Selloff, were implied to open lower by 87 points. The s p implied to open lower 8. The nasdaq down 27 having the worst day since brexit last june. The dollar has been in a slump. Kind of unchanged right now. 97. 50. Not long ago we were up above 100 and talking about going higher. Big reversal. The yields have been falling. I guess roiled by the stuff happening in washington. The tenyear below 2. 2 . 2. 188. How about europe. The nikkei down 1. 3 . Hang seng down 0. 2 . Shanghai down half a percent to 3,090. Over to europe, i love how they react to the weak day we had and set us up for another day of weakness. The chicken egg tail waging dog thing. Theftse mib down. The ftse 100 down 1. 5 . The german dax down about 1 . Here are the big stories were watching today. Well, there are a lot of did they do that on purpose . Did they do that on purpose . On your show, do you need a teleprompter . We dont have any scripts on our show. What is this today . This is like a half box bell . This is like a weird hybrid we have closing bell, half time report. Its a fast forward. We have the morning, afternoon and the close all in one. Can you guys adjust to the squawk box i dont even know where i am now. Obviously not if you need a teleprompter. That may or may not be there. I thought they were trying to sabotage me with the prompter going out. Do either one of you guys get the knowing you, you probably have the twitch. Im with andrew. That might help if i turned off the prompter. No, no. Do either one of you guys get the, hey, youre a business network. Enough with the politics . Do you ever get that . We cover politics in the prism of business what are you talking about . How can you possibly no. Watching whats happening, how could you possibly utter a word about Business News without the washington back drop, right . I spend all my time on the road talking to institutional investors, its all anyone wants to talk about. Dont you think that creates opportunity . If everybody is obsessed with d. C. Politics, does that not mean people are selling off one thing or another. We constantly hear from people it has nothing to do with trump or washington. Its all about earnings. Then why does it go down 400 points if theres once. Volatility you had to put out a missing persons alert until yesterday. 1 moves were typical. A year or two ago, we had 100 point moves, 200 point moves interday every day. This is where we need you what this mueller thing means. It drags it out. But hes ready to step right in because he was the fbi guy any way. Maybe it doesnt drag it out as much as people thought. Does it hurt the legislative agenda . Can i answer now . I think its actually did. Puts a bottom in. Why is the market down another 80 points . I dont know. I think its very good for the economic agenda. I fell like i know the economic agenda because i know, joe, a lot of the people that are crafting it. I think its very good. And i think this takes the temperature down quite a bit it will drag it out. But it also is going to allow congress to focus more on actually getting things done. I also think, because theres not a lot of profiles in courage in congress, that its going to refocus the mind on getting a few things passed before 2018. You say, listen, i dont want to walk in empty handed. I know the mid termt elterm elee a long way away. You were talking yesterday to dan clifton saying there is a renewed focus among republicans on the hill to say we better get our act today. Thats partly because of dan. You guys put out the note last week where you said you will lose the midterms. I dont know if im buying that. We used to have a guy, we still have him on, specialist, we used to call him jack the ebola virus is good for the markets and his last name. Because it didnt matter. Ebola virus . Yeah, s ps will rally. How is this what if this turns out how is the special prosecutor good for the markets . The way things were going the last week, things were ready to spiral out of control. There was no focus on any legislation. People were trying to figure out where the bodies were buried. Here at least it takes i dont think its good saying wait a minute this is not cli Clinton Administration trwith bodies yeah. Bad joke. Bad joke, almost as bad as mccarthys. Yeah. Almost as bad as mccarthy. Where is this poor seth rich guy . What happened to him . We dont know. Dont go there . No. No . I dont know. I dont know anything about it. Now youre spinning it back to that . Its not hyperbole i think joes point is well taken. How is this possibly good for the market . You have a full bore special councdowcounsel doing his inves and who knows what turns up out of that. Thats true, except im talking more about time. And i think this will refocus the mind among the administration or at least among congress to actually stop engaging in these academic exercises about these baroque policies and focus on putting points up on the board. I dont want to i dont priebus and ryan, theyre starting to look like the smartest guys in class, dumbest guys on the bus. They keep coming up with arcane, complex tax policies. Lets actually, i would say, put some points up on the board and stuff that can be passed while the president has some power. Hopefully he will continue to have power. But thats the way im looking at it. Well talk more about that. You remember that the prosecutor going back to the clintons, that started with a land deal in arkansas and ended up with a blue dress on an intern. It went places that you had no idea where it was going to go. Does this go to manafort and anything hes done in the last 50 years . Go to flynn in turkey . What about this, wapner . Do they get all of comeys memos . Do they want them going back to the Clinton Foundation . To the email . Do they see everything hes ever written now . Do democrats want this . That Wishful Thinking on your part . Be careful what you wish for with a special prosecutor. Im sorry andrew is not here. Im talking as a market analyst. Speak for yourself. Speaking as a kidding. Kidding kidding cant i like you . The New York Times article two days ago, i read the thing. Im no legal expert. Im saying i was trying to think what is the big i dont see the there there. You hope to youre quoting Anonymous Sources who have not seen a memo who it is read to by somebody else, you dont know who it is, what their motivations are. It seems flimsy to me. Seems important to see those memos if they exist. Again, it doesnt obviate the need to see more about whats happening. But thats a high bar to publish that it seeps to me. But it was swiftly confirmed, remember. We need to see the memos, thats for sure. The Justice Department has appointed former fbi director Robert Mueller as special counsel to oversee the investigation into possible ties between president Trumps Campaign and russia. Eamonaft javers joins us from washington. Maybe you can help us address some of these questions. You guys have been hashing through the implications of this. Lets give you the statements we got last night. This news broke at 6 00 p. M. Last night. The white house had about a half hours notice that this was happening. Rod rosenstein, the Deputy Attorney general not giving the white house a lot of running room here. Ultimately the statement they put out from the president was rather measured. Heres what he said. The president saying as i have stated many times, a thorough investigation will confirm what we already know, there was no collusion between my campaign and any foreign entity. I look forward to this matter concluding quickly. Robert mueller said i accept this responsibility and will discharge it to the best of my ability. That from the former fbi director, who ran the bureau for 12 years and was asked to stay over by president obama early in president obamas term before director comey came in. So mueller a parent with bipartisan credentials who was an appointment met with praise by democrats and republicans yesterday in terms of their c e confidence in mueller themselves, even those republicans who said they didnt think a special counsel was necessary. There is a credibility factor here with mr. Mueller coming in. Now well see where this goes. The impact on the legislative agenda, this will be very distracting for white house staffers. Theyll have to get lawyers. This will take a long time. Now that you bring in a special counsel t will tashgs counsel, it will take time to get staff up, get mueller up to speed. This lengthens out the process here. I did talk to a Senior Administration official at the white house on tuesday who said their effort on tax reform was moving forward full steam ahead. The game plan is to meet with members up on capitol hill and iron out any potential controversies or conflicts before they get a bill ready. Doing it in the opposite way they did healthcare, which is cutting the deal politically and writing the bill. They think that theyve got some opportunity here to still get that done. Well see if thats possibility in a bitterly divided washington. Thats the question. Anyone want to add anything here . This goes back to what we were talking about. Eamon, the question i still have, about these comey memos. So, theres a special prosecutor who will take the helm of this whole russia investigation. Does that encompass ul of the me all of the memos . Does. So its up to Robert Mueller to find all of those memos, and spearhead his way ahead finding the memos is not going to be difficult. We are told the fbi secured directors comeys office and his documents and devices immediately after he was filed. So they should be in his filing system. Im sure theyll have access to him. The special counsel will have full authority to investigate anything to do with russian interference in the 2016 elections and anything that flows from that, including potential obstruction of justice by President Trump or anybody in his administration. So that opens up a pretty expansive investigation. But to joes question about how far can they go . They can ask comey for any memos that have do with russia or obstruction of justice or anything related to that if there are other topics, thats not under muellers purview. He would not be able do that. Part of the reason why they got rid of the independent counsel statute in washington years ago was that those independent counsels both in the irancontra effort and the clinton effort was seen as going too long, taking too much time, spending years and millions of dollars investigating going all over the place. This is a much more narrow effort now. So the independent i heard that last night, that it can be broad. Valer valerie plain, when was that . In the early 2000s. That was comey. That was a special counsel situation, not an independent couns counsel. So this effort is independent from the department of justice and independent from the fbi, but ultimately Rod Rosenstein does still maintain some authority over Robert Mueller here. I thought of one more question, then we have to go. I guess walmart i dont know, some retailer reporting earnings . Yeah. Just one more. They all stink any way. They do. Except for target. One other one. Do you believe what nbc reported that the white house did not know about this until after it was done . Dont they sign off on Justice Department stuff . I had trouble believing that they didnt have a heads up on this. Do you believe it . I do believe that the chronology that nbc reported is accurate, of course, which is that Rod Rosenstein did not tell the white house until after he signed the document. Really . And gave them about a half hours notice. But did they know that there was a possibility that that was going to happen and that he would sign the document . Maybe they didnt know the time the discussions of a special counsel has been out there for weeks. I know. This was a big this was a big three quarters of the republicans were saying no, no, no the white house was still saying that. I still think that before he did it, there would be some type of communication and the white house would sign off on it. We know Rod Rosenstein felt burned by the way that we know that they didnt no when he was going to sign it. I dont know for sure george bush thatsure do you think the Justice Department did anything without the Obama Administration eric holder did anything without letting the Obama Administration knowing . Or loretta did everything come back to the Obama Administration . No, we were talking about clinton before that. We only have is 100 day the of s administration. Thats too far back . I can see why you dont want to talk about it. Ill talk about anything. Theres no reason to its a sore spot. Obviously not. Do you think eric holder or Loretta Lynch why are we talking about that . Because im saying i doubt the Justice Department, which serves the administration, not completely, its independent, but i doubt whether they wouldnt know. Maybe if if youre launching an investigation twhee hait took the white ho while to come out with a statement after this news broke which would lead to you believe that all of the reporting on it was correct. I dont know. Normally you would think they would get they would know thats happening. Say fine, lets do it at this point. Joe, if youre launching an investigation into something that includes the possibility of obstruction of justice by the president of the United States, one of the things you will want to do is not have the president of the United States have any opportunity at all to interfere or waylay that. We know Rod Rosenstein felt burned last week by the administration is the guy who said we should fire comey. Ultimately there was some point of tension between Rod Rosenstein and this white house. Last night, if he made the moves in the order we reported, that would indicate he wanted to make sure the white house was out of the loop on this. That would mean mueller was approached, spoken to. All those things happen, and nobody heard anything about it . I dont know. I dont know. I may have been born at night, but i wasnt born last night. Robert mule seller is an old man. Theyre good at keeping secrets. When comey took over, he was talking about mueller. Remember the speech, he was saying how could i possibly step into these shoes . Here hes back taking over its bizarre. Not as fbi director, but going to get that investigation there will come a moment when Robert Mueller will sit down and interview james comey. Mueller and his investigators have to interview comey here. Comey, the successor to mueller he can ask for his tax returns if thats where this leads. Hell have subpoena power, full investigative authority. He can go wherever the facts lead. He can pull tax returns. Youll finally get him. You and andrew i dont care if we get him or not. You mean trumps . Yeah. I love whenever puts forward insane no. I just cant believe you dont want to talk about the Obama Administration. Youre nothing if not predictable. 100 days. Dont bring up obama. That was like ancient history. We are talking about this particular thing, but it goes back to that. There was some great stuff happening with the Justice Department. Some interesting things over the last eight years we didnt see nearly as interesting until now. Now well do this tease. Okay. Thank you. You have a prompter. I do. Unless you pull the plug on it. The big stock movers including biotech names after massive amount of cancer data was released ahead of a Major Research conference. Stay tuned, youre watching squawk box on cnbc. A sharp selloff yesterday. The dow looks like it will lose further momentum at the open. A trfew minutes ago, it was dow 80. Now down 67. Declines of 1. 5 over much of europe. Roughly the same across asia. The nasdaq had its worst day since brexit yesterday. In corporate news, a massive amount of cancer data has been released. Meg tirrell has some of the winners and losers. Last night at 5 00 p. M. , 5,000 data sets came out ahead of this conference, the American Society of clinical oncology meeting which happens in chicago june 2nd through the 6th. We got a look at initial data sets. The main theme at the conference has been immunotherapy. The new drugs that unleash the immune system, unveil cancer to the immune system so it can go after it. Bristolmyers and merck had big updates on their drugs. However theyre not really moving that much this morning or in the after hours last night. As we may get more updates at the meeting. They were testing two drugs in come flags wibination with a dr insight, a next generation way of using immunotherapy. Trying to test these combinations in different cancers and see if we can get better Response Rates and see if more patients willbinations of. What wave are we in, in Broad Strokes what do you think this conference will signify . Its all been sort of a progression. Over the last few years, weve been introduced to immunotherapy. Companies are trying to figure out how to put the drugs together to get more people to respond to them, so have more people fight their cancer better. Theyre figuring that out now. We had merck on last week, saying they have 500 clinical tries now in massive studies. They got approved for something else. Nonsmall cell lung cancer. Exciting, but mid stage innings probably. Meg, thanks. We will get back to the broader markets with hans olson. Well get back to this. I found something here, apparently sessions didnt know either. He didnt tell sessions or the white house. So now you might be right. Now i think theres a target on poor rosenstein. I think if you look at the progression of events the past couple of weeks you cant go after him. Why do you think theres a target on him . I dont think the white house is happy that he did that. Maybe it is sort of i dont think rosenstein was happy that he was any way. This delays all this s