Welcome to closing bell. I'm Scott Wapner, live from Post 9 here at the New York Stock Exchange.

This maker breakout begins with the pullback from record highs as a backup in interest rates is weighing on stocks today, along with news, of course, from the Middle East.

There's your picture here with an hour to go in regulation, Dow's down more than 1%.

The Russell's down about a half, and then the S&P and the NAS are also read today.

Comes amid some notable moves in the treasury market, as we said, the 30-year yield hitting 5%, the 10-year.

There you see it, pushing towards 450. I want to get right to the markets with Goldman's Tony

Pascarillo. He's the global head of hedge fund coverage with me once

again at post nine. It's good to have you here. Good to be here. How big of a story is this,

this backup in rates if it continues, do you think? It's something to watch because we're clearly

pushing kind of the upper end of the recent range along the curve. As Rick Reader reminds us,

every time the long bond, the 30-year

Treasury pushes 5%, duration buyers usually show up. So it'll be a little bit of a tell, whether

they do or don't. It is also one of those periods, so Scott, where rates are on the highs,

oils on the highs, and stocks are just off the highs. And so different assets anchoring to different things.

You know why stocks are at or near record highs, even with the other ones there? You know,

because earnings are at highs. Yeah. I mean, the earnings numbers have been pretty incredible,

albeit with the outsized contribution of tech playing the role it is.

But nonetheless, I mean, it's been pretty astounding, don't you think?

Yeah, terrific is the word choice I'd use.

So when we're going in the reporting period, consensus was for 12 percent.

You're on your growth.

It's looking like it'll be at least 2x that. 61% of companies beat by more than one standard deviation compared to an average of 49. Good. And then check this out. I think you mentioned it earlier. Only 5% of companies have missed by more than one scenario deviation, which outside of the reopening in 2021 is the lowest, aka the best rate we've seen

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