BALDWIN: We have also been covering and keeping a close lie on the markets. The Dow has been down for about an hour plus, down 532 points. Right now, I've got Richard Quest, our favorite business correspondent who just popped a microphone on. What's going on?</s>RICHARD QUEST, CNN BUSINESS CORRESPONDENT: The interesting thing here is about where we start. We're up at the beginning of the day. When you get those early reports and those early numbers, you're actually up. Then 'roundabout 12:00, the egg comes out of the balloon. You're asking what happens that causes this to fall down? The truth is really nothing. This is a market that is looking for a reason at the moment to sell off. We had three things, firstly Caterpillar, which had excellent results, but they warned the steel tariffs would mean that profits weren't going to get any better. So, it's a case of what have you done for me lately? Secondly, you have an overarching report of earnings that are good but not brilliant. And thirdly, bombs. The U.S. treasury bond hit 3 percent, the 10-year bond hit 3 percent for the first time in some years. In other words, as rates have gone up, so bonds have gone up, that takes the wind out of stocks and we start to look for a rotation. The funny part about this is, Brooke, we knew the bond was going to hit three percent. But knowing it and seeing it happen --</s>BALDWIN: Two very different things, Richard QUEST, thank you very much. More on her other breaking news here allegations against the president's V.A. nominee and the president essentially giving him an out on that. Also, ahead, the first lady stealing the show alongside the French first family today. We'll talk about this fashion choice. Any guesses of what she might wear tonight to the big state dinner? We'll be right back.
Dow Plunges 500+ Points on Earnings Reports