That bell marks the end of regulation. IBM, we're going to close the bell at the New York Stock Exchange. White Fiber doing the honors at the NASDAQ. And once again, we've got record highs for all three major averages. Russell 2000 closing lower, however. But the Russell is the best of the bunch for the week, with a gain of 2.5%. Apple's a big gainer as its new iPhones go on sale. We'll get a live report on the iPhone 17 coming up.

And speaking of people buying expensive phones, tech and consumer discretionary, the best performing sectors.

Energy, the worst as oil falls 1%. And the 10-year yield rising once again, a two-week high following the Fed's rate cut on Wednesday.

Gold resuming its rally up 1%.

More and more big names coming out and saying gold need to be a bigger part of your portfolio.

Well, that's the scorecard on Wall Street. Welcome to closing bell overtime. I'm Morgan Brennan,

along with John Fort. We have a big interview coming up on overtime. Commerce Secretary Howard Lutnik will join us.

Immigration, trade talks, Intel.

The speculation that Scott Bessent could be Treasury Secretary and Fed chair at the same time.

So much more.

We're going to get Secretary Lutnik's reaction to it all.

Now, we begin, though, with another record close on the three major averages.

As I mentioned,

the Fed's decision to cut interest rates earlier in the week, boosting confidence on Wall Street,

but since the cut, long-term bond yields have risen. One reason continued concern about inflation.

Earlier here on CNBC, a brand-new Federal Reserve Governor Stephen Myron said this about tariffs and inflation.

I don't see any material inflation from tariffs. I see no evidence that it's occurred.

In my opinion, if you look at import-intensive core goods, they've inflated at no faster rates than

overall core goods, which is not what you'd expect to see if you thought tariffs are driving inflation higher. You'd think imports would be differentially inflating at a higher

pace. Joining us now is former chief investment strategist of Brickwater Associates, senior fellow

now at the Council on Foreign Relations. Rebecca Patterson, Rebecca, welcome. Good to be here. Happy

Friday. You see any evidence of inflation

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