Transcripts For CNBC Closing Bell 20170517

Details coming up during this final hour of trade today. Worst day for stocks since september of last year. Financials and tech are hit hardest. Tech especially had been leading us all the way to the upside. Weighing on the dow with two price components, goldman and apple down about 5 and 3 respectively. The question is will the sell off last. We will talk with Jeremy Siegel, he will join us and talk about why he thinks it is a great buying opportunity right now. Of course, he has been bullish on this market for a while. And dig kovacevich and don peebles will join us to discuss the president s strategy and whether he can get republicans on his side. Why is the Market Selling off today after a series of stories that seemed like scandals over a couple of weeks . A number of notes have been passed around on wall street today with people speculating on all of that. Programs dan clifton of stratega summed it up in his note. He said this morning, and i quote, the past eight days are like nothing we have seen in politics, ever. The mood in d. C. Is very different today than in the past couple of months. We are heading into a larger period of uncertainty, one in which there is a growing doubt that trump will be president of the United States in 2018. Of course, there have been variations of that theme in the other notes throughout the day. We have got the latest from wall street and washington right now. Bob pisani here at the New York Stock Exchange and eamon javers with the latest from the white house. Bob, biggest klein since september today. It is, and it is across the board, but some pockets of notable weakness even bigger than normal markets. Look at the sectors. Banks have been a problem. Remember, they had a problem really since march. Techs are high bait names, understandably to the down side. Industrial is also weak. Defensive names a little better. Utilities, gold up of course. We have seen the dollar weakness that helped the commodity, but not help the commodity stocks here. I want to show you what the decline in banks horowood like. This is bank of america here. Very heavy volume. Down almost 6 , 149 million shares. Look at that. Tenyear yield 2. 1 today, lowest in about a month. Banks are high beta stocks. But other stocks that move a lot when the market moves, theyre notably weak today. A lot of Semi Conductors, micron, broadcom, a lot of the names in Material Group like freeport. Theres are all down. Dollar is at a new low since the election, that helped the commodities. You see it is not helping commodity stocks that much. Low volatility stocks that dont move around that many like coke, proctor gamble, kellogg, having a slightly better today. Believe it or not, we said it many times, theres an etf for that. There are etf to buy that buy into the high beta names. And there are other ones into low volatility. You see the high volatility, etf down almost 3 . The low volatility is basically flat. You can buy into all of these kind of actions these days. Guys, back to you. If you are brave and maybe crazy, depending on which way it all goes. Nerves of steel. Thank you. Lets get to latest developments on the comey scandal. Eamon javers at the white house. Eamon, with where we stand this afternoon . Reporter hi, kelly. Right at this minute air force one is in the air. Can see from a speech he made at the coast guard Graduation Ceremony in connecticut this afternoon, sean spicer just briefing reporters on board the eric. The sound was piped back here. He made a little bit of news. He gave his answer to this question about what the president said to the fbi director and exactly how it was phrased and what it all means. He simply refrld baerred back t statement the white house put out on background, saying it is not an accurate representation put out in the media of the conversation between the president and the fbi director. He also made some news in terms of four potential new candidates for the fbi director slot. He said that the president will be interviewing four men this afternoon, presumably here at the white house, including Andrew Mccabe who is current acting director of the fbi, frank keating, the former governor of oklahoma, two other names, Richard Mcfeely and joe lieberman, the former independent senator, all candidates apparently for fbi director. Meanwhile, at that speech in connecticut, the president expressed a sense of grievance and frustration with the way hes been treated, with the way the media has covered his administration. Here is what he told the graduates. Look at the way ive been treated lately. Especially by the media. No politician in history and i say this with Great Charity has been treated worse or more unfairly. You cant let them get you down. You cant let the critics and the naysayers get in the way of your dreams. Reporter so now astonishingly this scandal really hinges on three potential recordings or transcripts or notetakings of events that happened here in the white house. What did fbi director jim comey write down about his interactions with the president of the United States . What does Vladimir Putin have in terms of transcripts or audio tapes of a conversation in the oval office with the president of the United States . And what did the president himself record . Remember, last week he hinted there may be tapes of his conversations with james comey. The white house has never answered whether or not it has made recordings. The white house not saying whether or not it was aware that the russians may have been recording or transcribing the events last week, and the white house clearly caught by surprise at the revelation of this comey memo in which he wrote to the file all of the details of his interactions with the president. A lot here to unpack at the white house this afternoon, guys. And before you go, eamon, we know that comey has been invited to testify next week before a senate panel. Speaker ryan today brought up a point that others have been echoing from the gop today about if comey had that exchange with the president , why he didnt do something about it then rather than revealing it now. Im sure he will be asked about that next week. Reporter it is an interesting question. I have heard that raised here at the white house as well from white house officials, saying if this was such a horrific thing why didnt comey go public with it at the time. Im sure comey will be pressed on that when he testifies publicly. Presumably the fbi will argue that what the fbi director was doing was what a good fbi investigator should do, which is gather your information, pursue the investigation, and dont move until you feel like you have all of the information that you need and all of the evidence that you need in terms of where that investigations ultimately going. Theres so much about this, what the fbi knows right now, that we simply dont know. So director comeys testimony will be absolutely riveting if he gives that next week. Very good. Eamon, thank you. Well be checking back with you at the white house there. Lets get to our Closing Bell Exchange on this moment us day with the dow right now down over 300 points. Patrick kaizer from Brandywine Global with us today. Kenny polcari is sitting next to us at post nine, and Rick Santelli of course at the cme in chicago. Kenny, we were just talking here. What do you think changed that got the markets attention, that finally we see a selloff responding to what is going on . I think a lot of frustration over the couple of weeks as we were talking about lack of movement in the market. It was seemingly ignoring every negative headline. I think the headline late last night, the new revelation about mike flynn and what else trump supposedly asked comey, think it was enough just to send investors around the world to start scratching their head and go, you know what, it is getting uglier every day, this will cause trump to not focus on his agenda so reform, whether it is tax, whether it is economic, whether it is financial reform, is now going to take a back seat. This rally weve seen since the election, up 15 , is now going to come under pressure because in 2017 were probably not going to get any reform. Now theres a question about each impeachment. They said it in the prior show. Is that potential of what 2018 brings for trump. Patrick, would you add that something has changed . I mean obviously the market says something has change willed, d,t going to be a oneday period of angsters or something deeper to be concerned about from an investors point of view . This is a market ripe for some kind of decline. 15 since the election. You have a lot of factors in the market ironically doing better today but are overvalued. A lot of investors have a lot of gains, that have a lot of value stocks so today something changed. We moved from a partisan debate to now we have a piece of news that if it is true that the memo exists and the facts can be verified, you have seen some republicans kind of say, if this is true, you know, it is tilted. It now moves towards a bipartisan something has change willed thats wrong. People are thinking that impacts policy. The market hates uncertainty, we know that. And so, you know, weve taken a period that, you know, we could say it is two sides arguing to now maybe theres a potential for both sides having the same focus. But, patrick, what uncertainty we throw the uncertainty word around all the time. Theres always uncertainty. Could you be more specific about what the concern is here . Yeah, i think the big concern is if the market is giving some chance to some of the policy changes out there, whether it be tax reform, lower regulations, things of that nature, you know, i think that the odds of those clearly decline with the kind of change weve had in tone from these memos. I dont think it is so much Economic Data thats why im reluctant to say, you know, i have any clue what the market will do over the next few days, because if the memo turns out not to exist, people go back to probably focusing on Economic Data. If the memo does exist, you start worrying about things like impeachment, it is a longer overhang. All right. Rick, ill point out the rush to the treasuries today, the 10year yield down nine basis points but im sure you have more to say than just about that. Well, you know, i think many times in the past with respect to central banking, i was always worried about policy contagion. I think we learned a lot today about policy contagion in a different light. If you look at the markets globally, all of the sovereigns moved down like treasuries. Pretty much all Global Equities moved down like the s p, the dow and the nasdaq. So why did all of these markets move up and down in the same fashion . I think policy contagion arbitrage is the answer. If the goal of this administration, a policy basis only, wants to lower taxes when the gas station on one corner lowers the price a nickel, the gas station on the other corner lowers the price a nickel. It is not only about our tax policy being reformed. My guess is many countries were going to lower their taxes. With respect to regulations, if we lower our regulations, many banks tar banks around the groeb are going the opposite way of basil and theyre going to alter regulation. This is for the most part economically beneficial, not just the u. S. But the globe. Now we see the other side of that and i think it is worth monitoring. As to respect of whats causing it, listen, theres a lot of ifs, a lot of inknew end owes. I hope if i ever get in trouble with the law i get a little more consideration than the current administration. Kenny . Listen, i think they hit the nail on the head because i think what you have to be concerned about is the length of time that this could drag on, this uncertainty. Next week, as he said, will be very interesting depending on what comes out of this testimony, right . What will you watch for the markets now . I mean tomorrow, if we get a bounceback, what does it mean . If the selloff continues, what does it mean . I think it will get weaker into the bell. They didnt come back and take it back up 10 points and it sat there and sat there and sellers started to say, the buyers are not defending the position, being aggressive and the selling picked up. I think into the bell you will get more selling. I think another flush. I dont think it is over in one day. I dont think tomorrow we will be up 300 points. I think we will churn and continue lower. We are getting word the president has arrived back at Andrews Air Force base after the speech he gave before the coast guard graduates in new london, connecticut a couple of hours ago. During that flight, as you heard from eamon javers, sean spicer was briefing reporters who were on that flight about the existence of the comey memo and what may or may not have been said during that dinner that the president had with jim comey back in february, which jim comey alleges that the president asked him to back away from the Michael Flynn investigation. We will be having more of that as we progress here to the close. But the president is back in washington now after spending a couple of hours there in connecticut. Is he back on twitter . And we have not heard from the president today on twitter. That is for sure. Await the next tweet. Thank you all to our guests on the Closing Bell Exchange as well. Heading into the close with 45 minutes to go and the dow is off the lows. Were only down 321 points. We are down nearly what did you say, 350, bill . I think it was 350 when were down. At the lows just a few minutes ago. Again, especially with the volume we typically see on the close, we will see whether today is kind of a dump day where it continues to accelerate lower or whether maybe that is the low water mark. Much more ahead. S p and dow down 1 1 2 . As you pointed out the russell was down almost 3 . I was going to say thats the one a lot of traders on the floor watch carefully and that was hardest hit. Long time market Jeremy Siegel will join us and tell us why he thinks todays selloff is a buying opportunity. Up next, former wells fargo ceo and real estate mogul on what could turn out to be the biggest management crisis facing the president so far. Youre watching cnbc, first in business worldwide. The bond report is sponsored by ch. The power of smart beta. Power your clients portfolio with powershares. Before investing, consider the Funds Investment objectives, risks, charges and expenses. Call 8009830903 for the prospectus containing this information. Read it carefully. Distributed by invesco distributors inc. All right. Selloff day. The dow off the lows right now. We were down 350 points, but still, i mean, a meaningful decline, the biggest decline weve seen for the markets, the major averages since essentially last september. Yes, because trump ironically, his presidency so far has seen almost zero volatility. Its been absent in this market. Now making up for lost time. Here are the 30 stocks that make up the dow. United health and coke and travelers and walmart leading the way. Safety stocks. Right. Utilities are higher today. As yields go down in the treasury, so this is very much a riskoff kind of a trading day. And financials taking it hardest, although if you wanted to buy apple maybe here is your chance. Trump may be losing support from key congressional republicans. On capitol hill with more. Reporter kelly, republicans are struggling to find the right words to describe what happened here in the past 24 hours in washington. Youre hearing leadership trying to balance the gravity of these reports against the possibility that they need more information before they are willing to voice their concerns. Meanwhile, there are calls from members of both parties for some type of investigation. Senate Majority Leader Mitch Mcconnell said this afternoon he believes james comey should testify here on capitol hill. The house has already scheduled a hearing next week, on wednesday, for james comey to testify. Senator john mccain is comparing this all to watergate. It is just another scandal. It is just another scandal that, unfortunately, continues every it is now accelerated. Watergate took many months and this thing seems to be taking hours. House Speaker Paul Ryan tried to strike a more measured tone in his News Conference today, saying that he doesnt want to prejudge the outcome of any investigation. We need the facts. It is obvious there are some people out there who want to harm the president , but we have an obligation to carry out our oversight regardless of which party is in the white house, and that means before rushing to judgment we get all the pertinent information. Reporter now, as paul ryan finished up his News Conference and walked away a reporter shouted a question at him asking if he still has full confidence in the president. Paul ryan answered simply, i do. Back to you guys. All right. Ylan, thank you very much. Meantime, former geceo jack welsh was on squawk box this morning. He offered this president ial report card. My view is polarized. I mean i look at the president and i give him an a on policy, i give him an a on appointments. I love the people he has picked and i love where he is going, if he can get there. Now i go to management of a bureaucracy. I give him a d minus and im being an easy grader. Joining us now, dick kovacevich, former chair and ceo of wells fargo and don peebles, chairman and ceo of peebles corporation. I guess putting the whole issue of his presidency, period, aside for the moment to focus on what the president could do here, is it time for a white house shakeup . Is it time for him to, you know, reflect on his own personal style here . What do you think . Yeah, i think it is time for him to reflect on his own style. It is consistent. Hes unpredictable. He seems to put his foot in his mouth his foot in the mouth all the time, and it is taking away from, as jack said, of many accomplishments. He is making unforced errors that, unfortunately, are coming back to him and it is happening too often. I think that that unless he does make some changes it is going to it is going to be almost impossible that some of the new policies that he wants to put in place either do not get done at all or take a lot longer to get done. Thats what i think youre seeing in the market today. Don, how much of this is learning curve . I mean it is one thing to run a business, but it is another to run a bureaucracy in the white house which run it is government, and have to share power with congress and the Supreme Court and on and on. Is this just donald trump trying to figure his way through a brandnew experience hes never had before . I think in part, yes, it is a style clash. You know, there is a reason why newcomers to politics have a difficult time when they win the unexpected race here. I think in this case President Trump, hes a newcomer to politics, and theres a reason why he cant pick fights with everybody when you are governing, because the same thing that may get you elected doesnt help you manage, nor do the same people who help you get elected help you run a government. Whats missing here i think is theres no stabilizing veteran of washington d. C. Who has the respect of the president who can help him shape his message. I think his communication is off. It has served him very poorly right now. That combined with being an entrepreneur and how hes running his business, thats a challenge. So don brought up an important point, dick. This is a president who had to continue to campaign while everybody said he was doing it wrong, he could never win, it wasnt going to happen, and he pulled it off. So how is somebody who had to kind of ignore that throughout their campaign in order to win supposed to react during all of this during his presidency . What should be different now as far as hes concerned . Well, because presiding over a bureaucracy and the whole worlds economies and other governments is just another process. I think that his personality, certainly his natural personality helped him in the campaign and his natural personality is hurting him in becoming a great president. You know, i can just tell you from experience, the difference between a chief operating officer and what they have to do within a company and a chief executive officer in a company is very, very different. A lot of chief operating officers fail because they dont change their processes, their style and what they work on when they become ceo, and they need to do that. I dont think trump has made that transition. And, dick, you know, don makes the point that his communication staff has not served him well. What about the people around him . I mean you ran that farflung bureaucracy that was wells fargo. How much do you have to lean on the people around you to put fires out and protect you, to allow you to make decisions you need to make . It is a team effort. Nobody can run a Large Company like wells fargo by themselves. It takes an entire team, and certainly the country, but hes the one who appointed those people. He supposedly knew them or knew about them, and if you look at some of the resumes of the people that he appointed you would ask yourselves, you know, was that a good decision. Now, in general i think he actually appointed some very good people, but i think the ones that arent working out hes going to have to make some further changes. Don, what do you think . I mean what happens next . You know, there are questions about possibly impeachment or what you know, i mean we get ahead of ourselves when all of this happens, but what do you think about the future of the Trump Administration thats not even four months old at this point . Look, i think, by the way, dick made a very good point. I think it is the difference being donald trump being a founder of a company, a privatelyheld company to running a public company. Normally, look, bill gates didnt run microsoft. He founded it and then he brought in professional management. I think thats what is missing here. I think a lot is being made right now of comey. Think we have a person who was fired. He is a disgruntled employee, and i think we owe the president the opportunity to hear all of the facts and the evidence first because washington d. C. Throughout its history is full of accusations by people who have been fired or theyre departing an administration. I think the president needs to bring stability here now. All right. Very good. Don peebles, dick kovacevich, good to see you both today. Thank you. Thank you. Coming up, Wharton Schools Jeremy Siegel sells us whether he thinks todays selloff creates another great buying opportunity. Stay with us. Its not where we start, its where we end up. Expedia. Everything in one place, so you can travel the world better. Welcome back. Time for cnbc news update with sue herera. Hi, bill, thanks so much. Here is what is happening at this hour. The House Oversight committee set a hearing for wednesday, may 24, to investigate if President Trump interfered in an fbi probe. They want to ask fired fbi director james comey to testify. Meantime, the Senate Judiciary Committee Says they expect to ask comey to testify as well. A puerto rican ultra nationalist leader of a Group Responsible for the 100 bombings in new york, chicago and washington was released from house arrest after spending decades in custody. A crowd of about 50 people met Oscar Lopez Rivera as he left his daughters home in san juan. A bridge in ohio is no longer standing after crews blew up the remaining pieces this morning. The demolition of the 100yearold bridge was delayed due to a birds nest. A new bridge which connects ohio and kentucky is already in use. According to injury reports issued by new england patriots, Quarterback Tom Brady has no history of concussions or head injuries, but bradys wife suggesting he has suffered concussions in his career, including one last year. It occurred during an interview she did on cbs this morning. Thats the news update this hour. I will send it back down to you to you, kelly and bill. All right. I will pick it up, sue. Thank you. Less than half an hour to go here in a very weak session today. Mark newton is here from newton advisers to talk about the s p 500 and what you see happening with the charts. Well, today is the biggest down day so far this year, and so it has been a meaningful period of technical deterioration in the short run. Short term i think we go a little lower between two and three percent. Long term the trends are very much intact. In general you look about the positives of this rally. So here is the s p. When you look at 2364, lets put things in perspective. You take a look at the longterm trend. We need to get down under 2280 to think theres a meaningful trend break. Which is about 60 points from where we are. A lot is shortterm deterioration, nothing meaningful. Regardless of what caused the move, the fact were in such a narrow band for a long period of time, once it finally snaps like it did today, it is almost like you wind a spring. So it is tough to expect an immediate snap back. When you look at financials, the worst performing sector, yields started to break last friday. A lot of that, a lot of time yields can lead stock. 15 of the s p, if financials go down, tech gets very stretched, what is there to lead if 40 of the market right now is in tough shape. Thats why im glad you are here. I remember you saying earlier this year you saw a really bullish trend into the summer for the s p 500. Longterm what kind of targets do you see happening and does it mean it is a buying opportunity for tech and financials and whatever else here . I think it will be a buying opportunity within the next two to three weeks. I think s p 500 at this point, 2364, if we get down to 22, 2325, another 1 to 2 on the down side, i would look to buy any pull back goes, given the level of d. C. Drama. It is going to turn to fear very quickly on any further acceleration of the down side. That means we should see signs of fear on the uptick. You want to look to buy dips. If you see this trend being broken, obviously since it has been drawn since last winter, it is a bigger deal, under 2280. Right now were not there. You get up above 2400, near 2450 from current levels, i dont see a lot of upside, but i think the bottom line, the trend is still positive. The advance decline is near alltime highs. Thats a good sign. Financials, tech, industrials, discretionary all performing well. The big weakness here is only 50 of the stocks are above their 50 and 200 day moving average, just below 60 . Were not seeing the participation we saw a couple of years ago, and that cob a big deal. Midcaps have not broken out, neither have small kams. It has been the nasdaq, apple going up every day. Now the smallcaps going the other way. Still a useful perspective on everything we are seeing play out here. Mark newton. Bill. The dow is down more than 300 points off the lows. Is todays selloff temporary . Is it sort of a greater market turn down . Is it a buying opportunity as some suggested . Joining us on a cnbc exclusive is Wharton School professor of finance Jeremy Siegel. I am curious first of all, jeremy, your thoughts on todays action and why you think were seeing this selloff now when, you know, the drama has been coming out of d. C. For several weeks now . Well, one has to remember that the rally since trumps election has been based not on trumps agenda, on the republican agenda. I would say that 90 of the people, investors on wall street and most of the ceos would prefer a president michael pence rather than donald trump. So in a way, you know, what kind of troubles he has, might he have to resign, might he be impeached, all of that does not derail the republican agenda upon which this rally was based. But, professor you know, daresay yeah . I was just going to say, i take your point about mike pence who is wildly popular, but you dont think a handover of power from the president to mike pence would derail the republican agenda . You know what . If donald trump resigned tomorrow, i think the dow would go up 1,000 points. President michael pence with the republicans, thats thats what you want. Many people told me, im not really for donald trump. Im just voting for michael pence and im voting for the republicans. It is the republican agenda. The republicans have a lock. Nothing can change that for two years. And even two years from now, even if the voters take, you know, revenge, lets say, against donald trump and the republicans so the house goes democratic, they cant undo any law that is passed in the next two years. Remember, all of the laws that obama passed in the twoyear period when he had control of the house and the senate and the presidency, obamacare, all of that, i mean thats the only way that you can undo the republican agenda. We mentioned in the tease that you consider this a buying opportunity right now, but what if this drags out . I mean were talking you know, as i said earlier were getting ahead of ourselves here talking impeachment and these things. Theres a lot of work to be done in washington before that would happen here. I understand that. I mean i know i know the viewers love to look at these short run fluctuations and i agree with one of the previous persons that were probably going to see some down side because uncertainty always generates down side. But when we take a look at the longer term, what does this really mean . Can republicans in the next two years get tax reform done . Yes. Can they get regulation reform . Yes. Can they get other measures, whether it is trump in fact, trump will more likely if he stays in power be really controlled by congress. Congress goes up, trump goes down, thats more of the republican agenda. Short run, yes, there is a disturbance. No, i hear what youre saying. But when it comes to congress, there is so much internal strive right now, the fact that the president with everything thats happened listen to how john mccains speaking about him while meanwhile some of his more diehard supporters are trying to stay closer. It is unclear with the Approval Ratings falling what the voters want, so how is the Republican Party supposed to coalesce . It sounds like the one thing they can all come around to is the idea of tax cuts and growth, but theres always that give and take between how they will fund it and the fighting that ensues. So how can this party stay united enough to get that done right now with everything thats happening in washington . I actually think congress will be more united. I think some of the trump followers might move more towards a more moderate or, you know, antitrump agenda, which they have a majority in the senate and the house. Theyre for it, mccain is for it, i mean there were personal attacks as we know between trump and mccain. Theres bad blood there. It doesnt mean that but nobody is going theyre not going to pass tax reform to spite him. Thats one of his most important prerogatives. If theyre moving to an antitrump stance does it interfere with that objective . No, no, listen. Theres almost no difference between the republican stance and the trump stance on tax reform. He has a few preferences, difference. Hell sign whatever tax reform they have. Hell sign regulation reform that they have. No questions. All right. Let me ask you this though, jeremy. I mean there are those who said today they would buy this market because it is a political selloff, not a fundamental selloff. But what happens if this drama continues to play out, as i said before, and it affects Consumer Confidence and affects peoples decisionmaking about buying big ticket items, it affects the fed maybe, they dont raise rates as much as they would have otherwise fearing what it could do to this economy . You know, those kinds of things that pushed this market higher to some degree, what happens then do you think . Well, i still i still say that what pushed the market higher was the chance we would have less regulation and tax reform, which is the fundamental bedrock of the republican agenda. I dont think that that is disturbed, you know, because we dont have an effective ceo, meaning the president of the United States, as weve talked about on the management side. Yes, short term theres going to be a little turmoil, but i mean belief in what we americans can do to grow the economy, that is whats been driving this rally. I think thats alive and well despite what happens in the white house. Im almost wondering if the point or the case that youre making is that you like this whole setup much better without trump in that, with a mike pence or somebody else, is that right . Yes, yes, absolutely. And i think the market will, too. So lets make this meaningful to investors then. So the financials have sold off. Presumably believing that maybe deregulation doesnt happen in a timely manner here. Do you buy them if you are convinced that the republican agenda will remain intact . Just using that as an example here. Well, i think financials sold off because of the low Interest Rates. I mean they move up and down with the Interest Rates, and with the 10year at, what, 226 . Thats the reason the financials theres more uncertainty, people go to treasuries, drive the price up and yield down. You will see the financials go up and down there. I think thats much more important, moving the financials today than whether we will have deregulation of the banking system, which is what is part of the republican agenda. Okay. What about the big fang stocks in technology, apple has been setting records, so has amazon and so forth. Theyre down today. Do you look at those as a oneday decline and maybe scoop up a few there . Well, i mean i think the market is fairly valued to slightly undervalued. I think tech is doing great. Yes, it might go down another 2, 3, 4 , but six months, a year from now, by the end of two years, i think youre still going to have some very, very healthy gains in the market, yes. Professor siegel, given that trump is still our president for the time being, what kind of moves would could he also make that would have the same effect of reassuring investors about the agenda, and is it on him right now or is it signals that might come from congress that say theyre moving this along . It is on him. Well, we always hope that maybe part of his personality would change when he occupied the white house. People are disappointed it hasnt so far. Someone 70 years old, it is hard to change a personality. Unfortunately, some of these thanks may have happened and may have repercussions, but when i look at the longer term republican agenda i dont see that weakening as a result. I mean republicans never liked the trade war that trump was threatening, the currency wars. That was never a part of the republican agenda. Just as one example, professor theres more to like on the republican agenda. There was a yeah, just one quick example and well let you go. Last week there was a methane rule president obama passed that the gop had a chance to repeal, and mccain did not vote for that. He voted no and cited some of the comey stuff among other reasons. He is obviously kind of the leader of the antitrump republican brigade at this point. Isnt that an early indication with how down to the wire it came for the special election in kansas, a seat they usually won by 20 points, a special election coming in georgia, a seat they usually win by 20 points, arent these signs they dont have the political capital, you know, and internal agreement to stay on track with the agenda . John mccain supports tax reform and regulation reform. Im not saying he you know, every single item is going to be the same. They can Stay Together better without trump and michael pence than they can with trump as president of the United States in my opinion. Jeremy, always good to see you. We always know where you stand. Thank you very much. Thanks for joining us today. Jeremy siegel, professor at wharton, which i should mention is where the president went to school. Thats his alma mater there. Lets check in with seema mody. With the dow down 324 points. Reporter kelley and bill, on a day it seems everything is flashing red there are some spots of green. Check out real estate, the best performing sector today. One standout, extra Space Storage jumping about 5 . The reach is the second best performing stock in the broader s p 500 index. This as yields move lower, looking at the 10year now below 2. 3 . A bit of bond buying. Another great spot, colgate, shares higher by nearly 6 after a New York Post report citing sources the company ceo signalled he would be willing to sell the company for 100 a share. That price tag would represent a 33 premium from current levels. Colgate best performing stock on the s p 500 today, kelly. Yeah. It is quite a story, too, if you look at the reshaping 3g had across consumer products. See what more consolidation may come and whether the jump is warranted. Thank you, seema. Seema mody there. As mentioned, declines of 1 1 2 for the dow, for the s p 500 which is after closing 2400 for the first time earlier this week is down to 2361. Transports on the dow are down about 260 points, and the nasdaq and russell hardest hit here. Just as, you know, one of the trends weve seen lately is when the market goes either up or down, it comes back to home base by the time we hit the close, right . It kind of regresses to the mean. Were not seeing that right now. One thing we are seeing, look at the vix today. I know. Got attention. After all of the hand wringing about how it is so low, today making up for it. Look at that. Up 39 gain now it did hit 15 at one point today. It has come back, but it hung around 10 for the longest time. Of course, the dollar has been weakening here, back to levels we havent seen since around the time of the election, right . And theres two sides to that coin every time. It is not only what it may be suggesting about what happens with the fed here, what happens to growth here, it is also the euro has been oso strong. The growth level has been going higher after the french election. The other moving part to all of this, technology stocks, they of course have been leading the charge higher and going the other direction today. Bertha coombs has the damage for us. Reporter going in the other direction in a big way. The nasdaq has risen to record highs this year on really small percentage moves. Today were seeing the biggest percentage move of the year up or down, and it is on very strong volume. The strongest volume are in the biggest decliners, particularly when it comes to big cap Tech Technology and big cap chip stocks in particular. Look at the philadelphia Semi Conductor index and look at some of the biggest decliners here on the nasdaq are names like nvidia and micron. That said, the chips are the best performers this year. Nvidia is up more than 20 month to date. A lot of traders are saying there are worried but it is seen as an opportunity today to take some chips off of the table quite literally, take some profits and names that have been doing well such as apple today, trading on very heavy volume today. Seeing its biggest down side move in well over a year today for apple. But, again, apple still up for the month, up for the year. It has been one of the leaders in this technology rally here on the nasdaq. Finally, we also have some a few stocks bucking the trend. A lot of them in casual dining. Red robin with a big surprise on its earnings. Huge short position here, so thats why youre seeing that huge move on red robin hitting a new high today. But also jack in the box with good numbers as well, and thats carrying over to others in the space. Back to you. Yes, fast food today. Thank you. Financials the meantime the worst performers on the street. We mentioned goldman and jp morgan weighing on the dow . Yes. I want to point out it has been going on a while. Look today at the significant damage today, on the bank side. Here is bank of america. Not a typo, down 15 . Look at the regional here. Region is down 3 , pnc bank down 4 1 2 . T corps 4 1 2 . It is indiscriminate at this point. Remember the 10year bond yield at lowest level in a month. Theyve been dropping since march. It is not a new phenomenon, just a little more extreme that weve seen today. Interestingly look at kbe, etf as we point out, it topped out at exactly the time when the bond yields topped out. You see the relationship here, early march. Essentially weve been down to slightly side ways on that news. Another big story is the dollar here is at the lowest level since the election happened, but as you can see here weve seen a bit move up in the oil. Thats helped oil stocks normally, but not today. Exxon mobil is down along with the rest of the stocks in the commodities groups. Back to you. All right, robert. Thank you. We will see you on the close in a few minutes here. You know, the majority of the s p sectors have been getting hit today. Telecom is one of the biggest laggards in not only todays selloff but the biggest loser yeartodate among the s p sectors, down 13 . By the way, dow is headed towards session lows right now, down 348 points. Is telecom the kind of sector you could buy on this dip . Michael mccormick and jonathan chapman, who is bearish. Jonathan, what gives with the telecom selloff here. Shouldnt it be a space people can go in times like today . Sure, on days like today it should act defensively. It is getting more competitive. You have a big any entry into the market with cable. The sector over ends on return on Investor Capital data, margins too high, prices coming down. At t and verizon are not stocks you want to own on a fundamental basis. Before i get to you, michael, let me just point out, art cashin, it is a timely thing here, the market on close orders show an imbalance to the buy side of 400 million. Art cashin was telling me it was higher than that earlier, but it has come off those numbers. So were only seeing a buy side to 240 million with the dow down 353 points. Back to telecom, michael mccormick, why are you bullish . Is it simply if it is down this much it may be time to buy. Certainly sentiments couldnt get worse in the sector, thats for sure. Jonathan points out the environment remains competitive. We all know that. I think the negatives are pretty wellknown. The question is the changes to government make a difference. In fact, we think they do. You know, tax reform would be great for at t and verizon. I think thats an m a component where if we see a merger perhaps we have a more stable and Competitive Landscape which should result in better placing of the industry. With respect to cash flow and margins, cash returns are not great if you consider spectrum as well, the fact their capital spends. I think a stable environment for the foreseeable future. Jonathan i take the other side of that, bill. Go ahead. Yeah, youve got Cable Companies in the industry, this is a group of companies with a lot of capacity to do a lot of damage, and youve got a competitive advantage if this come into this business as well. I dont think that tmobile and sprint getting together will lead to a more stable pricing environment. I think it has been the most disruptive weve seen in the industry in the last decade, more ammunition to be disruptive in a bigger way than they have up until now. Gentlemen, we have to go. We head to the dow close here. I got to go at this point, jonathan, but thank you for your thoughts on todays action, especially as it pertains to the telecom sector. First time, by the way, in 17 years that industry has seen decline. So people are willing to pay for data. It is having a real maybe it is good for consumers but it is having a real impact. Dow with the losses heading into the close. Now at fresh session lows with a drop of 355 points. Feels like it is getting worse as we speak. He is with bank of america, merrill lynch. What are your thoughts on what is playing out here . I think clearly the market is taking this a little more seriously than some of the events weve had recently. I think ultimately it shouldnt matter that much to the market because with the market, it should be pretty ago gnostic about who is in the oval office. It should care more about what is driving growth. The fact is does it matter who is driving who is in the presidency. With the market share about tax reform, and in the worst Case Scenario if pence becomes president , you can make arguments he is more likely to get tax reform done. Im not sure if you were here when Jeremy Siegel was on a few minutes ago because he made the exact same argument. It is clear that people have this almost, you know, deep down desire, hey, maybe everything is going to move around. For the time being thats a pretty unlikely option, so what do you do in the meantime . Yeah. The market is reacting to today is the idea it is going to distract from the overall conversations with congress and that is correct you know, it just means it is less likely they get tax reform done this year. I think it makes sense that you add that market volatility goes up. What was already going to be a controversial debate over who was going to pay for tax reform. I think you want to expect the elevated volatility to stay with us for the summer months. I think ultimately it will be a buy opportunity which will kbold eninvestors even more, having another buy dip. Do you buy this dip or wait to see if it continues first . Were of the view that the riskreward has gotten a loss worse over the last couple of weeks, not just because of this. Our view is that there are three key supports to this market. Improving global growth, improving confidence and trump. I think the trump play already started to play. I view is when he came with the one pager announcement, that was the peak of optimism on trump policy. At the same time you take a look at lot of the second derivatives of growth, the global pmis and leading indicators started to roll over already. Without the support i think volatility will go by the way. It certainly has today. Thanks for joining us. Dan suzuki of bank America Merrill lynch. Lets check back in with seema mody. Reporter hey, kelly. Certainly a big day for wall street with the dow down over 300 points, the whors dorst daye year for the dow jones since september 2016. Also a look at the nasdaq. Semi conductor stocks, which have done quite well this year, dragging the nasdaq lower. In terms of sector, financials are the worst. Base of course have been a big beneficiary of trumps policy and specifically the prospect of deregulation. Banks a big loser in todays trade, morgan stanley, bank of america among others weighing on the s p financial. You can see there down 3 in todays trade. Now, what did well today . It was a lot of the safe haven trades, if you will. Gold, for example, out performing. Gaining at much as 2 as investors grow a bit more concerned about the legislative agenda and whether it will stay intact. That, of course, the big story today on wall street, bill. All right, seema. Thank you very much. So weve got five minutes left in the trading session with the dow downs 363 points, lows to the session. Bob pisani is with me and we are joined by miss fisher cashon himself. What do you make of today . Well, you know, i think it finally came home to roost. Until now it was all innuendo and somebodys leaked memo. Now youre starting to hear people talk about causality, was it an attempt to suppress a legal move which could have problems in the high crimes and misdemeanor area. And is this the impact then on the economic agenda that the gop would like to get through this year . I mean on tax reform and instruct spending and deregulation of the financials and all of that. And all of that appears to be in moth balls now because the call for special prosecutors and a variety of other things, and even mumbling about the i word, impeachment, is out there. Theres real concern in the market because it is beginning to look like he may suffer some defections from republicans. Im around long enough to have remembered watergate and howard baker when he crossed the line, when the republicans crossed the line with nixon, is when all hell broke loose. Thats what has the market frightened today. The important thing, and we agree on this, theres something crossed here, a line thats sort of been crossed in a way. Everybody was willing to put up with President Trumps strange tweets, but they werent something that somehow changed peoples perception. This is different. This is actionable. The tweets werent really actionable. Talk as art said of impeachment. No matter how wild it seems, thats actionable. Thats a completely different line to cross. I would vote the naysayers are out saying the market had problems since march. It is true. Bond yields were out in march. The transports popped out even earlier than that. And they have been lower. The overall market has held up very well because the earnings how much damage do you think were doing to the market right now . The russell down about 3 today, were down roughly 2 on the other major averages. It is considerable but not irreparable. Some traders down here think that comey, in fact, himself, that he was trying to obstruct justice, they should have said something right away about it. It may go away. What about policy . You know, everybody has been expecting the fed to raise rates next month, maybe one more time after that before the end of the year. Is it possible that gets put on hold . What does that do . I mean yields have fallen dramatically obviously in a big way today. It is not highly possible, but there is some concern. As you say, yields have dropped sharply again today. People are beginning to wonder, does this thing economically begin to spin out and will that hold the feds hand. Theyre not conceding anything. If they pass on june, they pass on june, but thats not a certainty but it is a fear. I havent seen any major bank strategist say that this is now unlikely the fed is going to somehow not lower rates. Everyone still has basically two maybe i missed somebody, but i havent seen anybody today that actually changed the odds dramatically from two to one or even less than that. I think the key thing here is weve been telling people that volume has been lackluster because the buyers are waiting for a spike to drop 25 or so so they can buy more. We will see if this happens, if theres another drop, and if theres some kind of jund lying bid to the market. Thats the question. What do we watch for the next 24 hours . We are down 370 points at the moment. You are going to watch the s p. 2357 right now. Right. 2345 and maybe down around 2325 as they get under real pressure. Transports, remember, got killed rather notably here today. Theyve had a tough time for it the whole year. An well watch asia to see if they continue this, going into the night session here. I think so. Not that we understand our own policies, but they understand it less. So i expect them to show fear. Same thing again in europe. Europe is down heavily, of course some of the selling might be here. Thank you, everybody. Art, thank you. By the way, happy 225th birthday to the New York Stock Exchange today. Lets hope we dont do it again for another 225 years. There you go. He did cut the cake today. Thank you, bob. See you later. Going out on a moment us day on the New York Stock Exchange with the dow down 370 points. Stay tune as we continue to try to make sent of it all in the second hour of closing bell with kelly evans. See you later, kell. Thank you, bill. Welcome to closing bell, everybody. Im kelly evans. A rough session here on wall street, the dow dropping 368 points for the worst day in months here, probably one of the worst days in the market so far for trumps presidency. A decline of 1. 8 for the dow, same for the s p 500 which is down 43 points at 2357 after just closing above 2400 for the first time on the broad average a few days back. Now, the nasdaq, a decline of 2 1 2 from one of the best performing parts of the market this year. I mean i think like the nasdaq is up 17 , its been an amazing run. Maybe not quite that much, but certainly its been leading the way to the upside. 6,011 on the close here. The russell 2000, the smallcaps, often seen as kind of a domestic gauge. They dont have a lot of exposure to foreign markets and they are hit the most today, down 2. 8 . 1,356 for the small kams. Tech stocks are getting hit particularly hard. It is time to get out or is it a buying opportunity. Apple is down to 150 bucks. We will debate that coming up. We have a pair of big earnings this hour. It is results from sisco and l brand and we will bring you those as soon as theyre out. Joining me on the panel we have cnbc senior markets commentator michael santoli, wall street journal financial editor Dennis Berman and scharls schwab senior vp liz an saunders. We did close on the drop. You did open the way for a lot of pent up selling. I say that because the market was so compressed, in that range weve been talking about. It is 200 days, about eight months from the last decline from an alltime high. That tells you a lot of the money in there because, hey, this market wont go down on anything, has come away. I have been saying this is not a market thats been looking for an excuse to sell based on politics, but so many excuses piled up, it seemed like this wasnt going to go away. The bond market, the dollar, you had something repriced today in stocks which is reduced fedex peculiar tagss perhaps and just sort of a lower energy economy. Potentially. In fact, the worst day for the nasdaq since brexit, dennis. Is that overdone or is it a bigger deal . As you mention, kelly, is not a bad idea given the incredible performance it has in tech stocks over last six months. Easy for us on Cable Television to in some ways freak out about what is going on here. We have to remember where the levels are and all of the major indices are still very high, both on an absolute level, on a multiple level. So when news comes out theres a new plan protects reform, i suspect that things will be moving the other way pretty fast. Liz ann, do you expect it to come along and kind of reassure everybody . You know, i think even ardent bulls conceded there was probably at some point going to be a straw that caused a spike in volatility and a bit of a pullback given how strong the market is. The fact i think it is way too soon to try to judge what the details are going to be in terms of the investigation thats going on and the implications for the market. I think the good new sinces is the markets strongest underpinnings have been the turn in earnings over the past year. I think thats why Company Guidance is likely to be more telling and also watching the differential between the soft Economic Data and the hard Economic Data. But, you know, could news out of washington continue to cause spikes in volatility . Yeah. Mike, theres been some talk about what this means for the fed agenda. This can either be the biggest deal in the entire world or a nonissue depending on who you ask today, but is it worth it throwing the timing of fed rate hikes . Is that something we need to talk about here . I think the market has decided, at least calls into question the second one perhaps. June still seems likes an odds on favorite, but now maybe reduce your expectations for how high and how fast they go. That maybe is logical right now. I dont know that thats kind of really the absolute central focal debate right now in the markets. I do think the context matters and awful lot. You basically had earnings get you about as sfar as they were going to for the First Quarter, for this little stretch. A very kind of hesitant, unconvincing break to a new high. Only half of all stocks above their 50day average. All you did is not break out of the range, maybe were just back in the range again. You havent had a normal 3 , 5 pull back in a long time. Liz ann, thats so true. There have been briefly, panicy pull backs followed by rip, roaring rallies the entire way. Is that the advice to clients here, to look as it as an opportunity . Probably when all is said and done but it may be too soon to make that call at this point. I think part of the reason why you havent had to suffer too much in terms of decline before the market moves back up to new highs is a function of the environment which has been quite unique in this entire bull market, not just recently. I think we send a lot of time pingponging between panic and relief, and with a slight drop in the market you see those sentiment gauges reverse quite quickly. I think it is a function of the muscle memory of the financial crisis, but skittishness that does not go away. I think thats been the basis for these rallies we get very, very quickly after a pullback. But is this the bottom here . Probably too soon to tell. Kelly i see ben bernanke weighed in on this at the seoul conference. He said, it always puzzles me the markets are blase about Political Risk until the last moment. We have been keeping track at the wall street journal, kelly, of the number of 1 move days in the market, and this year, 2017, has had the fewest days since i believe 1965. So it seems a bit extreme simply because were comparing it to our experience so far through 2017, but moves like this, 1 1 2 , 1. 8 , they happen all the time. So, yes, Political Risk is out there. It remains so. I dont think the trump agenda is going to happen as quickly as people thought originally in november. Overall, as liz said, the earnings picture has improved and that provides a solid basis for saying, hey, stocks should be priced at the multiples they are today. People were asking is the trump agenda still going to happen at all at this point . Keep in mind most of the forwardlooking estimates for earnings, both in 2017 and even into 2018, are strong but exclusive of any fiscal stimulus. I dont know of any analyst that publishes a calendar year forecast for s p earnings that has put much of anything into it for that pro growth agenda. From an earnings perspective, im not sure if theres delay or dilution in any of those things. It is an automatic hit to earnings. It certainly is a hit to confidence which can be a factor as well, but it is not baked in the numbers to any significant degree. Yeah, i think thats a key point, right. So ive been saying for a while i dont think that the policy moves, the potential policy moves are very tightly priced in, in any specific way. It was much more of a psychological overlay, kind much convincing people there was a reason they were owning and buying stocks at these levels. Now it is a matter i doubt it is a oneday event today, but now it is a time to say, hey, bank of america trading below book value again, is that a time to buy it or not . Or apple which we will talk on, or what about cisco, we have an earnings alert with its earnings out. Kelly, earnings beat street expectations, 60 cents adjusted. Analysts were looking for 58 cents. Revenue topping wall street consensus as well at 11. 94 billion. Analyst consensus was for 11. 89 billion. Now, why the stock might be dropping here in extended trade, it has to do with guidance. The company sees its Fourth Quarter revenue down 4 to 6 versus the estimate of being down 1 . The 1 estimate, excuse me, so seems to be the big topic and why were seeing the stock down 5 in after hours trade. Speaking to analysts before the earnings hit, what to watch for in the conference call, the ability for cisco to grow its enterprise server revenue because its been the topic of concern for cisco over the past couple of quarters. Lastly m a, last we they announced the acquisition of an Artificial Intelligence company. What that means for the strategy Going Forward for this tech giant will be key. Back to you. Thank you, seema. Cisco a security play. Before the trump news it was the big ransomware news over the weekend that was the focus, and all of the Cyber Security stocks were ripping. It doesnt look like that company look, if it says revenues down 4 to 6 later this year, im not seeing much of a Cyber Security pop there. No, and, you know, cisco is one of the Core Technology spending indicators is why we care so much about it. From my perspective, kelly, this strok has run pretty well. It is nowhere near where it was in the tech boom, but its run pretty well for the last year or so. I think from the perspective of 4 to 5 drop in the coming quarter, probably not what the generals were expecting and makes sense why it is dropping right now. Again a 5 1 2 decline. Just a minimal top line growth expected for cisco. It shows you it is one of the maybe cheap for a reason stocks. It is hard to get running on a high metabolism. Rise ann, let me zoom out, it has been the big cap names driving the rally this year. When you look at an opportunity to buy apple off 3 today or many others, you could pick them from the bunch, or, lets put it in sector terms if thats more comfortable, is that an opportunity that, you know, up until this point people had been looking for, to get in . So we have three out perform ratings at the sector level, technologies, financials and health care, technologies being longest held one. Two months ago we shifted our bias towards large caps broadly in the u. S. Market and thats largely because of the momentum you were seeing in technology. In general i would say the opportunities are still there. I think you have to have at least a minor value mindset when looking at names, especially ones that had a significant run, but most of our topdown work as well as schwabs bottomup work done separate from my area do suggest that that large cap tech space is still pretty ripe for opportunity. I mean, kelly, would you go ahead, dennis. Kelly, would you call apple a value stock right now . I guess if you were Warren Buffett you would. It is not like the trade is at a high valuation. True, but when you look at the run over the last six months or so, its been a pretty incredible one. I guess it all depends on the iphone 10, but seems a bit risch to me to ca rich to me to call it a value stock. When re when we cited the litany of stocks . It is amazons turn now. It is. The superlatives pivoted towards seattle for sure. Apple still trades nominally at a discount to the market if you look at a forward multiple. The problem is i think the market doesnt know what to do with an 800 billion company, that you need to make sure they catch lightning in a both every couple of years. No small pressure on the next product coming to market. Dennis, circling back to that themes with analysts saying one of their faefrts, you have names in the regional banks down 6 . Again, part of that is the Interest Rates move lower on the flight to safety. I dont know, do we decide today sets the tone for the rest of the year . If not, theyre all going against the grain and against the way you would have wanted to be positioned this year. Regional banks have done so well. Again, you know, thats what is so so hard about this market, because so much of it depends on the idea of confidence. Trump was at the beginning so great at projecting that. We saw from some of the regional banks some quite impressive earnings in the First Quarter. But to me if we start grinding in washington again, if people, ceos and a number i have met in the past few months say, im still not sure about investing, i think it is a fair question to ask whether the mutual banks are topping out. For the regional banks confidence matters more. It is true. Liz ann, as you mentioned we will probably see weakness there. Before we let you go, you say, look, the earnings have been amazing, we know 15 in the First Quarter, one of the best earnings quarters in years, is there any concern that, you know, the fact we dont get tax reform or maybe Regulatory Reform in some of the other industries, does it become a headwind at all here or are the estimates looking past all of that . Again, most of the estimates dont have any quantitative value in it for things like tax reform and Regulatory Reform. So arguably, at least based on the math, that was going to be purely upside to estimates which are now about 12 for 2017 and another 12 for 2018. But theres no question that part of the revival of animal spirits was a function of the progrowth policies. If nose are diluted or delayed or destroyed under the worst Case Scenario, it absolutely comes into play. Certainly it means that this wide gap recently between the soft Economic Data and the hard Economic Data narrows by virtue of soft catching down to the hard as opposed to the opposite way which is what we were hoping for. We will see how it shows up in the hard data still to come. Thank you both. Liz ann sonders there and Dennis Berman, on a tough situation. The dow dropping 372 points today. The latest controversy surrounding the president sparking that big selloff. We will discussion whether worries in washington could still impact wall street. Tech far and away the best performing sector this year. Coming up we will discuss whether now is the time to take profits and get out of the space or whether it creates a buying opportunity. You are watching cnbc, first in business worldwide. The power of a proven 15year track record. The power of an etf. The power of qqq. The thinking we put in, clients get out. Power your clients portfolio at powershares. Com qqq. Before investing, consider the Funds Investment objectives, risks, charges and expenses. Call 8009830903 for the prospectus containing this information. Read it carefully. Distributed by invesco distributors inc. Welcome back. Cisco announced earnings. Down 5 . Now announcing job cuts. Seema mody has more. Reporter thats right. Saying as of may 2017, they are extending the Restructuring Plan to include an additional 1100 employees with 150 million of estimated additional pretax charges taking a tep back during the first nine months of fiscal 2017 they say theyve recognized pretax charges of 614 million, gap financials results in relation to this Restructuring Plan. Were still seeing the stock under pressure here, kelly, down by 5 . Back to you. All right, seema. Thank you. Stocks broadly selling off on wall street today as investors fear the latest controversy surrounding President Trump could derail his economic agenda. Lets get to john harwood with details here. Kelly, almost 24 hours since the New York Times reported that james comey, the fired fbi director, had a memo asserting that President Trump had asked him to drop the fbi investigation of Trump National security adviser Michael Flynn, now former National Security adviser. But all we have so far is a background statement from a white house official saying that President Trump never asked anyone to halt the investigation of flynn or any other investigation. What we did hear today though was from President Trump when he addressed the Coast Guard Academy graduates and he talked about how agrieved he felt about the unfairness of his treatment in the media. Take a listen. Look at the way ive been treated lately. Especially by the media. No politician in history and i say this with Great Charity has been treated worse or more unfairly. You cant let them get you down. You cant let the critics and the naysayers get in the way of your dreams. Reporter nevertheless, the Republican Congress has indicated it wants to hear more information about that jim comey memo. Senate Majority Leader Mitch Mcconnell said today that the time is right for jim comey to testify before the senate in a public setting. Thats the Senate Intelligence committee investigation. Also, combine that investigation, that looming testimony with the stock market drop and the president s preparing to leave for a long foreign trip under quite a cloud, guys. All right, john. Thank you. Maybe he is looking forward tot. Our john harwood. With the market posting worst day of the year, time for investors to reevaluate their portfolios . Joining us and sarah hunt here at post nine. She is Portfolio Manager at alpine. Sandy, i thought that people were not supposed to make moves in response to the market like this. What do you think . I agree. Im a three to five year holder so very longterm orr yented. People have to realize the market is still up north of 5 yeartodate. I think as long as the pro trump growth prol situates are on the table, and im not saying theyre going to happen this year, but as long as the straukt spend and the lower Corporate Tax rates are on the table the market can grind to the high. You have historically low Interest Rates, low inflation, great corporate earnings and moderate gdp growth so not a bad time to be in the stock market frankly. Sarah, what do you think . I think you should be reevaluating your portfolio, looking at what is in it and how you think thats going as things roll forward because what looked good six months ago may not look good today. At the same time, on a market move like this, weve been so used to no volatility. The market was down from alltime highs on monday. Think maybe 1. 8 on the s p or something along those lines, so were not talking about massive move that just occurred. You have seen a lot of, i think, complacency because we had no volatility. I think today just sort of once things start along those lines it is hard for people to pull back and go, my goodness, maybe it is a big deal, maybe it isnt. Would you look at what has happened today and as part of your discipline say, okay, because of this i now will change the way i feel about the valuation, lets say, for example of technology or financials, or does anything like that happen . I think it goes back to what does it mean. Does it mean the agenda we are hoping for with tax cuts and regular torr regular reform. Maybe theyve had a lot of positive actions so far and maybe that will pause for a little while so maybe think about it from the sector perspective. You look at the entire picture and say, okay, on the margin maybe i want to move a little bit here and there. Sandy, you also brought some specific names you think would do well here, including taser. Is that a politics thing or no . No, i think thats the point. You have if you have sort of this reality tv thats going on in washington, this is a great opportunity to buy very High Quality Companies on these pull backs. One of my favorite positions is a Company Called sky works down about 5 today, as long as the iphone 8 does reasonably well and theres more and more, you know, pieces and parts as a supplier to apple, then this company is going to work out quite well. What a great opportunity to come in and buy it on a on a day like this. So i like to buy my companies on these dips. Yeah, i mean i think a day like today, what it really does is maybe bring to peoples attention what their bets were, right . You werent necessarily aware because it had been some calm for so long, if you hadnt taken a look in six months, stocks have out performed bonds by a lot over that span. Maybe you will find your overall portfolio is more tilted towards stocks than you planned to and you can reassess. When we talked to j. J. From Td Ameritrade and he will say the Retail Investor today is not the one of yester year, might look at this. I dont want to put words in his mouth as to what happened today, but does it resonate with you . Do people look at the fact we had the rally going on and say, okay, this is an opportunity or is it more still the kind of, theres a selloff therefore i panic mode . I think it is the first time it seems politics have had an impact. People probably want to look at this a little longer and see is this impact going to come around or is it another thing theres a lot of noise and first time market paid attention. It has looked through a lot of things in the last couple of months you would think might have added to the volatility. So i think it is sort of a little bit depend on how this plays out. I think also, yeah, i mean weve had a big run in these markets. Yeah, i know. A lot of people watch them from the sideline standing before you go, what would have to change in terms of the d. C. News for you the reevaluate these positions. You know, im laser focused on my specific companies. I kind of consider sort of im very interested in Corporate Tax returns, that would add 12 to 13 on earnings on the s p, so it is meaningful. I will still focus on whether or not my companies are selling more tasers or if theyre selling more storage in the case of western digital, et cetera. So laser focused on these companies and think that will get through earnings, stock prices follow earnings and im focused on my companies and their earnings streams. And your companies are about 4 or 5 on sale today. Sandy villeri, thank you for join us in response to the sell off in the markets. We have breaking news on halliburton in thhour. What is happening. Has a new ceo. Jeff miller is current president and board member, and he will take over. He has been with halliburton for the last 20 years, since 1997. David la sar will move to kbektikbe executive chairman. He will hold that role until his mandatory retirement kicks in. Looks like it is a leadership successor plan. Kelly, back over to you. Thank you. Our Courtney Reagan. Meantime, stocks sinking on new fears about the president s administration. Ahead, well discuss whether he could be on the verge of losing republican support in congress and how that could impact the market. Plus, Warren Buffett may be one of the richest men in the world, but apparently he cant always get his way. Why buffet got burned in texas when we come back. And financials taking that big hit today on the worries about future fed rate hikes. I will be speaking with bank of america chief executive Brian Moynihan in a cnbc exclusive tomorrow. Dont miss it. Hes on holiday. What do you need . I need the temperature for pipe five. Ask the new guy. The new guy . Jack trained him. Jacks guidance would be to maintain the temperature at negative 160 degrees celsius. That doesnt sound like jack. Actually, jack would say, hey mate, just cool it to minus 160 and were set. Good on ya. Oh yeah. Thats jack. Welcome back. Stocks of all stripes got crushed today on new concerns about policy in washington. Our bob pisani is in the middle of the action. After hours still, bob, what drove the selling . Just the sense it was a little bit different, that some of these things that potentially were happening were actionable. For example, President Trump talking about issues that may involve obstruction of justice going around. Those are serious charges, and, again, actionable. San mateo essentially closed at lows of the day. Four to one decline in advancing stocks. Borderline heavy but etfs around the United States, very heavy volume today. Banks a big decline. Remember something about the banks though. They topped out in the beginning of march. So jp morgan was 93 beginning of march. You see it down today, and of course 10year bond yields lowest in a month. Other high beta names, for example commodity stocks were very active today. Semi conductor stocks like micron and broadcom active today. Dollar hit a new low since the election, that helped in commodities but didnt help commodity stocks at all. Transports had a rough day but very similar circumstance, naysayers says the transports topped out several months ago as well. You see here hitting new lows for the year. Low volatility names survived today, generally defensive names, colgate, proctor gamble, cocacola. All had fractional gains. Overall, what happens tomorrow and interest in buying on the dip. We hear about people very interest in buying, 5 down so they can buy more. Theyre not excited about buying up here. Lets see what happens in the next couple of days. See if they take 2 or 3 down or miss it. Bob thank you very much. Time now for cnbc update with sue herera. Hi, kelly. Here is what is happening at this hour. Oklahomas governor mary fallon taking a firsthand look at the massive damage left by a tornado that struck the western part of the state last night. She met with residents whose homes were completely destroyed. It was very obvious how much devastation there has been in this community and it is remarkable we didnt have more injury, more loss of life, any injury, any loss of life is terrible. But it sounds like from talking to the people that the city gave the citizens a great warning beforehand. Jordan hosting u. S. Sponsored war games in the desert. Military exercises designed to focus on fighting whats called irregular warfare involving an enemy using nonregulation soldiers. On a much lighter and richer note, two dazzling pink and blue pear shaped diamonds together sold for more than 57 million at an auction house in switzerland. The apollo and artemis stones are by far the most important pair of earrings ever offered at auction. It was an anonymous buyer. Thats the news update this hour. Here is my question. I put to you. Yes. If theyre so valuable, do they need to put them on a gorgeous model . If she wasnt so pretty, would they still have sold for so much . I agree. I couldnt agree with you more. I think they would have, and the new owner i think she should take a cut for displaying them so well. Oh, my gosh. Well, i dont know if sotheby dont you think. Personally i think she should. But i dont think sothebys will go along with it. Rumor is the anonymous buyer is going to change the name. Will keep you posted. Of the earrings . Of the earring. Theyre now apollo and artemis. They want the rename it Falling Leaves i dont know. I will keep you posted. Thats what i read. Yeah, this is all troubling. I dont know why. They dont look like Falling Leaves. No, they dont need names. No, they dont. See you later. You got it. Thank you, sue. Sue herera. Flip to Courtney Reagan for another earnings alert. Hi there, kelly. We have l brands, the Parent Company of bath and body works and Victoria Secret. The company reporting earnings of 33 cents. That does beat analysts expectations of 29 cents. The revenues coming in, what the company told us previously, remember, this is one of the retailers that still gives us the monthly updates for sales and comps. Comps, by the way, for the Fourth Quarter something we knew but down 9 . What is interesting about that is this is the First Quarter theyre dealing with the exit of the swim category. So you have a little bit of a mess in a numbers there. But l brands also upping their fullyear Earnings Guidance 310 to 340. That is a nickel higher than their previous range. Back to you, kelly. Courtney, have they shown signs of rethinking that exiting swim . Do they feel like full steam ahead . You know, they havent. What was interesting today, target reported results and target had the number one market share in swim for sometime, and Ceo Brian Cornell says since the exit of one of its competitors when we all know is Victoria Secret theyve continued to gain share. Theyre an Even Stronger number one in that category. That is a great nugget. They have great swim suits and theyre so cheap. I have like three of them. Mike, how many do you own . None. Im not sure if i own anything from l brands, but i do think what is interesting is as a category leader it was always considered to be slight my more insulated than other apparel brands. I think it has been trading above its low, as every other mall base retailer is at the lows. So maybe people are saying they see their way clear and in swim they werent necessarily a clear leader. But they still had their own brands, the whole strategy here is, you know, make sure it is your own label and you wont necessarily be quite as distressed, thats the theory . In theory it is a kind of product people want to see up close as opposed to buy online. Im just going to talk around that. Yeah, theres l brands up now 4 1 2 after hours. Tech one of the biggest losers in todays selloff. Is it time to get out of what had been the markets hottest sector in markets rallied after President Trump was elect, on homes of major tax reforms and other issues. We will discuss whether the selloff today may continue if he loses republican allies on the hill over the latest white house controversy. Stay with us. [pony neighing] what . Hey gary. Oh. Whats with the dogsized horse . Im crazy stressed trying to figure out this complex trade so i brought in my comfort pony, warren, to help me deal. Isnt that right warren . Well, you could get support from thinkorswims inapp chat. It lets you chat and share your screen directly with a live person right from the app, so you dont need a comfort pony. Oh, so what about my motivational meerkat . Inapp chat on thinkorswim. Only at Td Ameritrade. Wont replace the full value of your totaled new car. The guy says you picked the wrong insurance plan. No, i picked the wrong insurance company. With Liberty Mutual new car replacement™, you wont have to worry about replacing your car because youll get the full value back including depreciation. Switch and you could save 509 on auto insurance. Call for a free quote today. Liberty stands with you™. Liberty mutual insurance. A used car, welcome back. A brutal session on wall street today. The dow closed at its lows, down 372 points and change to drop 1. 8 , same for s p 500, a 43 point drop there. 2357 and 2606 are their closing levels. Even worse were the declines for nasdaq and russell. Nasdaq was worst day since brexit. Was that just last summer . Were about on the anniversary. Nasdaq 2 1 2 to 6,011. Russell down to 1355. Two different stories on earnings front as we turn our attention to after hours, cisco reported first. Theyre lower, shares down 5. 7 . L brands we told you about beat earnings expectations and raised full years guidance, though shares up 4. 5 . Scandal surrounding fired fbi director comey this is last week before the comey memo said, quote, the threat of losing control of congress should be the wakeup call, the only way to get reelected is get Economic Growth and tax cutting should be a priority. For more lets bring in editor Nick Johnston and Chuck Gabriel from Capital Alpha partners. We appreciate you guys being here. I guess, nick, first to you, how real do you think the prospect of a wipe out for the republicans in the midterms next year is . I had lunch today with a smart republican, a former hill staffer and we spent the entire lunch not talking about the timeline for health care, not talking about the time lane for infrastructure, not talking about the timeline for reform, talking about the timeline of the administration itself. So certainly something republicans will think about these things. As my good friend michael len wrote this morning, the conversations in this town are shifting from the agenda to survival, and i think the key is what you raise there. If a republican starts feeling the heat politically on the hill about possibly losing their seats, thats when it turns very quickly. Chuck, the question is does that heat put a fire under them to come together on tax reform . Is that possible now or does that has that just been dealt a setback . Well, you know, kelly of course theyre being delayed by their activity moving towards health reform, which, you know, the deadlines for which were slipping past september 30 to end of the year anyway. So near term, it is very hard to see any risk taking on the part of republicans. Youre going to see them retrenching a bit. This is a bit of the detour and not helpful at all towards that growth agenda. But, nick, to your point, i mean if the one thing that can save everybodys necks is to get tax reform done and have it feed through to growth, you know, do you think that adds some urgency, helps people come together or no. I dont know if theyre viewing it through that longterm price many. If we get tax reform in 15 months, they will be able to change the narrative. Theyre looking much shorter term. Mitch mcconnell saying we have to see comey in front of the senate. Tax reform is not in the cards, not even among republicans but not democrats who were not predisposed to helping have zero interest in helping. Chuck, the sense has been out there for a while a lot of republicans in congress were going to try to stick with the president , at least support him to the extent they could. If they felt that he was going to be more asset than liability in 2018, in their own elections, is there any way that calculus is now obviously shifting . I dont think so, mike. It is very premature because we have to find out whether the New York Times is right in its characterization of what comey has said. We need to see those memos. And then, of course, it will be a question about, you know, about risk taking and tolerances and things like that. So, you know, the problem is youve got a timeline here where theyre out for memorial day recess on the 26th, you know, at best maybe only see those comey memos or have them sent to the intelligence committees by then. Then he might testify in early june. The problem for the markets is they just cant really put a tourniquet on this problem for several weeks. It is about time really. Thats a good point about timeline. Thank you for now. Nick johnson, Chuck Gabriel. We should mention nbc news is an investor in axios. We have a news alert. What is happening . Seen ah retail putting out a warning. Sharply taking down guidance. Let me run through the numbers before comments. For Third Quarter ascenea is looking for nongap earnings between 4 cent and 6 cent. Previously guided between 7 cent and 12 cent. Now looking for full year earnings between 10 cent and 15 cent versus Prior Guidance of 37 cent to 42 cents. Comparable sales for Third Quarter are expected down 8 , that is twice as bad as what analysts had been looking for for those same store sales. Some really strong comments from the ceo, david jaffe, including that the Specialty Retail sector is in a period of unprecedented secular change that is disruptive to traditional business models. Industry wide traffic head wins and highly promotional environment persisted at levels significantly above our expectations. Programs the tiny one bit of good news is that the cost program is now going to deliver 250 to 300 million in savings, uhm from the previous estimate of 150 million in savings. But sharls aes are down 33 aft hours on this news. Theyve been halted. Theyve resumed trading and shed a third of their value. Under two bucks, the parent of lane bryant and dress bien. If they close the ann taylor locations, another blow to the mall. Tech has been high flying sector this year, but getting hit hard today. Does it mark the beginning of a downturn or should you buy the dip . Be sure to tune in to closing bell tomorrow, i will be speaking to Brian Moynihan in a cnbc exclusive. Dont miss it. I was wondering if an electric toothbrush really cleans. Better than a manual, and my hygienist says it does. But. Theyre not all the same. Turns out, theyre really. Different. Who knew . I had no idea. So, she said look for. One thats shaped like a dental tool with a round. Brush head. Go pro with oralb. Oralbs rounded brush head surrounds each tooth to. Gently remove more plaque and. Oralb crossaction is clinically proven to. Remove more plaque than sonicare diamondclean. My mouth feels so clean. Ill only use an oralb the 1 brand used by dentists worldwide. Oralb. Brush like a pro. [ thats a good thing, eligible for medicare . But it doesnt cover everything. Only about 80 of your part b medical expenses. The rest is up to you. So consider an aarp Medicare Supplement insurance plan, insured by unitedhealthcare insurance company. Like all standardized Medicare Supplement insurance plans, they could save you in outofpocket medical costs. Call today to request a free decision guide. With these types of plans, youll be able to visit any doctor or hospital that accepts medicare patients. Plus, there are no networks, and virtually no referrals needed. Join the millions who have already enrolled in the only Medicare Supplement insurance plans endorsed by aarp. And provided by unitedhealthcare insurance company, which has over 30 years of experience behind it. With all the good years ahead, look for the experience and commitment to go the distance with you. Call now to request your free decision guide. Rumor confirmed. Theyre playing. What . We gotta go. Where . San francisco. When . Friday. We gotta go. [ tires screech ] any airline. Any hotel. Any time. Go where you want, when you want with no blackout dates. [ muffled music coming from club. Blue monday by new order. Cheers. ] [ music and cheers get louder ] the travel rewards credit card from bank of america. Its travel, better connected. Welcome back. Amid the widespread selloff today, dow down 372 points. Tech stocks one of the biggest decliners and they were one of the biggest winners. It is up about 17 this year. So is now the time to get out of tech in lets bring in jason ware. He is still bullish. Michael roark joins us from jones trading, who is bearish on the sector. Michael, begin with you. Why bearish on this sector . Is it because of the value asian . What do you think is in play here . Yeah, it is a combination of valuation and the narrow leadership it has provided the market. Tech earnings are forecast to go 30 this year, for the past four or five years theyve only averaged about 4 growth. So i would suspect earnings estimates are a little optimistic. A lot of the behavior that im seeing is reminiscent of 2000 where you see a lot of money flowing into the largest large cap needs. I recall the top of needs, you know, apple, amazon, google, micro soft, facebook. Technically going to continue discretionary but for this we could call it tech. They represented a large portion of the market cap for the tech sector and the s p 500. And from that perspective, its people just piling into the same and it is very scary behavior. Okay. Jason, on the other hand even if the market in general has been narrow, a lot of times leaders are the ones you might want to pick up when the market falls back. What do you think . I think it is a true statement. In picking up on what was just mention about the top five, i think the difference is this time around those large Cap Tech Companies have real sales, real earnings and cash flow, great balance sheet. These are leading companies in their respective sub industries within technology and companies we dont want to bet against looking at the products and services they sell, high kwachlt again, the financials i mentioned. We are talking about 580 billion in revenue for those combined companies and about 350 billion in net cash on the Balance Sheets for those companies. It is a fundamentally healthy place to be. Jason, what would be your picks here . We like facebook, we like amazon, although it is a consumer discretionary, it is also tech in terms of this conversation. Theyre doing great. We like google, also known as alphabet these days, apple. All of the companies that were mention are really Leaders Within their sub industries and we like what theyre doing for a variety of reasons. All right. Youll buy the fab five off Michael Roark there. Gentlemen, thank you both for joining us. Jason ware, Michael Roark. One of the highly contested parts of this market. We have more news out of washington to get to. Coming up next. Also ahead on fast money we have a top technician saying the market is overdue for a fall back and he will reveal what his warning signs are during the 5 00 p. M. Hour. Good . At cognizant, were helping todays leading banks make better lending decisions with new sources of data so, multiply that by her followers, speaking engagements, work experience. Credit history. That more accurately assess a business chances of success. This is a good investment. Shes a good investment. Get ready, because were helping leading Companies Lead with digital. When this bell rings. It starts a chain reaction. Thats heard throughout the connected business world. At t Network Security helps protect business, from the largestinancial markets to the smallest transactions, by sensing cyberattacks in near real time and automatically deploying countermeasures. Keeping the world of business connected and protected. Thats the power of and. But weve got the get tdigital tools to help. Now with xfinitys my account, you can figure things out easily, so you wont even have to call us. Change your wifi password to something you can actually remember, instantly. Add that premium channel, and watch the show everyones talking about, tonight. And the bill you need to pay . Do it in seconds. Because we should fit into your life, not the other way around. Go to xfinity. Com myaccount welcome back. Washington news, a news alert on treasury secretary steven mnuchin. Y l ylan mui is there. Reporter they talked about tax reform. I caught up with the secretary after the meeting was over. Hi, secretary, how was the meet something. Very productive. Thank you. Very productive. Reporter you know, a gop source within the meeting tells me they talked about creating unified pro growth tax plan and that chairman brady said that he is not going to have the same approach on border adjustment as he has had in the past. He is recognizing they need a new design and a new approach for that. However, they did not talk about alternatives in that meeting. Now this all comes before the big meeting on tax reform. Its the first time that members will have. So talk about all these issues out in the open. We will bring you more on that tomorrow. Cool. I think brady is on squawk box tomorrow morning. Appreciate that, ylan mui in walk. Up next, how warren buffet got burned in texas after a new bill was pulled from consideration. Well be right back. The new guy . What new guy . I hired some help. He really knows his wine. This is the new guy . Hello, my name is watson. You know wine, huh . I know that you should check vineyard block 12. Block 12 . My analysis of satellite imagery shows it would benefit from decreased irrigation. I was wondering about that. Easy boy. Nice doggy. What do you think . Not bad. I cant wait for her to have that College Experience that i had. The classes, the friends, the independence. And since we planned for it, that student debt is the one experience, im glad shell miss when you have the right financial advisor, life can be brilliant. Ameriprise the power of a low volatility investing approach. The power of smart beta. Power your clients portfolio with powershares. Before investing, consider the Funds Investment objectives, risks, charges and expenses. Call 8009830903 for the prospectus containing this information. Read it carefully. Distributed by invesco distributors inc. Containing this information. Read it carefully. Welcome to holiday inn whether for big meetings or little getaways, there are always smiles ahead at holiday inn. Whats Critical Thinking like . A basketball costs 14. Whats team spirit worth . cheers whats it worth to talk to your mom . Whats the value of a walk in the woods . The value of capital is to create, not just wealth, but things that matter. Morgan stanley welcome back. Major selloff, the nasdaq having its worst day since brexit last summer. Here are some of the under the radar take. First up facebook is giving back ad money. Will anything phase their advertisers . I dont think so. I think this is built into their return on investment for facebook. I was recently reminded in the early 60s, there was a scandal about early tv ratings. Basically, they thought they could rig the numbers. They figured it out. They will have more transparency. It will be smart. Next, if you bought your laptop from europe, it would cost travelers a reported 1 million. Thats what the Airline Industry is saying, mike, if thats the case . Is it worth the cost . Without really seeing the details about this threat. Do we have access to the secret to tell about it . Exactly. I understand why its a big hassle for literally the airlines ainvolved and passengers alike. People get acuss told. If its based on that information, we dont want to mess with that. Next up, warren buffet lobbied texas for a loophole from their no dealership role. It would have benefitted couplings and tesla. But a backlash has now held it up and there is outrage that buffet is getting special treatment. He says they dont employ lobbyists. Is the outrage justified . I dont think so. First of all, its a very specific case. Right . You are not supposed to own a dealership and manufacturer of vehicles. Thats to prevent vertical integration, right, and power over everybody. This is a kind of an rv manufacturing, maybe an ad and the auto dealers. And the mod endip. Still, if it were anybody else, do you think they would give them a loophole . I think couplings might be . I think any big businessman who has the ear of politicians would try this. Is it a little hypocritical, i dont know. Its easy when you are the chief one. Finally today, more u. S. Workers, get this, are testing positive for elicit drugs. More u. S. Workers are testing positive than at any time in the last 12 years. Thats according to quest diagnostics. Im scared it will keep getting worse. Its certainly not helping productivity. Most likely not. An article was accompanied by states in colorado or washington where its legalized. Why do people show up stoned when its not okay to show up drunk . I dont think it is okay. These employers think its not okay. Also, though, i do think that employers that use it as a screen for hiring, its one of the reasons that the unemployed stay unemployed. Some. I also wonder, opioids play into it. Troubling stuff. Tune into closing bell tomorrow, everybody, i will be speaking with brian money hasnynihan. The rates stay where they are. Everything else is Consumer Debt and delinquencys. Hes got a wind on that. When you turn your attention to the earnings after hours, its almost like a pair trade. You could have been long lb and short cisco today. They moved in opposite directions. Cisco bigger on retail, im sorry on the market tomorrow. It would be a big deal, if it were the apples, the amazons, cisco is beyond a bellwhether. I do think it is representative of old tech, like ibm. Oracle to some degree, its a lot of legacy, high dividend yields. With cisco it wont come next quarter. Cisco is down 7 . L brands is down. Center retail owner of anne taylor really disappointing news after hours. Under 2 a share. It seems like its really at the epicenter of whats going on at the mall right there. The markets saying, really not seeing too much of a future necessarily. Walmart in the morning a. Lot happening today, michael. Thank you so much. As always, mike santelli. That does it for closing bell. Fast money begins right now. Fast money starts right now with breaking news on the markets, the dow sink about 375 points losses accelerating into the close, ending the day near session lows as the d. C. Drama rocks the stockmarket status. They are having their worst day since september. The nasdaq down more than 1. 5 haveing its worst day since june last year. All of this as volatility surges in about a month. The utility sector managers ends the day in green. The banks crushed, turning