Details coming up during this final hour of trade today. Worst day for stocks since september of last year. Financials and tech are hit hardest. Tech especially had been leading us all the way to the upside. Weighing on the dow with two price components, goldman and apple down about 5 and 3 respectively. The question is will the sell off last. We will talk with Jeremy Siegel, he will join us and talk about why he thinks it is a great buying opportunity right now. Of course, he has been bullish on this market for a while. And dig kovacevich and don peebles will join us to discuss the president s strategy and whether he can get republicans on his side. Why is the Market Selling off today after a series of stories that seemed like scandals over a couple of weeks . A number of notes have been passed around on wall street today with people speculating on all of that. Programs dan clifton of stratega summed it up in his note. He said this morning, and i quote, the past eight days are like nothing we have seen in politics, ever. The mood in d. C. Is very different today than in the past couple of months. We are heading into a larger period of uncertainty, one in which there is a growing doubt that trump will be president of the United States in 2018. Of course, there have been variations of that theme in the other notes throughout the day. We have got the latest from wall street and washington right now. Bob pisani here at the New York Stock Exchange and eamon javers with the latest from the white house. Bob, biggest klein since september today. It is, and it is across the board, but some pockets of notable weakness even bigger than normal markets. Look at the sectors. Banks have been a problem. Remember, they had a problem really since march. Techs are high bait names, understandably to the down side. Industrial is also weak. Defensive names a little better. Utilities, gold up of course. We have seen the dollar weakness that helped the commodity, but not help the commodity stocks here. I want to show you what the decline in banks horowood like. This is bank of america here. Very heavy volume. Down almost 6 , 149 million shares. Look at that. Tenyear yield 2. 1 today, lowest in about a month. Banks are high beta stocks. But other stocks that move a lot when the market moves, theyre notably weak today. A lot of Semi Conductors, micron, broadcom, a lot of the names in Material Group like freeport. Theres are all down. Dollar is at a new low since the election, that helped the commodities. You see it is not helping commodity stocks that much. Low volatility stocks that dont move around that many like coke, proctor gamble, kellogg, having a slightly better today. Believe it or not, we said it many times, theres an etf for that. There are etf to buy that buy into the high beta names. And there are other ones into low volatility. You see the high volatility, etf down almost 3 . The low volatility is basically flat. You can buy into all of these kind of actions these days. Guys, back to you. If you are brave and maybe crazy, depending on which way it all goes. Nerves of steel. Thank you. Lets get to latest developments on the comey scandal. Eamon javers at the white house. Eamon, with where we stand this afternoon . Reporter hi, kelly. Right at this minute air force one is in the air. Can see from a speech he made at the coast guard Graduation Ceremony in connecticut this afternoon, sean spicer just briefing reporters on board the eric. The sound was piped back here. He made a little bit of news. He gave his answer to this question about what the president said to the fbi director and exactly how it was phrased and what it all means. He simply refrld baerred back t statement the white house put out on background, saying it is not an accurate representation put out in the media of the conversation between the president and the fbi director. He also made some news in terms of four potential new candidates for the fbi director slot. He said that the president will be interviewing four men this afternoon, presumably here at the white house, including Andrew Mccabe who is current acting director of the fbi, frank keating, the former governor of oklahoma, two other names, Richard Mcfeely and joe lieberman, the former independent senator, all candidates apparently for fbi director. Meanwhile, at that speech in connecticut, the president expressed a sense of grievance and frustration with the way hes been treated, with the way the media has covered his administration. Here is what he told the graduates. Look at the way ive been treated lately. Especially by the media. No politician in history and i say this with Great Charity 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. Reporter so now astonishingly this scandal really hinges on three potential recordings or transcripts or notetakings of events that happened here in the white house. What did fbi director jim comey write down about his interactions with the president of the United States . What does Vladimir Putin have in terms of transcripts or audio tapes of a conversation in the oval office with the president of the United States . And what did the president himself record . Remember, last week he hinted there may be tapes of his conversations with james comey. The white house has never answered whether or not it has made recordings. The white house not saying whether or not it was aware that the russians may have been recording or transcribing the events last week, and the white house clearly caught by surprise at the revelation of this comey memo in which he wrote to the file all of the details of his interactions with the president. A lot here to unpack at the white house this afternoon, guys. And before you go, eamon, we know that comey has been invited to testify next week before a senate panel. Speaker ryan today brought up a point that others have been echoing from the gop today about if comey had that exchange with the president , why he didnt do something about it then rather than revealing it now. Im sure he will be asked about that next week. Reporter it is an interesting question. I have heard that raised here at the white house as well from white house officials, saying if this was such a horrific thing why didnt comey go public with it at the time. Im sure comey will be pressed on that when he testifies publicly. Presumably the fbi will argue that what the fbi director was doing was what a good fbi investigator should do, which is gather your information, pursue the investigation, and dont move until you feel like you have all of the information that you need and all of the evidence that you need in terms of where that investigations ultimately going. Theres so much about this, what the fbi knows right now, that we simply dont know. So director comeys testimony will be absolutely riveting if he gives that next week. Very good. Eamon, thank you. Well be checking back with you at the white house there. Lets get to our Closing Bell Exchange on this moment us day with the dow right now down over 300 points. Patrick kaizer from Brandywine Global with us today. Kenny polcari is sitting next to us at post nine, and Rick Santelli of course at the cme in chicago. Kenny, we were just talking here. What do you think changed that got the markets attention, that finally we see a selloff responding to what is going on . I think a lot of frustration over the couple of weeks as we were talking about lack of movement in the market. It was seemingly ignoring every negative headline. I think the headline late last night, the new revelation about mike flynn and what else trump supposedly asked comey, think it was enough just to send investors around the world to start scratching their head and go, you know what, it is getting uglier every day, this will cause trump to not focus on his agenda so reform, whether it is tax, whether it is economic, whether it is financial reform, is now going to take a back seat. This rally weve seen since the election, up 15 , is now going to come under pressure because in 2017 were probably not going to get any reform. Now theres a question about each impeachment. They said it in the prior show. Is that potential of what 2018 brings for trump. Patrick, would you add that something has changed . I mean obviously the market says something has change willed, d,t going to be a oneday period of angsters or something deeper to be concerned about from an investors point of view . This is a market ripe for some kind of decline. 15 since the election. You have a lot of factors in the market ironically doing better today but are overvalued. A lot of investors have a lot of gains, that have a lot of value stocks so today something changed. We moved from a partisan debate to now we have a piece of news that if it is true that the memo exists and the facts can be verified, you have seen some republicans kind of say, if this is true, you know, it is tilted. It now moves towards a bipartisan something has change willed thats wrong. People are thinking that impacts policy. The market hates uncertainty, we know that. And so, you know, weve taken a period that, you know, we could say it is two sides arguing to now maybe theres a potential for both sides having the same focus. But, patrick, what uncertainty we throw the uncertainty word around all the time. Theres always uncertainty. Could you be more specific about what the concern is here . Yeah, i think the big concern is if the market is giving some chance to some of the policy changes out there, whether it be tax reform, lower regulations, things of that nature, you know, i think that the odds of those clearly decline with the kind of change weve had in tone from these memos. I dont think it is so much Economic Data thats why im reluctant to say, you know, i have any clue what the market will do over the next few days, because if the memo turns out not to exist, people go back to probably focusing on Economic Data. If the memo does exist, you start worrying about things like impeachment, it is a longer overhang. All right. Rick, ill point out the rush to the treasuries today, the 10year yield down nine basis points but im sure you have more to say than just about that. Well, you know, i think many times in the past with respect to central banking, i was always worried about policy contagion. I think we learned a lot today about policy contagion in a different light. If you look at the markets globally, all of the sovereigns moved down like treasuries. Pretty much all Global Equities moved down like the s p, the dow and the nasdaq. So why did all of these markets move up and down in the same fashion . I think policy contagion arbitrage is the answer. If the goal of this administration, a policy basis only, wants to lower taxes when the gas station on one corner lowers the price a nickel, the gas station on the other corner lowers the price a nickel. It is not only about our tax policy being reformed. My guess is many countries were going to lower their taxes. With respect to regulations, if we lower our regulations, many banks tar banks around the groeb are going the opposite way of basil and theyre going to alter regulation. This is for the most part economically beneficial, not just the u. S. But the globe. Now we see the other side of that and i think it is worth monitoring. As to respect of whats causing it, listen, theres a lot of ifs, a lot of inknew end owes. I hope if i ever get in trouble with the law i get a little more consideration than the current administration. Kenny . Listen, i think they hit the nail on the head because i think what you have to be concerned about is the length of time that this could drag on, this uncertainty. Next week, as he said, will be very interesting depending on what comes out of this testimony, right . What will you watch for the markets now . I mean tomorrow, if we get a bounceback, what does it mean . If the selloff continues, what does it mean . I think it will get weaker into the bell. They didnt come back and take it back up 10 points and it sat there and sat there and sellers started to say, the buyers are not defending the position, being aggressive and the selling picked up. I think into the bell you will get more selling. I think another flush. I dont think it is over in one day. I dont think tomorrow we will be up 300 points. I think we will churn and continue lower. We are getting word the president has arrived back at Andrews Air Force base after the speech he gave before the coast guard graduates in new london, connecticut a couple of hours ago. During that flight, as you heard from eamon javers, sean spicer was briefing reporters who were on that flight about the existence of the comey memo and what may or may not have been said during that dinner that the president had with jim comey back in february, which jim comey alleges that the president asked him to back away from the Michael Flynn investigation. We will be having more of that as we progress here to the close. But the president is back in washington now after spending a couple of hours there in connecticut. Is he back on twitter . And we have not heard from the president today on twitter. That is for sure. Await the next tweet. Thank you all to our guests on the Closing Bell Exchange as well. Heading into the close with 45 minutes to go and the dow is off the lows. Were only down 321 points. We are down nearly what did you say, 350, bill . I think it was 350 when were down. At the lows just a few minutes ago. Again, especially with the volume we typically see on the close, we will see whether today is kind of a dump day where it continues to accelerate lower or whether maybe that is the low water mark. Much more ahead. S p and dow down 1 1 2 . As you pointed out the russell was down almost 3 . I was going to say thats the one a lot of traders on the floor watch carefully and that was hardest hit. Long time market Jeremy Siegel will join us and tell us why he thinks todays selloff is a buying opportunity. Up next, former wells fargo ceo and real estate mogul on what could turn out to be the biggest management crisis facing the president so far. Youre watching cnbc, first in business worldwide. The bond report is sponsored by ch. The power of smart beta. Power your clients portfolio with powershares. Before investing, consider the Funds Investment objectives, risks, charges and expenses. Call 8009830903 for the prospectus containing this information. Read it carefully. Distributed by invesco distributors inc. All right. Selloff day. The dow off the lows right now. We were down 350 points, but still, i mean, a meaningful decline, the biggest decline weve seen for the markets, the major averages since essentially last september. Yes, because trump ironically, his presidency so far has seen almost zero volatility. Its been absent in this market. Now making up for lost time. Here are the 30 stocks that make up the dow. United health and coke and travelers and walmart leading the way. Safety stocks. Right. Utilities are higher today. As yields go down in the treasury, so this is very much a riskoff kind of a trading day. And financials taking it hardest, although if you wanted to buy apple maybe here is your chance. Trump may be losing support from key congressional republicans. On capitol hill with more. Reporter kelly, republicans are struggling to find the right words to describe what happened here in the past 24 hours in washington. Youre hearing leadership trying to balance the gravity of these reports against the possibility that they need more information before they are willing to voice their concerns. Meanwhile, there are calls from members of both parties for some type of investigation. Senate Majority Leader Mitch Mcconnell said this afternoon he believes james comey should testify here on capitol hill. The house has already scheduled a hearing next week, on wednesday, for james comey to testify. Senator john mccain is comparing this all to watergate. It is just another scandal. It is just another scandal that, unfortunately, continues every it is now accelerated. Watergate took many months and this thing seems to be taking hours. House Speaker Paul Ryan tried to strike a more measured tone in his News Conference today, saying that he doesnt want to prejudge the outcome of any investigation. We need the facts. It is obvious there are some people out there who want to harm the president , but we have an obligation to carry out our oversight regardless of which party is in the white house, and that means before rushing to judgment we get all the pertinent information. Reporter now, as paul ryan finished up his News Conference and walked away a reporter shouted a question at him asking if he still has full confidence in the president. Paul ryan answered simply, i do. Back to you guys. All right. Ylan, thank you very much. Meantime, former geceo jack welsh was on squawk box this morning. He offered this president ial report card. My view is polarized. I mean i look at the president and i give him an a on policy, i give him an a on appointments. I love the people he has picked and i love where he is going, if he can get there. Now i go to management of a bureaucracy. I give him a d minus and im being an easy grader. Joining us now, dick kovacevich, former chair and ceo of wells fargo and don peebles, chairman and ceo of peebles corporation. I guess putting the whole issue of his presidency, period, aside for the moment to focus on what the president could do here, is it time for a white house shakeup . Is it time for him to, you know, reflect on his own personal style here . What do you think . Yeah, i think it is time for him to reflect on his own style. It is consistent. Hes unpredictable. He seems to put his foot in his mouth his foot in the mouth all the time, and it is taking away from, as jack said, of many accomplishments. He is making unforced errors that, unfortunately, are coming back to him and it is happening too often. I think that that unless he does make some changes it is going to it is going to be almost impossible that some of the new policies that he wants to put in place either do not get done at all or