In this Protect Your Assets market segment, host David Hollander offers a comprehensive analysis of the financial markets as we approach 2024. Highlighting the remarkable performance of the Dow, S&P 500, Nasdaq, and international indices, David delves into what made November 2023 a month to remember, with some indices reaching their best returns in decades. The episode also explores the impressive rise in bonds, a noteworthy trend in the financial landscape. David presents the bull and bear cases for the 2024 market, examining potential economic scenarios, inflation trends, and Federal Reserve policies. He also discusses the possibility of a continued bullish market versus a potential downturn, offering realistic targets and expectations. You can send your questions to firstname.lastname@example.org for a chance to be answered on air. Catch up on past episodes: http://pyaradio.com Liberty Group website: https://libertygroupllc.com/ Attend an event: www.pyaevents.com Schedule a complimentary 15-minute consultation: https://calendly.com/libertygroupllc/scheduleacall/ See omnystudio.com/listener for privacy information.
Kara and Scott discuss the Dow's record highs and home ownership's new lows. Then, George Santos leaves Congress like a "Scandal in the Wind," while the Newsom/DeSantis debate was a circus of another kind. Plus, Google is accused of suppressing evidence, Nelson Peltz continues his Disney proxy battle, and "rizz" is the word of the year (Do Kara and Scott have it?!). Our Friend of Pivot is Sixto Cancel, the CEO and Founder of Think of Us, who's on a mission to revolutionize the country's child welfare system. Follow Sixto at @sixtocancel Follow us on Instagram and Threads at @pivotpodcastofficial. Follow us on TikTok at @pivotpodcast. Send us your questions by calling us at 855-51-PIVOT, or at nymag.com/pivot. Learn more about your ad choices. Visit podcastchoices.com/adchoices
Dow snaps a 4-day winning steak. Plus: Spotify shares rise 7.5% after announcing plans to shed 17% of its workforce. Bitcoin rises 4.1% to $40,600. J.R. Whalen reports. Learn more about your ad choices. Visit megaphone.fm/adchoices
The Dow and the S & P 500 close at yearly highs after a very strong November! We address Equity Investments on both the Growth and Value sides as well as some High Yield Income ETFs for a solid monthly income stream. We also review Wall Street's top ideas as we head to 2024
Here's what is happening in the markets today, Friday, December 1st - Stocks ended the day mixed: Dow and S&P higher, Nasdaq lower - Dow makes new high for the year - S&P 500 closes November 8.9% higher - PCE Price Index rose only 3.5% on an annual basis - Powell speaks at 11am ET in Atlanta - Tesla lower ahead of revealing of Cybertruck - Ulta (ULTA) jumps more than 10% on better than expected earnings PLUS: How we trade these markets and our current positions This wraps up today's stock market news. If you enjoyed the "Stock Market Today" episode, make sure to subscribe to this podcast. And for more stock market news, visit our YouTube Channel: https://youtube.com/rockwelltrading2008 #todaysstockmarket #stockmarkettoday #stockmarket
Amy King and Wayne Resnick join Bill for Handel on the News. Israel says it has resumed combat operations as truce with Hamas expires. Fox News debate with DeSantis puts Newsom on the defensive. An appeals court reinstates gag order that barred Trump from maligning court staff in NY fraud trial. House blocks Iran's access to $6BIL from prisoner swap. Dow jumps 500pts to new 2023 high on Thursday, capping 8% November rally. Kim's sister ejects US offer of dialogue with North Korea and vows more satellite launches.
On this episode of the MeidasTouch Podcast: Donald Trump gets re-gagged and immediately loses it on the judge; President Biden visits a wind turbine factory in Lauren Boebert's district to highlight Bidenomics; Republicans implode during the debate over George Santos's expulsion; the Dow hits a 52-week high; Hunter Biden calls James Comer's bluff and more! Ben, Brett and Jordy break it all down! AeroPress: Visit aeropress.com/meidas to save up to 20% off! Henson Shaving: Visit HensonShaving.com/MEIDAS to pick the razor for you and use code MEIDAS for 2 years worth of free blades! Quip: Get 20% off any electric toothbrush, mint & gum dispenser, and water flosser at getquip.com/meidas Factor: Head to FACTORMEALS.com/meidas50 and use code meidas50 to get 50% off. Remember to subscribe to ALL the MeidasTouch Network Podcasts: MeidasTouch: https://www.meidastouch.com/tag/meidastouch-podcast Legal AF: https://www.meidastouch.com/tag/legal-af The PoliticsGirl Podcast: https://www.meidastouch.com/tag/the-politicsgirl-podcast The Influence Continuum: https://www.meidastouch.com/tag/the-influence-continuum-with-dr-steven-hassan Mea Culpa with Michael Cohen: https://www.meidastouch.com/tag/mea-culpa-with-michael-cohen The Weekend Show: https://www.meidastouch.com/tag/the-weekend-show Burn the Boats: https://www.meidastouch.com/tag/burn-the-boats Majority 54: https://www.meidastouch.com/tag/majority-54 Political Beatdown: https://www.meidastouch.com/tag/political-beatdown Lights On with Jessica Denson: https://www.meidastouch.com/tag/lights-on-with-jessica-denson On Democracy with FP Wellman: https://www.meidastouch.com/tag/on-democracy-with-fpwellman Learn more about your ad choices. Visit megaphone.fm/adchoices
Here's what is happening in the markets today, Thursday, November 30th - Stocks closed higher again - S&P 500 and Dow less than 1% away from highs for the year - General Motors (GM) jumps 9.4% - Richmond Fed President Barkin says Fed should keep increasing rates - Today's major economic report: PCE Price Index - VIX (Fear Index) at lowest level since Jan 2020 PLUS: How we trade these markets and our current positions This wraps up today's stock market news. If you enjoyed the "Stock Market Today" episode, make sure to subscribe to this podcast. And for more stock market news, visit our YouTube Channel: https://youtube.com/rockwelltrading2008 #todaysstockmarket #stockmarkettoday #stockmarket
The end of a very good month for Wall Street and today the Blue Chips of the Dow gained over 520 points. We'll cover all of that and why in just a bit. Today we've got a focus on what we're looking at moving forward when it comes to interest rate...cuts. That should be good news for U.S. consumers. Meanwhile, if you want to reach us on social media and if you're on Threads you can find us @Insight_On_Business. And you can hook up with us all day on Twitter or "X" @IOB_NewsHour and on Instagram. Here's what we've got for you today: The Fed watches this inflation gauge and today... It was a great month for Wall Street; OPEC+ will cut oil production and why; Meta shuts down thousands of fake accounts; Tesla finally delivers 12 Cyber Trucks. But... Janet Yellen talks about the economy and jobs; A senior economist predicts rate cuts next year; The Wall Street Report; Threads to expand next year? We'll share...where. Thanks for listening! The award winning Insight on Business the News Hour with Michael Libbie is the only weekday business news podcast in the Midwest. The national, regional and some local business news along with long-form business interviews can be heard Monday - Friday. You can subscribe on PlayerFM, Podbean, iTunes, Spotify, Stitcher or TuneIn Radio. And you can catch The Business News Hour Week in Review each Sunday Noon on News/Talk 1540 KXEL. The Business News Hour is a production of Insight Advertising, Marketing & Communications. You can follow us on Twitter @IoB_NewsHour...and on Threads @Insight_On_Business.
Salesforce shares drive Dow, S&P higher. Plus: Activist investor Nelson Peltz announces a new proxy fight against Disney after the company rejected his request to be added to the board. Mortgage rates fall to their lowest level in more than two months. J.R. Whalen reports. Learn more about your ad choices. Visit megaphone.fm/adchoices
Today's Post - https://bahnsen.co/4115jTU A BIG divergence today between the more value oriented DOW which jumped 520 points today, and the more technology heavy Nasdaq down .23% as interest rates broke the trend and rose today. Coincidently, I wrote yesterday about the sensitivity in the part to the market that has had the most multiple expansion tethered to falling rates as having potential for disappointment. Both PCE inflation data coming out in-line with expectations and a stronger growth print in the Chicago PMI's moved rates up today as much as yesterdays decline in continued bond market volatility. Links mentioned in this episode: TheDCToday.com DividendCafe.com TheBahnsenGroup.com
P.M. Edition for Nov. 30. The Dow rallied today, and all three major indexes ended November with strong monthly gains. And OPEC+ agrees to cut oil production by another one million barrels a day. Plus, the U.S. warns Turkey to stop supporting Hamas and Russia. Illicit finance reporter Ian Talley has more. Annmarie Fertoli hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices
Stocks finished the day near the flatline after a up and down session on Wall Street, but individual names saw big swings after-hours on earnings. Analyst Rishi Jaluria gave his first take on Dow component Salesforce after those shares climbed on quarterly results. The CEO of Pure Storage discussed his company's quarter, with that stock pulling back hard on soft guidance. Plus a rare interview with the new Chairman of the Joint Chiefs of Staff, breaking down the connections between geopolitics and the economy, and a closer look at GM's push higher.
US equities finished slightly higher overall in quiet Tuesday trading, though ending off best levels from midday, with the Dow, S&P, and Nasdaq finishing up 0.24%, 0.10%, and 0.29%, respectively. The magnificent 7 names were mostly higher with Tesla (TSLA) being a standout. Other outperformers included retail and apparel, credit cards, rails, commodity chemicals, beverages, and payments. Meanwhile, media, P&C insurers, pharma, MedTech, machinery, restaurants, and homebuilders were some of the laggards. Treasuries were firmer, particularly at the short end of the curve, with the 2Y yield near its lowest point since August. The dollar was weaker on the major crosses while Gold finished up 1.4%. Bitcoin futures were up 4.4% and WTI crude settled up 2.1%. Overall, the market experienced some push and pull from an underwhelming Treasury auction and from dovish Fedspeak today. The market still seems to be dealing with a catalyst vacuum ahead of November employment data on December 8th, CPI on December 12th, and the FOMC decision (and updated dot plot) on the 13th.
Today's Post - https://bahnsen.co/3sYDwqz Futures opened last night down -40 points or so, worsened a bit throughout the evening, and this morning pointed again to a down -40 point open pre-market. The market opened pretty flat this morning and just stayed in a tight range to the downside throughout the day. The Dow closed down -57 points (-0.16%) with the S&P 500 down -0.20% and the Nasdaq down -0.07%. *CNBC, DJIA, Nov. 27, 2023 As a contrarian, I do not like seeing the put/call ratio and bull/bear sentiment be so tilted towards complacency. Even the VIX at $12.69 is pretty surreal. The ten-year bond yield closed today at 4.39%, down almost -10 basis points on the day as the November bond rally continues Top-performing sector for the day: Real Estate (+0.38%) Bottom-performing sector for the day: Health Care (-0.64%) Links mentioned in this episode: TheDCToday.com DividendCafe.com TheBahnsenGroup.com
The GIFT NIFTY is indicating a calm opening for today's trading session, influenced by the mild cuts observed in US markets. The Dow and the S&P 500 experienced a slight downturn of about 0.2%, while the NASDAQ faced a 0.6% dip. Notably, the trading range in the Indian markets has been contracting, with the Nifty trading within a band of just 75 points yesterday, ranging from 19,754 to 19,829. This narrowing trend is evident when comparing recent days; the Nifty's range was 86 points the day before and 138 points last week on Friday. This trend reflects a consolidation phase in the market. Investors should keep a close eye on Tata Consultancy Services (TCS) as the company is set to make an exceptional provision of $125 million in its Q3 earnings related to a lawsuit dating back to 2014. This provision will impact the stock performance. Additionally, Tata Steel is planning to raise ₹7,550 crore through a Qualified Institutional Placement (QIP) with an indicative price of ₹1,29.1, offering a 13.4% discount to the current market price. Another stock of interest is Titan Company Limited, as the Competition Commission of India has approved the acquisition of an additional 27.2% share capital of Carrick Lane by Titan. Lastly, Allcargo Logistics may attract attention due to lower year-on-year and month-to-month volumes observed in October. These factors will likely contribute to the market's opening dynamics, shaping the early trading sessions. Tune in to the Marketbuzz Podcast for more news and cues ahead of today's session
We're more than halfway through November. Historically, it is the second best performing month of the year, right behind the month of April. So, will this be a November to remember? Jay Woods, Chief Global Strategist for Freedom Capital Markets joins Eric Chemical to discuss what trends he's seeing in the markets, what data points he's been looking out for and whether or not he thinks this will be a November to remember. WORRIED ABOUT THE MARKETS? SCHEDULE YOUR FREE PORTFOLIO REVIEW with Wealthion's endorsed financial advisors at https://www.wealthion.com ----------------------------- At Wealthion, we show you how to protect and build your wealth by learning from the world's top experts on finance and money. Each week we add new videos that provide you with access to the foremost specialists in investing, economics, the stock market, real estate and personal finance. We offer exceptional interviews and explainer videos that dive deep into the trends driving today's markets, the economy, and your own net worth. We give you strategies for financial security, practical answers to questions like “how to grow my investments?”, and effective solutions for wealth building tailored to 'regular' investors just like you. There's no doubt that it's a very challenging time right now for the average investor. Above and beyond the recent economic impacts of COVID, the new era of record low interest rates, runaway US debt and US deficits, and trillions of dollars in monetary and fiscal stimulus stimulus has changed the rules of investing by dangerously distorting the Dow index, the S&P 500, and nearly all other asset prices. Can prices keep rising, or is there a painful reckoning ahead? Let us help you prepare your portfolio just in case the future brings one or more of the following: inflation, deflation, a bull market, a bear market, a market correction, a stock market crash, a real estate bubble, a real estate crash, an economic boom, a recession, a depression, or another global financial crisis. Put the wisdom from the money & markets experts we feature on Wealthion into action by scheduling a free consultation with Wealthion's endorsed financial advisors, who will work with you to determine the right next steps for you to take in building your wealth. SCHEDULE YOUR FREE WEALTH CONSULTATION with Wealthion's endorsed financial advisors here: https://www.wealthion.com/ Subscribe to our YouTube channel https://www.youtube.com/channel/UCKMeK-HGHfUFFArZ91rzv5A?sub_confirmation=1 Follow us on Twitter https://twitter.com/wealthion Follow us on Facebook https://www.facebook.com/Wealthion-109680281218040 ____________________________________ IMPORTANT NOTE: The information, opinions, and insights expressed by our guests do not necessarily reflect the views of Wealthion. They are intended to provide a diverse perspective on the economy, investing, and other relevant topics to enrich your understanding of these complex fields. While we value and appreciate the insights shared by our esteemed guests, they are to be viewed as personal opinions and not as official investment advice or recommendations from Wealthion. These opinions should not replace your own due diligence or the advice of a professional financial advisor. We strongly encourage all of our audience members to seek out the guidance of a financial advisor who can provide advice based on your individual circumstances and financial goals. Wealthion has a distinguished network of advisors who are available to guide you on your financial journey. However, should you choose to seek guidance elsewhere, we respect and support your decision to do so. The world of finance and investment is intricate and diverse. It's our mission at Wealthion to provide you with a variety of insights and perspectives to help you navigate it more effectively. We thank you for your understanding and your trust.
Lumber is a key economic indicator that typically doesn't get as much attention as it should. Housing and lumber demand are leading factors that can help determine what is going on in the broader economic picture. Kyle Little, Chief Operating Officer of Sherwood Lumber, is an expert on this topic. His whole career has been based on the intersection of finance, lumber economics and more. He joins Eric Chemi to discuss the basics of lumber and where he sees the price going in a year from now. WORRIED ABOUT THE MARKETS? SCHEDULE YOUR FREE PORTFOLIO REVIEW with Wealthion's endorsed financial advisors at https://www.wealthion.com --------------------- At Wealthion, we show you how to protect and build your wealth by learning from the world's top experts on finance and money. Each week we add new videos that provide you with access to the foremost specialists in investing, economics, the stock market, real estate and personal finance. We offer exceptional interviews and explainer videos that dive deep into the trends driving today's markets, the economy, and your own net worth. We give you strategies for financial security, practical answers to questions like “how to grow my investments?”, and effective solutions for wealth building tailored to 'regular' investors just like you. There's no doubt that it's a very challenging time right now for the average investor. Above and beyond the recent economic impacts of COVID, the new era of record low interest rates, runaway US debt and US deficits, and trillions of dollars in monetary and fiscal stimulus stimulus has changed the rules of investing by dangerously distorting the Dow index, the S&P 500, and nearly all other asset prices. Can prices keep rising, or is there a painful reckoning ahead? Let us help you prepare your portfolio just in case the future brings one or more of the following: inflation, deflation, a bull market, a bear market, a market correction, a stock market crash, a real estate bubble, a real estate crash, an economic boom, a recession, a depression, or another global financial crisis. Put the wisdom from the money & markets experts we feature on Wealthion into action by scheduling a free consultation with Wealthion's endorsed financial advisors, who will work with you to determine the right next steps for you to take in building your wealth. SCHEDULE YOUR FREE WEALTH CONSULTATION with Wealthion's endorsed financial advisors here: https://www.wealthion.com/ Subscribe to our YouTube channel https://www.youtube.com/channel/UCKMeK-HGHfUFFArZ91rzv5A?sub_confirmation=1 Follow us on Twitter https://twitter.com/wealthion Follow us on Facebook https://www.facebook.com/Wealthion-109680281218040 ____________________________________ IMPORTANT NOTE: The information, opinions, and insights expressed by our guests do not necessarily reflect the views of Wealthion. They are intended to provide a diverse perspective on the economy, investing, and other relevant topics to enrich your understanding of these complex fields. While we value and appreciate the insights shared by our esteemed guests, they are to be viewed as personal opinions and not as official investment advice or recommendations from Wealthion. These opinions should not replace your own due diligence or the advice of a professional financial advisor. We strongly encourage all of our audience members to seek out the guidance of a financial advisor who can provide advice based on your individual circumstances and financial goals. Wealthion has a distinguished network of advisors who are available to guide you on your financial journey. However, should you choose to seek guidance elsewhere, we respect and support your decision to do so. The world of finance and investment is intricate and diverse. It's our mission at Wealthion to provide you with a variety of insights and perspectives to help you navigate it more effectively. We thank you for your understanding and your trust.
US equities finished lower in very quiet, rangebound Tuesday trading. The Dow, S&P, and Nasdaq finished down 0.18%, 0.20%, and 0.59%, respectively. Today's session came after a higher finish on Monday that saw the S&P reach its highest level since August. Big tech was mixed, while retailers were generally down amid today's welter of earnings. Semis, airlines, banks, autos, media, REITs, and homebuilders were some of the other laggards. Meanwhile, MedTech, life sciences, P&C insurers, food and beverage, managed care, A&D, and telecoms held up better. Treasuries were mostly unchanged, though a bit firmer with modest gains in belly of the curve after some positive sentiment on Monday surrounding the 20-year auction. The dollar index was up 0.2% while gold finished up 1.1%. Bitcoin futures were off 1.4%, and WTI crude settled down 0.1% after gaining nearly 2.5% on Monday. Overall, there were no big directional drivers in play today. The lower rate backdrop on disinflation and peak Fed traction are still a tailwind for risk sentiment, along with lingering consumer resilience, recent earnings inflection, margin expansion, and seasonality. Another major talking point were the November FOMC minutes, which noted that the Fed is in a position to proceed carefully. All officials saw rates remaining restrictive for some time, fitting with the higher for longer messaging, though that has come under some scrutiny following recent inflation, labor market data and corporate updates.
Conheça o Levante Sala VIP! Você terá a sua Carteira analisada por Flávio Conde e Ricardo Afonso. Clique no link e saiba mais: https://lvnt.app/gqa524 21/11: : BOLSA CEDE com MGLU3 -6%, MRVE3 -5% e PETRO -1% Olá, seja bem-vindo ao Fechamento de Mercado da Levante comigo Flávio Conde, hoje é 3ª. feira, 21 de novembro, e o programa de hoje é dedicado ao Edson (1º. a comentar no Youtube da LVNT e excelente), Gilson (ótimo), Michel (ficar short dá lucro antes de ficar ex-? Sim se a soma do ex + dividendos der menos que o à vista ex-) e Sylmara (Milei impato). Já hoje, a bolsa fechou com leve baixa de -0,21% aos 125.699 pontos, e volume de R$ 22,5 bi surpreendentemente abaixo dos R$ 23,5 bi de ontem e abaixo dos R$ 25 bi na terça-feira passada. Por que a bolsa performou assim? 1º. O Ibovespa futuro abriu com leve baixa e fixou assim todo o dia. 2º. Nas 15 mais negociadas 6 subiram lideradas em volume por: VALE3 2,5%, GGBR4 2,1% e (GOAU4 0,50% R$ 10,79 + 0,93 = R$ 11,72), BBAS3 0,84% R$ 51,36, PRIO3 1,2% R$ 48,10, GOAU4 0,50% R$ 10,79 (+ R$ 0,93 dividendos 14/12 = R$ 11,72) e TIMS3 1,1%. 3º. Nas 15 mais negociadas 9 caíram lideradas em volume por: PETR4 -0,70%, ITUB4 -0,20%, PETR4 -1%, RAIL3 -2,4%, MGLU3 -6,5%, BBDC4 -0,60%, B3SA3 -2%, RENT3 -1,4%, LREN3 -1,2% 4º. O petróleo oscilou bem e fechou estável a US$ 82,2 com muita volatilidade entre -0,20% e +0,10%. 5º. O minério alta de +1,90% aos US$ 137,40 versus US$ 134,8 ontem acima da volatilidade diária de +/-1%. 6º. Nos EUA, bolsas em leve baixa com NASDAQ -0,60% e DOW -0,20% em função da ata do Fed onde é defendido taxas de juros altas por um bom tempo (2024) até que a inflação dê sinais claros de desaceleração 7o. Dólar subiu 5 centavos equivalente a 0,95% de R$ 4,85 para R$ 4,90 hoje. Destaques de alta: BRAP4 +2.8% R$ 27,04 CMIN3 +2.7% R$ 7,06 VALE3 +2.5% R$ 77,96 GGBR4 +2.0% R$ 23,48 MRFG3 +1.4% R$ 8,39 Destaques de baixa: MGLU3 -6.5% R$ 2,13 MRVE3 -5.5% R$ 10,03 EZTC3 -4.7% R$ 17,11 CYRE3 -4.2% R$ 19,97 PETZ3 -4.1% R$ 4,17 Conheça a Levante Investimentos: Conheça nossas *Séries de Investimentos*: https://lvnt.app/4q3u3b Acompanhe nosso Instagram: / levante.investimentos Fique ligado nas principais notícas do mercado no nosso canal no Telegram: https://lvnt.app/zuntm0
20/11: : BOLSA +0,90% PUXADA por VALE, ITUB, PRIO e CSN BOLSA +0,90% PUXADA por VALE, ITUB, PRIO e CSN, DÓLAR R$ 4,85 Olá, seja bem-vindo ao Fechamento de Mercado da Levante comigo Flávio Conde, hoje é 2ª. feira, 20 de novembro, feriado de Zumbi dos Palmares, em 6 estados, mas B3 funcionando porque ela só para em feriados nacionais. E o programa de hoje é dedicado ao Robson (1º. a comentar no Youtube da LVNT), Sylmara (graças a Deus), Fausto (comprou CBAV3) e Nicoletti (excelente trabalho). Já hoje, a bolsa fechou com leve alta de +0,90% aos 125.896 pontos, e volume de R$ 23,3 bi acima da média das segundas de R$ 18 bi. Muito bom e surpreendente. Por que a bolsa performou assim? 1º. O Ibovespa futuro abriu com pequena alta e o à vista seguiu e foi subindo durante todo dia suportado pela petróleo em alta (Petro e PRIO subiram), Vale forte com minério em leve alta, Itaú, BB e B3 2º. Nas 15 mais negociadas 9 subiram lideradas em volume por: PETR4 02%, VALE3 2,4%, ITUB4 1%, PRIO3 2,3%, CSNA3 10%, BB 0,50%, MGLU3%, PETR3 4,2%, B3 2,8%. 3º. Nas 15 mais negociadas 6 caíram lideradas em volume por: PETR3 -0,60%, GGBR4 -4%, GOAU4 -4%, BBDC4 -0,10%, TIMS3 -0,60%, EQTL3 -0,12% 4º. O petróleo subiu 2%, equivalente a US$ 1,5, indo para US$ 82 versus US$ 80,50, ontem, em função de conversas que a Organização dos Países Exportadores de Petróleo e aliados (Opep+) irá fazer cortes adicionais na oferta a partir da próxima reunião do cartel, que acontece no fim do mês, motivada pela preocupação com a demanda e com um possível excedente para o próximo ano. O objetivo é manter o petróleo acima de US$ 80 e, de preferência, acima de US$ 85 por barril. 5º. O minério leve alta de +0,50% aos US$ 134,8 dentro da volatilidade +/-1%. 6º. Nos EUA, bolsas em alta com NASDAQ 1,1% e DOW 0,60% antes da divulgação da ata da reunião de setembro do Federal Reserve e dos lucros da Nvidia, que provavelmente darão o tom para as grandes tecnologias em uma semana encurtada por feriados. 7o. Dólar caiu 5 centavos equivalente a -1% para R$ 4,85 para R$ 4,90 na sexta. Destaques de alta: CSNA3 +9.4% R$ 16,27 RAIZ4 +5.6% R$ 3,77 RADL3 +4.5% R$ 28,60 NTCO3 +4.0% R$ 15,87 CMIN3 +3.7% R$ 7,12 Destaques de baixa: GOAU4 -4.6% R$ 10,74 GGBR4 -4.3% R$ 23,00 CMIG4 -2.8% R$ 12,99 CVCB3 -1.9% R$ 3,05 ASAI3 -1.6% R$ 12,89 A escolhida de hoje é GOAU4.
In a significant move to boost housing supply, the federal government has unveiled a groundbreaking initiative following six months of record-high rental rates. A substantial $1.2 billion in low-interest loans is earmarked for the construction of 2,644 rental homes across seven new projects in Toronto. This aligns with Toronto's ambitious plan to build 65,000 new rent-controlled homes by 2030, with funds totalling $30-40 billion, or approximately $500,000 per home. While these measures address the supply issue, their impact may not be felt for 5-10 years.Shifting to the pre-sale market, the surge is noticeable as resale inventory lags below averages. Over 3,500 pre-sale units hit the market in October across 20 projects, marking the largest release in 2023. With an anticipated 1,450 units in November, the absorption rate in October was 27%, slightly below the typical 30% for this season. The looming question: will investors retreat due to the Airbnb ban?In the US, the annual inflation rate slowed to 3.2% in October 2023, surpassing market forecasts. Despite a 4.5% drop in energy costs, housing expenses accounted for over 70% of inflation. The positive outcome boosted the stock market, with the S&P experiencing its best day since April, the Dow rising 500 points, and the Canada 5-year bond dropping by 20 bps. Keep an eye out for Canada's announcements on November 21 and December 19.National headlines from major news outlets paint a picture of the housing market entering a 'hibernation' phase, echoing a slowdown in sales, listings, and flat prices. While October saw a 17% decline in home sales below pre-pandemic levels, regions are affected differently. Ontario and British Columbia are entering a buyer's market, with moderately lower prices predicted by economists. Conversely, Alberta remains the outlier as Calgary's benchmark prices rose by 9.4% in the past year. Despite high rates, market activity suggests prices are generally holding, though sellers are adapting to collaborate closely with buyers.Now, turning to the unique landscape of the Greater Vancouver Regional District (GVRD), despite 20 months of rising interest rates and a 35% decrease in buying power, home prices have only dropped 5% since the peak, up 6% from a year ago. Over 1 million mortgages have renewed with rates 2-3 times higher, yet no significant increase in mortgage arrears is noted. With less than 1% of listings as court-ordered sales and inventory 25% below long-term averages, the GVRD market remains remarkably stable, evidenced by average prices rising $10,000 and median prices up $5,000 halfway through November. _________________________________ Contact Us To Book Your Private Consultation:
Here's what is happening in the markets today, Friday, November 17th - Dow snaps 4-day win streak, S&P and Nasdaq higher - Stocks are on track for a winning week - Deflation? - Walmart (WMT) CEO see lower prices in some general merchandise and key grocery items - Gap (GPS) almost 20% higher after better-than-expected results for the third quarter - Ross Stores (ROST) higher after better than expected earnings - ChargePoint (CHPT) drops after cutting its forecast - Oil is down for a 4th week in a row PLUS: How we trade these markets and our current positions This wraps up today's stock market news. If you enjoyed the "Stock Market Today" episode, make sure to subscribe to this podcast. And for more stock market news, visit our YouTube Channel: https://youtube.com/rockwelltrading2008 #todaysstockmarket #stockmarkettoday #stockmarket
Inflation is down from 9.1 percent last summer to 3.2 percent now. The Dow recently closed at its highest level since mid-August. And the Fed is expected not to raise interest rates again. Why, then, are so many Americans so unhappy with America? Author: Jim Denison, PhD Narrator: Chris Elkins Subscribe: http://www.denisonforum.org/subscribe Read The Daily Article: https://www.denisonforum.org/daily-article/if-the-economy-is-so-good-why-are-americans-so-pessimistic/
The Dow ended a four-day winning streak after the biggest U.S. retailer issued a warning about consumer spending, while weekly jobless claims jumped more than expected.Important DisclosuresInformation on this site is for general informational purposes only and should not be considered individualized recommendations or personalized investment advice. The type of securities and investment strategies mentioned may not be suitable for everyone. Each investor needs to review a security transaction for his or her own particular situation. All expressions of opinion are subject to change without notice in reaction to shifting market, economic and geo-political conditions.Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.All corporate names are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.Investing involves risk, including loss of principal.Past performance is no guarantee of future results.The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries.Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.Spotify and the Spotify logo are registered trademarks of Spotify AB.
Carl Quintanilla, Jim Cramer and David Faber led off the show with retail earnings and the consumer: Walmart shares fell after the company raised full-year guidance that ended up short of analyst consensus, overshadowing a Q3 beat. The anchors explored the similarities and differences between Walmart and Target – and what they mean for investors. Carl, Jim and David also reacted to Cisco shares tumbling after the Dow component cut its full-year revenue outlook. Also in focus: The summit meeting between Presidents Biden and Xi, the Chinese president's message to American CEOs, earnings winners and losers including Palo Alto Networks, Alibaba and Macy's, Morgan Stanley CEO James Gorman on inflation. Squawk on the Street Disclaimer
That would be the client going all in on treasuries. Inflation is down and the market is up. For the year, the market has soared (see the Nasdaq) while the market has gone nowhere (see the Dow). SBF found guilty on all counts. Cheryl explains why she will never touch Medicare Advantage, beware of free dinners thanks to Florida Auto Glass shops and watch out for social security coming back for refunds on their mistakes.
Michelle Meyer, Mastercard Economics Institute North America Chief Economist, says October's slight drop in US retail sales doesn't take away from overall robust consumer spending. Diane Swonk, KPMG Chief Economist, details how the Fed will look to navigate a potential successful soft landing. Anastasia Amoroso, iCapital Chief Investment Strategist, says corporations could look to cut costs in 2024 if the Fed doesn't cut rates. Henrietta Treyz, Veda Partners Economic Policy Director, discusses an increasingly dysfunctional environment on Capitol Hill despite the passage of a stopgap funding bill. Jennifer Bartashus, Bloomberg Intelligence Senior Analyst, breaks down Target's better-than-expected 3Q earnings. Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance Full transcript: This is the Bloomberg Surveillance Podcast. I'm Tom Keene, along with Jonathan Farrow and Lisa Abramowitz. Join us each day for insight from the best and economics, geopolitics, finance and investment. Subscribe to Bloomberg Surveillance on demand on Apple, Spotify and anywhere you get your podcasts, and always on Bloomberg dot Com, the Bloomberg Terminal, and the Bloomberg Business app. This is a joy what happens with young economists as you read their research and you go, oh, they're quite competent. Not long ago and far away, but a few years ago. That was Michelle Meyer absolutely owning the parsing of the American consumer. She worked for a small bank in Manhattan and is now Chief Economists North America from MasterCard Economics. You own the analysis I put you and Allen Zetner together. You own the analysis of the American consumer. Have we stopped spending? We clearly have not stop spending. Far from it, and think about the data this morning. It was an incredible combination of continued strength and retail spend, of rebound in Empire State manufacturing, which shows that there's still a need for more goods production, which is because consumers are still spending, and on top of that, you're getting some relief on the pricing side. So it's a really nice combination. I hate asking this question, and I'm stunned. It's my first time I've asked it. On November fifteenth, what's back to what's a holiday season look like? What's Black Friday? And then Black Monday and this and that? What does this retail madness did January look like? Well, it is a longer holiday season. We've learned that over the last few years, and it's a heavily promotional based holiday season, and part of that is because of the fact that there's so much demand out there to buy online. I mean, think about the numbers we just saw this morning. Our spending post numbers saw just over eight percent year of your growth in e commerce sales. So you know, you're seeing a consumer that is certainly exploring many different channels of spending, including online, and that creates a lot more opportunities for them to get products, and it also creates a lot more need for retailers to compete with these big moments in time where they offer promotions, and I think that's what's going to be indicative. So we'll learn a lot from the Black Friday period, and it's approaching very quickly. How sustainable is this combination of both robust retail sales and disinflation or even outright goods deflation. So I think you have to consider the different categories. I mean, when you looked at CPI yesterday, you certainly saw some categories like these big durable goods like your refrigerators back seeing some price declines. But for many other things, like many services, for example, you are still seeing some price increases. So part of the drop in prices for some of these goods simply reflects the fact that prices increased too much out of a pandemic because of supply chain issues, because of higher costs, and now it's reverting a bit more to something more normal, right, So that means in real terms you will see some support in terms of some of these items moving through. In nominal terms, you could see some move down in terms of overall spend. So it really depends on why inflation is moving, and that is a function of the type of product and how things evolved coming out of the pandemic. When you put it together, does this seem like a recipe for this goldilocks soft landing, or does this seem to paint the picture of a federal reserve that needs to do more and of an economy that has way too much momentum to really achieve the disinflation that a lot of people are baking into market evaluations. I think the data is shaping up in a way that's really favorable at the moment because you continue to have economic growth. Look at the third quarter GDP numbers, that was fairly broad based economic activity, not just consumers but also businesses investing inventories getting much more manageable and in stock So you know, things have been evolving remarkably well in terms of the real economy, taking out some of the excesses, labor market coasting into a litt bit of a slower trajectory for job growth, but still expansionary, while you get this relief on the inflation front. So how much of that is because of monetary policy, how much of that is because of the nature of the shock that we had initially, We'll see it's probably a bit of both. But it's evolving really quite quite nicely, and obviously exceeding many people's expectations. Out there. We talked about the interest expense and the debt and the deficit earlier with Mia mcguinnis. Let's talk about the average charge card is twenty five twenty six percent interest, migrating up now to twenty eight twenty nine percent interest. I find thirty percent to be almost criminal. But you people look at this daily, is that interest rate goes up, do we spend less? So what we're looking at overall is how monetary policy is transmitting into the economy broadly. So when you think about who's borrowing out there, there's companies that are borrowing in terms of the expansionary needs. There's consumers that are borrowing in terms of whether or not they want to buy a home or a big ticket item that might require some leverage. So higher interest rates are certainly transmitting into the economy. You can see it today with the retail sales number that's Mike just my friends. Around housing related items, furniture, some of these bigger ticket items that require debt. You are seeing some hit to those types suspending. So I think the high level of interest rates goes back to Lisa's point around how the FED is trying to calibrate this economy with some easing of real growth but still allowing inflation to come down. Okay, you're out of the game, but I'm going to ask you the game question here, which is what is your twelve months for to real GDP? Like, what's your twenty twenty You're talking to fancy people at MasterCard, and you know they don't want to charge cards. They want to know what Michelle Meyer thinks about the economy. What's your twenty twenty four real GDP call? So the good news is that we are I'm still in the game, and that we are still running at still absolutely that is who I am as a person, as an economist. When I look ahead, I mean this year we had an economy that ran above its underlying trend. So we're trending right now, given where GDP is for real growth somewhere between two point four percent right now in twenty twenty three. As we look ahead to twenty twenty four, we're probably going to see some moderation closer to the underlying trend growth rate of the economy closer to trend. Didn't answer, Ye's still in the game. I'm still I got to total go away. Michelle Meyer's MasterCard. There somewhere in the blur of the last four or five days through my small little brain, would somebody get Diane SWUNKA You know, I just said she has such a perspective different from three zip codes in New York, And I guess all of this is her academic work at the University of Michigan Longo. She's putting a penalty box there. At one point she was stealing signs from the Federal Reserve. Is I think it's a football joke there, Yeah, dian Swank understands Michigan's I guess in the penalty box, Diane Swank, is it free and clear? Is your own Powell not in the penalty box. I've asked this question four times, but with immense respect to your work and your holistic look at business data. Is it mission accomplished? Finally, for the FED, it's not mission accomplished because if that is still going to hold rates higher for longer. But we're done with right hikes and that's what we've been saying, and that's what we believe. That's the good news out there is that it does look like the soft landing is not only possible but probable. But the journey is not yet over, and the endurance part comes next, and that's what the FED is watching closely. They still expect to see growth below potential in order to have that soft landing occur. That's one of those technical things that consumers don't really like, because growth below potential is a rise in unemployment, which in fact we've already seen. Most of that rise we saw over the summer was because more people were looking for jobs, not because of mass layoffs than in October when we saw unemployment move up to three point nine percent, it was because we also saw the spillover effects of strikes as well. When I look at this economy and all the different narratives that are out there right now, the heart of the matter for me is fully employed America. Butter stop with what Austin Goolsby brilliantly said yesterday. Is a believer in a new productivity, a new regime of productivity that's going to make the job for everybody out there easier. Do you buy it? Well, we are seeing a major increase in productivity, and I think during the frenzy, the hiring frenzy that we saw, we know from ADP data that's locked at this more closely, many firms stopped hiring people. Then add on top of it the loss and hiring an educational attainment due to the pivot online itself. And now we're unwinding that and people are actually learning the jobs they have. Overlay that with innovation and technology and leveraging the technologies we were forced to use as we moved online, and you do get higher productivity growth, and that is helping to bring down inflation as well. The problem for most consumers, of course, is that the level of prices are still very high. And let's face it, you know, consumer sentiment hit its record high for University of Michigan Centiment Index in Chau two thousand. Yeah, I threw that in. Although I did go to Chicago too. They won the first Heisman Trophy right now with a lack of scandals, which a little better. Did you go to the Goldsby speech? I mean, you're such a hitter out there in Chicago? Did you darken the door for the Golsby speech? I wasn't at this one. I've been at many of them, and I'll be at one on December first with them. What about Hey, Dana speaking as well, what do you feel how do you kind of view the consumer here? We got some retail sales data today that came in a little bit better than expected, yet target, you know, still seeing some some challenges out there with the reported numbers, and of course we'll hear from Walmart tomorrow. What's what's your sense of the consumer out there? This is a consumer that shown remarkable endurance. Remember October is when the first student loans for about twenty three million student borrowers were due. Of course, they started paying those loans already in August while ahead of time, front running the interest accruing on those loans. But we know that student loan, your payments are going to crimp consumer spending. And I think what's also important is we're seeing the biggest trade offs everything within grocery stores. They're spending more at grocery stores than at restaurants during the month, and after adjusting for inflation, they're still spending more at grocery stores because it's really expensive after adjusting for inflation to go out to restaurants. That said, there's a lot of trade offs within that as well. Beef prices hit a record high during the month of October in that's due to the fact that we had all these droughts. That's in the herds, and I think, you know, the effects of those kinds of shocks are what really matter to consumers. And even as the FED is combating inflation the pace at which prices increase, many consumers who finally saw their wages level up only got to spend a moment in the sun before they were burned by inflation, and they're still playing catchup from those earlier increases exactly. So, you know, in terms of the consumer here we have the unemployment rate officially at three point nine percent. What do you think the FED would like to see that rate? Do they feel like it needs to drift a little bit higher before they get a sense that this economy really is cooling? Well, I hate to use the word like, because I think that's a little pejorative in this context. I think they think it needs to go a little above four percent in order to get the full derailing of inflation and to be able to really cut rates as we move into twenty twenty five. I think we're going to see rate cuts by the middle of twenty twenty four, but the descent on rates is going to be much less graduate much slower than the acent on rates, and I think that's very important to remember as well. The Center Reserve is really pretty pleased with the fact that so far until we had that October blip, which was by an external shock the strikes, that we were able to really see more people looking for jobs rather than layoffs contributing to unemployment, more data checks and all this turmoil, the vix goes to constructively bullish. We are higher above fourteen and now at fourteen point eight, a better VIX number off of yesterday. Dow up one hundred, SPX up sixteen points, doing better than call it nine o'clock, futures up four tenths of a percent, NASDAK up half a percent as well. We're with Diane's swank this morning of KPMG. Diane, my great theory is corporations are going to adapt and adjust. How do they adapt and adjust? Is it just going to be one expense reduction? You know, that's going to be a series of I think we're already seeing the adaption occur, and it's evolution more of a revolution than an evolution, and that is that after more than a decade of ulter low rates and some business models that were built entirely on ultra low rates still adapt to a more normal economy that has higher rates to it, and they have to deal with the higher wage levels that they leveled up to, and that means they got to make their workers more productive to be able to continue paying those wages without mass layoffs. And that's where I think we're going. I think we are going to see productivity growth continue to be elevated. That's the good news. I think also it's important to remember the tire meets the road on productivity growth when you combine innovation and technology with our human capital, and how valuable it is. When you really level the boats together two together, that's when you get the big benefits. Sure theory there is how the Cubs stole the Milwaukee Brewer's managers. I mean you get that. She's like consulting the Chicago Cubs. How do we jump started Creid Council bring them down to Chicago? Paul slip in one more? All right, So, Diane, I mean we have our President Biden in San Francisco meeting with President she. How do you figure China into your economic outlook here? What do you what do you what would you like to see. What do you think we're going to see. I think it's important that you know we can't deglobalization is a bit of a myth. We're seeing trading blocks that have moved, and more training within blocks rather than across blocks, which is actually boosting global trade. That's more friction in the global economy and ultimately more risk of supply chocks and more fragile supply chains. So I think the concept of de risking is something that is a relative concept. I understand there's geopolitical and strategic issues we need to deal with with China, but these are the two largest economies in the world. We're talking about China and the US, and it's better to have better relations than intense relations and intensifying geopol tensions between the two. Dane swanp KPMG. They're chief economists, thank you. The grace of Bloomberg's surveillance is we don't throw up films of people being wrong or people being right. This is a tough, tough business gaming out equities, bonds, currencies, commodities. If we tossed up a video John and Lisa Anastasia Amroso on the market a number of months ago. She held Lisa's hand and said, Lisa, It'll be okay. A chief investor strategist and what and correct bull joins us. Now, is this the second Is this the second bull market off the October lows thirteen months ago? Are we clicking in with a new bullmarket lift? I mean, I think this is giving investors a lot of faith and hope into the year end. You know, Tom, It's amazing how quickly things shift, And just in the last couple of weeks we went from really bad technicals to really a great technical setup. And I think what's likely to happen now is the chase into your end is on and it's going to involve a lot of stakeholders, whether it's this systematic traders, whether hedge funds that were called too short, whether it's all the cash eight trillion of it on the sideline. So I do think that we well, I was initially going to say drift higher into your end based on yesterday. We might rip higher into your end, but I do think we'll finish higher. Let's discuss what worked yesterday. Small caps, discretionary real a state. Is that what you think works going into your end? Well, I think tech is going to continue to work into your end because if you look at unprofitable tech, for example, it also rallied pretty massively yesterday as well. You know the reason I hesitate when it comes to consumer discretionary. You know, I love the target beat this morning, but it does feel like a bit of a one off. And you know, if we look at some of the surveys of consumer spending consumer spending intentions, consumers are likely to be slower and likely to be more discerning and the I want to look for promotions. So you know, maybe this everything rally does take consumer dis questioningly higher with it, but from a quality perspective, and where I have the most convictions on margins, on growth, on secular opportunity, John, I think it's still tech. Okay, So how much is this baking in both the ongoing profits and also yields going lower given that valuations are already pretty high considering how high the alternative is. Yeah, I mean everything is working in the right direction right now. Clearly this is a huge yield story. But when it comes to big tech, for example, you know, yes, yields help from the valuation perspective, But what I also like about big tech for example, is that earnings growth is there over and above the S and P. For example, for the next year or two, the average earnings growth is about sixteen percent. So and by the way, valuations, I know people say big tech or tech generally is expensive, but when you adjust for that earnings growth, it's actually not that expensive. And when you start looking at individual stocks, maybe forty times forward earnings on Nvidia, maybe that seems expensive, but when you expand the chart, it's not actually off the chart, so to speak. So everything is relative. What's the balance of risks? We've been talking about that throughout the morning for next year, as people get enthusiastic into year end, is it a better than an expected economic picture or is it some sort of recession that really feeds into a profit recession as well. Yeah, so we have to decouple the view into your end versus what might happen in twenty twenty four. And I think the reason for this optimist for twenty twenty three has been this is a soft landing year. This has proven to be a soft landing year. Now I think something harder may have to happen in twenty twenty four. And here's really the big question. Which is going to determine the direction of the markets in twenty twenty four is how quickly does the FED cut or do they cut? If they cut, then I think we're off to the races, and this is they go in all on risk moment. But if they don't cut, if they stay persistent, then I think some of the bold may be disappointed. Do we underestimate the ability of corporations to adjust? Twenty four months ago of screaming about that we saw Target. Today they've had a real, real post pandemic challenge. I guess, John, what's it up right now? Forty two? It's twenty five? Okay, who's keeping count? But the answer is I still think it's underestimated in FED centric, rate centric New York City that I'm sorry, each and every corporation out there is going to adapt and adjust. What are they going to do next year? Yes, corporations are adjusting, and the case of Target, it took them a while, but those inventories were eventually paired back. I think what corporations may struggle with next year until and unless the FED pivots is the refinancing bill of some of their corporate debt. And by the way, This goes across the spectrum. It's the US government which has to refinance about thirty five percent of the debt between now and the end of next year, is the commercial real estate operators that have to refile a lot of the debt, and then it's corporate. So you know, the reason, Tom, why I think we haven't seen more of an adverse impact is because the percentage of floating rate has been low and companies have not had a lot of fixed rate maturities that needed to be refinanced. That does start to change next year. So if the FED doesn't cut, I think it does become harder for corporates and how do they adjust well, if margins get squeezed, I think cost cutting is the next measure. Does that make life difficult for certain parts of the equity market given the nature of high yield issuers, Yeah, it does. The parts of the market that I worry about, or leverage loans for example, which have already had a full year of rates around five percent. And if you look at the net interst coverage ratios, there were about three and a half times going into the year for a lot of those issues. There are one times today, maybe one point three, So how does that picture change next year, especially if you have some slow down in the top line for high yield. I'm a little bit less worried because you do have generally higher quality and better fundamentals, and there's a small portion of high yield that needs to be rolled over next year. But from a broader economic perspective, and especially when I think about the banking sector, if you start to have more charge offs, incrementally more delinquencies, some default and by the way, venture capital bankruptcies have been on the rise, so all of that does start to impact some sector of the economy, which I think is the bank. Can we finish on the banks kind of left for dead at times this year and for good reason earlier in spring. What's your view on them into twenty four? A very mixed view on them into twenty twenty four, because in earlier on the show, I did say that, you know, I was kind of warming up to the bank sector because we were expecting the capital market activity to pick up. That really didn't pan out so far in the fall of this year, and I'm not sure that it does in twenty twenty four. So if you have lackluster capital market activity, in twenty twenty four, and then on top of that you do have those higher delinquencies, defaults, and charge offs. That comes back to roots for the banking sector. So I appreciate the rally that they're participating in, but that would not be my top pic today. You sound actually less optimistic than you did a bunch of months ago, quite a bit less optimistic. Can you frame that out just how much you think some of the gains have already been paked in. Yeah, I definitely sound less optimistic your end rally nowithstanding. And the reason for that is because a lot of investors coming into the year expected this to be maybe even a recession a year, or at least very lackluster economic growth, and instead we got close to five percent GDP in the third quarter. So a lot of people are now in the soft landing camp and are not even talking about recession. But if you think about this, you know, the longer rates stayed at the current levels, and by the way, if inflation falls and real rates start to pick up the relationship we also talked about previously, then we are going to get in restrictive territory relative to the neutral rate, and that's when you start to worry about the FED stays therefore too long, then that's what caused historically a recession. Well, I do worry about that, and I don't think it's in people's consensus numbers right now. Is my takeaway here that Amoroso is on the edge of bramo ye and it gets maybe less constructive gone into twenty five to be a long year of twenty four. So we can't just you know, prepare for the whole thing. That's the joy that I hurt six months ago. Oh, the joy is here. The joy is into your end and you know, you know, I do think that. Look, the FED for now seems to be behind us until mid December. You know, I think some of the worst Fed Treasury auctions are behind us. Okay, So that's the joy. The conversation. The joy was on the screen over the last twenty four and made away and I say, you're constructive so many times right to be and stay camo. So if I capital it the Henrietta Trace joins US now economic policy research director at Vada Partners. Henrietta, with all your years of experience in Washington, and how polarized is the polarity right now? I mean, they are just at each other's throats, almost literally. Certainly, the stories out of DC yesterday were just shocking. Frankly, they have to go on recess. I am so thankful that they have agreed to this kick the can approach. As you mentioned before, I think we're just going to be doing this again, and I'm not optimistic that it's going to stop in January or in February when the two current deadlines exist. We're going to be doing this every couple of months for the rest of twenty twenty four. So we should get used to this kind of acrimony government shutdown risks. Those headlines should just be permanently emblazoned every couple of months in the newsreel. We've got those headlines ready to go hendriady through the whole at twenty twenty four. Can you just frame how big this fight over spending might be just next year. You know, it's just loud. It's not a big fight. It's just a loud fight. They are not getting any reductions in federal spending. This is a clean cr There will be a minimum of about one hundred billion dollars an additional aid that goes out across domestic and international priorities. We are not fighting about spending cuts. We are fighting about the process. The Freedom Caucus came up with the idea of doing this laddered approach. It was rejected, resuscitated, and then finally included in part in this deal. But it contains no spending cuts, and there's no scenario where the second tranche, which includes defense and foreign operations spending, is going to expire after they reach a deal on the first couple of appropriations bills. So this is a lot of sound, This is a lot of bark very little bite. Given the fact that there was not Israel or Ukraine funding in this current bill, how likely do you think that will get done by January? By February? Does it even matter considering the spending that's coming out of different pockets. That's a really important question. And I think a lot of this is tied up with Minoriti leader maccaddeal and how much cloud he continues to have with the party. I think we can't underestimate the impact of the loss in Kentucky for the governor's race that materially acted his standing with his own conference in the Senate Republican Caucus. And I think that's a big problem for Ukraine AID. I was surprised in my last round of meetings in DC how little support there is for Ukraine versus what there has been from the United States for the last year and eight months. It is really a iffy question on whether Ukraine aid gets provided at all. I do think that keeping Israel aid off of the cr that they're passing now creates at least a pathway. But when you tie Ukraine to the border and recognize that we haven't had border security legislation pass in a decade or more, you really have a problem. So I think that it is good news that we don't have a bill yet. It keeps soap alive. But I would dim my expectations for robust aid to Ukraine and Israel. Obviously is another problem that is splitting the Democratic Party just in half, just ripping it apart. So those packages are going to be really hard to come by, and I wouldn't be surprised that they didn't get it till January. You know, it's getting harder and harder to parse through the signal from the noise in Washington, d C. We have all these real, tangible, important issues and yet we are focusing on scuffles both in the Senate that Bernie Sanders had to and with a wooden gavel, and then this the accusation that Kevin McCarthy elbowed fellow Republican Congress member Tim Burchett during some of the contentious negotiations. Are any of these important to you on a policy or just functional level? There is no policy, So I think Tom, you actually just made a statement about how if you don't have your fiscal house in order, you can enact policy. That's exactly what's happening. There is no policy, so we're only talking about fiscal austerity. There's no discussion about passing a year in tax build that's of any kind of merit. They're running around punching each other in the back because they have gripes and qualms with who's a liar, who has trustworthiness. There is no policy, there's no uniting policy that drives the House of publican conference, which is in control, and that means that the Senate can't get their act together or get their work done. And it's really been a darth of leadership that I think is exacerbated by Mitch McConnell being on the way out, and a speaker that is untested with no real leadership mandate to work with on the Republican side. So I think there is no policy. I don't think we will be voting on any meaningful legislation next year. They cannot move forward on impeachment. They can't move forward on you know, impeaching even the Homeland Security secretary. They don't have a plan for the border that is comprehensive or can pass with the Republican conference. When you have these type majorities and a lack of leadership, this is where you land. So we just have these short term fights about federal spending. Thankfully we don't have to deal with the debt ceiling next year. That would have been a real problem. Well, Henry Ti, given everything you've just said, doesn't that make it all the more amazing that we managed to find an agreement in the House yesterday. I mean, you know, yes, and I don't want to be just contrarian, but they're up. The scenario where we shut down is even worse because there's no path to reopen. So if you shut down the government, we will be shut down for quite some time. People talk about, oh, we couldn't possibly go past two weeks because you'd missed a pay cycle. The last time we did this, for no good reason, with no end in sight, we shut down for thirty five days, right over the Christmas holidays. I think the one thing that's kept my optimism alive contrary to a lot of popular opinion, with you know, twenty percent or less odds that we'd shut down all year, is basically that the alternative is worse. Shutting down means we stay shut down for quite some time. Everybody looks incompetent, and you can't have these fights about fiscal austerity and spending. If you're shut down, it starts to have a material negative impact. So I mean they're both bad options, but shutting down is the worst one, with lots of them looking competent when it's open. Henritta, trace their evade partners, Henritta, thank you. I don't talk to Jim Bartak ahead. Let us get briefs here to say the marriage Jennifer Bartash's marriage counselor joins us with Bloomberg Intelligence. Jen thank you so much for joining. I want you to explain what falls to the bottom line. Home depot has a net income margin of nine is tennis cents. Target I was shocked is three or a moldy four cents on the dollar. Is anybody making money in this business? Good morning, Tom. It's a good question, and it's definitely one of the challenges that we always see in this retail sector. But I have to say, Targets results today we're very encouraging, you know, and it does give a little bit of optimism for the fourth quarter. So when they beat across the board with revenue same store sales, you know, we did see a great increase in margin. That's all really because some of the productivity initiatives that they put in place are starting to really help take cost out of the business. Willmont anst on this news as well. It's up in a free market, buying more than one point two percent. Jen, will hear from that company tomorrow. What is the read across from that company to the other. Well, I think that Target having better than expected results really only means good things for Walmart. Walmart does tend to outperform in environments where people are pulling back or being very careful with their spending, and so I think that a better than expected result today may lead to a very good outlook for tomorrow as well. But Jen, how do you parse through just the management side of things versus the macro call on a management side of saying Target seemed to work down fourteen percent of some of its excess inventory, leading to some of this boost. Does that really cross over to some sort of read through in the broader consumer. Well, I think that what we've seen is across a lot of retailers, they've had to figure out their inventory in kind of this post pandemic world. We went through a phase where everybody was stockpiling inventory so that they've had stuff available, then they had too much and they had to clear it out, and now they're trying to find the right equal librium. And being down versus last year where there were still concerns about supply chain constraints just shows that we're really getting back to that equilibrium and we're seeing it across multiple retailers, and so I think what's important is that inventory is down that much, but they are already stock for holiday, So to us, that also means that they should be able to sell through a good portion of their inventory over the holiday season and not end up in the same position they were in where they had to have a lot of Markdown's post holiday jen Yesterday we were talking about drug stores in certain cities that are putting pictures of toilet paper behind the shelves and then having people ask request for it to be delivered to them from the back of this store. Target did talk about theft to our shrink as they call it, and saying it's still weighing on their margins in a material way. What do you make of this? How long are we going to hear about this in earnings and is this just simply an excuse for margin pressure or is this something that is going to become increasingly concerning for both investors as well as the corporate executives. What we usually see in longer term cycles is that theft escalates whenever the consumer is under pressure, and as inflation is coming down, that actually should be a little bit of a release on that pressure. With regards to theft and the losses that retailers are having. You know, people generally want to do the right thing, and Target in particular has been very vocal about theft levels. We've saw some store closures where they said it was just not profitable to operate, but We do think that as inflation comes down, that should easy get a little bit easier going forward. John, you don't you bihold cell, but I want you to note a four percent dividend, an eleven percent five year dividend growth. I got a multiple of fifteen, which is what one third of the high flyers one fifth of Nvidia. In that can Brian Cornell and his team say we're back on plan the pandemics beyond us and we will have the glide pass of the TAJE we knew years ago. I think we might be at a turning point. It might be a little early to say that we're already there, but I think that today's results definitely indicate that a lot of the strategies that they're retrenching, that they're putting back into place, do put target back on that right trajectory. Jennifer, thanks for the update. Let's cat cheup against tomorrow when we get numbers from Wolmont. Jennifer Pontanshestan of Bloomberg Intetogen's Subscribe to the Bloomberg Surveillance podcast on Apple, Spotify and anywhere else you get your podcasts. Listen live every weekday starting at seven am Eastern I'm Bloomberg dot com, the iHeartRadio app tune In, and the Bloomberg Business App. You can watch us live on Bloomberg Television and always I'm the Bloomberg Terminal. Thanks for listening. I'm Tom Keen, and this is BloombergSee omnystudio.com/listener for privacy information.
Air Date 11/14/2023 The Supreme Court turned the table on average, working people back in the 70s when they empowered wealthy individuals and corporations to have an outsized role in our politics. Now we're trapped in the reality that shift in power created and are dreaming of a better way to manage our economic and political systems for the benefit of all people. Be part of the show! Leave us a message or text at 202-999-3991 or email Jay@BestOfTheLeft.com Transcript BestOfTheLeft.com/Support (Members Get Bonus Clips and Shows + No Ads!) Join our Discord community! Related Episodes: #1247 The Fight for the Four Freedoms (FDR vs. Libertarianism) SHOW NOTES Ch. 1: Citizens United Has Destroyed America Why Is Nobody Talking About It - Thom Harmann Program - Air Date 10-27-23 If America is to recover any semblance of meaningful democracy in our country, we have to cut out the cancer of big money in our political system. We MUST overturn Citizens United. Ch. 2: How Things Work Congress's Revolving Door - Jim Hightower's Lowdown - Air Date 11-9-23 Hear it? What's that sound? “Whoop-whoop-whoop.” Oooo, it's Washington's revolving door, allowing corporate interests to come directly inside Congress to pervert public policy. Ch. 3: Corporate Bullsh*t Legal Bullsh*t - Ralph Nader Radio Hour - Air Date 11-11-23 Donald Cohen discusses the long history of corporate propaganda covering for corporate greed, and his new book Corporate Bullsh*t: Exposing the Lies and Half-Truths That Protect Profit, Power, and Wealth in America. Ch. 4: What Socialism Needs to Succeed - Economic Update - Air Date 10-32-23 This week's episode covers the crisis of today's left, the need to build upon and go beyond successful socialism of the 19th and 20th century, the state and micro focus on the workplace, and democratizing workplaces. Ch. 5: Redefining Wealth–with Aisha Nyandoro - OFF-KILTER - Air Date 11-2-23 As Aisha Nyandoro—CEO of Springboard to Opportunity and architect of the Magnolia Mother's Trust—argues in her recent Tedx Talk, it's time to redefine wealth in the United States. Ch. 6: Prof. Richard Wolff Why Not Democratize Big Auto Companies - The Zero Hour - Air Date 10-28-23 Prof Wolff joins Zero Hour with RJ Eskow to discuss the recent agreement between the Ford Motor Company and the United Auto Workers and how it relates to the larger issues of labor, capitalism, and democratizing workplaces. Ch. 7: Inside West Virginia's New Economic Bill of Rights–with Troy N. Miller - OFF-KILTER - Air Date 11-9-23 For this week's episode, Rebecca sat down with Troy N. Miller, who's long served as the Off-Kilter podcast's beloved “man behind the curtain,” aka executive producer. MEMBERS-ONLY BONUS CLIP(S) Ch. 8: How Media's Use of 'The Economy' Flattens Class Conflict - Citations Needed - Air Date 11-1-23 Kim Kelly joins to discuss the term "the economy," how and why metrics reflect interest of capital- GDP, the DOW - which are positioned as more important indicators of economic strength versus the needs of the average person. Ch. 9: Redefining Wealth–with Aisha Nyandoro Part 2 - OFF-KILTER - Air Date 11-2-23 FINAL COMMENTS Ch. 10: Final comments on how a shifting baseline obscures the inequity of our economic system MUSIC (Blue Dot Sessions) SHOW IMAGE: Description: A photo of a protest banner depicting a drawn human figure with its arms out standing on top of the symbol for dollars ($). The words “People Over Profits” are written across the middle. Credit: “World Bank/IMF demonstration ” by Ben Schumin, Flickr | License: CC BY-SA 2.0 | Changes: Cropped Produced by Jay! Tomlinson Visit us at BestOfTheLeft.com Listen Anywhere! BestOfTheLeft.com/Listen Listen Anywhere! Follow at Twitter.com/BestOfTheLeft Like at Facebook.com/BestOfTheLeft Contact me directly at Jay@BestOfTheLeft.com
Jay Bryson, Wells Fargo Chief Economist, and David Kelly, JPMorgan Asset Management Chief Global Strategist, break down October's US CPI report that shows a steady easing in inflation. Liz Suzuki, Bank of America Securities Analyst, says consumers are relying on excess savings amid the discomfort of higher rates. Greg Valliere, AGF Investments Chief US Policy Strategist, expects Congress to pass a government funding bill and avert a shutdown. Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance Full transcript:I'm Tom Keene, along with Jonathan Farrow and Lisa Abramowitz. Join us each day for insight from the best and economics, geopolitics, finance, and investment. Subscribe to Bloomberg Surveillance on demand on Apple, Well, Spotify and anywhere you get your podcasts, and always on Bloomberg dot com, the Bloomberg Terminal and the Bloomberg Business App. Is the Fed Done? Is this basically what we're looking at right now? The all clear sign for the Federal Reserve to have to do more. Jay Brison, Chief Economist, it W Wells Fargo joining US. Now I ask that to you, Jay, does this sound the all clear for the FED? It does for right now, Lisa. I mean, you know, these numbers are going to bounce around on a month by month basis. You know, I wouldn't. Our view is that the FED probably is done. But I don't expect FED officials to be coming out just because of this one report saying oh it's all clear, everything's great out there. I mean, I think they're still going to continue to be biased to potentially tightening. We don't think that will happen, but you know, in the next few months, these numbers kind of reverse and they kind of pop up, and the economy expands at a stronger unexpected rate, you could potentially see them going But again, I think that's a that's a high bar at this point. This adds to signs that there is some sort of cool and this is the reason why so many people are talking about a soft landings. You haven't seen the real cracks you'd expect ahead of a massive recession. Jay, do you think that is an accurate categorization of exactly what we're seeing with prices not going up as much as people had expected. Yeah, I think that's right, you know. I mean, if we were still clipping along at a year over year rate on the core of a five percent, we'd be talking about the Fed hiking even more. And when you start to hike even more, that's when you have the problems. So, you know, so the potential for a soft landing is still there. I guess what I'm a little bit still watching and concerned about is that the real FED funds, right, you know, the nominal rate minus some sort of inflation rate continues to drift higher, and that's what matters for the real economy. And so I think the Fed is going to delay easing at this point, and so we may or may not have a downturn early next year, but I think the next few quarters because monetary policy is going to remain restrictive. I think you're looking at headwinds on xanomic growth. Is it mission accomplished? There's a comedy to that, a painful comedy for our geopolitics, our history, Doctor Bryson. What are we getting to a transitory point where this Federal Reserve can say mission accomplished? Well, again, Tom, I don't think they're going to come out and say that right at this point. But you know what I would say is the bar for further rate hikes is getting higher and higher at this point. Many of the members on the FOMC think they have done enough at this point, and you know, today's rally and the tenure notwithstanding, you know, we still have seen you know, relatively high long term rates and so there's a fair amount of headwinds on the economy right now. Again, they're not going to come out and say mission accomplished right now. They need to see a few more months of this before I think they feel confident in that this is certainly a good start in that journey. But I still think, you see, you need to see a few more months of point two's before they say accomplished. Lisa, the mission accomplished December twelfth a CPI report before a December thirteenth FED meeting, and or just to really echo what Jay was talking about that the bar is getting higher and higher for them to go again, evidently the bar is getting a bit lower for them to cut rates. FED dated swaps are now pricing in the first twenty five basis point cut for June versus July. Before we got this print, Jay, there is this issue of what we're going back to. Are we seeing a fast enough pace of disinflation to believe that two percent is very much in the horizon. You and your team have been excellent about the last mile of getting inflation down from three percent to two percent? How far along that process are we? So, you know, I don't have the numbers here in front of me, Lisa, but you know, I think if you look at the three month annualized change in the core, we're probably at three and a half percent right now. So if you want to get back down to two, I mean, what you need is you need a few months of point twos and even point one to kind of get you there. And I'd think we're still looking at a number of months for that. We don't think we're going to be looking at that sort of number until the second half of twenty twenty four. But I don't know if you necessarily need to be two percent annualized for a few months before the FED cuts. I mean, they're going to be looking forward, right and if they are confident that things are really going to slow down, then they could start to cut rates, you know, maybe summer or so of next year, Doctor Bryson, thank you so much. The chief economist of Will's Frogo Ja Brison, David Kelly, will adjust. He's chief Global Strategists at JP Morgan Asset Management. With his years at Putnam knows when the facts change, he will change. David Kelly, how does your analysis change with this shock report? Yeah, so this this report is actually very close to who we're looking for here. As we're tracing as inflation, we can see right down to below two percent on the consumption deflator by the fourth court of next year. I think what's really important about this report is there's a large camp of people who say that the last mile is sticky, getting from three to two is sticky, and we don't see that at all. We're going to step down inflation all the way through the fourth court of next year. And what I think this report is showing is across the board, there's disinflation in the US economy and we're heading back to two percent. So I think that is gradually changing in the minds of the markets. I think that's why you've seen this move here, although it's not necessarily coming with paying David, and this goes to the soft landing Nirvana that Neil Dotta was talking about, that real average hourly earnings increased by zero point eight percent, up from zero point five percent. People's earnings are exceeding at the pace of inflation and in a material way for the first time in a long time. How much does that lead to a stickiness because people have the means to keep paying the prices. I don't think so, because I mean, we've had periods of positive real wage growth before. But what I'm saying looking at the earnings reports from the last quarter is companies are very focused on holding earnings in check. Now, yes, you can say that today's earnings are higher than inflation, but from a worker's perspective, they're not even getting catch up from all the inflation they saw over the last two years. So what you're seeing is partial compensation for previous inflation. But I don't see a lot of evidence that companies are being able to push higher prices the workers being able to push higher wages. So overall, I think what we're seeing we're not seeing a price wage spiral. We're seeing a price wage slinky. They're both gradually coming down the stairs slowly. I think this is just going to continue all the wage two percent, and there's a question mark around Yes, this is definitely good for bonds and you're seeing that rally in a massive way today. Is this necessarily good for stocks over the longer term if it is accompanied with a cooling in the economy. Yeah, I think it is. Now. There are things that could go wrong, and there's certainly parts of the stock market that are overpriced, but I think what's happening is work turning to where we were ten years ago. We're turning to an economy with two percent inflation, very slow growth. That low inflation can allow for lower long term interest rates, which supports all asci prises, bonds and stocks alike. And of course stocks are the ultimate long duration asset, so they will benefit from this lower rate environment. So, you know, soft landings never last forever. They'll eventually the rote and we'll fall into recession. But for right now, this does really show that inflation is steadily coming down, and we've just got to we've got to recognize that's going on. Regardless of Fed officials who occasionally say that we're not there yet or tour into declare victory. Look, I'm willing to say we're going to win this thing. It looks very very likely they're going to win this. In Invation down to two percent by the end of next year, Small Stacks Russell up four percent, NASDAK up one point eight percent, though Nasdaq one hundred, I should say Dow lags up one point one percent, Standard Impores five hundred, up fifty, up fifty five, up sixty, and now up sixty three points one point five percent. Doctor Kelly, I want to sum this up to the angst that Lisa Brambo Bramo Wit says on our nation's debt. If we get inflation down, if we have a successful FED, does that give you confidence that we can have in long term our minus G relationship, our minus G equation, that will mean our debt and deficit is of less fear a little bit. I mean, it's still what you're basically saying is we can service this debt at cheaper prices no matter how large it is. Yes, we can to an extent, But I think the amount of debt we've piled up in recent years is going to mean permanently higher loge of interest rates experienced ten years ago, so that that problem is going to be around for a while unfortunately, I see no evidence that there's any consensus in Washington about doing anything about it about it, so I'm still worried about poppulism. Left of the right just pushing these depths its higher and higher in the years ahead. Doctor Kelly, thank us so much, David Kelly, JP Morgan joining US unapplied mathematics of big box retail. Elizabeth Suzuki joins US at Bank of America Securities. When you were going through polynomials and you know, doing ferrisproof and all that and applied manth, you think you'd be an aisle four at home depot. I did not. I never thought that my work was going to include channel check at stores that I just go to anyway. In fact, now you know, as a homeowner for the last you know, six years, I'm in home depot pretty much every weekend, maybe every other weekend. But I mean it just never stopped. Wonderful. I've never been to the one downstairs Ferrell's down there once a week picking up something. Let me cut to the chase, which is the new post pandemic home depot world and for other big box as well. Can they fix the problem on the income statement? Can they take out expenses like Disney or you name the bank. Sure, you know, I wouldn't really categorize it as a problem on the income statement. When we think about what Home Depot is going to do this year in terms of sales, they're probably going to end up about fifty percent higher than they were in twenty nineteen. And just putting that in context of the broader industry, which is tracking up about like twenty percent versus twenty nineteen levels, that's an amazing amount of market share that Home Depot has been able to take. I mean, we're coming down off of these very very high levels of spend. During the pandemic. Homeowners had you know, easy rates to be able to borrow against. They also had you know, stimulus money to spend. They were moving at much higher frequency. A lot of people moved out to the suburbs during the pandemic. I mean, we've seen a slowdown in that, and you know, I think what's been surprising this year to the downside and just where we've seen that pressure on the top line is really mostly from housing turnover basically coming to a standstill, you know, so as as we expect. Yeah, so I think, you know, as as rates start to moderate or potentially even come down, maybe towards the second half of next year, I think that's going to help spur that housing turnover again and we're going to see more of a return to normalization in terms of that top line salesca Given what mortgage rates are, do you really think we can normalize the fact that some people just locked in their homes with the two three percent mortgage you just aren't moving anytime soon. Yeah, you know. I think it's like once rates really stabilize, maybe come down a tick, you know, a couple of rate cuts, potentially in the second half of next year, then you know the homeowner is saying, okay, like rates are probably not continuing to go up, I can potentially refinance. If I were to move today, I'm locking in a rate that's higher than what I wanted. But I feel like there's some potential for that to come down over time, and maybe it means that people buy a house that's a little bit smaller than what they wanted, or it means that you know, some people who are moving and you know, are going to have to absorb a higher rate. But because households have such high levels of savings they actually can absorb that. It's just it is uncomfortable, right So right now we're feeling that discomfort in terms of existing home sales, which are the lowest they've been in thirteen years. How much does home tapot rely on the housing market versus the fact that people aren't moving they are buying new refrigerators I'm just saying, or they're buying new stoves or new microwaves or other items in the house that might break. I mean at a certain point, does that actually help these companies? Yeah, I mean the sector is not as sensitive to housing turnover as one might think. I mean, when you're seeing these negative data points on housing every day, and if you already have sort of a negative bias, each one of those data points just kind of confirms your bias and you're going to say, of course, things are terrible right now. So what we've done is we tried to look at basically every macro factor you possibly could. And this is really where that applied mathematics comes into play. As we built a proprietary indicator of home improvement demand and we narrowed it down to fourteen different factors that are reported monthly that we can correlate to Home Depot and Low same store sales growth. At the end of the day, that's pretty much what drives these stocks is same store sales growth. So we narrowed it down to these fourteen factors, we built an indicator off of it, and then that indicator helps inform our views where we don't have to be dependent on the company's guidance, we don't have to be dependent on third party forecasts. Like we're able to actually look at the factors that matter, and then months to month we can track each of those factors and not get distracted by the noise that we hear in a lot of these other data correlated as Home Depot to some of the other retailers that are not related to the housing or home improvement sector. Yeah, I mean, that's that's a really interesting question. And I think, you know, when we boil it down and look to look at the broader sector and look at Bank of America's credit card data for the home improvement retailers, which is you know, just very broad category, Home Depot has outperformed that group pretty consistently, like actually very consistently over time, and Low's has as well. By at least two hundred basis points. So you know, the market share gains here are pretty material, and that's something that I want to just continue to kind of hone in on. In this result is even though their sales are down three percent, we've seen the category down you know, mid to high single digits year over year for most of this year. But in terms of correlation to you know, to other retailers, it's it's pretty independent. I mean, it's it's some factor of the broader consumer and the health there, and so obviously there's correlation to like a Walmart and a Target. But because it is related to housing and really home prices are one of the most important factors driving home improvement demand, that's really where it kind of differentiates. We've all been surprised by the strength that is economy this year. There's a bunch of companies that fall under your coverage. We're trying to work out whether we are at the precipice just around a corner from a severe weakning of the economy. Do you see any of that emerging whatsoever going into year end? Yeah, I mean I think that there are categories that we follow that are struggling more than others. You know, appliances, We talked about refrigerators. I mean, appliance sales are down. You know, the volumes have been under pressure. Margins are coming under pressure as well. We saw promotions that started in October for appliances. So if you're you should get on it, if you're you're in the market for a fridge, because I think those promotions are going to be, you know, pretty pretty attractive this year with the cameras. Some impressed. Yeah, I just kind ofd you get no, I just want to hear what you have to say. Carry on. But you know, consumer electronics is another one, right, I mean, as as Home Depot said in their press release or seeing pressure on big ticket consumer discretionary product. So consumer electronics definitely one of those. Appliance is kind of fit in that bucket from New York University just emailed in. So you're sitting here with Ken Langohn, He's gonna go. This is all a lot of great chat. But the bottom line after a three years pandemic and lays let's call it is, can they get back on track to the total return that we were weaned on? Can they get back to sixteen eighteen to twenty percent per year share return. Yes, I think, you know, in this current macro environment, that's tough, you know, because the consumer is pulling back on spending and we are coming off of this you know, sugar high from the last couple of years. But you know, we as we look to twenty twenty four and twenty twenty five, we see no reason why there shouldn't still be growth in the home improvement sector beyond the broader economy list. This was great, Thank yous. Going to see in person as well. Greg Fadia joint is right now, the chief US policy strategistic AHF Investments, Greg, in your mind, from your perspective, in your opinion, do you think this pass can pass, can get through Congress this week? I think they can. It's been so humiliating for them for the last few weeks. I think they know they've got to do something. The credit rating downgrade is serious. So yeah, I'm at sixty forty one minutes possible that a handful, once again, a handful of far right radical Republicans could kill this, but I think they want to give at least on this first bill. They want to give Mike Johnson a victory. This is what I was going to ask Greg, who does this particular offer upset more? Is it Republicans within his own party or elsewhere? What's a good point, John, There's so much in the bill to hate. For the Conservative Republicans, there are no spending cuts and they're quite upset over that. For the White House and the Democrats, the fact that there's nothing for Israel or Ukraine is very troubling. And we can say, oh, we'll get them some money in February. Well, they need money now, and I think to not send our allies this money sends a very bad signal. Greg. It's that time of year. Our Greg Durou owns a high ground and keeping track of who's leaving, who's coming, who's going in the House, in the Senate. Juan Williams in the Hill today or yesterday, I should say, really writes it up of the Republicans leaving the House. I think this is underreported. You've got Buck, You've got Granger, You've got LESCo, You've got Sparks, on and on. Is this going to be even a more Trump Republican party? Not in a year, but in a matter of weeks it could be. Yes, and a lot of the names you mentioned are people who are disgusted. They can't take it anymore. I also think there's a growing chance, a very good chance, that the next Senate will elect a year from now, will be controlled by the Republicans. They have, I think, an easy chance to take the Senate. Now, I look at this as wildly underport. You know, we'll focus on mansion and that in Spenberg or Virginia. Have you seen it like this before? Is this normal changing of the chairs to musical chairs or is there something unique here? Well? I tell you, Tom, I think what is unusual is to have Democrats talking now openly about a need to get a different nominee. That's really unprecedented. You probably have to go back to LBJ who lost support in his own party. That makes the Democrats nervous, the fact that they could lose the Senate and lose it convincingly. We'll get back to that in one second, because I do want to get your view on that. But just to build on what you're talking about, the fact that Democrats are joining with Republicans, some of them, to back Mike Johnson's plan. Isn't this what got Kevin McCarthy ousted his House speakers Bingo, that's right, And I got to think that we could have a repeat. You only need like three or four at the most five no votes and this whole thing could fall apart. So I think that Johnson has to worry that he could suffer the exact same fate as Kevin McCarthy. And there's still are nine, at least nine ultra conservatives in his party who are going to vote against this, at least as for now. What's worse though? On an international stage, you were talking about no funding for Ukraine and Israel. Is that worse than a government shutdown in the US. I think a government shutdown has become so ordinary. A brief shutdown wouldn't be as serious as sending a signal to our allies that we can't support them. I mean, this, I think is really very, very unnerving. And one other point I'd make quickly. I do think the final outcome is Johnson having to kind of deal with Democrats. I think that's the only way we're going to get a deal in the next week or two is to have the two parties unite on this. What will be the ramifications of that. I call that doing a John Bayner for an international audience. We've seen this before. But then what is the outcome if he does that? The outcome is going to be an effort to Ouston. I still think it's less than fifty to fifty. I think they want to give him a victory. Tom, but you could see a lot of Republicans say this is totally unacceptable. Great, let's talk about the race for the presidency next year. The field is narrowing on the Republican sign and it looks like Nicki Hade starts to attract some money. What do you make of the moves we've seen in the past week, Greg Well, Tim Scott didn't surprise me in the least. I think that they're the strongest other than Trump, of course, has been Nicki Haley over the last few weeks. She's got real momentum. DeSantis does not. He didn't even mention his endorsement in Iowa from the govern I can't figure it out. That was so Weirch can't just jump in, What was that about? Why didn't that come up in the debate. I don't get it. She endorsed him, I'd be bragging about it, but he didn't even bring it up in the debate. That was mystifying, but it's still trunks to lose. Trump has said some extraordinary things in the last few days about how his opponents are vermin using, really even by his standards, exceptionally harsh language, but his numbers hold up. He still has the base, and that means we need to narrow the field potentially even more for the Republicans. Who's next to drop out? Greig maybe Ramaswami. He's got money, but I could see him drop out. He's got no traction. His numbers don't look good. I think DeSantis and Nicky Haley stay in, and probably Chris Christy stays in, and that's good theater. Well, at this point, maybe the field is narrowing on the Republican side, but in some ways it's actually widening on the Democratic side. You said that there's real fear and there are real calls within the Democratic Party to have some other options than President Biden. How realistic is that? Who is everyone coalescing around? Well, that's the problem, nobody. And I think one of the strongest things that Biden has is the lack of any clear successor, and I think because of that, he will be the nominee. Apparently In the last twenty four hours, he's been very angry, profane, criticizing people like David Axelrod. I think he feels that he should be the nominee. I think he will be the nominee. What do you think he's so upset about, Greg oh mocking him for his age. Probably more than anything else. You can't do much. Can't do much about that, That's true, Greg Valier of Jeff Investments, that any of us can do anything about that. Greg, appreciate you up desa. Subscribe to the Bloomberg Surveillance podcast on Apple, Spotify, and anywhere else you get your podcasts. Listen live every weekday starting at seven am Eastern, on Bloomberg dot com, the iHeartRadio app, in in the Bloomberg Business app. You can watch us live on Bloomberg Television and always. I'm the Bloomberg Terminal. Thanks for listening. I'm Tom Keen, and this is BloombergSee omnystudio.com/listener for privacy information.
Scott Wapner and the Investment Committee discuss the better than expected CPI Report and what it means for the surging market. Plus, Home Depot leading the Dow on earnings it's our Chart of the Day. And later, the Committee talk tech stocks as NVIDIA tries for it's 10th positive day in a row. Investment Committee Disclosures
US equities finished notably higher in Tuesday trading, ending a bit off best levels, with the Dow, S&P, and Nasdaq finishing up 1.43%, 1.91%, and 2.37%, respectively. Additionally, the Russell had its best session in more than a year, ending up 5.44%. Big Tech was stronger across the board, and REITs, utilities, autos, retail, homebuilders, airlines, banks, and asset managers were among the other outperformers. There were not a lot of decliners, but energy, managed care, pharma, healthcare distributors, P&C insurers, and defense were among the relative laggards. Treasuries were notably firmer across the curve with 10Y yield below 4.5% and 30Y approaching 4.6%. The dollar was down sharply on the major crosses, particularly vs the euro and sterling. Gold ended up 0.8% while Bitcoin futures down finished 4.1%, adding to a 1.5% pullback in the prior session. Finally, WTI crude settled unchanged after three-straight gains. The big macro news for today was that the October CPI report came in cooler than expected across the board, with monthly and annualized headline and core CPI prints below consensus. The soft October CPI report drove the big rally in stocks and rates, with momentum seemingly exacerbated by widely discussed positioning dynamics. Fed sentiment also expected to be impacted by retail sales tomorrow.
A new $1 million consulting fee to fund yet another public safety dream. Felon with a gun and busted headlight has case dropped. Johnny Heidt with guitar news. Heard On The Show: Police: Man suspected of manslaughter in death of former Nottingham Panthers player in custody St. Paul Mayor Melvin Carter ‘looking forward' to working with newly elected City Council Wall Street rally builds momentum, Dow rallies 400 points: Learn more about your ad choices. Visit megaphone.fm/adchoices
13/11: : BOLSA LEVE BAIXA, PETRO SOBE, MAGALU CAI e DÓLAR R$ 4,91 Olá, seja bem-vindo ao Fechamento de Mercado da Levante comigo Flávio Conde, hoje é 2ª. feira, 13 de novembro, e hoje dedico o programa ao Elson (que gostou da dobradinha c/ o João), Igor (bora adquirir sala VIP), Ricardo (como eu demostrarei que a sala VIP tem vidro aprova de balas) e JM Sarkis (já adquiriu o SVIP e está feliz). Já hoje, a bolsa fechou com leve baixa de -0,14% aos 120.401 pontos, às 17h13, e volume de R$ 15 bi abaixo da média das segundas de R$ 18 bi. Por que a bolsa performou assim? 1º. O Ibovespa futuro já abriu levemente negativo e apontava para um dia perto da estabilidade, mas acentuou a queda após a abertura das bolsas dos EUA e chegou a perder os 120 mil pontos recuperados na semana passada. O Ibovespa sofreu com a queda das ações de bancos e da B3. Vale, que iniciou o dia em alta por conta do minério de ferro, agora cai 0,15%. 2º. Nas 15 mais negociadas apenas 5 subiram lideradas em volume por: PETR4 2,6%, TOTS 2,9%, LREN3 3%, PETR3 2% e ELET3 2,2%. 3º. Nas 15 mais negociadas 10 caíram lideradas em volume por: VALE3 -0,4%, BBDC4 -2,3%, B3SA3 -3,9%, MGLU3 -3,9%, RAIL3 -1,2%, EQTL3 -1%, GOAU4 -0,35%, ITUB4 -0,6%, RENT3 -2%. 4º. O petróleo alta de 1,5%, para US$ 82,7 versus US$ 81,5 ontem, depois da OPEP publicar que a demanda dos EUA e China não estão baixando. 5º. O minério estável em US$ 128,4 dentro da volatilidade +/-1%. 6º. Nos EUA, bolsas mistas com Nasdaq -0,11% e Dow 0,12% sendo o último ajudado por ações de petrolíferas e saúde em alta. 7o. Dólar cedeu 1 centavo para R$ 4,91 de R$ 4,92, na sexta, mas chegou a R$ 4,94 depois da fala do Powell no FMI. Estrangeiros: O saldo de investimentos estrangeiros no mercado secundário da Bovespa, de ações já em circulação, ficou negativo em R$ 11 milhões, interrompendo uma sequência de cinco pregões de entradas, segundo dados da B3. No mês, o saldo dos estrangeiros está positivo em R$ 3,761 bilhões, sendo R$ 3,619 bilhões em compras líquidas no mercado secundário e R$ 141,3 milhões em ofertas públicas. No acumulado do ano, os estrangeiros trouxeram para a Bovespa R$ 20,898 bilhões, com R$ 9,987 bilhões em compras no mercado secundário e R$ 10,911 bilhões em ofertas públicas. Os estrangeiros respondem por 54,90% do volume negociado em novembro e por 54,80% do volume acumulado no ano na Bovespa. Destaques de alta: LREN3 +3.2% R$ 13,38 ELET3 +2.8% R$ 38,43 TOTS3 +2.8% R$ 32,70 PETZ3 +2.6% R$ 3,91 PETR4 +2.4% R$ 35,58 Destaques de baixa: MGLU3 -3.8% R$ 1,73 B3SA3 -3.8% R$ 12,46 BHIA3 -3.8% R$ 0,50 CVCB3 -2.9% R$ 2,95 FLRY3 -2.6% R$ 16,46
Ever wonder why triple net leases are considered a preferred choice for many seasoned investors? Our episode today features a riveting discussion with Dan Lewkowicz, a seasoned expert in net lease investments and a Senior Director at Encore Real Estate Investment Services. He decodes the attractiveness of triple net lease investments, particularly to sizable institutions, highlighting their predictability and built-in rental escalations.Setting our sights on the broader economy, we dissect the impact of interest rates on the real estate market. Lewkowicz sheds light on the disparity between the federal funds rate and cap rates, and we dive into the landscape of residential real estate, Dow and Nasdaq, as well as the sentiment of the Federal Reserve. We also tackle the topic of distressed real estate assets - a niche that holds promise if navigated strategically. Lewkowicz impresses upon the importance of property evaluation and cultivating strong broker relationships for optimal gains.To cap off our episode, we go deeper into the benefits of triple net investments, looking at how value can be added. Lewkowicz illustrates this with an example of a Walgreens property in Cleveland, Ohio and the 'blend and extend' strategy that led to a substantial equity gain. We also explore how LinkedIn can be leveraged for real estate success. And finally, in a climate of market uncertainty, we share insights on staying informed and drowning out the noise. Looking to expand your knowledge of net lease investments and gain valuable insights from industry expert Dan Lewkowicz? Click here to tune in to the full episode and unlock a wealth of knowledge that can help you thrive in real estate investing! https://lifebridgecapital.com/2023/08/09/net-lease-investing-for-stable-and-predictable-returns-dan-lewkowicz/https://lifebridgecapital.com/2023/08/10/value-add-commercial-real-estate-with-blend-and-extend-amendments-dan-lewkowicz/VISIT OUR WEBSITEhttps://lifebridgecapital.com/Here are ways you can work with us here at Life Bridge Capital:⚡️START INVESTING TODAY: If you think that real estate syndication may be right for you, contact us today to learn more about our current investment opportunities: https://lifebridgecapital.com/investwithlbc⚡️Watch on YouTube: https://www.youtube.com/@TheRealEstateSyndicationShow
A Market Microcosm, a Rip-Your-Face-Off Rally & Your Portfolio Review and Analysis The Money Wise guys are back after three weeks of college football preemption, and there's much to discuss! They start with last week's numbers from Wall Street, which showed the Dow up 0.7%, the S&P 500 up 1.3%, and the NASDAQ up 2.4%. YTD the Dow is now up 3.4%, the S&P is up 15%, and the NASDAQ is up 31.8%. Of course, the markets have been busy over the last three weeks, and the Money Wise guys cover topics like the NASDAQ and S&P rallying, why things got bright and shiny for the markets as October ended, one of the longest strings of back-to-back up days that we've had in several years, why the last two trading days are a microcosm for the last three weeks, and much more. They also discuss why they believe market sentiment keeps changing on a daily basis, why we're watching bond auctions like never before, ongoing concern about interest rates, and what led to Friday's rip-your-face-off rally. Portfolio Review and Analysis with The Money Wise Guys With all that's going on in the markets, it's smart to check in on your investments and conduct a portfolio review and analysis from time to time. One of the services offered by Davidson Capital Management is, in fact, a portfolio review and analysis - and you may notice it mentioned at the start of every show. Now, a portfolio review and analysis is something you can conduct on your own, but a portfolio review and analysis with the Davidson Cap team means you'll have 34 years of service and experience to help you determine whether you can make moves to strengthen your positions, enhance your diversification, and build a portfolio that better serves your needs. If you want a portfolio review and analysis with the Money Wise Guys, call 1-800-275-2162 or email email@example.com. Click here to learn more about the importance of a regular portfolio review and analysis. In the second hour, the Money Wise guys share Retiree Spending Rules you won't want to miss! Tune in for the full discussion on your favorite podcast provider or at davidsoncap.com, where you can also learn more about the Money Wise guys or take advantage of a portfolio review and analysis with Davidson Capital Management.
The Nasdaq extended its win streak to 8 straight days, its longest win streak in over two years. The S&P and Dow are also riding week-plus long runs. But what names are leading the gains and will the momentum continue. Plus oil prices falling below $80 a barrel and dropping to more than two-month lows. What it means for the energy stocks, and could consolidation be the key for the space. Fast Money Disclaimer
Carl Quintanilla, Jim Cramer and David Faber explored tech's role in the stock market rally:The Dow and S&P 500 each looking to extend their daily win streaks to seven, while the Nasdaq aims for eight consecutive sessions of gains. Also in focus: Kashkari vs. Goolsbee, Uber's Q3 results miss estimates, D.R. Horton beats, EV makers said to be implementing discounts to shore up flagging demand, Datadog soars and lifts other cloud stocks, Netflix Co-CEO Ted Sarandos' comments on talks aimed at ending the SAG-AFTRA strike. Squawk on the Street Disclaimer
US equities were mostly higher in Tuesday trading, though ended a bit off best levels, with the Dow, S&P, and Nasdaq finishing up 0.17%, 0.28%, and 0.90%, respectively. Software, semis, OTAs, telecom and most big tech beat the tape. Energy was the worst performer on crude weakness. Materials were also under pressure on fairly broad-based weakness. Machinery, multis, rails, parcels and logistics, regional banks, insurance, autos, casinos, and department stores were among the other underperformers. Treasuries were firmer with curve flattening following some pressure on Monday after a big rally in the prior week, with corporate supply mentioned as another overhang. The dollar index was up 0.3% with Aussie weakness being the big FX story after the RBA decision for a dovish hike. Gold finished down 0.8% while bitcoin futures were up 2.5%. WTI crude ended down 4.3%, below $80/barrel and its lowest settlement since July. That said, earnings activity still fairly elevated, though not many high-profile reporters are left. Q4 beat rates are above the one-year average, though Q4 has seen outsized cuts. Overall, there is a big debate right now about whether last week's outsized equity bounce and rate rally have more room to run.
Description: Stocks on Wall Street experienced a significant rally this past week due to positive economic data and Federal Reserve statements, which led to a decrease in interest rates and a boost in market indexes like the Dow, S&P 500, and Nasdaq. Learn more in this Protect Your Assets market segment. You can send your questions to firstname.lastname@example.org for a chance to be answered on air. Catch up on past episodes: http://pyaradio.com Liberty Group website: https://libertygroupllc.com/ Attend an event: www.pyaevents.com Schedule a complimentary 15-minute consultation: https://calendly.com/libertygroupllc/scheduleacall/ See omnystudio.com/listener for privacy information.
The Nasdaq posted its seventh day of gains in a row, its best win streak since January, while the S&P and Dow also managed to start the week with gains. But is this breakout heading for a breakdown? We go off the charts with Katie Stockton to find some answers. Plus, uranium prices are at 15-year highs and one of our traders still thinks it's going much higher from here. We lay out the case for the nuclear rally. Fast Money Disclaimer
Welcome to the Social-Engineer Podcast: The Doctor Is In Series – where we will discuss understandings and developments in the field of psychology. In today's episode, Dr. Abbie is being joined by Erin Gray. Erin is an internationally known actress, 70's super model and now founder of 'Heroes for Hire', a company representing celebrities for personal appearances worldwide. Erin went from being one of the original Sports Illustrated models, Breck Girls, Maxi Girl and the Bloomingdales spokesperson for ten years to being the lead actress in the feature film and TV series ‘Buck Rogers in the 25th Century', quickly followed by NBC's ‘Silver Spoons' for 5 years. In addition, Erin has over 50 TV credits beginning at 17 with ‘Malibu U', a musical variety show starring Ricky Nelson, to ‘Magnum PI', ‘Law and Order', ‘Hunter', ‘Baywatch', ‘Profiler', etc. plus two dozen feature films such as ‘Six Pack' with Kenny Rogers, ‘Friday the 13th: Jason Goes to Hell' and ‘Dreams Awake'. Erin is the recipient of eleven community service awards, including The Leadership Award by the County of LA, the 2002 Woman of the Year Award presented by the Los Angeles Commission for Women, and most recently two Lifetime Achievement Awards and best actress in a feature film at the Monaco Film Festival for her performance in ‘Dreams Awake' and best actress in The 2020 Golden State Film Festival in ‘The Piano Teacher”. Erin is currently on the Board of Directors for the Innocent Lives Foundation, protecting women and children from human traffickers and pedophiles and bringing them to justice. [Nov 6, 2023] 00:00 - Intro 00:40 - Intro Links - Social-Engineer.com - http://www.social-engineer.com/ - Managed Voice Phishing - https://www.social-engineer.com/services/vishing-service/ - Managed Email Phishing - https://www.social-engineer.com/services/se-phishing-service/ - Adversarial Simulations - https://www.social-engineer.com/services/social-engineering-penetration-test/ - Social-Engineer channel on SLACK - https://social-engineering-hq.slack.com/ssb - CLUTCH - http://www.pro-rock.com/ - innocentlivesfoundation.org - http://www.innocentlivesfoundation.org/ 03:26 - Erin Gray Intro 05:32 - The Topic of the Day: Mind-Body-Connect 08:42 - Smile Within 12:19 - It's All in the Mind 14:36 - Out of the Woods 18:37 - Standing Like a Model 20:01 - Emotional Contagion 21:43 - Finding Balance 25:41 - Maintaining Flexibility 29:34 - Seeing is Believing 31:17 - Self Trust 34:32 - The Gift of Integrity 37:46 - Integrity is Hard! 44:23 - More Than a Memory 46:24 - Where It Comes From 49:17 - Wrap Up & Outro - www.social-engineer.com - www.innocentlivesfoundation.org Find us online: - Twitter: https://twitter.com/abbiejmarono - LinkedIn: linkedin.com/in/dr-abbie-maroño-phd-35ab2611a - Twitter: https://twitter.com/humanhacker - LinkedIn: linkedin.com/in/christopherhadnagy References: Neal, D. T., & Chartrand, T. L. (2011). Embodied emotion perception: Amplifying and dampening facial feedback modulates emotion perception accuracy. Social Psychological and Personality Science, 2(6), 673-678. Strack, F., Martin, L. L., & Stepper, S. (1988). Inhibiting and facilitating conditions of the human smile: a nonobtrusive test of the facial feedback hypothesis. Journal of personality and social psychology, 54(5), 768. Davis, J. I., Senghas, A., & Ochsner, K. N. (2009). How does facial feedback modulate emotional experience?. Journal of research in personality, 43(5), 822-829. Buck, R. (1980). Nonverbal behavior and the theory of emotion: the facial feedback hypothesis. Journal of Personality and social Psychology, 38(5), 811. McIntosh, D. N. (1996). Facial feedback hypotheses: Evidence, implications, and directions. Motivation and emotion, 20, 121-147. Coles, N. A., Larsen, J. T., & Lench, H. C. (2019). A meta-analysis of the facial feedback literature: Effects of facial feedback on emotional experience are small and variable. Psychological bulletin, 145(6), 610. Kee, Y. H., Chatzisarantis, N. N., Kong, P. W., Chow, J. Y., & Chen, L. H. (2012). Mindfulness, movement control, and attentional focus strategies: effects of mindfulness on a postural balance task. Journal of Sport and Exercise Psychology, 34(5), 561-579. Samuel, G. (2015). The contemporary mindfulness movement and the question of nonself. Transcultural psychiatry, 52(4), 485-500. Nisbet, M. (2017). The mindfulness movement: How a Buddhist practice evolved into a scientific approach to life. Skeptical Inquirer, 41(3), 24-26. Kinser, P., Braun, S., Deeb, G., Carrico, C., & Dow, A. (2016). “Awareness is the first step”: an interprofessional course on mindfulness & mindful-movement for healthcare professionals and students. Complementary therapies in clinical practice, 25, 18-25. Hicks, G. (2010). Confidence building with body language. In 101 Coaching Strategies and Techniques (pp. 103-105). Routledge. Gonçalves, M. (2020, April). Review of Body Language Posture, and an Exercise Called “Power Posing Challenge” to Improve One's Confidence. In 5th International Conference on Social Sciences and Economic Development (ICSSED 2020) (pp. 147-149). Atlantis Press.
Jim Cramer and Sara Eisen discussed what to make of Wednesday's Fed decision on interest rates and comments from the central bank's chair Jerome Powell. This as bond yields fall, the Dow and S&P 500 aim for a fourth straight day of gains and the Nasdaq goes for a five-day win streak. Starbucks shares surged on better-than-expected Q4 results. Shares of anti-obesity drugmakers also saw gains: "Mounjaro" manufacturer Eli Lilly and Novo Nordisk -- the home of "Ozempic" and "Wegovy" -- posted quarterly beats. Also in focus: More earnings winners and losers, plus what to expect from Apple's after-the-bell results. Squawk on the Street Disclaimer
The Dow gains more than 500 points. Plus: Starbucks shares rise 9.5% after the company reports better-than-expected earnings. Moderna shares fall 6.5% after the drugmaker reports soft demand for its Covid-19 vaccine. J.R. Whalen reports. Learn more about your ad choices. Visit megaphone.fm/adchoices