All right, Don, thanks so much. Welcome to closing bell. I'm Scott Wapner, live from Post 9 here at the New York Stock Exchange.

This make-a-break hour begins with great expectations that next week will bring a supersized rate cut.

Is that what this record run is now all about? Could it lead to some supersized disappointment if it doesn't happen?

We'll ask our experts over this final stretch.

Take a look at the scorecard here with 60 to go in regulation.

It is a big day for the majors across the board. S&P, Dow, NASDAQ, all tracking for new closing highs. We, of course, will follow that. It's broad-based too. The banks, healthcare, discretionary and material stocks are leading the way today. Take a look at Robin Hood. It's up nicely as it rolls out some new features for its users, including short selling.

That's an interesting one. leading the way today. Take a look at Robin Hood. It's up nicely as it rolls out some new features

for its users, including short selling. That's an interesting one. Stocks up one and a third percent,

and there's Open Door as well. The means are back, some would say. It's flying. Look at that.

71%. That's right, 10 bucks a share, and we will watch that closely too it does take us to our

talk of the tape how much of the market's next move is senator round a considerable cut from the

fed let's ask ed yard denny he is the president of yard denny research with me here at post nine

welcome back thank you very much is that what this really is about you think like 50 basis

points is now what the market thinks is going to happen?

I think partly that, but I think what the market knows for sure is that earnings were much better than expected in the first quarter.

And in the second quarter, despite all the turmoil we had in Washington policymaking.

So I think what the market really is counting on is that earnings will

continue to make new highs. The reason the market's at a new high is because earnings are at a new

high, the valuation multiple is elevated, but it's kind of stuck around 22, which is fine with me.

But this really feels like a rate cut rally at this point. I mean, that's partly because of the

25 basis of points. And I think that

the Fed doesn't have to go 50 because the market's already easing financial conditions by having

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