And welcome to closing bell. I am Courtney Reagan in today for Scott Wapner. Now this make or break hour

starts with another record run on Wall Street as investors shrug off a new round of tariff threats coming out of

the White House right now. The NASDAQ is on pace for an all-time closing high with the S&P 500 just as

stones throw away from the same. Plus, Bitcoin soaring above the $120,000

mark for the first time ever. And the banks are front and center with earnings season kicking

off tomorrow, which brings us to our talk of the tape. What's at stake this earnings season?

Let's discuss with Seoul's alternative asset management's Dan

Greenhouse. Dan, you know, you come here on a point right where we're getting ready to kick

off the earnings season with the banks. As we just mentioned, more market complacency with

some tariff threats coming out of Washington. As we look ahead to earnings, is that what the market

is waiting to move on?

Yeah, listen, the near-term concern is certainly tariffs.

I would take issue with the idea that the market is complacent.

Fair. Because?

I think complacency is the type of adjective that we've used over the last 10 years for any time,

and I'm not saying you're doing this, anytime the market goes up when I think it should not. Okay, fair. Because I'm concerned about X, whether it's sequestration or the Chinese devaluation, all the way up to, obviously, today. I think the market's well aware. I think there is certainly a portion of the market that recognizes that some portion of tariffs will be higher today than we thought.

And I think my own view is that we should probably have a little breather here for the next couple of weeks as we determine exactly what those rates will be, if higher at all, on August 1st.

So a breather, because we just don't know?

Yeah. Well, listen, I think when the original tariff headlines occurred on Liberation

Day, there was a sense of shock and awe that, oh my God, these numbers are astronomical. If they were to come to pass, the universe is going to implode on itself. My argument was that's not going to come to pass, and so the universe will not implode on itself. As that view became more mainstream, the market valued back up. up. We had a bit of a pause in terms of the rhetoric. Scott Besson started speaking more, was more prominent, and people like Peter Navarro, who the market was more skeptical of, took a step back. Now you're at the point where the president is talking again about higher tariff rates that's going to take the effect of US tariff rate up even higher than we currently

anticipated to be. So my argument would be, while we determine exactly what that level is going to be,

after a truly historic rally off the lows, some breather is in order. And just to frame this for the

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