The bell is bringing an end to the training day at the NYSC AAR, ringing the closing bell and at the NASAC selective insurance doing the honors. Welcome to closing bell overtime. We're live from studio be at the NASDAQ market site. I'm Melissa Lee along with Mike Santoli. Stocks making a late day comeback. The doubt 50 points, the S&P 500 with only a small loss, NASAC's still down nearly 1%. The groups are the most momentum over the past six

weeks turning much lower today. We'll have much more on that coming up. On our radar at the

closed. As many investors question whether the tech rally can last, we'll hear from someone who says

yes, but look outside the United States, and we're digging into today's CPI report and how

inflation is hitting the consumer. Plus, the FDA commissioner resigns, leaving the agency in limbo.

What does it mean for drug development and approval?

Well, much more on that straight ahead.

But the market action was really interesting.

You know, it opened pretty downbeat in terms of the momentum sectors like semis.

But we really saw that turnaround.

That really the big coming in late in the day. Yes, a little bit of muscle memory for sure. It's one of those days where you feel like the riptide warning flag should have been out on the beach because anything that was up big was actually for sale heavily in the early part of the day. And it was a little bit defensive. What didn't get a reprieve, even when the laggards were leading is consumer-exposed cyclical. So still a little bit of heaviness there for reasons we can talk about, rates up, oil up, and all the rest of it. But everyone kind of knows that semis are way up on a, on a pole here, and there's a lot of air under them and if they start to crack watch out

on the other hand you know they haven't had more than like a five or seven percent pullback

along the way and that was a few weeks ago so i do think you know people are it the the bid is

going to die hard yeah that is true um invadia i think will be a chart that we'll be looking at

into tomorrow session today was really interesting action in that it hit high. Yes. And then went down by a percent or so pretty much quickly after that and then caught a bit. So that was sort of the poster child of this movement in today's session that sort of bid for semis. We saw Philly Semiconductor index down as much as 6 6% and the lows, now finishing down by 3%. It's a 20% drop for the socks to get to its 50-day moving average. So just to think about that. So, you know, it's really not really cutting into muscle just yet. But NVIDIA has also acted as a defensive member of that group as Apple has for the rest of the NASDA.

Let's get some more on today's tech pollback.

Christina Parts and Novels is looking at the big movers.

Christina.

I'm going to be talking about semis and AI themes that just, like you mentioned, got hit hard today. Some investors really pointing to overbought technicals. Mike alluded to it. others flagging the so-called AI dividend tax out of South Korea, where the Kasp be fell as much as five percent after a top presidential policy official floated a citizen's dividend funded by AI profits

uh... it did close about two percent lower.

Mizuho though thinks the biggest driver is this morning's hotter than

expected CPI print rate cut expectations continue to plummet and that's

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