of them and exhang it for something else. >> or double down. >> probably this week. >> you get 52 trades. >> yes, sir. >> i could make one a week. >> i'm just saying. >> only one a week. you don't get -- >> the final trade. >> sjt, saun juan basil. >> capital management. >> oke, bought it today. >> merck. >> have a great rest of the day. power starts now. >> halftime is over. "power lunch" and the second half of the trading day starts right now. it could be a very interesting second half. welcome to "power lunch," everybody. tyler matheson here and you there. down 500 points from its high yesterday morning. the nasdaq right now, there you see the numbers. a composite off about four-fifths of a percent. the russell about .83%. big question today, how far will stocks fall and how fast? we're going to talk about warning signs from copper to interest rates and more. the market rally, well what

rally? the market really is our only story today. we start as we often do with sue herrera. hi sue. >> hi ty. >> another extremely volatile day on the street. stocks deepen the red. we touched down 300 points a few moments ago. if you take a look at from yesterday, the dow is now down more than 550 points since tuesday's session high. let's check everything, and all the numbers for you at this point. the dow jones industrial average off 265 points. the transportation average is also sharply lower on the trading session. transports are down 113. the yield on the ten-year note well below 2% right now at 1.804%. the 30-year auction, we're going to get those results in just a few moments. let's run through two sectors that are really hurting today. big energy. you can see deep in the red on a percentage basis. exxonmobil chevron, conco phillips all to the down side. the financials also getting hit hard in today's trading session. goldman saks jp morgan bank of

america, citigroup, wells fargo all down on the trading session. bob joins me here on the floor of the new york stock exchange and the volatility is really pretty breathtaking when you look at the end of last week to now. >> we had something very strange happen this morning. s&p futures dropped ten points at 8:30 a.m. eastern time, and the retail sales number came out. we've been doing this a long time. futures don't drop ten points on a retail sales report. it doesn't move the market like this. let me show you what happened here. basically the numbers down 0.9% for retail sales. the consensus was down 0.4%. everybody said gasoline prices dropped. gasoline down was 0.4%. it's still below consensus even when -- so gentle merchandise and electronics and intbt sales a whole swath of sectors was affect. it wasn't just lower gasoline. you can't just say that. that's what concerned people. take a look at some of the

retailers a run through some of the numbers. we'll try this year. to put up luxury stocks. see the other ones that are weak. if you give up on china, you don't think there's much demand growth in japan. what's left? you see signs that the u.s. consumer might not be spending as much that's a concern for your global growth story as well in particular your u.s. growth story. you see all these numbers are the same. everything is down roughly 2%. even shoes. despite all the complaints about retailers, they've been a big help to the overall stock market. there's an etf for retail stocks. it's a big one. that is a five-year chart. you see how well that's behaved in the last five years.

>> people are getting money in their pocket, and they're apparently saving it. i think that will be -- >> let's see if they were putting the money in the bond market today because the 30-year bobbed went off the board a few minutes ago. rick santelli tell us what's going on. >> well i tell you what, first of all, the good news. it is the lowest rate at a 30-year auction ever and the yield at the auction of 13 billion reopened so 29-year ten-month securities. 2.43. you would think, wow, lowest yield. that's good. highest price at an auction. i still give it a d-plus. here's why. 2.43 was a basis point and a half from the one issued market trade at 41.5. that's not good. bigger tale than yesterday. 2.32. it was on the light side.

2.48 almost 2.5 is the normal ten auction average. 48.9 on indirect was a little better than a ten auction average, and 13.7 a bit worse. the dealers took only 37.4 but for reopening and considering everything it looks as though the yield curve, guides had the right interpretation versus the outright buyers coming into the market post-auction. two d-pluses in a row. supply behind us. all that's left is digestion. sue, back to you. >> appreciate it. >> let's go uptown to the nasdaq. bertha is there for us. >> hi, sue. tesla is one of the biggest decliners you can see it over my shoulder, and it's kind of a confluence of the concerns about china, the concerns about energy, and the concerns about retail sales. all of them really hitting the stock with sales slower in china. the big caps overall today are all dragging, and it's a lot of these that have this consumer facing model. apple struggling to stay above

$109 a share. ebay and amazon maybe into movies but it also sells things, and that's really its prime business. also today what's interesting is when you look at some of the names that are bucking the trend, still today it's the health care names, and they're still getting a little bit of a tail wind coming off of the jp morgan health care conference of 200 surgical raised its outlook. it's one of the names. some others bucking the trend getting analysts love. monster beverage on an upgrade. also over that google over at rosenblatt. thomas is starting it at a buy today. those are a few, but tyler, it's few and far between when you are looking for green out here. >> all right, bertha. thank you very much. sflimplts if you have been watching "power lunch" for long you know that ron insana has been talking for a long time about the incipiant risk of deflation.

he has a story on cnbc.com right now about that very topic. make sure you log on and check it out. this is something you've been talking about a long time. have the markets undervalued it or are they now coming to appreciate how serious the risk is particularly as we look at cumber? >> i think more the latter. in a certain sense both. they've been looking past what were yellow flags last year and are now becoming red flagdz. around the world outside the united states, u.s. and i think the retail sales data is a little dodgy this morning. when you look at rates around the world, you know a swiss ten-year yield is less than 20 basis points. the german is at a half. you know these collapses that we're seeing in interest rates, the drop in copper last night was stunning. >> commodity. >> copper's peak was $4.75. we're down to $2.50 a pound now. that tells you something about chinese growth. there was a lot of stockpiling a couple of years ago. there was some big firms that were wear housing to drive the price up. used to call that a corner. when you look at commodities,

oil being one of them and chief among them they collapsed about 40%. it's a big deal, and it does say a lot about global demand. the u.s. is in better shape as a consumer of commodities. we do get benefits from price drops. this is a danger sign overseas. >> we'll talk more in just a second about the fed. my sense is we haven't had deflation globally for a very long time. >> certainly japan at the center of it. >> japan had it but the idea that central bankers have tools to fight inflation, they are less -- they have fewer arm meants for deflation. >> no absolutely. although the tools can be -- you look at what the federal reserve has done, and the fed was there in the beginning with the threat of deflation in 2008 2009. the fed did what it was supposed to do inside n size. the european central bank did not. the japanese central bank over the bank of japan over the last 20 some years has had

conflicting policies. you're not going to cure over supply of buildings by building more buildings. they're in a bit of a box right now with respect to policy. >> all right. he had lunch with rich mobbed fed president jeffrey lacquer yesterday. michael, welcome. what did he say about interest rates? >> thank you very much tyler, and ron, great to be here. you know dr. lacquer and i are great old friends, but when we were talking about the economy yesterday, and i specifically asked on the record he said 2.75% gdp growth for this year. he was upbeat. he was positive. he said that the -- you know he thought that the banks were in very good shape. they still had to address too big to fail and he said that the fed would raise rates later this year so an upbeat fairly hawkish member of the federal reserve board with a very positive message yesterday.

i think maybe marcus should have been at lunch with me. >> to speak to that point, has he changed downwardly his thoughts about the u.s. economy in light of the fact that so many of the economies around the world seem to be slowing and if they slow there, one way or another, that's going to show up in u.s. data and did he give you any sense about -- >> my personal bet would be the september meeting. but he was constructive, and he thought that you know 2.75% gdp growth was going to be a good year. that the momentum and the positive numbers already evident in the economy would continue.

>> i think these overseas concerns will weigh heavy on deliberations going forward. >> ron, mike thank you very much. interesting conversation. sue, down to you. >> thanks. all right, gentlemen. as you know yields on the ten-year dipped below the 1.8% level. that's a record low yield for sovereign debt. the dollar falling on the weak data. where are the safe havens in either currencies or parts of the bond market? dominik chu has been taking a look at that for us. >> when the going gets tough, the tough and everybody else seem to go to these types of investments. we're talking about sovereign debt like you said. especially u.s. treasury bonds and notes. also, the u.s. dollar. we talk about king dollar all the time. there are exchange traded funds

and products that track those markets, and here are a few of them. three that we're going to focus here. first of all, take a look at this one here. this is ticker tlh. this is an ishares etf that tracks the treasury bond market for durations between -- maturities between ten and 20 years. a longer part of that yield curve, if you will. look at the size of the movement in this thing. it's up 14% year-to-date. steadily over the course of the past year. one of the investments a lot of people look towards. if you look even further down the malt urt spectrum for maturity bonds and notes, look at this. this is the tlt, which is the same etf family but it's 20 plus year treasury notes and bonds here. this is a big deal. look at this one. up 28% over the past year.

we'll take a look at some of the stock plays when people want to find sem blens of safety in this volatile market, sue. back to you. >> give me shelter, dom. we'll check back in a little bit. thanks. >> let's talk more about the markets. on the floor of the ebbing change is james lu, global market strategist at somewhere p morgan funds. chief investment officer at fed rated investors. welcome to both of you. james, i'm going to start with you. it seems as though 2015 is shaping up to be the year of volatility. correct? >> volatility is increased. the vix around 22 and intraday volatility has been high over the last month. it's about the retail sales report, but i would emphasize the most important thing for investors the next month and a half are earnings. we'll find out about the energy sector earnings in the middle of february. we'll have much clearer picture. right now it looks like the energy sector is going to have earnings revised down 30%. it's going to be a drag on overall s&p 500 earnings but i still like the earnings picture for the rest of 2015.

how much of that is factored into the market? >> prices are down 20%. earnings are down about 30%. in addition to gas prices being lower right now, unless we see those bright spots in reports next month, it's hard to like the manager sector right now. >> all right. steve, why don't you weigh in on that? what are you expecting for earnings? a lot of companies might be citing the recent strength of the u.s. dollar in their reports. especially those multi-nationals. what are you looking for? >> sue, i think we've got this issue where we've got these three kind of gifts that have come to us if you are a bull. one is lower oil. we're net oil importer.

one is a stronger dollar. we're a net i78 porter of goods and services. then three is lower interest rates. we're a big, big deter, obviously. our guess is we are in for a period of a little built of volatility here and maybe with the balance of it even leaning negative early on but as we come through to the spring we think all the strong elements of the u.s. economy and trends are going to come through. you'll end up with better earnings by the end of the year.

we're up in the high 120s. we think the s&p is going to end the year at 2350 shs considerably higher. we would be buying into this weakness in the next few weeks. unemployment at 5.6%. i like the cyclical sectors and discretionary. technology. i like financials as well. >> all right. thank you so much, steve. good to see you again. thanks so much. appreciate it. >> thank you sue. let's go back to dom who has a market flash for us. >> keeping an eye on what's happening, first of all, with the dow. we are now down about 300 points or hovering right around that down mark for the dow jones industrial average. it's certainly something we're keeping an eye on as we head towards that closing bell hour. they're down about 300 points, almost exactly right now. amidst all of that, we're also

watching shares of ceasar's entertainment coming off of its lows, and significantly down 3%. the company's big operating unit will file for bankruptcy tomorrow in chicago. this according to court filings. predators had opposed the company's $10 billion debt cutting proposal and filed an involuntary bankruptcy petition back on monday. those shares ceasars down by 3.25% as a result of that move. thank you very much. >> dom, mining stocks getting creamed today. the big names down double digits. is this the end of a commodities super cycle? morgan brennan has been -- i could see her right arm there in the shot. i could just barely see it. today it's another commodity sending ripples true the market. we are seeing the dow down 300 points. can you guess which commodity i'm talking about? we'll have the answer to that and so much more when "power lunch" returns.

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>> welcome back to power lurj. we're watching the markets right now looking at the dow. it was down just about 300 points right near session lows about five minutes ago. you can see right now it's hovering right around minus 285 on the day. the s&p is down 27 points. the max composite down by 47. a bad day overall for the markets, although we will say we

are just right off of our session lows right now. also keeping an eye on what's happening with family dollar shares. right now at its session lows. influential proxy advisor iss is advising the company shareholders to vote in favor of its acquisition by dollar tree which reverses its previous recommendation. family dollar had rejected a higher bid from dollar general in the past part of the story here. here's how all three are trading. you can see there in today's session, tyler. back to you guys. >> thank you very much. dom, copper crashing. minutes away from gold closing. mining stocks melting. this is apocalyptic. morgan brennan tracking them all. >> how do i follow that up? >> i don't know. that's a lead-in, baby. >> that's a lead-in. copper prices trading near five and a half year lows. take a look at copper at the high grade copper contract for march. the trading on the nymex. that's down 6% trading below $2.50 a pound. big move there. we're seeing this of course, in

part, because of the world bank cutting its global growth forecast for this year and next. of particular concern is china, which is the biggest consumer in the world of copper. it's taken down mining stocks with it. particularly those that have a lot of copper exposure. take a look at shreveport mcmoran. it's down 13% hitting fresh 52-week lows. if you take a look at the chart for the past 12 months we're now down just about 50% on this stock. also southern copper that stock is down about 5% and even though we're focussing in on copper right now, it's across the board industrial metals are taking a hit today. that's why you're seeing names like alleghany technologies and newport also hitting fresh 52-week lows and alcoa, despite the better than expected earnings report that we saw from that company earlier this week also trading down about 5.5%. we're focused on the u.s. companies that are feeling the impacts of this right now, but across the globe we've been

saying this dynamic play out in equities markets today with some of the biggest miners in the world. rio tinto. all suffering steep sell-offs today on the back of industrial metals. >> thank you very much. let's go down to sue for some business headlines. >> general motors tops our headlines. it's out with the 2015 fiscal forecast. the auto maker boosting capital spending, and it expects to see modest improvements in its earnings and margins. chipolte suspending the sale of pork after discovering a key supplier was not complying with its animal welfare standards. jp morgan taking a hit after missing earnings estimates. rival wells fargo meeting expectations. wells fargo chief financial officer will be on closing bell today to discuss the latest results and its outlook. >> all right. thank you very much. >> let's go to housing and the

number of people -- highest level in six years. you know who is on the story. more context on the staggering numbers. >> tyler, through the roof is right. mortgage applications spike 49% last week and that's on a seasonally adjusted basis from the previous week. that was behind the move. break it out. refines were the big driver of 66% week to week. the highest levels since july 2013. jumbo refews quadruple. they're more sensitive, of course, to interest rates. the reason we're seeing so many more refews now than we did in october when rates dipped is because this has been a more orderly decline, and it's staying. october was more of a one-day wonder. applications for loans to purchase a home are up. they're up 2% from a year ago, and that's the first time we've seen a year-over-year positive in over a year. all this is the average contract rate on the 30-year fixed

conforming loan dropped to 3.89%. >> they have a case number to cancel the number and reapply under the new insurance rates. leonard is telling me that is huge. one lender at 63% of its total 2014 production volume. that's just the first two weeks of this year. another lender in northern virginia calls the response unbelievable. he is seeing a split of both re-fis and purchase business. he says people who have been redee baiting buying a home are now going ahead with prequalification in the hopes that they will find a home while these rates are so incredibly

low. more, of course on-line. realty check.cnbc.com. sue. >> diana, thanks so much. save havens in the sell-off. we have three etf's that will help protect your portfolio on a day like this with the dow now down 304 points. yields on the 30-year bond with their lowest level on record. ten-year yields at their lowest level since may 2013. what are the biggest bond fund managers saying? we're going to talk with one. he manages almost $165 billion. as you can see, there's the yield curve for you. it is flattening out as we speak. the dow is down just about 301 points. we're back in two.

well for the past couple of days we've been following the plunge in copper. today is no exception. we also have the gold market closing right now, and jackie deangeles is at the nymex to cover all of that for us. hi, swraky. >> good afternoon to you, sue. that is right. we are seeing a slide in commodities in the metals specifically across the board with the exception of gold. actually, gold prices slightly higher right now, but giving back a little bit of the game that they saw before. 12:35 is where we stand at the moment. this is a little bit of safe haven time with the commodities down, with the stock market down, with the dlar down as well. traders are saying safe haven buying we've seen in the past is usually typically bigger -- having a bigger impact than that. you mention the copper decline as well. more than 5%. today alone traders are worried about global economic growth at

the world bank revising its forecast downward. serm not helping there. some analysts and investors alike were telling me they certainly look to copper prices as a leading indicator when it comes to the stock market because if global growth is slowing, we could potentially be in for some head winds going forward. back to you. >> okay, jackie. thank you so much. >> a close eye on the bluechip index. also, the gold story. the mining stocks are moving lower here. if you look at the majors the barricks of the world, newmont mining, all very much tyler in the red on today's session. back over to you. >> dominik, thank you. >> oil steady today. relatively so. still bouncing off its lowest levels in nearly six years. what does the recent crude debacle mean for the big producers up north? brian sullivan is live today in

calgary, alberta. brian. >> houston behind us here. the houston of canada. this is an oil boom town guys. there's cranes everywhere construction. this is really the economic growth center of canada and oil and gas extraction are squarely behind that. some of the biggest companies in canada are based here and, guys they are down 40% or 50% or 60% in their stock market in just a matter of weeks or months. in fact, if that happened in the united states, can you imagine if chevron fell 40% in three months? that's kind of the equivalent of whatting here with mft big names like bay and pinwest. a lot of the stocks trade on the new york stock exchange.

>> we'll hear from the bank ceo. we'll talk about why this is happening, where it goes how do you fix it and also what the impact might be on the united states. remember, it's not china. it's not japan. it's not germany. the number one trading partner for the u.s. of a. is right here. canada. about $700 billion a year of which half of that are exports to canada. if their economy takes a hit and slows down it could also be a big hit to the united states. they like buying our stuff. >> you bet they do. brian, thank you very much. >> and i like their donuts. >> we'll have more on "street signs" top of the hour. to dominik chu, market flat. >> you wonder if he has tim horton's out there. another tough day for the oil companies overall.

>> bp and conco phillips moving lower on the day. you can see 2% to 3% to the down side. >> all maturities are roughly a parallel shift down about eight basis points. let's single out that 30-year. i gave it a d plus auction. just like yesterday's ten-year auction. at 1:00 eastern rates popped up. at 8:30 eastern we saw rates move down dramatically slicing right through the very important previous all-time low close at 245. if you can see an also.

one of the world's top bond fund managers saying about these yields that rick just described. we'll speak with one of them. he manages $160 billion. he will tell us where the opportunity is. plus, this company has raiseded its dividend every single year for at least a quarter century. the stock has doubled in the past two years. ceo of this dividend darling will lay out his new growth plan and more. see if you can guess the company. i couldn't. so you're looking for a loan? how's your credit? i know i have an 810 fico score, thanks to the tools and help on experian.com. and your big idea is hot dogs shaped like hamburgers? nope.

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more than 300 points. about 310 right now. those are session lows right now, meaning the dow is down by 1.75%.

dune again, by 307 points. weaker than expected earnings report. also goldman sachs, american express, and exxonmobil all laggers, sue ownering the day's session. >> let's go to bertha covering the action at the nasdaq in just a second. first, bob is right here at the big board. bob, we're down 310 points just a few moments ago. >> this is remarkable because natural gas has got a big rally going on. let me show you nat gas. it should have rallied because normally you get a cold snap nat gas rallies. it hasn't happened. 8.5% gain in natural gas today, but look at natural gas, the latest for stocks that are heavier towards the natural gas than the oil side like southwest and -- nothing. they're just basically down along with all the rest of the market overall. that's a little bit of a disappointment there. we should have gotten some kind of bank bounce. meantime banks are breaking down again. i want to know jp morgan which

was a disappointing number here. it is now close to the october lows. that's a critical technical level to hold. particularly jp morgan. loofr the big names, same situation with bank of america. sdmri think the concern here typical going off into earnings season, we see that a lot, but, sue, the indications with the banks are having a tough time with the long energy trade as long as -- as well as with high yield. a lot of people are getting cuts in their bonuses for the year. i think that's an indication of tough times for the banks. >> it's been $109 a share. that's i one-week low, and that's one of the biggest drags in terms of the big cap. if you look at it sector by

sector, the small caps today are relative outperformers even though for the year, year-to-date, they are the biggest losers so far. one of the areas that we're seeing of continued pain is in the small cap energy names, and that small cap etf continues to lose ground but we are seeing the biotechs continuing to gain ground today. seems to be the theme that they continue to hold on. certainly benefitting from the jpm conference in san francisco, and gopro, just wanted to touch on that. recovering on a down day after getting hit yesterday on some news about apple. reaching for a patent in moveable video. i don't do anything fast enough that i need a gopro, but -- >> i don't either. i don't either. you would not have to do fast film with me. all right. you know the dow down 318 points today. about 1.8% or thereabouts. similar moves to the down side

for u.s. stocks. more broadly, the s&p, and nasdaq. dom gave us the bond and currency safe havens a few minutes ago. now let's look at equities. >> all right. relatively speaking these are safe havens. obviously, equities have a lot more risk than certain parts of the bond ask currency markets do on a relative basis, but take a look at these. we talk about the traditional ones, right? the utility stocks they had a banner year last year and they started off so far this year maybe a little bit weaker but still outperforming the overall market. they're up 25% just over the past year alone. >> this is the spider fts. you mechanicsed companies that grow their dividend every single year. well, this is an etf that tracks those types of companies, so again, some income streams along with possible capital appreciation. relative safe play. then one more because this one has been interesting.

diana olich has been all over this. the reets. this is the reet index etf, the van garde emq. take a look at that move. talk about a steady move higher. 30%. this is real estate mind you. to get this we've had nine trading days so far this year to start. this has been up every single one besides wrun. eight out of nine days it's been positive to start 2015. you can see -- investors are looking at these types of investments as a place to go even in this kind of -- >> in this kind of a market. eight ar nine days. >> tom, thank you very much. >> sue, down to you. >> thank you very much gentlemen. todd is the chief investment officer at tcw, one of the biggest asset managers in the nation with $163 billion you should management, including $110 billion in fixed income assets, and he joins us to talk about the market. good to see you, tad. welcome. nice to have you here. >> good to be here. thanks for having me. >> it seems to me what's going

on in this market both in fixed income, but also in the equity markets is that the market seems to be having a tough time effectively pricing risk assets. that seems to be a bit out of whack. is that the way you read it as well? >> i think that's a fair assessment of where the market has been. we've obviously seen a significant uptick in volatility and volatility in and of itself i think, as a communication of general investor uncertainty. i think it's also a reasonable measure for a potential indication of instability in the overall price structure of risk-based assets and if one were to reference the retail sales number this morning, i think that too, is actually rather illustrative. we've seen a very big movement downward with respect to equities on one month number worth of retail sales, and that may be speaking to a theme that

has been out there, which is to say that low oil prices was supposed to be the savior of the american economy. low oil prices presumably allowing consumers to spend their incomes in other directions, and, obviously, this number this morning we're not seeing it. >> yeah. where are you finding opportunity then specifically in the parts of the fixed income arena? you manage a lot of money, and you have to bring in returns for your investors. where are you putting money to work in fixed income specifically? >> well, for much of the past year we've actually been counseling our clients to think away from some of the proto typical based asset classes. we haven't been fans of the u.s. high yield bond market. in terms of places that may present some instrumental value, i think the tips market the inflation protected treasury market, is showing or convincing very low break even rates.

there are pessimistic expectations to see higher prices. i think in the asset backed market, there is interesting opportunities in the student loan space. i think there continues to be a reasonably good trade available in the nonagency mortgage market. these represent legacy loans left over from the last cycle. they're pretty authorize yesly delevered. in many cases they provide 5% or better loss suggested yields. it's not a bad place to be relative to ten-year treasuries that are 1.75%. >> thanks. appreciate it. >> thank you. >> ty over to you. strong dollar sue, deflation fears, global ub certainty. what is a ceo to do? dividend darling. here's the answer to our question. it's pitanny boez has a new game plan. they'll be with us here on cnbc relate after this.

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>> the s&p 500 on falling along side the dow as commodities continue to sell off. that's i think part of the narrative you can see today. we're off by 31 points on the broader s&p 500. leaning lower in the index. fremont mcmoran and alleghany technologies, viacom and transocean. a tough day all around for bulls, especially with the large cap stocks. over to you. >> thank you. looking for value in a volatile market? one of the market's dividend

darlings is pitney which has raised its -- first on power lunch, the ceo. mark, welcome. good to have you with us. >> thanks. >> a lot of people think of pitney as a post hole beater company, but what do people not know about your company, and where is the growth coming from in it? >> well thanks tom. listen we are certainly a postal company, and that's an important part of our heritage and an important part of our future. that said to your point, we're much more than that. we have some great businesses in the world of digital commerce that have been growing substantially for the last several quarters. >> what do do you in digital commerce? give me an example. it's a broad area. >> yeah. absolutely. we have a couple of different businesses. we have a business that focuses on cross border shipping. we have a business that focuses

on location intelligence. we have a business that focuses on information management and helping clients manage that information, and what we call engagement software which is basically around content of messaging and statements and so forth. >> let's talk a little bit about your nonu.s. business. it's a global company, i don't feel. tell us what percent of your revenues derive from outside of the united states and what have you been seeing in your global business particularly in light of two things. one is what we keep describing as a kind of global slowdown in europe, some in asia and secondly, the dollar's ascent. >> those with r two important dynamics. as you pointed out, 30% of our business is outside of the united states. as you trip around the world, you know what you see is economy that is in some parts of the world that are doing okay. others that are doing, you know a little bit less well. >> where are the less wells?

>> well the southern part of europe is more difficult. latin america has slowed down a touch. china has slowed down as well. that said you know there are still terrific opportunities around the world for us to continue to invest. >> we're a little tight on time on this busy market day. your yield is about 3.1%. you've been raising the dividend forever and ever and ever. going to keep doing it? >> well, listen i think this is important to look in the context of overall investment thesis. our investment thesis is a competitive dividend and a 3% dividend in the context of interest rate environments is very we think, compelling coupled with a core business that has great defendable moats around it with recurring revenue. good income opportunities. finally, you know as we discuss in great growth opportunities as well. >> congrat layings for the good performance. the stock has doubleed in the past couple of years. new branding out today.

we appreciate your spending time with us. sue, back to you. >> thanks. gentlemen, we are just minutes away from the fed's latest read on the economy. it could be as if we don't have enough action in this market a major market mover. plus the big headlines you may have missed in this hour of power. the dow down 330 points, and we are back in two. financial noise financial noise financial noise

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the dow falling in this hour of power. we are down more than 300 points. 30 year bond auction this hoer hitting a new low. rick santelli the grade, d-plus. oil companies hit hard. exxonmobil, conco phillips bp all dropping on the trading session. mashgt-moving report from the fed coming up. power back in two. ♪ your dad just kissed my mom. ♪

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sdwlirchlgt dow plunging more than 300 points looking for its worst three-day drop. the fed's latest read on the u.s. economy. peter costa and cnbc contributor as is ben wallace of princeton securities. what's going to happen in the afternoon trading session? >> continued volatility. you can look forward to that into june. we're going to see that forever. if you are looking ahead at your position, continue to use something like the vix to keep

portfolio protection. >> it's going down. >> it's going down. >> it's going down. >> how far? >> ben and i were just saying it might even hit down 400 today on the dow. i think that's a possibility. >> because you penetrated key technical levels. >> small technical levels but -- >> we broke it today, but the morning lows work we broke that pretty hard. then not 1975 after that. >> 1987. did it have to be 1987? we all remember that. do you think we might move through that, and if we do then that would cause a lot of technical -- >> we're hanging right there right now is the problem. if we go through that it will take another 100 points. >> i don't normally agree with ben, but i agree on this one. >> what is it that has you so nervous. >> i think this is perfectly normal. to me this is fine. >> i'm out of the market. >> only down 3% at the year. >> nothing at all. >> especially if you are a long -- >> this is a buyer's market. >> especially if you are a long-term investor. >> gentlemen, thank you very much. ty up to you. >> and s&p back below 2,000.

>> street signs starts right now with the fed report coming out. could be a market mover, and keep in mind brian is up in calgary, so they have the whole oil story covered. we'll see you tomorrow. breaking news right now. steve leesman, give us the beige book. >> the beige book seeing moderate or modest growth. fast e growth is expected. this is not a barn burner of a beige book. in part because of what we're going to talk about in just a minute which is widespread concerns throughout this book on the oil price impact. first, let me get to the other sectors that the fed follows here. there were modest gains in consumer spending. that includes a particular line that i thought was interesting. the new york fed saying holiday sales in its region were sluggish, and that kind of dovetails with the decembe