c they could reap the rewards. >> that's what i'm saying. >> but if they're not, this is almost like a piracy >> first they ignore you then they laugh at you then they copy you then you win >> i'm feeling left out of this. >> have a great weekend, guys. thanks for watching, everybody closing bell starts now. big fan of squid games welcome to closing bell. last trading day in a strong month for the market the stocks are at their best levels of the session as we head into the final hour of trade >> we look at what's driving the action the nasdaq closing out a wild earnings week with losses from amazon and apple offset by gains today for facebook, microsoft and tesla. chevron is higher on earnings with the energy sector pacing for a double digit pop on the month and crypto is capping out of a strong month as well. bitcoin is up more than 40% in

october. 59 minutes left of the session there is sara. >> coming up on today's show, salesforce ceo and rocket company ceos announce their just announced partnership on a service product. rocket company shares are flying on the news. fda advisory panel member will be with us to talk about when covid vaccines will be available for kids let's focus first on the big stories we're watching today mike is tracking the market action on this final trading day of october josh has a look at the fallout for apple and amazon on the back of their earnings. and sara has highlights from her big interview with treasury secretary janet yellen mike, kick us off with the broader markets, essentially flat as we stand >> if after an opening decline as you expected following the negative reactions to the amazon and apple news yesterday, but then over the course of the day, and especially into the afternoon as we flirted with new highs in the s&p 500, a show of

resilience it's mixed under the surface not necessarily a restart of up side momentum. definitely a little bit of a bid on this market on the slight pullback i pulled up a year chart tomorrow is the anniversary of when the market really lifted off into the fourth quarter rally last year. it was right before the election it was two months of kind of corrective sideways activity in the market before that we got the vaccine data news in the first several days, first eight or nine days of november and then it was off to the races. the one-year gain for the s&p 500 sits right now at up 39% pretty much going to be declining from there just by mathematical effect. clearly anniversarying some great numbers. this sort of going back up to the upper end of this sort of rally path you've been on for a while. maybe it's 4700 if the seasonal 3wu8ish effects take hold of the market been a reassertion of leadership for growth as many strategists are saying

we like cyclical stocks for reacceleration of the economy, it's not been what has won this month. you see the growth index even though at parody a few weeks ago has lifted to new highs. value has lost the advantage up nicely for the year it hasn't necessarily been an either/or market over the course of the entire year it shows you you had weakness this week in banks and energy that's holding value back for the moment as treasury yields have kind of sat still they've not been making new highs. take a look at a handful of stocks we have starbucks down quite a bit today on adverse reaction to its results. put it up here comparing it to disney as we got into the pandemic, there was a similar reaction by investors. buy the best most encuring american brands like disney, starbucks, and put nike in there as well. they also seem to have it figured out in terms of this new emerging digital style of doing business they've now kind of had to kind of set back and consolidate a little bit as they have some stops and starts in that new

strategy and digitizing. meanwhile, the pure growth names in the kind of younger generation of competitors, chipolte and netflix are pretty close to one another over a two-year basis pretty firmly in the lead. >> mike, obviously starbucks one of the names that is down sharply today, and amazon and apple there as well. and you have to look at today's market overall, even though it's offered ties as pretty impressively resilient in face of some of those very big cap declines >> for sure. it's the big misses that i think do get our attention obviously microsoft and alphabet piled on massive amounts of market money, but i think in aggregate, what you're able to see is fourth quarter earnings projections are going up over the course of this month slightly not much but they're going up it implies people are finding enough in earnings reports as a whole to say things are moving in the right direction >> mike, thank you we will see you in a moment. the nasdaq off the worst

levels of the session, but amazon and apple are still lower following disappointing results. josh limiten with more on the moves. >> let's start with apple. that stock is lower in today's trade. still on track to boast a monthly gain and only around 5% off the all-time highs the ceo speaking with me about the supply chain challenges he is facing saying we had a very strong performance despite larger than expected supply constraints which we estimate to be around $6 billion, driven by the industry-wide chip shortages and covid related disruptions in asia he said we expect supply constraints to be greater than the september quarter. despite that we are projecting very sod ill year-over-year revenue dwroet to an all-time record quarter for apple amazon, check out that stock stock down about 7 % in the past three months flat in 2021 company missing on q-3 revenue and q-4 guidance acknowledging the negtives but

telling me they rate this one outperform the company's profit center is accelerating and the ad business is showing continued strength back to you all. >> josh limiten, thank you president biden arriving in rome for the g-20 summit one day after unveiling a smaller social spending and climate bill. janet yellen also in rome for that summit. i spoke with her earlier today from rome about whether the president's new framework would gain enough support. whether she was disappointed that he was coming to g-20 and then cop-26 empty handed >> well, i believe that pretty soon hopefully next week, congress will pass both the reconciliation or build back better bill, and also the infrastructure package there seems to be strong support for it in both houses of congress, as i say, it's

transformational and i believe these will become law, and they contain so many programs that will be so important for the american people two additional years of early childhood education that will be universal. remarkable support that will make child care affordable, help women participate in the labor market historic investments in health care for seniors for the elderly, for those who were disabled support that will make health care affordable, and, of course, an historic investment in climate change which is really an existential threat. and the infrastructure package, you know, not only has investments in roads and bridges, but what we need to have a modern efficient society

broad band, ports, modern transport that's efficient, and climate friendly investment and research and development and climate change, the grid >> you have said that these plans will add to growth and be stimyoulative for the economy. any sense of how much and for how long >> well, i think that it really helps us invest in physical capital that's public infrastructure that's important to productivity growth there's investment in people or human capital. there's investment in research and development, and the supports that families will receive that will help them participate in the labor market. they'll -- that will boost labor supply all of those things boost the

economy's potential to grow. to my mind, certainly over the long-run, over a decade, several tenths of a percentage point >> will it drive up short-term inflation even more? >> no. i don't think that these investments will drive up inflation at all first of all, they're fully paid for. and not by imposing higher taxes on anyone earning under $400,000, but by asking corporations, high income individuals to pay their fair share, and by investing in the internal revenue service so that they can boost compliance, which has fallen to low levels we have a huge amount of uncollected tax revenue, a tax gap that's estimated at $7 trillion over a decade

and the spending that's involved, it occurs slowly over the course of a decade, so unlike the american rescue plan which was attempting to address the impact from the pandemic and involved a lot of spending in a short-time, the infrastructure and build back better packages are spending that's really small relative to the economy in any year and spread over ten years and as i said, it will boost the economy's potential to grow. the economy's supply potential which tends to push inflation down, not up and, you know, for many american families, experiencing inflation, seeing the prices of gas and other things that they buy rise, what this package will

do is lower some of the most important costs, what they pay for health care, for child care, and it's anti-inflationary in that sense as well >> you mentioned the pay fors. i looks like you didn't get the billionaires unrealized gains tax. that was controversial and unprecedented. and really, avoided the whole tax avoidance by the wealthy in terms of their investments which is something that i know you were hopeful for and that you promised to do is that a disappointment >> well, we proposed what we thought are good and appropriate tax policies we do need to be able to muster the votes to get these bills through the house, and through the senate, and we tried to design a package of revenue raisers that would be acceptable to members of congress

so we pared back on some rate increases that weren't acceptable to members of the senate, and i think the raisers that we have, though, are appropriate, fair, and while there isn't market to market billionaires tax, i think it's been agreed that individuals earning high incomes more than 5 million or $10 million will pay a surtax on their income tax rates, and that hits really high income individuals >> sure. >> the treasury secretary. we'll have more from that interview including secretary yellen's take on the supply chain and the global minimum corporate tax which is a big deal, and something that she has accomplished getting 140 countries on board that they are set to complete and ratify this weekend. >> absolutely. as you said, interesting they

didn't have something more concrete to celebrate domestically going into it it feels like it's close >> she said next week. zbh whatever the number and finer details of the taxes you spoke about in the last answer, it will come back, come out as a win for them ultimately to get it over the line regardless of the kind of intricacies? >> in preparation for this last night, i was talking to economists and investors, and they're not convinced it's going to happen. but because the democratic party is very fractured right now between the progressives and the moderates and it's hard to get agreement. so i'm not sure the market is 100% sold on this happening. if it does, she said it will stimulate the economy a new months for the next few years. >> a lot of moving factors there. we are flat on the market on this final trading day of what has been a resoundingly stock month of october after the break, salesforce and rocket companies helping to

offer loans to customers we'll talk to the ceos of both companies about that deal next you're watching "closing bell" on cnbc. my retirement plan with voya keeps me moving forward... even after paying for this. love you, sweetheart 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. come on, grandpa! later. got grandpa things to do. aw, grandpas are the best! well planned. well invested. well protected. voya. be confident to and through retirement.

this halloween, xfinity rewards is offering up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity app. our thanks your rewards. welcome back breaking news on vaccines for kids we have the story. >> reporter: the fda granted emergency news authorization to the first vaccine for kids down to age five to pfizer and bipartisan tech, that news just coming in now.

now it is cleared for kids 5 to si still before it becomes available, it has to go through the cdc process. november 2nd on tuesday next week, advisers meet to provide gi guidance on how the vaccine should be used if the cdc director signs off, it's expected kids could be vaccinated as soon as wednesday next week. there's 28 million kids in this age group in the united states about 15 million doses are going to go out essentially now. an historic day. the first vaccine in the world for kids down to age 5 >> absolutely. big milestone in the fight against covid. mega, thank you. salesforce and rocket mortgage are partnering in an effort to transform mortgage services for financial institutions and joining us to talk about this move in an exclusive interview, salesforce ceo marc benioff and rocket company ceo >> thank you for having us

>> always great to be with you, sara >> you too, mark >> jay, i'm going to start with your your stock is moving more on this announcement. got a nice little spike. explain how this is going to work and potentially add more revenue stream and higher valuation? >> we're excited to be partnering with salesforce we've been using their technology for years now we understand the power of it. and to know that there are thousands of financial institutions using the salesforce financial services cloud, and now we can take our rocket technology, plug it directly into the cloud and give them access to the client service, the technology, the underwriting, all the things we've worked years and years perfecting, it's going to change the experience that clients have across the country, and i think that's what makes this so exciting >> mark, what about for salesforce obviously it's a win any big customer and big project is how competitive is the space for you in winning business for financial services in particular

against microsoft which is now coming up and gaining share? >> well, you can see, sara, this is just a tremendous relationship between salesforce and rocket mortgage. we have such a great relationship with jay. he just came to dreamforce we've had an opportunity to talk about this with all our clients. he's taking our financial services cloud, built on our name sake salescloud that's our $6 billion product that lets customers build direct relationships with other customers. it's been critical it's been an essential service during the pandemic. and what jay has done is just genius he's bringing in his critical information from rocket mortgage that makes his employees even more successful. i couldn't be more excited about this >> dreamforce does sound like the place to be. we're going to have to come one year >> yes we've been waiting for you >> i know. and i'm going to be dressed up as one of the giant animals that was behind you last time you

joined us. >> jay, i wanted to ask about the way in which you'll then use this tech and share this tech with other people who may have been seen as rivals in the past. i get the kind of interest to diversify the revenue stream and why the market likes it, but who are the sort of clients that and partners that that will be >> yeah. great question and our mission has been to take the rocket platform and this technology and really offer it to anyone who is originating a mortgage, helping someone refinance their home or buy a new home that's our mission and to think about i think there are close to 10,000 either banks or credit unions that salesforce financial services cloud has access to plugged in with thousands of them today. so as we embed this technology, what we're doing is letting the banks or credit unions decide. we can originate process, underwrite and close the loan for them, or they can originate the loan and use our technology and we'll process and underwrite or close regardless of how a consumer

wants to receive a mortgage, our mission is to make sure they have a great experience. so you'll see rocket whether it's the broker, a real estate agent, direct with our retail clients, through the salesforce financial services cloud anywhere or everywhere that someone wants to go to buy a home or get a mortgage, we're going to deliver the best client experience in the country. that's the mission that we're on, and we're making progress each and every day >> and jay, i also wonder whether there's an added bonus for you in the moment in time, the moment in the economic cycle that you're doing this in that it might lower your risk if you're not writing as many loans yourself, get them off your books is that a bro nus for you? are you a little bit less positive on the outlook for the mortgage market at the moment than a year or two ago >> certainly rates will go up and down, and we've experienced that for about 36 years. the key is being in all the different places so as we diversify our ability to reach our client base, whether the market shrinkings or grows, we have access to clients at the point of sale

that's been the critical thing that we've been focussed on the last few years from a loans perspective, we're one of the largest mortgage servicers in the country once we earn that client, we're happy to support the clients through servicing if that's what the bank chooses or allow them to service their client as well. we have that flexibility it allows us to diversify the way we grow our base, our client base and platform regardless of what interest rates are doing. this is just the start remember, we're also helping clients find awe thoughs we're helping clients buy homes. and as we bring other services online, we'll give access to the banks and credit unions to tap into those services as well. >> marc, you sort of dodged my question about microsoft earlier. but i am curious about the arms race for cloud right now and how you see that and how competitive it's been right now, especially around an area like financial services >> well, sara, we're fortunate this is an area that we have

probably the strongest position of any company in the industry you can see our sales cloud is a $6 billion a year cloud, and as you saw last kwaert, it grew incredibly well. it was part of our strong margin performance as well. and in a win line market mortgage is just a great example. as you know, so many other critical financial institutions, whether it's bank of america or jpmorgan chags or rbc, all are using this same sales cloud with our financial services cloud kind of extension to really have these direct trusted relationships with their clients. and this is really the foundation now of the financial services industry. so when we talk about other vendors and other people doing work in the cloud, look, you have to get back to the guidance that we gave in the last quarter, $31.8 billion, and also look at the performance of the sales cloud within that which is -- it's over $6 billion that's larger than most other

cloud companies. this is our name sake sales cloud, and that is why i'm so excited about what jay is doing, because here's a product that's 22 years old, and it's still as competitive today as it was two decades ago, because of sales force einstein our ai is built into it, and we've rebuilt it completely with a slack front end, so you have this new tremendous slack-based collaborative interface in front of the cloud that's what jay is using, and that's getting him this incredible new capability with his clients. >> marc, i wanted to sneak a question in on the name change this week for facebook to meta do you think that's a sensible decision some suggested if you wonder if facebook is trying to distract attention from their recent troubles. >> you're always so shy about facebook >> sara, come on look, they obviously have a

unique set of challenges, and i think when you look at social media overall, you just have to ask the question, is trust their highest value? it's not a question with rocket mortgage the way that jay behaves with his clients, that's the way i expect every client to behave with their clients and that is just not what you see with social media. they have another whole view of the world where trust and truth are not their highest values and that's really my -- that's really my core issue with that industry which is that we have a lot of challenges in our world the environment, the political situation, the pandemic. all of these things are in a crisis of trust. and you know, social media is driving a lot of that forward. and so we need these companies to address this. it's very serious. >> but what do you tell other fellow ceos about advertising on facebook jay, do you at rocket advertise on facebook? there's only so many places where you have billions of users so engaged at the right

demographic and age group. how do you justify that decision i'm curious if you do, and what you would tell fellow ceos >> it's not about saying this client has to -- this is about these companies have to address their core values. that is the issue. it's not on the external eco system it's this company has to take its -- its behavior seriously. that's what this is all about. >> jay, want to throw anything in there >> there's plenty of evidence to that point >> i'll just share, i think it's on all of us to make sure that we're dealing with our clients the right way. and one of the things we've experienced with salesforce in the 360 customer review, if you use the tools properly, you can bring the right services and the right value to the client at the right time that's where the world is heading. it's not just about being able to reach out to people whenever you'd like it's about bringing value and serving clients properly, that's

what salesforce is about and that's why we've had great success. certainly we have to be thoughtful but once you've acquired that client, it's how you use that data and information to bring them real value and that's where we're focussed and i know that's where salesforce is focussed >> great to have you both on >> bye, sara great to see you >> good to see you ceos of rocket and so-- salesforce >> interesting >> it's a new revenue stream and potentially the mortgage tech valuations, according to the analysts, a lot higher than just plain mortgage business. >> nice move for rocket. should you buy the dip in apple, though? ahead we'll ask a top analyst how long he thinks the supply chain issues could last. also speaking of apple, it's the top search ticker today on cnbc.com rarely nudging the ten-year off the top. down to third place.

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28 minutes left in the session. it's flat for the averages let's look at individual market movers shares of western digital tumbling after revenue miss. the chip company weaker than expected quarter guidance citing supply chain concerns. the stock is down 9% time now for a news update kristina >> here is what's happening at this hour. we've got dangerous flooding closing roads and businesses in parts of annapolis, maryland flood warnings issued for more than a dozen counties. the national weather service predicts this could be the region's biggest tidal flooding event in the past 20 years laetitia james announcing she'll run for governor of new york nooi. it comes the day after cuomo was

charged with a sex crime of groping a woman. and a report from the interior department says fossil fuel extraction from federal lands caused a fifth of all emergency related emissions. the change will allow the biden administration to highlight the costs of greenhouse emissions including rising sea levels, wildfires, and public health problems back over to you kristina, thank you. still ahead, the fda just authorizing pfizer's covid vaccine for kids ages 5 slue 11. we will be joined to discuss the breaking news. and a check for you on bonds. yields are lower today across the curb it's been a theme lately after we saw this big backup in yields over the past few weeks. it's cooled down

1.54 on the ten-year we'll be right back.

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shares of apple falling today. the company posting eps online the first miss since 2017. the stock was down 4% or so. half those losses only down 2 %. we are going to discuss where things will go from here i guess the biggest question for me, chris, is whether or not a delay so soon after all the hype around a big launch for an iphone could be more than just a delay in demand and make people realize look, i didn't really need that big phone upgrade at all, and now the hype is passed and all the coverage and the press has passed, they might forget about needing an upgrade? >> yeah. thank you for having me, first it's a very good question. the two things i would say is that clearly there's a supply chain issues impacting everyone across the board, and that's put a dent in the expectations for the iphones. i think the bigger question is would consumers flip or delay

purchases of an iphone i would say when i look at the smaller products like the variables like air pods, there's definitely some demand that could be destructed. the iphone, there's an install base that's really solid with the -- it's extremely low. i'd be surprised if people are going to move from iphone to android. i doubt that's going to happen, and seconds, can they delay it it's possible. i think it's possible. raymond has some delays in an option but i don't think that changes the pieces on the big run. it might be a quarter or two kind of volatility in the big scheme of things, i don't think it matters that much >> is apple getting enough credit for the continued surge in business in the services area i think up another 26 % to an all-time high. how big of a part of the story is that at this point? >> yeah. i think it's a good question the only thing i would say is that listen, the service growth

has been phenomenal. we really love the business. i think it's a multiple announcing portion of the apple story. but the problem is even where we are today, which is heading into calendar q for the busiest season for iphones, obviously the focus is on the product side but i think as we kind of get over this hump, beyond holiday season, i think the market is going to start looking more into the services and typically the services shines in march and june quarter when actually iphone is actually lower so i would probably say that the services will have to take a backseat this quarter given that it is a seasonably strong period of the year for the product business >> $180 price target thank you for joining us >> thank you when we come back, starbucks drops on a revenue miss. what the company's ceo had to say about the quarter next up in the market zone. (vo) while you may not be running an architectural firm, tending hives of honeybees,

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contract prices around. get e*trade [ding] and start trading today. we're in the closing bell market zone. commercial free coverage of the action going into the close. mike is here to break down the crucial moments of the trading day. today we have silvia with us as well the s&p 500 and nad zach did intraday highs earlier on track for the best month since november 2020. anything positive for the s&p 500 nasdaq would be a record we are set for those again just timing it's positive territory in the last five or ten minutes mike, a little bit off the highs

today, but the month of october, when you look at it strong a number of the sectors in double digit territory for a month. >> best month of the year. >> a big comeback. going into october 4th, we were still kind of four weeks into a pretty choppy pullback didn't get more than 5% or 6 % down but have gotten that back and more this huge growth stocks really powering the magnitude of the games. you can't get away from this idea that even with amazon, apple, declining today, kind of flattish for the week, i mean, tesla is adding $200 billion in market cap this week that's not normal. the tens of billions being thrown into call options are not normal it's a chase phase in certain segments of the market it's enough to really get the overall indexes to these records. >> so silvia, does it continue in the face of the fed meeting next week, starting to look to roll back some of the emergency stimulus potentially talk about higher interest rates, fiscal stimulus

wearing off? uncertainty over what's coming out of washington, can the run continue >> i think it can continue to elaborate on mike's point, i think that what has also been super interesting about this is now everybody is pouring into the market and chasing gains, but i think on the dips a lot of people are panicked. those opened up opportunities for traders to come in and get names on the 4% to 5% pullbacks we saw a little while ago. i then september dull drums are over the consumer is strong the market is flush with liquidity. it's about 50% gdp, and i think that there's sort of nowhere to go besides crypto and equities in order to get a return on your money, but to your question about fed and rate hikes, i don't see that coming just because we're not where we need to be with the jobs numbers. i expect the taper is priced into the market, and i think that interest rates are still far enough off that they're not going to disturb us, and even when they're on the table,

they're going to be slow and steady i am bullish, and i think given the supply constraints, the end of 2022 is going to look even better than this october has in terms of monthly performances. >> let's hit the oil giants. exxon and chevron both reporting their third quarter results this morning. let's get more a good quarter for exxon and chevron. multiyear highs on the heels of the rebound in oil and gas prices chevron beat expectation bis a wide margin and posted the highest free cash flow on record exxon saw the biggest profit in seven years and plans to spend up to $10 billion on buybacks. exxon's ceo saying this morning on "squawk box" that the company remains focussed on the capital discipline >> the steps that we took in 18 and through the pandemic, cutting our costs, becoming more capital efficient, reorganizing the businesses, are delivering

results. if you look at the plans we set ourselves to grow earnings in cash flow back in 2018 to double earnings in cash flow, we're basically back on track to do that >> both companies also highlighting their low carbon spending plans one day after woods and chevron ceo mike worth appeared before congress for the industry's role in climate disinformation. back to you. >> pippa, thank you. it is kind of an odd juxtaposition. oil prices are high. economy is coming back that's good for the companies. and at the same time, all the countries are really getting more aggressive and pledging these initiatives to fight climate change, and go to zero emissions. what do you do with these stocks >> i think that these stocks are great for the short-term they were just absolutely hammered during covid when people were sort of staying at home nobody was driving and consuming gas. so exxon had their best reporting quarter in about three

years. they're paying a dividend for the first time the companies have cash again. in the short-term, i think they're poised to rise because we're getting back out there winter is coming but to your point, i just think the game is going to change. it has to change soon. there's been so much talk about going carbon neutral the best way to do it is to consider hydrogen as an alternative energy source. it's the most abundant element on the earth we're finding more cost efficient ways to use it to power vehicles, create fac factories, things like that. i think the story is going to flip-flop over time. short-term, i like it with exxon and chevron, but long-term, the stocks are going to fall out of favor. >> mike, i know that you were saying earlier growth has led the charge particularly in the very short-term. energy over 12 months and in october, the best performing sector >> yes it's leveraged to the price. they've come in this week. that's how big a lead energy

built up the take away from what you've heard from chevron and exxon is that whatever kind of fresh investment, whatever increased production, it's going to happen outside the megamajors, it seems. they are not necessarily at this point going to stray from this idea of sure, we'll benefit from the higher prices when it comes. we'll take the win fall gains, but we're not going to be aggressive on investing. it's going to have to come through private companies or overseas and then you had a record this week that the daily short fall in crude supply is not as big as we thought you had crude oil come off the high this is week as well. >> and gas prices down 4 .5% today. though have been significantly higher earlier in the week starbucks shares falling today the coffee giant saw revenue in same store sales below estimates citing a drop in the china market due to a resurgence in

covid. earlier today they talked about the transitory impact of the delta variant. >> that's why we believe this is just a transitory delta variant covid-related situation in china. look, when we partner with the health care officials, they shut down a city to test and make sure they have gotten covid under control. we closed stores in that city for a number of days that impacts our comp. you take those impacted stores out, and travel and tourist destinations, we comp positive optimistic about the tra dekt ris and we've got to keep working through this dynamic environment. on discount today, an attractive moment to buy the stock? >> i think it is and i think the transitory is the word of the year starbucks has about 80% of their locations closed in parts of asia that's just a massive hit to their revenue. i just think that once we get back online and the next sort of covid flairup sort of passes and

they get to a stable point there where it's reopenings in restaurants and coffee shops, starbucks is going to crush it -- the company -- >> i think we lost you there one thing i would just say, if it was just about the transitory covid shutdowns in china, i'm not sure you should see the stock down 6%. a lot of the analysts are also concerned about margin pressure coming from higher labor costs they just announced the average hourly pay target of $17 an hour they're dealing with commodity price inflation. all that could pressure margins and be maybe trans-tory too? >> i think the labor cost story is tough for them to keep up with i've said before, starbucks and chipolte haven't feasted off of rock bottom minimum wage type labor for a lot of years in theory, they're a preferred

employer, but when everybody is going up and there's a scarcity of people who want to work front line jobs like that, there's an element of pressure for a company, starbucks, that still trades at 30 times earnings. it's built up that premium over the years. but it can't really weather years of margin erosion. >> let's hit cryptos ether with an intraday high and could see the best look since april. we have a look at that and bitcoin's rally as well. >> big month for the world's top crypto currencies. bitcoin above 6 2,000. looking to close october up more than 50% that was the approval of a bitcoin futures etf. an even bigger winner, ether up more than 56% for the month. the second largest crypto hitting a new all-time high today. it topped $4400. analysts are pointing to more use of the block chain some of which driven by strong

action in meme coins and potential for a etheir yum based etf and speculation around that >> kate, thank you i feel like one underplayed story that happened lately was that bloomberg reported that the texas firefighters pension fund was putting money in crypto in bitcoin and ether, buying it through a new york firm. this opens up a whole new source as this market continues to gain it becomes, what, more than trillion dollars in market cap to more than a trillion dollars in market cap go away? >> maybe it gets bigger before it has some kind of a real reckoning. but no, it is about that it is about that story of if every asset al cay or the just put a sliver in, that's the story. it's never the story of this is why it has the value these investors think.

it's sort of a sufl fulfilling thing in the short-term, and obviously ether really outperforming bitcoin over a longer span tells you that there is more transactional stuff, a little more development, a little more software being built. a little more kind of assets being built on ether, at least it's easier to transact it and maybe that tells you something about the direction where this all goes. >> both performing well this month and this quarter for sure so far we are up to .2% as we approach close >> index level, things were pushing into month-end take a look below the surface, it's a little bit softer i actually have quite a few more shares declining than advancing on the new york stock exchange more stocks down as well as up today. it is a little bit uneven below the surface. but i mention that kind of risk appetite trade again, the secular growth momentum stories that have gone vertical look at a six-month chart of

tesla against nvidia they basically are the same chart over that time span. look at the last tail on the way up both up in the mid 60s that's partly a crypto story and partly just a money chasing returns type story and maybe a rekindling of the kind of big picture growth idea. the volatility index, pretty quiet. staying above 16 fed meeting next week is probably keeping it above where it otherwise might be. >> we're about to wrap up the fourth week in a row of gains for the s&p 500. best week for the nasdaq since it looks like back in august the dow right now up 108 points. and the best -- the month of october looking like the best month since november of 20 20. the best of the year what's working in the dow right now? well, you have some earnings winners. you also have them just looking at the nasdaq movers and s&p as well i'll tell you what's working in the s&p. health care, communication services, technology, consumer discretionary and industrials.

real estate is your worst performing sector. every sector in the s&p 500 j consumer discretionary and energy, both of those sectors up more than 10% for the month of october. going out with a record close for the s&p 500. a record close for the nasdaq. the russell 2000, didn't quite get there. closing negative the dow finishing up 8 88 points -- 88 points a positive month welcome to the closing bell. three record closes on the books at the close s&p and nasdaq, we have enough from the dow to take out the record close from the 26th of october. and as sara was saying, unbelievably strong month. 7% of gains for the s&p 500. less than that for the dow more than that for the nasdaq

with most sectors -- all sectors high comfortably for the month of october they are authorizing pfizer's vaccine for kids 5 to 11 for energy use plus a first on cnbc interview with the ceo of colombia sports ware when we thinks supply chain bottle necks could eat up. we have silvia still with us, and katherine from grace capital joins the conversation mike, we were discussing earlier the resilience in the face of big earnings decliners the fact that this week's session ends positive makes you a little concerned that in the short-term we've -- >> i think a lot of folks are dealing with this kind of question of everyone knows that seasonally markets strong in the last two months, especially when it's already been up as much as it is in the first ten months.

k do you want to fight it or ride it and assume it's holding to form that's one of the questions. the bond market kind of has a staticy message imploeblly bond yields surges on the short-end. people thinking that central banks are going to have to scramble to fight inflation. over the course of the day in the u.s., things moderated quite a bit. and it was not necessarily following that path. now, again, month-end can be an issue when it comes to rotation into bonds out of stocks if you've had this performance spread so i think it sort of -- you say, you give the market the benefit of the doubt, but it's starting to get a little bit frothy in pockets. >> kate, what's your position? how loved are stocks by your firm right now >> we love stocks. thank you for having me. look, we just had a big earnings week with tech the companies all did very well. look at alphabet it grew top line 40%

microsoft, texas instruments, each 22% with strong free cash flow profitability valuation is not really bad. we still like the tech sector. there are other sectors that are interesting. energy look at something like the rails. norfolk southern, i'm comfortable with the market here >> silvia, we mentioned some of the big tech names that were declining today. apple and amazon are those attractive to buy at those pullbacks or are you more attracted to starbucks as you said earlier >> i'm actually most attracted to the tech stocks i think that tech is well-positioned. companies are changing for the future they're getting into things like big data they did have a bit of a pullback because of the earnings announcements. the reason was specific. it was the supply chain disruption issue so if you look at the year over year revenue growth, the companies are still exfreemly -- have extremely strong balance

sheets and i think that in the next couple months we'll start to see a recovery there as some of the issues dissipate. and with apple they have that new m-1 processer laptop coming on it's the holiday season. i just think that these companies are very much on sale, and nine times out of ten, the last nine dips of the stocks prove to work out for investors who got in >> kate, what are your expectations around more spending bills out of washington the framework that biden announced yesterday, an infrastructure plan which could create winners and losers in the market multinationals could get more tax rates, the 15% minimum tax, and climate spending could help some of the ev names are you investing around these themes >> we are not. honestly, i don't believe the market believes we're going to get anything out of washington sadly. i think biden started off with big plans. it gets watered down there's a lot of dysfunction in

washington so we're not really looking there. i think certainly ev, there seems to be some agreement around climate and some of those types of issues, but we're not too positive on washington >> ev stocks have been on a tear this week. lucid motors, finishing 50%. amazon disclosing a 20% stake i rifon. we knew there was a partnership here the surprise was how big the stake was? >> i think nobody fully understood how big the stake was. it's been there a couple years they were one of the first investors in rivian. they own approximately 20 %. the valuation 2 .8 billion that's gone up 1.1 billion this year alone amazon is also having rivian and has taken delivery of some of these electric delivery vans

100,000 on order the first ones were delivered earlier this year. went into service in march by the way, the rivian, owneipo, we're getting close to it happening. pricing before the year-end, but don't be surprised if it happens maybe even in november valuation, expected to be $80 billion. and as you mentioned, at the top there, sara, lucid, a big day today. and we've seen it. it doesn't do justice to what we've seen for any of the ev stocks they've had a nice couple days lcid because they're starting deliveries this weekend. >> phil, thank you kate said she's not positive on washington, mike. there are a lot of skeptics about whether they can get this deal done. how much is baked into these prices already >> well, look, in the short-term, if we didn't have the subsidies coming through and the spending on ev and initiatives, you'd have a little bit of a switchback. a lot of excitement is already

piped in lcid and related companies have piled on the market cap well in advance of them having the product because we know that however big the pie gets, evs are going to be that much more of a percentage of it. so -- >> i was going to say tesla has extraordinary momentum behind it in the short-term as well. >> incredible. it's almost 1 $.1 trillion in market cap lucid isabove 60 billion without added delivery yet we're front running what everyone assumes is going to be just the wave of the near future >> i noted from some of the notes you shared with us today that you're a believer in investing in things with exposure to hydrogen talk us through that >> absolutely. it goes back to the conversation we had earlier about exxon and chevron. there's this global push to become carbon neutral by 2050. that means about 11 trillion

dollars will go to n to support the push we talked about the moamazon de. they want to meet the goal as a company. they have hydrogen powered lifts in the company hydrogen is one of the most abundant elements on the earth to power vehicles, to power boats and buses. hydrogen powered vehicles are all over japan and europe. we're catching up in the u.s it's going to be a huge move toward an alternative form of energy >> just wanted to bring up a bill ackman tweet that got a lot of buzz today. a hedge fund manager known for making big calls on the market can i remember the one of covid. he said he recently gave a presentation at the new york library to share the views on inflation and fed policy the bottom line, he says, is we think the fed should taper immediately. begin raising rates as soon as possible he says he's putting his money where his mouth is, hedging

exposure to an upward move in rates as he believes a rise in rates could negatively impact his long only portfolio. some share that. >> yeah. the new york fed is where he gave the presentation. that's a little more targeted. i think this is a growing line of thinking among the billionaire class that is very much afraid of what inflation means for assets and for accumulated wealth and for the economy. not to say it's not about that and there's a sense that the asset purchases are long past doing any real constructive work, and even the fed probably would agree, it's at best kind of irrelevant or neutral, and at worst, it's just kind of sending the wrong message. however, i still think people are jumping the gun in terms of the path of inflation. the fed is going to come out on tuesday and maybe say we'll get the taper done quicker there is still the separation in

rhetoric, i think, between what we're doing on the asset purchase said and eventually rate increases they're not going to endorse the market's current pricing of multiple rate hikes next year. >> that said, mike, we could get a small hike from the bank of england as soon as next week, and the short end of the curve has moved aggressively driven really by europe itself. >> it has. and look, i think that we can look back into recent history and say that's fine. the fed tends not to necessarily follow when the rest of the world is doing what it's doing you can look at 2007 when the ecb tightened into a rising oil prices and a little bit of an inflation scare, but it was a disastrous wrong way move that has to be reversed i think the fed is not necessarily going to follow along even though there is pressure to do so and a legitimate case for why they may eventually find themselves a little bit late. >> kate, are you worried about the impact rising rates could

have on stocks and your long portfolio? >> i am worried about that, but for different reason think about the logic. we're going to have inflation. here's a problem wage inflation how does the fed control wage inflation? energy price inflation how does raising rate help that? you have wage inflation, the supply shock you have what's going on with the supply chain you have rent increases. if you think about why we're having inflation, it's not the typical money velocity issue that the fed can control that is my problem with this logic that raising rates is going to stop the forms of inflation. it don't think it will >> thank you both very much for joining us good to see you on a friday. >> thank you when we come back, we will share more of our interview with janet yellen her thoughts on the global minimum tax for corporations and whether it could impact global economic growth.

plus fda advisory panel member dr. ofer levy on the breaking news. the fda approvinthe izg pfer vaccine for kids we're back in just two minutes te a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

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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. janet yellen among the global leaders set to attend a summit i spoke with her from rome about the global minimum tax for corporations and whether it could potentially impact global economic growth. listen to what she said. >> well, i don't think it's going to have any meaningful impact on direct investment on investment anywhere around the globe. these are relatively modest increases in taxes, and what it will provide is a level playing field globally where companies and countries can compete on the basis of their innovative ideas,

fundamentals, the quality of work force, and the -- their business environments, and it will provide an environment of much greater tax certainty than we've had in a very long time. it will do something to close the loopholes associated with tax havens that have allowed many multinational corporations, those based in the united states and elsewhere to avoid paying their fair share and this is an important agreement, because countries around the globe have decided that in order to finance the public infrastructure investments, that they need and to invest in their people and not to have all of the burden of raising taxes fall on workers that this is a way to make sure

that all countries in a fair way, can collect more from corporations, so they pay their fair share >> speaking of multinational corporations, apple last night reported earning said it took a $6 billion revenue hit in the quarter because of the supply chain issues and projects that's going to be even worse in the coming quarter. how much do you think these bottle necks and shortages are holding back our economy >> well, i think they are holding our economy back somewhat we saw that this quarter with slower growth of gdp you know, i think gdp growth will pick up, but we do have shortages of semi conductors the switch in demand from surfaces to goods and the pandemic itself that led to work from home, it really boosted the demand for semi conductors that are embodied in almost all the

goods that consumers buy, and it will take a while. there is clearly a supply response in train, but it will take a while to boost supply although, to come extent -- some extent supply shortages reflect the pandemic in places like malaysia so it will take a while to boost semi conductors supply, but i do expect that it will be addressed over the medium term >> you said you expect growth to pick up toward the end of the year i'm curious about your forecast for next year, because the fed is about to start tapering its emergency stimulus, and could look ahead toward interest rate hikes next year. at the same time where a lot of the front-end loaded stimulus is wearing off and a lot of reopening momentum is going to wear off what does that add up to for next year? >> well, it's true that some of the fiscal stimulus will wear

off. there will be less fiscal stimulus next year, for sure but households have amassed a lot of saving. wealth has increased they have stashed away some of the income that they earned and didn't spend during the pandemic, and i expect consumer spending and investment spending to remain quite healthy. and, of course, the federal reserve is also focusing on inflation, wants to achieve full employment you know, while gdp is now surpassed its prepandemic peak we're still about 5 million jobs below the prepandemic level, and while due to retirements, labor supply may not go back to its previous level, i think as the pandemic eases and concerns

about health diminish, people will go back to work labor force participation will improve, and i expect unemployment to fall further and labor force participation to rise again >> have you stopped using the t-word, the transitory word which we don't hear as much from fed chair powell and some of the other fed members? are you still using it >> well, i think it's still fair to use it in the sense that even if it doesn't mean a month or two, it means a little bit longer than that i think it conveys that the pressures that we're seeing are related to a unique shock to the economy, and as the united states recovers and as vaccinations proceed globally and the global economic activity revives, that pricing pressures will ease monthly inflation

rates have already come down considerably from where they were just four or five months ago. and that prices also is continuing you know, year over year inflation rates remain high and will for some time simply because of what's already happened in the first months of the year but monthly rates, i believe, will come down, in the second half of the year i think we'll see a return to levels close to 2 %. >> a lot of predictions there from the treasury secretary janet yellen who was the federal reserve chair. so went deep into economics and not afraid to project things like the global minimum tax, for instance some critics say it could impact foreign direct investment because companies are going to have to pay more they won't spend as much overseas and won't build out capacities overseas. she doesn't see that happening

2022 consumers have saved a lot i still see strong consumer spending, and investment spending on the transitory, saying it's transitory, because it's going to go away in the second half of the year, inflation. >> it's almost like a goldilocks at higher absolute levs. inflation is going to come down and ease back, and it's -- yet, they remain higher than the prior cycle and spending, there is the spending power there. i don't think you can deny that, but it's interesting in terms of the global tax, it's also reflective of what kind of cycle we're in the kind of let's shop for the lowest tax rate and lowest cost of production around the world, that was for that kind of great moderation environment, very slow global growth, low inflation. it wa now it's different >> the thing on inflation, she's sort of more relaxed about it than even where the fed share has gone most fed members have gotten to. you kind of wouldn't expect that from necessarily on the fiscal

side she doesn't need to stick to that rhetoric as much as chair powell had to for a lot of the last two or three meetings >> except that it is becoming a hot political issue. no one wants to see -- >> transitory so clearly when no one else in the fed is still stuck to that as clearly as they were >> they don't want to look behind the curve, but she -- she laid out the case. she said it's a lot of the factors that are boosting inflation right now will calm down and that actually, that this new bill she said could put pressure on inflation if it passes as well pretty interesting i also thought she said that the fed will be aware of its jobs mandate next year. and they're still $5 million short. even though the fed is going to taper, not that she knows anything necessarily of what's going to happen in the fed, but she played down the interest

rate hike for sure >> a great shot. made me want pasta throughout. her definition of transitory is generous surely we're already past that it was two months, three months. anyway, i thought it was interesting. so much in that to unpack. >> shares of columbia shorts wear climbing up we'll sit down with the company's ceo and talk about how the supply chain issues could impact the company's bottom line this is wealth. ♪ ♪

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shares of columbia sportswear high after earnings topped estimates the company raised four-year guidance in the face of continued supply chain disruptions. tim boyle joins us now in a first on cnbc interview. tim, great to see you as always. thank you for joining us >> thanks for including me >> have these supply chain issues lasted much longer and been more severe than you expected >> yeah. i think that's accurate. you know, we expected to be -- have some moderation by now. it looks like we're going to have these kinds of impacts on our business probably for at least through the first quarter or perhaps longer in 2022.

>> so does that really affect the holiday quarter significantly, then? >> well, we have a lot of merchandise in the business already, and in the u.s. and in other parts of the world and frankly, by the way, the bulk of the disruption on deliveries looks like it's in the u.s. our businesses in canada and in europe are closer to more normalized activity than we are in the u.s but we have the next few weeks are going to be really critical in order to get merchandise into our stores and into our contribution centers and then beyond to the stores of our customers. >> china has been a weak spot for you, tim are you seeing any evidence of a turn around as a result of some of the moves you're making there? >> we've talked about the fact that we've underperformed in china, and the fact that we needed to make changes, which we did both in the senior leadership as well as in some of the support positions in china and we're seeing a change there,

an improvement you know, it's -- we talk about it being the largest single geographic opportunity for our company. and we need to have the best people we can there. and i think we've made great moves at getting ourselves really, really well-positioned in that market >> just on the supply chain stuff. i mean, to what extent do you think you'll have to hike prices we were just discussing janet yellen's comments on inflation and whether it's transitory or not. do you think we'll see significant increases and will they last through next year? >> well, we're in the process right now of pricing our merchandise for fall of 2022 we have a long lead time we saw price increases there of some significance in the close to double digit in some areas. and so i expect that we're going to continue to see price pressure not only from the commodities that go into our garments and our footwear, but also the continued expansion of the costs of logistics and getting the

merchandise into stores. so i am a little less hopeful as it relates to a moderation of the inflation, frankly but we'll have to continue to change our pricing to accommodate it, and at the end of the day, consumers are going to make the decision if they want to pay more or if they would rather pay less. that will impact many of the parts of the supply chain as it relates to the commodity prices. >> definitely not using the th word your competitor, patagonia doubled down on their stance they made last june to boycott facebook and not advertise on the platform at thegonia stopped all paid advertising on face book platforms in june of 2020 because they spread hate speech and misinformation about climate change we continue to stand by that boycott 16 months later and

they're calling on other companies to do that in light of some of the facebook revelations from the whistleblower, are you -- how do you deal with that are you advertising on facebook? do you double down because your competitor has stopped or do you have issues also with some of these problems >> well, i think certainly facebook could invest more in managing the content on their platform i get it that it's difficult with free speech in the united states to be completely adhering to certain principles, but i don't think they're doing enough we prefer to work within the system, and we're not adding to our marketing budgets to take advantage of somebody's vacation, vacating that space, but we want to work together and make these changes from within the system, and we've had serious discussions with the people who are responsible in facebook for this kind of topic, and hopefully we've helped them

move along and have a greater ability to manage this stuff from a customer standpoint >> i'm curious what that engagement looks like, how high level it is and how receptive they are, and what you're telling them >> as i said, they could invest more when we've approached them and asked them to spend more time on it, they've responded appropriately from a verbal interaction, but we still have yet to see a perfect adapgs of what we would expect to see on controlling hate speech. >> tim boyle, thank you for sharing. thank you for coming onto talk about the results as well. >> thank you after the break, mike heading with a deep dive on wage growth, and what it might mean for the broader economy. and later, covid vaccine for kids is top of mind for parents.

the fda just authorized it for ages 5 through 11. we'll discuss it with dr. ofer levy when closing bell comes back ♪ ♪ ♪ ♪ ♪ ♪ so, should all our it move to the cloud? the cloud would give us more flexibility, but we lose control. ♪ ♪ ♪ should i stay or should i go? ♪ and we need insights across our data silos, but how? ♪ if i go there will be trouble ♪ ♪ ♪ wait, we can stay and go.

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it is time for a cnbc news update with kelly evans. hi, kelly. >> hi, yerve here's what's happening at this hour u.s. intelligence agencies say it's unlikely they'll ever be able to conclude whether the coronavirus spread from animals to humans or leaked from a lab the u.s. blames a lack of cooperation from china for the scant information on the pandemic's beginnings. and the supreme court will hear a case that seeks to curb federal power to limit carbon emissions from power plants. this was brought from states like wv w and industry groups. the court's decision to hear the case could complicate issuing new regulations. the high court will consider a republican bid to -- the rule

barred government benefits the biden administration dropped the government's defense of the policy on the news tonight the armor on the trust mu ovie set gives her take join me for that at 7:00 eastern. the fda authorizing the pfizer bion tech vaccine for children we'll discuss it with dr. ofer levy we'll be right back. (crowd cheering) - bito, bito, bito, bito! - [announcer] bito, the first u.s. bitcoin-linked etf.

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let's get up to mike for a look at wage fwroet. >> wages growing faster than they have in quite a number of years. here's a measure of wages and salaries adjusted for inflation. this is wage and salary growth since before the pandemic crash. you see we're above 100. at a higher absolute level adjusted for inflation than we were before the recession. obviously employment has not recovered all the way. we're down a few percentage points in terms of number of people employed. that's the bridge that the fed perhaps wants to travel here and get more people actually working. take a look at our long-term chart of annual percentage wage growth it has turned higher now, obviously you don't necessarily want to do technical analysis on an economic number it's not about a transactional value, buyers and sellers. it looks like it has momentum. i would focus on late 90s levels

up around 5% persistent for a few years co-existing for higher interest rates. do you want to do anything that chokes off wage growth because also the cost of things on the shelves temporarily, at least, are going up >> so mike, going back to some of janet yell en's comments to sara, and i get that obviously there's a dual mandate unlike bank of england where it's single mandate but it's not as if despite the dual mandate that inflation can't make the fed move ahead of reaching its labor market mandate at the same time >> no, that's right. i mean, look, it's somewhat ironic or perhaps very fitting depending on your view of whether the fed kind of follows or leads that the fed imposed this new very tolerant framework around inflation levels simply to try to get long-term inflation expectations up to targets they missed for a decade before that. i think they're checking off that box on inflation even if,

in fact, it recedes from the recent levels in terms of cpi and pce inflation. however, they do still want to get more people employed the labor market is tighter than it would otherwise seem. we have to get into a new year and have people back to school and work before the fed is going to decide guess what, we're at some full employment level with that many more people on the side >> it is ironic they shifted that whole inflation framework before inflation started shooting through the roof to levels we haven't seen in years. mike, thank you. the fda officially approving pfizer's coronavirus vaccine for emergency use in children 5 to 11 today making children eligible to get vaccinated pfizer says it will begin shipping viles of the vaccine starting tomorrow. joining us is dr. ofer levy, a voting member of the fda panel it's great to have you back on the panel, doctor, welcome

>> always a pleasure >> my sque a public health one in your opinion now that we can vaccinate kids 5 through 11, can they modify, adjust, get rid of the quarantine guidance for kids that they have to quarantine 7 to 14 days upon exposure to covid which hurts parents, the economy, people's jobs, and, of course, education? >> well, thank you for that, sara that's a logical question. i think we just had the fda decision this afternoon. and as you know, now it goes to the centers of disease control or cdc, and they'll have a committee that will meet early next week, and the head of cdc will make the final determination. that will help provide guidance, and so let's not get ahead of the process. but your question is a good one. and we're going to see number one, how cdc frames they're decision and number two, how is the up take of this vaccine among 5 to

11-year-olds >> a question for the parents like me who are wondering about kids who already had covid and many kids, millions of kids have now in this country like so many others, my kids had mild cases thankfully, and they recovered do we know anything about the long-term immunity that kids have from covid and whether they need to get vaccinated and do the risks outweigh the rewards? >> so that's an interesting question and depending on the locality, a greater or lesser percentage of children will have been infected already with coronavirus there are ongoing studies about the derability of immunity after natural infection. obviously it gives you some immunity in adults and younger individuals. but that doesn't last more than a few months, and certainly it's possible to get reinfected and this is one of the reasons that people who have recovered from covid, it's still recommended that they receive their vaccine. the vaccine is a much more standardized approach to protect

them >> doctor, this is obviously an emergency use authorization. and i wonder to what extent there is an emergency level of need for 5 to 11-year-olds to get vaccinated i totally understand how inconvenient it is, given the school attendances and rules all around that, but it's also fair to say, i think i'm right, that very few 5 to 11-year-olds die from this disease. >> that's absolutely correct and that came through in our discussion last week to the extent that coronavirus kills in this country, it's mostly been killing elderly and older individuals and so a logical question could be asked, well, the risk of any given 5 to 11-year-old to die of coronavirus is very low. why would we want to give them this vaccine but a counter argument is to date, over 700 american children have died of coronavirus and thousands more have been

hospitalized and in intensive care units, and that includes nearly 100 deaths in the 5 to 11-year-old group. and that's a similar level of deaths that's prompted immunization against meningitis and other diseases of children and moreover, it's likely that the vaccine will help reduce the risk of transmission from children to older individuals such as parents, teachers, grandparents who may be at even greater risk of severe covid >> another decision that you recently played a part in is that of boosters and i still don't understand, doctor, why everyone can't get boosters in israel they're giving them to people age 12 and over why in this country only 65 and over at this point >> thank you for that question it's a logical one this was a couple of weeks ago, our same fda advisory panel convened to does the matter of boosters the pfizer boosters potentially for everybody 18 years of ange

and up and the amount of information available at that time, safety and efficacy for booster for third dose in the u.s., for u.s. population, was promising but limited. and the ministry of health of israel presented their data which also looked promising. at that juncture, we felt that the benefit/risk was strongest for 65 years and up, but i believe fda will be revisiting this, and at the time we made that decision, the decision was we'll revisit this as more data comes in and the day is encouraging out of israel, and with time immunity wanes the antibodies come down i believe there will be reconsideration of potentially boosting at younger ages as well >> do you think, though, that the delay in a clear decision in mandates on that front might mean that the takeup of boosters is limited and/or, perhaps there will be a good reason why the takeup is limited if we continue to see the delta variant and others wane in terms of the numbers

across the nation? >> well, good point. this pandemic is a moving target right now across the country it's coming down which we welcome. nevertheless, yesterday approximately 1,400 americans died of coronavirus. another 50,000 plus were hospitalized in a single day so this is still a very serious pandemic we're entering the winter months, and typically respiratory viruses have a seasonality. they get worse when we huddle indoors in closed space when the weather is cold outdoors we might still see it come up, again. i think that the public, the fact that we have an open public hearing process where all of our deliberations are transparent and broadcast live is important. and we put a great emphasis on safety and i hope that the public is seeing that, that your viewers are seeing that. we take that safety process very seriously. and that should give the public reassurance that when there are guidelines based on fda and cdc guidelines, that guidance is very carefully thought through

>> why do you think -- keers you about your opinion here. a state like florida which has a 68% vaccination rate compared to california and new york, knit mid 70, significantly higher vaccination rate, had the lowest case rate right now for covid in the country, a state that also pushed back against vaccine mandates and mask mandates and reopened the economy without restrictions how do you explain that? >> well, you know, this is still under a study. one could speculate that by having a very low mask guidance or uptake of use of masks and social distancing, they may have had a lot of natural infection all at once. a month or two or three ago, it didn't look as good in florida, and there were many who died and got very sick and were hospitalized and then if you let the virus run through the population, sure some people will develop some natural immunity others will die or have long covid and long-term symptoms so that public health impact has

to be measured carefully doctor, thank you for joining us good to see you. >> always a pleasure have a good weekend. >> thank you up next, it looks like coke is making another big push to expand the footprint in the sports drink market. details ahead. uber and lyft gearing up to report next week we'll discuswhs at to expect along with the other big names on the docket. rowd cheering) - bito, bito, bito, bito! - [announcer] bito, the first u.s. bitcoin-linked etf. this... is the planning effect. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare,

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let's keep making a differene together. coca-cola nearing a deal with sports drink body armor this was broke last night and it is reported the deal could come as soon as monday. remember, back in august, 2018 coke first took an investment in body armor it's expected to be announced on november 1 and values the company at $8 billion. we had caught up with coca-cola

ceo about body armor >> it has been a great complement for us. >> he was already an investor, but sounded bullish. here is the market share picture, dollar share. gatorade is the clear winner, has been the king for a long time almost 70% market share. coca-cola owns powerade. you can see in dollar shares 13%. body armor is the new kid on the block and where a lot of growth has been coca-cola wants to go after the market leader pepsi. so they say this makes sense. >> is there any aspect why body

armor has been successful? it has not been a part of these big corporations it has been smaller. >> a lot of growth in food and beverages has been smaller brands then the big brands buy them some of them destroy them, but not necessarily the case this was the company that kobe bryant was an inverstor in. >> it is a lower risk way for coca-cola to go into this. you buy a stake and in three years see what the trends are. >> smart water, for instance so that deal could come monday no comment from the mpcoany on speculation. up next, wall street looking at a huge week of earnings in the books. there will be another one next week we will preview that, next

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>> look how many names there are. >> we will not be able to talk about reserve releases all next week >> it wasn't part of the story this quarter >> i have to say tech was more this past week on that note, mike, we said it throughout the show, we had record closes across the board despite the massive cuts >> the run-of-the-mill we beat by a bit and the stock went up a bit. doesn't make much impression but the fourth quarter projections are inching higher they are going up a little bit we are one-third of the way through the quarter. that's good where projections are going up when often they go down if you take away energy, they are not going up if you take away banks making

adjustments to their credit provisions, they are not going up 2022 estimates holding up but not surging. >> and we have a fed meeting and we are expecting the paper to start the emergency scale back stimulus. he said he was ready to taper but not raise rates. the question is what does he say about inflation and how concerned is he about the rates next year. >> there is talk that he will set aside the transit ri language he said by the middle of 2022 is when he anticipated the taper being done did he say anything that ratifies that, we will see >> the dollar surged as well euro was down a percent, british

pound. and to that point, we might get the bank of england starting rate hike. we will see if it comes. definitely a factor driving yields higher. >> the ten-year german yield got to within a .1 of zero >> the most important thing next week is mike's birthday. taking off >> have a good weekend, everyone have a good birthday weekend, mike "fast money" begins now. >> happy birthday. this is "fast money. i'm melissa lee. tonight on fast we are at the halfway mark for q3 earnings season there are a slew of names on deck so in the spirit