Despite okay earnings and positive reports on the economy. The Dow Jones Industrial average dropped 112 points to 23,329. The nasdaq was off 34. And the s p 500 fell 12. Bob pisani has more on what drove todays decl reporter a momentum selloff on wall street today. U. S. Stocks suffered their worst trading day in two months. The market is very concerned about a sudden spike in Interest Rates and it has a couple of reasons to be concerned. First, durable goods was much more than expected, a good thing for the economy but it raised questions about inflation. John taylor may be the frontrunner for the fed chair, spooking investors since taylor is known to want to raise rates faster than the fed is doing so far. That caused some investors to take money off the table, particularly in stocks that had strong gains this year like semiconductors. Even stocks like boeing sold off after monster profits, up 60 . Then uncertainty on tax reform. The market has priced in good news but its not clear if it will get done. Today some republicans said a plan to cut contributions to 401 k plans was still on the table, thats deeply unpopular with the investing public. The bottom line, the market has told us it cares most about keeping Interest Rates low and tax reform. And anything upsetting those two pillars will cause stocks to move down. For nightly Business Report, i bob pisani at the new york stock exchange. As bob just mentioned, shares of boeing fell today, down almost 3 in part because of profit taking after its big runup. The drop came despite a Strong Quarter that saw deliveries hit a record and upbeat profit and cash outlooks as well. Phil lebeau tells us why boeings business is expected to soar. Reporter to understand why shares of boeing have risen 100 in the last year, look at the companys airplane busy, starting with the dreamliner. Not only is boeing making more money on each 787 it sells but its also ramping up production. Thats because demand for commercial airplanes isnt slowing down. In short, more people around the world are getting on planes. Airlines continue to report solid profits and passenger traffic Growth Continues to outpace gdp. With traffic growth of 8 through august. Also, cargo traffic is experiencing a healthy recovery with 10 traffic growth over the first eight months of the year. Reporter as airlines clamor for newer, more fuel efficient planes, boeing may raise production plans for its most popular model, the 737. Boeing is scheduled to crank out two new 737s every single day overt ne next three days. Boeing is wrestling with costs over air force refueling tankers. But the first planes are still on schedule to be delivered next year. Overall, boeings defense business remains strong, given the dow component a solid Balance Sheet as it heads into the end of the year. Phil lebeau, nightly bu. Boeing is the best performing dow stock this year. While tech is the best performing sector this year. Earnings for the group begins in earnest tomorrow with results from microsoft, alphabet, and amazon. As josh lipton reports, the biggest risk to this sector. Reporter tech has been on a tear so far this year. The sector is up 30 , about double the returns from the s p 500. Tech Portfolio Managers expect the rally to continue, pointing to attractive valuation and strong growth prospects. But tech investors also point to one big caveat, the increasing drumbeat of political and regulatory threats targeting mega cap tech companies. Regulation is just bad. Its going to force innovation to happen where its not. So if you regulate tech, youre just telling them to go do their innovation elsewhere. Reporter President Trump targets amazon, often inincredibli incorrectl saying it doesnt pay its fair share of taxes. Mark zuckerberg is in the crosshairs too after allegations that russia used it to interfere in the election. European regulators now say that google is breaching antitrust rules by requiring manufacturers to preinstall Google Search on their devices as a condition to license certain google apps. Thats important, because it encourages people to see Google Search ads when they look for information on their phones. Google disputes the eus claims, saying its expanding competition, not hurting it. Some of the Biggest Tech Companies in the world enter earnings season in a political reality of pressure here and abroad. Josh lipton, san francisco, nightly business repo joining us is daniel flax, Senior Research analyst at newberger. Happy birthday, i understand its your birthday, thanks for spending part of your day with us. Great to see you, sue, thanks very much. Lets pick up with where josh lipton left off, with regulation. Perhaps not regulation here in the u. S. But maybe regulation on more of an international basis. Does that concern you at all . I think, sue, it is a risk to these companies as we think about how theyre going to evolve. So for example, with facebook and some of the scrutiny around the elections, i think its a factor. However, the company in the case of facebook is responding. Theyre putting more people in place to try and do a better job managing some of the ads. I think in many respects, whats happening is that these giant Technology Companies are really maturing, if you like, relative to some other industries. Food, beverage, health care, all of these are regulated industries. So perhaps theyre growing up a little bit and becoming more main Line Companies versus not that they dont innovate, but they were always known as chiefly innovators. But the industry has matured. I think thats right. Whether one looks at how theyre managing their businesses, obviously tax is becoming a bigger focus area in the u. S. As well as in some other countries. I think the key for these companies over the medium to long term is to continue to innovate and to continue to invest in their businesses so that they can deliver attractive services to their customers. Thats key to growth in their view. A number of these companies are coming out with their earnings beginning tomorrow. Your Newberger Berman owns a google, amazon, and microsoft, and apple. Youre watching microsoft most closely. Why . If the company under the Management Team has really transformed the business mix and really embraced the cloud, so the move to the cloud is really capitalizing on some of microsofts core advantages in technology, and importantly, their customer relationships. So when we speak to their customers, they are telling us theyre investing more with microsoft because microsoft is bringing them along into the new cloud era. Where do you think the market is in terms of its expectations for these earnings reports . I mean, the expectations have always been pretty high. But is the market anticipating something that perhaps some of these Companies Might not be able to deliver on . I think in the short term, the market is obviously very focused on the results, in the case of microsoft tomorrow night. We think the company is likely to achieve or perhaps beat the consensus expectations. What were really trying to better understand from the results and certainly in the quarters ahead is how the company is continuing to transform its business. And that in our view is really going to be critical to microsoft, and these other giants, to creating additional value for their customers and ultimately their shareholders as well. All right. Well leave it there. Daniel, thanks so much. Thanks, sue. Daniel flax with newburger berman. The cloud is fast becoming one of the most critical businesses for tech companies. Thats the reason behind google and ciscos agreement to join forces to take on amazon. That Partnership Combines googles expertise in building massive data centers and open source software, with ciscos Global Sales Force and customer support. Together, both companies believe that they can develop products to use in the cloud in a race to catch up with amazon which of course dominates the cloud infrastructure. Sales of coke popped in the u. S. That Company Reported earnings and revenue helped by its new diet soda, cocacola zero sugar. The new ceo says hes pleased with the results and backed cokes full year outlook. Visa reported a double digit increase in profit, beating wall street expectations, driven by more people making payments using its network. Shares of visa and coke moved in opposite directions today. Earlier bob pisani mentioned positive economic news. Well, there was more. Sales of new homes rose to their highest level in a decade. Economists say that people unable to find existing homes due to a lack of supply are turning to new construction. Damage from last months hurricanes may have also inflated that data. No position is more important to the economy than the chair of the federal reserve. Last night, we outlined the five people on the short list to become the next fed chief. But today there are reports that the white houses top economic adviser is out of the running. According to bloomberg, the president does not intend to appoint gary cohn to the position. The president instead reportedly wants to keep him in his current role as his director of the National Economic council. Some mixed messages for retirement savers. The Top Republican tax writer says changes could be part of his partys tax reform overhaul. Today when asked if the 401 k tax break was on the table, the president backtracked a bit from his recent tweet where he promised no changes. Well, maybe it is and maybe well use it as negotiating. I think kevin brady is fantastic. But he knows how important 401 k s are. There are reports that republican lawmakers are considering capping the amount americans can contribute to these plans at 2400 a year. Meantime, over at the fcc, that agency plans to vote on rolling back Landmark Media ownership regulations. Those rules limit the ability of companies to own multiple tv stations and newspapers in the same market. Such a move would be a win for Newspaper Companies and broadcasters. Others say it could usher in a new era of media consolidation. Still ahead, the big push by lawmakers to lower the price of prescrip dow component nike setting aggressive new growth goals today. The Sporting Goods company sees earnings per share growing in the midteens over the next five years, driven by online sales and new products. Nike also sees revenue up in the high Single Digits over the same time frame. Ceo mark parker says naturally the u. S. Is critical, but overseas markets will also play a big role in thh. We also see that in asiapacific, latin america, and of course europe. All parts of International Business are going to be growing. China is the biggest. If you look at the population, the target population in china for nike, its really moving toward ten times of what it is in the united states. And the appetite for nike in china as the number one brand is incredibly strong. Wall street liked what it heard, sending shares up nearly 3 , making nike the best performer in the dow today. Shares of the Health Insurer anthem touched their highest level in a year after higher premiums and stronger medicaid and medicare enrollment helped that company easily beat Quarterly Earnings expectations. The insurer also raised the lower end of its full earnings estimates. Anthem says it sees its participation in the Affordable Care act plans to drop sharply next year amid what it says is too much uncertainty around the future of those marketplaces. Shares jumped 5 to break through the 200 per share the by pa by the bipartisane Budget Proposal would cut deficits by 4 billion. The Budget Office says the plan wouldnt necessarily change the number of americans with health insurance. Its unclear if that legislation introduced last week by republican senator Lamar Alexander and democratic senator patty murray will ever be voted on by congress. This month, california passed a law hoping to rein in drug prices. And today, four democratic congre congressme made their push. Meg terrell explains. Reporter it was one of the few, maybe t only thing that donald trump and Hillary Clinton sa agreed on on the campaign trail. Drugs on medicare, they pay this wholesale incredible number. E 300 billion could be saved if we dont bid them out. We cant do it. Because of the Drug Companies, folks. Reporter when trump was elected, he continued to insist that drug prices should come down. But so far theres been no major action from the government. We have not heard a peep. Radio silence. Reporter four congressmen today introduced a bill to give medicare the price to negotiate for drugs. It is time for medicare to be able to sit down with the Drug Companies and negotiate prices. Reporter senator bernie sa along with representatives elijah cummings, lloyd doggett, and peter welch cited Kaiser Foundation research saying americans want government to have negotiating power. Lobbying group pharma said it would bring about governmentcontrolled price controls and jeopardize access to medicine for seniors and people with disabilities. Allowing the government to decide which medicine patients can and cannot get. Republicans have typically sided with the drug industry. The partys major exception has been donald trump. But with no major action since he took office, drug stocks have rallied. This week, analysts reported that drug maker celgene raised the price on two medicine, each by 9 . For the 7 billion blood cancer drug revlament, it was the third price increase this year to more than 18,000. Celgene said that its, quote, pricing decisions reflect the benefits that our innovative therapies provide to patients and said it continues to invest in more than 43 potential treatments currently in clinical trials. For nightly Business Report, im meg terrell. Glaxo sinks on concerns about its dividend. Thats where we begin tonights market focus. Glaxo posted higher Quarterly Results helped by Consumer Health care products. The company said it would consider a bid for pfizers over the counter business should pfizer put it up for sale. But the prospect of that kind of deal could top 10 billion. That stoked fears of a dividend cut. That sent glaxo shares down 6 to 38. 19. Profit at the Worlds LargestBiotech Company amgen beat wall street expectations, helped by lower costs and higher operating margins, helping offset a drop in sales of the companys more established products. Amgen raised its full year adjusted profit forecast despite taking a hit to its puerto rico operations from hurricane maria. Shares initially fell following the after the bell earnings and also ended the regular session down about 1. 5 to 177. 50. Shares of advanced microdevices continued to get hammered today following the companys earnings which came out late yesterday. The chip makers profit and revenue beat expectations, but the company says it sees revenue falling 15 quarter over quarter. And that sent shares down more than 13 to 12. 33. International paper beat earnings expectations, thanks to price hikes in some key businesses, and lower outage costs despite being hit by two hundreds. The company says it is confident it will hit its full year earnings target. Ips shares slipped 1 to 57. 99. Late last night the senate by the narrowest of margins took a final step to keep new rules from going into effect that would make it easier for consumers to sue banks. Kayla tausche ex reporter a late night vote in the senate rolled back a rule that would let consumers band together in suing banks and credit card companies, rather than fighting issues alone through a process called arbitration. Vice president pence cast the deciding vote. The joint reporter the Consumer FinancialProtection Bureau introduced the rule this summer to give consumers the chance to hold banks accountable over small sums of money. It would have taken effect next year. Congress moved almost immediately to toss it out, using power to overturn regulations drafted only recently. The house voted to do so in july as Industry Groups argued that scrapping it will mean banks wont be weighed down by lawsuits. Had they gotten rid of this rule and accepted the cpb rule, it would have been much more costly for the consumer to do business at a bank. Reporter treasury says the move will spare banks from 3,000 lawsuits and nearly 2. 5 billion in legal and settlement fees. Democrats point out the move protects Companies Recently embroiled in consumer scandal like wells fargo and equifax. Cfpb found 75 of consumers dont know whether their financial accounts carry this fine print barring lawsuits. This bill is a giant wet kiss to wall street. Bank lobbyists are crawling all over this place, begging congress to vote and make it easier for them to cheat their customers. Reporter president tru is expected to sign the bill which the white house in a statement called a win for everyday consumers and Community Banks and correredit unions. Republicans continue to take aim at what they call an overreach of power at the cfpb. A senior white house official says overturning these rules is one way to keep pressure on richard cordray, the sole figurehead running the cfpb