Welcome to Closing Bell, I'm Mike Santoli in for Scott Wopner.

This make or break hour begins with stocks falling, Bonyield's jumping, investors

worried about more rate hikes after strong ADP jobs and ISM services data this morning and some hawkish fed speak.

Here is your scorecard with 60 minutes left to go in this session.

You see the Dow down just about 1% a good deal up off the lows.

The S&P 500 has almost halved its maximum drop for the day.

It's down almost three quarters of 1%. The Russell 2000, again the underperformer, a little

bit of traction in the NASDAQ also

have its losses from earlier. The two-year Treasury yield did hit a 16-year high

earlier, although the yield has moderated throughout the day.

It was up for at 5.10, now down toward 5%.

That all brings us to our talk of the tape

and whether tomorrow's jobs report

will seal the fate for more Fed rate hikes this year and what it all might mean for

markets let's ask Tony Pasquarello of Goldman Sachs he joins me here at

post night Tony good to see you thanks Mike good beer so stock market unable to fully ignore or set aside this moving yield.

It's coming with better economic numbers.

And I guess the story for the year so far is, the economy has held up better than expected lots of

pessimism has kind of been burned off as stocks went higher where does that leave us

in your mind right now you nailed it a very strong run of data punctuated by a blowout ADP number today and I think it introduces this question into the market

Can stocks maintain this almost immunity that we've enjoyed this year as to things from last year to higher interest rates.

I think it's mostly the move higher in rates has mostly come from a good place.

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