Podcasts about industrials

CFRA Research's Sam Stovall says recent weakness in semiconductor stocks looks like healthy consolidation after a strong run, with the group still expected to lead technology earnings growth. He also highlights opportunities in financials and industrials while discussing the mixed performance across defense stocks.======== 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

The ASX 200 drifted around to close down 5 points at 8,791, as the banks paused after last week's rise and resources came back into focus. US futures sliding lower sapped early enthusiasm.The Big Bank Basket was flat at $283.68 (-0.7%) with MQG falling 0.8% and NWL down 2.2%. Insurers were slightly firmer, with QBE up 1.8% and MPL rising 0.6%, although REITs eased, with SGP down 1.0% and GMG off 0.9%. Industrials were mixed again, with defensives such as the supermarkets slightly firmer, along with TLS and REA, which continued to find some friends. Retail was also mixed, with WES up 0.2%, while others failed to keep pace.In the tech space, selling continued, with XRO down 2.1% and WTC off 3.6%, although there were buyers in MAQ.Resources were mixed. BHP steadied, RIO slipped 1.9%, lithium stocks remained depressed, and the gold sector bounced back from earlier losses, with WGX up 2.1% and WAF rising 2.6%. S32 had a good day, up 4.6%, after beating quarterly guidance.Oil and gas stocks were firmer as crude prices continued to push higher, with WDS up 1.4% alongside STO. Coal stocks also edged higher, with WHC up 2.7%, while uranium stocks posted modest gains.It was a relatively quiet day on the corporate front. PPT rejected the latest proposal from EQT, while CEH surged 15.2% on plans to develop its Queensland site. We also saw interim chairman of WJL spend $1 million buying shares, lifting his stake to around 5%, or approximately 24.5 million shares. EQR rallied 34.1% after Andrew Forrest's Tattarang disclosed a 16.8% stake.It was a quiet day on the economic front.Asian markets were weaker, Nikkei 225 down 4%, HK up 1.8% and China up 0.5% - Korea down 4.5%US futures mixed - Dow down 50 and Nasdaq up 8. Oil above $91. European markets set to fall 0.3%Marcus Today – Daily Market InsightsMarcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.If you'd like to go further:Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcastJoin Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offerMT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcastPrinciples – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast—Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.

The ASX 200 closed unchanged on futures expiry day at 8841, after an afternoon rally in the banks gathered pace, with CBA up 1.8% and NAB gaining 1.3%. The Big Bank Basket continued its recent run higher to $285.73. Financials were generally firmer, with SOL up 3.3% and GQG gaining 1.1%. REITs also pushed higher, led by SCG up 0.5% and SGP rising 2.0%. Industrials and technology stocks found buyers, with WES up 1.2% and ALL gaining 0.3%, while retailers edged higher as JBH rose 1.8%. Healthcare stocks also regained some poise, with CSL and RMD both moving higher. In the technology sector, buying returned to XRO and WTC, while REA had a strong session, up 6.6%, after reporting growth in listings. That helped lift CAR and SEK as well.Resources, however, were once again out of favour. BHP's quarterly failed to excite the bulls, with the stock down 2.3%. RIO also slipped, while FMG fell 1.1%. Lithium stocks remained under pressure, with PLS falling sharply and LTR following suit. Gold miners were mixed, with NST down 0.1% while GMD gained 1.5%. Oil and gas stocks eased as crude prices slipped, with WDS down 1.5%, while coal and uranium stocks also drifted lower.In corporate news, NWL reported record funds under administration (FUA). PPT announced it had received an improved takeover proposal from EQT, TNE maintained its FY26 guidance, and OBM warned of lower gold production in FY27 alongside higher all-in sustaining costs (AISC). On the economic front, Korean stocks were volatile again after the BoK raised rates.Asian markets were weaker, Japan down 3%, HK up 2.1% and China flat Kospi down 6%.US futures mixed - Dow up 45 and Nasdaq up 1. Oil off 0.5%. European markets set to rise a little.Marcus Today – Daily Market InsightsMarcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.If you'd like to go further:Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcastJoin Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offerMT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcastPrinciples – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast—Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.

Matt Wittmer explains why investors should focus on quality companies with strong future cash flows while maintaining a diversified approach to AI. He highlights banks and industrials as overlooked AI beneficiaries, citing productivity gains, cross-selling opportunities, and fraud prevention as drivers of long-term growth.======== 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

The ASX 200 finished unchanged at 8809, fighting back from earlier losses as resources found a footing. US futures helped, as did steady markets across Asia. Banks eased back, with CBA down %, leaving the Big Bank Basket at $281.76 (-0.6%). Other financials also weakened, NWL fell 2.2% and SOL dropped 0.8%. REITs were easier too, with GMG down 2.7% and CHC falling 1.3%. WOW and COL slid 1% as defensives were sold down. Healthcare picked up a little, with CSL rising 1.3% and COH up 1.6%. Industrials generally eased, WES flat and TCL dropped 0.8%, with SGH off 1.4%. Tech stocks were mixed, XRO and WTC found buyers, TNE fell 1.3% and NXT was 3.2% easier. All-Tech Index fell 0.3%. Resources staged a good turnaround, with BHP up 0.6% and FMG up 1.3%, while the gold miners recovered after early losses. Bullion pushed back above US$4,000. EVN rose 3.2% and VAU gained 1.4%. S32 also had a better session, while lithium stocks posted small gains. Oil and gas stocks rose as crude pushed higher, with WDS up 3.0% and STO rallying %. Coal stocks were firm, WHC up %, while uranium stocks were whacked again. PDN fell 6.0% and NXG lost 3.2%.In corporate news, KKR joined the consortium bidding for SDF. LNW powered 8.0% higher on a guidance update. CTD remains suspended as it tries to negotiate terms with the UK Government to stave off a liquidation event. GMD and VAU agreed terms for their merger.On the economic front, the ANZ-Roy Morgan Consumer Confidence Index rose slightly. The Westpac-Melbourne Institute Consumer Sentiment Index rose 4.1% to 83.9 in July from 80.6 in June.Asian markets were better, Japan up 0.5%, HK up 0.3% and China up 1.2%, Kospi up 1.2%.US futures slightly positive. Oil up 1.7%.Marcus Today – Daily Market InsightsMarcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.If you'd like to go further:Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcastJoin Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offerMT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcastPrinciples – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast—Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.

The ASX 200 recovered from early losses to close up just 3 points at 8,809, despite weakness across the region, particularly in Korea. Once again, the banks held firm, with the Big Bank Basket rising to $283.41 (up 0.8%). ANZ was the best of the bunch, gaining 1.1%. Insurers also rallied, with IAG rising 2.0% and SUN adding 0.9%.Other financials eased, with BVS falling 5.5% on profit-taking after a strong week. Industrials were generally soggy. CSL fell 1.3%, RMD dropped 4.9%, and technology stocks remained unloved. XRO fell 4.3% following CEO share sales, WTC drifted another 2.0% lower, and WBT crashed back to earth, falling 10.6%.TLS recovered 1.6% after its week from hell. REITs were surprisingly firm, with SCG up 0.3% and GPT gaining 0.2%. The supermarkets were not so super, with WOW down 0.8% and COL falling 1.9%.In resources, it was once again heavy going as Treasury yields rose and the gold price came under pressure. Iron ore stocks held firm, but the gold miners succumbed. NST fell 2.8%, while GMD gained 3.7% as RRL pulled out.In corporate news, RRL threw in the towel on its bid for VAU. OML extended due diligence for the three interested parties, while CCX soared following a positive trading update. There was nothing of note on the local economic front.Asian markets were mixed with the Nikkei 225 down 2.6%, the Hang Seng down 0.2%, and the CSI index down 1.7%. Kopsi crashed 9.0% as SK Hynix fell hard.US futures were weaker with the Dow down 208 and the Nasdaq down 388. European market expected to open 0.6% weaker.Marcus Today – Daily Market InsightsMarcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.If you'd like to go further:Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcastJoin Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offerMT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcastPrinciples – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast—Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.

The ASX 200 rose 44 points to 8,806, up 0.5%, after a slow start, with the banks finding their feet. For the week, the ASX 200 fell 38 pts. CBA rose 0.5% and ANZ gained 0.8%. The Big Bank Basket rose to $281.06 (0.6%). Other financials also firmed, with MQG up 0.9% and NWL rising 2.2%. ZIP rallied 2.0%. REITs were better, with GMG up 0.2% and CHC rising 2.2%. In the industrials, we saw some profit-taking, with TLS under pressure now that Vicki Brady is back on board from her holiday. WOW and COL were also in profit-taking mode after defensive buying earlier this week. Elsewhere, the healthcare sector pulled back after a strong week, with CSL down 2.1% and RMD falling 0.9%. Technology stocks were under pressure, unable to capitalise on the improved outlook for US software companies, with XRO down 1.3% and WTC falling another 1.8%. The All-Tech Index fell 0.6%.Resource stocks were the heroes today, as the iron ore miners pushed higher. BHP bounced 2.5%, RIO also recovered after yesterday's heavy falls, rising 3.8%, while FMG edged up 2.0%. Gold miners were back in the green after this week's weakness, with EVN up 3.4% and NST gaining 1.7%. Lithium stocks remained under a little pressure, with PLS up 0.4%. Oil and gas stocks eased, with WDS and STO both lower. Uranium stocks were stronger, with PDN up 4.1%, while SLX was one of the standout performers, soaring 9.4%.In corporate news, INA responded to media reports of an approach from PPC. BVS jumped after it upgraded its FY26 earnings. WTC fell despite reassuring the market on DSV relations. SFR up strongly on an increase in its Black Butte mine life. There was nothing of note on the local economic front.Asian markets were mixed with the Nikkei 225 up 1.7%, the Hang Seng up 1.3%, and the CSI index down 1.0%. Kopsi up 4.2% ahead of SK Hynix debut. European futures were narrowly mixed.US futures were weaker with the Dow up 12 and the Nasdaq down 153. Marcus Today – Daily Market InsightsMarcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.If you'd like to go further:Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcastJoin Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offerMT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcastPrinciples – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast—Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.

The ASX 200 fell 23 points as, once again, resources came under pressure. BHP fell 1.1%, RIO was hit hard following a broker downgrade, down 3.3%, and FMG also lost ground. Gold miners were weaker despite gold holding relatively steady. NST fell 0.9%, while EVN down 1.7%. Elsewhere, lithium and rare earth stocks also drifted lower, with S32 down 3.5%.Meanwhile, in the oil and gas sector, both WDS and STO rose, along with uranium stocks, following the deal with India announced by the Prime Minister. Banks drifted lower, with NAB the weakest of the Big Four, taking the Big Bank Basket down to $279.35 -0.1%). Insurers were mixed, as were financials, with ZIP falling 1.0%. The REIT sector also drifted lower, led by GMG down 0.9% and SGP off 3.7%, following yesterday's strong gains.Industrials and healthcare were slightly firmer. TLS recovered 1.2% after the outage issue, while both WOW and COL gained as investors sought out defensive names. Healthcare was also better, with CSL up 1.0%, although RMD slipped 2.8%.In the tech sector, XRO edged higher, although WTC eased slightly. Retail stocks also had a good session, with JBH up 0.3% and APE also rising 2.2%. Travel stocks eased as renewed US strikes in Iran pushed the oil price up 1.2%.In corporate news, SDF rose slightly as discussions continued on the takeover bid. FDC rocketed 12.3% higher after raising $400m in the largest IPO of the year, while LTR fell after securing gold price protection through forward selling to manage volatility.There was nothing of note on the local economic front, although we did see Chinese CPI and PPI data released today.Asian markets were mixed with the Nikkei 225 up 1.2%, the Hang Seng down 1%, and the CSI index up 0.6% European futures were  firmer.US futures were also better with the Dow up 50 and the Nasdaq up 162Marcus Today – Daily Market InsightsMarcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.If you'd like to go further:Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcastJoin Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offerMT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcastPrinciples – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast—Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.

The big things you need to know:First, across the globe our analysts are constructive on performance over the next 6-12 months and see attractive valuations in the industries they cover.Second, Europe and Canada captured the most optimistic performance outlooks among our four coverage regions, but the US was not far behind.Third, our Canadian and US analysts expressed a favorable view of their own respective domestic policy backdrops. On the US midterm elections, our US analysts had a slightly constructive tilt on performance in a Republican sweep scenario, a slightly negative tilt on performance in a Democratic sweep scenario, and a neutral view on performance in a split Congress scenario.Fourth, at the global sector level, performance outlooks were mostly positive and came in stronger than other sectors for Materials and Industrials, but only by a little.

The ASX 200 closed down 13 points at 8,831 (0.2%) after drifting from positive to negative throughout the day. The banks were a little sloppy, with WBC down 1.1% and the Big Bank Basket falling to $273.60 (-0.3%). The insurance sector also eased, while the rest of the financials were mixed.REITs also had a mixed session, with CHC down 0.7%, while GMG edged slightly higher. Industrials lacked direction. Healthcare was the standout sector, with CSL up 2.0%, RMD rising 1.3% and SIG adding 1.1%. Technology stocks also found support, with solid gains in WTC and XRO, both up 7.3% and 1.8% respectively, while REA and CAR also finished higher.Resources were mixed, with BHP down 0.8%, while FMG rebounded 0.9% from Friday's losses. The gold sector was in focus after GMD launched a rival bid for VAU, joining RRL in the takeover battle. Despite the M&A activity, NST fell 1.8% and EVN eased 1.6%. Lithium stocks were also slightly weaker, with PLS down 1.7% and LTR falling 2.9%.In the oil and gas sector, despite little movement in crude oil futures, positive broker commentary helped WDS rise 0.8% and STO gain 1.4%. Coal stocks drifted lower, while uranium stocks were little changed.In corporate news, it was all about the new VAU bid from GMD. We also saw a solid quarterly from GGP, while WOR firmed 0.2% after securing a new consultancy agreement. In the tech space, IFT edged 1.4% higher following an independent valuation of its holding in CDC.There was nothing of note on the economic front today.Asian markets mixed, Nikkei 225 down 0.5%, HK up 1%, China up 0.2%. Kospi down 1.5%.US futures: Dow up 8 pts, Nasdaq up 223.Marcus Today – Daily Market InsightsMarcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.If you'd like to go further:Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcastJoin Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offerMT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcastPrinciples – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast—Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.

The ASX 200 rose just 2 points to 8725 after an early swoon. NAB jumped 3.8% on a broker upgrade, WBC followed, up 2.2%, and the Big Bank Basket rallied to close at $269.80 (+1.1%)Financials were mixed, although insurers fared better, with QBE up 0.5% and SUN rising 0.8%. REITs continued to flounder, with GMG down 0.3% and SCG off 0.8%. Industrials also showed weakness, with WES falling 4.0% as brokers trimmed forecasts. SGH slipped 5.0%, while retailers came under pressure, with JBH down 1.7%, LOV falling 2.1% and HVN off 3.3%.Tech stocks were mixed again. WTC fell 1.6%, while XRO was slightly firmer following its AI deal with Microsoft. NXT dropped 5.9% and MP1 fell hard as cloud providers had a rethink. The All-Tech Index slipped 0.5%.Resources enjoyed a solid bounce in the gold sector as Kevin Warsh played a straight bat in Portugal. NST rose 5.5% and NEM gained 2.6%. Lithium stocks remained under pressure, with PLS up 0.4% and LTR slipping 3.2%. There was little to write home about in the rare earths sector. Oil and gas stocks eased as crude fell again, with WDS down 1.3% and STO off 1.4%. Uranium stocks were modestly higher.In corporate news, EOS gained 2.5% after securing another order from the Middle East. PPT rose 3.5% following a non-binding indicative offer from EQT, while IPX fell 3.0% after completing an acquisition. BHP announced it will spend $2.2 billion to reopen its mothballed Cerro Colorado copper mine.On the economic front, Balance of Payments numbers were released today.Asian markets were weaker, with the Nikkei 225 down 1.4%, the Kospi off 1.2%, Hong Kong up 0.9% and Shanghai down 1.9%. US futures were drifting higher, with the Dow up 27 points and the Nasdaq ahead by 53 points. Fair value is slightly negative, pointing to a modest start tonight. US markets are closed on Friday for the Independence Day holiday.Marcus Today – Daily Market Insights Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise. If you'd like to go further: Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcast Join Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offer MT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcast Principles – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast — Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice. 

The ASX 200 dropped 56 points today to close at 8,723 (0.6%), with the banks suffering steep losses. CBA dropped 2.4%, and ANZ fell 2.5%, with the Big Bank Basket declining to $266.89 (-2.3%). Other financials were mixed, with MQG falling 1.2%, although HUB had a good day, rising 5.4%. REITs were again a little on the nose as distributions and higher bond yields continued to weigh on the sector. SCG fell 0.3%, and CHC dropped 2.7%. Industrials painted another mixed picture, with ALL falling 2.1%. Retail was also mixed, with JBH down 2.8% and WOW falling 1.8%. COL was hit hard following reports it was interested in acquiring the Green Cross veterinary business. TLS fell 1.0%. Healthcare was again mixed, with CSL continuing to add to recent gains, rising 3.2%, while RMD fell 1.6%. In technology, XRO dropped 2.8%, while WTC fell 0.4%. The All-Tech Index slipping 1.0%, helped by another strong performance from CPU, which gained 1.0%.In resources, a mixed picture as S32 sold its aluminium business to AAI, jumping 9.7%. BHP up 0.9% and FMG managing a 0.5% gain. Gold miners continue to push lower, NST down 0.8% and NEM falling 1.9%. Lithium stocks improved, PLS up 1.8% and LTR roaring 2.4% ahead. Oil and gas flat, uranium stocks slightly better, PDN up 6.8%.In corporate news, IPX jumped 5.9% after it secured up to $US6.6m from the US DoD to expand domestic production. ORI rose 1.6% after it agreed to proceed with its Hunter Valley Hydrogen Hub in NSW, with construction scheduled to begin in 2026 and first production targeted for early 2029. ASX reached an agreement with the corporate regulator and the Reserve Bank to reset its risk review program. WDS has assumed the role of operator of the Gippsland Basin oil and gas venture from 50% partner ExxonMobil. PPT jumped 16.8% before a trading halt as EQT look to have made a NBIO.On the economic front, building approvals fell slightly.Nikkei 225 up 0.8%, Kospi down1.2% HK closed and Shanghai unchanged. US futures drifting DJ down 163, Nasdaq down 81. Marcus Today – Daily Market Insights Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise. If you'd like to go further: Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcast Join Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offer MT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcast Principles – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast — Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice. 

The ASX 200 finished the financial year on a lacklustre note, falling 45 points to 8779 (0.5%) as the banks gained and gold miners came under renewed pressure. The Big Bank Basket rose to $273.04 (0.4%) despite CBA holding firm. Other financials fared well too with ZIP up 3.5% and SUN rising 1.2%. REITs struggled as ex-dividend stocks weighed on the sector, with GMG down 3.0% and SCG off 1.5%. Industrials were mixed. TLS fell 1.6%, while tech eased, with XRO up only 0.1% and WTC falling 2.4%. The All - Tech Index gained 1.3% as CPU rallied hard, up 4.0%. Retail stocks drifted lower, while ALL rose 1.3%. Healthcare succumbed to sellers, with CSL down 0.6% and RMD falling 2.2%.Resources were a sea of red. Gold miners were whacked again as bullion slipped below US$4,000. NST fell 5.8% and EVN dropped 5.2%. Copper stocks were slightly firmer, with SFR up 1.0%, while lithium stocks enjoyed a better session, led by LTR, which ‘roared' back, rising 1.5%. The big iron ore miners all fell, with BHP down 0.7%, FMG off 1.9% and BSL 3.8% weaker. Oil and gas stocks bucked the trend, with WDS up 0.9% and STO rising 0.8%. Uranium stocks drifted lower.In corporate news, CKF fell 2.5% after reporting slowing sales in Germany. ALX was unchanged as IFM increased its stake to 55%.On the economic front, RBA Minutes today. ANZ Consumer confidence picked up slightly. Nikkei 225 up 1.3%, Kospi up 1.2% HK down 1.4% and Shanghai up 0.7%. US futures firm DJ up 4, Nasdaq up 76. European futures slightly higher.Marcus Today – Daily Market Insights Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise. If you'd like to go further: Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcast Join Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offer MT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcast Principles – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast — Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice. 

With CUSMA up for review on July 1, join us for a one-week-out look at what it could mean for Canadian markets. Equity research analyst Bobby Reynolds shares his latest views on Canadian industrials, including potential impacts from trade changes. Portfolio managers Joe Overdevest and Maxime Lemieux round out the discussion with perspectives on energy and broader Canadian equities. Recorded on June 24, 2026. At Fidelity, our mission is to build a better future for Canadian investors and help them stay ahead. We offer investors and institutions a range of innovative and trusted investment portfolios to help them reach their financial and life goals. Fidelity mutual funds and ETFs are available by working with a financial advisor or through an online brokerage account. Visit fidelity.ca/howtobuy for more information. For a fifth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2025 Environics' Advisor Digital Experience Study. - Révision de l'ACEUM : les enjeux pour l'industrie, l'énergie et les actions canadiennes À l'approche de la date du 1er juillet pour la révision de l'ACEUM, joignez-vous à nous pour un survol des répercussions possibles sur les marchés canadiens. Robert Reynolds, analyste en recherche sur les actions, présentera sa plus récente analyse du secteur industriel canadien, notamment les effets potentiels de changements sur le plan commercial. Les gestionnaires de portefeuille Joe Overdevest et Maxime Lemieux concluront la discussion en exprimant leurs points de vue sur l'énergie et les actions canadiennes en général. Date : 24 juin 2026 Chez Fidelity, notre mission consiste à aider le public investisseur canadien à se bâtir un meilleur avenir et à rester à l'avant-garde. Nous offrons aux particuliers et aux institutions une gamme de portefeuilles de placement innovants et fiables pour les aider à atteindre leurs objectifs financiers et personnels. Les fonds communs de placement et les FNB de Fidelity sont offerts par l'intermédiaire des conseillers et conseillères en placements et de comptes de courtage en ligne. Pour de plus amples renseignements, visitez fidelity.ca/commentinvestir. Les baladodiffusions DialoguesFidelity se sont classées au premier rang pour une cinquième année consécutive lors du sondage 2025 d'Environics sur l'expérience numérique des conseillers et conseillères en placements au Canada.

A brief look at financial markets with Bokor In the Morning brought to you by Steve Bokor at Ventum Financial Corp. a member of SIPC

The ASX 200 rose 59 points today to close at 8823 (0.7%), with the banks solid. CBA rose 1.0% and NAB gained 1.0%, with the Big Bank Basket up to $271.94 (0.8%). Other financials also had a good session, with NWL rising 3.1% and ZIP enjoying a strong day, up 8.7%, along with XYZ, up 4.9%. Industrials were also firm, with the retail sector performing well. JBH rose 2.2% and ALL also pushed higher. Plenty of Ex Dividends today in REITs and utilities.Technology finally appears to be finding its feet, with WTC up 7.2%, XRO gaining 4.5%, and the old-school platforms REA, CAR, and SEK all rising around 4% or more. Utilities were weaker, with ORG down 1.0%, while APA traded ex-dividend and also drifted lower. Healthcare stocks were better across the board, with CSL up 0.5%, RMD gaining 2.0% and TLX rising 5.5%.Resources painted a mixed picture, with BHP up 1.4%, RIO up 0.3%, and FMG the best of the iron ore majors, up 2.4%. Gold miners were mixed as bullion drifted lower, with NST down 2.3% while GMD gained 1.9%. Lithium stocks were once again under early pressure but recovered to see PLS finish up 0.8%. In the oil and gas sector, WDS edged slightly higher, while some of the uranium stocks also posted modest gains.In corporate news, NEU had a stunning day following progress on European approval for Daybue. RMS rallied 2.3% after agreeing to sell its Edna May gold mine for $300m, while KAR rose 9.1% after restoring production at the SPS-92 well and announcing a new on-market share buyback.There was nothing of note on the economic front today.Nikkei 225 down 0.4%, South Korea up 1.1%, HK up 2% and Shanghai up 0.4%.US futures firm DJ up 191, Nasdaq up 215. European futures slightly higher.Marcus Today – Daily Market Insights Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise. If you'd like to go further: Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcast Join Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offer MT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcast Principles – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast — Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice. 

We'd love to hear from you! Please send us a Text Message!Just because something is forgotten does not necessarily mean that it's not any good. As the Earth turns on its axis, times change. What was up is now down. What was fast is now slow. Great leaders are forgotten. Hitlers are remembered. Good times are forgotten. Struggles are remembered. This podcast, Forgotten, is about forgotten songs. Whenever I write a song that I end up not liking very much, I always throw it away. I never leave it around somewhere to be forgotten. But I do have forgotten songs that I liked at the time that I wrote then but find that years later they might be best forgotten. Early works tend to be forgotten. As the years have gone by gratefully, I've gotten better at what I do and so my standards are higher. Still it's always great to find all these oldies but goodies. Each of the forgotten has its own story. Here are 10.Theater of the Imagination is presented by Watchfire Music:  watchfiremusic.com 

The ASX 200 played out a nil-all draw today, closing up just 16 points at 8,764 in a session of highs and lows. Some EOFY shenanigans were evident in a handful of stocks. The banks held firm, recovering some of yesterday's losses, with ANZ up 0.5% and the Big Bank Basket steady at $269.71 Insurers eased as bond yields steadied, with QBE down 0.2% and SUN off 0.7%. Other financials also slipped, with NWL down 2.8% and HUB falling 4.8%. Industrials were patchy. WES continued higher and JBH found ongoing support. Healthcare stocks took a breather after recent gains, with CSL slipping 2.4% and RMD down 0.9%. Technology was mixed after early weakness, with XRO edging higher and WTC finding some friends, up 0.5%, almost the reverse of the last few trading sessions.Resources also attracted some buying, although it was hardly convincing. BHP rose 0.8% and RIO outperformed, up 2.2%. Gold miners returned to the green, but only just. Lithium stocks remained under heavy pressure after CATL talked up sodium-ion batteries. PLS fell 6.3% and LTR dropped 5.7%. Oil and gas stocks edged higher, with WDS up 0.8% and STO rallying 1.4%.In corporate news, DGT rose 5.8% after CEO Juniper departed. 4DX fell 9.0% despite receiving TGA approval, while NWH unchanged after announcing new contract wins. There was nothing of note on the economic front today.Nikkei 225 down 4.4%, South Korea down 8%, HK down 1.6% and Shanghai down 2.4%.US futures slide again, DJ down 112, Nasdaq down 397 .Marcus Today – Daily Market Insights Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise. If you'd like to go further: Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcast Join Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offer MT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcast Principles – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast — Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice. 

The ASX 200 fell another 60 points to 8,749, down 0.7%. Once again, it was resources that bore the brunt of the selling, with the gold price testing $4,000 and heading below it, and gold miners slipping. NST down 3.3%, EVN down 3.8%, with the iron ore miners also under pressure today. RIO off 2.3%, FMG down 1.6%. Lithium stocks also fell away, with PLS down 5.0% and LTR also falling 7.4%. Copper stocks were very much on the nose, following falls in resource and commodity prices overseas. SFR down 3.6%. Meanwhile, oil and gas stocks were also easier as the oil price slipped another 1.7% in Asian trade, with WDS down 2.9% and STO down 2.8%. Not much happened in the uranium sector, with PDN slightly firmer on some results from Canada.The banks also struggled today, with CBA holding up better than the other three, still down 1.3%, while NAB was the worst of the bunch, down 3.4% following JDO's results and the stock being hammered 40.4%. The theory is that NAB is the most exposed to the business sector. The Big Bank Basket fell 1.3%. Other financials were less affected, with the insurers once again pushing higher. QBE up 1.3% and MPL up 2.7%. Industrials were a bright spot today across the board, with WES pushing up 2.5%, ALL up 2.4%, and retail stocks performing better after the jobs numbers released today. This points to an improving economic backdrop. We also saw WOW and COL continue to receive buying as defensive plays. TLS rose 0.6%.The REIT sector also did well today, with GMG up 1.1% and CHC up 1.0%. Healthcare was a standout sector as CSL continued to power ahead, up 2.3% and RMD also had a good day out, up 4.6%, with SIG performing well too. Once again, though, we saw losses in the technology sector, with XRO down another 3.5% and WTC giving back some of its gains from yesterday, falling X%, with the All Tech Index unchanged at CPU rose 0.5%In corporate news, A2M rose after declaring a special $300 million dividend. TEA also upgraded its earnings growth forecast, and THL received a fresh offer from a mystery suitor valuing the company at between NZ$3.30 and NZ$3.40 a share. JDO 40.4% smashed on higher provisions and slowdown. WOR down 9.7% on a second profit warning. EIQ soared 30.2% on an investment from PME.On the economic front, the headline unemployment rate fell to 4.4% in May, with employment rising by 40,000 and the number of unemployed people falling by 18,000. Most of the jobs growth, however, came from part-time employment, with only 5,000 new full-time jobs created.Nikkei 225 up 4.5%, South Korea up 7.0%, HK down 1.3% and Shanghai up 1.7%.US futures mixed, Nasdaq up 600 plus – Dow Jones up 65Marcus Today – Daily Market InsightsMarcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.If you'd like to go further:Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcastJoin Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offerMT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcastPrinciples – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast—Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.

AI is driving a boom in the tech sector at a scale we've never seen before—but what's the real-world impact, and how do we invest in it through an ethical lens?Today we're speaking with Luciano Lilloy and Miriam Benarey from Impax Asset Management, a specialist global investment firm founded in 1998, focused on the transition to a more sustainable economy. Headquartered in London, and with approximately 100 investment professionals within listed equities, fixed income, and private markets, Impax targets companies positioned to profit from solving environmental and societal challenges. Luciano is a co-Portfolio Manager of Impax's Leaders, US Environmental Leaders and Climate strategies. He has been part of the Impax Asset Management team since 2017 and specialises in Digital Infrastructure and New Energy, as well as the Information Technology and Industrials sectors.Miriam is a member of the Impax Sustainability Centre and is leading Impax's sustainability advisory work, developing partnerships with their clients to address key sustainability themes, providing expertise on sustainability in the investment process and the sustainable finance regulatory landscape, advising on product related matters, as well as co-chairing Impax's Beyond Financial Returns (BFR) Group.We hope you enjoy this discussion with Luciano and Miriam from Impax Asset Management.  We wish to acknowledge the traditional custodians of the land we recorded on, the Wardandi Noongar people. We pay our respects to them and their culture; and to elders past, present and emerging. You can find out more about Impax here. For more information about James Baird, JustInvest Financial Planning and Ethical Investment Advisers see: justinvest and ethicalinvestment.  

One year on from the launch of the Government's Industrial Strategy in June 2025, manufacturers are taking stock of whether it is delivering the certainty, competitiveness and long-term policy stability needed to support investment and growth. Make UK CEO Stephen Phipson and Director of Policy & Public Affairs Verity Davidge are joined by Greg Clark, former Secretary of State for Business, Energy & Industrial Strategy and Cara Haffey, UK Leader of Industrials and Services, PwC UK to discuss the current status. Who Are Make UK?Make UK champions and celebrates British manufacturing and manufacturers. Together, we build a platform for the evolution of UK manufacturing. For more information, please head over to -- https://www.makeuk.org/

US equity markets weaker as technology stocks came under fresh pressure and as investors eyed key inflation figures tonight AEST – Dow rose +182-points or +0.35%, with Home Depot Inc (up 5.67%) the leading performer in the 30-stock index. Chevron Corp shed -2.57% as crude prices tumbled.  The broader S&P500 slipped -0.10%, with Energy (down -1.73%) leading five of the eleven primary sectors lower. Information Technology (-0.64%%) and Communication Services (-0.61%) both fell ~0.60%. Industrials (up +1.18%) and Utilities (+1.05%) sat atop the primary sector leaderboard.

The ASX 200 finally made up its mind after oscillating between positive and negative territory and closed down 29 points at 8,787 (-0.3%). Resource stocks were back on the nose as the gold price slipped lower in Asian trade, with NST down 2.7%, EVN down 2.5%, and NEM down 2.1%. BHP eased slightly, along with RIO, while lithium stocks once again came under pressure, with PLS down 1.1% and MIN off 2.5%. Most resource stocks finished lower on the day. Uranium stocks also came under pressure, along with oil and gas names, with WDS down 0.4% and VEA falling 2.4% on news of issues with its refining capacity.The other sector struggling today was technology, which simply can't seem to catch a break. After a small bounce yesterday, WTC once again succumbed to selling pressure and fell 4.4%, while XRO continued its recent decline, falling 5.3%. TNE also had a shocking session, down 7.1%. Data centre stocks were weaker following the sell-off in the US, with NXT down 1.7% and MP1 coming back to earth by 5.1% Industrials were mixed, although we did see some defensive buying in TLS and the supermarket stocks. The banks were firm and helped limit the market's losses. CBA rose 0.5%, ANZ was one of the best performers, up 1.4%, and the Big Bank Basket closed at $273.76 (+0.8%).Retail stocks drifted lower, as did healthcare, although CSL slipped back into negative territory. Retail names eased as bond yields pushed slightly higher. Fast-food stocks were also weaker, with CKF down 5.4% and DMP falling 5.2%.In corporate news, WTC remained in focus after the company said Richard White was not aware of any investigation by the AFP. RWC fell 3.0% after announcing it would close its brass casting operations in Victoria. There was nothing on the economic front today.Nikkei 225 down 1.8% South Korea down 4%, HK down 1.5% and Shanghai down 1.8%. US Futures - Dow Jones down 300, Nasdaq down 630 European futures showing a 1% loss.Marcus Today – Daily Market InsightsMarcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.If you'd like to go further:Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcastJoin Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offerMT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcastPrinciples – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast—Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.

A brief look at financial markets with Bokor In the Morning brought to you by Steve Bokor at Ventum Financial Corp. a member of SIPC

RBC's Canadian Industrials Conference in Toronto wrapped with more reasons for optimism than many expected. In this conference takeaway, Walter Spracklin, Director of Canadian Research and Co-Head of Global Industrials Research, debriefs with analysts Sabahat Khan, James McGarragle, and Matthew McKellar on the key themes that emerged. Steel producers are finding ways to mitigate U.S. tariffs, the freight recession is easing, and the most significant buzz centred on the government's nation-building infrastructure and defence plans.Key Points• Canada's nation-building plans are boosting industrial confidence, while its defense strategy creates a tailwind for the country's aerospace sector.• Tighter supply has helped to ease the long-running freight recession.• Steel suppliers are diversifying from U.S. exposure to mitigate trade tariffs.• Tariffs have also hit lumber hard, with supply tightening in response.• AI deployment is positioning the transport sector for operational efficiencies.Introductions [00:06]Host Walter Spracklin refers to RBC's recent Canadian industrials conference in Toronto, which heard from 38 participating companies. He introduces three colleagues – Sabahat Khan, James McGarragle, and Matthew McKellar – to discuss the key themes that emerged.Freight recession eases [00:47]The freight recession dominated last year's conference, but tighter supply driven by regulatory changes has lifted pricing, with positive impacts on rail too.Tariff impacts on industrials [02:05]Section 232 tariffs are creating direct impacts across steel-exposed industrials, while broader tariff uncertainty is delaying some large capital project decisions.Government plans inject confidence [04:30]The Canadian government's new strategies on nation-building infrastructure are lifting confidence in the market. Its plans to increase defense spending and prioritize Canadian producers are seen as a potentially lasting tailwind for aerospace companies.Paper and forest production [9:36]Demand is poor and the lumber sector has been hit hard by tariffs. However, tighter supply has set up the industry for better conditions at lower levels of demand in future.AI and capital allocation [13:01]Other common themes at the conference were the deployment of AI to achieve efficiencies, especially in transport; and the disciplined allocation of capital, balancing organic growth with strategic M&A.

The ASX 200 rallied another 49 points to 8966 as optimism continues on Fed and war outcomes. After a slow start, and despite iron ore falling, BHP managed a 0.6% rise as passive funds continue to flow into the Big Australian. RIO and FMG drifted lower. Gold miners continued their recovery despite bullion slipping a little, NST up 2.6% and EVN up 2.9%, with RRL doing very well. Lithium stocks also continued recovering, with LTR up 3.9% and PLS rallying 2.8%, while rare earth stocks were mildly positive. Oil and gas stocks fell as oil continued to be barrelled over, with WDS down 3.6% and STO off 1.2%. KAR dropped 13.4% on a production downgrade and oil price woes.Banks firmed, with CBA the standout, up 1.1%, and the Big Bank Basket rising to $271.99 (+0.6%). Other financials also did well, with insurers up on premium hike talks. MQG rose 1.2%, hitting an all-time high. REITs were also positive, led by GMG rallying 1.4% and SGP up 0.9%. Industrials were mixed, although improving risk sentiment helped. SGH rose 1.2% and ALL gained 3.1%, while healthcare was also better. CSL edged higher and RMD rose 0.6%. Tech stocks bounced hard, with WTC up 4.1% and XRO rallying 3.5%, taking the All-Tech Index up 1.8%.In corporate news, A1N rose 31.0% on a settlement with Kyle Sandilands. FLT took off , up 5.3% on a lifting of travel advisories despite earnings issues. SGM surged 1.8% following an earnings update. SYL rose 8.2% after agreeing to acquire 100% of Queensland-based Shamrock Civil in a $51 million upfront deal. On the economic front, there was nothing locally.Asian markets – China up 0.2% HK down 0.5% Japan up 0.7% Korea up 1%US Futures - Dow Jones up 21 Nasdaq up 201.Marcus Today – Daily Market InsightsMarcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.If you'd like to go further:Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcastJoin Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offerMT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcastPrinciples – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast—Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.

A brief look at financial markets with Bokor In the Morning brought to you by Steve Bokor at Ventum Financial Corp. a member of SIPC

The ASX 200 staged a remarkable comeback (again) to finish up 4 points at 8,918 after falling nearly 100 points in early trade. Banks were under pressure from the off on broker downgrades but fought back with ANZ up 0.9% and the Big Bank Basket flat at $270.33(). The RBA held rates unchanged for a change, although warned further rises could not be ruled out as inflation remained the focus.Financials were generally better, MQG up 0.7% and ASX gaining 1.0%, with ZIP up 1.8%. REITs drifted lower, SCG down 0.8% and SGP off 2.5%. Industrials were weaker, WES fell 1.1% with ALL off 1.6%, and tech continued to stumble around in the dark. WTC fell 4.2% and XRO down 1.7%, with the All-Tech Index down 0.3%. Healthcare was mixed, CSL up 0.7%, with RMD slipping 1.3% and SIG continuing to bounce as it has walked away from Boots. In resources, BHP was firm but uninspiring, FMG fell slightly, and gold miners were better again, with NST up 2.5% and EVN gaining 1.2%. Not much conviction behind the move, with rare earths falling, lithium stocks depressed, and uranium stocks mostly flat. Oil and gas stocks firmed, WDS up 2.0% and STO up 0.8%, with KAR tumbling 11.6% on a production downgrade.In corporate news, ALX unchanged on another rejection of the IFM bid. SXE roared 20% despite a placement at 400c to turbocharge growth opportunities.On the economic front, the RBA left rates unchanged. Warned again of inflation risks. Asian markets – China down 0.4% HK down 1.6% -  Korea up 2.1%, Japan up 0.3%.US Futures - Dow Jones up 19 Nasdaq down 48.Marcus Today – Daily Market InsightsMarcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.If you'd like to go further:Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcastJoin Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offerMT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcastPrinciples – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast—Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.

Friday's stronger-than-expected jobs report sent stocks tumbling and reignited fears that the Federal Reserve may be forced to raise rates rather than cut them. With gold falling sharply and bond markets repricing, investors need to understand what a potential rate hike cycle means for their portfolios.Today's Stocks & Topics: Hingham Institution for Savings (HIFS), Market Wrap, Constellation Energy Corporation (CEG), Is the Fed's Next Move a Rate Hike? What a Strong Jobs Report Means for Your Portfolio, Investing in Industrials, PayPal Holdings, Inc. (PYPL), Markets and the War, Micron Technology, Inc. (MU), Simon Property Group, Inc. (SPG), Uber Technologies, Inc. (UBER).Our Sponsors:* Check out Anthropic and use my code Claude.ai/invest for a great deal: https://www.anthropic.com* Check out Chilipad and use my code sleep.me/INVEST for a great deal: https://sleep.me* Check out Plaud AI and use my code INVEST for a great deal: https://plaud.ai* Check out Progressive: https://www.progressive.com* Check out Quince and use my code quince.com/invest for a great deal: https://www.quince.com* Check out Scribe and use my code scribe.how/invest for a great deal: https://scribe.com* Check out TaskRabbit and use my code INVEST for a great deal: https://taskrabbit.com* Check out TruDiagnostic and use my code INVEST20 for a great deal: https://www.trudiagnostic.comAdvertising Inquiries: https://redcircle.com/brands

BlackRock's Kristy Akullian highlights strong S&P 500 (SPX) earnings growth and a broadening AI trade beyond mega cap tech into sectors like industrials and materials. She emphasizes diversification across asset classes, including intermediate bonds, gold, and digital assets, to navigate the market.======== 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

Brian Belski joins Dan Nathan to break down why he still sees the S&P 500 moving higher — but warns a correction may come first. Belski explains why this is now an earnings-driven market, why the Mag 7 may begin to hand leadership to the other 493 stocks, and what could trigger the next pullback. He also shares his views on AI stocks, SpaceX/OpenAI IPOs, financials, industrials, housing, rates, and why he believes the market could still end the year with “an 8 handle.” Topics include:• Why Brian Belski expects a correction before another rally• The case for S&P 8,000 (and why it won't be a straight line)• AI enthusiasm, IPO mania & whether we're in a bubble• Why he's bullish on financials, industrials & select cyclicals• Treasury yields, housing, Walmart, Deere & the consumer outlook• What could actually trigger the next bear market Timecodes 00:00 Intro + Brian Belski Returns02:00 Inside Belski's New ETF (HIS) & Stock-Picking Strategy05:45 How Belski Nailed the S&P 7,000 Call08:30 Why 2026 Is an “Earnings-Driven” Market09:45 Why Belski Expects a Market Correction10:45 Mag 7 vs. The Other 493 Stocks14:00 Walmart Warning, Consumer Trends & Retail Risks17:15 Deere, Industrials & Why AI Could Benefit Old Economy Stocks20:00 Why Belski Still Likes Financials Despite Weak Performance21:45 Airlines, FedEx & The Transport Trade24:00 Housing, Homebuilders & What Happens If Rates Fall26:45 Will Treasury Yields Finally Move Lower?31:00 SpaceX, OpenAI & Anthropic IPO Risks33:00 Could AI IPOs Trigger a Market Shake-Up?39:00 The AI Trade: Bubble, Boom or Just Getting Started?44:00 What Wall Street Is Missing in Software & AI45:45 Timing the Next Market Correction48:00 What Could Actually Cause a Bear Market?49:45 Belski's S&P Outlook: Why He Sees an “8 Handle” This episode is sponsored by Fidelity Investments and the all-new Fidelity Trader+ platform. Try Fidelity's most powerful trading experience yet: ⁠www.Fidelity.com/TraderPlus⁠ Fidelity Investments and Risk Reversal are not affiliated. Views, opinions, products, services, and strategies discussed are not endorsed or promoted by Fidelity Investments. Fidelity Brokerage Services LLC, Member NYSE, SIPC. Xxx —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Despite recent pressure on stocks, our CIO and Chief U.S. Equity Strategist Mike Wilson argues that earnings and AI's impact remain stronger than many investors appreciate.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'll be discussing our bullish mid-year outlook and why stocks have been under pressure more recently. It's Tuesday, May 19th at 1:30 pm in New York. So, let's get after it. Every cycle has a moment when investors become so focused on the last risk that they miss the next opportunity. I think we're in one of those moments right now. The first half of this year has had a familiar feel to it. The market weakened under the surface well before the headlines got loud, investors discovered the new risks after prices had already moved, and sentiment got worse just as the forward setup was getting better. In other words, it's déjà vu all over again – but with some important twists. The biggest twist is where we are in the cycle. Last year, we were still coming out of the tail end of a rolling recession. Today, we're in a rolling recovery and that is still underappreciated. This matters, because it changes how we should interpret the correction earlier this year and a powerful rally. In the first quarter, many investors looked at the S&P 500's less-than-10 percent price decline and concluded the market was complacent. I think that really misses the point. Roughly half of the Russell 3000 saw drawdowns of 20 percent or more, and the S&P 500 forward Price Earnings multiple fell by 18 percent from its peak as forward earnings continued to rise. That is not complacency. That is a market doing what it does best – discounting risk before the narrative catches up. And those risks were not small. We had private credit concerns, and a major debate around AI disruption to labor markets as well as a new war that drove oil prices up by 100 percent. In many of the areas most directly exposed to these risks, the market delivered 40 percent-plus corrections. So the provocative question I would ask now is this: what if the biggest risk from here is not being too bullish, but being too cautious after the market has already done the work? We address these questions in our recently published mid-year outlook. Specifically, we raised our 12 month S&P 500 price target to 8,300 based solely on higher earnings forecasts. In fact, we assume some further valuation compression. We raised our S&P 500 EPS by approximately 5 percent as operating leverage from the rolling recovery, AI adoption, fiscal support and a capex cycle that continues to broaden. That earnings point is critical. In prior cycles when oil shocks ended the business cycle, earnings were already decelerating or contracting outright before the shock hit. Today, the opposite is happening. Earnings are accelerating from already strong levels. First-quarter median S&P 500 earnings surprise was 6 percent, the strongest in four years; and earnings revisions breadth has moved back up to 22 percent from just 5 percent at the start of reporting season. That is a very different backdrop than the traditional late-cycle oil shock playbook. AI is another area where I think the consensus has evolved. The labor market disruption narrative has moved faster than the actual implementation. The enterprise application layer is still early, and for now, AI looks more like a margin tailwind than a labor-market wrecking ball. Companies are running leaner, hiring less, and beginning to quantify real benefits rather than simply firing everyone. While true adoption of this technology is likely to be slower than anticipated, the apprehension to over-hire is real and that is driving higher profitability in an indirect way. Monetary policy and liquidity are still the main risks to this bull market rising unimpeded. With the Fed becoming less dovish and liquidity needs rising, interest rates are on the rise and the equity-rate correlation is negative again. The 4.5 percent level on the 10-year Treasury remains important for valuations. We don't need Fed cuts for the equity market to work. History suggests that when earnings growth is strong and the Fed is on hold, returns can still be very solid. The real risk is liquidity – whether the Fed and Treasury underestimates how much capital the private economy now needs to fund investment and recovery.Ultimately, the Fed and Treasury have tools to address these liquidity needs and they have been using them aggressively this year. However, these provisions can ebb and flow and we are currently in a window where it's going to ebb, leaving stocks vulnerable in the short term. If the correction persists, investors should use that as an opportunity to add exposure to the parts of the market that benefit from a rolling recovery, specifically Industrials, Financials, Consumer Discretionary Goods. The breadth of the earnings and capex cycle remains under-appreciated, not to mention the recovery from the rolling recession that ended with Liberation Day a year ago. The bottom line is simple. The correction earlier this year was more significant than most appreciate in terms of valuation and the earnings story is only getting better. The path won't be smooth, so use any corrections to position for the continued broadening in earnings that we believe will continue.Just remember, by the time the evidence feels obvious, the opportunity is usually gone. 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! And I wish my wife a happy birthday.

Technology stocks continue to dominate the market as XLK and momentum-driven trades surge higher, but the rally is becoming increasingly narrow. Financials, Healthcare, Industrials, Energy, and Materials are lagging badly while Technology pulls the broader indexes higher. In today's pre-market update, we examine the growing divergence between Technology and the rest of the market, why overbought momentum conditions matter, and how concentrated rallies can create hidden risks for investors. We also discuss sector rotation, portfolio diversification, and why maintaining exposure to lagging sectors may help hedge against the next correction. Hosted by RIA Chief Investment Strategist, Lance Roberts, CIO Produced by Brent Clanton, Executive Producer --- Watch the Video version of this report on our YouTube channel: https://youtu.be/rZ1lej68NvE --- Get more info & commentary: https://realinvestmentadvice.com/insights/real-investment-daily/ --- Do you enjoy our content? Rate us on Google: https://bit.ly/4b9JtEo --- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN --- Subscribe to SimpleVisor : https://www.simplevisor.com/register-new --- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #TechnologyStocks #XLK #StockMarket #Investing #MarketRisk

Chuck Etzweiler argues the current bull market still has room to run, driven by long‑term innovation across AI, robotics, and blockchain. He highlights broadening strength beyond tech into industrials and materials, and says volatility remains a normal part of a multi‑year structural uptrend.======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe 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

Market resilience remains front and center as the Nasdaq pushes to new records despite geopolitical tension and shifting rate expectations. Jake Dollarhide of Longbow Asset Management discusses Intel's (INTC) sharp rally tied to leadership changes and its role in reshoring chip supply alongside Samsung and TSMC (TSM), while noting how the AI trade is expanding into industrials and utilities like Caterpillar (CAT) and Carrier (CARR). He also weighs a potentially more hawkish Federal Reserve as inflation and labor trends keep “higher‑for‑longer” firmly in play.======== Schwab Network ========Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DEmpowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe 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

Our CIO and Chief U.S. Equity Strategist Mike Wilson explains the factors behind stock gains across sectors.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'll be discussing why earnings remain the most important variable for equity markets.It's Monday, May 4th at 2pm in New York. So, let's get after it.The more I think about what's been driving this market, and the more time I spend with the data, the more I keep coming back to the same conclusion: it's earnings. Not the headlines, not even the Fed. Earnings are doing the heavy lifting right now.When I look at this reporting season, what stands out isn't just resilience, it's strength that's broader than most people appreciate. The typical company in the S&P 500 is growing earnings at about 16 percent, and the median earnings surprise is running around 6 percent. That's the strongest we've seen in four years.What's really interesting to me is that this strength is no longer confined to just the biggest tech names. Yes, hyper scalers and semiconductors are still playing a leading role, but the story is expanding. We're seeing earnings revisions move higher across Financials, Industrials, and Consumer Cyclicals, in particular. That kind of breadth tells me this isn't just a narrow leadership story; it's something more sustainable.At the same time, many investors are focused on the geopolitical backdrop, particularly the Iran conflict and what it means for oil, inflation, and supply chains. To be fair, companies are feeling some of that pressure. When you listen to earnings calls, you hear about rising freight costs, tighter supply chains, and higher input prices across industries like chemicals and machinery.But here's the nuance: those impacts are uneven. They're not hitting the entire market in the same way. In fact, at the index level, they're being offset. Energy has become a positive contributor to earnings growth, and the higher-end consumer remains relatively strong. Even with higher fuel costs, we're not seeing a meaningful pullback in overall consumption – at least not yet. That tells me that we're not dealing with a classic demand shock. We're dealing with a redistribution of pressure, and companies are adapting. In many cases, they're passing through higher costs. Revenue surprises are running above historical norms, which suggests pricing power is improving.Now, of course, earnings aren't the only piece of the puzzle. Policy still matters, and the shift in rate expectations this year has been meaningful. The Fed has clearly become more concerned about inflation, and the market has repriced expectations to fewer cuts, and maybe even a higher probability of hikes. That repricing is a big reason why valuations corrected so sharply over the past six months.It's notable that even with that headwind, equities have managed to stabilize, thanks to earnings. When earnings are growing at an above-trend pace, equities can deliver solid returns regardless of whether the Fed is cutting or not.That said, I do think that there's one area of risk that deserves further attention, and that's liquidity. We've seen periods of funding stress over the past six months, and those moments have coincided with pressure on valuations. The Fed and the Treasury have stepped in at times to stabilize these conditions, helping to reduce bond volatility and support equity multiples.Bottom line, we have already had a meaningful correction in valuations this year with price earnings multiples falling 18 percent from their peak last fall. That adjustment occurred as the market digested the many risks that we have been highlighting. Meanwhile, earnings are not only holding up, they're accelerating and broadening across sectors. The risks that we've all all focused on – geopolitics, oil, supply chains – are real. But they're being absorbed at the company level. As a result, the price declines were much more modest than the compression in valuations. Meanwhile, monetary policy is providing some headwinds, but it's not overwhelming the earnings story. Equity markets move on two things: earnings and liquidity. Right now, earnings are more than offsetting the lingering liquidity concerns. In short, earnings growth is greater than the valuation reset. This is classic bull market behavior and as long as that continues, I think the U.S. equity market will grind higher for the rest of the year with intermittent bouts of volatility. 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!

In this episode of Gimme Some Truth, we explore the massive shift happening in the markets. For over a decade, Growth stocks have dominated, but Artificial Intelligence might be the very catalyst that brings Value Investing back to the forefront.We break down the "AI Build-out" and why sectors typically labeled as "Value"—like Energy, Utilities, and Industrials—are becoming the backbone of the AI revolution. If you are worried about S&P 500 concentration risk and being too heavy in Big Tech, this episode is a must-watch.What we cover in this episode:- The Growth vs. Value Trade: Why the tide is turning after 15 years.- AI Disruption: How AI is actually challenging the valuation of traditional growth companies.- Concentration Risk: The dangers of a tech-heavy portfolio in today's market.- The AI Infrastructure Play: Which value sectors stand to gain the most from the AI build-out.- Market History: Lessons from past bubbles (2000, 2008) and how they apply to the AI boom.Don't let recency bias dictate your strategy. We discuss why now is the time to review your portfolio and ensure you aren't over-exposed to a single trade.

Chris Ward says the U.S. consumer remains resilient, with retail sales posting their strongest gain in years as employment stays firm. He sees easing mortgage rates setting the stage for a recovery in housing, while industrial stocks offer a steady hedge amid reshoring efforts and global defense rebuilding. Ward also weighs whether defensive, low‑volatility sectors, including Apple (AAPL), can continue to cushion portfolios against inflation and rate uncertainty.======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe 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

Charles Bobrinskoy says the S&P 500's heavy tech concentration is giving investors a false sense of diversification, creating an opportunity in overlooked small-cap value stocks. He favors housing-exposed names MHK and REZI, consumer plays SJM and PHIN, MOS as an agriculture hedge, and suggests short-duration fixed income as inflation risks remain elevated.======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe 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

Our CIO and Chief U.S. Equity Strategist Mike Wilson shares his perspective on why investors should position for a stock market recovery despite ongoing uncertainty.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'll be discussing why equity investors – sometimes – need to look away from the headlines.It's Monday, April 13th at 11:30am in New York.So, let's get after it.Today I want to talk about something I think a lot of investors are struggling with right now – and that's timing. When I talk to people, markets still feel fragile to most. There's uncertainty around geopolitics, central banks, oil… You name it. But when I look at what the market is actually doing; not what it feels like, but what it's telling us – I come away with a very different conclusion. The market is further along than most people think in this correction.In fact, over the past couple of weeks, we've seen the S&P 500 bounce meaningfully. Almost 7 percent from the lows after holding that critical 6300 to 6500 range that we've been focused on. To me, that's not random. That's the market carving out a low ahead of an all-clear signal. And stepping back, my broader view hasn't changed.I still think we're in a new bull market that began last April, coming out of that rolling recession between 2022 and 2025. This correction is part of that cycle; not the end of it. And importantly, a lot of the heavy lifting has already been done.Valuations have compressed significantly. Forward price/earnings multiples have fallen about 18 percent from top to bottom. And beneath the surface, more than half of stocks are down 20 percent or more. That's a market that has already discounted a lot of risk – whether it's the war, private credit concerns, or AI disruption.At the same time, earnings are moving in the opposite direction. Trailing earnings growth is running around 15 percent, and forward earnings growth is up over 20 percent. That combination of falling multiples and rising earnings is a classic bull market correction behavior. Not a bear market. And that's why I think many are misreading this environment.One area where I think that's especially clear is energy. If you look at the price action, energy stocks appear to have already peaked in relative terms. That's often a signal that the underlying commodity – in this case oil – may also be peaking. Or at least it's stabilizing.Which brings me to what I think is really driving volatility now: rates.We're back in a regime where stocks and yields are negatively correlated. That means higher rates are a headwind for equities again, and the recent hawkish tone from central banks that's focused on inflation is creating tighter financial conditions. In my view, that's the final hurdle. Not the war. Not oil. But monetary policy. And here's the interesting part. Tightening financial conditions are also what ultimately force central banks to pivot. So the very thing creating anxiety today may be what sets up relief tomorrow.Now, if we're in the later stages of this correction, the next question is positioning. For me, it's still about a barbell. On one side, I like cyclicals like Financials, Industrials, and Consumer Discretionary – where the earnings remain strong and valuations have reset. On the other side is quality growth. In particularly the hyperscalers; where sentiment has been washed out, but fundamentals remain intact. That combination has worked well off the lows so far, and I think it continues to make sense here.When I zoom out even further, there's a bigger theme developing as well. And that's the rebalancing of the economy, a core theme we discussed in our 2026 outlook back in November. We're starting to see hard evidence that growth is shifting, from the public to the private economy. Private payrolls are strengthening, capital investment is picking up, and companies are behaving as if the current uncertainty is temporary – not structural. This is the rolling recovery on track.At the same time, AI is acting more as a margin tailwind than a disruption, at least in the near term. And this supports operating leverage across many industries. All of that reinforces my view that the recovery is real. And still has room to run.So when I put it all together, here's where I land:The market has already discounted a lot of bad news. It's adjusted valuations, reset positioning, and absorbed market risks. What risk remains is policy, and how long rates and liquidity stay restrictive. But markets don't wait for clarity on that. They move ahead of it.So, here's my advice. Take advantage of any further worries and put capital to work before it's obvious. Because the market waits for no one.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!

While a tentative ceasefire in the Middle East holds, the Strait of Hormuz continues to be a sticking point in diplomatic efforts. Our Deputy Global Head of Research Michael Zezas and Head of Public Policy Research Ariana Salvatore walk through some scenarios that could play out.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Deputy Global Head of Research for Morgan Stanley. Ariana Salvatore: And I'm Ariana Salvatore, Head of Public Policy Research. Michael Zezas: Today we're discussing the U.S.-Iran ceasefire's key uncertainties, consequences and what we're watching for next. It's Wednesday, April 8th at 11am in New York. Okay. Let's start with the current situation. The U.S. and Iran have agreed to a provisional ceasefire, two weeks tied to follow on talks and the reopening of the Strait of Hormuz. Markets so far, treating this as a deescalation but not a clear resolution… Ariana Salvatore: That's right. And I think the key framing here is this is a pause, not a peace deal. And in the near term, I would not assume things are suddenly stable. We still have some key uncertainties around how the ceasefire deal is going to be implemented, as well as how negotiations will begin to take shape. Michael Zezas: Right. And that's important. It seems like Iran's reported 10-point plan for the ceasefire includes some elements that might be non-starters for the U.S., some things around sanctions and unfreezing of assets. And so, there's lots of ways that there could be some re-escalation in the near term. Ariana Salvatore: Okay. So that's the near term – fragile, noisy, and still pretty headline driven. But let's try to think about this a little bit further out. How are we thinking about the medium term? Michael Zezas: Yeah. So, thinking a little bit further out, it seems to us that ceasefire and Strait of Hormuz reopening should continue to progress because the incentives are widely shared across the key actors involved. So, the U.S.'s incentive to effectively be done with the conflict is pretty well understood. There's domestic political incentives and economic incentives. There's ways to potentially explain away some of the compromises the U.S. might have to make around the Strait of Hormuz, around sanctions. And maybe point to some incentives to work with partners in the region over time to diminish the importance of the Strait of Hormuz as a choke point. Iran's incentive is pretty clear – to preserve its regime. And another actor here, which appears to be increasingly important, is China, which has reportedly been involved in expressing its preference for deescalation. And that's pretty important because China has a lot of leverage on Iran given its economic relationship with the country. Ariana Salvatore: So, starting with these negotiations, it seems like, as you mentioned before, there's still a lot of gaps between what the U.S. side and what the Iranian side is asking for. But let's put that in the context of the ceasefire. Even if it were to hold – that doesn't necessarily translate to stability, right? Michael Zezas: Yeah, I think that's right. So, if Iran were to start rebuilding its military assets, in particular its nuclear program, at some point in the future, we'd probably come back to a similar point where Israel and the United States might find their ability to project that power to be intolerable. And what we don't know right now is if any type of deal is possible that can mitigate those very long-term concerns. So, even if commodities start flowing through the Strait of Hormuz at a rate that is similar to what it was before the conflict started, it seems like there will be this overhang. Of concern that that could shut down at any moment's notice, if the U.S. and Israel and other actors in the area become concerned again with Iran's power. Ariana Salvatore: So, that overhang you're talking about actually does have some real economic impacts. One way to frame this is kind of like a lingering tax on the global system. We see that through the oil market, right? So, we think of this as a structural risk premium on oil. Our strategist, Martijn Rats, thinks that even in a deescalation scenario, you're not getting back to that world of $65-$70 oil. This Strait of Hormuz will continue to be a critical choke point that doesn't necessarily go away overnight. And maybe over time you could see some mitigation, construction of new pipelines, alternative routes, et cetera. But in the interim, that risk premium feeds through to energy prices, shipping costs, and ultimately food and broader supply chains, which is something that Chetan Ahya has been flagging in Asia for quite some time. Michael Zezas: I think that's right. And so, in highlighting that the Strait of Hormuz is a critical choke point for the global economy and for supply chains generally, it's a reminder of a problem that's been on display for the last 10 years.Just that there are supply chain choke points all over the place when you start thinking about the security needs of the U.S. and other actors throughout the globe. And so, it underscores this dynamic where multinationals are going to have to rethink – and are already starting to rethink – their supply chains. And whether or not they need to build in what our investment bankers have been calling an anti-fragile supply chain strategy. So, we can't just solve for the cheapest cost of goods and cheapest transit. You have to wire up your supply chains in a way that can survive geopolitical conflicts. And while there's some extra embedded costs that comes along with that, well, they're more reliable, so it's more efficient over the long run. Of course, it costs a lot of money to rewire your supply chains, and so that's tied into this opportunity around capital expenditures going into proving this out. And so, investors should be aware that there are plenty of sectors which will have to participate in effectively being part of rebuilding those supply chains. Ariana Salvatore: Yeah, so the way we're framing this is, this is another data point kind of in that trend toward a multipolar world. We've seen certain geopolitical events accelerate that transition. Russia-Ukraine, for example, the pandemic; and this is just sort of another example in that same direction. And some of the sectors that we think are structural beneficiaries here: obviously defense, in particular in Europe, and industrials here in the U.S. Chris Snyder's been doing a lot of work on reshoring, how we're seeing that pick up – and we think that probably continues. But as we're speaking about the U.S. and what this could mean, let's bring this back to the AI angle. Because I think that's where this all really connects in maybe a less obvious way. Near term, we're thinking about the financing implications here as pretty modest. Unless we get a major re-escalation or a rupture of the ceasefire, it shouldn't really change capital availability in a meaningful way. But this could affect where capacity gets built. Michael Zezas: Yeah, that's right. And over the past year, there's been a lot of news about the U.S. engaging in the Middle East with partners to build AI capacity via data center capacity – because there's also plenty of energy in the area to fuel those data centers. But those data centers as an infrastructure asset, and an economically valuable one at that, potentially become military targets when they're built. So, there is a consideration here after this conflict about whether or not those things can be built or be relied upon. And it is a critical part of the U.S.' strategy to build compute capacity in the aggregate with allies. And increasingly they've been looking to the Middle East as allies in an AI build out. Ariana Salvatore: So, if that becomes more challenging and you see persistent instability, for example, in the Middle East, you're probably going to see more demand push toward domestic U.S. data centers. And something that we've been highlighting has been not only the kind of pressures on the capital side. But also, you know, the bottlenecks that are very real – like power, permitting, labor, equipment and political resistance, which we've talked about on this podcast as well. We're seeing a lot of constraints. So, it's not really feasible that the U.S. is going to be able to fully substitute that Middle East capacity. Michael Zezas: So, I think the read through here is that the U.S. is still on track to build the compute capacity that it needs. The CapEx that's going into that – that is helping the U.S. economy grow this year – is still very much intact. It raises some potential future questions about how quickly the U.S. can build out, but it's unclear if that matters in the near term to (a) both the build out and (b) the productivity that can come from the current build out. Ariana Salvatore: And I think a really important consequence of what you're describing has to do with the U.S. China dynamics. So, if the U.S. is, for example, seen as a less reliable security guarantor, then you may see some of the Gulf countries potentially deepen their economic alignment with China at the margin. And that's something that could be really relevant for the upcoming U.S.-China Summit next month. Remember that was postponed from – initially it was towards the end of March. Now it seems to be around the middle of May. So, that's a really important catalyst that we're keeping an eye on for now. That's a little bit further out.Near term, of course, we'll be watching things like military buildup in the region. Any indications on how exactly the Strait of Hormuz will be managed from here. And how these negotiations progress over the next two weeks. As far as the equity market is concerned, it appears that the worst of this risk is behind us from a rate of change perspective. So, our strategists think you should start to see leadership emerge from the sectors that were doing well into this conflict, namely cyclicals like Financials and Industrials leading the way from here. Michael Zezas: Well Ariana, thanks for taking the time to talk. Ariana Salvatore: Great speaking with you, Mike. Michael Zezas: And as a reminder, if you enjoy Thoughts on the Market, please take a moment to rate and review us wherever you listen. And share Thoughts on the Market with a friend or colleague today.

Our CIO and Chief U.S. Equity Strategist Mike Wilson talks about risks in this late stage of the equity market pullback, how investors should position and what could come next.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'll be discussing what investors should be doing as we enter the final innings of this equity market correction.It's Monday, April 6th at 11:30 am in New York. So, let's get after it.For the past several months, my view has been very consistent. In short, I continue to believe we're in a bull market that began last April, coming out of what I've described as a rolling recession between 2022 and 2025. That recovery remains intact despite recent threats from AI disruption, private credit and a new war in Iran while the war between Russia and Ukraine persists.Markets have not been complacent with stocks correcting since last fall. In fact, it's well advanced with the S&P 500's forward price earnings multiple declining by 18 percent, a rare move outside of a recession or a Fed tightening cycle – neither of which is likely in my view.Meanwhile, earnings growth isn't rolling over. Instead, it's accelerating to multi-year highs and that's a key difference versus past periods when oil shocks led to a recession. And, in the absence of that outcome, I see a market that's discounted a lot of bad news.Beneath the surface, the damage has been even more significant with over half of stocks down at least 20 percent from their highs, and many down 30-40 percent. Resets of this scale usually occur near the end of corrections, not the beginning.The S&P 500 bounced last week off the 6300 to 6500 range of support that I have been highlighting. Could we re-test those levels? Sure – especially if rates push higher or geopolitical risks escalate further. However, I don't see a meaningful breakdown.If anything, what's still missing – and what I'd actually like to see – is a bit more de-risking in crowded trades like semiconductors and memory stocks, in particular. That kind of repositioning reset is often required to seal a durable bottom.So, if we are in the later innings, the next question is: where do you want to be? For me, it's about balance and I think the right approach is a barbell of cyclicals, and quality growth.On the cyclical side, I like Financials, Consumer Discretionary, and Industrials. These are the areas where earnings momentum remains strong and valuations have come down meaningfully. It's also what was leading prior to the start of the Iran conflict and reflects our core view that we are still in the early stages of a recovery from the rolling recession. Last week's jobs report supports that view with private payrolls increasing by [$]186 000, one of the largest rises in three years. On the growth side, I'm focused on the hyperscalers as a very good risk reward at this point. These companies are trading at roughly the same multiple as defensive sectors like Staples, but with more than three times the earnings growth. Meanwhile the sentiment and positioning is as bad as it's been since 2022's bear market when these companies were showing negative earnings growth. So, what could go wrong? The main risk to equities is still rates and central bank policy, not the war.We know this because we just flipped back into a regime where stocks and yields are negatively correlated where higher rates put pressure on valuations. 4.5 percent on a 10-year Treasury bond continues to be a key threshold where stock valuations are likely to get worse before they rebound durably. Furthermore, bond volatility and Fed expectations are driving tighter financial conditions—and that's been the real source of market stress lately.But here's the irony: that tightening is also what ultimately sets up a more dovish pivot from the Fed and other central banks. If financial conditions tighten too much, the Fed has the flexibility to respond—and we have plenty of evidence that there's willingness to do that over the past several years.Bottom line? The market has already done a lot of the hard work. It has priced in geopolitical risk, private credit concerns and even negative side effects from AI, which is ultimately a productivity enhancing technology.What we're dealing with now is the final hurdle – policy, rates levels and volatility. And once we get through that, I think the path forward becomes a lot clearer.But remember, markets don't wait for certainty – they move ahead of it. You should, too.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!

Industrial Talk is onsite at PowerGen and talking to Bridget Youngs, Founder at Terminus Industrials about "Disrupting the transformer manufacturing market". Bridget Youngs, founder of Terminus, discussed her company's innovative approach to transformer manufacturing. Terminus aims to reduce production time from months to under two weeks by automating processes and using AI and robotics. They focus on 138-34.5 kV transformers, a critical need in the ERCOT territory. Bridget highlighted the challenges of standardizing equipment across 1,700 utilities and the inefficiencies in current manufacturing. Terminus plans to launch products in Q3 2027, leveraging a team with expertise from companies like GE and Tesla to streamline design and manufacturing. Outline Introduction and Welcome to Industrial Talk Scott introduces the episode of Industrial Talk, sponsored by the Propane Education and Research Council, focusing on safety, training, and innovative propane power technology.Scott thanks listeners for joining the top industrial podcast, celebrating industry professionals who solve problems daily.The podcast is broadcasting live from Power Gen in San Antonio, focusing on asset management and power generation. Introduction of Bridget Youngs Scott introduces Bridget Youngs, who is in the "hot seat" to discuss transformers.Bridget thanks Scott for having her and mentions the presence of many interested buyers and sellers at the event.Bridget shares her background in power development, including 10 years in oil and gas, renewables, and working for the federal government.She explains her decision to start Terminus, a company manufacturing large power transformers. Challenges and Opportunities in Transformer Manufacturing Bridget discusses the long lead times for interconnection with utilities, which can take 2 to 5 years.She highlights the shift in the longest lead time item from bureaucratic processes to equipment availability, particularly power transformers.Bridget explains her work on automating shipbuilding and how similar principles can be applied to power transformers.Terminus is focused on retooling and engineering equipment to quickly manufacture dynamic assets, reducing labor costs and production time. Specifics of Terminus' Transformer Manufacturing Bridget details the size range of transformers Terminus is focusing on, starting with 138 to 34.5 KV.She explains the demand for these transformers in the ERCOT territory, which has the longest 138 KV line.Bridget discusses the challenges of standardizing transmission voltage and the variations among different utility territories.She emphasizes the need for engineering order due to the different standards and safety measures required for equipment. Manufacturing Process and Innovations Bridget outlines the five major steps in transformer manufacturing: cutting and stacking cores, winding coils, drying in an autoclave, assembling the tank, and testing.She describes Terminus' approach to setting up a manufacturing line that can handle different sizes of transformers efficiently.Bridget highlights the team's mix of experienced engineers and robotics experts from companies like Tesla and John Deere.She discusses the importance of iterating quickly and carefully to avoid catastrophic failures in the deployed assets. Future Plans and Market Impact Bridget mentions that Terminus plans to start rolling out products in Q3 2027, primarily focusing on 138 to 34.5 KV transformers.She explains the design process, which involves pairing experienced engineers with software engineers to streamline the design and manufacturing process.Bridget emphasizes the importance of automation in reducing downtime and costs, despite higher labor and material costs in the US.She highlights the potential for delivering cheaper, safer, and more reliable assets to users on the grid and developers. Conclusion and Call to Action Scott praises Bridget's innovative approach to transformer manufacturing and the potential impact on the market.Bridget provides contact information for Terminus, encouraging listeners to reach out on LinkedIn or through the company's website.Scott encourages listeners to connect with Bridget and other problem solvers at events like Power Gen.The podcast concludes with a call to be bold, brave, and disruptive in the industry, inspired by Bridget's story. If interested in being on the Industrial Talk show, simply contact us and let's have a quick conversation. Finally, get your exclusive free access to the Industrial Academy and a series on “Why You Need To Podcast” for Greater Success in 2026. All links designed for keeping you current in this rapidly changing Industrial Market. Learn! Grow! Enjoy! BRIDGET YOUNGS' CONTACT INFORMATION: Personal LinkedIn: https://www.linkedin.com/in/bridget-youngs/ Company LinkedIn: https://www.linkedin.com/company/terminusindustrials/ Company Website: https://www.terminusindustrials.com/ PODCAST VIDEO: https://youtu.be/eMBfz5peKU0 THE STRATEGIC REASON "WHY YOU NEED TO PODCAST": OTHER GREAT INDUSTRIAL RESOURCES: NEOM: https://www.neom.com/en-us Hexagon: https://hexagon.com/ Arduino: https://www.arduino.cc/ Fictiv: https://www.fictiv.com/ Hitachi Vantara: https://www.hitachivantara.com/en-us/home.html Industrial Marketing Solutions:  https://industrialtalk.com/industrial-marketing/ Industrial Academy: https://industrialtalk.com/industrial-academy/ Industrial Dojo: https://industrialtalk.com/industrial_dojo/ We the 15: https://www.wethe15.org/ YOUR INDUSTRIAL DIGITAL TOOLBOX: LifterLMS: Get One Month Free for $1 – https://lifterlms.com/ Active Campaign: Active Campaign Link Social Jukebox: https://www.socialjukebox.com/ Industrial Academy (One Month Free Access And One Free License For Future Industrial Leader): Business Beatitude the Book Do you desire a more joy-filled, deeply-enduring sense of accomplishment and success? 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David Ulevitch of Andreessen Horowitz joins Nick to discuss American Dynamism: The Future of U.S. Industrials, Backing Companies with Major Production Components, Manufacturing Sovereignty, and Why Space Dominance is Critical. In this episode we cover: Challenges in Venture Capital and Investment Philosophy Handling Startups and Market Pivots Navigating Dual-Use Startups Government Sales and Market Education Long-Term Revenue and Production Challenges American Dynamism Practice and Investment Thesis Supply Chain and Vertical Integration Policy Advocacy and Government Affairs Future of American Dynamism and Energy Investments Guest Links: David's LinkedIn David's X a16z's LinkedIn a16z's Website The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area. We're proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.   Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Gene Goldman sees opportunities in software, which he thinks is oversold, though he is neutral towards technology overall. Instead, he likes healthcare and industrials and is making a short-term energy play. Within those, he likes biotech and managed care. He thinks the S&P 500 will end the year higher, but warns of a potential downturn beforehand. This week, he's watching central bank meetings, especially the Fed's meeting, where it will release a new dot plot. He's underweight international equities.======== 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 – / schwabnetwork Follow us on Facebook – / schwabnetwork Follow us on LinkedIn - / schwab-network About Schwab Network - https://schwabnetwork.com/about

Our CIO and Chief U.S. Equity Strategist Mike Wilson explains why he still believes in a growth cycle for equity markets, even as investors show growing concerns around AI.Mike Wilson: 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 recent concerns around AI disruption. It's Tuesday, February 24th at 1pm in New York. So, let's get after it. Last week you could feel it, that anxious undercurrent in the market. The headlines were noisy, volatility ticked higher, and AI disruption, once again, dominated investor conversations. But beneath the surface level unease something important happened. The S&P 500 Equal Weight Index pushed to a new relative high, keeping our broadening thesis alive and well. On one hand, investors are worried about AI driven disruption, CapEx intensity, and potential labor force reductions. On the other hand, capital is still flowing into formerly lagging areas of the market, just as the median stock is seeing its strongest earnings growth in four years. Let's unpack this. First, there's concern AI will lead to job losses. But even if that's the case, there's typically a phase-in period. Companies don't just eliminate labor overnight. Importantly, before these productivity gains are fully realized, we need broad enterprise adoption. That means building out the agentic application layer, integrating AI into workflows, retraining systems and processes. That takes time, and it is still early days in that regard. Second, what we're seeing now is typical of a major investment cycle. Volatility increases as markets challenge the pace of unbridled spending. Dispersion increases as investors debate winners and losers. Leadership rotates, sometimes sharply. There's also something different this time compared to the internet bubble of the late 1990s. Today we're in an early cycle earnings backdrop. We've just emerged from what was effectively a rolling recession between 2022 and 2025. So, as capital rotates out of the perceived structural losers, it's not just chasing long-term AI beneficiaries, it's also finding classic cyclical winners. On the losing side is long duration services-oriented sectors, particularly software. These areas are more sensitive to uncertainty around longer term cash flows. This area also has a large overhang of private capital deployed over the last 10 to 15 years. There are other forces at play too. Small cap growth, arguably the longest duration segment of the market, began breaking down in late January around the time Kevin Warsh was nominated as Fed chair. While major indices barely reacted, more speculative areas may be responding to expectations of tighter liquidity given Warsh's, reputation as a balance sheet hawk. Finally, equity markets are typically more volatile when new Fed chairs assume office. Bottom line, our broader thesis of an early cycle rolling recovery remains intact. Market internals are supportive even if index level action feels choppy. That said, near term volatility is likely to persist as we enter a weaker seasonal window for retail demand, while liquidity remains ample, but far from abundant. With this backdrop, a quality cyclical barbell with healthcare makes sense. In small caps, the higher quality S&P 600 looks more attractive than the Russell 2000. And any short-term volatility could present opportunities to add exposure in preferred cyclical areas like Consumer Discretionary Goods, Industrials, and Financials. Of course, risks remain. AI adoption could accelerate faster than expected, pressuring labor markets more abruptly. Pricing power could erode as efficiency spread, and policy makers could react in ways that slow the CapEx cycle while crowded momentum positioning remains vulnerable. Nevertheless, the signal from the internals is clear. Beneath the volatility this looks less like a market rolling over, and more like one that is confirming an early cycle economic expansion. 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.

Feb 6, 2026 – Chris Puplava, Chief Investment Officer at Financial Sense Wealth Management, analyzes the recent tech sector sell-off, the disruptive impact of AI advancements like Claude Legal, and the broader market implications for investors...

P.M. Edition for Feb. 6. Stocks bounced back today from a tech selloff. We hear from WSJ markets reporters David Uberti and Jack Pitcher about how that took the Dow over a historic milestone of 50000 and what that means. Plus, President Trump posts, then deletes, a video depicting former President Barack Obama and Michelle Obama as apes. And Japanese Prime Minister Sanae Takaichi has only been in her role for a few months, but she's already betting her seat on a snap election this Sunday. WSJ Tokyo bureau chief Jason Douglas joins to discuss how Takaichi hopes to cement her power and move Japan closer to the U.S. Alex Ossola hosts. Your Money Briefing episode featuring Lauryn Williams: Going for Gold: The Financial Hurdles Facing Olympic Athletes Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

WORST DAY EVER for SILVER Cold Snap in Florida – Massive Critter Drop New Fed Chair named Pausing on space PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter Interactive Brokers  Warm-Up - WORST DAY EVER for SILVER - Cold Snap in Florida - Massive Critter Drop - New Fed Chair named - Pausing on space Markets - Bitcoin plunges - Crypto "winter" - Deep dive into January economic results - USD rises from multi-month low - EM still powered ahead - ELON - PT Barnum move Cold Snap - On February 1, 2026, Florida faced a significant drop in temperatures, reaching a record low of 24°F (-4°C) in Orlando. This marked the lowest temperature recorded in February since 1923. - Iguanas dropping from tress all over the streets - Iguanas can survive temperatures down to the mid-40s Fahrenheit (around 7°C) by entering a "cold-stunned" state, where they appear dead but are just temporarily paralyzed and immobile; however, prolonged exposure to temperatures in the 30s and 40s, especially below freezing, can be lethal, particularly for smaller individuals, leading to tissue damage and organ failure. - They get sluggish below 50°F (10°C) and fall from trees as they lose grip. - The Florida Fish and Wildlife Conservation Commission (FWC) issued Executive Order 26-03 on Friday, allowing residents to collect and surrender cold-stunned green iguanas without a permit during an unprecedented cold weather event. Right on Schedule - Remember we talked about how the Nat Gas price was going to reverse, just as quickly as it spikeed? - Nat gas down 25% today - down about 28% from recent high - Still about 50% higher than it was before the spike. THIS! - Nvidia Corp. Chief Executive Officer Jensen Huang said the company's proposed $100 billion investment in OpenAI  was “never a commitment” and that the company would consider any funding rounds “one at a time.” - “It was never a commitment,” Huang told reporters in Taipei on Sunday. “They invited us to invest up to $100 billion and of course, we were, we were very happy and honored that they invited us, but we will invest one step at a time.” Then Oracle announced that it will do a fundraiser in the form of equity and debt - needs to fund more datacenter build-out. - What happened to the OpenAI $300 Billion committment? - Or is the money that NVDA "committed to OpenAi, that they must have committed to Orcle, not a committment - GIGANTIC CIRCLE JERK Fungus - -Interesting - Did you know? Botrytis cinerea, a fungus causing grey mold, affects grapes by causing bunch rot, ruining fruit in high humidity. - While it often destroys crops, specific dry, warm conditions can transform it into "noble rot," concentrating sugars and creating high-value dessert wines (e.g., Sauternes, Tokaji) with honeyed, raisin-like, and apricot flavors. January Economic Review Employment — Job growth was nearly flat in December, with 50,000 new jobs added and earlier months revised lower. — Unemployment dipped slightly to 4.4%, but it's still higher than it was a year ago. — Long-term unemployment didn't change and remains high, and the labor force participation rate slipped to 62.4%. — Average hourly earnings rose 0.3% in December and are up 3.8% over the past year. — Weekly jobless claims stayed close to last year's levels, showing a labor market that is cooling but not weakening sharply. FOMC / Interest Rates — The Federal Reserve kept interest rates unchanged at 3.50%–3.75%. — Most policymakers agreed the economy continues to grow at a solid pace, though job gains are slowing and inflation remains above target. — Two committee members supported a small rate cut, but the majority preferred to wait. - Fed Chair Powell: Clearly, a weakening labor market calls for cutting. A stronger labor market says that rates are in a good place. It isn't anyone's base case right now that the next move will be a rate hike. - The economy has once again surprised us with its strength. Consumer spending numbers overall are good, and it looks like growth overall is on a solid footing. - Upside risks to inflation and downside risks to employment have diminished, but hard to say they are fully in balance. We think our policy is in a good place. - Overall, it's a stronger forecast since the Fed's last meeting. Haven't made any decisions about future meetings, but the economy is growing at a solid pace, the unemployment rate is broadly stable and inflation remains somewhat elevated, so we will be looking to our goal variables and letting the data light the way for us. - Most of the overrun in goods prices is from tariffs. We think tariffs are likely to move through, and be a one-time price increase. - Dissent: Miran and Waller (Miran is a admin shill and Waller wanted job as Fed Chair) GDP & Federal Budget — Economic growth remained strong in Q3 2025, with GDP rising at an annualized 4.4% driven by strong spending, higher exports, and reduced imports due to tariffs. — Investment was mixed, with business spending increasing while housing activity declined. — The federal deficit for December rose to $145 billion, though the fiscal year-to-date deficit is slightly smaller than last year. Inflation & Consumer Spending — Personal income and consumer spending rose moderately in October and November. — Inflation, measured by the PCE index, increased 0.2% in both months and roughly 2.7% year-over-year. — The Consumer Price Index rose 0.3% in December, with shelter, food, and energy all contributing. — Producer prices also increased, though 2025 producer inflation slowed compared to 2024. Housing — Existing home sales rose in December, but the number of homes for sale is still low. — Prices dipped a bit from November but remain higher than they were a year ago. — New-home sales in October were steady compared with the prior month but much higher than last year. — New-home prices fell compared to 2024, though they are still high relative to long-term norms. Manufacturing — Industrial production rose 0.4% in December and was up 2.0% for the year. — Manufacturing output increased, while mining activity declined and utility output jumped. — Durable goods orders grew sharply in November, driven by a big increase in transportation equipment, pointing to strong demand in key industries. Imports & Exports — Import and export prices rose slightly through November 2025. — The goods trade deficit widened in November because exports fell while imports increased. — For the year so far, both exports and imports are running above 2024 levels, though the overall trade deficit remains larger. Consumer Confidence — Consumer confidence fell sharply in January after improving in December. — Both views of current conditions and expectations for the future weakened, with expectations dropping well below the level that often signals recession risk. Earnings — Roughly one-third of S&P 500 companies have reported Q4 earnings, and overall results are strong. — 75% of companies have beaten EPS estimates, though this is slightly below long-term averages. Revenue beats remain solid at 65%. — Companies are reporting earnings 9.1% above estimates, which is well above the 5-and 10-year surprise averages. — The S&P 500 is on track for 11.9% year-over-year earnings growth, marking the 5th straight quarter of double-digit earnings growth. — Eight of eleven sectors are showing positive year-over-year earnings growth, led by Information Technology, Industrials, and Communication Services. — The Health Care sector shows the largest earnings declines among lagging categories. — The forward 12-month P/E ratio sits at ~22.2, elevated relative to 5-and 10-year averages, signaling continued optimism despite tariff and cost concerns. — FactSet also notes the S&P 500 is reporting a record-high net profit margin of 13.2%, the highest since 2009. INTERACTIVE BROKERS Check this out and find out more at: http://www.interactivebrokers.com/   S3XY No More - Tesla is ending production of the Model S sedan and Model X crossover by the end of Q2 2026 to focus on autonomous technology and humanoid robots (Optimus). - Do we have any idea with the TAM for either of these are? - Huge assumptions that Robotaxi will be a bug part of the global transportation. But, what if it isn't? - Unproven being built, taking out the proven - investors were not too happy about this...Stock was down after earnings showed continued sluggish EV sales and BIG Capex for Robotaxi refit, robots and chip manufacturing. But... - Friday - not to allow TESLA stock to move down tooo much. - With SpaceEx looking for an IPO in June - valuations have moved from $800B to 1.5T supposedly. - Now there is discussion of merging in xAI and possibly Tesla - Tesla shares dropped after earnings FED CHAIR PICK - Drumroll: Kevin Warsh - Seems like a good pick from the aspect of experience and ability - Deficit reducer? - More hawkish than market expected? - Announce Friday after several leaks in the morning And then... - Silver futures plummeted 31.4% to settle at $78.53, marking its worst day since March 1980. -It was down 35% during the day - the worst daily plunge ever on record. - It was the worst decline since the March 1980 Hunt Brothers crash. - The sharp moves down were initially triggered by reports of Warsh's nomination. - However, they gained steam in afternoon U.S. trading as investors who piled into the metals raced to book profits.- USD Spiked higher - Gold was down 10% - GOLD saw a drop of 10% to the close - 12% intraday - this was also a record - Bitcoin is down 25% from its recent level 2 weeks ago - ALL BEING BLAMED ON THE FED CHAIR PICK -- QUESTION - Will Trump back-peddle this OR talk to supporters in congress or tell them not to confirm him if markets continue to act squirrely? Fed Statement and Rates - Fed out with statement - no change on rates - Changes: Inflation up, employment steady, economy strong - Does not bode for much in the way of cuts - probably on hold though end of Powell term Apple Earnings - Apple reported blowout first-quarter earnings on Thursday, and predicted growth of as much as 16% in the current quarter, matching the period that just ended. - Sales could be even better, Apple said, if the company just secure enough chips to meet its customers' iPhone demands. - The company reported $42.1 billion in net income, or $2.84 per share, versus $36.33 billion, or $2.40 per share, in the year-ago period. - Apple saw particularly strong results in China, including Taiwan and Hong Kong. Sales in the region surged 38% during the quarter to $25.53 billion. - “The constraints that we have are driven by the availability of the advanced nodes that our SoCs are produced on, and at this time, we're seeing less flexibility in supply chain than normal,” Apple CEO Tim Cook said. - Stock up slightly - no great moves.... Blue Origin - Blue Origin will pause tourist flights to space for “no less than two years” to prioritize development of its moon lander and other lunar technologies. - The decision reflects Blue Origin's commitment to the nation's goal of returning to the Moon and establishing a permanent, sustained lunar presence. - The pause in tourist flights grounds the company's reusable New Shepard rocket, which has sent more than 90 people to the edge of space and back to experience brief periods of weightlessness. - Datacenters on the Moon? (sounds like a Pink Floyd album)     Love the Show? Then how about a Donation? ANNOUNCING THE WINNER OF THE THE CLOSEST TO THE PIN CUP 2025 Winners will be getting great stuff like the new "OFFICIAL" DHUnplugged Shirt!     FED AND CRYPTO LIMERICKS   See this week's stock picks HERE Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter

Our Chief Cross-Asset Strategist Serena Tang and senior leaders from Investment Management Andrew Slimmon and Jitania Kandhari unpack new investment trends from supportive monetary and fiscal policy and shifting market leadership. Read more insights from Morgan Stanley.----- Transcript -----Serena Tang: Welcome to Thoughts on the Market. I'm Serena Tang, Morgan Stanley's Chief Cross Asset Strategist. Today we're revisiting the 2026 global equity outlook with two senior leaders from Morgan Stanley Investment Management. Andrew Slimmon: I am Andrew Slimmon, Head of Applied Equity Team within Morgan Stanley Investment Management. Jitania Kandhari: And I'm Jitania Kandhari, Deputy CIO of the Solutions and Multi-Asset Group, Portfolio Manager for Passport Strategies and Head of Macro and Thematic Research for Emerging Market Equities within Morgan Stanley Investment Management.It's Tuesday, February 3rd at 10 am in New York. So as investors are entering in 2026, after several years of very strong equity returns with policy support reaccelerating. As regular listeners have probably heard, Mike Wilson, who of course is CIO and Chief Equity Strategist for Morgan Stanley – his view is that we ended a three-year rolling earnings recession in last April and entered a rolling recovery and a new bull market. Now, Andrew, in the spirit of debate, I know you have a different take on valuations and where we are at in the cycle. I'd love to hear how you're framing this for investment management clients. Andrew Slimmon: Yeah, I mean, I guess I focus a little bit more on the behavioral cycle. And I think that from a behavioral cycle we're following a very consistent pattern, which is we had a bad bear market in 2022 that bottomed down 25 percent. And that provided a wonderful opportunity to invest. But early in a behavioral cycle, investors are very pessimistic. And that was really the story of [20]23 and really 2024, which were; investors, you know, were negative on equities. The ratios were all very negative and investors sold out of equities. And that's consistent with a early cycle. And then as you move into the third-fourth year, investors tend to get more optimistic about returns. Doesn't necessarily mean the market goes down. But what it does mean is the market tends to get more volatile and returns start to compress, and ultimately, bull markets die on euphoria. And so, I think it's late cycle, but it's not end of cycle. And that's my theme; is late cycle but not end of cycle.Serena Tang: And I think on that point, one very unusual feature of this environment is that you have both monetary and fiscal policy being supportive at the same time, which, of course, rarely happens outside of recession. So how do you see those dual policy forces shaping market behavior and which parts of the market tend to benefit? Andrew Slimmon: Well, that's exactly right. Look, the last time I checked, page one of the investment handbook says, ‘Don't fight the Fed.' And so, you have monetary policy easing. And what we; remember what happened in 2021? The Fed raised rates and monetary policy was tightening. Equities do well when the Fed is easing, and that's one of the reasons why I think it's not end of cycle. And then you layer in fiscal policy with tax relief coming, it is a reason to be relatively optimistic on equities in 2026. But it doesn't mean there can't be bumps along the way – and I think a higher level of optimism as we're seeing today is a result of that. But I think you stick with those more procyclical areas: Finance, Industrials, Technology, and then you move down the cap curve a little bit. I think those are the winning trades. They really started to come to the fore in the second half of last year, and I think that will continue into 2026. Serena Tang: Right. And we've definitely seen some bumps recently, but I think on your point around yields. So, Jitania, I think that policy backdrop really ties directly to your idea of the age of capped real rates. In very simple terms, can you explain what that means and what's behind that view? Jitania Kandhari: Sure. When I say age of real rates being capped, I mean like the structural template within which I'm operating, and real rates here are defined by the 10-year on the Treasury yield adjusted for CPI.Firstly, I'd say there was too much linear thinking in markets post Liberation Day. That tariffs equals inflation equals higher rates. Now, tariff impacts, as we have seen, can be offset in several ways, and economic relationships are rarely linear.So, inflation may not go up to the extent market is expecting. So that supports the case for capped rates. And the real constraint is the debt arithmetic, right? So, if you look at the history of public debt in the U.S., whenever there was a surge in public debt during the Civil War, two World Wars, Global Financial Crisis, even during COVID. In all these periods, when debt spiked, real rates have remained negative.So, there can be short term swings in rates, but I believe that markets not necessarily central banks will even enforce that cap. Serena Tang: You've described this moment, as the great broadening of 2026. What's driving this and what do you think is happening now after years of very narrow concentration? Jitania Kandhari: Yes. I think like if last decade was about concentration, now it's going to be about breadth. And if you look at where the concentration was, it was in the [Mag] 7, in the AI trade. We are beginning to see some cracks in the consensus where adoption is happening, but monetization is lagging. But clearly the next phase of value creation could happen from just the model building to the application layer, as you guys have also talked about – from enablers to adopters.The other thing we are seeing is two AI ecosystems evolve globally. The high cost cutting edge U.S. innovation engine and the lower cost efficiency driven Chinese model, each of them have their own supply chain beneficiaries. And as AI is moving into physical world, you're going to see more opportunities. And then secondly, I think there are limitations on this tariff policies globally; and tariff fears to me remain more of an illusion than a reality because U.S. needs to import a lot of intermediate goods And then lastly, I see domestic cycles inflecting upwards in many other pockets of the world. And you add all this up; the message is clear that leadership is broadening and portfolio should broaden too. Serena Tang: And I want to sort of stay on this topic of broadening. So, Andrew, I think, you've also highlighted, you know, this market broadening, especially beyond the large cap leaders, even as AI investment continues, I think, as you touched on earlier. So why does that matter for equity leadership in 2026? And can you talk about the impact of this broadening on valuations in general? Andrew Slimmon: Sure. So I think, you know, I've been around a long time and I remember when the internet first rolled out, the Mosaic browser was introduced in 1993. And the first thing the stock market tried to do is appoint winners – of who was going to win the internet, you know, search race. And it was Ask Jeeves and it was Yahoo and it was Netscape. Well, none of those were the winners. We just don't know who's ultimately going to be the tech winner. I think it's much safer to know that just like the internet, AI is a technology productivity enhancing tool, and companies are going to embrace AI just like they embraced the internet. And the reason the stock market doubled between 1997 and the dotcom peak was that productivity margins went up for a lot of companies in a lot of industries as they embraced the internet. So, to me, a broadening out and looking at lower valuations, it is in many ways safer than saying this is the technology winner, and this is technology loser. I think it's all many different industries are going to embrace and benefit from what's going on with AI. Serena Tang: You don't want to know where I was in 1993. And I don't recognize most of those names. Andrew Slimmon: Sorry. I was 14! Serena Tang: [Laughs] Ok. Investors often hear two competing messages now. Ignore the macro and buy great companies or let the big picture drive everything. How do you balance top-down signals with bottom-up fundamentals in your investment process? Andrew Slimmon: Yeah, I think you have to employ both, and I hear that all the time; especially I hear, you know, my competitors, ‘Oh, I just focus on my stock picks, my bottom up.' But, you know, look statistically, two-thirds of a manager's relative performance comes from macro. You know, how did growth do? How did value do? All those types of things that have nothing to do with what stock picks... And likewise, much of a return of an individual stock has to do with things beyond just what's happening fundamentally. But some of it comes from what's happening at the company level. So, I think to be a great investor, you have to be aware of the macro. The Fed cutting rates this year is a very powerful tool, and if you don't understand the amplifications of that as per what types of stocks work, because you're so focused on the micro, I think that's a mistake. Likewise, you have to know what's going on in your company [be]cause one third of term does come from actual stock selection. So, I'm a big believer in marrying a top down and a bottom up and try to capture the two thirds and the one third.Serena Tang: Since that 2022 bear market low that you talked about earlier. I mean, your framework really favored growth and value over defensives. But I think more recently you've increased your non-U.S. exposure. What changed in your top-down signals and bottom-up data to make global opportunities more compelling now? Is it the narrative of the end of U.S. exceptionalism or something else? Andrew Slimmon: No, I really think it's actually something else, which is we have picked up signals from other parts of the world, Europe and Japan. That are different signals than we saw really for the last decade, which is namely that pro-cyclical stocks started to work. Value stocks started to work in the first half of 2025. And you look at the history of when that happens, usually value doesn't work for a year and peter out. So that's been a huge change where I would say, a safer orientation has shown the relative leadership, and we have to be – recognize that. So, in our global strategies, we've been heavily weighted towards, the U.S. orientation because we didn't see really a cyclical bias outside. And now that's changing and that has caused us to increase the allocation to non-U.S. exposure. It's a longwinded way of saying, look, I think what the story of last year was the U.S. did just fine. But there were parts of the world that did better and I think that will continue in 2026. Serena Tang: Andrew, Jitania thank you so much for taking the time to talk. Andrew Slimmon: Great speaking with you, Serena. Jitania Kandhari: Thanks for having us on the show. Serena Tang: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.