Welcome to Closing Bell. I'm Scott Wobner live from Post 9 here at the New York Stock Exchange.

This make-a-break hour begins with a big market reversal and the question that might be at the center of it all.

Did Bond yields just peak today? That's what one billionaire investor is betting on apparently in a trade that appears to have turned stocks and rates today

Here's your scorecard with 60 minutes to go in regulation. It's mostly a tale of two sessions today. Yeah, the Dow is modestly negative, but everything was negative.

Early on, the 10-year hitting a fresh new cycle high, pushing back above 5 percent stocks, as you might

imagine, they were selling off.

That is until late morning when hedge fund manager Bill Ackman

tweeted that he had covered his long standing short in the long end of the

Treasury curve.

Yields, they quickly fell.

Stocks quickly recovered. The

Nasdaq today, the big outperformer mega cap stocks, they took off. Take a

look at the Nasdaq up near 1%. That of course just coming ahead of

their earnings, which begin tomorrow with

Microsoft and alphabet takes us to our talk of the tape. What if we really have

seen the top in rates just as tech earnings are about to roll in.

Could it be enough to get stocks back on track towards a year-end rally?

Let's ask A.J. O. J.P. Morgan's global investment strategist with me here at Post-N.

It's good to see you.

Welcome back. it is an

interesting market move today what do you make of it well I think you know when we saw

rates almost touch that 5% mark I mean they were they were basically at a buy at 4%, but 5% just becomes that point where you

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