This is a little maybe maybe just a little bit off topic, but i want to run it by you anyway is the president aware probably good if we mix it up a little bit. Is the president aware of the story of the i. T. Staff of congressional staffer who most recently worked for florida congresswoman Debbie Wasserman schultz who was recently arrested attempting to leave the country, though he shade he was not trying to flee the country is the president aware of that particular circumstance, and is he satisfied with the pace of the investigation . I havent had a conversation with him specifically about that, but i do think it is something that we should fully look into, and there should be a thorough investigation on that kristen. Since we only have one question, im going to ask you about the boy scouts. Make it count. The chief wrote this to family members who were at the president s events earlier this event are. I want to extend my sincere apologies for those who are scouting families offend by the political rhetoric inserted into the jamboree that was never our intent. We sincerely regret that politics was inserted. Does the president owe the president . I saw nothing but roughly 40,000 to 50,000 boy scouts cheering the president on throughout thinks remarks and they were pretty excited that they were there and happy to have him speak to them. Why is the head of the boy scouts announcing that theres a problem . A lot of parents expressed frustration in the wake of the event and does the president owe them an apology . Again, i was at that event and heard nothing but a lot of cheering and probably one of the most energy ike crowds ive seen in front of the president , and so i dont have anything to add. I havent seen the statement from the boy scouts so i cant comment any further than what i saw firsthand, and that was a lot of individuals, roughly 40,000 to 45,000 as report, cheering the president on. Zeke. Two for you real quick. One theres a rule today. First on Anthony Scaramucci on cnn this morning he said he had a conversation with attorney general Jeff Sessions about the supposed leaks that would appear to violate guidelines and secondly out of alaska today the local paper there is reporting that senator murkowski received a phone call threatening essentially threatening the services in federal dollars spent on the administrations posture on the people of alaska if she voted a certain way on the Health Care Bill and can you confirm in that conversation if it happened. Ill answer boast both of your questions im not going to speak about cabinet official conversations that ive havent had a chance to talk to either individual about. You said the president continues to have confidence in Reince Priebus considering that hes still in the position and hes a friend of Anthony Scaramucci coming into the position and based on what weve seen quite publicly playing out though does he think they need to sit down and talk as House Speaker ryan talk and get whatever this is out of their system so they can start off on the right foot . I dont know if he has an opinion on what they should do between the two of them. I think the president as always enjoys healthy competition and conversation, and he sees that as such. Ive got to wrap up here because the president is getting ready to do an event which i know you all probably want to attend and i want to leave you with just one last thing before i close out on an important development. You guys love to talk about russia, and theres been nonstop coverage and the one day that there might have been a question on russia there wasnt. Often we have a lot of media with russia first, but today there was public testimony that further discrete itted the phony dossier thats been the source of so much of the fake news and conspiracy theories, and we learned that the firm that produce it had was also being paid by the russians this is yet the latest piece of evidence that vindicates what the president has said, that this is a wish hunt and a hoax and its a shame that the president and the country have had to go through this charade continually and hopefully this will help us move forward in that process, and with that thank you so much and well see you tomorrow Sarah Huckabee sanders, the White House Press secretary wrapping up the Daily Press Briefing there at the white house, developing quite the relationship with the White House Press corps. And touching on a number of issues from the relationship between Anthony Scaramucci and chief of staff Reince Priebus as she emphasized and mentioned the latest on russia and larry kudlow is going to join us shortly. Yes that joint statement from the socalled big six in congress, the republicans on tax reform which we will get to thats a big story developing right now. And health care, too. And i said on twitter a little while ago, remember when we used to have slow news days, i dont either. Well, twitter is part of todays news day. They have had a slow Earnings Period lets get to the market today. The dow is up 19, but we had a huge selloff midday. Bob pisani is in the middle of the action here. Boy, the nasdaq took it on the chin for a little while, hu . Weve seen a classic midday dip in the markets because certain parts of the market are absurdly overbought. What is absurdly overbought . Going on 14, 15, 16, 17 days in a row, the entire sector. F. A. N. G. Stocks in particular, biotech stocks, for example and they said they would take profits first in the cascade of stocks in the f. A. N. G. Stocks and look at the s p. This happened somewhere around 12 15 or 112 20 or so and started with some of the bigger nasdaq names, including the biotech and then cascaded on look at marketship Leadership Group like visa. Fantastic numbers overall. Up 25 on the year just started cascading a little bit before 12 00 and then just moved down fairly quickly. Thats a typical one caterpillar has turned around rather dramatically recently it, too, just a midday drop right there. Right around and a little after 12 30. Saw the same thing with the commodities stock which have done very well u. S. Steel, great commentary great numbers. 12 30 and 12 40 doom down 5 . Theres no news out. This is just the secondary effect because the markets are very, very overbought right now. Finally take a look at the transports, some have done very well in the last couple of weeks. Same thing they started a little bit of weakness around 10 15 and 10 30 and a little past 12 30 to 1 00. The important thing here, and i dont want to get too far into the technicals, but if you look at 50day moving averages and 200day moving averages and relative strength indexes, all of them are way, way in overbought territories, particularly in the big tech names and the biotech. Guys, back to you. Bob, thank you for now. Our bob pisani. Lets get to the turnaround at the nasdaq where Morgan Brennan is standing by. Reporter were on track for the worst daily performance in over a month and thats after another record this morning, so bob just talked about the biotechs the other big names here, bigcap tech which is weighing on the composite the nasdaq 100, also the s p tech is the worst per forming sector now today, and apple is just leading the leg lower thats down more than three more than 2. 5 other f. A. N. G. Names, alphabet and netflix are also falling also microsoft, but keep in mind they have all had big runs, doubledigit runs. Profittaking is at play also a lack of volume and also there is some floor and trader talk of a big sell serve a nasdaq future trade. Few exceptions amazon trading at an alltime high ahead of the earnings after the bell and automatic data processing, adp. Thats up about 9, almost 10. 5 on reports that bill ackman is building a position in that business outsourcing company, but overall were seeing a lot of red semiconductors are also taking a breather here today, and biotech, with the ibb down more than 2 , so all of this ahead of another busy earnings day after the bell as you guys are so aware. Got a number of nasdaq listed names, intel, starbucks, expied yeah, and, of course, amazon. Guys. All right morgan, thank you. Well, facebook shares gave a boost to the tech sector initially after its strong Earnings Report. Julia boorstin is stepping in with details on that one julia . Reporter hey, bill, thats right. Facebook shares are up about 3 today after the Company Reported better than expected earnings revenue and user growth. A slew of analysts raising their price targets on the stock today, including jpmorgan, deutsche bank, Goldman Sachs and rbc, among others. I spoke with c. O. O. Cheryl sandberg after the earnings broke, and heres what she said about how instagram is helping drive results. Weve been really pleased with the success of instagram. We dont break out our metrics between the platforms, but we believe facebook and instagram are by far the two most important mobile app platforms, and thats why youre seeing growth this strong. Sandberg, along with Ceo Mark Zuckerberg spoke of the ability to make money from messenger with 1. 2 billion users and whats app with more than 2 billion. Zuckerberg wants to see the company move faster when it comes to making money on messenger. More signs of facebook going after tv ad dollars, both talking about wanting to create a video platform for professional content creators to reach users and enable them to make money while doing so. Guys, back over to you. Jewel crashing thank you very much lets kick things around here with the dow still the only of the major averages in positive territory. Renee norris, part of our clbl exchange today with urban Wealth Management and Kenny Polcari is here with us at post nine and Rick Santelli at the cme in chicago. Kenny, its clear, when you look at just an example the vix, that while traders are willing to hang in there with this market, they are standing near the exits pretty closely. Absolutely. And the hint of something gone amis they are out the door. And theres the anxiety you can feel them. All getting close and nobody wanted to be the first guy out of the door until they all want to be the first guy out of the door. Exactly. So whether it was we hit resistance at 2480 in the s p and people decided, as bob said, these stocks have performed well and these people are taking profits or it was in fact the very large futures trade which would hit nasdaq and, therefore, it hits all the tech stocks and the biotech stocks and it makes perfect sense. When the leaders are weak, everybody jumps in there and it goes to speak to the anxiety and the angst of the exact point everybody is nervous but nobody wants to jump out the door first until everybody else wants to jump out of the door. Renee, would you a buyer of some of the names are netflix off 5 no, no, not yet im starting to def. A. N. G. My portfolio for clients. Taking the profits off some of the f. A. N. G. Names and putting them into cash and also doing some boring stock trades, like in telecom or staples stocks, and some health care, big pharma, something that pays a dividend because im looking for the next bs event, the black swan, and that could come from anywhere and be anything, so we want to be ready for that. Im curious let me let me probe a little more on the f. A. N. G. Stocks. Is it just the valuations . I mean, you know, plenty of people are willing to hang in there as the amazons and the facebooks hit their alltime highs and even microsoft which is not technically a f. A. N. G. Stock is at alltime highs right now. You want to get out before everybody else does, or whats your reasoning there i dont want to get out i want to take money off the table. The valuations are ridiculously high so, for example, im looking at an at t or a verezonhas a pe of 12 or 13, and they are paying a 5 dividend versus an amazon thats got a tripledigit forward pe and and backward looking pe, so im just taking some money off the table. I love amazon. I think a lot of these companies are major disrupters they are not going anywhere any time soon, but they have also made a tremendous amount of gains so lets just take some money off the table and buy some other things. Yeah. Better hurry on verizon. I had to rub my eyes when i saw a 7 gain in verizon thats having its declines kenny, when is the last time you saw a telecompany like this move i thought someone announced they are buying it after all . Thats what feels bubbly. Moves like that. Boeing is up 10 i mean, those are big moves for stocks like that. Stocks that big. Exactfully. By the way, merkel a 3 upgrade and they have earnings from goldman tomorrow. Richter, lets talk macro for a second we do get the gdp numbers tomorrow and durable goods numbers. Whats happening right now with the economy . Well, i think durable goods headline number really looked great, right, up is. 6 and when you take the x, transportation up. 02 i was particularly unhappy with durable goods orders, nondefense and that was down. 1 thats kind of the seed current, and to summarize, what i find fascinating. I dont think its shocking that youre seeing some of the markets get def. A. N. G. Ed. I like the way renee put it. Its wearing blinders. The equity markets arent paying much attention to the fixed markets which arent paying much attention to the equity markets. Global incomes, sovereigns correlating, and throughout all of this volatility, especially in the nasdaq today, Interest Rates like arent going anywhere when it was on the highs, when it was on the lows, basically unchanged in the short end long rates are up several base points and a little curve steepening afterier. Listen, i really do think tomorrows first look at secondquarter gdp will make a difference even when its new its an old number if this thing comes out much further north than 2. 6, 2. 7, the market will take notice of that perceived strength for q2. I know Interest Rate triggers felled likes they were standing around in a quiet punch bowl when the rest of the party was going on on the other side of the room thanks, everybody mack breaking news we need to get to right now but thanks for your thoughts on todays market action. Lets go over to Courtney Reagan for a market flash. Whats happening reporter hi there, kelly take a look at shares of nordstrom moving higher on a reuters report citing sources that the north strom family is exploring the possibility of taking the company private, that weve known since june, is now looking to offer preferred equity to several private equity companies, including kkr, apollo and leonard green, sort of sweetening the pot for them which would increase dividends from cash flow or give them the to be paid first if a stock sale were to occur in the future you can see shares are up by about 3. 4 they were slightly higher just a moment ago, and they pulled back just a bit, but this does sort of underscore the fact that some private equity firms may be a little reluctant to do leveraged buyouts. We know the trouble retailers have had thats been a part of leveraged buyouts so it looks like the family may be trying to sweeten the pot to attract those kinds of buyers and a reminder that the family told us that they were looking to consider it to go private back in june kelly and bill. Nordstrom walking it back there, the stock. Thanks, courtney. Keep us updated on that. Are we given enough to think about here what a day were having again. The dow up 23 points to put it in record territory, but the s p, the nasdaq and the russell have all fallen back here. Amazon shares rallying more than 40 year to date, and that has helped founder and Ceo Jeff Bezos become the richest person in the world as of today coming up, a debate on whether you should be keeping keep your bet on bezos and amazon stock ahead of the latest Earnings Report coming up. Meantime, store traffic at Dunkin Brands for the last quarter. And whatever happened to the breakfast burrito . Well ask him about that we want to hear from you i know you have something to say. Reach out to the show on twitter and facebook and send us an email, however you want to do it sissoratincn, rsin bune wldwide because, when you really, really want to be there, but you cant. At cognizant, were helping todays leading Media Companies create more immersive ways to experience entertainment with new Digital Systems and technologies. Get ready, because were helping leading companies see it and see it throughwith digital. Yeah, and i can watch thee bgame with directv now. . Oh, sorry, most broadcast and sports channels arent included. And you can only stream on two devices at once. This is fun, were having fun. Yeah, we are. No, youre not jimmy. Dont let directv now limit your entertainment. Xfinity gives you more to stream to more screens. Shares of Dunkin Brands higher right now, up 2. 7 . They beast estimates and revenue came in short of forecast due to slowing customer traffic and weaker than expected store sales. Whats behind the weakness . In a first on cnbc were joined by Dunkin Brands ceo nigel travis hello again, nigel. Welcome back, sir. Hey, kelly, bill, how you doing . Lovely, thanks. Im thinking about dunkin and how many stretches youve gone, quarters with declining traffic, and im wondering is it time to pull out all the stops and throw all of the technology and infrastructure at this and just say, all right well get to the product to consumers. This is a really difficult environment, right what can a chain like dunkin do to remain relevant as traffic drops . Well, i think were doing everything exactly right, kelly. Youre right that the whole industry is under some pressure from changing demand, consumers are demand thing instantly they want it delivered. They want it in different forms. They are pressured for time, but i think weve positioned ourselves perfectly to respond to that. Weve done it on the back of convenience. Our drivethrus are having record sales and building more drivethrus up, 15 of new stores have drivethrus compared to 75 years ago wev