Welcome to closing bell. I'm Scott Wapner live from Post 9 here at the New York Stock Exchange in the thick of all of it.

This make or break hour begins with the final stretch of an ugly day for stocks following the president's much worse than expected tariff announcement.

Take a look with 60 to go in regulation how we are faring. Pretty brutal.

And right from the jump today, the worst declines for the major averages as you

probably know by now in years across the board big declines discretionary energy two of the

weakest sectors there we'll have special reports coming up a bit later on the stocks you need to

keep the biggest eye on today yields are down to the 10 year hitting its lowest level since

last october flight to safety by bonds yields go down it takes us to our talk of the Yields are down, too. The 10-year hitting its lowest level since last October.

Flight to safety, buy bonds, yields go down. It takes us to our talk of the tape.

What will Trump's tariffs and now escalated trade war mean for the stock market in the months ahead?

Tech is at the forefront of that question, with names like Nvidia getting smashed today.

It's not often you see a decline like this

for Apple shares. For more on that, let's bring in Morgan Stanley's Eric Woodring, the analyst there,

who so closely follows this company. It's great to have you on a day like this. How much worse

was this than you anticipated? Thank you for having me, Scott. It was worse than we expected, of course. Really, when you look at the

incremental reciprocal tariff coming from China or applied to Chinese exports, when you look at

the reciprocal tariff to markets like India or Vietnam or Thailand, where Apple has diversified their supply chain too, there really

is nowhere to escape, 100% of effectively 100% of Apple's products sold in the US will

be tariffed at a pretty exorbitant rate right now.

So that was not my base case.

I'm not sure that was my bare case either, but here we are.

So we're seeing the stock react in real time to it.

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