Were immersed in red with less than an hour to the closing bell. Lets start the countdown. Breaking news maybe he just couldnt take the double speak anymore. 24 hours after that man on your screen said its time to raise rates, the atlanta fed president announcing hes stepping down. Dennis lockhart dropped that bomb ahead of the crucial fed meeting that has investors on the edge of their seats. The dow down 297 point, right now down 264. Weve wiped out yesterdays 240point rally and much more. At this hour, not one but all three major indices are on track for a Third Straight day of greater than 1 moves. Tripledigit losses for the dow, the s p down 34 points. I want to remind people on friday the s p had fallen 52 points. Were close to matching that. The market bumps and jumps sending the volatility index skyrocketing more than 20 . The vix up 23 . Were seeing signs of stress here. That vix is on track for the highest close since june 27th. Investors fleeing stocks to find refuge in not a surprise, bonds. Look at tenyear treasury yield at 1. 73 , the highest level since the market panic on june 24th. You remember that, right . The day after brexit, the british vote to leave the european union. Significant rates at 1. 73 . Apple is the only dow component Still Holding onto gains, up 2. 33 . Sprint and tmobile are saying we got good news on the apple iphone 7. American express, verizon, goldman sachs, home depot are swamping that, everybody down more than 2 . Have you seen oil prices . They are choking in the aftermarket session, down 3 . I need to get right to the floor show, traders at the New York Stock Exchange, cme group and the nymex. I will begin with the oil trader, luke, the oil glut is alive and belong. So lets get right to it. What is it today that made oil fall as dramatically as it has . We had a little rally yesterday but i think youve got to claim this hashtag oil 45 whatever it is, youve got to claim it, its trading right at 45. It isnt about oil known, its about global growth. And im going to go off base a little here, when you were talking about mylan, the company that did inversion where all the companies are coming from monopoly on a drug. Are people stepping back and saying how Many Companies are increasing share price because of Financial Engineering . Because of low rates . Mergers and acquisition and buybacks and no growth . Okay. I think theres a lot of companies that are in that box and people are going to start wondering where is that growth going to be, and if oil goes below 45 and stays there and start heading towards 40. You might want to get that oil hashtag 40. It stays within a dollar or two before we get clarity from the fed. Liz excellent point. Ira, he brought up mylan, im going to bring up wells fargo. They had numbers that looked good over the years because they were doing the sandbagging, a huge story. Wells fargo falling nearly 4 ira and part of it may have to do with the fact that the company surround fire, they had to fire 5,000 people, and so as we look at that stock, if we can, wfc, losing about 4 at the moment. I am just wondering if now this is a house of cards that starts to fall. I dont want to overdramatize this, friday fell 406 points for the dow industrials, is it done . Is it the fed saying im done with the flipfloping . I think its all of it. The market came on and i said we have valuations in fairy land, everybody is chasing the market, nowhere else to go. Now there is somewhere else to go. Thats what youre feeling, a 1. 73 Interest Rates here, the german bundis coming back dramatically. If the fed raises rates in september and likely in december. Liz its not going to in september. Were not going to see that. I dont think so either. Liz yeah, i know. If they do, youre looking at a bigger break coming then. Liz the big headline from Jon Hilsenrath who is the star journalist at the wall street journal when it comes to covering Central Banks teddy, getting him in the chair in a couple of minutes. Stay tuned for that. As we look at crude dropping, im not blaming this on crude, not today. I think this is the fed and the concern that too many people came out ahead of this, whether it was the new York Federal Reserve president or the atlanta Federal Reserve president or bullard from st. Louis who said just a few weeks ago, we got to do this now and suddenly one person, Lyle Brainard, the governor says lets be prudent. What do you see . You see confusion reigning over peoples money and confusion now. Teddy . I think teddy, go teddy, i wish i could ted. I can make a quick point. Were getting teddys i love it when you have the next guest on, jon, if you ask him how many times the fed has changed the metrics and the levels of the numbers for raising rates. How many times has that changed in the last eight years . Liz i will ask him. Im not a fed hater here, but i feel that maybe the transparency has gone a little too far, precisely what were going to talk about. Way too far. Liz we couldnt get teddys earpiece, we have a significant selloff, down 269 points. Ira, luke, thank you very much. Breaking news, im told Charlie Gasparino who warned you last thursday the much talked about bayermonsanto merger might happen early this week . Well, its tuesday, thats early this week. Reportedly got action behind closed doors, charlie, what are you hearing . What were hearing is monsanto is finalizing its Due Diligence on the bayer bid. The deal could come what were understanding if this thing does happen, it could come within the next 48 hours. We should point out german time is 6 hours ahead, its like 6 00 right now. If you think about it, board bayer could be talking about this tomorrow morning when were still some of us will be awake, you might be asleep. Liz im awake. Around 3 00 in the morning. Keep watching keep on look at foxbusiness. Com, i might plop something up there around 3 00 a. M. In the morning. The deal is not finalized. Monsanto could reject the deal. This is not a done deal, until its a done deal, they could seek a higher offer. But what we understand is this is coming to near conclusion one way or the other. The likelihood. This is where it gets interesting. The likelihood among people i speak to is Bayer Monsanto is going to accept the bayer bid, 130 a share, theres a breakup fee. They remain highly skeptical this thing is going to pass regulatory scrutiny. All you have to do, liz, is looking at a stock chart. This is a 127 liz monsanto down 1. 25 . Where is it trading . Liz 105. 67. It is not close to 130 a share. Yes, there could be a deal here, likelihood of a deal coming to fruition, but we doubt that the regulators approve it. Im going to caution everybody on this note, if boards get together and say okay, were not going to get the Regulatory Approval on this thing, if they really believe that, i wonder if theyre going to go through with the whole exercise. I would say not a done deal. Until it is, were going to know something in the next 48 hours. People think its going to happen like in the sense that monsanto accepts the bid, thats close to 130 with a significant breakup fee, but, huge, but, anything can happen because there is regulatory disagreement. Liz scrutiny. And disagreement whether the eu leaders and the d. O. J. In the u. S. Is going to approve it. Liz regulatory pain in the tuckus. I love that headline. Regulatory pain in the tuckus. Liz thats why i worked for the journal. Wait, they didnt hire me. I worked for the journal i know you did. Its a good headline. Jump back in the chair if you hear anything more. The dow tanking down about 269. Were 56 points away from going below 18,000. You cant blame this on the chatterbox of the fed. A heavy day of losses for Weight Watchers with the oprah premium wearing thin. Shares of the diet company tumbling to lowest level since last october. Thats when oprah made a 43 million bet on Weight Watchers. We have the news that wiped out 4. 5 million from her net worth in a single day. Donald trump taking advantage of Hillary Clintons sick day. Set to roll out new initiatives with working parents with the help of his famous daughter. Bret baier is next how donald trump is capitalizing on hillarys Health Without talking about hillarys health. How is he doing that . Bret will explain coming up on countdown. I appreciate you coming by. Absolutely. The markets been pretty volatile lately. There is a lot at stake here, you know . Look jim, weve been planning for this for a long time. 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Introducing wifi pro, wifi that helps grow your business. Comcast business. Built for business. Liz were heading back down to session lose once again. Were down about 278 points for the dow. I remind you session lose today down 297. Some real stress fractures showing at this hour. I want you, if we can, to show you the russell 2000. These are the small and mid cap names, they get hurt or gain in outside fashion here, that is whats playing out right now. The russell is down by the biggest percentage, down two full percentage points, losing 24 points. Yesterday it gained 16. So that should give you a sense how significant the selloff is for the small and mid caps right now. Keeping an eye on it as we are with politics. Hillary clinton resting up at home in chappaqua, new york, of course recovering from pneumonia while donald trump hits the campaign trail hard. He is heading to aspen, pennsylvania, aimed at helping American Families avoid the high cost of child care. His daughter ivanka will join him and is said to have a large part in the plans design. Hillarys campaign not sitting on its hands, president obama spoke at keystone state an hour ago hitting the businessmen where some say it does hurt. I keep on reading this analysis that, well, trumps got support from like working folks. Really . This is the guy you want to be championing working people . This guy who spent 70 years on this earth showing no concern for working people. Liz lets bring in bret baier host of special report because specifically, bret, the comment that Hillary Clinton made a couple of days ago calling some of his followers or supporters deplorable. He marked some of the socalled, quote, deplorables, and they are regular working people who do support them. Does that speak change their minds or work against Hillary Clinton . What do you think . Liz, good afternoon, i tell you, president obama is trying to go down that road and to say this is a billionaire who doesnt care about the average guy, the problem is thats just not what weve seen in the polling, thats not what weve seen in the different states, especially with White Working Class men especially, but also across the demographics that some people called him the blue collar billionaire because people were coming to his cause. This is trump. I do think that the deplorable thing, the Trump Campaign has hopped on. Im not sure i know it fires up the base, im not sure theres a great outreach to independents with that whole line, but the president is a big advocate for Hillary Clinton, and with an Approval Rating in the washington postabc poll of 58 , the question is whether he can translate that approval to Hillary Clinton. Liz hell be joined by a virtual nba team, have you michelle obama, joe biden, senator liz warren, Bernie Sanders expected to hit the campaign trail. Its interesting you talk about the working class. This weekend, i happened to be outside fifth avenue, there was a union parade where unions from all across the state of new york were there talking about 15 minimum wage, a the love them were supportive of governor cuomo, a democrat. Theyre working class folks, too. This is a squeaker of an election right now. Lot of people may be surprised, bret, it is as close as it is. Do you expect the horse race where one starts to jump out in a couple of weeks because at this time during the Ronald Reagan era, he was behind . Yeah, reagan started to move about this time back in 80, and the first debate is going to be key for donald trump and Hillary Clinton, frankly. I will say one thing on unions, i was in ohio, and talking to union folks out there at the convention and also in philadelphia at the democratic convention, and there were a number of them that were on the union at the dnc that clearly were supporting trump, almost 70 according to the head guy there, i had no way to check that. Im just saying i think this race is a little different as far as how everyone lines up, and it may not be traditional as we see democrats and republicans split. Liz im interested to know before we go, whats the chatter inside the beltway . I have to continue to bring up things like iran and north korea. North korea tested that nuclear bomb over the weekend. We have iran consistently in the last couple of weeks, almost trying to bait United States military whether its in the strait of hormuz. Boats that are threatened, planes that are threatened. When have you iranian warplanes threatening to shoot down u. S. Warplanes in international waters, that is a huge deal. Weve seen obviously the naval vessels buzzed by the fast boats as youre showing on the screen, and its getting more tense in that region, and if you think about this, iran has been thumbing its nose at u. S. In the wake of the u. S. Iran nuclear deal and in the wake of getting paid off to the tune of billions in cash. Liz its very disconcerting and im sure it will be a centerpiece of discussion in the election as we move forward. Thank you so much. Sure. Liz can you see bret every day at 6 00 p. M. Eastern on the fox news channel, and after brets show, switch it back to fox business, lou dobbs tonight will have a special twohour show. Donald trump rolls out child care plan in pennsylvania and kennedy will follow at 9 00 p. M. Weve come back off the floor here, still down 246 points with about 29 minutes before the closing bell rings. 39 rather. The dow is struggling. Theres a new rocket man in town. Elon musk and spacex have competition in the billionaire battle for intergalactic dominance. Wait until you see the latest weapon in the race to the outer limits. Were going to show it to you next in todays fox Business Tech minute. More countdown on the way. Please stay with me. announcer vo who says your desk phone always has to be at your desk . Now, with one talk from verizon. Hi, pete. Im glad you called. announcer vo all your phones can Work Together on one number. You can move calls between phones, so conversations can go where you go. Take your time. Im not going anywhere. announcer vo and when youre not available, one talk helps find the right person who is. Hi, john. announcer vo so wherever work takes you, you can put your customers first. Introducing one talk another way verizon connects your business better. Learn how at onetalk. Com. Across new york state, from long island to buffalo, from rochester to the hudson valley, from albany to utica, Creative Business incentives, infrastructure investment, university partnerships, and the lowest taxes in decades economy and the right environment in new york state for business to thrive. Let us help grow your companys tomorrow today at business. Ny. Gov. This is the joy for me. I love bread. I love bread. Liz oprah may love bread, Weight Watchers havent been making bread or dough on the investment. The ceo is out. The Weight Loss Company announcing the sudden departure of chief James Chambers less than a year after Oprah Winfrey bought a 10 stake, 43 million in the company. That sent shares flying 105 . Back last october. Were almost back down to where the price was before she bought it. Look at the stock right now, dumping out about 8 of its value. It stands at 9. 56. It had been up 26. It lost 55 year to date. Trading at lowest point. Oprah said she will never quit Weight Watchers again, but is not making herself the candidate for the job. As you look at trimming the shares of the stock at the moment, getting hammered, down about 8 . While oprah loses, nfl fans are gaining as twitter kicks off new streaming service in thursday nights action between the jets and the bill. Lori rothman has that and more from the floor of the New York Stock Exchange in todays tech minute. Hard to believe its possible season, twitter is gearing up for first Live Streaming nfl game thursday night. Trying to gain support with ad packages ranging from 1 million to 8 million. A 5 million packages gets advertisers two commercials per game. Jeff Bezos Blue Origin unveils plans for gigantic rocket named after astronaut john glenn into a headtohead commercial rivalry with elon musk spacex. And not just bezos going after musk, the chevy volt will achieve an estimated 238 miles on a single charge. That beats the 66,000 tesla model s. It will be 30,000 after taxes and credit. Liz i love the billionaires piling their money into the space race. I think its great. I remember elon musk saying you want to know how to make 100 million in the space race. Start with 200 million. [laughter] funny, but true. Liz its an expensive venture. Lori, thank you very much. The entrepreneurial spirit, well take it. Closing bell ringing in about 31 minutes. Look at red on the screen. 29 dow names deeply in the red. But the apple stock is green today. Thats a granny smith color, up 2. 66. Apple is at one loan holdout to the upside. You have to stick with us to find out why the tech giant is shining so brightly. Mylan pharmaceuticals responding to epipen pricing practices. What the embattled drugmaker has to say for itself . Plus the big bucks mylan executives raked in as prices skyrocketed. And for unfair drug pricing to a bank heist. Wells fargo facing Senate Inquiry a week from today. The bank accused of faking customerses out of millions of dollars. The fallout is turning out to be more toxic than the original crime. By the minute, its getting worse. Wells fargo stock tanking. Well show it to you next. Liz we have this breaking news, and it is a story just hitting the wires. According to the wall street journal, and its analysis, mylan apparently had the second highest executive composition among all u. S. Drug and biotechnology firms over the past five years, paying top five managers a total of nearly 300 million. Its market cap is im pretty sure is not as big as the biggies in the world, but this is the epipen maker is forced to cough it up. When we talk about it, we mean its got to fork over documents that will give lawmaker details about the profits the company made on its life saving epipen sales as well as how consumers have been paying for the drug after mylan jacked up the price 550 without changing the makeup of the drug or the autoinjector itself. Pretty much the same thing as when mylan bought it in 2007 when it was 57. Now a packet of two is 600 to 700. Lawmakers are expecting to have the documents in hand in 48 hours, maybe friday, possibly thursday, the controversy far from over, were going to keep an eye on this and bring you developing details. Shares of mylan falling two thirds percent, it nearly went below 40 a share but stabilizing a bit. From one Senate Investigation to another. Wells fargo under siege as the senate is probing the bank after being accused of creating accounts for customers across multiple product lines without telling the customers. Bank has agreed to pay 185 million fine and refund 5 million in fees wrongly charged to customers, thats been decided. They let go of 5300 employees, but not this executive on the screen. Wells fargo top chief Carrie Tolstedt ran the Community Banking department and was responsible for the department that came through with the phony accounts and collected 125 million when she exited the bank, retired, after spending 27 years there. We want to bring in fox business adam shapiro. Hes in the newsroom with the latest. Theres outrage, people are upset after they fired a lot of people. The bank knew something was wrong. Lets take a look whats happening to the stock. The stock took a big hit on news of the settlement last week. Down about 4 . Consumers are left wondering if wells fargo is the only bank doing this. According to the head of the Consumer Financial protection bureau, thats richard cordray, there is no evidence that other banks are committing the same illegal acts, and these are illegal acts, according to the Consumer Financial protection bureau. Fox business reached out to three of the nations Largest Banks Bank of america, citi and Jpmorgan Chase to see if they have sales goals or quotas or incentives in place. The same way that wells fargo had for employees dealing with customer accounts. Bank of america and jpmorgan both declined to comment. Citi, they havent picked up the phone. They have yet to answer our questions. What happened to ms. Tolstedt . She is no longer the division head, leaving the bank completely at years end. She earned about 125 million in stock and stock option. Wells fargo has the ability to claw back the compensation but a spokesperson said they would not comment if that could happen to tolstedt. The Senate Banking committee confirmed to fox business it was being briefed today by wells fargo executives ahead of next weeks hearing on the settlement. They would not, however, tell us if Carrie Tolstedt will be called to toy. And the key to all of this, the bank was firing people according to wells fargo in 2011. They were firing employees for this illegal behavior. What did they do to stop it . Thats the question that is not answered. Liz that is what im very interested to see what happens. Senate Banking Committee hearing next week. You wonder if they will perhaps figure out a way. They have the ability to claw back any compensation they put that into place for the financial crisis because of outrage back then, will they finally use it. I can share this with you . You know what the ceo said of ms. Tolstedt. She is a standard bearer of our culture, a champion for our customers and role model for responsible, principled and inclusive leadership. Really . Liz so theyre going to blame the little guys who worked and were people were desperate to keep their jobs and if the incentives were in place, they would do anything to keep the jobs and make the incentive targets. Thank you very much, adam shapiro. Fears of a rate hike, with the dow down 227, well off the lows, not a pretty day and you got to think its fears not just over rate hike but the fed may be plotting a course of action they dont know an inch ahead of them what its going to be. Thats according to the wall street journals Jon Hilsenrath who says its looking way more likely the fed wont move on rates until the final chance in december. Just yesterday, Lyle Brainard cautioned prudence in boosting rates. Seems like her voice was the one people looked upon, the followed guys on wall street say enough already, pull the trigger on rates. Listen. You dont want to be behind the eight ball on this one, the fed has to maintain credibility and time to raise rates. I think a rate increase is long overdue. I agree with jamie they ought to get it over with. I like jamie dimon, absolutely correct, rates need to move. Liz what it will do is really the question . Jon hilsenrath, if anybody knows, youre the chief economics correspondent at the journal, fox business contributor. Your headline says december, right . Thats what it looks like, doesnt look like theyre going to move in september. Investors and people like jamie dimon can be excused if they are a little surprised or befuddled by what the fed is up to. The feds own leadership sending signals up to a few weeks ago they could move in december. Janet yellen was in jackson hole saying the case has strengthened. And bill dudley was right here on your own network with peter barnes saying the market was complacent about a fed move. Now it looks like theyre not ready, they dont have a consensus to act and leaves their december meeting policy for one rate increase this year. Liz bill dudley said that, then we have james bullard, that was august 16th. I think a september rate hike is possible. James bullard of the st. Louis fed, september might be a good time. And Dennis Lockhart saying im sure weve got to start doing this. I fear, jon, i know the fed is in a tough position but fear the transparency era ushered in by ben bernanke has really created a monster. These independent voices are a confusing c confusing cacophony for the investor right now . That is something we have to ask janet yellen in her press conference next week. Yellen is in part to blame, he was out there herself saying the case had strength end for a rate move. And the result of an economy that never cooperates with the feds own forecast. Theyre expecting inflation to pick up. Expecting 2 growth. Expecting Unemployment Rate to fall. The Unemployment Rate hasnt fallen. Liz its always something. Inflation isnt rising to their forecast. Theyre changing their minds because the numbers arent coming in the way we expected it. Liz we got Charles Payne in the chair, one of the best fed watchers, second to you, jon. Chafrls making money. Do they need to shut down all of the speeches . I think it is very, very confusing, and it is interesting that the last person that speaks is the one that moves the markets. I think yesterday, her speech was interesting saying she said there is a new normal. We dont want to keep hearing about new normals. The fed is confused with its own playbook, that the phillips curve, unemployment has gone down, not necessarily this year, but 8 to 4 point something percent. Inflation is flat if not sideways or lower, and the market slack is greater than anticipated. Theyre supposed to understand this stuff better than anyone else. Theyre supposed to have the ability to read and anticipate and make the right moves, preemptive moves. This is what theyre going to do. I think they lost credibility. I thought they lost more credibility last week with talk of a rate hike, after 151,000 jobs created. After ism number in services and manufacturing was lack luster and a lot of the key big macro data points have not been up there. Liz jon, if they dont know, maybe they better not say anything because they start to look like the gang that cant shoot straight. Well, you know, i think one of the benefits here is the market gets to see that this institution is not an allknowing institution, theyre like the rest of us trying to figure things out. One of the problems that the feds going to have in the years ahead is they dont think rates are going up much at all. They think that a neutral rate in this environment, you know, even if the economy was back in full health would be Something Like 2 . That gets them maybe five Interest Rate increases over a course of two years, were going to have a lot of meetings over the months and quarters to come where nothing is happening and all we have to do is speculate when, when, when, and i think some of us are going to be pulling our hair out. And jon, im with you on that, and we know that they dont know everything. I think people around the world have come to the epiphany that Central Banks know a lot less than before. They have the power to print money. Liz look at it today. If they cant at least keep the credibility as the last quiver in the arrow, they have nothing left, i dont think. I think that ultimately the most important part of their credibility is to get the decision right. Thats what yellen will argue in her press conferences. If its not time to raise rates, she doesnt want to do it to please investors and people like jamie dimon. Liz there is never a right time. Thats the worry. I think the right time will be when we see either inflation rising or markets really overheating, and you know, these are markets its hard to say theyre overheating, might say overvalued. In a market thats overheating there are records hit every hour, not every 20 years. Liz stay tuned for Charles Payne at 6 00 p. M. Eastern. Were starting to go back down. Dow industrials losing 272 points. We are looking at a tough day with the markets and with exactly 15 minutes to go. Youve got to see how this one ends. Stay tuned. Were coming right back. There are two billion people who dont have access to basic banking, but that is changing. At temenos, with the microsoft cloud, we can enable a banker to travel to the most remote locations with nothing but a phone and a tablet. Everywhere where theres a phone, you have a bank. Now a person is able to start a business, and employ somebody for the first time. The microsoft cloud helped us to bring banking to ten Million People in just two years. Its transforming our world. Perfect driving record. Until one of you clips a food truck. Then your rates go through the roof. Perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. And if you do have an accident, our claims centers are available to assist you twentyfour seven. Call for a free quote today. Liberty stands with you™. Liberty mutual insurance. Liz after apple announced new phone was water resistant, cue the skeptical citizen testers. We found this one. We wanted to show it to you. Business insiders submerged the new phone up to a meter depth in water for 30 entire minutes, and the phone kept working. But it doesnt look like apple needs help telling the new iphone. While all four major carriers offered a free iphone 7 to customers who trade in an earlier model, tmobile announced iphone 7 preorders hit record levels. Totaling more than four times what the iphone 6 saw in 2016. Reviews are positive, they like the new camera, the upgraded software, even the wireless airpods i am annoyed by. A, i think theyll fall out. B they look like antennas. Critics like them, so do investors. Apple jumping 2. 75 . Were getting prettier by the movement down 212. We had been down nearly 280 points for the dow industrials. Black gold in free fall after the International Energy agency cut forecast for oil prices. Why . The luke and liz show. Weve been telling you this over and over again, supply will continue not only to outpace demand well into 2017, but the glut will gloat, bloat and grow. Were slightly off this right now. This is keeping prices very low the the pump. Take a look at the cost of a gallon of gasoline. Regular unleaded at 2. 18 versus 2. 34 a year ago, good for your wallet but good for the economy . What about the traders . Jeff flock is right there in the pits of the cme. Jeff . Reporter we dont see a lot of movement in the afterhours on oil, liz, take a look right now, up 60 cents since the close here. 45. 54 right now. We closed at 44. 90 because traders say the movement to the downside was overdone. Take a look at numbers on demand. The forecast is down in terms of demand but demand will still rise. This is iaea number, 96 Million Barrels a day. This year 97. 3 million next year. A slowing rise. The headline of the day, well, well, well, looky here, saudi arabia taking over from the u. S. As top producer in the world. We held the title since april of 2014. The saadnies control for august, liz. Liz i would argue bigger shareholder that oil is coming back in the futures market here more than 45 a share where it closed. Jeff, thank you, good stuff. Appreciate it. You got to stay here, we always give you the uptotheminute news, and right now that uptotheminute news shows with the closing bell 7 minutes away, the dow is down 222 points. Stocks taking a smackaround. Oil and the fed giving the markets a onetwo punch. Up next, the 2 billion man mark lehmann says this is far from a tko. And john lonski with us saying why you wont see a rate hike in september . Well be right back. Theres no one road out there. No one surface. No one speed. No one way of driving on each and every road. But there is one car that can conquer them all. The mercedesbenz cclass. Five driving modes let you customize the steering, shift points, and suspension to fit the mood youre in. And the road youre on. The 2016 cclass. Starting at 38,950. Mercedesbenz. The best or nothing. Guys, whats happening here . Hey nicole, this is my new alert system for whenever anything happens in the market. Kids a natural. But thinkorswim already lets you create custom alerts for all the things that are important to you. Shhh. Alerts on anything at all . Not only that, you can act on that opportunity with just one tap right from the alert. Wow, i guess we dont need the kid anymore. Custom alerts on thinkorswim. Only at td ameritrade. Liz 3 1 2 minutes left before the closing bell rings. As you can see the investors are not takingfinger off the eject button. The dow is down 242 points. We have moodys chief economist john lonski. Guys, they may not be lifting their finger off the eject button. Theyre bringing the pressure off a bit, mark, but what do you attribute the selloff today after big gain yesterday . I think you have general nervousness in the investor community. You have got the fed very active in the dialogue and as youve been suggest. Sometimes september is the cruelest month for the markets. People are getting nervous, this sumwer with general ascent of the market with low volume and low volatility. People are selling right now and worrying about the fed. Maybe they come back in the fall. That is what were expecting at jnp. Liz open a can whatever you open on the fed when youre angry about it. You said i wont be seeing you in all the familiar places in september. The fed will not touch rates youre saying in september . Yeah. Despite all of this concern, the latest fed fund futures contract as signs only 15 likelihood to a rate hike next week at the september 21st meeting of the fomc. Liz the market loved that yesterday, john. Doesnt break above 50 until the december 14th, 2016 meeting. And by the way, if the market is so sensitive to a tiny increase by fed funds, from 3 8 of a percentage point to a 5 8 of a percentage point, that tell moose the underlying fundamental arent all that great. Liz, mark you can still make money in this market. How are you doing it for your clients . I think this market has benefited those who have patience and buy discipline as well as sell discipline. Some of the best performers of the year like facebook, amazon, had intraquarter movements of over 10 . Think about that liz, back in march, amazon was a 400 stock. It was approaching 800 earlier last week. Facebook was in the 90s. It is up to 130 last week. Those are moves in the market. You drop your buy interest. Pay attention to intraday volatility. You get confident in the fundamentals and get ready to strike when you have the volatility weve seen as of late. Liz john, how bad or okay is the u. S. Economy . We know it is not great. Growth at 1. 2 . Decidedly uppar. We had a fed governor brain farred talk about brainard, boy, is that every misleading. We look at latest data on auto sales. Unit sales down a year ago from july and august is down 2. 2ers from a year ago, despite 3. 5 30year mortgage deal. Imagine what happens to housing if we have 4 30year mortgage deal. [closing bell rings] on thursday we get a report on august retail sales. Liz we have to go. If you wind up john lonski, you wipe out the gains we saw yesterday and today, melissa. I dont know what happened. David then some indeed. Melissa the dow erasing all of yesterdays gains and then some. Ending the day down more than 250 point. Im melissa francis. David im david asman. This is after the bell. This marks the Third Straight day of triple digit closes for the dow. Chevron, goldman sachs, american express, exxon among todays biggest drags. Apple, surprising well talk about that, the only stock in the dow 30 ending in the green