appeal to more males and women for me sean connery was the king of the bonds julia, final thought >> last week venom did great 90 million openers. >> i'm with you. >> thank you for watching. he is pretty good, craig i like him "closing bell" starts right now. thank you very much. welcome to "closing bell." i'm i'm conferred at the new york stock exchange the major averages mixed heading into the final hour of trade >> i'm courtney reagan in for sara eisen just 194,000 jobs added versus estimates of half a million. the 10-year above 1.6% as banks get set to report next month and the energy market is a key focus

or wall street hitting levels not seen thins 2014 59 minutes left to go in the session with the nasdaq lagging. coming up today, chair cecilia rouse will join us to talk about what's behind the big headline miss and developments this afternoon about that global minimum corporate tax rate no doubt we'll hear from her on that and speak with paul poll man of unilever about the urgent message for corporate leaders. >> mike santoli is tracking the market action and steve liesman -- >> matching ties. >> inside the jobs report. mike, start us off. >> i think it's october colors the market you could say is a muted response uncertain response to the jobs numbers. evenly balanced between stuff going up and down.

the higher treasury yields but enabling the s&p to retain this 1% plus gain for the week and puts it in a little no man's land below the 50-day average above the 100-day average. regained .4 of the losses peak to truf from sect 2 back to monday's low also never did get back to this point here which is the july lows but percent below bottoming out on monday. still back and forth here. slight cyclical bias today look at from pre-covid days. it's significant 1.6% we did get higher than this in the spring remember this positioning shock and people focused on the inflation story and then settle back below it. this is why it's key back in february of 2020 that's really where things fell off the

cliff 1.6. clearly not a bad thing in terms of economic message to go higher inflation story is top of mind based on what is going on in the energy markets and some of the internals of the job report. look at the home builders etf. an interesting spot here yields going up creates pressure on the stocks. incomes going higher and affordability with mortgage rates low very interesting and also kind of hit this little bit of a floor here. weak today but interesting to see if we maintain this upper register of plateau that we reached going back to the beginning of this year >> on one level you have to frame today as quite a result that equities didn't pull back with the spike in yields and the less than positive economic data at the same time either of those could have derailed things. >> without a doubt you wouldn't be surprised for the market to use that as an excuse to maybe go back and say

was this bounce from monday real on the other hand it's very much the similar story which is we know the third quarter had deceleration in the economy. we see good demand for work ores expect a reacceleration but what they do with growth plans and filling spots on the payrolls it is a big question and think of it as a stalemate as opposed to a verdict one direction or the other by the market. >> thank you just flat essentially on the s&p. let's turn to the jobs number itself widely missing estimates. steve liesman with the details. >> it was another big miss and details are stronger job report. announcing a reduction of asset purchases in november. nonfarm payroll 194 but the

private sector added 317, much less of a miss adding back 169 from july and august and separate household survey showed an unemployment rate plunge to 4.8% and stronger than the payroll survey. strong earnings gains and a longer work week looking at where the jobs were and where they weren't one sector stands out. education. down 180,000 there are crazy seasonal adjustments going on in that sector making it difficult to forecast it and adding volatility to the numbers. goods okay retail okay. leisure better and need to see better numbers from those sectors key to the reopening many thing there's a strong enough job market to taper asset purchases. if fomc will regard cumulative

progress through september as sufficient to warrant a taper announcement you had hurricanes covid surge. a rocky opening for school systems. putting the issues in the rear-view mirror could lead to the job growth we need to put the 5 million jobs lost back from the pandemic. >> stooeve, clearly july was strong and last two months missed considerably and adding hundreds of thousands of jobs. not like jobs are being lost my question is whether this is going to kind of feed additional downgrades in gdp as a whole for the quarter and if this pace continues for the rest of the year and q4. >> the numbers for the third quarter certainly coming down. we have seen some evenness in the fourth quarter numbers i can tell you if you look to yesterday's jobless claims numbers coming down closer to the 300,000 mark and some of the

high frequency data it looks like a reacceleration in the job market in the second half of september so we'll watch that data and not sure it's time to give up the ghost on the strong job gains of the summer. maybe not quite a million but should be up near 500,000 with the job openings and the acceleration in the economy. >> steve, thank you very much for going through the details. >> pleasure. after the break, paul polman with a message to ceos putt your grandchildren ahead of greed. he'll elaborate on the esg push. you're watching "closing bell" on cnbc. we'll be right back. ♪ ♪

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every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. google will no longer display ads on youtube videos that promotes climate change denial the company limits ads along sensitive topics like firearms and the first time climate change denial is added to the list former ceo paul polman calling it an example of becoming net positive his new book "net positive" just came out and paul joins us now great to have you with us. >> thank you for having me on the show. >> you've been a very loud advocate of environmental issues for a long time. maybe we'll get to that google news specifically in a moment but the more you see companies echo the sentiments that you've

talked about perhaps first in terms of become company ceo does it give you great hope or are you skeptical and worried that a lot of green washing is going on >> ultimately it gives me hope it is now on the agenda of many people we have about 20% of the companies making commitments to attack climate change and stay within the paris agreement if you want to. you see the social aspect of business coming up significantly more covid obviously has accelerated that but the reality is although most people are moving in the right direction we don't have to spend much time anymore on the why. the real question has now become how. the challenges that we have to change the society, to make it more inclusive, stay within the planetary boundaries we need all of us and this is where we focus on this. the book "net positive" and it is just a very simple thing that

we're trying to say. how companies can actually profit from solving the problems and not creating the problems. >> do you think that's really happening already? i know there are certainly individual examples where it does lead to better profits or if we talk about investing better returns back to the initial question if we talk about esg investing, for example, is that genuine or playing lip service to a cause just to cover their own kind of issues >> there are undoubtedly some people doing that but i think we are moving forward because people saw the enormous costs by failing to act covid cost us $17 trillion just in the u.s. and europe alone and putting the money in to come back and our gdp probably lost

$26 trillion according to the imf so we are at a point that the net reality of not acting, the cost of acting is higher than not acting and indeed many more businesses are now seeing that it is better to have a diverse organization take care of your people, work the issues of climate emission in the value chain and what we can see that the companies that do and embrace these challenges actually are also better valued by the financial margtket. you see the financial market calling for more responsible action a few things drive that. the consumer itself. the governments making commitments. technology which is going much faster always than people estimate and then as i said the

cost of action versus inaction >> i hear what you are saying about the business opportunities but often it takes a while to see the payoffs actually generate some return and wall street and shareholders can be short term minded looking at the quarterly results. how do you convince a company or a ceo who very much needs to focus on hitting the quarterly numbers that this is wort investing in in the long run >> most ceos know that value creation, that is happening in any of the companies including the company unilever i used to run for five years is four years out. you build a new factory. invest in people to get them in the senior management. and what we're talking here about is actually the same investment in the future of humanity

you cannot have infinite growth and anything you do is unsustainable. ceos increasingly see despite the pressures on short term performance that actually the best way to consistently get performance and keep the companies around is exactly to take care of all of your stakeholders running the short term game and the myopic to cans on the shareholder did not serve well the average length of the companies coming down from 67 years to 17 years over the last 4 decades lost half the publicly traded companies in the u.s. and part is the short termism. not surprising that the financial market people are calling for drastic changes in the way the financial market operates and increasingly seeing the changes happening. >> paul, wanted to switch focus and ask your view on the current

supply chain issues. do you think that's cyclical will abate soon or a structural issue that's here for a while? >> there is a pent up demand from the drought we were in from covid regretfully but i think many ceos looking at the supply chains a fast changing market itself where, for example, e-commerce has accelerated in many places and the structural adjustments were not done and anticipated. we have the geo political tension that's there in your country the unconstructive tension may i say between the u.s. and china and people looking at reconfiguring the value chains and then obviously we have technology coming in that's disrupting some of these markets and questioning again the way that products are being produced and conceived the factors are there at the same time.

doesn't make it easy to be a ceo. but the threat to all of this to be honest is to build more resilience in your value chain with people, that also means resilience with planetary boundaries and this is why we call for increasingly moving to a net positive mind-set. >> and then my final question while we've got you, i wanted to ask as you look back on the career and tenure in charge of unilever how high up on the list of great decisions is pushing back on the kraft heinz attempted hostile takeover looking at a 10-year chart 2017 when you held off that attempted takeover was the peak and then myriad of issues since then. was that an ultimate key moment of your career >> i don't know if it was a key moment of my career. i don't measure it like that i think it's about strengthening

the values of a company, hiringing the right people making an impact in society. i think what unilever showed is that you can have this more responsible stakeholder driven model and take care of the planet and future generations and produce 300% shareholder return which economic system do we want and treasure one that is servicing the billionaires or companies that try to improve the lives of billions of people ones with value kree yags or look at values to obtain the value that the shareholders' also looking for our share price continued to improve after this aborted attempt. their share price absolutely clapts collapsed you cannot saver your way to prosperity and important to decide the type of business

model we want to have and this battle helped us to bring to life manipulating the data, the s.e.c. on their backs. three general managers they have paid fines and still you find them at the bottom of human rights rarngings sustainability rankings. you have to ask yourself the question don't we want companies that actually make this a better world? why do we leave companies around that give us the problems that others have to then deal with? >> very interesting. a lot of topics we could have got to but we don't have more time thank you for being here today. >> thank you. the twindemic threat covid isn't the only illness threatening did world this winter. former goldman sachs cfo marty chavez on whether finteches threaten the traditional landscape. check out the top searched

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welcome back check out shares of bio it can company allogene therapeutics company. following a report of one patient showing a chromosomal abnormality. they said in a press release it expects to provide additional updates in weeks down 45% as you can see. and jim cramer making big health care moves in the charitable trust today with the news to the investment club. selling out of bristol myers say you you can't capture the energy with what he said bristol myers. >> i wondered if you would do it. >> should i do it?

>> just do it. >> i can't would sound like i'm trying to make fun and not bristol myers. >> see good job >> cramer said he is buying eli lilly calling in the best of breed in pharma right now. the stock prices moves to learn more about the stock picks and to sign up for the outstanding news letter go online or point the phone at the qr code. >> hard not to do the cramerisms >> hope he enjoyed it. there's concern about the flu season and a trin demonstratic with covid. meg tirrell has that story hi, meg. >> hey we were warned about this last year and that twindemic did not materialize but this year because we are backing often on masking and social distancing and schools back in session we are warped that this could be a

severe flu season and not just because of those reasons but didn't have flu last year health officials warn we have less population immunity and it could be more severe coming back they also warn that we have seen a return of other respiratory viruses like rsv all of these things are bad warning signs and worried what could be to come here's the cdc director warning about this yesterday >> we are worried that having not seen the respiratory viruses last year taking the prevention mitt gags strategies we may see more of them in the year ahead >> so health officials say now's the time 0 get the flu shot if you haven't already. they expect manufacturers to ship a record number to the u.s. this year up to 200 million

doses. and guys we often hear the flu shot is not as effective as the covid season 60% but that's against any kind of flu and good to keep folks out of the hospital and dying from flu and that's what health officials say we need to avoid dealing with covid guys >> meg, thank you so much. more about health and pharma when joined by alethia young to tell us the top picks in the space including a stock she thinks could more than double from the levels. heading to break here's a check on bond yields to finish the week the 10-year above 1.6. now back above 30-year 2.16 rising but not derailing equities which are essentially flat as we stand

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a rare piece of sneaker history is hitting the market and expected to be the most valuable sneaker ever sold at auction. sotheby's is selling jordan's first sneakers as a pro. the auction house says they estimate the sneakers to sell between $1 million to $1.5 million. the current record for sneakers sold at auction is $615,000 which christie's sold august 2020 a pair of nike air jordan 1s the auction is in vegas october 24th i'm surprised the estimate isn't higher for that. the first pair

shoes that michael jordan wore. >> still going to become the most expensive set ever. not a bad accolade. >> i would have thought it would be -- wear them? on display. >> not touch them. >> baller to wear them just be like -- one night out. toss them the next day thank you. wonder what size they are. maybe i'll do it let's check on individual market movers. sirius xm downgraded to neutral saying it expects a slowdown in new order sales to weigh credit suisse says there's a case for multiple expansion on gm stock up 4% in today's session. time for a cnbc news update with tyler >> thank you very much president biden has rejected

former president trump's efforts to stop a committee from getting documents about what he did during the january 6 assault on the capitol. nbc news reports that biden has determined an assertion of executive privilege in this case is not in the best interest of the united states. trump is expected to go to court to continue his fight. two parents have been convicted in the first varsity blues trial. after ten hours of deliberations the former casino executives were found guilty of paying hundreds of thousands of dollars for college admission for their children. in tennessee three children and an adult rescued from a car nearly submerged a river, east of knoxville, risky operation. was pulled off successfully. the rescue team received the training just four days earlier,

folks. we had rivers of water like that in new jersey about a month or so ago you can't imagine how fast and powerful it can come up on you back to you. >> wow dangerous stuff. glad that had a happy ending. tesla, while the musk decision to move headquarters to texas is getting the headlines there's other developments we'll discuss next. next cecilia rouse on the bsiswhwel rht back [wrestling bell rings] [music: “you're the best” by joe esposito] ♪ try to be best 'cause you're only a man ♪ ♪ and a man's gotta learn to take it ♪ ♪ try to believe though the going gets rough ♪ ♪ that you gotta hang tough to make it ♪ ♪ you're the best! around! ♪ ♪ nothing's gonna ever keep you down ♪ [triumphantly yells] ♪ you're the best! around! ♪ [ding] don't get mad. get e*trade and take charge of your finances today.

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detailed a delayed production and the impact of chip shortage on the company what this could mean for the stock let's bring in craig irwin of roth capital partners i understand you have a low price target on tesla compared to where it is trading now explain why you are estimating it should be $150. way lower than 790. >> yeah. so, you know, what's the market cap now? something like $770 billion. that's equivalent to the sum of the rest of the automotive sector you'd have to believe there's new opportunities and new ventures that are going to make a lot of money for the company on the horizon and nobody successful in evs. that's an aggressive assumption.

tesla is a great company but saw a survey of chief investment officers showed that 70% would much rather invest in general motors and ford for electric vehicles than tesla and frankly i've been saying for a long time i think people are better off in small cap with great companies there. some have had troubles fairly standard practice actually when they come out with learning but there could be some very big long term winners just like tesla's become. >> why then do you have the stock rated a neutral? >> because i firmly believe that this is a good company and specific levers to pull for growth the first of those is india. i've been talking about india for almost a year now and maybe more than a year i understand tesla has actually gone down to select a facility there. they have not announced it yet

there have been sort of hints and tweets from mr. musk that it is coming. india will be just as important as china and a couple hundred thousand vehicles a year the mini car mini cars are a fantastic fit for the european and india market and maybe even china. that's a vehicle that we expect not too far off. i wouldn't be surprised if it's made in germany. those two single levers can give tesla quite a lot of gas as far as delivery of units would i short it on that no i have been saying far while i think one thing to push this over the top is apple. apple's going to launch i believe in 2024. so sometime in 2023 we should start to get data points on that but egregiously --

>> how does that affect tesla? why is apple -- how does that affect tesla >> so haapple's apple is coming out with a car and would not have hired unless they had a strategy for a car ulrich is a car guy. i have met with people associated with the program let's say. i know there's a car coming. the fact they built current infrastructure in california tells me there's a car coming. they have talked to contract assemblers why apple is because retail investors love apple for amazing products and technology and i think apple is a company that can really outc compete apple.

>> just to round things off if it is neutral your price target is what? 700? 750? >> no. i have a neutral rating at $150 price target i have the fair valuation is materially lower i think it's egregiously overvalued the sum of the rest out automotive sector is pretending nobody else will be successful and reality is general motors did an end run around tesla this week with the agreement with wolff speed. general motors will be buying a key component in the drive train for roughly half of what tesla is sourcing them on semi roughly half the cost per unit reason is wolfspeed is producing on 8-inch wafer just the others produce on 6-inch wafer. they're sketching out plans

right now so tesla is not leading in everything. tesla has done a phenomenal job and a great company but i see it as overvalued and plenty of opportunities elsewhere to make great money in the growth of electric vehicles. >> sounds like you need to go from neutral to underweight based on all the things you are saying maybe come back when you made that recommendation change if you do good to see you. after the break the energy rally gets more fuel a firm looks for winners osthe stories and many more when we go inside the market zone that's next. the pursuit is on. the pursuit of outperformance at pgim. with deep expertise to outthink across multiple asset classes,

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we're now in the "closing bell" market zone. commercial free coverage of the action going into the close. mike santoli here to break down the crucial moments of the trading day and gregory branch with us, as well the broader markets, the dow on track for a four-day win streak and all major averages poised to close higher for the week. mike, still undecided which to way head but downside better than we could have been a week or so ago. >> for the week as a whole the fact that the market got traction, refused toplunge muc below this s&p 4300 area on a short term basis is positive pretty much have to say the possibilities are this is buyable, pullback, correction.

monday's low or not because the credit markets have not flared up and earnings are growing most of the things directionally say it's okay why not clear to me that you had the final burst lower for this move but you never know in advance. >> what do you make of this? do you think we should pay attention to this more relief feeling that we are experiencing today or look at the volatility for the near term? >> yeah. i think i would agree with mike in the long term but short term i probably disagree. i think the yeels tell the story and continued to rise defying what the equity markets are doing. this is a shortterm relief rally. only thing that changed between now and monday is we kicked the can down the road four to six weeks on what's likely to be a debt ceiling battle. the inflationary pressures are intensifying wage pressures are intensifying.

about to have a quarter to hear lots of companies complain about labor prices, raw material shortages, component shortages and i think the news cycle over three weeks and don't see anything to positive sentiment once this relief rally is digested. >> that's a very interesting point. cowen tackking a deep dive into supply chain concerns and said price increases can mitigate and sell through environment they believe will be strong naming lululemon, dick's sporting goods, figs and yeti. i have been following this very closely. it is easier with economies of scale and a big company and more levers to pull and sway with the members of this global supply chain and saying this is perhap

the theme of maybe another year. >> that's right. but you pointed out something that's important is that for stock pickers we got the opportunity on the next quarter to dive in and see who prepared the inventory levels for this coming holiday season. knowing that shipping was going to back up knowing that rates increase and only pass so much on to the consumer we'll see who has made travel arrangements to secure that shipping and delivery and shorten that window, that duration to match amazon's next day and this is where we see who's prepared the business for this and i think some winners here for me while they pick the specialty names i look at the value operated retailers to work from here. particularly as these inflationary pressures increase and walmarts and targets of the world did a lot to integrate

delivery and inventory levels boo the equation. >> mike we know supply fears mentioned on every conference call and well flagged. we'll find out the extent to which is already priced in. >> without a doubt not that many companies reported yet but 71% of conference calls with references to supply chain. probably every company with an international supply chain pretty much. makes all kinds of sense i do wonder whether a lot of it is into some of these stocks if you look at the disadvantaged companies like hane's brand 30% off the high i wonder if it's about who's just going do have enough to sell if they can get it into the stores to have enough to make

the numbers. >> absolutely. that's hard to telegraph the items in april just arrived part of them other items 80 of a certain type and got 12 they have no idea if they get the other 68 or not. >> we saw the package yesterday. trust me. >> yeah. a lot of discussion about the care bear. >> anecdotally doesn't it seem like people say we see signs that it eased up i wonder if we hear that looking so hard for them. >> maybe my question to you is historically companies so tight lipped with the supply chain that's the advantage and don't want to reveal what's going wrong or right because that's a trade secret are they going to have to reveal more this time around? >> you would think when they have to do that, if you miss big, if you cut guidance in a big way i think you are

bombarded with why is this happening? how can we forecast next year? so in theory may have to be more forthcoming but not willingly and as little detail as they can divulge. >> all three averages negative and only one sector is remains clearly positive that's energy. energy is up 3.3%. pippa stevens with a look at that sector for us. >> the september rally for energy stocks carrying over into october with up over 5% for the week exploration names outperforming. marathon oil and apa registering a double digit gains for the week top is refiner phillips 66 up. nov gaining 7% the majors not showing the strength with exxon and chevron

up less than 4% for the week should note that a number of stocks hit multi-year highs today including conoco phillips and occidental back to you. >> thank you what is your take on the sector? time to buy? >> it certainly is a place of safety, like mike hintded at earlier, there's a lot of margin degradation this quarter and you want to be in places where the margins are more secure and insulated from the factors we see driving the negative sentiment so energy is one of those places they pass on cost increases to the consumer and they have margin integrity to protect. they have a growth environment look for prices to go up just like the financials there's a place of safety.

i would still favor that trade and wait for the names and sectors i like to move past the factors once they peak. >> mike, seeing energy up 20%. a big week, too. just up about 5% and then 3% today. is this something that continues? >> it likely won't continue at this pace. up 50% year to date. that's just the s&p 500 energy sector 7-year high in crude the thing to keep in mind is that energy as a sector of the stock market is coming off record lows and back to 80 is getting back to a level in absolute or nominal dollars where we spent the entirety of 2010 to 2014 so i think you could be good for this part of the stock market with bumps it is a challenge but not a daunting one for the economy or consumer. >> okay. bitcoin higher today

the crypto had a strong week stocks seeing a boost from the recent bitcoin boom is micron strategy and coinbase. thinking about the crypto space i have to ask every professional investor on the program, is this a space you feel like you have to be in like an fom trade or still too volatile and don't want to put emphasis >> i'm very old school if i can't do a discounted cash flow analysis on the, a future projection on ev to ebitda then it's probably not something that i can profess to have expertise in and not something that i will 0pine on here. >> mike, in terms of the bounce it's shown similar to other asset classes with footing and like it always does much more of a jump than the broader equity

markets. >> absolutely. it's always kind of pick your narrative why things happen and why now. why to this magnitude? there's a way to point at the highs and say this thing douse ian 14% in 6 months and most risk assets are higher had a move to the upside before that it gathered itself near the lows enough there is without a doubt an amazing amount of interest and capital and whether it's informed capital or not that's being thrown at this area and experimentation. it is hard to kill i wonder if a little bit of the edge taken off the regulatory noise. right? stuff out there. china banning crypto and then lawmakers as well as the s.e.c. chair not receptive to it and kind of said we won't snuff it out. it seems as if thatmight have

said okay we stress tested this. i don't think there's a right or wrong price for the stuff. >> holidays are coming up and will come up at the table with the uncles and the cousins. >> the trade. >> the annual trade. not that far away. >> bitcoin up 1.5% today 13% this week. the broader equity markets slipping into the red. dow up a handful of points but slipping. >> a little bit. kind of indecisive and maybe tired. very, very mixed internally. an advantage on advanced volume on the new york stock exchange stock for stock is even. you do have slight outperformance by the equal weighted indexes basically a noisy push/pull session here did want to peek at semiconductors, that area with a weak bounce i think up to say

from the recent lows and trading below where did it in april. normally you would want a market that's in gear to also be rewarding the semiconductor sector as a growth cyclical area down below 19. we passed by the big catalyst. the index is calm today and ma makes sense. i see them on alert. don't expect it to crash to 15 on a bursz. >> negative on the s&p the nasdaq down half of 1% feeling negative but as we have been discussing relatively resilient in the face of yielding jumping today one sector is meaningfully positive financials coming in second best of about half a percent and then red across the sector just real

estate at the bottom down by 1%. serving up a flat day. the dow exactly flat approaching the close. s&p down .2% nasdaq is down .5% all the three sectors are higher on the week. stocks up almost -- the tone of this week at the bell s&p down 0.3% and the dow negative. nasdaq down .5%. welcome to "closing bell." i'm courtney reagan in for sara eisen and with wilfred frost and mike santoli the market down. s&p 500 down about .2 of a point and the nasdaq is laggard down half a percent pulling the russell 2000 in that one then would be the laggard down on this friday.

coming up counsel of economic advisers chair cecilia rouse on the jobs report. gregory branch is still with us and hillary henriquez is joining the conversation sort of a calmer end to what started as a more active week. are you surprised? >> calm and apprehensive with a lot of reaction but in different parts of the market. banks capitalize all week and today's on the higher yields but in yen the growth sectors still hit when we see the yields go higher that play book in effect though it doesn't have to be. s&p 500 for the week up. with almost no help from the nasdaq 100 names with apple dead flat so that shows you it's been still a fitful, messy rotation in favor of cyclicals but again i think it's very much a show-me

market short term and likely creating a carving out of a buying opportunity because sent. is so negative and hard to now get very skeptical about the ultimate downside to the market. >> we didn't add as many jobs as hoped for but do you think the u.s. consumer is in a good place? >> i do. when you look at the jobs report and wages going up, hourly wages going up, income is going up for skirms so that's a positive. we look at the jolts report and seeing 1.3 jobs available for every person out there looking for one so there is opportunity there. this was not as strong of a report on the headline as many people thought but digging into the details obviously the big draw down on public education and we know that there's some

seasonality that goes with that. we know that the timing of this report matters because it was around mid month and had some effects from delta hitting peaks around labor day but let's look at the household survey there you're up around 525,000 so i think you will have catch up coming in the next month to tell us there's quite a few people employed but not at the office so i think we'll have some catch up the next report will come after the fed meeting so the question is does this stop the fed? i don't think it does. i think it's good enough looking down into the details of the numbers to see manufacturing continuing, health and leisure going up that they'll start the tapering. >> talking about the wages and the results that we saw in the report today i don't know that wage inflation is something that's transitory i think that's probably here to stay what does that mean for other

factors of inflation as we look forward and how that might factor into the fed's decisions? >> yeah. there's a number of things we are down to 4.8% on employment 'seen four years in the last 20 where we had been lower than that and adding the context around this i think that the fed can declare a victory on what their policy was meant to do in terms of full employment and like she said we have to consider that jolts data and we have 2.5 million more jobs than we have people actually looking for work and as long as we're growing openings faster than growing payrolls wage pressure is an issue. we have seen it focus in on certain sectors worse than others but the point of the dovish policy is as long as that job opening growth continues to be faster than filling we will have a wage issue problem.

>> let's talk about banks. all of the big names reportinging earnings next week. jpmorgan on wednesday. others all on thursday going to be a crazy day. goldman sachs on friday. first is net interest income actually for the quarter as a whole it might be quite soft yields have risen but not throughout the quarter only recently. the guidance perhaps more key there and not just on the rate and margin side but the loan growth side. have we bottomed every quarter of the last three or four have been an issue fixed income tailed off and then the backlog for m&a thought to be very strong and then finally i think capital return will be of interest because clearly already seen quite a lot of rich valuations and whether buybacks continue but capital

requirements are coming down and a couple names with more head room and that will be a focus again. but i do just wonder as we approach earnings season and again another good day for the bank sector made the set-up tougher. >> short term there's no doubt they have so that's informing the reflex response to the numbers. ultimately when the market is taking the stocks higher it believes that there are better things rounding into view and nobody really is trading these on the first rate hike and will talk about that and part of the bullish story. i agree on capital return. it is company by company and seems like more behind it. >> victoria, what do you think investors should be focused on maybe beyond loan growth is there something more about

economic growth that's important to extrapolate to look at more broadly? >> obviously love growth and net interest margins like mentioned. those are the two biggest items. steepening of the yield curve. 2s to 30s around 1.85 or so but coming to loan growth what we have to look at is what we expect going forward we know it's probably not great but we look at loan to deposit ratios those are the lowest ever. historical lows but we are looking at credit card information and telling us that the consumers are out there, starting to spend. that's going to be positive for the banks. we want to hear about the credit card component and with loans indiv individuals are working through the savings and companies are still workinging through the ppp money they had so i want to get

a feel for where people stand on that the banks have a good read on that and what their expectations are for the yield curve. looking at the technicals we see 170 as the next spot for the 10-year. so get their expectations on that and seeing if they start moving the holdings to longer duration if they it is the top to the rate interest move higher. >> do you like the banks >> yeah. part of the trade that i talked about with safety. part of the sector that's very well insulated from the pressures we talk about on a day-to-day basis rising wage pressure raw materials. so it will maintain some margin integrity in the face of an earnings season where we hear about margin degradation and i

think of victoria said the things i'm thinking. it will be interesting to see how we treat any rise in expenses and how that may dampen net interest income. the expectations for it with the eye in the long term we no a more advantageous environment is coming and the banks will have let expenses migrate a little bit higher making more invest just to make sure that those margins expand getting there later and interesting to see if anyone is treated harshly because the expenses came in higher than anticipated. >> you brought this up early on in a beginning answer talking about the strength of the consumer and will drive us into the rest of the year and we were talking about the supply chain issues of course consumers may be willing to buy and buy without discounting if of course they have items to buy

because that's an issue getting that inventory on the shelf. how do you think it will be possible or pertinent to evaluate this moving into this very important fourth quarter? >> no one knows the retailers better than you do but looking at levi and the earnings they did and what they said about the supply chain that they have -- the supply chain spread out all over and not suffering with the same issues as maybe nike with vietnam and the supply chain and i think we have to look at the retailers that have taken the opportunity to really spread out the supply chain i know that's not a quick and easy thing for people to do. the supply chain has gotten worse but what are people thinking about we believe in a barbell strategy

in the portfolio and some names to add have been the retail names. trgt, tjx and kohl's recently so we'll be interested to see what it looks like with the inventories coming in and it's a focus especially as earnings start to come higow people hande the increased costs. you have said many times people need to do the christmas shopping early and hopefully they have done that. >> an aspect for the week and calmed down after a strong run previously is u.s. dollar and wonder whether 1.60 handle how long that can last if it will continue to behave. >> i agree after the jobs number the dollar index went down like a standard kind of response oh, a miss on the headline must mean bearish things and people felt that the fundamentals, the demand for labor, upward

revisions means it's up there and the yield differential as stark as it's been so typically that means dollar should reman firm. >> we'll leave the market zone there for today. thank you so much for joining us great to see you both as always. council of economic advisers rouse on what it takes to jump start hiring in the u.s. after the weak september jobs report and a top pick on one that she thinks will llray 130% from the current price.e dynami i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be a deep learning engineer to help make the world a smarter place does this come in blue? become an agent of innovation with invesco qqq

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>> gilead over the years has been a hiv company predominantly and had remdesivir and investing in the portfolio heavily and starting to yield the benefits over 12 months with major readouts and i think if those readouts that we are positive on read out positively i think the stock will rerate. >> very interesting one there. the price target on this one >> it is in the 89 i believe >> okay. 89 overweight for gilead. the next one, overweight price target 128 >> yep for me sarepta is three assets in the commercial already available and they have broad platform technology with gene therapy and gene therapy and muscular dystrophy and another

dysfunction. they have a base valuation of a f franchise and major swings in shot zone goal for these other gene therapy products over did near term. >> let's get to the juicy one. we have been teasing it all show which of the stocks has a 130% upside >> that's tg therapeutics. 100% upside today, as well. >> let's do tg first. >> yeah. they have a drug that's approved for two end cases in hematology and a drug for multiple s sclerosis next year. the stock was very strong if you look at the chart. pulled back a lot. people thought they were lacking a catalyst this year and then the people confused by the comments on the quarterly call and thought they could sell a

billion dollars in 2025 when that's not peak but progress and so the peak is much wider than that and i think there's tremendous disconnect. i think the stock in the 2022 is well set up to outperform. it is a derisk commercial story that has very robust data. >> yeah. tg looks down 40% year to date but upside by 132% by your calculation. the one you believe with 100% upside. >> yeah. bicycle. they are an oncology company and excited about them because they had data yesterday with two programs one for the target and another target which you probably have not heard of but two important cancer targets bicycle's a billion dollar market cap maybe more after the stock going up today and basically one of the drugs they have is th-009

can peak with this drug which estimates of $3 billion. early phase one data looked better hard to make cross trial compares but the response rate is higher. i think the stock should have moved up way more than it did today but we'll see what happens. >> i find this interesting you sometimes can win with big swings thank you very much for joining us. >> thank you for having me. former goldman sachs cfo chavez on the outlook for finteches and the buy now pay later industry and later cecilia rouse on the impact of hironing the economy. we'll be right back.

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start up funding for fintech and e-commerce companies is soaring more than 170% but the

money isn't flowing into u.s. companies. kate rooney has more of the details. >> hey capital venture investors see opportunities in latin america especially in fintech and e-commerce, bringing in just under $15 billion year to date up threefold from a year ago according to cb insights and fintech in particular is booming and the third quarter more than 50 latin american fintech deals and more than $3 billion total investors point to a young mobile first population with some of the highest internet penetration in the world e-commerce picked up in the pandemic and has lagged there in latin america historically brazilian fintech new bank is one of the most valuable companies now. berkshire hathaway is a big backer back to you.

>> thank you so much. joining us now is marty chavez, partner and vice chairman at sixth street partners great to have you with us. thank you for joining us. >> always a pleasure how are you? >> very well business thriving in latin america it seems is that set to continue in your eyes is this a great buying opportunity? >> i never know about when's the perfect time to buy or sell but there's an awful lot going on in latin america. i'm a member of the board of directors with a huge business in latin america and the privilege to hear about the excitement that's going on, innovations and fintech, great companies built. amazing hotbeds of engineering talent. >> growing number of latin american entrepreneurs in

america itself when you look back over your entire career do you think there's been significant progress in the opportunities for latinos in the u.s. economy or not enough? are you encouraged or still dismayed >> i would say we've made some progress but nowhere near where we need to be and i think it needs effort on both sides certainly the business establishment can do more. many companies do a lot but really is a lot of work that needs to happen very early on in the pipeline for talent. you can't just wait and hope that the universities do all of the work for you i think in this time of hispanic heritage month i reflect on the early days of the country. we forget that there's a rich narrative back to before the puritans arriving. my ancestors in this land before

the puritans arrived and time that the threads come together and education is a cliche by now but education is a key and made all the difference for me and working for others, too. >> of course the fintech space and buy now pay later focus as a hot new area of growth and there's more than 50 latin american fintech deals in the third quarter. for more than $3 billion. >> amazing. >> what's very special about this area in latin america or from the influence in this area? >> i think it's been underbanked. populations that have been under banked and coming into the mainstream as the countries develop. various countries in latden america find that they can different yate with the talent a fun fact i love. if you look on get hub where

software development happens and put open source you can see hotbeds in uruguay with a small population but an incredibly disprop disproportionate population of data scientists and engineers. part of the driver of this wave that you're discussing. >> and do you have any advice to young latinos in the u.s. starting out maybe particularly in your world, in the financial world to make the most of what opportunities they do have >> i do think about this a lot i remember once asked at goldman sachs why hadn't i recruited more hispanic computer scientists to the firm i remember saying, as i think about hispanic computer scientists i can only think of one's he my little brother right? so i don't know who's fault that

is but the computers have been amazing for me my father told me when i was 10 almost in a moment computers i really listened to him i jumped on and doing that ever since and i would say i give people the same advice now that my dad gave me back in the '70s which is computers study it teach yourself to program not because it's the valuable thing but the data driven problem solving mind-set is essential. i tell this to everybody and especially to my young latino friends starting out. >> i love that take note, everyone. final question complete pivot if you don't mind i wanted to ask. of course you've seen the new that is the successor at goldman sachs has decided to retire. how stressful was that job do you think that's something to

do with it couple years maximum is possible >> well, you know, that is not the case in our predecessor. greatest cfo of all time if you ask me or a lot of people. people have reasons. stephen is a good friend and you can ask him what his reasons might be but i will say it is a toughest job i ever had. and people always ask me, well, like, what's your final thought on having been cfo i think it's an immense privilege why changed everything it was awesome preparation for something. i don't know exactly what that something is but it is out there. >> marty, always a pleasure. thank you so much for joining us. >> happy to be here. thank you all. >> marty chavez there. council of economic advisers chair cecilia rouse.

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time for a cnbc news update with shepard smith. >> thank you from the news on cnbc, happening now, the white house blocking a request by the ex-president trump to withhold from congress documents about the january 6 insurrection national archives controls the documents. the white house notified it that president biden determined executive privilege is not in the best interest of the united states and not justified the former president execed to try to fight the ruling in court. the nobel peace prize awarded to two journalists today. one of the philippines and one of russia. both for their fight to ensure freedom of expression in countries where reporters have been facing attacks, yale time and murder for their pursuit of

the truth. the committee honoring them for the work saying they represent all journalists and stand for the ideals of press freedom. a comeback of covid. took james bond to do jit the movie "no time to die" pulled in $6.3 million last night. for the weekend they expect $100 million take fandango said theaters are sold out. tonight working world homeless day to skid row in los angeles where one woman turned her tragedy into a calling to help those in need on "the news" 7:00 eastern cnbc back to you. >> james dean as james bond would have been the best of all worlds. >> sleeping now. not available. >> i know. but thanks appreciate it. the u.s. seeing weak jobs growth in september.

nonfarm payrolls at 194,000. for the month compared to exec t t expectations of 500,000. joining us now is the white house council of economic advisers chair cecilia rouse thank you so much for joining us. >> nice to be here. >> is this number disappointing in your eyes >> this number reflects that the economy continues to make progress even in the face of the delta wave with covid. remember these data were collected in early september the week of september 12th to be precise and the peak of covid-19 infections with the delta variant and saw job growth of over 300,000 jobs in the private sector why the head wind were in the public sector specifically education jobs and reflects the fluctuation and difficulty of staffing and a technical

difficulties for the bureau in accounteding for that seasonal variation and overall i think it reflects we continue to make progress unemployment at 4.8% is phenomenal for this stage of the recovery and decreased all racial and ethnic groups for men and women so we're making progress. >> there's an area to see sudden improvement is it on the supply of labor more than the demand? >> we want to see the labor market get back to full health and we need to get to the other side of the pandemic and a key piece of that is for more people to become vaccinated so that we don't face these -- when we have the variants we don't face the head winds where people are concerned about getting sick and hospitalized and a problem to go to work so there's no question to see people get back to work and we want to see firms

reopening fully and really that's going to hinge on more vaccinations into the arms of adults and looking forward to children getting vaccinated. for many caretakers going to work and coming home and potentially spreading that to their children is still a concern. >> finish the thought. my apologies. >> this recovery hinges on the vaccination effort and getting to the other side of the pandemic but we make steady progress in my opinion. >> i was going to ask if you're getting concerned about supply chain issues and whether that's a lasting structural problem and not just post-pandemic related. >> so look i actually am sorry ji missed your question. >> i was asking about supply chain issues and if you are increasingly concerned about the

persistence whether they're structural and not cyclical as hoped. >> the supply chain irses are tied to the pandemic and so we know that part of it is that there's a surge in demand for goods so goods are shipping and hinging on a global supply chain of shipping. we also know that coming back to the pandemic that when there are outbreaks in other countries where they have them that can affect the supply chain. with an outbreak in malaiysia ports shut down and ware houses and affects the supply chain but the administration is focused on this the president has stood up a task force we are -- we have brought in a czar to help to clear the congestion at the ports. i just came from a meeting convened by the national economic council whole of government with many cabinet secretaries trying to address the issues as robustly as

possible and hinges on the other side of this pandemic. >> clearly a positive deal on the debt limit earlier this week to what extent are you concerned that it is temporary and revisit the last couple of weeks of issues >> yesterday's vote by the senate reflects the government coming together, republicans and democrats, coming together and doing what congress needs to do to preserve the full faith and credit of the u.s. government so that was a very important step obviously we will need to revisit this in december and optimistic that congress will understand its responsibility and will do the right thing because it is critically important for our economy. >> some positive news on the global minimum corporate tax rate today and this week seemingly on board how pleased are you and the

president about that and what's the time line from here to get it fully ratified and established? >> yeah. so this was great new. nearly 140 countries to come together and to agree on this framework for a global minimum tax helps to stop the race to the bottom with corporate taxes, allows governments to raise the revenue they need. we look forward to continuing these negotiations and to working to get them ratified across all the countries. >> in terms of infrastructure bill from here what is a win in terms of headline number and a loss is under $2 trillion a disappointment >> the president is focused on what these bills do for the american people. we know it's important in terms of physical infrastructure to pass the bipartisan infrastructure framework and in

terms of the build back better plan which is the reconciliation plan which invests in people, helps get workers back to work thepg them balance child care and other responsibilities and work, makes investments in pre-k, post secondary education and important investments in climate which is a threat that we all face, that's what the president is focused on, the investments which the country is neglecting and so important to establishing continued economic growth and ensuring that that growth is more equitably shared. >> there's fear over energy price spikes particularly in europe and of course correlation with prices here i get that they have risen sharply year over year basis but the u.s. is energy independent and saturday at $100 oil from 2011-ish are those energy price spikes

fears over done somewhat >> we are also monitoring our energy prices. we have global markets but this is a concern for many consumers. going into winter and monitoring them and not sure. energy is important for the economy and families and we're keeping a eye on it. >> final question. we had senator wiarren on the show earlier in the week and talking about the stories of individual securities. she talked about legislation she wants to introduce that would ban individual stock holdings across all parts of the government from kopcongress to fed to the white house is that legislation you and the president would support? >> the president believe that is we all have to have ethical standards in the federal

government i don't want to comment on the federal reserve per se recognizing the fed's independence but it is important that our policy makers respect the job they have been humbly elected to and for those of us appointed to upholding and carrying out the work for the american people and free of conflict of experience. >> thank you for joining us. >> very welcome. it is a pleasure. still ahead after several delays james bond is finally set to be the man this weekend find out what 007's return to the big screen means for theater stocks that's later on "closing bell.

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your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire september jobs report coming in below estimates let's send it to mike santoli with a look at the employment landscape. >> so many ways to kind of slice up the numbers here's one of them which shows that in the absence of enough people to hire to fill positions employers are working the existing workforce harder. this is the average hourly work

week in the data today and see it's running at close to 15-year highs. has been for a while so this is usually a leading indicator over hiring to come if you find the workers if you can't get the people coming back it could mean a constraint on growth for companies. another dynamic that obviously seems pandemic related with the male/female split 0 among the workforce. this goes back to the middle of the last decade and right before covid women outnubbed men in the workforce. here you see a flattening out of female employment total economy wide employment. whereas male employment has continued to go up so presumably by the data this is because of child care and covid issues. hopefully temporary. maybe september is the peak for the constraints and should feed

into better job growth down the road but if we don't see this loosening up it means that companies are restrained and employers have a hard time meeting the growth and expectations. >> i know that you're not an economist but i'm so fascinated by the labor market and try to go to a coffee shop or delivered labor is constrained everywhere. anymore clues in these reports about where the people went now that many choildren are back in school >> there's no single answer but what we have seen is a huge surge in retirements premature requirements or people opting to not work and the dynamic in place another thing is when we do have the unemployment supports people said they're working for work

and still in the market probably had no reason to say they were not looking for a job. that's one kind of chunk of the potential pool that fell away. besides that clearly it is people staying home either choosing to stay home or forced to because of covid restrictions or child care issues. >> to pivot, given where we are in the state of play cpi print is a more important side coming to equities likely to react. we had a miss but didn't affect the equity market. >> that is true. the inflation side is where the suspense is. is it going to abate and get relief on that side of the equation the fed looks like it will do what it's going to do on the tapering side. there's months to make that call and say inflation will force the hand of the fed but now pretty much a tight labor market acting

tighter than we expected down 5 million jobs from the peak before covid but the inflation side is what we still don't know how that will play out. >> cool. thank you so much. coming up, not on her majesty's streaming service. james bond making its box office return only in theater just we'll discuss how it mhtig impact theater stocks. that's coming up next. grandparents! we want to put money aside for them, so...change in plans. alright, let's see what we can adjust. ♪♪ we'd be closer to the twins. change in plans. okay. mom, are you painting again? you could sell these. lemme guess, change in plans? at fidelity, a change in plans is always part of the plan.

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plus for a limited time, ask how to get a $500 prepaid card when you upgrade. call today. welcome back we want to draw your attention to two biotech movers after hours. these are both names that were mentioned as top picks in her interview earlier this hour. look at tg and bicycle up more than 6%. >> great calls up next, a 007 box office boom after 18 months of delay. finally hitting theaters here in the u.s.

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can a long delayed film help revive a box office? julia has more >> i know this is your favorite franchise of all time. no time to die is off to a strong start the film is on track to gross about $80 million in north america this weekend it bodes well for theater chains all whom are watching if movie watching will bounce back. how close bond gets to $90 million depends how older

audiences are comfortable. it is popular with men aged 45 and up >> it is popular with men 36 and off. i am going tonight i haven't looked forward to a movie like this forever. we have waited so long the reviews from back home have been stunning from press or brothers alike it's amazing, but i don't want to hear any more it would be quite disappointing if it doesn't get the best post pandemic release when you said 80, and venom got 90 if it was in the uk, it would smash it >> it is the 20 something, 30 something demographic, we know that demographic is more

comfortable going to theaters. older theatergoers, in their 40s and 50s, the fact is that audience has not returned in big numbers to the movies yet. that group tends to not rush out over the weekend, but are more likely to be seeing the movie the second or third weekend. >> that's why they think it may not have as big of an opening as "venom." >> it may be not the highest per movie, but inflation adjusted -- >> a huge franchise. this film has the advantage of being shot in i max and having the biggest release in terms of screens in the u.s. of any bond films ever released. >> julia, thank you for not spoiling it this week.

i would not have forgiven you if you had, ever. thanks for the story i am off to see it in a few hours. >> speaking of people deep into it, 45 and up, i have no plans to go this weekend, but i am fascinated you have been vigilant about not having spoilers >> good! >> he will have the best of the bad guys and interest from female characters. isn't that what happens? already spoiled for you. >> i am fine to know the formula, but just not the individual numbers it's quite long as well. >> you get your money's worth. >> we better pivot away after talking bond a resilient week >> i would say if it is five or six pullback it is an interesting, emerging

reacceleration story going on. that's been evident in the markets and yields it doesn't seem as if we got that give-up trade in terms of the pullback and the tech stocks, we don't know how they will play. apple and microsoft did not much of anything this week. >> thank you for letting me join you today. i think i will be back monday. that does it for today "fast money" starts now. >> we are in new york city's times square this is "fast money. i'm melissa lee. on fast we are gearing up for earnings season. the action kicks off next week four big names that need to be on your radar. home depot and -- under pressure