Several biggests on several different market topics today. And that is trader joe zikerman. Over his shoulder is highfrequency trader minaj narang. He played several trades while he tried to convince minaj that hes being trecheated. First sue whos in the house. Thats right. Thank you, ty. And were going to go directly to the nasdaq because that has seen the most dramatic selloff in todays trading session. The money may be moving into the bond market. Its decidedly, sheila, moving out of the nasdaq today. Over to you. Thats right. A very another ugly day here at the nasdaq. We were down 2. 5 on the composite on the nasdaq 100. At session lows right now. Traders say what is worrying them is how quickly we dropped today. Basically we took only 30 to 40 minutes to erase all of the gains that we saw yesterday. That kind of velocity is something traders dont like to see. As for the why were seeing such a big dropoff, traders saying you dont need a reason. You dont need bad Economic News or bad earnings. Simply the nasdaq is losing momentum. As for which being sos are getting hammered, its the usual culprits. Biotechs now down nearly 5 on the day. So really getting hit hard. All of those big names that we like to talk about, gilead amongst the biggest losers. Also netflix, teslatesla, price. All of those that led in 2013 getting hit hardest right now. As for a sill veer lining, traders telling me the only good news is we havent sliced through that 4k level yet. Nasdaq composite still trading above 4,000. Were at 4,080 right now. If we start to slice through the february lows, thats when they say real capitulation could happen. But nonetheless, sue, a very ugly day here at the nasdaq. It really is, sheila. Well be checking back with you in a short while. First to dominic chu with a market flash. Theres the etfs, the index funds. Check out names like the ibd, one of the etfs that tracks the biotech index. Also look at names like socl, the etf that tracks a lot of these social media stocks. Names like facebook and twitter, pandora, yelp, you name them. Theyre all represented in these etfs. And theyve shown a lot of weakness. As the Broader Market starts to roll over, these etfs that track those momentum parts of the stock market are turning down as well. So its certainly a trade that were going to want to focus on, tyler, sue, as the afternoon plays out here, guys. Back over to you. Breaking news in the bond market right now. 30year bonds up for auction. Rick santelli tracking the action. Whats the demand like, rick . Reporter well, i tell you what, tyler, what a wild and crazy day. Consider treasuries are rallying big time. Sometimes its best to buy things that have a momentum. That was the case today. So we had 13 billion reopen 30 years, 29year, 10month if you want to be resight. The yield at auction, 3. 525 . That was the offer of the market. So it priced right. 2. 52 to cover, 2. 52, chasing every dollars worth of securities available, nicely above the 2. 36 ten auction average. You had indirects and directs pretty much right at their ten auction levels. Dealers took 38. 8 of the auction. You know, you want dealers to take a little less. Investors definitely stepped up. So i gave it a b minus. It really was the better of the three auctions. At a time when its pretty apparent that even with no concession, usually yields have to go up to get a concession. Traders wanted to own this. Investors wanted to own it. Its somewhat apparent. If youre not enamored with the level of stocks today, this was your best buy of the day potentially. Sue and tyler . I think youre absolutely right. Thank you very much. More on the markets now. Lets bring in cnbc contributors troy and abigail. Abigail, i have to give you credit because we had you on earlier this week. You said you expected more deterioration in the composite specifically and suggested that it would be hard for the dow to hold up under that pressure. Thats exactly what were seeing playing out today. So what do you see now . How severe do you think this deterioration will be . These markets are wound so tight, sue, that it really doesnt take too much to cause the selloff that were seeing today. And as sheila mentioned, it really doesnt have to be for a certain reason. The fed has pumped in so much accommodation into that market that its created a lot of uncertainty. So the answer is i think that this selloff is going to continue. I think that were going to see the nasdaq composite potentially breach important support lines. I think were looking at a form of correction in the nasdaq composite and the russell 2000, both are selling off. I expect the dow and the s p to catch up. And this really speaks to defense which shouldnt be too surprising. Bonds have been rallying all year. The tenyear is the tell. So long as the tenyear is below 2. 80, it tells us that smart investors somewhere are seeking safety. We dont know why yet, but were seeing it in stocks, this kind of volatility and jittery action. Below 2. 80 i think they have further to go down. Formal correction. You warned us at the beginning of the year, we would likely see a lot more volatility. That certainly feels like what were seeing. Though overall the declines year to date in the dow and the s p 500 are not particularly big. Is this now becoming a little more worrisome . I mean, frankly, i dont get it. Yesterday it was up a lot. The day before it was down. Today its down a lot. Listen, that volatility will continue. I think Yesterdays Movement was honestly ridiculous. What did we know after the fmoc Meeting Minutes . Nothing. It was 3 1 2 weeks old except these smart alecs read it. They try to read it. Not a lot of volume. Longterm Asset Managers probably took advantage on the sell side peeling it out as they were trying to take it higher. Look what happens today. No followthrough and boom, it breaks right down again. The nasdaq breaks through. Once again it hits resistance, up at its 50day, backs off and its going to go lower like abigail said. Im not sure its going to go low we might have different opinions on how low its going to go. I just want to turn down kennys mike and just watch his hands. Yeah, watch yourself, abigail. You might end up in a boxing match there. Kenny, how does it feel down there . How does the selloff feel . Because in the nasdaq, it feels pretty intense. What about in the dow . What about down there . I think its true. It is more intense in the nasdaq. That market is down 6 or 7 as of right now. The dow is only off about 2 . The s p is off 2 . And so therefore theres not that sense of doom and gloom. And quite honestly, i think a lot of the money coming out of the hightech and nasdaq names are going to find a home in the big dow stocks and the big dividend names. I inin in dont know if i agr that. I dont see that. Why dont you agree, abigail . Tell me. Well, i just think that were seeing investors, smart investors, dump some of these highflying momentum names, taking out profits. Theyre treading water in treasuries. We dont know that theres something really negative fundamentally ahead, but we dont know theres something positive. As long as theres uncertainty, smart investors will tread water in treasuries. And i think youre going to see some of the more Mature Companies abigail getting into the hand action there. I can see it. Its good, man. Sue and i are going to start doing it. Kenny, how much of this is kenny, how much of this could be related to the fact that we have tax day coming up . I mean, there are very few days left to sell for tax day. I think some of it might be related to that, but quite honestly, i think this is the broader picture. I think people are concerned about what growth really looks like. So you know, i think some of it is due to taxing. I think todays action is a direct result of yesterday. They took off 180 points for what. Nothing changed. So they knock it right back down again. Folks, thanks very much. Kenf kenny, abigail, we love it. Very busy day here. And next up, two stories that need to be on your radar. Michelle is in d. C. , kayla at the nyse. Kayla. Ty, the financial star reporting quarterly numbers tomorrow. First up jpmorgan. Well get you ahead of the game next. And the big news out of europe today. The new greek bond is on the market. It priced just a few minutes ago. The impact will be felt in Financial Markets all over the world. More power lunch in two minutes. [ indistinct shouting ] [ indistinct shouting ] [ male announcer ] time and sales data. Splitsecond stats. [ indistinct shouting ] its so close to the options floor. [ indistinct shouting, bell dinging ]. Youll bust your brain box. All on thinkorswim from td ameritrade. Welcome back to power lunch. Despite the selloff, were near session lows. There are winners out there. Check out shares of hewlettpackard rising after Deutsche Bank had a buy rating and a 40 price target. Up about 3 . Also at t. Investors look to the telecom sector. Then ibm gaining ground on news its acquiring silver pop for an undisclosed amount. Mcdonalds and coach are also moving higher. So tyler, sue, its not all red out there. Back to you. Thank you very much. As greece priced its new bonds, someone in that still financially troubled country made it clear they were not happy. A huge car bomb went off outside the central bank in athens early this morning. The sound was caught by a camera crew nearby. Listen. There you can see the flash as well. Authorities say there was damage in the area. Buildings blocks away shook, but the bomb went off early in the morning, and nobody, thankfully, was hurt. Its been a long two years for greece after being at the epicenter of the european debt crisis. Greece returns now to the bond market and a lot of fanfare surrounding it. We talked a little bit about it yesterday with our chief International CorrespondentMichelle Carusocabrera who is in washington with more today. Michelle. Reporter huge demand for this bond. Remember, it was originally going to be 2 million greece wanted to borrow. Investors were so eager to lend the country money, they upped it to 3 billion euros, excuse me. There were more than 500 orders they had to fill. It took all day for them to get it done. It finally happened just about 20 minutes ago, the final pricing on the deal. So well start to see it trade in the next 24 hours. Its a fiveyear duration. And its the first time that greece is able to reenter the markets for four years and two years since their massive restructuring. Again, there was so much demand, they had 20 billion euros worth of demand. Take a look at greeces Interest Rates over the last several months. A lot of that coming due to the help from the European Central bank. The one thing thats important to keep in mind, why investors would still be so willing to lend greece money right now, even though it still has tons and tons of debt, its because a lot of their debt was restructured so that its not due for a very long time. 2023. If you buy this bond today, it comes due in five years. So theres a lot less risk within it. And a lot of investors are hungry for yield. So even though the yield is less than 5 , a lot lower than what was originally expected, it could go as high as 5. 5 . Still investors were very eager to get in. Youre down in washington for an event where ben bernanke was present. And just asked a question. What did he ask, and who did he pose it to . So the imf and World Bank Meetings are going on. Thats usually an occasion for tons and tons of central bankers to come to town. The Indian Central Bank was doing an event at brookings, and hes made some very controversial statements lately saying that central bankers around the world what he really means is the United States ought to be more considerate of other countries around the world when it comes to their impact on Monetary Policy as a result of it. Well, the first question, front row, ben bernanke. I took a picture. I was standing behind him. And his first question was to the head of the Indian Central Bank and it wasnt actually really a question i think we have that picture he almost criticized the head of the Indian Central Bank. He said wait a minute. You said we dont consult . I meet with them, i was there eight to ten times a year. So we do a lot of consulting. And your criticism is basically you just dont like unconventional Monetary Policy. There he is, ben bernanke. Almost lecturing the current head of the Indian Central Bank. Tyler, back to you. Very interesting. Got to love that moment. You were quick with that photo. Thanks, mcc. See you later. Investors are bracing for big bank earnings. Jpmorgan kicking it off tomorrow. What can we expect from the financials this season . Kayla tausche is here with what to expect. Banks unlike many sectors provide a birdseye view of the entire economy. And wall streets got one word for it this quarter. That is uninspiring. Now, jpmorgan goes first on friday morning, and management has lowered expectations like guidance for return on equity, trading activity and consumer spending. And while margins are improving, analysts say all of that wont be much to write home about, really. Though the bank has managed to Beat Estimates in the past by cutting costs, and it could do that again this quarter. Banks like jpmorgan, Morgan Stanley and bank of america with the most Capital Markets exposure will see the most pain. Citi will see compliance spending after mexico and stress test issues. Analysts have only raised estimates for one bank, and that is wells fargo. Not because its Mortgage Business has outperformed or its Investment Bank did a bunch of deals, but it relies the least on trading. It has no emerging market exposure. It already has enough capital, and it will benefit the most from higher rates because it underwrites so many mortgages. While any surprise might be slight, analysts said Atlantic Equities have upgraded wells fargo on overall strength of its Balance Sheet and its outlook. Wells and jpmorgan always the first two out of the gate. Theyll hit first thing tomorrow morning. Followed by the other banks throughout next week. And of course sue, well bring you all the head lines as they happen. But it doesnt look like much is going to be going on this quarter. Thanks, kayla, for the update. Appreciate it. Ty. Scott wapner, host of a fast money halftime report, just finished speaking with it says carl investor icahn. Carl icahn about his detante with ebay. It played out for so long. Now they finally have this truce that everybody is talking about. Its interesting how it all developed. After many phone conversations, im told, with john donahoe over the last several days and even an intervention by the star banker jimmy lee of jpmorgan, carl icahn and ebrey strike this deal. Carl gets a seat on the board. He doesnt get the spinoff of ebay he had been arguing for. So i asked him in light of that whether he considers this a win or a loss. And oh, yeah, what about those comments about donahoe that he was negligent or worse and incompetent . Lets listen to carl from just a few minutes ago. We got a couple of things that i think are very good for both us and for the company. We spent, as you know, many hours, john and i, together. And i think that john has something that you really must have if youre a great ceo or a good ceo, which is passion for the company. And i realize that in talking to him, i think this company has tremendous potential. Well, donahoe himself was on squawk box this morning with Andrew Ross Sorkin on the heels of the announcement of this deal. Lets talk to lets hear from mr. Donahoe in terms of what he thought about this whole process and exactly what changed. We had a chance to talk more about paypal, more about ebay, more about the opportunity of the company. And i think carl now sees the potential of our company and is now becoming, i think, a longterm shareholder. I think this is a real winwin for both us and for ebay shareholders. Carl making it clear as well, guys, that he continues to press his case. He will do so, as he now has that seat on the board, and he even said that he is still extremely confident that eventually paypal and ebay will split, though he was quick to say those are his words, not necessarily johns at this given time. But hes making a bet clearly that down the road theyre going to be able to split, those two companies. And in terms of carls position, there was never a 13d filed in this case. At least from the folks that ive been able to speak with and some of my sources, it looks as though carl is 70 million to 80 million up from his initial position, even as, you know, the stock market, clearly the nasdaq has been facing some turbulence there. But he is still up, at least according to my sources, carl not denying that in our interview. And by the way, as you see the dow down 200 points, thes that d nas dnasdaq, a guy whos seen a lot of markets in his day, is quite frothy. He certainly didnt quarrel with your numbers at all about his stake, at what price he bought ebay and so forth. Stick with us as kate kelly joins us to discuss this and the general sort of tenor of activist investing a little bit more. Am i reading this wrong, kate . You correct me. Has icahn gone a little soft . I would be curious to hear scotts observations on his tone. I thought he was surprisingly constructive in this case. And it was also interesting to me, i think scott and you and andrew both mentioned that there had been confidentiality agreements signed between john donahoe of ebay and carl icahn in this case to kind of govern these conversations so they could speak a little bit more freely. It was my presumption that that was probably ebays idea. In fact, im told based on some reporting it was icahns. And its interesting to me that he was not looking to use the press as a bully pulpit at least in these final days. He wanted to have a more constructive conversation. What was your take . Andrew . Actually, you know, scott, lets put that to you. First we want to say that were off 200 points on the dow and off 111 on the nasdaq. It is different this time around with the activist investor in some ways. In the past, 10, 15 years ago when an activist investor put a c