score if you use more of your available credit, you have more debt how do we explain this increase? >> so this could be a lot of the savings built up during the pandemic and everything else, but those savings are getting drawn down and people are using more credit. >> thank you >> you're welcome. "closing bell" starts right now. stocks mostly lower on this final trading day of the month, and it has been a rough one for the bulls. the most important hour of trading starts now welcome, everyone, to "closing bell." i'm sara eisen take a look at where we stand now in the market. lower across the board only one sector higher, that's communication services thank you, meta, netflix, comcast, fox, perhaps moving higher off that snap news which we'll get to snap is a winner today as well looks like everybody else is lower. materials, consumer discretionary are the worst performing the nasdaq down 0.4%, just

adding to the losses in the month of august. as we look to close out the final hour of the month of trading, down 4% about on the s&p 500, even worse than that for the nasdaq remember, we're coming off a very strong july, that big summer rally has given way to selling in the last week or so we have a big lineup of ceos coming your way. we're going to talk to the head of chewie, which is sharply lower today as that company warns about a slowdown in discretionary spending on pets, plus the ceo of dsw parent designer brands joining us after strong earnings and raising guidance that stock up double digits on the year and then later the incoming and outgoing ceos of bny melon, the investment bank with $2 trillion under management we'll kick it off with mike santoli who has a look under the hood as stalks tumble for a fourth day in a row. a lethargic market at best,

sagging lower over the course of the day. we are kind of keep drawing new lines in the sand that are a little bit lower than the ones before the next one to look for is 3950, even 3915 on the s&p 500 where people are saying maybe that makes sense as a place of potential support. we're obviously waiting for things, the cpi number, the fed meeting and the fact it is september. so there's a bit of a reluctance to make big bets the market is slowly, below the surface, getting more oversold if you take a look at this chart, this is the s&p 500 advanced decline line over the prior ten days this is the rolling tally of up versus down stocks in the s&p. and this is before today you see it was almost as low as it got in june here. this was where the market low took hold. this in itself doesn't mean the market will turn around but it does tell you there's been some wear and tear on the average stock underneath the index and it should tell you that the market is slowly getting less

risky at least in the short term for a bounce it doesn't mean the overall trend is changing but, to me, it tells you it wouldn't take too much further decline to get people really nervous the way they were in june and that in a contrarian sense might be okay >> two data points, mike, i feel we should mention. we have the adp private sector payroll report ahead of the government report on friday. weaker than expected and some noting of wage moderation which i know it doesn't necessarily correlate to the monthly jobs number but that is something the fed and the market appears to want to see. on the other hand, the european inflation number, 9.1%, matching a record high again is a big problem. >> without a doubt now it's interesting the reflex move in the market after that softer adp number was a rally attempt. bounce did not really hold but it sort of indicated the way traders are leaning, what they would like to see perhaps in the jobs data on friday.

absolutely in terms of the euro data, ecb talking about an even bigger hike over there, dollar strength all that stuff is tightening up financial conditions which is what the fed wants but it's a bit painful for financial assets while it happens >> if you think powell has a tough job, tightening into a recession and energy crisis, mike, thank you. mike santoli we'll get to our top story now snap making a comeback the company announcing plans to cut 20% of staff and scrap projects like its pixie photo taking drone and original shows as part of a major restructuring of the company the stock is jumping but down more than 70%. eric jackson the emj capital i know you've liked this name and have recommended it even though you've had to take down the price targets. do you like what you hear today? >> it is encouraging i think snap is one of those companies that have been burning cash at a rapid clip

they hired aggressively last year they acquired a couple of companies. i feel the steps they are taking today almost $400 million in run rate cost savings is the right move some of the charts and the spend is also the right move cash flows need to rise. if the company can show in the next period, it's time to start buying the stock here. >> eric, i don't think you own snap, but you own stocks like this, right, that are growth stocks, that are having to cut jobs and restructure their businesses to focus on cash flow and profitability and then we get into this quandary, right, of how to balance profitability with growth and whether this is all coming at the expense of the future what do you make of it >> well, i think it's the right thing to do, sara, absolutely. i don't own it, though, and i'm not tempted to own it after this

cut. what do they have to lose? they have the kitchen sink in this now is the time after whatever it's been, three or four missed earnings reports in a row to obviously whack head count other companies have done this or will need to do this in the next six months. let's face it, everybody was probably overhiring after the covid boom at elevated compensation levels as well. so they need to cut back but balancing growth and profitability, the right stories even without profitability, the market is good at sniffing out which stories will actually play snap's story, though, is one of a confused management team basically trying to accommodate idfa and kind of get a story going. so confused stories don't work proper stories, whether they're growth or profitability stories,

definitely still play. >> why do you disagree with that, rohit? you have even in the past, i think with us, raised the issue of management credibility and yet you're still a buyer >> management shuffle is going on right now management credibility with regards to visibility and being able to forecast what the business would look like i think management credibility is on that one particular area i feel one of the things management has been able to do that snap hasn't been able to lay on new areas of monetization, all those things, instagram, almost an existential threat, people are focused on tiktok right now i feel management has been able to being a more enduring, sustainable business all they need to do is get the right opportunity and now with the restructure we are getting

there slowly macro head winds will fail hopefully in the next six months and then we have this nice little inflection in fundamentals, improving profitability and you get a rerating key things going in their favor but only next year there's time left to see if it is playing out the way they want it to be >> it does seem like they get hit by macro factors worse than their competitors like a meta or an alphabet. eric, the final word to you on growth stocks because you have come on before and made the point you think we've seen the bottom all the bad news is factored in. but here we are with interest rates on the rise again, ten-year yield is back above 3%. nasdaq is back to underperforming. are you rethinking that call >> i still stand by the june 16 bottom i've spoken with you about before, sara

even with the pullback in august the nasdaq is still up 11% since the june 16th lows or things like the etf for biotech are up even more. yet we have a lot of the same bear sentiment now back that we had in mid-june, put call levels elevated, investor sentiment really sour right now, a lot of hedge funds according to prime brokers are not exposed to growth or much more exposed to value and yet even though this is turning out to be a negative august, growth has outperformed in the month of august i think for the same reasons that when we get so pessimistic there's nowhere to go but up, that's one of the reasons i'm optimistic another data point i'll share with you, sara, if you go back and look at 1981-'82, the height of the inflation scare, from may '81 to august of '82, the nasdaq

dropped 29% from peak to trough. we dropped, the nasdaq, from november until june 16, 33%. in about half the time we dropped more than in the throes of the biggest inflation scare of our time. and once the dust settled in '82, in august of '82, the nasdaq rallied 106% over the next ten months. >> so that's what you're bracing for. >> i sure hope so. we'll see. >> eric and rohit, thank you both for joining me. good discussion. look at shares of chewy, the online pets retailer sinking after the company warned that pet parents are tightening the leash on discretionary spending like treats. the ceo sumit singh joins us next we'll be right back.

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check out shares of chewy, the online pet retailer in the doghouse today after reporting earnings that missed revenue expectations and lowering its full-year fiscal guide annals. joining us in an exclusive interview chewy ceo sumit singh. great to have you back on the show, sumit. welcome. >> nice to be here >> the profitability was there and that was applauded by the analysts, but it seems like the

forecast both on the current quarter and the full year was a disappointment what happened there? >> if you break down the quarter, sara, we feel proud of the results. look at sales, they're up 14%. 13% year over year auto ship sales are up year over year if you compare that number to e-commerce growth in q2 we outpace e-commerce growth 2x we outpaced general pet growth by 3x. when you look at spend per customer that's up $70 year over year to $470 when you look at profit, profit is up. from our vantage point, we had a strong quarter and we are seeing some pullback on discretionary spend correlated with the macro environment right now. consumables and health care categories are super strong and we're pleased with the progress that we continue to make there

>> talk about where you're seeing the softness in demand, what kind of categories? is it because of higher prices >> it's mostly discretionary categories, primarily hard goods. during the pandemic the last two years a lot more puppies got adopted and a lot of pet parents staying home engaged and went through this refresh cycle where everybody bought a new leash, a new bowl, a new bed, a new crate and all of that stuff. we need to let the refresh cycle through and in today's environment the consumer is rationing spend, it takes precedence over adding an extra toy for casper and so forth and so on. it's a matter of respecting the consumer's state of mind and making sure what they do need in this particular time is in four

categories which are doing extremely well >> what we've heard pets are supposed to be a recession proof kind of business how big of a chunk of your business is this discretionary >> when you look at pet spending, it is still up and it's actually in terms of dollars the industry is spending when you look at chewy's growth, our growth is not only up in terms of units so we're delivering structural growth on the back of transactions as well as pricing playing a part in that we're proud of that. that's hard to do in an environment like this. we have to wait for the macro to cycle through, lower pet hold as

we move out of this year and as the macro settles. we're seeing category trends in the right direction. >> the margins were surprised in a goodway. what's happening there on inflation and cost and how you're managing that >> sara, what you're seeing happen at chewy is we're on this mission of getting big fast but also fit fast. when we look at it back to the ipo and improving profitability, we're delivering disciplined structural profitability on a year over year basis degrees margins have expanded from the 20% ranges in 2019 prepandemic to this quarter 28% growth margin and we've been investing to redesign and transform our supply chain and capabilities and you see us

deliver leverage as we grow and customers discover us more we can give back marketing efficiency. as a combination of all of that the profit curve is continuing to gradually and steadily improve. we're exposing a lot of this in our earnings call and talking to the street and investors >> it's thought of as a pandemic winner like a peloton, two key trends, pet ownership and online retail some of the best days are over that's what people point to. how do you change that idea around the covid stock >> when you look at gross adds, the only knock on gross adds

that we're seeing now is direct ly correlated. when you look at the retention of cohorts, we consumed or accelerated our curve by acquiring a whole bunch of new customers, nearly two and a half times the customer we were prepandemic. it will produce numbers that need a few quarters to cycle off. this to us, starting to get well understood and at the same time i've said in the past with chewy don't underestimate the story, customers are staying are spend ing 15%, 20% higher pushing to $470 per customer.

two-thirds of customers are really early on the curve. the best part of share wallet has come >> i feel like you've made the case before. i appreciate you joining us and taking the time. >> thank you, sara after the break bny mellon is here to ring the bell the brand-new ceo and its retiring ceo about how the firm is deploying nearly $2 trillion under management you have real estate now as a sector joining communication services in the green. but when your team has to work seamlessly around the world... you need more than technology. you need cdw who can help transform your organization with built for performance lenovo thinkpads. pre-configured for management flexibility and equipped with the intel evo platform. responsive collaboration tools give your team effortless connectivity to stay focused wherever they work.

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financials are pulling back along with the broader market today now down around 2% or so for the month of august. joining me here at post nine of the new york stock exchange the brand new bny mellon ceo robin vince and todd gibbons, officially stepping down today thank you for joining us

i saw the performance of "hamilton. you're the only bank that can claim to be founded by alexander hamilton in the 1700s. it's cause for celebration todd, you've been the ceo only three years, why is now time for a transition >> first of all, thank you for having us. it was nice to meet you earlier and finally we got here. the foundation is strong, resilient. 80% is fee based we have the strongest balance sheet in banking we are well positioned to deal with the challenging times we're faced with we have a great leadership team. the gentleman sitting next to me that will be taking over, i've known robin for about a decade he had a mix of experiences i thought was perfect for this job. we've worked together the last six months meeting with

stakeholders rob is ready to take the helm and do it in full stride >> well, it starts tomorrow. and you do have a tough task not just running a massive bank with trillions of dollars of assets but also at a time interest rates are rising, there's a lot of volatility. your stock is down 30% this year what is your item number one on the to-do list >> thank you for having us it's great to be here. we're the first listed company on the new york stock exchange to be able to be here for this hand yoefrp day is terrific and it's great to be with you. our firm is ultimately all about our clients. we are about our own culture and we're about innovation and so for us these challenging times, we have high inflation. we have uncertainty around what's going on in the stock market and interest rates. we have a war going on those are all key opportunities for us to be able to engage deeply with our clients and help them navigate the uncertainty. >> you see a lot of flows that we do not see.

what should we be paying attention to in the market everything from repos and government open market activities which you do a lot of >> what we are seeing you see in spreads and the credit markets i think that's one thing i would be concerned of as we go into the higher interest rate environments and the impact on businesses as they bear the burden of what has been floating in debt. >> where do you think we are, robin, in the bear market? >> we touched 20% of the world's investable assets across our platform almost twice the size of gdp we have a lot of interaction i think we're in this interesting moment right now where we have the cross currents of the fed clearly trying to combat inflation which is job number one for them and the uncertainty that creates on the interest rate side but we have other cross currents associated

with uncertainty around energy prices, around the war in ukraine and what's going on. and so those challenges make it a little bit difficult they have to navigate the unwinding of their balance sheet at a time when they're also hiking rates incredibly aggressively and soap there is a lot going on but that, again, gives us the opportunity to really engage with our clients who want to engage with our platforms and get our help in navigating all of that >> the higher interest rates help with net interest margins but the capital markets has been really weak. so how do you look at the balance and where that takes you over the next year or so >> i view our businesses as having a whole bunch of different cylinders. we have the good fortune to be able to see some businesses with that upswing when others may be suffering a little bit from the challenges so when you look at af asset servicing business, our custody business, asset owners and managers are struggling a little bit with everything going on in the stock market but on the other hand we are really at the center of liquidity flows. we have over a trillion dollars

a day that flows through our liquidity platform we are the world's largest collateral manager and we also power the u.s. treasury market infrastructure so there are a lot of puts and takes. overall we're quite pleased with our performance. >> are you bracing for any hiccups, problems with liq liquidity, todd, like you have seen in periods of volatility? >> i would say the market still has enormous liquidity the fed, for example, is repoing into itself so it's offering assets to the market of $2.5 trillion a day through our systems. there's a huge amount of liquidity that stands in the system we have not seen a contraction of the fed's balance sheet in any meaningful way right now we don't see that as a concern. >> you are also, robin, going to be the first bank to tokenize bitcoin. what does that mean and is there the same sort of demand after we've seen the crash in crypto >> we view, sara, the opportunity around digital assets broadly to be just a broad and deep opportunity so we

have this great new technology once important a time the wormed was full of paper. more recently we've been in the world of dematerialized assets and regular digital edges and now we have the opportunity to take this new technology which is a more multidimensional ledger, and we're hearing from our clients they want that type of institutional grade approach to digital assets which we are providing. we're excited to be launching digital asset custody but are innovating in payments and other parts of the digital asset ecosystem. >> finally, a decision you have to make about your employees, the memo sent out at goldman sachs, five days a week, no more covid protocols. you don't have to be vaccinated. how are you approaching this issue of back to work? >> we certainly believe in being in the office some of the time is incredibly important. we are not a believer in fully remote work, but we do think technology has created opportunities for employees to be quite productive when they're away from the office as well and

we've had the benefit of mobile telephony. >> you've gone the other way >> we're in the middle we're hybrid we want people in the office many days of the week but we don't need them there every day of the week. we're happy for them to be on the road, visiting clients and engaging with people in other ways as well >> robin, congratulations on the new role and, todd, to you, too, on your last day as ceo. thank you both for being here. >> great thanks for having us take a look at shares of bed, bath and beyond plunging after announcing a new share offering, plans to close stores, lay off employees. coming up, we'll be joined by an analyst who is skeptical of the retailer's turnaround plan

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that lets you place, flatten, or reverse orders so you won't miss an opportunity a number of retail movers today, express and pvp both plunging on the back of their reports. both companies missing revenue estimates and both citing macroeconomic challenges and then there's designer brands, the dsw parent getting a pop today after reporting better than expected earnings this morning and the company raising its full-year outlook. joining us now is roger rawlins, the ceo of designer brands roger, not a lot of retailers raising guidance in this environment. what's working for you >> thank you, sara

good to see you again. for us the big thing has been the shift into our own brands, able to make and design and source our own goods that part of the business was up over 40% the last year that's been a huge win the kids edition to our portfolio we did a couple of years ago has been fantastic and we're driving comp sales with the addition of a whole new category >> does it have to do with where you sit in the value chain we've heard about trading down in these quarter ly results, wht is your consumer, the profile and what does it say about the environment? >> our consumer, it's a little bit different, most don't comprehend, it relates to our dsw brand but the dsw customer is over $100,000 when we've been able to navigate

a little different than others but our value proposition that we own and control and provide value to the customer and add investments in clearance inventory we wanted to win back and we were able to add back in the quarter about 2 million consumers that were coming to us simply for the value proposition. it's being very nimble and every day seems to be a different challenge. our team has done a great job in facing those challenges. >> who are you taking share from department stores? >> i think it's a combination, frankly. a big piece of it has been in the athletic space right before the pandemic we started investing heavily in the ath-leisure area and have grown in a pretty material way we've historically been known

for fashion brands and felt we were losing the consumer they were going elsewhere to buy athletic shoes by layering in additional brands like the amazing results with adidas, puma, new balance -- you name it -- in that athletic space, we've added significant share there. >> roger, interesting stock story and a successful one appreciate you coming on to talk about it >> thanks, sara. >> designer brand ceo. we'll talk more about retail tomorrow i will speak with the ceo of lululemon and you can see it on "closing bell overtime." micro strategy shares after accusations of tax fraud we'll share the details straight ahead. that story plus an analyst on bed, bath and beyond and snap losing ad execiv tuteso netflix when we take you inside the "market zone" next

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custom scans help you find new trading opportunities. while an earnings tool helps you plan your trades and stay on top of the market. we are now in the "closing bell market zone." commentator mike santoli to break down the crucial moments of the trading day plus julia boorstin on netflix, snap executives and bed, bath and beyond we'll kick it off with the broader market, mike santoli the dow off 100 points, coming off the lows of the session. the nasdaq just went positive on the day. it's up 0.2% meta and netflix off the snap quarter.

seasonally september is a tough month, right people are worried about qt which is just getting going into high gear. it feels the sentiment is getting negative again >> it definitely is. there's a general sense out there, there are plenty of reasons not to get aggressive and not to wade back in on the buy side of this market. september pattern is a little bit ambiguous when august has been weak. it seems you front loaded the september weakness i don't know the seasonals will be the defining thing. the fed is out there saying rates have to go a bunch higher. it's just not clear to me we didn't sort that out in the reaction on friday and now it really just seems like a lack of energy at the end of a weak month. >> down more than 4% for the s&p and the nasdaq for the month the district of columbia suing micro strategy founder michael saylor the attorney general saying they're suing the company for, quote, conspiring to help him evade taxes he legally owes on

hundreds of millions of dollars he's earning while living in d.c. eamon javers joins us. why does the government think they can prove he lived in d.c. all this time and is that what this is all about? >> reporter: they're saying he was saying he lived in florida or virginia and he lived in d.c. and didn't pay any taxes at all during that time here is the complaint from the attorney general in d.c., and part of what they're doing to prove he lived in d.c. during that period of time is in this document they're using his social media filings against him. they have pictures from facebook we have some we can pull up for you of saylor's own facebook postings from september 9 of 2012, a picture of a luxury apartment building in georgetown, the potomac river you see in the foreground. that's the luxury apartment building and saylor says gazing wistfully at my future home while i wait for james to crack the twhwhip on the contractors.

another one they use october 10, 2012 posting from saylor a picture of what appears to be his yacht on the potomac off to work. it is a perfect october morning on the potomac making it hard to leave home that picture taken from the d.c. side of the potomac. you see virginia in the distance the ag making the point saylor lived in d.c. at this time and saying he didn't pay any taxes and, what's more, micro strategy was involved here in helping him conceal that fact and depricving the taxpayers up to $25 million over this time period. >> i was going to ask what the liability here is for micro strategy, a company that he closely has managed and has poured into bitcoin. >> reporter: there is some exposure from microstrategy saying microstrategy was aware of this and took steps to assist in what they're saying was a fraudulent enterprise ultimately for tax purposes for microstrategy that could be

a problem. also interesting here this is a false claims act case initially. there was a whistle-blower at the core of this, somebody who had access to microstrategy's internal documents because at some point the ag says they got hold of the actual flight logs from the microstrategy corporate jet and that's part of the way they're proving where michael saylor was bedding down each night, and it wasn't in florida. >> eamon javers, thank you take a look at snap shares surging after announcing a major restructuring involving laying off 20% of its employees, more than 1,000 people, and discontinuing several products including its drone camera meantime netflix, interestingly, is poaching two of snap's top advertising executives julia boorstin joins us. julia, what does it mean for netflix's own ad business which we're following carefully? >> look, it's considered a big win and jeremy gorman who has been at snap since 2018 will run the ad business for netflix and

she's credited with helping get snap's ad business on snap helping it grow in scale ahead of the more recent shutdown and peter naylor has been at snap just for two years before that he was at hulu before that at nbc universal he has a lot of experience in the industry jeremi with her experience at snap and before that at amazon and yahoo does bring good expertise to netflix as they get ready to launch this big ad business which is expected to help them reach a broader audience and hold on to customers who wanted to not pay for so many services as they face inflationary issues >> question, julia, on snap, the macro challenges this company has cited today, last quarter, the quarter before that, it does feel like they're hurting snap more than some of their competitors. is snap more vulnerable because of its size, or is it an excuse when some of the issues are

their own execution and strategy >> well, look, one reason snap is more vulnerable is because they make it so easy to start buying ads on snap, very easy to turn on advertising on snap if you're a brand, an advertiser, and that means it's equally easy to turn it off that spending on snap might be the first thing that a brand cuts back on or hold back on if they're trying to figure out what's going on in this macroeconomic situation. snap also points out in this letter to shareholders and to investors as they announce this restructuring that they've been stretch impacted by the apple operating system changes they're making progress, but it is something that has hurt them. one thing i want to point out the reason the stock is up over 9% today is not because of the announcement of the restructuring as the fact they announced that quarter to date revenue is up 8% that's notable because when they reported earnings back in july they said quarter to date, and at the time it was about three

weeks, revenue was flat. so since then revenue has scaled back up. and so they're back in a growth mode that does bode well for snap numbers for q3 may be better than many feared after their last earnings report >> a good point. julia, thank you julia boorstin take a look at bed, bath and beyond, shares down 20% as investors lose faith in the turnaround plans there and that's not even the biggest move this month for the notoriously volatile meme stock. joining us now ubs retail analyst michael lasser, a sell rating $3.50 pricetarget on th bed, bath and beyond stock your thoughts on the announcement do you have faith in this turnaround >> a low probability of succeeding number one, the sales in the most recent quarter down 26% there's only so long a retailer can withstand losing a quarter of its sales in one period year

over year. the second point while they did raise additional capital it will be very expensive and dilutive and keep in mind the company burned through $325 million in the most recent period if you simply annualize that, and we can argue whether that's conservative or aggressive, that would be $1.3 billion a year translating to about $15 a shar of the stock it will be precarious. >> what is the likelihood you're saying this company could file for bankruptcy >> we're seeing that what is going to determine the outcome from here is whether or not they can improve the sales trends what really turns the fortunes of a retailer when the community

loses faith in that outcome. and if they stop shipping goods to the vendor, that really accelerates the downturn there has been chatter that some of the vendor community has become more nervous about its pairing with bed, bath and beyond >> ryan cohen is out, another question of what he knew when, when he sold out during the meme mania, what about the case that he had that there was a turnaround here to be had, that they could spin off bye-bye baby it seemed the market was excited about that >> it's an important component in the lives of new parents. the life span with that customer is only 12 to 24 months out of their entire life, when they're in the market for those juvenile products it makes it not an easy retailer

to navigate through. the core business is under a considerable amount of pressure. so whatever the an investor might see in the situation, the facts are what the facts are and it will be very difficult to turn around the business from here the strategy is to try to bring back some national brands, coupon more to drive traffic those strategies involve lower margins than the company has experienced in the last couple of years so it's going to be difficult for bed, bath and beyond to have its cake, which is to drive sales and eat it, too, which is to stabilize its profitability >> it's hard to tell if there are any fundamental investors in the stock just because of what's gone on with the memes and the short squeezes you have a $3.50 price target. >> that's right. >> that's what you think it's worth? >> that represents 60% down side from here. we would start thinking about who has the potential capture share in the event bed, bath and

beyond rationizes store base, about 80% of bed, bath and beyond have a target within ten minutes, and target is a beneficiary of these challenges in the event it captures 25% of those sales that could add 5% to 10% to target's earnings next year that's another way to look at the situation. >> well, yeah, the proximity and geography is pretty interesting. >> no doubt. good to see you. >> you, too. thank you. michael lasser on the bed bath story you've been watching the bonds and what story they're telling about liquidity and how much time this company might have left. >> it's a reality check on what the markets really think whether there will be enough money to go around the bonds trade at a deep discount, some yield 30% that's a price of one of the bonds due in 2024 in blue compared to the stock price.

clearly the stock goes on its own emotional ride the bonds are more or less about is there going to be enough money to get paid back and most of the public bonds say probably not at this point and keep in mind the financing that was just announced that they are securing, they are now lining up is what's called like last in and first out. that debt gets paid off first if they get that life line. >> so if you're a believer in the company you should buy the bonds and not the stock. two minutes to go in the trading day. what do you see in the market internals? >> it's been mixed all day, sara skewed to the negative side. you look at the new york stock exchange, volume split there it is now almost 2-1 to the negative side. interestingly we saw bonds sell off going into the close along with stocks. there hasn't been a month end location stocks and bonds month to date and you'll see both negative, a balanced portfolio this year, continues to be under water and

the weakness in bonds, i've been seeing this all year, it reduces the ability of investors to buy dips in stocks because their overall portfolio doesn't have that cushion that's being active that's where we're seeing a dump across the board into month end. volatility index relatively subdued even over the last couple of weeks as the s&p 500 has had its struggles. you see it's down today, 26. we'll see if we get a new month push of new money tomorrow the vix is come. we have the jobs friday. as we head into the close, we're tracking for our fourth down day in a row. by the way, month to date, mike told you stocks and bonds are lower. guess what's higher? the u.s. dollar, dollar index 2.65% higher on the month. that is potentially one of the reasons why stocks have struggled on this higher interest rate fears. the dow down almost a full percent for the month. the dow down 3.7%. s&p for the month down about 4%

on the day, down about .75%. thank you to meta and netflix and some of the other names riding off snap's gain the nasdaq down half a percent on the day it's also the fourth down day for the nasdaq and for the month, down 4% that's it for me on "closing bell." now to "overtime" with scott wapner all right, sara, thank you very much. welcome to "overtime." i'm scott wapner you heard the bells. we're just getting started i'll speak to gabriela santos of jp morgan and why she says we got more than we bargained for from the fed chair last week rick heitzmann is back and whether it will jump-start the stock. we begin with our "talk of the tape." new month, same choppy mark as september looms large now. let's ask ritholtz manager josh brown, member of the "halftime" investment committeego