let's discuss with steven stanley. also with us is steve liesman. welcome to you both. steven stanley, i always take you for more on the hawkish side of the inflation story. >> that's fair. >> would you say that markets are wrong to shrug this off or is this becoming a little more cyclical nervous no, sir? >> this is just a point in time where inflation has come out quite a long time. we got point twos in june and july. we're back up to 0.3, but it's not 0.5 or 6. so it's not so bad it will force a change in the fed outlook. >> so what is the outlook at this point, that they're basically done? >> i think they're going to skip in september and revisit on november 1st. i have one more hike at that november meeting, but i think the markets are kind of split evenly whether that will happen. >> you watch the reporting and the fed language, and steve signalled this last week, that they are coming down -- it seems like they're airing on the side of officials for fed officials, maybe airing on the side of pausing. is that because of the moderation we have seen in the monthly jo

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morgan stanley sees the ecb maybe pausing because the data has deteriorated the last couple of weeks. >>> let's get a news update with pippa stevensof duty u.s. troops will continue their deployment at the southern border through the next of next month. the defense department told nbc news the defense secretary approved the extension of 400 personnel through september 30th. in early may 1500 troops were deployed to the border for 90 days to support the department of homeland security as it dealt with the surge of illegal crossings. >>> authorities are investigating a possible link between suspected gilgo beach serial killer rex heuermann and 2017 disappearance of a woman in south carolina. officials in sumpter say they're looking at the angle after receiving a tip. heuermann was arrested in july for the murder of three women on long island. he's the prime suspect in a fourth. >>> in a last-minute move a federal judge temporarily blocked an arkansas law that would have required parents to sign off on minors opening new social media accounts. they called for the injunction and called the measure unconstitutional. without the ruling

stanley. >>> we're in the "closing bell" market zone, cnbc senior markets commentator mike santoli here to break down the crucial moments of this trading day, plus pippa stevensody looking ahead to fiber security company zscaler, those earnings in "overtime" today. >> bespoke, a horrible day, 114 s&p 500 stocks up versus 389 down. faang plus up 1%, but the small cap russell 2000 down more than 2%. >> yep, it's very up balanced, and it really is -- some of the cyclical parts of the market, not on the nasdaq, really more new york stock exchange that are showing some wear and tear. it feels like there's a sensitivity to this moving yields, 4.25 on the ten-year, which is i think just adding to this sense out there that, yes, this was a pretty down the middle reassuring jobs report on friday, but still leaves us open to this idea that we're going to have some more rate sensitivity in the economy. i don't think it's -- you know, it's not game changing. it's just around the edges. those were the outperforming areas of the market, consumer cyclicals. homebuilders getting smoked today. it's hard not to feel as if there's been a little bit of crowding in some of those