Exodus out of stocks. Note the nasdaq in particular, it is getting clocked right now, down 256 points or about 2 . Look at the vix, or volatility index, it is the vaulting much higher right now by 14. 33 . Just off the highs of the session here, it stands at 20. 14. We need to flag you that the dow has turned negative for the year. Now work with me here, a loss of 286 points or more at the close will do it. Right now we are well beyond that. We are losing about 457 points on the Dow Jones Industrials, falling below 33,000 right now. We stand at 32,972. The bears drawing blood from the broader market. The s p point loss stands at 63. Investors diving for cover as the vote this just the last 19 minutes to table florida congressman matt gaetzs motion to remove the speaker of the house failed 208218. 11 gop members voted with all democrats in voting no on this motion the table it or move it aside. Right now, many just a few minutes in just a few minutes, we are going to get all the details from our capitol hill reporter, Hillary Vaughn. Drama in d. C. And at federal court this in Lower Manhattan where jury selection is underway in Sam Bankmanfrieds fraud if trial. Its been revealed that the onetime crypto billionaire has not been offered a plea deal. We are going to get a live report from the scene there. And the surge treasury yields continues. The spike you see is around 10 a. M. Eastern time in both the 10year and the 2year yields triggered by a much stronger than expected jolts report which unexpectedly rose to 9. 6 million. The 2year yield at 5. 159 . Increasing labor demand has investors anticipating that the Federal Reserve will keep rates higher for longer, so weve got spiking yields, dropping stocks and mayhem in washington d. C. Lets get to d. C. Youre looking at a live picture of the house floor where right now debate has begun on congressman matt gaetzs resolution to oust speaker kevin mc car think. This is the mccarthy. This is the first time the house has voted and debated a motion to the vacate the speaker chair since 1910. Republican congressman tom cole of oklahoma just spoke. Now we see matt gaetz who is the one who has really helmed this effort. Its his gambit to remove gop senator gop congressman, rather, Kevin Mccarthy from the speakership position. Lets get right the Hillary Vaughn live on capitol hill. You can see the dow is down 459 points, the markets do not like whats happening now. Whats the latest . Reporter right now were in an hour debate. This came after the procedural vote failed that would have spared Speaker Mccarthy this ultimate vote to whether or not to vacate him from his speaker, holding speakership. But the problem is, is that you have 11 republicans in that procedural vote that side with democrats saying we dont want to set aside the motion to vacate, we what want to vote on it. Is so theyre in an hour debate. After that wraps, they will have the ultimate vote on whether or not to vacate Speaker Mccarthy. Youre going to see that several republicans siding with democrats to ultimately oust Speaker Mccarthy, but ironically, there is no consensus on who then would fill that position. Republicans is are a slim majority, but have a slim majority, but they do not have con seven consensus within their ranks as to who would take his spot. In the Republican Caucus meeting they asked around the room who would support renominating, basically, Speaker Mccarthy to resume this role. The majority of them raised their hand. Its just a few members that are able to kick mccarthy out by siding with democrats, but it takes the majority of republicans to ultimately decide who they would put as his replacement. So were seeing this go, ultimately, this drama unfold on the house floor right now. This is a historic step toward something we have not seen in well over a century, and i think it really points to the fact that republicans are not on the same page. We heard from matt gaetz on the house floor saying chaos would be keeping mccarthy as speaker, but many republicans say that this is ultimately republicans being chaos you can and not focusing on the ultimate goal which is trying to push back against democrats and the democratic agenda. A lot of moderate republicans say that should be their sole focus, but the 11 republicans that voted to ultimately proceed on the vote to this motion to vacate, their argument is that they are not happy that Speaker Mccarthy did not shut down the government. They wanted to see him take a stronger stance. They have issues that he is not representing some of their priorities better even if it means causing temporary disruptions like shutting down the government. So republicans really need to figure out how to get on the same page over whether or not they ultimately can find someone that they can symptom the act that would replace stomach that would replace Speaker Mccarthy. If he ultimately stays, theyre going to need to figure out a way to get together as a caucus, move forward and do the work of the people that elected them to be there, liz. Liz oh, my goodness. Hillary, interrupt us if there is any new development that appears to be hitting the markets or, certainly, lifting them up off this floor. So amid this chaos, the Government Shutdown that Congress Just dodged this weekend will rear its head again in just 45 days. Coming right up, in just a few minute abouts, senator mark warner of virginia is getting in front of the cameras. He, of course, is if virginia. A huge number of federal workers and armed forces live in this that state. He is going to join us, and hes about to sound the alarm about the most serious ramifications of whats going on in the house right now have and how to fix this situation. Lets bring in our floor show traders, teddy wise berg and Scott Shellady teddy wise berg and Scott Shellady. Scott, even more so as treasury yields spike again today, what are you seeing . How much longer, ask and what happens amidst this situation that we have this d. C. . In d. C. . Well, i mean,ing look, weve lost control of what were doing in d. C. , or at least some modicum of control. I think the bide wen administrations lost control of the economy. Id hate to be reasoning on the back of that. And at the same time, we havest lost until control of labor. I think the markets are finally waking up to the fact that weve got tumult on our hands, and now that were going to be in a situation with higher rates for longer, we got used, for 15 years we got used to 0 Interest Rates, and, i mean, its going to to be painful. You cant put 6 trillion into the economy, try to take it out, you cant have 15 years of 0 Interest Rates and, by the way, the consumer is now running on fumes. Thats been confirmed. All of these things are just telling me look out. Now, weve a had a big move down today, but with higher Interest Rates for longer and seeing the bond spike weve had now, im telling you, this inflation is sticky. Its because of what the fiscal policy weve had happening, the downside of it is the fact that weve lost control of labor, weve got inflation here thats going to be around for a while. Yeah, i dont like what i see at all. Liz yeah. The good news, i guess, if congress is frozen amid this society to out Speaker Mccarthy, then they cant do any more spending. Teddy, let me throw this to you. At the moment, when people see red on the screen, they get anxious. Lets flip that narrative. Are there stocks right this minute that have fallen enough where you look at them and say these will be the next magnificent seven . Well, thats a tough call, liz, because at the moment sorry about that. At the moment, at the moment theres kind of no place to hide. What i find interesting is that a weve seen other than whats going on in washington right now, weve seen this Interest Rate momentum coming for months. And all of a sudden its sort of come home to roost basically triggered, i guess, by the 10year trading at a new hoe e, a new high depending on which way you want to look at it. And investors have simply awakened, i guess, to the environment that were in. And all of a sudden 5. 5 virtually riskfree in the treasuries or even the money market funds, liz. You dont need to go to the treasuries, the money markets are all around 5 . And i think its simply a matter of when you dont know what to do, sometimes the best thing is simply to do nothing. And doing nothing now means that you can earn a pretty big return on your money compared to where we were in the last 10 or 12 years in a zero Interest Rate environment. Is this the new normal . I suspect to some degree it is. It doesnt mean its the end of the world for the stock market, but for the moment people are simply nervous, not quite sure what to do. And i think smart folks are sort of moving to the sidelines, let the dust settle and see where we are in a couple of weeks or months. Liz scott, i agree with teddy for a retail investor, but Retail Investors have an opportunity to learn from the gutsiest investors. Great fortunes or made or at least begun to be made on a day like this. Im not pushing people to dive in and buy because who knows what happens tomorrow or in the next couple of minutes. As scott answers, you know, his question about what might be at least one new magnificent seven stock, can we take a shot of the floor of the house of representatives right now so i can just explain to our viewers the very latest details here. What happened was the vote to table matt gaetzs motion the oust Kevin Mccarthy, the speaker of the house, did not pass. So now this is an hourlong debate, actually, itll be less than that now because with it began just a couple of minutes ago. And then if the house adopts the motion to vacate, there will be, according to our chad pergram of fox news, a political earthquake on capitol hill. Scott, lets look at the investment side of this. Well, as far as the new magnificent seven, if i knew what that was going to be, id probably be with hole away in aing log cabin with no Internet Service right now. [laughter] but i do think, i do think that nothing really likes higher Interest Rate, liz. I mean, did you see everybody running for the door when it comes to these utility stocks . Liz yeah. Theyre a proxy for the bond market, and everybody was getting out of those liz yesterday. I think its the only sector thats up right now, if im correct. Right. So so i think that higher Interest Rates are really going to shake people to the core because, look, it used to be when i was a young man looking for a car loan, 18 was the rates. But that sounds crazy to folks today, and everybody says they should be able to get 5. 5, 6 or 7. But what everybody forgets is weve had 15 at zero basically or just over that, right . Think about, i mean, how many times have i talked about the negative Interest Rates we had in bonds . There was probably a trillion dollars around the world priced at a negative when we were really trying to get people to spend. So were trying to pull people off of 15 years of 0 Interest Rates to 5. 5 now, maybe 7 liz but then, sorry to interrupt, why are big financials looking quite disastrous in Goldman Sachs is the worst performer on the dow followed by american express. You know, you dont have Morgan Stanley too far below when youre looking at the losses here. These names are looking bad. Morgan stanleys down 3 , goldmans down 4 . Let me check jpmorgan here. Teddy, i thought these names were supposed to do well with higher Interest Rates . Well, and i agree with you, i would think that they would do well. I think the problem now, liz, is theyre sort of beginning to throw the baby out with the bath water. And in an environment like this especially e when we have such a big percentage of our daily trading being driven by programs which are completely agnostic, by the way, when it comes to fundamentals, you know, i dont know what the percentage is, but 70 of the daily line for arguments sake is being driven by quantum computers. They dont care about fundamentals. So you can make maybe you could make a great case for the financials because they should benefit from higher Interest Rates, and i can give you some pretty good examples including Charles Schwab which is not a name that you mentioned which would surely benefit from higher Interest Rates. But basically in this kind of environment, theres no place to hide. But, but at some point the values will, liz, become compelling. Were simply in the there yet, you know . Thats the problem. Liz okay. Trying to pick bottoms in a falling market is like trying to catch a knife. And, you know, it can be dangerous. I think, i think, yes, there are places to go. I particularly like the insurance companies. They are big beneficiaries of higher Interest Rates, and they have the ability to pass along price increases every time theres a disaster. They raise their premiums. Liz okay. But at the moment, i think the treasuries, the shortterm treasuries are probably the best place to be. Liz were heading back down to the lows of the session for the dow, session low loss of 517. If you like teddys idea of schwab, its 4. 6 cheaper right now. Thats how much its fallen. Teddy, scott, thank you. We are going Rolling Thunder here because virginia senator mark warner is about to react to the fastchanging developments minute by minute if on capitol hill with House Speaker kevin mcdark thinks whiteknuckled battle the hold on to his job that matt gaetz is trying to rip away from if him. Senator warn warner rushing to our cameras as we speak. 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Before golo, i was hungry all the time and constantly thinking about food. After taking release, that stopped. With release, i didnt feel that hunger that comes with dieting. Which made the golo plan really easy to stick to. Since starting golo and release, i have dropped seven pant sizes and ive kept it off. Golo is real, our customers are real, and our Success Stories are real. Why not give it a try . Liz breaking news, we are now several minutes into what is a debate about whether to keep Kevin Mccarthy as the House Speaker. Bruce westerman is speaking at the moment, congressman andy biggs of arizona just spoke on the house floor. He said he thinks it is, indeed, time