applications there are probably true applications in medicine we're just thinking about the consumer >> we're thinking of it as a goof. >> exactly yeah >> a nice way to go see moab, utah, or something >> all right >> "fast" starts right now >> stocks have been making a big come back throughout the session. the gains have now gone away this is the make or break hour for your money welcome to "closing bell." live today in washington the dow is positive. the s&p 500 is now down about three quarters of 1% the nasdaq is also falling down 1.4% we'll get to the bond market in just a moment. there is the impact on the u.s we see continued rising rates. there is the ten year. 3.9% pressure on u.s. bond market take a live look at the names

that have been driving the come back in the dow. we still got some gainers out there. amgen, walmart, walgreens, johnson & johnson and travelers. as far as what is subtracting the most from the dow, banks, goldman sachs, microsoft, salesforce, visa and jp morgan coming up, we're going to talk live to cme group terry duffy about the big swings in the bond markets. coming up on overtime, don't miss my exclusive interview with janet yellen on the increasingly dire warnings about the global slowdown and how she views the u.s. economy and the u.s. markets right now. mike santoli what happened? >> it shows you how tentative this market s we spent more time this morning right around the year to date lows. in fact, made a marginal new

low. we got this rally. bond yields calm down. it seems as if european markets closed we didn't have to worry about what is happening with the bank of england now taking pension funds have three days to sort out the exposures and rebalance the funds. the bank of england will no longer be supporting the bond market over there after that period that seemed to just be another excuse for the market to take this leg lower so you see here, we're basically testing that september 30 low level. you can call it a retest you can say that market hasn't accelerated to the down side we're oversold we need to get through the cpi number on thursday clearly, without the bond market really having another bit of a tantrum. take a look at growth versus value. it's been consistent

growth stocks way down the mega cap tech stocks have been leaders this is a two year chart that is a good margin. hook at a really long term chart. this is the s&p 500 value index. relative to the s&p 500 itself since all the way back in 2001 that was a bear market they imploded in 2000 and 2001 a decade plus of underperformance started to gather the sprob a lot of cyclical stocks in here not all of them. financials and things like that. doesn't seem like at all clear but the stocks are even cheaper relative to growth than they were when this all started >> we have a lot of catalysts coming up. and then we have bank earnings kicking off. i'm curious about your take on the setup for banks. financials getting hit hard right now. what we're likely to hear as far

as caution, building up reserves for loan losses, combined with what should be better profitability on the back of rising rates >> for sure. i think it's going to be a similar story where they don't really see a lot of problems in the last three months. consumer seems still healthy we have a little bit of savings cushion left over. one issue is the corporate credit market has had a rough go i think the cpi matters more than anything else whatever we hear from the fed in terms of going slower is not going to have a lot of weight. it won't be a purchase in the market if that's the case. but gafrpgbanks are going to be considered guilty until innocent even though the yields are helping them out >> and the commentary on the markets and the economy will be so key, i think. mike, thank you. mike santoli

stay close for us at the new york stock exchange. let's get to our top story the gig may be up for gig economy stocks look at shares of uber, lyft and door dash. they are sinking on the back of a new proposal from the biden labor department that could pave the way for them to reclassify as employees instead of the independent contractors. the proposals still need to go through a regulatory process including time for the public to submit comments. uber had a federal affair says it is "crucial that the biden administration continues to hear from the 50 million people who have found an earning opportunity with companies like ours." both lyft and door dash are not anticipating any changes to their business and the rule will not reclassify them as employees. joining us is now bradley tusk he was an early investor in uber former political con sumsultantn your wheel house

you advocated they should classify their workers as employees. so do you applaud this move by the biden administration >> i don't applaud either side of it. i think we're in a world where we have a structure build in the 1930s. so if you're the unions, what do you want you want more members? you can only get that if you become w-2 full time workers that's why they're pushing that. if you are the platforms, what do you want? do you want the lowest operating cost possible. you make everyone and independent contractor the reality is we live in a world where sharing the economy is a new way to work and there is no reason we can't come up with a world that is a little more thoughtful or policy work involved but to say, these are basic protections that we should have. disability, workers,

compensation and they still deserve the flexibility to choose their own kind of work and make their own schedules. this is because everyone is completely focused on politics and bottom line. >> how about the market reaction bradley? we're seeing a sharp selloff research is saying this is totally overdone if they go through, it is 5% of uber and lyft's workforce and see higher costs from the company. >> right you're looking at 20% to 30% increase in operating costs like uber and lyft and door dash. it will be a lot lower than. that at the same time, i think you have a world where and the workers have to say, this is now my full time job i have to pay union dues the i have to only work here and

nowhere else and so i think if you're a platform, you're concerned about a operating costs and also concerned about an already tight worker market and not having enough drivers for people to work. >> do you think they're going to eat the higher costs or were consumers going to pay the higher costs >> of course, we're going to pay the higher costs that's always the case you have a world where the workers are in the offense but right now, just as they said, for every 40 jobs available for our economy, right now the companies are in need and they will absorb the costs long term, like they always do, regulatory costs, despite what i think many of the last seem to think, doesn't get absorbed by the stock market or the fortune

500 companies. >> well, i guess they do have to pay more in lobbying so, bradley, how would you approach gig economy stocks? public stocks? private companies which you're focused on would you rethink it given that there is a potential change here to their business mod snl. >> it would really depend on the company, right there are some companies heavily dependent on people who really do work 50, 60 hours a week at that one platform. there are other companies, 15 hours a week you may want to make an investment in them it should not be dictated by the

new federal law. >> got it. bradley, thank you for joining us good person to talk to today after the break, cme group ceo terry duffy joins us to break down the wild swings in the bond market following another intervention by the bank of england and a fresh warning in the last few minutes we'll talk about the impact for u.s. investors you're watching "closing bell" on cnbc. 50 minutes left of trading the s&p 500 down almost a full 1% flexshares etfs are built with advanced modeling. to fill portfolio gaps and target specific goals. strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. i traded my taxicab for a food truck and a dream. for a prospectus co i'm larry villalobos,ion. owner of cachapas y mas,

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just in the last few months, pe pension fund managers have three days to rebalance their positions. this is after they had to intervene for the second day and warning of a material risk to the financial stability in the uk it's clearly impacting our markets. the u.s. ten year yield. we saw a spike up on that news pressuring our bonds as well it completely turned around the stock market the dow was on the upswing this afternoon. we were as high as up 400 points it is now negative with the s&p 500 blasting as well that is down more than 1%. joining us now is cme group ceo terry duffy. perfect guest to have on, terry with, your view into the rates market how problematic is this? >> i don't know if it's problematic. i need to dig into it myself and see what it is going to mean for them but to have the uk central bank

come back into the market is not a big surprise they're looking for stability. they're going to take down the balance street and take them up to a real level. and then the bond market reacts dramatically off andrew bailey said in the uk so there is quite honest for you. this just happened i need to dig into the comments. >> i think the bank of england is due to make the bond buying they're in this position where what is that doing to the markets? >> the market hates it

we continue to see them in the 11th hour. everybody wants to figure out how to fight inflation central bankers need to take a more balanced approach it is irrational going on. i don't have the ultimate answer for you other than i think we need to take a better look at how we're approaching the central banks here in the united states and around the country. >> what are you seeing in the u.s. rates market? there have been some concerns lately about the spillover that we're seeing from the uk, not to mention what is happening with the fed and whether there is some signs of strain emerging and potentially liquidity problems

they said they were going to take down the balance sheet and the rates were going to go up. it's not like they didn't know that the they did it in '18 and saw the movie. now we're here again they didn't go into this blind you're going have volatility when you have free money for all the years and potential moral hazards associated with that and now all of a sudden we're in a situation that we're in today. so, you know, i don't think it's a horrible thing i think that there is volatility i don't think there that there is dysfunction again, i think that is where the markets work when you have the dramatic events. >> it's interesting. i'm hearing you on it. you have a bird's-eye view and there is this feeling right now that fed and other central banks are going to break something. that is sort of the concern out there. do you think we are seeing that?

close to that? validity to that theory? >> i don't i think they know exactly what they're doing. they've had plenty of opportunities. i've been a hawk on this for many years saying the feds have plenty of opportunity to take rates up now they didn't. do i think they're going to breaking you talk about southlandings it depends, i said this before, it's in the eye of the beholder what the landing looks like. i think it's going to be more difficult. they're fighting inflation they've never seen before. you have trillions of dollars of government money that went into the economy with nobody working, everybody fighting for the same products i know i'm not saying anything novel or complex we've all been talking about this but nobody knows how to deal it with the i think they're going to break something? no i think rates will go up when you think about it, the way they want to come down is unemployment at 3.5%, they want it to go away.

it is really crazy on what's going on in the world today. a lot has to do with the pandemic >> yeah. i mean, obviously, high volumes are an uncertainty around the fed. good for your business, terry. where are you seeing the most volumes? is it in rates or foreign exchange >> across the board. 36% up in it futures 46% up in options on futures you know, year over year september, it's just amazing the way people need to continue to manage risk. you were talking about crypto earlier today. and crypto is really quiet why is that? because foreign exchange is taking over as the way people want to manage risk. why is that? because the cost of money has gone higher with interest rates. people need to manage that risk. so that has been good for cme. when you look at energy, energy is a really interesting asset

class. we're seeing a tremendous amount of put buying which basically puts on short hedges for some of these people at these prices you know, everybody either has oil going to $200 a barrel or going back to zero we're seeing a lot of activity on both sides of the market, whether it's foreign exchange, whether it's energy, whether it's commodities or especially with interest rates. >> what about crypto, terry? you've been getting into the business i'm interested in what you see as client interest bitcoin is not a safe value it's down 60% this year. >> no. there the is no question and the problem is when you look at what's going on with some of the precious metals, some say they're not a good value either. i think that just goes to the times we live in today a lot of us, nobody has seen what is going on geopolitically around the world the and so a lot of the products are kind of uncertain in how

they price bitcoin and cryptocurrency, i think it is really time for them to decide, prove your use case and not prove your value case. i think that's really where that market is trading at right now why some of the precious aren't rallying off the geopolitical, i don't know but as far as our business going into the bitcoin and eo either, look at the volatility it is zero there is nothing going on. i think that's when you see the markets shift more to the currencies which have moved about 30%, you know, in volume for cme versus our crypto franchise. >> yeah. everyone wants a dollar now. >> that's a good thing. >> >> >> terry duffy, thank you very much great to you have. terry duffy ceo of cme group let's show what you is happening with the markets the s&p 500 is down almost 1%. that is just off that low.

we were down 1% a moment ago we have the headlines out of uk. andrew bailey said this afternoon that pensioners should rebalance by friday. that central bank tries to stem the losses in the bond market. it's impacting us. we're seeing losses no you in bonds. and that is hurting stocks there is the nasdaq down 1.4%. this is the fifth down day in a row for the s&p 500 and the nasdaq only tuesday the nasdaq is down 2.5% so far for the week coming up, we're going to talk to a fund manager who is actually outperforming the market over the past year. we'll tell where you he is putting money to work now amid this global slowdown wells margo initiated a tech stock they are calling a unicorn in software. we'll reveal the name and talk to thenasthama tt aly tt dehakachlt i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so...

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bond buying program. there is the s&p 500 down more than .8% technology, communications, those groups getting hit the hardest. that is where you see the most pain in the market when you see the bond yields rise that's what we're seeing in the uk it spilling over into the u.s. bond market as well. let's bring in david zurgos on the news line to talk us through, david, the significance of this comment from the bank of england and what we're seeing in terms of the market fallout. what do you think? >> nice to speak with you. and, yeah. look, it's important to understand that senworld trade center tral banks are trying to decompose or separate out financial stability issues from monetary policy issues we sue what the ecb, they created the president -- presentation tool. overall, they're trying to

manage inflation expectations, keep tight monetary policy it's a difficult balance but what it shows is the versatility of monetary policy and how far we've come from the day of say 1998. the fed had to cut rates and the long term capital prices they didn't have tools to deal with that financial instability and the economy was actually in great shape back then. we were growing at 4%. so the rate cuts created some serious problems in '99 and 2000, problemably the peaking uf the nasdaq bubble. i look at this not so negatively i look at it as quite positive, actually >> well, why is it positive? they're going to end up in this

and they're dealing with this problematic situation where they have to fight financial stability concerns and also fight inflation. they don't go together >> the reason i'm om mystic, i guess i see that they're working around the financial instability issue. they're not going to let people out of jail for free, sarah. at the end of the day, they sort of sowed the seeds for this. years of buying index and long dated guilt at absolutely absurd prices it has to be something that affects the entire system and requires a turn in monetary policy we're seeing the beginning of how central banks navigate that complicat complicated landscape. i wouldn't want to see central banks easing off too early here,

sarah. only to create a inflation expectation down the road and return to the 1970s. that would be a disaster. >> that would be really bad. >> so mike santoli, on the move in u.s. stocks, pretty jarring specially down for the nasdaq. microsoft, apple, ses lashgs amazon, meta, the usual suspects explain how this impacts our market because the dow is actually flat it was up 400 points explain the tie in here and why the comments are so important. >> i would say that they're actually is no predetermined certain tie in or impact it shows you how apprehensive the stock market is on any hint or suggestion that something could get more disorderly in global bond markets. it really about that it's a loud noise in another part of the house and we're going to get scared because it may be something

clearly, our yields start to go north, if the dollar continues to squeeze higher, that creates the whole set of relationships that means stocks are under pressure growth stocks are expensive under more pressure and the whole dynamic we've been seeing for months i don't think it's something that we know is going to happen in three days. it's much much more about we have fragile psychology. we have a market sitting near the year to date lows. we're down 25% and it's kind of let's not, you know, be a hero into this type of environment i don't want to make oit luke we know how this turns out. it is a policy mistake but i do think that it's understandable given where the market is and what it's fearful of that we would have this little bit of a kind of a waivering reaction to it >> just want to show everybody the intraday chart of the market boy, have we been all over the place today. there is the intraday. started weaker in the morning. then we were climbing.

it looked like we were going to break a four day losing streak for the s&p 500 and nasdaq they're up 400 points on the dow. gave it all back and then some telling the pensions to rebalance by friday. earlier clearly than the market thought. david on the news line with us jeffries mack crow strategist. you want to have on day like today. i guess the question becomes, david, as we talk about the impact on the u.s. market and rising bond yields and financial instability and all of those concerns, will the fed have to step in? will the fed have to get involved here in some sort of way that is trying to go against what they're trying to do? >> you know, it very well could happen, sarah.

we could find our seselves in ia position that something looks disorderly it becomes a story line like it's become with the ldi story and the leverage inside of the uk in the pension fund industry. but avs yet, we haven't. it is important to think how far we have come with stability and how much there is knowing that says that bank of england can't sort of stop the program, see how it goes and if something looks like it's going to me tast size again in the long end, they come back in and try to fix it so i think, look, i think the market wants to somehow sort of see the financial instability

issues as a pivot by central banks. it gets excited that central banks are going to slow down a little bit and when we get them solving them without slowing down the overall tightening process, maybe the market gets a little less exuberant and that may be a little bit of what we're seeing today. >> well, we did get comments yesterday from fed vice chair who specifically mentioned the liquidity concerns mentioning that and the spillover risks. are we still expecting a jumbo sized rate hike and then 50 in december >> you know, i do think that the fed is trying to set up for a sort of an end of the end innings in this game seeing what that does. and what breaks and what

doesn't. they're going to talk about inflation expectations being very well contained by the break evens, never really breaking out of a 2.5% range. but to break even market really coming back across the curve and real rates rising up across the curve. and i think they can point to a stronger dollar on inverted curve, weekness in gold. that is -- they're all signs that the fed is kind of maintaining the credibility, kept its fight against the inflation anchor coming undone so it probably earns a little bit of time to wait and watch. they may be setting up for that

and the market gets a little bit more positive just because it can see some light at the end of the tunnel david, great to you have call in thank you very much. and mike santoli, stay close as well as we continue to watch the selloff, the dow by the way just going back into positive territory. we're well off the highs we were up more than 400 there is the s&p 500 down .8%. you still have pockets of strength today, staples, real estate, and health care, defensive groups those three are actually holding up and are positive right now. it is technology, communication services, financials, consumer discretionary, each of the sectors down 1%. the s&p 500 falling nearly 17% now over the past year up next, the few fund managers hosting a positive return. he's going to give us his top picks. we'll be right back on "closing bell."

the there is three days left to buy back the program to calm down the bond market a market has been under serious pressure all year long but there are several funds that have managed to post gains according to a recent "wall

street journal" story highlighting them. one of the fund's profiles is mi millencamp fund. joining us now is the portfolio manager for the fund, jeff, it's good to have you here. how do you outperform in a market like this where we now have to go study british pension funds? we really didn't approach it from that perspective. about a year ago we started to sell some of the best performing stocks that we had because they have gotten overpriced and the price momentum was changing. they went from continually running up to running down looked like the dynamics were changing and so we started to raise cash. and we simply did not see the value we were looking for to put that cash to work. you know, inflation had come to

town the fed didn't grapple with the inflation issue. the way we value stocks, inflation is a primary input along with the return on shareholder equity so we actually increase our standards, if you will, for what we were looking for because of the inflation. and so we simply were not buying stocks that met the valuation criteria it helped that we were a little bit fortunate. we saw some value. in fact, a lot of value in energy stocks last year and early this year. we picked those up and then, of course, you have the energy problems in europe that preceded the ukraine war and then the additional problems that happened after the european war kicked off so all those things kicked off energy has done very well for us this year. we still like our names in energy and i think you probably seen those picks >> well, i want to -- energy is the only sector high they are

year up 44% with a s&p 500 down 25% it's pretty stark. we're looking at some of your top holdings so, jeff, now what is the strategy as inflation potentially should come down here now, right? with the fed hiking a lot and with some of the commodities and shipping rates off their highs how do you tweak that strategy >> so a couple points. you know, coming down off 8% is great. but to what? are we coming down to 5? are we coming down to 4? our base case is that inflation will come down but we're not going to get all the way back down to the 2% or 3% that fed will likely see before one of the crisis that you just got done talking to david about and i follow him he's a great guy to follow comes to fruition. that's kind of our base case i'm not certain it's going to happen but i think it's reasonably likely that you're going to get

some problem somewhere in the marketed or somewhere around the world that the fed cares very deeply about and comes off the inflation fight to go sol of that problem whether it's a crisis or not so it's going to be a two steps forward, one step back on inflation. go ahead, i'm sorry. >> no, please finish and share if you could where the biggest concentration of the fund is right now, which seconder >> energy. it's clearly energy. >> still >> what we did was we went through and made sure that the economies we held would do well in a higher inflation environment. we're looking for that pitch to put that money back to work. we expect that will come, you know, some time in the near future don't ask me to predict when the energy is a little bit different. energy has its own internal dynamics for the industry. we went through the boom

we went through the bust that really hit a crescendo in april of 2020 when the price of crude was $20 a barrel so the companies that survive that bust took away the incentives for growth that they had put in place and now put in place incentive for profitability and shareholder equity so they're generating lots of cash they're paying down the debt they're much better run companies from that perspective than they had been that should make them attractive to us. that's why we started working our way into the space late last year >> that's why we're interested going forward. then all the turmoil around the globe generated by the ukraine war and the sanctions against russia, et cetera, only kind of turbo charged that frankly, europe is facing an energy crisis of a magnitude that i don't think we have seen.

this is the price of heating oil. thch is the price of heat. and natural gas in march is difficult to ship. and it's also a feed stock not just an energy source. so it's lots of problems >> yeah. and one reason why energy continues to outperform is up 10% so far this month. jeff, thank you very much. we continue to follow you and your returns juf mullencamp meta take a look. major underperformer today we'll have details straight ahead. that story plus coin base crushing it and blue skies ahead for one airline when we take you inside the market zone you can see the dow is outperforming. it's up 36 points now. the s&p 500 though still under some pressure. down about .75%. we'll be right back with the market zone next r. and buying your starter home.

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and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity we're now in the closing bell we're going to break down the crucial moments. we have jeffrey on boeing and the airlines making moves today. and we have new announcements for meta we'll start with the turn around we saw in stocks it looked like things were going to recover today pretty much all afternoon the s&p 500 was higher looked like they're going to break the four day losing streak, mike and then we lost it on some bank of england headlines we are off the lows right now. s&p 500 down .5% just clearly highlighting all of the fragility out there and the

fact that, you know, people say, a lot of people say we need to see bonds stabilize before we can see anything like that in stocks do you agree with that on a sustained basis, yeah we'll see bounce noes matter what markets, again, they're down near the lows to day testing yeert to date lows i do think it shows you the raw nerves in the market right now anything that suggests things get messier in global bond markets. it doesn't necessarily take a lot for it to create a little defensiveness. you have defensiveness there you have big tech and semis again losing you have defensive sectors doing well the other hand, our bond markets are not really doing much much on this news in fact, they may get to be able a bit more safety bit in treasuries i see there is a little bit of a neutral setup. it is a push-pull.

amgen, pepsi out with results tomorrow, all the tech stocks are getting hit hard microsoft, the biggest drag there. let's hear some of the travel names. american airlines gets a lift after saying strong summer travel demand boost third quarter sales and lessen the pain from the higher costs that stock is orking boeing, the stock had been rallying on high demand for its jets in september. sheila, you have a long term buy on boeing. even with the declines this year going against the target, you have hung in there >> the airlines are very healthy. raising guidance

pricing is good. they're coming back. but on the airline side, we're more worried about cost pressures into 2023 and into q-4. boeing, you know, they're really falling short on the max deliveries they were at 36 a few short months ago although they didn't have a good order month this month at 09, they're still at 40% chair so in there but what we're looking at the november 1st analyst day is answers from the calhoun on what they're doing to shore up the order a little better and when they will recover within this. >> what about fact that we continue to get good updates from the airlines? and, yet, the global economy continues to deteriorate just today the imf with a big downgrade and the forecast for next year. warning the worst is yet to come how do airline investors square those two things

airline fares are a big component of that. we think pricing traffic higher comes in next year into 2023 but we're still seeing very robust spending in the second half of 2020 they're going to impact the air hin industry we have a cautious stance there but still hoping for that boeing recovery and last thing i say, many positive on the sector as well >> got it. thank you for joining us look at met yachlt one of the big underperformers today. atlantic equities downgrading the stock to neutral from overweight ci cite growth outlook because of strengthening mack crow head wind and increasing advertising competition. meta announcing a new vr head set as they pivot to the meta verse.

did we learn anything new from either the facebook event today or from this downgrade there have been the concerns out there for a while for our audience to know, they need to know they spent a lot of time at the front of this event. convincing developers you need to make apps and games for this. there is an opportunity to make money. they pointed out examples of developers who made a million or more dollars so far in the oculus app store look, sarah. no one is going to buy this device if there nothing to do on it that is the biggest criticism so far of the previous versions it's fun to use for 10, 20, 30

minutes, after that you're bored and it collects dust in your closet for many months pt i had to update mine for an hour today the so on to the new head set, this is a $1500 head set now look, zuckerberg said he doesn't want to sell expensive hardware but thing is way more expensive than i think the most expensive iphone, believe it or not. and he is criticizing companies like apple for putting out high priced products that are out of reach for most people. he thinks the met averse should be cheap and accessible and supplemented by advertising. what he announced is a very expensive piece of hardware that is hard to convince people to buy because of what i said about the apps there is not a lot to done there yet or to keep people stuck and locked into the device

>> doesn't look invefrtors are too excited about it at the moment just want to go you to, mike, on meta stock, 4% lower and now 64% or so off the high >> the fact it's down 4%, i don't think there is anything new in that downgrade. investors are not seeing with this product rollout the return on intervestment they would like to most likely and earnings forecast in the current year, a year ago was supposed to be as $14 a share. now the full year is under $10 a share. it is looking cheap. relative to others in the group. i think that's going to be an issue. ultimately, you have to believe that value is going to matter here but it's tough to make the case

until you see estimates stabilize. >> by the way, just watching the nasdaq which is lower for the fifth day in a row, mike, the lowest level since july 2020 in the session it's down 1% it is off the lows boy does it continue to bear the brunt of the selling here. >> it does that is the way they hogged the upside on the way up it really is an underline of the things that got us to the peaks. remember the nasdaq peak, so we're pushing 11 months since the peak there is also still 5%, 6% above the prepandemic peak that is relative other parts of the market the s&p 500 has been a strong outperformer zpard to the mega caps the. >> we're seeing some

improvement. small caps are in positive territory. the s&p 500 is off the lows of the day. coinbase shares, google announcing they will will now allow some cloud customers to pay using cryptocurrencies through coinbase they won regulatory approval in singapore. kate rooney joining us now how significant is the google partnership? seems hike a big vote of confidence >> yeah, that's what it is, sarah. really validating for coin base. a good thing for the stock we saw a similar pop when coin base announced that block rock partnership. and at the time it was up 20%. we saw an 8% pop on coinbase this morning google is using that for coin base custody we'll see if this really adds to the bottom line and what it

means for the long term. the singapore news may be more of a big deal near term because they could expand the company overseas, get more trading volume overseas. that say long term play for coin base as more competition emerges from the big global competitors. >> got it. kate rooney, thank you highlighting coin base we go into the close the what a session we've been all over the place. started lower. climbed throughout the day got up 400 points on the dow lost it all in the trading day they had andrew bailey and the pension funds that they've been trying to help bail out here they had three days to rebalance before they stopped buying bonds. that hurt the u.s. bonds we're going to go for five days down that is .7%. the nasdaq comp down more than 1% of course, that's where we see the most selling on days where there are concerns about the

bobbed market. it's going out with a 1% decline in the a two year low. in the next hour, a conversation with janet yellen and concerns about the market and the global economy. that's going to do it here for me on "closing bell. send it into overtime with scott wapner >> all right thank you very much. welcome, everybody, to overtime. in a few minutes, you'll hear from janet yellen on the state of the u.s. economy and markets as recession fears kaes late around the world we begin with the talk of the tape today may as well be the tale of the tape concerning headlines out of the uk regarding the bond market mess there it only underscores the still growing risks in thi