Ginsburg made the political picture in washington significantly more complicated with some analysts saying the odds of another round of stimulus before the election falling sharply. Bank stocks are getting crushed today as well amid new report about major firms dealing in suspicious funds well have more on that in just a bit. We have 59 munz left left to goy volatile session still make for the worst day in a while. Percentage terms, were down 2. 2 as we stand ahead will be all over the selloff in the final hour of trade. Billionaire investor Mike Novogratz will join us with his take on todays plunge and whether he is buying any of the dips after three straight lease losing weeks and well speak with john kerry in an exclusive interview. Well get his take on the Supreme Court, on stimulus, on the election and that final month run in of campaigning which, of course, he knows so much about lets focus in on the big stories were watching on a very busy day of news mike san toll toli is tracking e selloff. Meg has the latest comments on the coronavirus from the head of operation warp speed and sara has details on the increasingly complicated tiktok negotiations. Mike, lets start with you yeah, wilf, a broadening out of the pullback. A catch down from the old economy names. Starting to look more like a comprehensive flush as opposed to localized profit taking shakeout in the overheated tech names. Significant numbers to point out. This is a three year chart on the s p 500. I got for a reason here. We got essentially down today to a 9. 9 loss off the recent record high. Im going go on a limb and say thats not random chance people thought maybe that is enough for now to buy at that minus 10 level. Also, sara mentioned, we went flat for the year at that point. It is the level we were at june 8th. We had that decent sized peak right here when we got excited about the reopening and all the rest of it i want to point out this one right here that is the january 2018 peak. A potential mental model you have the very, very dramatic sharp up and down peak from an all time high. You went down roughly 10 , maybe a little more than that then it takes a while swinging back and forth. That is an optimistic scenario for how thing goes right here. I want to also look at the subsegments. Dow versus nasdaq 100. Versus the equally weighted index. This is quarter to date. Were all in line again here the nasdaq kind of went crazy through august its come back into alignment, at least on a three month look back or 2 1 2 months to the rest of the market. So again, its a little more of a recalibration. And maybe there was some very loosely held convictions about the cyclical trade which, of course, is contingent on fiscal support, perhaps, on the flow of the data as opposed to just on sentiment and fund flows the way that Growth Stocks can just keep going up and get revalued higher even without new news. Guys mike, a lot of talk about headlines coming out of europe and the uk specifically and the potential for further lockdowns. Its not like the data sud lyn got a lot worse out of europe. Weve been talking about those possibilities for the last week or two do you think its that news that is really weighing us down today or more broad market technicals and continuing september swoon as we said i think news is in the category of it doesnt happen. If peopleare trying to materialize their general concern about the wabbliness of the market, it makes sense to grasp at that its an overlay of worry for the fall anticipad wunterin. You sea the weakness on the atlantic i dont know that is about the covid19 spike and did mention that the week after the september kind of derivativ derivatives expiration, typically very weak. A little loss of conviction about the pacing of the reopening and the recovery is fair to isolate. Yeah. You see stock like carnival down 6. 5 certainly the scare is out there about potential lockdowns or at least more cases mike, thanks lets get the latest in washington now the death of Supreme CourtJustice Ruth Bader ginsburg may impact the odds of another round of sim lus atimulus and a govert shutdown lawmakers prepare for a messy fight to fill her seat we have the latest from washington there are multiple wrenches being thrown into washingtons gears increasing polarization ahead of this bitter Supreme Court battle its complicating negotiations and packing the calendar ahead of the election. Talk on stimulus has all but slowed entirely to a halt. Lawmakers look to avoid a Government Shutdown. We expect Senate Majority leader Mitch Mcconnell and Chuck Schumer to address the issues momentarily from the senate floor. Earlier today mcconnell and chuck grassley, the Top Republican on the Senate Banking committee, have attacked the democrats funding proposal they say the bill was hog wash and suggested he and another senator would fight it now Speaker Pelosi said she would use every arrow in her quiver to stall the process. Perhaps removing a key gop priority from that bill is one tactic theyre just 12 working days in the senate before the election, six weeks away and condensing a Supreme Court nomination from the average 7 0070 day time frame will take bandwidth from both chambers there is some glimmers of stand alone stimulus efforts for ppp or for airlines. As of right now, both of those are absent a catalyst. Thank you so much for that. Well be discussing all the implications of the market a little later the head of the administrations operation warp speed speaking out in a rare interview earlier on cnbc. Meg has thant vit interview andn us with the highlights. Theyre pretty close to knowing whether a vaccine for covid19 will work and giving us a time lun to get there. In the meantime, of course, fears are increasing around the case counts were seeing out of europe and concerns that will will lead to potentially new lockdowns. Take a look at this graph of new daily cases out of some of the major countries in europe. Orange there is france green is spain purple is the uk just in the last two weeks, france and spain adding Something Like a quarter of their total cases just in the last 14 days the uk raising the threat level for the coronavirus to a 4 from 3 meaning that Trans Mission is high or rising there cases are doubling roughly every seven days leading to new fears over potential new restrictions meanwhile, guys, Vaccine Development is advancing quickly. We heard from the doctor this morning. He expects to get data on whether the leading vaccines work some time between october and january. He said if we hit that time line, heres how he is looking at the availability of a vaccine. If approval is granted around that time, our authorization we may be able, for instance, to immunize the most susceptible populations in the u. S. By december of 2020 most of the Elderly Population and first line workers in january of 2021, and the rest of the u. S. Population progressively in the month of february, march, and april thats if these vaccines prove to work which we should know over the next couple months back to you. Meg, just going back to some of the numbers coming out of europe if we use the uk as an example. Is there a sense that were seeing the uk is willing to be preemptive just based off cases be preemptive of head of hospitalizationors deaths rising and that perhaps is or isnt a tactic that the u. S. Might be expected to do yeah, there is talk out of the uk to try to implement stronger restrictions in order to avoid getting to a worse point. Well have to see what happens this week. In the United States, were taking things so regionally differently with masking requirements and going back to school and with colleges and a lot of the new cases were seeing popping up here, of course, are in College Towns so the way were dealing with that is different everywhere but youre starting to see our case counts having come down start continue to crease a little bit overall in the u. S. As well. So fears of the second wave as we head into the fall certainly high meg, thank you. More plot twists in thing soa over tiktoks fate in the u. S. Over the weekend President Trump agreed to the deal that was being proposed bytreasury and investors. This morning he appeared to waiver this is what is agreed upon. Walmart and oracle will be investing in the new entity. It is being created. Tiktok global. The u. S. Business. Theyll own 20 of it. Combined much the other 80 , bitedance, the chinese parent of tiktok says its theirs thats not true according to sources. Under the terms of the deal as i reported on friday, with the walmart investment at 20 , the u. S. Ownership actually rises to a majority of 53 . The why . Because many of bitedances investors are already American General atlantic, sequoia, bitedance executives would retain a 36 stake in the new company. Besides the chinese and american investors, there is a small portion remaining and that is International Venture capital types. That is all preipo. It is diluted even further. This is what was said in a quote, upon creation of Tiktok Global, they will make the investment and the tiktok shares will be distributed to the owners americans will be the majority and bitedance will have no ownership in Tiktok Global remember, bitedances ceo will the company itself, no ownership of the new company i think thats where the confusion really lies. It appears bitedance communication around this whole issue is a bit misleading saying theyre the majority shareholder. P its not really true bitedance is already today without this deal more than 40 owned by u. S. Venture capital funds. As far as whos in control of the technology, bitedance will hold the algorithm oracle will also have access and can block any updates that come from the Parent Company to protect u. S. Consumers from disinformation or propaganda and oracle will house the u. S. User data in the cloud Everyone Needs a win the so there is some confusing spin being attached to this deal the u. S. , bitedance and china need to sign off the u. S. And bitedance appear to have signed off or at least they were heading into today. Making the chinese more of a question mark. Will beijing agree to this the chinese really have given a lot of concessions including the u. S. Has a majority stake of tiktok and now access to the technology that powers it, mike. Its dramatic and complicated. But actually both bitedance and oracle are right when theyre talking about the stake. You just have to break down who actually owns bitedance which makes it more confusing because it has a lot of the american investors. Right so which ever angle serves the purpose. What is interesting is we so many work arounds imbedded in this arrangement nobody is getting everything outright what they wanted. It does seem as if its a bridge to get past this threat of, you know, the deal being shut down i wonder from a market perspective if maybe the bigger question coming out of it if this deal gets approved as is, is chun heei chinese retaliation is that the way this story moves on yes probably in that positive for walmart but not necessarily, you know, true control and oracle, of course, getting essentially another big customer and china potentially playing hard ball when whit comes to whether its retaliation or how its going to treat u. S. Firms one of the complaints around this is that it is similar to the force Technology Transfer that u. S. Firms have to do to play by the rules in china and that it presents a whole new model for Chinese Companies to operate in the u. S so the geopolitical ties are there. But i think it would have been more potential retaliation and potentially worse for the trading relationship, wilfred, if the u. S. Outright rejected this deal and banned tiktok in the u. S. Because then it would be a clearer line for the chinese to be able to do something similar. Dont forget to mention wechat in that light as well but i mean the other thought as well that comes to mind on your reporting there is just to make sure that the Voting Rights are one for one based on the economic stakes in this new entity of course, plenty of examples of u. S. Companies where founders maintain all of the key Voting Rights and therefore information control even if 53 is owned economically by others remains to be seen if any of this is enough for the president even if on paper based on your reporting it could suggest it should be. Great stuff on that front, sara. Weve got just 45 minutes left of the session. Now down less than 2 on the s p 500. Less than 700 points on the dow. Just improving a little bit as you can see there in the last half an hour still ahead on the big selloff after the break, Jeffrey Rosenberg breaks down todays plunge and well hear from Richard Bernstein and Mike Novogratz and others youre watching closing bell on cnbc. I cant wiat to share at ts big 5g news. shouting through the glass at t has nationwide 5g . Yup and thats faster . Faster, yea but is it reliable . Ah huh and secure you should consider making a big deal about it bigger . I said bigger oh, bigbigger deal bigger than what im doing . Its not complicated. 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Im a financial advisor. She is aig proudly supports all the professionals taking care of our financial futures. Xfinity is your home for the return of live sports. Welcome back a little more than 40 minutes left of trading. All the major averages selling off hard the dow is down by 644 points. Still looking at 2 selloff. S p 500 down 1. 57 also off the lows, the russell 2000 index getting slammed to day. Down 3. 6 . In part because of the financials are among the hardest hit. Joining us for more on this market is Jeffrey Rosenberg, Portfolio Manager of the black rock systematic Multistrategy Fund its good to have you here, jeff also looking at oil prices will taking a 3 to 4 slide here is this a real growth scare over rising covid19 cases in europe and potentially the u. S. Well, it is a manifestation in growth scare because what you have is the threat of a renewed shutdown and so in terms of the Market Reaction and Market Pricing that is manifesting itself in kind of the growth off scenarios, thats clearly, i think, the story of today among a couple of other headlines. But, yes, thats what were seeing in the markets. Trying to figure out whether it is brief and sort of a corrective process after this tremendous runup weve had had for stocks base he cannily Straight Line since march. Or the start of something bigger and more pronounced concerns like we had in march over rolling shutdowns and uncertainty over virus path. What do you think . I think were dealing with a lot of negative headlines. After an environment where the market has had a tremendous runup, i think its important that youve had a major shift in policy understanding of how to balance the needs of health and safety concerns with the needs of the economy and that dramatically lowers the risk of the kinds of broad based economic shutdown thats were so damaging that we saw in march. So i think were seeing a pullback here. The i think its coming off of an extended period of runup. But certainly i think the bigger fears that this would replay in terms of that kind of broad based shutdown with those kinds of Economic Impacts is going to be overstated. Now thats not to say that the slowdown and the impact may be from targeted shutdowns priced into the market. But i think the bigger fears of returning to the depths of what we saw in march are probably overstated so would you suggest buying some of the cyclicals that are suffering so much today whether that is the banks here in the u. S. Or broad indices in europe which have suffered a lot today based on those fears that youre suggesting might not materialize if full shutdowns and suffered year to date anyway . Well, thats a really short term tactical question in terms of, you know, do you buy the dip today . Its not really the way in which we invest. Much its very hard to know. Its more important to take a broad broader perspective around covid19 uncertainty and the balance in ones portfolio rather than trying to time the market and covid19 headlines which we think is very hard to do youre going to have a better long run Investment Outlook if you look for sources of balance in your por