this is evidence at the end of the day, i slept in nashville last night, what's fascinating, yes, we're reopening, but at the end of the day this is a positive development >> keep an eye, though, if you are a traveler just watch. use your own mind and see what you think. >> thanks very much. appreciate it. >>ed rally didn't materialize. couldn't hold the gains. thanks for watching "power lunch. >> "closing bell" right now. the stocks looked like they would come back after a 300-point loss but we are on a down swing the dow turning positive after being down 300 points, the most important hour of trading starts now. welcome, everyone, to "closing bell." i'm sayra eisen only one sector that's positive right now and that is energy everybody else is weaker not extreme. consumer discretionary is your worst performing group

we did rebound after some discussion of paring back the increases. the low of the day down 223. some of the names leading the dow today right now. apple, ibm, merck, chevron and mcdonald's a little bit doing better on some of the defensive names like utilities, health care and staples. performing better than discretionary technology and communication services today yield firmer today a big theme as we pull back for the first time in five days. ahead on today's show thomas hoenig will join us to break down the latest signals from the fed minutes, plus the former ceo of macy's about downbeat retail earnings and how they differ from home depot and walmart as well as the retail sales data. the s&p 500 showing a widespread between its 50 and 200 interday

moving average partly why some market participants aren't surprised by today's pause mike santoli is here to kick it off. people have been zeroing in on these levels why? >> once you've had this spring-loaded rebound, and the fundamentals never change as fast, so it does tend to trade technically when we get to these critical barriers. yesterday it basically touched that 200 day and backed right off there. up 17% down half 5% really not material. i would say anything down to about there is the previous early june highs, would be perfectly textbook not a big deal it might be relatively healthy this difference between the 50-day average and the index itself is wider than it's been since that point early september of 2020.

you see you had a pretty big pullback you have to be wary. longer term, this interday still going down two-year note yield. pretty significant inching back up to the highs from mid-june. that was the low in the stock market there in mid-june you came down off that and now we're building back up the fed minutes seemed a moderate message they would be looking for the chance to slow down and ease off of the rate hikes before too long. still we'll get up to at least that high. i don't think it's that material interesting the market can make its peace right now with a 3.3% two-year yield >> i was wondering your takeaway from the minutes on one hand there was some discussion about the need to slow down or potentially pull back there was some discussion about the risk of overdoing it on tightening then a big chunk on inflation and how it's running really hot, well above target and they're

going to have to be restrictive in order to fight it >> that was another thing that could have been read as hawkish. you have to look at it through the prism of what we would have expected them 10 say you would have expected them to say we still have to be vigilant about inflation. they didn't show any real displeasure with how the markets have been behaving in recent weeks. the minutes can be revised before they're released. the market was like, okay, not a lot of fresh new information here >> wasn't overly hawkish mike, thank you, we'll see you later. we also got a fresh batch of earnings including target. a 90 plunge. numbers showing activity was flat it did ride if you took out gasoline and autos

terry lundgren, welcome. what have we learned about the consumer this week >> you did a good job this morning of cleaning up the numbers of retail sales. when you extract auto sales, everyone bought a new auto and gasoline, sales are up 0.8%. that was above expectation so there was a lot of good news there in those numbers and many categories were strong there was weakness and things you already have, appliances, cars electronics, the super casual apparel you've been wearing. dress apparel was up beauty categories were up and several others >> online was up >> i feel okay where we were we get to this target subject and we're all concerned about that big drop but the reality is they took their licking and got rid of hopefully enough of the

bad inventory so they are positioning themselves going forward. they got into a pickle with too much inventory, a cardinal sin, too much inventory get it in the fourth quarter not the second quarter there will be other retailers that will have the same issue of cleaning up overstock situations >> before we get to them, target in particular, because it does feel like there's been a lot of bad news lately and we're taking this now and the second half will be better do you believe them? >> i do believe they're going to be better. this happens a lot, by the way what i see happened in the last six months there were delays of inventory coming in due to supply chain issues. retailers were panicked because they were out of inventory and ordering more inventory. and all of a sudden many of the supply chain issues got corrected and double dipped on

top of them and they had too much to deal with. it's not excusable but i can understand how it happened to many retailers inventory management is a critical role and critical subject for anybody who will have a good second half. and you have to go in to the second half with clean inventory. fresh new receipts are critical to your performance in the second half. >> who else will have trouble? >> you will have to look at all the numbers, whoever reports, anybody who has a big lump of inventory significantly above their sales trend is going to have to take some lumps. >> most everyone now >> a lot of them >> they all were super lean last year during covid -- >> they made money they missed sales. >> and now consumers change and the supply change is clearing up >> we said we hated to miss sales. we mate a lot more money when we did, were chasing after sales. our margins were higher. we were taking less discounts.

>> apparel and accessories because of the markdowns and the easing of supply chains and inflation? >> i definitely think there's retail adjustments that will take place now by the fourth quarter people will be back in good position and you will start seeing some more of that inflation that we've experienced in the last year apparel hasn't had inflation for ten years. a substantial deflation and they're just catching up now honestly, sara, it's not making a huge difference in a $50 item, the inflation we're dealing with now for apparel. that has helped some of the retailers certainly in 2021 and the first quarter of 2022. >> so the problem for retail now this quarter is the inventory. what if it shifts downward then aren't we going to be talking about a demand problem >> sure.

it's been self-inflicted wounds into have happened to certain retailers. walmart up 7%. that's a big number it can be done granted they are substantially loaded in the food and grocery category certainly inflation attached to those businesses and numbers they're much more penetrated in those numbers than target. >> walmart is a safe recession play who else in this -- >> i think target will come back i look at the balance sheet. who has a strong balance sheet can you afford to deal with these problems, these lumps and get past them, or are you loaded up and leveraged and a death knell for you? anyone highly leveraged at this point will have a difficult second half. >> the luxury sector has held up very well. inflation doesn't bite as much if you have the high incomes does that change >> i don't think so.

i think that high-end consumer says this is really upsetting. these prices are getting very high i'll take two of those handbags. i don't think it will materially change the behavior of the household income >> so it sounds like you're not so worried about recession you are just focused on where the consumer is prioritizing and how they're dealing with inflation. >> i think what we're dealing with now, sara, the issues we've discussed, apparel in particular is an event-driven purchase. i think through father's day people were spending and it was towards that event, the weddings are starting to come back finally. all the 2020 weddings, i think i've been invited to all of them in 2022 -- >> i bet you're a good wedding guest. >> there has to be an event to drive it the christmas period, the holiday period -- >> well, back to school seems

bullish. >> a push versus last year 2021 was the highest record of activity in sales volume in back to school ever we're going against powerful numbers. we're going to have a good fourth quarter that will be event driven for holiday purchases. i think that business will be good >> terry lundgren, thank you very much. thomas hoenig gives his first take on the fed minutes, whether he thinks they are on the right path the dow is down about 127. we've come back a little since the fed minutes were first reported down more than 300 points at the lows of the day. every sector except for energy is negative. you're watching "closing bell" on cnbc.

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heading south again here in the market in this final hour of trade. i want to show you what's been happening. a down day on wall street. you can see a little bit of a recovery in the last hour or so when the minutes from the last fed meeting were released. market embraced that there was some rallying in the bond market. you see that little blip on the screen boeing, visa, 3m and disney. the s&p 500 lower down 0.7 of a percent and is negative for the week also the nasdaq composite is

negative right you in it's down a little more than 1% let's talk about what we got from the fed because the minutes show that the fed would likely not pull back on interest rate hikes until inflation comes down substantially. the minutes noted some members the fed could overdo it. joining us is thomas hoenig. it's great to have you back on the show it's hard to read something like this because there's clearly a discussion whether they could overdo it, whether it's time to pull back on the aggressive interest rate increases. at the same time how worrisome the inflation numbers are. what do we make of that? >> frankly, that's not unusual for an fomc meeting in my experience and i would tell you as you read through the minutes and you have to do it quickly i realize right now, as i've read

through them there's unanimous agreement inflation is the top priority turnpike it was still too high that was the priority. then you get into it and they talk about the fact that there is a slowing in the economy, when you get the regional reports from the participants clearly indications things are slowing and that should begin to mitigate some of the inflationary pressures also some discussion of labor and wages before the big announcement still a feeling that might come more into balance and the fact that the economy broadly was slowing gave them, i think, a sense they were on the right track. and i think in that environment you always get those who are very concerned it may slow down more quickly you say, well, maybe we shouldn't go quite so fast and so forth >> right

>> i think powell made it clear in his press conference, though, they weren't giving forward guidance 75 wasn't necessarily on the table. 50 basis points maybe. and that is the sense you get from the minutes you're going from i think flexibility is a big deal and they're going to have discussions about, well, we don't want to go too far but the real test will be, i think, down the road as things slow and we don't want to go too far become more prominent and will they then at a rate of, say, if they get to 4%, 4.5%, will they stay there or back off of employment. the minutes are not surprising >> well, on that the market is excited about the fact that they will pivot eventually into next year the s&p is up 89% since the last fed meeting. is that too enthusiastic about

what's coming? >> i think it is when you have inflation at 8.8% and they are still talking about increases, i think, through the end of the year they may be ahead of themselves. they are counting on the fact that next year even if inflation is still elevated that the fed will become more concerned about the economy and employment and they'll back away from that. i think that's what the market is counting on these minutes would not dissuade them of that, in my opinion. >> there were 14 mentions of inflation on the target conference call today. there are problems with food and wages and some of these categories, tom, are proving stickier than others especially food wages and shelter does the fed need to see all of those things come down before it pauses >> i think it should, and i think it will unless unemployment starts to rise quickly. then it will become a real

contest within that fomc inflation is embedded in the economy. that's coming through loud and clear and the fed knows that if they give away too soon, if they back off too soon, they will have even a bigger problem on their hands. they want to say inflation is first but to keep everyone onboard this idea of flexibility is what the chairman is kind of putting out there. he knows they have a big road ahead of them still. >> do you think they're upset about what's happening in the markets? the loosening of financial conditions we've seen and the rally, frankly, since the last fed meeting? >> i don't know they're so much upset as surprise d given they said inflation is number one and so forth when you look at these minutes and this discussion of flexibility, you can't be too surprised that people are

walking away from that and interest rates are easing, people are getting, shall we say, more enthusiastic about investing. if the fed sticks to their guns and they are convinced of that in the september meeting or one of the later meetings, then they'll back away -- the market will back away from this enthusiasm to some extent. and they probably need to. >> what's your call? is it 50 in september and then what for the rest of the year? >> well, i think 50 or 75 depending on what the next employment and inflation number shows before their meeting because they come out before their meeting in september if those numbers are still strong 75 is on the table. if the employment numbers are more modest than they were last time or inflation is as high or

nearly as high, then i think they'll stick with 75. if they back off that they'll come down to 50. >> thomas hoenig, thank you for joining us with some perspective, having been in the room former kansas city fed president. a check on the markets right now. we have a sell-off on our hands. the dow down about 167 right now. that brings the, if we close lower, the five-day win streak, to an end. the s&p down 0.7%. the dow had gone positive just after the fed minutes less than an hour ago. the nasdaq down 1.2% tough day for technology and communications services in particular a brutal year for the ipo market a top venture partner says there are some major names in the pipeline waiting to go public. he'll join us with his watch list an analyst explains how amazon's new holiday plans could be a gift for investors as we head to break check out today some of today's top searched tickers

bed, band and beyond takes the top spot not surprising why, up another 27.75% it's absolutely embroiled in meme mania with 55% of shorts on the stock. for the week so far, up 103% no doubt on the fundamentals the ten-year note is in the second spot and we have a sell-off today yields are higher, 2.89. some very strong uk inflation numbers overnight that started the yield. target and tesla rounding out the some five.

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the market focused on the demand story. the ipo market turning ice cold this year. venture capitalist rashaun williams when we come right back

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ipos have been big underperformers. the renaissance etf down nearly 40% year to date an ipo volume has all but dried up renaissance capital says only 52 ipos down 81% this year and proceeds are down a whopping 95% from a year ago. our next guest says some big names are waiting in the wings rashaun williams, it's interesting you have a whole list of companies that you think are looking at a liquidity event in the next year or so, either an ipo or a buyout why? what turns the tide here >> i think for most people in the private tech market we understand that delayed doesn't mean denied. it's not the same thing. no one wants to go public where you have multiple contraction used to be valued at 10, 15 times revenue and now 4 to six times. the ipo isn't the only option

private companies have they can do direct listings. 94% of all liquidity are m&a and they have spacs, reverse mergers. there are a lot of different ways companies can get liquidity events but the least attractive is the ipo market and there's not a lot of bankers that would take your company public >> spacs aren't too hot either, are they >> no, they're not i don't think anything is. i've seen a lot of demand in the private, pre-ipo market. huge demand and it's because those trade more fundamental there's absolutely no reason why docu-sign and spotify and these amazing companies should be trading at the discounts they're trading at compared to their revenue growth, their market share, profitability

if you look at the private marketing you strip away the ability for speculators to sell shares short and people wake up on the wrong side of the bed afraid for their 401(k) and then things trade more fundamental. it's trading fundamental and is still attractive >> that's an interesting disti distinction. who is on your list we should be watching for this so-called liquidity event? >> yeah, for sure, my firm we have one of the best research teams in the business for private companies. we look over 350 private companies. we have our own proprietary way to determine whether or not they are going to go public or get acquired in the next one to two years. and 60% of the time weep get it right every time i'll give you my top five. number one instacart for sure. i'm sure you've heard of

instacart. c co-hesity, and what would a list be without stripe. stripe is number five. >> i wanted to mention klarna. i noticed on there because it famously recently had a very sharp down round, valuation got slashed from just a year ago >> klarna is on there -- >> are you in that company >> we are. notice i didn't mention that one because the valuation got slashed. we are in klarna in the pre-ipo market investors are coming in and they have a very different criteria that they need to mark to market investments. private folks like me will say, hey, i don't need to just raise another round and mark my shares down just because that's what i do in public markets klarna is looking at public come ms if you're going to comp klarna

before the correction, now it's a five to ten revenue multiple that's where you have to raise money at based on the public markets. things contract and expand i expect to see multiple expansion and then these companies will start to trade near their historic averages for software and fintech companies and you'll be north 10 or 20 times revenue by the time we come out of the trough >> you are saying there are folks besides adam newman also raising money in this environment. >> oh, yeah. absolutely >> would you give him money? >> clearly there are smarter people above my pay grade who believe in him i will trust in their ability and track record to figure that out. but for us we've been making investments as well. we're very happy with the companies we invested in

epic games owns fortnite, unreal engine this is one of the biggest and best known game developers in the world doing billions in revenue and dominating the marketplace for over a decade. we invested in a fintech company but look at one of the largest uk-based fintech companies in the market they're completely crushing it we love that industry. we love that market. and then my sleeper. the publishing company platform called automatic they power 40% of all websites on the internet and they have a direct competitor to shopify in their commerce business that they have. so, yes, investments are happening and we're able to get great companies at huge

discounts from distressed sellers. and we love it >> well, that whole coin base and crypto discussion is one for another day. thank you very much for joining us here is where we stand right now in the market. we have a little less than half an hour left of trading. the s&p down 0.6%. hovering at these levels glass nasdaq 1.2%. drifting south pretty much originally a little rally after the fed minutes and then some digestion, maybe the focus on inflation, people realized it wasn't that different of a message from the fed after all energy is your only positive sector up 1% a devastating drought in the southwest is threatening this year's cotton harvest. up next the big picture on the impact that could have on shoppers uadrupled our team and the pace we're growing, i couldn't keep up without ziprecruiter. they do the legwork and they get my job posting in front of the right candidates. i love invite to apply.

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time for today's big picture. how a dry spell out west is disrupting the very fabric of the economy. the drought in western states is leading to a shortage in a very important basic commodity, cotton farmers in the u.s. abandoning their harvest planted in the spring and is putting more pressure on cotton prices 20% higher than a year ago around 35% of global cotton exports. 66% of cotton production is based in these areas that are dealing with the drought and the usda says it expects production to fall by 28% higher input costs for the last year or so

apparel prices actually came down in july's inflation report. retailers are talking about markdowns but that could change. if this drought and potential cotton shortage intensify, cotton accounts tore 20% of the cost to make a pair of jeans two pounds of cotton in every pair amazon taking a page from tiktok's playbook as it tries to increase user engagement that story plus the possible solution to apple supply chain issuesndart'tule a tges mb nurse mariyam sabo knows a moment this pure demands a lotion this pure. gold bond pure moisture lotion 24-hour hydration no parabens, dyes, or fragrances gold bond champion your skin

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we are now in the "closing bell" market zone. scott rand is here to break down the crucial moments of the trading day. courtney reagan on target. scott, the broader market here we are seeing a decline, the first decline in six days for the dow. so it is notable but it's only half a percent right now the s&p down 0.7%. we gave some of that back. do you think the market is still in an uptrend or are you preparing for a turn here after a pretty remarkable four weeks higher >> it has been a remarkable four weeks, sara. certainly we ran into resistance yesterday. we touched the 200 interday moving average above that is the trend line at 4365 coming off the all-time record high at the beginning of this year.

we've had a pretty good run up here we don't think we're going to see much followthrough and really as far as the fomc minutes, we're in the camp that the fed is not going to pivot. certainly the minutes didn't make us change our mind at all we think 75 basis point hike is likely in september and we'll see more hikes at the end of the year we're looking at a 350, 375 fed hike target. that's where we stand. we think the market is lofty right here >> so are you telling people to fade the rally >> that's basically what we're doing. we've taken on since march a more defensive type of stance. we've gotten away from the more cyclically oriented se ed sectos from here this is an opportunity to fade this rally >> let's talk about apple. a pair of analysts issuing notes on the stock today

supply chain checks ahead of the release of the iphone 14 next month and credit suisse which upgraded to outperform hiking to 201 from 166 citing strong services revenue growth and gross margins. major production shift out of china. it is reportedly in talks to produce apple watches, macbooks in vietnam for the first time because of covid-related supply chain disruptions in china they make airpods in vietnam steve koufax joins us. clearly this doesn't happen overnight when it comes to addressing supply chain issues how is apple overall dealing with some of these problems? >> better than expected, sara. we learned last quarter they were able to manage it as well as they could. they were able to move some out of the regions experiencing the worst of the shutdowns and they

sacrificed other less profitable businesses like the mac and apple watch in order to pry advertise the iphone and what we're seeing now, and we've seen this all year, by the way. we're seeing them expand out of china to protect themselves, a kind of shield so they don't need to rely so much on china especially during these stringent shutdowns. related to extreme heat in china shut down some production facilities reportedly that work on apple macs. that's why we're seeing them like you said they already make some air pods in vietnam and we've even seen iphone production open up this is meant to diversify it's not to take away the importance to the apple supply chain. it's all there >> and the consumer, right that's kind of the holy grail for apple in terms of the growth market

does apple fall in the cat gore campaign of defensive that you would like in this environment >> a lot of apple products are expensive. while the unemployment rate is low right now we're looking for it to crawl higher consumer spending will slow. i think in that type of an environment, once again, not being an apple expert by any stretch, will be more hesitant and will be slower to replace items whether it's a car or an iphone or you name it. people will be more cautious >> let's stick with that steve koufax, we'll talk target now speaking of the consumer shares are under pressure. because it had to slash prices

to reduce the excess inventory, that's been the story there. the company is reiterating its forecast and expects to rebound sharply for the rest of the year courtney reagan joins us i guess that's why the stock is only under a little pressure because it had a nice run yesterday. is this investors saying it looks like target can put these problems behind them >> that is exactly what i think the market is saying frankly, i am a little surprised because this eps miss was so wide even after the company had lowered guidance twice but the analysts are looking at this saying, look, the company says they're taking the bulk of the financial pain in this quarter and the bulk of it is behind them they like the target reiterated. their guidance for the rest of the year and to your point walmart also was fairly optimistic for the rest of its year even though it did not have as much reason to be concerned to start with

i think most people are saying, look, if you're going to have some bad results, you may as well get it all out of the way while you can. they're giving target the benefit of the doubt it is still seeing some positive growth in the store traffic in those overall store comps even if they were slightly less mistreated several analyst notes from jpmorgan said, what's a couple hundred basis points miss when you're talking about such a big miss on some of these results? a miss is a miss they're giving it a little bit of forgiveness today >> that reiteration of the guidance is key. courtney, thank you very much. scott, i know you're worried about the economy, people have been worried for a while now sure the retail results are messy. the inventories are messing and there are issues with consumer behavior nobody is talking consumer demand falling off a cliff the sale numbers at walmart were strong and retail sales taking

out gas and autos for the month of july grew >> the holiday sales, go up from there. these retailers have way too much inventory and will be discounting them i have to agree when you have 3.6% and discretionary spending skewed to the upper end of the wage scale, you haven't seen much of an issue there spending is good for now but, as i said, we're looking at a little bit north of 4% for the unemployment rate by the end of this year. >> if we see those numbers you will see consumer spending slow and that's one of the factors that we're looking at here the fed will be aggressive here. we still have supply chain

issues, real wages are falling, housing is slowing there's a lot of curveballs out there the consumer is getting thrown right now and i think that will result in a slower economy. >> i have not heard you this negative in a while, scott >> this is the most negative we've been in a while. we had been optimistic until coming into this year. things have changed -- >> you were the only one that liked tech when it was melting down i remember that. >> and we still do like tech but you're going to have to play defense, think about capital preservation not capital appreciation that will change halfway lou the recession. we want to play defense, not offense. >> we appreciate you telegraphing the move for us let's talk about amazon right now because it does look like amazon is the latest tech giants

attempting a tiktok copycat. a new report this afternoon saying the company is testing the features showing short videos or photos of products to purchase the story from "the wall street journal" saying this feature is for users of the app and being tested internally right now. joining us is ubs analyst lloyd wamsley, a buy rating and $180 price target why is amazon getting into this game >> look, i think there is a lot of convergence between social and video and commerce and so it makes sense that they should be experimenting with this stuff. i don't make too much of it. amazon competes and stands out on its selection, convenience, price, reliability it's an interesting experiment i wouldn't think of this as the future of amazon >> okay. you do think it is notable amazon is adding a surcharge, a key fulfillment fee of 35 cents per item sold in the u.s. and

canada what is the story here >> building out facility centers, absorbing higher energy prices and now passing that along. we saw this with higher core fulfillment by amazon fees you saw it with prime, fuel surcharge and now a holiday surcharge. this is a company more focused on margins starting to pass along these costs which should show up in better margins and into next year which we think will be the key to the stock working. >> a lot of analysts are excited and yet the stock is lower all of tech is selling off yields are higher. there's some reversal of what we've seen, lloyd. what gets amazon from 140 to 180? is that your price target right now if we are in an environment where the consumer starts to

slow and as scott expects we see unemployment rise. >> our view is bullish, tends to do well after inflation peaked the stock tends to work when margins start to improve we think you will start to see that in the second half of this year into next year on top of other improvements and top line growth on a headline basis, strengthen aws we think all of that can drive the shares towards this 180 target >> lloyd, appreciate it. thanks for joining us to discuss some of the news around amazon today. we've got just a little over two minutes to go in the trading day. scott, you're saying this is the most negative you've been for a while. what would change your mind and get you interested more in longer term secular tech stocks

that you have always embraced? >> i think, sara, once again if your time frame is too close on bad weeks, bad days, you can put some money to work if you are concerned in the shorter term, six months, 12 months, something like that, i think you have to be more careful. what would make us more bullish has to do with inflation i think the fed no matter what data we're going to see, they are going to be aggressive through this year. and what we're thinking is the market is really concerned about what's going to happen next year with the fed so for us if inflation comes off quicker what we're fearing is we see a couple of months here of good data. we get down into that 5%, 6% range on cpi and then we're stuck there and the fed has to keep being more and more aggressive but if that is not the case and we really finish this year with

inflation really coming down very quickly and that following through the beginning of the year, i think that would make us -- that would make us more enthusiastic we would certainly have to play less defense >> thank you, sir. as wehead into the close, take a look at where we stand overall in the market right now. we saw the dow down as low as about 300, more than 323 or so at the lows of the day heading south down 172 it does look like we'll break the five-day win streak on the dow. as far as what is dragging the dow lower, a bunch of the dow stocks cyclical, boeing, 3m, disney, caterpillar and salesforce some pockets of strength, apple, chevron, the energy stocks are doing well, ibm and mcdonald's holding up better. the s&p 500 we're pulling back 0.7% which means we are negative the worst performing sector is

consumer discretionary and that sector is down a little more than 1%. technology is also at the bottom of the pack. you have weakness in some of retailers, ralph lauren, target, some of the automakers like ford and general motors are weaker today. that's dragging on the s&p the nasdaq going out with a decline of 1.3%. the biggest loser of all of them higher yields, a pause in the buying amazon, nvidia, meta, alphabet bringing up the rear that's it for me on "closing bell." now to "overtime" with mike santoli. welcome to "overtime." i'm mike santoli in for scott wapner you heard the bills. we're just getting started in just a moment we'll get earnings from cisco, the breaking numbers and instant reaction to the quarter are straight ahead we begin with our talk of the tape the dow snapping a five-day win streak as all three major averages end the day in the red. so was this the pause the market needed let's ask cnbc contributor josh brown of