adp mrs. estimates -- adp missed estimates. october the -- was revised slightly.bit of a safe haven play in the dollar earlier. dxy now lower. david: time for the bottom line or we look at three companies we are watching. held a big caring is being and the district of columbia -- a big hearing is being held this morning. a judge saying to please reinstate our challenge in the acquisition of time warner. they are saying, look, we told you prices would go up and that there would be blackouts, and it is happening. at the appellate level, you do not get to revisit the facts. law. just the even if some facts have come out since the decision -- alix: it does not matter. david: and less it is a really egregious situation. it is -- unless it is a really egregious situation. it is the law. i would be really surprised. alix: i am looking at and oh international -- indo international. apparently they raised the price of one final of a drug. it is what you give women when they are trying to induce labor in childbirth, and they're looking at doubling the price. epipen scenario

>> well the slowing growth is mostly overseas we see hint of that here with adp number. the news that you have been covering all day, when you have a shocking event like that you are going to see reaction when it is important to look at underlying economic strength u.s. economy has we are still in a bull market u.s. economy is still strong, the problems are mostly overseas, with the fed and china, the good news about the jobs number that you reported earlier, is that numbers like that which show growth may have peaked that could suppress fed's zeel to continuing to aggressive longer term that is a positive for the market. >> you still want to be buying stocks what you are saying. >> yeah i think i would be cautious would go in he slowly i wouldn't back up the truck right now too much exogenous news since 1946, year after midterm election has been positive gdp over 3% unemployment 3.7% none of that says recession noun says a bad time to be in stocks but i would go in slowly until news noise cams down. >> you commented low expectations on jobless claims adp may be an okay

i think if the evidence of slowing continues, for example in the friday jobs report weet th adp number tomorrow that gives us a heads up on the jobs report. if that happens, if we tend to get a generally downbeat out look from the economic data, certainly 2019 is in question. but we might be o thecusp. >> okay. >> a few more 80 oh-point down days in the got which i don't hope for but that could change the outlining for december. >> we will see how the beige book responds tomorrow. >> indeed we will. as steve mentioned, tfi ncial markets are closed today. and getting a bit of a breather after that almost 80 oh-point plunge. so what's next for stocks in we're joined by brian jacobson vestment strategist as wells fargo asset management. thanks for joining us. nice to have. >> you thanks for having me. >> we don't have trading today. we had an almost 800-point plunge yesterday. now we have the beige book. what's your best guess how rest of the week plays out? >> well it's probably going to be a ptty bumpy week. the beige book was a lot more negative than what i wasin expe it would be. now,

according to adp, the economy added 179,000 privater sec jobs, which was below expectations. economists say, hover, a slowing is not out of the ordinary given the tightness of the labor market. >>> in washington, tech ives visited the white house to discuss emerging technologies. among those in attendance waps oracle and microsoft and google pichai.nd the meeting focused on the industries of the future like 5 g, robotics and artificial intelligence. >>> also i washington, general motors ceo mary barra was there with meeting with lawmakers who wanted to know more about the ge areructuring plans. after the meeting barra explained why the company is closing plants and laying offs. work >> the industry transforming. it's important for general motors to make necessary but incredibly difficult changes to make sure that we can b in a leadership position so generally motors to provide job jobs, mafacturing and leadership in the transportation industry as we move forward. >> she met today with michigan lawmakers and spoke with two senators fro ohio yesterday. >>> fiat chrysler plans t

adp has estimated 198. october was 250.ging will be strong at 0.3% i don't know how certain if we get a number like that the bond market is going to be that we have a slowdown coming but the high frequency data is good, and i suppose they're taking the bad news from the housing sector, the bad news from earnings is creating a macro picture. >> inflation nowhere to be found for quite a while. and the fact the 2-year is still, what? 2.70%-ish in terms of yield, it's saying there's room under it for the fed to do more. in other words, it's not saying by this time next year, the fed is going to be cutting rates that's where you're at when it's flatteni flattening let me get to mr. giddis here. because he -- i read this this morning and went, oh because i thought that makes sense about the yield curve. let's welcome kevin giddis, head of fixed income for raymond james. so kevin, your notion is that when we're looking at dot plot charts that have three or four next year, people were sure that the fed was committed to raising rate

also says the timing are subject to market conditions which this morning aren't looking so great >>> adpe its report that was due yesterday economists are looking for 200,000 new sector jobs. and deere raised quarterly divide dividend the new dividend is paid on february 1 and the shareholders of record of december 31 the stock is higher earlier this morning, now lower by 2.5%, given the carnage, joe, and weakness in global markets >> so, the year on deere was 1.2%, just to fill in the blanks >> the shares have done better >> exactly >>> time now for "market flash." i would pickdom chu to dom chu. >> and i'm happy to do it for you. >> and it's true, you are. >> i'm happy to be here. >> i'm sure you are. maybe we can talk about tiger. no, no >> kelly talked about that deere dividend raise that's getting caught up in that broader china trade story because of the huawei cfo arrest many of these companies like boeing down 3% caterpillar down 2.5 heavy equipment. apple down 2.5% down, with the undertones in the huawei story remember, these three big dow components are some of the ones that ar

be in for a weak q1 >> i think you're right and we might have seen the beginning of that yesterday's adp. >> the last three, four, five years. >> talk about inventories. do we order in >> they ordered ahead. >> that was a tariff >> i can place an order -- >> i'm saying that may have caused some of the elevated gdp numbers. >> i think i can place an order for something to be delivered from china 90 days from now and that could be 15% more expensive when it comes in i don't know if they grandfather in prior orders. >> i think the bigger overriding risk is not the fundamentals of companies and orders i think a lot of that will be sector dependent anyway. some companies have to order it's not discretionary i asked for this chart to be made up because it's the elephant in the room the vix seasonally is when we're talking about santa claus rallies. here is my chart the line is where we began the year or where 2017 ended it's rare for the s&p to be negative and not be down big we're down 0.3%. on average in the 19 years since 1957 when you had a negative s&p this late in the year, on average do

one of the companies that is touted as the first of this pipeline of stakes they might sell is adp. in 2019, but maybe they look to pull this fiscal lever there's mrent cpolitical tensios around selling these as well >> simon, do you think 2019 could be the year where we see privatizations on the back of what julianna said because of additional strain on the public finance here and it's a president under a lot of pressure >> yeah. absolutely fits with the plan that he has to reform and to modernize the french economy we've seen a bit of a compromise, a bit of a concession to the other politic political thoughts within france >> france has been a relative outperforming stock market in europe this year do you think that continues into 2019 not that it's been a stellar performance at all, but relative to the rest it has been somewhat cushioned vis-a-vis other indices on the trade front, on the export front, on the economy front. >> it's quite a domestically driven economy you can give credit to the reforms macron put in place that the french economy held up much better than italy or ge

see you in a few minutes doc, what do you got >> adp, judge.ctivity. >> johnson & johnson >> you believe in the fangs, long amazon. >> thank you. >> thank you >>> scott, thank you very much welcome. i'm tyler mathisen stocks are bouncing back from yesterday's big drop so why are we moving higher what exactly does the market want what is it telling us? are we close to the mythical bottom 24 hours now until the fed's maybe most important interest rate decision in at least a year we'll be looking at the clues we can over the next few hours and tomorrow wall strt es

eastern time, we get the november adp employment report that's followed by weekly jobless claims, revisedhird quarter productivity and the monthly trade deficit. at 10:00 a.m., look for the ism services index and factory orders as well >>> a pair of ceo departures to tell you about lam research's martin enstis is out as the company investigates allegations of misconduct. lam did not product details about the probe other than it doesn't involve financia issues he will not receive a severance package. shares are up slightly >>> and again net says tgannetto plans to retire by the middle of next year. he has led the company since 2015 shares unchanged premarket >>> now to your other stock movers stifel downgraded facebook from buy to a hold. it says it has too many issues to not feel a long-term impact on its business model. shares are off about 4% in that trade. >>> cloudera posts a narrower loss as they beat forecasts. s they raised their outlook for the full-year. >>> and five below posting better than expected third quarter earnings the discount retailer is optimistic on the holiday seaso

adp jobs data and the productivity report have been postponed until tomorrow jay powell's testimony tont economic committee of congress has been postponed. earnings from lululemon, american eagle and h & r block have been rescheduled. u.s. index futures will be open until 9:30 a.m. eastern time if you look at the futures after yesterday's massive selloff, you will see right now there are some green arrows.

the new york city transit system is massive, old, and come adp in january, 2018, andy was hired to fix.k. native p.a.d. has turned allnd with that railways around the world. and australia and canada. this looks to be his toughest challenge yet. a service.problem is that is what people want. that is the clamor. obviously, that is the big challenge here. the fact that it has been decades of underinvestment in asnsit and it does not serve progressively declined in many ways. i will caveat that by reminding people that a many people today. most people in most states are not delayed. there has been this slow decline in the service. that is what needs to be done. i think we can harvest that people can mind that. build a frustration to compelling case of what needs to be done. which i said on day one. it is an all out modernization of transit. >> day one was not that long ago in terms of this. 10 months ago. you had yourry, first day on the job. getting what you're into to some extent. let's be clear, this is not even the oldest system you have worked on. he worked on the tubes even older. wh

ahead of friday's jobs report, adp reported the private sector added 179,000 jobs last month, but that missed analyst expectations of 195,000. still, you see anything more than 150,000 jobs growth, not bad. >>> to treasury yields which absolutely spooked the markets on tuesday. i want to draw your attention to a pretty staggering comparison. last friday, we're in argentina, i look at the treasury for the ten-year and that yield stood at 3.01%. today, the benchmark dropped as low as 2.826%, a three-month low. currently it's 2.87. you look at investors' emotions around that, fear of a possible economic slowdown, not that there's any real, you know, basis for that, but we're watching it closely. what does it all mean for the markets and your money? not for just the next 56 minutes left of trade, but for tomorrow and through the rest of the year. to the floor show, and our team. sarge, i want to get to you first. give me your thoughts on the movement. we have definitely pared a lot of the losses. >> we have, but it remains volati volatile. there are so many forces impacting our marketplace

the adp, flash employment number the economy is growing number two, inflation. inflation is moderating, inflation is now below the fed's target the third it cause a bear market is a hostile fed if anything, the fed has been too easy and the level of interest rates are totally fall competitive to the stock market in my opinion. any kind of historical context the 10-year bond is now, i was out this morning, i think it was 2.8-something% >> and it may be lower at this moment it's 2.85. >> let me give you a statistic in the last 50, 60 years, the s&p mobile averaged around 15. we're using $172 in s&p earnings, the market multiple is about 15 times in that 50-year, 60-year period when the multiple in the market was 15, the 10-year government averaged less than half of that and the average fed funds rate was 5%, currently a little bit over 2% okay so you know, relative to interest rates, the stock market is a bargain earnings are growing, maybe 6% to 8% next year. the pes are reasonable as you know, i often quote the great line of john templeton, bull markets are born

and there's the adp, light but not enough for anybody to really change their forecasts here are the special watching today holiday hiring the numbers, expect a lot of holiday hiring they lop it off. then they wait to see if the lopped off number is higher or lower. >> that's how they do it >> you expect all the hiring is the actual hiring more or less than what they expected >> did they expect more this year it sounds like it. >> it's a rolling five-year average. it has tended to be pretty strong there were hurricanes, fires, and snowstorms to think about. company's layoffs including verizon, gm, and sears, they could play a factor. goldman sachs not expecting much in way of that and beyond my reporter, fed officials thinking have shifted. they're going to follow market signals in economic data they are no longer hell bent on getting to that perception the december meeting, look for a markdown of the 2019 forecast, rate forecast. and the outlook is just different. they see the market signals. they see the economic data they see it weaker that 2.5% number for next year is going to come down.

is hurting them, and in beijing the chinese side agree to all of japan's demands for imf, world bank adp step a joint project. there are no joint projects yet but the chinese side signed up to all of them with no pushback because this was the japanese interpretation that i heard, china relies beijing relies it has a branding problem. ironically a little bit of japanese endorsement would help. it's a shift although the towards a more stable japan relationship but not fundamentally different trajectory. just remind you of that, you saw the pupil that came out, people asked do you trust xi jinping to do the right thing, if every country in the world, the answer was no, it dropped about ten-20 points, a drop in korea. in other one country do people seem slightly optimistic but xi jinping and that was japan because of its summitry but it went up from about ten or 12% to about 18%. .. i was in japan and korea right after the pence speech on china which you all know, the hudson speech he gave, and i was actually surprised at how enthusiastic the response was with japanese and korean corporate e

the adp jobs report was strong yesterday.>> it missed by a small amount. the market is jittery and will struggle to find direction with the report today. if we get a strong report, that will put to rest immediate recession fears, which are premature anyway, and at the same time, a strong number, the market may be concerned the fed will be on a path for three hikes next year. alix: if you put money to work, how do you deal with that? where should you be investing? >> i worry for u.s. equities going forward. equitiesties and globally, i like emerging asia. it may be just a weaker dollar we need. you need up quality for credit. for me, the best asset class is real assets. knowrmance from rates, we growth is still strong. whenever you think about the future, we know growth is strong. we have rates low. this is the perfect time for easing. alix: do you feel that way about other regions? anversation yesterday, seeing global shift in where you want to be in equities. it is not a shift in's equities in the u.s., it is global. >> i pr

stocks are set to re-test critical levels, futures down more than 400 points as adp says job growth hasikely peaked. attention on china trade as canadian authorities arrest the ceo of waway. we have an opec decision on deck. our road map begins with the stock nose dive. u.s. markets set to open lower following the 800 point drop amid lingering anxieties over an economic slow down. >> the cfo of chinese tech giant arrested in canada. that is renewing periods of escalation in the tension between u.s. and china. >> new concerns that production cuts may be less than expected. market selloff is picking up where it left off on tuesday, worries about a growth slow down and u.s. china trade tensions are in the mix. the dow has fallen seven percent from the highs. s&p with an eight percent decline and nasdaq in so-called correction territory. we are on track for -- i had to do a double take. worst quarter for s&p in seven years. >> we have policy makers that are very not in sync. you have the president saying the economy is very strong. you have j. powell looking to the future. i have a presiden

we're going to get the adp private sector report on thursday these are critical pieces of data that won'te affected by the shutdown then the fed and on the fed, there's all this talk about a fed mistake, is the fed tightening too much into a lowdown? powell is going to speak on friday he's on a panel with bernanke and yellen, which is like a dream panel f you like those things we'll see if his message corroborates the more flexible posture we haereard from willias on cnbc. >> we do have some softening of expectations also on growth. g goldman sachs taking down their view of next year to 2%. taking down their view of rate hikes to one they were out there on an island they were looking for four i think most people looked at that and said, really? how are you going to get to four given a lot of the expectations and forecasts, which are starting to come down on global growth >> now people are saying how are you going to get to one? increasing talk the fed is not going to move at all on rate hikes next year. some saying the fed will start cutting rates because of weakness i also thought it was

adp says job growth has peaked has it >> i don't know if it's peaked we're running 200,000, 206,000 atire year through november that's pretty good last month was 250 this month 155 i was impressed with the manufacturing number, which was about 27,000 this has been a blue collar recovery the best blue collar job performance since the 1980s. i think it's a decent number >> month on month, average hourly earnings were revised down un. market will like that news you can blame them >> i don't know. i like higher wages. i like working people getting higher wages i even like broadcasters getting higher wages 3.1% average hourly earnings year on year times hours worked probably running atne near 5% a an income proxy for main street workers, that's good 3.1% you have 3.7% unemployment, carl, as you know. that number you could almost tweak it to 3.6% it was very close on the rounding error i think it's a solid number. >> larry, it's jim, how are you been >> good, how are you, jimmy? >> okay. i think when i read this number, i think the president made a good case to say, listen, let's let it pla

. >> adp was on tarring, a little bit light in terms of payrolls today.ct the market is looking for a slight miss on payroll and wages but not negative i think a weak jobs number is going to flair up the steep slowdown if you get the benign wage growth as expected ob or a little bit below in terms of net payroll adds i think that's okay right now. because we have -- bond yields will go up on that because we have rallied hard in the bond market. >> i guess also watching opec as well because energy was the worst performing and all prices slipped earlier. today, mike as always thanks morgan things for filling in. >> thanks. >> that does it for the "closing bell.." >>> "fast money" -- >> "fast money" starts right now. live from the cnbc headquarters in inglewood cliffs new jersey, scott wapner in for melissa lee. traders on the desk are pete najarian tim seymour karen finerman and dan nathan tonight on fast a stunning reversal and wall street the down are dow with a drop early in the day rallying nearly 800 points from the lows almost coming all the way back,

outlook i'll be very interested in the ism report and of course we'll get productivity and trade and the adpriday expectations can be important, but they're not necessarily determinative. we'll see. but certainly i'd rather have people hopeful for the future than not if they're buying today and not hopeful for tomorrow, i'll take that, too. >> steve, thank you. how are we setting up, given that we're expecting the jobs number on friday how are we setting up for trade? >> if anything, if the fed is in dovish camp i think it backs up that logic i think the fed has pretty much told you -- i think the fed has pretty much told you that maybe now they're not going to be as hawkish going into next year december is a done deal. i think they move three times, but the market is probably priced in twice. i'm not certain by the way that this sell off was on the back of the fed. i think there's other things going on ism and jobs on friday is going to be a pretty big deal. >> the isms that were out of europe this morning, the industrial data, the pmis continue to deteriorate. europe's a problem when you t

adp out this morning less than expected. still 175,000 jobs or so. we were thinking maybe 20,000 more. >> sandra: private sector employment report. >> the big one tomorrow morning. wall street would like to see a number that's relatively benign, not too strong to take the federal reserve out of the picture. we thought they were out of the picture as we came into the week. a bigwig spoke on tuesday and brought them back into the picture. >> sandra: the trade truce with china is moving markets in recent days. where does it go? >> they're negotiating. not like a game of monopoly. both sides going to with no money and we start over. america sent a list of 142 demands. negotiating for months now. it is not new light hauser understands how to put the deals to paper. >> sandra: you are coming the markets down. what about general motors, mary barra is meeting with lawmakers. you have been a big advocate it's a changing industry and general motors didn't keep up. >> an issue where you have a company that makes huge business mistakes. some would argue their ha

see you in a few minutes doc, what do you got >> adp, judge. unusual upside call activity. >> johnson & johnson >> you believe in the fangs, long amazon. >> thank you. >> thank you >>> scott, thank you very much welcome. i'm tyler mathisen stocks are bouncing back from yesterday's big drop so why are we moving higher what exactly does the market want what is it telling us? are we close to the mythical bottom 24 hours now until the fed's maybe most important interest rate decision in at least a year we'll be looking at the clues we can over the next few hours and tomorrow wall street doesn't have a firm grip on which way it could go. and the president, of course, urging the fed to, quote, feel the markets, before making a move is the fed rethinking its plan a lot of people say maybe it is. plus, how highs. big pharma meets big marijuana tilray shares moving higher, a first of a kind, coming up as we begin right now. ♪ can you feel it ♪ can you feel it ♪ can you feel it ♪ yeah yeah >>> i'm kelly evans. let's get to the rally the dow and the s&p h

still running well above what's considered to be trend pay roll is a touch light, but still 179 in adp, coming in above expectation, nonmanufacturing, that's the service sector being strong. factory orders are a bit below, the trade deficit a bit wider. we have jobs tomorrow, we'll watch closely about wages and unemployment now, one little technical note powell could technically because he now has press conferences in all of the remaining, all of the future fed meetings, he could pause in december and hike in january. that's the new world we live in. >> i'm glad you highlighted it, the data this morning, the services data was very strong. >> outstanding >> if you ignore the stock market, why are we even talking about the fed backing off? >> i don't know, but it reminds me of that movie where the people thought the russians were going to send nuclear bombs and they went into the bomb shelters for 50 years and they were wrong that there was an actual attack. it seems like that's where people are more comfortable, in the bomb shelter looking at the current data, there's no reason to run t

a lot of the reports we look for on a day like this, even the private adp jobs report being pushed offg, reminisce about the life of president george h.w. bush, think about the contributions he's made and the way in which his administration shaped a lot of the topics of debate, the things we're struggling with he said george h.w. bush was instrumental in a trade agreement between the u.s. and mexico thinking about taxes and the deficit and the way he tried to encourage poll tie-- volunteerso people who couldn't lean on a government-funded program could find support in their community. >> the policy discussions are on hold today but as our guests have said today, whether or not his legacy of humility, kindness and bipartisan shship will outl him. whether this message washington takes to heart in some way, whether that sticks in the political times that we're in. i think it was the "journal" earlier in the week that send he was a gentleman in an era where the culture was getting cruder by the day. >> great point. >> the last time this happened was the passing of ford and reagan in '07 an

adp will happen thursday you get the -- i think it is mathematically impossible.eople off the sidelines if you're going to do 200,000 jobs over a sustained period of time you know what's going to happen? unemployment rate isgoing to fall you tell me how the market is going to react if you get to a 3.4% along with strong wage gains, we could be talking on friday about the fed being back in the game >> then "the wall street journal" today suggests they remain back in the game, right >> yeah. >> i was going to say what bothers me about the yield curve of late, when we look back, it isn't that the fed raises rates to invert the curve. it's always the bond market inverts the curve. so this is what's been going on of late. all the rest of the flattening was the normal type. the market was doing fine with it suggests more of a recession signal by them looking to invert the curve. that's different that's something new and it comes at a time when corporate credit spreads have gone up more >> i was going to say, the five-year is really where the furious rally has taken plac

>> we did get adp so we should have known it could be lower.-- when you have 3.7% unemployment you get full employment. the numbers will naturally come down. i would say a slight disappointment. the good news is that wages are up again 3.1% and i think that's probably a more critical aspect of the report. just that now we're starting to see this wage growth that has been missing for many americans for decades starting to make its way. >> bill: people making more money. >> sandra: are we looking too much in the market fluctuations? it can be scary when the dow is down 600 points and more. this morning out of the gate stocks went up and down 200 points. it is hard to keep track of and it can be concerning. >> it can being concerning. if you're tie myopic and watching these. we were down as much as 00. we came all the way back. nasdaq went positive. you'll drive yourself nuts with the computerized rating. should we stop these machines that automatically? >> sandra: is it reflecting sentiment? >> not really. the s&p 500 goes below the average and t

the adp report under 200,000 and wages are less than 3%, those are the one-two combinations that is somethingoment is that 24,400. the all-time record high as 26,000 change. we are not that far away. >> i don't think it's just how far were down. i think it volatility. these gigantic swings. i put a chart on my show yesterday at the two-day session as soon as the s&p 500 dipped a little bit, the machines went crazy. look at that chart. it goes straight down like someone dropped off the empire state building. it went straight down. $33 billion instant selling. >> out of the ats. >> sell, sell, sell. stuart: will be watching you. >> we are going to try to find a lot of stocks on sale right now. >> please, please. charles, thank you very much. lyft signing paperwork to go public. "the wall street journal" says the ipo will happen in the first half of next year that is for lyft, lyft. in europe britain's theresa may has laid out three scenarios for brexit. one, approve or plan. too, face a brexit with no deal whatsoever. or three, see the complete reversal, which i guess will be a second referendu