) both slipped lower into the red amid September volatility and July's JOLTS data released earlier on Wednesday.) has reached new all-time highs in the past month, fueled by geopolitical uncertainty, central bank buying, and US dollar weakness.
Uh, coming up in a couple of weeks, one more thing I wanna mention here today that we've seen a lot of volatility in oil. And then finally, we got to take a look at large cap tech as well because Invidia continuing its decline today.So down about 1.7% on the heels of the report about an antitrust investigation kind of ticking higher uh from the Department of Justice and uh kind of mixed picture elsewhere within the NASDAQ 100 Josh.We're joined now by Keith Lerner Truest, Co chief Investment Officer, chief Market strategist.
But, you know, from my perspective, if you started from today with a blank sheet of paper, and you said to the fed, here's the factors as far as where the employment picture is, their own neutral rate is around 3%.I think you would, you would go more aggressive and for a market perspective, you know, if you only go 25 basis points, it's incremental, they're well above neutral.
Um at this point, you know, we're sticking with that, we would look at Pullbacks as an opportunity to add for that because we still think the probability still support a um you know, fourth quarter rally if I could just kind of share maybe one more stat. You know, sometimes you use a lot of energy and you have a lot of back and forth, but overall that's a healthy picture and, you know, it's good to see that there's only, there's more than one place for investors to, to allocate and you're actually seeing the percentage of stocks in the S and P that are outperforming over the last three months, around 60%.Keith, I wanna switch gears a bit and talk about a gold as well with you.Uh The trends look positive from here, Keith.
So I think just, you know, it sounds boring and simple, but going back to basic diversification works and sticking with large caps and higher quality at this point in the cycle makes sense. Yeah, let's also talk about C THREE A I that company out with its fiscal first quarter numbers, the company reporting a more narrow loss than expected uh revenue in line with estimates, but the company's subscription revenue, it looks like missing estimates here and the company leaving its full year revenue forecast unchanged.
This of course comes against the backdrop of the November presidential election between Vice President Kamala Harris and former President Donald J Trump.I caught your latest po post on it. One of the great mistakes that I think the Federal Reserve has made over the last 2025 years as well is they've taken, let's just say certain leading indicators, right?
Note that that's usually the counter argument against this, whether you want a gold standard or at least a normalized commodity, tethered standard.The proponents of it agree with that. I personally believe that what we need in the next step of our evolution in the crypto landscape is clarity right now.
But the next step that I think that that segment of the market needs and deserves is some element of regulatory and legal clarity that they don't have today. And the thinning down of that regulatory state, the importance of regulatory clarity, something that many industries in the financial services sector including and especially in the crypto sector lack today.And as he alluded to in that speech, he and I have had some good conversations about what that, what that future could look like as part of any, I guess overhaul of the Federal Reserve.So the reality is, here's the dirty little secret.
So look, I gonna boil it down to the most important fact, prices have gone up at a much faster rate and at a much greater magnitude than wages have gone up.So you could say inflation, you could use a lot of other fancy verbiage to describe this. And yet it does appear to be one of the more serious policy proposals for the democratic nominee for us president.
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