Now by six points onetenth a percent watching all the way to the close. Extremely busy news day, folks. The war between the sunnis and shites intensifying enegypt and saudi arabia are sending in Ground Troops to blunt iranian backed rebel forces there. You can look now at oil. There is west texas up better than 3 above 50 a barrel at 50. 8 50. 86. Yud crude is up. Shocking news on the plane that crashed in the amlelps. And today they say the jet was brought down deliberately by the copilot copilot. We have the latest. Lets show you a picture of the copilot. Thats andreas, 28 years old, and thats a picture of him. We dont have the time frame when it was taken, but people look at the picture saying what exactly was going through his mind in the final moments of the german wings fright that crashed into the french alps. This morning, a french prosecutor said that it was brought down deliberately. The copilot was acting alone in the cockpit. He was alone. Did not let the captain reenter after he left for the restroom. There was no communication from him to anyone else not to air traffic control, not to the captain who was knocking on the door, and, n. ,in fact, the press conference this morning was chilling listens to the prosecutor describe the final moments of the flight. He said look on the cockpit voice recorder you can hear shouts from the other side of the door not just the captain, but the main cabin realizing they are crash into a mountain and realizing the captain cannot get back in to the cockpit. What do we know about the copilot . Hes 28 years old, new in terms of being an employee for the company, 630 flight hours with the a320, joined germanwings in 2013. This morning in a press conference, the ceo was asked about the screening methods for pilots. Heres what he had to say. Translator selecting our people, we dont underlook cognitive cognitive practical competence and give room to psychological capabilities. He went on to say that andreas passed all screens for the pilots brought in. In fact, there was no indication he may have had issues. Guys, theres reports that are surfacing out on the internet. People who knew him saying while he may have had concerns or issues none of that has been verified. Were in a realm of conjecture now where reports will surface coming out in different parts in europe. Phil quick question for you. You said the copilot was alone in the cockpit. Arent there protocols in places like the United States where there has to always be a third person who, if the pilot or copilot leaves the cockpit for whatever reason go to the bathroom, whatever, a third person like a stewart has to go in so theres two people in the cockpit cockpit . Thats protocol in the u. S. And has been since they put in those doors after 9 11. Its protocol in other parts of the world, but it is not protocol in europe. In fact, the ceo was asked about it today. He said well maybe were going to have to assess the situation and change policies but in europe theres no requirement that when a pilot leaves the cockpit that somebody else has to go in and be with the other pilot. So essentially, you have a situation that we saw with germ man germanwings where theres one captain in the cockpit. Thank you so much. More to come on the story if thats the case. Breaking news in the bond market with seven year notes up for auction. Rick santelli is tracking that at the cme. Whats demand here . You know, i gave it a dplus and changed my mind at the last second. The more i stare at it the more i dont like the demand outcome. Capping 90 billion in supply tuesday through today. The yield 1. 792. The bid on a one issue market around 1. 781 bid, so you can see higher bid, lower price. Heres the good things okay indirects at 50plus percent spot on ten auction average, 123 on directs, but not only did it price on the high yield auction, the bid to cover, 2 preponderate 3 it 2, securities available, it was the weakest bid to cover going all the way back to may of 2009. Its the last of the supply. Many traders looking to see if we test 2 in the ten year. No matter how poorly demand is at auction, when supplys over you see markets rally pushing yields down. Well be on the lookout for any movement along those lines in 15 to 20 minutes. Back to you. Okay rick thank you very much. Tyler, you pick up from there. Thank you very much, guys. Volatile day on wall street. The dow swinging between triple digit losses and modest gains now as you see well its gone back negative wherefrom where we began the broadcast. Nasdaq down air strikes by saudi arabia on yemen sparking fears about oil supplies out of the region. That is sending crude higher as you see right there. Bob is on the floor of the New York Stock Exchange and berth sarks uptown at nasdaq, and jack ki is at the nasdaq. I was up at 5 20 this morning, futures down 18 points. I went, woah, this will be a rocky open, but its fizzling away as you see here. We came up and we did actually go positive. The sectors today, well they are close together. Transports have been weak and struggling to get in positive territory, but Everything Else is within a fraction of a point, 1 up or down energy actually was higher earlier on today. Issues for stocks well theres three major issues. Really two. Negative Earnings Growth and high valuations. Combined with the fed rate hike threat. We had a Dollar Strength reversing in the last week meaning commodities are higher copper and gold rally, and geopolitical risk thing. People are sorting it out today. If this was geopolitical worries, dollar would be stronger. Thats not happening today. Bond yields would be down dramatically. Thats not really happening. And even gold you know thats a modest move for gold. Youd see more violent reactions if there was true geopolitical risks outs there. Finally, whats going on is an oversold rally, and if there was real trouble and real worries out there, believe me, you think the vix goes to 20 . Thats my threshold for being worried, vix at 20. No, this is modest moves. Overall, the market is trying to tell us i think yesterday a little about end of the quarter reambulancing going on and a little concern about where the fed is going right now. Guys, back to you. Thank you very much, bob. Dom chu has a market flash. Surging todays trade, red hat, the company known for the work in lennox operating systems for business customers reporting earnings that Beat Estimates thanks to growth in other parts of the company like Cloud Computing, data storage, and Software Solutions and announced a buy back program. You can see the shares up 11. 5 today, one of the best performers on the s p. Thank you. Nasdaq on pace for the biggest monthly loss since last march. Plunging 3 this year. We are following the movers bertha . Think about it the nasdaq is 3 down from its 15year high. Its near all time highs, its a limit bit of a sell off and taking profits as bob talked about. We are seeing rotation. One of the areas where theres a lot of rotation is bioteches. Bioteches on pace for 7 decline, just thursday down the fourth day, worked into positive territory barely well see if that happens this afternoon. Look where they were last week at their most recent alltime high nearly into correction territory there. Some are attracting bids being seen as oversold and chips, thats where we are continuing to see the pain. Sandisk is off, but there, too, you were seeing some names that are really big losers this week starting to atrack bids today. Back to you. Thank you for that from the nasdaq. Saudi arabia beginning air strikes against iranian backed rebels in yemen sending oil prices soaring. This is a video of the aftermath of last nights strikes. Egypt is preparing to send troops into yemen with saudi arabia to attack forces. Minutes ago, head of Central Command was asked by senators in a hearing what happens if the rebels try to close off narrow waterways to shipping . Given the situation in yemen, if they block the strait i presume American Forces were to immediately act to reopen the strait . We would work in conjunction with the gcc partners to ensure that those straits remain open. Its one of our core interest to ensure that we have free flow of commerce through both straits. Well jackie on the floor of the imex whats it mean for oil prices . Good afternoon, mandy. Pricing now, you can see were close to 51 a barrel after we got reports that egypt and saudi arabia send troops into yemen. Whats important to traders is the connection. This is the Worlds Largest oil producer starting conflict on the ground to tamp down iranian backed rebels the shias, and what people are worried about as you mentioned is that thoroughfare where about 4 Million Barrels a day in the strait go from the middle east goes to the suez and off to europe. Any time you have conflict in the region this is something to watch. Its not necessarily about yemen per se. Meantime traders are also saying that, you know, theres different types of crude we use in the global marketplace. Remember yes, u. S. Production is going up but we import foreign crude, not only from opec countries like saudi arabia and iraq but places where theres conflict like libya. Weve seen volatile production in the regions. You cannot necessarily count on whats happening internationally at this point. Thats what traders are worried about. It sent our price over 51 and brent up to 59. 18, and also recall this 1 the wild card weve been talking about for weeks, takes us away from the story of the dollar and supplydemand story here in the United States. This is what traders were worried about. Its the caveat that could send us back to a six handle on wti. Back to you. Thank you very much for that and later on this hour, speaking to ed walker former chief of missionings to saudi arabia for thoughts as well. Trant ports seen as a barometer for the markets and economy, but its been a rough road for the sector. On track for the worst week in months. Whats going on with the stocks . Morgan morgan, you know. Its the perfect storm, on track for first down quarter in two years. Whats happening there and why investors should be paying close attention when power lunch returns. In new york state, were reinventing how we do business so businesses can reinvent the world. From pharmaceuticals to 3d prototyping, biotech to clean energy. 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Trading at all high time levels firm beating estimates helped by growth in the outsourcing business lululemon shares soaring, beating estimates, but outperforming short, and winnebago plunges 10 , now down 15 , missing estimates because of labor shortages and higher operating costs. Lets get to julia for a news alert. Thank you. Thats right. Hbo and vice media announcing a major deal. This is hbos biggest content deal ever and also the biggest ever deal for vice news. They are going to be partnering on News Coverage and in addition to expanding vices weekly show for hbo, vice launches a fiveday week 30minute news broadcast airing not just on hbo, but also on hbos upcoming streaming app called hbo now launching next month. Key move to move into the News Business and ramp up programming targeting younger viewers. Vice has the edgy take appealing to millennials, and they are looking to add more younger subscribers to the new stand alone streaming app. Tyler, over to you. All right, very interesting. You think they might have gone with cnn, but i guess not. All right. The transports having a bumpy ride in the recent sell off. Breaking today below a key support level. Morgan brennan is looking at whats going on with this widely watched sector. Morgan . I almost called you morgan stanley. I really almost did. Ill take it as a compliment. Lets look at the dow transportation average. This right here is what you want to look at. This is what happened today. Dow breaking below 20 Day Moving Average happening earlier tea. Since, we bounced back. Nonetheless, this is what everyones watching very carefully. Why . Transports are closely correlated with Economic Growth. Now we see the rally in oil. Thats weighing on the group right now, the 210 to trade inversly. You see that with the transportation average etf and the uso, u. S. Oil fund. You see that dynamic right there thats weighing on the group today, but theres a bigger story here. Were beginning to see a slow down. Companies like fedex and Kansas City Southern have been cutting guidance recently. Now we have data thats pointing to a slow down in freight volumes across several modes of transportation. Look at this. Weve got trucking tonnage falling 3 in february from january. Thats seasonally adjusted. Also, look at rail carloads for february excludeing those containers moving through various modes of transportation due to the port backlogs you take those out, and you are down 6 month overmonth, and since then since we get numbers weekly, we continue to see weakness, particularly in coal crude, and metals. Donald bratton says this points to a slow down in Economic Growth. You should be paying very close attention to this. As for whats falling most today, specifically we got Union Pacific falling after several analysts downgrades. Conway also fears were going to see Earnings Growth weakness in the First Quarter, and jetblue airways, and this is not the component of the dow transports, but genesse and wyoming cut last night, falling lower. Meantime, end of the session, dow transports looking at your date, down 5 . This is really key. If we close below 86. 50 today or coming days, michael mentions thats a key level and well see transports continue to fall potentially to 8300. Guys, back to you. Thank you very much. Chaos in yemen, saudi arabia begins air strikes there against rebels trying to overrun the country, and reports of a ground operation in the works as well. Is this going to turn into a wider war . A former u. S. Ambassador in the region will join us. You need to hear what he has to say. Yes, as we head out, though the ten s p sectors at this hour. Biggest loser, discretionary, the biggest gainer is telecom. Were back in two cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. So, how do you feel about cash back . I would not say im into it. But lets see where this goes. [ buzzer ] do you like to travel . Im all about free travel, babe. Thats what i do. [ buzzer ] balance transfers you up for that . Well unh. Too soon . [ female announcer ] fortunately, theres an easier way, with creditcards. Com. Compare hundreds of cards from every major bank and find the one thats right for you. Creditcards. Com. Its simple. Search, compare, and apply. [ ice rattles ] welcome back to power lunch, shares of pharmaceuticals boosting in midday trading. It and a competing firm based in france are working on a treatment for a type of liver disease. According to our own, the Company Announced results for a trial that was not as successful as some anticipated for one component of the tests. Some traders view the news as being more net positive for intercept. The overall trial was said to be successful enough to pursue a phase three trial of the treatment. Back and forth now, but intercept shares up by 10 or 11 . Back to you. Thank you very much, dom. Gold ready to close at three and a half week highs, they are up by eight bucks at 12. 05 and lower dollar. Tell us more about gold. Good afternoon, mandy, well thats right, risk aversion probably key things sending us over 1200 today, and 8 pop on gold and key stats. This is the highest seen since it hit its 50 Day Moving Average level, 1219. 30, tracking for seven consecutive days of gains here. Seeing up rest in the middle east before we see gold move higher. Not necessarily the most convincing trade today. Back to you. Thank you very much. Check of the bond markets now, in the back of the dplus seven year note auction, rick santelli, the professor at the cme. Thank you tyler, and the introday aforementioned seven year yields popped up after the auction, symptomatic, it was a spongy auction, and after all supplies are done, you rally. We want to Pay Attention to this chart, tens reflected the same dynamic, but look they touch 2 , have not closed since the 17th of march, and lets see if it backs away or not. Everyone is looking at the options, and look at the dow, even the dow seems to have moved down at the time of the auction or maybe the following chart. Here it is again, fail above 110, and whats happening now, well when euros go down dollar goes up that could be another reason to see sluggishness in the equities. Tyler, back to you. Rick thank you very much. Saudi arabia begins air strikes in yemen against rebels there amid reports of a ground operation too. Now saudi arabia is right on the border of with yemen. Egypt also apparently becoming involved. Is this region now the new hot spot in the middle east . Is it potentially the start of a wider war in the region . What does that mean for the u. S. . Were all over this shocking developing story involving the germanwings plane that krarked into the alps. Officials say the copilot did it deliberately crashing that jet. How does this happen . Well talk to a former commercial pilot. Wait until you hear what he has to say. [ pian