Welcome to overtime. I'm Mike Santoli in for Scott Lopner. You just heard the bells but we're just getting started.

We have key earnings reports about to hit the tape from AirB&B and A&D. We will bring you those numbers as soon as they hit.

But we'll start with our talk of the take. More trouble at the top, steady selling in the

wounded mega caps weighing on the index is ahead of tomorrow's crucial

fed meeting. Let's bring in Verus Investment Partners, Joe Terenova. Joe also of

course a C. NBC contributor. Uh, Joe, this has been a pretty persistent theme.

You know, today we see Amazon down 5% alphabet 4% Apple and Microsoft offer percent and a half

Sometimes you point to yield sometimes you point to what the fed's going to do

This seems more just like a liquidation in that

style and size of stock. The average stock actually doing okay today, equal weighted

S&P up a little bit. How do we read it? Is it just kind of the tail end of the process we've

been in for a while or is there a new reason to worry about what it means for the

index? Well I think two things. First of all, I think it is strategic to your point

but second of all, we have been an evaluation recession since

Q4 of 2020 it's rolled through different equity size classes it's rolled

through different strategies and through different sectors it's now touching the last place where

that pristine valuation that premium was maintained and that's in the

mega caps. That's comforting from the aspect of it means we're closer to the end of this valuation

recession, but you still have to wonder what's the overall impact on the market. How much

longer can the index is keep the resiliency that they've had the

last several days if the selling pressure and mega caps continue?

For sure, and I wonder what you think is now implicitly in the market.

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