when wilfred says adidas -- we already know it's adidas.america so we say adidas. >> i'm sure he will tomorrow as well actually, this can -- we could be wrong on this one well, across europe it's pronounced differently. >> german company. that's what he'll say. wilfred is right, but in the wrong country. what do advisors look for in an etf? i tell clients, etfs can follow an index, but which ones target your goals? it's not about quantity. it's about quality. no trendy stuff. i want etfs backed by research. is it built for the long-term? my reputation depends on it. flexshares etfs are designed and managed around investor objectives. so you can advise with confidence. before investing, consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. your company is and the decisions you make have far reaching implications. the right relationship with a corporate bank who understands your industry and your world can help you make well informed choice

wilfred?> thank you very much for that. let's turn to the other big story in asia, trade the u.s. reportedly working up new tariffs on china if talks collapse between president trump and china's president. let's get to eunice yoon into beijing with the latest. hi, eunice >> hi, wilfred that announcement could come as early as december. supposedly the tariffs would cover the rest of the chinese goods that are not taxed that's 2$260 billions worth. the timing of it would mean that the tariffs would kick in around chinese new year next year, so about february or so the talk of the tariffs also came as the trump administration said it's going to impose an export ban on a state semic semiconductor company. it's one of three companies in china that are seen as very important to china building its own domestic chip industry the company was also accused by micron technology of the u.s. of stealing some of its secrets the chinese company is a specialty or has a specialty in dram chips the commerce depa

here's the goldman sachs ceo david solomon talking to wilfred frost yesterday. >> i would certainly not call rates high in any way right now and you don't have to go back that far in history to just have a different perspective. i think about my career. i started in 1984 and the 10-year treasury was around 11.5%. so there are different things that can affect rates over time but the fed has been pretty transparent. >> joining us to discuss this is david zervos, chief strategist at jeffreys who is live in mexico city this morning and at post 9 is the chief market strategist at kanter good morning to both of you. peter, david mentioned the treasury yield he said it's not about the

he swa m wilfred owen, our great poem.o come along and join in this act of remembrance, what would they be experiencing on the beach? and has a couple of things. on 30 of the beaches spread another country we have 12 of them indicated here. as you can see, they go all the way around the country. we hope to draw in the sand hued portraits of individuals. at folkestone it probably will be wilfred owen because he swam on this beach. but it can be... people could be connected to people in the communities. at low tide we will draw their picture, a great piece of sand painting and then as the tide returns it will wash them away, perhaps for a final time. it is a big question for the country, do we keep commemorating the first world war after 100 years? people will be able to participate in that painting and also in other events on the beach and they will also have a poem which has been written by our poet laureate. we wanted people to read the poem on the day and that can be a communal events, all classroom of children, it could

wilfred frost rejoining me, mike santoli is here. cnbc senior markets common at the same timer let take a look at how we're finishing up a brutal day on wall street. it was ugly throughout the session, and the losses really picked up steam in the final hour of trade. dow trading near the lows of the day, down nearly 800 points, lower by 818 points or 3%. s&p 500 down 3.33% check out the nasdaq tech leading the selloff lower the nasdaq composite down 4% that takes us back -- that takes us back to levels of may 29th. for the s&p, we're now at the lowest points since july, and the dow, the lowest level since august 16th. the russell 2000, which has been in a correction mode, down almost 3% as well. ugly and broad-based across the board. mohamed el-erian, chief economic adviser will be joining us in a minute with his take on the selloff and what to do next. let's talk about this market stephanie link, and dow saw red across the bore. the biggest loser though was nike over on the s&p, dollar tree was the winner today tiffany was the lagga

>> so, first of all, i have to say it's delightful toll talk to frost, wilfred frost. >> roger, oo 8ontinue. >> exactly the answer it's indisputably fair apple has done a number of things over the last year to protect security privacy and create security, and it's very simple things like with their facial recognition they only store that data on the iphone, and with things like siri where they process it locally so your data is not in the cloud where it's vulnerable, and apple does not talk much about this, but the difference is really striking, and i think, you know, for an android use, the thing you have to recognize is that the reason the price is so low is you're actually giving up all of your personal data and you're giving it up in ways you can't actually forecast in terms of how it will be used, and so that -- that really does i think affect equation a lot. people need to be more sensitive because the hack at facebook, some of the issues that are going on with internet of things, with, you know, with -- with the various amazon alexa products and the google home products, those

wilfred haffar too long carried all the response ability.as a desire about the home side. left and making some space. if only his shot had been inches to the right. so first‘s first would finally be clenched, a stadium sized sigh of relief, the product of a spot kick. seven hours without a goal, over. what we know about arsenal this season though, they score second—half goals and lots of them. he brings the visitors level in style. where that was a strike of sheer force, this was a stroke of fortune. no handball given against alex la cozette. 12 win in a world, looking unlikely at the moment and do the trickery provided one more chance from the spot. there is clear for all to see, he's the coolest man in the stadium. james burford, bbc news. i thought the attitude of the players and the way we came back and the way we fought to get in control of the game again on and on the front foot, i thought he gave us at least of what we deserved, and equaliser. so i am more dissatisfied, and we are happy with the teams and players performance before. i

i'm wilfred frost. >> and i'm sara eisen in for kelly evans. >> no recorded open.omeone recorded the headlines had a little late. >> i don't know if that was the problem. >> really, i'm pretty sure it was. >> busy day. >> as usual on time. here is the check in on the markets. >> this -- still on time. >> this final hour of trade, and it's been a bit of a yo-yo final hour or so but certainly well off the lows of the day. the dow was down 319 points at one stage. it's currently down 57 with the s&p just positive. >> nasdaq still on pace for its biggest monthly decline since january 2016 cnbc's seema mody is on the floor with more on today's market action, especially after the fed minutes were released. seema? >> the market has been all over the place. as you just pointed out dow was down as much as 319 points at the lows we came back into positive territory and then sold off once the fed meeting minutes came out. now we're trying to get back into positive territory, but one sector that has led the dow lower is technology. we're here at post 6 take a look at shares of

. ♪ >>> good morning welcome to "worldwide exchange" live from london i'm wilfred frost sitting in forrian sullivan let's get to the early market action for you futures are pointing higher. a decent bounce yesterday. we saw markets close significantly higher after what has been a wild ride during the month of october for markets called higher by 165 points or so on the dow. the nasdaq higher by 79. the s&p by 21. yesterday we were up 1.6 for the s&p and nasdaq, 1.8% for the dow. this is the last trading day of the month. markets very much lower. 6% lower for the dow 8% lower for the s&p nasdaq down 11% for the month of october. it looks like we'll end on a positive note. facebook shares are higher the social media company reported a mixed set of numbers. but profits topped expectations. revenues and user growth did slow we have it up 3.4% in after market trade let's dive in to those numbers on the cnbc news line. victor anthony joins us. good morning to you. thanks for joining us. clearly the headline revenue disappointed a bit the operating margin, with all the focus we've had over th

i'm wilfred frost. >> a big down day today. the dow down 325 points. we did open briefly higher the jobs number taken as a positive for the economy and initially for markets too. as we look quickly the nasdaq once again down 1% and s&p down 0.5% the dow is just negative the nasdaq is down significantly. >> not terribly different from yesterday's action here. coming up we'll be joined exclusively by kevin rudd. his thoughts on the global markets, trade and why a wider economic war is upon us. selling out of apple we'll tell you what he is most concerned about. first, let's get more on what's driving today's sellout. we have an hour to go. hi >> a very exciting close here. take a look. we cut our losses in half. we are down 15 points. the jobs report is unlikely to change the base of federal reserves rate hike they are down 15 points. look at this you're talking apple and boeing here both are up about 30%. apple big loser early on lead the dow to the downside now splitting the losses just about in half. it is the lessening of trade war fears. same situat

i'm sara eisen with wilfred frost and mike santoli at the new york stock exchange.have the morning off. look at where we stands in the markets. a global selloff pressuring u.s. stocks at the open the dow down 14 points remember, we're coming off of a tough week 1% down for the s&p 500. worst week for the nasdaq since march. it's declining about a tenth of a percent this morning our road map begins with rising rates. bond markets closed due to the holiday but investors are spooked by recent action we'll look at what rising rates means for investors. consumers, your money, straight ahead. >>> plus, shares of ge jumping after an upgrade at barclay's. the bank says the new ceo will lead a turnaround and the bad news is already priced in. >>> and going, going, gone a painting sold at auction for $1.4 million shreds itself on the auction block. we have those details. >>> let's get to stocks this morning. the recent rise in interest rates spooking investors bond markets are closed for the columbus day holiday but, mike, you've been looking at this for us, what it means for

. ♪ >> good morning, i am wilfred frost with jim cramer.arl and david are off today futures and nasdaq is down and s&p is down three points yesterday. nasdaq was down in terms of international markets and today china has stabilized the shanghai stock exchange and currency we are not seeing as big of a sell-off as we saw we start with stock futures falling, hitting its highest level. investors weighing signs of the economy could be near a tipping point. google plus on the news that hundreds of thousands of data left exposed on the network for years. and bullish case of tesla. >> we begin with rising rates and treasury yield has hit a seven-year high. tesla is down for more than a percent over the past session. it is still a headline highs since 2011 yesterday was very ugly once we got off air but were covered by the end of the session >> no. the main part of what i was looking for recovery which was what you just mentioned, the highest or the worse, if you think we have in coming inflation or in coming high rates, typically what the algorith

a live look 101 near wilfred avenue and you can see traffic o directions. nice and light sta w cars out on n. g goodas you make you way through petaluma in both directions along 101. no delays. highway 37, we are looking at a very quiet start. you can see it's an easy ride between 80 and 101 just 21 minutes. if you are choosing to use the richmond/san rafael bridge right now, that is moving right at the limit. just a few cars crossing the span. here's a live look right near the toll plaza there. and no delays as you approach the toll plaza. 80 at mcbryde, eastshore freeway, starting to see a few brake lights. we haven't seen any reports of any accidents but we'll check in with chp and have an update coming up in the next traffic report. definitely seeing the crowds develop over at the bay bridge toll plaza. no metering lights just yet. but that backup is stretching towards that west grand overcrossing. if you have fastrak, you're good to go. it's 11 minutes into san francisco. that's a check of your traffic. kenny, hello sailor! >>> some of the stars are do

wilfred ndidi's deflected effort deflected pressure on claude puel.thampton and newcastle. ina between southampton and newcastle. in a scottish premiership kilmarnock have leapfrogged in a scottish premiership kilmarnock have lea pfrogged celtic in a scottish premiership kilmarnock have leapfrogged celtic into second, they drew 1—1 with hamilton. one is a result, stjohnstone beating st mirren 2—0. lewis hamilton has missed out on pole position at the mexican grand prix on the weekend where he could seal the formula one drivers championship. he was third overall behind the red bull perov max verstappen and daniel ricardo, who claimed pole in the final qualifying session. the briton had already said the red bull car seemed out of reach miss mexico track. his championship rivals sebastian vettel will star behind hamilton in force, the mercedes driver has to finish seventh or better to he wins the title. a stunning late try from debutant oliver gildart sealed an 18-16 debutant oliver gildart sealed an 18—16 win for england's rugby league players in their

i'm david faber along with melissa lee and wilfred frost.nyc at pos 9 here let's give you look at where we stand a half hour into trading you can see not much the fang complex for the nasdaq comp is suffering other than facebook and as you see the s&p, which had been up just a little while ago is undertaking a bit of loss but still in the green our road map starts with the september jobs report. the unemployment rate falling to its lowest level in nearly 50 years but job growth does slow. >>> former treasury secretary larry summers is with us to weigh in on the jobs number and the economy. >> plus musk mocks the s.e.c the ceo of tesla taking on the agency days after settling fraud charges. shares are falling this morning. >> let's get to the story of the day, that would be the monthly jobs report. the unemployment rate falling to a 50-year low as david mentioned, continuing the tightened labor market non-farm payroll coming in below estimates. i'm going to ask you guys similar questions here diane, this is not a clean number because of the i

. >> thank you >>> wilfred made his way down to the floor. ten minutes to go here >> yes ten minutes to go. you're on the show earlier in the week you suggested it was going to spike. >> we could see with the news on tariffs and international trade episodes coming up and throwing it up to upcoming earnings season we knew it would be a volatile week. it is heating up it is not hot yet. we have to keep an eye on it >> relative to history is still quite low. we had a 4% selloff. can it go higher still >> i think so. we heated up a little bit. when this thing gets above 30 we know we are not spot where people are really on both sides. >>. >> you listed why you listed that pick up in volatility today interest ralts falling down will people will slightly relaxed? >> the fact of the matter is we did have a selloff we sort of stemmed that. we do see some interest there going into the bell. the fact that we stopped the moves it predicated a little bit. >> how significant is the selling? >> people sort of pulling back and fading i think they were looki

going back to the spdr, the xlf is down nearly 5% year to date guys >> thank you wilfred frost. >>> it'sst defense industry merger ever harris agreeing to combine will 3 in -- with l3. annual sales around $16 billion. in terms of the deal itself this will create a company of over $15 billion. people are saying it's the largest defense merger ever however that is up for debate. it combines communications, electronic warfare, space. it could generate $3 billion in free cash flow and $500 million in cost save within three years $200 million in savings according to the companies to be returned to customers. now, i did catch up with the ceos of both companies to discuss the deal details the ceo and chairman of l3, bill brown, the ceo and chairman of harris corps, i asked them why they're looking to merge now and harris's brown said in the environment of strong u.s. economy, defense spending coming up, that there's need to deliver more solutions to customers, that requires scale, more spending, a broader set of capabilities and kubasik noting both companies are strong and that this is somethin

good stuff wilfred frost. >>> a judge has approved elon musk's settlement for allegations when he saidre the funding to take tesla private $20 million civil penalty, david, as you know of course, relinquishing the chairman role, at least for a while. >> three years at the very least. question is, who will take that role there's been a lot of speculation. unclear at this point who will be the leading candidates and who would want that job, frankly, because it's not going to be an easy one, given his penchant for acting out. >> has it died down? >> it did. he tweeted it wasn't it's not clear to me, based on what i'm aware of, who will be the leading candidate. and two independent directors under that settlement, which now is official ruling by the judge. >> we'll watch that today. >> walmart is announcing it's trimming its forecasts for the year we'll check in with former ceo of walmart, bill siemens will join us, talking about the shares rallying in the face of that stocks on the s&p, adobe rallying after those guidance words last night, followed by morgan stanley up left hip 4%. ns wit

i'm melissa lee along with becky quick and a low wilfred frost. >> i came in this morning he was sittinge this. >> i was prepping. the screens are so low underneath the table i get for tv i have to go back up for the viewers, you made me stay like this >> there you go. >> i'm not going right to the top. >> the angel music >> i will go back down there we go. >> you are still too short >> yeah. >> you need a couple inches. there you go u.s. equity futures now, we're looking at a positive open this is after four straight negative sessions for the s&p 500. looks like we'll be negative the dow is up by 6 1/2 points. the dow down by 13 the nasdaq yesterday broke a three-day losing streak. over in europe, italian bond yields came off a bit. that provided a bit of relief there. we will go to asia first, excuse me the nikkei up fractionally we have red arrows across the board. there is hope for a brexit deal, but the ftse 100 is down 2%. >> i would never say imminent for brexit deal. >> relatively imminent compared to past hopes, how is that >> no, i think a couple headlines over the past couple

anton schutz there this afternoon, wilfred frost will speak with david solomon. >>> coming up, mega millions. the lotto jackpot will probably be 1 billion bucks this friday we'll tell you the numbers and the odds start dreaming my mom washes the dishes... ...before she puts them in the dishwasher. so what does the dishwasher do? cascade platinum does the work for you, prewashing and removing stuck-on foods, the first time. wow, that's clean! cascade platinum. ♪ cal: we saved our money and now, we get to spend it - our way. valerie: but we worry if we have enough to last. ♪ cal: ellen, our certified financial planner™ professional, helps us manage our cash flow and plan for the unexpected. valerie: her experience and training gave us the courage to go for it. it's our "confident forever plan"... cal: ...and it's all possible with a cfp® professional. find your certified financial planner™ professional at letsmakeaplan.org. >>> all right. it's time for your trending stories. all the stuff when you get to your office today, this is what you will talk about. kate rogers is here with the top tren

if you are making your way along 101 here's a live look near wilfred avenue and you can see nice and light conditions. definitely my kind of traffic. so we'll take it to your ride through petaluma. we are starting to see a few slowdowns northbound. we'll check in with chp and see if there's anything going on but overall still a pleasant easy ride over towards novato there. if you are making your way along 37, we are still in the green in both directions. a live look now, we lost our camera there, okay, we'll check in with that live look coming up here shortly. over at the richmond/san rafael bridge, a couple of cars lining up as they are approaching the toll plaza there. but no delays heading across the span. golden gate bridge, it's just so photogenic, isn't it? looks so cute. right now we are in the green in both directions, no fog advisory in place for drivers heading alock that stretch. we are starting to see that backup develop at the bay bridge toll plaza. >>> we are looking at a big difference with our weather. more of that marine influence for us and you can see that on our "

i'm melissa lee along with becky quick and a low wilfred frost. >> i came in this morning he was sittingwas prepping. the screens are so low underneath the table i get for tv i have to go back up for the viewers, you made me stay like this >> there you go. >> i'm not going right to the top. >> the angel music >> i will go back down there we go. >> you are still too short >> yeah. >> you need a couple inches. ther

on the closing bell, wilfred frost has an exclusive interview with david solomon.is first television interview as the ceo of goldman. you do not want to miss those interviews. >>> coming up, netflix crushed it the streaming giant surpassing earning expectations >>> retail stocks are getting slammed today. what does it mean for your portfol portfol portfolio? >>> the mega millions sits at $900 million i'm going to win it. >> i hope you do. >> will you be at work the next day? >> i would not be. >> ever again. >> we'll tell u erhi yyoevytngou need to know need to know power lunch is back in two something is transforming and our world.. it's the longevity econo americans 50+ driving 7.6 trillion dollars... of economic activity every year. right before our eyes, aging is unleashing exponential growth... ...in every industry. are you ready? we are. a-a-r-p is teaming up with business leaders and innovators... ...sparking new ideas and real solutions. so, what are you waiting for? you can do things like change your settings, learn tips and tricks, troubleshoot, and even

it's down 4.6% >> wilfred frost is in the house. he and i will be shooting the breeze in 35 minutes time. if you want to watch that. "worldwide exchange" at the top of the hour. the time has come to open a new chapter. that's the message from the german chancellor -- part of a new chapter. that's the message from the german chancellor angela merkel who announced she will be stepping down as chair of the cdu party. adding her fourth term will be her last the decision to call an end to her 13-year reign comes after her party performed badly in a second successive election the race now for a cdu leader has officially begun i know i have the same problem, at least viewers are getting a different take from you, my problem remains she's telling us there's a new chapter coming but she still wants us to read her book at the same time. >> that's kind of true i think what she's planning is a gradual retreat from german politics she wants to have a smooth transitionary period whether this is possible in german politics or not remains to be see

>> the man in question is wilfred m. stark iii known as mike stark. arrested in las vegas for assaulting kristen davidson, the campaign manager for nevada g.o.p. manager adam lacks. davidson says mike stark grabbed her and yanked her arm and refused to let go. she told authorities the attack left her traumatized and horrified. but for mike stark, it might be another day to the office. he's a reporter for american bridge 21st century, a liberal organization founded by david brock who founded the liberal watchdog group media matters and funded by billionaire george soros. after stark was arrested, american bridge fired him for his bad behavior, but sources also hire him for his bad behavior. the communications director for mike lee told fox news that during the kavanaugh confirmation hearings, stark followed, films and harassed senator lee in the basement of the senate building. carol also tweeted, i've known mike stark for literally over a decade. this is who he is. american bridge knows who he is and what he does and they hired him accordingly. source

new goldman sachs ceo david solomon sitting down with wilfred frost moments ago since taking the ceo role. touching on everything from the fed to market volatility and declines in the company's trading business >> there were fundamental structural changes, including regulation that took certain parts of the business away and so the overall wallet has shrink significantly opinion. and the market share in the last 12 months has been growing we have fantastic in the business they do a very very good job we have to going forward articulate what this business, where this business is going from here, not look back to ten years ago and talk about what it was before the financial crisis, before the remake. >> goldman shares down nearly 12% this year. are there signs of a turn around is it just a communication problem? >> no it's more than communication. well communication and so much they have to explain to wall street investor what is the new goldman sachs looks at if that's a communication problem. but the problem is they don't have the avenues to make money like they did when i was there,

. >> wilfred, no response from the white house just yet to this report that broke within the hour in. "the new york times" doing a very deep dive investigation into president trump's finances, his tax history and the finance and tax history of his father, fred trump this reporting goes back decades, multiple generations. "the new york times" having access to a trove of previously secret documents the times alleging the president received up $413 in today's money from his father's financial empire the president suggested he was more of a self-made billionaire dant in fact receive that much money over the years meanwhile, we are getting a response from the new york state tax department here is what they've said in a statement just out preponderate. saying the tax department is rchg the allegations in "the new york times" article and vigorousrily pursuing all avenues of investigation the white house as i say not commenting but the president's lawyer did provide a statement for "the new york times," charles harder said in "the new york times" article, "the new york times's" amgs of fraud

wilfred frost has the numbers. >> yes, indeed revenue is fractionally ahead $22.8 billion.ver year. expectation was $22.7 billion. eps at 66 cents is up 43% year over year. the expectation was 62 cents so ahead on both of those. still down about half a percent. on friday we did see jpmorgan come out early and beat but sell off by the end of the day. why was that people questioned whether we had peak earnings for the banks and we did see jpmorgan while revenue grew year over year, it fell 2% quarter over quarter this hasn't happened for bank of america. if you look into the individual lines, most of the core parts look pretty good deposits up, loans up. overall down half a prt ercent the premarket. >> wilf, thank you >>> coming up, our guest host mohamed -eanelri he'll join us in a moment. on at. oh really? thank you clients? well jd power did just rank them highest in investor satisfaction with full service brokerage firms...again. and online equity trades are only $4.95... i mean you can't have low cost and be full service. it's impossible. it's like having your cake and e

wilfred frost is here.rks the first eu summit since last month's contentious gathering in salzburg that may failed to return to the uk with progress on brexit expectations this time are once again low all because of growth. a hard border between the uk and the rest of europe that's not so much a problem between the uk and france. but it could be an issue in ireland. northern ireland is part of the uk and so still part of the eu. yet, partof the northern ireland peace process commits to an open border between the two the other option would be a border in the irish sea which the uk won't allow as it would cut northern ireland off from the rest of the uk with the countdown onto march 2019's departure date, teresa may needs her plan and her government to be kept alive. what does this mean for markets? sterling is in the six month range at the moment. the economic data in the uk has been quite strong which is playing a part for that. but there's likely a significant binary move up or down if markets get confiden

this is the voice of wilfred, not morgan >> i'm a little higher >> sorry about that. >> not at all. not at all i think it needs a full correction you're a little more optimist k on whether or not we talked or not. >> that's lot of headwinds out there. we have seen mid-caps break down in the nasdaq there's been a lot of leadership there. we see leadership rolling over it does bother you a little bit. it is very much in tact. the earnings season should be 23 to 24% yes. we are seeing some signs that inflation is coming. we don't have too much of it yet. we expect it to come back in and maybe get down to the 3 to 310 area it is really accommodated for stocks you have a situation where earnings are growing nicely. you have credit lines in tact, strong earnings. there's no reason to think the economy is about to rollover indicators are turning up. we have never gone into a recession so no reason to think that the forces of the tail winds aren't still stronger than the forces of the headwinds. we can see more adjustment i think they market pretty much as doing a regular correction here >>

to that saying the suns going to continue to look into this matter and gather all relevant facts wilfredank you very much for that amazing ongoing story still don't get the conclusion of it. e jet streamen javers in d.c we have one minute left to discuss the markets. one thing i didn't ask you yet in the notes earlier whether we see the credit spike if that's a flair. >>> it's not flaring up in a dramatic way it has underperformed a little bit. we had the treasury rally today. and corporate bonds did not follow along it's something to wind chill but not leading the weakness. >> i guess earnings tomorrow, key one perhaps microsoft of a the bell. >> that's interesting because it's one of the big growth stocks that has held up and done its part to support the market that's significant but the texas instruments guide down for the fourth quarter that has a lot to say how the semi conductors trade in the overall nasdaq maybe see how the market digests that. >> which haven what we sue with industrials boeing is another one to watch. >> bogey saved the day after caterpillar disappointed. >> that

. >>> closing bell right now ♪ >>> good afternoon warm welcome to the closing bell i'm wilfred frost.> and let's get straight to the market actions treasury yields have hit fresh multi-yield highs. s&p now down less than 1%. they were down more than 1% earlier in the session nasdaq down sharply almost 2%. yields have had a huge impact. it did cross taking it to the highest level since 2011 now back just below that 3.2% level. >> nasdaq also well off the session lows coming up we'll talk to former wells fargo about how banks will be impacted by rising rates. that group on focus today. jim grant too will give us his take on what's behind this selloff. those coming up on the closing bell >>> let's begin with today's broader market pictures. bob joining us with the big drivers and the big movers >> it's simple when you get a big move in a short period it unsettles the market let's sum marrize what's been going on number one most importantly global bond yields and even global bond yields have been rising in the last couple of days putting more pressure on the immerging markets. now we have

and wilfred maybe explaining to themdignify.ot that english accent >> his accent goes along way >> don't start adopting it >> what he calls that was the goldman analyst. >> dow is being led by intel and the upgrade. let's get over to bob pisani good morning bob >> 3-1 declining stock but it faded. over in china where they only had one bonsai warning there the shenzhen is down every one in their mother was out since friday talking about how strong the chinese stock market was the president was out offering unwavering support exchanges, help manage risk share-pledge risks and income tax cut proposals that are on there. they're doing everything they possibly can to keep the market supported over there, at least today, it definitely had an impact as for here, it is clear of a few things you want to watch for at the bottom as we use it number one, lighter volume, particularly selling volume. that was happening towards the end of last week i mean things like ten-day moving average and only about a quarter of the stock are above their

here's the goldman sachs ceo david solomon talking to wilfred frost yesterday. >> i would certainly notny way right now and you don't have to go back that far in history to just have a different perspective. i think about my career. i started in 1984 and the 10-year treasury was around 11.5%. so there are different things that can affect rates over time but the fed has been pretty transparent. >> joining us to discuss this is david zervos, chief strategist at jeffreys who is live in mexico city this morning and at post 9 is the chief market strategist at kanter good morning to both of you. peter, david mentioned the treasury yield he said it's not about the level, it's about the speed and how fast we're getting to these higher levels. do you expect it to continue to disrupt the equity market given the speed we've been seeing? it's been a theme of ours from the beginning of the year and especially initially the short end of the u.s. yield curve has been what we were focused on it was our view that the fed was going to continue to raise rates rather quickly and that, in fact, the long end

wilfred forecast is the lye woo behind the numbers. >> the earnings look strong, the highest net incomeer no less. analysts disappointed by the loan growth number which was flat year-over-year adding to concerns for the industry as a whole, but loan growth is too sluggish given the strong economic data and the recent tax cut. however there are was more than offset by strong credit quality with provisions only $716 million compared to an expectation for 964 million. and, deposit growth of 4% was also strong, as was the expense control. all helping to deliver that record nii number. now, deposit rates remain low, but the ceo could have been more confident on the call that they will remain that way trading was down 2.5%, but that was expected and investment banking fees were weak, down 18%, hence the recent leadership changes within that division the ceo saying we can do better in investment banking. overall, there is a fear that banks' earnings may have peaked. jp mortgage's revenue was up 5% year on year but down 2% quarter over quarter for bank of america, up 4% year-over-year, but flat

. >> it's time for the "closing bell," i'm wilfred frost at the new york stock exchange.spiking interest rates end. that's the key question for investors today. the tech sector getting hit hard we have a debate whether it's time to get out of growth. >> i'm sara eisen in for kelly evans. data exposed google shares are under pressure right now after reports of a security flaw in google plus we've got the details for you. >>> plus, hurricane michael heading towards the gulf we'll tell you which oil companies could be impacted. the "closing bell" starts right now. ♪ it's the final

i'm wilfred frost. >> a big down day today. the dow down 325 points.bs number taken as a positive for the economy and initially for markets too. as we look quickly the

. >>> closing bell right now ♪ >>> good afternoon warm welcome to the closing bell i'm wilfred frost.ight to the market actions treasury yields have hit fresh multi-yield highs. s&p now down less than 1%. they were down more than 1% earlier in the session nasdaq down sharply almost 2%. yields have had a huge

wilfred frost has a big bank scorecard. >> hey, sarah. reporting nicely higher. >> morgan stanley writes 15% year over year to 1.5 billion. goldman sachs writes 10% to 2 billion. citi, jpmorgan all saw theirs fall to 10% year over year morgan stanley was driven by ipos morgan stanley tradings also stood out rising 7% year over year that's due to its big tilt towards equity performance while goldman sacks trading was in line it was flat year over year jpmorgan and bank of america had saw declines in trading. citi had seen gains. now both also have strong cost control and morgan stanley's wealth management division showed impressive growth operating leverage of its margin of 21.7% the single biggest reason why they're performing so well is that both goldman sachs and morgan stanley have underperformed the banking sector coming into earnings year to date. guys. >> thank you, wilf, for that wrapup we want to remind everyone to not to forget to tune in for the interview with david solomon >>> coming up, netflix out with earnings after the bell

i'm wilfred frost. >> and i'm sara eisen in for kelly evans. >> been a wild day on wall street as you know a look at what the indices are doing. down 2% on the dow in terms of points, down 527, the low of the session. it was down 569. the high was up 11 it feels like a long time ago early this morning s&p is down just over 2% and nasdaq down over 2.5%. >> some were itle declines for

welcome to "squawk on the street," i am wilfred frost with jim cramer live from the new york stock exchangeee

wilfred frost joins us with more >> hey, guys again on the surface like morgan stanley, big beat.5 billion versus forecasts for $8.35 billion. investment banking very strong forecast to be $1.8 billion. came in at $1.98 billion that's up 20%. and all the other bigs were down in that core business were the out performers for this quarter. if we look into other segments, investor in lending slightly ahead of expectations. investor management slightly ahead. the trading, though, was disappointing. equities was broadly as expected $1.79 billion. the forecast $1.73 billion but the fixed income trading was at $1.31 billion the forecast was for $1.4 billion. that's down double digit percentage that is a miss but overall this is a decent set of numbers it's up 1.3% it was up 1.3% even before these came out in lieu of morgan stanley's beat still outperforming goldman sachs shares both of these two down sharply year to date before today's trade. goldman sachs down about 15% year to date after last night's close. morgan stanley down. with these eps beats, it's surprising to see a jump in the

. >> thank you >>> savita and steve both mentioned financials will they provide the selloff pip wilfredst has been looking into this. >> indeed, they could provide some relievful they show the benefits on the rising yelled cup. on note, net is expected to rise 4% with particular focus on the middle market which could be soft credit costs should and need to stay benign. and credit scores will be key. when it comes to deposits, how much will banks have to pass on to customers goldman sachs indicates they'll pass on 40% of rate rises, that's up from 34% last quarter. and government beaters while rising are still relatively low for retail banks raernl for online offerings and slight gains in banking and equity trading slight declines on income trading. there could be interesting company differentiation to look out for. on a pe basis, the large-cap banks are attractively valued. they're currently valued at 65% the s&p 500 average to the historical average of 80% on the s&p average. that said, on a price to book, the sector is more fairly valued the index is now down to date. >> can i ask a q

interesting interview there with wilfred frost. >>> we have png. i've watched it. organic sales number and said this stock should be moving up. it fooktook a minute, but it is the stock is now at $82.50 bid it's up almost 3%. and out of the fog, i remember what moeller told us last time a buck 12 was above expectations which was $1.09. and the sales were also above expectations i remember last time jon was on, organic sales, i think they were trying to do three to five and we had to take their word for it so the company's trying to deal with pressure from tariffs check this out procter & gamble has outpaced estimates by an average of 3% over the last four quarters and outpaced earnings estimates for 13 straight. despite these impressive stats, the company is facing head winds thanks to the tariff talks and higher costs may be tough for the consumer brand raise prices for walmart which could trickle to higher prices for consumers or watch profits fall i don't know who that idiot was that -- was that me? >> somebody trying to mimic you, i think. >> i don't know what

. ♪ >> good morning, i am wilfred frost with jim cramer.es and nasdaq is down and s&p is down three points yesterday. nasdaq was down in terms of international markets and toda