>> folks, that will do it for another week went by fast thank you. >> thank you. >> there's ark innovation down today. thank you for watching "power lunch." >> "closing bell" starts right now. ♪ welcome to "closing bell." i'm wilfred frost at the new york stock exchange. it's the final session in a wild week on wall street. volatility showing no signs of easing major averages in the red. the nasdaq plum meting. >> i'm sara eisen. let's look at when's driving the action technology leading the declines. docusign wrecked on the back of weak guidance. didi said it will delist from new york stock exchange and other stocks also sharply lower. tesla is the biggest drag on the nasdaq falling as elon musk unloads more shares.

it's been a bumpy week. >> we will be all of the nasdaq sell-off throughout the show with a tech edition of market zone and speak with the ceo of bitfury before testifying next week to congress on crypto regulation. >> let's focus on the big stories of this hour mike santoli tracking the market action steve liesman with a look at the jobs report. mike, what happened? things were looking solid this morning. >> the pressure built throughout the day and emerged from this intense liquidation type growth. docusign is sort of right at the epicenter of that and seemed to create more of a purge in broader nasdaq names now it is destabilizing the overall market s&p 500 held together. it was mega cap and emerging tech specific and now a new low

for the week 100-day average right where that trend line would go. we sort of chopped around there october and almost there, 4490 or so right now. nothing magic about the line but cracked below former support levels there's some hallmarks of the activity this afternoon that seems like forced selling. vix futures in this upside down mode and seems if there's portfolio stress people getting forced out of this market into pretty distressed positions that's the way that the activity looks at the moment. wanted to take a look at bellwether groups that held up better with leadership and important for the economy and the market all of them way out performing this year. the capital markets group has

come back to the pack a little bit and rolled you would want to see these have a lift or maintain the outperformance if it is not a comprehensive set back for the overall markets. semis a better area. home builders have not budged. sentiment-wise things are getting pretty extreme on the worried side, the fear side. this is the fear and greed index. it's market based indicators not surveys. it is the technicals of the market it is at about 19 right now and doesn't get much lower unless in crash mode late 2018 and then in early 2020 of course doesn't mean that we're all of a sudden going to shoot higher from here and tells you that a lot of worry is piled into the market in a short period of time but not 5% below the highs in the s&p. >> thank you for that.

we'll dive deeper into the biggest declining index of the day, nasdaq down close to 3% as we stand let's get to dom chu at the nasdaq market site with a break down of the pain trade there. >> it's very much about not just the nasdaq but the biggest stacks in the nasdaq nasdaq 100 etf qqq the reason why so many traders and investors have been focusing on this aspect of the market today is because as the markets pull back with the volatility the nasdaq 100 held above the 50-day average price and dipped below it today and right now with regard to the individual issues that leading the decline today you got to look no further than the most market cap heavy stocks most valuable ones

the apples, microsofts, alphabets, amazons, teslas of the world. looking at those the performance declines and you can see the apple quote is down about 2.5% those stocks represent about 40-some percent of the nasdaq 100. as goes those stocks so goes the index. mike made a reference to the trade of software names. individually there's severe underperformance in some most well names if you look at adobe or intuit or amd our nvidia, they're underperformers. chinese internet, you cannot underestimate how much negativity there is causing this part of the market to decline. the crane shares kweb is now at the lowest levels in over a year

and with the biggest decliners in the nasdaq 100 there's jd and others keep an eye on those chinese internet names caught in the maelstrom that is the sell-off today. back to you. >> totally take your point that the mega caps are selling off hard today though i think fair to say that some of the smaller even more richly named stocks is down and all of this is happening when it is not rising rates and rising yields that's the trigger as we have been discussing the likely cause in the market for many months now. >> and some traders to the point are not pegging this on the omicron variant for covid. right? because if you were to see that why are zoom sha irs taking it so hard today? why are shares of peloton?

docusign has a catalyst with the earnings report but looking at the names so-called beneficiaries in the lockdowns and economic slowdowns in the early days of the pandemic they are swept up, as well. it is not necessarily omicron, not necessarily rising rates because they're not rising right now but targeted at a specific part of the market, the big nasdaq names that have by the way out performing the last six months or so. >> thank you the other thing there is consumer staples and utilities are the best right now if it's about the fear of rising rates it would be industrials and materials. it is defensive and staples which is notable now the economy and the latest read on the employment situation in america steve liesman here with closer look at a mixed jobs report. what do you make of it >> split decision on the jobs report with a one survey saying

the jobs recovery is weak and faltering. the ore saying it's strong and accelerating look at this chart the employment chart with the payroll number said jobs grew by 210,000. household survey is unemployment rate and said jobs grew by 1.1 million. a biggest gap ever between the two surveys. with a 4.2% unemployment rate most economists saw enough strength in this report to think the fed is on track to double the taper call unless the public health news deteriorates markedly over the next ten days it's looking like the committee will hasten the pace of tapering at the mid-december meet ing. we are a long way from normal but higher wages and incentives putted some off the sidelines.

sara >> why do we think that headline number was such a mix? how are the economists explaining it in an environment where there are millions of job openings in this country >> yeah. first of all, they're not. they say there's oh data saying the jobs market is very strong and you sort of mentioned a couple there the response rate to the payroll survey very low. lowest in ten years. very weak response rate. as you know, that payroll survey is revised up continuously this year in large revisions that added a million jobs when they revise higher. they take it with a grain of salt and looking at the ore data to say the jobs market is strong out there. >> thank you so much much appreciated we had a mini bounce

a little bounce and back down. 350 on the dow start at the top of the hour picked up. now slipping again either way down more than 1% on the dow which had been the outperformer the nasdaq down 2.8% after the break, bitcoin down more than 20% from the recent highs and talk with the pullback with the ceo of bitfury. you're watching "closing bell" on cnbc.

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cryptocurrencies getting hit today with bitcoin and either falling by more than 5% ahead of the ceos heading to washington to testify before the house financial services committee next week. among those is brian brooks. ceo of bitfury and joins us now. very good to see you thank you for joining us i want to get to next week and what to expect there in a moment, but first and foremost, in light of markets broadly selling off and including crypto a big picture question is even as someone that's a big believer in the ability for decentralized finance to significantly disrupt the existing setup of the financial world is it possible with the levels of today to get a repeat of the end of the dotcom bubble, which is today microsoft clearly a massive long

term winner and did trade below the pre-2001 peak for seven or eight years afterwards could that happen to cryptocurrencies from where we stand today? >> i would be shocked if that was the outcome here i was looking to see where bitcoin is 19,000 a year ago and now where we talk about panic it is 15,003,000. it will have some turbulence on the climb out and the direction of travel is up and expect it to continue as people adopt the network. >> weirdly i think the point you made is sort of something that suggests we're not due to pull back is exactly the reason why people think that we are because the pullback is only tiny relative to the rise not

just over the last 12 months but 4 or 5 years that the assets have enjoyed. >> i guess that's right but an interesting data point that people don't understand is the worst of the crypto bear markets something like 80% plus of the holders aren't selling and the price movement is determined by new byes and price speculators but the holders tend not to sell over time and says more about the future and stability of the asset than those recent adopt everies of the asset class to begin with. >> this hearing is a big deal. first time to see the big players in bitcoin come on the hill to testify and answer questions. how are you preparing? how do you see this moment >> the great thing is this is not my first rodeo testifying in front of this group of members of congress so for me it's organizing the thoughts and

making clear the messages but the two most important things to consider are we going to resolve the discrepancies in the policy? we have an administration that takes a position that only banks should issue stable coins and seems like the posture is the companies that issue stable coins can't be banks and how do we resolve the contradictions? the second way is the cryptocurrency and bitcoin in particular is a solution to an environmentally beneficial for the environment point. >> i think everyone sort of assumes that it's traditional finance, big banks and central banks versus the crypto world and one or the other will win and both can't win how tall an order is it that

coming together the administration and the de-fi world can harness the power of blockchain in a way that in ten year's time even governments and central banks and the old school look back and see it as a positive win where the western world benefits >> the problem is that governments give up power very reluctant and this is about putting power in the hands of users and not intermediaries that takes some doing. you talk about ten years out because the next three to five years are a difficult transition with people on the levers of pour will have a hard time relength wishing it. hopefully this will be a check on policy.

and once you see that this is part of price stability it is not something to destroy the system but reinforces it to make it safer, i think that's when we'll look back and say this was a really good development. >> did you see the latest charlie munger quote on bitcoin? he was quoted saying he wishes they'd never been invented and admires china for banning them i know you're no stranger in this industry to these attacks especially from old every investors but you will face heat at the hearing next week that it is a place ripe for cyber security theft and illicit behavior. >> i suppose that's true and remember the early days of the internet where the main things

on the worldwide web was scams and pornography. there's still the same amount and amazon and expedia and innovations so when people as smart as charlie munger, somebody i respect greatly say things like that, i think they don't understand the analogy is to the internet. this is not a speculative asset class. this is a tool that's building fundamental networks to change the world and allow people to own the internet i think he'll come to realize that and some people get to the point in the career where any asset wasn't an asset when they were a goldman sachs partner will never be and so be it. >> dollar up $7 year to date does that hurt the argument, the bitcoin argument >> the dollar up 7%. bitcoin up 300% over the same

period if i had to put my money in a haven i want a certain asset allocation to bitcoin. i would. over time it's grown faster and created more it's hard to argue with that. >> thank you for joining us, brian. good to hear from you especially ahead of the testimony next week keep us posted. sell-off day again on wall street been a tough week for the bulls. we have the dow down 250 we are off the session lows. s&p off 1.5% the nasdaq in the most pain today down 2.6%. shares of docusignfalling off cliff in light of fourth quarter guidance what the ceo said about the stock move and who deserves the blame next

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welcome back it is a very ugly day for tech stocks in particular and docusign is the worst of the pack getting crash after weak guidance for fourth quarter. wall street firms slashing the ratings. citigroup calling the report quote one of the biggest whiffs in recent history. here's the ceo earlier on "tech check. >> i would love to personally tell you the impacts out there and everyone is feeling is a primary driver but i don't think that's it. the piece missed is a place over the last year or year and a half sort of fulfilling demand and always done in the past is

generated demand driving success and as a field go to market organization we pulled back from that and shouldn't have and that's my responsibility to quickly get back on track as we will and return to the strong growth of pre-pandemic. >> you could read more of wall street reaction right now on cnbc.com/pro and then dan ives is an analyst to cut the rating on the stock today down 43.5%. >> unbelievable. controversy in the kingdom draftkings falling as the ceo has sharp words. the brewing battle in lionne betting when we return

welcome back down across the board but with a little bit of a bounce in the last ten minutes down just half a percent on the dow and 2.5% on the nasdaq let's check individual market movers shares of aly's bargain outlet falling. jpmorgan downgrading the stock down 21% shares of nucor with a pop. it's up 2.7% jim cramer spoke about both in the newsletter today learn about the stock picks and sign up at cnbc.com or point the phone at the qr code on the screen now watching draftkings falling

today. off 60% from the 52-week highs amid a war of words. contessa brewer has the story for us. >> jim chanos trash talked the amount of money spent on markets. dr draftkings ceo said chanos forgot how to do math. >> he said it himself. totally insane the math makes no sense. quadrupling marketing and cut profit and kept overhead flat we would not lose $200 million a quarter and not trading close to 30 times revenue. >> responded on twitter. the premise rests on the third quarter results. the third quarter is the weakest seasonally a margin of 20% and running the

hypothetical four times market, but then use analyzed margin of 40% look on the right-hand side there's operating income $300 million. then tweeted to me pointing out look in my scenario he slashes the market spend to 10% but right now it's 143%. jason robbins stood by the number and the outlook saying they will be profitable in each state where it operating in two to three years after being launched in the state but took it on the chin today. >> thank you i give credit for the response not everybody does to the short seller investors do we know how long he's been short? a stock cut in half in the last three months. >> absolutely. it shows that you're going to stand up for the company and

typically when the ceos take them on it's a bad sign and if you have to answer the bear case because people believe it there's questioning of the model. you can make assumptions the bottom line is two to three years maybe in every state they operate. the bull case that the valuation of draftkings is more states legalize, somehow the competitive attrition of everybody giving the incentives and spending like mad eases up and economies of scale emerge from that. maybe. it is a leap at this level pivoting to the broader markets, a bounce. >> firmed up a little bit. the indicators of kind of stressed forced selling eased back, too. watch the vix and the futures and did find support at the 4500

level of the s&p is a net positive you have to kind of wait and wariness of the weekend headlines and a more restrained dip buying instinct in this pullback today. >> let's get to a cnbc news update with rahel solomon. >> the fda expanded emergency use authorization of the covid antibody therapy the agency says that the treatment can be given to all children and newborns. seattle experienced the wettest fall on record national weather service said more than 19 inches of rain fell september to no. atmospheric rivers pounded the region causing flooding and damage california and other parts of the west in droughts and suffering below average rainfall

this winter. in japan apparently size doesn't matter hannah the toy poodle is joining the force because of the keen sense of smell reminds me of the expression not the size of the dog in the fight but the size of the fight in the dog. clearly hannah the police dog. >> pretty cute thank you. we have 25 minutes to go before the closing bell. off the lows and recovering a bit. continuing to make up for lost ground s&p down a percent naz nasdaq down 2.5% starting to see the green on the s&p like health care, utility and staples. it is a rough week for retail. xrt etf track it is retailers. we'll ask an analyst which names to buy on the dips next.

heading to break, a check on bonds. yields are falling hard today. more curve flatten the 10-year yield at 1.46. signal of slower growth perhaps. we'll be right back. sales are down from last quarter, but we're hoping things will pick up by q3. yeah... uhhh... doug? [children laughing] sorry about that. umm...what...it's uhh... you alright? [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers, plus some of the lowest options in futures contract prices around. get e*trade and start trading today. when traders tell us how to make thinkorswim even better, get e*trade we listen. like jack. he wanted a streamlined version

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retail among the areas getting hit hard today in the sell-off it's a rough week with the retail etf down 9% since last friday joining us is ceo of telci advisory group any bargains out there with a

dramatic sell-off? >> thank you for having me i think there are some bargains out there. we have companies well set up for 2022 as ulta part of the reopening play look at the numbers with make-up recovering there's improvement and incremental revenue streams are target and ulta. we have seen some great strides that have been made in companies like abercrombie & fitch with the newness with what's going on with social tourists, new brands or look at companies like we saw with pvh upward movement with tommy and calvin overseas in europe and the strengthening of the business with the brands to make here in the u.s. so it is a lot of opportunity and some that aren't doing as well some that need to continue to

get -- to focus on improving the business models like nordstrom. >> right which is a big loser in the market i'm curious of signet's reaction very strong quarter again. raised guidance. said 2022 looks strong stock is down. because it's been a big winner profit taking? >> each. everyone is worried about next year what's sustainable and not. lapping some big gains i think what signet is doing with the acquisition of diamonds direct is going to be helpful. one thing that's out there, expected to be 2.6 million weddings in 2022 compared to 2.1 million in 2019 and earlier. that will drive the bridal business as a catalyst for cig n signet >> tell us what stocks you think

have further downside like nordstrom. >> that's one to watch numbers aren't expected to get back to 2019 levels, not even until 2024 look at the reaction that gap had with the earnings. there's work to do to reset the bar. most of the time talking about where numbers are pushed off and the case with gap now to revitalize and strengthen with what happened with the port delays to show a more accelerated path to achieving net earnings growth going forward and with victoria's secret, are they able to show the traction that's needed for the stock to get back to where it was in the 70s range? >> in the jobs report we got today retail lost jobs, 20,000 which comes as a surprise for a sector in the middle of holiday

and we hear from ceos complaining they can't get workers. >> i think overall one number one month, one number another month, do they add up? retailers need more staffing hours are reduced and full-time employees with incentive bonuses to work longer so a month doesn't make a whole year and one point in time. let's see what the november and december numbers look like. >> dana, thank you so much for joining us. >> thank you up next, a special tech edition of the market zone and more on did docusign disaster speaking with analyst that downgraded the stock and shares of tech company ripping higher you can watch or listen to us on the go with the cnbc app we will be right back.

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it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers, plus some of the lowest options in futures contract prices around. get e*trade [ding] and start trading today. welcome back here's a look at what's coming up in the second hour of "closing bell. a top technician to tell us one of the part of the market that looks great. sell-off in chinese internet stocks and eric jackson breaks down the nasdaq carnage today and a look at elon musk's tesla shares sales and what it means for investors. that's next hour but with 13 days in the trading zone we are in the "closing bell" market zone mike santoli here to break down

the trading day and we have dan ives, as well. good afternoon to you. let's kick things off with the broader market stocks plunging. nasdaq worst performer of the major averages take us back to the morning. was there a set trigger? 9:15, 9:30, all looked pretty good. >> didn't look like a news related trigger. jobs number probably good enough i think it was the concentrated, intense selling and what seemed again like forced selling in the big tech names where it was just a surrender in those areas that built upon itself. why did we not see a more forceful rotation and kind of an effort by people to come into areas of the market and maybe

create one of those happy rotations we have seen two days of potential headlines of covid and staining the hands of would be folks who would be like, fine, i'll buy old economy stuff and held up better but that stress is taken - >> or the fed to tighten and fed is going to tight maybe, maybe got someone worried that the fed will make a mistake. 10-year yield at 1.35. they have moved lower all week long i think surprised people yield curve flatten in particular and if that's -- if this was about tightening that wouldn't happen and see other parts of the market moving. >> i disagree it's not about tightening they will tighten and maybe too much that's where it stands right there. i think that investors in

general recognize that the fed has to assert it is atentative to inflation right now so until you see the inflation numbers ease off on their own if they do that you have to be uncertain. two days of we don't know what will hit and the market not stress tested for evidence of new cases then that's one of the reasons to have an exacerbating effect i say 5% pullback. doesn't look great but within the realm of normal ri things of this market. >> seeing the high tech sell-off today. docusign is plunging issuing weak fourth quarter guidance dan, you downgraded the stock to neutral. lowered the price target to 200 from 340 why the change of heart

completely >> yeah. we have been long. a favored name this quarter was a debacle and i think the communication on the conference call left investors scratching their heads and one where growth could continue to decell it could rerate lower and felt like there's no strategic drexz. basically overnight conditions changed. >> so dan, to what extent is the downgrade or today's share price pullback in your eyes based on changing estimates for future revenues and earnings as the confidence in the story, the outlook for top line growth collapsed? i ask because one wonders if that could be applied across the set of stocks to cover and not

just one of them. >> that happened today because the docusign black eye now you start to see the high multiple name across the crowd strike and others sell-off. i do think docusign is more company specific but just speaks to that work from home trade a lot is you don't have confidence in management to get you out of what could be viewed as a one quarter speed bump and then have a cockroach thesis and never just one miss and combined with an overall jittery market and the didi news with the cold tech war heating up. docusign is significantly in the penalty box and i think one to take a long time to see a rerating here. >> just to follow up, did you consider the price targets across all stocks today?

any others to update the model there in a quite different business line to docusign? >> yeah. if i thought that was broader than docusign that's what i have to look at ac across cyber security and it is company specific with docusign but in terms of valuations, any speed bump on the high growth names the stock down 30, 40% fundamental checks are so important like seen with z scale or cyber ark and others to defend but listening to the docusign last night no confidence the street came away with in terms of how they handled that. >> let's talk about a positive marvell techology is rallying by about 17%. the company beat on top and bottom line.

the cfo appeared on cnbc today. >> we had a tremendous performance in the quarter largely driven by the data center business which was very strong it basically doubled year of year and guided um double digits so the cloud business is strong for the company. >> latest thoughts on this one, dan? >> you look at data center and 5g plays, especially chip starts to -- that shortage starts to weave in to next year, this is almost a golden childin terms of chips i think it is under-owned and looking at the secular trends now this is one that still has a lot more room to go. part of the broader theme and compare that with what we saw from other names, just a bullish call and one investors are flocking to names to continue to

not just rerate but numbers go higher marvell, that was a trophy quarter. >> aside from that and still stuck on docusign lookingal ark innovation etf down. tough week for them. down 13% every stock is in a bear market except for trimble and tesla almost in a bear market itself it's been a rough go here. >> went up in unison and considered its own sub segment of the market. there's a risk not just that i buy very expensive stocks with other people crowding in same time that's one thing but once they go on the downside and people really want to flee when one holding is going down you also have to kind of cut risk else where. that's why i think they trade largely in unison and there are

traders and investors more actively betting against this fund and seen as if we cans right now. price momentum fails first decelerates in the names and by the way these stocks and this fund if it wasn't fun to own them and trade them that was a big part of it and then what's the point? we're in the stage and the time they bottom is when nobody's talking or thinking about them anymore. >> she buys on did dips. tesla is one of the worst today. elon musk sold $10 billion worth of stocks there and tesla recalling 20,000 model y vehicles in china today due to issues with autoparts from suppliers, dan any of those factors concern you? you are a tesla bull.

>> selling of stock is well-known it is the china issue, especially with what happened to didi overall with the cold tech war heating up that's 40% of deliveries is china. a key part of the factory for giga and the bull market there's fears of retaliation with tesla in the middle and you don't want to see safety irssue in beijing that's why the stock is selling off today. tesla and apple two most exposed u.s. tech companies to china in terms of what continues to be a u.s. cold china tech war starting to heat up. >> mike, quickly on tesla, how relevant is the $1,000 mark? >> relevant people try to defend

it the low today is $1,000.21 nvidia is interesting. that's the level to blow it through on the upside with that pile-on in the options area. sure there's plenty going on on the fundamental side and china talk and the rest but tactically speaking it is under pressure with the stocks owned by the same people. nvidia and amd are the weak links in semis today with broadcom and texas instruments doing well >> we'll watch them. broader markets final hour of trade is okay. >> firmed up the s&p above the prior week's low. a net positive take a look at the breadth quite negative on the new york stock exchange that is not able to turn usually can't very well. take a look at the hotel,

leisure and travel names pej etf. i think this tells the story of the week and not as if you toggle one to the other. we both think there's a chance that travel is impinged and the stay at home stuff is not working anymore. that tells a part of the story volatility is agitated into the mid-30s today. a mark of real stress and people forced and blown out 30 going into a weekend is not going to necessarily make for a comfortable close on monday. a big rip higher or somebody again has more to do on the downside. >> we have had quite a big move higher in the last hour and including the last five minutes. the dow is almost positive as we stand down just 43 points. the s&p down 0.8%. nasdaq comp down less than 2%.

it's not a win but nonetheless well off the session lows. four sectors higher. consumer discretionary and tech at the bottom. we are down 0.8% on the s&p. 1.8% on the nasdaq just .2% on the dow but all three averages down significantly for the week the russell worst performer today and the week down nearly 4% for the week as a whole ♪ tough week for the bulls welcome back to "closing bell. i'm sara eisen here with wilfred frost and mike santoli coming up this hour, investor eric jackson whether he finds buying opportunities in tech wreck. nasdaq lower on the week dan ives is still with us. what are you hearing fro

investors as a lot of stocks in the coverage universe hit hard this week and today? >> yeah. it's been a brutal week. especially for so many investors in the sector software the high growth names. this is probably the best earnings season of seven years and now sold off i think you have to take company specific and macro docusign combined with the headlines. u.s.-china cold tech war causes anxiety but in cloud and cyber security those are two areas that's significant outperformers with apple into next year. if the checks are strong we hand hold through the white knuckle periods and how we advise the clients. >> just wanted to touch yields which moved lower today and

talking about the expensive stocks selling off and the correlations don't hold in the short term but could that give reprieve to the expensive stocks >> if you get a technical stabilization, if you don't have this idea that, fine, liquidate these down into year end and don't want them in the portfolio or deleveraging and have to do that, sure feeds that backdrop. i think it is monday any reassurance that we are kind of okay in terms of economic path and see if yields maybe overshot to the downside and perhaps might be the most interesting thing to key off of instead of saying the levels create a reprieve for levels. >> let's bring in a guest for attractive sectors in the

sell-off thank you for joining us homebuilders first >> they look great for everything that people worried about with higher rates and inflation and supply issues they look really good. i think one of the things to keep in mind and mike hit on it is 10-year yield, last thing to see at this phase of the cycle is contraction in the yield curve and seeing the 10-year below 1.40 is a biggest concern. good news for home building relating whether that's home depot and sherwin williams and the like it's important to make relative st strength highs as the market is softer. so i'm still bullish on the homebuilders and concerned of the message and the implications to 2022. >> before the next sector, what

is the outlook on the can yield curve generally? >> it should be, quote should be, doing well here and moving higher and it's not. clearly the fed if you look historically the fed is behind looking at inflation, measured by the ppi in this zone. they have been raising about six months ago th they have been sitting on the hands. that's a big deal. for 2022 i think what we have to think about is a transition. transitioning from an extraordinarily highly liquid environment to something that's more normalized to potentially tightening you see it in quality. see it in some aspects that we expect to see, beta suffering from this. other than today we have not seen it resonate that's a thing to look at the market crossing that rub con to

late cycle the staples have been doing poorly here in the fourth quarter and a thing to watch is do we transition from cyclicals to strap ls as we migrate to quality? that's a big deal for 2022. >> you have been looking at the airlines in the eye of the storm on these new variant concerns. >> i think that's interesting because they have suffered and been weak up into the new variant. they didn't rebound that strongly the relative performance is abysmal here and testament to the changes in capital structure to survive covid and will be losers and laggards in this market and while oversold and don't want to be too bearish vulnerable to a strong snap back i think the structural issue for

airlines is still one that they're persistent underperformers to 2022 and probably beyond so we're sellers of strength. we think it's better to sell them. >> i wanted to pivot back to the broader markets and the different major indices and whether there's really stark levels to watch out for the week ahead and this week. i thought it was interesting the way that the russell is moving so aggressively. >> yeah. the russell is really been very, very volatile. you nailed it. it is really tricky. broke out and failed aggressively epa not able to set itself up again. small caps underperforming in line with the quality trade we talk about low quality tends to be concentrated in the small cap names.

seeing a deterioration in beta improvement in profitability so all those things, the factors have shifted more towards a defensive tone the level for s&p is 50-day batted around for a few weeks and big fans of the previous low around 4280 on the s&p 500 that would represent a 65-day high eclipsing that that deteriorates the trend work the good news is the trend in the market is positive you don't usually change oceanliners with a quick jerk of the steering wheel and takes time to transition and concerned about the changing liquidity environment and something that people aren't expecting or maybe not positioned for is a better way to think about that and clearly seeing it in the concept finance names and probably more of that to come in 2022.

>> mike, you look at the technicals have been looking at moving averages does that jibe with the analysis that the jub trend is firmly intact what would you be looking for? >> mostly derive from folks like jeff's work. we fixate on the down level. october 4 under 4300 yes it seems like we have given about half the rally offer that october low but in the mode of leading on the idea that the first rate hike when that comes usually doesn't prove fatal. watching it all and this idea to have a rolling kind of purge in some higher beta names in the

riskier stuff and overheated i was looking a third of all s&p stocks right now are 15% or more below the highs. it's not registering at the index level yet. >> i don't know if you got this to hand but wondering if there's big conviction names on the mega cap tech names we were talking about 1,000 for tesla and 300 for nvidia anything you are looking at for the mega cap stocks? >> one is facebook in light of metaverse. facebook is a little bit of a question frankly a better looking name before it broke out three months ago is netflix i would put google just

consistently chiselling out the good returns in terms of structural trends those are the best two mega cap names that i'm seeing particularly in tech real quick on mike's point, looking at the 200-day average in the s&p i think it is low around 60% we are within 5% or 6% of an all-time and the number of names driving that in decline now for six months and belies the weakness in the individual names not reflected in the index. >> so many stocks in the bear market in the s&p. 60% off the highs. thank you for joining us. >> thank you. >> dan, we want to zone in on one of the best trade ideas. what is it >> microsoft what i love about microsoft, it is an offensive and defense i name looking at the clouds. that is not just a stay-at-home

trade. a few trillion over six, seven years. benefit and rerating name. it is a defensive name a safety blanket name in the volatile periods a $3 trillion mark cap next year. >> biggest drag on the dow today. any concerns about the docusign? >> docusign i continue to view as company specific why the gold standard of cloud continues to be microsoft i view that as a sell-off of microsoft or adobe on a docusign miss i think that is really an opportunity to own this name especially what continues to be a fourth industrial revolution play i view microsoft even more as a buy today. we are buyers on weakness. >> quickly not to push it

further but not worried that satya sold the stock a week ago and applied to tesla now >> no doubt. it raises eyebrows among investors but looking through the checks for microsoftand look at what happened across the board this is a company in acceleration mode especially as more move to the cloud and fundamentally this is a name that goes higher that obviously i think investors focused on it but a sum of the parts story and if they execute this is a stock that's going to have a four in front of it. >> dan, thank you so much for joining us. >> thank you. we are just getting started on the second hour of "closing bell." didi announced plans to delist from the new york stock exchange whether to avoid the stocks. tesla one of the worst big ca capper performers.

that story is later in the show.

chinese tech stocks slammed amid the broader sell-off. including a.m. bah bah, baidu and didi sinking down by about 22%. the company announcing to plan to delist from the new york stock exchange and prepare to list in hong kong instead on the back of the company facing regulatory pressures from china since listing in the u.s. back in june. let's bring in managing director and senior policy manager. didi's problems started a day after ipo'g in the u.s is this what china wanted? >> that's a good question. i don't know exactly what the chinese regulators want given what we have seen and i don't know if this is a didi centric

delisting or a long wave of ipos not coming to market at all as a result of the regulators cracking down. because of the dual tightening here in the u.s. under the foreign countries accountable act and china under the personal information protection law i suspect this is a wave of delistings to happen and not sure that we understand what will satisfy beijing or washington with respect to the type of listings if you're an investor and in the gig economy or the emerging technology sector, companies that hold a treasure trove of data, i would be concerned based on what i'm seeing. >> are any of these china stocks that are listed hire investable at this point? >> i don't want to give investment advice but until we get a better sense of what

really is going to satisfy regulators, thought we would get a sense of that through the didi investigation and hasn't found anything significant to suggest that didi couldn't comply with the holding foreign companies accountable act and still decided to delist. i'm hesitant to get very bullish on these stocks at the moment. >> do you think that there was a calculated move from china to attract foreign u.s. capital and then pressure the company later to delist, almost out of a calculated approach from many months ago or not is this more reactionary >> my understanding is it's reac reactionary. they didn't want them to go

public and they did anyway i will say people in the u.s. are concerned that chinese listed companies are helping to fuel the investment in chinese national security rise and funding what they call civil military fusion and funding beijing's modernization and a concern on this side but i think on the chinese side they didn't want didi to go public here in the u.s. >> how do you think about the longer term implications of what we are seeing here between china and the u.s. related to these securities >> the key thing to realize is that both the u.s. and china are viewing these investments, the companies new a national security lens so despite the business fundamentals and the financial fundamentals you cannot understand in these stocks without understanding how both sides see the companies through a national security lens

and if you have the large data storehouses they can be a national security liability if you don't manage well and control that data and the view is if the other side gets the hands on the data they can do nefarious things and so many things that are uncertain looking at the u.s.-china relationship that personally i'm a big hesitant about the sector. >> do you have a strong view on the macau stocks regardless of where they're listed g just whether the assets of the u.s. casino operators in macau might be seized in some form going specific >> i'm unsure what is going to happen there i can say that it is not views separate as corruption and the

common prosperity program that jinping put forward and seen a crackdown on chinese companies there and will continue to see a tightening in the gaming sector in macau and based on the notions of corruption in that sector and again what xi is looking to do with respect to common prosperity. >> thank you for joining us. >> thank you up next, investor eric jackson on whether he is buying tech stocks. whether he thinks there's more downside to come later the latest from elizabeth holmes' fraud trial. we'll be right back on "closing bell." what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations,

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welcome back let's have a look at the day on wall street. lower across the board, in particular for the nasdaq and the russell. down about 2%. all of those off the session lows the final half an hour in particular of trade just saw us reclaim a little bit of the day's losses but as you can see there still a big day of selling

on wall street been a roller coaster week overall. not just today nasdaq in particular started the week in the green and fell off tuesday and wednesday. and came back a little bit on thursday and then ended down 2% as you can see today. joining us now eric jackson, founder of emj capital thank you for joining us great have you on on a week like this what in your eyes is the trigger for the latest bout of selling >> good to be with you i think you've highlighted these before the omicron concerns and the fed i think were the culprits this week and then in response to that i think this is a lot of institutional degrossing or taking chips off the table which definitely was occurring this morning. so we're not going to have

resolution on neither of those questions surrounding the new direction of the fed or the new strain of the virus so i think for a lot of people the best advice in the short term is probably doing nothing, sitting on cash as a position. and kind of not leaning too far one way or the other in terms of going long or short. >> do you think in the short term we are more likely to see furthest weakness in the nasdaq than a quick bounce? >> to be honest the answer is i don't know it depends how the weekend goes and the headlines we see about the latest developments with the new strain we just don't know yet we know that cases are about a third -- new cases are about a third of what they were in south africa at the peak for delta in mid-july and doesn't -- we don't know if it will explode or not

doesn't seem to be exploding but my own sense of the concerns is we really underreacted to delta and pictures of people lying in gurneys in india for weeks and weeks and didn't respond to that so it wouldn't surprise me if we are overreacting to the new strain and going to have to wait and see and with the fed it is actually a good thing i think that powell came out and sort of put to rest the idea that inflation was transitory i think that should in time give the market some comfort and certainly seen the 10-year back up which is a good thing especially for tech stocks but day-to-day and where headlines go is going to determine the short term. >> eric, we have you on and highlight the good calls and the not so good calls and did want to ask about didi as a big pick

from june on the news today that it is going to delist from the new york stock exchange. >> i said i like the company and didn't own it and wouldn't when i was on the show and you asked why. i said there's other better ideas out there that i'd rather spend the time on and didn't want to think about regulatory concerns. >> i just remembered you liked it. >> a fan of the management but taken out with the regulatory concerns around them so but their case probably doesn't say a lot about the broader tech market and where things go from here. it is a particular case, obviously. >> what about the other faster growing tech names that you have liked dragged into the selling upstart and 23 & me and down from that point. are you adding from positions?

rethinking them? >> definitely i was adding some today. amidst the sell-off and after this morning so i like the -- i think there share a lot of names taken down and seen there's a big difference in the sass universe between a docusign and a snowflake. so for me, for example, i've owned build.com and adding to it today. they had a phenomenal set of earnings a couple weeks ago and 40% off the post-earnings high for nothing more than the fact that it has an expensive multiple but for a reason. growing phenomenally net retention rate is amazing. so definitely adding to certain names like that where they have

been taken down so much. i think it's prudent to -- on days like today to add to those kinds of positions and i have long term convictions. upstart is a name i bought a little bit today. >> what was the name >> the first one is build.com. >> okay. >> small and medium businesses. >> uh-huh. and then you mentioned docusign. is that one you're attracted to after this huge pullback >> not at all. not at all i think there's so many questions raised from the earnings and the call last night about sales execution or missed execution in this name that it's in the penalty box for at least the next few months. >> also wanted to touch on

zillow a bicpick on the show quite sometime ago talk us through the latest thoughts there. >> zillow is a name that -- obviously the big news is they got out of the i-buying business they couldn't develop the algorithms to successfully compete with open door i think open door is going to be -- prove wall street wrong that they are able to execute on the platform but obviously that call hasn't worked in the last few weeks the stock is down. so open door i believe in for the long term. zillow is a much different business now some people say that they like the cash general rating business of serving up leads to real estate agents but that's not a

business that long term particularly excites me. i wouldn't be surprised to see that rich barton deports and given the change in direction in the company and one that i'm not pursuing. >> so overall just given the change in tone that we have heard from the fed, the market pricing in now a quicker interest rate increase, do you make any portfolio shifts on some names and rethink the valuations >> i mean, i think the time to make the big shift were a few weeks ago, obviously the whole smaller stocks and the russell, the rosier parts of tech taken a huge hit and so they probably -- really the question now is are there going to be other shoes to drop? are the names and the weakness

they have seen going to carry over into the bigger names like an apple hasn't been effected and all-time highs a day or so ago but when there's a pullback this year and the growth tech stocks apple dropped something like 20% i think that's really the question, is this going to lead us lower or going to be a blip where as mike said on the program fear and greed index is so low that we're due to a short term bounce and we have to watch into next week. >> always good to get your take. thank you for joining us. >> thank you. airlines getting hit hard today. among the hardest hits for weeks but an analyst named a carrier the top idea for 2022. plus elon musk making another stock sale and may not be done pat. imct on the stock later on

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welcome back it is time now for a cnbc news update with shep smith hi. >> hi. breaking news for you from the news on cnbc there is a manhunt in a small town in michigan now for these two parents. they're the parents of the teenager accused of killing four students and wounding seven in that high school shooting rampage in oxford, michigan. the news hours after that same couple was charged with four counts each of involuntarily manslaughter and the d.a. said they were criminally negligent the sheriff said the task force with the marshal service and the fbi searching for the couple and should be avoided if anyone sees them they stopped responding the phone calls according to the sheriff. phone calls and texts from the attorney the arrange. scheduled to happen about 35 minutes ago. just moments ago the lawyer reported that they didn't flee

but relocated for their own safety law enforcement is still looking for them and there is a lot of questioning going on right now about what they did with the kids and the time -- the child -- in leading up to pa particular shooting. the sheriff has gone on all three major news networks in america asking for help finding the two parents same time the lawyers say they're not missing and yet didn't show up for court. the news is still breaking updates as they come in. tonight live in michigan with the late st on the investigatio. sara, back to you. >> all right thank you. check out shares of united ending the day today down 2.5% cowen expects to nearly double orr the next two calls

the analyst with that pick joins us the airlines down 30 or more percent from the highs why united >> yeah. that's -- thanks for having me, sara so it's a very controversial call and the reason we picked it is for exactly that reason the estimates are significantly above the consensus. number one i think for next year at 430 and the consensus is 215 we think united is going to have a great year in spite of or maybe because of the coronavirus. i think people are really getting tired of just everything having to do with it and the continued fearmonger and so on obviously i sound like i'm not taking it seriously. i am but i also think that people are tired of not traveling and want to travel. i think they want to get out and

see family and friends as you know people in europe haven't been able to see family and friends in the united states for almost two years obviously we opened the borders november 8 saw strong load factors the first couple of days and i think that will stay strong through the end of the year in spite of the new variant that's appeared. i'm sorry. were you going to ask something? >> business travel has not recovered and if international travel and leisure is back how critical is business for united and the other airlines for the stocks to work again >> yeah. it is important that business come back and doesn't have to come all the way back. we think we end down 60% year over two maybe that's worse than we thought three or four months ago. as the year goes on, 2022 goes

on, people will want to go out i've done a fair amount of travel this year and for work and even though people don't want to necessarily see me in the aufsz they meet in restaurants and coffee shops, parks. i had sneakers on and walked with somebody in the park to talk about the airlines. so i think that people are looking for work arounds to get back to some sense that life is -- i don't know what we're going to call it not back to normal right? but it is the new next normal and believe strongly even though business travel won't come back 100% it will the first test will be the consumer electronics show january 3rd to the 10th in las vegas. united's added 81 flights. so they were seeing very strong

demand for that right before thanksgiving so we'll see whether that continues but it's certainly a catalyst for the shares early in the year >> what's the dead profile like for united >> good question they have $19 billion in liquidity and haven't paid down capital and they will use that capital for the trying times and then as far as debt goes $25 billion in debt and then -- which is a lot, but it is all on data debt and nothing to repay in the short term. >> thank you for joining us. >> thank you for having me. up next -- >> glad she got the steps in one of us. >> we should do the show walking around the park. >> good idea. mike at the telestrator next with a surprise for all of us.

heading to break a look on the winners and losers on the dow today.

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stocks closing the day and the week lower, especially the nasdaq let's go back to mike santoli for earnings forecast amid the volatility what does it show? >> much steadier than the market

itself if you look at the year ahead 2022 forecast for the s&p 500, right now it sits conveniently at $222 a share. it definitely has flattened out here in the last couple of weeks and not necessarily racing higher but sometimes after an earnings season like right now the upward revisions stop. we are a little over 20 times earnings but look at the fourth quarter. the folks pointing out that you have seen a step down over the course of months in terms of what we expect for the current quarter. it's not happened in several quarters analysts had to race to keep up with the earnings coming in and been revising higher so maybe we are in for a typical environment where earnings estimates start too high and revised lower and

companies beat them. that's more typical of this year with the snapback in profitability. >> thank you so much. up next elon musk unloading tesla stock and how much he cashed out and why he's not the only high-profile ceo selling shares

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shares of tesla under pressure after the ceo elon musk sold another billion dollars of stock. robert frank tall les up the recent stock sales robert >> wilf, stock down 6% today and musk selling shares yesterday for about a billion dollars. that is to pay taxes on the exercise of about $2 billion in options. the stock now down about 18% since the famous twitter poll in november asking to sell 10% of the total tesla stake. the selling tops $10 billion some of that for the taxes but a lot of that just a straight cashout sale and has another $12

billion to go to reach that 10% goal he is not the only ceo selling total stock sales hitting an all-time record of $69 billion that is up 80% over the 10-year average. musk is the top insider score. musk is the top seller so far but jeff bezos really close behind with about $10 billion in amazon sales the walton family selling about $6 billion mark zuckerberg selling about $4 billion in facebook meta and a lot more is expected this month since a lot of this selling is due to avoiding higher taxes that could start next year. guys >> i mean, you can't really blame them after the long-term gains they've seen regardless of whether they are off their highs. it is so interesting the way it has been framed by musk as it relates to his particular sales.

once we're all done with the selling of the 10% estate, what portion of that will be genuinely going to paying tax versus perhaps a snakey way to take some money off the table without it causing a stock implosion? >> about two-thirds of it will go to taxes. right now he's running about half and half in the sales so we'll see whether he continues just from here on out selling for the options and the taxes or whether he continues to go half and half he's got about $11 or $12 billion to go still. if he wants to do it before the end of the year, he'll keep selling about this rate through december and he will end up with probably somewhere about $8 to $10 billion extra beyond just the 10 or 12 he'll need for these taxes. he'll end up with a lot of cash and a huge tax payment to both the california and the u.s. government >> just $8 or $10 billion left

no big deal. rob, thank you still ahead on the show, closing arguments in the elizabeth holmes fraud trial, beginning next week. tcd selyst on this close waheca ♪ ♪ cases of anxiety in young adults are rising as experts warn of the effects on well-being caused by the pandemic. ♪ ♪ ♪ ♪

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let's take a look at how we finished up the day on wallace across the board and down for the dow for the fourth week in a row. i closed about 59 points it had a little recovery into the close. s&p 500 got hit to the tune of .8. staples, utilities and health care the nasdaq hardest hit technology bore the brunt of it. and small caps also finished the day lower by a little more than 2% the defense in the elizabeth holmes fraud trial expected to rest its case next week. cnbc's reporter is in san francisco with the latest detail you've been following it from the beginning. give us your quick sense of where we are and what you expect next week. >> elizabeth holmes has been speaking directly to the jury for five days now. she has acknowledged she's made some mistakes. even at times said she wished

she would have done things differently. in cross-examination, prosecutors are poking holes in that they've gotten her to admit that not only did she add the logos but she also doctored some of the language on the reports. this is as close to a smoking gun as you can get in this trial. elizabeth holmes on the stand has told the jury that yes, i was the ceo. i was the ultimate decision maker. but she has also hinted to the jury that behind the scenes, she was controlled almost like a puppet by company president and her boyfriend at the time, sunny balwani. next week the defense is expected to rest and my sources tell me that elizabeth holmes is betting on herself here to clear her name >> and what has been the most surprising wild card and unexpected parts of her defense thus far >> well, first of all, the most surprising thing is elizabeth holmes taking stand. any legal analyst will tell that

you it is very rare for a what it collar defendant to take the stand. there is a lot of inconsistencies in what she has said she's taken prior civil depositions and she's changed her answer now the whole blaming her ex-boyfriend has been surprising to hear and it has shown a different side of elizabeth holmes we all remember her inher heyday she married herself with steve job. she's broken down several times, cried to the jury, telling them that she suffered years of abuse at the hands of her boyfriend. very serious allegations that sunny balwani categorically denies this all comes down to intend. the jury will have to decide if elizabeth holmes intended to deceive and mislead investors and patients >> thank you so much we appreciate it >> thank you we have a couple minutes left in the show pretty calm. a nothing to report week >> point to point, dow 1.2%.

i think this is the sixth session in a row where you have at least a 1% move in the s&p 500. the last time we had that. in kind of a stretch was october 2020 the end of an almost two-month correction process which resulted in the upside hard to know a lot of the indicators you would look at saying things are getting pretty washed out. those are what you want to see lineup aware in this transition period. people trying to come to terms with what the fed may or may not do and at the same time, we'll be confident with the growth path or not >> and we won't get a lot of clues. next week is the blackout. the fed policy makers can't speak ahead of the fed meeting i wonder how they'll see some of the market volatility and down side risk with the omicron

variant and inflation hasn't gotten worse even though they've had this posture that now they'll have to do something about it. the question is how tied are they to it >> and how bad would the market have to seize up to get their attention. i pointed out. we're still at 5% for two months i'm sure they don't love seeing the treasury go as flat as it has. if it really deepened, you west virginia to juggle a little bit and say aware not necessarily heading for rate hikes as well as people huddling in safety and worrying about the global >> and i guess jackson was saying as well, if we focus on the mega cap next weak, they start to pull back in a more meaningful way, then we're in for it >> we could be in for it or it

is sometimes final phase it was considered, but it happens. you saw software itself has softened a little bit. it would hurt the index a lot but on the other hand, maybe that's the final throw-in of the towel. >> also value picked up on the other side >> have a good weekend "fast money" begins now. >> thank you very much live from the nasdaq market overlooking the glorious "new york times" square, this is "fast money. tonight's trader lineup, you're seeing it there. for the big show tonight on "fast," a sea of red on wall street in a very volatile week but they will help you seek shelter from the storm plus,