And welcome to closing bell. I'm Mike Santoli in for Scott Wapner today. This make-a-break hour begins with the selling streak in stocks, continuing the S&P 500 pacing for a fifth straight daily loss. That would be the first time that happened in almost eight months. The weakness, though, has been persistent but not pervasive or really particularly deep you see the s mp 500 off

right now about a third of one percent it's actually off less than two percent from its record

high while the equally weighted version of the s mp 500 it's flat for the week showing you the

majority of stocks trying to hang in there. The Russell 2000,

small cap index, is firmer on the day, just barely positive, about a quarter of a percent,

as the market tries to relieve its over-reliance on the big AI leaders through rotation into some lagging

groups. Now, take a look at the two-year treasury yield. It is now at a post-jobs report high. That jobs report from

August 1st. You see it there up near 3.8%. This says Wall Street entertains a few doubts

about a potential rate cut next month as Wall Street awaits Fed Chair Powell's speech at Jackson

Hole. That is tomorrow morning. It all takes us to our talk of the tape.

Is this bout of seasonal choppiness in stocks a helpful reset to refresh the bull market

or signs of a more fragile tape emerging? Let's ask Chris Heise, CIO of Merrill and Bank of America

private bank. Chris, good to see you. We've been through versions of this before, right, with a high momentum stocks, they hyper

concentrated index.

A lot of these imbalances are presented, happened at the start of this month.

Market tries to just kind of take money out of one pocket, put it into the other, and cool

off where it needs to cool off.

How are you reading this episode?

So you try to parse it and you try to find out,

is this like a true rebalancing that's happening with longer dated money?

Is it some of the systematic strategies trying to unwind a little bit of their over exposure?

And there's not a lot of evidence to suggest either or.

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