stuff delivered but i find grocery shopping and liquor store shopping therapeutic and soothing. >> me too. i like the grocery store. >> ugh go shopping for me any time. >> happy holidays early. >> that are watching "power lunch. "closing bell" starts right about now. >> thank you so much welcome to "closing bell." i'm wilfred frost. a sloppy september end with another rough day on wall street averages turning sharply lower as we head into the final hour of trade, sara. >> welcome, everyone i i'm sara eisen uncertainty of the debt ceiling and the infrastructure bill weighing today senator manchin saying this afternoon the most to spend on a reconciliation is $1.5 trillion.

nasdaq is outperforming as the upswing in bond yields takes a pause and supply chain concerns weigh heavy today on bed bath & beyond slammed missing the month and the third quarter. >> coming up, we have got some great guests to break down the volatile market including cameron dawson, stephanie link, steve sosnick and kevin landis plus jason furman will join us to make sense of the drama in d.c. and how it impacts your portfolio. >> let's get straight to the big stories this hour. mike santoli, ylan m uy and

steve liesman. mook, definitely a different flavor with tech outperforming. >> a little bit of end of the month, end of the quarter decision lit ill still nervous churn before the headline of manchin at the low end of the two-week range. some technical damage or kind of maybe diceyness of the trend is surfacing here we are as i said retest the lows from last week on the early side down just above 4300 we left about a percent. 45 s&p points after the joe manchin headlines. we have regained about half of that so look at it to squint to say maybe we're testing and spent two weeks under the 50-day moving average before that didn't spend more

than a day below it and early july levels in the index and had a pretty thorough reset of the market loss of momentum are we just kind of resettling lower and creating values? we have had the speed of a dip buying instinct as we have in prior times this year. that is something to keep in mind look at stocks fared versus long term bonds and commodities this month. one thing is that the s&p moving alongside the long-term bond etf and now pretty much tied at the hip. we're now in bond prices go down therefore yield's going up and has meant s&p is weaker. that's been a flip why is that? usually when inflation is the concern that's the pattern when deflation was a concern it was the opposite here you see commodities going the counter direction why that would all make some sense.

take a look at a kind of virtual versus real world type trade seeing it in retail and finance. this is the fintech etf against the banks index and love the automatic repelling action there. it is not the case moment for moment over the year but this month about moving somewhat away from software virtual assets toward real reflationay. as the market digests that in a comfortable way. >> yeah. multiples i would think have a lot to do with that. mike, you can pick your poison people blaming the fed and the tapier the hawkish tone from fed chairman pow yell the china evergrande scenario. the people say september is a bad month. what's october hold? >> there's an opportunity for set to be ugly and a multiple

reason that it manifested is investors were loaded up on equities going into the month. i think the case back to april that people were all in. they didn't need to buy more and buying more every dip. the bull case is less clean in terms of the fed is our friend and earnings estimates are way too low. that's become more complicated as we decelebrate. octobers when september is tough october also sometimes is touch and go at the beginning and can't rule it out because of the turn of the month. however the start of each quarter has tended to be an opportunity for buyers to come here so we'll see how tomorrow unfolds. >> the final 55 minutes as wilt. really interests turn south over the last ten minutes and see if that travel of direction holds now washington with a number of

moving parts ylan has a break down of all we need to know at this hour. ylan >> reporter: we are waiting for a break through on that trillion dollar infrastructure bill that house democrats say they will bring to the floor sometime today. speaker nancy pelosi met this afternoon in her office with moderates and progressives for about an hour. afterwards the lawmakers said the tone was positive if there wasn't a lot of movement even. >> we have said clearly and we reiterated this again to the speaker and we are in the same place that we will not be able to vote for the infrastructure bill until the reconciliation bill has passed. so we are in the same place. >> reporter: new details came out about joe manchin's demands for the big social spending package including lower the

price tag to $1.5 trillion, setting the corporate tax rate at 25% and the capital gains rate at 28%. another key moderate senator sinema opposes that $3 ant 5 trillion price tag saying that she has made the red lines clear directly to president biden and that she is negotiating in good faith but right now we are all in a holding pattern here on the hill. >> are those two going to have to cave? are they likely to cave or to be expected at this ladies and gentlemen stage to save face and they're more licklkely to go higher >> reporter: someone has to cave either they go higher or the progressives have to go lower on the number and that top line number is important because it determines how much revenue they have to raise to pay for this bill the administration tries to message this as a zero dollar

social spending package saying it will be paid for eventually but exactly how big some priorities will be, the tradeoffs to make to make them is all critical parts of this negotiation and somethingthat they're trying to work out now to get the infrastructure bill done, as well. >> thank you very much. sticking with washington the fed chair and secretary of treasury testifying again today on capitol hill. steve? >> sara, thank you treasury secretary yellen supporting in testimony a simple but politically impossible solution just eliminate the ceiling she supported a bill to get rid of the debt kreels because that's not where the spending gets done. >> i believe when congress legislates expenditures on puts

in place tax policy that determines taxes those are the crucial decisions congress is making >> ask your guest jason furman about this fed chair powell sees unemployment going up. >> right now we are far away from we think from full employment so that gives us incentive to keep accommodative policy in place. inflation is well above target and we have an expectation that high inflation will abate because we think the factors that are causing it are temporary. >> powell acknowledged that supply bottle necks are worse. he thinks now they'll begin to ease in the first half of 2022

>> so he didn't say the word transitory and somewhere between where he was in jackson hole and the last fed meeting and says it will wear off. what vibe did you get from the politicians toward powell after senator warren called him a dangerous man at the last hearing? obviously the senators matter here more but what are you gathering in terms of the political mood or powell and whether the biden administration will reappoint him in february >> first of all, i didn't hear anything on the level of warren calling powell a dangerous man by the way, i hadn't heard anything from warren on that level before warren went after powell yesterday and didn't hear it from on tuesday from other senators and from the representatives today. it seemed like today was a way of criticizing republicans criticizing biden, the

president, through yellen. not much heated at all on the chair. the conflict of interest only came up in the issue of you should use the opportunity, several congressmen and women say, use the opportunity to enhance diversity on the board and open market meeting. >> we have heard senator warren have some pretty angry words before, steve. maybe not to fed members but to my bank ceos before. that's for another time. we have to move on why thank you so much we have a -- general motors sorry, steve phil >> take a look at shares of general motor just the news is the subsidiary cruise with a vehicle ride share program out in california. cruise along with waymo both received from the california dmv

autonomous vehicle deployment per mitts. they're no longer permits for testing and for cruise one step closer to offering autonomous ride share to people on a paying basis. so you and i could be in california in the bay area where this approval is for certain areas of san francisco and we could in essence hail a cruise vehicle to go to a certain destination. when whether they get final approval that's up to the california public utilities commission. they are the ones that finally give them the approval why no indication when that will happen this is cruise one step closer to offering an autonomous ride share service in san francisco that will be open to the public. not a testing program anymore. you call it up, you go back to you. >> yeah. step closer to the future. thank you. maybe a mini pop there for gm going positive on the session.

field points cameron dawson with the sector she likes going into the new quarter as a tumultuous september i think wilfred called it a sloppy september ends. we are tracking for a worst month for the s&p since march 2020. >> my words. >> you are watching "closing bell."

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thank you so much for joining us my first question is whether this bounce of volatility led to a clear change in sentiment from your clients are you getting a lot of calls >> not necessarily, no we can see that there has been a deterioration in the overall sentiment if we look at things leek the aaii bull/bear indicator and we have seen a big uptick in bearish readings but we think as far as the investors go we should really see about what they are actually doing and not just what they're saying so what we see is that equity allocations still remain near all-time highs despite some of the wobbles that we have cash allocations still remain near all-time lows one really interesting thing is that we are seeing more spikes in puts buying so this indicates that people may not be scared

enough to sell positions but willing to take some downside risk protection and that's why they buy puts but not seeing capitulation in selling of people saying this is too risky. >> in terms of positioning within the u.s. equity space people seem to be saying the place to be is the less high priced stocks and the cyclical stocks but is that too much of a consensus already? >> i don't think so. because if you look at flows data, what you can see is that through the summer growth scare we actually had extreme outflows so positioning is still very light. higher yields really help cyclicals, as well seasonality is typically supportive of cyclicals in that sweet spot of october to april the last thing we would look at is economic surprises which is just economic data coming in

below expectations have gone negative when those economic surprises are so low it's typically a good contrarian buy indicator for cyclicals but the one caveat is that we really haven't seen big downgrades to earnings estimates despite the fact that economic surprises have gone negative so i think what you are getting at is that there's still a really high bar for earnings into the third quarter which is why we think we are seeing such big downward moves to negative earnings up dates from nike or fedex or bed bath & beyond today so that does get you to the point that if you are going to play in cyclicals you have to be highly, highly selective >> you guys manage $5 billion in wealth management. what are you telling your clients to do with the most

widely owned and beloved tech stocks that did get hit and showed the vulnerability to higher rates >> we don't think that you can think of tech as one big hole and need to throw the whole tech baby out with the bath water instead what we think we need to approach tech is that if we make any rotations within tech where we want to be trimming is not necessarily those stalwart growth tech names that are the largest companies but to trim the very high multiple, very speculative, innovateive names and then rotate into the cheaper, more value parts of tech where we think there's more valuation opportunity and frankly the relative trends look better in those value areas than in speculative tech. >> thank you

good to see you. >> great thank you. up next, farmer giant merck is a bright spot after announcing a merger but it was the ceo's comments that caught our attention. check out some of today's top searched tickers the list is coming there it is. the 10-year yield is top of it bed bath & beyond down t e st apple and the dow round outhli keeps me moving forward. they guide me with achievable steps that give me confidence. this is my granddaughter...she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. voya. be confident to and through retirement.

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merck moving higher after an acquisition today and also sharing new details about the oral covid anti-viral treatment. meg tirrell speak with the new ceo and joins us with more meg? >> it is a big day for merck and rob davis. just took over july 1 and

spending $11.5 billion to buy acceleron pharma for a phase three drug for pulmonary arterial typer tension and had to ask him about upcoming data for the pill they licensed from ridgeback bio. here's what he said about the expectations or his hope for what that drug could do for this pandemic. >> it is something where we think if we can give iterly in the course of the disease it takes it from the devastating disease that covid-19 is to something that's manageable and so important why because it is a pill it is something that obviously can be quite accessible to the general population so we're excited about this because i do think it can really change the way people will think about covid-19 if they're unfortunate enough to be facing it themselves. >> and the moment of truth for

this pill is potentially weeks away they're expecting data by november, perhaps sometime in october, filing for emergency use authorization by the end of the year and fingers crossed it works and more in the pipeline from pfizer, as well guys >> yeah. we need good news on all those thank you. still to come, jason furman breaks down the drama in washington of the debt ceiling and infrastructure bill and what it means for the economy and your money. a quick check on bonds yields are lower 10-year down to 1.52 still elevated and marched straight since the fed meeting potentially started to talk higher rates we'll be right back.

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about 30 minutes left to go in the trading session lordstown motors higher on a report of nearing a deal to sell the ohio plant to foxcom the sale will help them raise cash and could be finalized this week the stock moving up more than 6%. shares of virgie galactic soaring after the faa ended the investigation into the july flight which devastated from the restricted air space trading up more than 13% now the company is free to focus on the next flight which was postponed, that includes some

members i think of the italian air force. >> a low way off the highs down about half a percent on the s&p 500. it is time for a cnbc news update. >> hi. the department of homeland security telling immigration officers that lacking documents is not enough reason to be deported secretary mayorkas telling "the washington post" that the biden administration will continue to focus on deporting immigrants that pose a threat to national security or public safety. suicides rose 15% last year among armed forces 580 suicides in 2020 senior pentagon leaders called the studytroubling and calling for reversing the trend jings teen vaping is falling sharply

but still a concern. 11% of high school said they use e cigarettes flavored e cigarettes used by nearly 85%. in michigan murder charges dropped against a man convicted in the death of five children. he spent 15 years in jail. prosecutors say that evidence was withheld during his trial. you are up to date back to you. >> thank you. the house financial services committee holding a hearing today on oversight of the pandemic response. up next former council of economic advisers chairman jason furman on what he heard in today's testimony. we'll be right back. is exquisite bowl of french onion dip. i'm going to start the bidding at $5. thank you, sir. looking for $6. $6 over there! do i hear 7? $7 in the front! $7 going once. going twice.

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drama in washington heats up there is progress on averting a government shutdown but the future of president biden's infrastructure reconciliation bills and the debt ceiling remain in the balance. joining us is former council of economic advisers chair jason furman i guess it's nothing new in washington but we are seeing the tensions exposed in the democratic party the moderates holding up some bills. the progressives holding up some bills. how do you expect this to play out with the two pillars of the biden administration economic agenda >> winston churchill said american dos the right thing after they've exhausted all the alternatives that's true of congress but i

think at the end they'll edmonton up in a sensible place. we are seeing that with funning the government i think things will pass on the infrastructure and reconciliation bill. some which way, as well. >> really? with senator manchin saying $1.5 trillion is upper limit? $2 trial short. >> there's a large spread there. there's a lot they need to work through to get there it's definitely not gauaranteed. nothing is when you need 100% of 1 party and you don't have any of the other party there's some room. how do you count a tax cut environmental provisions, for children are actually tax cuts if they count on the tax side of the ledger that would enable more spending and not count against -- >> excuse me a moment. some breaking news crossing on

the government funding bill ylan has for us >> the house now as the votes it needs to fund the government through december 3 that vote is still ongoing on the floor but the current tally about 221 in favor well above the level needed to clear this bill. the senate passed a version of this bill earlier today so it would go to the president for signature allowing washington to avoid a government shutdown midnight tonight back over to you. >> thank you for that. i guess that sort of kind of proves your point on one two big part just they'll get there in the end. >> yeah. yeah i'm glad they did this through december rather see them work through regular order to pass appropriations bills let's spend more and less in

that area. auto pilot for two and a half months is less than ideal but better than the alternative of a government shutdown. the debt limit is in next one. we may have two weeks to deal with that. possibly more wriggle room but another one where some which way they figure out how to get through it. >> you think we should get rid of the debt limit, right steve reminded after the drama of the last time in 2011 leading to the down grad of u.s. government debt. why do we go through this time and time again >> i don't know why we do. no other country has a debt limit. the crises are when people don't want to lend to the government the united states would be unique in a crisis because the government no longer is willing to borrow. i was against the debt limit when president trump was in

office i urged the democrats to vote for raising the debt limit when trump was president. and i think the republicans should do the same now i think we should get rid of it. raise it by 1 google dollars t that's 1 with 100 zeros that's fine. >> that's one to - >> oh yeah. >> one to remember want to talk -- well, as we pivot to inflation, not that level of inflation but to what level dio you think that's self fulfilling prophesy and quite pronounced levels and a concern to you >> i think inflation is more persistent than what the fed is counting on. certainly comes down from the recent white hot levels but i see it stabilizing closer to 3%

than the 2% that the fed is counting on. i think a lot of ingenuity gone into pointing out all the transitory components of inflation. less has gone into the shoes that have yet to drop. shelter inflation. medical prices especially in the cpi. wages passing through. to prices. and the continued fiscal support the economy is receiving that adds up to inflation well above what we have been used to historically. >> if you think the bills will pass that's trillions of more dollars into the system. what do they do to the inflation and economic picture in the u.s. >> on the medium term it is imperceptible. the bills will be largely paid for, especially the reconciliation bill. the money is spread out over

time they increase the productive capacity of the economy. if there's inflation pressures which i don't expect the fed would have time to deal with them there's a big difference between the legislation of now and what happened in march when trillions of dollars were poured into the economy with almost no notice. the march one was very hard for the fed to do anything about this time if it needs to it can. >> jason, one very quick final question which is really sara's question but i'm going to steal it do you think that chair powell should be reappointed? too many seats to fill is that a risk for marks as they see that uncertainty >> i have a lot of friends on the fed. i think a lot of good things have happened with the combination of jay powell and the others on the fed. >> okay. there we go. not a dangerous man?

>> you know, i trust president biden will make an excellent decision. >> jason, good to see you. thanks for joining us. a slew of retailers hit on supply chain issues. a look at those stocks and the rest of the market just the nasdaq's holding on to a fractional gain. may be negative by the time we come back from the short break before inv esting consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.

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media. now what >> now mark lasry, a frequent guest on cnbc announcing that he is stepping down from the board of ozy media in the midst of a report suggesting that they may have committed securities fraud saying i believe that going forward ozy requires expins in crisis management and investigations nor that reason i have stepped down from the company's board. now it is unclear exactly how much he invested in the company. ozy media co-founder watt son did refer to him as a lead investor in a round of investment in 2019 of some $35 million and unclear how much he did put into the company, guys. >> julia, thank you so much.

let's pivot now to the market zone. we have 12:30 left commercial free coverage of the action into the close. mike santoli is here to break down the crucial moments as always and strategist stephanie link with the broader markets, stocks volatile on the last day of sloppy septemberand the third quarter. all three major averages on track for monthly losses and the dow for the first quarterly loss since march the last ten minutes seen us approach the session lous for the dow at least the low is 490 the dow the laggard of the day but the nasdaq is dragged into the red. >> it has. the s&p about 10 points above the low from earlier matching the low from last week it is clearly a much heavier tape starting to kind of roll a

little bit at rates of july. first few days of the third quarter and unwound the index upside i don't know that you can say therefore last a largest trend change and does show a change of marketer because we have usually had a stronger impulse could be seasonal or the policy fog out there and just this decelerating moment into mid cycle type mind set. i think the positives are a lot of stocks down a ton already and investor sentiment is reset to be much more kacautious at this point. >> i wanted to hit on the policy fog for a moment the market potentially taking a leg lower earlier on man chain saying he was $2 trillion apart on the reconciliation bill

is that a bill that this market wants to see come to fruition? it's not clear what that would do to economic growth with higher taxes which we know the market doesn't usually like. what do you think? >> i think we need infrastructure improvements so i can understand why both sides are there. but the dollar amount is the wild card. i don't know why you can't pass the 1.7 first and then see what else you need down the road and i think that's what the supporters of not doing the entire thing is saying we don't need the big bazooka on monetary and fiscal. as mike touched on the last day of the quarter an ugly day some noise but some of it is not. i would say that you have to differentiate between the haves and the have nots.

the nike and mccormick is proven winners. talking about this package coming down the pike or whether it is china or delta you have to find ideas on sale i'm not there on nike but intrigued and the other side of the story today is rotation back into tech and away from the cyclicals and the reopenings you want to be there because i think you have liquidity in the system and very much positive and going to lead to better growth we have a 6.7% gdp number at the same time of a pce number core at 6.1 we have growth, inflation. rates are higher a recipe for value versus growth between now and the end of the year and let's see what happens in washington. it is the wild card. >> we're continuing this familiar pattern every sector is now red even technology the dow is down now 477 points

so leg lower in the final minutes left supply chain disruptions continue to hammer kohl's downgraded saying supply chain issues could hamper the recovery there's a risk of running out of stock and citing supply disruption for the reason for resuming coverage at foot locker factory shutdowns, port delays and supply chain affect foot locker according to that foirm. berth bertha coombs is looking at bed bath & beyond today. >> yeah. they said it anticipated supply chain problems but in the ceo's words they could pivot fast enough the end of the quarter

particularly in august hit the margins hard posting a miss and lower guidance saying it is not getting better this mornts and blamed the delta surge for hitting store comps in california, florida and texas and confident on the turn around and mentioned a down tick in traffic and search for home furnishings and another tale -- head wind for them if that pandemic hope decor trend peaked. >> yeah. kids moved into college already. thank you. steph, how do you separate out the winners in retail with everybody blaming supply chains? it is harder to tell who has deman problems >> it is very true bed bath & beyond down 64% since september of the 2004. there's new management there with this new management team to not see what is happening is

distd disturbing and restoration hardware isn't saying that that's not what tjx is saying with comps of 36%. i think they're losing market share. kind of hiding behind the supply chain issues and delta it is the companies that can piftd and increase price look at dollar tree yesterday changing the strategy and not a dollar store you have to make some really important decisions. it is cheap but i don't want to play for that missed execution potential. >> mike, is it earnings why staples is doing so badly today? >> consumer staples? >> yeah. >> not sure. yesterday they outperform jd there's no doubt that the supply chain stresses, the idea to not

navigate that sbeer immediate yair role probably weighing and also interested into the effect of target. down almost 3% today people assuming this is going to be some what a generalized problem even if those more challenged retailers likes kohl's and foot locker trading at super cheap levels and getting -- leading the way down i guess. >> yeah. you can put maybe nike in that category, too. worst performing sector on the s&p is industrials we have a look at what's driving the drop. >> the sector down by airline and machinery. oinching to a 2% drop at the moment and then alaska air, a biggest laggard in the group, down almost 3% and then united southwest, american and delta

and outperformed for the month and global jets it of up 3% month to date. according to rbc actual markets seen earnings estimates fall more often >> thank you steph, what do you do with that group? do you worry about these cyclical picture, growth slowing or do you stay in that trade on the back of rising rates which has been working >> yeah. i always worry about the industrials because it is so inconsistent this group stalled, down 7% from the may highs. i think you have to watch the supply chain issues. but i have talked to companies i have listened to conference calls.

3m, dover, eaton, these companies all have said it's nothing to do with demand but to do with supply and that goes back to the comments to have pricing power, consumer discretionary or energy or industrials. whatever sector. you have to have pricing power, have lean cost structures and the companies in the last 18 months restructured because they had to and improved the balance sheets and i pick carefully in the space. reopen is boeing and 737 max up and running. ge is about changing the business mix into aviation and health care. what they do well. they made a great acquisition recently and cater pill slar the scareiest and buying back $2 billion of stock and generating each year free cash flow and they'll be able to price

increase so special situations within the sector and those are the ones i like. >> cyclical stocks meant to be the safe havens at the moment or relatively in flight of inflation pressures. down more than 2%. pretty much at session lows. the dow was down 525 mike, the internals? >> not skewed that heavily we had a big market on close sell imbalance that's the cause for the push lower. 2-1 negative to positive volume on the new york stock exchange so clearly to the downside but not so much a real washout like a couple times the past two weeks. look at high field etf compared to a comparable treasury etf high yield continues to

outperform credit spreads have been well behaved why not the best levels but just dragged into a weaker state opposed to flaring and setting off alarms that something worse is going on. volatility index is not waking up that much still under 24 since we were just there a week ago. maybe you have had the pre-panic and strange quarter end stuff going on in terms of people locking in some gains and also reloading on downside protection a huge fund did that in the course of today. >> just 45 seconds left to go. s&p 500 down more than 1%. dow down 1.5%. nasdaq is down a third of 1% that takes the week to date declines to over 3% for the s&p 500. and for the month as a whole the s&p down 4.7%.

all 11 senior ctors are lower t. the worst performing sectors today are cyclicals. industrials. 2% consumer is down materials. financials all down more than 1% at the close down more than 1.5% on the dow over 1% on the s&p a third of a percent on the nasdaq stocks taking another spill into the close an ugly one to wrap up what was a down month for september welcome back to "closing bell. i'm sara eisen with wilfred frost and mike santoli down 547 on the dow. and then another leg lower there into the close to session lows biggest drag on the dow united health care and only gainers

merck and salesforce s&p 500 down 1.19% every sector closed lower on the day. technology did outperform and communication services industrials down more than 2%. for the moths as a whole the only sector to close higher energy materials hardest hit down 7%. couldn't keep the gains into the close. the nasdaq down more than 5% for the month of september russell 2000 index closing down a percent. so that's going to wrap up a down quarter for the dow s&p 500 little changed for the quarter. for the month overall brutal the tech sector holding up relatively well today. is the worst for the sector over coming up, firsthand funds kevin

landis if he is seeking value in tech stocks. first stephanie link with us steve sosnick joins the conversation first comment to you, mike wrapping up a pretty ugly month on a down note. >> on a purely kind of tactical how the market's behaving level we closed the nasdaq at the intraday low of ten days ago 4306 or something and had a pull down to that level highs for this week almost every single day after 10:30 a.m. on monday we sort of just stayed there in this mechanical way. why does that i think maybe take a little bit of precedence over the action the absence of buyers, humans deciding to get in at a 4% down level and if you told me that that's because of the confusion in d.c. and people not feeling

that they want to reload going into the fourth quarter and the break stride and feels less reliable i believe you but that doesn't mean to me that the policy issues are the real economic swing factor from here on out and much more of a headline driven thing and the market wants it done >> steph, we touched on industrials already. i get your point you want to be in the names with pricing power but the broader cyclical sectors meant to be the areas to benefit in the current environment do you worry when they're sharply lower that's a consensus trade? >> i don't think it's consensus. i think people are talking about. i don't know if they're acting on it. i think you have to be confident that the economy is going to be above and stay above trend and that inflation is greatly but not runaway inflation but commodity prices have recovered

quite nicely oil up 90% year over year and copper and lumber at new highs and we have wages and shelter costs inflation which is more sticky i listened to a company called paycheck, an hr company and reported earnings today. blew it away the ceo said it's because you see a stronger economy and a resilient small and medium business environment we are hearing from companies that things are actually good. pretty good. so that's why i want to believe involved and on top of what expedia last week and wynn and kayak saying that searches and reservations are on the rise and the stocks down a lot. i want to be buying the stocks because i see value in them. >> steve, what about you

has your sentiment changed the market likes to climb a wall of worry washington is a familiar one the fed and tapering is familiar is this time different >> sara, to some extent it is and dangerous to say this time it's different but we have had more or less the perfect storm for 18 months. the fed you know is pumping in liquidity. the fiscal policy is a real tail wind to the markets. the economy is wonderful for a whole bunch of companies i don't think that the corporate level that we'll see the problems but where i do think that we have to think differently is we don't have the same fiscal -- monetary tail winds. the fed is taking the foot off the accelerator and they tell you when they may tap on the brakes fiscal stuff didn't matter because the market plunged that

they were not going to shut down and i think our relevant as mike ashrewded to but the fizz call side is not as friendly and you have to look at stocks with a different lens than 18 months. >> so with the close have we had that 5% pullback at a close? i think we have just about. >> barely did hit it, why e. at the lows of last week 5.2%. >> does that change people's perspectives is that significant or not really >> i would say not really. it gets you out of the streak to talk about how long it's been since the last 5% pullback we can start talking about the different rules of thumb past 7 it goes to 10 silly things i think we have given up some of the trend support like the moving averages.

below the 100. i think just in general you're in an environment that feels as if it's kind of a burden of proof is shifts the those that feel it will be a quick turn around but it is really unusual in a bull market year do have the peak on september 2. that early in the year not unprecedented. whether the market felt it was a slowdown and a policy error potentially happened 2015, 2018 i think it's too early to say that's where we are right now because september and october nastiness does set you up for a better fourth quarter. >> nasdaq off 6.2% from the highs. steve, something you said. you have to think about it differently because the monetary stimulus framework is not going to be the same that we had earlier with the fed tapering.

do you not think this economy and the market can stand on its own two feet with the fed tapering >> they're not talking raising interest that many times soon. >> i'm going to separate the question because you mentioned the economy and the markets and they're not always the same thing. i think the economy does have enough resilience in it to continue ahead and i think that's why the fed is willing and able to reduce some of the monetary foundation. the bigger problem is i think a lot of people have gotten involved in strategies that involve negative real interest rates or monetary accommodation. right now you have got the fed putting in $120 billion a months into the bond market but taking out $1.3 trillion a day at the window with nothing better to do than look for 5 basis points from the fed and almost a year's

worth of accommodation as the money starts to ebb a little bit that's the thing about buffett and you don't know who's swimming naked until the tide changes this is a tidal change and doesn't mean it up ends everything but will be pockets relying on the easy money to get spooked. >> the house and senate passing a temporary government funding bill ylan has the details on that for us. >> reporter: house speaker nancy pelosi is planning to take a vi victory lap after they passed that government funding bill but as the fate of the infrastructure deal hanls in the bill democratic leaders have counting the votes to see if they have the support to pass that bill and pelosi said we are working on it. debt ceiling, chuck schumer said

today that his chamber will take up a bill to suspend the debt ceiling through december 2022, potentially next week but it's doomed to failure amid republican opposition. that move does not give washington time to change course or find a solution before the october 18th deadline. back to you. >> thank you so much for that. steph, to what extent do you think that the recent weakness is d.c. related? we have a small reprieve from that tension today if we get the reprieves does the market rally or is that not the driving factor >> this is uncertainty i think they will get something done and figure it out in the 11th hour. i think the market will rally and we have other worry points delta, china and the slowdown

and by the way the pmis in china below 50 not expansion any longer it is a shot this year that china could grow 4% and we grow 6% so that's why i focus more on what's going on in the states, companies that have good balance streets. i have that cyclical exposure and looking for opportunities should we continue to get a pullback because i expect the fourth quarter to be strong and live up to the historical past >> one thing we haven't touched on but is an issue for the market is europe and this energy crunch that led to long lines. china told the state-owned companies to load up on supplies for the winter is this going to become a global issue? >> it has clearly infected henry hub up 60% quarter to date

132% year to date. gas prices trading higher in europe and asia off the back of that it is directly linked to oil that's a transport fuel but clearly it is infected that whole sector the question i think from here it surely will be temporary. we hope and pray and the crazy lines at the gas stations in the uk hopefully will abate. and pressure central bank or markets before it passes and, mike, the commodity price inflation is there coming to energy prices and still holding on and it's a factor that led to change in tone of the chair of the federal reserve. >> no doubt about it i think word from china today, the authorities telling

companies and everybody to procure the energy resources for the winter you have that mind set to be just chase the supply at any point. my mantra is it's always about everything it is nevada one thing or not the thing in front of us but the policy stuff creates a real overhang of the idea to quickly pivot to this accelerated reopening. take an advantage of delta and be in a better place it is tricky because we are downgrading third quarter expectations and think that the economy is coming out of a slowdown and caught the macamarket in a pinch. >> it has definitely also played into the strength of the u.s. dollar the pound as we know is worth 13% of the dxy and as an energy

importing nation played into the weakness and the dollar index up sharply over the course of the week and the quarter because of that we have to leave - >> 2%. >> thank you both very much. tech outperforming the bro broader market there kevin landis will discuss the tech wreck of the week and two stocks that he is buying on this pullback facebook under fire over the instagram controversy. highlights from that contentious testimony when "closing bell" returns.

tech the worst performing sector this week down around 4%. the biggest laggards let's bring in kevin landi good to see you. thank you for joining us

do you think this short term pain in the nasdaq is over >> it's hard to say that it's exactly done right? call it even this week's low but it does feel like it's an opportunity. and so we're trying to take advantage of it the best way that we can. >> clearly some of those higher priced ark-type stocks fallen more than the mega caps. which are most attractive? >> i thought i was a genius because i owned roku but i was thinking the same thing cathy woods was thinking the high there was 450 and down around 300 now but i guess the main thing is if you can describe a company as a great growth story that got accelerated due to the lockdown but that's probably one to go bargain hunting for.

>> do you put docusign in that category >> oh yeah, yeah that's a top five. we are happy i wish i owned more. but that's a great example, too. where you have the ceo on this week on cnbc and most signatures are still wet and we have a lot of penetration to go and a classic argument where people change the way they work and experiment with a few new tools and find themselves saying i could have been doing this all along and then they do good example 0 of that is bill.com accounting departments doing more and more to update the accounting software. that's been a rocket and it's not really anything that new or different but finance department does the work remotely and just

doing graets. >> just looking at the top ten holdings this might be out of date but roku a 26% or 27% position in the portfolio. is that still the case >> i didn't recalculate the percentage today but here it is why you learn from history if you had hung on to the netflix i would be better off. i think i said before i regret every sell ticket i drop ask anyone with a sell ticket on the amazon any time in the last ten years. it's still the number one holding and hurt to hang on to it this year but i think the reasons that we like that story have only gotten stronger. i would have been more clever to get in and out of it but still really like the story. >> so you are -- technology

opportunity fund outperforming how do you hedge for higher yields, higher interest rates if we are at the precipice for change from the fed? >> i was thinking about this and the individual growth stories to the macro things i was a kid in the '70s so like i'm always looking back over my shoulder for inflation and i take a little bit in comfort for this for almost any tech stock you don't have to worry that copper or lumber went up or a fuel surcharge. most tech companies are agnostic to that and don't have that basic business pressure. what it does to people's capital allocations and all of that, i can't speak to the week to week

psychological swings but i would say this if we get into trouble here and if times get tough, i think people are going to see fewer and fewer really good growth stories out there and that means the companies that are growing are more scarce therefore more valuable that's a pretty good thing to, a touchstone to have. >> kevin, thank you for joining us >> thank you. a top facebook executive grilled on capitol hill today over outrage that instagram is toxic for teens. julia boorstin with the details. julia? >> -- playing defense in the face of accusations that facebook putts profits ahead of kids' safety richard blumenthal led the

attack. >> facebook has taken big tobacco's playbook and hidden its own research on addiction and the effects of the products. it's attempted to deceive the public and us in congress about what it knows and weaponized chil childhood vulnerabilities against children themselves. >> davis said that facebook's research is intended to help the platte fortunately make changes to protect children and others congress pushes davis. she refused to say how long the plan would be paused and she did not agree to stop the project altogether which one senator pushed for but davis said she would have to talk to facebook experts about various things and

follow-up for her to do. >> the stock closed completely unchanged. thank you. up next, jonathan golub on the selloff an enif he is finding opportunities on the carnage. a check on the industrial sector, the worst performer on wall street today. one day, you're gonna take a hit you didn't see coming. do you stay down? or do you get up? [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪

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> welcome back here's how we closed out the door and the month energy was the only positive sector you remember what was happening in march 2020. the heart of the pandemic. let's bring in jonathan golub on the cnbc news line questions about changes in fed policy, fiscal stimulus, uncertainties from washington. is anything changing your mind here are you sticking to your bullish guns on the market >> i'm pretty bullish looking to year end but it is hard not to acknowledge the fact that there is a much more negative tone to

the underlying economics if you look at the beginning of august gdp was forecast at consensus based on an economist forecast at about 6% for the quarter. now 3% it's all on covid problems and supply chain issues, labor issues the fed pulling liquidity. washington budgets china. a bunch of government programs rolling off and we don't know how that will impact things so what was the response? the vix jumped a bunch over the month and that probably is a single most important thing. what has me perplexed is with this type of a more negative backdrop it doesn't seem to make sense that treasury yields popping the way they have over the last five or serven trading days and has the market spooked.

>> it suggests more the inflation and the fed risk of tapering and potentially raising rates. you laid out the negatives we're off 5.25% from the highs on the s&p how much have we factored in that bad news? >> here's going to be the good story. the last five quarters earnings have beaten by 19% on average. last quarter by 15%. and with all of this negative news that i'm talking about we're going to have another good earnings season. maybe we don't have a 15% surprise but an 8 or 9% surprise. analysts and portfolio managers continue to underestimate how companies are able to translate higher prices into greater profits.

pricing power, operating leverage is managed incredibly well and that's ultimately going to drive the other thing is the multiple. a year ago was 23 on the market. it's now closer to 19. so the stocks are really dramatically cheaper than they were not too long ago. >> so what's your top sector pick to anyone that asks you tomorrow morning for the rest of the year >> so i don't want to hedge my answer but i think that it's really going to depend on the direction of rates if you think that rates are going up toward 2 rather than down toward 1 then you sl absolutely are going to be in industrials and energy and consumer stocks. if you believe on the other hand that the rates are going to dip down then you should be making a

bet that the growth carnage of recent is going to reverse hard so that's the bet. if you say i have no idea on interest rates the fundamentals are better why those are the companies to benefit more from pricing power than growth stocks and tech stocks and also incredibly cheap so if you have no call on interest rates at all and that's the position i will take and the fundamentals have to favor a cyclical bet. >> i think you already put out the s&p target for next year 5,000? you putt that marker in the ground seems early. will you have to change that before the end of the year because you sound negative. >> no. listen the one thing to be careful about even when you are optimistic to close your ears

and eyes and not pay attention to the data coming in. we expect the economic data coming in slower you have to acknowledge that and the news flow is weaker. you have to acknowledge that but we are still having a well above trend economic backdrop. how even with the fed tapering assuming that they're going that way the level of liquidity in the market is unbelievable and companies are crushing it on profits so if you look at our call of 4600 company now and the end of the year or if you look at 5,000 between now and the end of next year the numbers are still quite doable, especially since we had -- really 5% pickup in the market unless something changed which it hasn't i

wouldn't think this is worth changing the outlook on. >> jonathan, thank you so much good to see you. >> all right be well. stocks are selling off again today. mike has a look at the role retail traders could play in a potential bounce back. health care is second worst performing sector this week. and cano health ceo on the stock. while taking your mother and daughter on a once-in-a-lifetime adventure — your life is just as unique. your raymond james financial advisor gets to know you, your dreams, and the way you care for those you love. so you can live your life. that's life well planned. this is the new world of work.

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welcome back teem for a news update with shepard smith. >> thank you crisis averted with a government shutdown looming at midnight both houses of congress passed a short term appropriations bill this afternoon that will keep the lights on until december 3 now heads to the president's desk for signature. facebook's head of global safety grilled in a senate subcommittee today lawmakers compared the giant to big tobacco. they demanded answers about what they call the company's toxic affect on young people the hearing prompted by a string

of "the wall street journal" articles based on internal documents leaked by a whistle-blower one report showed 1 in 5 teens believes facebook owned instagram makes them feel worse about themselves facebook put on pause an instagram version for kids and said they work tirelessly to make sure the products give young people a safe and positive experience. cdc with a message to pregnant women get vaccinated the agency says fewer than one third of all pregnant in the united states are fully vaccinated and at least 2200 women have been hospitalized in the pandemic one last stat, at least 160 pregnant women have died of covid. tonight the vaccine mandates on campuses we'll talk to a college student who refused to get that vaccine and then kicked out of school and lost half his tuition money on "the news."

first anniversary edition tonight 7:00 eastern cnbc. sara, you have been challenged >> happy birthday. >> thank you, thank you. >> we accept your challenge and challenge you back we got a little cnbc rivalry with dodgeball. >> bring it. >> wilfred doesn't know what it is. >> it is coming. >> it is coming. we are after you happy birthday to "the news. let's go to mike santoli on the "closing bell" team for a look at retail traders and the influence on the market. bed bath & beyond a cautionary tale there. >> in genre tail traders for a while have been pairing back the options buying activity. that's the main avenue where the speculative energy gotten into the market retail traders, small orders

this is before today down about 11% or so from highs up in the mid to high teens. clearly i don't know if it's boredom. opposite of love isn't hate, it is indifference. maybe people moved on. also some reports that new account openings or new app downloads for robinhood faded in late summer and could suggest a rung of the upside for the overall market gone away for now. take a look at robinhood shares with rival discount brokers schwab and interactive brokers in tune but robinhood falling but gone nowhere in weeks and does trap with crypto. if you think the fed will raise rates the stocks will do well making the money on the float to

a large degree so it seems to be on alert of a less presence for this market. guys >> we'll keep an eye on the stocks as a metric thank you. condo health went public back in june and fallen 14%. the company ceo on the outlook for the sector and whether he looks to continue a recent string of acquisitions here's a check on today's worst performers in health care.

health care service provider cano outperforming in september with a 7% gain in the month and shares under pressure since going public in june via spac. stock down around 14%. let's bring in contessa brewer joining us with cano health ceo marlow hernandez over to you. >> thank you for that. doctor, great to see you today can you talk about cano health and the way it has disrupted the model of delivering health care? >> sure. thank you for the opportunity to be here with you but cano health is the most exciting company on the planet not a surprise to hear from me

a 12-year labor of love. the patients are measure bring getting better care. we are a primary care provider eight states, 1,000 plus affiliated providers but better care like covid with a - >> how are you doing that? >> removing the barrier that is patients have to getting quality health care. access, for example. transportation 24/7 urgent line telehealth better preventive screenings wellness program designed to measure bring lead a better life, a longer life while taking costs from the system. every market needs that the country needs. >> this is an argument of better efficiency in delivery or are there other factor there is? have you innovated in ways that

allows as you a to deliver better results >> that's a great question we are tech enabled. we have this population health platform that underpins everything that we do, that wraps around the clinical delivery you don't need to change evidence based medicine. i'm a physician. what you need is to enable clin nirns to be effective, to focus on the patients, make sure that the patient gets the diagnostic study. that you have all the services like therapy without charging a dollar more and nsting you decrease that wasteful low quality spending and that's how we're able to get a 20% cost reduction while we're measure bring better 60% lower mortality rate with the patients that are let me

tell you mostly latinos, african-americans. socially underserved older shlg poorer, sicker. we get better results with the technology and model of care that is absolutely necessary for our country. >> doctor, it is sara. i wanted to ask you about a hot topping in the news which is the vaccine mandates and whether you had to undertake as part of president biden's order accepting medicare and medicaid and whether it is trickier to find the workers as we hear about the shortages aenlg tension as a result of the mandates >> yeah. obvious will i i am a big proponent of the vaccine all vaccines they're a public health miracle and is the reason we made such great advancements in the 20th century. same time we at the end of the

july instituted a vaccine or weekly testing mandate and that was a bit controversial and protected the staff and the patients well over 88% of the staff and patients vaccinated. i don't believe that you must mandate it for medical, religious and other reasons but you should have a mandate or a weekly testing to keep the staff and providers protected. if guidelines do change and would force us to do it then we'll comply why i don't think that's the right course. >> the way your model works is you get a pot of money insurers. you then assume all the risk and all the costs out of pocket. you managed to make money. i'm curious how the pandemic changed your model or did it >> the pandemic obviously terrible we still are going through it.

there is no end in sight that anybody can predict. yet it has been a validation of the model because you see we do better when our patients are healthier. we are a tech enabled growth because the tam is enormous and the growth is natural with the population and 97% of the revenues are continuing. but our model is not a click sick care model why you come to us transactional. we take care of you because as use're healthier we're doing better we have the tools. the program just the telehealth. we deployed in differential and very expansive ways to take more care of the patients and we saw 30% more patients in covid than

before generally in the u.s. 20% less why what does that tell you? it is an indictment of the system we didn't have to lose 700,000 plus people. in florida alone if everyone had cano life care there would be 10,000 more people alive today >> sara? wilf >> sad statistic thank you for that interesting interview from san diego cano health. the market getting trashed on this final day of the september but maine has a law on recycling garbage. diana has the latest >> the rising cost of recycling is crushing taxpayer l ll you about it next coming up on "closing bell."

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xfinity xfi. so powerful, it keeps one-upping itself. can your internet do that? well, the good news is we are recycling more, but it's getting more pricey to do it, since china stopped buying a lot of our recyclables

diana olick joins us from portland, maine. >> reporter: maine's new law will shift the burden to companies, large and small it requires companies that produce packaging to pay into a fund to recycle it the fund then reimburses local municipalities >> what that does is creates economic incentives for the producers of packaging to create less, to offer more reusable packaging options and make what packaging we do have left recyclable. >> reporter: some of the largest sellers of packaged good warn that it could increase prices for consumers. >> the retailers are concerned about overall inflation hikes, and the cost of goods that people bring home. >> reporter: some big multinational companies are already on board more than 150, including coax

cola, unilever and walmart recently signed a pledge that says, to solve the crisis, there must be mandatory programs in this all industry players provide funding dedicated to collecting and processing their packaging after its use. the state of oregon has a similar law going through its legislature. we're expecting the maine law will serve as a template for the rest of the nation back to you guys. >> that's sort of what i was wondering, how these companies are responding it's a great idea in theory. it incentivizes them to be innovative with their materials and try to reduce their own package waste. so they're on board with it? or if we saw this scaled to more states, would they end up fighting it? >> reporter: i mean, look, some of them were lobbying against the law, to be sure, but a lot of companies do want to be greener, want to see more

recycling. the u.s. is really far behind. most of the european union, japan, and a lot of canada already have this, where the producers pay for the recycling of the packaging it's not that it never existed before, just that the u.s. is slow to get on it. >> diana, thanks so much up next, chamath, giving his tack on the spac market, and some of the risks that could come with the rise in popularity that's next. here's the biggest winners and losers in the third quarter. ♪ ♪

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we're back with breaking news on the consumer financial protection bureau. ylan mui has that for us ylan >> reporter: the senate has just confirmeded to confirm the next director of the cfpb the vote was 50-48, alongside party lines.

ro r rohit chopra used to work at the, and now will be heading it. back over to you >> ylan, thank you yesterday at deliver alpha chamath spoke on the record to our scott wapner he says he still own shares of virgin galactic, but had gotten out of the tesla >> no, but i think at the beginning of every market, you have a few people that pioneer something and a lot of fast followers. i think it's important to take a step back when you have that fast following to sort it out. i think we're in the midst of sorting that out and separating the wheat from the chaff who are the quality sponsors, and more importantly, who has skin in the game

>> can you hear more on demand go to delivering alpha.com for details. worst month for the s&p 500 since march 2020 mike, i asked you what october brought. typically seasonally september is always the worst month. october can sometimes by bumpy as well. what you will be looking for >> on average we're up three quarters of the time or sew in october. i'm not sure that's the most relevant thing the market has to get its say legs a bit here. what matters the most probably is to clear away some of the policy funk, and price in the downward -- maybe we're in the process of doing that. some of it is moving in the right direction, in terms of people getting nervous

>> either way, we do know for sure september was sloppy, down 4.8% with the s&p 500, and day across the board declines for the majors >> march 2020 month was down something like 12% we were down 35% in five weeks yes, the worse since then, but not nearly as into. thank you so much for watching "fast money" starts now. live from the nasdaq marketsite, this is facebook i'm melissa lee. tonight's trader lineup -- tonight on fast, cleanup in aisle nine, shares of bed bath & beyond tanking today plus a big call on crypto. with you biggest names on the trade set get ready for bitcoin to double before the end of the year pete is taking on his best ide