what s ahead for this group? power lunch starts right now welcome to power lunch. i m melissa lee. wall street hitting the sell button again as china retaliates with its own trade tariffs having the biggest one day drop since the beginning of the year. s&p 500 lost almost $1.2 trillion in market value and 28.01, about 20 minutes ago and bounced off that by 12 points and much more behind that in a few minutes. tyler mentioned apple, boeing and caterpillar, among the biggest and shaving off 170 points between them. full team coverage of the sell-off and what s fueling it and covering that angle for us steve with the fed and economic fall-out. we begin with bob. reporter: looking to go back to china a few minutes ago and the trade war to become more real not only higher tariffs on existing goods but the implications of a trade war to last for months or years are very clear now lower global growth potential, potential for lower global earnings and a potential for a lower m
power lunch starts right now welcome to power lunch a volatile trading session here off yesterday s big losses wall street still trying to make sense of the headlines about trade talks. the dow in the green right now higher by 90 points or a third of a percent it was up more than 130 points at the high. all three major averages trying for their first gain in three days and today s market turn around coming as the white house seems optimist take china wants to make a trade deal eamon javers has the latest. they seem optimistic. they re not saying why they re optimistic we saw the tweet from the president earlier today when he said he was informed the chinese were coming to washington tomorrow to make a deal. that is the chinese vice premier who is leading the delegation arriving here some of them today. negotiations and meetings tomorrow it s not clear what the president based that on. sarah sanders came out to talk to reporters a couple hours ago. i asked her what the
there. power lunch starts right now thank you,ty. hi, everybody. the countdown to apple is on the tech giant reporting after the bell today 2.5 hours time the stock taking a hit ahead of the numbers but it s been on a big run so far this year josh lipton in kup tee know with more on what investors need to know ahead of these numbers. josh reporter: so kelly, apple s stock is under pressure in today s trade but as you mentioned, it s been just a tear up more than 40%, investors make a b line for iphone revenue. bogey $30 billion and drop of 18% year over year tim cook has called out the challenges they see there including china but some analysts including the team at morgan stanley see signs of some stabilization there but as the iphone is under pressure, a lot more focus on that services segment. faster grown, higher margin, that s the app store, apple music, though some analysts have questioned the segment s growth trajectory, even seeing some pretty significant declin
the 2:00 p.m. hour has usually been one of the really volatile ones during these big trading days and maybe today will be no exception to that. the dow now down about 500 points as you see there. it is a 2% day, let s call it, across the board as you see by those numbers on your screen we re off the session lows but just by a little bit below 26,000, however, on the dow. the nasdaq getting hit the hardest. it is now below 8,000 at 7941. a few more days like this and we could be on correction watch once again remember that? and at least for the russell 2000 and the dow, they re both down more than 9% from their most recent highs. let s get straight to bob pisani at the new york stock exchange to tell us what s going on and taking us down this hour hi, bob. reporter: hello, tyler. this day is different than others with trade worries. it is similar that some of the usual suspects are down. so take a look at the ones down here you see china stocks moving down there s that mchi.
from technology, information technology, industrials, health care, materials. i mean, really sharp declines in some of the industry groups. financials, wilfred, getting beaten down 1398%. but you d say the other point is it s very broad only one sector knocked down more than one full percent the vix also spiking up five or six points today alone. let s get right to it what s driving the sell-off? bob pisani at the nyse frank holland at the nasdaq. matty desner, portfolio manager at jpmorgan. aaron brown, pimco s performing manager and managing director. bob, first to you here on the floor. sara, you made a very good point. the whole market is down even companies or sectors that don t really have any direct revenue exposure or buy from china. they re all down the reason everything is down is because the prospects of tariffs, new tariffs for months on end, lowers global growth prospects in general it doesn t matter whether you re getting revenue out of china or not. take