And welcome to Closing Bell.

I'm Mike Santoli in for Scott Wopner.

This make-a-break hour begins with the gears grinding a bit in the great rotation

trade of July 2024, a thorough shakeout in semis on some policy concerns and continue to retreat

from crowded mega cap leaders as meeting profit taking in the white-hot small caps to create

some broader weakness.

Here's your scorecard with 60 minutes to go in regulation.

The S&P 500 you see there down about one of the quarter percentage is dipped back below 5,600 to levels

seen for the first time just about a week ago. The NASDAQ though is the real center of the weakness down 2.5% was down 3% earlier. Thereabouts the Dow is actually up about half percent and above the 41,000 mark for the first time

thanks mainly to gain the United Health and J and J they both had results in the

last couple of weeks but defensive names in general also getting a bit of

a reprieve today.

Small Cap Russell 2000, outperforming slightly

but still lower after a blistering.

One week run where it was up about 12 or 13%

and the Vicksicks reflecting some of this

chopier tape rising to a three month high just under the 15 mark basically

matching the highs of May. That takes us to our talk of the tape. What do you do with this little flutter in the tape and where does it leave the soft landing trade?

Let's bring in Lauren Goodwin of New York Life Investments, Keith Lerner of Truesnier of Truest Wealth and Peter Chakini of Exonic Capital to talk about that.

Lauren, so many things going on the last week.

It's actually refreshing. We have a lot of these kind of story are that are changing. Soft landing trade

on top of a we can see our way to a fed rate cut trade on top of a maybe trump

...