Podcasts about equity markets

Global trade tensions have eased after a steadying in U.S. policy shifts, leading our CIO and Chief U.S. Equity Strategist Mike Wilson to make a more bullish case for the second half of 2025.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist. Today on the podcast, I will discuss recent developments on tariffs and interest rates, and how it affects our 12 month view for U.S. Equities.It's Friday, May 23rd at 9am in New York.So, let's get after it.The reduction in the headline tariff rate on China from 145 percent to 30 percent extended the rally in stocks last week and should help to support both corporate and consumer confidence. More importantly, the 90-day détente came at a critical juncture, in my view, as a few more weeks of what was essentially a trade embargo would have likely led to a recession.Equity market volatility also subsided considerably amid the decline in trade policy uncertainty. In fact, both measures peaked well before the deal with China came together and are now back below where they were pre-Liberation Day. To me, this means trade headwinds have likely peaked in rate of change terms and are unlikely to return to such levels again. This would fit with the capitulatory price action we saw in early April with the average stock in the S&P 500 experiencing a 30 percent drawdown. In short, while the lagging hard data is likely to come in softer over the next coming months, the equity market already priced it in April. In the event of a recession that still arrives, we think the April lows will still hold, assuming it's a mild one with manageable risk to credit and funding markets.As further support for stocks, earnings revisions breadth appears to have bottomed. This indicator has leading properties in terms of the direction of earnings forecasts and is an important gauge of corporate confidence, in our view. The combination of upside momentum in revision breadth and last week's deal with China has placed the S&P 500 firmly back in our original pre-Liberation Day first half range of 5500-6100. Having said that, we think continued upward progress in earnings revisions breadth into positive territory will be necessary to break through 6100 in the near term, given the stickiness of 10-year Treasury yields.Amidst these developments, we released our mid -year outlook earlier this week and updated our base, bear and bull case targets for the S&P 500. In short, we effectively pushed out the timing of our original 6500 price target for the end of this year to 12 months from today. This is mainly due to a less dovish Fed and therefore higher 10-year Treasury yields than our economists and rates strategists expected at the end of last year. We also trimmed our EPS forecasts modestly to adjust for higher than expected tariff rates, at least for now.Looking ahead, we are more bullish today than we were at the end of last year given the growth negative policy announcements are now behind us and the Fed's next move is likely to be multiple cuts. In short, the rate of change on earnings revisions breadth, interest rates and policy changes from the administration are all now pointing in a positive direction, the opposite of six months ago and why I was not bullish on the first half of this year.The near-term risk for U.S. equities remains very overbought conditions and interest rates. With the Fed on hold due to lingering inflation concerns and Moody's downgrade of U.S. Treasury debt last Friday, 10-year Treasury yields are back above 4.5 percent; the level where the correlation between equities and rates tends to move back into negative territory. Ultimately, we think the Treasury and Fed have tools they can and will use to manage this risk. However, in the short term, this is a potential catalyst for the S&P 500 to take a break and even lead to a 5 percent correction. We would look to add equity risk into such a correction should it materialize given our bullish 6-12-month view.Thanks for tuning in. I hope you found it informative and useful. Let us know what you think by leaving us a review; and if you find Thoughts on the Market worthwhile, tell a friend or colleague to try it out!

It's been quite a ride for equity markets this year. Uncertainty and volatility hit a fever pitch in the weeks following President Trump's sweeping tariff announcement in April as investors feared the potential for rising inflation, slow economic growth, and US assets, losing their aura of dominance. Tony DeSpirito, global CIO for BlackRock's Fundamental Equities Group, joins host Oscar Pulido to help make sense of recent market turmoil from an equity perspective where he sees opportunities amidst the volatility and what history tells us to expect as we look ahead to the rest of the year.Sources: Equity Market Outlook Q2 2025, BlackRock; BlackRock Fundamental Equities, with data from Morningstar & Bloomberg as of April 30, 2025;Check out the full series covering tariffs and market volatility on The Bid: https://open.spotify.com/playlist/3iiZbbNz3eI08zXGZ4n3LI?si=TNiOrYRoSxyXVsbwsBs68QKey moments in this episode:00:00 Stock Market Turmoil and Recovery01:22 Tony DeSpirito Gives His Q2 Outlook04:15 Historical Equity Markets Volatility06:53 Where Equity Opportunities in Volatile Markets Lie12:55 Global Market Comparisons17:34 Final Thoughts and Investor Considerations

Today, we check in on the technical status of the US equity market, noting meanwhile that leading versus coincident indicators on the economy have yawned to one of their greatest divergences in the past 50 years, something that usually coincides with trouble. Thoughts on make or break time for Tesla, geopolitics, FX, US treasuries and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.   Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

As equity markets catch their breath, Brad Conger says valuations are stretched, making it a challenging trade-off for investors. He's overweight European stocks on a non-hedged basis and underweight the U.S. dollar, which he believes could be a risk-off currency. Conger is also finding defensive positions in his investment portfolios, including pharmaceuticals like Novo Nordisk (NOVO) and safe fixed income.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

In this episode of KJH Insights, Joel Clark, CEO, and Sarah Bull, Managing Partner & Portfolio Manager, discuss the uncertain economic landscape, driven by U.S. policy changes, trade negotiations, and shifting bond yields. They also explore Canada's evolving role in the global economy, particularly in commodities, and the implications for investors. Join them as they cut through the noise to highlight the key issues impacting markets.

In this week's market and economic wrap podcast, Trevor Garvin, Head of Multi-Management, discusses significant developments that have impacted global markets, such as the US and China's tariff cuts and how both countries have agreed to a 90-day pause and substantial tariff reductions, leading to significant gains in equity markets. On the domestic front, the rand strengthened to R18.32 against the US dollar, buoyed by improved global risk sentiment, and financial and industrial stocks surged, with Naspers and Richmont up 5%. Listen now to these and more updates. LinkedIn · YouTube

A relatively muted end to the week for US equity markets following two-days of gains as investors braced for news from highly anticipated trade talks that are scheduled for this weekend in Switzerland between U.S. and Chinese officials - Dow eased -119-points or -0.29%U.S. Treasury Secretary Scott Bessent said “substantial progress” had been made in the weekend trade negotiations between US and China trade officials, adding that the Trump administration “will be giving details tomorrow, but I can tell you that the talks were productive.” In the same statement, U.S. Trade Representative Jamieson Greer agreed that it was “a very constructive two days. It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought.” China's delegation later described the weekend meetings as “candid, in-depth and constructive dialogue,” and said a joint statement would be issued Monday (12 May). No specific details of possible points of agreement were revealed by either side. On Friday (9 May), Trump floated the idea of bringing down China's tariff rate to 80%.

US equity markets advanced but settled well off their session highs, with investor sentiment buoyed a new trade agreement forged between the United States and Britain, while President Trump indicated upcoming talks with China would be “very substantive” and, if productive, could lead to tariff reductions - Dow rose +254-points or +0.62% to 41,368.48, just failing to exit official correction territory.  Boeing Co rallied +3.31% and was the leading performer in the 30-stock index after U.S. Commerce Secretary Howard Lutnick said the UK would buy US$10B of aircraft from the aerospace company. Walt Disney Co +2.97% a day after the entertainment giant posted a stronger-than-expected adjusted earnings per share (EPS) and revenue and unveiled a plan to build a theme park in Abu Dhabi, United Arab Emirates.

Who stands to be the biggest loser if free trade starts to unwind? Who stands to gain? Chief Market Strategist Troy A. Gayeski, CFA dives into his latest strategy note on how investors can respond to tariff-induced volatility.  Troy joins Content Strategist Harrison Beck to outline his framework for understanding the current, trade war-inflected environment. He examines what a “Galactic Mean Reversion” means for equities, how U.S. consumer and bank strength is challenging recession narratives and how investors can prepare for what may come next.  “The thing to remember is that pockets of dislocation and uncertainty are often where you find your best investment opportunities.” –Troy A. GayeskiResources:The Galactic Mean Reversion Part II: Trade wars are not good for S&P 500 profit margins Domestic resilience in vogue amid selloffHave a question for our experts? Text us for a chance to have your questions answered on the next episode.To watch the video version, go to https://www.youtube.com/@FSInvestments For more research insights go to FSInvestments.com https://bit.ly/m/fsinvestments

US equity markets extended their strong rebound into a fourth consecutive session on Friday (25 April), lifting the S&P and Nasdaq to their highest settlements since 2 April (the day the Trump administration unveiled sweeping tariffs on America's trading partners) – Dow edged +20-points or +0.05% higher after climbing +487-points or +1.23% last Thursday (24 April).   Nvidia Corp (up +4.30%) was the leading performer in the 30-stock index. Merck & Co Inc rose +3.63% a day after the pharmaceutical major delivered better-than-expected first-quarter financial result, with EPS of US$2.22 (versus consensus US$2.13) and revenue of US$15.5B (versus consensus US$15.4B) topping consensus analysts forecasts. The pharmaceutical major slightly lowered its earnings forecast for 2025 to account for a US$200M upfront payment to Hengrui Pharma in a licensing deal, now projecting non-GAAP EPS of between US$8.82 and US$8.97 (down from a range of between US$8.88 and US$9.03 previously).

Hear views on the US equity markets from Jeremy Zirin, Senior Portfolio Manager of the House View Equity Portfolios, and Head of the Private Client US Equity Team, and Dominic Schagar, Senior Equity Investment Specialist.

In this episode, we further explore how the current equity market environment isn’t that unusual, and that, as long-term investors, we should expect market weakness from time to time. To read this week's Sight|Lines, click here. The views expressed in this podcast may not necessarily reflect the views of Stifel Financial Corp. or its affiliates (collectively, Stifel). This communication is provided for information purposes only. Past performance does not guarantee future results. Investing involves risk, including the possible loss of principal. Asset allocation and diversification do not ensure a profit or protect against loss. © Stifel, Nicolaus & Company, Incorporated | Member SIPC & NYSE | www.stifel.com See omnystudio.com/listener for privacy information.

In this month's KJH Insights, Joel Clark, CEO, and Sarah Bull, Portfolio Manager, explore the ripple effects of “Demolition Day” — when sweeping U.S. tariffs shook global markets — and why they believe the real story is about debt, recession risk, and policy missteps. They unpack: Why gold is surging What yield reversals are telling us How we're positioning portfolios with more credit, less equity, and a focus on quality Tune in to hear how our investment team is navigating the noise with discipline and long-term clarity.

Kia ora,Welcome to Thursday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news gold has taken off, hitting yet another new all-time record high as fear stalks markets today and risk is definitely 'off'. But the NZD is rising. As we publish, markets are moving quickly so this snapshot will date just as quickly.But first in the US, mortgage applications fell -8.0% last week from the same week a year ago, with the refinance component down a rather sharp -12% on the same basis. These retreats came as benchmark mortgage rates rose +20 bps from a week agoA rush to buy cars ahead of the April tariff taxes delivered a boost to March retail sales that was even more than expected. Without those car sales, March retail was barely improved, and that does not adjust for price inflation so in volume terms, core retail sales are declining now. That trend will have global implications.American industrial production rose +1.3% from a year ago and this does adjust for price changes, so a small improvement. But it did shrink in March compared to February.Sentiment by American house builders was little-changed in March from February, but it is -21% lower than a year ago, and -13% lower than two years ago. In fact, excluding the pandemic, you have to go back to the GFC to find it this poor in a March month. That is not good because it is the start of their Spring selling season. Survey results show that tariff taxes are not being paid by importing countries, rather by the builders at this stage. As profits dive, that will be passed on to buyers next.There was a US Treasury 20 year bond auction earlier today and demand was slightly lower so the median yield rose to 4.75%. That is a rise from the 4.59% at the prior equivalent event a month ago.Fed boss Powell was talking earlier today, saying that tariffs pose a real challenge to meet their dual inflation+jobs mandates. Inflation pressures are here now which argues for rate settings to rise, while economic growth is expected to leak away soon hurting jobs, arguing for a rate cut. He said they will "wait for greater clarity" to see where the dominant pressure comes from.These comments were not the magical thinking equity markets wanted to hear, and the realities of what faces the US economy has seen Wall Street pull back today. The Nasdaq is down -3.9%, the S&P500 down -2.8%. The Dow is down -1.8%. Gold is the safe-haven parking lot.In Canada, they are also waiting. Rather than continue with their rate cut track, the Bank of Canada has paused that track, keeping its policy rate at 2.75% as they too watch inflation rise and economic activity leak away. Interestingly, the TSX is only down -0.3%, hit far less than Wall Street.Across the Pacific, Japan's February machinery orders rebounded sharply, rising well above market expectations for a modest +0.8% increase to its highest level in a year. Manufacturing orders rose +3%, while non-manufacturing orders jumped +11.4%. This rise matches the separate machine tool order data for March which was also up sharply. And these first see prosperity ahead; The Reuters Tankan sentiment index rose sharply in April. But the same firms surveyed were gloomy for the months further out in 2025.China claimed its economy grew at a +5.4% rate in Q1-2025 (real), the same rate as for Q4-2024. They said retail sales were up +5.9% (nominal) in March from a year ago, better than the +4.0% in February and the best rise since December 2023 which benefited from a low base. They also said industrial production was up +7.7% (nominal) in March, far better than the +5.6% expected and far better than the +5.9% February gain. Electricity production was only up +1.8% (real) year on year in March, so either they are making spectacular energy efficiency gains, or something other than electricity powers their industry, or something doesn't add up. Anecdotal reports from many regions don't paint quite the picture these official stats paint.Meanwhile, Chinese new home prices in March edged lower from February, but there are range of changes in the 70 top Chinese cities. Still only Shanghai shows a year-on-year gain. Among the same cities, none show any gain for resales of existing houses and some declines are now as much as -11% (Jinhua, 7 mln population, and Tangshan, 7.7 mln).The UST 10yr yield is now at 4.27%, down another -6 bps from this time yesterday. The price of gold will start today sharply higher at a new record of US$3337/oz, and up +US$108 from yesterday or +3.3%.Oil prices have firmed marginally, up +50 USc from yesterday to be now just over US$62/bbl in the US and the international Brent price is now just over US$65.50/bbl.The Kiwi dollar is now at 59.3 USc, up +20 bps from yesterday at this time and still the highest since mid-December. The fall of the USD embeds. Against the Aussie we are unchanged at 92.9 AUc. Against the euro we down -40 bps from yesterday at just on 52.4 euro cents. That all means our TWI-5 starts today now just on 67.6 and unchanged from yesterday.The bitcoin price starts today at US$83,854 and holding again, down less than -0.9% from this time yesterday. Volatility over the past 24 hours has again been modest at +/- 1.3%.You can find links to the articles mentioned today in our show notes.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. This podcast will take a break over the Easter holiday weekend and we will do this again Tuesday.

Mike McGlone, Senior Commodity Strategist at Bloomberg, discusses the current state of the commodity market, focusing on oil, agriculture, copper, and gold. He highlights the volatility in oil prices, the challenges faced by U.S. farmers, the dynamics of the copper market, and the resilience of gold as a safe haven investment amidst economic uncertainty. McGlone emphasizes the need for a significant market shift to trigger a new commodity super cycle, while also addressing the implications of global economic trends on commodity prices.

Stanlib's Rademeyer Vermaak explains his company's data-driven approach to risk management in uncertain times.

US equity markets advanced as investors digested another busy slate of information including the latest developments in a trade war with China, earnings reports from major banks and economic data - Dow rose +619-points or +1.56%, with the 30-stock index trading in an 1,150 point range after swinging more than >2,000 points between its high and low for the day in each of the preceding four (4) trading sessions.  Apple Inc (up +4.06%) was the leading Dow component on Friday (11 April) amid growing optimism the iPhone maker could win an exemption from the Trump administration's tariffs. Nvidia Corp, which outsources manufacturing to Taiwan Semiconductor Manufacturing Company (TSMC) Ltd (up +3.94% on the New York Stock Exchange), gained +3.12% after the China Semiconductor Industry Association said chips made by U.S. firms with outsourced manufacturing operations would not be subject to tariffs on U.S. goods. Meta Platforms Inc (up +7.7%) and the Federal Trade Commission face off tonight AEST over antitrust allegations which could force the social media giant to unwind its acquisition of messaging platform WhatsApp and photo-sharing app Instagram. Chief Executive Officer (CEO) Mark Zuckerberg is expected to appear in the witness stand.

Following President Trump's ‘pause' announcement yesterday, US And Asian equity indices experienced a relief rally of historic proportions. The punitive tariffs imposed on dozens of countries have now been swapped for a universal 10% rate, but only for 90 days. It remains to be seen whether this rally can be sustained or if it is merely a dead-cat bounce: US futures are pointing to a lower open this afternoon. Gold and oil have not been immune to some puzzling price moves in the past few weeks too, so it was great to have Carsten Menke and Norbert Rücker on the podcast to provide their insights into what might be behind these.00:00 Introduction by Helen Freer (Investment Writing)00:31 Markets wrap-up by Bernadette Anderko (Investment Writing)05:54 Oil: Norbert Rücker (Head of Economics & Next Generation Research)09:01 Gold: Carsten Menke (Head of Next Generation Research)12:26 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Good evening: The show begins in the unhappy and unpredictable bond and equity markets.... OCTOBER 1958 CBS EYE ON THE WORLD WITH JOHN BATCHELOR FIRST HOUR 9-915 #Markets: Japan Goes First. Liz Peek, The Hill, Fox News and Fox Business 915-930 #Markets: Rallying Point Booker. Liz Peek, The Hill, Fox News and Fox Business 930-945 #Berlin: SPD Outpolls the CDU. Judy Dempsey, Senior Scholar, Carnegie Endowment for International Peace in Berlin 945-1000 #Berlin: Coalition of the Willing. Judy Dempsey, Senior Scholar, Carnegie Endowment for International Peace in Berlin SECOND HOUR 10-1015 #MrMarket: Another Down Bear Day. Brett "Break the Glass" Arends 1015-1030 #Serbia: Vucic on the Ropes. Ivana Stradner, FDD 1030-1045 #Moscow: Seeking Cooperation in the Middle East. Ekaterina Zolotova, @GPFutures 1045-1100 #Russia: Sanctioning Oil $20. Michael Bernstam, Hoover Institution THIRD HOUR 1100-1115 #LondonCalling: EU Has Tools to Prosper. @JosephSternberg @WSJopinion 1115-1130#LondonCalling: China and Short Term Fixes. @JosephSternberg @WSJopinion 1130-1145 #Hezbollah: Reorganizing. David Daoud, Bill Roggio, FDD 1145-1200 #Houthis: And the Oman Talks with Iran. David Daoud, Bill Roggio, FDD FOURTH HOUR 12-1215 PRC: Weakness, Threats. Gregory Copley, Defense & Foreign Affairs 1215-1230 PRC: Farewell Xi. Gregory Copley, Defense & Foreign Affairs 1230-1245 POTUS: Firing the "Subversion." Gregory Copley, Defense & Foreign Affairs 1245-100 AM King Charles Report: In Rome. Gregory Copley, Defense & Foreign Affairs at Nero's Coliseum

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Amid a sharp drawdown in US equities, Dave McGarel highlights the risks and opportunities that may lie on the horizon.----------------------------------------------------------------------------------------------Subscribe Here to the ROI Podcast & other First Trust Market News Website: First Trust PortfoliosConnect with us on LinkedIn: First Trust LinkedInFollow us on X: First Trust on XSubscribe to the First Trust YouTube ChannelSubscribe to the ROI Podcast YouTube Channel

The big things you need to know:First, trends in investor vibes were mixed last week, both in our quant work as well as last week's investor conversations.Second, the median forward P/E for the S&P 500 has fallen sharply but remains well above average. We've also not yet seen significant adjustments to consensus EPS forecasts, which seems likely to keep confidence in P/E analysis low for now.Third, Small Caps (which have seen a greater degree of valuation correction) have continued to outperform Large Caps.

Hear views on the US equity markets from Jeremy Zirin, Senior Portfolio Manager of the House View Equity Portfolios, and Head of the Private Client US Equity Team, and Dominic Schagar, Senior Equity Investment Specialist.

In this conversation, the hosts discuss various topics including the upcoming Fed rate decision, expectations surrounding Nike's earnings report, and the implications of recent market inflows. They analyse the current economic climate, investor sentiment, and the challenges faced by Nike as it navigates a competitive landscape. The discussion highlights the importance of monitoring key indicators and the potential impact of Jerome Powell's comments on the market.

The Trends Journal is a weekly magazine analyzing global current events forming future trends. Our mission is to present Facts and Truth over fear and propaganda to help subscribers prepare for What's Next in these increasingly turbulent times. To access our premium content, subscribe to the Trends Journal: https://trendsjournal.com/subscribe Follow Gerald Celente on Twitter: http://twitter.com/geraldcelente Follow Gerald Celente on Facebook: http://facebook.com/gcelente Follow Gerald Celente on Instagram: https://www.instagram.com/geraldcelentetrends Follow Gerald Celente on Gab: http://gab.com/geraldcelente Copyright © 2025 Trends Research Institute. All rights reserved.

With equity markets whipsawing amid escalating trade wars and geopolitical tensions, how can investors mitigate risk and build value? Our podcast discusses how an active approach focused on a company's lifecycle (rather than sector) may help. 

Our CIO and Chief U.S. Equity Strategist Mike Wilson explains the stock market tumble and whether investors can hope for a rally.----- Transcript -----Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist. Today on the podcast I'll be discussing the recent Equity Market correction and what to look for next. It's Monday, March 17th at 11:30am in New York. So let's get after it. Major U.S. equity Indices are as oversold as they've been since 2022. Sentiment, positioning gauges are bearish, and seasonals improve in the second half of March for earnings revisions and price. Furthermore, recent dollar weakness should provide a tailwind to first quarter earnings season and second quarter guidance, particularly relative to the fourth quarter results; and the decline in rates should benefit economic surprises. In short, I stand by our view that 5,500 on the S&P 500 should provide support for a tradable rally led by lower quality, higher beta stocks that have sold off the most, and it looks like it may have started on Friday. The more important question is whether such a rally is likely to extend into something more durable and mark the end of the volatility we've seen YTD? The short answer is – probably not. First, from a technical standpoint there has been significant damage to the major indices—more than what we witnessed in recent 10 per cent corrections, like last summer. More specifically, the S&P 500, Nasdaq 100, Russell 1000 growth and value indices have all traded straight through their respective 200-day moving averages, making these levels now resistance, rather than support. Meanwhile, many stocks are closer to a 20 per cent correction with the lower quality Russell 2000 falling below its 200 week moving average for the first time since the 2022 bear market. At a minimum, this kind of technical damage will take time to repair, even if we don't get additional price degradation at the index level. In order to forecast a larger, sustainable recovery, it's important to acknowledge what's really been driving this correction. From my conversations with institutional investors, there appears to be a lot of focus on the tariff announcements and other rapid-fire policy announcements from the new administration. While these factors are weighing on sentiment and confidence, other factors started this correction in December. In our year ahead outlook, we forecasted a tougher first half of the year for several reasons. First, stocks were extended on a valuation basis and relative to the key macro and fundamental drivers like earnings revisions, which peaked in early December. Second, the Fed went on hold in mid-December after aggressively cutting rates by 100 basis points over the prior three months. Third, we expected AI capex growth to decelerate this year and investors now have the DeepSeek development to consider. Add in immigration enforcement, the Department of Government Efficiency (DOGE) exceeding expectations, and tariffs – and it's no surprise that growth expectations are hitting equities in the form of lower multiples. As noted, we highlighted these growth headwinds in December and have been citing a first half range for the S&P 500 of 5500-6100 with a preference for large cap quality. Finally, President Trump has recently indicated he is not focused on the stock market in the near term as a barometer of his policies and agenda. Perhaps more than anything else, this is what led to the most recent technical breakdown in the S&P 500. In my view, it will take more than just an oversold market to get more than a tradable rally. Earnings revisions are the most important variable and while we could see some seasonal strength or stabilization in revisions, we believe it will take a few quarters for this factor to resume a positive uptrend. As noted in our outlook, the growth-positive policy changes like tax cuts, de-regulation, less crowding out and lower yields could arrive later in the second half of the year – but we think that's too far away for the market to contemplate for now. Finally, while the Trump put apparently doesn't exist, the Fed put is alive and well, in our view. However, that will likely require conditions to get worse either on growth, especially labor, or in the credit and funding market, neither of which would be equity-positive, initially. Bottom line, a short-term rally from our targeted 5500 level is looking more likely after Friday's price action. It's also being led by lower quality stocks. This helps support my secondary view that the current rally is unlikely to lead to new highs until the numerous growth headwinds are reversed or monetary policy is loosened once again. The transition from a government heavy economy to one that is more privately driven should ultimately be better for many stocks. But the path is going to take time and it is unlikely to be smooth. Thanks for listening. If you enjoy the podcast, leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

In the CFASC Investment Exchange Forum podcast, we continue on with our unpacking of the investment themes for 2025. This week, we speak with Dave Sekera, the US market Strategist for Morningstar Research Services. Dave and Rich start with a discussion of economic and interest rate forecasts and lead into what impact these views have on the different sectors, styles and factors in the US equity market. 

RBC's Markets in Motion is the weekly podcast from Lori Calvasina, Head of US Equity Strategy at RBC Capital Markets, highlighting her latest views on the US equity market. This week, we bring you a special edition of the podcast, recorded live at the RBC Financial institutions conference on March 5th, 2025. Ben Fisher (US Equity Sales, Midwest & Macro Sales Specialist) moderates a discussion with Lori Calvasina (Head of US Equity Strategy) and Amy Wu Silverman (Derivatives Strategist) on their latest views on the US equity market outlook and what they've been hearing from investors.

Equity markets across the world have taken a dive - and one expert has explained the sudden drop. Donald Trump's tariff threat and collective concerns about the administration's new Department of Government Efficiency have sparked aversion among experts. Sam Dickie from Fisher Funds explains further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

In this episode, John Schlegel, head of Global Positioning Intelligence at J.P. Morgan, sits down with Andrew Tyler, head of the Global Market Intelligence team, to discuss the current state of the U.S. equity markets amid recent fluctuations. They examine the underlying factors contributing to the recent drawdown, including macroeconomic data, trade policy uncertainties and valuation concerns. The conversation also explores potential sector opportunities, the impact of international equities and the role of seasonality in market movements.   This episode was recorded on March 3, 2025. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument.  This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions.  J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed.  For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.

Today's guest is Peter Oppenheimer, Goldman Sachs' Chief Global Equity Strategist and Head of Macro Research. He's also the author of Any Happy Returns: Structural Changes and Super Cycles in Markets, which explains how cycles help explain investor returns. In today's episode, Peter discusses how structural changes in macroeconomic drivers, geopolitics, government policy and social attitudes all combine to drive secular super cycles that help to explain investor returns. Then he focuses on what he calls the Post-Modern Cycle and how AI and de-carbonization may impact financial market returns and opportunities. Throughout the episode, Peter emphasizes the need for diversification in investment strategies to both manage risk and enhance returns. (0:00) Starts (1:02) Introduction of Peter Oppenheimer (2:22) The Four Phases of the Equity Cycle (10:17) Thoughts on The US Market Today (17:23) European Banks vs. US Tech Stocks (20:32) Diversification and Sector Dominance in Equity Markets (23:35) Long-term Structural Changes in Markets (34:23) Personal and National Influences on Investing (44:37) AI and Technological Investment Opportunities (51:46) Valuation Cycles: China and the US (58:02) Most Memorable Investment ----- For detailed show notes, click here ----- Sponsor: YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Get 20% off your initial YCharts Professional subscription when you start your free trial ----- Follow Meb on X, LinkedIn and YouTube To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Champ Raju, Managing Partner and Head of Private Equity at PPM America Capital Partners, to discuss the evolving private equity landscape and the investment strategies gaining traction in today's market. They explore the current fundraising environment, M&A activity, and the increasing role of co-investments and GP-led secondary deals in institutional portfolios.   Champ explains how co-investments offer institutional investors, including insurance companies, an opportunity to reduce fees and gain direct exposure to private equity deals. He also breaks down single-asset GP-led secondary transactions, highlighting their benefits and why they are becoming a preferred investment structure. The conversation provides insights into how these strategies can enhance portfolio diversification, optimize capital deployment, and improve overall returns.   With decades of experience in private equity, Champ shares his perspective on how investors can navigate these complex structures, assess risk, and take advantage of emerging opportunities. Whether you are an experienced private equity investor or looking to deepen your understanding of alternative investments, this episode offers valuable insights into the shifting dynamics of the private equity market.

In this episode of HedgeD, we replay the February 13th, 2025 HedgeD, With A Capital “D” webinar featuring Cory Lester of Morgan Creek Capital Management. After back-to-back strong years for equities, what does 2025 have in store for investors? Will equity market returns broaden out following multiple years of leadership from the Magnificent Seven? Are hedge funds poised for another year of solid performance? Which themes are hedge fund managers the most excited about for 2025 and beyond? I address these questions and go into detail about some of the themes Morgan Creek is the most excited about, including Artificial Intelligence, Innovative Healthcare, Chinese Recovery Plays, and Rifle Shot Shorts. I hope you enjoy the discussion, and I invite you to please follow-up with us if you are interested in learning more.  Follow us on Twitter @HedgeD_Podcast   Visit us on the web at https://www.morgancreekcap.com/opportunistic-equity/  Join the HedgeD, With A Capital “D” webinar series by emailing HedgeD@morgancreekcap.com  Subscribe to our YouTube channel by visiting https://www.youtube.com/channel/UC8RssLKui3GNrxlOtYk6jRQ

In this episode of SB Talks, Stanford Brown CEO Vincent O'Neill is again speaking with Chief Investment Officer Nick Ryder. They discuss: The key trends shaping the European political landscape and economy What the RBA rate cut means for the future The economic impact of geopolitical uncertainty  Are we seeing a rotation away from US tech stocks?     Music provided by: Autumn Trumpet Background Corporate by LesFM | https://lesfm.net/ Music promoted by https://www.chosic.com/free-music/all/ Creative Commons CC BY 3.0 https://creativecommons.org/licenses/by/3.0/

Peter Boockvar discusses the U.S. equity markets, emphasizing a potential regime change as the dominance of the MAG-7 stocks wanes. He explores the implications of this shift, including the repatriation of capital from foreign investors and the impact of tariffs on business confidence and investment. The discussion highlights the uncertainty in growth and the need for visibility in corporate planning amidst changing market dynamics.

Our CIO and Chief U.S. Equity Strategy Mike Wilson suggests that stock, factor and sector selection remain key to portfolio performance.----- Listener Survey -----Complete a short listener survey at http://www.morganstanley.com/podcast-survey and help us make the podcast even more valuable for you. For every survey completed, Morgan Stanley will donate $25 to the Feeding America® organization to support their important work.----- Transcript -----Hi, I'm Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley. Before we get into today's episode, the team behind Thoughts on the Market wants your thoughts and your input. Fill out our listener survey and help us make this podcast even more valuable for you. The link is in the show notes.Plus, help us help the Feeding America organization. For every survey completed, Morgan Stanley will donate $25 towards their important work.Thanks for your time and the support. On to the show… Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief US Equity Strategist. Today on the podcast I'll be discussing equities in the context of higher rates and weaker earnings revisions. It's Tuesday, Feb 18th at 11:30am in New York. So let's get after it.Since early December, the S&P 500 has made little headway. The almost unimpeded run from the summer was halted by a few things but none as important as the rise in 10-year Treasury yields, in my view. In December, we cited 4 to 4.5 percent as the sweet spot for equity multiples assuming growth and earnings remained on track. We viewed 4.5 percent as a key level for equity valuations. And sure enough, when the Fed leaned less dovish at its December meeting, yields crossed that 4.5 percent threshold; and correlations between stocks and yields settled firmly in negative territory, where they remain. In other words, yields are no longer supportive of higher valuations—a key driver of returns the past few years. Instead, earnings are now the primary driver of returns and that is likely to remain the case for the foreseeable future. While the Fed was already increasingly less dovish, the uncertainty on tariffs and last week's inflation data could further that shift with the bond market moving to just one cut for the rest of the year. Our official call is in line with that view with our economists now just looking for just one cut–in June. It depends on how the inflation and growth data roll in. Our strategy has shifted, too. With the S&P 500 reaching our tactical target of 6100 in December and earnings revision breadth now rolling over for the index, we have been more focused on sectors and factors. In particular, we've favored areas of the market showing strong earnings revisions on an absolute or relative basis.Financials, Media and Entertainment, Software over Semiconductors and Consumer Services over Goods continue to fit that bill. Within Defensives, we have favored Utilities over Staples, REITs and Healthcare. While we've seen outperformance in all these trades, we are sticking with them, for now. We maintain an overriding preference for Large-cap quality unless 10-year Treasury yields fall sustainably below 4.5 percent without a meaningful degradation in growth. The key component of 10-year yields to watch for equity valuations remains the term premium – which has come down, but is still elevated compared to the past few years. Other macro developments driving stock prices include the very active policy announcements from the White House including tariffs, immigration enforcement, and cost cutting efforts by the Department of Government Efficiency, also known as DOGE. For tariffs, we believe they will be more of an idiosyncratic event for equity markets. However, if tariffs were to be imposed and maintained on China, Mexico and Canada through 2026, the impact to earnings-per-share would be roughly 5-7 percent for the S&P 500. That's not an insignificant reduction and likely one of the reasons why guidance this past quarter was more muted than fourth quarter results. Industries facing greater headwinds from China tariffs include consumer discretionary goods and electronics. Lower immigration flow and stock is more likely to affect aggregate demand than to be a wage cost headwind, at least for public companies. Finally, skepticism remains high as it relates to DOGE's ability to cut Federal spending meaningfully. I remain more optimistic on that front, but realize greater success also presents a headwind to growth before it provides a tailwind via lower fiscal deficits and less crowding out of the private economy—things that could lead to more Fed cuts and lower long-term interest rates as term premium falls. Bottom line, higher backend rates and growth headwinds from the stronger dollar and the initial policy changes suggest equity multiples are capped for now. That means stock, factor and sector selection remains key to performance rather than simply adding beta to one's portfolio. On that score, we continue to favor earnings revision breadth, quality, and size factors alongside financials, software, media/entertainment and consumer services at the industry level. Thanks for listening. If you enjoy the podcast, help us make it even more valuable to you. Share your feedback on the show at morganstanley.com/podcast-survey or head to the episode notes for the survey link.

Chinese equities are hot right now. Global hedge funds have been snapping up Chinese stocks this year, fueled by the emergence of artificial intelligence startup DeepSeek. What are the implications of the buying spree for the country's equity market and the whole economy? How long will the momentum continue? How may the world's investment landscape change as a result? And as global institutional investors chase China's tech companies, could they stir up undesired bubbles on the country's equity markets?In this episode of Chat Lounge, host Tu Yun joins William Lee, the Chief Economist with the U.S.-based Milken Institute, Dr. Qu Qiang, a Fellow of the Belt and Road Research Center, Minzu University of China, and Chen Jiahe, the Chief Investment Officer of the Beijing-based Novem Arcae Technologies to examine the issue in detail.

In this episode of J.P. Morgan's Making Sense, host Meridy Cleary from the FICC Market Structure team engages in an insightful discussion with Clare Witts, head of Equity APAC Market Structure. They delve into the evolving trading landscape across Asia's fixed income, FX, and equities markets. They also explore the significant regulatory changes and execution trends impacting both developed and emerging markets, with a particular focus on Japan, Korea and India.     Meridy and Clare highlight the ongoing efforts to improve foreign investor access, liquidity and overall market efficiency, while also examining the implications of index inclusions for India's government bonds and Korea's market structure reforms. The conversation further touches on the challenges of trade execution in a fragmented market and the rise of electronic trading across various asset classes in the region.    Listeners will gain valuable insights into how market participants are adapting to the rapid changes and what to expect in the upcoming year.    This episode was recorded on January 22, 2025.  The views expressed in this podcast may not necessarily reflect the views of JPMorgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. They are not issued by Research but are a solicitation under CFTC Rule 1.71. Referenced products and services in this podcast may not be suitable for you, and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. The FICC market structure publications, or to one, newsletters, mentioned in this podcast are available for J.P. Morgan clients. Please contact your J.P. Morgan sales representative should you wish to receive these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures  © 2025 JPMorgan Chase & Company. All rights reserved.   

Hear views on the US equity markets from Jeremy Zirin, Senior Portfolio Manager of the House View Equity Portfolios, and Head of the Private Client US Equity Team. Host: Daniel Cassidy

The lack of breadth in large-cap equity markets should concern investors. Brad Klapmeyer, Senior Portfolio Manager, explains why a quality-first investment philosophy seeking intentional concentration can help investors manage market risks, especially in times of volatility.Explore our Outlook 2025: Plan for growth, prepare for volatility©2025 Macquarie Group Limited [4114223]Relevant disclaimers and other information can be found here.

Featuring: Helen Zhu, Managing Director and Chief Investment Officer at NF Trinity Peter Chung, Head of Research at Presto Research Apple: https://podcasts.apple.com/us/podcast/bloomberg-daybreak-asia/id1663863437Spotify: https://open.spotify.com/show/0Ccfge70zthAgVfm0NVw1bTuneIn: https://tunein.com/podcasts/Asian-Talk/Bloomberg-Daybreak-Asia-Edition-p247557/?lang=es-es See omnystudio.com/listener for privacy information.

FS Investment Chief Market Strategist, Troy Gayeski discusses his predictions for the private equity market in the new year. He is joined by Bloomberg's David Gura and Paul Sweeney.See omnystudio.com/listener for privacy information.

RIch Excell,CFA, CMT is joined by Institutional Investor's #1 Strategist Michael Kantrowitz, CFA from Piper Sandler to discuss the US equity market backdrop. What does the factor performance of the market tell us? Are expensive valuations a problem? What about tight credit spreads? Can small caps finally outperform?  All of this and more

Our CIO and Chief U.S. Equity Strategist says that while equity market activity suggests a measured level of optimism about 2025, the questions around tariffs and inflation have tempered expectations.----- Transcript -----Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief US Equity Strategist. Today on the podcast I will be discussing how equity markets have traded post the election and how this fits with our thinking.It's Tuesday, Dec 10 at 11:30am in New York. So let's get after it. Post the election, our focus has been on the potential for a rebound in animal spirits like we observed following the 2016 election. During that historical period, we saw a broad-based surge in corporate, consumer and investor confidence as the sentiment analysis we've done shows. So far over the last month, sentiment data has reflected a more measured level of optimism led by small business confidence while services related business outlooks were actually tempered somewhat. Our assessment of the details of these surveys and commentary from corporates suggests that consumers and companies are feeling more optimistic heading into 2025. But the uncertainty around tariffs and the still elevated price levels are likely holding back the type of exuberance we saw post the 2016 election.In 2016, we were also coming out of an industrial/manufacturing downturn, which was then aided by aggressive China stimulus. Due to that downturn, interest rates were much lower globally and sovereign deficits and balance sheets were in much better shape to absorb reflationary type policies like tax cuts and deregulation. As a result, the equity market almost immediately embraced an expansionary fiscal agenda that was interpreted as being pro-growth. Today, that policy agenda appears to be less front-footed in this regard, perhaps due to some of these constraints.Nevertheless, these dynamics are still supportive of our preference for more cyclical sectors. However, given the stickiness of interest rates, it also makes sense to remain up the quality curve within cyclicals and constructively focused on sectors with clearer de-regulation tailwinds. As a result, Financials remain our preferred over-weight, followed by Software, Utilities and Industrials. On the topic of interest rates, we find it interesting that the correlation of S&P 500 returns versus the change in bond yields remains in positive territory. In other words, good macro data is good for equity returns. Furthermore, there is a clear bifurcation in terms of this correlation between cyclical and defensive sectors. Cyclical sectors are showing a positive correlation to rates, with one exception of Materials, while defensive cohorts are showing a negative correlation except for Utilities.In our view, this is a sign that cyclicals and the market overall still like stronger macro data even if it comes amid higher yields. Having said that, there is a point where this dynamic would likely reverse if interest rates rise due to less dovish monetary policy or an increase in the term premium. In April of this year, that level was 4.5 per cent on the 10-year Treasury yield when growth and inflation drove the term premium higher. For now, rates remain contained well below that threshold and the term premium is close to zero.On the flipside, a material decline in yields due to weakness in the macro growth data would also hurt cyclical stocks disproportionately leaving 4.00-4.50 per cent on the 10-year treasury yield as the sweet spot for equity valuations. Yields below that range can certainly be tolerated by equities assuming the driver is Fed rate cuts in the absence of a material slowdown in growth. Yields above that range can also be tolerated if the pace of the rate rise is measured, and the driver is stronger nominal growth versus a more hawkish Fed or a rising inflation. Finally, as we approach year-end, December seasonality is likely to be a focal point for investors. Over the past 45 years, the S&P 500's median return over the month of December is 1.5 per cent and the index has a positive return 73 per cent of the time. Notably, almost all of that performance comes in the second half of the month. These trends are directionally consistent for the Russell 2000 small cap index except that it's even stronger at about 2.5 per cent. This performance could be further enhanced by the larger post-election spike in small business confidence mentioned earlier. Thanks for listening. If you enjoy the podcast, leave us a review wherever you listen, and share Thoughts on the Market with a friend or colleague today.

Our guest for today's podcast is Vishal Bhutani, Chief Investment Officer of AMS Children's Fund (AMS), a new fund launching in early 2025.  Together with David Gaynes, Vishal is forming AMS to capitalize on the growing interest by institutional investors in the Indian equity markets.  Vishal believes that the middle market opportunity in Indian equities is one of the best investment opportunities available today.  Leveraging his experience as an event driven portfolio manager, AMS believes it will be able to achieve superior risk adjusted returns.   Vishal has spent the bulk of his 20 year investment career as an Event Driven investor, investing across the capital structure.  Joining me on the podcast is Clark Cheng, CEO and CIO of Merrimac Corp, a large single family office with investments in hedge funds, private equity, venture capital and real estate AND David Gaynes, co-founder of AMS Children's Fund.   So why should investors care about the Indian equity markets now?  Vishal provides many insights and answers why in this podcast.   Without further ado, here is our conversation with Vishal Bhutani.

Following weaker-than-expected August jobs data, our CIO and Chief U.S Equity Strategist lays out how the Federal Reserve can ease concerns about a possible hard landing.----- Transcript -----Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief US Equity Strategist. Along with my colleagues bringing you a variety of perspectives, today I'll be talking about the labor market's impact on equity markets.It's Monday, Sept 9th at 11:30am in New York. So let's get after it.Last week, I wrote a detailed note discussing the importance of the labor data for equity markets. Importantly, I pointed out that since the materially weaker than expected July labor report, the S&P 500 has bounced more than other "macro" markets like rates, currencies and commodities. In the absence of a reacceleration in the labor data, we concluded the S&P 500 was trading out of sync with the fundamentals. Over the past week, we received several labor market data points, which were weaker than expected. First, the Job Openings data for July was softer than expected coming in at 7.7mm versus the consensus expectation of 8.1mm. In addition, June's initial result was revised lower by 274k. This essentially supported the view that the weak payrolls data in July may, in fact, not be related to weather or other temporary issues. Second, the job openings rate fell to 4.6%, which is very close to the 4.5% level Fed Governor Waller has cited as a threshold below which the unemployment rate could rise much faster. Third, the Fed's Beige Book came out last week. It indicated that activity remains sluggish with 9 of the 12 Federal Reserve districts reporting flat or declining activity in August, though commentary on labor markets was more neutral, rather than negative. These data sync nicely with the Conference Board's Employment Trends Index, which I find to be a very objective aggregate measure of the labor market's direction. This morning, we received the latest release for August Conference Board labor market trends and the trend remains down, but not necessarily recessionary. Of course, the main event last week was Friday's monthly jobs and unemployment reports, where the payroll survey number came in below consensus at 142k. In addition, last month's result was revised lower from 114k to 89k. Meanwhile, the unemployment rate fell by only a couple of basis points leaving investors unconvinced that July's labor weakness was overstated. Given much of these labor and other growth data have continued to skew to the downside, the macro markets (like rates, currencies, and Commodities) have been trading with more concern about potential hard landing risks. Perhaps nowhere is this more obvious than with 2-year US Treasuries. As of Friday, the spread between the 2-year Treasury yields and the Fed Funds Rate matched the widest levels in the past 40 years. This pricing suggests the bond market believes the Fed is behind the curve from an easing standpoint. On Friday, the equity market started to get in sync with this view and questioned whether a 25bp cut in September would be an adequate policy response to the labor data. In the context of an equity market that is still quite rich and based on well above average earnings growth assumptions, the correction on Friday seems quite appropriate. In my view, until the bond market starts to believe the Fed is no longer behind the curve, labor data reverses course and improves materially or additional policy stimulus is introduced, it will be difficult for equity markets to trade with a more risk on tone. This means valuations are likely to remain challenged for the overall index, while the leadership remains more defensive and in line with our sector and stock recommendations. We see two ways in which the Fed can get ahead of the curve—either faster cutting than expected which is unlikely in the absence of recessionary data; or the labor data starts to improve in a convincing manner and 2-year yields rise. Given the Fed is in the blackout period until next week's FOMC meeting, and there are not any major labor data reports due for almost a month, volatility will likely remain elevated and valuations under pressure overall. This all brings our previously discussed fair value range for the S&P 500 of 5000-5400 back into view.Thanks for listening. If you enjoy the podcast, leave us a review wherever you listen, and share Thoughts on the Market with a friend or colleague today.