into the close mike santoli here to break down the crucial moments of the trading day and today keith bliss to you keith. stocks plunging. major averages all on track for their worst week since march big tech hit hard today. apple twitter, amazon all plunging alphabet the rare outperformer today. mike, if we start with those four and the different directions they are all moving, could it be explained simply by valuation, multiples, closing and alphabet being the relatively cheap one of the group? >> to some degree, yes at least if you considered alphabet to have more earnings leverage down the road outside of amazon a lot of the faangs and mega caps are clustering in the mid 30s multiple fell range. there is profit still in them. they are going into other parts of the market, just not in call amounts. amazon, apple facebook three docks down, they are one seventh of the s&p 500 the equal weighted industrials in the s&p are less down than 1% equal weighted consumer discretion terry is down less than 1%. it is ugly a sloppy tape. bond yields are up and the offsets are not working as a lot of l

keith bliss, appreciate it reggie browne and keith bliss.in on the move we saw today in the bond market treasure yields making a sizable jump higher today. joining us to discuss this is sebastian page he's head of global multiasset division at t. rowe price. what was that about? up to 0.76% today. >> that's a risk, and you can expect yields to go up in a risk-on day, and we're at a low level in yields, so there was some upside. we expect relatively low volatility in yields, and we'll see some higher volatility in a 30-year point, but what we're seeing is simply a risk on day as asset allocators though what we're mostly worried about, the slightly higher yields today is the level of yields and whether treasury who will still diversify equity risks going forward. now they move upwards and yields >> what is your answer to that kind of quandary do you think they will serve that purpose over the next decade >> they will not, and look we just had a selloff in september. stocks went down about 9%, and the barclays treasury index actually went down