All right, guys, thank you very much. Welcome to the closing bell. I'm Scott Wafter. This make-a-break hour begins with stocks, sliding, and rates rising.

Here is your scorecard with 60 minutes to go in regulation. As you know, the Dow is now pacing for its worst week since September, another

hot inflation read, upsetting investors today.

There's how we look right now.

Yields moving higher.

394 is the 10-year note.

Drag today coming from tech

Apple and Microsoft Amazon among the names

leading the decline on the NASDAQ which is down the most of the big three

and that takes us to our talk of the tape today is a bigger retreat in the cards.

Or have stocks simply come too far now to turn back.

Let's ask the NBC contributor Joe Terranova, Verdes Investment Partners, Chief Market

Strategist, he is here with me at post nine along with our

senior markets commentator Mike Santoli it's good to have both you guys here

PCE you know disappointed at least it was hotter rates moved up stocks, stocks move down. It's pretty simple.

Well we never expected that the down trend for inflation would be linear in its nature and

to answer your question I think it resides and tell me what the two years is going to do.

Tell me what the ten years is going to do. Tell me what the $2 year is going to do. Because those were the

comforting indicators that allowed the market and really global risk assets to recover

over the last several months. Right now they're being challenged by the premise that the terminal rate for the Federal Reserve

is ultimately going to be higher than we expected.

But I do think you have to call into the question, okay?

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