Kelly, thanks so much. Welcome to closing bill. I'm Scott Wobner on this Friday from the Post 9 here at the New York Stock Exchange. This maker break hour begins with this market upset a hotter than expected jobs report, sending yields surging and stocks sinking. The picture looks like this with 60 to go in regulation. As you can see, red all over the place, and it was like that right from the jump today. It happened as bond yields at their highest levels in more than a year.

And coming up, we'll ask the Wharton schools Jeremy Siegel where stocks are likely to head in the weeks ahead.

As for what's happening today, Russell leading the declines. Financial is getting hit pretty hard as well. That is the worst sector, but there's the Russell down more than 2% today. Tech not far behind either.

Several mega cap stocks are seeing big losses today. Apple included as a new report throws cold water,

more of it on the iPhone upgrade cycle.

And that is our talk of the tape for that stock.

Already got hit with a big downgrade this week.

Now these fresh concerns.

So let's bring in our tech reporter, Steve

Kobach, who is here with more. Because when this particular analyst speaks, you listen.

I always listen. And this is, Scott, this is a dreary note coming from that analyst. Ming Xin Kuo.

He's over at TF International Securities. He is what I consider the best analysts out there covering Apple.

He often predicts what Apple's going to do months or even years before Apple does it.

So here's what he's saying about iPhone. iPhone shipments, he says, are expected to decline

6% for the first half of this year, even with the expected launch of the new entry-level iPhone

SE. That's the cheaper

iPhone that Apple puts out every few years or so. iPhone shipments, it gets worse, though, in China,

down 10 to 12 percent year over year, even for the December, month of December, that is,

even though overall smartphone shipments were flat. That means Apple is a losing market share in China.

And here's the kicker here.

He says, quote, no evidence of Apple intelligence driving hardware upgrades or services revenue.

Apple's reporting earnings in just 20 days, Scott, on January 30th.

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