And welcome to closing bell. I'm Mike Santoli in for Scott Wapner today. This make-a-break hour

begins with a stampede away from risk. The biggest winners of the year in the AI trade and high-momentum

speculative plays are trampling the indexes. Ongoing scrutiny of AI build-out economics, a chorus of

hawkish Fed speak, and a data vacuum on the economy have investors backpedaling

from the year's big winners. So take a look at the scorecard. But where the NASDAQ is down to

about a three-week low, it's off 2.4% at the moment. Invidia is six days out from its quarterly

results. It is leading the downside in the NASDAQ, the stock now 13% off of its

recent high. The S&P 500, down a little bit less, but still around 1.7%. It's been in that zone

for a couple of hours now. It is still barely up for the week. The Dow had only a one-day stay

above the 48,000 mark.

It is also lower by about 745 points at the moment.

Meantime, the Russell 2000 Smallcap, testing its early October, pullback low, down 2.8%. So it is not a washout across the board, though, as health care builds on its recent surge,

it's up about 5% this week, and consumer staples offer some temporary shelter, at least, from the selling.

Which takes us to our talk of the tape.

Is this another routine but fleeting gut check, or are the bull market underpinnings of tech leadership and a friendly Fed starting to buckle?

Let's ask our panel, Cheryl Young from Rockefeller Global Family Office,

Gabriella Santos of JPMorgan Asset Management, and Young Yuma, CIO of PNC asset management. They are all here,

and I appreciate it. Welcome to you all. Cheryl, diagnose what we're watching here. Obviously,

it probably was pretty common to say, you know, the last legs of that rally to the record, maybe it was a little bit narrow, maybe a lower quality, maybe has to cool off a little bit. But obviously it's taking its toll. There's some slippage here in this rotation. Yeah, look, I'm not surprised. I've been saying for the past three months, these stocks are priced to perfection. You look at a stock like Nvidia, it's 20% of the S&P this year.

They were, I mean, people forget they were at a trillion

two years ago. To go from a trillion in two years to five trillion is a massive, massive move.

So I'm just not surprised they see some profit taking. But there's also some questions about

...