And welcome to closing bell. I'm Scott Wobner live from post nine here at the New York Stock Exchange.

This make or break hour begins with the rally's momentum.

Whether it is fading or just resting and recharging, we will ask our experts over this final stretch.

In the meantime, your scorecard with 60 minutes to go in regulation

looks like that were mostly positive across the board modestly so as this quarter winds down that

PCE report on Friday looming large even with the markets closed that day.

Interest rates, well, they're mostly lower ahead of that.

We'll keep an eye there, two years a little bit higher.

There's the year for 59.

Discretionary com services, the banks leading the way today in the session

Tesla's up nicely as well even though it remains one of the S&P's worst performers

this quarter and UPS having a day what's worst day since January as the company reveals its new

financial targets all of it takes us to our talk of the tape how much steam is left

in this record setting rally let's ask Liz Young so far as head of investment strategy with me here at post nine. Welcome back. Good to see you. Thank you. You think momentum's fading? I do think that you would answer that question at the top? Well I mean you can look at it even just in a numerical sense if you look at factor returns and what's happened and break this rally up into pieces.

The first piece of it being October to December, momentum lead, high beta lead, and then you get into 2024, momentum was still leading but

sort of slowing down and you saw low volatility come in as a leader, you saw some quality,

in particular, you have low-val quality, value, dividends,

as the factors that are leading.

The one consistent factor that had been leading the entire time

and continues to is large cap versus

small cap okay let's distinguish here because we could take this one of two ways

when we talk about momentum you were speaking specifically about the

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