Thank you, Kelly. Welcome to closing bell. I'm Mike Santoli in for Scott Wapner today. This make-or-break hour begins with the broad market, mostly squandering an early rally, unable to build on NVIDIA's positive reaction to its strong results from after the close yesterday as investors rethink the prospects for trade deals following a court's ruling that most of the administration's

global tariffs appear on lawful. You see Nvidia hanging on to a 3% gain on the day. The major

index is now hovering just above break-even after starting the day with pops of around 1% each.

And of course, after Tuesday's sharp 2% game, the S&P 500, you see right there just up about 1-7 to 1% right now,

has mostly stayed green, but just modestly.

The NASDAQ is pulling some support from that bounce in NVIDIA,

but it's being offset by weakness in the likes of Apple, Uber, and Netflix.

The latter two have been big year-to-date winners.

Bond yields, they are easing back following a slight uptick in weekly unemployment claims this

morning at a strong auction of seven-year treasuries. You see the five-year right at 4%.

The 10s at 443, which takes us to our top of the tape. Is the market's indifferent response

is some good news, a simple sign of fatigue

after the strong run higher from early April, or maybe a hint of a tougher setup for stocks as we head

into what should be an eventful summer? Let's ask Adam Parker, Treviate Research founder and a

CNBC contributor. Adam, good to see you here. Thanks for having me. So you can kind of play this

both ways.

Either the market's kind of gone nowhere from early November, which is true, or it's up a ton from early April.

Also true. Are we just digesting things here? How are you viewing it?

I think it's the second half of what you set it up. I think we're heading into some more concern.

I mean, I thought we were funding the tax breaks with the tariffs.

So like one plus one doesn't equal three, right? So do we want it to happen? Do we not want it to

happen? There's a little bit of a math problem. I think investors I'm talking to today,

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