in cash. fairly values, 22 times forward, 80% growth this is one that we'll take a flier on >> you're surprising me. great to have you. thanks for your time >> quite the mix of stocks levi strauss, hims and hers. >> and a g-7 statement on israel as well. saying they support their actions to defend themselves keep an eye on that. >> thank you for watching "power lunch," everybody. >> thank you for being here. "closing bell" starts right now. welcome to "closing bell." i'm scott wapner live from post nine at the new york stock exchange we begin with the outlook for stocks that jobs report looming amid a pickup in volatility this week we'll ask our experts what it means for your money let's check the scorecard with 60 minutes to go in regulation, pretty much how the picture has been all day it does bolster the case for a soft landing, but it could also mean potential for smaller rate cuts more on that in a minute oil higher today amid the

escalation in the middle east. it's been higher this week, another 5% today nvidia is today, as ceo jen-hsun huang told overtime yesterday demand for its chips remains, quote, insane. not so much in terms of demand, levi's, the company missing on its revenue. they cut its outlook, the stock under severe pressure today. the road ahead for this market let's welcome in cameron dawson, joe terranova, ellen zetner, they're all with me, as you can tell now, from post nine welcome, everybody cameron, we had a lot thrown at us this week the market has been pretty r resi resilient. if it was down more, you could say i understand that, given the tensions in the middle east, the port strike. what's your view >> you add on top of that seasonality. we're in this tougher seasonal stretch, just because it didn't result in a lot of weak markets in september doesn't mean we're

out of the woods for october we know typically going into an election that is what we get the one thing to watch is that with oil prices moving higher and potentially adding to inflation, that is one thing that could catch the fed dead in its tracks for the cutting cycle. i think that's why markets are reacting to higher oil prices today. in a negative way. now, it's a big question of does that actually filter through, through higher inflation >> the big reason, joe, some say the market is brushing all this stuff off and treating it as noise for now is because the fed's cutting, and the economy is pretty good and we got more evidence of that today, as i said, with ism services is that how you see it >> we're clearly in a secular global market. the percentage of global central banks that their last action was a rate cut was 65% we haven't seen that since october of 2020. yes, there are signs in the eco data that the consumer, maybe

they just pause their spending intentions over the summer it seems as though it's reaccelerating i think ultimately, you have some election angst. once we get past that, you get clarity surrounding the election on the other side, you're ultimately making a return to business investment once again and consumer spending. but unfortunately, geopolitics has control of the near term price action right now it's lifted the vix above 20 and it's all about energy right now. you have the xle, 16 million shares so far today. it's the leading sector out of the 11 major s&p sectors and there's far more room for oil to run. from a positioning perspective it's bearish sentiment is skeptical >> the real question is, to what degree is the market going to be disappointed by the size and speed of rate cuts it goes to what the chair of the federal reserve, jay powell, told ellen, the same one sitting on our set today, by the way,

that they're in no hurry listen >> this is not a committee that feels like it's in a hurry to cut rates quickly. if the economy performs as expected, that would mean two more cuts this year. a total of 15 more >> you have the goods from the fed chair. who sort of dialed back everybody's expectations were you surprised at all that that was the answer he had >> i think when you look at the data that the fed has in hand since their september meeting, these benchmark revisions to gdp and gdi gross domestic income, were significant, andespeciall gdi being revised up you have higher corporate profits, lower labor costs than we thought, higher incomes than we thought, greater spending, and the savings rate is still high even higher than we thought. that cushion is still there. so as he put it in that appearance on monday, it gives him more confidence that the labor market won't weaken so much that they have to speed up.

that doesn't mean that there's not a low bar for going 50, and i think you have that employment report coming during blackout. that's the meeting where the employment report could look muddy if the strikes last long enough having ample room to cut, the chair's own word, ample, means 50 is not that big a deal if the unemployment rate rises and their feel they need to continue with 50s >> ellen laid out the case as to why the bull market to many remains firmly in tact ryan dietrick, s&p 500 up five months in a row, looking at the previous 29 times it did that shows stocks were higher a year later 28 of 29 times >> it boils down to something simple, profits drive price. as long as you're seeing the 12's month forward earnings estimate continue to lift as we have over the last two years, this market can shake off a lot of headwinds just think, the market was pricing in six cuts at the beginning of the year. it got all the way down to one

cut, and yet the market still rallied. the reason why is because profit forecasts kept going up. as long as to ellen's point you're continuing to see this ecpectation for better economic growth leading to profits this is a market that can continue to shake off headwinds. >> you made the case without saying it explicitly, the broadening of the market should continue theoretically >> that supports broadening of the market, and productivity drives profits at the end of the day. the restated data, they're making policy based on the current landscape of data and all of a sudden the data changes and it turns out the data on income and corporate profits was just much better than we thought and much better picture. >> joe >> yeah, i think the broadening, as you know, scott, i still want to stay high up in the equity size class i want the large caps, i want midcaps. there's something that troubles me about the price action in the wake of the federal reserve announcement that was that the russell was a sell the news moment

the high for the russell was basically at 215 on september 18th, the afternoon of the fed announcement and cameron mentioned treasury yields it's important to understand treasury yields. ten-year got to 359, and sell the news moment for treasuries because yields are lifting higher so i just don't think the evidence is there just yet where you say okay, the broadening is going to happen and i'm going to trade down into small caps >> look at the y yields are going up maybe it's because of what the fed chair in part told ellen, but the other side of that could be she just listed off all the good things in the economy, and we have more evident of that today. maybe rates are going up for the right reason, which is why you would get the broadening and even down the smaller size of the cap space. >> ten-year yields tend to be correlated with economic surprises. and economic data has been coming in better than expected, and thus economic surprises moving higher, which is why we think that you have seen this move higher in the ten-year.

we're at a very critical juncture we have seen it push right up to its 50-day moving average. if it gets through that, you could be targeting something like 4.10 on the ten-year, unless we forget how it reacted in 2023. that was a source of volatility as yields rose, mostly for small caps >> yields were going up then because there were, you know, the fed was still hiking or rates were still high. now, how do you view what rates are doing since the fed cut? some of the economic data that's come in has been stronger than expected >> i think the market is taking that into account and reversing out some of the fed path that was priced in. so the moment the fed even communicates it might start cutting, the market prices in the entire path. i think especially when the fed starts at 50, the risk was always that 50 is the new 25 and you extrapolate that forward then as the data comes in and it's better than expected, you

have to give back some of that the fed is going tobe cutting buzz they don't have to get as far as the market initially priced in. >> are we good, joe, if we just get 50 basis points in total between now and the end of the year is tat fine? >> without question, as long as we continue to have the growth and profits, and we have strong guidance, in particular from the technology sector and the ai adjacent names i think that's the obstacle for the market the comps will be very difficult for that industry as we move through the back half of october. that's going to be a challenging environment. they're going to have to exceed a very high bar. >> you think the bar is still as high you could make the argument as some have tried do that the edge, if you will, has been taken off some of the mega cap stocks because performance hasn't been great in the last quarter. so maybe the bar isn't quite as high as it was if all these stocks had just kept on running right into earnings this time around >> i don't know that i necessarily agree with that because i think what you have

seen is more rotational in the quarter. you have seen alphabet struggle. on the other side, you have seen meta and apple perform remarkably well. when nvidia has had that significant corrective behavior, it's recovered very nicely so no, i still think it's a moment where the semi-conductors, the nvidias, they really have to step forward. they have to, as they did yesterday on the network, just hearing that word insane, think about that insane that's the demand. right? >> i feel like haven't we proven it out that they don't have to step forward for the market to do okay? we hit new highs without those stocks carrying the load i mean, the equal weight s&p was up 8% in the third quarter market weight cap was up 5 the market proved to some degree it could do okay without mega caps driving the train every single day >> such an important point because they became such a high

portion of the index that the strength in areas like you have seen in utilities which are now extraordinarily overbought has been enough to be able to offset the weakness or at least the lack of strength in leadership within tech. now, we do think tech needs to play ball for this market to continue to press to new heights, just because it's such a large weight, and the real test is can tech break above its september high because the september high, if it doesn't, then it's starting to carve out a little more of a down trend we would watch that level very closely. >> how do you see that >> look, i think it should be a no-brainer why strength is broadening out because the fed is cutting interest rates at a time when the economy is fine. how many of us have experience in a cycle where the fed is cutting interest rates because they just need to normalize, real rates don't need to be that high >> they don't make sense where they are >> we haven't even begun to see the full impact on the economy the impact was lagged on the way up it's going to be lagged on the way down

money market funds extend out so the yields have not come down yet, and they will, and you'll see outflows we're still seeing inflows to money market funds where does that money go then the low income consumer that is relying on credit card rates to come down, right, that moves with the fed, not in anticipation of the fed, as other interest rates do. so we're not seeing a lot of the impact yet, which will be positive >> some say the money that you suggest is going to come out of money market accounts, which it very well might, is going to go into credit. and that valuations are very rich now in equities and already expectant of what's to come. >> well, and that would be your case for investment grade corporate credit continues to do very well here, and private credit, because folks that were in money market funds are still going to be the ones that want safe investments for that money. >> private credit is an interesting area you still think there is a lot of runway amidst the debate of

whether that whole space now has become a bubble because the amount of money that's flown into it over the last few years? >> we still think there's still room sullivan released a note about private credit, picking apollo and kkr out of the bunch, and then a week later, apollo makes the announcement with citigroup that they're partnering up i think you'll see more of that. >> you. >> we think there's two things to watch with private credit the first is spreads are starting to come in. because there's been so many inflows you have seen spreads compress mostly in the sale low market watch leverage levels. if they start to tick up, that's where we start to get more concerned. what we are hearing from private credit players is as they're seeing interest expense come down for their companies, their companies are talking about reinvesting in their businesses and potentially returning to hiring that's the whole point of broad financial conditions credit spreads come in, interest rates come down. companies can reinvest let's see if that actually plays out as we move into '25. >> how are we thinking about

china? this meteoric run in some of these stocks on the stimulus they have done and the likelihood they're going do more now we get a little air out of it today you have tech related names that were up a ton giving a little bit back what about the trade >> as i said the other day in a call with a group of euro adviser, i think you're far more excited in the fall of 2024 than you were in the fall of 2023 about the investment opportunities. because it's broadened so dramatically now, you have chinese policymakers stepping forth with this historic monetary and fiscal stimulus. that lends itself to not only direct support this quote/unquote china trade, but it lifts emerging market conancies. now i'm thinking about em debt which had a strong quarter i am looking at other areas for the first time, and there's a lot of resting capital in india for good reason but there's other places i can turn like latin america, like africa, and those areas i think were forgotten about in the last

year >> how are you thinking about those markets? there is a suggestion that what was one of the hottest trades on the planet, india, will now have assets siphoned toward china instead. how do you view the whole global investing picture? >> i think china may suck the air out of the room. our china economists are still very skeptical on china. yes, you could say on the one hand is this a do whatever it takes moment but then debt levels are crushing there? when we take a sort of longer run view and not tactical view on china, they're providing the wrong stimulus yes, they have stabilized their property market but they're not stimulating their consumer economy. they're creating even more slack in manufacturing and global manufacturing and we're importing that deflation, which makes the fed's job even easier to cut rates >> so speaking of the fed, i'm glad you went there because that's where i want to finish. as we look ahead to tomorrow morni morn and the release of the jobs

report, i wonder if in fact it's a little bit softer number tomorrow if we start thinking okay, well, despite what the fed chair told ellen, maybe 50 basis points is now back on the table and then the market starts to look at that in a more positive way? >> to an extent it's already priced in. meaning if you look at what is in through the end of the year, it's 70 basis points so how much of a surprise would that be? if it's a softer number, it would call into question growth forecasts. we think that's the most important thing for risk assets is rising growth forecasts >> which are going up, which are rising >> which are continuing to rise. if you get data that challenges that, that is a negative for credit, for equity, which are banking on this being such a strong growth environment. >> this market has been hooked on fed stimulus for forever, like 15 years at this point. we have usually been able to digest, well, bad news is good news for the stock market

because the fed is just going to become more engaged, we have convinced ourselves more recently that good news good news, bad news bad news. does that still hold >> i think it holds. the way i think about tomorrow is i'm expecting extreme volatility tomorrow. tomorrow, whether the jobs report suggests, well, maybe it's 50 or it's suggested maybe it's 25, i'm nots going to make too much in terms of making portfolio allocation adjustments. i think the volatility remains in place for two reasons number one, you're in a period where corporate buybacks are not active, and geopolitics is in control. tomorrow is a friday you have geopolitics in control, even if the market wants to feel good about what they hear at 8:30, i'm not so sure if price is going to cooperate. >> the marked is down like a half a percent this week >> it's a running in place moment i'm not suggesting anything

nefarious, but it more runs in place when it probably should be running forward. >> last thought to you on the jobs report? >> looking at the unemployment rate 150 on jobs, great number, all i care about is does the unemployment rate move up? that's determined off the household survey >> good stuff. thanks, everybody. i appreciate the conversation. let's send it to peppa stevens for a closer look at the big moves in energy. >> oil prices are jumping more than 5% as fears grow that oil infrastructure could be impacted by the middle east's escalation. when asked today whether the u.s. would support an israeli strike on iranian oil facilities, president biden said, quote, we are discussing that, before saying there's nothing going to happen today. wti is now up 8% on the week that move is lifting energy stocks which are the top group today. valero and marathon petroleum leading the gains. following by drillered diamondback and apa. the sector is now 5% away from a new all-time high. scott. >> pippa, thank you. pippa stevens.

we're just getting started up next, lo tony is up next. he's going to join us after the break. we're live at the new york stock exchange you're watching "closing bell" on cnbc. (cheerful music) (phone ringing) [narrator] not all multi-millionaires built their wealth the same way, you have... the fearless investor. the type a cpa. the bootstrapper. the bootmaker. yeehaw [narrator] but many do have something in common. we all trust schwab with our wealth. [narrator] thanks to our award-winning service, low costs and transparent advice. every day, over a million multi-millionares trust schwab with more than two trillion dollars of their wealth. what will you do when the power goes out? power outages can be unpredictable and inconvenient, but with a generac home standby generator,

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openaicfo speaking with kate rooney today she joins us with the many highlights hi, kate >> this was on the heels of openai raising $4 billion in debt from all the major investment banks that news came out this morning in addition $6.6 billion in equity announced yesterday brings the total in new liquidity to $10 billion nvidia was one of the new

investors. microsoft doubled down as well soft bank got in on this round sarah fryer, the cfo, talked about the capital intensive nature of their business, comparing it to building out railroad infrastructure. >> next model is going to be an order of magnitude bigger and the next one on and on and so that does make it very capital intensive. it's a really different technology cycle than if you think about the last cycle which was much more bits and bytes a lot cheaper. this is much more like the telephone being brought, dropping cables, electricity going up, the railways you're in that capital intensive cycle. that means for us too, we have to be careful and smart about how we raise money >> she told me earlier that they are not overly worried about profitability or at least profitability for profitability's sake, although she has taken multiple companies public she's the ceo of next door she said not to expect an ipo

for openai soon. >> joining us to discuss, lo toney, welcome to our coast. >> thank you >> good to catch up with you here >> absolutely. >> i think the big takeaway from all this is, very capital intensive. ie, we're going to need to raise more money is that how you're thinking about it >> absolutely, that will be the case that line of credit is clearly just there as a financial backstop i would expect to see another massive financialing round in the next couple years, even with all the growth. i think the hope is things get more efficient as time goes on >> what about profitability? how should we be thinking about that or lack thereof at this point? >> clearly they're not too concerned about profitability at this point there's a few different drivers. the top line revenue growth looks good it's terms of i think they're forecasting about 11 to $12 billion next year, maybe 25, $26

billion in '26 that looks good. what we want to see to your point is the ability for the cost to run the models, train the models, obviously have the people and the staff to decrease over time. they had some defections, and one of those defectors, daria, who went to start anthropic, his big really takeaway from that experience at openai was instead of throwing hardware at the problem, make the models more efficient in terms of their need to use so much cpu power openai has now started to do that i think we'll see that playing out in the years ahead i would not anticipate an ipo anytime soon that was not positioned -- >> doesn't seem like it, that's for sure it's really -- are you, when you're out in the valley, i don't know what surprises you in terms of valuations anymore because you have seen a lot, but the meteoric growth of this company where it was valued even at the beginning of this year to

where it is now, what's your reaction what's your reaction to all that >> it's partially the excitement around ai, which some people might make excitement and change that word to hype. but i think it also just shows the gravitational shift that we're seeing towards first software being incorporated into all these companies as marc andreessen famously said, software will eat the world. that's happened. if every company is a software company, therefore every company is or will be an ai company. i think we're just now starting to see this happen plus, and this is what's a little different this time the fascination on the consumer side because of the success with chatgpt. >> curious your reaction, too, when they say hey, we love your money. nvidia, microsoft, and this, that, and the others, but don't invest in any of our competitors, to which bill gurley, who i'm sure you know, tweeted, that's just inviting money to go to the competition

we have seen this movie before what's your view here of that? >> yeah, i think look, this is what always happens. you have certain investors that will hold steady, remain firm. but then you have other folks that are a little more, you know, kind of want to explore the different opportunities. i think that there's just so much need for money to go to these companies. it's just massively capital intensive, and there are very few players who can write these big checks i don't know how realistic it is, but we'll see. certainly, microsoft is going to remain their financies and futures are tied together. with some of the other players, we'll see. >> there's no indication any of this is slowing down at all. nvidia founder jen-hsun huang was on overtime yesterday for an exclusive interview, and said the following about the demand that they're seeing for their chips. >> blackwell is in full production blackwell is as planned.

and the demand for blackwell is insane everybody wants to have the most, and everybody wants to be first. >> still insane, he says you heard it right from the man himself. i mean, this doesn't appear to be slowing down one bit. how should we take what he says of where demand seems to be relative to the valuation of the company and how we're supposed to positionit whether it's overvalued, whether it still has a huge growth trajectory, how much is in the price, all that stuff? >> all these things i think just indicate that we're going to see a little bit of a reshuffling in the top companies. nvidia catapulted up when you start to look at things, if you look at revenue multiples, nvidia is off the charts but it's a reflection of the insatiable demand that we see for their product. we're going to see more trillion dollar companies, and i think when we look at companies like openai, we're looking at another trillion dollar company.

look, in order for investors to get their return, remember, sam altman famously said, we will likely need $100 billion they're about 20% of the way there. when you think about the multiple that vcs need, we will need to see a $1 trillion, $2 trillion, $3 trillion exit at some point from openai >> when does the floodgate open for ipos wi have had this conversation every time you have been on for the last 18 to 24 months the market is resilient. we have been hitting record highs, yet not many companies are going public where are the ipos >> one ipo that will be a bellwether of course is going to be stroike. that's a company that everyone has been waiting for one of the challenges we have is we had a period in time where the valuations for a lot of these finances were much too high a lot of companies have had to

grow into them fortunately, these companies have the ability to stay private much longer. we have functions like a secondary market that's robust, that will allow for some liquidity for early employees, early investors. reducing the pressure for these companies to rush to the public markets. these companies need to exit at such a high valuation to provide the returns, they need to make sure that everything is lined up perfectly. and given that they don't have a rush because they'll still be able to access capital, still be able to provide liquidity, they are making sure that they have everything in a row before they exit >> good seeing you again l lo toney right here. up next, the miami dolphins in talks to sell a stake in the team to a private equity firm. a big first in the nfl the details from mark after the break. the bell is back after this. ...to that whatever this is moment... your moments are worth protecting against rsv.

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welcome back miami dolphins said to be in advanced talks now to sell a minority stake in their team to private equity firm aries management here to discuss is senior sports reporter mike ozanian. as we discussed earlier, good to see you, this doesn't come really as a surprise neither the fact that it's the dolphins nor that it's private

equity because stephen ross has apparently been shopping part of his team for a while we know about the recent announcement in private equity allowance in the nfl >> you're exactly right, this has been going on a while. unlike the other deals, this deal is going to happen. in large part because of what you just mentioned private equity getting 10% and the owner of the brooklyn nets getting an additional 3% >> how do we get to, so we had the dolphins at 7.1, is that right? >> that's right. >> this is 8.1 that's because the inclusion of the stadium and some other assets, correct? >> principally, formula one racing which they have there, which is very profitable, ross's share of ebitda is about $50 million from the race, and also the u.s. open tennis which it never runs which they get about half of that revenue as well i think this really speaks to, too, how well run stephen ross' sports empire is this was the first private equity deal, as you mentioned. i don't think it's any surprise

that stephen ross and his sports assets were the first deal >> who is next >> i think it's going to be the philadelphia eagles. they're going to have about 15%, and i think that valuation is going to be eye popping. unlike this deal, scott, that deal is going to be just for the team they do control their stadium, which gives you revenue from concerts and such. but you're going to see that deal place of valuation in excess of $7 billion >> why do you suggest the eagles stand out to you >> i think the markets my sources have been telling me there has been interest in that team for a while look, the eagles are a good team they have been for a few years >> jeffrey lurie, the principal owner. >> until the dolphins quarterback got hurt, they were a hot asset. they were an up and coming team as well. >> still miami mike, thank you. joining us for more on team valuations, head to cnbc.com/sport or scan the qr code on the screen.

you can read all of mike's reporting and see his list let's bring in mark yanis, the founder of sports corp good to talk to you. welcome back >> great to be here. >> how should we be thinking about this dolphins deal which we assume is going to happen at this point >> the deal is very likely now to happen. the way you look at this is first, the foundation of the $8.1 billion, is the nfl itself. the nfl is not just profitable it's not just on a continuing trajectory it's still a growth business there's so much more to come in the nfl. if people saw some of the plans i have been fortunate to see for the next five to ten years, roger goodell has plans that he thinks that far in advance you know, when you start thinking about a sports league where so much capital wants to go into, it's the top of the heap it is profitable it has certainty as well with its profitability

you look at it, you can say all right, there's a base. say $5 billion for each team in the league and then you add to it things like the market, things like with the dolphins. they have a variety of different businesses, the miami open, the formula one race and they execute michael talked about steve ross. they also have an extraordinary ceo named tom garfinkle, who executes beautifully and they keep adding assets using the nfl and nfl facilities as the base for them that's what i think aries saw here i have spoken with some of the people involved. they saw this as more of the kind of asset that they look at, not just a sports team, but sports with other assets and growth associated with it. >> i mean, you have been in the middle of a lot of these deals bringing perspective inspectors with sellers you're well versed on how this works. now that private equity is in

the game, pun intended, do we feel like that's going to continue in and of itself to push valuations higher how should we view that? >> really an interesting question, scott, because one of the other deals you're about to see, and i think the one that will get approved first, is the deal for tom gores to buy approximately 27% of the los angeles chargers and that's not a private equity deal that is the traditional wealthy person, wealthy family buying in think what you're going to see here is a mix. you're going to see an expansion of private equity, but you're also going to see more individuals, high net worth individuals and families buying in at these high valuations for the same reasons that the institutional capital wants to get in the growth, the certainty, the base, and the fact that it is an industry that is in many ways recession resistant and uncorrelated to other investment

opportunities. >> what do you make of what mike said about the next targets that maybe the eagles, according to the people that he's talking to, could be high up on that list? >> we keep hearing about the eagles we keep hearing about the buffalo bills. they're building a new stadium, so they have some need for some additional capital but that's really, those are the teams that we're looking at right now. the chargers were one, but they're going oo be taken off the table with tom's deal. >> when people look at what's happening here and maybe they're referring more to other sports, which have sort of ridden the coattails if you will, of the nfl as it relates to valuations. they say valuations don't go up forever. how do you respond to that >> well, you just had michael on he can tell you valuations the last decade have gone up 12.5% in the nfl over 11% over the last 20 years. that's through pandemics, that's through recessions, that's through global financial crises.

what we're finding is that sports has -- there's an interest in sports that is necessary for all the new technologies that are out there, whether they be social media, whether they be streaming, whether they be linear television, for many years and cable. so there needs to be content sports is the content for the world. and we're getting into a position here that where you have globalization and digitization coming together around and into the sports world that the real smart money you're seeing is going to continue this explosion in valuations. >> it's proving to be one of the best returning asset classes ever, especially at the top of the cap table if you will when you're talking about the nfl marc, good catching up with you. we'll see you soon up next, we're tracking the biggest movers as we head into the close. pippa is standing by with that

>> one auto stock is getting a jolt the name that's up more than 50% today coming up next

we're 15 from the bell let's get back to pippa stevens. >> stellantis hitting a two-year

low after barclay's downgraded them from equal weight to overwait they said they were too slow to acknowledge their inventory issues as well as its eroding market share in the u.s. and europe there's now real proof points for a recovery until the first half of next year. ev go is soaring after the charging company received a conditional loan from the loan programs office at the department of energy worth more than $1 billion. jpmorgan upgrading the stock to a buy today as well, and those shares up 61%. scott. thanks. still ahead, hims and hers health sinking on the back of a new development in the glp-1 space. - [narrator] this is my coffee shop. we just moved into a bigger space, brought on another employee, and ordered new branded gear for the team. it was so easy. i just chose my products, added our logo, and placed my order. bring your own team together with custom gear.

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coming up next, a new survey shedding some light on what iphone 16 upgraders actually want out of their new device, and the details might surprise you. later, don't miss an exclusive interview with the perplexky citio and cofounder tonight at 5:00 eastern time market zone is next. at the same visit, as recommended by the cdc. i got my shots together, dude! ask your healthcare provider about getting this season's covid-19 shot when getting your flu shot, if you're due for both. ♪♪ are you getting your (bleep) together? ♪♪ new projects means new project managers. you need to hire. i need indeed.

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let's do the closing bell market zone. cnbc markets commentary mike

santelli here, plus hims and hers tracking for one of its worst days ever. brandon gomez has those details and steve kovac on why artificial intelligence isn't exactly driving apple's upgrade cycle. the markets, though, and the countdown to the jobs report and all that's on the line tomorrow morning. >> yes, kind of clinging to the vicinity of the all-time highs i think the market is doing a good job of absorbing the high noise level in the market and not really reacting too dramatically either way. it seems a little delicate, i'll be honest. we're only about where we were at the july highs in the s&p 500. from the end of july, you had to do almost 10% correction to get a couple percent to the upside the point being we already have had a little bit of that seasonal tougher risk/reward play out i think tomorrow's jobs number is pretty consequential mostly because the market has really been sensitive to any signs of inflection points in the labor

market and what it means for the fed. i still think we want good news, still think the market is positioned to appreciate a good report as opposed to enjoy a weaker one and get more fed easing but i do think it's worth keeping an eye on, how the market is trading kind of erratically day to day within a narrow band because of a lot of those narrow moves in asia as well >> brandon, what's happening with hims and hers >> getting hit, the fda removed the glp-1 drugs from a short list other companies like hims were allowed to distribute compound versions of those drugs. now, they're not officially in shortage restrictions are back. except one detail. today's news on lilly's drugs apply to trezepatides. now,thosis are the ones that hims has been producing, and will still be allowed to produce for now. investors clearly taking this as a mark of what's eventually to

come i will say i spoke with the company's cfo in august. he did say that even in a post-shortage world, they'll still be legally allowed and plan to offer a compound with a, quote, fundamentally different formula. again, investors should expect a battle with big pharma ahead >> i guess the question then becomes what does the company do when the drugs they actually are currently compounding come off the shortage list? >> oncethosis come off, they will have 60 days to clear house, clear supply, and then it's a matter of working with another classification of compounders. those will have to decide if they want to stick with these telehealth companies and continue to offer drugs to them or if they're going to back big pharma in the back and forth battle as to who will be allowed to supply the drugs. >> good stuff. that's brandon gomez steve kovac is on another story about artificial intelligence. and maybe not exactly on the top of mind of upgraders for the i phene. >> not just top of mind, at the rock bottom here, because

perhaps maybe this apple intelligence thing isn't as exciting for iphone upgrades as the bulls thought. jpmorgan came out with a survey this week. it shows artificial intelligence is actually the last thing customers are upgrading to the iphone 16 care about that's behind features like device speed, 5g, design, the camera, all the stuff we always talk about, and the survey comes as the street has been trying for weeks to figure out what iphone 16 demand looks like. so far, the signals are not that great because analysts had been looking at the ship times for online orders as they gauge demand, since that's pretty much all the data we have now, and the iphone 16 pro models appear to be selling worse than last year and the year before those are the big money makers for apple there. i have been on this program three days this week now showing the stock has been seesawing based on the analyst reports, rising monday after 16 pro demand signals appeared to improve. 24 hours later, a report that apple cut 3 million orders from

an iphone supplier so that sent shares down. we won't get more clarity until apple reports earnings in a few weeks. pay attention to guidance, especially growth in the iphone segment. for now, the survey shows ai may not be the spark apple needs to get the business growing again people just upgrading for the same reason the last couple years. >> we reserve the right to book you tomorrow, too. don't fill your calendars up good stuff thank you. mike santoli, there it is, the two-minute warning let's talk nvidia because it's one of those outperformers, up better than 3% >> it's interesting. obviously, the openai news pushes in the direction of having people rediscover the fundamental demand story the stock is really kind of gotten itself tightly coiled in here peaked back in june. it's not too far from that high. but it's been unable to really get -- string together multiple days

it's pretty interesting in that it didn't break down and it's held this valuation. you can talk about whether next year's numbers look bright and you have a less expensive stock. so, you know, the big cap tech didn't have defense the last time we had a nervous market on monday or so tuesday. now it seems as if maybe at least a couple of them are trying to play that role >> we're definitely feeling a little tensed up ahead of tomorrow morning the vix is north of tw20 by a touch. volatility has increased clearly feel a little nerve racked going in. >> it's the jobs report, but it's also the overlay of potential retaliation in the middle east for the iran air strikes. you have the anniversary, october 7th, on monday and you just have a general sense of storm disruptions, strike disruptions, what else might be coming at this market with all that said, that's the reason they say we're kind of tolerating this high noise level

and trying to hang in there, because the trend is still up. the fed is still friendly, and earnings seem like they're going in the right irection. >> we'll be down for most of the majors here as we go to ring the bell dow is going to go up 175. the nasdaq had been positive to the end. we'll see it unfold tomorrow after the jobs report. we're sending it to overtime now with morgan and jon. >> that bell means the end of regulation, os therapy ringing the closing bell at the stock exchange and venture doing the honors at the nasdaq a late day push cutting into losses as the nasdaq closes just about flat following comments from jen-hsun huang yesterday right here on overtime that's the scorecard on wall street welcome to closing bell overtime >> coming up, dom rizzo joins us to talk