p. david, a colleague of canoe from around town information center and joined specialist at pest flying and new plane. but the size key and human son who is teaching them how to fly at the tone where ways of in too much fun is that the word for this one wrong move along with the with the route and it's heading off the way point one hand now so it's going to follow this yellow, yellow line, the nation of our borders around here. we want to make sure that they're not encroaching and accidentally accidentally coming across the board, or if they are breaking the rules, when a customer lean, get them out. so we're not allowed to inspect ourselves on the ground when we come in, i do a lot of mapping work and use a lot of like this can provide much, much higher resolution images and almost real time basically the world, the dolphin green averages for huge chunk is just palm in the past 6 being out of sight out of my how can i import? i don't know what's going on when you got this sort of area for you to make much more powerful. yeah. maybe. right. maybe we should do something. indonesia alread

to find the s&p 500 in the technology influence. david: it has two sectors everybody knows that are digital in nature. the technology sector is 20% of the s&p 500. the comedic asian sector, which is 12% of the s&p 500, you have -- the communications sector, which is 20% of the s&p 500. a lot of the profit contributors in the data centers and cell phone towers and the logistics business supporting the digital economy. electric vehicles, these are high-technology pieces of equipment. the s&p has become digitally dominated and that is the reason why it we stay modestly overweight, the tech sector and we stay constructive on the s&p. the other parts of the s&p we are concerned about would be industrials and they are less relevant. lisa: this sounds like a great story in terms of and it has been priced in but the question is how far it can run given how valuations and how much it hinges on the bond market. yesterday, an executive at bank of america said it is a zero-coupon bond. you agree that bonds will set it in for the tech behemoths that h

david lucian williams. >> debbie l. williams. >> dwayne williams. >> kevin michael williams. >> louie anthony williams. >> louis calvin williams iii. >> john p wilson. >> david harold winton. >> glenn j. winuk. >> thomas francis wise. >> alan l. wisniewski. >> frank paul wisniewski. >> david wiswall. >> sigrid charlotte wiswe. >> michael r. wittenstein. >> christopher w. wodenshek. >> martin phillips wohlforth. >> katherine susan wolf. >> jennifer yen wong. >> siucheung steve wong. >> yin ping wong. >> yuk ping wong. >> brent james woodall. >> james john woods. >> marvin roger woods. >> patrick j. woods. >> richard herron woodwell. >> david terence wooley. >> john bentley works. >> martin michael wortley. >> rodney james wotton. >> william wren, ret. >> john w. wright, jr. >> neil robin wright. >> sandra lee wright. >> jupiter yambem. >> and my father jorge vela zquez. we remember his dedication, sacrifices, love laughter, support. the wisdom and humility in his hard work. he wasn't just a 9/11 victim and hero. he was a father, husband, brother and friend, and he will never be forgotten. we love him. >> and my father. who i never met because

david: p is clearly in the liberal wing and i think people would say he is the dean of the liberal wingeen in the court for 20 years. i would say he and justice soda mayor and justice kagan -- and justice sonia sotomayor and justice kagan are the liberal wing that is left, such as it is. i have known him since i worked on capitol hill about 40 years ago. he is a smart person. he did not necessarily think he was going to be a justice of the supreme court. when he went for the first interview he did not do well because he had a bike accident and did not do well in the interview with bill clinton. he later got the position after ruth bader ginsburg got the first appointment. lisa: the fact that he gets asked when he is going to retire highlights the deeply politicized nature of these appointments. the machinations behind what happened with ruth bader ginsburg. how much do you think this reflects a more politicized court never before? david: he wrote a book and that was the subject of the interview. he has been giving interviews because there is a book that talks about the fact justices are

david lucian williams debbie l. williams dwayne williams kevin michael williams louie anthony williams louis calvin williams iii john plson william eben wilson david harold winton glenn j. winuk thomas francis wise alan l. wisniewski frank paul wisniewski david wiswall sigrid charlotte wiswe michael r. wittenstein christopher w. wodenshek martin phillips wohlforth katherine susan wolf jennifer yen wong siucheung steve wong yin ping wong yuk ping wong brent james woodall james john woods marvin roger woods patrick j. woods richard herron woodwell david terence wooley john bentley works martin michael wortley rodney james wotton william wren, ret. john w. wright, jr. neil robin wright sandra lee wright jupiter yambem >> and my father. we remember his dedication, sacrifices, love, laughter, support, wisdom, humility, and his hard work. he was not just a 9/11 victim and hero, he was a father, husband, brother, and friend and will never be forgotten. we love him. >> and my father. who i never met because my mom was only pregnant with me. thank you for my life, my name, and everything in between. thank you for alex and my m

the second biggest gainer on the s&p right now. >> david was trying to get me to say something negative>> i asked you the question whether the company might not be well positioned, given the decline in the property market in china and overall development. >> they're going to try to keep that property market in -- balls in the air, but i don't know what they're going to do when they have the -- the guys who own the bond. >> it's been a bit of a rebound. >> i'm interested to meet judy marks. during the height of the pandemic, when everyone is zooming, she's in front of people saying, listen, we will service, we will do this, do that her organic growth is extraordinary, and i think she's done a fantastic jobs. >> you want to talk about adobe? >> of course. >> the stock is down 3%. obviously they've had great growth, but tell me your thoughts on the quarter. >> so a lot of people are saying, that the moment that he arrived and said seasonality, wait a second, we're buying growth stocks, not seasonality, so that's a oops moment, where you think, i have to sell adon'ti. this has happened so m

minutes away, with equity futures totally unchanged on the s&p come on the nasdaq, down 0.1 on the russell as well. tom: on the equity markets, davidompare and contrast not the s&p, but the one that matters, the dow, and the one that people really care about, the nasdaq 100. dave: absolutely. when you make that comparison, as oppenheimer did over the weekend, you find out the nasdaq 100 is at its highest level relative to the dow since march 2000, and we all remember what happened then in the height of the dotcom years. tom: is it the same now? dave: you can argue that question. certainly technology companies dominate the nasdaq 100. they are represented in the dow as well. let's not forget, apple and microsoft are there. tom: this chart, on radio, it is something to see. dave: gross is beating quality. that is what this ratio suggests . we've seen it move up 16% in the last four months. this is where we got to the point where we are back at the height of thedotcom years. ash the height of the -- the height of the dotcom years. tom: we've got to keep it short today because we are in china, where there is a restructuring as well. ri

p l. [chime] judy rollin. [chime] sergeant major robert russell. [chime] william r. [chime] charles sabin senior. [chime] marjorie s. [chime] john sammartino. [chime] colonel davidhime] commander robert slagle. [chime] janet m scott. [chime] lt. col. michael sells. [chime] marianne serva. [chime] commander dan sanover. [chime] antoinette sherman. [chime] diane simmons. [chime] enter husband george -- and her husband george w simmons. [chime] donald simmons. [chime] cheryl sinnbock. [chime] chief greg smallwood. [chime] lt. col. gary smith. [chime] marie s. [chime] robert spizeman. [chime] patricia s. [chime] edna stevens. [chime] norma serley. [chime] sergeant major larry strickland. [chime] hilda taylor. [chime] lt. col. cap taylor -- kip taylor. [chime] leonard taylor. [chime] sandra taylor. [chime] sandra teegue. [chime] lieutenant [indiscernible] sergeant thurmond. [chime] lieutenant commander otis t. [chime] staff sergeant troy. [chime] lieutenant commander ronald t. [chime] lt. col. karen wagoner. [chime] [indiscernible] staff sergeant white. [chime] sandra white. [chime] curtis wilcher. [chime] lieutenant commander david williams. [chime] major duane will

david rosenthal. philip martin rosenzweig. daniel rosetti. richard barry ross. norman s rossinow. nicholas p rossomando. god bless america. may freedom the rain and may peace be with you _ freedom the rain and may peace be with you all. you are watching a bbc news especially here. we have been listening to the reading of the names of those killed on that fateful morning 20 years ago. i am joined by the bbc new york correspondent. you are down there by the memorial, you have been listening to everything that has been said and the grief is still so raw, isn't it, for the relatives 20 years on?— raw, isn't it, for the relatives 20 ears on? , ., , , ,. years on? yes, absolutely. i think it is important _ years on? yes, absolutely. i think it is important to _ years on? yes, absolutely. i think it is important to remember - years on? yes, absolutely. i think it is important to remember that l it is important to remember that last year because of the pandemic at the names were read through loudspeakers so this is quite a while since the families were able to come back and read the names of their loved ones. 20

p 500 as the bloomberg shows. how is it that even with such stretched valuations we can continue that rally higher? david do have stretch valuations but when we look at where we are relative to interest rates, the 10 year hovering around one point 3%, interest rates have stayed low which is favorable for growth stocks. we expect that to continue because we believe is not the consensus view that the fed will not taper as early as some might think. haidi: when you are saying you're looking at more international stocks, where exactly are you looking at? the uncertainty over china seems to be clouding a lot of the markets. david: an important distinction here. we are looking really at the valuation difference between the u.s., the s&p 500 index, and msci all country index which is about 85% developed markets. those two indices, there is right now for the developed countries around the world trading at a 30.5% discount to the united states on a forward earnings ratio. it forward earnings price earnings ratio. that is the highest ever. at the same time, we have japan, earlier this week setting the highest leve

david kim berland, the codirector of the p pediatric disease. i appreciate your time. i understand you're just finishing your rounds and joining us. you are living this firsthand, you have seven children in your icu, as we watch back to school, and deal with the mask debate and the delta variant, what that's like, seven children, how high is that compared to a month ago, six months ago? >> it's much higher than what we have been seeing in the past, and numbers, well, perhaps the total number of new cases is slowing down, the important thing is we're still having new cases, and as these children are coming in, many of them are requiring intensive care support. many are on ventilators, ecmo, the heart lung bypass machine. this is ravaging children across our region, and i fear ultimately it may spread further across the united states with the new delta variant. >> as we watch this play out, i want to bring up the vaccine, you're in alabama, 40%, west virginia and wyoming are just below 40%, the three states at the back of the pack when it comes to fully vaccinated their

david costa, goldman sachs the s&p will end 2021 at 4700. ubs strong by the dip. investor mindset and then there's our friend mike wilson, morgan stanley's chief market strategist, and he ins us now who says a 20% correction seems more likely. what happened to 10% you get a bad day and now you up it to 20 >> thanks, scott >> basically it's still 10%, and a lot of commentary i agree with and i was just there and on the show we're want going time these things and we've been in a position that the index would end the year 4,000 and i don't know when that will correct and i have a high conviction that that's where they'll end there's been the call, and i think the most important thing to have gotten right this year and what will be important to get right the rest of the year is what do you own within the market, okay we had a huge rotation in the beginning of the year. at that point we made the call that we'll go through this mid-cycle transition and have a bit of a rolling correction. that played out. we made the quality bet which is essentially the faang stocks and

david. thank you very much. that made my week. p this is from pamela. greetings from new york. as a lifelong hudson valley resident we have appreciation of our scenery and history and an interesting presentation. let me ascii something we haven't covered and that is the rogue militia. the army school that argues -- it's an excellent example and the militia could wear down the british army and it was very effective. and yet this is perpetuated by the patriots. he's watching a conventional battle and it plays into the idea of just an armed citizenry. how do you see the militia? >> i think they are critical to american success. the big battle and when i say big battles i mean the final two battles of saratoga the american combatants her prayer merely continental resident but the militia are critical because they are the ones that are managing the fortifications in the fortifications -- the american fortifications are really important because they control the road to albany and the river of albany so that's one of the reasons why he clings to the fortification and only commits a sm

p down about .75%. it is quadruple witching day, david, and we have that quarterly rebalancing of benchmarks such as theility as we are seeing >> which september often brings. >> that, too >> volatility as well. we are right in the middle of the month here that we have seen in the past certainly typically ends negative more often than not, i believe i think i'm hearing mike santoli telling me that. it's been a tough week looking at the big mega cap all down over 1% >> all the major averages poised for weekly losses as well. that is going to do it for us on "squawk on the street. "techcheck" starts now ♪ >>> good friday morning. welcome to "techcheck. i'm carl quintanilla with jon fortt and julia boorstin coming up this hour strange comments out of instagram on the dangers of social media. it'll get an explanation of that backlash coming up plus, mark cuban wants to make crypto a little less anonymous his take on why regulation built around existing fraud laws makes sense. later on elon musk kisses up to china. morgan stanley's adam jonas weig

securities, there is only been twice, 1995 and 2017, where you saw the s&p 500 not pullback 5% during the year. jonathan: thank you. davidtocks editor. a dream when in 1987 comes up and 1929 as well after 20% gains. what happens after 20% gains through august, 1929 down 32%, any comments? >> look, yet, we are going to have this massive crash, but i think we had adam our phenomenal guest earlier, and they gains have changed come and now what will be the policy response, and it comes to fiscal policy. jonathan: the game has changed. maybe that was too extreme. there are headlines, pouring billions into china is likely a mistake, and that could damage the national security interest of the u.s. and other democracies. our guest joins us now for more on that. your take on that op-ed, which i have to say is more stte -- most read site -- >> this is one of the most dangerous enemies, george soros, but looked a lot of his concerns have been voiced already, shared by many. i will quote something from a ted lasso episode -- [indiscernible] for me i do not think like mutt -- blackrock pours billions into china endlessly, and more po

p. the hong kong market leading the charge, and it is what david will talk about in a second, responsible for the move up. commodities very much in focus. let's get to the biggest movers on the hong kong market. there they are. tech shares responsible for the bulk of the moves. david: a-based rebound we are seeing, if it's on platforms, game makers, hardware -- resuming trade over in malaysia. the news is it has been allowed to resume exports to the u.s., and its stock is going through the roof. at last check, it was up. currently up 9.4% -- well, 9.7 percent in kuala lumpur. oil going down and industrial metals going the other way. rishaad: the chinese coming out saying they released oil, sending the oil price down. it has leveled off. this is a new session, but we are at 68 bucks for the wti. looking out aluminum, we are at 13-year highs at the moment. we're talking about the likes of goldman sachs and sydney group boosting their outlook for the metal. it is interesting to note that a lot of people are now looking at the cover price and saying that is far too expensive and actually swit

have my free speech stifled, but i think there are people out there who ld p would prefer to stay silent and not be critical. >> davidased on the rich conspiracy theory by a defendant represented by nunez' lawyer nathan baez. >> i think business critics would call him at times slipshod. if you look at the public record, he was admonished formally by a judge for claiming to represent more than 100 clients that had no idea that he was making a claim on their behalf, that he is representing them by a judge in a case involving citicorp. and by the state bar of virginia for a significant stretch, a real rebuke in that one. my case was formally settled. what was the settlement? the settlement was npr did not yield a single paragraph of my reporting, it stood by me and hi reporting, but it agreed not to pursue $16,000 worth of our legal costs we undertook to prove that a number of factual claims made by baez and his co-counsel on behalf of their client were untrue, that is that they essentially presented lies as part of their legal briefs. we proved they weren't true. he would have had to pay our legal fees and thus their c

david shah, the first time they played an sec team on the road. tied at seven. nathaniel pinds an opening. takes a 21 yards. all the way in for the touchdown. 14-7 cardinals. stanford with the ball in the second. throw the fade. austin jones denied. vandy will take it 98 yards on 14 plays. seals the drive with a 14 yard touchdown. tied at 14. after a stanford field goal makes it 17-14, he's picked off. great field position for the cardinals. this time they do through the fade. tanner magee to bryson tremaine. 13 points and less then two minutes. 41-23. san jose state in hawaii. started at 9:45, still going. the early lead. calvin turner on third and goal. spartans get rolling in the second quarter. isaiah hamilton makes a nice spinning and tumbling catch. tied at seven. quick strike drive. jermaine braddock. they are just starting the third quarter. it is still 14-7. this abc 7 sports report is brought to you by your local toyota dealers. we will be back later with interviews. dion: a lot to celebrate. more to come. the next steps for booster shots after an fda panel recomm

p sammartino. [bell rings] colonel david m stills, united states army.r robert a flay -- a slagle, united states navy. [bell rings] janet m scott. [bell rings] lt. col. michael l sells, united states army, retired. [bell rings] marion h serva. commander dan f schennover, united states navy. antoinette and -- antoinette m. sherman. [bell rings] diane m simmons. [bell rings] and her husband, george w simmons. [bell rings] donald d simmons. [bell rings] chief greg h smallwood, united states navy. [bell rings] lt. col. gary s smith, united states army, retired. [bell rings] marie ray -- mari-rae sopper. [bell rings] robert speisman. [bell rings] patricia j stubbs. [bell rings] edna l stevens. [bell rings] nora rae surrey. [bell rings] hilda e taylor. [bell rings] lt. col. kip p. taylor, united states army. [bell rings] leonard e taylor. [bell rings] sandra c taylor. [bell rings] sandra d teague. [bell rings] lieutenant carl w. terey. [bell rings] lieutenant commander ronald j tog. [bell rings] carol weidner, united states army. -- karen wagoner, united state

p. >> 3800, some 550 points below where we are david, thank you so much for joining us. >> thank you. >>> we have news on fedex. seema? >> hello shipping rates are set to increase for fedex fedex express will increase 5.9% coming amid growing supply chain concerns, disrumgss at ports the changes go effect january 2022 not seeing any movement in the stock right now. >> all right thank you. >>> up next, world bank president david malpass on the outlook for the global economy we'll be right back on "closing bell." bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it changes when our goals change. planning can't be that easy. actually, it can be, carl. look forward to planning with schwab. schwab! ♪♪ schwab! hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and

p. bergin alvin bergsohn daniel david bergstein graham andrew berkeley. michael j. berkeley donna m.n brothers and sisters, their families, their friends and their loved ones. this is "i'll see you in my dreams." ♪ the road is long ♪ ♪ and seeming without end ♪ ♪ the days go on ♪ ♪ but i'll remember you my friend ♪ ♪ and though you're gone and my heart's been emptied it seems i'll see you in my dreams ♪ ♪ i got the old guitar here by my bed ♪ ♪ all your favorite records and all the books that you read ♪ ♪ and though my soul feels like it's been split at the seams, i'll see you in my dreams ♪ ♪ i'll see you in my dreams ♪ ♪ when all our summers have come to an end i'll see you in my dreams ♪ ♪ we'll meet and live and laugh again ♪ ♪ i'll see you in my dreams ♪ ♪ yeah up around the river bend for death is not the end ♪ ♪ 'cause i'll see you in my dreams ♪ ♪♪ ♪ i'll see you in my dreams ♪ ♪ when all our summers have come to an end ♪ ♪ i'll see you in my dreams ♪ ♪ we'll meet and live and love again ♪ ♪ i'll see you in my dreams ♪ ♪ yeah up around the river bend for death is not the end

p. but in terms of the headlines, david, i mean, recovering some of the ground we've heard in the senatehis week perhaps the biggest headline from treasury secretary yellen was her saying that the debt ceiling should be raised in a bipartisan manner and also that it resulted in a marked increase in rates and a drop in the stock market and as for powell, talking about the fact that we're not far away from unemployment. but the expectation suggesting that the first half of next year is when we can start to see that easing in supply chain bottle necks and thus prices coming down behind it them. >> yeah, catastrophe is a word yellen used a number of times and in the senate on tuesday as well before we close out the hour, she is at the latitude conference, and she has some new data on hispanic households. >> an exclusive first look here that cnbc gets, david, at the hispanic wealth report, and in six years, the hispanic household wealth has more than doubled from a little more than 15,000 to $36,000. but now compare that to white, non-hispanic households, gigantic gaps in 2013. and while whit

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hour from now on bloomberg tv, i will be catching up with david from goldman sachs, -- tom: what's he going to do, reaffirm optimism? try to get s&pout of him. jonathan: six k next year. that's not goldman's, is it yours? make headlines. tom: what's important is the way they construct their optimism. i'm seeing a real theme from people to forget about the mumbo-jumbo and go back to earnings power and revenue power. david wilson mentioned fedex. jonathan: we have not mentioned that apart from mr. wilson earlier. here they are, weighing on this, kaylee, continued supply chain has slowed u.s. demand compared to the earlier forecast. the current labor environment is in the operation of the network significantly impacting our financial results. there's a lot of stuff to work through for the year-end. kailey: absolutely, kings in the supply chain throughout, and the real shortage of people. the fact that it costs more to have people doing the job. this is the margin compression story. to your point, david and the rest highlighting the earnings story. if the margin suppression is coming in and the changes -- it changes the story, how do

p 500 since 1950. tom: the triple leverage cash fund -- you are telling me to go along halloween? davidking for returns, we aren't at the point yet where you can expect the biggest ones. tom: bring in will kennedy on the crisis in england. jonathan: it feels like a crisis with the power going through the roof. will kennedy, executive editor for energy and commodities. what's the latest between the france and u.k. as this cable comes into the u.k. and a converter in between? will: there was a fire at the english and of that cable which will knock out the capacity for at least a month. 2000 megawatts, the equivalent of two big nuclear plants. it is a material impact and could not have frankly, come at a worse time. you know, john, power prices and gas prices have been shooting higher in the u.k. and all across europe as european traders deal with a shortage of natural gas going into the winter. in the u.k., we have seen the power jumped to 10 times its last -- it's average over the last 10 years. it is likely to get worse. i think capacity will be stretched in the u.k. for the next month

ambitious and defeatist producer of the words of david a journalist in formal report of the wall street journal. words from a book review written about joseph p kennedy senior father of jack, bobby, kennedy. it's a new book by susan ronald entitled the ambassador. her book is about joseph p kennedy senior's time as ambassador to great britain 1938 -- 1940. >> historian susan ronald on this episode of book notes plus. listen@c-span.org/podcast or whatever you get your podcast. quick sunday night on q and a, wall street journal columnist and manhattan institute senior fellow jason riley on his book maverick, a biography of economist whose writings on economics, race, culture, education and politics evidence cap inspired conservatives and libertarians for a half-century. >> i don't think he is as well-known as he should be. i think it is quite unfortunate if not tragic that individuals and nicole hannah and cornell west art better known than thomas. i think he is quite frankly written circles around those individuals. maybe all of them put together. it's not simply the volume of his work that is unmatched by their own. but also the range, the de

david stokes out just 0. billy hoshal has become only the 2nd american to engulf at b m. w p. j championship the flagship event on the european tool. you didn't drop a shot and it's fine around that one with and made it 7 buddies, including a crucial one on 18. we saw him finish 19 under one clear of his mary's challenges the last american to win this tournament was the legendary arnold palmer. back in 1975. victory comes to phase off the u. s. captain steve strick analysis, ryder cup team. so there was no place the hotel i was little go to, i didn't get a call this week. i didn't think the call is going to say i made the team, i was little good. i didn't get a call to say, hey, you know, make team. i thought i my, my thought will least get that. so there was a little more out of motivation this week for that. that was the last event for european players to qualify for the ryder cup. the 1st 5 names on this list had already secured automatic spots, but the bucket is wanted to davy toms, while the westwood is heading for lessons appearance in the contest. captain patrick harrin

p. bergin alvin bergsohn daniel d. bergstein graham andrew gregory. michael j. berkeley donna m. bernaerts. david w. bernard. [bell ringing ] . >> a blessing for our brothers and sisters. and families. their friends and their loved ones. this is "i'll see you in my dreams." ♪ the road is long ♪ and seeming without end ♪ the days go on ♪ and i'll remember you, my friend. ♪ and though you're gone ♪ in my heart, you're there it seems ♪ i'll see you in my dreams ♪ i got the old guitar ♪ there by my bed ♪ all your favorite records ♪ and all the books that you read ♪ and though my soul feels like it's been split forever ♪ i'll see you in my dreams ♪ i'll see you in my dreams ♪ when the summers come to an end ♪ i'll see you in my dreams ♪ we'll meet and live and love again ♪ i'll see you in my dreams ♪ around the river bend ♪ for death is not the end ♪ because i'll see you in my dreams ♪ ♪ i'll see you in my dreams ♪ when the summers come to an end ♪ i'll see you in my dreams ♪ we'll meet and live and love again ♪ i'll see you in my dreams ♪ around the river bend ♪ for death is not the end ♪ and i'll see you in my

p. tom:tom: brilliant interview earlier with anna han on her bullish call. it is founded on earnings. davides forward the conversation that earnings matter. dave: they absolutely do. if you are looking at a comparison between earnings and stock prices. tom: i'm all-cash. i'm looking. dave:dave: it really depends on your timeframe, what that relationship looks like. keith lerner at truist was pointing out that earnings have grown faster than the s&p this year. if you pull back and look at a little more than a decade going back to 2010, around the time you had a low in earnings, it is a different story. over the course of the past year and half, the bull market we had an u.s. stocks, the s&p 500 has really pulled ahead of the growth in earnings. that is the key point. tom: that is a multiple expansion. dave: you could say it that way. that is one way to look at it. but beyond that, you look at the top performing groups like technology, you go back over the last 10 years, you see a far bigger increase in share prices than you do in earnings. same thing and that consumer discretionary category.

i see a tiny bit of red ink, dow, s&p and nasdaq slightly lower and here is david nicholas to weigh inthis. i spent much of the summer wringing my hands and worrying about an imminent correction. it didn't happen. am i suppose story all the way through the fall about an imminent correction? what say you? >> wonderful james like -- james bond accents but the last 20 is 50% of the time the market is 10% or more. we should have seen this. we haven't seen a 5% correction this year. i don't have any concerns for the month of september. there are quite a bit out the table. i think that money goes to work, as we get into october the biggest risk to the market right now is interest rates and the federal reserve. the topic will begin again. that is the catalyst for a potential correction in october. stuart: you have to forgive me but we have an audio problem with your feet into the studio so i will cut it off but thanks for being with us tuesday. you relieved some of my anxiety. cryptos, some bitcoin moving back up again, 51,$000 again. it is the legal currency in el salvador. the government ho

today a kbw index higher by 4% compared to the s&p down nearly 2% for where he sees opportunity in the sector and maybe beyond the u.s. let's bring in davidment officer of international equities david, great to have you on. as i do look at oak mark international fund and the top ten holdings i see a lot of banks, particularly european banks and european automobile makers cyclical is your bet that we are in a phase focused from an equity standpoint at least europe that's cyclical and value operated >> when you look at valuations of these companies verse the cash flow streams, especially when we are entering into an environment with global reopening of the economies causing fairly robust growth, as we know the problem isn't growth but supplying all the demand that's out there when you look at the environment and the price you pay for these world class businesses, mercedes, bmw, these are big blue chip companies that should benefit quite greatly from what we are now seeing is kind of reopening phase two. phase one kind of happened and then we took a step back because the daeltd variant and now we are seeing really uneven reopening of the glo

p loan forgiveness, he continues on support for hospitals and health care workers. so to help us look at present biden's, latest executive action bringing david chairman and ceo of g o x and legal handling . lionel. gentleman, i have to be honest with you, i'm a little stunned right now. as i'm watching, i'm watching the remarks and watching people on both sides of the aisle are absolutely floored at these types of executive orders. that if the majority of congress agreed with you, why wouldn't you go with it? so i actually started you david on, on what we just heard from president biden. you know, it's why aren't people rushing to get the vaccine any so concerned about it? and does the government mandating actually support why people have fears of the vaccine even more? exactly. i think there are a number of reasons why people have not rushed to get the vaccine, but in fact, there happened to get back saying, as you pointed out, the 10177000000 have been fascinated. that's a lot of people who bought out and been vaccinated, but america is always opposed to people who are independent thinkers. a people who want to be convinced that what they'

s&p up 40, and the nasdaq composite with a nice move of .75%. it is time to bring in davidasset liz, let me begin with you what do you expect to see or hear >> hi, tyler what i expect to see and hear today is four things so, first and foremost, i think chairman powell is going to stay vague about the timing because he wants to allow himself the flexibility to climb this wall of worry as eget through fall. i think the second thing we are going to hear is almost an exhaustive effort to decouple tapering from rate hikes that message is going to continue to be fed to us through everything that they say because what they don't want to happen is the expectation that as soon as tapering is over, that rate hikes are going to occur immediately afterwards i think they are going to continue to push that is not the case i also think we are going to see a movement in some of the projection force inflation i think in 2022, that projection likely goes up a little bit, which i'm not sure that the market is going to love that it could suggest that rate hikes are going the need to happen ear

p can reach 5000. we think it can, but that is more about 18 months away rather than 18 weeks away. jonathan: davidequity investment -- of dws investment. equity futures up 23. we advance this morning by about 0.5%. tom: extrapolation there by bianco and others. they go out to 18 months. dave wilson goes out about two hours. he's here with the put call ratio. how quaint. does anybody care anymore? dave: at least one person cares, liz ann sonders over at charles schwab. tom: she will be on later. dave: she put out this note friday on twitter. she puts out a bunch of charts every day. this one caught my eye, looking at put call ratios for individual stocks as opposed to those for indexed options. what is interesting is you've got the biggest gap between these two ratios, the ones for the individual shares and for the indexes, in 14 years. it basically tells you people are piling into options as a way to bet on stocks, and at the same time, you've got more hedging going on in the index options. at least, that is the way it looks given the numbers. tom: the indexes are blended out to be a more cautious

these are the words a david vibman, words from a book review written about joseph p. kennedy sr. it is a book by susan ronald, her book is about joseph p. kennedy sr.'s time as ambassador to great britain, 1938 to 1940. >> listen at c-span.org/podcast or wherever you get your podcasts. you can a part of the national conversation by participating in c-span's student cam video competition. your opinion matters. so if you are a middle or high school student, we are asking to you create a five to six-minute documentary that answers the question, how does the federal government impact your life? your documentary must show supporting and opposing points of view on a federal policy or program that affects you or your community using c-span video clips which are easy to find and access at c-span.org. c-span student cam when tigs awards $100,000 in prizes. you have a shot at winning the grand fries of $5,000. for when tigs rules, tips, or how to get started, visit our website at student cam.org. >>> consumer advocates raise concerns about a role change they say would allow online lenders

p. this is quite typical, they have media m and money behind them and all government bureaucrats as well, that is why you are the davidyou are able to take out this governor and bring freedom back to california, where everyone used to want to go to, this will be a historic event. we'll be right back. so what's going on? i'm a talking dog. the other issue. oh... i'm scratching like crazy. you've got some allergic itch with skin inflammation. apoquel can work on that itch in as little as 4 hours, whether it's a new or chronic problem. and apoquel's treated over 10 million dogs. nice. and...the talking dog thing? is it bothering you? no... itching like a dog is bothering me. until dogs can speak for themselves, you have to. when allergic itch is a problem, ask for apoquel. apoquel is for the control of itch associated with allergic dermatitis and the control of atopic dermatitis in dogs. do not use apoquel in dogs less than 12 months old or those with serious infections. apoquel may increase the chances of developing serious infections and may cause existing parasitic infestations or pre-existing cancers to worsen. new n

across the board and moving higher right now with the s&p actually gaining .2% in the last minute or so. we're getting housing data dianna >> david in august jumped 8.1% month to month, that was an unexpectedly high jump. they're looking for a 1% gain and this came after two straight months of decline. sales down 8% year over year but all regions did see monthly gains. all gains were in the midwest and south. the chief economist said rising inventory and moderating price conditions are bringing buyers back the market. we still have very high prices, up nearly 20% year over year, according to the latest index and realtors are saying while they still see strong demand, they're seeing fewer bidding wars, as the buyers come up against affordability issues pending sales,which are a sign of progress. taking a very large jump, up 8% in august. morgan >> dianna, thank you we're 30 minutes into the trading session. here are three of the big movers we're watching this morning. we're going to start with the resaler increasing the share repurchase program by about a billion dollars. it's now $2.5 billion. you can see those shares are up 13.5

p now are 20% of the index. that is an all-time high. david: i noticed that. jonathan hoenig you're the best. appreciate it. coming up today is the deadline for new york health care workers to get vaccinated. but will it make hospital staffing shortages even worse? neil: dr. meghan markle is here to react next. ♪ my retirement plan with voya keeps me moving forward... even after paying for this. love you, sweetheart they guide me with achievable steps that give me confidence. this is my granddaughter...she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. come on, grandpa! later. got grandpa things to do. aw, grandpas are the best! well planned. well invested. well protected. voya. be confident to and through retirement. that building you're trying to buy, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads. or these sandwiches... ten-x does the same thing, but with buildings. s

charles: david, the headline to your client said avoiding the hangover, what does that mean? >> you know, with the s&pthink the urge to lock in looms pretty large, and that mind set nobody wants to leave the party but they don't want the hangover of a potential correction. i think the 500,000 miss on payroll just before the holiday forced three large record firms to cut not just their targets but also gdp estimates and that mindset, investors have been moving up the food chain to higher quality is likely to persist for a while. charles: guys i got just a minute and a half. the big news item that the could get these markets moved, i mean, obviously, luke, this market is looking for some sort of a catalyst. could we get it this week? >> listen, i think a lot of the good news is priced in right now. i think there's a lot of things that could derail the market really. the big things that the could derail the market is the covid 19 still some of the restriction s in ohio, the state has no restrictions and is mandate-free but columbus they just put back on their mask mandates so other cities are already fol

tom: that is david wilson from morgan stanley with a more irish view, but you saw that bit toward the end of the session yesterday which brought to the s&p back from those intraday lows we sell, and the futures pulling up a 5/10 of a percent right now. let's check on the markets for the up-to-date context. in asia, you have china closed for a national holiday, so bear in mind. the nikkei down sharply today, japan laying catch-up. msi i -- the msci asia pacific down. the crypto space is feeling the risk off mood as well, down more than 10%, bitcoin around the $42,000 level. the bloomberg dollar index is just a smidge lower, as you can see. that is being reflected across the fx space. manus: and a big note, they want to be long the dollar to em as a hedge. let's continue the fallout narrative and where we are. evergrande dominated the headlines and juliette saly has the latest. juliette: we are continuing to see evergrande trade at decade lows. also for the day down about 7%. we are looking ahead to thursday when interest on their bonds are due, and a default is likely, and that hasn't sent shockwaves into the market today. the hong kong h

these are the words of david schribman, journalist from the "wall street journal," words from a book review written about joseph p. kennedy sr., father of jack, bobby, and teddy kennedy, a new book by susan ronald, entitled "the ambassador" about joseph p. kennedy's time as ambassador to great britain, 1938 to 1940. >> historian susan ronald, listen at c-span.org/podcasts or wherever you get your

david riley, interesting stuff, as always. bluebay asset management, the chief investment strategist. equity futures in the united states just off the lows of the s&p. treasury yields, they erase the rally of the morning as well. we are higher by almost have a basis point. we were lower by a couple of basis points on tens. now 1.3 410% -- now 1.3410%. getting my attention into this ecb news conference, yields into about 72 points on the italian 10 year as the ecb reduces the pages purchases -- the pace of purchases. tom: where is the bid on italian paper? is it like a draghi trust as he runs the country? is it something else? jonathan: i think politics is part of it. if you think of the last gap wider we had back in 2018, that was down to political uncertainty in the future. i think people look to draghi as stability come but for me, this comes down to the ecb. the ecb from the market perspective, the italian bond market is the northstar. financial conditions have got to remain loose for the country in italy, and for the periphery, too. i think we've been watching it for the last 10 years, and maybe longer. yields unchanged. equities unchanged. wha

the s&p 500, then, yes, i think everybody will start to say, ok, this has become a serious risk right across asset classes. we are not quite there yet, but definitely people will be watching. davidnted to bring this up . the inflation rate is yellow. if you are a high-yield investor high-yield is at 4% on u.s. yields. an inflation rate north of 5%. how do you think this could affect bond investments moving or wood, with a sort of return you're still getting for not getting in the high-yield space? >> you would not think that high-yield could stay in this kind of area when you see the inflation spiking. the real yield story is a complicated one, and does not easily translate back into bond markets, which are so heavily driven by the fact that you have the central bank in the united states owning an enormous amount of u.s. treasuries, so that pushes everybody into the corporate bond space, so you have a lot more people taking larger exposure in the corporate bonds and they probably would have done, say, a decade ago, so that is probably -- part of why you are keeping the yields lower than maybe they should be, but certainly, if it is proven that this inflation is not transitory, a

david, should be a whole lot higher than they are now. can they go there? >> they can, it is just all multiple. the prowing, their capital discipline has been very strong. at love companies substantially delevered, derisked their balance sheets. you do not need oil prices at 80 or 90. anything above 55 to 75 is a great sweet spot. they're at the higher end of that number now. all the talk about greenies, pension funds boycotting them. it is irrelevant. at some point value gets discovered in the market. i hope listeners to your show get the value because i know it will be some hedge funds at some point in time. charles: all right. i caught the sweet spot. no pun intended. always appreciate your conversations. david bahnsen, thank you so much. lawmakers looking to hold facebook accountable, at least they say they are after it was revealed the company, particularly instagram, the damage it is doing to teenage girls. realistically will anything be done? we'll discuss that. also some ideas outside of the box as we head into the final hour of trading. ♪. it's another day. and anything could happen. it coul

but how does that get resolved just citing research the s&p case-shiller, three-month average trend now is 23.5% annual growth. according to davidose berg that was 20% during the housing bubble peak back in the 2000s. so how is that not a bubble, and how does that get resolved with affordability? >> again, i think we need a lot of exuberance and a lot of speculation in the market to create an asset bubble and i just don't see that right now. it is dependent on supply and demand metrics, and it's dependent on new entrants to the market that's why we've seen the strong appreciation we're coming off of a decade of the most undersupplied, underbuilt market in housing that we've ever seen and freddie mac estimated in 2020 that we had a shortage of housing of 3.8 million homes that's significant and as we've moved throughout 2021, that's not again caught up because of delays in construction et cetera so you're going to see softening potentially in pricing it doesn't mean it's a bubble that's going to burst. you know, the two i think don't need to go hand in hand. but you will see some potential softening but again the long-term tailwi

p up five. draftkings is making a $20 billion offer for the uk sports betting company. the stock down about 5.5% on the news that have first reported by david faber. mgm i believe would have to sign off. uber shares are flying after saying they could reach key measure profitability sooner than expected. we're still just under 45. as stocks have fallen this month, there have been no earnings reports to save them but that's about to change with a couple of big reports this week and reporting season kicks off in earnest in a few more weeks. can the numbers meet the lofty expectations with all the worries that are out there bob pisani joins us now. >> hello as we approach the end of the third quarter, investors are carefully watching earnings estimates for the third and the fourth quarter for clues on how stocks will trade in the final three months of the year earnings estimates for the s&p 500 have been steadily rising and are now expected to grow over 45% versus just 25% growth expected back on april 1st actual earnings reports have beaten by very wide margins. 18 to 20% in most cases, forcing future estimates to be revised higher future s&p