Could amazon be to blame for a chunk of the losses . Amazon founder jeff bezos and billionaire bff Warren Buffett along with jamie dimon reveals a plan to revolutionize health care, and in doing so, put the entire Health Care Sector in the emergency room at this hour. Multiple subsectors from insurers to drugstore chains to big pharma painting the broader markets a deep shade of blood red. President loves to watch the stock market, not sure hes loving this first major selloff of 2018 coming just as he gears up to deliver very first state of the Union Address to the American People, scheduled for six hours from now. We know that he is rehearsing for the big speech as we speak. No doubt ready to take a big victory lap as the job market, the stock market and tax reform have done great things so far for the country, but could todays selloff inspire him or force him to make any last minute edits . Plus can he deliver a plea to both sides of the aisle in order to kick his 2018 economic agenda into full gear . Fair and balanced. Well hear from two Congress Members in leadership positions who will be front and center at the state of the Union Address tonight. Plus apple rocked to the core and charlie is about to break big news from washington, d. C. Less than an hour to the closing bell. Lets start the countdown. We are just getting this breaking news, democrats criticizing the Trump Administration over handling of russia. This time, Senate Democratic leader schumer saying that President Trump has failed to stand up to russian president putin, quote, time and time again, and saying that the Treasury Department is certainly not getting tough enough on one of russias top bankers. We told you this last week as we interviewed andre costin, saying he would show up on sanction list, guess what . He showed up on a list put out by treasury of big billionaires and russian oligarchs who, of course, are close to putin but no sanctions attached. Vtb Bank Chairman the man known as putins personal banker finding himself on the Government Watch list of 210 people including 96 oligarchs worth a billion dollars or more with direct ties to the kremlin as part of sanctions packages that President Trump signed into law last august but no sanctions handed down specifically on any of these 200 billionaires. Guess what . Were looking at stocks finding themselves under the gun on track for worst day since august. So the blue chip index right now is down 374. At worst point, this is why were showing you intraday. It was down more than 400 points. The s p 500 sectors tell a very clear story here, Health Care Needs serious cpr, followed by energy, were looking at every single major sector here pulling down the markets, specifically health care is the worst, down about 2. 14 , you see energy down, tech is not looking well at all. We have one piece of the jigsaw puzzle playing into the selloff, that is bond yields. The 10year yield hit as much as inching toward the 3 mark at its worst point or highest point, not necessarily bad depending what part of the market youre on, hitting 2. 74 . Those are multiyear highs, and what is in the green . Wall streets fear gauge, the volatility index, rising to highest level in more than five months right now. Just a few minutes ago, it had been at 15. Right now at 14. 85. What was it two weeks ago we were at under ten . Nine . This means the fear is swamping the markets. In the cryptocurrency world, bitcoin blues, the currency dropping to a fresh one week low, selling off more than a thousand bucks, 1066, clinging to gains just above 10,000 for bitcoin. A far cry from 18,000. Is this it . The big correction the bears have been expecting . Let me guess, the floor show traders say liz, its only 1. 5 lopped off from the Dow Jones Industrials still since the election up about 40 or 32 . Were bringing in the man, hes been warning to watch out for this very scenario we see unfolding. Globals fixed income head andy brenner. Andy, to you first, late last night, i was wont up, i saw your note and had a specific warning, it will be a very ugly open on wall street and sure enough it was, specifically because what you saw spiking rates. Is it as bad as you expected . Is it about to get worse . Liz, its about to get a lot worse. You have a lot of things going against rates right now. Youve broken the 265 level, you got up to 274. 280 is next support and the december 18 highs of 303. Were going there. The trump stimulus package. Trump tax package. The infrastructure package to be announced tonight. The fed is on a war path, janet yellen era ends tomorrow, and in power will be a lot more aggressive. Plus the other Central Banks of the world, the d. O. J. And bcb are back tracking. Liz, we have a perfect storm and looks bad if youre long interest rates. Liz thats the question, and as you look at how the market opened, down on the new york stock exchange. We saw the biggest gap down at the open, i believe it dropped 182 points, right as the opening bell hit, thats the worst i believe weve seen since may. Is it because there was such fear that the companies which basically borrowing money at such low rates, its almost free saying thats about to change . Thats certainly one of the things, you talked about the close last night. That was ominous sign as clearly we saw a close on the lows and fast and free falling. So this morning, that continued. This has been an orderly selloff. So its got to do with rates and people are a little panicked and spooked because we havent seen this broadbased selloff in quite sometime. So this is something that were up 6 , so nar 2018. Lets take this with a grain of salt. See what comes out tonight. You cant be that worried about a market move of 2 total if this continues throughout the day. Its true, larry, we still have the s p, and i was just looking before the show. Up about 31 since election day. So this is not the worst situation in the world, but could it be the start as andy mentioned of something that starts to snowball . Well, it could, andy made really good points, though i disagree, its not about the yield, treasury yields are rallying for the right reason, not the wrong reason. Lets not get excited about the u. S. Dollar dropping. Its about global balance, not about financial instability. This whole thing started last week when i was on the show talking about texas instruments, union pacific, and caterpillar, and how they had very good earnings, and yet the stocks fell out of bed. I think its a fact that theres too many weak Hands Holding stocks, were up 6 on the year, the market has gone up too far and too fast. Whats troubling yeah, go ahead. Liz i was going to say, mcdonalds came in with very good numbers and the buttermilk chicken tenders that are selling so well. It wasnt enough for wall street. So andy, weve got both traders saying lets say its broadbased, calm, orderly. Is it about to get worse, and if you say yes, why . If this is to be, liz, i think the equity markets i dont think this is the beginning of the correction, i expect a correction this year, i expect it in the range of 10 , but i think it starts more towards in the summer than it does right now, but as far as the bond bear market, its there. Have you new record highs in five years, you havent been this high in five years for eight years, seven years, you havent been this high in seven years for seven years. Once you see the 3 handle sustained, i think its going to be a problem for stocks, but not a problem today. Liz all right, well, who knows . The pullback is stoking fears of volatility, but some people like volatility. Matt, larry, andy, great to have you and that perspective when. Andys note came out last night, better get up early and see whats happening. Wall street is coping with this hours major selloff decently but starting to head further to the lows of the session, not quite there yet. Folk, that would be down 411. We are down 375. But the nasdaq down 67 is lower by nearly one full percentage point that the moment. Washington preparing, bracing, whatever you want to call it for President Trumps first state of the Union Address. Will he ease investors fears as he puts 2018 economic agenda in focus just less than six hours from now. We have blake burman live at the white house. Blake, whats the atmosphere been like at the white house, and what are you hearing about how President Trump, if at all, will address todays drop in the stock market . Reporter theyre gearing up for the speech, obviously, its the lastminute preparations, the president hosting people inside the oval office as well. When he was asked about the state of the union speech yesterday, the very first thing he talked about, liz, was the runup in the stock market and the tax cut bill as well. You can expect that to be a sizable portion of the president s speech tonight. It is a bit of unfortunate coincidence that asked to give the speech in the midst of a 300 to 400point drop on the corner of ball and broad. The white house spokesman hogan gidley suggested at least that the president will not address this one blip later this evening. Asked if the president will address that tonight, but overall, no one can deny the successes that have occurred under this president s watch. Reporter theres going to be a handful of democratic rebuttals tonight after the president speaks. The top democrat in the Senate Chuck Schumer gave a little preview as to what we might here as he downplayed President Trumps economic successes. Here was schumer today on the senate floor. President trump was handed an already healthy economy by his predecessor, like many things in his life, he inherited the healthy economy. Here are two words, we wont hear President Trump say tonight about the economy. Thanks, obama. Reporter a bit of a preview from chuck schumer. As for President Trump, hes here at the white house, he had lunch with network and Cable Television anchors and heres what he told them, normally president s try to strike a bipartisan tone and that is no different for this president. He said, quote, i want to see our country united, it was divided not just under president obama or president bush, remember the impeachment of bill clinton. Tremendous divisiveness not just over the past year, if i could unite this country, i would consider it a tremendous success. Liz . Liz wow, okay, he invokes the impeachment of bill clinton. So much for building bridges here. Reporter for unity. Liz exactly. Well be watching, blake, thank you. Walltowall coverage of the state of the union speech starting with lou dobbs, 7 00 p. M. Eastern, followed by special editions of cavuto coasttocoast, and the Intelligence Report all right here tonight on the fox business network. Blame bonds . How about blame the billionaires. With the closing bell 47 minutes away and the dow down 357 points, billionaires Warren Buffett and jeff bezos say lets make a deal, and the potential Game Changing hookup to tackle one specific sector is swamping fearful competitors. Up next, the man who says this Partnership Makes amazon like like a too big to fail bank and why he says the tech titan may not survive it . Plus, will he stick to the script and what will the script say of the most anticipated speech of the year . One of the darkest clouds hanging over opportunitys state of the Union Address has got to be the budget battle. Shes been one of the president s top guns in the tax push, diane blackheading to cameras on capitol hill how the market tumble might impact what we all hear tonight. Countdown coming right back. The things we do rising before dawn. Sweating it out. Tough to do it all. But we can always find time to listen to great thinkers and explorers whose stories take us places our hamstrings cant. All we have to do is listen. Download audible to start listening. When it comes to travel, i sweat the details. Late checkout. Downalternative pillows. And of course, price. Tripadvisor helps you book a. Hotel without breaking a sweat. Because we now instantly. Search over 200 booking sites. To find you the lowest price. On the hotel you want. Dont sweat your booking. Tripadvisor. The latest reviews. The lowest prices. Liz weve got this breaking news, investors are calling a code red on the Health Care Sector. First look at the insurer, United Health, anthem, cigna. Flip it over to the pharma names, allergan, pfizer, eli lilly, a different display of names and you can see pfizer, the big American Company down 3 , allergan down, finally device makers, look at this. A route for device makers following that news, theyve come up off lows, maybe i should restate that and say not necessarily a route, avarian, intuit, getting hurt. And the aggregate getting crushed because amazon, Berkshire Hathaway and jpmorgan decided were not waiting around for the government. Were not waiting around for insureers to figure it out. Were going to build a company that aims to improve outcomes for all employees with the goal of curbing rising costs. Amazon hit a lifetime high today, right now still up fractionally. Berkshire marginally down, look at amazon over the past ten years, whenever you pair amazon with a sector theyre not in yet, it has quite the effect. The man who knows the Amazon Effect inside and out, Scott Galloway, author of the four, the hidden dna of apple, amazon, facebook and google. You are arguing the dominance of the four companies, today amazon, needs to be curbed because this specific type of, let me get in this market, let me get in that makes them too big to fail eventually . If they went out of business, i dont think it would tank the economy the same way the bigger banks could tank the economy. The reason they need to be broken up, as evidenced today, we dont have fair competition, when one company can perform a Jedi Mind Trick and go into a sector. You see tens of billions of dollars shed from the industry, it means effectively the markets are failing. Key to competitive markets is no one player or company has too much power and amazons that proven it has too much power. Can choke the mothers milk of business off that has access to capital. Liz that is exactly whats in play right now in the final hour of played. If we get rid of the four and cycle through the subsectors of health care, everybody in the audience can see how dramatically hit this entire sector is getting simply because but berkshire should not be discounted either, theyre saying Warren Buffett, who knows how to reinsure and knows insurance definitely, paired with amazon, knows how to deliver and, of course, jpmorgan who knows how to get payments. These three together with this number of employees under their umbrella can really make a Game Changing event, but certainly the Health Care Market is terrified. I think youre being generous to jpmorgan and Berkshire Hathaway. I dont think anyone cares. If they had announced they were doing this without amazon, this would be a giant yawn. When amazon buys whole foods, the value of kroger declines a third between the time they announced the acquisition and when they closed it. Amazon is the only darth vader that can kill a competitor just by wishing ill on it. Liz well, it sure tells me that amazon may garner the attention of capitol hill and politicians trying to make a name for themselves. Not to mention, who knows, d. O. J. , securities and exchange commission. Will there do you anticipate or foresee an attempt to break up amazon or curb its tentacles . Yeah, i do. I dont think its going to come out of washington, i think its going to come from one of two places, either a red state where attorney general sees the fastest blue line path to the Governors Mansion as a populist against the fore, where its going to come from, probably out of brussels. Europe registers all the downside of tech, the tax avoidance, job destruction, weaponization of elections but garner a fraction of the upside. There are very few hospitals or University Buildings named after facebook or google buildings in europe. All of the downside stiffens the back bone of regulators, margaret is the Worst Nightmare for amazon. Liz she is the top european regulator. Commission or competitive for eu and not afraid of big tech. Liz Scott Galloway is a berkeley graduate, go bears. Go bears. Liz thank you very much. You probably got the attention of certainly some amazon people watching now. Bad enough that senators are calling for apple. One of the four to come to capitol hill with the closing bell ringing in 38 minutes. We were talking about that kind of regulation and that kind of heat. Dow 30 heat map, we dont have many names tasting green. Chipotles investors getting another bad taste in their mouth as new rumors over Food Poisoning hit the shares. Chipotle down 3 , a twitter message says 79 cases have popped up nationwide. Coming up, were going to go back to capitol hill. President trumps state of the union in focus. Weve got a bipartisan look ahead with a speech coming up. Countdown coming right back. Dont go away. D your car for four years. You named it brad. You loved brad. And then you totaled him. You two had been through everything together. Two boyfriends, three jobs. Youre like nothing can replace brad. Then Liberty Mutual calls. And you break into your happy dance. If you sign up for better car replacement™, well pay for a car thats a model year newer with 15,000 fewer miles than your old one. Liberty stands with you™. Liberty mutual insurance. Liz okay, well call it a little bit of a retreat, off the lows of the session, the dow down 338. Lets go to the new york stock exchange. Nicole, one of the things that jumped out at me is there is very little safe haven protection here. Gold isnt doing much right now and doesnt appear there is any place to hide at the moment . Pretty much, youre seeing a selloff across the board. Which is okay. Up 42 since the election, you are seeing the commodities to the down side. A troy ounce down a quarter of one percent. Oil down over a buck, oil has been under pressure, the concerns there for oil and why were seeing this value in oil. Energy has been a top, top sector, to the downside, chevron and b. P. And apache down 4 , this is all about u. S. Production and now there is the concern, oil selling off on the concerns about rising u. S. Output. That is number one, energy. Underlying story that weve also followed is United Health care, thats shaved off 100 dow points on the heels of amazon, Berkshire Hathaway and jpmorgan to find a cheaper alternative, a way for employees it have health care. This is a new development, and that has weighed on the markets as well. You are right, theyre not seeing treasury yields on the rise as well. Big picture selling off. We were down 411. Now down 324. Liz perspective, exactly. I dont know if you heard Scott Galloway, the author of the four, all you have to do is yell amazon or whisper it and entire sectors sell off. Like yelling boo in the business. Reporter and it hit a high. Liz not fascinating if youre a Health Care Company that could be a competitive situation. Today is a selloff off the lows, with todays selloff looking at the markets and how theyve done since the inauguration of President Trump, the dow up 31 , the s p up 24 , and the nasdaq up 33 . Day after day, the president has hitched his wagon to the star of the stock market and said look how well we have done. These red arrows today were not the color the commander in chief is looking for ahead of his first state of the Union Address. Congresswoman diane black is joining us live from capitol hill. Ahead of the big speech tonight. Congresswoman, our viewers are watching the worst day for 401 k s, pensions, Stock Investment since last may. Does this final hour plunge change anything that the president says tonight, if so, what . I dont think so, i think americans are optimistic about where the country is going. Well have some days that were down, overall, as you said, before i came on, the stock market has really rallied. Were seeing the gdp grow, and i think people are excited about knowing that theyve got the tax breaks coming. We see many of the Big Companies that are giving bonuses and increases in wages. Things are good and im very proud to have worked with this president on tax reform which really i think got all of this started. Liz what are you personally watching for this evening that you havent heard yet . I know hell be talking about immigration. Obviously he put out a plan, and that is something that is high on our list. Most of all, secure our country, protecting our borders, that will be number one, and what i want to hear and how he plans on doing that, and for me, its all about the people in tennessee that im working really hard for to make sure they are safe, and just looking at what weve done so far that we see a country now that is safer and more secure and is growing, and im proud of that. Liz the people of tennessee care as much about health care as any other state does, extraordinarily important. Yes. Liz the president and congress could not get it done this time around. Do you think he will attempt to tackle this again . You as a registered nurse and part of the gop Doctors Office have a stake in this, but so does every democrat right now . We do, we have a stake because the American People need health care and need to be sure that whatever we do from this point forward gives people the opportunity to choose what they want at a cost they can afford. Thats what this is about, getting away from government mandates and giving people opportunity to choose for their own self about what it is that they need and being able to make sure that we can provide those kind of services, maybe through Public Health departments and other avenues than the Traditional Service programs. Liz you saw already that amazon is not waiting around, nor is Warren Buffett or jamie dimon of jpmorgan. Theyre trying to find a solution because quite frankly you all in congress could not. Does that worry you . Make you happy, hey, let the free market figure it out. They say theyre not in it to profit. They have hundreds of thousands of employees between all three of them. They want to figure something out with a better outcome. On the house side, we did have plain and able to pass a plan and the senate didnt pick up the plan. What i hear from constituents if they liked what they had before the Affordable Care act came along and were prohibited from being able to maintain and use even though the president said you could keep what you had if you liked it. I hear that all the time from constituents back in my state is that they like what they had, and not everybody had what they needed but a good number of people like what they had. Lets go back to start there, did you like what you had, and move on from those that didnt have health care and find a way to make sure they are able to get what they want at a price they can afford. Liz all right, well be watching closely. Seems health care wasnt in the talking points that republicans had over the weekend. Well listen carefully for that. Congressman, thank you for joining us. Youre welcome. Thank you for having me. Liz closing bell ringing in 27 look at this. The s p 500 is down 26, the low of the session, it was down 35. Thats the low of the session for the nasdaq, down 92. Now down 54. So a slight improvement here moment by moment. Weve got our eye on it for you. The air is anything but clear when it comes to bipartisanship on capitol hill. Democrats Holding Nothing back over the socalled tax reform bonus crumbs as nancy pelosi called them. Daca and now even infrastructure. Blue states already sounding alarm on a plan that hasnt even been released yet. Coming up, a key member of the democratic leadership team, congressman dan kildee of michigan what he feels his party needs to hear tonight to get on board with the white house. And another Government Shutdown could come in nine days, can you believe it . Countdown coming right back. Please stay with us. 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Liz if you follow me on twitter, couple of hours ago, i said dont freak out, just join us in this final hour of trade and were going to walk you through it. And sure enough, while we had been down well over 350 points to the downside, right now we just in the commercial break went down fewer than 300 points, down 302 for the moment for the Dow Jones Industrials. My point being, were down just 1 for the moment for the dow. Lets check on whats going on tonight for the state of the Union Address. Knowing this, the president will no doubt sell his growth agenda. Hell talk about the stock market, how great it has been and it has been. He will applaud his own administrations firstyear efforts. However, he also has an opportunity to ask democrats and some republicans these people who had opted to shut the government down. What it would take to get everybody together to Work Together alongside him in securing the deal on the dreamers, the socalled daca issue, and in turn, a federal budget. We bring in somebody whos responsible for ensuring that members ever the Democratic Caucus are voting in member of legislation and supports. House majority whip dan kildee of Michigan Live from capitol hill. What do you really want to hear thats realistic . We know President Trump will say what hes going to say, but what do you hope he says . Well, i think one area where we could find real bipartisan support would be a really big and bold infrastructure plan. And i know the president has made some proposals. I dont think what he put on the table so far quite rises to the level of being big and bold. He talked about a trillion dollar infrastructure plan a year ago when he addressed congress. I think we need to think about that in a much bigger terms, and i know there are democrats and republicans who would set aside their differences on other issues and really lock arms and work on rebuilding americas infrastructure, especially, you know, the challenges in our older cities. I think we could find a lot of Common Ground on that. Liz well, hillary clinton, when she was running, talked about a 500 billion infrastructure plan. I would say 1. 5 trillion is a lot bigger than your own partys candidate. When you say bigger and bolder, what kind of numbers are you talking about that wouldnt entirely sink us further into debt . Yeah, i think it is a case of evaluating what the depth of the problem is. Professionals seem to think we have about a 3 trillion infrastructure deficit. Im not sure we can get there in one bite, but one thing i know for sure is that just like other investments pay us back within productivity, infrastructure would pay us back with increased productivity. Think about what competitors are doing. China spends ten times what we do as a percentage of gdp on infrastructure, on ports, on rail, on roads, on bridges. Its one of those issues that if we ignore it, it doesnt go away. They just the roads and bridges and rails and water systems, im from flint, michigan, i know a little bit about that. Liz amen. They dont get better when we ignore them. Liz no, in fact, that should be the first thing thats tackled. Flint water system, that and whats going in new orleans with the retroproblems in katrina, no doubt, with those issues. Because if you ignore them, some people could die. In the end, though, do you feel that there, in 2018, is an opportunity to have less vitriol between the two parties . I sure hope so, and i think its okay, we have big differences and i think its fine that we highlight the differences, but whats not acceptable is when those differences take us to a place that has us essentially coming school yard bullies, name calling, those sort of pejoratives, its not becoming of the greatest democracy ever imagined on the history of the planet. We have an obligation to use a tone that is more respectful than what weve seen. I have big disagreements with the president , and some of my republican colleagues, probably some of my democratic colleagues either. Those differences what are make the democracy great. Its not a weakness, its a strength and ought to see it that way. Liz congressman dan kildee, thank you for your respective tone. We appreciate it. Fair and balanced on fox business and the claman countdown. Come back again. Happy too. Liz any time. Dow is down 323 points. Were 115 points above 26,000. So holding that hat line. Investors turning a wary eye at the belt way and some are worried that President Trump even if hes on his socalled best behavior wont be able to reverse this flipflop in stock. Were going to tell you why. Charlie is there, tearing up the town, i am sure. Hes next. Countdown coming right back. The one, the only cat c. Gasparino. This new day. Looks nothing like yesterday. Roads nowhere to be found. And its exactly what youre looking for. Liz yes, it is a market selloff, but not nearly as bad as it was shortly after noon with the Dow Jones Industrials down 307 points, weve come back by i would have to say about 104 points off the floor because we had been down more than 400. I want to show you the dow transports, falling more than one full percentage point. Talking about Federal Express and ups, they are the loss leaders, ups down 1 , fedex lower by about 2 . Transports, big airlines and cargo planes cost a lot. Companies tend to borrow money to do that and started to see yields on borrowing rates. Specifically the ten year which crafted the 2. 66 ceiling, now at around 2. 7 . At this very moment, watching the bond market, the stock market. Am i the only one . Behind closed doors, he is looking and working and prepping on first state of the Union Address, but its Business Leaders and ceos who might be way more nervous than the president is right now. Charlie gasparino is tell me you remember liquid paper, charlie. Liquid paper . Liz the whiteout. Yeah. Did you invent that or something . Liz no, i think one of the monkeys invented that, is this because you think Business Leaders are nervous because theyre watching stocks drop today . Heres the thing, a lot of stocks are dropping. Markets went up Something Like 300 points after that. What you have is traders, even though we had obviously dow is down over 300 points and down significantly before, i think its come back a little bit. Have you traders taking positions that they think that trump is going to deliver tonight, they think hes going to deliver a speech that is pretty president ial and not just that, something that is essentially inflationary, they think to talk about infrastructures, a lot of spending on infrastructure is going to take stocks up tomorrow and maybe keep the rally going, and put a hold on the correction. Thats what im talking about. Now, we should point out that i tell every average person out there, you know, you only get involved in these sort of shortterm trades if you like gambling, if you dont like gambling, dont go there, okay . Keep your money in the markets or readjust portfolio to match what you think the markets are going to be. Trump could say there is talk about him saying wild stuff about north korea, that could set the market on edge. Also, you know, if some traders worry, its very hard to sort of reverse a correction based on higher interest rates. Particularly if rates on bonds go higher. That makes bonds more attractive than stocks, if i can get 3 why not go there . Instead of worrying where the stock market is going. Thats where the market is shortterm positioning themselves, they are shortterm positions themselves ahead of the speech. They think hes going to deliver on the goods, not just tax cuts, stimulus through infrastructure and think hes going sound pretty president ial so were buying. My one caution is this you never know what hes going to say and its hard to beat higher interest rates. Those are things that create market corrections. Liz, back to you. Liz is that a fake set behind you . What is that . [laughter] thats a good question. I dont know. You know . I just show up and read sorry oh, my god. You never know whats going to come out of my mouth. Liz we do not. Apologies for the audience. Charlie, thank you, charlie, among them. Thank you. Liz youre welcome. See you in new york. Liz check back in and look at the markets. We should blow out the commercial break, this is a big selloff as it pertains to near historically what weve seen lately. It has been more than a year since the s p 500 fell a full percentage point. Right now, were not at a full percentagepoint loss here, were almost there at. 90. But if we dont hit down 1 for the s p lower by 25 points. That will be the wrongest stretch weve had without seeing a 1 tiny correction since 1966. This is moving on the wires, hedge fund giant renaissance technologies, one of the most successful of alltimes, says there is a significant risk of a correction and that is preparing for possible market turbulence. This is the vix or the volatility index is jumping right now to the highest level in more than five months. Weve got a few minutes left in the closing bell. What does the market move for tomorrows opening bell . We have assembled traders back in action, and nat Alliance Global equities trader. Matt cheslock, what action are you seeing on the Trading Floor with six minutes left to trade . Not seeing the huge numbers expected. Maybe on the sell side going into tonight. As charlie mentioned, maybe you are seeing traders take a shot going into the speech. Lets get long, we have a discount, lets give this a shot. Liz phil flynn, we saw oil falling, there really isnt much of a safe haven at all out there . There really isnt. If you look at why oil is down, its because the stock market is down. You know the Energy Stocks were down, and one of the biggest reasons why oil prices have been so strong, its the stock markets been strong. Signaling a Strong Economy in the sign that the strong record demand weve been seeing in the United States and abroad, its going to continue and thats very strong. Though, there are a lot of headwinds this week. You know President Trumps speech, there are worries about that. There are worries about the apple news being investigated by the feds for slowing down software. Weve got this insurance story that hit the insurance stocks with Berkshire Hathaway and citigroup and all these companies banding together. Liz jpmorgan, amazon. Thank you, and, of course, later on, you got the fed meeting this week. Good reasons to take profits and considering the size of the runup in both stocks and in the oil market, i think we have to put it in perspective. Its not that big of a pullback considering the move up. Liz although, andy, when you hear that the guys over at renaissance, and im talking about the one run by jim simon who is one of the alltime geniuses is saying watch out for a very big correction and that theyre wrapping themselves in iron man teflon, somehow, some way in some instrument to prepare for that. What does that send as far as the signal is concerned . Were going to see a correction in the equity markets. As i said earlier, the bond market is already in a bear market. I think the president will do great tonight. Tomorrow the two things to watch are the fed announcement, i think they will Say Something about changing the Monetary Policy a little bit. Certainly not going to raise rates. And one of the things that is keeping us in a little bit here in the bond market is the fact you have monthend asset reallocation, once thats gone the market breaks down thursday in front of the unemployment number friday. Thats what you got to watch out for. Liz by the way, the fed is meeting today. Theyre supposed to come out with how they see the picture tomorrow. I think weve got art hogan in the chair, chief market strategist, managing director for b. Reilly, fbr. Art, you watch the markets year after year, you tell me what you make of this and what our viewers watching you right now should think of a 319point drop in the dow . Interesting, this is very normal market activity. Were just not used to that because we havent seen much volatility over the last 12 months and certainly for the last three weeks of january. That process continued into friday. We had alltime records. I dont think anybody thought that we could annualize the up 7 the s p 500 in the month of january throughout the course of the year. Up 85 or 90 at the end of the year, this is a normal activity. Were looking at the yield on a 10year, doubling over two years and breaking the 260, floating with 271, 272. It got there quickly, is it it is just something we have not gotten used to call it last 12 months. Liz 2 1 2 minutes before the closing bell rings. Matt, can you venture what happens tomorrow . What role does the president s speech tonight play in calming things a bit . Hopefully he doesnt to off script or doesnt do anything were not expecting. This might make him think about his tone a little bit more because it will have an Effect Tomorrow morning. As i said all eyes will be on this evidently. There are other things as mentioned. There were earnings. The unemployment number at end of the week. There is the fed. It will not be end all, be all. It will set the tone. Get a little up tick on the close, it provides a little solace for any of the bulls out there. Melissa andy, what happens to the 10year yield overnight . I overnight the 10year yield stay intact between 2. 70 and 2. 74. You have to wait until asset reallocation tomorrow for month end. I think the 10year goes to 2. 80 on way to 3 . Liz art, are you buying anything on a day like this . People waiting for pullback. You have time to look like diversified industrial like carlisle or gentex. These companies are going to thrive in a Strong Economy, inflation trade. Excited about all three names. I think the yield on 10year, 2. 74 is next resistance. If we hold there well be able to wait to worry about that. Liz carlyle. 45 second to go on the closing bell on a pretty tough day. Do you dive in or wait to see how the opening happens . I think, if you get a lower opening you buy it right now. Listen, donald trump is going to deliver tonight. I think he will strike a positive note for the market. You dont want to bet fence donald trump. Anybody who has been a big loser in the market. Liz that is very true. Markets yes were seeing losses. Keep it into perspective. [closing bell rings]. Measly 1 1 2 clip off the dow of the less than that on nasdaq. Looks like the subpoena will be lower by one full percentage point. We havent seen that for quite some time. That is it for the claman countdown. Hand it over to the closing bell. David the dow seeing its first backtoback losses of the year, ending down about 361 points. Melissa thats a big move. David after the 7,000 point run up since the election, todays loss is one 1 4 a lot less than otherwise. S p and nasdaq ending less than a percent lower. The dow and s p are on track for biggest monthly gains in two years. Nasdaq even longer than that. Glad you could join us. Im david asman. Melissa im looking at numbers settle out. Im melissa francis. This is after the bell on the president s