We begin with breaking news. December is not a foregone conclusion. Far from it. The declaration of the afternoon from Chair Powell following the Fed's quarter point rate cut, markets at least initially, not so much in love with that comment.

Stocks did move lower. You can see the Dow and the S&P are still in the red. Yields moved up. At the same time, though, Chair Powell gave a pretty good review of the economy, saying it expanded at a moderate pace, at least based on what they can see because they're not getting government data. As you know, the chairman giving a nod to that a couple of times in the statement, as well as in the news conference. Welcome to closing bell, everybody. I'm Scott Wapner here at the New York Stock Exchange. We do have a very big hour ahead for you. We'll take you right up to those mega cap earnings coming at the top of the hour. We'll also discuss Nvidia hitting $5 trillion in market cap today, the first company to ever do that. We do begin, though, of course, with our Fed Day exclusive. Double-line capital founder and CEO

Jeffrey Gunlock on this incredibly important day in the markets, Jeffrey, it is only fitting that you are here with us yet again. Welcome back.

Thanks, Scott. Thanks for having me back again. I think this is our 38th time after Fed Day, or 39th. I'm starting to lose count.

All right. Well, I'm glad we have continued the tradition. I really hit on that at the top.

December is not a foregone conclusion. Far from it. Chair Powell went out of his way to say that.

Yeah, you're right. Yeah, you're right. In fact, that was going to be my

phrase of the press conference. So you've got, you're on the same page that I am, not a foregone

conclusion. And then he reinforced that with far from it. And then he went back to that theme,

a little bit later on in the Q&A when he said,

what do you do if you're driving through a fog, you slow down, which is kind of, sounds to me,

like if we don't have any more data, I think that we need to price out to a certain extent

the, what was an assumption by the market that there was going to be almost with 90 plus

percent certainty a cut in December.

And I would say that that has been reversed or should be reversed.

It's begun to be reversed, but I think it should be reversed fairly substantially.

I might even put it at 50-50 when he says that there's a, you know, far from a foregone conclusion.

I saw it in the pregame before the Fed announcements.

I saw Rick Centelli talk about how the two-year treasury and the 10-year treasury haven't changed

since the last meeting, and he's right about that.

I'd take that, I'd amplify that point, though,

that the two-year treasury is down since the, before the Fed started cutting, or the day after the

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