Brian, thanks so much.

Welcome to closing bell.

I'm Scott Wobner, live from Post 9 here at the New York Stock Exchange. This maker breakout begins with cut questions. After a much hotter than expected inflation report, muddies the outlook for the Fed and maybe for investors alike. The scorecard with 60 to go and regulation looks like this. We've been lower ever since the PPI print showed the largest monthly jump in wholesale costs in some three years.

We're off the worst levels of the day, as Brian was just saying.

The broadening trade stopped in its tracks for the most part.

The Russell 2000 falling the most today, as that has been the biggest beneficiary of rate cut expectations.

Home builders, too, they're falling.

Many mega caps are higher today,

money flowing back into that area of the market, and we'll follow that into the close.

It does take us to our talk of the tape, this record-setting run for stocks and how dependent it now

is on the Fed cutting interest rates this fall. Let's ask Tom Stratt's head of research,

also the Bitmine chairman.

He's here with us at Post-Nights. Good to see you. Great to see you, Scott. So how about that question? I mean, it's on a couple of fronts. Like we came in to this week, which you said was going

to be the start of a pretty good rally, which it kind of looked like it was. Now what?

I think that the arguments and elements for a rally to continue are in place, because even today

with a hot PPI print, the stock market is basically flat.

So we had a down open.

I think investors bought that dip.

Part of it is, I don't think that the PPI is sending a message that inflation is soaring. There are some things to sort of cut out of that dip. Part of it is I don't think that the PPI is sending a message that inflation is soaring.

There are some things to sort of cut out of that number.

Sure.

I agree.

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