. >> so let me follow up on that when people tune in to kelly evans and "the exchange," they know they'll get a serious discussion of federal reserve policy so, president kaplan, can you explain your notion in your dissent or in the essay you wrote about your dissent, how it is that the fed, if it stays at zero while the economy improves, the fed actually becomes more accommodative as the economy improves how does that work? >> in the midst of the height of the covid pandemic, the neutral rate, the equilibrium rate, drops. maybe the fed fund rate was 2 and a quarter, and the fed rate drops. what happens is the fed needs to take a course of action, and we did drop to zero among other things in order to help dig us out of this hole that's been dug not only are we not taking our foot off the accelerator, but we're actually depressing the accelerator and increasing accommodation as we move toward meeting our dual-mandated goals. what i'm saying is i don't know if that's going to be appropriate. historically it wouldn't have been with the new framework and our inflation targets, i think we're

i'm joe kernen along with andrew ross sorkin and kelly evans.you ever think how close sizzle is to fizzle. i thought i heard you say fizzle but you said sizzle. it's the perfect choice of words for an ipo they either sizzle or fizzle in this case, it was a sizzle. u.s. equity futures, fizzling at this hour. s&p down 40, dow down 240, nasdaq down on a percentage basis worse than what we're seeing treasury yields, we talk about them i guess we need to with the fed and everything else. >> keeps slipping. >> oh, boy uh-oh. that's like the omen anyway -- boy, that was on -- remember >> .666. >> right where his could you cowlick was. it was there mark of the beast. all right. sorry, but we digress again, kelly. it's only 8:02 we have time >> we'll come back to yields, stocks, the disappointment about the fed and all of that. >>> two of the biggest stories off the bat. leslie pickers is here to talk about snowflake sizzling and eamon javers talks about the latest on tiktok and avoiding a ban in the u.s is anybody satisfied with what we've heard so far

i'm kelly evans. here's what's ahead. step forward in stimulus talks with a new proposed package in meetings today. the market isn't sold yet. we'll get the greatest details >>> the value of nothing the asset investors may be overlooking when buying stocks and it could give a big-time boost to returns >>> the tiffany battle continues, group watch from disney and microsoft thinks you miss you

right now, i'm standing closer to kelly evans than i have in six months we are still socially distancedmr. camera >> can't even joke about it. right about there. >> let's get back to the purpose of this broadcast. that's to tell you what stocks are doing. they are lower across the board. the dow industrials down 220 points nasdaq down by one and two-thirds percent 184 points and the s&p sfliting the

need a bike but you don't need it to ride higher because the market will do it for you these days kelly evans, green across the screen it wasn't that case earlier on in the session the nasdaq was actually showing, believe it or not, some weakness on the day, but the dow industrials are just about 2.5% below their record levels. not just there yet, but still 28, 28,903 the s&p 500 and the nasdaq, both of these hit record intraday highs. a weakness in technology stocks was taking that nasdaq in negative territory by one point. one place that was not negative within the nasdaq is the computer industry, semiconductors vaneck vectors is up 2.5%. they continue to outff nvidia and others hoping to drive that trade today. talk about these momentum names. apple, tesla, zoom video you can see all of these fairly deeply in the red. apple is gaining some ground here all of these are off the lows of the session. still, they've been real outperformers as of late, still in many cases considered overbought by certain measures, but we'll watch to see if those momentum trades continue to move to the downside.

i'm kelly evans and here's what's ahead this hour >>> we'll take you through the headlines.y 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

right now, i'm standing closer to kelly evans than i have in six months we are still socially distanced, follow me mr. camera >> can't even joke about it. right about there. >> let's get back to the purpose of this broadcast. that's to tell you what stocks are doing. they are lower across the board. the dow industrials down 220 points nasdaq down by one and two-thirds percent 184 points and the s&p sfliting the difference there off 41. this follows the fed chair powell's comments on an uncertain economic recovery. airline stocks are lore wer as e group pushes for more money. time we got the details on that. later moderna laying out its time line for vaccine as president trump and the cdc contradict each other about when one will be fully available to americans. maybe we're splitting hairs a little bit maybe not. we'll separate fact from fiction. >>> kelly, bye >> it feels strange to be this close to someone other than any husband. let's take a look at the big board behind me. what's leading the way industrials and materials. the only two sec sotors in the frie green. that's the trend we

. >> yes, i'm bill griffeth in for kelly evans today.ulus plan. should investors prepare for a rocky month of september we have both sides of that story coming up. >>> plus our out of stock segment. deck material as more homeowners are looking to spruce up

. >> yes, i'm bill griffeth in for kelly evans today. evictions beginning and a stalled stimulus plan. should investors prepare for a rocky month of september we have both sides of that story coming up. >>> plus our out of stock segment. deck material as more homeowners are looking to spruce up their yards. we'll see if their demand can last and look at their expansion plan >>> plus this hour esg is under attack, facebook takes on australia and new york city's debt prices today's markets, more records again, modest gains. dominic chu crunching the numbers for us dom? >> these days it just keeps going higher and higher, bill. as you pointed out, another set of record highs. moderate sector gains, but it doesn't take away from this notion that the markets keep climbing higher. the s&p 500 still above that 3500 mark. look at nasdaq 11,897 we're almost close to putting 12,000 on the nasdaq how is that for covid-19 deals today? better housing and home sales data coming out for the month of july earlier this morning has put a bid to some of th

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 look at the bank etf, it's down 37% so far just on a year-to-year basis, but the move

i'm kelly evans. here's what's ahead. a small step forward in stimulus talks with a new proposed package in meetings today. the market isn't sold yet. we'll get the greatest details >>> the value of nothing the asset investors may be overlooking when buying stocks and it could give a big-time boost to returns >>> the tiffany battle continues, group watch from disney and microsoft thinks you miss your commute. dom chu is here with the markets. hi, dom. >> that's one heck of a virtual presence device you've got going over there right now, but i am looking at the markets because at the lows of the session we were down about 256 points on the dow industrial average you can see we were positive at one point, but the s&p 500 still eyeing that 3355 area. that's a big movement there in the 50-day nasdaq composite. sigh real outperformer on the day as it's been outperforming to the upside and underperforming to the downside. keep that in mind. two of the sectors that have been the most volatile over the course of the past couple w

i'm kelly evans.nd will join me in a minute we're at session lows right now, down 213 points on the dow up 175 this morning it's the nasdaq leading the declines down 1.7% right now. >>> plus, johnson & johnson is the fourth company to start phase 3 of us coronavirus vaccine trials how many americans are willing to take a vaccine once it's approved we have details with j&j shares up 1% today. >>> despite this broader selloff, n

i'm kelly evans. frank holland will join me in a minute we're at session lows right now, down 213 points on the dow up 175 this morning it's the nasdaq leading the declines down 1.7% right now. >>> plus, johnson & johnson is the fourth company to start phase 3 of us coronavirus vaccine trials how many americans are willing to take a vaccine once it's approved we have details with j&j shares up 1% today. >>> despite this broader selloff, nike soaring on earnings walmart going on a hiring spree. home buyers are rushing for mortgages. is the consumer stronger than you think? "power lunch" starts now >>> and welcome to "power lunch," i'm frank holland in for tyler mathisen nike hitting an all-time high soaring 9% on a blowout earnings report johnson & johnson also higher on its vaccine progress for more on what's driving the action, let's get over to bob pisani hey, bob >> frank, we are sitting at the lows for the day, 3,280 on the s&p, about where we ended on friday and the problem is this seesaw in the

kelly evans joins us for the hour morgan has the morning off stocks are sinking we'll tell you what iss morning >> the ceo of trip advisor >> and gm, stocks are bucking the sell-off >>> the tech tumble is where we begin. james macdonald is here to talk about theactions in the market along with alicia levine, chief strategist relentless selling pressure here, even though we've come through the long weekend what does that tell you? >> good morning, everybody look, i think in the tech sector in particular, i don't think we're done here but i don't think it portends something more sinister for the rest of the market unless we're down 30% from the high and in particular, if you look at the action last week, the lowest quintile stocks that have underperformed for the entire year outperformed last year and it was the opposite as we know in the tech sector which really were terrible so i think for now, and that could change, for now i don't see anything more sinister i think the crazy gains from august and the parabolic gains from august will probably be taken back, leaves with us a healthy ma

i want to thank kelly evans for hanging out with us. >> thank for having me jetblue's market cap $3.5 billion. it's a minnow. >> join us tomorrow. "squawk on the street" begins right now. ♪ >>> good thursday morning, welcome to "squawk on the street," i'm carl quintanilla with jim cramer, david faber futures are weak as this the fed hangover continues from woul's press run wednesday. jobless claims don't budge by much, just down about 33,000 and snow flake is back below its opening price from yesterday's action watch oil, too, as sally leaves its mark on production snowflake's monster debut, it is buyer beware, ipos that have doubled do not have a great track record after the debut. >> plus the president and tiktok, he says he's not prepared to sign off on anything for an oracle tiktok deal. >> and wall street poised for a sharply lower open following the fed's pledge to keep interest rates low for years and technology stocks do lead the declines speaking of which, jim, sounds like your conversation with joe a moment ago kind of rings with what credit suisse says today about tech valu

kelly. >> i want to ask you about the headlines from the fed's charlie evans a short while ago. it was spoke briefly about that with daive a few minutes ago the fed has not really clarified to market participants with this new average inflation frame work means. it adds to this hawkish till that is coming out of their statement last week. >> e gi got to admit i'm not su what charlie is talking about right there. the average fed forecaster has forecast no rate hikes for three years. this is really a theoretical discussion around the possibilities that the fed may raise rates before it hits 2% if it seems itself aiming toward 2% inflation. i think you hit the nail on the head there, kelly. this is a premature discussion without a lot of bearing in the present and i think it's not really the con centuse really the con centusesus of the board but it does point out the fed needs to provide more guidance and maybe more concrete language about what this new average inflation target means so there's no misunderstanding in the market. >> we'll see if they attempt to do that soon >>> mark

kelly, back to you. >> rick, stick around for a moment, if you would we have breaking news from charles evans. steve liesman has the details. >> chicago fed president charles expense saying a new fed action could be coming pretty soon. he expect, quote, outcome-based guidance where the -- specifically to hitting certainly economic targets as well as new quaint at a timive easing he says that could soon be beneficial, very explicitly saying it could happen soon. perhaps he does. he goes on to say the lack of fiscal aid represents a, quote, very significant downside risk, and puts vulnerable households and businesses at risk he a forecasting is strong third quarter rebound, but ultimately sees the full year, some other details on the economic outlook. he says the return to the pre-crisis level doesn't happen until later in to 22 unemployment will be around 9% by the year end, the unemployment rate will hit 5 to 5.5% by the end of 2021. finally inflation he expects to be under 2% for a time, and he talks about the human and economic toll both on kids and parents, and the broader economy, very lar