walk investors through the last sixty minutes in Monday's session as markets continue to digest the news of an attempted assassination attempt on former President Trump's life over the weekend.
Um I was on here talking, you know, nine days ago and we were saying, you know, how low can Bitcoin go and now it's actually looking a little bit more optimistic when Apple sort of tends to introduce products.Like so we, we don't see them jump the gun, not generally first to market, but at the same time, and we have a slew of already phones from, from Chinese competitors from Samsung and others that have some of these A I features.
Yes and notably bubbling up from Jan Hay as chief economist at Goldman Sachs who was out with a note today saying if the groundwork is there to cut in September, why not just do it in July?He said, I'm not gonna give any indication on timing.But that does seem that was because he said, I mean, they said base case September.
Let's bring in now, Jeff Bookbinder LP L Financial Chief Equity strategist, Jeff, it is good to see you and a great day to have you on Jeff.Jeff because listen, you heard Julie and I chat in there.Of course, there's terrible events over the weekend, the attempted assassination of former president Trump reports.
In other words, just because you don't necessarily like one candidate or the other is not a reason to pull out of the market because you think there's going to be a pullback. You're very, uh it's very unlikely that you're gonna get declines over any meaningful period of time.Um We're probably gonna get a double digit earnings growth number in the second quarter in the first quarter when, uh I'm sorry, the second quarter when the numbers are all in uh over the next uh five or six weeks.Um We use technical analysis as an important part of our process and the momentum is certainly very, very strong.
So turning to policy, uh your question, what we've said is that we didn't think it would be appropriate to begin to loosen policy until we were more uh we had greater confidence that inflation was moving sustainably down to 2%. So again, it goes back to the economy if the economy grows and we're not worried about recession, stocks could add to gains, uh, after, uh, an initial cut.We've seen cases where, um, the uh initial rate cut was actually the start of an economic decline.You know, we talked a lot about the equity market today uh for fixed income investors who are listening, Jeff though.We don't think that's the right way to think about it.
He an Ohio Senator currently, he did serve in the Marine Corps and then was a venture capitalist as well as a corporate attorney in the past. So you, you could say the odds are higher, uh, than usual that the vice president actually might end up taking the job. I don't see that JD Vance is going to do that well, but he has a meaningful regard but he didn't really have any.Um, and Donald Trump, we don't even know what he is, uh, except the guy who hold the Bible up in the air every now and then.Um So Trump could have cho, there were some women on the list.
We have been following several weeks of intense speculation about President Biden's age whether he would remain the candidate. I think we're, I think we're gonna be right back to, we were assuming Biden is the candidate which he might not be.Well, that'll be just in time for us to have come back from our beach vacations and everybody should go put it out of your mind until then.We'll get more analysis of that selection of JD Vance, former president Trump's running mate.Former president Donald Trump has named Ohio Senator JD Vance as his running mate for the 2024 presidential election.
And the other is that Trump is making a judgment basically based on who has been the most sycophantic towards him.Um And so what I would like, like thing about this is if you think so, so just views that Vance has expressed right in the relatively recent past, um, the is the voting issue that is most likely to have an impact on this election.
The Republican party is the party of financial and corporate elite and it has been since the day it was founded. So that may not mean anything but the most striking thing about corporate support for Trump is not how much there is, but how little, which is really surprising for any Republican Gotham.Getting a lift fa shooting attack on former President Donald Trump over the weekend and with more on the crypto action, let's get over to Yahoo Finance's, Jared Blick Jared.And then we've got some of the other tokens like salon and Ether up even more.
It spending's been maybe two times or better than that of GDP growth and software spending is probably better than it spending. The people spending on A I are A I companies, some companies are spending on A I but they're A I companies and they're companies that want, want to provide A I for, for uh corporate consumers.If you're an investor, you're listening right now.Yeah, Josh, I think, I just, I think if you think about where um what na what names are set up well, for the second half, they are usually some names that, that probably had some problems.
Ok. All right, big bank earnings are kicking off another season banks we've seen so far reporting mixed results with analysts keeping a close eye on net interest income and how potential rate cuts could affect bank earnings for more on those earnings. And we start to see that rotation in the second half of last week away from the big money center banks towards the regionals with a continued bid in the capital markets.Investors, Charlie seem to like what they see to bid this one up stock is now up nearly 30% this year.It's, it's a sell, how come, well, short term, you know, there's momentum in the capital markets.Um But we argue that their earning stream remains much more cyclical than the market is uh valuing them at.
Um So I, I think, you know, we're seeing the best um of that stock price right here right now and, and I would certainly sell it on the flip side.You know, there's been a lot more sort of belief seemingly in Jane Frazier's turnaround efforts at that bank. They're in the process of improving their, the strength of their balance sheet, particularly the capital front.
Do you think that Morgan Stanley is, is subject to the same kind of cyclicality that you talked about with Goldman Sachs.And, and that's where, you know what Gorman has done to transform that franchise has been significantly different than what Solomon has tried to do at Goldman Sachs. We've seen tech outperform um in the past three months, up 18% in total and valuations are at the higher end of the historical range that being said within hardware.
And in general, I think there's a lot more momentum in companies getting their data ready for A I, which means less spend on applications.Are there sort of sub sectors or particular names that you think are gonna be better positioned?We've seen four data points that have been quite positive for the hardware ECOS system.
We saw TS MC had June quarter numbers of 40% revenue growth year over year and 16% quarter over quarter growth.Well, you know, NVIDIA has been our largest position for a while and that's, that's, that's been a great place to be if we take a step back.We are going from a $45 billion A I chip market in 2023 to a $400 billion A I chip market by 2027 that's a 70% plus Kegger.
They have improving fundamentals and you have revenue that's accelerating operating margins that are expanding in free cash flow conversion that's improving and a fairly reasonable valuation.Um There are some expectations that the rest of the S and P 500 X uh S and P 500 that earnings they are gonna start to reeler uh re accelerate and mag seven earnings are gonna start to decelerate to some extent.
And if we look at the, the multiples, the mag seven trades at roughly 30 times earnings, the S and P 493 trades at 17 times earnings. Macy's Co Tony Spring pledges a turnaround for the department store chain planning to close under performing stores while revamping ones with better sales to carry more on trend products.Uh says the offer was not an actionable proposal, lacks certainty of financing.
The former president told his former White House doctor that he would have died if he didn't turn his head to look at an immigration statistics chart.Thomas Matthew Crooks identified as Trump shooter at Pennsylvania political rallySure, Enbridge stock used to be a dividend giant, but I fear that's no longer the case. Yet this stock has a far better outlook. The post A Dividend Giant I’d Buy Over Enbridge Stock Right Now appeared first on The Motley Fool Canada.
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Trump picks Vance as VP, Dow hits new closing high: Market Domination OvertimeOn today's episode of Market Domination Overtime, Hosts Julie Hyman and Josh Lipton break down the market close and some of the biggest stories of the...
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