Stocks are falling in the first trading day of September. With just one hour to go until Tuesday's closing bell, Market Domination hostsVideo Transcript
A drum roll into that Friday morning print and really going to set the tone for the September rate cuts, whether that's 25 or 50 basis points.I don't think the market's going to welcome that news as it did not back in early August.I think, I actually think the jolts report is the more important report coming out tomorrow.That's a proxy for unemployment and it looks like unemployment could be moving higher.
Even with that big decline, it has seen to your point, other chip stocks also down today, by the way, we do get Broadcom reporting this week after the close on Thursday, it's one of the stocks that stand. And now there have been promising uh increases in production that are supposed to start next month and there's no indication that we're gonna back away from those.
But I do see, like I say, I see two kind of very important symbols of when this market might turn around. Get a little bit of the copper miners, get a little bit of the oil companies that are cheapest, get a little bit of lithium and Cobalt, some rare earths that have really gotten beaten up. So on the margins, it might matter if we were at a, at a place where the balance was really kind of paper thin.
Definitely the fed lowering interest rates has a big impact on that kind of investment into a new production that uh moves prices higher.It's a slow train, it's turning around, you know, an aircraft carrier in a canal, but when it turns around, it starts to move, you're best to be in it beforehand because you don't generally catch it on the way up.Uh let's end here with what you see with gas prices and then near to kind of intermediate term here, prices at the, at the pump.
Basically, for two years, the mag seven have outperformed the S and P 500 on a monthly basis that has changed the past two months where last month the S and P was up the mag seven total return index was down.Look at it again as of year to day performance. And basically saying that central banks buying gold uh gold, you'll recall that in Q one, central banks bought a record amount of gold for Q One.ETF S first you saw that in Europe.
Julie has done not much about 2% but despite that or maybe because of it, Street loves this thing line of love for a lot of love how many buyers we got over 90%. Perhaps more importantly here, the company said it's also going to double its authorized shares for issuance. Later this month, we're joined by city's chief US economist, discuss her outlook right on the other side.
Remember when we talked about transitory inflation and it was just used cars and every month there was a new story for why you shouldn't take it seriously.It's been moving up for the better part of six months or longer now and it's been consistently moving up in each of the last four employment reports.
We're at 4.25% and it rounds up to 4.3 we think we're gonna get another 4.3 and, but this is, it's, it's really gonna be pivotal for the fed where exactly that number comes in and, and just to be clear here, you're 125,000 is about 40,000 below where consensus sitss right now.There are some four point twos, there are some four point threes, but the consensus is for 4.
So, if there is a half point cut, does that sort of give the little jolt perhaps that the economy needs and, or conversely bring us down to a more normal rate quickly enough, you know, is, does that do the job and then they can kind of go quarter point from here?Unfortunately, the lesson of history is once you realize you need to the 50 basis point cut, usually you really should have been doing that 50 basis point cut earlier.
But he has like he has this sort of interactive screen that you can use, but there's a wide range of outcomes.So you're looking at the effects on earnings before interest and taxes between a 15% gain for Google's EBI to a 23% decline.So that puts a good sort of framework on the uncertainty or color to the uncertainty that he's describing.
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