explains,"I think it's a little bit of an awakening in the broader part of the market here as we sort of hit the halfway point of the year and set the stage for the second half. So I think it's been a very interesting couple of weeks." She argues a rotation is beginning as the markets broaden outside of Big Tech, adding,"the handoff between large to small and mid and certainly growth versus value has been sloppy.
And that is crowd strike falling some 11% after a worldwide outage that sort of was linked to its cyber security software, although it was not a hack was not a cyber security incident, but the shares finishing lower by 11%. Once again, here's what happened today in semis and here's what happened this week, pretty bleak picture.
Thank you, Jared for more on the markets joining us now is Amanda Agatti PNC Asset Management Group, Chief Investment Officer, Amanda.So, um you know, we were talking to a another market strategist earlier in the show, Amanda and we were asking him to make sense these, these markets.I think it's uh a little bit of an awakening in uh the broader part of the market here as we sort of hit the halfway point of the year and set the stage for the second half.
And it's really important to see where earnings growth kind of ultimately lands considering we're still sitting at price to perfection valuation level.But really the key is what happens with financials, health care and industrials in the second half.And are those the areas that you would be buying right now?But I think from a revisions perspective, we haven't seen that inflection point yet.
But really what the ma the market really cares the most about in terms of election outcomes is the makeup of control.The best performing market environments tend to be where there's divided control. And of course, at the moment, he's isolating with COVID as there seems to be like a parade of Democrats.I want to go back to the odds markets for a minute because they are a measure of sentiment at any given point in time.So if you look at what's happening now, um Trump is up, but more important than Trump is up, Biden is down.
I, we have been gaming this in our planning sessions here and uh it's hard to figure out who that person might be.I don't think it would be one of the uh, Rust Belt governors.But um so I think then it's Kamala Harris and then we, she gets a fresh start and then we find out what kind of campaigner she is.But you know that that's interesting for a, for a couple of days and then nobody really cares who the VP is.
Uh Something you did, we didn't expect to see certainly a continued evolution of the, the restraint on international trade.So those, those things are very different and you know, the promises of the outcomes.Well, certainly if inflation goes back to 2% target, I, you know, we, we all know the feds gonna uh normalize interest rates that, that's to be expected.Um The White administration is running $2 trillion deficits at full employment.
Doug, you know, when I was growing up the Republican Party, it was Reagan and Kemp, you know, it was my dad with his copies of National Review around the House.That, that was a Republican party now, as you touch on, you know, Senator Vance or, or Holly or Ruby, I mean, you hear it's economic nationalism, it's domestic manufacturing, you know, forget free trade.
Um, you know, the reality is if you look at the deficits and the debts, you can't do nothing there so far, there's no commitment to doing something, but circumstances are going to force the hand of whoever's governing as much as their policy platform is gonna drive it. I heard that I was excited but I, I, I'm sure that you are but it's not something that's really been talked.Is it just too difficult of an issue to address?I mean, the centerpiece are social security and Medicare, which are, you know, 36 out of $71 trillion of uh uh non-interest spending over the next 10 years.
But if the markets wake up and the rate and the rating agencies wake up and say, look, you can't even raise the debt ceiling, you can't fund the government.That's gonna change that, that, that conversation. Donald Trump appeared to completely snub a kiss from his daughter Tiffany at the Republican National Convention on Thursday night.The former president was waving and pointing to attendees in the crowd in Milwaukee as he and his family members took their seats in a box ahead of wrestler Hulk Hogan’s speech.
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