We will welcome to closing bell. I'm Mike Santoli in for Scott Wapner. This make or break hour begins with the Bulls stumbling badly into a new month as a poor job support and escalating tariff threats undercut, an overbought market unable to take advantage of a generally strong earnings season.

Plus, we're following that late breaking news out of the White House,

President Trump calling for the firing of the head of the Bureau of Labor Statistics following

today's jobs report, which include a big downward revision to prior months. We'll have a live

report on that coming up, along with fresh reaction from Muhammad L. Arian. Let's take a look at the

scorecard with 60 minutes left in

regulation. It's all deeply red. The S&P 500 is now on pace. For its worst day in about two and a half

months, was down a little more earlier, almost 2%. Small cap Russell 2000s, now down about

more than 4% for the week as a whole. The NASDAQ under pressure from some post-earnings sell-offs in Amazon and Apple.

That week's job reading, sparking a huge rally in Treasuries, the two-year yield,

sinking to the low end of a four-month range as the market sets much higher odds of a

September Fed.

Ray cut after having lowered those odds on Wednesday after the Fed

meeting. It all takes us to our talk of the tape. Is this market coming to terms with a genuine

threat to the Goldilocks economic backdrop or is this merely another dip to be bought? Here to talk

about all of it is Chris Toomey, Morgan Stanley Managing Director of Private Wealth Management.

Chris, good to see you.

Thanks for having me.

You know, August 1st, everyone talks about seasonal weakness.

We certainly got a little bit of a gut check on the data front, and of course, having

to come to terms with what tariffs might shake out and this new threat from the President.

How are you playing it? What do you

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