike in the northeast could impact the economy. we're back in twon■

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high-end groups to return more to society we have the professor of business financial here with us. good to see you. how heart is it to invest in chinese stocks now >> i think it's always been true, the china even gov is a player i think what the last year has brought out is those people in die nile have woken up to that reality. so i think it becomes a joint test of what you this i about the company and what the think about the chinese government my take is you will get people predisposed not to -- and those people are predisposed to thinks that the chinese government is beneficial in buying stocks. you almost will get a split, not

so much in what you think about the economies, but what they think about the -- >> if you're an investor, how do you do so? >> they are operating as normal companies but the chinese government, if it chooses to is almost maybe it and the more different, you more you have to have them -- so if you -- you can see varying degrees to the chinese government can either get in the ways or help them along. what you are seeing today with didi and how much of an influence the chinese government can have on whether the stock

goes up or down. >> looking closer to home, professor, what is your take as to whether u.s. equities will yield very good returns for investors buying over the next decades? >> based on what we're paying for stocks, stocks are which will be stocking for anyone who invested stocks, but here's why we're okay with it 6% doesn't look bad, so i think from that perspective, giving our choices have become so meager, stocks don't look bad, but you compare them to anytime in history, you're going to step back and say, hey, this doesn't make sense, but we're not investing against history, but investing against what is out there now. >> are there specific examples you can give under the circumstances as you drill down, lie didi, for example, about how

didi is perhaps the riskiest of the four it's a money losing cash burning manage so from my spect tariff, it's the least exposed i think it's in a better position you have to think about how exposed the company is, and that has to play a role in whether you buy stock or not >> pivoting back again to the u.s., i get the point that it's

attractive if rates do rice, it means that stocks fall >> i think you could reframe the then both of those numbers will be out possession. and neither will stock returns, so if you're investing in et cetera collectively, you're making a bet on inflation staying low that's what i think we'll see play out you can use it for why it's higher than expected six months, nine months, a year from now, the inflation will be up there i'm not as hope of the as the

fed. maybe it's just my age, but inflation to me is terrifying. over-inflation in the past, and it is hoped that jerome powell means it when he says he's keeping an eye on inflation and will make sure it doesn't shoot up >> thank you so much for joining us. >> thank you up next, the august jobs record dispoppy quite significantly coming up. we will discuss what has been driven the slow down

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mike santoli has a look at the jobs miss. >> the big picture may explain would you the markets mostly shrugged off the jobs report by far a report jobs, even if

there's fluff in the numbers or they're not real openings, it does show you the demand for workers remains very strong and likely means for many, many months you could have good job growth buff you have some among it's been a stronger trend, women declined in the latest month this is basically clocked from the so clearly there are conversation here, looking for a new job when they have kids at

home it just shows you -- who knows, we may revise it higher down the road, but that's the broader setup for these numbers. >> mike, thanks so much for that let's bring in brian deese thanks so much for joining us. good to see you. >> great to be with you. how disappointed were you by this number? >> we tend not to overact to any individual month the number came in several hundred,000 above estimate, this came down a bit below estimate >> we see continued steady job

growth, so even with the headwinds of delta which we know and can see, it's generating durable job growth, so we think that's a positive sign, one that suggests we just need to keep at t this. >> do you think this was more of a demand, as opposed to a supply of labor issue >> i'll commit to that, whether the numbers are above expectation or below certainly you saw some adding several hundred,000 jobs each

month, but at the same time you saw finish, solid gains in august as well in looking back at the trend, what we see is a labor market that is healing, and record number of job openings as was just pointed out so a lot of reason to believe we can continue momentum in the labor market going forward. >> one of the administration's current belief about this sort of dislocation of joblessness in this country, and that it has impacted those lower-income workers more than it has the white-collar workers that are able to work from home >> well, there's no question that the pandemic and this recover have exacerbates some really important trends. the distinction biend are and by race, it's harder for parents and for women in an environment where you have less stable child care and school arrangements

that's one of the reasons we are in a different place, and it's important to know that the investments we have made, to invest in schools, in child care facilities, the fact we are going to have schools open over the course of this fall, more child care options, those investments are incredibly necessary for us to continue to make it easier for paints, many of them to get into the labor force in the way they want to. like the tax credit that's providing relief to workers, and helping to reduce child poverty in about half this year. >> how worried are you about current supply chain pressures we spent a lot of time focused on this. we announced about a week ago a

port envoy who will spend time with the l.a. and long beach ports to try to work through some issues. we announced steps this week to try to increase the supply of housing we are definitely focused on what we can do to relieve some pressure. to try to build resilience of semiconductors we'realso recognizing that som of this is what you get with big supply demand in balances where companies and global players made some bests and now we're having to unwide those, like in used cars and the rental car market we're trying to support and facilitation solutions where we can. >> we may have trade balances,

but couldn't there also be labor imbalances perhaps we want to produce more chips, but did we find the workers who want to work those jobs 124. >> an average is historic pay of job growth again, historic in nature during an economic round. i think we're see jobs are coming back, where employers are paying wages and providing attractive job opportunities people are going back into those jobs at the same time, we definitely have issues around making sure that american workers have the skills that they need to compete for those jobs that's one of the things we need to make real investment in, for example,making community college and accreditation programs accessible for all americans. that's part of what we are

working on with congress right now. >> we were discussing earlier in the slow some of the proposed ways to raise money for some of the spending, which taxes are being discussed, including things like a tax on buybacks. i said a big-picture question, whether the administration thinking it's better to sacrifices growth in the stock market than it is to sacrifices growth in the economy. understandable if it was. >> well, the president's strategy ha it a through line for some time. if you look at the corporate tax systems, we're sort of 0 for 2, particularly in the wake of the 2017 tax cut we have raised the historically low amount of retch from the corporate sector, and we're also still providing affirmative incentives for companies to move products and sblelual procedure.

we need a lot of opportunity to create -- finally end that race to the bottom to find tax arbitrage globally in a way that can broke domestic competitiveness, and at the same time, the president has been very clear he thinking very high-income people, particularly after what wen see in covid, can afford to pay more we can undo some of the tax cuts that happened under trump. if we do that and invest in the drivers of growth, increasing productivity, increasing the educational capacity of our workforce, we will actually grow the economy in a way that helps the middle class we have seen historically not just the middle class do well, but the very wealthy do well at the same time. we think those tax reforming are prudent. they make a lot of sense and can help pay for the investments in our physical infrastructure, our human infrastructure those are the things that will

create a more competitive business environment for the next five, six years down the road, nots just the next quarter. >> finally how worried are you about the prospect of inflation? and, of course, the way it can become a self-if you filling prophecy, even if it originates from overseas rather than domestically. >> one of the perks of this job, we spend our time worrying about everything we certainly spend time thinking about and tracking this issue. we look at the data, and we certainly see we've had elevated prices over the last couple months the areas where we see those, we see them connected to some of the supply-chain disruptions that we were talking about earlier, some of the places where the prices were knocked way down in the bandy in the travel and hospitality sector,

so we're seeing that's where the pressure is. we saw last month, you know, we believe we will continue to see those moderate over time at the same time we are focused on whast things that are actually drive down price pressures, so investments in physical infrastructure, we actually think will remove -- investments in child care, so we think we have a longer-term strategy to help mitigate those pressures. we think that's part of why we're on track >> brian deese, thank you for joining us good to see you. >> thank you, i guys apple under investigation over two complaints from

employees. what is being alleged by corporate culture. next, on a box office boom, disney's first theatrical release is this weekend. will it hold up to the recent releases. aaa says this labor day will be the highest prices athe t be the highest prices athe t pump since through my experience with sofi, it's lifted kind of that shame of debt. and it's lifted the debt, which has also helped immensely. ♪ ♪ 2014. ♪)'s lifted the debt, which has also helped immensely. a fashion first, (♪ ♪) a science first, (♪ ♪) back (♪ ♪) whatever you hope to achieve for your business, cloud first helps you get to value...first (♪ ♪)

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welcome back >> good afternoon. secretary of state blinken will travel to qatar to thank the country's leaders for their help with evacuees. he says the u.s. is in constant contact with americans still in the country. >> most of the remaining american systems are dual nationals whose home is at afghanistan and whose extended families live there. so it's no surprise that deciding whether or not to leave the place they call home is a wrenching decision. >> new york city officials say five of the six basement properties where people drowned during flooding caused by ida had been illegally converted into apartment

and biden administration is proposes a $65 billion plan to better plea pare for future viral threats. tonight, i'll be in for shepard smith on "the news." why top u.s. health officials are concerned about the white house plan to offer covid boosters later this month. back to you guys. >> thank you, eamon. up next, dialing back boosters, it looks lick some health officials may be advising the administration to scale it back we'll discuss why and what's at stake with dr. scott gottlieb aftern■cf1 o

"closing bell" will be right back

according to "new york times," this comes appear president biden announced the government would offer booster the week of september 20th, contingent on fda approval and joining us now to help sort through it is former fda commissioner dr. scott gottlieb, on the boards of pfizer and illumina, and his new book "uncontrolled spread" is coming out this month dr. gottlieb, thank you so much for joining us i guess give us a rundown of where we stand with the plan for

booster shots, and why it is the way it is. >> well, look, the administration needs to back into some approximate date in terms of when they're going to roll out booster shots we know there will be booster shots made available to some component of the population, particularly older individuals, particularly in nursing homes with a vulnerable population, at some point given the way the data is emessaging the administration needs to back into some kinnell of deadline, because it needs time to put in logistics. we saw that with the trump administration, it took six to eight weeks, and at that point we were losing about 10,000 people a week, so that delay was unfortunate. if you want to avoid a situation with a long delay between the time that the boosters get

authorized and the time to make them available, you need to know the approximate date so i think that's what the administration is trying to do the reporting today, it's unclear to me what that reporting is saying, whether or not this is going to be a delay in terms of the authorization of some of the boosters or all of the boosters the way i interpreted it is some of the manufacturers, moderna in particular, may be delayed, because the fda may ask for more information. that's the way i read the "new york times" report. >> we are talking about, because the initial group is now showing their immunity has worn down >> there's evidence there's a decline of immunity over time, more pronounced in older individuals. a lot of that data comes out of the israel, where israel has undertaken a broad campaign to make boosters available to their population, but there's evidence

of declines effectiveness in the u.s. trials as well. not against hospitalization. the conveniences are protective against severe disease it's protection against infection and against less severe disease you see the evocation. the concern is if you start to see a decline in efficacy against any symptomatic infection, eventually that would translate into more severe infections that's really the be 'tis for providing the boosters the first two doses were provided so close together, they probably really served as true primes, not a true booster this third dose will probabl serve as a true booster, with longer memory and durable response it's not unheard of to require multiple doses of a vaccine before you induce a more durable immunity >> is that space between the two

vaccines your main thought for why we have seen the delta surge persist longer in the u.s. than places like the uk, or are there other lessons we can learned from those differences to best prevent these type of lasts, persistent surges? >> well, look, i think the bottom line is we didn't have a lot of population vaccinated the unvaccinated population was socially and geographically clustered. delta is very good at finding its way into communities and infecting people i think at this point, given how per investigative it's been, at least in the south, combined with the fact we have immunized a good portion of the population, about 60%, you're building enough population-wide immunity, i think it will stop

spreading. hopefully this is the last major surge of infection we have to deal with and we'll have enough immunity either through natural immunity or vaccination, or both, that you're going to stop sees coronavirus spread with the same velocity that it is right now. >> at we are looking into labor day weekend, dr. gottlieb, this is often the time when many children are going back to school many children have already been in school for a while. what is your moust updated outlook for vaccines for younger children. >> i'm more familiar with the pfizer program pfizer will have data in september from their clinical trial for the vaccine started 5 to 11. they're going to file at some point in october for authorization or approval, either as a supplement to the existing license, existing application or emergency use authorization, and depending on how long it takes fda to review that application and grant it

authorization, assuming the fda finds it safe and effective, that will determine how long fda says it's a matter of weeks to review the application, not months if you assume they're on a timetable similar to in the past, which is about four to six weeks, it could puts in a time frame where it could be available maybe early december if the fda wants a longer-ferment follow-up, it could be pushed out. that gives you an approximate time case of a best-care scenario of when it could be available, give or take a week here or there. >> would you take a booster, dr. gottlieb, if you were offered one tomorrow >> look, i think the point when% you're six months out from your vaccination, people should consider whether or not they need a booster shot, depending

on what their age and medical circumstance is. i'm a cancer survivor. i had abelated chemotherapy for mire cancer, so that's a considering. people need to think about their own circumstance, aches certainly. once you reach six months, it's particularly against infection and mildly symptomaticdisease. it's still protective against severe disease the vaccines are still continues to do the original premise, protecting people from severe disease and death. they are still doing that even out many months. >> dr. gottlieb, i did not know you were a cancer survivor it's great to hear you have. sorry you went through it in the first place. great to yous, as always. >> thanks a lot. >> dr. scott gottlieb. apple uninvestigation, the tech giants being probed by a u.s. national labor agents. "closing bell"y prtg n áñ

couple minutes sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh...

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>> we know apple employees are tight lipped but some are willing to raise concerns about work from home, about who gets hired. now we've learned the u.s. national labor relations board is reviewing two complaints against apple filed by employees. one filed a complaint on august 26th citing harassment by a manager. t apple responding saying it is deeply committed to creating and maintaining a positive and inclusive workplace, that it takes all concerns seriously and investigates whenever a concern is raised. the nlrb receives up to 30,000 charges each year. the decision is usually made, the agency says, about the merits within weeks. remember apple does directly employ more than 90,000 people here in the u.s. back to you. >> interesting stuff, josh we will continue to follow that one. coming up, a big box office test disney is releasing its first exclusive theatrical release since the pandemic started but are viewers really ready to get back to the movie theaters

we've got a rundown of the early ticket numbers that's ahead and don't miss a cnbc fast money special. fall reset a closer look inside the five speculative corners of the market that have defined the investing landscape in 2021. "closing bell" will be right back

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looking ahead, disney's first exclusive theatrical release since the beginning of the pandemic hitting the box office this labor day weekend. julia bore sten is here with more hi, julia. >> courtney, marvel's shang chi bringing in nearly $9 million from thursday night previews that is less than black widow's $13 million open unlike black widow which was released simultaneously on disney+ for an additional fee as well as in theaters. chang chi will be exclusively in theaters for 45 days, making it a key test of demand for movie going and of the impact of simultaneous release along with piracy this is after piracy spiked for black widow. with shares of cinemark and imax both down about 30% in the past three months, theater teams are hoping for a hit one thing working in favor of this film, it does have a 92%

positive critics score guys. >> just going to say julia, catch me up on where theater going is these days based on ticket sales what is the expectation for how many people may come to see this movie, maybe on the high and the low end or an average. >> well, so the majority of theaters are open but many of them are operating at limited capacity many of them have mask mandates. there is a sense that the overall box office is definitely going to be down dramatically from where it was two years ago, 2019 being the natural comparison the question is whether this movie can perform at the level of a black widow, which, you know, was a relatively big opening, but then it dropped off. can it be bigger than a black widow because it isn't also available at home? that's really the question here. people are going to be figuring out what the future of movies look like if they're not also available at home. there haven't been that many examples of that the question is if that exclusivity drives more people to leave their homes or if covid keeps people at home.

>> fair enough thank you. >> an action movie of that ilk with a high critics score is definitely an interesting proposition. we'll have to see if it's worth seeing julia, thank you so much for that mike, in terms of final thoughts of the market, eked out another record close on the nasdaq but overall not a resoundingly positive week that suggests we're in the middle of a start of an upward drive >> no. certainly kind of a slow feel to things and not really just because, you know, it's late in the summer it does seem as if the market has been downshifting into this mode of saying, okay, we have to wait and see if we get this re-acceleration. a couple of weeks ago, people said time to go back into cyclical stocks because they've had their pullback a weak bounce in those areas nothing says it's decisive one way or the other but it's not been the story of the last week or so. >> mike, what would you say is the catalyst for the remainder of the year? it feels like fall outside football is back on tv. >> it is

well, the season ends up being its own catalyst once we get toward october fourth quarter tends to be a little bit stronger. earnings are 4% higher for the third quarter estimates than we saw just a couple months ago that could be the quiet catalyst as it keeps going. >> sounds good that does it for "closing bell" today. have a good weekend, everyone. "fast money" begins right now. this is "fast money. i'm melissa lee. tonight's trader lineup. tonight on fast, the big miss. stocks shrug as today's job number disappoints we're breaking down what it means for this record rally. plus a big bank buzz kill. the financials fumbling to hand in its worst week in more than a year the name and the trades straight ahead. later, one of our traders is calling this the most important story on the market right now. we'll tell you what just happens overseas that really got their attention. we start off with a