i'm wilfred frost.ike one of the big winners in the dow after goldman sachs initiated the stock with a buy target and 172 target price. weighing on the dow is intel chipmakers hit after a new report of prices for the memory chips could decline next year and the macro fund chairs saying that the fed is still on track to begin tapering this year. >> more fed speak on this show we talk to st. louis fed president james bullard. he'll weigh in on the state of the economy and the factor that is pose a risk to the economic growth plus curevac shelving the covid-19 vaccine candidate hurting the stock. >> let's focus on the big stories of today mike santoli is tracking the action and meg tirrell watching the fda. mo broader markets? >> ugly on the index level if you count the overnight sessions it is jumpy within a range. a decent half percent selloff. fully recovered by the morning and 2% above last week's intraday low 4% below the highs there is this short term down trend with the rally fizzling out. that's so

i'm sara eisen in for wilfred frost and mike santoli i'm sara eisen along with wilfred frost i shoulde >> dow closed lower. down 505 at the low. off the session lows but it was down pretty much all day long is ins the open trying to go positive the biggest drag is -- down at the bottom of the list investor day today and ibm s&p 500 closing lower 1.3% energy, utilities and real estate strong. nasdaq down 2.41%. this has been a steady theme technology underperforming the market down for the sixth time in seven days and off 7% from the highs small caps down 1% we have more with karen karnio will have tambour and facebook in the s&p 500 after the whistle-blower that leaked documents around facebook revealed the identity on "60 minutes. former facebook chief privacy company and general counsel on the legal jeopardy facing the company. lindsay bell is still with us. tiffany mcgee and jj kanahan joins the conversation first to you, mike, on the selling today. what precipitated it we saw little bit higher treasury yields. is the bull market thesis still intact economy is doing well and stimul

if you are just joining us, i'm sara eisen and mike santoli in for wilfred frost.her by 75 tft the outlier and finished the week higher. third positive week in a row for the dow. american express today, biggest negative is honeywell. s&p 500 closing down still higher for the week. as far as the story today, communication services we know is worst performing sector consumer discretionary, technology and materials weaker. financials leading the market higher the nasdaq down .8%. big tech hit hard today. amazon, apple, the biggest drags. microsoft as well. tesla with a good day following a strong one yesterday netflix up a third week of gains. coming up, talking to tech investor dan niles and what he is watching on the big tech earnings and why he has more shorts than longs in the portfolio. pfizer says the kid sized doze of the covid-19 vaccine is nearly 91% effective to prevent infections dr. levy is back on the show to weigh in on when the shots could be approved for that age group >>> on the markets nancy tengler is with us and david joins the conversation first,

. >> a wild session in the right direction for once i i'm wilfred frost. good afternoon merck surging after posting positive results for the anti-covid treatment the nasdaq looking to snap a five day losing streak and washington remains in focus awaiting infrastructure, spending, and the president biden set to meet this hour. every sector in the green today led by energy up 3%. >> followed by tech knowledge. coming up, dr. fauci joins us to talk about the big anti-viral news from merck. what it means for the battle against covid. crypto with a pop today with bitcoin inching back to $50,000. we'll talk with the ceo of ftx >>> first mike santoli is tracking the market action meg tirrell to talk about merck and, mike, let's start with you. healthy looking intraday chart. >> some pressure coming off after the weak close yesterday i think that the merck news this morning taken as a positive. as well as we got this extra leg higher once we saw the reports that president biden heading to capitol hill maybe so that people didn't get too negative that's just kind o

i'm wilfred frost at the new york stock exchange. upbeat earnings setting an optimistic tone today. the averages higher. the nasdaq holding up firm despite a rise in yields. >> i'm sara eisen. welcome. let's look at what's driving the action it's all about components. j&j higher p&g is weighing on the index bitcoin is approaching record levels again as the first bitcoin futures etf begins to trading. walmart is popping after goldman sachs added the stock to the conviction buy list. 59 minutes left to go in the session. >> the ceos of philip morris and steel dynamics and chairman of int interactive brokers join us. we have a big afternoon of results including the much anticipated print from netflix first faang name to report and the first report from them since "squid game." >> "squid game" which is key we'll break in with breaking news from the fed. steve? >> fed governor making a somewhat hawkish speech today coming at 3:00 saying the fed should respond aggressively if high inflation continues for the rest of the year progress is made on inflation and the employment goals therefore

i'm wilfred frost at new york stock exchange a mixed session on wall street the nasdaq out performing heading into the final hour of trade. >> i'm sara eisen. welcome, everyone. right now investors keeping a close eye on earnings. ibm sinking and weighing on did dow. tesla higher and much more action after the close jobless claims below the 300,000 level in the latest print. more progress on the jobs front and oil making a move lower. today's downturn pressuring the energy stocks. 59 moneys left to go in the session. consumer discretionary in the lead right now. >> on the show another can't miss fed interview in a moment rafael bostic will weigh in. plus a pulse check on software autos and chemicals when we're joined by the ceos all on the back of earnings. and more earnings after the bell including intel, snap, chipotle as scott mentioned and mattel. >> let's focus on the big stories at this hour mike santoli tracking the market action and steve liesman with the fed's new move mike, what are you watching in the market >> index is pausing at the old highs. from september 2 really some

. >> i'm wilfred frost have a look at the action today. congress coming to a deal on the debt ceiling pushing back fears on a default until december nearly every s&p sector positive led by materials and health care jobless claims fell by 38,000 last week. it comes ahead of the september jobs report. >> coming up, jeff sherman, stephanie link and tesdra maeda will weigh in. tesla set to kick off the shareholder meeting. we'll ask what a top analyst is wooching for reddit co-founder alexis ohanian will join us >> looking forward to that. >>> but first the let big stories. mike santoli with a look inside the rally. meg tirrell is looking at the vaccines just slipping a little be the in the last hour? >> certainly good to have three days straight in a row higher. we got relief but not really the rerisky move i do think maybe tomorrow's job number before the open might be a reason people wanted to flatten out when we did get to the highs. you have not quite taken care of that which is this developing down trend at the highs for the day the s&p

i'm wilfred frost along with sara eisen and mike santoli.sdaq up 0.8% consumer discretionary led the charge because of amazon and tesla for the most part and why the nasdaq led the charge today. disney the biggest drag on the dow after barclays downgraded the stock. coming up ben silverman on whether that's a warning sign including for netflix. lindsay bell with us and mark smith from wells fargo joins the conversation mike, one thing that we haven't touched on is the big mover again short end of the yield curve reacting people expect a hike this side of christmas. >> bank of england what they said and the markets imply in terms of short runway to first rate hike there and inflation numbers in new zealand you saw something in terms of bond yields flying. >> weaker china growth. >> that's right and yet the yields higher globally on that u.s. market, 2-year treasury, two rate hikes and whether that happens or mispositioned for this move, whatever it is that seems to have been the theme goes with the idea that inflation is going to be the worry

i'm wilfred frost. have a look at what's driving the action walgreens after strong earnings this morning a good showing from the bach banks. and good economic data this morning with weekless jobless claims and september ppi lower than expected. >>> coming up the chairman of wells fargo on the company's earnings report and emg capital founder eric jackson joins us to discuss the names that he's most excited about. mike santoli tracking what's driving the rally and wilfred with bank earnings mike >> a better rallies in months. a one-day basis. we talked about signs that the market is gaining traction below the surface. refusal to go to new lows and today release to the upside. yes the good earnings and decent economic data? all seems to have caused one day this recovery move and fear of missing out has people chasing it does that look like october, for example? of last year somewhat a similar double bottom after downside action. a couple of failed bounces the market is rushed right up to what you would co

i'm wilfred frost at new york stock exchange stocks rallying across the board as we get set to close out the trading week. >> happy friday. i'm sara eisen let's look at what's driving the action goldman sachs a big winner in the dow after a blowout earnings report this morning. september retail sales number this morning strong and travel names powering the sector higher after the white house announced to lift international travel restrictions november 9. something you have been waiting for. >> i know. i feel it's timely we mentioned earlier it in the week i hope shep wasn't watching. five more hours at least. >> through the end of the news. >> on the news, david klein joins us to talk about the acquisition of an edibles company. plus the fda is out with new guidance for johnson & johnson's covid boosters we'll talk to dr. ofer levy. >> with a great head shot. the big stories in this final hour, mike santoli tracking the market action. meg tirrell with the latest on the vaccines mike, respectable follow through today. >> absolutely. more than one half of a percent upside after yesterd

i'm wilfred frost.tocks making a major comeback, climbing all the way back and turning positive as we head into the final hour of trade. >> welcome, everyone, i'm sara eisen. wall street keeping a close eye on developments out of washington president biden meeting with business leaders about the debt ceiling. and there's late-breaking news here that congressional republicans will propose a deal. much more on that in just a moment the energy market also remains top of mind. oil and natural gas pull back from multi-year highs. and crypto has been a steady bright spot in this volatile market bitcoin now well above $50,000, adding about 7%. nasdaq is in the lead. >> coming up on the show today, travel stocks pulling back as outlook for that sector remains cloudy the ceo of windham hotels will tell us about it >>> plus, it's pullback in oil that we've seen of late today, quite the opposite move that we've seen of late but today it is pulling back slightly, and gas is pulling back a lot helima croft from rbc

i'm wilfred frost at new york stock exchange a mixed session on wall street the nasdaq out performinge. >> i'm sara eisen. welcome, everyone. right now investors keeping a close eye on earnings. ibm sinking and weighing on did dow. tesla higher and much more action after the close jobless claims below the 300,000 level in the latest print. more progress on the jobs front and oil making a move lower. today's downturn

i'm wilfred frost at the new york stock exchange. upbeat earnings setting an optimistic tone today.pite a rise in yields. >> i'm sara eisen. welcome. let's look at what's driving the action it's all about components. j&j higher p&g is weighing on the index bitcoin is approaching record levels again as the first bitcoin futures etf begins to trading. walmart is popping after goldman sachs added the stock to

i'm wilfred frost along with sara eisen and mike santoli, cnbc senior markets commentator.hree of the major averages. the nasdaq closing essentially flat, losing its gains likely of the major averages in that last half an hour of the trading session. s&p 500 down 0.5%. the close of the dow down 265 points only two sectors were positive by the close we've got a jam-packed hour of earnings coming your way we'll hear from ford, ebay, teledoc, service now >>> plus, affirm's ceo max levchin joins us to talk about the company's new partnership with american airlines to offer travelers a new way to pay he'll join us in a cnbc exclusive interview. >>> josh brown joins us. and tasty trade's victor jones joins the conversation as well mike, to you first of all. quite a noticeable selloff and now sort of looks like alphabet, microsoft, and tesla have managed to hold onto decent gains. >> we can point to a loft different things i mentioned some of the month-end stuff. some satisfy the adverse reactions to earnings where the beat rate is still high but the margin of outperformance is no

. >> and i'm wilfred frost let's have a look at what is driving the action today earnings remain in the spotlight as investors digest results from netflix, united airlines and verizon with more big names coming after the bell. bitcoin bouncing to a record high, its first in more than six months as crypto bulls cheer the launch and surprise m&a talks sending shares of pinterest soaring. >> we have a great lineup coming your way cleveland fed president loretta mester will join us to talk about the taper time line and her read on the economy amid lingering inflation and supply chain concerns is she thinking about liftoff? plus an exclusive interview with the ceo of deutsche bank and if that isn't enough we've also got a big slate of earnings hitting after the bell 58 minutes till the close. >> let's focus on the big stories that we're watching. mike santoli is tracking the market action. mike, let's start with you in the broader markets. a nice day of gains again for the s&p and the dow, at least. >> further measured progress, any upside followthrough sort of reinforces this idea that ther

i'm wilfred frost at the new york stock exchange. more records set on wall street today. thirsty work, but we're well off the best levels of the session as we head to the final hour of trading. >> i realize that was blocking my whole shot. welcc welcome, everybody i'm sara eisen facebook turning lower, weighing on the whole market after initially getting a strong pop on earnings. stock down around 5% other earnings are also in focus today, including some sizable moves for u.p.s., ge, eli lilly, and many more after the close. consumer confidence topping estimates for the month of october, up four points from september. we have 59 minutes left to go in the session. >> we have a big show coming your way in just a few minutes, we'll speak with the ceo of $200 billion pharma giant, novartis on the back of their earnings as that company starts a strategic review of its generic drug business >> get ready for a jam-packed afternoon of earnings with results from alphabet, microsoft, twitter, visa, and many more. >> let's get to the stories we're watching mike santoli tracking the

welcome to "closing bell," everyone sara eisen here with wilfred frost. let's bring in kayla tausche who has been following the administration's efforts on this front. kayla? >> reporter: you heard from president biden that there are some actions being announced today, but much more needs to be done, and that speech he was calling on retailers who order these goods in high numbers as well as freight, rail, and trucking companies to do their part to help unlock some of this capacity and get these goods to consumers. he says that if they want to incentivize these companies to make these changes but that he is not going to back down from taking federal action if he needs to, to loosen up some of these log jams we're heard from the commerce secretary who has said that in 45 days or just less than that, she would be happy to use the defense production act to compel some of these companies to provide more information about their supply chain if that is what it takes to actually fix the problem. behind the scenes, as president biden's approval rating has been er

. >> and i'm wilfred frost let's have a look at what is driving the action today earnings remain in thenvestors digest results from netflix, united airlines and verizon with more big names coming after the bell. bitcoin bouncing to a record high, its first in more than six months as crypto bulls cheer the launch and surprise

i'm wilfred frost. action walgreens after strong earnings this morning a good showing from the bach banks. and good economic data this morning with weekless jobless claims and september ppi lower than expected. >>> coming up the chairman of wells fargo on

i'm wilfred frost.he big winners in the dow after goldman sachs initiated the stock with a buy target and 172 target price. weighing on the dow is intel chipmakers hit after a new report of prices for the memory chips could decline next year and the macr

. >> i'm wilfred frost have a look at the action today.o a deal on the debt ceiling pushing back fears on a default until december nearly every s&p sector positive led by materials and

i'm mike santoli in for wilfred frost today. tech stocks are tumbling today after earnings shocks.e moves in a moment american express helping to boost the dow after record car

i'm wilfred frost at new york stock exchange stocks rallying across the board as we get set to close goldman sachs a big winner in the dow after a blowout earnings report this morning. september retail sales number this morning strong and travel names powering the sector higher after the white house announced to lift international travel

i'm wilfred frost at new york stock exchange the bond market closed today major averaging kicking off week slightly in the red i'm courtney reagan in for sara eisen. cleveland cliffs announced an acquisition this morning and southwest airlines getting hit after the company canceled more than 2,000 flights over the weekend. we'll have more coming up.

i'm wilfred frost at new york stock exchange the major averages lower with the nasdaq seeing the biggestour of trade. >> i'm sara eisen. welcome. let's look at what's driving the action facebook is sinking down more than 5% after the whistle-blower behind stories in "the wall street journal" made the identity public telling "60 minutes" that facebook chooses profit over safety

. >> i'm wilfred frost today a weaker than expected gdp print from chin.in the u.s. home builder sentiment topped

i'm wilfred frost.way back and turning positive as we head into the final hour of trade. >> welcome, everyone, i'm sara eisen. wall street keeping a close eye on developments out of washington president biden meeting with business leaders about the debt ceiling. and there's late-breaking news here that congressional republicans will propose a deal. much more on that in just a moment the energy market also remains top of mind. oil and natural gas pull back from multi-year highs. and crypto has bee

. >> and i'm wilfred frost let's have a look at what is driving the action today the nasdaq dodging lossesof earnings those stocks each up 4%. bond yields are pulling back adding more support to the tech sector the 10-year yield falling well below 1.6% oil prices are lower and dragging on the energy

. >> a wild session in the right direction for once i i'm wilfred frost.ing after posting positive results for the anti-covid treatment the nasdaq looking to snap a five day

i'm sara eisen with wilfred frost.or to the gain, it was earnings-related. caterpillar and merck. goldman sachs and apple. american express, another tough day for those payment companies. s&p closing at a percentage higher everyone managed to close hire again, everyone was higher the nasdaq also closing at a record-high. first time we've seen this since early september perfect the market got hit in early september. closing up at 1 pena nieto 4% on the day. tesla, amazon, nvidia, microsoft, facebook. others are joining the party beating them by 2% it's beien a laggard get ready. apple, amazon, starbucks, we've got an all-star panel for you to break down these results plus shares of twilio sinking. we're going to talk to the company's ceo if he can tern u turn up the stock around stephanie is still with us f do you think the spending package had anything to do with it >> it doesn't hurt we know what we might be dealing with the numbers don't really matter that much. we're talking about 1 to 2 percentage points. it helps,

i'm wilfred frost at new york stock exchange the bond market closed today major averaging kicking off the week slightly in the red i'm courtney reagan in for sara eisen. cleveland cliffs announced an acquisition this morning and southwest airlines getting hit after the company canceled more than 2,000 flights over the weekend. we'll have more coming up. hopefully you with reren't a passenger on the flights. >>> indeed rising costs with jeff currie and savita subramanian will weigh in >>> focusing on the big story just mike santoli is tracking the market action and phil has the latest of cancelations at southwest airlines mike >> remans an indecisive market you mentioned the bond market closed we lacked the guidance from treasuries yields are higher going into today's market session con central banks might be apprehensive and in the confusion zone even as the highs of the day still below let's say the s&p 50-day average and still kind of side winding in this area, still a 3% orso pullback from the highs. doesn't look like an urgent negative action and stuck. maybe waiting for that infl

i'm wilfred frost with sara eisen and mike santoli we did just slip into the close. dow. just 312 of gain just the high 487. and 1.25 of a percent for the nasdaq it was a broad rally tech and cyclicals doing well today. eric johnson who downgraded the bullish view of the market last month on whether he thinks there' more downside senator warren on the call for an insider trading probe into fed officials and why she said fed chairman powell is a dangerous man. jimmy chang joins the conversation mike, to you first slipp slippage into the close but brings us back to flat for the dow on the week. >> kind of made up for yesterday's losses the bounce stopped right exactly where you would say tmd if it were just a reflex bounce. we talk about this a lot when the market has been in one of these chop zones it gets tactical the levels seem to matter a lot and because really the macro fundamentals haven't changed that much. it is about positioning and the clustering of positioning is around a lot of these levels so that's where we are at the moment takes more than a day bounce

i'm courtney reagan in for sara eisen and with wilfred frost and mike santoli the market down.down half a percent pulling the russell 2000 in that one then would be the laggard down on this friday. coming up counsel of economic advisers chair cecilia rouse on the jobs report. gregory branch is still with us and hillary henriquez is joining the conversation sort of a calmer end to what started as a more active week. are you surprised? >> calm and apprehensive with a lot of reaction but in different parts of the market. banks capitalize all week and today's on the higher yields but in yen the growth sectors still hit when we see the yields go higher that play book in effect though it doesn't have to be. s&p 500 for the week up. with almost no help from the nasdaq 100 names with apple dead flat so that shows you it's been still a fitful, messy rotation in favor of cyclicals but again i think it's very much a show-me market short term and likely creating a carving out of a buying opportunity because sent. is so negative and hard to now get very skeptical about the ultimate downside

. >>> welcome back to squawk bank of america just reporting and wilfred frost joins us with the numbersbank of america. revenue 22.9 billion, the forecast was just under 22 billion. and eps 85 cents the forecast was for 71 cents. and there is a benefit on the provisions for bad loans line but it's smaller than j.p. mo morgan's at 624 million so less flattering of the bottom line beat than perhaps yesterday for j.p. morgan. the beats on fee income and net income net interest line came in at 11.2 billion, forecast was 7.6 j.p. morgan on that line was up about a percent year over year and they are seeing loan growth in a way that j.p. morgan was more guiding to seeing loan growth in the years ahead. strip out their ppp loans drawing down at this stage they saw 2.3% growth quarter over quarter. definitely focus on that the fee income side, also strong 11.7 billion the forecast was 11.11 and like j.p. morgan good on asset management investment banking 2.2 billion, ahead of forecast and includes a record all-time high for advisory m&a is huge. and similar to skbrrks morgan on the trading, goo