All right, thank you guys. Welcome to closing bell. I'm Mike Santoli in for Scott Wapner today.

This make-or-break hour begins with a subdued market response to a tame inflation report.

As treasury yields ease back, but stock indexes largely shrug refusing to assume for now that the CPI will remain free of tariff influence indefinitely.

Here's your scorecard with 60 minutes left in regulation.

It was a modest early rally in the S&P 500, about a third of a percent higher.

That has retraced as mixed messages on the state of the U.S. China trade truce are absorbed by a market that has been on a powerful run, of course, up some 25% in two months.

You see the S&P down about one-third of one percent at the moment.

The NASDAQ is lagging just a bit on the day, while the small cap Russell 2000 has been an outperformer.

It's all very small margins here, but that's a second day effect of yesterday. There was a

rotation really evident yesterday out of momentum mega cap leaders into lagging pockets of the market.

That would include small cap and some value stocks. The bond market did catch a bid. The two-year

treasury yield slipping back below 4% as the notably cool point one percent monthly

rise in CPI perhaps open the window opens the window for future Fed rate cuts a bit wider than

we had previously thought which takes us to our talk of the tape after a ripping rebound rally

based on a resilient economy and a trade war de-escalation.

How does the risk rewards set up for stocks look from here and what will drive the next

notable move? Here to get into all that are Dan Greenhouse from Solis Alternative Asset Management,

CNBC contributor Stephanie Link of High Tower Advisors, and Stephanie Aliaga, JPMorgan Asset Management Global Market Strategist.

Welcome. Great to have you all here. Dan, I'll just start with you. I mean, obviously,

can't make too much of a fuss over a flattish market. But I do think a lot of the handicappers were saying,

look, if we get a really cool CPI, that's an accelerant to the upside here. We have been up three days in a row, two weeks in a row.

We're up 25% in two months, as I said. But how do you think the market's digesting all this?

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