you might think that sam stovall would be overweight tech as a sector but he isn't. he says he's neutral because the sector isn't cheap right now. it's trading at about 16 times earnings or roughly in line with the broad market. for cnbc, i'm josh lipton. >> right. we're going to take a quick break here on worldwide exchange. but still to come, russian air strikes in syria continue. we bring you the latest on the developing story straight after the break. we're back in two. >>> welcome back. a spokesman for the u.s. government says russia's air strikes are indiscriminate. speaking at the united nations mr. lavrov insists they are targeted at terrorist groups. >> if it looks like a terrorist, acts like a terrorist, fights like a terrorist, it's a terrorist, right? i would recall that we always were saying that we're going to fight isil and other terrorist groups. this is the same position which the americans are taking. the representatives of the coalition command have always been saying that their targets are isil and other terrorist groups. this is basically our pos

no better man to join us, sam stovall. equity strategist. er during this very hour. of course it was 2:00 p.m. eastern we bottom the fed minutes. did you decipher them with your magnifying glass? tell viewers what you think. >> under a microscope as well. basically the now the market seems to feel pretty good the fed will be waiting until 2016 before they end up raising interest rates. i think there is just too much division going on right now and too much uncertainty and with third quarter earnings now, coming in, and the bar set so low, i think basically investor are saying okay, good, we don't have to worry about the fed for a while. let's focus on earnings. liz: what is most attractive looking at earnings? we focus on united states, emerging markets, countries that may have a better move, not right now but you want to go where the ball is going not where it is, right. >> that's correct. what happens after correction run its course. what you basically fine, those sectors, those industries the worst performers end up being the first or best

sam stovall of s&p capital will explain after this break.ldn't haul a load without checking your clearance. so why would you invest without checking brokercheck? check your broker with brokercheck. for my frequent heartburnmorning because you can't beat zero heartburn! ahhh the sweet taste of victory! prilosec otc. one pill each morning. 24 hours. zero heartburn. >>> the dow up 83 points. was up 175 or six. down 24. it's been all over the map. joining us, sam stovall, managing director at s&p capital iq. your area of expertise is earnings. and that will give us something to hang our hats on. the fed meeting's over and we're following oil. we're waiting for something to trade on here. >> right. well, the bad news is that third quarter earnings are expected to be off by more than 5%. and the average beat is by four percentage points. we're still going to be under water by 4%. each successive quarter heading into 2016 will be positive and better than the preceding one with the second half average being above 14%. >> do you think that's what tha

sam stovall though over at s&p says health care third quarter earnings are expected to post a 28% growth despite the fact that those stocks got battered last quarter. and the s&p is looking at 3% decline. biotech earnings is expected to top that up 44%. there are new cholesterol drugs launched. the current quarter big for health i.t. firms with that massive icd medical billing system overhaul. hhs says it will take a couple weeks to know how it's going. but so far they have seen everything okay and they have a war room that's going to be manned 24/7 for the next 10 days to really oversee this transition. >> bertha, thank you very much. >>> automakers in high gear ford, gm, chrysler, latest sales numbers were good. i'm sure phil is going to tell us a little bit about volkswagen. >> i do have volkswagen numbers and a look at what that stock has done today, tyler. you mentioned strong numbers from the major automakers. take a look at how strong they were in september. double digit gains for all of the major automakers. ford leading the pack, up 23%. almost all of these better than expected.