air fares are higher, man. >> for now at least. >> you've kind of got the pepsi phenomenon there thanks for watching "power lunch," everybody. "closing bell" starts right now. more uncertainty on wall street today as stocks search for direction ahead of tomorrow's big inflation report. this is a make or break hour for your money welcome, everyone, to "closing bell." i'm sarah eisen. take a look at where we stand now. up and down, up and down kind of day. there's the dow. the s&p 500 little changed doesn't tell the full picture because you have some groups doing really well today. staples up almost a percent, but then utilities, real estate and materials lagging on the day the nasdaq slight higher

can we break the losing streak remember, we're coming off of five down days for the market. chart of the day moderna. near the top of the s&p 500 right now. only news of a joint effort with merck to develop a cancer vaccine. we're going to talk to an analyst about how big that opportunity could be for this company. also ahead this year, moha mohamed el-erian let's begin with the minutes just released. steve liesman with some of the highlights and takeaways >> sara, fed officials say they're so intent on hiking rates they intend to keep doing so even as the labor market slows. fed officials, the minutes from the september meeting are showing that, excuse me one second here. that they think the ongoing rate increases are going to be appropriate to a level that is restrictive and until it slows

the economy. while they acknowledge risk to tightening too much, they say inflation is such a problem that they emphasize the cost of taking too little action rightly outweighs the cost of taking too much action. on this fed inflation front, they say they believe inflation is unacceptably high and declining more slowly than anticipated. labor market meanwhile the very tight. a few subtle dovish comments they did say several fed officials are worried about going too far and at some point, it would be appropriate to slow the rate of hikes. they seem to support a funds rate of 4.5% or higher >> yeah, doesn't seem to change the narrative really in one direction or another steve, thank you steve liesman. for more on the fed and markets, let's bring in mohamed el-erian. the biggest headline, they weighed the cost of doing too little or too much and decided

it would be too risky than to overdo it. >> that's absolutely right, sara these minutes are as expected to somewhat, don't want to overdo it somewhat more hawkish what the minutes do well is balance the inflation battle with the growth and job challenge. what they don't do well and what the bank of england has reminded us we have to keep an eye on is bring in the financial stability challenge. that's what's missing in these minutes. there's a passing reference to liquidity in the treasury market and that's about it. >> keep in mind and our viewers should keep in mind, these are the minutes from the last fed meeting which was, you remember. it was a very hawkish fed meeting. the market tanked afterwards fell 5% that week. on this idea that they're not going to be slowing down anytime soon and things started to get a little more disjointed after that so how problematic is what

you're seeing in the markets at this point >> look, it basically points to the fact that the fed is so late that it will probably break something on the way to reducing inflation. the most likely victim is economic growth. i think the marketplace is starting to recognize that the risk of recession and what that does to earnings is an issue so think of interest rate risk, we've understood credit risk we've understood there's a third element we don't understand at all which is liquidity risk and that is something that i hope we're not going to have to price in, but if the u.k. is telling us anything is markets are quite fragile after such a long period of zero interest rates and massive liquidity >> the other thing we're starting to pick up is that the interventions are not proving that successful. it looked like they were at

first with bank of england, bank of japan, but both bonlds and currencies are back to pre intervention levels. so what's it going to take here? >> it's going to take a change in the basic economic measures so in the case of japan, at some point, they have to exit wcc yield curve control. until they do that, they're going to find it very hard to control the currency depreciation and when they exit, that in itself is going to be a challenge. for the uk, it's very different. there's a short-term challenge of stabilizing the pension system that's the bank of england issue. but then there's the underlying problem of a government thinking it has more fiscal space than it does and i don't see a way out unless the government does a u turn on its tax cuts promises. and that's going to be hard to

do, but that's the only way out. >> the other thing people are worried about is that the u.s. dollar, which is stronger again right now, just this relentless march higher i was curious to get your reaction to janet yellen's comments i asked her yesterday if she was okay with it and whether she would consider joining other central banks that are trying to intervene to stop the dollar strength listen to what she said on that. >> i've said on many occasions that i think a market determines value through dollar is in america's interest and i continue to feel that way. i do think that the pressures we're seeing reflect fundamentals in policies that are by and large appropriate >> she blessed it. she basically said it makes sense and we want a market value. so is the market going to keep daring her and others to do more

to just buy the dollar >> there's three things pushing the dollar a stable interest rate that is going to resource itself a favorable growth differential. that's going to stay for a while and of course, a safe haven. so i warn people don't bet against the dollar too early i've been saying this for the last three years the time will come, but it's not just now but what the u.s. authorities are going to get is all the central bankers and government officials coming from other countries to washington, d.c. this week for the imf annual meetings and they will complain about the fed. they will complain about the dollar and they will basically say you are forcing us to tighten too much and the global outcome is financial conditions that will end up being much tighter than what's needed for fundamental reasons. >> so what do you think all of this means for four stocks which

have been volatile you've been bearish in the past. but a lot of this has been or priced in. right? a very hawkish fed. a lot of the volatility coming from overseas. so at this point, we're going into an earnings cycle going to get an inflation report tomorrow what should you do >> i'm still on the sideline and it's not to say there aren't attractive valuations. i have a whole list of attractive valuations but i do believe there's still pressure coming and that's because yes, we have mostly priced in interest rate risk i said earlier we've probably priced in half of the credit risk, but we haven't priced in the liquidity risk we haven't priced in the way market functioning is changing that is a secular change and i'd rather miss some of the upside but continue to protect against the possibility, not the probability, but the possibility of issues with market function >> how is inflation feeling to

you for tomorrow after i don't know, surprisingly firm ppi producer number out today. food prices are still a big problem. >> so headline lower probably still in the 8% range or higher. that's an issue. but then people are going to start asking in a couple of months are we going to see headline head back up because of what happened to energy prices over the last few weeks. so inflation is sticky and that's the cost of the fed being so late. inflation has infiltrated the system the drivers have broadened and it's going to take us much longer to bring back inflation to where it should be. >> would you touch bonds right now or no? >> front end, yes. i think it's a good place. i don't want to use the word hide, but it's a good place to wait long end, i would wait right now. >> all right thank you very much.

it's always good to get your thoughts especially on a day like today the bank earnings season kick off this week. citigroup, jpmorgan, morgan stanley all gearing up for results after a rough year for the sector in the market up next, morgan stanley's global head of bank's research gives us her top buys and the name to avoid heading into those numbers. we've got a 59-point rally on the dow. kind of in the middle of the range of where we've been all day. you're watching "closing bell" on cnbc.

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friday jpmorgan, wells fargo, citigroup and morgan stanley worse than the overall s&p 500 and as for earnings expectations, morgan stanley's bank analyst says strap in for a rocky ride joining us now, the analyst behind that report it's good to talk to you don't hear from you that often so what do you mean? roc rocky ride what are these earnings going to look like? >> thanks, sara. happy to be on the show. appreciate it. the reason for that title has to do that there will be pushes and pulls in the earnings. on the positive side, we have net interest income improving because of rate hikes. but on the other hand, we have pressure in fees we have pressure in expenses and we have pressure in credit quality. not really aggressive at this stage, but we do see pressure in credit quality building and we

think we'll start hearing about that this quarter. >> clearly, the market's been worried about the turn in the credit cycle my question is how much of that bad news stuff is already in the valuation? >> right so on the consumer finance side of the stocks that i cover, it's more priced in you've got stocks trading in the consumer finance league we cover that's between 2.5 and seven times earnings amex is higher so that sleeve is pricing in something closer to maybe a 6 to 8% unemployment rate i would argue. but when you look at the regular way banks, the large cap banks, mid cap banks that i cover, i would say there's not much credit risk priced in there. really, you're only about a multiple point turn below average and if we get a tougher credit cycle in particular in commercial, we will end up with more multiple pressure

>> you say the top pick here is wells fargo? >> our top pick out of our coverage group is wells fargo. in this kind of environment, we want to be long bank stocks that have excess capital, excess liquidity and have positive operating leverage those three are critical for this environment and that's wells, mtb, regions financial. those are the top three. >> even though they can't really grow that much with the asset cap still in place from the fed. >> yeah, that's interesting point. so, i'd say a couple of things on that front. so wells fargo, to your point, cannot really grow its total assets, but you can still continue to makeshift from securities to loans so you can improve your asset yields through a mix shift. the second thing is because they can't grow, they did not take on a lot of what i would call surge qe related deposits and as a

result, they can behave like they have a lot of liquidity they don't have to price up for deposits as much as peers that really need those to fund their loan growth. in addition to their excess capital, while they're not buying back shares right now, they could there's many banks i cover that do not have sufficient capital to do buybacks right now today >> it makes sense. part of your case is to own the banks that do best from the rising rate environment. the net interest margin. so why then do you have underweight jpmorgan you're underweight citi. not sure where you are on bank of america those banks benefit from it, too, don't they? >> so, most banks, not all, but most do benefit from rising rate the question is who benefits the most in addition, there's the question of where's your operating leverage and what is your liquidity profile look

like so you have to consider all those things when we're thinking about gpm and citigroup where we are underweight, and by the way, it's an underweight on a relative basis here at morgan stanley. so i would just highlight the reason for that is that those two institutions are needing to increase their capital ratios. right? they're adequately capitalized for today, but as you know, the fed layered on 100 basis point increase in capital requirements and there is an incremental 50 basis point increase in the surcharge january 1st. so they have been having to reduce risk weighted assets. it's well-known by the group of us who cover the stocks. but there's really not incremental capital aside to start buybacks and frankly for most of my coverage, i am not restarting buybacks until 3q '23 and that's because it is a volatile market. and we are heading into a bit

more tenuous times with credit i don't expect that buybacks will commence until we're through the next cycle for many of the banks i cover including jp and citi. >> you've been underweight jpm for a while. it's been the right call this year thank you for joining me >> thanks, sara. >> helping us pregame for bank earnings this week let's give you a check on the markets and we turn higher across the board not much if we end positive, it will break a five-day losing streak nasdaq is up .2% the dow is up 77 points or so. w what's driving the strength? energy names goldman sachs. united healthcare, amgen definitely a different read than the last hour yesterday on concerns about uk pension funds. coming up, moderna's moon shot the stock jumping today on news of a joint effort with merck to

develop a cancer vaccine we're going to talk on analyst about the odds of success and what it could mean for moderna's future plus, look at cruise stocks floating to the top of the s&p 500 today. we're going to tell you why when "closing bell" comes right back. thanks to avalara we can calculate sales tax on almost anything, anywhere, automatically.

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he isn't dead. we finish this now. let's go. check out today's self-mover cinemark credit suisse doubled down, slashing its price target on the stock to $9 from 25. the analyst there says he believes streaming competition will steal the scene away from the box office recovery next year stock down 2.6%. to the market desk with mike santoli locking at the tech wreck. certainly tech has been in the eye of the storm >> exactly, sara and also how retail investors have been dealing with it. they've been slower to pull back and pull money out of the this market especially when it comes

to individual nasdaq stocks. we have the nasdaq 100 in orange the blue line is the net buying of individual nasdaq stocks by retail traders goldman sachs estimates this on how the trades are executed and you see it was reluctant to decline for a while. when this is above zero, it's still net buying until recently. it dipped into net selling just into the late september lows so maybe that's a sign that finally there's a bit of a surrender in terms of retail in general, there haven't been massive flows by individual investors out of the market. a lot of people are waiting for that shoe to drop. hedge funds, everybody else has been very defensive for a while. >> are you saying this is a buying opportunity >> eventually we're going to run out of sellers, but not to say dipping below zero for a couple

of weeks is going to do it we saw a big plunge in the middle part of the year and it perceived a comeback here in the nasdaq >> the nasdaq's holding up well right now. you could have looked at those fed minutes and said super hawkish, another reason to sell fed stocks didn't go down got a little relief. the ten-year yield is a little lower. a lot had been priced? >> the markets are saying there's really not a lot of fresh information in those minutes and of course, the cpi number tomorrow is going to determine how we think about it. >> thank you nasdaq is also being helped by moderna. one of the top performers in the s&p 500. after announcing it will work with merck to develop a skin cancer vaccine we're going to talk to a top analyst and what it means for moderna's stock. we'll be right back here on "closing bell.

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big mover today. moderna getting a boost after the company and merck announced they will jointly develop and cell cancer vaccines to those with high risk melanoma. other news helping the stock today, the fda's authorization to administer its omicron

booster to kids ages 6 through 17 joining me now is michael yee. always is skeptic on moderna i want to understand this right. as i understand it, michael, it's for people with high risk melanoma or skin cancer. so first of all, does that mean it's a treatment you get the shot if you already have melanoma or does it prevent it >> sure. to clarify on that point, realizing that the important data still is to come so doing this partnership announcement just before the data, but the treatment is for post surgery. after you remove the tumor lesion from your skin, you would administer it plus the personalized cancer skrvaccine o

prevent it >> so it is more of a treatment than a vaccine, which is sort of what i wanted to clear up for people >> prevent tumors from coming back >> okay. which is what keytruda is doing. and my question to you is what kind of market is this because as i understand it, most people that get melanoma survive. it's not necessarily a high risk situation. >> sure. so i think there's two components one is there is a market opportunity certainly to prevent melanoma from coming back. the melanoma market certainly is a couple of a billion dollars. there are a lot of patients with melanoma, but more importantly for investors and the platform is the opportunity that merck believes there is potential to use it in melanoma on a broader array of different cancers

that it's in the power of the platform appreciating the data still to come >> so do you think this move is justified? stock's up 9%. >> yeah. well, first of all, i think the data are still to come our call on what we wrote in our note today is that i think the data is going to be promising enough for the companies to move forward into larger stems and potentially more tumor types i don i don't think we've heard the end of the program and i think there's going to be more investment to be made here we believe merck and moderna have information here in this study. however, what i would say is that short-term, i do think the stock is going to pullback because i think the q3 earnings looked problematic we've been saying the consensus is too high. over $4 billion for the quarter. this really has to do with the shipment of the vaccine didn't get moving until the end of september is going is to be a real back ended year to hit the '22 guidance in the short-term, i think

there's concern on the deliveries, however like i've said before, once we get below that $40 billion, stock pulls back and there's other stuff to talk about next year >> okay. that makes sense to me what's happening with the boosters and the take up of these omicron specific boosters which continue as i said, today getting new authorizations are people getting them? >> there's a sell through, right. which is they're shipping it as fast as they can to countries. remember the ba.45 didn't get shipped to the government until mid september which makes it third quarter problematic. however, as you understand from numbers out there, nearly 12 million or so injections have been done which rempresents jus a fraction because infections are super

low. because it's back out in full unmasked situations, you know, people don't feel they need to get the boost. i do think infection will start to go up we are seeing it in europe i think upticks will start to occur into the winter, but this is understand. if people want to move on beyond covid booster numbers to think about the stock and whatever stuff is out there >> what about merck? i don't know if you cover it, if you like it, because we're talking about that today and the partnership for moderna. wondering what sort of opportunity this is as they do these deals to keep the keytruda patents from expiring, but it has to work better than its own drug >> clearly there was speculation about the deal to go after seattle genetics that has fizzled down. a big acquisition and we believe they still continue to be on the hunt whether there's in

oncology merck among others are on the m and a. >> you think it's going to get done in this environment the m&a? >> i think there's more to be done we've had a ton of great news across the biotech space again, alzheimer's and other areas. much more important than that, the space, the names going into recession, defensive large cap names like gilead and biogen continue to be attractive so that's our call here >> thank you so much don't miss the ceo of moderna at next week's virtual disrupter 50 summit you can still sign up. scan the qr code on the screen

and register thanks to moderna, microsoft, amazon and pepsi, the nasdaq is holding strong, but apple is still under pressure. so it's not exactly every tech stock working. some stability though for this market s&p 500 is unchanged dow up a third of one 1% it's been smooth sailing lately for cruise line stocks coming up, why one wall street firm is turning bullish on those names. you can listen to "closing bell" on the go by following the "closing bell" podcast on your favorite app dow's up 94 points

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market flash on spotify. steve kovach with the story. >> spotify shares losing momentum now they were negative earlier on this head lline from the wall street jrournal bike dance, they're talking to record labels and expanding their service here in the united states and elsewhere. that music service is already available in countries like indonesia and brazil and looks like warner music group is up on this news, too, but right now, this space is dominated here in the u.s. by spotify and apple music and it's been really tough for a third player to break in but tiktok is founded on music so that might be why bike dance

is leveraging. >> thank you what is wall street buzzing about? when women lead. a new book by our own julia boorstin, focusing on the underestimated advantages of female leaders she joins us now i'm waiting for my signed copy >> oh, sara, i have one for you. and for my new book, i dug into the gender gaps annd the massiv odds against women about half of fortune 500 ceos are women and female founders grew 2% of the 33 o billion invested last year and the average check size women secured was smaller than what men got. but based on the data, women should be running more companies and drawing more investment dollars of those fortune 500 companies run by women, last year, 87% of them reported above average profits. according to a new study that's compared to 78% without female ceos. is same is true of start ups

various studies have found female-led companies yield higher returns and are taken public a year faster on average. firms are racial diversity, they are more likely to be top performing funds so the data all points to the value, the financial value, of diversity. sara >> amen to all of that i know how hard you've been working on this. we've talked about it. what i can't read about are some of the stories and interviews you have done with female founders and female ceos you've done tons of them it's going to be like an encyclopedia for leadership. which one stands out the most? >> oh, there so many that stand out and so many characteristics that i think are incredibly valuable for women and men anyone who wants to navigate the business world and find a little bit of themselves in these inspiring leaders. i want to take a minute to speak about the health tech space because i think health is such

an important business and there are a couple of women who are transforming femme tech. then a woman i want to point to who is now running a $7 billion private company. she runs a company called city block health it's based in brooklyn and they're taking an entirely different approach to the medical system they get paid on the long-term outcomes of care and they succeed if they keep people out of emergency rooms so they have social services, help people with housing and try to figure out how to get people to comply with everything they need to do to stay healthy over the long run so really a different model and growing quickly. quite an impereressive story. you'll have to read about her in the book >> absolutely, we will thank you so much for joining me today to talk about it when women lead. the must read. speaking of leadership, we've been following the adidas kanye

west saga so we want to let you know, still no word from adidas about the antisemitic threats from kanye west. we've been asking every day now. it's not surprising that adidas would not respond to this considering its own dark history as a german company founds by brothers that were part of the nazi party, converted their shoe factory into a weaponsmaker during world war ii. the whole relationship is up in the air after west came on this show and also went on many rants on social madeedia trashing the company, it's board. adidas said the partnership is quote, under review. how it could be worth 4 to 8% of total revenues instead, it's launched a new pair of yeezy sneakers this

week pepsi shares are popping after a big earnings beat. what those results are saying about the state of the consumer and inflation. plus, cruises ilg ghsainhier and a drop for one uranium stock when we take you inside the market zone. (vo) while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you,

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point. always a positive we're not accelerating lower ahead of a p big number i think things are getting coiled pretty tight. markets have been churning around this 3600 level we have the ten-year treasury yield. right below that recent ceiling at 4%. the dollar index the back. i don't know where this cpi number's going to be tomorrow. the market doesn't know. all the surprises have been to the upside if there's anything in the way of relief, the market probably can kind of take that and run with it. at least in the short-term because of we are going into the number near the record the lows for the year. >> let's hit pepsi big mover today. surging after topping q3 estimates. revenue's up 9%, pushing the company to boost its full year outlook. up 4.4%. what is the story here higher prices. pricing for pepsi products 17% in the quarter that's where all the growth was. volumes were down 1%, but the

t t takeaway is elasticity the word the industry uses to gauge just how much consumers are changing demand. they're buying less when prices move up. i spoke to hugh johnston this afternoon. he he was shocked said elasticity was vastly less. in other words, consumers weren't turned off by the higher prices he said historically, if prices went up that much, prices would be hit pretty hard but they have not deteriorated why? consumers are still in good shape, decent shape. even at the lower end if they are starting to see, which they are, more shifts to dollar stores and club stores he said also pepsi for an affordable treat of course they've been pouring money into marketing and advertising and that has helped pepsi grow market share in these snacking and beverage categories will prices keep rising from here he says they will at least stay this high, but as for whether

they increase from here depends on commodities and commodities have been very valuable. as far as the impact goes on other staples companies, they're all getting a boost from this today. it does bode well for them on the revenue side of things in that elasticity or the reaction by consumers to higher prices. it didn't fall off the cliff however, pepsi also does a good job of managing profitability, they can cut costs and don't have as much foreign exchange exposure as say coca-cola. >> wage growth is one of the reasons the fed is doing what it's doing it's been strong about 5% that means you don't necessarily feel on relatively small ticket items like branded beverages and snacks, it's not necessarily really going to move the needle too much on people that have the appetite for those things. in terms of the stock, i think the big question is have they reaped most of the benefits of

this step up in pricing. volume's probably be okay. not too much consumer sensitivity in a downturn. but when you have a dividend yield, doesn't really look that great relative to where bonds have gotten to at this point that could be a longer term issue even though the dividend is going to grow over time >> consumer staples, one of the big winners today. cruise stocks, another big winner today ubs upgrades norwegian from buy to neutral citing a significant improvement in bookings. seema, does the upgrade suggest luxury cruises are doing better than the affordable cruises ofo offered by carnival? >> yeah, luxury high-end cruises. that's where analysts argue cruise lines have pricing power. at norwegian's annual investor day last week, pricing is up 20% compared to pre pandemic levels and they're committed to keeping

prices higher even at the expense of a small drop in occupancy. a different message than we heard from carnival. back to norwegian though, bookings are rebounding. third quarter occupancy, 82% versus the 65% in the second quarter. there are still these overarching concerns around higher rates as pressured shares of norwegian and carnival on a year-to-datebasis. but what ubs is betting on is as boo bookings improve, they'll be able to refinance debt without taking on additional levers. >> what is expected now as far as overall demand with the economic outlook deteriorating and the cruises never quite having the same rebound we saw for the airlines and hotels? >> so this is going to be a critical one to two months for the cruise lines as the economy softens to your point. can bookings continue to rise? we've seen that sequential improvement for norwegian, from royal caribbean as well. do we continue to see this

rebound in the recovery for the cruise lines and does that help them strengthen their balance sheet? do they resist taking out additional debt or issuing equity that's going to be the big topic of discussion. >> big moves today, but these stocks, carnival's down 60%. more than that royal caribbean down 40. it's been brutal thank you. look at shares of cameco plunging after teaming up with brookfield to acquire westinghouse electric. they'll now own a 40% stake in this company why such an extreme market reaction >> there's definitely an extreme reaction here and they did announce a $650 million equity sale to finance this acquisition. the company also said it will use debt as well as cash now, of course, it's not uncommon to see the acquiring

company's shares fall after a deal is anounounced and of cour there's also a shock factor given that wall street was not expecting this right now, cameco is focused on the upstream element this deal does move it away from being a pure play operating, but longer term, this expands their footprint across the nuclear value chain at a time when we're really seeing nuclear power come back westinghouse works with over half of the world's nuclear reactor fleet and once again with this global energy crunch and with nations moving to cut emissions, nuclear power is really back in focus and so this really makes cameco a one-stop shop for utilities >> pippa, thank you. mike, you find this deal interesting. why? >> it is interesting in terms of the investor reaction and it does reflect a mismatch between what a lot of the more rekrcent

shareholders have been looking for as a play on really just uranium mining, the pricing. it's really a commodity proxy as opposed to an operator of plants, which is a very steady, c consistent business. it's very different and it dilutes the stock as a lever on uranium prices if in fact that's what people want and so between that and you know, the financial burden, it's a pretty big bite they're making they need to obviously beef up with balance sheet and sell equity. to me, it's a bit of surprise and pivot to completely different business than what people thought they were getting into when they bought the stock. >> we've got a news alert on apple, which has been an underperformer steve? >> yeah, so i have a statement here from the machinist unit this is a union that represents the apple store employees in townsend, maryland, who just a

couple of months ago was the first store to unionize. today, they found out they're going to be missing out some new health benefits from apple because they have to negotiate separately let me read you what they told me the iam core, that's the group negotiating committee behind this dedicate to securing gives our members a proper respect that sets the standard in the tech industry so saying they want to negotiate and get the new benefits that all the other apple employees are going to be getting with this new update. by the way, apple made this decision one day tomorrow before a store in oklahoma city begins to start their voting and i'm told that vote by that union, communications workers of america, that vote's going to continue but there are obviously fears that this can put a chilling effect on the people voting tomorrow, sara. >> steve kovach, thank you very much mike, you know, apple stock not reacting much.

a few stores unionizing, but we saw with starbucks how big of a deal it can grow into because when howard shults came back, it was one of the things he cited >> i think starbucks, a lot more exposed even though the retail employee base of apple is pretty vast seems as if it's not something that would be that directly impactful of apple's margins and all the rest even though the company seems as the support says, very willing to try to make life difficult for those who do opt to go into the union. >> we've got two minutes to go here in the trading session. energy remains strong. the s&p 500 though has dipped. it is now looks like down a quarter of 1%. financials just turned red they were going strong ted technology is also in the red. so energy, staples and discretionary holding up the market >> an apprehensive going into

the cpi number you were talking about consumer staples. they're now outperforming utilities on a year-to-date basis. they were a great performer until just several weeks ago and they've fallen apart it shows you the no place to hide element of this market. that's generally eventually a positive thing when people feel like there's no easy fix to evade the pain now, the volatility index under 34 34 to 36 has been where it has peaked out several times this year along the way and when it does finally have that fever break, it's usually when the equity market's getting its footing under it >> mike, thank you very much as we go into the close, we're down now a third of 1% on the s&p 500. looked like we were going to get a positive close then it turned. just in the final few minutes here of trading. what's weighing us down? utilities were weak all day. down 3.3%. industrials, healthcare, technology and now financials all in the red categories. so six down days in a row. nasdaq could not hold its gains.

pretty much unchanged, but looks like we're going to close red there despite the strength in some of its movers like pepsi or moderna. netflix is higher. s&p, nasdaq and the dow goes negative the final few seconds of trading despite gains today by energy companies and banks. home depot, the biggest drag now to scott in overtime >> thank you very much and welcome to overtime. you just heardthe bells. as always, we're just getting started from here at post nine in just a little bit, i'll speak to marc lasry on all things markets where we sees opportunity and he has reason to worry. we begin with our talk of the tape all in as in is all of the bad news the rhetoric and the rate hikes all priced in to stocks? and is that why today's red hot ppi report