caused the drop and is it over with us today is joe terranova, stephanie link, josh brown and jon najarian don't let the markets breaking near even levels fool you. it's down 143. looks good relative to where we were earlier, but you can see earlier in the session, right around 10, 10.30 we're declining again today. more on the catalyst markets moving lower guys, what do you think is causing all this, and, joy, what are you doing today? >> first of all, i don't think this is over in the short term if you want to be in the markets, this is clearly more of an active trader's market. apple, when you run the quantitative model, you can take apple, we all know the fundamentals are fantastic that's what i've done. >> yeah. but you've seen the range expansion and the volume increase again, that's for a trade. the larger narrative is about what's going on in the marketplace right now. it's elevated volatility why is the volatility elevated i think a large component of that is the breakout window we're in for corporations where they cannot do the buybacks, so that period is going to end in a couple

this is pretty damning what the fed has done we have jon najarian and pete najarian. >> great to be here. >> this is a friday night surprise we thought wells fargo was not only clean slated but had become many people's stock to own the net margin is up it had become the way to play the tightening cycle, is it still? >> i love this name. it has had an incredible run not just this year but going into the end of last year one of those names that when everybody beat it down, you had to look at the company s with is it going it seemed to me only up. and because of that limitation that is going to keep them back a little bit i own the stock. i got it at good level but this concerns me and i think it will concern a lot of investors in terms of future growth. >> what i am most concerned here about wells is that it had been a place to run one of the things i wanted to talk about tonight was hey listen, if the economy is so strong -- keep getting rate hikes don't that mean we can go buy? fill in the blank wells fargo. that story is off the able. >> right with the loss they suffered today, broad ma

caused the drop and is it over with us today is joe terranova, stephanie link, josh brown and jon najarian't let the markets breaking near even levels fool you. it's down 143. looks good relative to where we were earlier, but you can see earlier in the sessiongh

joe terranova, stephanie link, josh brown, jon najarian tim cook and company meeting shareholders todayrious

joe terranova, stephanie link, josh brown, jon najarian tim cook and company meeting shareholders today with serious questions swirling around the strength of the iphone our josh lipton starts us off with what is at stake today. josh is live in cupertino. >> reporter: hey, scott, listen, the shareholder meeting is really just getting started right now, shareholders dpa gathering. actually in the new steve jobs theater at the on the new apple campus that's where they introduced the world to those new iphones, the 8, 8 plus and iphone x last fall tim cook is going to be here and is going to field questions from shareholders, scott. i've been covering these shareholder meetings for a while now, and i can tell you cook always does seem to appreciate and enjoy these meetings he seems to really like fielding these questions from his shareholders, which typically cover a very wide range of topics but i wouldn't be surprised if shareholders also do, to your point, scott, have some questions this morning about the iphone franchise the health of that franchise, the future of that franchise you kn

. >> let's bring in jon najarian what are you seeing today? >> boy, another very heavy day today, bill, with just unbelievable volumes in there. to highlight some of the things both bob pisani and mike santoli are talking about as far as things functioning well, yes, things functioning well, but there was obviously automated cancellation of orders on the bid side and perhaps someone being liquidated that was being front-run. that's what it looked like to us on our side, looking at our data it looked like a very large order was being front-run. it could be, as bob said, there were so many stop orders at a certain level. that can certainly be part of it but there was just a slam from 800 down to 1500 down. that's 700 points came out of nowhere. and i believe that most of that -- as soon as we crossed 1,000 we were jumping at 100-point increments as far as the dow jones numbers i'm talking about here, similar percentagewise in the s&p, but they just slammed it somebody was doing a liquidation. that's what it looked like to us as well as, perhaps,