Qs which track are in negative territory. The big weight, one of the big weights is netflix. Down 25 in the past month. Its one of those stocks that move on no news, they move because they move. Today investors are paying a price. Sheila dharmarajan is at the nasdaq and is down the composite is down 3. 2 . Sheila . Ugly day here at the nasdaq. The composite and the 100 down by more than 2 . We just bounced off the session lows but keep in mind we are on track for one of the worst days we have seen at the nasdaq in two months. Heres whats amazing. This is a really broadbased selloff, not just biotechs or momentum names. It is weakness across the board here. If you take a look at the nasdaq 100, more than 90 of its members are in the red right now. So everyone is pushing the sell button on seemingly everything. Some particular pockets of weakness, though, got to talk about the biotech names. This is one of the groups that led the nasdaq up. Now today, the nasdaq biotech index is down by more than 4 . Even large cap bioteches which a lot of people said had strong valuations are down like gilead, amgen. Take a look at all of them. They are all getting hit hard. Momentum names, you were talking about that. Remember, these are stocks that really move consistently in one direction or the other, not necessarily based on fundamentals or news flow but really just the movement of the market. That trade is turning deeply negative today. A lot of these stocks getting hit hard. Priceline, netflix, tesla, all names we have talked about a lot, they are all reversing those gains that we have seen throughout the past year. But i dont want to underestimate what the large cap tech names are doing. Remember, these names have the biggest influence on the nasdaq and they are also getting hit hard. Google, amazon and apple, for example, they are all now in negative territory for the year. Simon, amazon officially in bear market territory for the year. You cannot underestimate the weakness these large cap tech names are having here. Yep. I think they call it profit taking. Lets have a look at where we are on the fear index. The vix. Check out where were trading, thats moving, if you lived through the financial crisis, thats not scary but certainly higher than it was as people seek protection down the line. That is where we are on the etf that follows the vix the closest. Then have a look where we are on gold. You see 1305. Lets get a market flash with dominic chu. Its not just gold. Where else are they putting their money . How about the utilities stocks, the defensive sector. The sector is the best performer on the s p 500 today. Having its best day since march 12th. You can see they are up about a percent or so. Among the individual stocks in this sector, check out names like aes, exelon, pse g, pg e. You get a lot of gs in there because its gas and electric. Utility stocks are big dividend payers and good safe haven investments for investors when stocks appear like they are selling off. Thats what traders sense about whats happening in the markets. They want to look more towards the less economically sensitive names. Back to you. Fascinating. Thank you very much for that. Lets bring in bob pisani. I dont see this as scary. I see it as a classic rotation. Im not that happy, though. We had good nonfarm payroll numbers. Revisions were good. The economy is getting better. Yet we are selling into that decline. Look at the s p 500. We started on the plus side. Thats essentially straight down after about 10 00 eastern time. Sheila mentioned the biotech. The biotech index, the main etf, is now negative for the year. This was the Market Leader. When you see your main Market Leader go negative for the year, that gets passed around on the technicians trading desk. Its a big point of discussion today. We have other Market Leaders that are weak. We have been telling you about discount brokers, weak two days in a row. There have been questions about how long their payment for order flow might continue. They are down again today. Then we have the eem going in the opposite direction. Remember, emerging markets, the story was sell them in january. This is now up 11 of the last 12 days. We have essentially a new high for the year in emerging markets. Then the other Market Leader, airlines. This has been a big one this year, along with the biotech, all selling off today. We have some, you were right, rotation going on but for the overall market to be down like this on a positive nonfarm payroll bothers me a little bit. Dont yell at the stock market. An old saying of mine. Let me yell at it for a minute. Except the tax deadline is in two weeks time. If youre in the market and owe money, you have to raise some cash, you are going to sell the stocks that have done really well to raise cash to pay the irs. Impossible to quantify that but i agree, this often happens this time of year. Thank you. I know were coming back to you. Sue . Thank you, gentlemen. So will the u. S. Continue to lead the global bull market this year . Not so fast says economist jim oneill. If were going to have a global bull market this year, its going to be led by something other than the u. S. Its possible but im not so sure about the u. S. Sustaining leadership. So is mr. Oneill right . If you think he is, how do you play it . Jeff and jim are in chicago. Good to see you, guys. Jim, is he right, do you think . No, i actually dont think hes right. I think the prospects for a longer term bull market in the u. S. Are fine. Today, by the way, worries me for the shorter term. On top of what bob pisani said, bob said it was a good economic number. Not only was it a good economic number, it was really arguably the perfect number for the stock market being that it was relatively good and wage growth was low, meaning that the fed doesnt have to step out of the way any quicker than they had already planned. This is a perfect number for the stock market. The fact its getting the heck beat out of it means there are other factors at work right now. In the short term, im a little bit worried. If the weekly bar chart closed lower today, i would be more worried and so far, it hasnt done that. Im still a little worried. Jeff, what about you . How do you play this market right now . Well, we have talked about this. The treasury market in chicago, the pits have provided leadership for a long time. We are seeing a move down in the nasdaq, momentum stocks, but the treasury market, look at yesterday. We couldnt break out of that range, that top end of the yield. We got rejected again so therefore, we are seeing a little bit of caution here. I like owning gold, 20 pop in gold but volatility is very cheap. Remember, there is no panic really going on because the volatility is well under 200 Day Moving Average. I think there are some things that look interesting today. Health care, particularly johnson johnson. The story behind that is its risky but not that risky. Its kind of the momo names in the nasdaq keep an eye on momentum. Thats it, i guess. Thanks, guys. Have a good weekend. Appreciate it very much. By now, you know the headline number, 192,000 jobs created in march. But where were those jobs created . Where were they lost . Senior economics reporter Steve Liesman is here. I can see from your sheet that you have an awful lot of statistics. You have your pen there . Start taking notes. I got a lot of data for you. This may help. If youre looking for work, we will tell you where the jobs are and where theyre not. First i want to focus on manufacturing. I want to take a look. Manufacturing actually lost jobs in the past report. Lets take a bigger step back and take a look at the one month change down 1,000. One year change up 72,000. Since the recession we have added 353,000 jobs. That comes with different experiences. There were gains in auto manufacturing, fabricated metals and food manufacturing, losses in some of the high tech areas, computers, semiconductors, communications equipment. Lets take a step back and look at where the jobs have been in the past year. Where we going first . Where the jobs are or where they arent . We dont have the graphic. Just tell me. Information and government, media, no good. Newspapers, no good. Nondurable goods, not good. Where the jobs were the past year, temporary help services which can be a good sign but if it persists for awhile, its not. Which one is that . Where the jobs are. Mining and logging, as you know. The oil industry has done very well. Professional business services, inside that, accounting. Leisure, hospitality and construction has done pretty well, particularly residential construction. I dont know what we have next. Lets do one more since we may be out of time. This is the bottom five. Same ones. Government information, utilities and one more, where the jobs have been since the recession. Same ones there. Leisure hospitality has been doing well. Thats a good sign. If they are hiring in leisure and hospitality, thats a good sign. You have to think theres a little expendable money out there from folks. I suppose those are folks like the disney parks. Thats where you might want to focus your job search. I intend to do so as soon as this tv thing stops working out. Im sure you will have lots of offers. Trust me. Simon, down to you. So from what steve is saying, its pretty clear that manufacturing in this country is now a leading factor in job growth. What does it mean for the middle class and the country overall . A difference of opinion and an interesting one now between alan tunnelson at the u. S. Business and Industry Council and mark calabria, who joins us from the cato institute. Let me kick off with you, alan. What is your take on the state of manufacturing . There are some very big problems with u. S. Manufacturing, not only concerning manufacturing jobs which are obviously important because people who hold manufacturing jobs and have held manufacturing jobs, vote, but theres a big problem with manufacturing production also. If you dont have robust levels of manufacturing production, you will never get acceptable levels of manufacturing employment and we have not had strong levels of manufacturing Production Growth since the first half of this economic recovery ended. We had a deep dive during the recession, we had a nice snap back during the first half of the economic recovery but all of that momentum is basically gone. Mark, you have a very interesting observation here that challenges that. How would you sum up where we are . First lets characterize separate manufacturing out from manufacturing jobs. Before the recession, 2008, we were producing more than we ever had. We just did it with a lot less people. Obviously we were in a recession, saw a decline in the number of sectors like auto. We have seen auto sales, for instance, a lot of manufacturing come back but the jobs have not as much come back in those sectors except for the ones that were cyclical. I think thats one reason why we see a difference between autos and say computer manufacturing, where the long term trends are really in increasing productivity where i think we will continue to make more but will continue to do it with less people. I do think you need to separate out the trend issues, really, from the cyclical issues here. I dont think we are going to see, even if you see a really big increase in manufacturing output, i think the fact is you will continue to see a substitution of capital for labor and part of that is driven by Monetary Policy which makes capital more attractive than labor but i think manufacturing overall is strong. The real question is the labor market in terms of manufacturing is separated from overall manufacturing. Its a very important point. Where does that leave the middle class . We have lost, what, 2. 3 Million Manufacturing jobs in ten years . There is no way that manufacturing will ever get back to its previous historic levels all u. S. Employment but we have to remember that u. S. Economic history has frequently featured very impressive periods of productivity growth, of technological advance and yet manufacturing employment kept growing. So i dont think that you can point to technology and productivity gains as the major villain in this manufacturing jobs decline story. I think you have to look at the fact that manufacturing production has been pretty unimpressive again since the first half of this economic recovery came and went. And by the way, regarding marks point about record manufacturing production before this last recession started, the entire economy was in a big bubble so of course, manufacturing production was artificially increased. It would be great to continue but we have to leave it there due to time. Great to talk to you both. Thank you. Have a good weekend. Lets get a market flash with the dow down 66. So another group thats bucking the downward trend today are coal stocks. The wall street journal is reporting that bhps executive in charge of the Coal Division said he expects world demand for coal to increase for decades to come. In addition, cowan and company upgraded peabody to an y outperform from market perform, seeing little downside to coal prices, providing a bump for the entire market. Sue . Free markets, fair markets. Attorney general eric holder confirming the Justice Department is investigating high speed trading. Eamon javers is in washington, d. C. With the latest developments on a big story this week. Reporter yeah, thats absolutely right. The big story is getting some attention now here in washington. This time its the attorney general, eric holder, testifying on capitol hill today, confirming what we knew earlier in the week. We heard the fbi was investigating this situation. Now we know its reaching the very top of the department of justice, eric holder on capitol hill today. Take a listen. This practice which consists of Financial Brokers and trading firms using advanced computer algorithms and ultra High Speed Data Networks to execute trades has rightly received scrutiny from regulators. I can confirm that we at the United States department of justice are investigating this practice to determine whether it violates Insider Trading laws. Listen to the last part of what he said just there, to determine whether or not it violates Insider Trading laws. Sue, we know that you can trade faster than the speed of human thought in milliseconds. The question now is going to be can you insider trade faster than the speed of human thought. That is, can you get some information thats marketmoving information and then trade on it within milliseconds. Thats what the department of justice will look into here. Absolutely. Eamon, thank you. Stick around because we have more from eamon right after the break. He will be looking back at tuesdays main event, the big High Frequency trading debate, to see who was telling the whole truth and nothing but the truth. Plus, dominic chu went to see how students learn the art of the High Frequency trade. Its blowing my mind right now just how many of you guys have actually worked for or are going to work for Goldman Sachs. One, two, three, four, five. 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Introducing the xfinity my account app. The great debate on high speed trading, the brawl that stopped trading here on the floor of the nyse earlier this week. You saw it right here on power lunch. A lot of accusations were flying around between michael lewis, Brad Katsuyama of iex and bill obrien of bats. Eamon javers, back Fact Checking some of those big claims. Eamon . Reporter yeah, the dust is still settling from the great hft debate on power lunch earlier this week. Let me play you two chunks of this debate that have both sides going back to play a little factual cleanup. Lets start with the first chunk here, i will play this and then tell you what the facts are. Take a look. My question to bill if hes launching these accusations im launching accusations. What market data do you use to price trades . We use direct feeds and the sip in combination. No, i asked you a question. Not what you use to route. What do you use to price trades in your matching engine on direct edge . We use direct feeds. No. Yes, we do. You use the same data we do. Absolutely not. You guys use the sip to price trades. That is not true. Now, look, this is an important issue because the sip is the slower, allegedly slower feed. If they use that, that would allow in theory High Frequency traders to come in and poach some trades. Now bats going back and cleaning up this comment from earlier in the week. Heres what theyre saying now. With respect to the matching engine, edge a and edge x currently use the sip but will be transitioning to direct feeds from all major exchanges in january 2015. So that statement on our air earlier this week, not exactly correct. Let me play you another chunk here, another debate point in action. Take a listen to this. We are not even a broker. You are a broker. You run are you a broker dealer . Are you a broker dealer . Are you a broker dealer . Its a yes or no question. You are a broker dealer. Let me just ask the question. [ speaking simultaneously ] reporter thats the debate. Is iex a broker dealer or not . They say yes, in fact they are a broker dealer as is required of them. Heres iexs statement to explain why brad seemingly misspoke during that segment. They say mr. Katsuyamas statements during his recent appearance reflect iexs Business Model as a market operator. This