Things have changed in the last couple of seconds here. Meanwhile at the white house, President Trump meeting with some of the biggest labor leaders in the nation. President trump talking trade, jobs and the economy with the leaders of the teamsters, the steelworkers, the auto workers and other trade groups. This after team trump released Economic Outlook earlier this afternoon. The president s council of economic advisers came out with numbers and the numbers disappoint, if you had been hoping that what the president said on the campaign trail would come true. Well get those be ins to you in just a moment. Bob nardelli, grandson of the Biggest Companies in the nation, hell tell us whether this Economic Team of the president s should have come up with a more solid number in this very wide ranging forecast. And we will introduce you to the ceo of a company that is planning to take on the likes of apple, fitbit, garmin, polar, all of the Wearable Companies with his own wearable. What makes it so different . He says it will change and save your life. This is a fox business exclusive, you need to see this product. Less than an hour to the closing bell. Lets start the countdown. So breaking news, and again, this should underscore how quickly things turn. When i just started talking to you about a minute and 30 seconds ago, we had the dow up 150. Now up 95. We had spiked on Janet Yellens socalled parting gift to the markets and was the fed minutes reports which give us a sense of exactly what was said at the most recent fed meeting and kind of not too hot, not too cold, things look good, stronger, still look at three rate hikes, not more, not fewer but not as aggressive as the markets previously thought. We are well off session highs which were struck right at 2 00 p. M. Eastern when the fed minutes came on. Could you call this a strong close . We have 58 more minutes to go and now up 88 points. Folks we are on a trajectory going lower. 10year treasury yields, changing moment by moment. When the numbers hit the tape, we were at 2. 9, now 2. 93. Interest rates move higher and stronger. That means less fear in the markets and lets see if thats true. The vix volatility index slipping to lowest level since february 5. And climbing, sort of the opposite what stocks are doing. Right now down 2 points or 10 Percentage Points but had been much lower. Were standing at 18. 47 for the volatility index. Can we look at the tech sector . Shining brightly. The nasdaq is on pace for highest close since february 2. We are up 50 points but high of the session for the nasdaq, we did see a gain of 104. I dont know if that still stands. We are writing the scripts and changing them as quick as the actual picture at the moment. The intraday, were heading back down. Big cap tech titans, keep a close eye on amazon, it could make history today, if it closes above 1500. That would be the first time ever. Right now, were looking at amazon at 1496. 51, were less than 4 bucks out of there. Amazon could be partly responsible for walmart, having worst day on wall street in more than three decades. That, of course was yesterday. Today, were only adding to the misery. Walmart is down another 2. 5 after getting smacked by a 10 loss yesterday. Biggest retailer falling for the second day in a row on track to shave off nearly 90 points from the dow after a barrage of analysts cut price targets on the stock today in the wake, not only of walmarts disappointing Earnings Report for the crucial Holiday Quarter that showed a slowing of online sales growth but almost a concession amazon is a jugger sdmaut beating walmart. Could this be a buying opportunity . Always got to ask that question. We need to get to the white house because the president is now listening to the unions. Hes meeting with trade Union Leaders as he vows to get tough on trade deals that, quote, hurt american workers. Again, this is interesting, the president turning the traditional view of Republican Leaders on its head by welcoming instead of freezing out Union Workers which is what many republicans well in the past used to do. This comes just as the white house releases its assessment of the economy. A lot going on, blake. We have the fed minutes, the markets i want to say reversing now, now were up 65 points when we had been up 250 for the dow and the meeting where the president is really linking hands with Union Members which stands similar to what he said from the very start when he invited coal Union Workers right into the oval office. Reporter you got it exactly right. I was speaking a little while ago and this person said, look, while President Trump, this is a group that may not necessarily see eyetoeye with him, he invited last year. This is described as a natural progression of the conversation, that the president had with these heads of the biggest unions, just last year. Let me show you who is exactly at white house now, the head of the aflcio, teamsters, steelworkers, the uaw, to give you four of the six there. Im told nafta is a good portion of the conversation, as you always know the president has a decision to make whether or not to levy tariffs against steel, and that could potentially come up as part of the conversation as well. This comes as the economic report of the president was delivered today by the president s top economic advisers and they had this message, i guess you could almost say this warning on trade, at least as the administration sees it. According to the 500 or sopage report, they wrote on trade even if fair and reciprocal International Trade as a whole leaves the u. S. Better off in the aggregate, this does not necessarily mean that the benefits of expanding trade flows leave all americans better off. Youve got this administration saying America First is the priority, but critics both inside and outside of this country say this is an administration that is too protectionist on trade. As for that cea report, it paints a rosy outlook of the economy, and when you look Going Forward as to where they see things headed, its pretty much at a rate of 3 gdp growth. A 10year time line they outlined had just about 3 in the nearterm and the outcoming years other in middle portion of the 10year window at 3 and the back end of the window just below 3 , but then theres also this warning as it relates to the headwinds. Heres what they caution liz, challenges remain for 2018 and the longer term, including increased opioid dependence, the recent low rate of Labor Productivity and real wage growth and downward pressure on the Labor Force Participation rate from demographics. Bottom line from this report, liz, 3 gdp growth, they feel will be the new norm coming here for the next ten years or so. Interesting though, they compared President Trump to president reagan and some ways president kennedy, president reagan one year after the recession had gdp of 4. 6 , and then i believe it went to 7. 8 that following year, so, you know, were not there yet. Reporter and one person they did not compare him to was president obama. It was very clear when we were on a call right before this report was released, they are saying, look, this is a clear departure from the obama administration, and they think, especially with the new tax code going into law that that is going to lead to the 3 growth. The feds not far behind. They said the same thing in the minutes a few minutes ago but said they havent seen it yet. We can only hope its coming. Blake, i dont know if you can see this. The dow has fumbled more than 240 points of its lead. We are now up 17 points for the dow at 3 00 p. M. , 9 minutes ago, we were up, what, 200 what were we, right . More than 200 points . Its unbelievable. The high of the session was 303 points to the upside. What is happening here . Well, could it be a move higher in bond yields or Something Else . I need to get to traders right now. And we should mention too, jpmorgan had this to say while rising longterm rates will ultimately become a negative, we do not see current levels as a reason to derisk and sell equities. Oh, really . Said the guy at jpmorgan. Whats going on here . Ill start with ted weisberg, and chris is listening to. This is a significant reverse, maybe we can show intradays, the really big drop here. Whats going on . Well, it is as we speak a big reversal. The stay not over, and as fast as they came down, they can reverse it and move higher. No question after the fed minutes are released that what they heard, the comments that the fed can afford to be patient with Interest Rates. Clearly this is of a peace of fed chairman, not from the current fed chairman, and influence on the Federal Reserve, but i think the issue of Interest Rates is clearly a headwind for the market, but unfortunately, we dont know where the Tipping Point is, and i dont think were close to it. But at the end of the day, liz, the fed, the 800pound gorilla in the room. Will corporate earnings trump what the fed does down the road . That remains to be seen. Its the fed, we just turned negative. Ira. The dow is down 14 points, the low of the session here. Ill say what the fed said in case people missed it at 2 00 p. M. Eastern. Stronger growth than previously forecast. Further gradual rate hike. Inflation will hit 2 in the intermediate term. Tax cuts nearterm are positives. Havent seen the effect just yet. Upside risk, things are stronger. Ira, why suddenly an hour after those minutes came out did we go from up 303 points to now down 23 . Highfrequency trading. Hft, that is the name of it, and playing on each word that comes out, as it comes out, you stand in front of a train, thats what happens, that kind of money comes into the market. The fed said nothing, its a threeweekold statement were listening to. 10 plus break after the statement. Weve added 300 billion in spending to the market and the fed said one thing, one big word, gradual. Theyre going to look at each threemonth period and tell you where theyre going. Trying to read what jpmorgan is saying of four rate cuts, im not buying into it. 2 1 2 is built into the market, see how the market does from there, and trading affair, no longer just a straight up affair in stock. Said that last time i was here. Im telling you this is really strange. Youre saying its the algoes. We talked a lot about this two weeks ago. And you know, obviously, we had one of the guys who runs one of the biggest highfrequency outfits, vinny viola. To be fair, humans input the buy and sell orders into the highfrequency trades but the computers move it so quickly that this is extremely unusual. Were now up 10 points. Who knows how it will end. Andy brenner sent out a note one of the smart guys we listen to and he said even though were up 303 points, i dont know where equities will go. Chris lowe, does the economy or outlook from the fed or President Trumps Economic Team play into what were seeing right now . I dont think so. You know, i think what the guy said about the minutes is spoton. Theyre talking about continued gradual growth, as you mentioned, theyre expect a little more oomph in the economy from the tax cuts, but they are confident inflation is moving towards 2 and a gradual pace, and that thats consistent with further gradual rate increases. So i dont see anything in the minutes suggesting a faster rate of tightening or even a slower rate of tightening. If i had to pick on one thing that might be driving 10year note yields higher, its the fact that maybe some traders think the fed is being too complacent, that maybe they ought to be a little more nervous about the economy heating up in the wake of the tax cut. Well, sure, if that happens, you start to see that inflation can come in as i said before with the rapidity of a horse at full gallop. Look at the yields now, 13. 57 at 2 00 p. M. Eastern. And a rising 10year yield is nervous that the fed is not tightening fast enough. I see, i see. Remember what happened when the fed was going and the economy was dying in 2016. Those long yields fell because they felt we were doing too much. By the way, there was a mckenzie report that got a lot of attention about stronger productivity. That is the white house answer to all this and well get productivity growth. We should say too, the dollar has weakened going into the fed minutes at a buck 23 for a youro and now at a buck 22. Were watching this. Guys, thank you. We may have to come back to you to see whats going on here. With the closing bell ringing in about 45 minutes, this market is very tentative at the moment. The dow is up 17, but i remind you it had been up 303 within the last hour. Nasdaq is up 33. Had been up 104 if that tells you anything. He was known as the godfather of the american running movement, but jim fix dropped dead of a heart attack on a routine run, this was a marathoner extraordinaire. Would he still be alive today if he had a wearable that has the technology from a company were about to show you now. The ceo of onrun health care is ready to take on the fitbits and the apple watchers of the world. Congressman nancy pelosi attacking the tax reform plan as, quote, a scam and unpatriotic. But now even democrats think that is far from a Winning Strategy for 2018. Hillary vaughn watching this speech. This is a live picture whats going on and what House Minority leader pelosi is saying right now in a news conference. Shell tell us and shell give us the fallout, next. But im not standing still. And with godaddy, ive made my ideas real. I made my own way, now its time to make yours. Everything is working, working, just like it should retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Liz i need to take us back to these markets. Now we have everything back in the green, but nowhere near where we had been. Just 20 minutes ago at the start of the show. The dow up about 16 points but when you had been up 303, within the last hour, this is kind of strange. The s p up 4. High of the session for the s p was a gain of 31 points. I told you the nasdaq up 32. Looks good on the face of it. Had been up more than 100 points. What happened . Hard to say, but if you look at 10year yield right now, it just hit a fresh fouryear high of 2. 94 , why . Well, we can only figure we got the Federal Reserve minutes, the market initially absolutely loved it. All of the gains, the highs of the session came as soon as that came out okay. Were watching it could be the algoes as they said. To san francisco, this is nancy pelosi, the House Minority leader holding a news conference. Shes on a plan to go through many different states. She was in arizona yesterday, and shes calling the gop tax plan a tax scam. Now you know earlier several weeks ago, she called any kind of checks that people were getting from employers in the wake of the Corporate Tax cut as just crumbs, she is now doubling down going so far as to call the tax plan a scam. Hillary vaughn is listening to the speech. How did she begin this speech, im interested to know . Reporter liz, her whole argument is this tax scam is a gop scheme to convince american taxpayers that the reforms are good for them. She admitted earlier today that americans are getting more in their paychecks saying that republicans put a goody in there for some taxpayers to distract from the fact that these corporations are getting these massive cuts. Heres why she says thats a ripoff because she says that republicans, by issuing these massive Corporate Tax cuts are adding to the debt, claiming if you factor in the interests from these cuts, it will add about 2 trillion to the debt. Thats what shes saying. Republicans will tell you that all this growth that we expect to get from the cuts will end up paying for itself, but she says dont listen to that, thats not true. She also says that republicans are purposely creating this to their advantage, using a growing deficit as excuse to cut critical programs. But whats worse about it is that its a black cloud that hangs over the budget and says now weve given robbed from the future and now we have to take from medicare, medicaid, food stamps, Social Security disability. Reporter the california lawmaker saying that some of these cuts are hitting seniors the hardest, arguing the cut to food stamps hit a Food Delivery Service for seniors meals on wheels and hurt the neediest. This is a part of her 100city Campaign Across the country to convince americans that these reforms are bad for the country. Liz . Liz it does seem that its not just gop who are sort of raising their eyebrow on this one. You now have fellow democrats in the house, everybody from John Yarmouth of kentucky to go crowley of new york, whole burch of people, ken ellison of minnesota, ben ray lugeon of new mexico. Scam and crumbs are not right. Some democrats are distancing themselves from nancy pelosi. Thank you very much, we appreciate it. Hillary is going to monitor the speech and tell us anything we need to know. United technologies going airborne, with the closing bell ringing in 37 minutes, utx announcing a 23 million deal with the air force for new air force reconnaissance system, and the gap flying high after announcing a new colab of Kids Clo