All right, guys, thanks so much. Welcome to Closing Bell. Scott Wobner live from Post 9 here at the New York Stock Exchange. This maker breakout begins with the quest for new highs, which would be the 37 for the S&P 500 this year. We're about 1% away. We'll track it, of course, right until the end. Let's show you the score card here with 60 to go in regulation. The Russell, that's the standout today, hitting a new record high of its own. Small caps continuing their run. The markets did take a bit of a dip midday as J.P. Morgan and some of the other banks weekend. We'll tell you exactly why coming up. Of course, the Fed meeting now underway. Steve Leesman joining us in just a moment with the surprising results of his most recent Fed survey. You don't want to miss that. Home Depot shares, they are lower today as the company's revenue growth guidance falls short of expectations. It takes us to our talk to the tape. Weather stocks, in fact, can make new highs once again. Let's ask our panel. Trivariates Adam Adam Parker, RAS asset management's Kerry Firestone, and JPMorgan, Stephanie Aliaga. Both Adam and Kerry, of course, are CNBC contributors. Welcome, everybody. Adam Parker, to you first. I mean, the market feels like, what, it's waiting for the Fed. It needs to hear from J-PAL to see whether this is a so-called hawkish cut a doveish cut is that what's going on i feel like it's hard to be as

excited about the fed right now i you know i think a year ago was pretty clear the bulkcase

pillars were fed's going to be doveish a is is going to drive earnings. I feel like the Fed part's less interesting to me right now because whether they do two more cuts or three or one, at the end of the day, they're closer to the end of the cutting cycle than the beginning. And so I think for the market to rip higher into 26, you've got to believe the earnings growth is going to be there, less the

multiple expansion from the Fed.

Closer to the end of the cutting cycle, they only cut like twice. I mean, they're just going to maybe do two more, you know, and then we're done? Is that what they're saying? Or what's a hawkish cut? They do one, then tell you they're not going to do it for a while. So you may want to fight the Fed?

Is that what you're telling me?

I just don't think the multiple is going to expand very much anymore.

I think it's going to be more... I can do it for a while. But, you know, so you're, you may want to fight the Fed? Is that what you're telling?

I just don't think the multiple is going to expand very much anymore.

I think it's going to be more, I need to see the growth part of the equation. I think that pillar is still pretty solid, unless they do stuff with the balance sheet, and that's a different story. If they start, you know, expanding the balance sheet, then you've got to be very bullish again.

But it doesn't seem like that's an imminent, you know, idea.

Carrie, how do you feel about it?

I think that's an imminent idea.

Carrie, how do you feel about it?

I think the market accepts the fact that we're going to have a cut, right?

That's done.

What we care about now is, are consumers spending money?

They haven't stopped spending money.

Are they going to continue?

Are we going to see that in the holiday numbers?

Because we have a consumer economy.

We need that to continue.

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