feel financially well off enough, five-year low. >> wow. >> 44% of all employees survey feel as though they are doing okay, and that's the lowest level going back before the pandemic. >> got to wonder what that is going to take an impact on consumer discretionary session. >> the markets moving towards session lows 357 points down on dow thanks for watching "power lunch." >> "closing bell" starts right now. >> yeah, thanks, tyler stocks are falling again on wall street as we wrap up a downbeat quarter and an awful month for the bulls. we're near session lows. the most important hour of trading starts right now welcome to "closing bell," everyone i'm sara eisen take a look at where we stand right now in the market. we're down on the dow 1.22% about, 350 points right now. s&p 500 down a full percent. the certainly sector remaining higher at the moment is real estate everybody else is lower. utilities and consumer staples are near the bottom of the

market a lot of staples p & g, mongallese on the list of 52-week lows nasdaq composite down three-quarters of 1% for the week as a whole we're down 2%. take a look at the biggest decliners this quarter on the dow, spanning a range of industries it's been absolutely tough from intel and verizon, nike which is trading at the lowest level today since april 2020 walgreens and ibm. double-digit declines across the board in the last three months coming up on the show today. we'll talk to the chair of the national bureau of economic research, a group tasked with officially designating a recession hasn't done so yet and there's talk of where the economic slowdown stands we'll have that debate we'll kick it off with nike, stock getting hammered down 12.4%. what's the problem same-sex ses inventory. inventory was up 44% in the

quarter and 65% in north america in september basically product from nike. sneakers, apparel. it's been flooding into the u.s. after having been stuck at sea or closed in the asian factories for months it's an issue because nike now has to mark down prices to unload all of it cfo matthew friend saying on the call last night we started to increase promotional activity in q1 and expect the broader marketplace to be promotional. that means markets and profitability will continue to be under pressure. markets were down more than 2% to 44% this quarter, worse than expected and while the ceo john donohoe did say on the call, consumer connection is strong with nike, the brand is doing very well, there's always a concern about what liquidation or heavy markdowns do to a brand strength on top of that the strong dollar is shaving $4 billion off sales this year and china is still in rolling lockdowns and not growing. for nike the key will be can

they unload the inventories with markdowns and preserve the brand heat, and will they do it fast so it won't continue weighing on profitability as to what it says about the overall economy, that's not a problem here for the consumer there's good news, promotion means disinflation prices should come down in places like apparel and sneakers and the supply chain is finally thawing. two things we needed to see happen the problem is it is taking a toll on corporate profits, slicing growth and that strong dollar will certainly hurt exports and earnings as well for the broad economy. let's bring in brian nagel of oppenheimer. brian, really wanted to talk to you because you are a bull on this stock of bullish going in and still bullish coming out. >> well, good afternoon, sara. i was listening to your opening there, and when i say this i've been talking to our clients all day about nike soy i want to make sure i'm clear. there are risks. there are problems out there, okay, but i really do believe against that backdrop that the

markets got this won wrong nike, yes, they are overinventory but in my view given the conversations we've had the last several quarters about the trouble getting product in, this was nike as well as many for most consumer companies out there. this overinventory problem there's a silver lining. supply chain woes that have had a weight on the landscape are now abating. they will clear product. it will happen this quarter, next quarter and in my mind that's a short-term problem and behind all of this, and you said this in your opening the company was very clear to say last night in their conference call that underlying demand, you know, in the united states and markets across the globe is very good they are not seeing a demand problem here they are not seeing the signs of recession is i actually think, there's risks out there, you know. we kind of have a question, but right now i think this report from nike was actually much more encourage willing than the stock price would suggest.

>> so you're telling your clients to go out and buy. >> this stock is frankly a fraction of where it was i think you and your colleagues pointed out that it's basically back now to levels at the beginning of the pandemic. it's at one of its lowest multiples of the year. what you're getting is an absolute utterly powerful global brand that's now much more digit talley driven and what that means they operate their business better and connect better with consumers and it may take some time, right, but i do think it's -- at some point we'll look back and say this was a huge buying opportunity for nicky. >> here's one area of pub barks. promotions can damage a brand, especially if we're talking about liquidation which is what it's looking like here with the amount of inventories that they have while they are not having a demand problem right now, there are questions about whether they can retain that in a very professional environment at a time where the consumer is slowing around the world as it's a very global economy.

>> yeah. look, nike has to manage this correctly. that's a great point and it's absolutely true. i was talking to the management team last night after the conference call, the excess product coming in is primarily apashl apparel and they are looking at how to discount this keep this as a segment within nike in order not to disrupt the brand. why discounts, why not let it work it way through? what they want to do is get their merchandise mix set, clean, fresh, for the important holiday season and then start 2023 fresh, so in a way, again, these price promotions will be short term in nature, and it will give way to a much better looking product mission from nicky. >> so my other question, and it has to do with some of the bearish threads out there today and frankly in the last few weeks. are there any execution problems at nike? is nike dealing with this worsley i want to say which is

not a word than some of the other retailers in the space and some of the other companies in the space, the whole supply chain inventory backup >> well, look, it's a great question i don't want to -- i hate to say my company is passive. nike and their inventory issues right now are frankly in good company. we've heard something similar from companies like walmart and target i think what had happened, the pandemic, the supply chain issue, the post-pandemic, i think that this is just an unprecedented environment for consumer companies, so i don't think nike -- i don't think nike is performing any worse. i think nic, like others, like very other high-quality companies got tripped up here a bit in an unprecedented environment. >> brian nagel, thank you. pounding the table on nic, $195 price target, a big increase from here appreciate it. says the market that is wrong. back in august, we asked john lipsky who chairs the group in charge of identifying a recession where he stood in the slowdown debate.

>> needs to be dropped and diffuse slowdown, downturn in the economy. the latest data, of course, as you pointed to already, jobs data and other, certainly suggest that the economy certainly continues to expand. >> up next he'll give us his read, the latest one on the economy as the chorus of recession calls grow louder by the day. we're down 286 on the dow. you're watching "closing bell" on cnbc.

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mind this week recession. certainly a hot topic among wall street's biggest name at our differing alpha conference this week and on air. >> we believe we are in a recession. >> i think we'll likely have a recession. it may be a mild recession it may be a growth recession, but, yes, i do think we'll have a recession. >> the odd of recession are really quite high, very, very high. >> our central case is a hard landing by 2023. >> everybody likes to forecast recessions, and there will be one. it's just a question of when, and frankly how hard. >> so many calls for recession, but there is only one organization that officially makes the call joining susjohn lipsky, nber chair, and i know, john, what you're going to say is that you're not out with the decision yet and not on the official committee, but how is it looking to you at this point >> you're right, sara. you're a good forecaster i'm going to say professor bob hall, robert hall of stanford university who chairs the business cycle data committee is the one to talk to but i know

what he who say. he would say you have to remember a recession involves a contract crop, a broad-based contraction in economic activity so i'll leave it at that for your viewers to decide if we're there yet or headed there yet, but this is certainly a period in which we've seen a set of unprecedented developments lead to a whole series of unanticipated reactions in the economy and in financial markets, and that means that using -- since models are just a sophisticated way of saying what happened before will happen again, if we have unprecedented aspects, it's not surprising that the models don't work and the forecasters keep getting surprised. >> right i almost feel like it doesn't even matter on the recession question it's how long and how deep of a downturn are we looking at, because the market has been

figuring out what earnings should try to look at because, first, there's the question of how high rates are going to go what is your projection on how deep and how longly this could get? >> well, partly depends, first of all, what has been the most anticipated aspect has been the rapid acceleration in inflation. inflation is still today centered in energy, food and motor vehicles it's broadening for sure because energy, among other things, will broaden out into the economy, but we've seen a stabilization for now have energy prices so the trajectory look forward of inflation remains a very, very uncertain. the fed, which we know was started late in terms of reacting is now trying to -- not trying to, they are acting strongly and giving the impression it a they are going to remain focused on inflation, but what is uncertain is how

serious and long lasting the inflation problems are going tonight. i think there's a lot of uncertainty. poem who are coming in and know exactly how it happens, may not a year ago understood how it was going to happen. >> even the fed itself saying data dependant, what it means like it's saying is inflation dependant so we're parsing every single fed speech and there's been so many of them today the vice chair of the fed spoke and mentioned many soft risks of what the fed was do, particularly to the rest world, particularly emerging markets. let just play the clip for that. >> environment of high inflation and rights interest rates highlights the importance of paying attention to how cross bothered and spillovers might interact with financial vulnerabilities. this environment could be exacerbated by the advent of

additional adverse shocks. >> they are attentive to the spillovers and add verse shocks. that's the first time i've really heard them acknowledge. we've heard them pay attention to it, but do you think that could cause them slow down because of how bad it's getting for the strong dollar and around the world? >> naturally, okay i understood what she was saying very intelligently was that we have to recognize that the rest of the world's economy has an impact on the trajectory of the u.s. economy and the fed has to take that into consideration when setting policy. it doesn't mean that the fed is trying to set policy for the rest of the world. they would tell you that they have a domestic responsibility that's first and foremost but they have to take into account what's happening in the rest of the world and what's happening in the rest of the world is very complicated but not very positive right now >> but i guess what we're wund wondering is what all these feds -- how they are thinking about when to hit the pause button or when to take back the

giant size of interest rate increases that we're getting. >> tack bake i think debate is in the past is the follow in the past, recent past, there's been widespread feeling or analysis that suggests that for the fed to have an important impact on controlling inflation, they have to set the federal funds rate in positive real territory. in other words, have to raise the funds rate above the inflation rate now, we're a long way from that and how you would parse that principle depends on what you think inflation is going to be so this is going to be -- but the possibility is that inflation has a way to go and if inflation ends up being more benign, less so much until the fed has a real positive real funds rate it won't be clear to everybody that they will be exerting downward pressure on inflation.

>> what do you think about interest rate in the u.s.? do you think they have reached their so call natural levels yet when they were pushed so far below that during the depths of the pandemic what we're just saying, if it stays high, the fed has to raise their phoenix suns rate to above the rate of inflation, then there's a way if to go if inflaugs it would be a different story. you can see this in their own dot plots that the fed members, the voting members, think that there's a way -- a ways to go yet before they are done >> no, clearly barkin also on the wire, deceleration and inflation won't be immediate or predictable which i guess -- >> long variable logs in

monetary policies, as always. >> feels a little steal though these comments from them don't they see what's happening in the market? >> yes, but theirgoal -- their goal includes financial stability but it doesn't include market performance their goals are set in terms of economic performance. >> yeah. >> and that's what they have to focus on, but i'm trying to emphasize. their uncertainty was a lot of supplies in the performance of inflation over the last career and to assume we can be very confidence and where it's headed is a little presumptuous i'mful to focus on even today the bulk of the price increases have come in food, energy and motor vehicles it's spreading out it's spread out and it means it's not going to be easy to get out of the system, but it may not be quite as dire as a lot of

the more worried warnings would have you believe. >> john lipsky, thank you very much always good to hear from you. >> sara, always a pleasure. by the way the two-year note yield at almost 4.2% higher again, ten-year yield almost 3.8. the stock market, a little bit of improvement in the last few months or so still looking at a broad selloff. down 8.4% and materials have joined the green forecast has lost half of its value this year. whether it's a buying opportunity sore there more pain ahead? yields are high, meta is getting a boost today, but it's been on a downward slope apple down another 2%.

awful week for awful nike down 12% of earnings and s&p 500 down .8% of 1% the week as a hole, 2.25%. we'll be right back.

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what is wall street buzzing about this afternoon another twist in the elon musk versus twitter saga, and it's sending shares higher this up, up 3%. our david faber has the story. he's been reporting all afternoon and joins us on the "newsline. what's happening here, david >> reporter: well, sara, yeah, as you point out, twitter shares have moved up this afternoon on a story that hit a couple hours ago that raised hopes amongst investors that perhaps mr. musk and the twitter board are engaged in serious settlement talks. those hopes may be misplaced at this moment. it is not to say that there will not be serious settlement talks between now and when the trial and delaware commences on october 17th, but it doesn't appear to be the case right now. the story that was reported by

bloomberg fully accurate and interesting in and of itself which is that mr. ari emanuel, the ceo of endeavor, the super agent, also close friend with both elon musk and egon durbin, a board member of twitter and founder of silver lake and one of the major investors in endeavor, mr. emanuel being close to both of them tried to encourage them initially at his wedding some months ago, you know, to come sort of a settlement, to talk, to avoid court and try to figure out if there was a way that avoid endless litigation i am told as well that mr. emanuel followed up with mr. durbin, but, still, a number of months ago perhaps or a couple of months ago saying you really should give this a shot it doesn't appear that he was pushed to do this by mr. musk but was simply taking an opportunity he saw as a close friend to both men, to again,

avoid protracted litigation, the inside of a courtroom and what are always perhaps the idea of unexpected outcome that does not mean that there are serious settlement talks under way. in fact, my source was close to the situation. that's not the case at this point. again, it doesn't mean, is a a.r.-that t - sara, that there won't be at some point in twitter's days based on what we've seen take place so far before chancellor mccormack, mr. musk might be willing to offer a reduced price, one that's amenable to twitter's board but so far those talks did not take place mr. durbin did bring news of his conversation or the outreach by mr. emanuel to twitter's transaction committee of the board, and that may be one reason why we have learned about it again, it appears that that took

place some time ago. that's the initial outreach by mr. emanuel to mr. durbin. so what happens now? i assume you've been following the spectacle in the courtroom in delaware where -- i know i've read a lot of texts between elovin' musk it's not your typical business case that head to court. what have you learned so far from the discovery proceedings that they have been going over, and what does the it tell you about where it's headed? >> well, yeah, the battles recently about what is privileged and what is not you know, are the communications between mr. musk an his banker, for example, morgan stanley privileged, or should they be something that twitter should be able to see and use, and on the other side as well mr. musk's attorneys making certain arguments that twitter says it doesn't believe is privileged we'll hear from chancellor mccormack soon with an opinion on where things stand. overall, sara, and, again, this is talking to people who follow this closely and know these kinds of trials well or the

pre-trial motions and the like, they believe, you know, twitter has opinion doing a good job in court and that it's clear from chancellor mccormack's comments in open court that she's sometimes frustrated with mr. musk's attorneys that doesn't mean necessarily anything, but it certainly is again, perhaps, being used by many who are following it closely that twitter has a very strong case and thus far there have not been a lot of evidence introduced it would seem the ability for mr. musk to argue that they are trying to create a successful attempt in the merge. >> up noh another 3% climbing back to 44. not 54.20 but off the bottoms we were seeing in the 30s originally david, thank you thanks for phoning in with the late our david faber. >> thanks. meta, take a lock, hovering around its lowest level in three

years. up next, we'll debate whether meta is getting too cheap to pass up right now. we'll be right back.

look at meta slightly outperforming but still close out the week in the red. slew of headlines. reports of a hiring freeze

trying to catch up with tiktok with reels after apple had privacy changes and top executive sheryl sandberg is officially leaving today the stock has lost half of its value since the start of the year is now a good time to buy? joining us is a member of mkm partners who says yes and a member of cfra says no why do you think it's a good time to buy? >> as you said, the stock is cheap, the valuation is very compelling it is almost modeling that this company is yahoo 2.0 which i believe it is not. the company has a lot of irons in the fire. they are going to be controlling costs here there are a lot of new areas of growth and liquid stock to monetize next year there's a leap of faith i believe but given the valuation, given the track record of innovation and given that they have a level to go back on meta verse fame, going forward with

the monetization, this company can do many things from a revenue standpoint while keeping costs under control. i think they have clearly got the message from the street that they need to show some discipline on metaverse. i think they will do that. we'll hear from them on the q3 call, and if that's the case then it's as good a time to boy given where the valuation is. >> angela, why is rohit wrong so i am looking at your target, looks like you took it down from 190 to 150 which is above where we are now >> it is above where we are now. when you talk about things that you want to buy, potentially recovery in 2023, this is probably not the name we would be gravitating to. yes, it is the cheapest large-cap in our coverage universe and we want to remain orderly and vicious and you're talking about revenue growth in 2023 and there are many

headwinds, clearly the macro headwinds are top of mind depending on how far, you know, the re's has begun, the easiest place to cut costs on the odd side of things if they have tried to coming cuts and on top of that the competitive prices we're all aware of, i think a lot of the bulls out there if they are hanging their head on anything it's extremely low. so really at the end of the day it's really hard to talk about large-cap type of menus until parts of the dollar continue to stabilize which is growing interest parabolic rates in terms of headwinds going into '24. >> the dollar continues to make new highs.

new highs earlier this week. what's the deal with reels, rohit? is it a success or not earlier it seemed like they were getting a lot of traction in the competition against tiktok it's very smell but recent reports indicate they have lost their momentum it is an experiment. for a company that's $1 billion in ref now is not a immediatele moving in any way shape or more but from an engagement standpoint that's where they are bringing new users in and -- they are bringing people that allow them to stay with the large users that they have so when that starts to fly it moves no had a needle-moving

meta has dealt with transition in consumer behavior and data technology and in the past four or five years in the believe that this company has gone two cycles and skerp ourias over and over again they can hold on and the rest will follow. that will help the next six to nine months and then the rest will follow. that's our basic facebook long thesis and the rest is how they are performing prior to last year you're going to go back to what facebook has done prior to last year. increase the market share every year for six years in a row. believe that google lost market share every year for six years in a row. facebook will return to that starting in '23 june i would

say. >> good debate, guys thank you both for joining me. rohit and angelo, thank you both. take a look at where we stand in the markets dow down 321 just off the lows here, but, still, couldn't hang on to the gains today. got as high as 122 higher on the dow and then gave it all back and then some. the s&p 500 tracking for another 1% decline almost here every sector is lower except for real estate at the moment. it's been a dismal third quarter for the market, but coming wells fargo scott wren reveals his best investment idea for the fourth quarter we'll be right back.

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rent-a-center, good read on the consumer retailer allows people with little or no credit to represent the to own everything from electronics to furniture the company slashed it third-quarter earnings forecast below wall street estimates. the company says that economic conditions are hurting retail traffic and also hurting customer payment behavior. the news is sending shares to the lowest level since april 2020 there were early signs of stress in the most vulnerable consumer demographic, the lower income part of the portfolio. continuing to see evidence of that today in rent-a-center. >> carnival shares also sinking to their lowest level since the pandemic on a much larger than expected quarterly loss and rising cost. up next we'll discuss whether a potential rebound is on the horizon. the stock is down more than 22%. that story plus micron rallies when we take you inside the "market zone" next

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react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity we are now in the "closing bell" market zone. nancy tingler is here and jeffrey's david cates on carnival's big plunge and scott wren on the fourth quarter nancy, dow down 354, just another day where we could not hold on to a rally this morning, up 122 on the dow, even in what many would call oversold conditions, very negative positioning and sentiment. what have you been doing this

week well, holding on we've been moving our clients for the last three months into short high quality bond ladders, not at the expense of exsis. we still have pretty significant exposure to dividend growers i've been running them since the mid-1980s and this is the time they shine and provide some hedge in the income against inflation but also a protection in declining markets, and then around the edges we've been adding to some of the higher quality growth names in our garp strategy because when all the dust settles you'll want to own some of these companies that can deliver growth reliably and the multiples have come down pretty dramatically so we're finding pretty attractive names in that space. we've raised a little bit of bit of cash.

we're not market timers with cash and use our asset allocation to make those decisions and when you have some gapers you kind of want to take some of that in an environment like this. micron is in the green and actually is up 2% this week. the company beat estimates on earnings, missed on sales and issued weaker than expected guidance but the ceo was upbeat that demand will improve soon when he came on for an interview on "squawk on the street." >> pc demand has come down significantly versus expectations in the earlier part of the year. we do project in calendar year '23, post-covid china economic should rebound over the last couple of years you've seen you can never write off china and that will bring back some of the demand trends on smartphones and pcs.

>> micron cutting their capital expenditures and utilization why is their stock up? are you a buyer? >> no, we're not listen, i admire ceos that get in front of the camera after a disappointing earnings call, but we've been paying paying attention to a lot of the surveys that show most cios are increasing their software spending enterprise and 58% are decreasing their hardware spend, so while i think the consumer will return and that will help their handset and smartphone business, i don't think that this is the place where you necessarily want to jump in right now. we think one of the top spend names in that space more in software between now and 2025 is microsoft. it garnered, according to the cios, 27% of spend, so i think you want to stay with the industry leaders with the bias towards software and enterprise

and then, of course, cyber >> yeah, some analysts pointing to just the glass half full view that sanjay painted. look at carp value, shares getting crushed losing a fifth of their value the company missing street estimates on revenue and said inflation and rising fuel costs are delaying a return to profitability. the stock hitting a 30-year low. the three major cruise operators are three of the worst performers in the s&p 500. jeffrey katz, $12 price target what happened here, david? this is supposed to be the big rebound. >> they did miss on revenues you pointed out, sara, that they came in high on the cost side as well, but i think more importantly the street had been taking the view that they could exceed 2019 ebitda by 2023, and they walked that back on the call this morning, and i think that aspect of it is probably the biggest driver what is the trajectory of this

recovery going to look like, and the most important as pesk our thesis has been that carnival and cruise in general does not have the pricing power that we're seeing elsewhere in hospitality, right, where room rates are high, the cost of things they are just not able to embed that inflation the way others are because their patrons are a value-driven customer so they bundle and do other things but they are just not getting, it sara i was going to ask why the value-driven customer, part of the reason, and i know arnold is not there anymore and had him on many times and kept saying once the restrictions ease and the cdc left the guidelines and now they can, you don't have to be vaccinated to go on a cruise. the demand is there. forward bookings are strong. is that not the case >> it isn't the case part of what hit them today and will hit them again in the fourth quarter is they had carry-forward credits that worked into price and brought the ticket pricing way down

below what we were expecting, and frankly they have not been particularly good guiders, particularly open guiders over the year and, you know, i think that attribute -- this is not the day to be like that. i think we need a little bit more information flow and just more comfort with where our numbers are. we're still working through our model today, you know, post the filing coming out, but, you know, we have some homework to do to try to figure out what 2023 is going to look like and potentially what 2024 could look like in this environment. >> so when now do you expect profitability, and how is the liquidity position until then? >> we do expect that they will be in positive ebitda territory in 2023 and where that exactly lands, you know, is fine they have ample liquidity for the moment they did $1 billion equity offering back in july at $9.95,

so they have enough cash you know, people have been asking can they survinchings and we believe that they can in some semblance of a normal 2023 frankly it's just not an easy stock to buy today because you need to have a cohesive consensus. you need to have a sense of what 4q is going to look like if they are not going to get to that 2019 benchmark by 2023, we need to know how far off they are going to be and what that tra sdwrektry really looks like so until then stepping value is hard. >> it's a trick one. thank you, david appreciate the commentry david katz. the market is finishing up an ugly quarter and september, the worst september for the dow since the 2002 and for the s&p and nasdaq joining my now is wells fargo investment institute's scott wren we are now making session lows again. we've headed south and down over

400 points the s&p 500 is now down 1.25%. looks like it just took a spill here into the closing bell, scott. down 2.7% for the week what are you telling your clients to do? >> well, sara, you know. we've been trying to do since really early march and april and into early may was get defensive. we're in hunker down mode and we're as defensive as we want to get. we're sticking from a larger picture perspective. we want to be in very short term preservation i think for the 1/4er here, you know, do we think the market is going to be a little bit higher than where it is right now we've got a 3900 year-end target out there, so we do, if that happens we'll probably see things like technology, health care, energy, help get us up there, but we're not expecting a

whole lot in the fourth quarter, and i think into the early part of next year, you know, hunkering down, capital preservation, that's what people need to think about. hopefully they are defensive by now. they have had plenty of time to do that. now it's just riding through the volatility. >> when i think of defensive though, and that is question for nancy, too, who is recommending dividend growers, i think of the staples, but if you look at the 52-week low list today, procter & gamble, low since march 2021, mongallese is on this, mccormick, colgate, these are supposed to be the safe places to go during recession. >> there's a lot within staples, you know, there's a lot of different cost variability because of inputs and things like that, and so i think you have to be bush know, you have to be very choosey here and, you know, whether it's technology or consumer staples, you know, you need to pick companies that is there good cash flows, that own

their niche, that have good balance sheets, that have products that are selling that they can supply and they haven't seeing their costs absolutely soar. >> like what >> well, i mean, you know, let's say in technology which is obviously been hammered here, you know, you need to look at technology companies that are focused on efficiency, automation, those types of things, and then other staples, you know, you have to pick and choose where, you know, you might have a staple that has really high food input prize, well, you know, they are probably not faring all that well or you have something with some slightly less sensitive or tight supply type of input those are the ones you need to gravitate towards. the bottom line is you want something that's less sensitive to the economy, isn't suffering from a bunch of input price pressures and, you know, can

still deliver at least some semi-adequate or good earnings growth going ahead. >> nancy, i'll put it to you because you like some of the high-dividend payers i think of 1-888-and verizon where are we on the dividend yield, 6%, 7%? they get higher as the stock prices go lower, but they are now -- at&t is trading at lows we haven't seen since april of 2003 and verizon going back to 2015. >> we don't own either one, sara we look at relative yield, so we're buying not top of dividend buyers, they are the ones that are growing their dividend fast. a special dividend was just played to $13, walmart, a staple that has held up pretty well and some of the names in technology so we're looking at companies

that are raising the dividend based on what they think long-term sustainable earnings power, is and if you look at the market return since march of '90, the return on the -- the price performance was 433% when you add in dividends and the compounding, it was 600% so dividends play an important role in total return. >> major averages heading for their third straight quarterly loss scott wren, two minutes to go in the trading day, so as i mentioned worst september since 2008 for the s&p 500 worst month since march 2020 i mean, all the superlatives are there. it's getting ugly. how much more pain do you think we're in for what's going to be the key to stop the bleeding? >> reporter: yeah. you know, it always feels awful like this. i've been through enough of these and i think never again, but, you know, i think we need to get a sense of were the fed is going to stop i know what they have told us, but remember a year ago the dot

plot showed an increase. the median was an increase of 25 basis points for 2022, and we're at 300 or 300 to 3.25. i think the tough talk has been -- we've heard it, and now we need to see if there's going to be any relief coming. earnings is something you've got to be focused on and we're going to get that soon enough so i think this that may give us relief because earnings might not be as bad as the markets might be anticipating. >> we'll leave it on that note some of the 52-week lows, some of the technology stocks are in there as well. alphabet trading at the lowest level since 2021 salesforce lowest level since april of 2020. some of the banks like citi group, lowest since 2020 take a look as we head to the dow. down 495, down 500 here on thedown.

the dow is actually having its worst september since 2002, so that's even larger than the september 2008 when the financial crisis was in full swing. thank you very much for that more on the notes internally s&p 500 goes on with a loss 16.5%, 1.5% also for the nasdaq. another week in the red, another month and another quarter, the third straight in a row. have a good weekend, everyone. that's it for me on "closing bell." see you monday now to "overtime" with scott >> all right sara, thanks very much welcome to "overtime." you just heard the bells, just getting started from "the new york post" nine at the new york stock exchange on this busy friday in just a little bit, i'll speak to fundstrat's tom lee is he wavering at all on his positive position which some might call the last bull standing, at least one of them with all due respect to brian belski. >> "talk of the tape, request the what lies ahead for the time three months of the