you got brian kelly. he's a genius. he's a genius, mel i don't know what debenture is i can't spell debenture. banks aren't really the problem this time around i don't think banks are going to scream higher. but a name like citi for example is trading at 70% of tangible book it's just too cheap. i do think city is challenged. i do think the banks are challenged what i think is going to happen, the banks are going to rally on a squishy tape and you're going to see everything give up the ghost as we get into october >> and bonawyn, banks have been on your shopping list during this sort of selloff period. >> yeah, they have if you really look at kbe or kre versus the xlf, the xlf has outperformed quite significantly. there's exposure there to investment management, invest service companies. i think you pay a premium for that i'm focused on the large money center banks if you look at the last earnings report, they had the provisions for default risk they also had exceedingly high fee generation and trading profitability. i'

brian kelly, i'm wondering, is there a kacatalyst in the third quarter to believe that you have a level to trade against at this point? does having any sort of stimulus passed at this point become a huge market catalyst what is that catalyst because there are elections coming up. >> right. >> and there is nothing here earnings earnings will be the catalyst. >> well there might be if we think about what is driving this market, it is don't fight the fed. we're going to get more stimulus and negative real rates, right so any three of those could come back with a vengeance. i would say to me what i'm looking for, i want to see the fed take some action i want them to say, hey, listen, we're going to cap yields. we're going to do yield curve control or something else. because by doing nothing, all they did was tell me, hey, interest rates are low for a long time. so me as a business person or as a trader, what do i do i don't have to do anything. there is no urgency. so the fed needs to do something other than vigorously shake their finger and say we want the inflation to go up we might get a

this is fast money guy adami, tim seymour, steve grasso and brian kelly snowflake surging in its public debut. plus, boeing stock soars and draftkings taking the crown today. >>> we start out of with the fed staying put. jerome powell signaling the rates will stay near zero through 2023 stocks getting an initial pop, but reverse course as the fed share took questions from the press. steve, what was it, do you think, that spooked the markets? >> you know, it's always hard to know maybe one of those sell the news things there was a bit of history in the statement where the fed for the first time put in the statement that its new goal is to seek inflation above 2% that was in the long-term policy strategy but it had not yet been in the statement. this is the first statement following that change. it was a bit like there was nothing behind it in the sense that, the question that i asked, i said, well, how come your forecasts don't show you hitting the goal, not even in the four-year horizon here the fed chair didn't really have a good answer for that you would think if you said, you know, i

. >> bonawyn eison >> i don't think it bodes well for gm >> brian kelly >> i'm looking for things thatre going to bottom here i'm looking at copper and gold the united states postal service is here to deliver your packages. and the peace of mind of knowing that important things like your prescriptions, and ballots, are on their way. every day, all across america, we'll keep delivering for you. every day, all across america, good job, michael! does. ok, lindsey now tell the class what your mommy does... my mom has super powers. it's like she can see the future. what?! it's like she time travels in a rocket ship. that's cool! and then she comes back saying "try this" or "try that." she helps everyone. she helps them feel less worried. wow! mommy, so what is it that you do? i'm a financial advisor. she is! aig proudly supports all the professionals taking care of our financial futures. ♪ i got it all from you ♪ i'm always pushing through ♪ i know we'll make it to the finish line ♪ ♪ i know you're waiting on the other side ♪ ♪ i'm like you on-demand glucose monitoring. because they're alwa

brian. and, kelly, what do you like >> decalf, cream and sugar please >> we'll see you soon.ll see you tomorrow thank you for watching "closing bell" is coming right up >> and here we are kelly and tyler, thank you welcome to "closing bell." i'm sara eisen along with wilfred frost. a broad rally to start the week. the dow is up 300 points the nasdaq is outperforming yet again. let's look at what is driving the action the tech trade is back on with names like apple and tesla leading the market higher as well as oracle on news of the tiktok deal. a flurry of m & a helping verizon to a few biotech buyouts. and because of news on the potential covid-19

kudos to brian kelly for calling that i felt it was very, very likely to happen. now not likely to happen. >> that seems to be out of the market at this point let's talk more about today's deep selloff and bring in mandy xu what did you make of the pullback today >> i heard you guys mention the vix earlier in the show. i think that's definitely something worth highlighting, is that despite a very sharp selloff that we've seen in the equity market, we really haven't gotten much reaction in the volatility market with the vix still being relatively muted sub 30 i would attribute it not so much to selling of calls, but rather a lack of demand from downside puts what's remarkable is that we haven't seen any panic from institutional investors on the way down we've seen people buy protection in august on the way up and during the recent correction monetizing those hedges on the way down i think that's a big driver of why the vix has been so muted. what that signals to me is there really hasn't been any capitulation people are still taking this selloff in stride. we've se

notre dame football team spread like wildfire after a pregame team meet according to the head coach brian kelly least 39 players are now in isolation or quarentine. ohio's largest public school district plans to start in person learning october 19th. miami-dade staggered re-entry begins october 5th. >> you should always try to get the children back to school. the risk of going back is really dependent on where you are. >> reporter: researchers say phase one data from moderna vaccine shows an immune response in older adults as seven former fda commissioners warn the trump is undermining the agency's credibility and public confidence. political intrusion, they write, only prolongs the pandemic and erodes our public health institutions. kate, we've talked so much over the last couple of months and in the wake of these big holidays about a potential surge in cases and as we look at the positivity rate across the river in new jersey, it just hit 3%, the governor said that is the highest since mid-july. despite that being a low number, that is cause for concern and in illinois we know that one northw

outbreaks on campus and even suspending in-person learning for a two-week period earlier, head coach brian kellynks they can play safely. >> i really had a hard time envisioning not playing because i didn't know anything else for 30 years. but now it's hard to imagine that we've gotten here. we knew we had good procedures and protocols, that we had good science, that we had doctors that were really following what they believe to be the best protocols and procedures. so we were following them diligently, hoping that we would get to this point. >> reporter: yeah. kickoff here in south bend, indiana, set for 2:30 p.m. eastern. and you know, there's rain in the forecast. that's making it a gloomy day. fredricka, it certainly feels difference here because kickoff saturday usually one of the most exciting days on a campus. but there's not tens of thousands of fans walking around. it's very limited. >> or tailgating. >> if you come on campus, you have to wear a mask and if you enter the game, yeah, there so no tailgating. the band, while they will be here, they're not going to be performing at halftime

i think brian kelly said this. this is his biggest concern, this deal not getting pushed through. trump's benefit no matter what if the deal gets done, he will say this is a great stimulus deal i have gotten for you if it doesn't he will say look what the obstructionist democrats are doing to you and will do to you if you don't re-elect me. i think it's probably bullish for the broader market is the way i look at it >>> to the sell-off on apple, from bill in virginia. >> caller: apple stock is a stock i have owned for close to ten years. i have been accumulating shares. we have recovered all of the initial investment we made into apple. my question is what should we do now? sell off some or keep holding it it's a good dividend stock for the future >> talk about a concentrated portfolio. karen, what do you tell bill >> there is a lot going on congratulations to have owned it from way back when, extraordinary gain whenever you do sell you will pay long-term gains, but you are going to pay taxes on that so something to consider. but the 55% concentration is very troubling for that re

this is fast money guy adami, tim seymour, steve grasso and brian kelly snowflake surging in its publicngs

this is one you put in the drawer as brian kelly would say and hold it for the long time. >> bonowineen challenged as of late. i don't like the way this is trading. priced to ffo, priced to earnings all those met tricks look rics expensive. wait for a pull back, add it and stick it in the drawer and lock it so you don't sell it. >> dan >> well, that was really descriptive. i don't know what is going over there in your quarantine maybe we'll save that for the commercial break i think the viewer had it right. this is a really good way to play 5 g without kind of trying to play it apple upgrade cycle or things that have run and that kind of really reflected that valuation like guy said, it's not a cheap stock. the growth is not over the top i think we're talking about single digits earnings in sales growth but i think it's probably a good play if you think there is going to be a big 5 g upgrade cycle over the next year. >> all right let's get to the third david in kentucky who is wondering about nokia. >> hi, this is david from kentucky thank you for taking the time to answer my questio

very important remember, markets rally when policy makers scramble we had this debate on the stage brian kelly don't think you're going to get it. clearly, the market's bull back was a result of the functions. but some of it was about a need for more fiscal. the feds out there basically clamb clambering for a fiscal policy look, it's critical i think for democrats to have something to hand constituents ahead of elections. they will give them something. that's part of the handicapping that those that thought that there would be stimulus were saying there is no way they can't come to some agreement but we said that about washington before there is market bullish. i believe beyond this period this isn't really going to address the labor issues and some of the, i think, the structural issues in the economy. it's politically important and a market that loves liquidity will take this as a rallying point. >> the trillions from the fed and washington d.c., as well >>> coming up next, millennials are charging into the stock market one stock, yeah, it was a clue charge we'll uncover this mystery name an

brian. and, kelly, what do you like >> decalf, cream and sugar please >> we'll see you soon. we'll see you tomorrow thank you for watching "closing bell" is coming right up >> and here we are kelly and tyler, thank you welcome to "closing bell." i'm sara eisen along with wilfred frost. a broad rally to start the week. the dow is up 300 points the nasdaq is outperforming yet again. let's look at what is driving the action the tech trade is back on with names like apple and tesla leading the market higher as well as oracle on news of the tiktok deal. a flurry of m & a helping verizon to a few biotech buyouts. and because of news on the potential covid-19 vaccine front from pfizer and after the aresa zenica coming up, the ceo of caesars will join us exclusively to discuss that partnership and the path forward for vegas plus, shares of advertising software company trade desk are up more than 50% on the year up more than 200% from the march lows we're going to talk to that company's ceo, find out what that move is all about how they managed to outperform and whether the underlying

i'm brian for the entire team thanks for being with us sara kelly will join you next have a great weekend. been robbed of their soul that's what it people experiences when their heritage is taken from them countless cultural artifacts were brutally stolen from africa by colonialists carted off to europe. what should be done with the stolen or from africa. stolen soul starts september 7th on d w.

brian? >> let me start with what kelly was talking about, the jobs number coming in better than expectations does this change your outlook on the economy? >> so i think the employment report, as you just highlighted, was a pretty strong report and a little bit stronger than i was expecting. getting the unemployment rate down to 8.4% from 10.2% is certainly a significant improvement. i would highlight that a lot of the job gains were in retail trade and leisure and hospit hospitality, so i think a lot of this is people that were on temporary layoff that have come back to work i think one of the concerns i still have is how many people are going to be unemployed for an extended period of time, so in any major city, you can tell retail trade, leisure and hospitality are still sectors that have substantial problems if you looked at the duration of unemployment, those unemployed 15 to 26 weeks is currently at 6.5 million people so we have a long way to go before we're fully recovered, but i would say the employment report overall was a very positive one >> i just want to follow up on that, presid

. >> kelly, it's brian listen, i have to imagine you feel obligated to work from home given that youg i've never said in coverage thousands of earnings your free cash flow rose by 2000% year over year what are you going to do with all that operating cash flow >> well, we continue to look for opportunities to invest to grow the top line we indicated that, you know, we had record margins -- operating margins in the quarter at 41.7%. we've indicated we expect those to come down for the rest of the year as we're focused on investing in more salespeople to meet the demand and more engineers to innovate and build our platform we will always look if there are opportunities for m&a technology and/or teams that can augment our platform or team to continue to drive the top line growth as well. >> kelly, do you see the future of zoom talking to the likes of microsoft team, cisco's webex the way they'll be integrated like our cell phones all accept text messages and calls from each other >> we really believe that video is the future of communication with that, we want our customers to be able to

kelly loeffler is not in his race without brian kemp.isn't in the race without a wink and nod from donald trump and raphael warnock without chum schumer deciding that was the thing to do. i respect chuck schumer a smart guy, but you know, smart people make mistakes. others are interested in the seat and decided not to run when it was clear no one would give to do them. i've been running since october, because it's not about someone giving one of us anything. it's about us getting out there and talking to the people of georgia, listening to the people of georgia, who are desperate for a senator who will represent and fight for their priorities and values, and that's what i'll do. >> matt lieberman, we have to leave it there. thanks for your time. appreciate you. >> thank you. thanks. >>> and that's all for me today as well. "andrea mitchell reports" starts next. about treatment options is key. today, we are redefining how we do things. we find new ways of speaking, so you're never out of touch. it's seeing someone's face that comforts us,

kelly loeffler. i approve this message. >> joining us now, brian stelter, chief media co correspondent.nda carpenter. she is the former communications director for senator ted cruz. we are through the looking glass, right now. hello, both of you. so eliminate the liberal scribes, amanda. someone seems to be taking a cue from president trump. >> yeah. i -- i wish i could laugh at this. it's being widely mocked on the internet and some people are saying it's genius because it's getting so much attention. but i got to say, i just see something a lot darker, given how she is running her campaign. over the weekend, she was campaigning with, probably, the most famous qanon candidate in america, which is marjorie taylor green, another candidate in her state of georgia. and at that event, there were members of the militia that showed up and acted sort of as private security for the senator and that candidate. forming a ring around them. and i watched kelly's campaign. and look, she was recruited because people thought she's an extremely wealthy woman who would reach out to suburban women. but s

brian is right, these are difficult times to be an energy investor >> kelly, we're stuck in a tradingtil demand is demonstrably better in the meantime we're going to slo slop back and forth. we're at the end of driving season so demand is plateauing a little bit opec bringing barrels back, the u.s. has brought barrels back. you've got demand loosening a bit, and on the financial side folks are scared and they're selling everything, including oil. i think we're in the bottom of that trading range assuming the world doesn't crater, we've got to keep an eye out for covid. >> it's interesting, dan, you could tell me we're in a trading range but it's in between 40 to 55 obviously it feels kind of ranging until the big factors change, but this does feel like the slide came out of nowhere, right? >> well, i mean, when you're down five days in a row, it does feel a bit like a sledgehammer, but the reality is we know what the oil markets are going to be for the next year. we're going to watch demand gradually come back, we're going to watch opec gradually come back, and until we get bussed thr

brian, thanks. let's flip over to the bond market where rick is tracking the action >> kelly, as we finish up the third quarter there's interesting things going on. you can see we spiked up in yields a bit probably mr. mnuchin, markets love a bit of stimulus we can debate whether it's truly needed we know pain is out there. if you open the chart up for a quarter to date on 30s, what you find is we are basically at the highest levels since the ten if you look at the -- it's still within the range of the last quarter. tenning finished it up, and that was basically in the range today. it hasn't really gone that far finally if we look at the dollar index versus the s&ps, this is really interest. the dollar is down about 3.5%. the s&ps are up close to, well, 5-plus percent, so it seems odd man out, most of that is europo strength kelly, back to you >>> rick, thank you. >>> new york city restaurants can finally offer indoor dining, but is it already too late has the damage been done that story is next we'll hear from the faa administrator after he finally took the max for a spin. what this means, when "power

brian, and we'll see you in just a couple minutes. hi, everybody, and welcome to "the exchange. i'm kellynd here's what's ahead this hour >>> we'll take you through the headlines. deals by continuing stimulus talks sending stocks higher today, building on friday's gains. will this rally until october. >>> plus airlines focus on a huge week for the sector as furloughs and a treasury decision on more aid approaches. we'll look at what companies have the most at stake and could take big hits

. >> i want to bring in now kelly girtz, the mayor of athens georgia, and has been critical of the georgia governor, brians battle against local leaders being able to enact face mask rules. mayor, good to see you. your reaction to what you are hearing coming from the president of the united states? >> it's frustrating to the extreme. i appreciate you having me on. local leaders are doing everything we can in georgia to contain the spread. we certainly are asking for smart individual behavior, but we also have to have smart institutional behavior, and that means statewide and nationwide. i had an opportunity to be in a conference earlier this year with george w. bush, speaking about his experience after 9/11, and of course yesterday was the 19th anniversary of that tragic episode. and while i didn't support him as a president, he said something really smart about what it takes to be a good leader in times like this, and he said that you have to be empathetic and you also have to be very honest with people about the challenges. and on the national level we've seen a failure in both of those arenas. this pre

brian, and we'll see you in just a couple minutes. hi, everybody, and welcome to "the exchange. i'm kelly evans and here's what's ahead this hour >>> we'll take you through the headlines. deals by continuing stimulus talks sending stocks higher today, building on friday's gains. will this rally until october. >>> plus airlines focus on a huge week for the sector as furloughs and a treasury decision on more aid approaches. we'll look at what companies have the most at stake and could take big hits on their bottom lines. >>> big hiltz fts for ipos. ub uber and tiktok especially >>> up 150 points in the nasdaq. it continues that recent trend of being the most volatile the big upside moves, the downside ones as well. the trailer, though, only up about 11.5%. the price for the nasdaq, it's trying to get above that 3053 is the price for the s&p 500. we're sitting there right now, so a pretty decent technical level to watch one of the themes that's developing call it a three-day win streak for the bank stocks. yes, we know they've been beaten up all kinds of ways this year, but still, if you loo

brian is doing a fantastic job. and a southerner from day one, from day one he's been with me. senator kelly loeffler and congressman doug collins and south carolina state representative nancy mace, i want to thank you all. incredible. thanks to my administration pro-american energy policies, we can take this step and the next step while remaining the number one producer of oil and natural gas anywhere in the world. we are the largest producer and the world, by far, were number one and were energy independent which is nice. with fracking, the shale revolution and to the tremendous surge in american energy production, we are showing we can create jobs, safeguard the environment and keep energy prices low for america and low for our citizens. you also see when you pump the gas into your car and you're paying less than $2 lately. we are doing well. we have so much of it. i don't know. we have more than anybody ever thought possible. it's really incredible. the approach of joe biden and the radical left is exactly the opposite. their policies will destroy jobs, because energy prices to double, t

don't know who else other than john kelly that he believes was the source for this, unless he believes the sources were manufactured which they were not. >> and brian, it was like he was giving you a plug during the news conference, referring to the atlantic magazine story as a hoax and saying it was just like the russia investigation and so on. >> he uses the word hoax in order to shut down conversations but thankfully the press is asking statements. he says the atlantic is a third rate magazine that is not going to be in business much longer. that is factual untrue, the financials are stable and jeffrey is one of the most respected journalists in washington. all of that will be factored in when he has a lot of credibility and trump does not. it is notable that fox news has matched some of the reporting that the atlantic has had. fox's jennifer griffin reported that yes, the president did disparage veterans and didn't want to drive to the cemetery that day in france. they are going to run away from the story on the own network but fox hads it own reporting to back it up. this is one of the time when fox's reporting is important. jim, i think it pu