Well on this quad witching Friday a down day for stocks but another up week

that's the scorecard on Wall Street but the action is just getting started

welcome to closing bell over time I'm Morgan Brennan with John Fort

coming up this hour the latest read on bank balance time I'm Morgan Bryan with John Ford.

Coming up this hour, the latest read on bank balance sheets

from the Fed.

We're going to bring you that breaking news

as soon as it crosses.

Plus we're going to talk to former Morgan Stanley

Asia Chairman Stephen Roach about investing in China as

Micron makes a bet on that country and Secretary of State Blinken heads to Beijing.

And we begin this hour with a news alert surrounding a big rebalance happening in the

S&P indices. Bob Pizani, how does this work?

It's a, there's two things happening here, John.

First, this is a trip of witching. This is the quarterly expiration of stock and index options and index futures. It happens four times a year. It used to be a big deal. It's a little less of a big deal because there's many different options now available.

You can trade options on a monthly basis. You can trade it on even on a weekly basis, even on a daily

basis. So what it's doing right now is creating an awful lot of volume, not necessarily a lot of price changes.

More interesting is what's going on with the S&P 500 because there's a rebalancing also happens four times a year.

And what they do here is they put in additions and deletions.

So right now, Palo Alto Networks at the open on Tuesday

is going to become part of the S&P 500. At the same time

something's got to come out if something goes in, dish network is going out

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