We will have the very latest from barcelona ahead, as power lunch begins right now. And welcome to power lunch. Im Morgan Brennan stocks are sitting around session lows right now nasdaq, the biggest loser. That is down more than 1 . Tech and industrials, the biggest drags today. So check out some of the individual movers. We have got mylan is moving higher its bucking the trend that company is finalizing a 465 million deal with the Justice Department to settle claims it overcharged the government for its epipens and alibaba, rallying on its earnings beat. That stock is up 4 . L. Brands, plunging to new lows on the back of its weak outlook. And walmart lower, despite beating estimates. That stock is down more than 2 . We are going to have much more on whats going on with that stock, straight up ahead morgan, welcome to power lunch. Im Brian Sullivan we begin this hour with breaking news from spain, where a truck rammed into a crowd, one of the main plazas in barcelona it is now officially being called a terror attack lets get to sue herrera with the very latest. Sue . Brian, thank you very much. We know at least one person is dead and multiple people are injured. It has now, officially, as you mentioned, been declared a terrorist attack it took police some time to give it that designation. Just about 5 00 p. M. Barcelona time, this white van jumped the curb and plowed into the very crowded city center of barcelona. This is a big tourist area, it is the height of tourist season. We had the Police Actually termed it a massive crash. The 20 injured figure is coming from reuters we have not independently confirmed that number. We are awaiting a police briefing, which we believe will come in about half an hour quoting Unnamed Police sources, one of the newspapers in that area also said that two perpetrators of the crash were holed up in a bar or department store. Nbc news has not been able to confirm that at this point reports were that the driver of the van got out of the van and fled on foot and that police were looking for that person, that man so right now, what we know is, at least one person is dead. We have multiple injuries. It is considered a terror attack and keep in mind, these are the types of what theyre calling, lowtech terror attacks that we have been seeing in europe recently. Although, interestingly enough, spain has been spared that for some time now. The most deadly attack was the driver of that tractortrailer who targeted bastille day in nice that was back in 2016. Germany has seen this type of low he have tech attack, as well and now, unfortunately, barcelona can be added to that list of terror incidents well keep you posted, brian, on the fatalities, if that number continues to climb, and also the injured. Back to you. All right sue, thank you well, also happening now, President Trump is back in new jersey, meeting with Small Business leaders, working to get the narrative back on point about business and tax cuts. This as the dow posts one of its worst days in weeks. Bobpisani is at the new york stock exchange, but first to eamon javers in bedminster, new jersey hi, brian so much focus today and Financial Markets on the fate of gary cohn, the National EconomicCouncil Director at the white house. Would he stay or depart in the wake of the president s angry press conference on tuesday regarding charlottesville and that racist violence today its thursday morning and the white house has put out a couple of statements let me walk you through what the white house has said about this. The first statement smaild ema me at about 11 07 this morning gary plans to remain in his position as nec director at the white house. Nothings changed. But a few minutes later, the white house sent a statement to the White House Press pool that removed that intends to stay language from the initial statement, updating the statement to say, nothing has changed. Gary is focused on his responsibilities as nec director and any reports to the contrary are 100 false. So a lot of folks immediately jumped on the idea that they had removed that phrase intends to stay from the statement ive been calling around, talking to folks my sense is that some folks at the white house and some folks on gary cohns team felt that that intends to stay language simply wasnt strong enough. Indicated that there was still a possibility that he might leave. And they wanted to strengthen the statement, which is why they put out the additional statement that we saw a few moments later, with that 100 false narrative so the line from the white house today is that gary cohn is staying. Notably, though, we havent seen gary cohn on camera. We havent heard from him directly on this so all of this is being filtered through spokespeople, press aides, white house officials, and all the rest so i think theres a lot of speculation on this. And people will want to hear from gary cohn directly, as to what decision hes making and why hes making it obviously, his focus here on other white house officials, as well but no indication right now that anybody is leaving this white house, guys. Back over to you eamon javers, thank you very much now let us get to bob pisani at the new york stock exchange. The dow posting one of its worst days in week is it about politics, about earnings, about Something Else riskoff day. And its two events we have been talking about all morning have clearly influenced the market, brian. Let me tell you, the s p 500 circled two points here where news events came in. First around just before 10 00 al eastern time, see that first circle there thats when reports came in that false reports, it turns out, that gary cohn might be leaving. Of course, you heard eamon say that cohn intends to stay. Then the second circle, thats when we had reports of the terrorist attacks in spain first coming in. And you see the market again drifting lower so outside events clearly influencing the stock market today. As always happens, the market leaders are the first ones to move down and they are the weakest ones biotech has been a market leader, semiconductor has been a market leader, banks has been a market leader. All among the weakest sectors right now. The volume is light, but heavy for the biggest etfs out there this is interesting signs of ways they use risk off, they go into the etfs and lighten up there. I want to also point out, tomorrow is an expiration day for options. That may also be influencing things a little bit here as for the big sectors that are to the downside, retailers, walmart had a good year, has had a good year and a good report today, but its not changing the narrative for the retailers. L. Brands had poor guidance. Kato corporations, one of the womens retailers had a loss buckle was light this has been the story all throughout the last two weeks here and if you see whats going on, investors are facing these revenue clips. Big drops in researches and lower prices due to the Amazon Effect they want to know, where is the bottom here. We want growth, we dont want just a bottom. We dont see it right now. Its hard to get sales going when you have margins on the lower side many, many 52week lows in retailers. Guys, back to you. Robert, thank you very much with all the drama going on at the white house and in d. C. , more broadly right now, are investors starting to lose faith in President Trumps economic agenda they made a big bet on it, one can say. The dow up 20 since the november election. Casey mathews is the cia of uib banks and jamie cox is managing partner with harris financial group. Lets talk a little bit, any might, jamie, about why stocks are down today, if it had to do with defections from or the disbanding of the executive council, you would have thought all the hit would have been yesterday pop, so why today . I think its about followon. You had the Manufacturing Councils disband over the last couple of days and if it were to escalate to having members of the president s cabinet actually resign, then youve really taken it to another level. And you saw the news with gary cohn a little earlier ago. Markets dropped immediately. And when the statement was released by the white house, weve seen a little bit of recovery and then we had the attack in barcelona. A terrible, terrible situation for the weekend in charlottesville, and the nation of spain its just a terrible situation i think those have contributed to, you know, negative sentiment in the market today. Im sorry, i thought you were finished go ahead and finish. Its a terrible tragedy my kids play soccer in barcelona a couple of times a year its a wonderful city. Its a terrible thing for this type of thing to happen anywhere, and especially in spain. Yes casey, there are a lot of things going on washington drama may be the least of them. Theres a debt ceiling debate thats going to come up in a months time there are sort of economic cross currents the fed meetings the unwinding of qe and so forth. What should i do as an investor, right now, with all of the and oh, my goodness, last week, all we were talking about was north korea. What should i do with my money right now . Sit tight . Well, good afternoon, tyler i would suggest that you avoid the political distractions when it comes to the disbanding of these councils, i think it has very little impact on the markets. The president wanted to get some opinions from ceos he got that message. And now he can move on with his fiscal agenda. So i dont think a lot of these things have a Material Impact on the markets longer term. Clearly, on a temporary basis, theyre going to have some ripples through the markets. But at the end of the day, many of these issues dont impact the underlying fundamentals of the economy, nor do they impact the underlying fundamental s of thee companies that were talking about and earnings growth. Kc, if all of the news weve seen this week involving the president and corporate america, if the war of words with North Carolina last week didnt do it, what is it going to take to get that pull back that everyone weve spoken to has been looking for, from this market right now . Well, keep in mind that the markets have never been accommoda accommodating. Of course, everyones looking for this pullback to deploy riskbased assets. Maybe the market will melt up 10 and then you will see the correction but thats a good question whats the trigger for the correction and it could be a fed mistake, whether theyre too late in hiking rates or they move rates too fast, too quickly, which doesnt seem to be the case right now. It could be a military conflict or geopolitical tensions, which we saw last week that doesnt seem to shake the market i really think that theres a number of things that could cause the correction, but the bottom line, i think investors are still looking through those and looking at corporate Revenue Growth and corporate earnings. Right jamie, let me give you the last word here if you were going to point me to the singlemost opportunistic investment i could make now, stocks, bonds, sectors or what, between now and, lets say, the end of the year, what might you suggest . Well, i think energy has been absolutely obliterated over the last couple of weeks and i mean, youre at a point where people are starting to throw away really Good Companies right now, like exxonmobil and places like that so i think that is a place where i think you have a great opportunity. The expectations for oil price is, citi came out with a report today, saying oil is probably going to stay between 40 and 60, maybe on the lower end you can pick up energy right now as a really Good Opportunity thats what i would do jamie, kc, thanks very much appreciate it. Thank you thank you perhaps no group in america would benefit more from tax cuts than Small Business owners, because many simply pass through their business income to their personal tax returns so are Small Business owners still confident the president and congress can get past all the outrage of the last few days and get their agenda back on track. Lets bring in joe dutra and phillip, ceo of bamako phillip, do you believe that the socalled trump gop probusiness, lowtax agenda can get done do you believe that tax cuts, especially for business owners, will happen by the end of this year well, wii dont know about te time frame, but i believe, i have hope and optimism that, you know, this is going to change. Were going to see a we want to see tax reform in the u. S. For Small Businesses, because its what drives us. Its the kind of thing that helps us create more jobs and expand and buy more equipment. And those are the things that we feed to be really working on we focus on so many infinitesimal Little Things every day in the news. And we really need to be focusing on Small Business and tax reform do you think that many, maybe the media included, joe, puts too much onus on the president to get this done after all, it is the 535 or so members of congress, the men and women there, who actually get the legislation written and done, with the exception of trade, the president doesnt have a lot of unilateral power are you confident in this congress well, i think the congress, for a couple of administrations, has been, you know, fighting each other hay just need to be able to start to Work Together and look at the businesses and the people of the United States and do whats best for them you know, i think what we do is we concentrate on such Little Things that really dont affect the daytoday life of a Small Business or an individual in the mi midUnited States. I think what happens is, we need to be looking at what makes america great. What makes business stronger what helps our communities grow . And i think congress will eventually get together and start passing some bills that really benefit the u. S joe, ive got a question for you. I a lot of my family members are Small Business owners. Theyre also cardcarrying Trump Supporters everybody has slammed the White Supremacists and are horrified by what happened over the weekend. Not necessarily thrilled with how the president reacted in the days after it. That said, what they have said to me is that we are missing a broader strategy thats been playing out with this president since he was on the campaign trail. This whole idea of draining the swamp, this idea of going after fat cat politicians who have sat in an inefficient washington after corporate america, ceos who have offshored and participated in wage arbitrage for way too long and they say, this is all part of this broader strategy by the president and its all meant to get us towards a more focused economy on the American Worker what say you you know, i agree phil, go ahead and take that question, please okay, phil. I think when it comes down to it, one of the things thats most important in business is predictability and right now, the administration, nor congress, is providing any sort of predictability on health care nor are they providing any kind of predictability on tax code, on any kind of import taxes, on Foreign Policy and so while day to day, we do try to focus, as joe said, we try to focus on a lot of the small micro things that run our businesses, the macro things matter business is difficult enough on a micro level. We dont need to have unexpected surprises from the macro side. And i think thats making things difficult for not any company thats Small Business, but also for large businesses, some of our customers. Im looking back, phil, to last area when the market sort of meandered just a bit and there was an awful lot of unpredictability, centering around the outcome of the election now that is solved the one thing and i take your point about unpredictability about health care and taxes and all of that stuff, trade, what have you but would you would you stipulate that the one thing that is predictable is that with the gop in control of the house, the senate, and the administration that the Business Climate with respect to regulation isnt going to get worse. If anything, its going to get bette bette better yeah, i think thats a fair speculation. I also believe theres a lot more to it whether or not things just get worse or stay the same. I think most of the expectations that are already built into the marketplace is that things will get much better. And without any Real Progress at all in congress or through the administrations acts, and a lot of distractions coming through, i just dont noeecessarily see that happening and most of our customers who are the fortune 1,000 businesses of the world, theyre putting their budgets on hold. And i see that all the time because of the unpredictability of whats to come. Quickly, philip, is their patience wearing thin . Yeah. For sure, 100 most people in the Business World want to do business. Ill tie it off one way, joe. I dont want care whos president , americans are going to eat candy, right . Thats right. Because life is sweet. Life is sweet they are going to eat your candy. And lets hope they eat more of it joe, philip, god bless you thank you all right, back to sue herrera now and new developments in that tragic barcelona attack. Sue . Yes, we just had a briefing by the interior minister and he gave us some updated figures one person is dead 32 people are injured. Of those 32 injured, 10 of those injuries are serious so the interior minister says the death toll could go higher so 1 dead, 32 injured, 10 of those injuries are serious at this point we are still waiting for more information. It was a very short briefing from the interior official, just a short while ago. Ill be back at the bottom of the hour with the very latest for you. Back to you guys morgan thanks, s