Another early rally attempt failing on Wall Street today, the Dow giving up nearly 400 point

gain though gaining back some ground late in the session.

The most important hour, the trading day starts right now.

Welcome everybody to the closing bell.

I'm Melissa Lee and today for Sarah Eisen.

It has been a wild session with stocks training in a broad range.

Comments from Chicago Fed President Charles Evans on C and B.C. Europe

Help drive an early pop in stocks, particularly

when he said he was a little nervous about the pace of hikes and the lag and data.

There are lags in monetary policy, we've moved very you know expeditiously and so you know and we've done 375 basis point

increases in a row and there's talk of more to get to that four and a quarter to four and a half by the end of the year.

You're not leaving much time to sort of look at each monthly release.

But that early rally quickly faded by midday the major averages had given up sizable gains turned sharply lower.

We've made a bit of a comeback here in the last few minutes.

Alyon's chief economist Mohammed El Aryan pegging the downturn to a rise in yields

tweeting as feared.

Higher yields on U.S. government bonds have eroded what was a 2% bounce in stocks

serves as a reminder that a stabilization of the Treasury market is likely to be needed to establish

a sustainable floor understocks, all of which

keeps the markets focus on the Fed.

We'll hear more from Mohammed in just a bit when he joins us live.

In the meantime, let's dig deeper into the move in bonds and the impact from the Fed.

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