we were chatting with jon fortt about the hiring challenges that many companies are facing, in an effort to compete, walmart now has a higher starting salary all right, folks, thank you very much for joining us good to be with you. "closing bell" starts right now. >> thank you, kelly and tyler. welcome to "closing bell." i'm sara eisen a new apple lineup hasn't been enough to boost the market today. major averages are deep in the redheading south, as we head into the final hour of trade a look at what is driving the action today bank stocks are under pressure

apple announces a slew of new products every s&p sector is lower, sara. >> dow down 300. we have a big show coming your day, doug cifu will join us with his reaction to today's senate testimony from gary gensler of the s.e.c., and why he disagrees on payment for order of flow plus josh friedman from canyon partners, gives us his read lots to fog can on, though, on the big torrie. first mike santoli is tracking the market act as always josh lipton has the highlights from apple's big event, which may have been the trigger for some of this selling. >> the market, though, has been trading kind of loosely the last week and a half.

we have this seasonal window that opened up, september weakness, policy flux, as well as i keep talking about the third week of the month, where around the 19th and the options expiration we've had these pullbacks that ended up being little vs on the chart, we're maybe on the cusp of one o these other visits to the s&p's 50-day average that has been where the market has roughly bottomed, so all of those things i think keeping buyer on the sidelines we also have just fully invested, you know, professionals and retail coming into this month and therefore didn't, quote, need to buy a lot more here as the nasdaq composite versus the dow, and what you see is the dow is below where it was the first week of may. so there has been retrenchment, has been a bit of churn, has been a bit of corrective action

in some of the old economy areas especially nats it's currently lower. you mentioned apple. it did sort of give way a bit. it probably just means there wasn't a fresh catalyst for the stock, but look at how it's been valued the market over the recent year has taken full kind of accounting of the fact it's a more steady business, a more stable, predictable business, and they were valuing all these megacap tech platforms in a very similar way based on the forward free cash flow yield so this is about 4% for alphabet look at the big gulf that used to be between the valuation of apple and alphabet it's pretty much converging down there, market sees this as just one big source of long-term catch flows.

the sect report leading the declines really is banks, and most of that coming off the cpi print and what it's done to yields it seems as that -- that has been where the air has been coming out even some consumer names yesterday was the opposite you don't know if it's necessarily the start of a trend. we're a little over 2% off of record highs, yet still at one of these tests on a technical base, that just shows you that the rally was very orderly, not runaway to the up side and you're already at one of those trendlines >> mike, we'll see you soon. mike santoli, let's get you more of what was announced at that apple event.

josh, not super impressed? >> listen, today apple introducing its latest and greatest products. let's start with the most -- the key driver of that business, those new i phones the iphone 13, i9 foeismt 13 mini, iphone 13 pro, and i 13 pro max. brighter displays, bigger batteries. in fact apple promises these are the best battery life of any e phone yet. all 5g-enabled increased storage capacity for these models as for pricing, that was something investors were clearly watching they remained the same mini $69 everyone i phone 13 $79 the. pro $999, pro max $1099. we expect the carriers tore typically aggressive pre-orders september 17th,

available 1september 24th more of us are now working, learning, playing from home. apple wants to keep that momentum going, with a faster processor, better camera a new ipad mini. and rounding out the show, the new watch series 7, 20% more screen area, charges faster, apple says, more crack rizian. $390 available it accounts for 5% of total company sales. some of the streets bullish on that product, because it can increasingly become a health monitoring device. >> what is the trigger to buy a new iphone things like more storage, a terabyte the storage grabs headlines, but don't they just stream everything now anyway >> i don't think this iphone cycle, wilf, i'm not sure it's

that one feature that's going to stand out. there's a lot of older models out there. by gene's math, he's betting there's a lot of people who will want to upgrade, because they want the faster chip, they want a more durable phone we'll see if he's right, because he thinking that will be a tailwind for the iphone franchise, and ultimately surprise to the up side. dan ives, who continues to say we're still in the middle of this 5g super cycle. josh lipton, thank you. after the break, the winds of inflation can turn quickly. that's the headline following the consumer price index print

we'll break down some of the prices in that report. what it means with head of u.s. economic from bank of america, next the dow is down 284. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪

this is how you become the best! [music: “you're the best” by joe esposito] [music: “you're the best” by joe esposito] [triumphantly yells] [ding] don't get mad. get e*trade and take charge of your finances today.

(vo) while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenage— your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned.

the big economic data of the day -- consumer prices

rising at a slower pace in august, which market the smallest increase in seven months if you look year over year, prices are up, which did edge downed from the -- those were the largest gains since back in 2008 joining us is michelle meyer, welcome. if you go beneath the surface, you can see reopening trades, lice where the prices game down, but they were still elevated, where some of the supply chain choke points how does it all add up for you >> i still think it's a story of looking at those components as you mentioned. on the one hand travel-related airfare, lodging, pretty considerable declines. i think that reflects the pullback in demand for the activities as a result of delta

and covid. that could be fleeting if we get the pandemic back under control. do mand should pick up, but this -- on even transitory deflation, but it's happening at different speeds in different ways, depending on the component you're focused on. >> so the key for the market, min, is what's it going to mean for the fed? the fed is meeting next week this is going to be an important input, so slower inflation, and the last jobs report for august was a pretty big my. does it push out the taper

timeline longer? >> i don't think they're really to pull the trigger there. they're always in the view they need to collect more information. i don't think today's inflation record changes their assessment around substantial further progress i think the criteria still has been met and today's report doesn't change that assessment so the focus is very much on xwloismt, trying to make sure they get a big enough response, a strong enough recovery in jobs they want to see what's happening when the employment benefits go away in terms of labor supply so i think that's what they're mostly focused on to get them comfortable with tapering. i don't think today's inflation report takes that out of the picture. michelle, what is the latest on the consumer, based on the data that bank of america has

>> well, look, i think the consumer fundamentals are still very strong however, in the last six to eight weeks, there's been a shift in consumer spenting for leisure. there's been a downturn on spending on airfare and travel, which seems to owe in large part to delta, over concerns of the pandemic we also have seen on a trend base, a pull does that back in durable goods, but outside of that, it's been very trend-like, and still very strong in terms of the consumers going out and spending on general merchandise, nondurable goods, but there's been a speed bump for sure in the last several weeks, of consumers pulling back their spending on services i think very much we have to monitor it to understand what's next in that regard.

>> so there are whispers by some of more bearish crowd about this nothing of stagflation, where you see higher levels of inflation, which we are still seeing, and slower growth, which is a bad combo. >> right >> are you pushing back against that idea? is sounds like you're pretty optimist okay growth. >> i'm not that worried about stagflation. there's pockets where you certainly see, particularly in the good side of the economy, people face with very high prices, they're just pausing, which has a sniff of stag flates, but it's not evident in the broader economy. the economy is still standing at a pretty impressive pace not as strong as it was in the second quarter when you have the reopening burst, with all the stimulus money that was being pumped in, but we're not talking about a stagnant economy now we still see business investment we still see consumer spending

and we still see an inventory cycle that eventually should kick in here, hopefully one of the some of these supply-chain challenges are resolved. >> michelle, thanks so much for joining us great to see you, as always. >> thanks. great to see you guys. back down to about a percent of a decline for the do you with, what, 42 minutes after the break, andy jassy on the report, jon fortt joins us with the highlights from the in interview. we're back in a couple minutes

trading isn't just a hobby. it's your future. so you don't lose sight of the big picture, even when you're focused on what's happening right now. and thinkorswim trading™ is right there with you. to help you become a smarter investor. with an innovative trading platform full of customizable tools. dedicated trade desk pros and a passionate trader community sharing strategies right on the platform. because we take trading as seriously as you do. thinkorswim trading™ from td ameritrade.

esg is responsible investing. because we take trading as seriously as you do. who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential.

welcome back our jon fortt sat down with andy

jassy. jon joins us know with more of the highlights apple is not the only company launching new hardware amazon will sell its own brand of televisions that fits with the company's ambitions in media jassy told me they're in the early days of exploring that space. that $8 billion mgm deal, they said they'll make voice control and interacting shopping with this new tv perhaps to a new level. >> really excited about the omniseries tvs we just announced. it's integrated well, so maybe you can say, alexa, help me find something on netflix alexa, play tiktok so i think for a long time, people have found a lot of value

in the viewing experience, but also the selection of content that you have available on fire tv, with what we have with our channels business. you know, increasingly people will do commerce, you know, in these mechanic tisms between what we do with alexa, what we do in the living room, i think we have an opportunity to change what's possible for -- >> ecosystems, guys, so important here, whether you're talking about amazon or apple. there might have been some apple shade thrown there, as jassy way describing how well alexa will play with netflix and tiktok i don't know, i'm not sure >> there's no secret that apple tv missed a bit of a trick there. it sound like some of the roku products as somewhat of a rival. what about the big-picture

question, such big shoes to fill such a fascinating subject >> i talked to him about that, he'll have been at amazon 25 years in the next few months he said bezos called him early this year, it was a phone call, because it's the pandemic, told him he was thinking about doing something different. would he be interested in being the ceo. they already had been having conversations about the next stage of life. he said yes pretty quickly, though he's been talk to go some other ceos, some other leaders to get perspective, reading the business plans of the various businesses, but he was running marketing for a while. he's launched products outside of amazon's cloud business, aws, which he ran for so long, but all of that is part of gearing up to this big role on the world stage, guys. >> and giving interviews, which

is something that jeff bezos didn't ever really do, jon so i think that's a different approach it stands out. what do you think his biggest challenge is is it the antitrust? >> that's big, of course, but i think the biggest is hiring the workforce it needs to, and that flag that bezos planted that amazon is going to be the best employer on earth and the safest employer on earth. the stats we sigh suggests that workplace injuries at amazon are a bit more common than in? other warehouse workplaces but that combination of getting people in the door, keeping them safe right now they're doing a good job of hiring, and they're raising salaries they anouned that today.

they've got they benefits. that's all part of it, but it's a big challenge in this tight labor market. >> jon paul, thanks so much at all. gary gentzler weighing in on payment for auto-flow in front of the banking committee earlier. >> when i was growing up, it was competition on the floor of the new york stock exchange, and brokers could scream and yell at each other about what they were going to pay coming up, we'll speak with the ceo of market maker, as we head to break, here's a check on bonds with that slightly softer than expected cpi print, the ten-year 127 as things stand we'll be right back.

today, global markets are challenging traditional assumptions like never before. there is a new, accelerated sense of responsibility, sustainability, and social equity. at nasdaq, we call it the "era of impact." and we're at the forefront of it. innovating technology, data, and insights to help you deploy an esg strategy to be seen as the company you aspire to be.

welcome back, steven shirr is seen as number three in charge, and this announcement took many by surprise. he is 57, and is expected to take another significant role somewhere else in due course oliver solomonened a behind waldron was not -- for david

solomon, this is the third senior departure in less than a year after former head of the investment bank, and former head of asset management left, too. the certain takeaway is there are other jobs with more money, less stress than being top five executive at awall street bank like goldman sachs, and that's perhaps not the pinnacle that it used to be in the world of finance. >> i guess, thread be more questions if the stock price was underperforming, which it's not. it's outperforming, so does this become an issue of a problem for solomon at some point if the brain drain is happening more pronounced at goldman? >> no, not in terms of his grasp on power, absolutely not as you say, it was never really the case during he tenure i

think it could become a problem if there are more departures, to be fair, to your question, we have said that after each of the last two it sorbed of is keeping on at the moment i'm sure david solomon will want to make sure there aren't further senior departures from the ranks anytime soon again, he's 57, steven schirr, there was no reason for him to leave yet. you can kind of understand why they do that 20 years ago you wouldn't have got paid more outside of a bank like goldman sachs if you're in those top five positions. >> goldman culturally has been changing, too. it's not the same kind of trading shop that it always was. more focused on some of the

boring business, wealth management, consumer side. something to watch time for an update with rahel solomon. >> hello, everyone here's the latest. mitch mcconnell said republicans unanimously oppose raising the debt ceiling if lawmakers don't reach an agreement to raise the debt ceiling about are. norm mac dodonald has died t 61, after battling cancer. rights on broadway return this evening theaters are reeven at 100% capacity for big marquee shows like "the lion king," and more. more productions will return in the coming weeks. a shortage of school bus drivers in massachusetts means that children in four towns will

soon be transported to and from school by members of the national guard the lack of drivers in those four cities prompted the governor there to order guard members in the state to step up and fill the gap hard to believe. wilf, back to you. >> thank you very much up next, doug cifu will join us with his reaction to gary gensler's testimony to the senate banking committee, and how he dagesisre with a crackdown on payment for order flow we're back in a couple minutes hey, dad! hey, son! no dad, it's a video call. you got to move the phone in front of you like..like it's a mirror, dad. you know? alright, okay. how's that? is that how you hold a mirror? [ding] power e*trade gives you an award-winning mobile app

with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most and $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today. ♪ music playing. ♪

there's an america we build ♪ ♪ and one we explore one that's been paved and one that's forever wild but freedom means you don't have to choose just one adventure ♪ ♪ you get both. introducing the all-new 3-row jeep grand cherokee l jeep. there's only one. at usaa, we've been called too exclusive. because we were created for officers. but as we've evolved with the military, we've grown to serve all who've honorably served. no matter their rank, or when they were in. a marine just out of basic, or a petty officer from '73.

and even his kids. and their kids. usaa is made for all who've honorably served and their families. are we still exclusive? absolutely. and that's exactly why you should join. gary gensler teaching in front of the senate banking committee earlier today. he weighed in on the potential

impact on competition in the marketplace. i think the challenge is, if a party is buying all the order flow or a bulk of the order flow, then the order-by-order competition doesn't exist, so the retail population doesn't exist. when i was growing up, you had competition. it wasn't modern technology, but on the floor of the new york stock exchange, and brokers could scream and yell at each other about what they were going to pay, now if one party is buying literally half the flow, that's actually diminished competition in the marketplace. >> joining us in a "closing bell" exclusive, doug cifu along with bob pisani. bob, over to you. >> thanks very much. gary gensler basically came out

and said there there's not the best execution -- he spend a thirty of the time talking about payment for order flow are investors really being harmed by payment for order flow >> thanks very much for having me on. i think cat gegorically they ar not 95% of the brokers, wealth managers, do not take payment for workflow they still route to wholesales and to market centers based on execution quality, and a guarantee of execution much the brokers that do take it for order flow, still routing solely based on price improvement and execution policy so he's conflating the issue and the inherent conflict, which has been addressed and dealt with for the last 30 years by the s.e.c. two separate issues, and the date around price yoismt is so

overwhelmingly compelling. $11 billion, and zero commission trading in this country. game, set, match >> gensler has another problem he seems to have a beef with you and citadel, the two largest players in the market. he says there's excessive concentration of market players -- that means you two -- that could diminish competition in the marketplace by the way, why isn't there more competition? that seems to be what he's saying factually that's just not correct. citadel is number one, we're number two, but there are six or seven players every day nipping at our heels for market share. hudson river trading, james street, they have all entered the marketplace, they are are not undercapitalized, non

nonsophisticated groups. there are barriers, but competition is coming in we are competing every single day with citadel and the six or seven, eight wholesalers i didn't hear their name today, right? so it's a very competitive marketplace, the exchanges are competing also the brokers have the freedom of choice of routing. that's the fundamental beauty of our system whether they want to route to an exchange or to an ats, that's solely the decision of the broker it's not informed by payment for order flowed that narrative is just incorrect. the data and the facts are compelling >> is payment for order flow not allowed in other jurisdictions >> yeah. perfect example is canada. the chairman talks about it not being permitted in canada, but the retail brotherser the banks,

and they have a system on the exchanges, so effective i the retail broker is routing to a market maker talk about a conflict. when they don't want to route it to the market maker, they route to an inverted exchange and they receive a rebate from the exchange when you dig through the facts, right, and don't just go for the headlines and narratives, really understand the market structure, right, our system here, where we allow open competition, where we have full transparency and disclosure around price improvement, and we permit price improvement, the retail investors in this country have the best deal in the world >> doug, i wanted to ask, steve cone, formerly f.a.c., owns the mets, has invested in a new platform run by gts people, for

crypto-exchanges i wonder what the opportunity is there, the intersection between what you do, what you can do for crypto, and whether that's subject to regulation? >> yeah, we're very excited. gts is a great firm. i congratulate them, and they're a great competitor of ours for example, in canada, the regulators have seen fit to approve listed etfs in bitcoin the reception has been overwhelming we're sited, sara, at some point about transparency we're all about regulation we think that the s.e.c. should and will approve crypto-etfs here the demand is so compelling. >> do you cifu, good to get your first take on gensler's testimony. >> thank you. >> our thanks to bob pisani as well tomorrow gary gensler will join us for an exclusive

interview at 9:00 a.m. eastern time on cnbc. when we come back to "closing bell," casino stocks sinking. we'll tackle thain tt he market zone do you now down 331. we'll be right back.

and there you have it— -woah.

wireless on the most reliable network nationwide. wow! -big deal! ...we get unlimited for just $30 bucks. sweet, but mine has 5g included. relax people, my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself. switch to xfinity mobile and save hundreds on your wireless bill. plus, save up to $400 when you purchase a new samsung phone or upgrade your existing phone. learn more at your local xfinity store today. learn more at your local xfinity store today. today, things can be pretty unexpected. but your customers, they still expect things to be simple. and they want it all personalized. with ibm, you can do both. businesses like insurers can automate it processes across clouds. so agents can spend more time on customer needs. and whatever comes your way, you've got it covered. saving time and improving customer service, that's why so many businesses work, with ibm. [squeaky shopping cart] [sniffing]

is the salmon wild-caught? she only eats wild caught. [cash register beeps] uh, i need a price check on honey. don't get mad. get e*trade and get more than just trading. investing. banking. guidance. we have 14 minutes to go in the trading day. we are now in the "closing bell" market zone, commercial-free coverage mike santoli is here, as always, to break down the crucial moments. today we have joe terranova here as well.

welcome, joe we'll kick it off, as always with with the broader market nasdaq is on track for a five-day losing streak mike, what happened? 9 market got a bit of a boost after the cpi came in a bit tamer, and then gave it back. >> that was definitely the reflex move. sara, it seemed as if perhaps it was allowing the fed to go slower, maybe doesn't change the equation that much, but i know the pattern we can all observe every open has gotten sold it seems as if there's a heaviness to the market. we talked about the expiration related situation where there has been a bit of a low, but also, i think the generality backdrop of yeah, we know it's a slowdown there's a bit of policy static, and i think it's keeping fires

at bay right now it looks like another one of the relatively routine, but still nerve-racking pullbacks we have gotten look the way this year. >> joe, your take on this action >> i agree with michael we're clearly in a bit of a calendar vacuum, some changes as it relates to tax possible. then there's the seasonality i think liz young said it best, when she said we know there's the wall of worry in september, but maybe this year, that wall of worry is a bit higher i think that's pretty accurate right now the way to interpret the price action is just corrective it's normal, and will take us probably down to challenge the 50-day moving average, which seems to be the line in the sand for the market >> oil has given up its gains earlier on in the session. cnbc's pippa stevens has the

latest pippa? >> hey, wilf, a roller coaster gains. people are ultimately ending flat wti jumped 1% this morning, but pulled back from the levels after the inflation data hit the contractor did manage to settle above $70 after topping that market yesterday for the first time in six weeks. energy is among the worst sectors today, dipping nearly 2%, though it's the only group in the green so far this week. got to get a check on nat gas. up 1% today after a 7 1/2-year high after the crazy supply crunch intensified guys, back to you. >> joe, you've been pretty focused on the nat gas move yourself. >> natural gas is the story. natural gas is up 107% this year this is something that investors should not be thinking about as being cyclical in its nature this has a more sec ullr element. we're coming into the winter

heating season i think it will be a challenged environment on the supply side you have a lot of global dislocations in terms of price fog natural gas. understand our supply of natural gas, we've been exporting it the last couple years i would urges in investors to be focusing on natural gas opportunities, like eqt, range resources, or cabinet oil & gas, and for the consumer that is seeing a weakening, this could be problematic in terms of heating costs, as we enter the winter. >> mike, how do you see the energy stocks in they have actually had a pretty decent run still. here always at the top of the bottom of the market list. >> very much pure beta, very much based obviously it's a derivative of the commodity price flows, very much captured

in the waxing and waning of the value trade as well. obviously on the defensive a bit lately what is interesting about the possibility that they may stale elevated, it's the number one input into consumer expectations a lot of it has to do with what i just paid for gas, or heating oil or something like that, so whether you believe expectations are predictive of anything or not, that could be sticky. right now you are seeing consumer expectations remaining a bit higher than other measures >> well, certainly market expectations on the long end fell today after that report shares of robinhood under pressure today top of mind as gary gensler's testimony before the senate banking committee earlier this morning. we talked about it with virtu, mike, but they have what, most

if not all of their revenue from there? >> yes but also a crypto is a source of their revenue as well. that had some news today, too, with that venture, you know, for a next exchanges maybe markets here, maybe some more competitive. 9 payment for order flow thing is very muddled. i do think there's a basket facts, which is the retail investor has absolutely never had it better. the order flow that your broker might get is trivial there's a spread in the market the revenue exists somewhere it's a matter of where it gets shared the small investor has it much easier than the big guy, trying to move as lot of volume around. i do think chairman gensler really wants the public markets more transparent, to have that

publicly displayed price be beb better, so it's not -- that's a big market structure issue it's not just payment for order flow >> joe, weigh in. >> 100%. what we are missing here is the spread, and the unfortunate consequence of a widening of a spread on the retail investor. well, what as payment for order flow done? it has actually inserted much-needed market makers into the marketplace and tightened the spread remember, in the wake of dodd/frank legislation, you have a lot of groups stepping back from involvement in market making you also had the loss of a presence of on the floor's open outcry you needed market makers to tighten the spread if we removed to say market makers and don't put in place the right structures, investors

will be talking about a dramatic and wide spread that will be highly ineffective for costs. >> casino stocks have taken a hit today, down double digits. this as the macau government is looking into regulation. and dampening hoping for recovery you can see down double-digit percentages there. joe, what is your take is this a bit after china warning or something worse >> wilf, this has been going on the last couple years. macau has been in the sights of chinese regulators since 2019. it's illuminated no because of the efforts being put in play by chinese policymakers i think it's important to understand that macau gaming

revenue is down 82%. clearly you have las vegas sands and wynn, deriving a lot of their revenue from there, maybe you could look at an opportunity of mgm, but i believe when you're thinking about casinos, they are dinosaurs in the desert the millennia and gen-z will not be the customer base in a casino gambling environment >> i'm a millennial that always love a good casino and good roulette game. i get your point, though we haven't seen the chinese crackdown affect u.s. companies. >> this is definitely visible initial. the main swing factor has tended to be what is your outlook for macau, whether of just travel

demand, whether people were free to come and go there or not. i think joe is on to somebody when it comes to the longer-term value of these venues, and, you know, if you believe -- i'm not going to endorse draftkings being worth $50 billion in market cap that's a lot of hope for the future, but there seems to be different ways to gamble, and i'm not necessarily sure that las vegas is necessarily top of the list destination-wise for younger people who want to get out there. what would be a failure is in a decade the existing gambling plays didn't -- they all have got playing there. so as much as you're saying it's a shift from old to new, they have exposure to that, too, they're just not valued in the same way >> there's not a lot of brand value, as far as i can tell.

they're buying their customers, so it's a tough way to make up the revenue. >> the market share, i guess, long term is definitely not settled yet. now just less that 300, down 219 points, so 0.85%, all sectors in the s&p, though, are still lower mike, we go back to some people presenting the bar calcclays conference low growth as we would have expected >> absolutely.

along with yields today. it's been tough for them to get out of their own ray walely did peak on a relative basis back in march. it's all one big higher yield reflation trade. mike kavanaugh warning of a slow down in net adds in the cable business we're about two minutes to go in the trading session. what do you see knit internals >> we're skewed pretty negative. you mentioned the reflex reaction, brent looked really good at the open that's flipped right around, so you see here it's more or at least 3 to 1, 4 to 1 actually to the down side. take a look at different cyclical groups.

it had been a bright spot to late as regular old industrials take a pullback it's decent for tech cyclicals, the volatile index essentially -- even as the overall market has hit new lows for this move. less than a minute to go session low down a little more than 300 big u.s. drag on the dow is goldman sachs. caterpillar, honeywell, 3m also at the end of the back every sector in the s&p 500 is

lower here into the close, energy and banks are the worst performers really all the cyclical groups, all the value plays are lower today. we got a bit of strength in technology salesforce, for instance, in the dow is holding up nicely strength in names like moderna, nvidia tesla looks like it's going to end a bit higher comcast the biggest drag on the nasdaq 100 apple is also lower after the big products unveiling event welcome to "closing bell." i'm wilfred frost along with sara eisen and mike san tolli. as sara just mentioned, the dow you shy ofsh nasdaq down 0.5, the russell down 1.4%, all on the sectors were lower, and

energy and financials. coming up, hedge fund manage ser joshua friedman gives his outlook for the market. and u.s. open champ. emma raduncanu joe terranova is here, and misha levine mike, we just had a little bounce toward the end >> yeah, so far. every says we've seen it a bit. earnings, revisions to the up

side probably have peaked. so all of these excuses seeing the market trying to gather itself, but also the pattern has been, you know, 3%, 4% pullbacks. these things persist until they break, so joe if they get finally this off to a 5% drawdown, or in fact if we get a break of this 50-day average is that where people have decided to put their buy orders in that's what we don't know. until furse notice, i think you have to assume that that's a likely spot where things might get some traction. >> it seems like warm-up big questions is this -- even reflected in cpi today, going to be temporary

has the growth sort of peaks >> how does it inform and -- how does it inform the market take >> that's really the question here you would think given the you would think the market has been. >> the growth care right here. i think tomorrow and the next day will be important trading days. >> are we going to bounce will be that or you we going to go through it >> it's not a demand issue, driving some of the number lower. what that means is that demand

gets pushed out furse. could they go down 5%? of course, they could, but it really does meet the demand of a push ahead of us >> joe, what are you thinking tess moment, whether it becomes something more significant or not. >> if the yankees are going to win the world series, it's because aaron judge is playing well if the market remains resilient, the megacap, the big five, can act in a very rye sell yen way he felt likes today, post-1:00, we were all trading apple, scott wapner said maybe this isn't an apple event, but a market event. there's no sizzle factor from the apple event, right it became a market event, and the market rolled over because of apple

so i think it all falls upon the big five, the megacap names, what is the direction they'll take for the remainder of the year tell me that and i'll tell you where the market goes, and by the way, i believe the direction will be higher >> and that aaron judge quote will come back josh lipton with the highlights apple today did unveil its newest iphones, the 13, the 13 mini, the 13 pro, and the 13 pro max. all 5g-enabled, faster chips, brighter display, bigger batteries. the difference between the base modding and pror models is the advanced camera sim.

as for prices, they remain the same, and we new iphones can be preordered september 17th, and also highlighting a new ipad, and new mini that costs $499 rounding out the show today, the new watch series, 20% more screen area, charges faster, more crack resistant apple says it's available later this fall, but did not offer a hard date. it's not seen as a big deal, as long as the product is on the shelves by christmas back to you all. >> how reliable is this?

it seems to me that investors aren't that good of judges and, of course, over time apple stock has done really well i do think, though, if you believe as i do, is the because the company has been less hit driven, smooth odd the cycle, no longer make or break every couple years that also probably means you don't get a sugar rush on the one-day announcement, so you kind of give -- you give some and take some from that changed equation here. >> alicia, what is your take on this megacap tech names and whether they could be a negative in the coming months

>> it could if we think the fed's reaction function is going to change because of higher inflation driving yields higher. we think the fed ultimately is going to be very cautious. as we see break-evening are very tame with any negative real yield. we always like large-cap tech. ultimately it's functioning like bonds in investors' pour are posh folios. they can run throughening. the big rest here are yields spikes, which we do not see happening in this environment. so we think you have to be expo exposed. >> joan, final word from you there's such a debate out there whether inflation is going to be a problem that will last longer.

how are you exposed in the market for the inflation risk or potential transitory scenario? >> so, i think the concerns, first of all, this has been a consumer driven recovery the concern is that the inflation figures showed demand weakness attributable to a consumer that's -- the way i'm positioning is similar where i want to make sure i have the bond proxies that can be offered in a megacap that offers a quality at a timive nature on the other side, wilf discussed financials before. i see financials as best positioned cyclically oriented, because they have the strength of the balance sheet they have the sensitive to lone growth they don't have the correlation to volatility and moddie pricing. i like that barbell approach i think it's the right play.

ultimately, sara, where i'm wrong on my thinking that there would be resiliency for the megacap technology names, is if we introduce some form of an excise tax on share buybacks, then we're going to have a problem. i think a lot of understanding tax policy will unfold here in the coming weeks >> guys, we will leave it there for today. thank you both for joining us, joe and alicia up next joshua friedman on whether the fierce over china is overdone, and whether he's putting to work in that country or not and will the super-cycle continue for apple a pair of analysts join us to weigh in we're back in a couple minutes and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, like asap! so basically i can pick the right plan for each employee...

yeah i should've just led with that... with at&t business, you can pick the best plan for each employee and get the best deals on every smartphone.

and there you have it— -woah. wireless on the most reliable network nationwide. wow! -big deal! ...we get unlimited for just $30 bucks. sweet, but mine has 5g included. relax people, my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself. switch to xfinity mobile and save hundreds on your wireless bill. plus, save up to $400 when you purchase a new samsung phone or upgrade your existing phone. learn more at your local xfinity store today. i sat down exclusively with noted hedge fund manager josh friedman, and asked him about

how the economic data playing into his views on the investing land landscape. >> when you have enough stimulus and a pretty sharp recovery from covid, it's not unusual to expect, while demand recovers quickly, supply chains are interrupted and take a while to get back online. you expect some short-term dislocation, longer terms, you have to think about things like productivity, demographics and debt we're producing the same gdp with 8.5 million workers, so i think those things have a more deflationary effect in the longer term. >> when people get worried about the prospect of rates suddenly moving higher and that really destroying market multiples, is that something you're not too concerned about. >> not in the immediate term

i think the fed is the bigger factor, and how they sect expectations right now they're focused a employment numbers, and therefore keeping the economy running pretty hot, forcing people out on the risk spectrum. rates have stayed, and i suspect probably will stay quite low or manage away. >> that said, when you look over your entire career, is it fair to say thatted current environment, it's harder to find lots of options that you feel are very attractive to invest in, or is that in fact not even the case, that you think valuations are very reasonable at the moment? >> clearly a low rate/low spread environment makes the mainstream high yield and so forrelatively unattractive the largest part of the high-yield market n. light of

today's inflation print, for example has a negative real yield. so you end up looking at things like distressed capital formation that is unusual. strength distressed, corporate distressed, while there's a lot of remaining play in older situations, there's not a lot of new corporate distress sit situations, but in other areas there is pretty meaningful disruption if you look at the largest industrial there's clearly a lot of disruption in the retail sector, and significant -- there's disruption in the hospitality sector i suspect we'll see a fair bit of disruption in office as well, when we find out exactly what needs we have, when people figure out what it looks like going back to the office there are places to focus in today's market, but it tends not to be an overall cheap market,

say, right after covid struck. >> you manipulationed bankruptcies, possibly in the hospitality space as well. are those great buying opportunities in those areas do you think those areas will bounce back as strong as they one were in a short am of time >> retail has bounced pretty well ironically everyone those covid would accelerate long-term trends however, the mall owners that maybe used to have j.c. penney, k-mart or other no longer existing retailers, that real estate has to be repurposed. there have been a number of significant bankruptcies in the mall space that are extremely attractive where one is creating these pretty attractive

discounted values. and the value tends to be located the core of a city we're not in a target-rich environment for distressed and bankruptcy the way we were, say, a yerpg. that's for sure. >> looking through some of your portfolio positions, tell under the circumstances why such a big position in dell. >> well, dell is an arbitrage situation that has to do with the separation of the vmware and the dell entities. that's really one where you have to determine what you think the value of underlying core 2ke8 is versus vmware. i think michael dell proved to be smarter than the market in terms of where the business was going longer term, and did an excellent job at playing the

transition to the cloud. we think that's an arbitrage that will play out when the spin-off occurs. >> what about xilinx it's a risk ash that this that will take place. risk arbitrage is like this, while they look like nominally large positions, really the net exposure in those positions is quite small. they tend to be much smaller than, say, some of our larger distressed type of positions. >> you mentioned fear over china. clearly it's a significant amount at the moment do you think that fear is overdone, and would you be comfortable putting clients' money to work. >> i suspect it's overdone, an we tend to be contrarian when things get really bad, we look at them but generally speaking, over 90%

of our credit book is located in the u.s., whereas for us, it's more of a understandable and predictable process, but i do suspect there's some interesting positions in china right now in the credit area, and we are looking at those as well, including the property developers. >> pivoting back to some macro, do you think it's a mistake to hike various taxes at the moment to tweaking of carried interest, also perhaps attacks on buybacks >> well, i think you have to take a look at the long-run effect of tax policy, as well as -- and therefore all fiscal policy, spending as well, in addition to monetary policy. what we have done so far has been highly, highly, highly stimulative. even with the economy recovering quite significantly. i think when you start playing with taxes and spending, it's

harder to undo what you do, than the for the fed, say, to take a step back from its policies. the consequences can be much longer term. i do worry a bit about -- i worry more about the longer-term overhang of fiscal policies, both spending and tax related than i do, saying, about the monetary policies, which seem to be very responsive to employment levels in general, i think if you think of the economy as this large ship moving forward, when you think about monetary policies particularly, you're steering with a very small rudder you have to think long term and you have to think in advance to correct the movement of the economy. if the moves become too short term and too severe, you can oversteer pretty easily. i think that's the concern you see being expressed by a bunch much k34iss, including people from both sides of the aisle larry summers, for example

josh friedman, our things to him. one of the key takeaways on this, is even if we saw it slightly underwhelm today, the consensus is quite relax so if there's a surprise to come, it might have a bigger impact on the market than perhaps we expected. >> sure. maybe that surprise would be exactly what level it settles out at there's obviously a lot of room from the a% and down below 2%, where we were before the crisis. that's where you may good et repricing. >> josh friedman there sara >> i thought it was interesting he was looking at the -- always good to get his thoughts when we come back apple shares are lower we'll discuss whether investors should be buying the stock on

the sell the news event. mark mahaney just hiked his target on amazon we'll get his reaction to our interview, on "closing bell. your strategic advantage.

we did it again. verizon has been named america's most reliable network by rootmetrics. and our customers rated us #1 for network quality in america according to j.d. power. number one in reliability, 16 times in a row. most awarded for network quality, 27 times in a row. proving once again that nobody builds networks like verizon. that's why we're building 5g right, that's why there's only one best network.

let's bring in dan wise. no real game change r what's you impression of the announcement >> i think there's more and more of a mix shift toward the pro, but this is a super cycle.

250 million iphones in our analysis have not upgraded in 3 1/2 years, so you'll continue to see the super-cycle play out on 5g. i think they came out with everything we are expecting. it just comes down to do they still show 10% to 12%. the haters will continue to hate i think apple continues to be on track by early 2022. the lack of excitement is palatable, but this is perfectly adequate we've seen both people who are new to the iphone user base, as well a existing upgrades people want (5), and phone as fashion, so when they're emerging back, some of the that

factor so cycle will be fine. we have no concerns about what will happen in the september and the december quarters. in fact, the orders shift on september 24th, apple's fiscal year ends september 25th. >> are we still talking about that 5g being a year or two away >> it's one of the current driver, right? there are two things making this super cycle happen it's 5g. you're now doing it in 600 carriers, as well as, like i said again, people want that newer 6.1-inch form factor, as we they out in a post-covid world. >> this is tim cook's first public event after the negative news, the ruling on epic, and

the fact they'll have to lose some stronghold on the app store. he wanted to shift the attention to the iphone, but i would love your take on what the impact will be on services. >> yeah, look, i think when you look at what happened on friday, i think the knee jerk, of course, is negative, but when you take a step back and do the numbers, we think probably about 1% to 2% headwind, with 3 to 6 billion. some of that is digestible despite some of the noise coming out. i think apple saw the writing on the wall you've seen some of the developers suits are settled, but this is a $70 billion revenue stream i think it's worth about 1.3 to 1.5 trillion i think the re-rating in the stock.

that's what drives the stock higher, despite what was a bit of a bad week. what about supply constraints then >> supply constraint is clearly an issue for technology and automotive around the world, but apple is front of the line, especially when it comes to owning its own chips we think that's about a 3% headwind it won't be an issue going into the holiday season i would call it a containable risk right now from a supply chain issue for apple, which you really can't say for any other technology or oughautomotive si. cook continues to navigate these issues in a teflon-like fashion.

colin, there was a lot of discussion about the price, a lot of focus and how impacted a company like apple is by inflation and some of the supply-chain sures what do you think? >> they did a fantastic job much mitigating supply-chain issues, less of an impact than we thought. there's one area that tim cook is good at, the other particular area, is that they're going to be able to keep grinding down the costs of these phones. the benefit of having this be closer to what we would call an s-model, more incremental new features is they will continue to grind down the phone costs, and have upside to the gross margins. >> dan and colin, thanks for joining us good to see you both. >> thank you. still ahead, it's been quite a while since the market has

experienced a serious pullback mike will have a look at whether it can lost much longer. and emma raducanu, and a visit to the stock ehaxcnge was on her bucket list ♪ i had a dream that someday ♪ ♪ i would just fly, fly away ♪ ok, let's talk about those changes to your financial plan. 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! ♪♪

it's time for a cnbc news update with shepard smith. hi, shep. >> hi, wilf a california governor gavin newsom will end tonight at 11 p.m. eastern time. the democrat newsom is expected to remain in office, but his lead republican challenger, talk radio host larry elder, is already asking his supporters to complete an online form for report alleged voter fraud more than 250,000 people remain without power in the state of texas after tropical storm nick

look made landfall the storm is expected to weaken by tomorrow, but it's already along the louisiana coast, moving slowly, dumping several inches of rain with more to come that area is still recovering from hurricane ida. an urgent search for a 22-year-old woman named gabby, and she's missing. multiple agencies are involved, including the fbi, national parks service, local police departments in new york, florida, wyoming, california her family is desperate, pleading for help. gabby has not been seen since late august. while she was traveling with her boyfriend cross-country in a van. police say he is back home in florida, look along with the couple's van cops say they're analyzing it for clues. tonight we'll hear from her father, who's begs the boyfriend

to tell the police what he knows. sara, back to you. >> scary one despite closing lower for the day s&p 500 hasn't had a serious pullback this year mike santoli is looking at the relative calm in the market, which is why many are saying -- >> they don't have to end. back in 2017, there was a similar situation. when they did get one -- it was the type we haven't seen so far right now. this has a more orderly grind. most of those post-election years both featured a lot of

rotational tradeoffs however, take a look at this survey result from the survey, that shows the net percentage of fund manager who say they have tain out the lower this number >> early 2013, they also said they were on this level. that was a great year to be on hedge and let the market go up without you, it does show that basically people having lulled, to some degree, sometimes eventually that meets to its own demise no saying when that might come, though. >> do you tie it directly to the fed, and the fact it's still all in with emergency support for an economy that is growing, you know, five to ten%

>> it's obviously part of it, without a doubt, but in 2017 we had a predictable fed, but it was tightening the fed started to taper, so it was starting to pull away. that's to me, the bigger issue also, there's a bit of luck involved, right? these megacap stocks that have not given away, they act as insulation against declines. if that doesn't really work after a while, then you'll guess your 5% or 10% drop. it will seem like the end of the world, and it won't be. >> mike, thank you. amazon has seen big gains. now the company's new ceo andy jassy is speaking out on the

outlook for growth more from his rare intvierew with cnbc, "closing bell" is back in a couple or lines for family members, you'll get great value on america's most reliable 5g network. like 2 lines of unlimited for just $27.50 a line. that's our everyday price. plus, our plans always come with unlimited talk, text and data included. so, switch to t-mobile and get 2 lines of unlimited for only $27.50 a line. that's half the price of verizon or at&t. only at t-mobile. the leader in 5g. hey, dad! hey, son! no dad, it's a video call. you got to move the phone in front of you like..like it's a mirror, dad. you know? alright, okay. how's that? is that how you hold a mirror? [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most and $0 commissions for online u.s. listed stocks.

don't get mad. get e*trade and start trading today. [slow electronic notes fade in] [fast upbeat music begins]

[music stops] and release. [deep exhale] [fast upbeat music resumes] [music stops] amazon shares are up more than 80% since march of last year, when the pandemic took hold ceo andy jassy spoke earlier with jon fortt about how the company has grown during that time. >> we field like we experienced probably two to three years of growth in 18 months you couldn't

probably responsibly plan for a pandemic oar the amount of capacity just to give you an idea, jon, we spent the first 24, 25 years of amazon building a broad fulfillment center network over the last 18 months to two years, we've had to double that footprint. >> mark mahaney joins us now he raised his price target based on the fulfillment expansion first and foremost, have you been at all worried about the ceo transition, or fairly relaxed about it >> i'm trying nod to be relaxed about it i'm a big fan you have founder-led companies, but jassy, who worked with bezos for 17, 18, 19 years, there certainly will be continuity

the real equity question for jassy is not the year or two, but years 3, 4, 5 and out, and whether he has the vision to figure out what is the next cloud computing move for amazon. i don't think jassy knows the answer to that question. i'm not worried about amazon, at least for the next couple years. >> you're pretty optimistic about the economies of scale that are coming through for them >> yeah. thanks for teeing it warm-up that interview look, we cut the numbers differently than andy presented. but what ied for necessary is there was an expansion of fulfillment capacity, but what surprised me is it's expanded this year. last year and this year they're adding about 291 million square feet of capacity that's more than the prior ten years previously, combined

and we're seeing distribution centers, smaller places, closer to population centers in the suburbs and cities what amazon is doing, is aggressively going after what day, and what i call super same day delivery, so they get products within five hours after your click of the mouse or tap on your screen i think there's something call shipping elasticity. i think amazon will prove that out. that's why we like the stock here, and we think it can go higher you think that was constraint to more business, mark? that they did not have enough capacity amazon doesn't seem like a stock or a company or a narrative that's under-appreciated by wall street >> no, you're right. it's extremely widely held, though a rejoinder there, the

stock is up 80% from the lows, but amazon stock has been relatively restrained, relatively flattish for 9 to 12 months there's a number of issues, more competition from the wall martz of the world, but yeah, i think amazon -- even amazon couldn't keep up with the demand their ability to get products to people, at least in the u.s., within one day is still below where it was prior to pre-pandemic it just says how huge the demand was that amazon had to deal with, and they're still struggles to match with the one-day goal and they want to get to the super-same-day goal my guess is within tense year, within two hours. >> what do you make of the amazon prime-enabled tvs >> a bit of a head scratcher, and -- but, you know, one of the

many investment areas. i don't think think it even moves the needle one way or another. amazon has rolled out a lot. they've had reasonable success, some notable failures in there with phones. the amazon fire phone, and with the tvs, yeah, there's a huge market for streaming tvs, amazon already has a loyal customer base, so i think there will be reasonable success on this, but i think it's too small i think there's other reasons to own amazon than that talk to us about a price target, which are i think $4700. >> where do you come up with the new numbers? >> i guess susquehanna beat me, huh? we use a 20 times ebitda -- well, look, i've been a

long-term bull on amazon with he we use a consistent multiple, in order to get to our priors target. i do want to throw out one piece of warnings. amazon is aggressively investing. one of the negative surprises is the outlook for margin declines. one of the warnings signs we put in, is if they're ramping up this capacity, one of the issues could be mark pressure i do worry about that near term, kind of three to six months i think we'll see margin pressure. i don't think it takes it down to a multiple, there's a lot of support here, but it could cap the stock. my call may be stronger with a 6 to 12 months outlook than 0 to 6 months. u.s. open winner emma

raducanu, and i caught up with the tennis star earlier today, and talked about her long-standing interest in the market we'll have that when we return

welcome back 18-year-old britt, emma raducanu, stunned the tennis world over the weekend by winning the u.s. open. it's been aptly described as a fairy tale raducanu was ranked 150th in the world and had to qualify just to play in the tournament she then didn't lose a single set en route to victory. i caught up with emma earlier here at post nine. welcome to the stock exchange and congratulations again. you must have been on cloud nine >> no, thank you so much for having me. i am on cloud nine, but so excited to be here on stock exchange it's the one place on my bucket list i had to check out before leaving new york and i'm so grateful to everyone who made this possible. >> we hread that, that you have such a passion for wall street tell us about that at such a young age to be a champion, but fairly young to be interested in the markets as well >> it's something i've been

studied in school in my a levels and always had a keen interest my parents were both in finance and to see it live is incredible >> are you interested in the business side of sport in tennis is that something you're thinking about and planning for? >> definitely. i think it's huge and would love to learn more about it i'm on the beginning of my career now, but i'm really excited to learn and develop and hopefully along the way, i'll learn more and experience a lot more and get into the business side a lot more. >> it's been a whirlwind tour of new york once you finished the tennis side of things. have you loved being here as a britt and made to feel welcome >> yeah, extremely welcome i got a lot of support at the tournament, but new york is an exciting city with so much personality and character and yeah, wall street is just incredible dreamt of coming here. the bustle, the business, i love it >> what's next are you already back to training as soon as you get back to

england? >> i've got a few days recovery after the last seven weeks, but then i'm straight back to training and hungry to get better and come back out and play some more tournaments >> once again, thanks for stopping by. an enormous congratulations. particularly from this britt in north america. >> thank you thanks for having me >> i'm excited, a little nervous for her to return to the uk. she's become the most famous person in britain. sarah, all these endorsements will come flooding in for her now and the question is whether she can keep her feet on the ground and judging by today and the way she was so down to earth with all the traders and everyone here at the stock exchange, i think she will, but she's suddenly got a lot of pressure on her shoulders. >> there are already stories being written about how she's going to be a billion dollar player in terms of the endorsements pouring in. she's already with nike, but

obviously this will elevate her status in terms of marketing and the campaigns they'll do around her. i also find her interesting and very appealing target for advertisers and endorsements because of her international appeal i know you said many times she's a britt and you're proud of that mother's chinese father's romanian. she was born in canada it's being celebrated across chinese social media as well places like weibo and she speaks mandarin fluently. that's another appeal for global brands she's young though, she's going to have to keep winning and keep playing but obviously, the world is her oyster. >> yeah, also such an interesting situation having essentially come from something of a long shot position. so there wasn't like this build up where there was already a little bit of a so to speak, a market for her endorsement services and things like that. by the way, made a stir here

>> oh, yeah. >> on that point, i just add as well, of course any massive sports star like she now always does, but how refreshing that an 18-year-old sports star like herself wanted to come to the stock exchange both her parents work in finance. only just finished her exams in the uk studying economics an maths. nice that we top the list for a really cool young sports star. >> almost seemed like she was more excited to be at the stock exchange to be there than at the met gala last night, where she was also there and on the red carpet and loo looking gorgeous her tour continues she also spoke with boris johnson by phone >> saturday's victory, congrats again. >> i thought you were going to say talking to you on the floor. stocks finishing out the day lower across the board up nt, wexhat we'll be watching

for in the trading day ahead "closing bell" will be right back

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. sweet. oh no, he wasn't... oh, actually... that looks pretty good. see it. want it. ten-x it. yum! thanks for coming. now when it comes to a financial plan this broker is your man. let's open your binders to page 188... uh carl, are there different planning options in here? options? plans we can build on our own, or with help from a financial consultant? like schwab does. uhhh... could we adjust our plan...

...yeah, like if we buy a new house? mmmm... and our son just started working. oh! do you offer a complimentary retirement plan for him? as in free? just like schwab. schwab! look forward to planning with schwab. now to our wall street look ahead. we'll get a key read on the housing market when applications drop 7:00 a.m. tomorrow.

we'll also get industrial production we'll be watching spacex's launch first all citizen flight to space. we'll be all over that and mike, as far as the markets. down about .6% on the s&p. only two and a quarter off record highs, but it does feel like, i don't know if it's a seasonal thing in september or if it's a weak month as it typically is, but it feels like the market is running into some challenges >> that's part of it and really below the surface, it's been iffy for a while i can look at the market pattern. it's kind of frustrating wear and tear on trader s psychology it can be a trap for the bears if you're going to slide eight out of nine days, better it be down 2.2% as opposed to more >> in light of cpi was yields

coming down. it seems very anchored at the moment >> without a doubt still hovering there above one and a quarter, but a soft reaction to a slightly cooler print on cpi so definitely challenged those saying yields are going to fly from here. >> down about 300 points on the dow today. that does it for "closing bell." "fast money" starts right now. >> yes, it does. live from the nasdaq market side in new york's times square, this is "fast money." i am brian, in for melissa tonight's trader lineup, a trifecta of talent tonight on fast, call it the paul revere trade? because a correction is coming that is the big warning tonight from morgan stanley's mike wilson he'll lay out his timeline and how he is positioning for a pullback plus, hold them or hold them just a day after we talked about them, casino stock