Welcome to you, closing bell, I'm Mike Santoli in for Scott Wopner. This make or break hour begins with continued pressure on big tech and backsliding in those recently surging small caps, all keeping the index is in choppy pullback mode just as the big bell

weather earnings reports begin to roll. Downside in the index is accelerating

into the final hour after a tentative midday rebound attempt. Here's your scorecard with 60 minutes to go in regulation.

S&P 500 near the morning lows actually traded positive for a bit,

but there you see it down 8 tenths of 1% under 55.50 the Dow after yesterday's big gain down more than 1%.

Nasdaq down not quite as much.

9% yet is in basically a 5% setback from the

Nasdaq's all-time peak.

Small cap Russell 2000 cooling off in a big way after that

blistering five day rip.

It's down 1.9% down about 3.5% from its high just a couple days ago

that takes us to our talk of the tape so is this just a midsummer squall to wash away

some excesses refresh the bull market, or is a more threatening

change in the market weather underway. Here to weigh the evidence. Our Joe

Terranova A Virtus Investment Partners, a C NBC contributor, as well as BMOski, and Alicia Levine,

BNY, well, head of investment strategy.

Welcome to you all, and Joe, you know, extended periods of com markets often

followed by a little bit of action, a little bit of turbulence.

We have that here.

What's the message you read and what we've been been dealing with.

Well listen you've done a great job all you're talking about how Q3 could be a little bit

bumpy and it seems as though we're as we move into the earning season.

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