Thank you, Kelly, and welcome to closing bell.

I'm Mike Santoli, in for Scott Wapner today.

This make-a-break hour begins with investors rushing out of tech and into last year's losing sectors in many cases,

while trampling the major indexes along the way.

Here's a look at the scorecard with an hour left in regulation to the S&P 500, down about 8 tenths of a percent,

a little more than that, had been down more than 1%.

And in fact, reached levels that were first attained in late October.

So it's been pretty much sideways for over two months for the headline index.

The NASDAQ is really the main downside driver of the day.

It is down a percent and a half.

Semis are weak today alongside the

struggling software group, which is deepening its losses. The latter down almost 3 percent today.

Bank stocks being sold on generally good earnings reports, yet the broader tape continues to hang

in there. The Russell 2000 is now up by one third of 1% that continues a outperformance trend.

The Equalweight S&P 500 also is doing better. It is now actually positive on the day.

So previously neglected groups such as consumer staples and energy, they're benefiting from this relentless rotation

that has so far been the prevailing

tone in 2026.

Which takes us to our talk of the tape, is all this churn creating a lasting leadership

shift for the market and what does it say about the path ahead for the economy?

Here to take on these questions is Jim Karen of Morgan Stanley Investment Management.

Jim's good to see you.

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