Issues with Pro Tools 12. Random cycling sound and master meters are peaking.

I opened up pro tools and created a single instrument track to test out my new plugins. Upon turning up the volume, there is a constant/choppy cycle noise. Tried using my MIDI controller to see if anything would come from the track itself and nothing came through except the same noise. Tested my speakers and they are working fine. Here is an image of the "phantom metering" that is causing issues.