Yes. A busy earnings day. Also awaiting whole food reports in a major board shakeup. What to do with the grocery stock. Shares fractionally lower now. And you heard, boeing halted flights of its 737 max jets because of engine issues that surfaced over the weekend. Well have breaking details and the stocks suffering as a result of that anournnouncementannounc we begin with the story the whole country is talking about, fallout from president trumps surprise dismissal of fbi director james comey last night. Eamon javers and amy on capitol hill. Eamon, you first. Sanders here at the white house finishing up a briefing within the past hour or so. She made a number of points including that the president is going to meet with the new acting director of the fbi today. The search for a successor is beginning today. She also said that the president s thinking on this began mucherer than we learned when this news officially broke last night. What she said i think its been an erosion of confidence. I think that director comey has shown over the last several months and frankly the last year a lot of missteps and mistakes, and certainly i think that as youve seen from many of the comments from Democrat Members including senator schumer they didnt think he should be there. They thought he should be gone. The president called reporters into the oval office to answer a question here on his decision. Heres how he described his decisionmaking in terms of the fbi director. Why did you fire director comey . Why did you fire director comey . Because he wasnt doing a good job. Very simply. He was not doing a good job. The president there saying that comey was fired because he wasnt doing a good job. A fairly broad reason. Sara Huckaby Sanders saying he was fired for multiple reasons including his pace on the leak investigation. That a different rationale, a much broader rationale than we were told last night when given the letter from the Deputy Attorney general laying out missteps comey made surrounding the Hillary Clinton email investigation last fall. That was a very narrow nationale last night. Today were told multiple reasons, and the president giving us a broad, he wasnt doing a good job. So clearly, an evolving explanation here at the white house as to why the fbi director was fired so quickly last night. Guys, back to you. Eamon, can be fired at will . Not for cause . Serves at the pleasure of the president. The president can fire, remove him at any time. Typically a tenyear term and only the second to are fired for anything. Comeys removing sparking fireworks on capitol hill. Isnt it . Thats right. In the wake of the surprise firing, in the wake of republicans and democrats, john mccain calls for a special prosecutor to lead an independent investigation apart from the Ongoing Investigation into the russian interference into the u. S. Election last year as well as potential ties to trump associates. Senate minority leader Chuck Schumer took the floor and said what we need most is information. Attorney general sessions and Deputy Attorney general rosenstein should brief all senators separately and in a classified setting if necessary and they should do it soon. Because the questions are just swirling about there are more every day almost every hour. Thats been a colic ohhed by both sides of the aisle. Seven republican senators in the last 24 hours voicing their concerns, and just today ohios rob portman putting out a statement saying, the white house should provide a fuller explanation regarding the president s rationale. We will see if that happens and exactly what information comes forward about this. In the meantime, tomorrow, acting fbi director Andrew Mccabe will be here on capitol hill testifying in a previously. Hes just one of a handful of agency heads that is testifying, but that was supposed to be a position, a chair that was fill by former director james comey. Senator mark warner separately telling nbc news they asked james comey to testify in front of the Senate Intelligence committee, potentially next tuesday. We will wait to see what happens there. Finally, interestingly, Sarah Huckabee sanders in the press briefing eamon talked about yesterday, she said what the president called nine lawmakers before the news of the comey firing broke. It is interesting for two reasons. First, it shows the president understands the importance of bringing congress on board with Big Decisions he was making, despite the fact it was unexpect when it happened. The second question is why he chose to inform lawmaker before informing former director comey in person. Thats a question that is still lingering here on capitol hill and that will continue to be asked. Bill, kelly. Before you go, kayla, as we know washington tends to focus on one issue at a time. Everybody obviously is talking about this right now. Is there a thought anywhere on capitol hill that this could crowd out the talk about Health Care Reform or tax reform, some of the major issues on the president s agenda . Reporter well, the lawmakers will tell you, bill, that you can walk and chew gum at the same time, that there is band width to do more than one thing at once. But the calendar is packed, and it is very tight. There is just about a month for each chamber between now and august recess, and with the house out of session this week the senate was supposed to be taking up health care, and that was supposed to be leading the debate every single day at their policy luncheons, in the hallways, but of course this is taking center stage and it is hard to believe that this wont push back the calendar quite a bit. All right. Kayla, thank you. Lets talk about that. The Administration Made it clear items like tax reform, health care and infrastructure are top priorities. Some question whether they could get held up on capitol hill if White House Investigations take center stage. Lets talk about it more. Joining us with insight, bryn in terry haines from evercore isi along with henry croft from asendo markets. Good to see you both. Terry, what do you think . Thats the issue right now. Does this crowd out some of the Economic Issues that the white house and capitol hill have been working on to this point . Well, thanks, bill. Good afternoon, kelly. Briefly, today i think not. I think it doesnt mean anything negative for either tax reform or the Affordable Care act. Kayla says and i think she is right, congress probably is going to try to walk and chew gum at the same time. You know, remember, none of these staffers, none of these folks are in any way involved in any of the comey or trump russia investigations. They will proceed. And Congressional Republicans really want to get these things done, not just for policy but political reasons as well. They want to show the country theyve done something, something substantial going into the 2018 mid terms. So i think they will continue on as before. Where this has a negative impact potentially is with some of the things in which you need bipartisan which is pretty much everything else, infrastructure, Financial Services reform, immigration. The one area where i think it might have a good impact though is on spending where republicans will probably redouble efforts to make sure that Spending Continues and theres no government shut down or no problem with debt ceiling. So, henry, is it possible that if lawmakers, republicans especially want to show theyre making progress, theyre not distract, maybe it could encourage them to move more quickly on health care and tax reform . Well, absolutely. Thats definitely what the market is looking for as well. We have seen the rally since trumps election and, of course, his inauguration as well. Markets running on both sides of the atlantic, so over here in london we have definitely seen in particular the tax reform and infrastructure taking the top billing. So we could see if we can get u. S. Lawmakers in fact in accordance and pushing on with these policies because it will, in fact, help indices on both sides of the atlantic. Of course, this is becoming a bit moreov overshadowed with th Earnings Seasons, so in the lorng term whether we see it impacting stocks, whether it impacts on future guidance after this quarter and we see it as a bit of a hangover rather than the Immediate Impact on markets. Terry, very quickly before we go, you know, it is not just a timing issue. Theres the issue of what this does to, lets say, moderate republicans in both the house and the senate who we all remember, especially in the house, had to be cod willdled t the health care passed in the house. If they become disillusioned or upset with the way it was handled with jim comey, does it make the job that much more difficult on the other issues still to come . Think it is a smart question, bill, but i would say to you that moderate republicans have every bit as much of selfinterest in wanting to make sure that the Affordable Care act revisions happen, that tax reform happens, that a lot of these major things happen. Remember that republicans, Congressional Republicans ran for seven years on Economic Growth issues and they very much want to convert. All right. Gentlemen, thank you. Im sure this is not the last we will be talking about this, terry haines, henry croft, thanks for joining us today. Appreciate it. Lets get to the boeing story. Boeing lower other stocks are as well on the news of this engine issue. Phil lebow has more details for us. Phil. Whenever you hold flights for a program in development it gets a lot of attention and thats why stock is down today. Here is what is going on with the 737 max program and boeing has decided it is at least temporarily halting test flights for the 737 max. It thoos do with potential issue with the engines which are made by ge and its frenchbased partner safran. The leap 1 dlrks b engine, the name of the engine, has a potential manufacturing issue when it comes to the low pressure turbines that are in the back of those engines. In a statement boeing says we are working with cfm thats what the joint venture is called between ge and safran to inspect the disks in question. The supplier notified us after discussing the issue as part of the quality inspection process. At no time have we experienced an issue associated with during our ongoing testing program. First deliveries are supposed to begin next week. 7,400 of these engines have been ordered for this program, covering 3,700 airplane also. Again, theyre mailed by ge and its french partner safran. We should point out that we talked with ge commercial aviation a short time ago. They indicated that it is just 30 some odd engines that might be impacted by this Quality Control issue. Nonetheless, ge as well as its partner safran, both of those stocks are feeling some pressure right now. Guys, the bottom line is this. Whenever you see a program halt flights, it makes people say, wait, is there a broader issue . At this point it looks like it is just these 30 engines. Theyre going to be shipped to a couple of locations here in the u. S. Where they are going to inspect those engines but production continues with the leap 1b, and theoretically we have not heard boeing plans to delay first deliveries which are scheduled to begin next week. Phil, quickly, where does the 737 max fit into boeings portfolio . It is huge. How big is it in terms of their production . It is huge. Look, the 737 is the bread and butter plane. It carries the water, so to speak, with commercial aviation for boeing. Thats not to say that the dream liner is not important or any of its other planes arent important as well, but by far they sell more 737s than any other airplane and the max is that next generation of the airplane, again, with deliveries scheduled to begin next week. Wow. Whew. Bad timing. Thanks, phil. See you later. You bet. Lets send you to seema mody at headquarters with a market flash. Hi, kelley and bill. I want to draw your attention to shares of cal pine, quoting sources that the Power Company is exploring a sale potentially attracting interest from private equity and buyout firms according to support Investment Bank is said to be working with calpine on a possible sale. Shares up nearly 13 on the day. Other Power Companies in the space, energy and dynegy moving higher in sympathy. Want to point out cal pine has not been a big winner in past 12 months, shares down 25 over past one year. We will bring you what we hear back from them. For now back to you. Thank you, seema. Niles sound bit. 45 minutes to go. Dow is down 45 points today. S p hanging on to a 2 point gain. You can see the divergence there. Weighing on the dow are Companies Like boeing. The nasdaq is higher by 10, russell is up 8. Wow, 1400 it is sitting on the smallcap. Look at that. Disney is one of the drags on the dow today after reporting weaker than expected revenue, and the continued concerns about espn as well. Coming up we will hear from one top wall street analyst who is still very bullish on disney stock. Thats coming up. Then after the bell, snap posts first earnings since going public. We will hear from 21st century fox and whole foods among others. We will driver the numbers and break it down with analysts as soon as they hit the tape. Youre watching cnbc, first in Business Worldwide. Its great to finally meet you. Your parents have been talking about you for years. Theyre all about me saving for a house, or starting a college fund for my son. Actually, i want to know what youre thinking. Knowing that the most important goals are yours. Its how edward jones makes sense of investing. T magazine publisher slashed dividend as it pushes ahead with cost cuts following that decision not to sell itself at this point. Time appointed john fahey, currently the boards lead independent director as nonexecutive chairman. Theyre taking a haircut today, down shh at 12. 95. Closing bell exchange. Joining us rob morgan from Sandy Spring Bank who is here with us. Kenny from oneill securities and Rick Santelli from the cme this afternoon. Rob, so what do you make of this market . Again, it is a little bit of a mixed bag and how about the move in oil we had as well . Well, i tell you, kelly, what really concerns me is how low the vix is and most saying thats a great thing, but a lot of times that can presage turbulence down the road. Im hopeful that maybe well have a side ways market here as we enter the summer, but i am a little concerned by that. Yeah, rarely is the vix i mean the fear indicator when it hits that low, that rarely signals a bottom in the market, right . 23 years ago, right . It is over complacency which makes catches everybody off guard. Is this overcomplacency when we consider what is going on . We know what is going on in washington, north korea, france. Look what the market has done for the last three weeks. We have been in this 2375, 2400 range, we cant break out or down. It does nothing. We are kissing highs again right now. We just cant break through. We need the wall of worries. We need the wall of worry. We have plenty of bricks in the wall of worry, i just cited some. Those are all headline bricks. But theyre valid issues that should have an impact on the economy. Sure. On some stocks individually. Except theyre not impacting earnings. You know, kenny and i were talking about the comey firing and it is not impacting earnings, so everything thats going on impacting earnings is positive and all of the negatives really arent. What signals are reading from where you stand . Well, to me it looks like Interest Rates pretty much now convinced everyone that it is back in the thick of its range, that the small venture that we made under 225 to 227 was short lived. How do we know that . The dutch auction in 3s and 10s found little sponsorship. Right. Usually when you see prices sell off and rates tick off, especially a week and a half before an auction, usually it is considered a concession. You try to dance between the rain drops. You buy into that thinking that youre going to get a little bit of mean reversion. Boy, there was no real buyers to be found and i dont think it has to do with politics or geopolitics because, in my opinion, that would bring more sponsorship, especially to yesterdays threeyear note auction. At the end of the day, i have many feelings about low volatility, a lot has to do with computerized trade i think. But lets keep it simple, folks. The vix is nothing but at the money straddles with s ps. You measure volatility and the var yanls between close to close to close, there is no movement close to close. So it should be no shock that option volatility, hence the vix, is going down. Quickly, lets make it meaningful to individual investors. Where are you going to put money to work in this market environment right now . I still like stocks. What . And i would go into basically financials, technology and staples. I think those are most attractive, best visible earnings Going Forward and technically sound. Where do you see money going right now . Energy, financials and tech. Financials and tech two out of three. Two out of three aint bad. Mainly the big guys in technology . Nose are the leaders at the moment. Look what is happening. I think you have to look within the tech space, you have to look at Artificial Intelligence and Cyber Security names within that space because i think it will be a big, big discussion as we move through 17 into 2018. In fact, apple is a big pick. I love the dividend plays and apple is a dividend play believe it or not. You get some growth as a kicker as well. So im guessing youre not a big buyer of snap here . Im up 35 since the ipo. Well, lets see how the report comes out today. All right. The jury is still out. Very good. Thanks, guys. Thanks, bill. Always good to see