maybe not there yet, but moving on from jobs, we got comments from fed governor christopher the waller, equally, if not more important to the market reaction today. signaling the time has come to start cutting rates and potentially being open to bigger cuts sooner. then the results, it met expectations but the guidance was not raised and the stock is down 10% hurting chips across the sector. >> that's having ripple effects. the nasdaq is down 5.5 mrs. just this week alone. it could potentially end as the worst week in more than 2.5 years if this paste continues. we're off about 2.5% today alone. so here's what's happening in the market in today's selloff. a product of elevated expectations, is that what we're seeing. where do stocks go from here? let's bring in the director of research and stephanie link, the chief investment strategist and portfolio manager, she's also a cnbc contributor. thank you for being here. we'll start with the broader picture. is this market selloff surprising given what we have seen over the last couple weeks? >> i think the choppiness is really tied to the g

maybe not there yet, but moving on from jobs, we got comments from fed governor christopher the wallere market reaction today. signaling the time has come to start cutting rates and potentially being open to bigger cuts sooner. then the results, it met expectations but the guidance was not raised and the stock is down 10% hurting chips across the sector. >> that's having ripple effects. the nasdaq is down 5.5 mrs. just this week alone. it could potentially end as the worst week

why the fed was confident enough to slash the interest rate and w the fed's governor, christopher waller, made the comment today. he says current inflation trends help push along the half percentage cut made this week. in fact, waller says now core inflation is below 2%, which is under the fed's target for inflation. economists predict another cut could come at the next meeting on november 6th. stocks were mixed today. the dow finished 38 points higher, closing out a big rally for the week. the tech heavy nasdaq down 65 and the s&p pulled back by about 11 points. meanwhile crowdstrike won big today. shares up 8%. spacex continues to add to its already massive constellation of satellites. early this morning, the falcon nine lifted off from vandenberg space force base near santa barbara, carrying 20 more starlink satellites into orbit. the satellites provide high speed internet to people around the world. right now, the company has over 6000 satellites in space. the goal is to get that number up to 30,000. the falcon nine will launch again in a few days, but it won't be carrying satellites

the country's central bank governor. speaking of central bank governors, fed governor christopher waller backed the 50-basis point cut thisation falling faster than he expected. waller pointed to core pce running below 1.8% over the last four months giving the central bank space to ease. waller also backed the view of fed chair jay powell saying the central bank not falling behind the curve. >> we could cut rates even if the economy was doing fine. that's the position we're in. we are seeing inflation coming down and we're seeing the labor market get to a point where we think it's solid and close to where the long-run employment rate should be and it's time to cut. it's not reacting to we're falling behind or anything like that. i agree with the chairm. i do not believe we are behind. we are doing exactly what we agreed to do at the beginning of the year. >> the markets are close to even whether the fed will cut 25 or 50 at the next meeting. another bumper rate cut is a possibility. >> if the data comes in fine, nothing bad one way or the other, you can imagine going 25 at the next meeting or two. if the labor market data

that's right, charles so before the quiet period we actually heard from federal reserve governor christopher waller coming out like this one suggests that he is as confident as janet yellen on-the-jobs market and the economy but charles the devil is in the details because specific quotes from that speech paint a different picture and i just want to share a couple with you so the first, determining the pace of rate cuts and ultimately the total reduction in the policy rate are decisions that lie in the future. very forward-looking. he's also open-minded about the size and pace of cuts if the data suggests the need for larger cuts, i will support that as well, and then finally he emphasized there's a reason for the fed to react with larger cuts as it would likely lead to "a greater likelihood of achieving a soft landing." certainly something that everyone wants to see. so all in all the headlines implied confidence but the specific quotes though, that illuminates a more uncertain look in the future and the data may warrant more intense action and that hedging is in context of a lot of recent labor ma

the highlights as well. we will hear from former fed governor christopher waller and steve liesman has an interview with austanter in the day. that's coming up at 11:30 a.m. eastern time. we will have a lot of analysis throughout the day as we get the number and try to make sense of it all. >>> nobel prize winning economist joseph stiglitz is calling for a 50 basis point cut this month. here is what he said in the cnbc interview in italy overnight. >> i would vote for a bigger rate cut because i think they wenttoo far and it would actually help on the issue of inflation and on jobs. >> stiglitz said a 50 basis point cut should be on the table regardless of the jobs data. the jobs countdown is on and joining us is michelle gerard, the ceo of nat securities. michelle, if we base it on the jobs number or the lowest job openings since 2021, what should this tell us today? >> all of the labor market data has been on the softer side. we actually are below consensus. we got an overall job gain of 125,000, excluding the government, 145,000. i think most importantly, the eyes on the unemployment rate. quite different t

christopher waller seen as possible candidate for chairman if former president trump wins a second term. he devoted part of his term to qualifying benefits of central bank independence. thee more say on interest rates. >> first of all -- mar maria: not good. >> the fed is not independent of treasury. the fed is on its financial statements brokest. maria: broke. oke.maria: broke. >> it's borrowing weekly from the treasurer. it's going to pay it back for the losses it's bearing on its on interest interest rates. maria: nobody talks about this. >> we are. we. maare.maria: thank you. i want to hear more. >> the fed is a financial auxiliary of the treasury now. as for the fed's independence, when the fed came into existence, the treasury i secretary was the chai chairmanf the federal reserve board. that ended in 1935 i think. butbut truman badgered the fed. nixon badgered the fed. this is a long-standing tradition. people are getting up on donald trump for badgering the fed. at least he's out there and says it, right? maria: and we have confidence that knows what he's talking about at least. >> no, we do not have that. some of us have that confidence. maria: some of us have t

governor christopher waller did not give us that definitive answer whether it was 25 or 50. what exactly are they going to do? jonathan: a last big read on theting next week. >> i am most forgot about the ecb meeting on thursday. i think a lot of people dead. when i was thinking about the particular events this week i was thinking what else sprayed and you pointed out the ecb and actually think it might be quite interesting considering the fact everyone's written off the ecb as following the footsteps of the federal reserve. they have it a lot worse. they are facing some real economic weakness that cannot be sugarcoated the way it had in the united states. that might be one of the interesting moments we see what is the response function from inflationary pressures that haven't fully died but at the same time real weakness that's not just the u.s. but globally. >> we talked about this a million times. in germany the model is broken and there's no evidence any real sign they come up with anyone that might be successful anytime soon. europe a derivative of what's taking place in china. the equity markets near a five year low. the commodity mark