the nasdaq, however, lower. we will talk more about the nasdaq in a minute. we are checking the bond market. we begin with the 10-year treasury. 4.32. rising a few points this morning and after the hotter than expected cpi report. important to note the 2-year treasury has the yield back above 5% right now. and the energy market with the wti back above $90 a barrel. up .50% this morning. similar for brent crude at $94.06. natural gas up .50%. >>> back to the nasdaq and tech. shares of a.r.m. holdings set for day two of trading after the debut. a.r.m. closing 20% higher. now more than 9% higher. now it is $69.45. we saw it lift the nasdaq higher, but in the pre-market, nasdaq fractionally lower. we'll talk more coming up. >>> turning back to breaking news this morning. for the first time three automakers are on strike after failing to reach the deadline before midnight eastern time. now thousands of worekers on targeted strikes in michigan and ohio. we have phil lebeau with the latest. >> reporter: good morning, frank. we are here at the ford plant in wayne whi

the nasdaq in the futures are hardest hit. nasdaq on a bit of a losing streak. how do you see the high yields impacting the market going forward? >> it depends what is driving the yields. if yields are driven by higher growth, that is a positive figure about growth. they care about the outlook and it is more positive. if you get the yield rise with growth being resilient, then that is what we have seen in the past few resilient equity market and you could get some upside. if it turns and your gains are driven by the possibleility of higher rates, that is more worrying to the equity market. >> a lot to follow there. skyler montgomery-koning, thank you very much. >>> time for a check of the top corporate stories with silvana henao. silvana, good morning. >> good morning, frank. google is looking to crackdown on election ads containing a.i. content. the company said starting this november, it will require election advertisers to disclodisclose when an ad contains altered content. this moves comes as the federal election commission is addressing a.i. ahead of the pr

ceos of arm, nasdaq and carnival. carnival with guidance coming in weak. >>> we watch the markets on the final day of the quarter. s&p 500 and nasdaq on pace for the worst days of the month. the s&p close to session lows. up 18. ve hearing aids from another company... i was just frustrated... i almost gave up. with miracle-ear it's all about service. they're personable... they're friendly. i'm very happy with them. we provide you with a free lifetime of aftercare. meaning free checkups, cleanings, and adjustments. i see someone new... someone happy... it's really made a difference. hear the world better during our limited time sounds of autumn event. call 1-800-miracle to test drive our hearing aids risk free. i'm going to sell my life insurance cuz i don't need it anymore. my kids are grown, my wife is great, let's settle up the score. it's time to travel to paree, spend retirement happy. call 877-sell-easy. 877-sell-easy. 877-sell-easy, and sell your policy. you can sell all or part, live your life and play it smart

. >> nasdaq, people have to remember last year the nasdaq was down 30%.se better diversification. that means microcap stocks. one of the areas they can capture that is in the field of i-shares. you can have microcap stocks in the etf. also looking internationally. i-shares also has a small cap international fund. they have got to get away from dumping all their money just in these s&p 500 stocks. it's not diversification because, as you read off the heat chart, these stocks tend to move in the same direction at the same time. therefore they're highly correlated. they don't give you. diversification. liz: as we watch the selloff here, the dow is down 195 points and stopping. we do have the s&p at the moment. i want to get everybody up to the second numbers, down 19. nasdaq down 10. transports down 346. mark, we want to thank you very much. the big winner today, airbnb. joining the s&p 500. airbnb is looking to see a gain when those bells ring in a couple seconds of 7.25%. [closing bell rings] a lot of the rest of the complex looking pretty ugly now. we're

we are looking at nasdaq futures marginally.we saw thursday was a number of indices falling because of apple. we mentioned how much apple loss, 3% on thursday, wiping out nearly 200 billion, and down now. we will pay attention to that and more. let's look at what the bonds are doing, yields starting off the morning softer, generally ok after signs of softening wage growth in the u.s. positive data from the u.s. the last couple of days. let's go to singapore on how asian markets are faring. we mentioned the rainfall that is there, and a bit of the red on your screen. the of us a sense of what is happening -- give us a sense of what is happening. >> the rainfall in hong kong, the heaviest rainfall on record that has brought the city to a standstill. trading is scrapped for the day after that heavy rainfall, but in the rest -- you can see it is a really gloomy outlook. following from that mood, you can see how the asian markets are faring, in negative territory. a lot coming from negative sentiment on wall street, no thanks to the

s&p up 22 and nasdaq up 100. this is after the down week for the s&p and nasdaq.rply higher moves this morning. if you are watching the treasury

nasdaq and s&p trading in the red. as we always say, it's early. >>> and europe trading is just getting under way. we have arabile gumede with the early action from the london newsroom. >> good morning, frank. two hours since the markets here in europe opened. we are on a tear, but to the downside. it has been down for seven days in a row is the stoxx 600 across europe. today is another down day unfortunately as september continues with the woes. eurozone gdp was less than anticipated. the latest was 0.3% which dropped to 0.1% quarter on quarter. negativity across the board. we did see the likes of the travel stocks manage to gain around 1%. tech as well as media managed to head up 0.8%. that was the initial picture. we saw german inflation picture up at 0.4%. that was down, but too high for the european central bank. in asia, we look at that which is negative across this board. japan has been in the headlines with the gdp number coming in at 4.8% for the second quarter between april and june. the initial figure was 6%

the nasdaq down 232, they are floundering. house chip designer arm holdings, holding up after the stellar debut on the nasdaq. floor show traders on top of it all when "the claman countdown" comes right back. after advil. feeling better? on top of the worlddddd!!! before advil. advil targets pain at the source of inflammation. when pain comes for you, come back fast with advil liqui-gels. liz: fox market alert, the bulls are in retreat, friday. the dow is giving back most of yesterday's gains, we have lost 259 right now and the s&p 500 and the nasdaq have completely erased yesterday's advances and then some. the s&p closed higher by 37 points. the s&p down 52, nasdaq gained 112 yesterday. all about and more obliterated with this 225 point loss. we talked about semi conductors here but rising bond yields were wreaking havoc on growth stocks at this hour. the 2 and the 10 are nearing their highest levels since 2007 ahead of next week's, and 3.2%. and arm reach a session high of $69, shares of paired and given up all those gains.

the nasdaq posting t

live from the nasdaq market. mike khouw, carter worth, and brian stutland on the desk tonight. >>> wti at its highest level, since last november. and brent crude $90, helping efts like the xle and oih post healthy gains, chart master is here to tell us if we should expect to keep ripping on dripping. >> you're getting reports, we heard earnings out for several, and saying, look, forget the labor costs, which are a problem ongoing but we've got a fuel problem. it's just about sequencing, oil was hated, now it's loved. look at this first chart. that's a major break above that down trend. we were at 65 a barrel, now at 92. it's right to start to fade this. at least hedge or take profits. in terms of the airlines, of course, they are now hated as opposed to crude which is loved, and we can look at a few airline charts just to figure that out together. but what we have, if you look at this, the oldest aggregate of all, a new york stock exchange airline index. it starts before the covid plunge, no lines, no judgments,

the nasdaq, they've had 14 times plus or minus 2% move in the nasdaq on any given day which is not as high as it could be, but it is -- >> it's not so uncommon to see this level as you get into september. there is more scrutiny, steph, on rates being higher and the implication. do you believe declines in these names will not be scooped up in short order? this is where the action is. >> not where these multiples are. i think some sort of a d rating in the multiples for people to get more excited. if it's down another 10, 15, 20%, we'll see. i don't know if i have the confidence in the multiple. the trends are not great for apple. versus 122 times the last ten years, and you are seeing a bottoming in aws. retail margins are expanding nicely. and i think they can do more going forward. i like that operating leverage story, and, oh, by the way, i would buy meta. i've been trimming it and it just keeps going up and up and up. you have real momentum in reels, click to message, facebook blue, year of efficiency, revenues from 11% growth to 24% expected last year. morgan stanley saying they e

nasdaq up .30%. s&p up fractionally.'s see how europe is shaping up as its trading day is getting under way. we have arabile gumede with the early trading day. arabile, you are wearing black. you didn't tell me. the bromance is on shaky ground. >> i promise to tell you next time. it is my fault. let's get into the market action. it is not an all black day on the market. we are seeing red. cac 40 is the one we are looking at with ubisoft is moving higher in the trade which is 3% on the up with the microsoft and activision deal. cma in the uk saying there is an opening door with the restructured deal. it is helping to push things along. the ftse 100 is on the up. that is on the back of mining moving higher. so to on the retail front with ocado pulling up gains. the market is sitting in negative territory after the central bank frenzy yesterday. very interesting to note on that number that the bank of japan decided to keep rates on hold today. the governor saying that we want to see inflation at the 2% mark before we move a

charter is second best performer on the nasdaq right now.g higher by about two and three quarters percent and with let's call it 35 minutes left to trade, that gain is not enough. it's not helping the nasdaq down about 362 points. we're back in a minute. do not move. i'm ordering you. ♪ what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. eat pretzels. eat more pretzels. watch movies. watch more movies. get airline miles. get onekeycash. book in-app to earn onekeycash on top of your airline miles. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones the first time you made a sal

nasdaq is down 1%. has this thrown out what everybody thought the end of the year would look like or do you believe this rally can continue? >> i agree with jay. we have been focused on the equity decision. the dot plot validates that. i'm surprised by the fact they took to rate cuts next year. i think this is confirmation we will see higher for longer and it will put more pressure on the economy he eveesse eventually. i think that higher for longer puts more pressure up in 2024. >> jay, back to you. one of the big take aways from yesterday is the neutral rate might change from basically 2.5% to 3%. does that change your longer term view of the markets? i know you advise clients and we have a lot of long-term investors in the market. does that change your view? >> it doesn't change my l long-term outlook. it changes where you want to focus on where you want to put money to work right now. i think consumer staples are a safer play. if you are a little skittish, they have a lot to reverse and a lot of sto

nasdaq up by 25. quickly, treasury yields yesterday.it is still there. 10-year treasury is above 4.3% as

if we do a spot etf and traded on new york stock exchange and nasdaq trading on the nasdaq and that'sustodial and everything done in the u.s. and exchanges that are completely regulated and monitored and you don't have to go to sam bankman-fried. that's what they've said. that's exactly what they've said. if the sec turns around and says we don't like crypto, and if you have a spot etf, it's mainstream. but futures are for samiest indicated net worth and take retail out and if i want my bitcoin, it's almost like stopping and hate to compare to marijuana use and -- kelly: i'm going to pause you there. might as well legalize it because you're going to do it anyways. kelly: wise words from charlie gasparino. >> who does not smoke pot. for the record, i do not smoke pot. kelly: okay, we have it on the record. charlie, thank you. the closing bell rings in just about four minutes and major averages looking to close out a winning week here. the dow up more than 1% and s&p 500 up 2.5% and nasdaq up 3% and again the nasdaq may get six days of wind in a row and a wrist of net works getting a bo

it tracks the nasdaq 100. with volatility already high in that arena, will this new product be a boom or a bubble in the making for options investors? we'll break it down for you. >>> plus, calling all "options action" fans, reach into your pocket, grab your phone and tweet us your question@optionsaction, if it's nice, we'll answer it on air when "options action" returns. es deserves a great deal. that's why comcast business is launching the mobile made free event. with our business internet, new and existing customers can get one year of unlimited mobile for free. it's our best internet. powered by the next generation 10g network and with 99.9% reliability. plus one line of free mobile for an entire year. it's the mobile made free event-happening now. get started for just $49.99 a month. plus, ask how to get one free line of unlimited mobile. comcast business, powering possibilities. good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are do

the nasdaq's down four days in a row and down 2 on the week. stuart: where's the nasdaq now?ree averages. big tech, mixed picture. apple, a fraction higher, a buck higher or e after all these losses. meta just hit 300. microsoft at 330. alphabet and amazon are down. >>> next case, china's ban on apple iphones in government offices, that's having a domino effect. qualcomm, they're a supplier, right? lauren: absolutely. and they get two-thirds of their revenue from china. they supply to other companies as well. apple gets a fifth of overall revenue from they that. we're talking about two the-thirds from qualcom, so the stock is down sharply this week. it seems like cooler heads are prevailing. i wanted to mention huawei, their new phone is more expensive than the iphone that china is trying to convert iphone users to. huawei is under fire for it. where where do the super fast chips in it come from? did any company violate a sanction to get them those chips? i'm not saying qualcomm, i'm saying any company. that's part of the investigation by our state department. stuart: fair en

citi think the nasdaq 100 is short at $8.1 billion.f there is a rally, it puts positioning into play. tom: the question of the day is whether or not luxury and technology are now looking at cheaper, given the downside we have seen in the last few months? here is the context. there is correlation between these two. lvmh a litmus test around luxury. the gap starts to widen 2022 to 20 here2 is the pressure3 for lvmh, which had been. the biggest value cap start in europe but has since declined 20% since mid june. here is the runoff in the nasdaq 100. the term has been less but it is still there. the higher yield environment and whether or not the ai has started to run its course. the questions for luxury, france, italy is the role of china. questions for morgan stanley goldman sachs, if china starts to fall off in terms of the consumer and that high end in europe and the u.s. starts to look more fragile, where is the support for luxury? so is it starting to look cheap enough now? or do we see more downside before you want more exposure? al

the nasdaq was up even more. which is the whole reason we're even here. >> yeah, and i think about, you know, where -- and i always analyze this. i think you know that scott. i like to look back and see where i went wrong in my analysis. there were two things behind that. the first thing is i failed to recognize the tremendous amount of stimulus that was put into the economy in the first and second quarters and how that postponed the deceleration of the consumer sheet. so i think that that's one of the factors that we probably overlooked. you know, the second factor in terms of breadth and these tailwinds is that we really had something of a relief rally, right? we were all relieved that the -- that they reached a budget deal. we're all relieved because people started to declare the fight with inflation over particularly when no one was talking about -- that 1.9% when we saw inflation go down to 3%. of course, because we were lapping 9%. i think that we saw a breadth narrow to come degree because of that, scott.

nasdaq off 35.treasury market, you saw activity with yields yesterday. especially with what you have been hearing from japan and other places. right now, the 10-year treasury is yielding below 4.3%. the 2-year treasury is

it is the same set up for the nasdaq. guy: absolutely. but i think what it does tell you is we are going to see a bumpy ride between now and the end of september. everybody said september could be a difficult month. it is proving to be that. where are we going to be at the end of the year? i think tax does hold -- tech does hold. the question of the day, is tech in trouble or is the market in trouble? joining us is ed ludlow and alex webb. alex, is there anything significant happening on the tech landscape that should be causing the gyrations we are seeing? is the china thing that big? i look at india and what could happen. nvidia is trading on massive multiples. alex: bloomberg sources are saying government agencies and owned firms will not be allowed to use iphones. that is sending a shudder through apple today. interesting estimate from dan ives saying that his 500,000 of the 45 million units. guy: i read that as well i my first reaction was, yes, but if i am a consumer looking to buy a new iphone in china, i am thinking, the governmen

dow implied higher 14 points and nasdaq by 9 and s&p by 10. this after the nasdaq and dow and russell 2000 index posted their worst month of the year as you see here. things have to get back on track especially for the transportation trade. on a sector basis, 11 of the 11 s&p 500 are coming off a down month led by utilities which saw the worst month since september of 2022. that is down over the course of one trading day of 1%. over the last month, down 5.5%. today, investors are looking ahead to the august jobs report. employers are expected to have added a net 170,000 new jobs last month. that is down from 187,000 we saw back in july. the unemployment rate is expected to hold steady at 3.5%. ahead of that, we check the bond market. yields showing a sign of downside pressure for prices and upside pressure for yields. 10-year treasury is at 4.11%. 2-year treasury is 4.87%. 30-year treasury is higher at 4.23%. in the energy complex, oil coming off a third straight month of gains. right now, wti price is $84.08. the world benchmark ice brent is

the s&p and nasdaq were down. s&p now indicated off 10 points. nasdaq indicated off 42 points. you are talking about four days in a row of losses for the nasdaq and three days in a row of losses for the s&p 500. a lot of that because of what is happening with shares of apple. we'll talk more about that later. $200 billion of market cap lost from the stock over the last several sessions on concerns over china. >>> let's look at the treasury market. 10-year treasury is 4.24%. 2-year treasury at 4.93%. in asia, stocks in japan fell by 1% after the disappointing gdp data. stocks in china were relatively flat and trading for the session in hong kong canceled because of the black rain storm warning. hong kong saw the heaviest rainfall since records began 140 years ago. you could see cars submerged here which is a really big issue. shutting down trading. >>> david solomon speaking to david faber at the tech conference in san francisco yesterday. he spoke about the private credit business with more than $100 billion in private credit on goldman's wealth management platform. >> i think

check those markets please, the dow is up 70, nasdaq up 148 points.island has blocked new york from using a former school is an emergency shelter for migrants. this is a win for you but it is only temporary. >> yes. it was a win for not us, everybody throughout new york state actually. this judge overturned the right to shelter decree in new york state. it's a win for the whole state. stuart: are you going to try to get other migrant sites shut down elsewhere in new york city? >> we will take that one step at a time. right now we are focusing on staten island. we want to see if the mayor appeals. it's an interesting legal quandary the mayor is an. on the one hand, he was bringing the lawsuit to the degree in manhattan. this judge in the staten island dues that for him. we want to see what the next step is. stuart: a separate question, i am sure you've seen elon musk was at the border, live streaming what happened, do you think musk is a private citizen, has a lot of money, can he do anything legally to fix the border? >> i implored him going down ther

let me just state a big fact on the nasdaq, stuart, the nasdaq advance decline line at bear market lowse megacaps are really doing the job for the nasdaq composite as well as nasdaq 100, and that has to eventually be ironed out because it's so long, seven or eight stocks will carry the weight and so far they have. stuart: some of the guests invested heavily in india through the indian etf, that was the i-n-d-a. i believe you've been dipping your toes in indian water took into consideration haven't you? >> i have not, but they're correct. it's strong and i'm going to give you one of the area, japan, the japan etfs like adrs like honda, hmc at new yearly highs and a couple of areas around the globe stronger than us but just remember, you're dealing with currency risk, government risk and all kinds of other risk when dealing with other countries but leave no doubt, both areas are in game right now. stuart: got it, gary kaltbaum, thank you for being with us. looks like a important day. we're waiting for a-r-m. on the right hand side of your screen. it's the people from a-r-m, arm, who are a

the dow off about 70, nasdaq down about 40. bitcoin, well, that remains at $25,000, 25,6, to be reprice. politics -- precise. the president heads overseas today, first to europe, then to the g20 the meeting, and he will be masked following paris lady's positive -- first lady's positive covid test. the alarm bells are ringing. surely we're not heading back to covid mandates. senator rand paul says not a single healthy child has ever died of covid. on the show today the education crisis, academic standards still declining. absenteeism rampant, and yet the schools are convulsioned by bathrooms, gender seasonality -- a boy in the spring and a girl in the fall -- when will the education establishment be held accountable for the mess in and the new york times gets it right. economist brett stevens writes why so many americans are down on biden. it is wednesday, september the 6th, 2023. andny and company is about to -- "varney & company" is about to begin. ♪ ♪ ♪ i'm winning, i'm winning ♪ stuart: winning by san tan a that. not a bad c

the nasdaq higher, too. >> "fast money" starts now. >>> live from the nasdaq market site in the heart of new york city's times square, this is "fast money." here's what's on tap tonight. a streaming glitch. shares of netflix dropping as its finance chief warns as the ad tier hasn't beefed up revenues yet. w are shares in for a permanent chill? >>> plus, we're counting down to the biggest ipo of the year. what can we expect when arm trades tomorrow? and what kind of precedent will it set? >>> and later, d.c. takes on a.i. the tech execs on capitol hill today as lawmakers explore potential regulation of this industry. what they had to say, and what they hope to accomplish. i'm melissa lee, coming live from studio b at the nasdaq market site. on our special guest tonight, lori cave cena from rbc capital markets. >>> we start off with breaking news on the arm ipo. leslie has the details. >> hey, melissa. arm pricing its ipo at $51 per share. that is at the high end of the range, an offering size of $4.9 billion and a fully diluted valuation of $54.5 billion. all of that according to a sou

strong nasdaq debut for arm. shares popping nearly 20%, so, what does the jump mean for all the other ipos? the pipeline? rick hitsman will give us his take on today's offering and what it could mean for the tech landscape. >>> and a media deal in the works? what disney may be looking to do with one of its signature properties and what it could mean for the stock. don't go anywhere. more "fast money" after this. > ss aomt >>mied menof "fast?" catch us any time on the god. follow the "fast money" podcast. we're back right after this. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back. ( ♪♪ ) sometimes, all the tenacity and grit in the world... ...can't overcome the boundaries we face. ( ♪♪ )

how many, how can we use this technology inside of nasdaq.her in the business and the products we deliver to our clients because we do provide a lot beyond our markets or on the business to make it more effective and efficient. we came outth with 25 different cases within one hour. i think every company has been doing that. the level of pervasiveness that this technology has in creating much more efficiency within an organization, much more productive activity. making it more efficient, effective. there are lots of positives. i think that it is just beginning to surface. aws, open ai, those types of companies, they are the foundational technologies that will drive adoption. we have not yet seen the market really think about how will it be adopted o and therefore which companies will be able to get ahead faster. which companies will be more efficient. which new technologies can be borne out of this. new innovation and things like that. that actually has not yet really filtered into the market. i think that there's a lot more to learn and a lot

nasdaq is still up some 20% for the year. the question -- if we've got those numbers it would be great to see them again. is this a healthy market or unhealthy market? >> if you look at equal weighted s&p and that versus the nasdaq, we know where the gains have been outside, mega cap tech, and that's something to be excited about and say, see, this is where we're going to have continued support, or concern. s&p now is back up 12%. there's a couple things that should worry multinationals. that dollar today closed also at highs for this cycle. finished 105.60ish on the dixie. i guess i look at the s&p and look at levels, and some of this is the market we have. on this show we are fast money but we're also thinking tactically midterm and as bonawyn talked about, there's dynamics set up into the year end. i think we're going to get the year-end rally, but i don't think there's any reason the s&p shouldn't -- technicals telling me we're going lower before higher. >> let's talk about the auto workers. the uaw expanding strikes toda

it's a special one for the nasdaq.e and 16 years, jim, at the market center. >> that's sensational. what a job. >> congratulations to all of our friends and our president, jason sullivan, doing the honors. dan, the head of business news. sandy, senior executive producer. brad ruben, who makes the trains run over here. >> it's hard to realize outside how much we love our colleagues, and look, melissa lee is just incredible. of course, kc has just done a great job. look at -- casey sullivan. i'm so proud just to see how long they have going. >> there's guy, karen, tim, dan, all the regulars. it's really an amazing show. >> i know. it's an institution. institutions are hard to come by these days. >> at the big board, energy company eqt, and we'll talk to the ceo, toby rice. >> he'll have some very good comments. they're one of the lowest cost producers of natural gas. they've been around for a very long time. most of these guys are reluctant to ever say, well, i don't know if -- i just focus on my business. he'll give you

nasdaq is still off better than 200 points.e should show you yields, too, if we can put those up, because that's a considerable story today following jay powell and the fed chair and his comments yesterday. the roadmap ahead of where fed members think all of this is going, results on the left, green, and on the right, red. that's the story. we will track it with less than 30 to go. apple today, that stock is in the red. the iphone 15 going on sale tomorrow. that after reportedly strong preorders comes at a time when shares are tracking for their worst month of the year. joining us morgan stanley's eric woodring, covers the stock for us. good so see you. tomorrow is the big day. reports are so far, so good. what's your read? >> it's tough to say early, only five days into the post-preorder period. i would say relative to expectations, and given what we know and the concerns about china, i would say these first data points have probably been better than expected. lead times, by and large, for the iphone 15 family are slightly lon

we see that on the nasdaq.portunities will be offered to another e-commerce tech company that wants to come and then there's a whole list. we know there has been many waiting in the wings to get in what is a $30 billion of ipo's globally. that is a decade low. people are anxious to get these companies coming out thick and fast. the real glut will come 20 to four when we sit down with karas know to talk about what this particular arm means. it is unique, has exposure to china, has 90% majority ownership still from softbank and it is lined up for big investors. apple, intel, tsmc are hoover ring up chairs ahead of the listing. it will be idiosyncratic but it is really important this goes well for instacart and clay vo2 be sure. alix: what are the barricades for arms? easy to make the bouquets, aside from the ipo are going to softbank cannot arm. what are the issues in terms of r&d and cash burn investors need to be aware of? >> i think that has been pointed out well by colleagues a bloomberg intelligence. this is

putting that into context the nasdaq is still below its 2021 highs.hen we look at the earnings backdrop for tech, q2 earnings was the first quarter for earnings growth we saw over the course of the last year of contraction. i think when we think about the text step back from here there is some near-term pressure from higher interest rates but over the medium term i still think there are reasons to be constructive especially if you start to look outside of some of these america cap names. i think incrementally toward some of those mid-cap tech companies in the software semiconductor space at a reasonable price. >> that's one part of the tech trade but how much of it has to do with expectations. i can understand there are some crack's, etc.. but that still holds up well versus europe where stagflation seems like the baseline at some point. how does that factor into the tech conversation? >> we do have a base case for a u.s. soft landing. and of course there are tail risks around that but when you think about u.s. growth relative to european growth we ar

the nasdaq is down about 54. keith fitz-gerald joins me now.t to talk about politics in the mess down there. they ended the month without spending a spending bill could lead to a government shutdown is not going to affect the markets at all? >> i think it is. it's not a question of when or if it is a question of how. i think it's graceful we've been here somebody times we done their and got the teacher at this point. david: i am wondering how a government shutdown would compared to the continuing growth of oversize government. >> that's the real conundrum. the government equal small wallet and anytime you have a big government yup a small wallet and uncertainty in the stock market that's what the headlines are created between earnings the headlines are going to gravitate from stock to stock or vice versa. here's the moment we take a deep breath and concentrate on the bus companies. this is the kind of stuff that you could have to to get through all of them. david: we had jeff sica on earlier he's been a perennial bear but at the same time he me

stocks down one hundred 20 on the nasdaq. show me big tech, they are all down, apple, microsoft, meta, amazon. not a huge selloff but a 10 year treasury yield moved above the 4.3% level. oil got to follow closely, some inflation with oil moving out, $90 a barrel up this morning, just received the latest read on consumer sentiment. what number do you have? lauren: it went down because gas prices went up. the number for september, per limiter number, 67. 7, the expectation was 69. one. cpi and ppi both came in hot, 5 year inflation expectations did come down a bit. i find that encouraging. one of the point, few customers in this survey mentioned potential federal government shutdown but if it comes to bear they are really worried about the economy. put this in perspective, you have the hollywood writers and actors on strike, the auto workers on strike and potential of the government shutting down. how would you feel about that situation? stuart: the number of consumer confidence, the market still stays in the red as the market

check out this chart of the nasdaq. the people at the nasdaq.pectively. according to him, the blue long-term cycle is the one that has the most impact on the nasdaq. it's a cycle that's been the most reliable predictor of the action here since the index began trading. and right now the blue is pointing higher. when you project the cycle for the next couple months it's extremely bullish. everyone dumped on the nasdaq today. it was incredible. it was the most trashed of the averages. when you narrow things down from the long term to the intermediate term, the green line, it is saying something similar. larry points out the intermedia cycle's also pointing to the bottom of the nasdaq in the very near future. looking back he says we've seen this cycle or wave pattern 17 times in the past, and on 15 of those occasions the nasdaq bottomed when the pattern predicted it would. that's over 85% accuracy which is pretty darn good in this stock market. finally check ought the red line which reflects larry's short-term cycle. even with the short-term cycle i

we have, again, i go back to the nasdaq being up 30% and the nasdaq 100% up 40%.it's important to look under the hood. this is a perfectly fine company that trades at a reasonable valuation. this is supposedly really innovative, and it trades like death. >>> all right, in the meantime, we've got more news coming out of the uaw strikes. gm's plant in kansas city, kansas, is going idle today. earlier strikes at a different plan in missouri delayed the delivery of critical parts used in production. this adding to the tension between unions and their industries. in august alone, more than 4 million days of work -- 4 million -- were lost due to work stoppages, according to the b bureau of labor statistics. let's bring in michael strain, the director of economic policy studies at the american enterprise institute. michael, 4 million, that's a lot of work days lost. what does it mean for the broader economy? >> it's a lot of work days. and it's a consequence of the fact that employers have a voracious demand for workers. labor demand is off the charts, and there just are

nasdaq up over .50%. let's look at europe with the trading day with joumanna bercetche in the london ne newsroom. joumanna, good morning. >>> that's right, frank. we figured it is the last day of the trading month and quarter, we will look back at how all of the indices have done the last couple months. let's start with asian indices. you see all of the indices are ending the month in negative territory. nikkei in jap dan down 2.3%. they did not transpire with the move from the policy. some chip makers and energy stocks came under selling pressure. hang seng is in focus not over the month of september, but the quarter as well. let's flip to the quarter to date chart. down 6% for the hang seng as investors got to grips of what was happening with the chinese economy and the huge pullback in the real estate sector. that is hanging over that index. on the flip side, the best performing stock is an oil expiration company. that is the picture overall for the quarter. as for european markets, this is the picture

dow jones off 37 and nasdaq futures town by 5 points.mark holding under the yeeding right now. oil, crude, hovering at its highest level in nearly a year. you've got wti up three-quarters of a percent. brent up and natural gas off. >>> the key takeaways from the wanderlust, the iphone 15 and iphone 15 plus with now usb-c charging starting at $799 along with the iphone 15 pro and pro max starting at $1,500. apple unveiled a new watch and micro processor that will be manufactured by taiwan semi. will any of this move things? let's ask about this. do you expect to see the stock move? >> i do not. it's heading into the announcement the product launch and temporarily sold off during the launch. i think the sustained pressure is possible given there weren't a lot of things that got me excited. i think they're taking the de facto price increase on the 15 pro max and having the usb-c connectivity be good for accessory sales. but the china overhang and higher interest rates are going to slow the progress for the stock. there are concerns about th

if you look at the s&p, nasdaq and nasdaq # 100, we've already put in a year's worth of good work without altering policy. and i do think that the employment report this morning may have been a little weaker under the surface when you look at the house hold survey, over half a million people who lost their jobs. yes, they may have been re re-entering the workforce, but it is a different look. downward revisions were significant. i think that it will be a choppy market. with the vix at 13 and with still some, you know, existing concerns about where we go from here, the markets will probably chop around based on, you know, digesting the gains that we've seen thus far. but i don't think that the fed has much ammunition to raise. and again, i went goldilocks two months ago and that is where i still am. >> and different picture than what we've seen from the retailers. from dick's, macy's talking about a cautious consumer. yet the economic data has held up a little better than expected especially when you look at those consumer spending numbers yesterday. so what should markets believe or lean

as for stocks a mixed picture, the dow is down three, nasdaq down maybe 30. bitcoin has it the $27000 bubble again 273 to be precise. the strike is in its fourth day, stellantis of 21% pay raise in the union rejected it. the president xi data team to detroit to help to assure the union he has their back. politics and temporary funding proposer that would keep the government running until octobe% except for the military and veterans programs and it includes border security, not clear if it passes with all house republicans. on the show today senator schumer relaxes the dress code now it's okay for john fetterman to wear his hoodie and gym shorts. monday, september 18, 2023, "varney & company" is about to begin ♪ ♪. stuart: look at the traffic in new york city today, the president is in town all day and tomorrow, don't expect to get around easily in manhattan. the autoworkers strike in the fourth day, the latest offer from stellantis rejected by the union. jeff flock joins us right next to a picket line, what are the politics on the line? >> they are the oddest

for the month, it's a 5-handle for both the nasdaq -- oh, now it's a 66-handle for the nasdaq -- 6-handle. it was about 5 a.99 when i wrote that. and the russell 2000 down 5.5% for the month. nasdaq, by the way, is perilously close to dropping below 13,000, at the moment 13,199 1 points. we are an hour away though from to two potential market movers. fed chair jay powell will speak at an education forum, and nike earnings are going to be released. investors are very eager to hear some better news that moves nike. in 2023 nike shares have lost 23% of their value, and that's the worst annual performance since you've got to go back to 1997. all this plus breaking developments on the looming government shutdown. the u.s. government has begun notifying federal workers that a shutdown appears to be imminent. coming up, it's a can't-miss live interview with house budget committee chair jodi airington of texas. there is some breaking news. a bunch of republican congress people just sent a letter to kevin mccarthy demanding to know some answers about what if, what if there is a shutdown. let's get

instacart making its debut today on nasdaq.rocery deliverer are company closing more than 12% higher than the ipo price of $30 a share. but that was a far cry from the opening trade of $42, so, it came back to earth just a bit, so, what do you make of the seeming loss of momentum here, tim? >> it's, again, it's a concern we knew there was going to be a lot of hype around this. this is another one of these companies that people had been expecting, and there's a real business there, there's absolutely -- and i think the way they priced the deal was supportive, but you know, the marginal dollar for a company like this at a valuation that's not a giveaway, i think in this tape is challenging. so, there's always excitement around an ipo market and the book runners did great job here, because you can see the pop it had. we'll see what it does tomorrow. that's really going to define this >> prices at 30, opens at 42, goes to $42.95 and ends at $33 is that a good sign? >> no, i think it's not. i mean, it would have been better if it op

as we go out, nasdaq up a half percent. s&p 500 4338.n with "overtime." >>> stocks closing near highs of the session. the s&p 500 and nasdaq both breaking four-day losing streaks today. that's a score card on wall street. the action is just getting started. welcome to "closing bell: overtime." i'm morgan brennan. john fn fortt is on assignment today. we have rare can't-miss interviews. we'll speak with jennifer nason of jpmorgan morgan investment banking who has more t

so, that does exist in the nasdaq 100. it is also where a lot of that positive sentiment in around a.i. has lived in those megacap tech stocks. so, if that's kind of coming out of the market a little bit, then i start saying, okay, how is that equal weight s&p looking? it's basically flat on the year. how is the russell 2,000, a bit more economically sensitive to tighter credit, that sort of thing. well, that's flat on the year. so, we're seeing some things under the hood across, at least the stuff that i'm looking at, that has been deteriorating and it reminds me a bit of late 2021, where the major indices keep making new highs despite a lot of stuff under the hood not acting particularly well. and i think that's going on right here, so, again, i'd say, look to the leadership. some of these technical levels are being violated here, and ultimately, i just think with valuations, they're too high, relative to where rates are and where a lot of folks are going to be more comfortable about where rates are going to basically --

nasdaq indicated off 80 points. by the way, we have seen three days in a row of losses for the nasdaq. not just this week, but friday last week, too. you are looking at losses that are modest at this point. starting to add up. all three averages down 1% for the week to date. if you want to see what is happening with the treasury markets, yields have been lower. the 2-year treasury is just below 5%. just barely at 4.99. the 10-year treasury at 4.27%. we will talk with lee cooperman this morning. he will talk about how he thinks interest rates will be higher for longer like the fed has been saying. he has concerns about the idea of where the equities market is versus where yields are on treasuries. >> still overvalued. >> overvalued. relative to the risk you are taking and what you can get for your money. he is buying stocks. we will talk about where he sees opportunities. he does have concerns about the market. >> a lot of concerns. that's what has been the deal. >>> we have new data from china overnight. exports fal

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it is up a little bit at 4.29%, the nasdaq upset.rice of oil going up a fraction lower today, just hit $87 a barrel. watch out gas prices down the road. bitcoin 25,700 as we speak. latest read on the service sector. what do you have, ash? ashley: 54. 5, the other estimate was 52.5, the service sector has expanded now, one dollar and $0.50, 8 months in a row, interestingly the manufacturing side of things has contracted 10 months in a row but a solid result on the service side. check the markets, now this. you could, if you tried really hard make the case that things are not so bad in america. if you look on the bright side the unemployment rate, bring up job openings nearly 9 million. your 401(k) not doing that bad. the vast majority of americans don't see our country or future as bright or positive. why so pessimistic? i turned to the new york times columnist bret stephens to ask why. here's what he wrote. why so many americans are down on biden. he says we are unsettled by what people see and feel. inflation suggests inflation is c