And welcome to closing bell. I'm Mike Santoli, in for Scott Wapner.

This make-a-break hour begins with a relief rally to end a choppy week as the bears take a breather,

and investors attempt to rotate away from danger in some AI plays in crypto, and toward more stable stocks.

A less hawkish tone from New York Fed President John Williams taking some of the pressure off the tape.

That was this morning, alongside some dip buying in consumer plays and a continued bid in health care.

So take a look at the key indexes right now.

The S&P 500 up about 1.4% in recapturing just about half of that steep intraday drop from yesterday,

while remaining down more than 1% for the week.

The NASDAQ is pretty much keeping pace there.

It's up 1.5% as well, although it is farther from its high than the S&P is.

The small cap, Russell 2000, as well as the equal weighted S&P 500, both up more than 2%. In fact, the Russell up more than 3% on the day,

which takes us to our talk of the tape. Has the market had enough of a flush this month to reset

positioning into the home stretch of 2025 and is today's rotation worth playing or fading?

Let's ask Avery Sheffield, excuse me, Vantage Rock co-founder and CIO, and it's good to see you.

Great to be here. So we had this sort of five-ish percent pullback in the S&P. A lot of the more

aggressive speculative parts of this market really got purged. Market making a bid that that was enough

right here. How do you see it? So I think it depends on the stocks. So I think

in those more speculative stocks, the market was taking out some froth that maybe should have

never been there in the first place. Along the way, it did also take money out of cyclicals

that if the Fed is a bit more lenient, if there's any weakening, actually could set up for a really nice

2006. Many things going on at once, as there usually is when the market pulls back like this.

This rethink we're having of the AI trade, I mean, it's interesting because you go back a month

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