Transcripts For FBC Countdown To The Closing Bell With Liz Claman 20170517

322 points. Down one and half percent. Also the same story. Its down more than 2 . They were treating from tweeting from record highs. It can all get bogged down following the revelation of a memo. It has claimed that that memo shows President Trump asking comay to take it easy. We have it covered from every angle. And Richard Goodstein they will tell us what all this means for the trump administration. We are less than an hour to the closing bell. I am Ashley Webster in for liz claman. Lets start the countdown. After weeks of ignoring every sign of trouble. They are suddenly selling off amid evidence. A damaging allegation that could derail the white houses policy agenda. You can see the losses piling up. Down as much as 354 points. Still on track for the worst day since the election. Its down 327 as we say the s p down. Down two and a quarter percent. The fear gauge which have been hovering at the lowest levels in a century so much for that. Now 1420 about 300 today. Maybe some of that is washed away. The sector which is being one of the top performers since donald trump was elected to date one today one of the biggest losers. The largest like on the tao. Jp morgan up nearly 400 percent. Think of bank of america down about 50. One of the few bright spots today is target among all of this. Target up one and a third . They are beating earnings expectations into raising the profit forecast for the year a bright spot today. Lets take a life look at airport air force one. At the Coast Guard Academy these as news breaking the president will be meeting with full for potential candidates. This unfolding as present trump faces an alleged bombshell. The president ask the former fbi director back in february to end the federal investigation into the former National Security advisor. It not only sparks questions about whether they try to obstruct the Justice System by adding to the pylon effects. With the latest meeting with the russian diplomats. Blake burman is a big busy guy these days. In two big pieces of news from the White House Press secretary. As he just briefed reporters. Coming to the white house here within minutes we believe meeting with the present trump throughout the afternoon will be for candidates to become the next director of the fbi. Among the top of the list the current acting mitt director andrew mccabe. Also on that list Joe Lieberman the former Democratic Center turned in the pendant who was once chairing the Homeland Security committee. The former governor of oklahoma and richard mcfeely. Those before meeting with the president interviewing with him the other bit of news from the press secretary they continue to stand by their claim that the initial reporting from the New York Times as a way may or may not have been said between present trump and james comey it is not an accurate representation is the way that he put it. He said repeatedly whether there were any recordings of that conversation and whether or not there was any evidence and he would not confirm or deny any of that. He was sticking by the Administration Line that they put out last night. The president himself his yet to directly weigh in on this topic he did speak to graduates of the u. S. Coast Guard Academy earlier this afternoon and talked about the need to fight back when you feel as if youre being treated unfairly. Here was a peasant as he took a shot at the media earlier today. Look at the way i had been treated lately. Especially by the media. No politician in history and i say this with great surety has been treated worse or more unfairly. You cant let them get you down. You cant let the critics and the naysayers get in the way of your dreams. The Senate Intelligence committee wants james comey to testify they have officially asked them to do so in private and a public he would like him to testify as early as next wednesday. If that were to happen would happen speemac dab in the middle of the president s foreign trip. Thank you for that recap. The controversy surrounding the white house right now. The healthcare they must now compete for attention. Possible intelligence investigations. We are doing now at the latest inside of the chambers. Senator, thank you for joining us. That lets just get to the story right now. They were blaming the media scene he was treated the worst of any president in history. What is your take on the james comey memo and how it is being handled. Its causing part of the problem. Most certainly the media is out here and its gonna take any advantage for controversy. We are still trying to do the work on Health Healthcare issues and tax reform. Were talking about how we are going to be able to make the changes within. It is a big challenge with a lot of work ahead of us. We are focusing on that. All of the attention right now is on the white house. As you can see from the markets. The fear is that the controversies come out washington in that very progress. The deep regulation and if a structure built all of that aims to be pushed to the back burner. Can you tell me that thats not true and that there is work going on behind the scenes to get those issues up there voted on and put in place. We continue to focus on healthcare in tax reform there are committees his focus is going onn the white house. They will both had extra work to do that will take their time. The regard to the senate itself. There is an ongoing effort right now to bring 52 republican senators together in order to make the changes in healthcare which is pretty needed right now. We recognize it will be an ongoing issue and its not something we will get done in a couple of weeks. If we start now and stay consistent with it will have a big Program Available that i think a lot of people in america are going to look at and say thank goodness. I think we all look forward to that. As you go about a lot of work and completed work that youre having to deal with all of this noise coming out. The involvement of the russians and so on. Its consistent. Its every day. You can wonder whats in a pop next. And youre doing your best to respect the office of the presidency. They also do your best to be honest with the american public. You want to be of the share that fact. We are trying to do the job that is independent with the body of government would do. Oversight were necessary. The Ongoing Operations of state government. All the way until october of this year its something we sometime have a sometimes have a problem doing. We are getting our work done at the same time everything that were talking about in the press most of it has to do with whats going on in the white house right now. We will get a reporter that says lets talk a littleit about healthcare. There is a lot of work to be done. They maybe had the help of coast guard grads. As a trump agenda gets swamped. We will take it with our expert traders. Its all next on count on. You always pay your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for using it . News flash nobodys perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. Switch and you could save 509 on auto insurance. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance. Present trump arising. After getting the commencement speech. He will be getting on board marine one heading back to the white house. It will be talking with some of those candidates for fbi director. He goes from the graduation for the coast guard back to the white house. As new political motion hits. They are seeking safety today take a look at gold. They close up 1. 8 also the sixday in a low in around. Also making big incident after the u. S. Energy regulation felt by 1. 8 Million Barrels last week. All settling and just about 45 per barrel. On the other side of the coin is not fearing so well they are now down for the fifth straight day. This is all indicate the ball run is coming to an end. We traders for you at the New York Stock Exchange. Lets get straight there. The markets are being very resilient to all of the noise and going on. Why today. We had been dealing with a lot. Weve been very patient waiting for some kind of tax reform. Finally with the news. Everyone pretty much said this could amount to something a little bigger than you scene. Thats what traders are watcng today. The s p is now at 2362. Some of the fluffy composure has changed. The knockout the momentum players. Do they turn into a 57 or ten. The past few weeks sitting in some of those headlines. A correction by any means. Where do we go from here given whats happening in washington . What i think the market told you. With all of the indices. It lost some of the momentum. They can very much could very much stop the press conferences. Not loyalty. Its not going to correct 12 or three. It will be back into the bull market. Can you do that becomes the big question. The trading top in place. Each time the market is broken you start saying and thats it. Dont count it now just yet. We had been talking about oil one of the few things going higher today. Where does it all go from here do you think . I think hard to tell. It goes in relation to the dollar index. The purchase for the defense. I couldnt take the meeting in the Oil Production in the u. S. They will ask about the price lines. They met with all of the big oil producers. There were no agreements. And remember russia has a big hand in this now. I dont know if it will hold. I kind of doubt it. Scott, thanks for taking time to join us on the sellout of the day. Despite a billiondoar lawsuit by the feds. s up. Leading in a tough day. Looking for a new hero. He is open to selling the company for hundred dollars per share. They are up at nearly 10 this year. Up another 5 . The biggest move in the s p 500. Is the strip the hard action on the street today. Absolutely singeing hot because you have the former Federal Reserve chief. There is a lot going on with hedge funds. Live from las vegas. Welcome to holiday inn thank you wait, i have something for you making every stay a special stay. Holiday inn, smiles ahead. Whether for big meetings or little getaways, member always save more at holidayinn. Com bring you more ways to helps reduce calories from sugar. With more great tasting beverages with less sugar or no sugar at all, smaller portion sizes, clear calorie labels, and signs reminding everyone to think balance before choosing their beverages. We know you care about reducing the sugar in your familys diet, and were working to support your efforts. More beverage choices. Smaller portions. Less sugar. Balanceus. Org. Think your Large Cap Equity Fund has exposure to Energy Infrastructure mlps . Think again. Its time to shake up your lineup. The alerian mlp etf can diversify your equity portfolio and add potential income. Bring amlp into the game. Before investing, consider the Funds Investment objectives, risks, charges, and expenses. Read the prospectus carefully at alpsfunds. Com amlp ashley markets improving slightly. Were still down 309 points on the dow. The selloff goes on with breaking news and market news in sin city with the salt conference kicks off today in las vegas. Liz claman is in las vegas. Former chairman bern been making ripples in the news today, right ben bernanke. He was opening kickoff person. There were 1000 People Hedge Fund and. Here is what ben bernanke said. There was reasonable concern that the james comey, Michael Flynn firings interfere with tax and agenda. Im not counting on tax changes or infrastructure plan to come through this year. Which is interesting because he said this all before the market opened. We were very interested, because at the point we started to look at this, and say, we dope usually hear the former Federal Reserve chief be this honest about things. He said he did not anticipate how the russia situation would cause this kind of uncertainty. Back after the election he did feel, ashley, that perhaps socalled trump trade was a little bit overdone, reflation trade. He said that donald ump was really coming more to the center and would be much more sort of focused on trade and he wouldnt over do it. He said asset prices are not overpriced which should calm the marks just a bit. Were down 380 points. Ben bernanke said a couple things that should couple the world down 308. He said the world is doing bert and u. S. Banking system is quote stable and solid. When asked, why arent we seeing markets pet shakier when these quite frightening he had lines depending what they are come out. He said markets are blase about risk until that very last second. He was pushed by Eric Schatz Berg from bloomberg, what about the volatility index which is at lows, the vix calmness is puzzling to him. He said what is going to be the incomes problem . Hard to tell what the next derailment will be to spark the next recession, ashley. He said those are hypotheticals. He said watching commercial banking and those things are on my radar. He didnt focus on what part of cycle and i found that interesting. He said statistically expect another downturn in the next four years because we always get it. Ash what is great for us, we have sam zell tomorrow. He is the largest Real Estate Investor on the planet. We will have him on the show right here from salt. Well ask him about the commercial real estate cycle. Mark mobius will be discussing with us, if youre too nervous about the u. S. Markets, dont worry about it, i have got you covered on the emerging markets level. He will names which countries he likes. Robin leach, lifestyles of the rich and famous. Ashley, a bunch of hedgies sitting on the edge of their seat with ben bernanke making comments that he doesnt usually do. Ashley nice to hear that he loosened up a bit in vegas. Robin etch loo, hadnt heard that name very long. I love robin leach. Lets look at the markets as we follow the selloff. We briefly got down below 300. The low was 350 points to the downside. Weve stayed for a while, down 1 1 2 on the s p. Nasdaq, big selloff down 13. Lets get to lori rothman on floor of the New York Stock Exchange. Been a tough day, lori. Reporter it has been a tough day, ashley. A lot of folks were caught by surprise because early controversies involving the president were largely shrugged off. Not the latest one of the Market Reaction has been worse than expected. That is one comment from a trader. People are losing faith President Trump can get the plans through, talking about tax reform, bank deregulation, all items on the progrowth agenda. Everybody on wall street is reevaluating their confidence in President Trump. A couple other things to look at, dow transports, leading indicator of economic growth, down three today. A lot of concern people wont travel as much for business purposes. Look at russell 2000, a measure of small and Midcap Companies which largely do business and earn revenues here in the united states. It is weakest performer of the benchmark averages that we follow. It is down 2. 35 . By comparison the s p down 1 1 2 . Same store for the dow. Also, fed fund futures about over 30 chance we will see a fed rate hike in june. That is down considerably from what it was just. I need to pull the figure where it came from, a couple people noted the decline in percentage of expectation we will see a rate hike in june. That is what were looking at. Safety trade is on. Vix came up almost 4 points today. That was a big jolt. Gold up 23, 24 bucks an ounce that is a significant safety trade. Interest rates are coming down. Back to you. Ashley lori rothman, busy day for you as well. Thank you very much. Yeah, the vix finally coming to life here as the market takes a selloff. The question will the white houses ambitious legislative agenda take a back seat to endless investigations and accusations . If so will that help or hurt the president s opponents . Were joined by strategists from both parties. We get both sides of the story. Democrat Richard Goodstein and republican ron christie, thank you very much both for being here. Richard, we have a democratic strategist on the varney show earlier today, and we said the what do the democrats do in this situation as the turmoil continues . He said absolutely nothing. We stand on the sidelines and just watch it all unfold. From the democrats perspective what is going on in the white house, what is your take on all of this . I hope it is clear nobody wishes ill on the markets or nobody wants to have a president that cant function, who cant function. The problem though is, do a thought experiment here, ashley. If we had isis that got Hillary Clinton into the white house in part, and that she then asked comey for his loyalty because maybe he was investigating obama, and that isis was brought into the oval office and she took out the u. S. Press but allowed the isis to have their press in, i mean, run with me hoare, house i am impeachment would have started yesterday, right . The problem for markets and agenda, as long as this is hangg out there, i dont think there is any relief. We havent gotten to the big stuff which is possible treason news conduct with russians. Liz alleged collusion, richard, lets be clear. Alleged, i realize there has not been a stitch of evidence. Nor has any been taken, any testimony. My point the legislative agenda, tax health care done, when donald trump is out of the picture. Until then it will be really hard. Liz ron, christie, my oh, my, look you say talk of impeachment right now is ridiculous. No question, mr. Trump needs to get off the twitter machine. There is damage to his red credibility, he said i hope there are no tapes he had after the firing jim comey. You cant do that. That gives democrats all the ammunition they need. I say to my good friend, richard, Federal Reserve bank in atlanta issued a report looks like for this quarter we could have the growth in the gdp range of 4 . We didnt get that sort of growth in eight years of president obama. All these investigations and clamorings by the democrats, market looks likes with will do just fine. Ashley i spoke with a senator earlier, mike rounds of south dakota, he is says were always getting two stories out of the white house. There is no coordination. My question to you, what about this Communications Team, seeps left hand doesnt know what the right hand is doing, befe you know it, all is out in the media. It does create a picture of chaos. Does the Communication Team in the white house need to get its act together . Or do we need to bring a whole new team in . No question, this team needs to be recalibrated. Four years i spent working for president bush the policy people were have wellintegrated with the communications people. Why . In order to understand the policy of course they have to be connected with the president. The president has to have people around him, ashley, who he trusts. My fear hoare the president believes he is better communicator than his staff. Which may or may not be true but need the staff in at every level. Doesnt seem like the level of coordination takes place with the white house. Ashley richard, there has been some complaints about democrats, theyre putting up strong i should use the word resistance to President Trump there is not much on the side for democrats as far as new policies, new approaches to big issues. With saw Hillary Clinton, you know be announcing she will be creating this superpac or whatever to raise money but, just seems very old and stale to me. We getting something new from the democratic party. Look it is hard, when youre in the minority, when you are the minority in the house, minority in the senate and you do not control the white house to be advancing an affirmative agenda. That said, take health care, democrats agree that there needs to be some tweaking of the health care system. Nobody ever thought that the Affordable Care act was perfect. What everybody did think, public increasingly thinks that the Affordable Care act is a hell of a lot better than anything been he proposed by republicans. Polls make that abundantly clear. I take issue by issue. Education, you transportation. The democrats are all for infrastructure program, ashley, that actually contributes to pumping money into the economy. Incidentally donald trump did not coin the phrase, prime the pump. But does it in a way that helps infrastructure not just roads and bridges but even, you know, the i. T. Sector. I think democrats are all for that. Were just not, i think democrats are waiting for proposal like that to be put out there. David ron, the fear is, the markets is now really expressing this fear, others have for some time. All of this stuff going on in washington really is preventing Donald Trumps progrowth, probusiness, policy agenda from really you know, a, getting set up, and passed and moved through and put in place. Thats a very real fear, would you not agree . Its a very real fear but i worry the republican party, we have the largest governing majority, ashley, since 1929. We had seven years to get our act together. Seems republicans love to get into the circular firing squad, shoot at each other, yell at each other instead of do business American People elected them to do. Reform the tax code. Reduce thing are laboratory burden. Lets stop arguing with ourselves and frankly work with democrats to get things done for the American People. Ashley are you wore heried about impeachment, ron . I know that is a leading question. It is a term kicked around more. No im not worried. Takes high crime or misdemeanor to be committed to the president brought up on charges. I wont use the i word. Democrats are looking anything trying to do that. I heard a knucklehead congressman, democrat raise that specter. Let the facts lead where they may, lets not turn this into political circus. I agree it is from mature. When you look at constitution it is treason, high crimes and misdemeanors. Tries son, this is a word you will hear in the future, when you know treason is being committed but you dont go to the authorities. If donald trump knew that associates of his were colluding, grant you no evidence yet, if he knew that, that is an impeachable offense. That is a crime. I guarranty you will hear more about that over coming months. Ashley well hear a lot more about that. Richard and ron, thank you for joining us. Thank you. Get back to the markets now. A tough day, big selloff. Weve been down as much as 354 points on the dow. Not quite that bad but were still down more than 300 points. No doubt its a selloff, when you look at big picture, were 20,675. Were down just under 1 1 2 on the dow. Seeing same selloff on s p and nasdaq. Nasdaq has been the big juggernaut of the exchanges recently. As you can see nasdaq is down 2 now but with all the tech names and big tech driving that index it has been quite a ride. Also the s p down 1 1 2 reflecting selling going on today. Lets get back to the floor show if we can. Traders at New York Stock Exchange and cme group. Lets get to matt cheslock. Matt, i spoke to scott earlier saying look, im surprised this hasnt happened earlier but take as memo involving jim comey to finally pull the plug on the dam if you like but how far does this go . That is a good question. Im interested to see how we start tomorrow morning. The damage has been done. The witchhunt is on. That is basically what it is. The market is finally reacting to it. Weve seen the head fakes last couple weeks and done nothing. Were focused on earnings, progrowth, things like that and they were pretty solid. The data has been kind of soft as weve gone in now this on top of it . Its a little bit alarming. This is 1 move. Im not getting too worried about this. Ashley i made the same point. Big picture the dow is still 20,600 whatever, so still pretty good. Todd colvin at the cme, is this overdone or something that kind of had to happen . I think, one it did kind of have to happen. We havent seen this type of move often enough in the equity markets but if you look at some extenuating markets. Bond market yields making new lows, gold up 20, 25 bucks, there is big reactionary moves, the fact that we havent seen a uptick heading into the close tells me there are buyers out there but waiting to see if there is another leg to the selloff today. Ashley a lot of people asking that very question. I think we have phil flynn at cme. Phil, very weak dollar. What is that doing to the impact on oil . We saw oil close today at just over 49 bucks . Not as much as you would think, ashley. And to be honest with you, if you look at oil prices the last couple of day, the dollar has been down a lot. Oil prices have been struggling. I think for good reason right now. There are concerns about demand Going Forward, even after, getting a report today that showed that Oil Inventories in the u. S. Have fallen for six weeks in a row, that wasnt enough to keep the rally going as strong as it should have mainly because stocks are falling. I think right now, even though were starting to see some break on the supply side, finally, now were worried about the demand side, as the stock market gets pummeled that may cause a drop in demand or at least expectations that demand could slow. Ashley all right. You know, listen, matt, let me get back to you at the nyse there. I said this earlier. Were not in correction territory. Were not talking about 5 . This is a selloff no doubt. If we dont get the progrowth agenda that has been talked about so much, tax reform, deregulation, infrastructure all of those things, health care reform, how much further down could this market go . Youre talking about six months. Were worried about tomorrow. Were looking to june, are we getting rate hike we were promised or expect something that is more focused than all the other reforms. That is on the backburner now. With could fall considerably farther if those dont happen. Were talking about pushing out to 2018. Lets get over this one hurdle. Ashley you could argue, matt, a lot of hope and optimism are built on back of those policy suggestions. Certainly, that is why we saw a strong rally. Those are positives for the market. Were not seeing a massive up tick in volume associated with some massive selloff. Were panicking today, that is all. Buyers are waiting to step in. They want to see if there is culmination to story. Ashley were looking at pictures of president arriving in white house. Drops in there on the lawn, walks in. What a great way to travel by the way. Recall are today gave a commencement speech at u. S. Coast guard graduation. Now he is back behind the desk assume we understand talking to four possible candidates for director of fbi. A busy day goes on for the president. Todd, let me ask you, matt brought up fed and chance of a rate hike. 30 chance, what do you he think . Right now were looking at june meeting and yes, odds are significantly lower. Still in that plus 50 range. We were 80 odds. Today were 60. Significant move comes at back end of the year, were seeing less than 20 of additional rate hike in this calendar year after june. That is really what the fed has to be worried about. When we were talking about inflation building up and talking about the Growth Numbers and transitory figures we saw in the first quarter, why would they need to stop raising rates . Why would the markets fear that. Ashley right. The fed not only keeps talking the talk but need to see hard data. The biggest number is Second Quarter gdp. We dont get that until after, after june fomc in. Little ways to go for the fed but markets are telling you it is not sure about anything in the second half of the year. Ashley thank you, todd. Matt, phil, todd, thank you all very much what is a busy day. Looking at dow now down 342. Getting close to session lows. Down 1. 6 on the day. Glass halffull, dow at 20,638. Anxiety running high as the future for President Trump and gops economic agenda remain unclear. Weve been talking about that since the top of the show. Joining us now Charlie Gasparino, live from the salt conference in vegas. We let charlie loose in vegas. Who the heck came up with that . You have be been talking to a lot of Money Managers. Im assuming that is true. Seems like events of this week, charlie, even smart money you say is getting a bit confused now . Listen, have a lot of fun in vegas, but the a this conference what is great about it, top Money Managers on both bonds and stocks, everything is covered at this conference. Here what we have anxiety you see in wall street is reflected among the top players. They dont know how to get their hands mainly around political risk. Political risk is something that affects markets. How will something in washington impact policy and impact markets. Hoare is thing were wore heried about, dysfunction in washington, particularly in the republican party, you know, there are people here saying, listen a third of republicans themselves dont likes donald trump, would like to see him fail. I mean that is the number that has been bouncing around here from their sources. This hire consultants and figure out what is going on in washington. So he may not get the lifeline he needs from his own party, to sort of put some of this stuff to bed, some of the controversy, that is his own party may join in the chorus, depending on what james comey does in the future, how he james comey releases these memos as you know that he allegedly took, that purport to say donald trump asked him to drop an investigation into russian influence into former National Security advisor flynn, if he does that, you could see republicans join the chorus of impeachment and thats where you get, you know a problem with passing trumps agenda which as you know is very progrowth. The thing here and i this will be a interesting time in the market. Obviously the trade now is to sell and selling very significantly. Little more than 1 . It is not huge. Catches your eye. But the trade Going Forward will be very volatile. If average investor when you sit back and you got to see how the dust settles. We dont know what will happen with President Trump Going Forward. You know, hopefully he survives. We dont know if he will. Ashley right. There is more than theoretical chance he wont. You have to take that into account. Ashley charlie in that scenario, what happens to tax cuts and regulation cuts which are driving the trump, trump market and trump trade right now which is buy stocks, particularly financials. That is where you got to wait until the dust settles. Best way to wait is watch us. That is to be here. We have access to the pros. Ashley thats very good point. Quickly charlie, very quickly, i want to get to the point, you have a lot of contacts within the trump administration. Right. Ashley one of the themes im picking up talking to senators, theyre getting frustrated, getting two stories, conflicting stories coming out of the trump administration. There is a belief there needs to be in the wholesale change in the Communications Team in the administration, bring people in who are professional, all get on the same page and have consistent message, when an issue comes up . You know, you know, okay, sometimes you have to fire the manager but the manager really is donald trump. You know hoares the thing, i know Reince Priebus very well. I know steve bannon well. I know sean spicer well. I know gary cohn, pretty well. Covered him for years when he was number over at goldman. I know a lot of his economic people. Those are smart people. The problem is not really them in messaging. The problem is donald trump and how donald trump essentially wants to run the white house. If if you notice, from purely managerial standpoint, right . Companies report to the ceo but usually a chief of staff that kind of directs the traffic. That usually happens in most president ial administrations too because the chief of staff kind of cracks the whip, makes sure trains run on time. We really dont have that now. Even though Reince Priebus is the nominal chief of staff, we have about five or six chiefs of staff. So there is dysfunction in that. Here is where it really becomes a problem, you know if you get rid of priebus, bannon, spicer, you name it, who are they going to recruit into this mess . Ashley right. Its a difficult problem. It has to come from donald trump. The president will want to be more disciplined and, loose lips sink ships. At least, may now presidency. I dont want to see that happen. You dont with to have that. As an investor weigh this in. More than theoretical keep an eye what is going on in washington. It will have direct impact on your portfolio. Ashley Charlie Gasparino in vegas. What is people telling me here. Ashley Charlie Gasparino. Between rolls of the dice. Ashley he is looking very professional in his suit in vegas. He is wearing no pants i should point out. You dont need to know that. Lets to to the New York Stock Exchange where lori rothman has earnings combing up after the billion. Reporter wait a minute. Someone not wearing pant . Ashley vegas, gasparino, that is all i will say. Reporter market off 342 points right now. What is fascinating about the selloff, the comey memo appears to be the straw that broke the camels back. Market shrugged off controversies, really rattling President Trump and progrowth agenda. We have a couple big reports after the billion today. Let me give you heads up preview, cisco, Big Technology Company Looking for a sixth straight quarterly revenue decline. Still the revenue expected to come in nearly 12 billion, huge company. Weak demand for networking equipment will be offset by strength in Cisco Security products and Cloud Computing products. Key reading from Company Called l brands, owner of Victoria Secret and bath body works. Those stores are prevalent in a lot of the countrys malls. Were talking about declining mall traffic and trouble with that sector of late. Look for sluggish sales out of l brands in first quarter. Both companies do the report after the closing bell in about eight minutes or so. Back to you. Ashley very good, lori rothman. Busy day for all of us as market sells off. New low on the dow, 357 points at one point. So there you go. Were down 347. Were certainly not getting any sellers or buyers coming in as we head towards last final minutes of todays session. Wall street worries that the president s economic agenda wont happen this year if ever. I hope that is the not case. Lets bring in a financial analyst and pnc chief Wealth Management specialist, bill stone. Heather, to you first, what do you tell your investors on a day like today . I think the markets were due for a sort of pause or pull back. Valuations at alltime highs. Most indices, were led at market breath, they were only led by five to 10 stocks or companies in the whole sector, most recent gains, take nasdaq for example, five companies, amount for 50 of the nasdaqs recent gains. So we had a lack of market breadth across the board, markets looking for excuse for someone to take the first step out of the markets and other investors continued to follow suit as were rapidly selling off into the close even. Ashley bill, i get the feeling this is long time coming. Markets have been very resilient. They are brushing off what is going on in washington. This is the final straw. A memo involving jim comey, all of sudden everyone is piling into gold and treasurys. Yeah. Weve gone four 1 2 times longer than normal without even a 5 pullback. Say you have to cut through the noise, get down to whether you think it is opportunity or not. We would say it is really probably an opportunity because the economy is doing fairly well. I will say the u. S. Economy and the globe really picking up a bit. Earnings have been good. Youve seen that in the first quarter. Likely continue to see good earnings. I dont think all this noise is necessarily going to change that. Again, youre probably going to see volatility arounworries, again as you have been talking about around whether the administration can get their tax cuts an tax reform through. But i think that will be turn out to be noise in the end. Ashley doug butler, Rockland Trust portfolio manager. Doug, what is the best thing to do here . Wait for the dust is settle or is this a buying opportune even . I dont think were right yet at the buying opportunity level. Ashley yeah. A time to stand pat and not panic sell either. Both the threes, economy, employment and earnings are still very strong. Ashley heather what areas do you like in the market given the so tilt that there is rising but are there still areas you like . As you mentioned gold is rising on back of people wanting a safe haven trade as well as treasurys are catching a bit down 2. 3 on the 10year. Im not necessarily saying i like them but i will keep an eye on them as indicator if the markets sell off even more from where we are today this will continue. Keep an eye on financials and technology that led the market higher and financials are pulling back the most today so i will be watching that sector. Ashley bill, heather brought that up and financials doing so well. Look at numbers, bofa down 6 , Goldman Sachs down five 1 2, Morgan Stanley down nearly 6 , are you surprised by that . Thats a pretty tough move obviously. That is exactly place we think there is an opportunity. If you believe the economy will continue to move along and Interest Rates will move up over time, treasurys are way down today in terms of yield. So that presses on the group. If you think this is really just flight to safety trade that comes off, i think it ends up being a real Good Opportunity is specially in nasdaq sector getting pounded. Ashley doug, heather, i mentioned big tech. Those are stocks we follow every day. Money pouring into the big five, fab five, amazons, facebook, netflix, do you still like those . We Like Technology ashley this is for doug, sorry. Go ahead, doug. No problem. We like, we like facebook and we like google. We are less prone to the sort of more volatile netflixs of the world. Those companies barely making money. Frankly amazon is almost there as well but it makes money sometimes. We think your facebooks, googles, your Internet Companies will be very strong but i think the group as a whole has probably run a little further than wed like. Ashley i want to point out were hitting, the selloff is accelerating into the closing bell. Get back down to lori rothman with literally 3 1 2 minutes left on the session. Reporter they are selling into the close with dow off 370. S p is off 43 points. Look at the vix. We were noting how calm the vix levels trading, it pops up more than 30 to a level of 15. 28 according to the big board right now. So that tells us the fear index, there is fear being injectedback into this market today, it all goes back to the white house. You could see, financials as you were discussing leading markets lower. Goldman sachs for its part making up one quarter of the dows losses today. Another five stocks, goldman, no surprise. Jpmorgan chase, apple, 3m account for half of the dows 365 point decline. Looks like a tough one for those long this stock market today. Ash. Ashley thank you, lori. Heather, i feel like the economy is turning around. I feel like encouraging green shoots. With that said i think fundamentals are there for the markets right . I dont know. Earnings season was up good 15 for Companies Across the board especially the s p 500 but the Federal Reserve is on track to raise rates in june. But the reason there, beside being data dependent and jobs unemployment at 4. 4, inflation ticking a little bit higher, i dont, what doesnt make any sense the 10year is dropping lower yet the Federal Reserve is increasing rates already two quarter basis points hikes in 2017. So something has got to give. Ashley what do you think the fed does, bill . We see futures and i will argue some weird pricing. I dont think the underlying dynamics of the economy have changed enough to make you changeover night from essentially 100 chance to down to this. So i would still put my money on a june hike. Bills a bull. We can have a bull versus bear debate after the show. Ashley heather, are you somewhere in between . Im keeping an eye on gold. And tomorrow i want to see if there is followthrough. It doesnt look like this is a one day move before capitulating into the close down even more. 370,000. Ashley what do you think, doug, are you looking at gold . Were not looking at gold other than for a few select clients. To be fair we think that were with bill on this in terms of thinking. It is probably 65 or 70 chance you get a raise in june. Then lower in december, much he lower. Ashley heather, doug, bill, thank you so much for joining us on a day weve seen a lot of red ink. [closingclosing bell rings ] david and melissa picks it up with after the bell. David wall street getting hit snag in the face. The stocks getting slammed, down about 368 points right now. This is the worst day for stocks this year, no doubt. Dow and s p 500 down more than a percent. Nasdaq russell closing down more than 2 . Hi, everybody, im david asman. Melissa im melissa francis. This is after the bell. Well tell you which stocks are getting hit the hardest. First here is what is driving the selloff at this hour right now. Washington reeling from the latest bombshell report. The white house fierce sy denying President Trump asked former