to find other jobs maybe means there's still jobs to find, so that's a good sign that the workforce is still intact. >> dom, a pleasure to do "power lunch." we're signing off for today. we'll see you tomorrow "closing bell" stars -- >> right now stocks giving up an early warning. this is a make-or-break hour for your money welcome, everyone, to "closing bell." where we stand in the market, we lost that earlier rally. the dow was's high as 3.99. you still have two positive sectors right now, communication services and energy. you can thank at&t for a change,

off better earnings. that stock is up off almost 8% twitter, all working today the nasdaq down about 0.6. higher yields are still the name of the game. the higher treasury yields check out today's earnings movers, tesla pulling back after a revenue and margin miss. at&t i mentioned jumping after beating on both the top and bottom lines ibm reporting strong results, higher revenues and american airlines beating on both top and bottom lines. the british pound, the story of the day, given up some earlier gains, though it remains slightly higher, as prime minister liz truss resigns, as her party tries to figure out who the next prime minister will be, as soon as next week. coming up on the show, we'll talked to the ceo of fifth third

bank as existing home sales fall to a ten-year low venture capitalist eric hippo on the recent strength in tech, and where he's looking to put money to work what these down rounds signal let's get straight to the up-and-down day. mike santoli standing by as always, you focused on technology just joining energy and technologies we basically have a constant struggle, at least the last several days of the market trying to make use of decent earnings, as well as just some built-up negative sentiment. bond yields making new highs that's what happened along with hawkish fed-speak. we had a 1% gain, went to about a 1% loss. it stayed one the range we traded in, so it's not necessarily carving out new ground, but the market hand

improved all that much, which is running 3500 we still have a cushion, but it's not a particularly thick one. the leading economic indicators from the conference board, take a look at this chart going back more than 20 years it's called leading economy, because it really does work to indicate what is to come or several months more. here you see the peak earlier this year. it's been several months on the down side. it rolls over before recession, shaded pardons of recessions, and then the coincident indicators finally give way. that's been the pattern. there's been sometimes a two-year lead time we don't know exactly how long it might be this time. you could argue extenuating factors, but the weekly unemployment claims is in the l.e.i. a lot of purchasing manager stuff. so it's a lot of credit, equity,

just economy numbers and housing that tends to be on the leading edge >> so you're thinking it's pretty bearish >> the scene is set for a formal recession of whatever cake we might get. it's nothing that's clinched yes, but it seems like that's what's happening right? you did have it here in the mid 2000s as well as in 2000, but not for a year and a half after that happened. >> a peak rate in the market hitting 5% today. >> by the way, i think the question will be what have we priced in? we keep talking about how we've gotten to the median decline. >> mike, thank you we'll see you soon. a number of factors moving in different directions.

there's also the situation in the uk, liz truss resigning. the market in charge there patrick harker today saying he expects more rate hikes, because they have done also to keep inflation in check so far. hedge fund manager saying he's bearish because of the fed's official policy. let's bring in tom lee that certainly has been a winning trade for him. he's bearish and up double digits on the simple idea of don't fight the fed. you still disagree, don't you? >> i think david is right, it's been tough to fight the fed. we've a real tough time with our calls this year, but i think as we get into october, i don't think investors are fighting the fed. i think that's one of the big changes. some of it has to do with some

of the tail risks are coming off, like what happened in the uk part of it is that earnings delivery has actually been quite good, so, you know, a bear thesis this year was earnings were going to get rushed that still is going to be weakening, but the deliver yes, sir have been really good. i think from an inflation perspective, i think the fed hasn't seen any effects, but i think a couple things have definitely changed when you really listen to what they're saying i think they're point to go commodities as really driving cpi, and that's an important distinction. that means the fed can actually get some help from the supply side easingeasing. whether it's housing or used cars, there's supporting that a payback is coming.

i think the fed would be happy to see any weakening >> i don't know, tom. >> i think the odds are good for investors. >> i don't know. those that have thought that, that inflation has peaked and the fed will be encouraged have been dead wrong. every time we have a fed speaker come out and say we're not there, inflation is not coming down enough, we're going to go higher it just sort of smacking down the idea they're looking to pause any time soon. i think the fed is laying groundwork for two pretty big hikes, and then the possibility of looking around. if the fed is going to pause, it's not a pivot, it really changes the position, because investors wouldn't necessarily

be short bonds, so interest rates don't necessarily have to go back up, and if interests rates were to plateau when there's record put buying, record gamma on equity, put buying for gamma on equities, investor sentiment is a record negative, that's a huge positioning offsides if the fed is pausing so, sara, you're right it's like a chicken little question, but i think this past week has been in the bulls' favor. >> except that rates continue to climb. whenever we think we have reached peak, they continue to price in more. i mentioned to mike the news today that the market is having a 5% fund rate next year as long as that's happening,

isn't that going to stand in the way of any stock rally >> yeah. i think someone pointed out on twitter the uk ten-year yield is actually lower than the u.s. ten-year yield that doesn't make sense, either. at the same time, rates are a reflex of policy, and it does come back to where economic data comes out. so investors who think inflation will keel piling higher, that is a possibility, but what's not really reflecting that is the soft data. eventually they do have to sync up, especially inflation, but there's a much better appreciation that there are some things statistically lagging and flawed in cpi.

>> your other point was earnings it does feel like earnings might have been better, but i wonder is expectations have been cut to the bone, so the so companies are coming out and beating at&t, for instance goes up a lot on the flip side, but you get this union pacific, cutting its forecast for volume growth to reflect a challenging year, so it's not all good news. >> you should expect anybody who had pricing power or benefited from, you know, the bull whip effect should be slowing, but earnings are really a function of inflation, which affects top line in pricing. that will be a tailwind for earnings then worker salaries, even though they've been rising, they've been growing slower than the real rate, and if commodity prices, which as we know, haven't been rising, i would actually think we should be

expecting earnings to deliver prices, even though we're in the face of what should be a slowing economic. >> thank you, tom, we appreciate it pushing back against the negativity by the way, the dow has climbed back a lot we might have been about to go positive take a look at the day we spend most of the day higher. again, coming back a bit right now. communication services, energy is working better today, everyone else is lower, but not the extreme selling we've been seeing on the week overall still looking strong a look at the regional banks. more earnings roll in. we are joined by the ceo of fifth third bank you're watching "closing bell" on cnbc.

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shares of fifth third bank falling hard today the company's earnings coming in slightly lower than expectations the regional banking have underperformed joining us now is the fifth third ceo tim spence from my hometown of cincinnati good to see you. i thought it was a good time for the renal able banks, going up on higher rates, still seeing loan growth, healthy credit, what is the story here

>> sara, i think you're right about all of those factors if you look at fifth third, we've been around for about 164 years now, we're having or best year ever. the $2.2 billion we generated is an all-time record for us. we posted a 53 efficiency ratio. it's a percentage of total loans. the byproduct is better than any of the commercial banks who have reported thus far. what we're hearing from investors, it's not the performance in the quarter they're questioning, but the macro factor,s whether that is the direction of travel on the economy, whether there's another leg on rates, and otherwise.

those have been key areas of focus, haven't they, tim >> then, but we were clear we expected to be flat and we did achieve that outcome we were also expecting to grow profits from here. i think -- there's not another one of our investor peers who have had lower expense growth over the past two year so i fealty good. it really is a question of which does mii peak, and what then in our particular case, i think

ano anothersh of seesaw methodology. that we acquired earlier this year on the back of the inflation reduction act, but we have to provided for the life of the loan which creates a drag as we grow that business over the course of the next year or two >> and what is your sense of things, given loans, credit, housing? where do you think we're going in the economy and with the fed? >> i make it a practice to keep my personal thoughts in the drawer, but there's no sign of a crack anywhere

our consumer balances are anywhere between 60% and 80% higher than in february of 2020. we really haven't seen that decline there, so consumers are maintaining significant liquidity. on the commercial side of the equation, what we see from the clients and the financials is that demand remains strong, and they've been able to pass on increases and input costs in the form of price increases. in fact, when we talked to them about where the investments are going. they're nearly all on supply chain or labor productivity. at this stage. they're not worried about the, you know, the sustainability of demand, but i think on the other side, first principles will tell you, at some point, given how aggressively the fed is acting, it has to convert into a credit cycle. the biproduct is we've been cautious in terms of the way we're running the business, in

terms of the outlook, and how we invest going forward that the banking will be well positioned. >> you've got to be seeing cracks in hows now at the lowest since may of 2020, with mortgage rates nearing 7%. >> there's no question that the increase in rates has had a big impact on housing demand, and in some markets, though not the markets we operate in, in the midwest and the southeast, that there's some impact to home values i think as it relates to our bank, we are one of the largest mortgage services, and have been delivered over the course of the past is it to 18 months to grow the service portfolio. the impact we're seeing on the elimination of the mortgage rate

financial market is being offset by an improvement in the servicing business, which has allowed us to generate actually pretty good mortgage revenue in an environment where the industry has really changed. >> really interests. we were told yesterday that he was see offsets in the home equity lines as well tim, great to talk with you. >> thank you, sara we'll show you where we are right now, 114 on the dow, so we have swung lower in the last few moments or so, less than a pertain lower on the s&p 500 you still have pockets of strength the nasdaq is down 0.75 of a percent. tesla is not helping right now small caps are down 1.25% or so. should you buy the dip in tesla? an analyst just slashed his price target, but is still

bullish on the stock the ten-year yield is right in the number one spot high yields again. the bond sell-off continues. at&t an earnings winner, a bright spot. the two-year yield, which also continues to make new highs, and the s&p 500, giving you a taste of what investors are looking for. we'll be right back. you need more than technology. you need cdw who can help transform your organization with built for performance lenovo thinkpads. pre-configured for management flexibility and equipped with the intel evo platform. responsive collaboration tools give your team effortless connectivity to stay focused wherever they work. fetch. lenovo makes seamless productivity possible. cdw makes it powerful.

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what is wall street buzzing about? still no word from adidas about kanye west, but the pressure is rising antidefamation league today calling on adidas to cut ties with the rapper. he's made dangerous marks about jewish people in recent weeks.

adidas has not immediately responded to requests for comments from cnbc we've been asking for days the relationship is currently under review morningstar analyst david schwartz estimates ye sales to be around $2 billion, potentially making up 10% of the total sales. today it announced preliminary third quarter results, which lowered the full-year 2022 guidance, due to deterioration and traffic trends in china, and significant inventory buildup. the stock is under pressure on the preannouncement, but no word in the release indeed, the company has releasing new ye styles this week up next, eric hippeau. we'll be right back.

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the nasdaq the worst of the major averages this year, down 32% or so, so far. private companies have not been immune instacart this last week

slashing its valuation, the third time it reduced. on thursday we got intel is targeting a $16 billion for the ipo of the drives unit mobile eye. joining us is eric hippeau, managing partner good to see you again. do you see these two cases as unine? mobile eye maybe mismanagement, or is it suggestive of the broader environment and what's happening? in the market? >> no, i don't think they're unique i think that a private technology company that got last valued last year in 2021 or second half of 2020, chances are your valuations are completely out of sync with the public market and that you're going to have to lower the valuation. i think you this true for

companies that need to raise money now. they need to go public, and they have to adjust to the new public multiples and the new public reality for tech companies he they reflective of what's happening in the public market >> we're starting to see some. we fortunately most of our companies were funding, so they're not looking for new financing, but certainly those looking for new financing today -- what happened was that the private investors used the public comparables as a standard, so they valued their company exactly the same multiples, exactly the same way they valued the public companies. and multiples have tumble,

sometimes by half, sometimes by more than half so it's only natural that they should be adjusted similarly >> what has to happen for the ipo market to open back up >> i'm asking them just to prepare and make sure they don't need to tap the public markets >> what are you guys doing right now? are you making investments keeping powder dry you've done a bunch of fund-raising two new funds for a teal of $230 million. we invested between about 20, 25 new companies every year, and we are on the same page to do that. and in the early stage, some of the best companies are invested

during a downturn our are or just after, so the pace of the innovation is not in any way slowing down or stopping because the financial markets are down we are very fortunate to have money to invest at the moment, and we're doing it >> what type of sectors or technologies what are you excited there >> there's a lot of software, marketplaces, we continue to invest in digital health, as well as productivity of all kinds, whether it's automation there's a new kind of balance between work from home/work from the office that requires a new technology environment as well we're starting to invest in cli climate, but climate now, a lot of it is by software that doesn't need a lot of cap ex,

and we're interested in the intersection with technology and biology, so there's a lot going on that's exciting at the moment. >> bottom line, eric, there's this view out there still that the private market -- and we've seen a shift -- is a shelter that people can hide out from the storm of rising interest rates and inflation. is that true is it really a cushion >> it's true, if you're judicious about it, and if you invest in valuations their very reasonable we're still seeing relatively high valuations that are the effect of what happened in 2021, when the market went completely nuts, and so the answer is, you know, be judicious, be reasonable, be middle of the road and you're going to do well >> eric, thank you for joining us.

>> my pleasure here's where we stand right now in the market, down 153 or so on the dow. the s&p 500 down now 8%. we have taken a leg lower here as far as what's weighing on the nasdaq, tesla, apple, microsoft down today as far as what's weighing on the s&p. tesla is really the big drag there. amazon, too. industrials and financials are weak as well up next, the big picture on how much earnings are being impacted by the increasing headwind of a stronger dollar. and you with follow "closing bell" on the go. we'll be right back.

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today it's all about currencies for corporate america right now, it is headache number one. ibm, lots of progress from the spin-off, but revenues would have been 9% higher if not for a strong dollarer. they had double-digit growth taking out currencies in allee ography, and all three segments. i spoke to arvind krishna about the quarter, he says farce the issues, number one is currency u. currency, then russia, then inflation. this will surely be a problem next week. watch out for coke on tuesday, microsoft, alphabet, meta and apple later in the week. the big sure is that the dollar

is getting stronger by the day the japanese yen is now so week it's 15 past of level of the dollar the japanese finance minister is threatening to intervene again japan has already had to step into the market to curb the currency's decline, which makes it much more expensive to import oil and everything else. unless we see more coordinated efforts, other countries join in, it will be hard to stop the surging dollar, and janet yellen basically ruled it out in our interview last week. by the way, the dollar just turned higher on the session, perhaps one reason, stocks are heading south. up next, tesla shares are tumbling an analyst who just cut his estimate will join us, that story, plus at&t's big rally, a bullish call on athleisure, when we talk you

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be ready for any market with a liquid etf. get in and out with dia. ♪ we are now in the "closing bell" market zone. mike santoli here to break down the crucial moments of the trading day. plus our guests. we'll keick it off with the broader market the dow had been up this morning, almost 400 points, lost those gains. right now we've been hovering done 100 points or so. mike santoli, there are still some areas working what's your read so far on earnings it does feel like the news is better fundamentally than we expected. >> yeah, i think the news has

been, in general, reassuring or not incremental reason to be concerned. that said, i think you had a bit of a mixed bag the regional banks have not taken it very well the industrial health care roll-up also down a bit. it's mixed i think next week we'll get the critical mass of records that will give you the full narrative, but to me it really gets repetitive, and monotonous, but it's the ten-year treasury yields stretching to new highs that yield move does look extended it's hard to anticipate, as long as it's going on, the equity market stays in check, even though we're not selling off much where we are a few days ago.

>> i gel people have been saying that it can't get more hawkish. >> look, this is the way markets do they overshoot, they blow off, you know, people feel as if i'm not going to -- i lose patience trying to wait for the turn. ultimately it will, but we don't know at what level. tesla with a mixed quarter will better than expected profit, not enough to offset disappointing quarterly revenue, let's bring in vijay he just cut the price target to 330 from 370, but kept a buy rating why? >> yeah, thanks for having me on, sara i think from a fundamental perspective, it's on track where they had some headwinds was on the side, coming in lighter. that's relative -- because they had some issues, but the product side continues to do well, but the stock has lagged primarily

because of the special i had temperature. it's a consumer-facing item. a consumer is very stressed, you know, and that's what's been affecting the stock. concerns on europe slowing u.s., and that's what's affecting the stock, but they seem to be doing well the commodities were stellar, you know, better than any profit margin we look at the typical leg jays of a gm or toyota. they're ahead of all of those guys just a bad one in terms of macros, rates are going up, and the consumer-facing business there, sara. >> what did you make of elon musk's tone and comments on the call >> i would say definitely a tightrope to walk there.

he has the whole m&a going on, and in terms of production that's ramping, but so for china and europe. >> >> that's right then you have, in europe as well, things are slowing down a bit, on the macro energy crisis, so there's a number of challenges, but i would say execution-wise, credit is solid across, in terms of margins, free cash flow, you know, ramping very well. so decision-wise, it's good, but just the backdrop is not constructive >> it's interesting that a lot of you guys did not downgrade the stock. my final question, the issues phase -- is it macro related, or

something specific here you can point to >> i think they definitely pointed on you not having an issue in terms of distribution points that's been the real drawback. production-wise, they're hitting all the production number. they may come in lighter, but because of the -- the year, in geography, there's no covid, and -- but overall, excuse i would say didn't -- it's more on the shipping, and as you noted, a broader macro challenges there. >> thank you very much good to hear from you. let's go to american airlines, both sun pressure thank to what we've been seeing

it will be up sharply because of new labor agreements and you werier on "squawk box," american's ceo listen >> we're back 90% of where we were in 2019, that tells you we have not grown as much as the economy. and they're traveling in different ways, treating themselves differently i think that's not just now, but into the future, but also if there is any type of stagnation to the economy as well phil lebeau joins us a strong travel demand will hold, but the economy continue to say slow, what are you hearing? >> well, look, let's be clear, if we go into a recession in the u.s. and other rougens around

the world we know the fourth quarter will be strong, there's already some insight into january and february it's a bit out for february, but they're already seeing what the booking trends are looking like, and remember, the first quarter is when you typically see the slowest numbers until you get into margins and spring bra ec at this point we're not seeing the consumer slowing down. >> no, certainly not hearing it, either, from them. thank you very much, phil lebeau at&t surging today the telecom company rallying after beating top and bottom estimates. wireless revenue was a highlight, up more than 5%, but

at&t's ceo warning prolonged inflation does remain a concern. >> that's not healthy for this economy, and i'm still concerned about that and there's pressure on those individuals who maybe aren't as flush with catch >> mike? >> certainly results that were better than this could have been pretty much across the board, in terms of some market share gains, thing like that i understand why the company would be concerned with inflation and the overall customer's spending basket wireless communications is not necessarily something with sustainable. i can remember in the global financial crisis, they were

running out of the creditworthy postpaid wireless subscribers, we're nowhere near that, but clearly they would like for an economy that diplomat have prices of everything else going up >> i just don't understand where wire leave, i was looking at verizon andmobile. does it mean that they're st starting make a market play? >> they come from one another, it comes from smaller compe competitors. i do have a certain number -- listen, i know your kids aren't there yet, but every 11-year-old is getting a new phone and everyone has one until the day they die, but i think it's about, instead of sloshing around market share among the big three. thank goodness we're not dealing

with that yet, but 11 does son young. oppenheimer upgrading dick's to outperform. oppenheimer also reiterating underarmour, lululemon, nike -- the analyst behind the call is joining us why do you think there's an opportunity here this space has not been in particular favor lately. >> i think that's a part of why i'm getting more bullish the sentiment i think is overly bullish. -- bearish the consumer is holding up well. you know, that report -- nike was very clear, as well as these other companies. consumer demand is very solid. so the call we are making today, yes, things look good.

consumer demapped may not be the problem, brian, but didn't we learn from nike, there's other big problems inventory, the strong dollar, the promotional environment we're now finding ourselves in, with all this supply coming back online >> i think that's an interesting point. that's what nike said. it said -- the reporter have said this as well. what that means, the products

are flowing, multiple orders now hitting the united states. there's excess inventory now i think it will be a relatively short-term issue, but on the other side of this, what this means is for a long time now, we've had heard the companies not being able to sabrate the demand that product is flowing now, so i think this is actually a positive. >> why -- why do other people not like it so much? that was the other big call. >> dick's is what we call a battleground stock it clearly benefited through the pandemic, you know, as people were taking up activities that they were not spending elsewhere. so i watched this business there's a lot of skepticism. i believe that dick's today is a much better-run company.

they're merchandised better, higher end, and i think another big positive going back to nike is dick's relationship with nike is now stronger. dick's is a preferred partner for nike you know, it's pulled out of a lot of retailer, so it gives dick's another advantage the valuation is very much in favor. big call today, upgrading to outperform, brian nagel, thank you very much. also he isn't seeing big cracks in terms of the overall economy. mike, a lot of 52-week lows today. they're all trading at some new lows what are you seeing in the internals? >> pretty sluggish i wouldn't say a washout, but just kind of churning lower. started out about 70% to the

positive size. you see it here just ticking it positive here, but look at gold. basically making a new low still hasn't gotten rid of the up trend >> as we head into the close, not a catastrophic sell-off here by any means nothing extreme like we have seen lately, but still firmly higher for the weeks home depot, caterpillar are the biggest drags. there's the s&p down on the consumer discretionary note, tesla's big decline is

certainly dragging down that sector you're also seeing some weakness whirlpool, tractor supply, the nasdaq down. as we continue to watch bonds sell off that's it for me on "closing bell." i'll see you next week now "overtime" with scott wapner. >> sara, thank you very much welcome to "overtime." you just heard the bells we are just getting started from post 9 here at the new york stock exchange snap earnings, less than five minutes away we'll have the report and the stock move, can be pretty volatile investors are certainly hoping the worst is over. we begin with our talk of the take and another cooling off of stocks stop me if