Is it "What are you doing with this mood?!"? I can't make sense of it. The line is from a manga.
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'What to do about the air/atmosphere/mood?'. Without more context, it could be something other than mood, but your translation is mostly correct.
Rather than 'What are you doing with this mood', 'What will you do (What are you going to do) about this mood' would be a closer fit. As @ericfromabeno comments below, there is an implicit placing of responsibility on the listener and an urge for them to 'do something'.
This order of phrasing is very colloquial, and therefore not unusual in manga.
The use of よ and よぉ are superfluous to the actual meaning of the sentence, so let's remove them and add a comma for the pause that would normally occur:
Now, it is simply a case of using grammar to define the verb, direct object, etc. and restructure the sentence into a more familiar order:
(どうすんだ is colloquial for どうするんですか, but I assume that you knew this).