mike santelli has his market dashboard. mike >> yeah. mentioned resilience, melissa. down 1.6%, 1.7% lows on s&p 500. even that only one-third of gained prior two days. not even surprising or alarming, a degree of pullback never threatened the old -- used to talk about, will they break broke last week, but didn't spend a lot of time in that area i think a lot of bulls and bears were right basically saying, a strong reflex bounce. the rest is very strong. probably still a few percent, though, from proving whether this is anything more than a reflex rally probably it's something that is a threshold many people are looking at high burden of proof seasonal circuits working in the market's favor a little bit. set up with deeply depressed sentiment going into end of third quarter. all at least a helpful backdrop. in terms of speculative energy in the market, here's a look at margin debt. very long-term chart from davis research total market debt not as interesting. always curves lower when the market turns over. the rate of change over 15 months essentially, percentage chan

i will see you next week into overtime with mike santelli >> welcome to overtime i'm mike santoli.ou just heard the bells, we are just getting start add the post 9. we will speak with liz ann sonders, her expert take on today's market drop and what she's recommending to clients moving forward >>> we start with our talk of the tape a brutal end to a roller coaster week, stocks selling off in a big way today with all three major averages finishing deep in the red. with he see the s&p 500 finishing down 2.8%, tech the epicente

won't miss an opportunity >>> we are now in the closing bell market zone cnbc markets commentator mike santelli here today. we await results for netflix dow is up 327. s&p 500 is up 1% we've had a nice final session we're off the highs of the day but back-to-back gains encouraging? what do you think? >> not bad in a strange way, maybe a 1% gain is better than these huge big bites that you get on the kind of short covering rush to grab for exposure type rallies we've had in the past month. the equal-weighted s&p is doing better there's a drag from things like apple. you don't want to draw too many conclusions, because as i said, still not back up to the october highs. there's a lot of work to do but enough dry powder out there that people are getting a little bit of confidence that it could run if you have the right things line up. >> the dollar is stronger, which is sort of a point of caution, although yields are a little lower today. goldman sachs is higher after beating estimates, a soaring bond trading offset a big decline in investment banking. leslie picker joins us dave solomon gavecautio

emerging markets lower and outside of that doing pretty well and see if that continues, andrew >> mike santelli >>> all right. we are just two weeks out from the midterms and races across the country are expected to turn on the strength of the economy we'll be getting a clearer picture before the vote with the new gdp and inflation data and the fed decision that comes next week joining us right now on all of this is brian deese director of the national economic council. it's good to see you i think we're trying to figure out what to make of the economy and the overall health of things on the one hand, if you look at the jobs pick ture it's a good e and on the other side of the ledger, you have serious concerns about a looming recession and you've got inflation running hot and gdp running weak and real wages that are down with the stocks and how would you sum things up. >> it's a striking degree of resilience as you mentioned and certainly that's true in the labor market and also in terms of household balance sheets, as well and we're seeing signs of cooling and almost a million job openings and

and let's get to mike santelli >> the august trade bounce expected to be around minus 67 billion.o say october of last year yes, 67.2 was october of last year so just barely we are at the lowest level since then. prior to that, you'd have to go back to may when we were at 66.6 billion. and this is actually a much more important number lately than it has been because as these numbers come down and the deficits get smaller, it does give us a way to view global trade. we know that the imf has been very nervous about the slowing in the global economy. we know that our central bank in particular has often said that it is not going to be affected by domestic or global recession. but is that actually going to be the case, many people disagree and think that the fed of course will respond because global slowing will bring down many of the pricing pressures the fed is nervous about. wealso see the dollar index with a jump today and we see red in the equities for the first time this quarter basically. and i think that you need to pay very close attention if you want to be one of those simpl

mike santoli can the bulls hang on to the ball after a couple of 90% updates. dow down 218 right now we've got pmis and a little more economic data. let's get to rick santelliur readout that's better-than-expected. sequentially that follows august at 56.9. that happened to have been the best going back to april these are good numbers, 56.7 the global pmis we had about 15 minutes ago were the weakest, two months ago, since may of 2020, the last time ism services was under 50 was play of 2020. definitely this is showing a more resilient services sector we want to continue, of course, to monitor that. the biggest swap in the u.s. economy. morgan back to you. >> rick santelli, thank you. we're 30 minutes into the trading session. starting with twitter, moving lower a day after elon musk reversed course on his intent to purchase the company, proposing to take twitter over for $54.20 a share. down 2% right now, trading around 50.82 atlantic equities downgrading goldman and morgan stanley, setting growing concerns over how investment banking activity could be affected by a potential recession. goldman is down almost 3%. morgan staley is down 2% finally bernstein i