Welcome to closing bell. I'm Carl Keatonian for Scott Wapner. This maker break hour begins with this retreat from some record high.

Scott stocks are pulling back from all-time records as tech does take a breather today. Your scorecard was 60 minutes to go in the trading session, got the NASDAQ down a full percent. S&P's not that far behind, got the VIX back above 17.

Energy, the best performing sector today, financials, tech, and

consumer discretionary are in the red. We did hear from the Fed share today earlier this afternoon.

He described interest rates as modestly restrictive, said stocks appear, quote, fairly highly

valued, which does take us to our talk of the tape. Does this record rally have more room

to run or not?

Let's ask Truist Wealth, CIO, Keith Lerner, and Empower Chief Investment Strategist, Martin Norton, who joins us here at Post 9. Good to see both of you. Thanks for coming in. Yes, my pleasure. What do you make of, I guess, tech lagging, a little more volatility, this comment from the Fed chair, you don't get that every day about valuations and equities. Right. And, you know, I think it really is a sign of how extreme valuations are. We all know that valuations aren't a timing indicator. Markets can grind on for quite some time. But what we do

see in the data is when valuations get to extremes, whether that is extremely cheap or extremely

expensive. That's when they become

more predictive of prospective three-year returns. And so I think that's something we're all

circling around. Your general take vis-a-vis the Fed is that the market tends to always get its

hopes up on the pace of rate cuts. And this one might not be as dovish as some of the market

things. Is that right? Well, it certainly has been the case over the past several years that the market

has tried to anticipate, tried to push cuts, and the Fed has held back. And I think we're seeing

a little bit of that dichotomy today. We're seeing the market price and rates that would

effectively take rates below 3% by roughly this time next year, whereas the Fed is

being a little bit more, you know, or less stovish in that regard.

Right. Keith, that's definitely been. I mean, we've gotten a mix of Fed views over the past,

say, 48 hours, but Hammock yesterday, Bostic. I mean, there's some, there's some hawks out there,

and they are clearing that field a little bit this week. Yeah, well I mean, there's some, there's some hawks out there, and they are clearing

their field a little bit this week. Yeah, well, first, good to be with you. I mean, what we're

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