and tie in the hottest days of washington summers i have all the sympathy in the world for senator federman >> when we went into the capital i couldn't wear a sleeveless outfit i wonder if that still applies or not. >> times are changing. >> sorry about being an old fudd dy dud dy. welcome to closing bell i'm mike santoli in for scott wapner less than 24 hours before the fed decision as wall street debates whether the consumer and economy can handle what the bond markets are throwing at them major indexes up from midday lows you see the dow down .5%, the s&p 500 down .75%. 5.1 for the two year note.

and instacart shares are popping on the first day of trade but many looking ahead to the next ipo set to price in overtime tonight. we'll have those details coming up first our talk of the tape how resilient is this economy and what's at stake when the fed updates the policy outlook tomorrow afternoon here to answer that, dan greenhouse from soulless alternative asset management good to see you. >> thank you, sir. >> do you think that's the right question here? a lot of agreement on what the decision is going to be but the tone, outlook, whether they can build in expectations of a soft landing we can believe. >> i don't think there's a tremendous amount riding on this, we know they're not going to raise zbbest and rates, they pretty much telegraphed that. next year, they said 100 rates cut, so do they ramp that up or

scale that back on the idea it's going to take longer to get started on the rate cuts that's the interesting conversation tomorrow. >> in terms of what the market is contending with it's funny, back to july, we have the friendly inflation print and almost immediately oil rips higher and complicates the story on that front. and then we get this really reassuring gdp tracking numbers, everything looks strong, the economy won't quit and suddenly the market itself registering doubt we can power through this in terms of the consumer, cyclicals looking weak, retailers can't catch a bid what do you think the market is worried about? >> energy is a big component look at the xrt performing poorly even though some of the largest names are doing well like casey but retailers in general having troubling. i think a lot has to do with what's going on with gasoline prices i don't think people look at gasoline prices the way they do

stock prices, $3.80, $3.85 a gallon is the highest of the mod h modern era and consumers have to deal with that while making student loan payments and all that. it's not just the inflation print, the demand story has been global very strong it's been strong in the united states, in europe, and believe it north for a lot of people it's strong in china what's driving oil demand is not just the industrial activity in china it's transportation. as long as everyone is flying and shipping goods around the world, there's the demand side and the supply side you have the saudi cuts, et cetera, et cetera so you have the two pronged cut behind energy prices >> it is backing off today taking a breather. it is interesting that you have

had this upturn in enthusiasm for energy as a long term story. >> price drives sentiment. >> you say 380 is the highest on a per gallon national average. that's true. but nine years ago, the economy was smaller, wages lower, but it changes the equation how it can be absorbed. >> cars get more miles to the gallon the economy, as a whole, consumes -- consumers in general but the economy as a hole consumes less energy today than we did three years, five yearyears, et cetera et cetera. so it might not have the damaging effects the 1970s would have and a lot of people are talking about the '70s on a percentage basis, the move in oil in the '70s dwarves anything we've seen today. $90, $95 brent is not nothing. $3.80 a gallon is not nothing.

looking at fourth quarter gdp can, which is getting revised down a lot is on the back of consumer spending which is probably going to take a hit, not as large as people expect but it'll take a hit. >> you see holiday spending intentions have e rroded to a fi degree big picture what the market has been undergoing in the last six or eight weeks it seems kind of tex textbook almost too much, august comes along we have to have a shakeout and down side test and choppiness and it's continuing to september but it's low intensity, there's not a lot of panic. >> the vix. >> exactly it seems like a slow bleed or low volume maybe just kind of reconciling of share prices with the uncertainty of the underlying economy where does it lead >> two things. one about the low selloff if you

will there were a lot of people that came into the month that said sure this is a poor period of time for the market but when the market is up strong. >> yeah to finish your point september has not been as bed. >> as bad when the rest of the year is up a lot of this is dating mining. >> sure. >> but the second point about the textbook argument, this feels and looks akin to the '06, '07 period, the last time you had yields up this level, late in the fed tightening cycle, et cetera et cetera there's more to it we won't bore the viewers but feels more like the equity markets made highs, continuing to tighten. you were tightening in the credit markets until the summer of '07, the equity market peaked in fall of '07 i still come down in the camp that like you can't -- the fed

is going to win. the fed is going to win. they always win. they're probably going to make a mistake. the idea of the soft landing has gained steamed, but at the end of the day, i think those economic and market truisms, so to speak, exist for a reason and i imagine the cycle will be no different. >> let's bring in malcolm and victoria to talk more about what the fed winning might look like and what fighting the fed even looks like right now given the fact they have been on hold and, in fact, it seems like inflation is moving in their direction so i'll start with you, victoria, what do you think is at stake when it comes to the fed and what the markets have already priced in? >>i think as far as this week goes, the market is anticipating no move i think that's what we agree is going to happen as you were talking a moment ago, it's the dot plot, especially those 2024 dots that

i think are going to be key and the market could be surprised here i wouldn't expect anything more than having the freight move up a little bit higher in 2024 closer to that 5.6% fed fund peak we saw. that moved up in june and i would expect to see the 2024 dot come closer to that. meaning they're pricing out rate cuts in 2024 i don't think they did all the work over the last 18 months in order to quickly turn around, start cutting rates, add to de demand, the inflation pressures that are there so i think the market may get a little bit of a surprise depending on how much to use the dot but otherwise they are walking a tight rope here and i think they're doing a decent job at this point in time if they continue to be hawkish and say we're going to push until we get down to 2%, i think that's when the market might rebel a little bit. >> malcolm, historically the

first rate cut of a cycle is not something that tends to be bullish, there are exceptions but not the most bullish for markets because that means the market has not gone as well in the economy or the fed has gone too far. do you think the market is indeed sitting here, hoping and praying and expecting those rate cuts to come soon and that's the reason for the bull case. >> not hoping. i think the market is expecting that cut is going to come soon because the thesis seems to be the fed knows that it went too far. the fed intentionally went too far because it wanted to make it so the markets felt some pain -- the economy i should say felt some pain. so that means they're going to immediately follow that up with rate cuts to know what they did wrong in the first place, which is why it's tough to make the argument about us likely heading for a soft landing i don't understand how we can have the higher for longer scenario that victoria is

talking about, which i agree with, and have a perfect soft landing and the fed tiptoes through the tulips here. i hit the's likely that something breaks beyond the banking crisis we saw simply as a result of the fed staying higher for longer to shake out the excesses that exist in the system. >> clearly something can always kind of blow loose in the system we don't know exactly what's waiting for us but, dan, you know, so far, the idea that you were going to have the so-called immaculate disinflation and a job market that's loosening up without any really direct pain to workers, unemployment staying low you can't disprove it yet. >> you cannot. with the -- listen, i was one of the people who were saying, 13 guys and girls in a room are not going to get this right. >> yeah. >> this is taking longer than

the damage so to speak, is taking longer than i thought this is well trodden ground so we're not going to review it now. but the idea that the fed is going to inflict no pain because it hasn't manifested itself in the labor market is false. any number of kcommentators on cnbc seem to have forgotten the stock market fell 27 points last year so the fed has gotten something for the tightening cycle it just hasn't happened in the labor market i don't think you'll have the immaculate disinflation so to speak. >> the housing market hasn't had an easy time of it. >> of course. >> i'd also point out, dan, you were mentioning the '05, '06, '07 period the lag was enormous the fed stopped in '06 and you had more than a year and the

markets koepept going up >> this is the story, the narrative that now is emerging that a couple of people have been propagating for some time now the idea it always looks like a soft landing before a hard landing that's true. again we mentioned earlier the stock market peaked in october of 2007, spot 15, i'll never forget it, we were in a recession a month and a half later. there wasn't much lead time there. the credit markets gave you more warning. >> that was e no, ma'am louse to some degree. in terms of the markets not sniffing it out ahead of time. >> the market peaked in july of is 1990 you were in had a recession by july. >> yes which sectors seem like they're the place to be, victoria? >> so obviously we do think there's going to be a significant pull back whether

that's mild recession, we can label it whatever we want at the end of the year. so we want to have balanced portfolios, talking to our clients we're trying to find areas we can still be invested in the market because we don't want to be sitting in cash we have to be choosey, though. you were talking about the balances we see in the market right now. you have the recovery sectors like financials underperforming but you have the defensive sectors like utilities under performing as we so i'm not sure it's sector play as it is finding the growth quality names you can have in your portfolio with solid balance sheets and you have to be tract cal trend some names that have done well csx we know transportation costs are going to go up, they were up 3% last week, trim a little bit of that name apowell up 6%, trim a little bit. adobe is a way to platek, it's not cheap but we think there's

good growth potential. master card is another name. find individual names and have balance with fixed income in order to generate that cash flow. >> if you're on accident patrol, where does that take you in terms of what qualifies as relatively defensive or something that has its own resilience to it if. >> . >> yeah, that's a tough one from a traditional standpoint we've seen where tech has been the defensive play we look at the megacap tech names saying that's the safest to hide out but we see a tapering off in that area if you look at an apple, for example, that's started selling off and traded flat since i don't know that we necessarily can rely on the stay in the megacap tech trade to hide out as the defense way we have throughout the beginning of this year i think that you're probably going to have to look to more

fixed income instruments more traditional hedges against downturns going into what could be a mild recession, a little bit of a selloff, maybe a 5 to 10% pullback which i'll point out quickly we are due for since we haven't had a 5% pullback since march and we usually get four or five in the s&p every year. >> we are 3 to 4% from the highs at this point. so we'll see if we can get down there. dan, in talking about fixed income you mentioned the credit markets gave you a little bit more of a warning in the global financial crisis right now that's not an area necessarily sending up alarms. >> no. people look at the high yield market as if it's a stable index over time. it's not we've pushed out maturities, the market is higher quality today than a couple years ago. you have more higher rated

credits than lower rated credits. how much money people have relative to their interest expense is high. there's a story today about leverage loans which are a riskier portion, so to speak, of the high yield market and they're outperforming, something that very few people suggested in the year. but there's little indication in the credit or equity market that something is going wrong we can point to apple under the 50 day, 100 day moving average but broadly speaking where's the indication a recession is forthcoming. looking at jobless claims, this isn't rocket science, they haven't budged. >> see if they do on thursday morning. seems more a tired market than sickly one see if that's the case thank you very much. we want to know how will stocks react to tomorrow's fed decision rally, selloff or no reaction at

all? head to cnbc closing bell at x to vote. kristina partsinevelos is here >> let's start with nio, the worst day since october of last year after the chinese ev maker announced plans to issue a billion dollars worth of convertible bonds to boost the balance sheet with shares down 17% right now in the hour, the stock is negative for the year, down about 12% year-to-date. j.p. morgan is downgrading planet fitness to neutral and cutting the price target to 52 from 70. citing the leaving of the ceo. shares are hitting the lowest level since april 2020 down over 4% and block is lower as well as the ceo of the square unit plans to step down october 2nd founder jack dorsey who leads the overarching company will take up her responsibilities despite the stock's downturn on

the news they believe jack dorsey could quote reinject a zest of brilliance into the brilliance shares are down. we will see. >> up next, instacart making its market debut the stock is popping from the ipo price although it's down from the $42 first trade up 20% on the ipo price gene munster is here with us to tell us whether he thinks the name is priced right and if it could have more room to run. live from the new york stock exchange you're watching "closing bell" on cnbc. ♪ opportunity is using data to create a competitive advantage. ♪ it's raising capital to help companies change the world.

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get way more into what you're into when you stream on the xfinity 10g network. shares of instacart up more than 20% following the highly anticipated debut on the nasdaq. the company opening this the afternoon at $42 a share now trading at lows for the day under 36 does lift to $14 billion, here to discuss is gene munster on the cnbc news line good to talk to you, thanks for calling in. >> hi, mike. >> evaluate this for us we know instacart is a known quality it's been waiting for the ipo window to open up. it's an interesting point in the growth trajectory. what does an investor need to know today >> the first thing to know is

the action we see in the stock today is misleading. this is a well orchestrated pop typical with an ipo working with a float and excitement when you think about the investment case of instacart, block out the fact it's up 20% today and ask the question, what is the growth story? they are positioning themselves as a tech company, what is the growth story they're fundamental business today is delivering groceries. they own that market and the amount has grown since the pandemic it's a great business for them but their unit growth, this is the pressure point, the most important to focus on, has been flat year to date, so the order growth has been flat so this grocery business, even though it seems to be a big opportunity, it isn't yielding the critical metric of order growth their response to that is they

will use an omni channel approach and vector into local great products like their relationship with dick's sports to delivering sporting good items. unfortunately for instacart this is the same playbook that uber enter dash are using instacart's strength is groceries, uber's rides and dash with restaurants the bottom line here is this, the question investors should ask today, do you believe order growth will reaccelerate my view i think it will improve from flat but not as exciting as uber so we do not own instacart at deepwater we own uber. we think uber is the winner. >> a lot of talk around the instacart deal and advertising which is an element of the business but can that be the growth engine or the story that keeps people interested as it

waits for order growth to come back >> it's a piece of it but it's not the pressure point it's not the central piece it's similar to amazon and their advertising business, an exciting part of it but the most important metric is aws. so in the case of instacart, i think investors are going to center on that order growth number even if the advertising business was -- say it was a surprise to the upside it probably will right out of the gate as an ipo is well designed say the next few quarters, ultimately i think the investors are going to reweight back to that order growth because if ad business doesn't scale until you have improving order growth. that's the central question. >> if you feel as if -- first of all, it's not any kind of winner take all business, plenty of competition and it's somewhat undifferentiated if uber and

door dash are coming in from different angles why do you prefer uber >> valuation is one. the best way to think about the valuation is free cash flow. instacart trading at 30 times next year, uber and dash about 20 times so there is an advantage there but the substance is the size related to uber, that flywheel, reaching into this concept of building a flywheel, it's better suited to scale versus where instacart is at. instacart wants to scale their orders outdsside of groceries, that makes sense but they'll be going head to head the difficulty is scale profitability. how long did it take uber to get here only earn $1 next year, it's not much but that's a positive sign relative to the expenses and the

investment they made the last seven years. >> appreciate your perspective on this. i have instacart there up to $35 from the $31 ipo price, down from $42 first trade. don't miss an interview with the instacart founder that's tomorrow morning at 7:30 a.m. eastern time. up next, chris hyzy is flagging the two sectors he's betting on he will make his case after this break. and cnbc celebrates hispanic heritage we're sharing stories of business leaders with you here is the four season's hotel and resort president and ceo. >> to me it's important to celebrate the hispanic heritage month because ultimately diversity matters and matters a lot. this cannot be the flavor of the month. ultimately it's something that we have to do on a daily basis and we, as leaders, have

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stocks sliding a bit this afternoon as investors await the fed decision today the next guest is finding opportunity in two figures despite entering a weak trading period joining me is chris hyzy from bank of america. good to see you. certainly the seasonal twitchness of the market has borne out in august and september but not that bad do you expect things to get tougher before they get better in. >> when you look at the vix index that's what you're referring to also, volatility in

general even on an implied basis towards the lows in june and july so not a lot of positioning going on, changing on the institutional side or private side of the business what is absolutely important to note, even though this market, where the magnificent seven have about three quarters of the return for the entire s&p up to the first week of september, there's another 100 stocks behind that that were also up on average about 32%, in other words almost two times the market's overall return. so it's a little bit broader than people think and the market is resilient because of earnings it pushes all the other narratives and stories to the side for now for what it's worth, i think positioning is going to be the same between now and the end of the year a lot of chop and grind. >> so, yeah, a good point on earnings you can kind of boil it down to the simplest form and say

earnings are probably seeing their worst year over year performance. now on the way higher. and then it gets to the valuation question in what you pay in a world of somewhat higher bond yields and when there are other alternatives i guess when we feel as if we're in a late cycle phase, whether that proves to be the case or not. >> that's a great point. i think it's important to segment the market in terms of its market multiple in general, try to figure out where the higher premiums are coming from. we know where they are, the megatech space dominating the overall s&p when you think about the s&p's valuation, segment that further and go into different stratifications within the market and things are reasonably valued there are some parts that need the expansion to take hold, obviously the cyclicals need the tailwinds to come again ap slowing china, europe rigid in its growth right now and growing slower and a wait and see in the united states, it's going to be

hard to see the cyclicals any time soon, catch that tailwind of an expansion coming but there's a good portion within the market, health care and energy providing that free cash flow, some dividend yield, some elements of growth i don't want to say hide out there because that's not what we do, but have an emphasis in those two sectors at least for the intermediate term. >> you mentioned the free cash flow with commodity prices where they are, that's going to be supported. is that the main reason or is it a larger call on either rare oil prices we'll get to or whether demand ramps up from here? >> great point again it's more about the free cash flow it's more about where is the earnings moment in the market? even with the oil prices where they are right now, if they were to fall from there say you get demand destruction maybe supply comes up a little bit, we get caught by surprise

from opec plus the free cash flow being generated in that sector due to years and years and years of under utilized cap x is providing that investment thesis right now and it's not going to go away whether it's $75 oil or 95 or 105. that thesis is still there. >> we're obviously monitoring the fed and what it says and means as to what it's done with the tightening campaign. maybe it has one left, maybe it's going to cut if things go a certain way next year. but all central banks seem to be at a moment what they're going to do tightening wise. you mentioned europe seems stuck economically but are there other opportunities elsewhere or is the u.s. the better choice >> i think a lot of people were looking for a weaker dollar headed into this year. the u.s. is the first to hike, would be the first to cut and that would shift from a stronger dollar bias to a weaker dollar

bias as interest began to change that didn't materialize for so many reasons the contribution into the nonu.s. buyer into the treasury buyer, that shifted to the household. look at the gdp u.s. treasury ownership in the united states is a 25 year high for the household. look at non-u.s. economies have less flexibility and innovation overall and very few tailwinds on a go forward basis. it does not surprise me at all why there's still a home country bias and we continue to favor the u.s. the longer-term story, emerging markets starting to wean off the dollar cycle is an interesting type of proposition. and i'd watch that closely for those significantly underweight in the emerging markets and want to invest in the next few years. >> when you mentioned the heavy

ownership is that a rational choice right now we have solidly positive real yields on longer-term debt so you're kind of getting paid to own them but is it the right call >> i think one of the sharpest contrasts that we've seen the last year and a half is the fact we've gone from negative real yields to positive real yields quickly and even though the patience with the fed and what the fed is going to do, not do, we think the fed is on hold in september and then a live meeting in november. but overall, what is rational? investors will go, usually, to the greatest risk adjusted return over time and that's what we've seen over time the treasury market continues to provide that comfort, that level of yield while people look for new catalysts and for what it's worth, we like to think about bond ladders here. why? because as the yield curve is going to normalize itself, the reinvestment risk is real. even though it's comfortable

being at the shorter end of the curve right now, as we move to the early cycle and the fed begins to cut, we can can argue and debate when that is, the risk starts to rise significantly. so thinking about more bond lad -- ladder strategies as elementary as that sounds. >> chris, thanks very much, appreciate it. >> thanks, mike. up next breaking down the move lower in intel. that stock is up 5%. kristina partsinevelos is here with the details. you just gave my answer away but what does tyler swift, push ups, and personal computers all have in common intel's latest innovation event. i'll explain all of that next.

18 minutes until the closing bell shares of intel are lower as the company hosts its innovation event. kristina partsinevelos is back with the details. >> who knew the ceo was into taylor swift he democnstrated a laptop that could generate a taylor swift like song. the point of the demonstration was to show how a.i. comes to

personal computers without relying on the cloud the intel core processors would be available in pcs as of december 14th. he claims they're the most power efficient chips yet and are the first of three editions to come this year, 2024 and then 2025. no chip performance details just yet but the company promises improvements in graphics and a.i. performance the question for investors as well as the consumers, are the chips more efficient than ap apple's? but the shares are down today could be due to the lack of detail of the foundry. or it could be much of the products were expected by investors so it became a sell the news kind of event similar to amd at its event in july shares are falling further, almost 5% lower right now. >> of course set up by about a

40% gain year-to-date, therefore ripe for sell the news perhaps thanks so much don't miss pat gelsinger on overtime in the next hour. last chance to weigh in on the x question of the day, how will stocks react to tomorrow's fed decision will they rally, sell off or have no reaction head to@cnbc closing bell on x we'll bring you the results after this break

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mccarthy and a sign that getting out of the government shutdown at this point might be quite difficult. a bill to fund the department of defense was expected to come to the floor, this was a procedural vote to move forward to it mccarthy was going to bring it up last week, pulled it and put it on the vote and dared members to vote against, and five did. that's all that's needed the procedure rule has gone down remember earlier today they were going to vote on another procedural motion to move to the stop gap continuing resolution to keep the government funded until the end of next month. that's off the table although a number of members are huddling in one of the offices trying to hash out potential agreements on how this can get done. one amendment we heard is to put the funding lower. currently republicans were looking at an 8% deduction in some domestic programs that didn't deal with military or

veterans and now they're looking for a lower amount than that they want to get the government back to the spending level before the pandemic but it's a big question on what's going to happen here. >> one among many big questions, seems like the fight before the real fight emily, thank you so much for the update. let's get to the results of our question of the day. we asked how will stocks reaction to the fed decision rally, sell off or no reaction rally was the winner 44% think we'll go higher. up next, disney shares dropping what's sending that name lower what it might mean for the media giant in the long term that and more when we take you inside the market zone (sirens) [due at target in 5!] copy that. make a hard left down the alley. network's got you covered. [please confirm requesting back-up.] -changing route. -go.

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e*trade from morgan stanley we are now in the closing bell market zone julia boorstin shares the highlights from if disney's investor summer, kate rogers what's behind the starbucks selloff and what's the next highly anticipated ipo julia, disney shares not taking it well the message that management delivered about plans. >> disney shares dropping on news the company is dropping the expenditures on parks to $60 billion over the next decade outlining room for expansion on land and sea saying they have over 1,000 acres of land for

possible future development, the equivalent of seven new disneylands and see a market of 700 million additional people who want to visit the parks beyond the 100 million that want to visit annually. bob iger is addressing concerns saying this morning, quote, the company is able to absorb those costs and continue to grow the bottom line and look expansively at how we return valuable and capital to our shareholders. you see disney shares down 3.5% going into the close. >> it seems across the businesses, what before was considered to be a sure thing in terms of returns on these investments, theme park, cap x, a marvel movie at the box office or sports rights for sespn, now there's question marks about the payoff from all of them. >> yes

but what's interesting is looking how the parks fit in the broader part of the ip, and how the company has been able to take content from the film studio or disney plus and then bring it to the parks and use all of that to really feed this flywheel it seems to be that's what iger is focussing on as he says maybe we're willing to get rid of abc and the networks that don't fit into that story. >> they were not the franchises. he's going with that formula thank you, julia starbucks, what's happening there, kate? >> as you said lower today on a down grade from out perform to market perform on concerns about its business in china, the coffee giant's second home market we like the long term story but move to the sidelines as we monitor china macro and competitive dynamics pointing to the pressures in china. saying it was pleased with the company's performance in china in june but has concerns the

headwinds are set to increase in the market rather than ease up last quarter, sales increased 46% as the company released lockdowns from the year prior. it comes as starbucks announced the opening of the china coffee innovation park. an hour from shanghai. this is the largest investment in a manufacturing and distribution center outside of the u.s. and $220 million in total. the center is to support the goal to reach 9,000 locations in china by 2025. it has about 6,500 today, so an important market but the market lower by 1.5%. >> a fascinating side by side given the fact the downgrade is premisesed to some degree on starbucks being weaker in china. at the same time, starbucks believes that the long term story in terms of getting consumption higher in china and sort of getting thicker on the

ground there is the way to go. >> that's certainly true i think it's also about continuing to introduce and reintroduce the chinese consumer to the coffee product. we got a look at the letter that starbucks' ceo sent saying the china market is 12 cups of coffee a year compared to thousands here >> as we see starbucks shares down >> ipo market passes another test with instacart, although the stock trading lower from the opening print, leslie. >> yes, it's facing pressure in the latter part of the trading day. the shares are down about 20% from the opening print of $42 per share but still up from the $30 ipo price. this can happen when investors who acquire the stock at the ipo

allocation or after it stopped trading flip the shares. it doesn't help that arm, the chip designer is down again today. it makes a somewhat skeptical case that the ipo window is open instacart and arm priced at the high end of the ranges, marketing automation platform clavio is expected above the range when it prices shortly but the demand seems more modest, at least more modest many were expecting ghiiven the demand tht was communicated during the road shows. >> the question is, if there is some distinction with instacart and arm you had motivated sellers felt they were overdue getting liquid on the investments. is it different from clavio

being an open ended growth story? >> probably. arm was priced over 100 times earnings so people looked at that, that's double what the peers were priced at. instacart, investors were concerned about the mote surrounding the business given the dynamic with grocers and creating their own digital platforms and systems just the overallgrowth picture from here now klayvio people look at that and say, this is a profitable business, one that is growing but it's expensive at least relative to ipos in history. i want's not necessarily something if you're looking purely on valuatoin people say we're getting an amazing deal here. >> we'll see how forgiving the market is on this one. as we head to close, the s&p 500 not far from the highs for the

day down about .2% down about 80 basis points earlier oil prices have backed off a little bit from the recent highs but crude is up about a quarter of 1% as we head into fed day tomorrow under that 4450 level on the s&p 500 that's going to do it for "closing bell. send it to overtime with morgan and jonathan a down day for stocks, the fomc meets that's the score card on wall street but the action is getting started i'm morgan brennan. >> and i'm jon fortt joining you today from intel's innovation event in san jose. we'll speak with intel's ceo pat gelsinger in a few moments about the company's a.i. plans, and innovation efforts a