art cashin will join us after the break. we'll talk about the trade situation.names to get to, gm, facebook, libra, big call on nike "squawk on the street" back in a minute you should be mad that this is your daily commute. you should be mad at people who forget they're in public. and you should be mad at simple things that are unnecessarily complicated. but you're not mad, because you're trading with e*trade, which isn't complicated. their app makes trading quick and simple so you can strike when the time is right. don't get mad, get e*trade and start trading today. but we're also a company that controls hiv, fights cancer, repairs shattered bones, relieves depression, restores heart rhythms, helps you back from strokes, and keeps you healthy your whole life. from the day you're born we never stop taking care of you. ♪ >>> nine minutes until the bell. let's bring in art cashin, director of floor operations with ubs happy columbus day bond markets are closed. we're sort of flying blind in terms of the guidance of the ten-year yield. >> yeah. everybody's waiting

we will have more on this later, but if you look at someone like cashin who says the last couple of pointsf the sell-off might be because of the health care he had with getting stints inserted and so forth, warren becomes a stronger front-runner and markets knee jerk don't like the prospect do you think there's something to that here >> perhaps i can't play that game i have no data on that i am always afraid when the market gets a vote, i think that's disruptive to our democracy. when people come forward -- and let's be clear, the experts in academia and the market were wrong about donald trump there was a very academically researched piece about how the market would price in a trump victory. it ended up being dead right for two hours. >> when we had the -- >> dead wrong for the last two years. >> exactly. >> i'm always afraid of -- the market takes the politics as they are i wouldn't -- i would not argue with art cashin. he is smarter than i am and has more experience by several light years. i would just say to be very careful with that. i woulsay this about recession, which is i don't th

>> reporter: today, tourists can inenact the scene, and local vendors are cashin with shame food, sheme cocktails? >> s cocktails, shame mojito, shame burger >> reporter: but, for some here, what's a "shame" is something else entirely. i'm on a "game of thrones" tour in the heart of the old town of dubrovnik. now, the people on this tour, they're having a blast. e haviar as the locals? not soonvinced. >> somehow it got to be overtourism, so... >> reporter: overtourism? >> overtourism, yeah. >> reporr: so, that means there's too many? >> there is too many.ti sos there is way too many because we live in a medieval am city which is surrounded by the walls. so, you can't pack 20,000 people to be in a city which was designed for 7,000 people.ca so, i it, in my way, a blessing and a curse. >> reporter: waiter lujo jurecic is also of two minds. it is a good thing since we all have our living from it. so, it is a good thing. >> reporter: but the tourist economy means he can't afford live in the neighborhood he grew up in, one that's getting harder to even recognize. >> i think dubrovnik has l

let's bring in art cashin, with ubs.e here. >> we had a tough day yesterday. looks look a bounce today. what do you make of the action >> it is a little bizarre. let's not forget that when the market closed yesterday, the u.s. and china were about to engage in some visa wars and very serious stuff there they were basically running the nba out of china so -- here we find overnight that a mysterious but informed participant said that they're willing to come back now, they're willing to come back on some very simple conditions, this and is that all imminent tariffs will be waived. and the other point is that it is going to be very heavily involved in food and agriculture products now, that tells me if we're still in the visa war, and whatever going on, then either those imminent tariffs were so ownerous, that despite all that stuff they were willing to come back to the table to get them, or if he's concentrating so heavily on food and agriculture, does xi fear domestic unrest because of food shortages, particularly pork and

with us now to break this down is ubs director of floor operations, art cashin thanks for being here. pleasure >> what are the levels you're watching now >> right now the dow is battling a case of 26,100 they've been battling that for the last 30 minutes. so far they're holding, which would be a good deal here. then beyond that there would be dragons. if they break down through there, then 26,000 itself becomes a real factor. earlier news we got news on bernie sanders, he had to have two stents put in. that may throw the whole election wide open we'll have to wait and see if it's a minor condition, which we hope and which other candidates will benefit from that. that will have a marked impact for now the market is looking internally it's more about the damage that was done yesterday technically and trying to hold on and repair here in the short run, i would keep my eye on 26,100 if they break there, it could get nasty. keep your eyes on the news ticker we got what looked like a favorable comment from pelosi, did not have a major market impact it could add to a rally if we hold here. >

the fact that the s&p 500 is now below 2900, just below art cashin flagged 2900 as a key level. >> itof the stops along the way. i think there's been a lot of clustering of activity yes, it has a little bit of significance i don't think it is one of the kind of kety technical trends, but one we're watching 2950 i was saying 1940 2940 was in m, and we got to 2938 yesterday that's kind of the market we have been in for some time now it's definitely technical, definitely tactical, not as if people are pricing in long term economic outlooks. >> all right mike santoli, thank you. >>> china is playing hard ball with the nba state-run television network suspending broadcast of the preseason games after a tweet from the houston rockets gm. some of china's top retailers, alibaba and jd.com removing rockets items from websites. adam silver reacting to news ahead of the visit to china tomorrow >> we are not apologizing for daryl exercising his freedom of expression i regret again having communicated directly with many friends in china that so many people are upset, including millions and million

dow swinging more than 50 points in today's session joining us to break down the volatility, art cashin from ubs. art, good to see you what's your take on how volatile this is. at the lows of the day, we wiped out all of q3's gains. >> yeah, we've -- i don't want to be too fltechnical here, but we've had four days in a row, inside positive rotation and outside negative rotation. then an inside positive and right now a negative outside that tells me that the market is building up a real head of steam here and when it breaks out, it's going to be more than just a few pun points >> in which direction? we don't know yet? >> we're not entirely sure trade is where we're concerned that when they came today and broke below 26.6, that it might begin to spiral. we didn't get a trap door sell-off in fact, we spent a great deal of the afternoon trading between 26580 and 26650. it's been a narrow band. we're testing that low as long as we stay within that, the bulls have some hope if you break down below the earlier lows, we could have a big problem. >> yeah, grasso, to that point, you've got the s&

that's the question i asked art cashin and he said he didn't know, but it might be enough to keep usint trading range we have been in for most of the year you see that to 200 point range. the problem is b everybody knows, truces can be easily broken that's what makes these rallies tentative. it doesn't change the fundamental narrative that's been developing for 2020 that is generally lower growth even without a recession. perhaps rates flat to lower. defensive stocks staples and earnings guidance flat the lower. tyler, back to you >> thanks very much. bob at new york stock exchange now to sue for a cnbc news update sue. >> hello, kelly hello, everyone. in liverpool, the prime minister says his meeting with the brish prime minister was very positive and promising. >> i am now convinced both in britain want there b to be an agreement. that's in the interest of ireland and the united koing dom and european union as a whole and i do see a pathway towards an agreement in the coming weeks. >> the alleged gunman in the synagogue shooting attack in germany appearing in court he was arrested

positive for the markets what is next what happens i asked art cashin yesterday, we get a truce, is thatugh to christmas. could we hit new highs on that only 3% from new high on the s&p. he said he's not sure and the problem here is it doesn't -- a truce doesn't change the lower growth story in 2020 forget a recession just 1% to 2% gdp, doesn't change that story and lower earnings and doesn't end the trade wars we got all sorts of other things floating around out there. we have capital flows, and export controls that are floating around out there. it does, though, diminish the head winds that's why any kind of deal, even a truce, is a positive for the markets. would itchange this bizarre leadership we have been having i keep pointing out, semiconductors as a leadership group makes zero sense a small group of people who believe in growth at any cost up there buying semiconductors. will save the world. the rest are playing defensive sectors. consumer staples number three. the laggards are mostly the cyclical sector here energy and retail, healthcare has been a problem because of pharmaceut

that's just a guess on the part of art cashin, who is an institution on wall street and hearing his thoughtsut let me step back and get your view of what's going on with the economy. let's take the leap here that a manufacturing slowdown that's taken hold, then you worry that it sort of crosses the road and gets into the services sector, a far bigger part of our economy. then the president's rationale for re-electing him, strong economic turnaround, pickup in jobs, all of which, you know, we are going to give blame to the president if it weren't so good, we might as well credit when it is, all that goes away or potentially goes away. are you worried? >> well, look, there is certainly a lot of uncertainty and you have been talking about it on your show. you think about the fact congress hasn't ratified the congressional -- the new trade deal with canada and mexico, you talk about the uncertainty about impeachment, the slowdown about what's not happening in congress, you talk about so many of the other things. i think one of the factors you mentioned which is absolutely true, the gm strike and