Transcripts For FBC The 20240703

A bit late in the session. Im a ashley in for liz today. Major averages Holding Onto Gains and dow s p 500 and hitting intraday the dow hit ago key milestone and crossing 40,000 for the First Time Ever during todays session. Get out the hots and rise for 30,000 to 40,000 took 873 trading days to be exact. On the 4 of 2020. What starts have driven that 10,000 point gain. Dolled man zacks and 150 pointblank layupses to the dow and followed closely behind for microsoft, United Health and caterpillar. Posting top and bottom line beat and walmarts online sales rocketed higher by 22 . Impressive. Helped by households earning more than 100 per year. Also for the first time, the retailer saw its Delivery Business surpass store pickup in terms of volume. Value mart now expects to hit the high end or top its previous four year guidance and investors loving that news. Walmart also of course considered a bell weather of the economy. What is the retail giant telling us. Walmart analyst and ivan fineseth cio with Tiger Financial partners and gene goldman. Gentlemen, thank you both for being here. Ivan, let me begin with you. I guess, what is this saying if walmart is doing well, even with those wealthier shoppers, good for walmart, but is that not a good sign for the economy . Its a good sign for the economy that they are and able to attract a higher Income Customer because everybody like as bargain and value, and especially that walmart excels in selling stapled goods. Ashley is the john coupler feeling the pinch . Yes and thanks for having me on your show. Of course i think the key players and were not headed for recession because areas in recession today and housing and manufacturing are bouncing back and Credit Card Debt at trillions and its rising at a decade high and Student Loans and taxes and high Interest Rates and average slowing down. Its worsening ashley its back to around october 2022 and the big question, where do we go from here . Still room to run . Yeah, i think the market has way more to go. First of all new highs beget new highs and new highs in all three indexes, dow s p 500 and theres cash on the sidelines feeding into the market and its its missed out and 45 getting money markets or t bills. The big driver continues to be Earnings Growth and revenue growth. We just get out of good results out of q4 of last year and good results so far out of q4 of this year and average earnings of s p 1500 is 5. 4 for First Quarter up from 3. 2 expected. Full year is expected to be better than 11 . And earnings drives the stock market. Revenue growth and Earnings Growth drive the stock market and what drives the economy is still jobs, jobs, jobs and the employment picture and the overall wage picture remain strong. Lets take a step back in terms of seeing the market ask agreeing with the october 27 correction low of last year and valuations are high and certainty on fed action and consumer is under pressure and we expect the pullback and should be short lived and no recession in the next 12 months and fed will cut rates later this year. Earnings growth looks pretty good. You tie in what does it mean to the market and means a widening market breath. Other Asset Classes that in sectors that are undervalue and underfollowed and goes to us and small cap and value and within those sectors, industrials and think about this. Agriculture, defense spending and healthcare and defensive growth sector and financials, financials as yields start to pull back between vision later this year, its a boom for financials and theyve been pricing in the worst Case Scenario and thats great for financials. Ashley we need a bit of correction, 510 and cant go on for a shock. What say you . We had a little over 5 correction in the s p about 8 in the nasdaq. Covered strongly and first of all, the sideline cash and the biden dip reaction to any pullbabacks and the wanting to give in on the Market Recovery with pullbacks and that is right short and shop. Ashley so much to talk about and not enough time as always. Gene and ivan. Thank you, gentlemen, both for chatting with us today. Really appreciate it. We have breaking news from the front lines in the war in ukraine president zelensky traveling to car sense of aloha and going to russia north and east of the city and ukrainian president according to to president extremely difficult and disturbing article in the wall street journal today reveals russia launched a research spacecraft for antisatellite weapon that could carry a nuclear device. U. S. Officials telling the journal that the weapon that was launched in 2022 does have the ability to wipe out American Government satellites as well as spacexs star link network, which has proven as we know critical for ukraines war effort. Meantime, this is going on and vladamir putin visiting beijing and presenting a united front and highlighting the partnership and juul jillian turn Service Connected live from the state department this afternoon with all the latest developments. Jillian. Reporter hi, ashley. The state department dippinged china in the briefing dinged china in the briefing for cozying up to russia and theyre sorely mistaking if they think they can fuel the bloodshed and still remain friends with the west. Take a listen. People of china can no have its cake and eat it too. You cant have it both ways. You cant want to have good further stronger deepened relationships with europe in other countries and continuing to fuel the biggest threat for European Security for a long time. Reporter putin in beijing to visit xi for the highlighting the no limits partnerships theyre scheming together. China and russia are not going to stop each other and theyre going to continue their attacks in the west. Reporter beijing is the First International trypsins winning the reelection and hell do anything for xi including negotiate an end to war in ukraine. The white house is also accusing chinas private sector now. Companies are contributing to putins bloodshed. Weve been always pretty consist, but i want to make one point clear and we find it unacceptable that the Chinese Companies are helping putin wage this war against ukraine. Reporter the two leaders wrapped up day one of the summit in beijing and putin plans to talk about the war in ukraine and theyll spend all day again tomorrow. Well have that for you as well. Ashley. Ashley im sure you will. Jillian, appreciate that. The Dow Jones Industrial average hitting 40,000 points for the very first time any games of the dow s p 500 and nasdaq with a record close and dow component walmart hit ago record high after reporting strong earnings. For the First Quarter. All right, the 2024 nfl schedule is out and football fans may have to pony up a pretty penny as more streaming outlets get a piece of the broadcast and super ball champion with the Baltimore Ravens are here to talk football schedules and the leagues new revenue stream. There he s look forward to talking to him and nfl broadcast and streaming partners and disney fox and netflix, paramount a bit of mixed bag. Comcast, walt disney, paramount higher and the other two down. Claman countdown is coming right back. voya there are some things that work better together. Like your Workplace Benefits and retirement savings. Voya provides tools that help you make the right investment and benefit choices. So you can reach todays financial goals and look forward to a more confident future. Voya, well planned, well invested, well protected. So, what are you thinking . Im thinking. speaking to self about our honeymoon. What about africa . Safari . Hot air balloon ride . Swim with elephants . Wait, can we afford a safari . Great question. Like everything, it takes a little planning. Or, put the money towards a downpayment. On a ranch. In montana. With horses lets take a look at those scenarios. J. P. Morgan Wealth Management has advisors in chase branches and tools, like wealth plan to keep you on track. When youre planning for it all. The answer is j. P. Morgan Wealth Management. What took you so long . Im sorry, there was a long line at the thai place. You get the sauce i like . Of course youre the man i wish. The future isnt scary. Not investing in it is. Nasdaq100 innovators. One etf. Before investing, carefully read and consider Fund Investment objectives, risks, charges, expenses and more in prospectus at invesco. Com people couldnt see my potential. So i had to show them. Ive run this place for 20 years, but i still need to prove that im more than what you see on paper. Today im the ceo of my own company. Its the way my mind works. I have a very mechanical brain. Why are we not rethinking this . I am more. Im more than who i am on paper. Ashley the steaming partnership between disney, warner bros discovery and fox has an official name. Venue sports. Thats venu without the e on the end. Its offerings from all the three Major Companies according to the new venu ceo and its a new streamine traditional paid tv ecosystem experience an incredible collection of live sports in one place. Theres no official launch date and service on track to go live this fall in time for nfl season and nfl unveiled schedule for all 32 teams last night and big news, the two christmas games streams on netflix this year. Therell be games in brazil for the first time and have super bowl winning coach for the Baltimore Ravens, brian bilic. Its getting expensive if you want to catch all the nfl games. If you have netflix, espn , prime video, pis peacock, youtube tv, nfl sunday ticket, bunked it will all together, thats about 579. Is this starting to get expensive for your average fan to watch the games . Sure it is. Just like psls and go and go to watch them and the nfl is brilliant in terms of creating this competition for it is market. This is the last must see tv in terms of Live Entertainment and all the major networks, abc, nbc and cbs to bid against each other to get the services and now in terms of streaming services and netflix, google, disney, youve got to know its head that had way because the nfl is all about creating that competition on and off the field for the Different Services because they realize that would be a boom for them to get. Ashley absolutely. We should take note that taking the game around the world is important but then you have germany and then england and now brazil. From the point of view of a coach, thats a heck of a lot of traveling, horrendous time differences. How hard is that on the team . It is. X thats the challenge that people are conjecturing to get european teams in the nfl. I dont know how that extensive travel would factor in. They stretch it out so the jaguars play two weeks a row in london and play the vikings on the sixth and bears on the 13th and theyll be over there to mitigate that. But down to brazil and munich and three games in london and insatiable demand and i do radio shows in bonn don and its london and its an excited and knowledgeable fan base. The International Market is a big one for the nfl. Ashley even back here in the u. S. , coach, for instance the new york jets play three games in a span of 11 days. Monday night game and then theres a sunday, then the following thursday. Thats a lot of games in a short amount of time. When you mix up the schedules like this, is that hard to cope with . Thats the first thing as a coach when you first get the schedule. Youve known who youre going to play and where but just know know where youre going to play. Thats the first thing you look at. Theyre all tough and difficult schedules but whats the spacing and my bye . The jet haves that pack intoed less than two week period. When is my travel. Very importantly, who do i play after im on the road for two or three games and a sequencing of games and only have 17 games. Unlike Major League Baseball and basketball, we have so many games, each of those games carries such a premium so the spacing of is is huge. Ashley the nfl is instating a new kickoff rule aimed at keeping players safe. What do you think . Yes, they saw that a long time ago is the kickoff is the most injuryprone part of the game with a lot of bodies moving fast and moving the kick where you kickoff and the team can lead from, theyre basically trying to slow that down and impact again and one more thing to try and protect the players. Ashley i noticed youre partnering with a company about a relief pain patch. You know, in the world of football, you know all about pain. How effective is it . Its all about keeping players healthy and getting them back on the field. Its the next big step and its a movable patch and reusable and put it where you need it. Pain is nothing more than an electrical signal. This helps mitigate that signal. Put it between the pain and brain, that allows you to do the other things and movement is medicine. Its so important. So being able to move the joints and the muscles, people immediate to go to signalrelief. Com and check out the science. Its incredible. Ashley very good. Before i let you go. Anyone you like going ahead with the new season . I mean, i know the chiefs will be always tough but any dark horses . I dont know about dark horses but the great thing about this season coming up is theres a lot of teams in afc and nfl being able to contend along with the chiefs and the ravens, the bills will be there. Well see what the jets do with aaron rodgers. In the nfc theres a whole nfc h of folks. Green bay packers inserting themselves, San Francisco back in the mix and philadelphia looks to be good. Rather than just a particular team, i think the fact weve got a lot of teams that can lay claim to being potential super bowl champs will make it a very exciting season. Ashley and very competitive. Brian billick, coach, thank you for taking the time to chat with us. We really appreciate it. Okay, moving on, investors get name for undisclosed stock Berkshire Hathaway has been racking up since the second half of last year. Whats buffet been guying and one of the stocks on the s p 500 leader board. Maybe. Werecosming right back. Did i read this . Did i get eggs . Where are my keys . Memory and thinking issues keep piling up . It may be due to a buildup of amyloid plaques in the brain. Visit morethannormalaging. Com upbeat music with the push of a button, constant contacts ai tools help you know what to say, even when you dont. Hi constant contact. Helping the small stand tall. Sara federico at st. Jude, we dont care who cures cancer. We just need to advance the cure. The heart of st. Jude is to take care of children with catastrophic diseases and to advance their cure rates. But we need to be able to do that for everyone. Its a bold initiative, to try and bump cure rates all around the world. But we should. It is our commitment. [music playing] so, whats the code . It says 547. 5well, thats not working. Dad, she really needs to pee. [baby crying] were gonna get in in a minute, okay . Its not opening. Well, ill call. Representative. [baby crying] speak with a person. [cs line] you are a valued customer. Representative we can go in the window. Daddy just a moment darling. Meanwhile, at a vrbo. When other Vacation Rentals leave you hanging, try one where you can reach a human in about a minute. vo what does it mean to be rich . Maybe rich is less about reaching a magic number. And more about discovering magic. Rich is being able to keep your loved ones close. And also send them away. Rich is living life your way. And having someone who can help you get there. The key to being rich is knowing what counts. Ashley fox business alert, pop stocks are moving high after the Justice Department moved to reregulate the drug and medicinal and dea taking Public Comment on the reclassification proposal. Underarmour forecast ago surprise drop in annual sales in profit. The sportswear maker laid out a plan to restructure it is business and cut jobs in the face of weak u. S. Demand. Under armour announcing a 500 million Share Buy Back plan and stock down 1 . Chubb stock trading at record levels after Berkshire Hathaway disclosed stake of 6. 72 billion worth of shares and berkshire began buying the stock in the Third Quarter of last year and it is now among the Top Ten Holdings in its portfolio. Cisco systems at bottom of the dow after fiscal Third Quarter earning ands revenue fell from a year earlier. However cisco Beat Estimates for the julyquarter and expecting 6. 5 billion at midpoint of the outlook and stock down 2. 75 . Deere churned lower and the company said farmers are buying fewer tractors and combine harvesters because of falling crop prices. Deere expects large ag Equipment Sales to decline between 2025 this year. Thats a lot and the stock is down more than 4. 5 . Well, the hammers are swinging as new Home Construction actually picks up the pace ahead of a possible rate cut later this year. But, acceleration of building new homes not enough to make up for shortage of inventory and founder of emphasis digital risk is here to give us the 411 on struggling real estate market. By the way, starting next week, the fox business rundown makes its debut. Liz claman and other fox business stars bringing you a biweekly podcast to get you caught up on the latest in the financial world and what it all means for your wallet. Kicks off on monday, may 20th and drops every monday and friday. Just go to foxbusinesspodcast. Com, apple, spotify or wherever you download your favorite podcast. The claman countdown coming right back. Music unnecessary action hero unnecessary. Was that necessary . No. Neither is missing your daughters competition to do payroll. With paycom, employees do their own payroll so you dont have to miss your daughters big day. Time to shine. Get paycom and make the unnecessary unnecessary. After last months massive solar flare added a 25th hour to the day, businesses are wondering what should we do with it . Im thinking company wide power nap. [ employees snoring ] anything can change the world of work. From hr to payroll, adp designs for the next anything. Ah, these bills are crazy. She has no idea shes sitting on a goldmine. Well she doesnt know that if she owns a Life Insurance policy of 100,000 or more she can sell all or part of it to coventry for cash. Even a term policy. Even a term policy . Even a term policy find out if youre sitting on a goldmine. Call Coventry Direct today at the number on your screen, or visit coventrydirect. Com. I was only 23 when i was first diagnosed with nonmelanoma skin cancer. 40 years later, ive had almost 20 mohs surgeries. I had just accepted that the pain and the scars were going to be part of my life. But when i was diagnosed with two basal cells on my face, i became determined to find an alternative to surgery. If you, like millions of others, are affected by skin cancer. Its important to know that surgery isnt the only option. Theres another choice. Gentlecure. It sounded like everything i had been looking for. Gentlecure uses low energy xrays to kill skin cancer cells with a 99 cure rate. Plus, theres no cutting, no surgical scarring and no downtime. Im so glad i did it. It was successful in every way. To learn more, call today or go to gentlecure. Com this is remington. Hes a member of the family, for sure. We always fed them kibble it just seemed like the thing to do. But. He was getting picky we heard about the farmers dog. And it was a complete transformation. His coat was so soft, he had amazing energy. He was a completely different dog. Its a nobrainer that remi should have the most nutritious and Delicious Food possible. Im investing in my dogs health and happiness. Clems not a morning person. Or a. People person. But he is an i can solve this in 4 different ways person. You need clem. Clem needs benefits. Work with principal so we can help you with a plan thats right for him. You know what im saying . Let our expertise round out yours. Ashley housing stocks road month over month and i did spited missing estimates, builders are ramping up projects pomoxus projects to help tame the u. S. Housing shortage and in april, rental building starts jumped 31. 8 and developers are trying to keep up with demand with more consumers turning to rental properties and origin rates continue to move higher with applied pressure. Going live to jeff flock. Hes at a townhouse on the market for rent in glass borough, new jersey. All right, jeff, how much . Reporter looks nice, well, for rent, 2750 per month. Does it look new, ashley . I think it does. You know why . Because it is new. This is the trend right now to say plays being built to be rented, brand new. Thats something you didnt see before. Single family homes, not so much. Now it is a big trend. Not only here in south jersey but elsewhere across the south of the u. S. Theres a map that shows you some of the rental hot spots, Single Family home rental hot spots. Phoenix, dallas, atlanta, austin, myrtle beach are some of the ones. Take a look at numbers, 75,000 new ho homes built last year for the sole purpose of being rented, its an increase from the previous year. Were in a place called high street estates and maybe you see it. These are all Single Family homes and town homes, and a lot of them billeted built and bought by investors to be rent with keller williams, whats driving it . A couple things. Persistent Interest Rates like right now at 7 . Reporter dont see them going down . No. We could be in this for a bit. X low envenn tourist. Theres not enough homes for the amount of people looking for homes so having the high Interest Rates and drives people into the rental market. Reporter i remember the joy and dream of Home Ownership and now a lot of people are dreaming of renting or maybe not dreaming but force intoed it. Yeah, and thats where they are. Now, you can move into a brand new home for a rental. Reporter yeah, a brand new rental. Take a look at this, ashley, when supply is low and demand is high, that means higher prices. Take a look at numbers and this is the median rent for, this is both apartments and Single Familyowned. 1500 per month before the pandemic and more thanasis like 2100 and now this market even higher . Yeah, in this county actually. The median is about 2900. Reporter were not even in manhattan or new york. Now u were better, in south jersey. Reporter there you go. Thats a good point. This definitely beats manhattan. Were in south jersey, glassborough, new jersey. In manhattan, you dont see the school bus. Show them the school bus there. Is this gods country, ashley. Ashley a place like that in manhattan would be like 20,000. Thank you, jeff. Home builder stocks trying to digest all the new Housing Market and Mortgage Rates are showing, well, a little signs of easing. According to the st. Louis fid, the average 30year fixed Mortgage Rate hitting 7. 02 today. New home buyers still battling higher rates and obviously compare to do the 6. 35 in may of last year. It was down a 4. 14 this time in 2019. The question is how do house hunters navigate this market . I have jeff taylor, founder of nations largest mortgage risk provider and emphasis digital resident and can hes a board member with a Mortgage Bankers association. You know what youre talking about. Jeff, great to have you here. How would you characterize the Housing Market . Ive heard its not enough inventory and Mortgage Rates too high and for first time home buyers, they cant get on the ladder. Thanks, ash limit you can get a deal and negotiate with them. Over 59 of Home Builders on a monthly basis have been giving some sort of concessions whether Closing Costs or what have you. As fast as theyre building, theres the demand for this. On existing home sales and theres the good news. On existing home sales, 4 off the high of june 2023 as farads overall cost. People always asking if were heading back to 2008 scenario. Not even close. Were strong. Theres a lot of runway for Home Builders to continue to build new houses and be creative whether theyre being purchased or like we talked about houses that are being built brand new and put on the market for rentals. Ashley i did a story last year in palm bay, florida r a whole entire community built by investors that purely wanted ren torrs. I understand renters and i understand that and addresses the tight number of rentals available and weve seen prices going higher. The american treatment is the house with the white picket fence. Is that harder to achieve . Last week we got a bit of bump and dropping 10 basis points and 7. 12 on manager rate to 6. 87 and a bit of cushion right there. Its getting hard tore achieve and a scenario where its achievable and Household Income of around 108116,000 combined. You put 5 down. You have 600 nonous housing rising insurance rate of 2,000 annual, you can get into a how many times the question is where youre living and you have to act very, very quickly. Theres not a lot out there. Most houses are still going at list or a little bit above. If youre prepared, if you have it your mortgage and documentation in order to move quickly, you can find pockets of achieving that American Dream with the white picket fence and not in great abundance and got to move quickly. Ashley jeff, i hear all the time its hard to get a mortgage and the hoops are hard and if your credit is dinged at all, you can pretty much forget it. Is that true . From our seat as the largest Third Party Mortgage outsourcer in the country for large big banks, i think the accessible credit is actually its very robin lou bust. Robust, again, you need to take care of your credit and have your documentation in a row. Theyre structured correctly and people getting loans can pay them back and all time low delinquency rates in the morning products and its not that hard, you need to be organized and thoughtful and make all your payments on time and go to different lenders and if you have a dipping, repair yourself for 69 days to actually buy a house. Ashley very good, jeff. Great advice and i feel a bit better after the Housing Market after talking to you. Jeff taylor, thank you for talking with us today. Much appreciate it. Thank you, ashley. Ashley thank you. Who President Trump picks as hi Vice President could be the key factor in whether he receives support from one of the biggest republican donors on wall street. Interesting, isnt it . Charlie break it is next. And the Dow Jones Industrial average looking to close above 40,000 for the First Time Ever. Its going to be a tough go, but we shall see. Stay tuned and see if we can make history. Well be back. Your record label is taking off. But so is your sound engineer. You need to hire. I need indeed. Indeed you do. Indeed instant match instantly delivers quality candidates matching your job description. Visit indeed. Com hire hi, im ben and ive lost 60 pounds on golo. guitar music with other programs ive tried in the past they were unsustainable, just too restrictive. With golo i can enjoy my food and the fear and guilt of eating is gone. The all new godaddy airo helps you get your Business Online in minutes with the power of ai. With a perfect name, a great logo, and a beautiful website. Just start with a domain, a few clicks, and youre in business. Make now the future at godaddy. Com airo ashley one of the biggest republican donors on wall street says he plans on withholding his support for President Trump until hes named husband choice for Vice President but his choice for Vice President but declined to see who he would like to see him pick. Thats a tease. Lets get straight the Charlie Gasparino who might have an idea. I dont have a firm answer, ashley, i wish i did. But i do know people that know ken griffin, and heres what they tell me is his preference and his druthers here. You know, who knows. He still may support trump, but i think biden has gone so far to the left, all these guys are likely to come around to trump, in my view, just based on what im hearing in Republican Fund raising circles. What i understand is this is kind of a last ditch attempt possibly to get nikki haley on the ticket. As you know, South Carolina governor, was trumps, like, main opponent during the primaries after particularly after ron desantis, the florida governor, dropped out. She had a great showing. Theres still a lot of people who like her in the party, particularly the donor if class like griffin. Griffin actually supported her during the primaries. He doesnt do that a lot. I think he supported ron desantis, but as governor. I dont think he ever supported him specifically in the primary. So what im hearing from people that know griffin is thats his, thats his preference, his dream, if that could happen, a Trumpnikki Haley ticket. I think a lot of republican donor base really would like that given the fact that the she policy really well with suburban Republican Voters and particularly women, and donald trump doesnt. But that might not happen. As you know, that was a Nasty Campaign, you know, trump has already, you know, threw cold water on an axios report that she was going to get it. But still, i hear this is what hes to dangling. The other thing i hear is, number two, which is what he would like and probably accept is someone like tim scott, the senator from, from South Carolina. And also from South Carolina, and that is a more likely scenario. I mean, tim scott and trump are really close. I keep hearing from republican donors hes leaning towards scott as his vp at least thats that he says. Someone may come and say haleys a better, you know, scores better in polling so pick her. You never know with donald, hes all over the place. But scott seems to be his personal favorite. Thats where we are right now with ken griffin. You know, i think he would also settle for someone like marco rubio, but you have to check me on this because im not an expert on how this interplays. Rubios from florida, he would have to give up his seat, i dont know how he runs for Vice President and how that all works, you know . It would be, it would be with and there may be some ashley it would be more complicated. And there may be some electoral complication, so i dont know if thats doable, getting a florida candidate, so to speak. Any ware, that thats any way, thats where we are right now. You never know about trump. You could see him do a is 180. They had a Nasty Campaign against each other, but lets face it, these guys are all nasty. Do you remember all the stuff trump said about ben carson, about little marco, remember that . Marco rubio. Ashley oh, yes. Lindsey Graham Ashley low energy jeb. Well, i dont think those are friends. They hate each other. At least the bush side hates him. Politics is such a nasty game. Its hobbs january, and you know, its the ashley so, charlie, you mentioned this yes. Ashley what a if they come to trump and say, look, weve done all the polls, weve done all the surveys, and you know what . With nikki haley as your running mate, youre going to tick more boxes than anyone else. Hes been nasty with everyone at some point many time . Right. Ashley do you think he would be open to it . Lying ted, do you remember that one . Ashley a yes. [laughter] who knows . I dont know. I think, knowing him, hes so i mean, listen, i covered him as a businessman. Remember, im an old dude, okay . [laughter] so ive been covering donald trump since the early, mid 199 to 1990s. Of hes extremely transactional, as most businessmen are. If they said to him youre guaranteed e to win president if you pick nikki haley, do it now, forget that you called her bird brain, youve got to get her to forget he called her bird brain too, remember that. [laughter] ashley thats true. And, listen, it is a perfect scenario. If you think about it, hes term limited out, right in they need someone to do two terms. She can, you know, have a role in policy, itll be a stabilizing force. It makes all the a sense in the world. I think, from what i understand thats what griffin is angling for. Whether it happens or not, trust me, you know, heres the thing that i will tell you before i leave and you fete to your next guest, you know, i never try to report what donald trump is thinking. You never know what hes thinking, because he may be thinking one thing, and by the time youre done with your story on air a, hes thinking something else. [laughter] so, you know, or im just telling you what i think the game plan is from ken griffin. And thats a lot of money. Ashley if he does pick nikki haley, hes going to get a lot more money well, ken griffins worth, i believe, 40 billion himself. Steve schwarzman on the sideline z cans as well, hed be back in it. Hes not supporting donald so far. Ashley well see. Youre not an old dude, Charlie Gasparino. Keep saying that, please. Ashley i will. I say it about myself. Im not an old dude. [laughter] the closing bells going to ring in just about 5 minutes from now. Yes, i know, im delusional. Time to see if stocks can hold on to any gains, the dow up 60 points, the s p essentially flat. You can see the nasdaq and the russell moving slightly lower. But any gains for all of the the indexes today, certainly the big three, would mark the second is straight day of new record closes. Doesnt look like its going to happen on the nasdaq, but we still have five minutes. Earlier in the session is, as we told you, the dow touched 40,000 for the First Time Ever after closing above 30,000 for the first time more than three years ago. Right now its at 39,9311. Still pretty darn good. Joining me now is our countdown closer, andrew cry. Andrew, great to see you. Obviously, making history today. But are we due for a pullback anytime soon . If we have had analysts who said, you know what . There could be a correction coming up. What say you . Well, you know or or we get to break with out the dow 40,000 hats today which is an exciting moment. Yeah, the main event this week was cpi. I think we got a number that sort of delivered in the sense that there was an asymmetric action function meaning if we got a little bit of a lighter read on cpi, inflations cooling a little bit, i think thats sort of aligned with the goldilocks kind of scenario and alongside it, retail sales that were a little lighter than anticipated. You get this goldilocks scenario, all this in all, thats pretty positive for risk assets historically. Yes, can you stretch the rubber e band too far and have a technical reset of the supply and demand dynamics, sure. But i think its pretty favorable at this point. Ashley in equities you say youre rebalancing your portfolio from tech winners into cyclical sectors. Which sectors to you like now and why are you doing that . Yeah. I think its sort of blocking and tackling portfolio management, for one, but youve had such great returns in the mag 7, everybodys pointed to that, this chasm of outperformance youve seen over the last year or so. For us, it just makes sense, its sort of the broadening theme, right . We get more of a catchup trade whether thats in small caps, thats in industrials, materials, financials, so more of the cyclical sectors that would do well if we continue to persist, if were correct in our assessment that nominal growth is going to stay pretty strong in this environment. And beyond that too you looked a u. S. , thats been such the leadership position based on those tech companies. Is there scope for nonu. S. Markets to catch a bid here as well as you start to see some of the manufacturing data, the export data start to firm, Global Growth picks up, this part of the cycle. Ashley right. You like, apparently, you like europe, you like japan, you even like china. Why china . Were really more emx china, right . We like europe and japan for their cyclicality, but china, we still think there are structural issues that give us pause. Its had a great rally over the last month or so, lets call it, but with we dont necessarily think thats fundamentally based. The underpinnings are there the for that to continue. We like those segments like europe, japan, taiwan, korea, sort of emx china in this environment. Ashley you also like fixed income. What kind of duration . We tend to be tilt toward the shorter duration part of the fixed income universe, and as much as anything you look at the 10year yield, youve got a trading range that we think is forming. As yield withs push up towards 5 on the 10year, buyerses come in. So for us right now as we drift back towards that 4 level, we just take the cash yield and your money market at 5. 25, lets say, sit in it and is wait for yields we think, ultimately, are going to tick back up towards that 5 level over the next several months and quarters. So for us, stay a big shorter duration, wait for a better entry point. Ashley got about 30 seconds, andrew. Have to ask you about the fed and and what its going to do, it plays such a role these days. Do we see a rate cut in september . Certainly, the market says were probably about 85, 990 chance there, and we tend to think that they are biased towards wanting to cut. And so we think if theyve got the data readouts that sort of allow them to cut, they will go for it. They will a try to get one off before the election and then perhaps again in december. Novembers a big bit fraught, obviously, timing wise. Ashley yes, it is. Andrew krei, thank you so much for joining us today. Really appreciate it. A historic day on wall street. The dow crossing 40,000 for the First Time Ever but down now, down just 26 points, under 40,000 but nevertheless, till worth the ticker tape parade. Any gains, by the way, for the dow, s p and nasdaq would be a record close but, you know what . A little bit of selling at the end put that to rest. That will do it for the countdown here. Larry hello, folks. Welcome toku