All right, guys, thanks so much. Welcome to Closing Bell. I'm Scott Wobner live from Post 9 here at the New York Stock Exchange. This maker break hour begins with stocks at record highs again. Let's get right to the scorecard here with 60 to go in regulation. Dow is leading the way today, yet again, following through on yesterday's post-fed move. We should also, we are on track right now for record closes for both the Dow and the

S&P. And once again, it's outside of tech where the story really is. The Equal Weight S&P and the

Russell 2000, both hitting record highs of their own today. Banks having a very strong day,

as are the insurance names. We're tracking all of that into the close today. Oracle, though, it's the stock story of the day for all the wrong reasons.

It's sinking following its earnings release.

That's one of the worst days in a while for that, named down 10%.

And the AI trade is going to get another test in overtime today when Broadcom reports

will lead you up with a preview of exactly what you expect from

that one. Other standouts today include Marriott and Hilton, Nike, and Target. Just a few of the

bigger gainers today. It takes us to our talk of the tape, this record-setting rally and how far

stocks can go. Let's ask Tom Lee. He is Fundstrats head of research, a CNBC contributor. He's with me at Post 9 because he is

out with his 2026 outlook for stocks. Thanks for sharing it with us first. We appreciate you for that.

So let's get right to it. So we're going to 7,700. That's the headline. So that's pretty

decent year in the year ahead, not quite as robust as we had this year. Why that target?

Well, we're three years of 20% gains because the S&P probably closes 7,000 or so this year. And so I think there's a deceleration of what the market can do next year. But that 10% I think belies what will be a very turbulent year, similar to this year where

this year we had tariffs and sort of a Fed that became hawkish again.

Next year is a year where we have a Supreme Court potentially overturning tariffs and then a new

Fed, which will be tested. So I think we could have what looks like a bear market in 2026, but we

exit strong. I mean, even with a new Fed and, you know, it's divided, obviously, as we learned yet again

yesterday, we know from what the president wants to do in terms

of who he wants to appoint that the bias is going to be towards easing. Correct. So why so much

turbulence around that particular issue? You're right. I think next year the real message

...