Thursday marked the fifth largest intraday reversal from a low in the history of the S&P 500 and it was the fourth largest for the NASDAQ. Inflation is persisting, the labor markets is strong, earnings are only marginally weak so far,. The Fed will clearly have to keep raising interest rates. Earning season kicks off, we've got a mega merger in the grocery business and a conversation with CNBC's Bob Pesani.

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