There's the closing bell on Wall Street and now it's market domination over time.We've got the dow up by about 260 points or so, about two thirds of 1%.So we continue to see some weakness in tech.We've got the S and P 500 down a third of 1% the NASDAQ down by much more 1% in part because of what's going on with NVIDIA.
So kind of a a defensive sector to the bish action today and what did not work well, tech XL down 2.44% and then consumer discretionary, which also houses Amazon and Tesla. Uh We just take a breather here, Brian and you know, I think a lot of investors are just wondering, you know, can the market keep rallying Brian when you have a giant like NVIDIA hitting the pause button here?I mean, the irony is that when NVIDIA was leading or a handful of names were leading people were bemoaning that too.So if we do continue to see this broadening out in the market, um that's actually a healthier environment, that's a, that's a better backdrop.
I believe that 525 to 550 fed funds range in a world where their preferred measure of inflation is at 275.I've told people before, they don't answer my phone calls, but I certainly expect to start seeing that, um, as we move towards the end of this year into next year.
Um Besides the fed, the other big thing that we're watching Washington related is of course, the presidential election, we've got a debate coming this week. Um, even if you look at the last two elections, the performance from the days that Trump and Biden were elected in November 16 and November 20. So to me that is more informative than whether I had a crystal ball right now to tell you who wins the White House, who's, who wins the Senate, who wins the House of Representatives?
And also we listen closely for clues about it $6 billion cost savings objectives company grappling, you know, with lower margin ecommerce growth coming up arm holdings is the latest addition to the NASDAQ 100. But when you consider Nvidia's weight in the S and P 500 also sort of the sentiment it has within the tech sector and within the chip space when that stock goes down, it's just not surprising to see the market wag on a day like that.
So that doesn't overweight NVIDIA in the same way the cap weight index does, the equal weight was up today.But I do think it is a reminder of though Josh is with how big the big tech stocks are. Remember when we were talking about the broadening and seemed like everyone that came on the show talking about the broadening that we're gonna see in 2024.
And there are some vulnerabilities there which you could argue, could also argue for broadening in some ways, right? So how are you thinking about that cohort of people who are interested in, in potentially owning arm holding stock?Uh My focus is really on the strategy trying to grow the company. Of course, talking about it, investors are very excited and I, I know Renee, you, you know, I would argue, I'm sure, you know, um I think in fact, the last time we spoke, Renee, you said, you know, basically you can't run A I without ac pu can you just walk us through Renee you know, how you think about the opportunity for arm here, how, how big is the opportunity when we talk about this mega trend of A I, how do you quantify it?Yeah, I think that uh and, and I was around, you know,...
And one of the things we'd like to talk about is that software is moving far faster than the hardware.And Renee, let's talk, let's talk smartphones as well.
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