All right, welcome to closing bell. I'm Mike Santoli, in for Scott Wapner today. This make-a-break

hour begins with stocks trying to hang tough against another bout of hawkish tariff talk. The S&P 500

near its high of the day. You see it's down just about a quarter of a percent, has a shot to

break even for the week. That's somewhat thanks to Nvidia's powerful breakout.

That stock up close to 4% on the week, of course, did surpass $4 trillion in market cap.

Also some lagging defensive parts of the markets and value, finding a bit of relief.

Here is your scorecard with 60 minutes left in regulation.

The NASDAQ has spent some time in the green today.

It's right just below the flat line right now. It has taken up the slack from the Dow,

small caps, other cyclical groups, which are taking a step back after that other threat of

high Canadian tariffs that was overnight. Treasury yields set to go out near the weekly highs as investors

look toward the CPI report next week and puzzle over the inflationary implications of whatever

tariffs we end up getting. This all takes us to our talk of the tape. Is the markets week-long

pause working to refresh the bowl for a further climb or is the market undergoing a midsummer stall,

much as it did this time last year? Let's ask Avery Sheffield, co-founder and CIO of Vantage Rock

Capital. Avery, good to have you here.

Great to be here. What is your read on this? It's so, you know, we've gone from three months

ago this moment of kind of maximum uncertainty to now having a little bit of

perceived clarity out there. Is the market have it right that we should feel better about

things? Well, I think it depends on the stocks you're talking about, right? So a lot of stocks

have priced in tariffs, not really being much of an issue, interest rates coming down, and the economy kind of smooth

sailing along with AI, you know, leading to happiness for everyone and spending for everyone.

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