Good evening and welcome to the CNBC Special Markets and Turmoil.

I'm Frank Holland.

It was an ugly finish to an ugly week for the bulls.

Stocks selling off right from the open today.

At one point the Dow was down over 800 points by the end.

The major averages closed well off their session lows, but that did not stop the Dow from

finishing at its worst levels of the year, closing at its lowest level since November of

2020.

The CNBC for the week fell over 4.5% the NASDAQ it tumbled over 5%.

Joining me now, Mike Santoli with a closer look at today's action.

Mike?

Yeah, Frank and really it's kind of more of the same only more so.

A lot of the issues the market's been contending with for a while.

Being unsettled about what the Federal Reserve is telling the markets it's going to do with

continuing to hike, interest rates in an aggressive way.

That was since Wednesday's Fed meeting.

That has been back on its heels with an extra little wrinkle that bond yields having been

pushed even higher today.

The US dollar pushed even higher today as global yields ran up the United Kingdom with

a big fiscal stimulus and tax cut package crashing the British pound.

That all moves in the same direction which is to say financial conditions tightening.

It's sapping the willingness of investors to take more risks.

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