Lets take a look at the numbers there for you. The dow is currently off by 266 points. The s p is down by 41 and the nasdaq, look at that, a 2. 6 drop, 125 points being shed off the nasdaq. All three are now in correction territory. Lets get more on the trading action on the floor of the stock exchange. Its a pretty ugly day, it really feels like the market is having a lot of difficulty finding its footing. A number of different factors at work. You had the weaker close over in europe. You also had the disappointing Industrial Production or industrial profit numbers out of china today. Add to that the weakness, the continued weakness in the commodity space. Oil is down. Hasnt broken through that 44 level but youre also seeing weakness in zinc and copper, et cetera, and gold today. All of that is keeping pressure on the markets. The s p also breaking below that 1900 level. People were watching that. Right now were watching the russell as well below that 1100 number as well. One of the reasons weve seen weakness is the pullback in biotechs. Those are the sectors under pressure. Health care, materials, energy, all under pressure in todays session. Again, reflective of the concerns were seeing about biotech, the concerns about the commodity space. The russell breaking below the 1100 mark. Investors were watching that. Now trading at 1094. One of the reasons, i know bertha will have more on this later about the biotechs weakness there. We want to highlight Valeant Pharmaceuticals. House democrats subpoenaing Valeant Pharma over prices so its stock reflecting that, off 9. 5 . A quick check of the impact stocks in the s p 500. Freeportmcmoran down another 11 , almost 12 today on the heels of more disappointing concerns or i should say more concerns about glen core and the Mining Sector and then some of the biotech stocks there as well. The dow off 256 points but its another tough day. Its another very tough day. If were talking levels, were al 1890 on the sbx, broken below the 1900 day. Intraday flash crash is 1870. In the meantime, lets head uptown to the nasdaq where bertha coombs, weve seen a fiveday losing streak. And the numbers dont look better. Were getting a triple digit losses. Its on pace to break a tenquarter winning streak. Take a look today. Were down 124 points at the moment. The nasdaq large caps are off 1. 5 , but its really all about the small caps. Well, really for the nasdaq, having its worst decline since the September Quarter of 2011. Two big factors, one of them is apple. Apples slide of more than 9. 5 of the quarter breaking a fivequarter win streak despite reporting record sales over the weekend, no gains for the tech giant. More than apple it is biotechs that have paid the deciding factor in dragging down the quarter. The ibb down 10 for the quarter after 20 straight quarters or 10 straight quarters of gains. The index is on pace for its worst quarterly performance since 2002 with only 2 out of 145 components not in correction. Mandy . Okay. Thank you very much, bertha coombs. Ill going to hand it back to you, brian. We all know commodities have gotten crushed and were starting toee more movement in many of these commodities. Gold is actually down. Gold not really getting a bid at all. Down 12 an ounce to 1,133. Well have the gold close at the bottom of the hour. Oil also sliding as well. Wti crude is down about 1 a barrel, 2. 4 . Weve got Jackie Deangelis at the nymex for more on oils continued slide. Good afternoon to you. Thats right. We are seeing not only the metals complex and the Energy Complex down today to kick off the week and the main issue here when it comes to commodities traders is really the fed. I know there are other factors impacting equities today but what concerns them the most is the fact that yellen last week, dudley today saying that it is possible we could get that rate hike this year. They really had discounted that factor. And its not just how it impacts the dollar. It could strengthen the dollar and impact commodities to the south side, but at the same time this overall theme of tight b n beenibeetightening could impact. The Energy Complex down across the board with the exception of nat gas which trades differently than oil, but wti is seeing a 2 slide. Were staying under that 45 mark which is a key psychological level but were staying close to it. It shows you commodities dont really know necessarily which direction they want to go in. They want to see more market movements. They want to hear more before they figure it out. Thats why were staying close to this flat line. Gold, as you said, more than 10 slide. Thats fedbased too. Copper, too, fears over china. Thank you. Lets stay in the commodities space. Alcoa shares are higher on this down day because the worlds biggest aluminum maker says it will split in two separate companies. Morgan brennan here with what that split means. Morgan . Alcoa announcing its going to split into two separately traded companies that closes in the second half of 2016. Clau Klaus Kleinfeld saying this is the culmination from an aluminum producer to a finished products manufacturer. It allows us to build those two businesses into the right size, the right strength, and the right scale. So this allows us to put both businesses on their own path. Here is what the two companies will entake. The upstream company will keep the alcoa name. The largest bauxite mining. Casting houses and Significant Energy assets. The Second Company will be the valueadd businesses. Name still to be decided. This will include midstream and down stream products, engineered products and solution, transportation and construction solutions. Basically all of alcoas manufactured products for aerospace. Valueadd will be investment grade. Alcoa expects aluminum demand to double this decade. Forecasts 9 growth in aerospace through 2017. If you look at shares of alcoa, theyre up almost 3 right now. The belief here that this portfolio being split into two companies will see better value and investors seem to be agreeing today with shares up. Back over to you, brian. Morgan, thank you very much. Lets get a market flash with seema mody. Brian, well, shares of chipmaker atmel after an offer to acquire atmel was submitted but its expired. Cyprus was preparing to bid atmel and disrupting its deal to be acquired. Atmel shares up nearly a quarter of a percent. Brian . Thank you. Believe it or not, there is some good news. It is outside the world of commodities and oil and it comes courtesy of apple. Apple saying it had record sales over the weekend of its new iphone models. Josh lipton in new york with all the apple numbers. Josh . Well, brian, im at the iab mix conference in new york but the big news, youre right, in tech coming from apple today with the tech giant saying it sold more than 13 million of the new iphone 6s and 6s plus models over the weekend. And that was a record. Now, a big reason for that, brian, remember, this year china was included in the launch. Last year it was not. Analysts estimate apple sold some 2 million of those new iphones in china over the weekend and that helped boost those numbers. Then the next date to circle on your calendar will be october 9th when apple says the new iphones will be available in 40 more countries, including italy, mexico, and russia. Take a look at apple stock today. Down in todays trade. Fbrs dan ives says there are still skeptics who wonder if apple can grow iphone units in the quarters ahead. Skeptics, of course, point to the tough comps given those impressive numbers we saw from apple last year. Bulls though will point to that last Earnings Call where apple executives said only about 30 of iphone users had moved to new models. That suggests potentially a lot of people still waiting to upgrade. Guys, back to you. All right, josh. Thank you very much. Lets get to eamon javers with breaking news out of washington. Eamon . Hi, brian. Shares of Valeant Pharmaceuticals have been moving just recently in the past couple minutes here on news that House Democrats have sent a letter to the chairman of the House Oversight committee, congressman jason chaffetz, asking chaffetz to intervene in a dispute the democrats are having with Valeant Pharmaceuticals over val kaents decision to raise prices on a couple drugs it purchased. Democrats clearly here now hoping to capitalize on the publicity surrounding this Hedge Fund Manager last week who was in the spotlight for raising prices on a particular drug last week, a lot of bat pr. Democrats hoping to capitalize on that Public Relations could you please from last week with their focus on Valeant Pharmaceuticals. The important thing to know, the democrats and the house of representatives dont have subpoena power. They cant issue a subpoena themselves. They can only request mr. Chaffetz, the republican chairman of that committee, do so. Chaffetz has been uninterested in joining this campaign by democrats so far. He declined to get involved when they asked him earlier this month and in august to be involved. Theres some question now about whether he would be interested in following up on this suggestion by democrats today. I was just on the phone with chaffetzs offices, they say theyll get me an answer as soon as they can. You cant take this as a guarantee that a subpoena will be going out to Valeant Pharmaceuticals at this point. Thank you very much. Coming up on the show, our countdown to a possible Government Shutdown continues. Were going to be speaking with a key player on the hill involved in those negotiations. Also, as you can see here in the markets, we have another big selloff on our hands. Stocks are on track to finish their worst quarter in years. We are off the absolute lows of the day on the dow. Were currently down by 240 points. Thats a 1. 5 drop. As we head out, here is a look at some of the most widely held stocks. Youre watching power lunch. Im mandy drury with brian sullivan. Im here at the nyse. Well be back. Day to feel aliv jake reese, day to feel alive jake reese, day to feel alive great time for a shiny floor wax, no . Not if you just put the finishing touches on your latest masterpiece. Timings important. Comcast business knows that. Thats why you can schedule an installation at a time that works for you. Even late at night, or on the weekend, if thats what you need. Because you have enough to worry about. I did not see that coming. Dont deal with disruptions. Get Better Internet installed on your schedule. Comcast business. Built for business. Comcast business. Im a gas service my nrepresentative. N. Ive been with pg e nine years. As an employee of pg e you always put your best foot forward to provide reliable and safe service and be able to help the community. We always have the safety of our customers and the community in mind. My family is in oakland, my wifes family is in oakland so this is home to us. Being able to work in the community that i grew up in, customers feel like friends, neighbors and it makes it a little bit more special. Together, were building a better california. Welcome back to power lunch. Im mandy drury at the new york stock exchange. Citigroup shares being raised. It is down 2. 5 in a generally down market. Nex star offering to buy media general potentially disrupting the recent bid for the meredith corp. And Energy Transfer equity buying the Williams Companies for 32 billion creating one of the five Biggest Energy companies in the world. As you can see, weve got some very steep declines for both of those companies. 11 to the downside for Energy Transfer equity. Brian, over to you. Thank you. The countdown to a possible Government Shutdown continues. T minus two days unless Congress Passes a new budget. Who and what will be impacted if this happens. Eamon javers back with us. This is what we call a fluid situation here in washington, d. C. Obviously the bombshell news from friday that House Speaker john boehner is going to resign at the end of this month throws all of the political calculations out the window here. Now the betting is that we are not likely to see a Government Shutdown this week because boehner will now be politically free to make a deal with democrats in order to keep the government open. They expect the play as of this point right now is we expect to see the Senate Voting on whats called a clean continuing resolution as early as this evening and into tomorrow. Procedural vote starting today and then democrats helping republicans pass that on the house floor. So the expectation is no shutdown, but a whole lot of frustration among house republicans. Here is john boehner on cbs face the nation. Are they unrealistic about what can be done in government . Thats absolutely theyre unrealistic. But, you know, the bible says beware of false prophets. There are people out there, you know, spreading noise about how much can get done. This whole idea were going to shut down the government to get rid of obamacare in 2013, this plan never had a chance. So now, guys, remember the key here is that this current continuing resolution only funds the government through december. The question is what happens in a boehnerless republican conferen conference. Who will be the speaker and what kind of deal making will that person be in the mood for. Joining us on this topic from washington is congressman Scott Garrett a republican from new jersey. He is a Founding Member of the freedom caucus. Congressman, its good to see you again. Do you believe we will avert a Government Shutdown . I think we will. Weve averted them every other time. Sooner or later the final bill passes and the government is opened up either on time or a few days late and the speaker obviouy is now free to speak his mind more candidly apparently than he was able to before and it looks as though there is a plan in place for them to, as they put it, reach a deal with the president and the democrats will simply continue spending at the current levels without any adjustments whatsoever on anything. And any comments on John Boehners comments . Well, i think its incumbent upon all of us to try to do what we can in order to make our serve our constituents to make sure that were passing a budget that reflects the will of the people and we passed, you know, during this past year the appropriation bills item by item by item. We sent them all to the senate which is the normal regular way you do things down here, and as you know, they died in the senate. You have to ask the question why did they die . They died because harry reid said were not going to move anything all year long until the very end, and thats once again the democrats in the senate unfortunately pushes us into this untenable position that were in that the rest of the economy and our constituents dont want to always find ourselves in. Outside of the economy, congressman, do you support Kevin Mccarthy for House Speaker . So someone sent out a letter just the other day and i saw it earlier today where theyre saying probably the best thing to do is to take a step back, take a pause, take a breath, if you will, and to do some introspection here. Find out why it is twothirds or threequarters of the american public, you might say our constituents who are concerned about these issues, why do they say theyre dissatisfied with washington right now . And thats even the republican base. So we should probably take a breather right now to look not just shifting the chairs on the titanic but rather we should take a look inwardly to see why are we here . Why in the business parlance, if you were in business and twothirds or threequarters of your customers were dissatisfied for you, before you come out with a new product, you should probably look at your own Business Model and see what you need to make changes. Thats the october we have during october. Congressman, good to see you again, sir. Good to be back with you. Thanks so much. Do not forget, cnbc is hosting the next gop debate. It is in colorado on october 28th. Folks, thats the same day as the fed meeting, mandy, that is sure to be a day with some fireworks. Perhaps fireworks of many kinds. Lots of fireworks. Okay. The biotechs, down 22 from july 20th, that was their closing high on july 20th ending the groups strongest bull market in its history. We want to know, is the run over for is this a really big buying opportunity . As we head out, a look at how some of the biggest biotechs have performed this year. You have amgen down 15 . Biogen down 17 . Gilead relatively speaking has held up pretty well. Up 0. 8 . You know, not bad compared to the others but still not great. Well be back after this. Can it make a dentist appointment when my teeth are ready . Can it tell the doctor how long you have to wear this thing . Can it tell the Flight Attendant to please not wake me this time . The answer is yes, it can. So, the question your customers are really asking is, can your business deliver . Go to ziprecruiter. Com and post your job to over one hundred of the webs leading job boards with a single click. Then simply select the best candidates from one easy to review list. And now you can use zip recruiter for free. Go to ziprecruiter. Com. Welcome back to power lunch. Im brian in for tyler. Breaking news right now on aol. Julia boorstin with more on that. Julia . Thats right. Aol is making a big move into live mobile video creating tools in a platform for any content company to create and distribute live mobile videos and events to as many as half a billion mobile users all around the world. Aols Ceo Tim Armstrong saying the company is committe