it's the 16th biggest. dom, thank you very much thanks for a watching "power lunch" "closing bell" start right now. >> see you tomorrow. welcome, everyone, to "closing bell. i'm wilfred frost at the new york stock exchange. the dow in the green on this first trading day of the week. the s&p and nasdaq are lagging, as we head into the final hour of trade let's look at what is driving the action right now oil movies -- moves higher work from home names like zoom and docusign are lower nike weighs on the dow after an analyst downgrades the stock 59 minutes left to go in the session. >>. coming up on the show today,

the ceo of clorox joins us, as she marks one year at the helm she'll tell you how she's managed through the pandemic. plus the chief operating over of match will be here about the apple ruling >> first up, let's focus on the , seema mody with a look at industrial stocks mike, start us off with the market a lovin period of softness on the s&p, this kind of seesaw action where we're seeing large nasdaq stocks in a prolonged breather that's working to the detriment of the s&p , unwound that much

up side. the other dynamic, there's been a pattern, especially the last three months around the 18th or 19th of the month. vs on the chart on the s&p 500, they allhappen right around there. that's what we're headed for a in a few days. will it continue that's the question. how far we have come, real far, more than doubled, of course, in the s&p. this is the average of prior market boismts you it doesn't mean it has to give it back, but it does tell you elevation in valuations, as well as equity exposed yes, we're going to talk to the ceo of clorox clorox versus the travel and leisure sector is a fascinating

picture of the waxing and waning of pandemic trades this is from the end of 2019 you ceclor rocks, the perfectly positioned company in some ways for the lockdown and, of course, a pandemic then you have massive declining, and look how they have scissored back together. this is maximum reopening. this right here being close, the question now is for clorox and other type of companies to prove there's more to it and then the travel and leisure trading up, to some degree, on hope that things will normalize before too long >> yeah. we'll definitely be talking to the clorox ceo about that. we also wanted to talk about corporate bonds.

last week was one of the busiest. it does feel like this window is still open, clearly, but maybe banks are telling customers that the window is closing soon the fed does look to taper this year could potentially see higher rates? it feels like we're in a race against time. >> there's definitely an opportunistic part of it today following last week's volumes, there was another huge burst. the good news is the market is absorbing it it's not really moving credit spreads higher it seems seems as if the appear tide is strong it doesn't price me as companies would fee as if they're going to get better than 2% yields. that's what we're looking at right now. even if it does get better, it's probably by not that much. that definitely tells you they're testing the market's appear tides so far. >> mike, thanks for that

seema mody has the details >> comments of the cfo raising the alarms today, first on inflation, which he says is unprecedented when you look at labor, logistics and supplies to make plastic resin, and wood pulp he did go on to say that the delta variant and hurricane ida are putting stress on an already stressed supply chain, in some cases the lack of the availability of carriers to move product from the water he sees 3m's office market being impacted, and he says the recovery is a bit uneven it does follow a supply chain

warning that we got from general elects l.a. week, weeks before earnings trickle in, where we'll get a better look as to how these supply-chain disruptions are impacting the bottom line, and what strategies and solution they are looking to get around it >> thanks. interesting -- as we stand nearing the end of the session, having been both higher and lower on the session today, and kind of amazing, given clear guidance on the call, about how little it's affected the stock i guess we're seeing it across many companies and many industries, it hasn't derailed equity markets so far. >> that's a great point. in the meantime they are using the opportunity they have with raising prices to get around inflation, but wonder how long does that last in fact, today, a new report

from alias research, which tracks the industrials really closely, they're saying it's becoming clearer that we're going to get a revenue miss from the major industrials this quarter, so certainly some questions about whether they risks are fully priced in. >> seema, thanks so much of course, on the counter. pi number. after the break, we'll talk more about potential supply chain issues with the ceo of thermo-fisher, that is also involved in vaccines and the ppe production you're watching "closing bell" on cnbc.

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shares of thermo-fisher pulling back, after they produced more than half a billion covid tests to date. mark, thank you for joining us given recent updates you've made in the share price higher, the takeaway that you've been putting out there is the regular business you're gaining back as things reopen is more than offsetting the loss from covid-related sales. >> that was for having me. you know, back to double-digit

growth we're still playing a role through testing and vaccines also. >> i guess the covid-related sales have not disappeared at all. far from it, from venues to travel, how long do you expect that to persist? >> one is on the diagnostic kits, and our anticipation is we'll support as long as our customers need it, and we expect that well into 2022. we also play a large role on the vaccine side, both in providing technology to make mrna as well as final vaccines for our clients. >> on a related question what are your expectations for

boosters >> in terms of the durability, obviously the fda will decide the appropriate level of boosters, and, um, we expect, as we've expanded or capacity to support vaccine production, you can transition into other vaccines and therapies over time so we'll be there to support whatever level of demand that's needed by our customers, and when the demand is for longer there, we'll produce other medicines to go after cancer and other disease cases. >> mark, talk us through the latest in terms of combining tests for covid with other things, like flu >> yeah, one of the things, as we start to get later into the summer and fault, which somebody presents with a respiratory infection, you'll want to know if it's flu or covid we have developed a combination test, with some of the common respiratory illnesses sole

medical community can assess the current state for you and what they should be doing in terms of treatments >> overall, mark, with all this focus, and you clearly are an example of a business that's pivoted toward covid, so many other pharmaceutical companies have medical supply companies, do you think it's accelerating the research and development in other areas that are needed, like canner? cancer or hurting that? >> the reason we so quickly responded was the amazing team we have, 90,000 colleagues around the world dead indicated to our customers' success. as i look at the funding market, we see that market as very strong the investments in biotech, pharmaceuticals, progress with science actually means that the future looks very bright so we don't see a crowding out

or covid versus something else. that's rally been strong funding on the science side of things, you have seen a spring back from the recession. >> we wanted to ask about supply chain. and industrial companies, retail companies, we certainty ability -- what are you seeing is it smooth are you ability to meet the incredible demand globally >> we have able to mobilize,

scaled to respond, anding out in front this for a long time we're also making incredible investments in the future. in fact, just? response to the pandemic, we're spending $2.7 billion in our facilities, and new capabilities as well. that will give supply chain a shortness for our customers for years to come. you know, it's been a challenge with the growth and we have supported it with very, very aggressive investments >> that's good to heard. mark, thank you. >> thanks for having me today. we have about 43 minutes left before the closing bell take a look at the major averages it's a tale of different sectors within the s&p energy, financials real estate all higher the nasdaq is down about a third of 1%, six days of weakness for the s&p. after the break, inside the democrats' new tax plan. we have new details emerging

about how lawmakers are planning to pay for the $3.5 trillion reconciliation bill, and how it could impact your money, next. check out some of the today's top searched tickers ten-year yield is right on top, as it always is, toll followed by apple, alibaba, tesla and amc. we'll be right back. i wonder how the firm's doing without its fearless leader. you sure you want to leave that all behind? yeah. stay restless with the rx. crafted by lexus. experience amazing at your lexus dealer.

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women back goldman sachs out with a new note, saying tax reform is the key risk to the market through the end of the year. this comes as we get some fresh details about how democrats plan to play for the spending plan ylan mui has more. >> sara, how democrats unveiled

their plan to pay for the social spending package today, and already it's getting slammed by big groups the proposal would raise the corporate tax rates to 26.5%, move the top vin tax rate back up, raise the capital gains tack to 25%, and three percentage point surcharge on people making more than $5 million any increase in the corporate raise would position or country even further behind global competitors like china, and carry devastating consequences for american workers the retail industry leaders association, they called this plan a nonstarter, because it doesn't include the corporate minimum tax that was in president biden's religion framework, but the draft text is far from the final version even the leadership of the house

ways and means committee acknowledges they want to make changes to this bill, including working with senate democrats. now, the white house has been supportive of the house plan, defight the difference from what biden laid out a spokesman said it medthe cor goals and did call it significant progress guys, back to you. >> ylan, i don't think it was part of the oerge proposal, but democrats are talking about makings changes to the s.a.l.t., the state and local deduction is now capped at about $10,000. right now it is not in the house version of the tax bill, but it is a priority for senate democrats. i asked senator chuck schumer about this just last week. he said there's a consensus among the party to include that in the upcoming bill >> ylan, thanks so much for that it will be interesting in that

come back into play. such a divisive issue. still to come, shares of clorox had a big run in the early days, but the stock is in and out trading right around where it was before the outbreak began. we'll speak with the clorox ceo about the next big growth driver for the company. here's a check on bonds. yields lower to start the week ten-year around about 132. "closing bell" back in a coupl

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. welcome back, the s&p is flag with 345 minutes left of the session. there's the sector heat map. you can see roughly evenly split today, energy to clear out financials doing quell five sector the in the red the nasdaq about 2.5%, sara. >> 33 minutes left to go before the close. let's check in on individual market movers. goldman sachs citing strong free cash flow and a clear road map for debt paydown, but the stock is benefiting. luke capital markets downgrades t tencent, saying they expect regulations to likely anchor the stock for some teem.

there's news on that every single day, reportedly trying to break up ali pay everywhere you look across the chinese sector, you're seeing hundreds of billions being wiped off, or at least tens of billions ali-pay announcement could have had a bigger hit to the broader chinese tech sector than it did today, but it shows how many has been priced in time for a cnbc news update. rahel solomon has it for us. >> hi, wilf. hello, everyone. olympic gymnast simone biles will be on capitol hill later this week. she and several other team members will testify before the senate judiciary committee, looking into problems with the fbi investigation of larry

nassar he was the doctor now in prison for sexual abuse the white house says the u.s. is still prepared to engage with north korea after the successful test of a long-range crews missile. north korean media calls it a strategic weapon of great significance. president biden will meet with the leaders of australia and -- taco bell testing a taco subscription in tucson, selling a pass that allows customers to use the chain's app to order a taco each day for 30 days. hard to say how that would be profitable, but we'll seal sara, if only starbucks did something like that? a subscription for coffee? >> i've seen some of these other

companies do coffee subscriptions. i think it's smart >> i think so, too we'll have to see how taco bell customers appreciate it. >> if you're eating tacos as regularly as you're drinking coffee, it's a question. 30 minute to say goo before the close bell the dow is up nicely despite some weak necessary. the s&p has turned positive, just in the last few moments the street being driven by gains in the energy sector, financials, real estate, technology is underperforming. nasdaq is still lower. small caps get a boost. when we come back, an exclusive interview with the ceo of clorox. how that company is positioning itself for the future. after the bell, oracle reports

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an ever-evolving enabler of bold decisions. an asset more relevant than ever before. gold. your strategic advantage. welcome back tomorrow marks one year since linda reynolds took the helm at clorox the company continues to navigate through the pandemic, battling supply chain issues, and rising inflation concerns.

she joins us now for an exclusive interview. congrats on the one-year anniversary. when you came in, it was the height of the pandemic clorox wipes were as good as gold you couldn't find them everywhere, everyone needed them since then we've seen demand drop off what is it like now? what are you seeing? >> thanks, sara. great to be here today it's certainly been a dynamic first year, with my start as ceo reign at clorox. we're continues to see the consumer tern to our portfolio at significantly herer levels. that includes or disinfecting products and what we're seeing with delta, people continue to do that our wipes big continues tore strong we have more than doubled or capacity, and seeing consumers turn to them during this time of delta.

>> you did have that ramp you have capacity to meet demand now i seem them on the shelves i still buy them, but are you making more now than you can sell >> no, we are still running or facilities 24 hours a day, 7 days a week, and able to meet most demand. we're still seeing a significantly elevated demand, as well as expanding our distribution across the globe, and we're able to use that additional capacity to use that as well. >> and what your view was on a small height to the corporate tax rate and how big a blow that would be >> well, what we are focused on is what we can control, and how we're focused on growing market share, et cetera

putting plans in play to expand margins so small hikes wouldn't be a big blow to clorox? >> you know certainly it would affect our earnings, but not in a way that's related to our operational performance. we're focused on growing margins now given the cost environment, and we're focused on investing in our brands through advertising.

>> what could we expect as consumers? >> i've been that right, sara. given the inflationary, we have taken advantage, including taking prizing on about 70%, we've done that in combination with innovation. >> which for a number of years we're focusing on we think our brands are really well positioned during this time, and we'll continue to deliver superior consumer value through a combination of mechanisms. >> held off on hiking consumer prices in the hopes that the costincreases would be transitory, but that might not

be the case? >> we still view this environment in largely transitory, and largely impacting this year. we did delay price increases when we first began to see the inflationary environment take hold, in large part, because wefted to ensure we could fully meet demand before pricing , we have decided to take pricing against that 50% i spoke about, and we'll continue to make sure we're looking at our plans moves that forward, but at this point, we still believe it's transitory, the biggest effects will hit us, and we hope ked with grow gross margin again in the fourth quarter. >> uses that key transitory word you mentioned people are staying home, do you really expect that to last? did you get a peek, say, in june when we were at lower levels about what that's going to look

like >> we expect they see trends to large ly persist the first is consumer is focused on health and wellness it also includes things like taking vitamins, minerals, supplements, drinking more water. we have seen that persist. we do believe consumers will spent more time at home. that's largely in part because work will be more hybrid in the future we're certainly planning that on our end. even if consumers that's a significant tail wind for our portfolio, and both people's consumption of digital media, as well as they bought their products more online than ever before and all three of those are tailwinds for businesses >> a lot of consumers companies, they all dot ginged pre-pandemic for not fog us enough on digital. for all those years it was just focusing on the shelf space.

now that the business has moved, where are you in terms of percentage of business coming from e-commerce. for a lot of these companies, where are you, 10% to 15%? shouldn't that be a lot higher >> we have focused on digital for many years that's really well positioned us before the pandemic began. we were already spending two thirds of our media in digital, and about 7% to 8% in e-commerce pre-pandemic we have doubled that and we are ready for the impacts of that. we have announced, to be able to be ready in long for the future, a which are 5 million program to build digital capabilities across the company as we continue to have more -- we're ready on both of e-commerce side, marketing and internally >> linda rendle, thank you so

much. >> great to be here. thank you. just under 20 minutes left, 19 minutes or so left, we are higher just on the s&p the dow is up. straight ahead, nike gets a downgrade. the market zone is coming next watch or listen to us live on the go with the cnbc app we'll be right back on "closing bell."

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today we have lindsey bell with us as well as mike santoli. the s&p 500 and dow on track to snap a five-day losing streak. mike, we're off the highs, on the footing. >> yeah, certainly not a real rush for the exits by nit stretch. in fact, most stocks are outperforming. the nasdaq 100 technically and tactically through the day the qqq, nasdaq 100 etf, very heavy volume, people are looking at this level right under 375. it bottomed there at 11:30 or so it just seems as if there's a lot of quick money, trying to figure out if there's a pullback in the market is enough to kind

of reset expectations and account for the fact we've had a slowdown for a while, and really this is the part of the nasdaq 100 stocks that are relative to the others >> it feels like everyone and their mother is warning of a correction we saw five down days last week, citing all of the big banks, extra gists, deutsche bank, bank of america warning of solveness, is it getting too consensus. is this going to be what happens now? >> it might be getting alternates too consensus we haven't had a 5%, 10% pull back this year usually we see a cupping of those, and people are nervous. there's some really, i guess you could call them early smoke

signals, positive smoke signals about what could happen. look, the ten-year yield is starting to turn around. that's a positive sign, from an economic reporting perspective you see economic data turn around, remember, it was in a long down trend since march. we saw opecs come out talking about how oil demand will be on the rise travel and airlines spending is potentially starting to turn around there's just really early signs don't forget, earnings are strong, corporations still have a lot of cash on the balance sheets i know that the fed is going to eventually become a little more loose with their policy, but right now, they're still fully supportive of the market. >> lindsey, you've been looking at the significance of the 50-day moving average. what are your conclusion on that >> it's been a very durable line

in the sand for the market this year, really every time that the market has crossed or touch the 50-day moving average, you've seen it bounce by about 1.5%, and in a few days the market is back to new report highs so there's no telling when we could break to the down side of the 50-day moving average. we do remain optimistic, looking out into the remainder of the year for all reasons i just stated. >> then nike, shares, worst performer on the dow, downgrading the company to neutral, removing its $177 price target, citing supply chain concerns the firm says nike is facing, quote, severe disruptions from the covid, accounting for 43% of total units at nike.

despite the moves, the stock is still up 13% so far this year. so, my take on this is clearly this is an issue, vietnam has been in shutdown mode in recent year to vietnam, in part because of the some of the trump tariffs, but mike, it's a very transitory issue the vietnamese factoryclosures they're supposed to reopen september 15th yes, it could hurt nike, as we saw in a recent quarter, bud as long as the demand is there, it snaps right back, so i'm curious what you think about this downgrade. >> well, certainly to a degree it snaps right back, forgotten sales translated to next year. although if you need a pair of shoes, whether that always is nikes, i think a lot of it has to do -- the stock went vetrticl

after an earnings record very expensive, you know, 35-ish times -- so it just seems as if there's air to be taken out of the valuation it's just a bit of a giveback >> lindsey, in terms of nikes is it slid, what are your thoughts on that at the monday. >> we're looking at nikes to echo some of what mike said. it had a huge jump after that big earnings record, since the august 5th oar 6th most recent peak, we've seen it pull back. you have to wonder if some of it is already priced in look, investors got excited about this name, as they said, they thought about the transformation of it becoming more of a direct-to-consumer

business, that's a growth story for the top line, also a margin expansion story, growth on the bottom line as well. so there's a lot to look forward to in nike so people believe in the transformation of the company itself, also the transformation of individuals to wearing more casual clothes more frequently, working from home, a hybrid type of environment, people wearing more casual shoes more frequently i think it could be -- yet, statistic multiple did expand quickly. if you look at this versus the overall consumer discretionary sector, it's not necessarily outperforming. there could potentially be room here to run. it's a high-quality name, too. we know the market has gravitating to those stocks more recently. a fit of stocks rallies after another strongbox office weekend for the latest superhero

movie. julia has more. >> there's another strong weekend at the box office, putting marvel's film. this is after disney announced late friday it would release six films this year exclusively in theaters for either a 30 or 45-day window. imax and catherineinemark are uo benchmark just reiterating a buy rating, giving a $32 price target on cinemark guys, back to you. >> thanks so much for that i actually went to see it, i thought it was excellent how are these stocks primed to have a cheap valuation that they can bounce from if we see significant momentum in

reopening. >> cinemark is trading based on the fundamentals, based on what happened with the pandemic the market cap is about half of the peak pre-pandemic market cap, not right before, but a couple years back, whereas amc is about six time what it ever traded for before. it's a similar story, when you consider the debt on the company's books. it makes sense that the market is relieved there seems like 2022 could be a somewhat normal year, with regular release wointsds they'll get their share of a box office disney, of course, more -- punching above its weight in terms of what it means no the box office it all makes sense, except for amc. >> really has held the high levels, which is amazing to watch. lindsey, where do movie theaters fit in, in terms of your preference for reopening trades you have lots of choices

where do the theaters stack up >> i think for the theaters it's got to be more difficult the consumer has a lot of different oopses for where they can see some of these things as the reopening trade probably re-emerges, as delta kind of winds down, i think there's a lot more opportunities for some of these service sectors, like the airlines, perhaps the cruise lines, maybe some of the quick-service restaurants. some of these companies that have lagged, in the past year, i think there could be just more opportunity there if the consumer switches to spend more on services. >> shares of oracle up 40% this year, outperforming the nasdaq, which is about 17% the software giant is getting ready to report its latest results. josh lipton has a preview.

>> oracle stock surging nearly 40%, so far it's right north the all-time highs here. i have checked in with evercore, and the street wants, kirk wants to see if the company still feels good about -- as it pivots to the cloud back to you, wilf. >> josh lipton, thank you. is it company specific, or is it something broader? >> certainly combinations, oracle has gotten to a point where where people feel better positioned in cloud-based services yeah, these old-tech companies that are cash flow machines, which oracle absolutely is they

foundas audience nothing is recommending it. it's viewed a bit of a corporate tech utilities as opposed to having this compelling innovation and growth story. >> what's your thoughts, lindsey? >> i do think it was a trade earlier this year, when people jumped into the value bandwagon. oracle and others benefited. i think here, like you said, sentiment around the street and -- has been pretty poor. this is going tore a show-me story as they moved from being that profitable expansion story to a top-line growth story it's also very expensive it got that boost from the

value-oriented interests it hasn't seen that type of multiple since about 2005 so they push this thing much further, it's going to need to hinges on the transition to cloud. a smoul bounce. >> and below the it surface. especial awhen you've had a better than 2-to-1 trading the jersey of stocks, the average stock has found a bit of a dip down the nasdaq more of attrition there. it shows you a bit of static, it

finally clicked down below 20. it's still on guard we've had this five down days in a row, september, everything we know, on expiration week, which is what we're in now, probably is keep a bit more of a bit, people thinking that things can stay choppy. >> the nasdaq might even close positive in the last five minutes, if it continues down less than 0.1%, just a handful of points. s&p is higher, the dow is up by 0.75%, or 260 points, basically at its session highs >> ann . >> energy the best performing sector as we approach the close

[ bell ringing ] >> at the close, we have a fractional decline for the nats take, a gain of about a quarter of a percent for the s&p 500, and dow by about 0.57% 0.75%. >> actually a strong fin, dow up 264. welcome back to "closing bell. if you are just joining us, i'm sara eisen here with mike santoli and wilfred frost. the dow was the big winner some buys also brought technology higher on the day unitedheath, goldman sachs and boeing the biggest contributors. we were able to brake the five-day losing streak

it was really value over growth today, but technology did finish in the green, nasdaq almost positive into the close. you did see some strong finishes for google, apple, microsoft, te tesla. >> rustle 2000 with a back -- it's been the recent loser investors are awaiting oracle. that stock has been hot this week we'll break down the results as soon as they are released. plus, match group applauding the ruling, the epic gains cfo and c.o.o. gary widler on how that will impact match and why the counmpany is urges countries around the world to bring regulation into the modern

age. >> i would say a pretty mild bowen systems most stocks did find a bit of nibbling dow is down a little over 1,000 points that's kind of the zone we're in now. also, the cpi number tomorrow, maybe people are making too much of how much of a market mover, but it is absolutely the number of the week. it feels as if going into that, since we've been so weak, it made sense that people would try to, you know, maybe balance out of some of their negative bets also, the credit markets as we mentioned earlier, has very, very steady, high yield strongly bid today, so that's a support.

>> erin, what are your expectations for cpi >> we're starting to see some roll-off in new car sales. this will likely be a temporary effect as we move forward for the next couple -- and supply chain shortages, we probably wouldn't see it actually peak until the early part of next year temporary retreat for now, but continues to remain high we have heard so many saying it isn't going to go away anytime

soon, with the sin flates parts of the market. >> yeah, it's an exactly -- the market really hasn't reacted to it, it's like thinking, hey, we have to make sure it's tran torrie, and it seems like it believes it's going to be transitory that has been extended with the rise of the covid variant. that is starting to retreat to some extend but the longer some supply-chain constraints remain in place we will be in a better position going into november and decent but that would be

predicated -- we see the situation figuring themselves out, but the reason i remain optimistic is because we're starting to see some positive economic data come out of the china and then global cap ex spending really has been on a tear by the way, in the u.s. so those are some silver linings. we certainly plateaued. >> i think you would see it in the core cyclical reflation, global growth type of names that's a lot of what the street commentary is focused on there's

no doubt, they all have had their retrenchment to a -- so i don't know if it's going to come all at once as we did with the vaccine. it seemed the makings would be there at least for the roe station back in that direction if we're not having concerns about really restrained growth maybe it's a more prolonged recovery in combination with the fiscal headlines from congress as well. >> i'm glad you brought of transports

they went up today, but well off the highs. baltic drive with a high as well what analysis railroad getting from the market? >> i think the transportation are really at the heart both on the page front in terms of having to pay higher wages it's facing right know, particularly at the ports i think you have seen this filter through i think these challenges are like will to persist for the foreseeable future if you're looking at cyclical and reopening plays, there's probably better places to invest you'll see decent bounces in the sector names get sorted out,

which is not a near-term solution >> let's get to aoracle's numbers. josh >> eps of 1.03 versus 97 cents so a beat there. top line 7.3 billion street was closer to 7.7 billion. cloud license and on-premise license, 813 million in the quarter versus estimates of about 860 million. the call starts at 5:00 p.m., where we would expect guidance at that time >> a bet of a surprise -- decent beat on the bottom line at least we await guidance on the call.

you know, top-line miss is probably an issue, in a quarter when top line has been blowing out estimates for the most part, if you go across the whole s&p 500. also, the 97 cent forecast that was beaten by six cents, that actually had trended just down a few cents it was that seen as an aggressive hurdle. maybe it doesn't come off as big particularly -- >> the outlook from some of th these, having a little more cautious where are you seeing 2022 earnings tracking? >> yeah, 2022 earnings is still looking good i think, sure, management teams

are starting to be a little more cautious they always tend to be more cautious remember, there's not a lot of companies that have come back in full force to reinstate guidance wall street analysts are still kind of flying blind when it comes to the outlook i think really why the stock might be trading down, at least initially here, is probably on that sales mix that's all about growing top line in return for this top-line growth i also think that cloud services and license support, that's supposed to be the key linchpin, for that to come in short, i think that's been probably impacting the negative stole

overall, for the s&p 500 expectations continue to move higher we'll see if that continues into 2022 this has been kind of an anomaly this year with numbers going up through the course of the year >> the broader markets once again, clearly as we've been saying, the headline indices have moved sideways for a little while. do you feel there's been churn underneath the top line for the indices in terms of sector selection? >> yeah, if you look underneath, there's been a lot of different corrections going on, different industries, even individual stocks so you look at the biotech, the airlines, you look at tesla, all different points, even tech in the middle of the year pulling back, financials currently being a little more weak there's some sector that's always pulled back in market

territory while others have taken the reins. consumer dressary staples on the back side of that, moving lower, so i think that churn that you're seeing throughout the course of the year has really reiterated the need for a barbell approach >> you have to diversied so that's what's been ability to drive this market continually higher by the way, as earnings have also moved higher, we have seen the perks e. come down, we're down to under 22 times now we haven't been there for quite a while. it's something we're keeping an eye on we want to see the market internals that i know mike goes through every day on your show, starting with flash more positive, also consumer sentiment being negative as it is right now, or at least moving lower, have been, you know,

almost a contrary indicator. >> lindsey, and erin, we'll leave the market zone today there. thank you for joining us up next, match's cfo and c.o.o., one person, weighs in on the epic games ruling. plus head of global research on why investors are becoming risk averse could mitt out or more market gains. we're back in a couple minutes the best price on every trade, which saved investors over $1.5 billion last year. that's decision tech. only from fidelity.

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the court got it right apple's general counsel issues a statement saying we're very please the with the court's ruling, and we consider this a huge win to apple. joins us for a "closing bell" exclusive. how is it a win for you? >> we thought that the ruling was a win for consumers and developers no matter how apple chooses to spin it, it was not a win they can do it, but they need to change their policies and they

need to do it now. >> what type of changes will we see? >> really what the judge was upset about. to tell consumers about other places where they could achieve a cheaper price, and she wanted apple to start that. discountsed rates that we could offer them we could do that will you alter the payments setups?

>> are you going to incentivize them in any way? , we do think that consumers see a discounted price, they may choose a different payment system we offer choices in other scenarios, and use other forms of payment we think the same thing would apply in the apple context

we think it should be allowed. >> so, do you think, gary, the ruling is the end of this, or maybe even hope there was more to come. >> well, there's clearly much, much more to come. this is a long pros that is playing out in many places around the world you're seeing action by south korea a few weeks ago in a law that went into effect today, but, both google and apple there's lawsuits by 37 states attorneys general in the u.s., there's senator action by senator klobuchar and lee. it's going to keep happening, but the question now on the

backs of the epic ruling is our apple and google going to change practices voluntarily or continue to see pressure from all these places around the world? >> we don't know the answer to that question yesterday, we're waiting to see what apple's reaction it to the ruling. once that happens, we'll see what the next steps are after that if you look at tweets and statements that many even just u.s. senators have made about this, people don't think this has gone far enough. they think that the laws that we operate until are arndt kuwaited around antitrust, and around they gatekeeper companies, and more reform is needed. we agree with that, and we're expecting that there will be more reform to set out more clear and modern rules >> it sounds like you're gearing up for a big fight before you go, we did want to

ask about the tax proposal coming from the democrats raising to 26.5% from 21%. would that make a big difference >> obviously it will have effect on us like everybody else. i think it's still early in this process, so we'll see how it all plays out. i think it's a discussion point on folks -- so we're watching it closely, as i'm sure everybody else is. >> gary, thank you for joining us up next, carlisle's global head of research on the market inflation risk, and why investors should not be flying too high or two lo which it comes to tech stocks plus apple is -- analyst -- what it will take for the device to move just higher remember, we have more than 3% friday when thatulg me rinca out. we'll be right back.

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s. kristina partsinevelos has some details on a purchase. >> maker of turbotax and

quickbooks is looking to make another big acquisition, to buy e-mail marketing firm mailchimp for roughly $12 billion. they fox cuss on digit at ad services and customer management, so if the deal goes through, it would have additional insight into businesses and finances across the board. this could potentially be the biggest deal yet for intuit. >> thank you so much, kristina 3m is the latest company to warn about rising inflation concerns with the company's cfo saying it's seeing rising labor and input costs outstrip prices. let's bring in the person behind that -- ahead of global

research as yet righted into the market >> i think the real key is inve investors with exposure to commodity prices, input prices, wages, shipping costs, they need to think about the exposureto valuations if inflation remains elevated, interest rates will adjust upwards. when they do, there will be significant downward pressure on valuations across the economy, but as we know from when change is interest rates is a function of duration. how far into the future, and

text stocks tend to have the longer duration of any equity asset, because in most cases you have relatively small amounts, in fact even negative free cash flow in the current period and near term, but the valuations are very high based on the expectations that there's going to be a very significant payoff at some point in the distant future so these are actually the stocks that are mostexposed to inflation risk, because their valuations are going to adjust downward the most in the event of higher interest rates. since the first quarter of 2020. and that's almost four times the

average. car line, data suggests even more product -- revenues per employees have increased, since the onsays of the pandemic remote works t it is that embrace that's really fueling this productivity boom >> one has to be conscious of the assets, but at the same time, tech is where the growth is so it requires a balanced approach.

>> i think the most important question is the degree of belief in the business plan, certainly in a private market context, the ability to add value to the business, to ensure that the growth materializes. in many cases, when you're thinking about exposure to technology, people don't associate it with inflation risk so really what i'm warning against is investorsic looking at a business, a digit at services company enterprise software, saying this big has no exposure to copper prices, therefore, to hedge my inflation risk, i should actually have more exposure to digital services, enterprise software, et cetera. that's actually not the right approach i think that it's uncovering

that hiding risk that's embedded in these assets that's most impo important. >> they can't grow fast enough for offset that, but when you think about the termal value, in the exit or when you intend to sell the stock, you have to embed the risk of the value decline of that magnitude. >> jason, i have a feeling what your answer might be to this next question. in your assessment, what is the difference between valuations and the public markets versus private markets? >> well, you know, the fascinating thing, is that there were many commentators who suggested that private valuations in technology were, you know, ridiculously high.

there was a private market bubble, but as it turned out, in 2019, 2020, and then thus far this year, the tech companies that were private that went public ended up getting valuations that were two to three times higher than their last private valuations. so this was a situation where, when you talk about elevated tech valuations, i think a lot of people have become skeptical. people have been saying valuations have been too high for so many years, and they have translated to even higher prices into the public market, but we're at a point today, again, where valuations to me make sense given the productivity boom, given the way that technology is being disseminated across all sectors of the economy, but it also hinges on interest rates remaining low to the extent there is an upward adjust, you know, into 2022,

this is where i think current valuations are going to have a very significant adjustment. that is, again, going to come to a surprise to a lot of investors who are focused solely on operations, and operational risk rather than valuations. >> jason, thanks for joining us, good to see you. >> thank you. still to come, will apple's 'lin event move the stock? wel ask an analyst back in a couple minutes

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welcome back time for a cnbc news update with shepard smith. hi, shep. >> hi, wilf. covid booster shots are not appropriate at this stage in the pandemic that's the conclusion from an international group of scientists after they reviewed the latest evidence. the a thors challenged the biden administration's plan to offer additional shots next week to theend public in the u.s the scientists say the u.s.-approved vaccines are still highly effective against severe disease and hospitalizations parts of the gulf coast could get up 20 inches of rain from tropical storm nicholas. right now it's off the southeast

coast of texas hurricane and storm surge watches are in effect. houston's mayor is urging people to stay home steam. and the secretary of state tony blinken is telling congress right now that president trump's promise to remove u.s. troops from afghanistan gave president biden just two choices -- leave or face renewed taliban attacks. the secretary facing bipartisan criticism, the top republican is calling it an unmitigated disaster of epic procedure portions we'll hear from a former air force officer, who questioned blinken about the american withdrawal that interview and more on the news right after jim cramer, 7:00 eastern sara, welcome, and back to you >> thank you, shep mike santoli has a look at

marked implied inflation rate. who does the market expect >> you know, inflation expectations are down from their peak in the spring, but still holding up relative to the long-term trends this is derived from the pricing relative to the plain old nominal treasuries very stable, even as we have had published inflation data in subsequent months. still on the high side the market is not extrapolating that i always note, this is not some magical prediction of what inflation is going to be there's lots of factors, including the heavy demand for securities that distort this a bit, but it shows the overall trend. look at this ten-year forward-implied breakeven inflation rate we're pretty much at the highs

early 2013 ben bernanke said we're going to taper, so we obviously had this decline here as the recovery show slowed down, the fed withdrew some help, and then added it back maybe the surprise would be this remains resilient. chair powell said, on the inflation front, we have seen a substantial further progress he's looking for to give it a green light later this year. >> i think the question is what would they do if they saw slower growth do they respond to slower growth or rising inflation? it's a predicament. >> the current quarter has been flat for a while. >> yeah. that's way below the wall street consensus. mike, thanks. up next an apple analyst who

thinking the stock did really 20% from the current price, on why the impact from the ruling will be manageable for the company as well. we'll be right back. -capsule! -capsule! -capsule! capsule saves me money on prescriptions. capsule took care of my insurance. capsule delivered my meds to my doorstep. capsule is super safe and secure.

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as i observe investors balance risk and reward, i see one element securing portfolios, time after time. gold. your strategic advantage. i wonder how the firm's doing without its fearless leader. you sure you want to leave that all behind? yeah. stay restless with the rx. crafted by lexus. experience amazing at your lexus dealer. welcome back apple kicking off its virtual event tomorrow joining us now is amit from evercore we look forward to these events, particularly when new products are announced.

just the upgrades to things like the iphone, which is expected tomorrow. >> this is constituent the bread and butter, so, you know appear will be a big deal, but i think, you know, this is the tiktok cycle, the s-cycle so compared to an iphone 12 this would be more evolutionary upgrades, better camera, better process ore, better battery, so the people who bought an i foismt 12, may not a reason to buy this one, but for the 9 million ios users who didn't have a iphone 12, this is a big upg upgrade. >> you mentioned 5g. is that the key reason for why

someone would need an upgrade? i guess those networks aren't rolled out significantly to make it a must-have still. >> i'm still trying to figure out why one should have that, to be honest. that remains to be figured out, but you have an iphone x and 11 there's a big change carriers have spent a lot of money building spectrum. there's a time for them to get subscribers, it's an iphone cycle you can't have more aggressive carrier discounting, and that could help. >> we can't essentially see an arvr announcement?

>> we call this a long shot, but it could be a headset that apple has been trying to work on for a long time. it would be ar/vr glasses. the long shows, but in the next 12 months probably a headset from apple. >> i don't know if you also managed to see enough our interview with the match kreismt c.o.o., about you what is your your takeaways >> it wasn't as epic as we would have life. there's some positives you know, i they this will be a bit of a headwind for apple to go online, and in of app

purchases. >> and -- you're playing road blocks that seems somewhat tedious, and i think people are very lazy. i'm very lazy. we all want to see things seamlessly and easily. i think numbers, 2% top line eventually it happens, but -- >> to go to a different page -- people are also motivated by

costs. don't you think that would have a big impact >> it absolutely will have an impact things like match and netflix, it makes it easier it's a one-time subscription while, as for games, people tend to have multiple transactions in a day or week, buying new lives, whatever it is that becomes -- you create a lot of friction if he take people away from the game and ask for something else >> it would allow, these are two things to watch for. >> thank you very much

>> thank you. when we come back, apollo's big shake-up we call up with apollo as new ceo, those comments when "closing bell" comes right back. we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones retirement income is complicated. as your broker, i've solved it. let's partner for all of it. that's great, carl. but we need something better. that's easily adjustable has no penalties or advisory fee. and we can monitor to see that we're on track. like schwab intelligent income. schwab! introducing schwab intelligent income.

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apollo global's mark rowan took the job as ceo back in march. it's seen significant changes since then leslie picker caught up with him as a rare interview as part of delivering alpha >> that's right. a short tenure, at least so far. he's inked an $11 billion merge and yet the stock price continues to trail something analysts attribute to the fallout over the former ceo's relationship with jeffrey epstein. i asked him how he plans to move beyond the overhang and he said he thinks the noise is largely behind him noting the stock still has a quote long way to go when i asked him about the overall markets, he believes they're quote, priced to perfection crypto he's a bit skeptical

>> i think the early days of crypto have been very, very difficult. not in that it hasn't been adopted, but it has been adopted in many ways because it is a way around, a work around, the financial system whether the u.s. government, the chinese government, other governments allow that to continue, i think we're already seeing the pushback. we're seeing the investigations. seeing the noise around stable coin around bitcoin but as i get out of my area of expertise, i'll stop there >> we covered a whole variety of topics inflation, regulation, credit markets. you can watch the whole full half hour interview at deliveringalpha.com. guys >> leslie, interesting going back to the share price. obviously some of their peers have been the best performers in the financial world over the last couple of years one of the many reasons why the likes of goldman sachs are trying to get back into the area it's not like the performance

has been bad i guess to what extent it was that they were a bit late to the party in transferring into a c corp. which has been such a strong factor in this broader group. >> it's a great question and one we actually talked about in the context of tax policy. because one of the main aspects of converting, which the thinking behind private equity firms would get them entrance into funds, shift their corporate governance structure a little bit to make them more investable apollo of course did that take route as did its peers and one of the main reasons they were able to do that is because of the 2017 tax plan which lowered corporate tax rates, making the math more beneficial for these types of firms i asked them if they did raise the tax rate, would you consider going back to the old structure? he did say no, the c corp. structure is here to stay, but

to your point, which is a really goo good one, that was a key driver into asset space as of late. >> thank you leslie picker. we'll continue to watch that interview online also, don't miss cnbc's delivering alpha conference on september 29th we're bringing together the biggest names in the investment community for high level discussions on the critical issues facing investors in today's global economy you can register today at deliveringalpha.com. up next on "closing bell," a epeyd ll taking a very unusual st bonbi gross and his neighbor we'll share the details after the break. that building you're trying to buy, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you see it. you want it. you ten-x it. it's that fast.

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billionaire bill gross back in court over his music habits and details about the trial have all of wall street buzzing robert >> well, the billionaire bond king ordered last year by a california judge to keep his music down, but this summer, that neighbor filed a complaint saying gross and his wife were once again blasting that music

by the pool and an even more bizarre legal twist. the judge agreed to visit gross' home today at 2:30 pacific time. about an hour. the judge said she should hear for herself how loud it is gross' attorneys say music was not loud and the neighbor is just angry about that million dollar art insulation that gross put up in his yard the hearing will resume tomorrow at 9:00 a.m. gross mentioned the feud when he said bonds were the next contender for the garbage can. not holding his neighbor or bonds in high regard >> what music is he playing? gilligan's island theme song >> last year, the trial said that he was playing gilligan's

island at all hours of the night. that was the song that they would loop there and his neighbor said that was harassment this complaint for this summer, they don't specify what song or music he has been playing, so maybe we'll find that out tomorrow important. >> i just can't believe that costs a million dollars. what a waste of money. >> thank you, robert frank now to our wall street look ahead. investors will be closely watching apple, of course. big product event expected to include the release of the new iphone 13, new watch, air pods then the big report will be the august cpi con consumer price index from the labor department it's due tomorrow morning. and amazon's new ceo will be on tech check tomorrow. 11:00 a.m. eastern time. we'll be watching all of those

events particularly on the inflation front, mike, and i know you mentioned that the market, it has been really anticipating a number, we've gotten several hot ones, for cpi. the expectation is .3%, which takes out food and energy, which is more volatile that's going to be important and that would be a little bit of a stepdown for the potential victory for the fed on the notion this isn't going to be long lasting i wonder how the market is going to take any of it. >> i think the market will depend on what category are driving. i think investors have taken comfort in seeing that it has been driven by pandemic related supply chain issues. really depends on where that core number comes from not just the level >> very much looking forward to the apple announcement as well and that big interview, as sarah said, with jesse of amazon we had a nice finish >> market sort of firmed up.

we've been very twitchy to try to buy these dips. each more narrow than the last a 2% pullback. >> dow up three quarters of one percent. "fast money" starts right now. >> yes, it does. live from the nasdaq, this is "fast money. i'm brian in for melissa again tonight and your all-star lineup includes guy, tim, karen, and dan. tonight on fast, we are all over the after hours action in shares of oracle. earnings just out. the company call just getting started. we'll bring you all the news and the trade on what some say is the forgotten giant of big tech. plus, is the entire market about to flip on it head savita says it is. she'll tell you why and what to buy now. later, speaking of buying, buy your christmas gifts now