Airbnb.

If they were watching this, they need to have their heads examined.

If they too adult direct list This was a home run.

It ended up closing 1% from the price.

Slack ended up closing 1% from the price at which it open the average IPO's 14% away from the opening price.

It was a home run.

This is an innovation in capital markets that's here to stay.

Way are gonna dive into that in much more detail with Tom on Stephanie the moment.

Mike, let's go to the broader market record all time closing high.

Since April 30th the last one we've been down, we've been up.

But what's changed since then to take us through that, that I think the Fed gave investors permission to stop worrying about the message of low Treasury because the Fed is potentially now signaling that in a month and 1/2 or a little less than that, they're going to reduce short term rates, likely in which case no longer.

But we have an inverted yield curve.

No, no longer will the Fed be considered to be maybe behind things if things are worse than markets, also banking on the idea that if we get rate cuts, it'll be somewhat of a of a temporary targeted measure.

And then maybe we can either go on hold after that because the economy does not need rescue.

It just needs protection against they.

Sure, all the hopes that airfield again.

I think the other piece of it is positioning and sentiment.

It was negative.

It was too cautious seeing some relax ation of that in the form of higher stock prices.

I wouldn't be surprised we get this new high tomorrow.

You have this big exploration isjust quarterly expiration, and then maybe we wait and see.

If, if this was more than just all that, I wonder also, Stephanie, if this makes the set up that much harder for another key event risk next week, we've got 20 highly anticipated sideline meeting between between trump and cheese with socks at a record high.

That's really it's really challenging.

But to Mike's point and to your point about cyclicals leading, they've actually lagged all year.

So actually the expectations are not that high.

They're high for the defensive sector, in my opinion, meaning Staples Utilities, reaching that sort of thing.

And then, Sarah, we get past the G twenty's and we have earnings and earnings are really going to be the driver.

The next driver.

I am not sure it's gonna be the catalyst to get us another like, because we all know that the second quarter wasn't so good at numbers are gonna probably have to get recalibrated down a bit.

May make it up in the second half of the year.

The second quarter.

I think numbers have to come in.