Welcome to Closing Bell, I'm Mike Santoli in for Scott Wopner.

This make-or-break hour begins with stocks flying to within sight of record highs on the wings of doves.

Growing chatter favoring a larger Fed rate cut next week is coming together with some reassuring economic

greetings in recent days to carry the indexes to a fifth straight daily game.

Could be its best week since November of 2023. We're right on the borderline.

Could be the best in mid-August. Here's a look at your scorecard with 60 minutes to go

in regulation. The S&P 500 within 1% of those record high set back in mid-July,

Nasdaq on pace for nearly a 6% weekly gain.

This would be the fifth straight update for both those indexes.

Russell 2000, the real standout on that higher perceived probability of a half

percentage point fed rate cut next week up about 2% right now. Treasury yields

they're slightly up off their lows for the week but still anchored by that benign inflation

data we got and set up for a series of rate cuts. Oil continuing to struggle fits

with that disinflationary story but also may be weighing on global growth demand you see

the BTI crew it actually just about flat right now under $69 a barrel and gold

running to yet another record high as all the asset markets position for the Fed next week.

It takes us to our talk of the tape.

Does the market have it right that the Fed can go big with its first easing move without

sounding it alarmed about the economy and with stocks not far from

all-time highs and would such a move be right on time or maybe a bit too late.

Let's ask Wharton School Professor Jeremy Seagull.

But first, Professor, great to have you here.

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