The dow yesterday. But these were some big swing as people were trying to digest what this means for potential for a hike. If we can. We can look at the prior day at some point. Watch the tick by tick for the day. I thought i saw most of the swings. Before too, yeah. Maybe it is going to be a monday up, tuesday down, wednesday up theres the tick by tick. But it was a fairly erratic day. By 210 it went from up over a hubs or 2 15 it was down over a hundred. Well continue to talk about this today but it does look like june is potentially a live meeting at this point. Also crude oil this morning. Another big swinger yesterday. Ended down after being up sharply. Down 2 . Lets talk about our top story this morning. An egyptian plane carrying 66 passengers on crew on a flight from paris to cairo disappeared this morning over the mediterranean. It was flying at an altitude of 47,000 feet when it disappeared in egyptian air space at 2 30 a. M. Loik local time. Hadley gamble joins on the squawk news line. The french merry christmfore saying it officially went missing just 20 minutes before landing. It disappeared around 2 30 a. M. Local time here in the mediterranean. They set up a Crisis Center here in paris. There are 66 people on board the airbus a 320 and we understand that search and rescue operations are under way right now. At least one ship, two aircraft responding. About 130 miles off the greek island of karpathos searching for that flight. They lost contact with the flight earlier today when it disappeared from radar. This is of course one of two non stop flights daily from egyfran to cairo. And slamming social media for miss reporting the situation. Airbus tweeted regretting the loss of the flight. Search and rescue still under way and were expecting that press conference in just a few hours from now in cairo. Were going to continue to mont they are developing story and bring you updates as we get them. Lot of concern. Yeah. Could be anything though. The official investigation in egypt of that russian flight has still not found any particular reason the plane came down. But egyptian ministers admitted and some organizations have said they were at fault. Isis claimed responsibility. Right exactly. Usually you get up there and things are pretty routine when you are just moving along. Boeings whatever it is. Boeing, airbus. And the pilots were 6,000 hours of flight time we finally figured they were carrying some lithium batteries. Some weird in the hold. Weird things can happen. Normally its not just i told you. I was on that plane when the engine blew up. In the air. The as tough thing still a lot of questions about but in this day and this world. Everybody is thinking it. No ones saying it. Who knows. But its lights coming now. I guess. Or was it a few hours ago. I was looking at twitter and saying it was probably relevant to mediterranean is not like the South Pacific or something. Or indian ocean. Yeah. Turning now to todays top business story and news about deal. Monsanto says it rereceived an unsolicited offer from a german company. Might make sense but here we go again with a foreign buyer. Fairly possible a deal like this wouldnt happen simply because the regulators would say no dice but as a functional rival to the sangenta the earlier sangenta deal that just took place a couple of months ago and that is under. First of all its very possible if im monsanto im going to say not enough money and im only doing this if you pay more and one of the reasons you need to pay more is because of regulatory hurdles. Can you just say a and two and. A and two just to confuse he likes mixed metaphors. I know. I try to be consistent. This way if you do it when you are trying to do it then any mistake you make might have been intentional. Then you could yoo use that. We all called. And tesla, it is going to offer 1. 7 billion of new common stock to finance the accelerated launch of its new model 3 sedan. Shares cropping on the news last month. Elon musk said the Company Might need to raise cash after receiving 373,000 reservations for the model 3. But you have to put money down for the model 3. As a result of the Strong Demand for the vehicle tesla plans on speeding up production to build 500,000 vehicles by 2018. Two years earlier than originally planned. How can i see teslas that arent the model s. I saw one yesterday. And. Dont they have they have many models. The other one is ugly. Is it the suv . Wasnt suv it looked like an inflated prius. There is an s and e. There was an e maybe. Big back end. Inflated. Like a cheese wedge. Elon musk will sell 2. 8 million shares of his own and thats worth almost 600 million to him. Cisco giving upbeat outlook for the Current Quarter expect ing. And Chuck Robbins will be on the squawk on the street today in a first on cnbc interview. Couple of things going on today. Investors getting a fresh snapshot on the labor market stood today. And weekly jobless claims. Unemployment expected to drop back after hitting a 15 month high in the previous week. At 10 00 a. M. Look for the monthly philly fed survey. Stanley fischer and bill dudley will be speaking today also. And walmart and Dicks Sporting Goods report before the opening bell and after the close Applied Materials and the gap. Futures are negative this morning. Dow down about 81. S p down close to 10. The nasdaq down close to 20. Right now the dow even before these numbers this morning after yesterdays close, the dow was down for the week to date which would make this on pace for the fourth negative week in a row for the First Time Since its october 2014. Nasdaq closed up about 23 points o. Outperformed the dow yesterday. The big question is what is the fed going to do come june. You can see there are red arrows in europe as well. The dax down 1. 4 . The cac off 1 . The ftsi down 1. 4 as well. Asia oent you saw the nikkei ended flat. Markets and hang seng and shanghai composite were slightly weaker. Oil prices again saw quite a bit of volatility as well. The wti at one point hit a high of 48. 95. Highest since october 2015. And then ended down about a quarter of a percentage point to 47. 24. Check out the 10 year note. This morning the 10 year up to 1. 87 . Dollars down across the board this morning. Right now the euro is trading at 112. 16. Yen at 109. 95 and gold prices at this point yesterday hit their lowest since march 28th. Down 1255. 20 an ounce. Fed hawkish on the minutes to the meetings. That was surprising. Because the three earlier in the week talked more hawkishly. But we still thought. So to see it in the actual minutes really gave people pause. There is yesterdays action. Because it was such a wide range you cant really tell. Those are big moves. 17440, all to way to 17,6. And then 17,650. And all the way back down and unchanged and back down and back to unchanged on the close. People didnt know what to do. I want to start with you on whether june is really a live meeting . Do you think it is . Are they playing us . No i think they meant it. I got to say i was surprised as well because at the time of the april meeting wed had quite a run of weak data. But they were very clear telling us they didnt believe the numbers. They pointed us somewhere. I dont believe that either really. And since the meeting weve had much stronger numbers and that is what we told them was the condition for june. The problem with june is 8 days later is the uk referendum. And i think the u. S. Policy establishment is very scared of the risk of brexit. I think well vote to stay in but as the big risk and comes very soon after the meeting. Polls made it soon as if the people voting to stay in the eu have more power in this. They have nudged towards that direction. You said well friends of my compatriots at this point. I think eventually there will be an outburst of rationality and well do the right thing and well vote to stay in. We might not. There is a very significant risk and i view this as a Strategic Risk and a risk to the eu and to nato. And obama went and pleaded to stay in. And letter in the media saying please stay in. The 10 year is immediately up to almost 1. 9 and euro down 112. So the cover that the fed had. I thought they had cover with the dollar that backed up little. That disappears really quick. Couple of comments and dollars make Goldman Sachs is right. They probably laid the groundwork flow for july. That is like cypress or like greece. Here we are with a hundred mandates again. There are supposed to be two mandates and that is tattoo too im in your camp joe. Id really like to picked a wrong day to stop sniffing glue. It is like there is never a good time to do this. They should they should. [inaudible] take our medicine, bite the bullet, then we can mix them up. A bunch of fed people coming out over the last several days saying two to three rate hike this is year which the market has been in total denial about and then the minutes saying if the data are decent were going to go in june. The minutes did specifically mention brics risk as well. Part of what they are watching is inflation. And closer to the 2 target. When you have oil prices like this, thats helped things enormously in terms of their expectations on inflation. The perceptions are going to move higher that oil has moved up. The the pressure is clear to the upside. So they have everything they need. But we do have an elephant in the room eight days after the fomc meeting and it is a binary event. If we vote out it will be a mess. You think the second half is still better for stocks though . Maybe after the summer. May. May with one of those years again and feds probably give us a little additional ammo to think that. If they are going or the active here in june or july what are the reasons to go long the equity market is tough to make that case. Corporate earnings will improve whether or not the fed goes up a quarter or a half or three quarters, wont they . Cant you place your bets on the corporate sector improving regardless of the fed or not . You can but you are likely to get better opportunities. Why not wait a little bit and pick your timing. The s p crossed into the 2,000 range back in i think it was august of 2014. And its been in pretty much a range ever sense. The only way really to make any money is play the range. So if you are going to go long why dont you wait for the opportunities that i think are probably going to happen over the next couple of months. Suv. Doesnt really look like an suv. Yeah because its low. Its not small. But its ugly. Oh i is it really a gull wing. Yes it has gull wing. Beautiful car. Likes oox a prius. I take the flip side of that. You dont own a car. I have eyes and an opinion. You dont own a car would you evaluate motorcycles . Very inappropriate like trees and grass aand. Wrong you are. Evaluate women. Its been a rough week for retail. Target lbrands, Dicks Sporting Goods and jc penney all down over the last five sessions. More from Courtney Reagan next and walmarts report. Back in a moment. 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. Lease the c300 for 359 a month at your local mercedesbenz dealer. Heading to the story here, the breaking news of the morning. The Egyptian Aviation Ministry will hold a News Conference in about an hour. 7 30 eastern. As you know by now, an egyptian plane carrying 66 passengers and crew on a flight from cairo to paris disappeared over the mediterranean. Well bring you updates as we get them. Checking with business. Its been a rough week for retail. Lbrands posted earnings of 59 cents a share and while it was better than expected sales were short of expectations. Check out the stock. Lbrands down close to 5 . And teen apparel retailer Urban Outfitters beating forecast and same store sales rising by 1 . That was better than expected. Analysts look footwork a drop of. 4 . Obviously the street willing to praise those that beat expectations but pound those that miss them. American eagle rising. The teen retailer says that demand was strong for its airy line for women. That stock up about 14. 5 . Walmart results expected at 7 00 a. M. Eastern. The stock down nearly 9 just in the last month alone. Macys earnings triggered a Retail Sector selloff. Walmart has lost about 8 since then. But some predict they might weather the storm. Apearl has been a weak spot but less than 8 of walmart comes from apparel shoes and accesses combined. Gas prices still lower and minimum wage increases are likely to help the core walmart shopper. Wall street wants to see that u. S. Comparable sales are continuing to improve even if marginally consensus is actually just for a gain of 0. 5 . Remember walmart already issues longer terms Earnings Guidance in the fall. Factoring that in, consensus for earnings of 88 Cents Per Share on revenues of 113. 22 billion. However would be surprising if walmart escapes sales and traffic softness in april that seems to have hit everybody else from macys to target to home deep and hard to explain what that softness was. A lot seems to be whether target really hitting hard yesterday. T in Earnings Call ceo saying in some places we were up double digits. In the northeast we could have been down as much as 90 on bad weather days so really quantifying it to say look, weather really hit us hard. And plus the early spring break so target, for instance, is the Second Market share for bathing suits and if its very cold and spring break is early you are not going to be buying target saying look we beat expectations for the First Quarter. Warning for the Second Quarter but we think for the full year well make the guidance. Right. So that is why a lot of questions come in but you are watching all this as gas prices go up and i think it will be very dependent depending on which retailer. For walmart it may hurt more Going Forward than perhaps for target which has typically a higher end consumer. What percentage it is pretty small. But again both these companies are spending billions trying to ramp up. It is a big need to move. Thank you. When we return. The latest details from france and egypt. Right now as we head to break look at s p 500 winners and losers. Earning enough cash back from bank of america to buy a new gym bag. Before earning 1 cash back everywhere, every time and 2 back at the Grocery Store. Even before he got 3 back on gas. Kenny used his bankamericard cash rewards credit card to join the wednesday night league. Because he loves to play hoops. Not jump through them. Thats the excitement of rewarding connections. Apply online or at a bank of america near you. In new york state, we believe tomorrow starts today. All across the state, the economy is growing, with creative new business incentives, the lowest taxes in decades, and new infrastructure for a new generation attracting the talent and companies of tomorrow. Like in rochester, with worldclass botox. And in buffalo, where medicine meets the future. Let us help grow your companys tomorrow today at business. Ny. Gov real is touching a ray. Amazing is moving like one. Real is making new friends. Amazing is getting this close. Real is an animal rescue. Amazing is over twentyseven thousand of them. There is only one place where real and amazing live. Seaworld. Real. Amazing jake reese, day to feel alive jake reese, day to feel alive jake reese, day to feel alive welcome back to squawk box on cnbc, first in business wordwide. Our top story this morning an egypt airplane caring 66 passengers and crew on a flight from paris to cairo disappeared this morning on radar. The plane was flying at 37,000 feet it had just crossed into the egyptian air space at 2 30. The last reported position was 165 miles from the egyptian coastline. And that is all the details that we have at this point. Although swirling around once again in the twitter sphesphert. Amazon might be forced to switch up content. They could be forced to devote at least 20 of their shows and catalogs to european industry. So if you dont like the government telling you what to do in the United States, joseph, this is that . Spades. Partially by the way a cultural move. I mean that is large part whats driving this. If you go to france for example, one of the things they want local phones both to support the industry but also the people there want local films so it changes the cost structure. How did it go yesterday with the zuk, did you hear anything about that . Ck, did you hear any about that . I saw some blowback on twitter. You did . Yeah. A weird exercise. Sort of a a situation like that you are damned if you do or damned if you dont. You either acknowledge it or if you dont have are going to have critics take you down either way. You should have all opinions. Of course glenn beck was there. Yeah you and glenn beck. Yeah. Records continue to fall this week as another rare diamond is auctioned off. This blue diamond sold for more than 57 more. Including fees. But that price crushed the previous most expensive record by 9 million. The christis hasnt identified the buyer but the diamond gets it names from oppenheimers wife. I hope was there. At the blue diamond . Zuck. [inaudible]. He should have a seminar for mark. Just to i think mark understands capitalism. You would think he would. Then explain the sensors of any it is hard to say that was sanctioned by zuckerberg all the way up. We dont know. Sanberg . Im shocked. There is gambling going on here. I cant believe it. Theranos reports the company has sent tens of thousands of corrected reports to doctors and patients, which means some received erroneous results that may have influenced health decisions. I dont want to do anything based on this information to my temple, you know . New technology is great, if it increases the validity of the test you are checking out but if it is noz even up tot the you dont need or dont do something that you do need, you need to be right about these are massive steps that they are taking. So this company. Frank reynolds . Yes. You have got to get this right what he said when james grady had already died in the reagan right