that pointed to month-over-month cooling of inflation, yet the Federal Reserve is holding rates steady. Carson Group Chief Market Strategist Ryan Detrick joins the showWe are joined by Jared to get you up to speed on the action from today's session.
We know the CP I data, we know the PP I data but also, you know, um New York fed consumer co consumer, what do they expect on inflation one year out that's back to pre pandemic levels.Uh We're aware, but we're starting to see some big time improvements.Because consumer confidence came in today.And we're starting to see definitely at the very least at the low end of the consumer spectrum, the people are not spending as much or they're making different choices.
So let's get into participation a little bit more because I know you saw our chart of the day today courtesy of Josh Schafer where he said, you know, a lot of the Wall Street banks are coming out with their mid year outlooks and a lot of them are calling for a broadening in earnings.And we did see a little bit of broadening earlier in the year in, in return stock returns and then it went right back to the magnificent however many.
And the only sector down on the year, I believe at least as of lunch time um was um real estate, right?But we like the cyclical value areas to be specific, um, your, your financials and industrials and maybe a little bit of energy in there as well pulled back, obviously, but you talk about earnings growth and there's potentially a lot of earnings growth coming from energy as well.What's that mean for President Biden's election odds we'll discuss in the latest edition of Bidens.
I'm curious, you know, this has been the, the problem along from the perspective of the White House, I guess is that people are not really accepting that the economy is doing ok. Now, if it's gonna be doing a little bit worse.Uh, and I guess the way I would phrase it, Julie is there aren't enough people, not enough Americans think the economy is doing ok.
So Biden just needs all those trends to continue and hope he can just persuade enough people in the fall that things are ok.I'm curious, we talked yesterday, I believe about former President Trump meeting with a bunch of CEO S and sort of making his pitch on taxes.And if he's trying to make his pitch directly to them, I think what Biden is trying to do is basically be presidential.
Shareholders seem to disagree and they're willing to pay him for the privilege of having him continue to run Tesla for now. Well, I don't know, I don't know what Tesla's valuation would be without Elon, but it would be a lot lower.It's that the board should take a much more independent and active role in the company.
Um, and in the meantime, you know, he had made this threat against the company that he was going to take his attentions elsewhere if this pay package didn't pass.But just as a reminder, he runs a lot of companies, right, Tesla is not his only company. Um And so I'm not sure he has the ability to walk away, but he's Elon Musk, he does lots of things that no one else would do.Um I would be concerned if I was the board and I would look very closely at again the spacex model, right?She, by most measures, I think has a really good our company, the greatest aviation executive of the last 50 years, maybe more than that.
Um I think the top five hedge fund managers got paid more than every public school teacher in the United States combined OK, so you can believe that hedge funds are amazing.You can believe that these are the five greatest investors who've ever lived. Well, presumably if he asks for a bigger one, he's gonna have to like generate the same kind of returns that he has that he did before.
I suspect that's not going to be enough given his other behaviors and the way, the way in which he's alienating.Well, that'll do it for today's market domination over time.
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