It will have erased the gains of the year. Courtney reagan has more on whats exactly happening. One trader i talked to said there is no one sudden catalyst. Just a lot of things were seeing thats making this a be generally riskoff trade. If weve broken through sew key Technical Levels. Specifically on the s p 500. The next level we are looking for is 2,067. Well see if we break through or hold above it. Consumer discretionary, health care, telecom are the biggest drags. Energy is actually higher and crude oil which continues to fall. Despite all the retail news and movers in the Consumer Discretionary names weve been uk talking about it all today, 7 of the 15 performing stocks in the s p 500 are media stocks. It is kind of due to this reinvigorateing talk about cord cutting. If you look at the s p media industry, a subsector group here, having its week since october of 2008 when it lost almost 22 . You can see by that chart was level, then the steep falloff. One consumer discretion yaerary thats outperforming, coors. There was a lot of negative sentiment going into those numbers courtney thank you. Lets check where we are at the nasdaq. That actually is the biggest loser of all. Kate rogers following the big movers there. You just said it the biggest loser of all, the nasdaq composite down 2 . As you said on track for its worst day since june 29 pth. Tesla down nearly 10 after its earnings report. Actually had a narrower loss than expected at 48 cents and reported better revenue than expected but cut its Sales Forecast for the second time in a year which has investors concerned. Keurig Green Mountain one of the ugliest names and one of the biggest losers in the nts 1 nasdaq 100. Keurig said sales of its coffee and brewing products were down and it is going to cut some its workforce to combat some of those stocks. The last time the stock was this low was in 2014. Thank you very much. Wall street gearing up for tomorrows big jobs report. What can investors expect . How will it play into the feds plan to begin raising Interest Rates . Our senior economics reporter Steve Leisman here with some ideas. Hi, steve. You know i feel like im in the middle of you debbie downers. But this is a significant report. Wall street looks for the 58th straight month of job growth consensus for 215,000 compared to 221,000 compared to june. Unemployment seemed unchanged at 5. 3 . 0. 2 hourly wages. If the consensus comes in as realized, this should satisfy the some further improvement in the labor market that the fed wants to see before raising rates. But theres plenty of uncertainty surrounding the number with mixed data going into. Ism manufacturing was weak. Adp on the downside, 3 30,000 short of the consensus. Ism services though biggest part of the economy, very strong. Claims neutral with a 215,000 job growth month. The trend has been positive so there will be some tolerance around a weak number tomorrow to raise rates. There is another jobs report in Early September before that meeting on september 16th and 17th. The big conference out in jackson hole. Yes i will be there. Well have some newsmakers on our air. But miss yellen is not going. She will not be going. Youd give her a fly fishing lesson. I would. If she wants to make a statement in late august shes going to have to call me. Ron insana joins us now to talk more about the markets and the fed. What do you think this jobs number is going to mean for the feds deliberations and what do you think theyre going to do . I wrote a piece yesterday about the struggle that the fed now faces. Every time they hint that theyre ready to go the indicators that theyre watching collapse and undo the very process that theyve begun. Weve seen commodities collapse. The dollars gotten stronger. Emerging markets are getting killed. So the fed not that theyre focused on emerging markets but almost like the temper tantrum of some years ago, every time they say theyre ready, Inflation Expectations drop. Numbers get weaker. You start to have the rug gets pulled out a little bit. You see it that way, steve . You dont get words like sisifian. I think the economy in those other situations was more tenuous. I think right now weve had this incredible run. Big words. Tenuous. We had this long run of job growth. We had gdp bouncing back pretty smartly it looks like in the Second Quarter. Looks pretty strong to start off the third quarter. Looks like could be sumers ersconsumers are coming back. Courtney reagan disagrees with me a little bit. But certainly auto numbers were strong. To me a focus on u. S. Economy without systemic risks or much of a blow back from overseas is enough for the fed to go. What do you think about the market . You talked a little bit last week about a correction. Do you think were maybe heading that way . I certainly dont like the way individual names are getting gutted on reasonably good news. It is not like disney or apple came out with a horrible quarter. You know what i had been noticing though, while the eps numbers, curiously, seem toll always beat by 2 cents, the revenue numbers which you cant massage have been coming up a little light. Disney was affected by a strong dollar. Apple is affected by china and a strong dollar. Listen, apples in a transitional quarter anyway. I dont think their businesses are broken. I think the stocks at the moment are a little bit broken. That doesnt auger well given that the leadership has effectively collapsed. The high momentum stocks have really fallen apart here. Fitbit comes public and unplunges. Now keurig sinlim afraid what were hearing is a lot of the bad news from the strong dollar but i think there is a good news story and it comes through chiefer ercheaper imports and lower prices and i think that ultimately helps the u. S. Economy. What does that do for the feds mandated inflation goal of 2 . Steve, every time we keep saying inflationary pressures abating are transitory they again go back down they reabate if you will. In a sissifyian way. Every time i think im out, they pull me back in if you want to being corps in godfather 3. Stanley fishers spoken about that inflation target. If you look forward over the next several months were out of time but you have to understand that for the fed i get that. Inflation works through the jobs market. If jobs are strong well if you believe that. Well thats the way their model works. Well learn a lot more tomorrow. Well send you a list of words to study. Simon. It is an education. Lets get to another of the big stock stories today. Mondelez shares soaring, activist investor big ackman taking an interest. Kate kelly has more. The purchase much Mondelez International is certainly one of the Largest Hedge Fund stakes in recent memory valued right now at 5. 5 billion. The game plan to ackmans fund has for the Startup Company is only starting to unfold. Pershing square indicated plans to work with management and director which could include reshaping everything from the Balance Sheet to the boardroom. They also disclose the way in which they bought their stake which involved a combination of common stock, options and derivatives. In many cases with a stock price or put option strike price that they sold that was pegged to the low 40 range. People familiar with the matter tell me Pershing Square likes the confection business a lot represented through the caddurbury chocolate division. The company is at an Inflection Point and big margin improvement right here is possible. The smackmaker is already helping Pershing Squares returns or at least seems to be. The stock was up some 10 in july and so is the hedge fund through july marking a 7 gain for july alone. Pretty remarkable results so far. Earnings season well under way. In fact we are looking at the back end of it these days with some big names already reporting this morning. Seaworld reported low attendance in the Second Quarter but the stocks still up slightly today on this down day, up by 2 . Generac down because of get this good weather. Michael kors also saw its sales dip in the Second Quarter but that stock up more than 10 today. We got it all covered right now. Morgan brennan on seaworld domini chu on generac, and Courtney Reagan on michael kors. Oh good. Michael kors is one of the leaders of the s p 500 today so it is a good place to start. They set a pretty low bar. Analyst expectations and sentiment was pretty down beat. But it is a surprise to the up side like some of the other premium handbagmakers that we saw. Crushing through those eps sentiments. There is a lot to like here but profit is down year over year and we saw the Second Straight Quarter of negative samestore sales. Comps of 40 , 30 , those arent sustainable in the long run but negative comps are not exactly a sign of strength through the brand. Again this was the second in a row that weve seen it. Kors does see International Opportunity. What i found interesting on the Conference Call, the company says asia is a strong point for them and theyre seeing strength in china, Southeast Asia and japan calling it breathtaking. So they still think that there is room to run when it comes to overseas, both in asia and europe. We talk a little bit about kors being potentially oversaturated here in the United States. It happened fairly quickly but the Company Thinks at least that it is not where it could be overseas. They see International Opportunity in the longer term. Back to you. Very nice gain today on a down day, courtney thank you. Generac stock powered down today after reporting than expected sales. What happened here . Good weather happened. So you got when catastrophic weather events happen generac sales surge because people lose power because of snowstorms, they lose power because of their rainstorms or anything else like that. This time around they said it flatout on the Conference Call and in a statement the good weather there,ment less catastrophic power outage environment made for a very very tough comparable. Last year we had a lot more of those events. This time around the first half we dont see as many. The real key here is about whether or not youll see any kind of a boom in the second half of the year. Theyre not expecting it which is why generac is lowering expectations for the reftst year as well. They think if the sales pace keeps up in the second half as it did in the first half theyll see possibly net sales declines of 10 . Thats a pretty big drop in sales year over year. But Silver Lining one positive if you will it is not helping the stock a lot. They did say theyre going to buy back 200 million of their own stock, a stock thats been on a pretty decent slide over the medium term. Generac shares as much as kors is up on the percentage side of things, were losing it on the generac side. Down 13 as of today. Really a troubled stock. Speaking of companies having some troubles seaworld would be one of them. Seaworld would be one of them. To be honest this earnings its not going swimmingly for them. We saw earnings per share came in 17 cents below estimates, that represented an 84 decline in profit versus last year. Seaworld has been seeing a lot of blowback ever since that 2013 documentary that negatively portrayed the company anticipate treatment of captive killer whales. Its been a huge issue. It is the reason why the company has been slash rging its admission prices for parks and why it rolled out a Big Ad Campaign last summer. Numbers declined nearly 2 last quarter. It was an issue, however the company cited three reasons for that. The lingering brand effects in california tied to that documentary. Also bad weather. Heavy rain in texas. And an earlier easter holiday. Easter is a high time for theme parks like seaworld. But stock is up today. Stocks up about 2 . Why is the stock up with all this bad language not bad language in that sense, but you know what impeam talking about. Weve seen the stock up because on the call today the companys new ceo reiterated are Earnings Guidance for the full year. That suggests that maybe some of the hemorrhages weve seen for seaworld financially are stabilizing. Its also been a bad down trend for that stock, too. Very bad. Very bad. Going back to the documentary and all the bad publicity that surrounded it. Courtney and dom and morgan thank you very much. Simon simon, to you. To the wildfires ravaging the western part of the United States. Dozens of wildfires continue to burn from california to washington state. Nearly 10,000 firefighters are working now around the clock to battle back flames that have already destroyed tens of thousands of acres. The socalled rocky fire north of San Francisco has already burned up some 68,000 acres, destroyed 40 homes and forced evacuation of thousands. Meanwhile, hundreds of residents who havent evacuated from their homes in roosevelt, washington tuesday night due to a wildfire are now being allowed to return home. It is a selloff here on wall street. The dow down triple digits. A number of stocks in the dow in correction territory. Are they a buying opportunity . The best bigcap stocks to buy now next. Youre krachgwatching cnbc, first in business worldwide. Music etta james at last plays throughout sometimes, at last doesnt happen at first. Your dad just kissed my mom. Turning two worlds into one takes love. Helping protect that world takes state farm. Beermaker molson coors sales are hampered. Jpmorgan moving more than 2,100 jobs from manhattan to new jersey. The company receiving 90 million from the garden state in subsidies to make that move. And jerusalembased Car Technology company mobileeye reporting better than expected Second Quarter profit with revenue increasing 57 from the previous quarter of the year. Tyler, over to you at headquarters. The dow hovering at around sixmonth lows. The s p breaking a key support level of 2,087. Energy a bright spot in todays selloff. Perhaps curiously. Dominic chu drilling down on that sector for us now. I see what you did there. Drilling down on that sector. If tuyou look at the s p 500 intraday, its managed to get a bit of a bounce. The only sector in the green today, up by over 1 . Why . I thought oil was down today. Oil it down today. Thats the curious part about it. A number of stocks are really driving the action. Its a wide swath. Different types of Energy Stocks. Energy stocks overall, year to date gains in energy are also interesting. We got to put that day in context with the overall down trend we are seeing year to date. Energy stocks have taken a beating which might explain a partial piece of this story that we are seeing a bit of a relief rally here because of oil prices lower. Or in some cases they are dividend plays. There are people who are buying on the dip possibly. Some of the names that are holding up and propping up todays trade so far, theyre interesting in that they all represent a different part of the Energy Sector. Chesapeake energy. Natural gas play. It was down disaster yesterday. It was a disaster yesterday. Thats the reason why. Right . We had a disaster yesterday getting a bit of a bounce today, 12 . Maybe a bit of a relief rally there. Maybe a bit of short covering. But thats natural gas. Transocean on the drilling side of things, thats up. Thats an earnings story up 10 . Transocean shares. Again in the broader context of the years moves it is still down compared to where it was. So a bit of a rally there. Newfield exploration up 5. 7 . The Energy Sector overall, youve got a decent i guess cross section, if you will of companies that are kinds of propping things up today. Notable, gas drillers refiners exploration and production. These ones here are kind of leading the game so far but whats curious, Oil Prices Continue to go down and they are continuing that down trend. You wonder whether or not these gains will hold if that Energy Sector overall keeps going down like it is. Dom chu, thank you. Simon, over to you. I ma have any have an explanation later on in the show for you. Media stocks are clearly getting crushed right now. A huge selloff there continues. What you need to know about this sector in the months ahead. Plus it is a redhot biotech ipo today soaring 50 right now. Could this company have the answer for those who suffer from peanut allergies . The companys ceo will join us in a first on cnbc interview. I can help you choose the right portfolio. Monitor it. And even rebalance it. Ive been called innovative. Revolutionary. And just plain smart. Id blush at the compliment if i could. But i cant. So. I wont. Say hello at intelligent. Schwab. Com ive got two reasons to take care of my heart. Thats why i take meta. Meta is clinically proven to help lower cholesterol. Try meta today. And for a tasty heart healthy snack, try a meta health bar. The good news is were of o our lows currently down 123 points on the dow but clearly it is a tripledigit loss today. The nasdaq also slammed. One Group Getting hit hard today in its media stocks theyre now down 4 . Julia boorstin is tracking that action from los angeles. Julia. Simon when investors look back today may be remembered as the day the market decided the tv bundle is dying. Leading the carnage viacom shares off nearly 14 . This morning the Company Reported a accelerating decline. Fox shares also plummeting after reporting declining revenue and earnings. The stock is now down over 7 . It was down more than 9 earlier after lowering its profit expectation for the com