joe mentioned the nasdaq the nasdaq had its worst day since february nasdaq fell into correction territorydown 10% from the prior peak in mid-july it was dragged down by shares of alphabet which closed lower by 9.5% with we

the nasdaq up 35% or so. it really is in a completely different ballpark from the median sock which most institutional investors is what they're owning. we think this 4,200 level on the s&p 500 with the 200-day moving average is a very consensus call but that will hold. the fourth quarter rally is a consensus call. we're not sure it will be that easy and we're at the point you're starting to see some of the winners, some of the high momentum stocks catch down to the laggards and that's ultimately what drives the nasdaq lower here. >> read at least one note, speaking of nasdaq, the risk to the negative market call, there is a late year dash for performance and it goes into the seven stocks that have proven to be tried and true. a little bit of defensive, better balance sheets, all the cash, not relying on debt, et cetera. >> look, i think that's why they're up so much and that's the crowding risk. i think we're getting ahead of ourselves talking about the year-end rally until we see where things shake out as w

s&p and nasdaq falling into the red. nasdaq is down .30%.w to discuss this and the move in the treasuries right now with the ten-year yield crossing 5% is katrina dudley from franklin templeton. yields moving higher this morning. ten-year yield moving higher this morning above 5%. what are we dealing with? >> we are looking at yields and how people are responding to them. the zombie company is a company that cannot afford interest rates at these levels. these companies are potentially companies with good businesses and bad balance sheets and we need to fix the balance sheet or they are bad balances with bad businesses and will file bankruptcy. you want to understand if you have a good business or looking at the marks of the company and a product that people want or pricing power or a great culture and has the ability to raise capital. >> it is a stock pickers market. you have to dig in. w what is your wex word of the day? >> complacomplacency. that is on the side of the board. we are seeing it in the housing market. we are seeing consumers s

the nasdaq 100 above the 50 day for the first time since september 15. nasdaq up 4.5% in a week. you can pick your spots of what would be perceived to be more bullish signals. >> so when last we talked, scott, goldilocks job report was very good, for me, fundamental reason why it should rally and it did. i think the market has rallied because of yields coming down but i don't like why yields have come down. it's this exogenous issue. it's not the reason the market should be rallying. hang on, josh. let me cook, to use your term. where you get more fundamental backing for the rally, in my opinion, is thursday. if you get a cpi that comes in softer than expectations. headline expected 3.6%, you come in below that, this market is, i think, going to put to bed the idea of the fed raising rates anymore. if the market grasps that the fed is done, this economy is strong, look at the labor market. look at ism manufacturing bottoming, clearly coming out of the recession it's been in. that would be backed up by earnings. for me thursday's cpi is what i'm looking for. >> josh, you were sayi

even so the nasdaq and we've got it the nasdaq and dow and s&p all at risk of snapping a four day winday's consumer price index report for september, kind of the indirect driver here of the losses. it showed continued stubborn inflation and headline cpi, consumer price index came in slightly higher and 3.7% year over year and 3.6% expectation and core inflation, that's when you take out the volatile food and energy prices and that was in line with expectations, 4.1%. slightly cooler than the previous month, which was 4.3%. if you dig deeper into the report and you'll see that two things that matter most of the fed is nonhousing services inflation, accelerated month over month and driven by what they call by what b and p perry calls revenge and not revenge spending and shelter inflation delivered the strongest monthly owners equivalent rent of residents prints since february. and makes social social security administration for cost of living adjustment 2024 watered down and not at same pace of rate of inflation and cost of living increase for 2024 is significantly lower than 2023's inc

the dow is down 70, nasdaq's up 114 points. like that. 0.87% up on the nasdaq and s&p up a tiny fraction. that's it. coming up, h and m using new technology to stop shrinkage or known as shoplifting and what they're doing to their clothes. congressman pulled a firearm during the vote and critics saying he was trying to delay and that would be wrong. congresswoman aoc trying to defend the move as a moment of panic. republican congressman jason smith says he better be held accountable. congress minnesota hit -- congressman smith is next. ♪ you can't buy great conversations or moments that matter, but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence. ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures. curated by joanna gaines. i wouldn't have my business if it wasn't for my website. once i d

nasdaq is down 129, nasdaq sliding because big tech is almost uniformly down. yield is shy at 491. oil slipping below 85, now $83.79. bitcoin, $34,000 a coin, 34-1 to be precise. latest read on pending home sales. lauren: the number is 72.6, a surprise increase of one. one% in the month of september. august had an all-time low so a small rebound from that. it didn't he decline further, comparing this observer to last september home sales down 11% on the year. 3 problems remain, mortgage rates, inflation. stuart: the real estate industry and the market is in bad shape. now this. it was the first piece of legislation under the new speaker, declaring solidarity with israel. it condemned hamas, called for the release of hostages and israel's right to defend itself. nine democrats voted against it. it wasn't about sending weapons to israel. it was about condemning hamas atrocities. that is what those 9 democrats could not handle. deep inside the democrat party in the house the terrorists have their supporters. they want a hamas win, no ground invasion and a cease-fi

the nasdaq same story, .8%, this is a rally across the board.me they're all up, if nasdaq is up 100 big tech is pretty doing well, amazon up 180, meta $3.59. microsoft assault again, it is up two-point, $2.86. apple below 170, 169, they reported thursday, let's get back to the news, tentative deal with general motors, sources say. >> reports that gm are in a contract agreement with the uaw effectively ending, they were the last holdout, the first simultaneous strike against the detroit three automakers with record wage increases in benefit hikes, gm is not commenting on this yet, what happened saturday night, 4000 workers walked off the job at gm's largest assembly plant, spring hill tennessee. that was hours after stellantis had struck a deal with the uaw to industry. that deal involved reviving a plant that they have closed d down. >> it seems that the union and postal much pain on the big three they were forced to settle after weeks of strike, it was made painful for gm, ford and stellantis. >> i was reading the top skilled workers can make $

it looks to open 90 points higher nasdaq is up 1%. let's see how europe is shaping up as the trading day gets under way. julianna tatelbaum is in the london news room with more on the early action happy friday >> frank, great to see you before i get to europe, let me h show you overnight trade in asia green across the board decent trade in the region industrial profits in china showing solid gains in the latest period. shanghai up 1% hang seng up 2%. the nikkei 225 in japan rallied 1.3% as for europe, we started out the morning on shaky footing over the last hour, things have turned a lot more positive positive momentum building throughout the course of the morning. dax supis up .50% similar for the italian market there is one patch of red on the board. cac 40 index is down .40%. we have seen a pullback in montcler and sanofi. it has been a big day for earnings in the stock market these are two of the biggest moves to the downside. sanofi in just a moment. nat west shares down 10% they are under pressure and halted from trade after sl

the s&p 500 down 19 points, but we've got breaking news on the nasdaq. right now it is still falling deeper into the correction hole, right now down 122 points. of course, it tumbled into correction yesterday. right now the tech-heavy index though is well off the lows of the session. you can see low of the session a loss of 277, so we've chopped that in half. yesterday though the composite suffered its worst day in eight months, clocking a 318-point loss are. alphabet really led the dive into correction with a bruising 9.5% loss on weak cloud results, the google parent getting hit again this session, down $2.69. off the lows, but that's good for at another -- about another clip of 2. yesterday was the worst performance for the stock in three and a half years. microsoft's 3.1% gain wednesday was not enough to cushion either the nasdaq or the dow, and today it's pretty much almost erased yesterday's rallies. right now it is down 2.7%. we gotta show you ibm right now. big blue, dow component, bright green, up 5.25% thanks to a third quarter beaten on both e

nasdaq looking to open down 135 points amazon is top of the agenda today.y are delivering earnings after the closing bell we will have the key focus for investors. keep an eye on the treasury curve with rates selling off yields rising across the board this morning, a bit of relief with the 30-year yield trading above of mark. m lina tatelbaum. >> i'm joumanna bercetche. "worldwide exchange" is coming up next. in the right amounts, that's all it is. it's so simple and it works. golo was the smartest thing i ever did. meet the portable blender we can barely keep in stock. blendjet 2 gives you ice-crushing, big blender power on-the-go. so you can blend up a mouthwatering smoothie, protein shake, or latte wherever you are! recharge quickly with any usb port. best of all, it even cleans itself! just blend water with a drop of soap. what are you waiting for? order yours now from blendjet.com before they sell out again! shipstation saves us so much time it makes it really easy and seamless pick an order print everything you need slap the label on ito the box and i

the stock is really acting like a dark cloud over the nasdaq. if the composite does close down 217 points, 6 points or more and, of course, yeah, we are definitely below that here, down 314 points, that will mean the nasdaq has officially entered a correction. correction, of course, defined as a decline of 10% from the recent high. we will be talking about that. intel is cratering, microsoft is topping the nasdaq 100. ibm and meta results after the bell. we'll get to all of that, but first to the breaking news on president biden's joint press conference with the prime minister of australia. white house correspondent ed edward lawrence just ran to the cameras from the rose garden event. edward, israel, so much to talk about there, the hostages and more. >> reporter: and president joe biden says israel should do everything it can to get the hostage as out, that includes 10 possible missing or unaccounted for americans. the president pledged his support for israel saying that israel has the right to go after a hamas and headache sure that they don'

the nasdaq is up 35% year-to-date.e rewarded but i don't think you have the same opportunity for multiple expansion like you do in some more of the beat-up areas in financials, real estate, some of the value arena names. so big tech obviously deserves that premium multiple because they can fund all their operations from their balance sheet. they don't have to reach out to the capital markets like some of the smaller companies would. but there is a price for that you're paying for that. nasdaq is up 35% year-to-date, value indexes are negative. those spreads are huge. ashley: there is a lot of fear in the market. when you think about it we had high interest rates, geopolitical tensions now, dysfunction what is going on in congress, underwhelming earnings or flat earnings. there is a lot for investors to worry about. what do you tell your clients? >> so you know, these worries are definitely there. you have an ininverted yield curve, you have calls for the recession, you have tensions with china all the things you mentio

the nasdaq off more than 2% here as tech

stuart: on the market, we turned north on the nasdaq.r treasury went straight up, that hurts the nasdaq. at first the nasdaq was down 200 points. now it has turned around. the yield on the 10 year is still up there but the nasdaq is gaining a little ground, parent losses across the board. the autoworkers strike has entered its third week. grady trumbull, union president shawn fain will make an announcement about extending the strike. do you know what he is expected to stay? >> reporter: hard to say, they remaining tightlipped whether it is going to expand the strike to include more factories or whether he will spare one of the big 3 automakers but i can tell you shawn fain tweeted this, by depicting the mask contestants on the bachelorette, the caption tells me tuning into his lifestream this afternoon, to see who gets the ropes. workers have walked out on plants that make midsized suvs and smaller pickup trucks but depending how talks are going the union could hit plants that make larger, more profitable pickups and suvs next. >> it wou

the nasdaq 100 is up about 0.3% and the nasdaq composite is slightly up. then you look at the rate story. if you look at it, you have a six basis move on the two-year but it's along the curb. the 30 year and the 10 year yield up about 8-9 basis point. the market is still grappling with the inverted yield curve. jon: it's interesting on a day when you see weakness for broader equities to have tech outperforming after the nasdaq's recent weakness had left it moving towards a possible correction. why is tech doing well today? individual stories have been helping like nvidia shares moving higher. goldman sachs with a conviction call on nvidia helping out today. we have seen bitcoin with a strong showing. crypto shares have been rallying in general today with going best -- coinbase getting a lift with this singapore license. analyst concerns have been weighing on the stock which is down 12 percent but nothing like smile direct club. we saw the chapter 11 filing we will see you if they continue filing with the possible liquidation being reflected to this 60% sel

any big name on the nasdaq winners list? no.ca ca, ross stores on that list again. >>> coming up, mitch mcconnell emphasized the need or for america to support israel. roll tape. >> the united states must continue to provide maximum support to israel's counterterrorist operation as long as it takes. stuart: okay. as long as it takes. we heard that. the republicans are onboard, true. but what about the democrats? we'll get into that. >>> news from israel overshadowed this, migrant families in new york city can only stay in a shelter for 60 days, so where do they go when the clock runs out and it gets really cold in new york congresswoman claudia tenney on that. >>> the administration and venezuela's government have agreed to a deal to ease sanctions on venezuela's oil industry. biden cuts american energy, now he begs the socialist dictators for their oil. i can already see larry kudlow shaking his head at this. larry is next. ♪ ♪ get help reaching your goals with j.p. morgan wealth plan, a digital money coach in the chase mobile®

nasdaq is down another 89 points. here's big tech. every single one of them on the downside, amazon, apple, alphabet, microsoft and meta all down, and sharply so too. look at the 10-year treasury yield, down a bit today the at 4.90. that's the markets, that's big tech. now this. the next presidential election is one year away, and it sure looks like california governor gavin newsom wants to be the democrat candidate. yes, joe biden is currently the official candidate, but newsom is busy making himself the leading alternative. i wonder what biden thinks about that. the governor has been in china. he's not just meeting low-level greeters, oh, no. he went all the way up to the top, walked down the red carpet to be received by a smiling xi jinping. what a combo. an uber-liberal climate guy cozies up to the a communist dictator whose country spews out more -- than anybody else. day -- carbon than anybody else. the only message newsom is sending is this: i'm the nest president of the united states, so -- next president of the united states,

the dow is up 30 points, the nasdaq losing 155, the russell 2000 down 14 points. it is now 10:00 pm. we need you to look at the vicks, the expectation of volatility, fear, anxiety based on the s&p 500 index options. 59 minutes left to trade, the vicks ramps up through the session, opened at 16 and right now we've got it at 19.6, again of 17%, up 22%, a moving target but up up up. all this should come as no surprise. 22 hours ago, israeli defense forces began warning the northern part of gaza, where foreign-born hostages are being held to evacuate. when hamas launched a surprise massacre slaughtering and burning alive hundreds of israeli civilians and taking hostages the israeli military has been amassing troops and weaponry along the israel gaza border with the promise to attack and destroy hamas. the military operation, we don't know when it will come. could be a matter of hours, a day, two days, you see the northern red part of the map is where this will happen. despite the best efforts by hamas to encourage their civilians to stay and serve as human shields, we

nor does a bunch of buying in the nasdaq either. we'll have to see.s one of the central questions as to whether the buy the dip folks were going to come into mega cap between now and the end of the year in a more meaningful way. >> lot of room to the end of the year. you notice the smaller stocks not really getting much help today. >> all right. mike, thank you. we'll see mike tomorrow, of course. that does it. there's the bell. dow, good for, well, better than 140. the nasdaq, the standout today as you see interest rates taking a breather. that does it for me. morgan and jon in o.t. right now. ♪ >>> stocks finishing near session highs. some green on your screen as we've seen some yield reprieve in the treasury market. the action is just getting start, though, welcome to "closing bell: overtime." jon fortt is off today. coming up this hour, market watcher and technical analyst jeff degraaf is making a big call on the market's next move. he's going to join us to break that down. >>> plus we'll talk to the head of the mortgage bankers association as mor

the nasdaq down 4.5% following the alphabet earnings. meta also down after its earnings ahead of the bell. let's see how europe is shaping up. joumanna bercetche in our london room with much more on the early action. good morning. >> good morning, frank. let's start off with the asian markets. it was a much more positive session than we've had as of late. these markets are cheered on by profits of extra fiscal stimulus coming through from the chinese policy makers. they approved a $1 trillion bond issuance and the funds will be used to rebuild disaster zones and build infrastructure. the hang seng also up 0 pnlts 6%. the nikkei coming off a low here. in europe it's a slightly different picture. today we're focused on earnings season. we're seeing major disappointments in the payment space, the likes of worldline right at the bottom of the stoxx 600 down 40% today. it's dragging down other names in the sector as well. ftse 100, the relative outperformer. we're seeing moderate green in sources and miners. for the most park the banking sect

nasdaq off 3%.&p off 2% the dow jones industrial average, the resilient of the bunch, down 1% >>> here is the picture of the treasury markets slightly higher yields this morning. 30-year trading at 5.02% >> all right let's bring in the head of investments. there is a lot going on in european markets today let's go to the u.s. gdp print yesterday. surprise to the upside 4.9% gdp is the number that many countries around the world, including china, would be happy to see from the comments i read from the analyst community, nobody expects that strength to continue >> that was amazing. 4.9% after such a brutal tightening of monetary policy for the past 18 months that is remarkable let's keep in mind that inventories and governments together added a bit more than two points that's a very strong contribution that's not going to stay the consumer remains extremely strong you know, this is the holdout from the pandemic. a lot of money was thrown to the consumer they have savings which they tapped into aggress

nasdaq higher.omes to these earnings, assuming the quarter itself is reasonably strong, it seemed like the market will be watching. netflix had an encouraging outlook. tesla a more next message, investors more cautious. then these specific stories, and we see strength in the cloud business for microsoft? sonali: brent thill joins us to discuss. if you think about the power the magnificent seven has had in the stock market this year, how vulnerable are they to these big tech earnings, particularly when we look at what is ahead of the bell today? brent: year-to-date returns have been good, anywhere upwards of 100 plus percent. big returns and they are sensitive to the ai data points. lastly, oracle went down 6% saying there is no ai revenue. you saw the stock, the fact that they were saying no ai revenue caused stock to go lower, we are dealing with insulated ai expectations. that is the biggest concern, but the backdrop of demand is good. optimization is reaching someone today p -- is reaching somewh

and amazon the nasdaq down just shy of 3% on the week. been a sloppy week, even though nasdaq is a little bit higher at this hour. morgan >> sam bankman-fried taking the stand in his own defense today court resuming a short time ago after a lunch break. let's get to kate rooney for more on what we've heard so far. kate >> reporter: sam bankman-fried is back on the stand he has been acknowledging some mistakes in the fact customers were hurt in the collapse of his crypto exchange ftx but he says he did not commit fraud. saying his biggest mistake was not controlling risks when asked if ftx had a risk management department he responded, we sure should have, which did get some chuckles inside the courtroom as well when asked by his attorneys, did you defraud anyone he said, no, i did not also said no when asked if he took customer funds. replied no there bankman-fried has tried to shift blame to some of the other executives, claiming he was too busy, he didn't know about some of these issues at his crypto hedge fund, alameda also ran ftx. sa

, three quarters of 1% down for the nasdaq composite. tech from top to bottom they are all down, apple 176, off about 136, microsoft 3284, et cetera, et cetera. they're all down. let's take another look at the defense stocks. i looked at them before open the opening of trading six haven. >> wells fargo is saying this, they say we doubt is really conflict changes the defense spending outlook. but it could change obviously if the conflict widens. so what does it look like if iran gets more involved if israeli response to iran. one other thing, lockheed shares up out of the whole group they expanded the stock repurchase by $6 billion and raise the quarterly dividend. two pieces of good news for lockheed's people to forget an increase in the defense budget i think defense stocks will do well but that's an open question will the democrats agree to more defense spending, probably not, that is my opinion. the price of oil moving up to $85 a barrel this morning, the oil companies. >> a wider conflict in the middle east if iran in the straight of

the dow industrials up a fraction, nasdaq up 38, continuing the raleigh.tegist phil orlando is with us with some expectations for the rest of the year. stay with us. ♪ the first time you made a sale online with godaddy was also the first time you heard of a town named dinosaur, colorado. we just got an order from dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. start for free at godaddy.com loving this pay bump in our allowance. wonder where mom and dad got the extra money? maybe they won the lottery? maybe they inherited a fortune? maybe buried treasure? maybe it fell off a truck? maybe they switched to xfinity mobile on the most reliable 5g network. for a limited time, buy one line of unlimited, get one free for a year. now i can buy that electric scooter! i'm starting a private-equity fund that specializes in midcap. you do you. switch to xfinity mobile today. here's why you should switch fo to duckduckgo on all your devie duckduckgo comes with a built-n engine like google, but it's pi and

>> i heard he got a haircut, too, but we'll see >>> the nasdaq losing the most today.out 0.5%. concerns about big tech spending we'll have mor

nasdaq up close to 90. that's a solid rally. interest rates moving a hit little higher after yesterday's plunge, the 10-year with a yield of 4.85. are remember 24 hours ago it was above a 5%. the 2-just above 5% this morning, 5.09 actually. oil well way from that $0 a level, you're -- 90 a barrel, you're at $85.50. diesel up one credibility, $4.551. all eyes on big tech this afternoon as microsoft and google report. in advance of the numbers, both stocks are up. everyone wants to know if a.i. is making them system munch politics -- some money. politics, circus continues. house republicans will hold another meeting to try and select a speaker. you'll hear hear from the newly-released hostages. they went through hell. another foreign policy debacle. biden lifts sanctions on venezuelan oil in a return or -- for a promise of free elections from a communist dictator. tuesday, october 24th, 2023. varney and company is about to begin. ♪ ♪ stuart: we begin this tuesday morning9 with the hostage release. two set free, and they are talkin

s&p and nasdaq off more. s&p down 1.3%. the nasdaq off 1.6%. higher treasury yields is the catalyst behind the move in equities. the biggest part of the story. the yield in the ten-year yield topping 4.9%. 4.96% right now. two-year yield is 5.24%. >> when the whole thing started, i want to say three months ago, i called a guy who manages billions. he told me 5% was his trigger to come in and buy. >> leon cooperman told us last week that he would not buy the ten-year yield at 5%. >> at some point, mike, i think there is some desire to take duration. >> a lot of things can be true. value can be building on the long end of the curve. you are getting higher rates and compensated for the risk. it still could go higher. it has momentum. it can create the doubts as to whether we can withstand it. that is the main thing going on. can the economy deal with 8% mortgage rates? >> the transports tell you no. with the russell 2000 yesterday. >> exactly. monday, tuesday? russell 2000 up 3%. you have to figure it out. >> we have to figure out what kind of dec

s&p and the nasdaq in the red.ng to its highest level on yesterday's blockbuster retail report. joining me now is chris morangy. great to have you here. >> great to be here. >> you are a value investor, so i would think the consumer plays a pretty big part in your investor thesis. what's your take? >> it's wrong to bet against the consumer this year. we have not done that. we've benefitted from investments and live entertainment and sports and travel. but it's hard to see given the mix of higher rates. >> you pushed back on us calling you a bear. you say you're optimistically cautious. >> something like that. >> something like that. we're maicing up new terms. we're looking at several stocks that have exposure but you're immune to consumer downturn spending. one of them, an interesting pick, madison square garden. >> madison square garden sports. this is the owner of the knicks and the rangers. the knicks kick off next week. it's one of the few opportunities to buy a public franchise. you're getting it for about $4

take a look at the nasdaq up near 1%. that coming ahead of their earnings, which begin tomorrow with microsoft and alphabet, takes us to our talk of the tape. what if we really have seen the top in rates just as tech earnings are about to roll in. could it be enough to get stocks back on track towards a year end rally? let's ask jpmorgan's global investment strategist with me here at post 9. >> good to see you too scott. it is an interesting market move. what do you make of it. >> when we saw rates almost touch that 5% mark, they were basically at a buy at 4%, but 5% just becomes that point where you got to lean in now, and so, you know, hearing that institutional investors are starting to lean in at duration, it only makes sense in the rest of the market to start to make that move as well. maybe we saw too much of a sell for some of the geopolitical tensions we've seen over the last couple of weeks. >> that's pretty much ackman's point. we can show his tweet when happened earlier today and did have an impact on the marke

dow is down 290, nasdaq down 180.ed cruz wants funding for schools that shelter migrants, tell me more. ashley: senator ted cruz introduced legislation that would ban schools and colleges that receive federal funding, this bill is a companion to a house measure called schools not shelters act that already passed in the house, leftist sanctuary cities using k-12 schools in college campuses and housing for illegal aliens instead of the learning loss buyer covid lockdowns. the senator says this bill wouldn't keep schools from serving as temporary shelters during emergencies such as fire, flood, or hurricane. stuart: migrants flow over the southern border, 3900 apprehended over the weekend along with 16 human traffickers. what the latest, jeff? >> reporter: we are off to a steady starting eagle pass, 10 minutes ago we saw a group of a dozen migrants enter the us an hour before that, a group of 50 crossed over the rio grande and made it over the razor wire, made it onto the us oil, similar story we are seeing southeast fro

the nasdaq coming way down, 174 points. here's why. the yield on the 10-year treasury going straight up. a huge move today, 485 is the yield on the 10-year treasury, nasdaq stock does not bite back. the price of oil 8692 per barrel and bitcoin coming in around 28,000. we have the latest read on homebuilder sentiment. lauren: october number fell for the third consecutive month, down four points to a level xl, the lowest since january. mortgage rates well above 7% of a 23 year high and inflation still a problem. we've got the cpi report, shelter inflation, half the increase in consumer prices. stuart: thanks, now this. president biden will arrive in israel tomorrow in a show of solidarity and a last-ditch attempt to avoid a full-scale invasion of gaza. he will meet with jordan asking abdulla, palestinian authority president mahmoud abbas. they will discuss aid to the palestinians trying to flee gaza. was two with two aircraft carrier battle groups in the region plus the secretary of state and defense secretary this is an all hands on dec

the nasdaq is up the nasdaq is up 1.5% for the week. you see the down turn from the down day we were just talking about. it closed down more than 1% on friday. we are checking the bond mrarke. we start with the 10-year treasury. yield is 4.68. off the high of 4.80 this month. down 20 basis points. important to know the 2-year treasury is above 5%. trading at the highest level since 2007. the 30-year treasury is trading at the highest since 2010. this is a read on inflation expectations and investor confidence. >>> it is not just treasuries. investors are looking at gold. looking at the best day of the year on friday. right now, you see it is down in the pre-market. down 1%. the month is up 3%. you see the jump on friday there. last, but not least, oil coming off the best day since april. wti trading at $87.37 a barrel. brent crude down .50%. natural gas is hardest hit this morning down over 2%. >>> that's the set up for the u.s. markets. let us see how europe is trading with joumanna bercetche in our london newsroom. >> good morning, fr

the s&p and nasdaq up more than 1% and some more afterhours movers to show you.gg lower despite beating on the top and bottom lines. and retailer vf corp also dropping after an earnings miss. they are down by 6% and 5%. >>> g m bouncing off a three-year low to close up a half a percent the move coming after the automaker became the latest of the big three to reach a deal with the uaw, paving the way for the end of a six-week long worker strike. phil lebeau joins us hopefully he doesn't want to strike phil, thank you for being here >> never fun to cover a uaw strike i've covered them before, hopefully i don't have to cover tier many in the future, as well let me go over what is really important for investors. when you look at the cost of this contract, in terms of the labor costs for vehicles, wolf research did some crunching of the numbers and look at this comparison, going from 2023, all the way up to what they estimate the cost will be per vehicle in terms of labor costs per vehicle by 2027. roughly speaking, anywhere of an increase between $800 and $1,100 this

and the nasdaq tumbling 1.7%, closing below its 200-day moving average.tal one and deckers outdoor higher after reporting sketchers lower, despite arnings beat and enphase energy lower amazon's call is just getting started. we'll bring you the headlines as they start coming in. >>> a few names out with results this morning that caught our eyes u.p.s. down nearly 6% after cutting revenue outlook. valero lower despite a beat. altria sinking after reporting revenue decline and citing vaping competition that move, tim, you did not louvre >> i'm a shareholder i have a sizable position there, and frankly, i thought the stock had been derisked, and really, we know what's going on with cigarette volumes. we know the company's been charging more, and so, net net, it's actually meant they've had pricing power. clearly, they don't have a pricing power. they cut, you know, the full-year guide was cut by a penny and a half is that an 8% move in the stock? i don't know it felt like there's really an assessment about their business, though they diversified into a bunch

up at 13,6 on the nasdaq.big tech, gotta show 'em every day. apple, microsoft, amazon, alphabet up. meta, despite mark ma a haney's prediction, is down just a fraction. they're only down 85 cents, that's it. all right, let's start with the bank earnings that came out this morning. all looking pretty solid, i've got to say. jpmorgan, profits surged 35% from a year ago. wells fargo benefited from higher interest rates that offset lending activity. citigroup's profit held city, investment banking fees jumped and brach rock recorded a 13% rise. there was a rebound in the markets, as we know, and a that attracted investors to its funds. kenny, it looks good when banks are doing well. >> absolutely. and, listen, they were expected to be i think the fourth best performing sector out of the broad 11 s&p sectors, and they've certainly gotten off to a bright start. if you read any of those reports or you listened, you made all the points. they're all doing well. jpmorgan cites higher rates helping them, but again, they'

you could see the nasdaq down 13% overvalued. that is where we are at on the equity market that range needs to be higher. ira: i would think the other way -- if nasdaq were to sell off 10 , 15%, the rest of the equity market would follow that. we would attest 4.5% or so. if equity markets and the economy sputter along, there is the risk you could have 10-year yields break 5%. 5% is meaningless in most of the charts. psychologically is a big round number. 5.15 would not shock me. maybe we are going to have the next 15 months. we could wind up having what we talked about earlier in the week, flat, on inverted yield curve. guy: the pancake. back to the pancake. big week for tech earnings. quite an interesting few days could have a great weekend. thank you very much indeed. ira jersey and ven ram, joining us in the evening where he is. coming up, more insight into our question of the day, is sentiment bad enough to buy the dip. sebastian raedler is going to join us from bank of america. jim jordan is having another crack at it right

the nasdaq has been a stalwart. >> 4.802.irst time we've been above that level since 2007. >> thanks for watching "power lunch." >>> "closing bell" starts right now. >>> welcome to "closing bell." i'm scott wapner live from post 9. this make-or-break hour begins with wobbly stocks. it's doing it right now. 60 minutes to go in regulation, we'll start with yields. that's what we're showing you now because that's where the pressure point really is. that's where it has been and that's where it is yet again today, the ten year, continuing its climb to fresh cycle climbs. all three of the major averages under pressure throughout the session. transports, utilitie

down 140 on the dow, down 111 on the nasdaq.rtnoy, or he's going to be the on the show later, he's got a problem with taylor swift and the nfl. >>> congressman matt gaetz has moved to oust kevin mccarthy, speaker. mccarthy says, bring it on. where does conservative congressman mike waltz stand on that? he's here next. ♪ caught in a trap, i can't walk out. ♪ because i love you too much, baby ♪ say goodbye to daily insulin injections with omnipod 5... a tubeless system that automatically adjusts insulin to help protect against highs and lows. try it today. go to omnipod.com for risk information and instructions for use. consult your doctor before starting on omnipod. that first time you take a step back. i made that. with your very own online store. i sold that. and you can manage it all in one place. i built this. and it was easy, with a partner that puts you first. godaddy. gold terra is drilling deep and rediscovering high grade gold. their project in northern canada has already unveiled nearly 2 million ounces of high grade go

let's move on to the nasdaq.o alto networks, lululemon up again because they're joining the s&p 500 -- lauren: today. it's today. stuart: so they're up again. now, here's the important numbers the watch for today. the 10-year treasury yield, yeah, going up, 4.87%. the price of gold going up. that tech in the mideast is, that's what gold does. high inflation, tension around the world, gold goes up. just shy of $2,000 an ounce. bitcoin, $28,300. not doing much. oil, this is another key denominator today. moving up, 87.85. nat gas, i believe it's up again, 3.12. the average price for a gallon of regular gas, my goodness me, it's down 2 cents overnight to $3.57. it's down 30 cents in a month. diesel actually up 1 cent. >>> coming up, could biden's missteps in the mud east cost him the -- mideast cost him the white house? liz peek certainly thinks so. she says biden's presidency has so many similarities to the catastrophes of the carter years. >>> the mainstream media quick to blame israel for the hospital blast. and

we had the worst day for the nasdaq this year. this kind of trend, you can see it in a large part of the index, is under pressure right now. everyone is looking to those big names. everyone is looking to the cloud. every single of those names ways on sentiment. to give you one number on wednesday and thursday, we saw it hundred billion dollars being wiped out on the nasdaq just in two days. today we are seeing a little bit of relief. overall there has been some negative reactions to those earnings. guy: no kidding. [laughter] alix: we gloss over this -- isn't this the final refer the one having your inflation expectations, guy, but it went up to 4.2%. guy: inflation feels like it is real killer and. i wonder how sustainable that is. the consumers been pushed really hard. another good story -- are americans living beyond their means at this stage? is this sustainable? is q3 going to be repeatable in q4? taylor swift is not going to be there. alix: abigail, it brings us to how ugly are earnings, and i want to get you in the conversa

up one 12:45%, nasdaq up 1/4. s&p down essentially flat at 42. back to this. kevin mccarthy was ousted as speaker of the house, the first time in history the house has removed its leader. aishah hasnie is following at all. mccarthy is out, so the question is who is in? >> reporter: there are a bunch of names being floated including majority leader steve scully's. a little bit of coalescing around him but that's not to say kevin mccarthy's name wouldn't be brought up again by his loyalists. i was able to ask him last night what would happen if he was tossed into this race again. >> they have gone through so much, they are down in the conference, they will say they will keep voting for me. i think we should put the country first. >> reporter: not a clear answer yes or no either way. the house is paralyze to. it is in recess. we don't expect a speaker vote until next wednesday. acting speaker patrick mchenry walked by house to house chamber. didn't really get much of an answer, no one has any idea what is going on to

the nasdaq is up one hundred points, nasdaq down 68. not much of about after yesterday's heavy selling. it is below 5%, 486 as we speak. the price of oil below $90 a barrel, bitcoin looking at $34,000 per coin. the latest read on consumer sentiment. lauren: stronger than expected, the level was 63. 8. less optimistic about expectations going forward. stuart: doesn't tell us where the market is falling. little market reaction. lauren: inflation one year from now, expectations rose from 4.2%, that is significant. inflation edged up a bit, we are not convinced inflation is going down. stuart: we are not convinced inflation is going down. developments in the middle east looking ominous which america is retaliating for the attacks on our troops. f-16s it facilities in syria used by forces linked to iran. irani and backed forces in yemen aimed rockets at israel, they were drones launched from yemen towards israel but landed in egypt. israeli tanks 8 another incursion into gaza. hamas still using gaza as a large platform. they fire rockets tow

nasdaq, pretty gone and the s&p.big story of of the morning, 34,800 $381. 10:51 eastern time. brian kilmeade will miraculously appear on the screen. i'm sick and tired of this speaker mess. it's embarrassing for republicans. are you with me on this? brian: i was a kevin mccarthy supporter. i thought he did a great job. there are times you would host your own show and call your own shots, other times you do the five and have to get along with everybody, the one goal is to make that show better and when you have other people, doesn't mean everything goes your way. i can't believe these men and women got this job and didn't understand the job description. it isn't about them being famous, you represent your people but have a policy and a party to subscribe to. stuart: what should the republican party do with matt gaetz? he blue everything up, blowup the speakership of kevin mccarthy and he has got nothing, the republicans are worse off now than they were before they ousted mccarthy, what do you do with this? >> it is in

the nasdaq, the highs of the day, the nasdaq is up about 1%. bryn, nice to have you back at the desk. adp was weak. yields came down a bit. how do you see things here? >> j.o.l.t.s. strong, adp weak, the ten year at 4.88. a reprieve at 4.70. it's rates, rates, rates. if rates come down you'll see names like tesla go up, some utilities will go up, you'll see the stocks that have been the most beaten down move higher. i think, though, we have to settle in that although we're not going to get this parabolic move we've seen continue to go higher that now, though, the ten year ceiling was 4.25. that is now the floor. now i think we're going to bump along and that will be challenging longer term for the market. but right now it looks like a good old bounce. >> lots of folks, joe, watching the yield curve including jeffrey gundlach. should put everyone on recession watch, not just a recession warning not just recession watch. if the unemployment rate ticks up it will be an alert. do you want to opine on that as we are transfixed by the bond market? >>

nasdaq with the four-day lead. the dow is up right now. up 30 points or so. higher for the s&p. as always, it is early. we are checking the bond market with the ten-year marching higher. 4.68. you see the upward move over the last month. these yields moving higher. something we'll talk about later on in the show. we are looking at energy. oil extending recent losses after its worst day since august. look at the wti crude right now. up fractionally. back below $90 a barrel. the move to the down side. a few days ago it was above $90 a barrel. still positive for a month. that is your u.s. set up. we now want to go to europe and opening up in the red after the rough session overnight in asia. joumanna bercetche is in the london newsroom with more on the early action. joumanna. >>> that's right, frank. european indices with a mixed bag. stoxx 600 is coming off a six-month low. we reached that yesterday. the index ending down 1%. we see retailer like boohoo posting a sales warning for the year. th

stuart: a very broadest rally but it is holding, dow up 65, nasdaq up 63 points, big tech, if the nasdaqt is up $140 a share, up 2%. meta, 326. lauren: they need a new annual of 320. stuart: amazon one hundred 30. a percentage or two. apple is still there at 178. show me nvidia. they are up again. lauren: they are going up to $700, jump of 50%. ai is the place to be and nvidia has the chips. you step into a stock that rallied thinking it can go up another 50. stuart: you've got wall street analysts saying it goes to $700 because they have the ai market, you can believe you can purchase it at 466. i want to show you gas prices, the national average for a gallon of regular gas is 366, down $0.02 overnight and it approached $4 a gallon a couple weeks ago and it is in retreat. this is important, you get the consumer price index for the month of september. if a favorable reading the market will do well. the unfavorable reading it won't do well. lauren: oil is feedstock for so many products, the price of oil is on hold because we have to see what is relapse response looks like. doesn't extend

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the dow is down 80 points, the dow and nasdaq down a hundred on the nasdaq.et's bring in gary, rates up, congress in chaos. what does that mean for the market going forward? >> if rates keep going higher, the market is going to continue to suffer, that means the cost of capital is going up for the consumer to the biggest corporation will affect profits which affect margins which affect stocks. i'm watching as close as close can be and stuart, you mentioned president biden is giving away $9 billion of our tax dollars. here's the problem. president biden has made $9 billion of footnote now. i want you to recognize $9 billion is less than two days of what they are adding to our debt on a daily basis, $5 billion being added to our debt every day totaling 2 trillion in time just worried what yield will account for all this debt. economics one hundred one states lenders will demand higher yield as debt goes higher and our debt isn't just going higher, it's going vertical, it is skyrocketing, they are taunting markets, taunting the economy, taunting the bond market