i assume after others. >> and katrina and maria and all of those, but the problem is that those that have remained. for instance, travelers has exposure in auto insurance they find it very difficult there to navigate the market >> fantastic thank you. >> and "closing bell" starts right now. stocks are pulling back in a choppy session again here. weak data and higher yields. energy is the only sector now in the green. this is make or break hour for your money welcome, everyone, to closing bole take a look at where we stand right now in the market we are down on the dow about 200 points we were higher at one point in the day, but looks like we've lost most of the steam there s&p 500 down a full percent. real estate, financials, healthcare and consumer

discretionary getting hit the hardest. nasdaq's down 1.3% the move in treasuries is catching a lot of attention. we saw a fresh 14-year high. netflix is helping, but nasdaq getting hit by microsoft, apple, amazon, alphabet all weaker today check out the big movers netflix definitely the top story of the day the top performer on the s&p on the back of strong results more on that ahead united also getting a nice bump on good results. p p&g higher and generac is falling hard on a warning. after the bell, we'll get results from tesla and ibm coming up on the show today, we've got a big interview with alex karp and stephen scherr let's begin with the market and the economy. the federal reserve just releasing its beige book last hour and minneapolis fed president, neel kashkariy,

making fresh comments this afternoon. steve liesman here with the highlights and takeaway. >> thanks, sara. a very mixed beige book that hints at some progress on inflation and supply disruptions but far from all clear on the key factors that have been driven inflation you know from the fed's bank districts that economic activity expanded modestly. that's an upgrade from the last report which said it was unchanged. looking at the key sectors there, retail was flat autos were sluggish. travel and tourism up strongly housing weak due to high interest rates low supply manufacturing was steady and it caught my eye because the beige book said there was some using in supply chain disruptions. haven't seen that in a while worth noting, the beige book was early in flagging supply chain problems for the economy at the beginning of 2021.

commentary was mixed on labor and inflation. employment rose at a modest pace scattered mentions of hiring freezes. labor markets remain tight and wages rising due to inflation. prices remained elevated but there was some easing noted across several districts hard to tell if minneapolis was one of those districts as neel kashkariy said he had seen little evidence that inflation was peaking. he repeated those hawkish remarks from yesterday where he said the risk was bigger than overshooting as you probably know, we are just, i don't know, kissing or at the edge of the peak rate being at 5%. it's at 4.97 doesn't seem like they want to trade that april contract at 5%. the price is 95.03 so just .03 separates us from an

historic trade on that april peak funds contract. >> glad you pointed it out thank you. higher and higher rates. joining us now, katie stockton with a new call i think on treasury yields as we are looking at at least making or matching the highs here on the ten-year yield >> that's right. we have an unconfirmed breakout above 4% that happened as of last friday. the breakout would be confirmed on a close above that level this friday we always wait for confirmation just given the propensity. if that's confirmed, the next resistant level is 5.25. we didn't think we'd be talking about that this year and here we are. yet that would be a longer term target so maybe six months plus. so i don't think it's relevant in the near term, but it would be the next objective for treasury yields if indeed this breakout is confirmed and yet there are some signs of

exhaustion based on our countertrend signals these are signals that we haven't seen since may and june. it would suggest that we'll see some corrective action in yields here in the near term. maybe over the coming two months >> so a peak, a near term peak is that what you're calling? >> yeah, it would be a short-term peak for yields and then we'd expect that trend to resume on the back of that we always diverge these trends and their long-term momentum it's still very much to the upside behind yields and that goes for the dollar as well. it's still very much to the downside unfortunately behind equities >> there's a trend building there because i was looking at the open interest for the tlt for bullish call contracts in other words, betting that what you're saying is true is close to an all-time high. that trade may be gathering steam. what would it mean for the stock

market which has been so tied to the corrdirection of rates >> it has been it's funny because in the last little oversold bounce we saw in the s&p 500 up more than 7% off the recent low, leadership actually came from financials anned we think that could be more the case if indeed we do see yields pull back here. so we also would expect technology to exhibit upside leadership as it often does during a relief rally, but just to the point it would be a short-term peak in yields, we think it's a short-term low that we have perhaps in the s&p 500 we are looking for some upside though today's action aside, it just seems like noise to us because our short-term indicators are now pointing higher and overbought conditions are lacking as we come into the heart of earnings season here. so we think that tlt trade makes sense, but we keep in mind its counter trend. it holds more risk >> what about the market

sounds like you're not willing to say this is the bottom or anything like that we're riding a two-day win streak we're falling today. we've had several now of these bear market rallies. what have we learn about their staying power, how high they go, when to fade them? >> we can go back to 2008, probably our best analog for this environment it really doesn't bode well for a sustainable relief rally but the relief rallies have been in the nature of 10, maybe 20% at times they tend to unfold fast and furiously. we saw that over the summertime and we have indications that this rally could be of a duration of four plus weeks. so we also had some positive seasonal influences at hand, but also ery, very difficult to trade. the whole point on the fast and furious furiously means it's really difficult to capture these moves and it is high risk. so our recommendation has been more to sell straight and to

wait to sell that strength until momentum starts to slow on the upside so we're really, really in tune to the short-term ftren to that end with the thought the s&p 500 will extend lower on this back of this, ultimately reaching 3200 support sometime in 2023. >> that's a lot lower. we're at 3680 right now. thank you. good to check inwith you palintir and hertz announcing a partnership to improve the rental car experience. we're going to talk to the ceos in an exclusive interview, next. dow down about 200 points. 1% on the s&p.

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announcing a new partnership the car company will use palantir's foundry software to help manage its fleet. joining us now, gentlemen, welcome to both of you thank you for joining me stephen, you've been making a lot of deals since you've been ceo. a month ago, we had you on with mary barra and now with palantir what will this do for you? >> well, part of our success will be the partners we keep and we're super happy to keep palantir as a partner. what this will do for us is we're a business that sits on an enormous amountof data, both about our cars, our customers anned the like and positioning those cars and managing those cars to their highest efficiency

obviously brings positive outcomes for the company and our customers. palantir and their foundry platform enables us to take very different forms of data, whether it's data about our vehicles, about the weather, data about airline schedules. take all of that, combine them in a way where we're not compelled to put them in a common form and they give us output on which we can manage the company better >> alex, it's good to have you on the show. and really interesting to learn about the different ways your software is being put to work. how did the hertz connection come together? >> well, obviously just from a purely data management, it's one of the most interesting businesses in the world. you have this massive fleet of 500,000 cars they're registered all over the u.s. which means registration and management of the fleet bec becomes an asset allocation

problem. those problems require essentially next generation software it makes use of both foundry 1-0 and 2-0. so managing the data, get it in one place and when you have a world class ceo as they have at hertz, being able to impose the decisions on the data. there's just a lot of excitement, you know steve is kind of a cool dude and very, very in to both the operations and visions of the business and that makes a discussion around how it will be implemented and implementing decisions just really, really exciting i believe that there are going to be winners both in the software industry and other industries and people who can combine business acumen business management of very large data sets against time sensitive decisions will win so it's just very cool to be in a partnership where i think we're going to win >> a lot of love here. you've been building out the ev part of your fleet how does this foundry software

help you do that >> well, this is central to it i mean, part of what we do is we have telemetics in the car but we want to know and an anticipate things about the car. we want to know how much charge is an electric vehicle coming in with we need to know if brakes are in need of repair commission those parts ahead of time have them there so we can turn the car quickly. understanding and knowing that data is the core of what we're trying to do here. this is a unique intersection of software and hardware. and obviously what alex and his team at palantir bring forward is the ability to take reams of information and consolidate it into a coherent package so we can take action and action the data we're sitting on. i think it's a super exciting

opportunity, particularly around the electric vehicle, which is obviously the direction we're going in terms of taking our fleet to an electric fleet to the tune of about 25% by the end of 2024. >> alex, for palantir, i've noticed that the foundry software is being adopted by a number of transportation companies. not just hertz i think you have deals with united and ferrari and airbus. how big is this business going to get and why is there such a good match here with some of these transport companies? >> well, you know, first of all, this is what makes this partnership particularly interesting is that you just have this combination between things like foundries have done in the past like preventative maintenance, looking forward, cycle of life, predicting where an asset should be with dramatic issues around registration and how these vehicles are registered then moving to a more climate friendly fleet all of which requires both

ingrating the data then being able to decide against the data. these are very, very big steps we do well the complicated, interesting problems where the software gets shown off to be valuable as your listeners know, most software is not kind of super useful so we are always looking for industries where you can just really dominate through the integration of hardware and software and entrepreneurial acumen and there's a lot of industries out there some of the most notable are these very, very complicated, very regulated super interjurisdictional machines the harder the use case, the more the software has to be performing the lesser revolves around sales. we don't think we're good at sales. we think a lot of software companies are great at sales an we want to show off software that works with partners that are the best

>> is it -- >> sara? >> go ahead, stephen >> part of the success of our company rests on the level of utilization that we can put our cars out right? the return on our assets is key to financial return to our shareholders what that means is we need to use our cars utilization needs to be high it means registering the cars quickly. repairing the cars quickly charging the cars quickly. anticipating all of that and aggregating the data is really at the core of what we're going to do with palantir. it is all about taking up the utilization, the usable time a car is out on the road as a financial earning asset for the company. >> it seems like you're bringing it to 2022 renting a car is such an old school experience that often

inv involves -- >> 2027. >> there you go. into the future. alex, what i was going to ask about was you say that you are attracting a lot of partners with complicated business. what's happening with spending now because there are increasingly worries about the economy and companies having to cut back batten the hatches as jeff bezos tweeted last night in response to something said on cnbc. have you seen an impact in terms of software spending from your customers and potential customers? >> you know, we have a global business and you know, europe is slower both because of you know, financial constraints, energy problems, war on the border and general kind of slowness and adoption of new technologies in the u.s., you know, our company's grown 67% the last three years. what we see are you know, tough times bring out great leaders and great leadership and the way

you win in tough times is by as discussed as an example, you take an asset and make it more valuable, you explain it to financial, the financial world that it will be more valuable, show your customers more value and in a weird way, the tough times make you a stronger business pounding your business turns your business to steel so we're by and large seeing pretty significant uptick in demand in the u.s. both commercial and in government for very different reasons and we think the bad times will force people to move away from software that's about churning your own data and looking in the mirror at it to decisions, figuring out how you can win, better asset allocation and it will push very strong leaders like steve to the top, which we think is a crucial part of why american industry is so strong >> really interesting you're seeing an uptick in business in the u.s. stephen, curious about what you're seeing. i was just looking at the beige

book and a lot of districts including in new york very strong in tourism. some other parts of the economy are starting to weaken, but have you seen any slowdown? >> well, we'll report earnings next week so we'll provide quite a bit of detail on it. what you're hearing from the airlines over the past two weeks is indicative of the environment we're operating in which is that leisure demand is very strong. corporate demand is increasing and increasing among larger corporates now we're seeing increasing travel among corporates. again as you heard from the airlines, we're seeing longer rentals, which is suggestive of the fact that people are combining business and leisure in kind of the new order in which business is being conducted. and then equally, we're starting to see a reintroduction of foreign inbound travelers to the united states.

again, we'll report next week and give all the details around it suffice to say we're living among and we are operating among the same sort of you know, trends that you've heard from united and delta and others over the last week and a half >> which have been very strong so thanks for sharing that alex, final question for you i always think of you at the center of some of these geopolitical issues and i'm sure you read xi's speech this week to his party at the congress a lot of talk of technology and just overall reflective of the increasingly tense relationship between the u.s. and china i was curious what you made of that speech and where you think this is going. given your vantage point in the government defense >> well, you know, we athave be taking the threat seriously over the past 18 years. we believe the west has a software advantage but not in

internal surveillance which i think is destructive of societies. you know, i think this is going to get much worse before it gets better partly because the capabilities that the u.s. government has both in software and in hardware are still underestimated despite recent events and because our adversaries largely just underestimate us they see certain things that are obviously crazy, but they underestimate the entrepreneurial talent of the american people to rebuild things, redo things, to act quickly and the impact of software combination, whether it's this partnership or on the battlefield is just something clearly on display and still underestimated so i predict bad before it gets good >> alex, stephen, thank you both for joining me to talk about the deal and of course other hot topics really appreciate it let's show you what's happening with the markets we've recovered a little bit the dow's down 126

s&p down three quarters of one percent. so still a weaker day, but coming off the lows. energy still the only sector working. oil prices higher. everything else is down. financials getting hit hard today along with real estate, headq healthcare and consumer discretionary. up next, mike santoli puts the netflix pop in context for news the race for streaming supremacy. and later, the ceo of citizens bank will join us to break down his quarter with a read on regional banking read on regional banking the stock is up today. before they happen... and insights on every buy and sell decision. we'll be right back. rades.

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netflix right now, the top performer in a down tape following blowout results. mike santoli here to break it down in today's dashboard. much needed relief here. >> yes, definitely some relief

and really fascinating over the last few years just the sort of push and pull of changing fortunes between netflix and disney compared to the overall market it was almost four years ago today, in fact on november 8th, it will be four years that disney announced disney plus was coming that was when the real revving up of excitement for disney as a competitor came into the this market and you see they've been almost the same stock even though vastly different business models you've seen a huge push in the pandemic and well underperforming the s&p 500. even though millions of s subsc subscribers have come in these are the two net consensus winners and they're still fighting it out to make it financially attractive for investors. now just going to a different little bit of compare and contrast between two different approaches to investing. tesla against berkshire

hathaway he tesla just surges past so it's really about are investors willing to bet on the big, open ended future or do you want the here and now of solid book value that you can calculate today. >> why did you put these together >> they're very close in market capsize so you say, okay, the market's willing to pay $650 billion for something. on the one hand, it's massively about the future and changing the world. on the other hand, it's a portfolio of solid businesses and companies that you have a feeling for what it's worth. >> so different styles >> megagrowth versus value citizens financial beating wall street's estimates, but did give up some gains with the rest of the market. up next, the bank's ceo discusses the results and what a plunging mortgage demand could do in the future we'll talk housing, the economy,

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take a look at the s&p 500 sector heat map. the one little square of green is energy, which is up 3%. despite the biden administration's new efforts to tamp down the price of oil everybody else is lower. real estate at the bottom along

with financials, down almost 2%. regional banks down almost 2% with m and t bank getting slams. citizens financial beats slightly on the top and bottom lines and joining us exclusively is the ceo bruce, always good to talk to you and get some color about what you're seeing clearly, the higher rates are helping in net interest income how would you describe the current environment, which has helped you and some of the other big banks we've talked to like bank of america and wells fargo do better this quarter >> yeah, i think it's really powerful when we get off the zero bound of interest rates then the value of our dmeposit franchises can come through. we saw net margin interest rate go up by 21 basis point this is quarter and we're up to three and a quarter for net interest margin we think as the fed keeps going higher that we should see that rise to 3.5% over next year, which will continue to

power impressive earnings performance and return on equity return on equity actually hit 18% this quarter and everything looks good fees were stable expenses stable. balance sheets in good shape capital ratios are strong and our credit position continues to be really, really good >> credit trends were solid. so the question is the market is worried about a turn though in the cycle and economic weakness that follows those higher rates. are you seeing any evidence? >> not yet i think i mentioned last time i spoke to you that credit was pristine and you poked at that a little bit it still is pretty pristine, interestingly. we have the consumer in great shape generally. we're lending to more affluent and mass affluent customers. they still have very high liquidity in their deposit accounts plenty of opportunities to work.

unemployment's low consumes in good shape and most companies did a great job getting through the pandemic, leaning their expense base, lengthening their maturities, locking in low cost debt so not a lot of concern at the moment although you know, you start to batten down the hatches a little bit you start to play a little bit of defense you start monitoring areas like commercial real estate and leverage lending, which has typically been the areas where you've seen rising chart drops in a period of economic weakness but so far, so good. >> wow so still almost pristine credit even though the market is clearly concerned about it what about housing in general because that is a weak spot, right? we got word from the mortgage bankers association that mortgages are plummeting and refinancing are falling off cliff. what do you see? >> yeah. so clearly, production volumes

are way off. we saw refinances pretty much outbreak this year we're starting to see the seasonal slowdown in the purchase market and we're starting to see in overheated markets, we're starting to see prices start to drop in a time that houses are on the market starts to lengthen in a slowdown in housing the good news from our standpoint is that we have a big servicing book and that serves as a hedge when you see your production revenues fall, your servicing can pick up the slack so we're not seeing much leakage on the mortgage revenue line which is good. one area that's related in housing is the home equity line of credit activity has seen a lot of growth. so it's interesting now is that folks who locked in and refinanced and had low mortgages on their house and they've had that run up in value on their

house, they don't want to give up that low cost mortgage so they say maybe i should tap into that equity on my house, take out a home equity line of credit do a renovation. put a new deck out back. and so we're really seeing some nice growth in home equity line of credit and we've capitalized on that. we've also redesigned the process so it's much less cumbersome to get a home equity line of credit in the trailing 12 month, we're the top home equity line of credit originator in the country in spite of just being a regional bank. >> thought that work was done during covid when people focused on their homes guess not. what about autos i don't know if you saw allied financial, the shares took a dive on concerns about probability there and they're the biggest auto lender in the country. so what are you seeing in that space? >> well, you know, we've seen certainly the slowdown overall

that's been less new manufacturing of autos and we're starting to see the prices on used cars come down a little bit. the good news for us is that we decided to start to step back from the auto market you know, probably three, four quarters ago because the returns there, the spreads were getting compressed and it wasn't a good use of our capital so not much impact on us and again, where replay is in the very safe, high prime and super prime space so no real losses or big news there from our standpoint >> bruce, really great to get some color from you. thank you very much. >> okay. my pleasure. >> the ceo of citizens semiconductor stocks are outperforming the broader market right now. up next, why comments from a big chipmakers are driving these stocks higher. and don't miss the first episode of special edition featuring

pfizer's ceo that's tonight, 10:30 p.m. on nbc news now we'll be rightack bhere on we'll be rightack bhere on "closing bell. you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading less complicated. dow's down about 150 custom scans help you find new trading opportunities. while an earnings tool helps you plan your trades and stay on top of the market.

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monopoly since no one selse maks these machines adding they can sell those tools elsewhere applied materials cut its forecast last week blaming the new china export rules they predict a $400 million sales cut in q4 and nvidia warning of an impact when the news came out, shares have dropped 22.5% it's been a rough ride for tesla this year. up next, a top analyst on whether earnings should buthy is stock. that plus united flies high and netflix rallies when we take you inside the market zone

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we are now in the closing bell market zone mike santoli here to break down these crucial moments, plus, netflix and garin nelson on tesla. the dow's down 122 so we continue to recover here throughout this final hour of trade. could have been worse, mike. i guess we can say every time with all the volatility we've had lately. we've got earnings winners in there like netflix oil is higher and energy is the only sector outperforming. what's the read on energy and oil right now after we heard from the president >> actually had a pretty decent correction across the board. i think the idea that prices at these levels in oil and maybe natural gas is going to have a floor under them to some degree. going to refill the strategic petroleum reserve with a bid

around $70 a barrel. that's probably giving people confidence when it comes to the companies, it's mostly about the fact earnings seem easily beatable and one of the few sectors where you can say that >> yeah, the beige book, the dallas fed noted there's pessimism, expect for energy look at netflix, the best performer today. the streaming giant adding more than 2 million users in q3 let's bring in the senior media analyst. upgraded the stock about six weeks ago to a neutral from a sell you're still not a buyer but the results were better. you saw progress there, didn't you, tim >> definitely progress the sub number spoke for itself. that's always the number people are looking for first. interest that of course netflix won't be providing sub guidance

anymore so we'll be having to build our own models definitely the sentiment is improving on the likely success of the adds here we've estimated we'll be positive next year but it really is going to be you know, an effort to get there there's high demand to be placing ads in those slots, but it's going to be large by con contextual based ads using basic age and gender data. so the real upside over time could come from better programmatic delivery of those ads. better targeting therefore a higher pricing that will take time to develop meanwhile foreign currencies hurt netflix we've only got slight upside to earnings so that's why we're still neutral on the stock >> you're raising estimates. is it on the ads here? >> it was a pretty nice beat versus the guidance they had given in q3. the q4 guidance looks decent as

well and yes, we are now working in gradually more upside from the ad tier. the news last week, this was last week when it came out with more detail on the ad tier we were only assuming that u.s. and canada being that market launches for the first part of '23. they're coming out with 12 countries and they are 12 large, sophisticated ad markets starting in early november so that means more ad revenue, more business coming in in 2023. it could be somewhere around a billion dollars so it's a good start. it factors into the numbers and a higher target price as well. >> thank you for joining us with your reaction on netflix $285 target raised today this one offers a warning for any company doing business overseas proctor and gamble take a look. shares are moving higher today

the consumer giant which makes pa pampers and tide and swiffer the company was able to off set lower volumes with higher prices they actually were able to offset the inflation story with those higher prices, but it did lower revenue guidance and png expects that to fall now 1 to 3% instead of flat to 2%. this is a story of the stronger dollar and the havoc it is r wreaking the stronger dollar cut sales by 6% the reason p&g cut guidance, currency, the dollar headwind has now doubled its projections from just three weeks ago. full year earnings are likely to come in at the low end of the range. bottom line, it's not a weak consumer it's not inflation they dealt with that through higher prices. it is all about the strong dollar and the problem is it's getting worse as the dollar gets

stronger and just to highlight the point, nestle reported today, another consumer giant. raised its outlook it doesn't have to deal with the dollar because it has the swiss frank which is more competitive and in fact, it has a positive currency impact. hence they were able to lift guidance not so much a problem with the consumer now to united airlines which is soaring after beating wall street's estimates and is showing a bullish fourth quarter guidance thanks to strong travel demand earlier on squawk box, steve kirby. >> while i think there is a headwind from a slower economy and recession come, there's three trends that are more than off setting that headwind that are durable, long-term trends. i think demand is higher it's at a higher level >> phil lebeau joins us.

why is kirby so kwconvinced this is the new normal? he used to word durable when it comes to travel demand, clearly countering some of the market's demands that this is temporary >> first of all, there was the pent up demand from the pandemic and that's going to continue at least through fourth quarter and everybody within the airline industry believes it continues after the holidays in addition, their supply is constraint not just for united, but for all airlines their capacity is down about 9 or 10% compared to pre pandemic. that's not changing anytime soon boeing and airbus, they're not going to be able to ramp up in order to let these airlines add as many new aircraft as they would like yes, they will add them, but it's much more constrained pace then finally, you've got what could be a shift in travel patterns and you heard steven scherr talking about this.

you have people who can work remotely so they may take a trip, leave on a tuesday and stay through the weekend to back it up, he says look at the loan factors t the percentage of seats filled on the planes on tuesdays, wednesdays used to be the slow time for air travel up 8 to 10%. up now compared to pre pandemic. that tells you there's a shift in patterns. >> absolutely. i thought that was super interesting. the whole combining of leisure. clearly changing the game for airlines look at tesla shares they're moving higher. the company reports q3 numbers after the bell and joining us with a preview is garrett nelson stock has sold off really into this report. is this an opportunity you like this stock. >> we do think it's an opportunity. tesla shares are down close to 30% over the last month after a big run up and you know, we

really wouldn't bet against tesla. the earnings track record has been outstanding over the last few years. in fact, they've beat in 11 of the past 12 quarters i think what's different this time is we think there's a reasonable chance that tesla's going to announce a stock buyback. some major investors had been urging elon musk to do so and the company's balance sthheet i in really good shape they had about $19 billion of cash at the end of june. their credit rating was recently upgraded to investment grade so we think they're in position to really take advantage of this pullback in the stock. we think there could be a sizable repurchase plan announced in tandem with earnings >> which you think is not factored in and would push up the stock? >> that's right. even absent that, we view tesla as one of the market's best growth stories at a time when earnings are being impagted by inflation,

this is a company, you take a three-year view, we see tesla's earnings per share roughly tripling between 2021 and 2024 they were the auto industry's biggest winner from the inflation reduction act law that was signed in august and they have some near term catalysts. the semitruck first deliveries are expected in december followed by the cyber truck next year we know they continue to ramp up their new factories in austin and berlin and they krecently completed an upgrade of the factory in shanghai. >> you're talking about all the good things for tesla and clearly that's the bull case, but there's the supply chain issues there's the china demand issues. geopolitical concerns there. and the shanghai factory there's the fact he's going to buy twitter now and some of the concerns around distraction in potential share sales. that's the other side of the coin you think that's overdone? >> we really view these concerns

as priced in given the decline in the stock over the past month. as far as twitter, if you look at the amount of stock he's sold in the past year, we think he has the cash in order to close that transaction it's really a matter of whether his group remains together and if he can final additional investors. we could see a scenario where he doesn't have to sell anymore stock in order to close that >> garrett, thank you for joining us appreciate it very much. garrett nelson from cfra netflix and twitter on one side then microsoft, amazon, alphabet on the other nasdaq's under pressure. what do you see in the internals? >> pretty heavy, sara. about 3-1 to the downside. new york stock exchange is declining. small caps giving back some of their recent underperformance. those down almost 2% so it's a payback day in some of

the recent trends, but we have about 200 points of s&p upside since the lows a week ago and we have energy. we talked about that the stock's really outperforming the commodity. natural gas is strong and the idea that in this range, crude is high enough for the companies to make their numbers on a multiyear basis. that's worth supporting the equity sector there. and the vix very sticky around 30 it's not quite giving you that bond market volatility >> yeah, what else is up the u.s. dollar. up another .7. as we go into the close, we're down 100 points on the dow so we've gained back 100 points since the top of the hour here biggest drag on the dow is home depot taking 60 points off biggest gainers are traveler, chevron and proctor and gamble off those earnings energy's the only sector that's going to end up with a gain.

we're still nicely higher for the week thanks to monday, tuesday. up 3% or so. more than that for the s&p 500 the nasdaq up 3.5% on the week, but today, we're down .8 of 1% netflix, we'll see what tesla and ibm have to show that's it for "closing bell. into overtime with scott >> thank you very much welcome, everyone. we're just getting started from post nine here at the new york stock exchange we have a big show ahead tesla earnings they are seconds away. we're going to have the numbers, the stock reaction the moment that report hits what lies ahead for another marquee name in this market. ibm and las vegas sands are also breaking momentarily our reporters are standing by for those results as well. and as we wait for all of those to hit, we begin with our talk