Seasonality or much ado about nothing. Here is a good thing we get a chance to ask some of the best in the business this hour. All hail the new king, nvidia. Wait until you hear what one wall street legend sold to load up on the new king of all stocks. Plus well look at the true state of the economy and the consumer. How much longer can we keep pulling this off . You do not want to miss my takeaway on the homeless crisis should have america hanging its head in shame. All that and so much more on making money. Charles we should have had those trumpets they play, right . Because all hell, is official coronation, the new king of the stock market, nvidia. 36 buy recommendations on it. There were 31. Folks are loading up on this stock. Its really, really crazy. Here is the thing, seven overweights. Used to be three. One firm holding out right now, just one firm with an underweight rating on it. Obviously no firms have a sell signal on it. Here is the thing, wall street was waiting for a chance to buy it on the dip. It got under the 50day moving average yesterday. I talked about that yesterday. A lot of firms pounced. Morgan stanley called it their stock top pick. This morning ubs jumped on board, wells fargo jumped on board. Im sure other did. Average target 518 a share. One firm thinks this is thousand dollar stock. Then, this is interesting, so we get all the interesting yesterday from major fund managers. Were talking about the pharaohs of wall street, the superstars. Stan drunkenmiller increased holdings in nvidia by 20 , by far his largest position but here was the amazing thing. He sold google, amazon and meta to own nvidia. Now aside from nvidia the rest of the market is under pressure but once again i think the big story revolves around the bond market. Listen this is really, really very intriguing because yields keep pressing higher. Theyre against these major breakout points that could spell trouble. The 10year bond yield though, the total return for the year . Now it is negative. This would make three years in a row. This end of the year would be three years in a row. Tell you how decisive or amazing this is its never happened before. The bond market has never been down three consecutive years. Check this out, despite all of that beaucoup money. Means a lot, going into bonds right now. Coming in from professional investors. Not just folks because you can get 5 yield whatever, here is the thing, the professionals are loaded up to the gills in bonds even as weve seen this dramatic decline in total return. Joining me now Yardeni Research president ed yardeni. Ed, i know right now youre one of these bond bulls, right . Well, i think bonds are very attractive here at 4, 4. 25 but im a nervous bond bull because were at very important technical level here right around 4. 25 . We take that out and it could be nasty to the upside, maybe four 1 2. I dont think well go up to five, 5 1 2 but i think if we get breach the 4. 25 level the stock market would continue to sell off. Charles lets talk about the stock market for a moment because were pulling back here a little bit. Listen it has been one heck of a ride for the s p. This is the 50day moving average. Right there. Right. Charles typically thats a point you want to hold particularly with these sort of rallies. If there is near term pressure we start to break down under that number, how much further down do you think we could go . I think we could about down to the 200day moving average depending how things unfold here. Today we got some bad news out of china. China basically looks like theyre falling into a hard landing. No soft landing over there. And that impacts u. S. Companies, impacts the global economy. On the other hand helps bring inflation down in the United States which the bond market should care about but the problem is the bond market now cares quite a bit about the federal deficit and as we all know the fiscal policy is extremely profligate. We have mounting federal deficits and mounting debt and the bond market in the past didnt mind when it occurred in a recession but to see it occur when the economy is tracking at a 5 growth rate in the Current Quarter thats, thats a concern. Charles so again, the bond vigilantes, you coined the term, hadnt used it for a long time. It is rest, sr. Recollected. Right. Charles feels like were not sure what happens. We get to 10 three on the 10year, 4. 3 on the 10year, we see what the 30 year is doing. We see what it is doing for mortgages. It feels like it could have a jolting impact to everything . I think so. Look i thought that the s p 500 would get to 4600 by yearend. It got there basically at the end of july and i didnt raise my target. I basically argued we could have a correction of some sort, maybe as much as 10 . Charles right. Which would be getting us down to the 200day moving average. Charles before i let you go having said all of that you still say there is a 65 chance after roaring 2020s which to me sounds like everyone should be fully invested until maybe 2029 . Sure. I think, i think one of the lessons of the past couple years is, it is pretty hard to get in and out of stocks, to get out at the top and get in at the bottom. Maybe a lot of people are smart enough to get out at the top in january of last year but very few people got right back in october of last year. So i think stocks are for the long run, they are for the long term. You want to hold on to them, good quality names and i think will continue to be the case. I do have an optimistic outlook for the rest of the decade. Charles ed, i got to tell you something. I agree with a thousand percent. I have a new book coming out with a chapter devoting to the roaring 2020s. People picking tops are either lying. My takeaway on the homeless epidemic this is not about opioids. I will fill you in on the whole thing. My next guest says this market is priced to perfection. I want to bring in investment advisors, trying to get this thing moved over here, alan boomer, managing partner. Alan, a long time, great to see you, my friend. Priced to perfection, does that mean the market cant continue to rally . Good afternoon, charles. Always good to see you. Wish i could be in studio today. Im a little under the weather. Dont want to get anybody sick. Charles got you. I think the market is broadly priced to perfection. Doesnt mean that there is anything good value out there but were trading relative high valuation relative to the earnings were season. I would not be a buyer broadly of the stock market. I would really be picking my stocks looking for specific stokes where i can see a lot of value. Charles i will highlight to the audience. I have a board here with pe ratio. Otherwise known as the trailing 12 month, this is what they talk forward pe ratio. 65 on the russell 2000 which is interesting because those are small caps which havent participated. Forwardlooking 25 . Nasdaq, i dont know thats so bad, 27 , 27 times, rather. And the s p 50023, trailing 12 months, 20 forward. A lot of folks like to see this number under 20, even under 18. Is that where you are now . What im saying charles, how much higher do you think those multiples can go versus how much more earnings do you expect, Earnings Growth do you expect . These are really, really rich multiples across the board, across all the markets you just described. You also like bonds here, alan . I do like bonds. I feel were pretty much at the tail end of this rate hiking cycle. You get paid pretty handsomely to be in bonds. Thing i dont like shorter term is cash. I think yield as year from now will be lower. Im a fan of locking in duration here. If i can get a 10year treasury bond yields 4. 2 , i can lock that in for the next 10 years i think that is a pretty good play. Im a buyer of stocks and bonds. I want to avoid broadly going out buying the s p 500 at these levels. Charles lets narrow it down because we got a board. Equities you think there are opportunities. Overseas value in small cap. Overseas is a pretty big place. Is there some way specifically to play that . Yeah. I just think in general there is this notion that the u. S. Is really outperformed the rest of the world for a very long time and you typically get these periods, 10years, 15 years where the u. S. Does better and it flip floows. I think we could be at the outset of one of those flipflops. One thing im looking at is the dollar, the dollar weakening which tends to be really good for the International Stock market. There i might be inclined to just buy the index, buy the msdi, efa index. Think there is valuation story there as well as just a relative value story. Charles it actually has done pretty well this year. It pulled back a little bit in the last month or so. I cant let you go, weve got 30 seconds, about your a. I. Plays. I started this segment off calling nvidia the king of all stocks. You like other a. I. Plays, like a adobe, sales force, intuit. How is intuit an a. I. Play . Sure. Intuit is really trying to merge their they have great products like credit karma, they have got turbotax. Theyre looking to use a. I. As a way of merging their technology, their Current Technology with this generative ability to give you better advice while also linking you up with actual experts and i think you know look at their most recent earnings call, a. I. Is linked into every single thing theyre working on and i think it will be powerful. They have a lot of great data. A lot of great tools. Charles i love the way your weaving in, goes from pick and shovels to companies actually using a. I. Feel better, alan. Hope to see you in studio. Thanks, man. Charles cool. Coming up retail sales coming in better than expected, that doesnt mean it is good. Well look at indepth look at this. We have jarome mart tease and jan kniffin. Recession is starting to decline but will denyer is saying his Economic Outlook is not as rosy. He is one of the best. Innovation refunds help with your erc tax refund so you can improve your business however you see fit. Rosie used part of her refund to build an outdoor patio. Clink dr. Marshall used part of his refund to give his practice a facelift. Emily used part of her refund to buy. I run a wax museum. Let Innovation Refunds help you get started on your erc tax refund. Stop waiting. Go to innovationrefunds. Com you really got the brows. Goli, taste your goals. Guys remember a few weeks ago i did a segment called the recession that would not bite . A play on the famous Sherlock Holmes story, the doing that would not bark. Here is the thing, news of recessions. It has come down dramatically. You hardly even see any stories about that, but what makes it so fascinating wall street sees well above, 60 of wall street still see as recession. Not that some firms though havent changed their mind because a lot of them i guess come over to the dark side. On the recession side, still a lot of major names, big names that you know about all of sudden not recession. Bank of america came over august 2nd. Goldman, jpmorgan, a lot of these firms just in the last two weeks have changed their mind on recession. Theyre saying maybe well have a soft landing. So the question is, whats the true state of our financial conditions . I want to bring in now will denyer. Will, i love your work. Before we even get to some of your work your thoughts on just sort of the migration from recession to no recession, is this sort of group think, is there, whats the main thing starting getting this done . Yeah, sure. I mean at govcow we dont have a firm view. Were famous for that. This is a big question in our little shop is there going to be recession or not . Weve been debating this all year. In a mixed sense some people are shifting to the recession camp from the nonrecession camp for a couple reasons. We had some positive growth data that continued to surprise on the upside and i think there is also some fatigue out there. Economists like myself have been calling directly for recession, hey, we have recession signals flashing red for better part of a year now and people are just kind of getting tired of it. Im getting tired of saying it, frankly but these things take time. Charles i know, they take time but almost like me saying hey, it will snow in boston. If you give me enough time you can call me meteorologist and nostradamus. You guys are good on when it happens. Gave kal, you say you have the true financial conditions come up a bit but still extremely negative. You have some categories here. Help us out. Go with a couple of them. Beginning with the true financial conditions index. Time since recession signals 15 months. Were getting long in the tooth there. Yeah, were getting long in the tooth but not compared to historical lags. So thats the point of that table youre showing there, if you look at the last three recessions not counting covid related recession, you know these things can take one to three years in terms of the famous long and variable lags and a lot of these cases were just over a year since we got that recession signal. So were in the middle of that, or even in the beginning in some case of that long and variable lag. So you know it is not necessarily long in the tooth. Charles right. It may feel like it but its not. Charles it does. I guess when youre bracing for recession, weve been in the tuck position for a while. I dont want to run out of time without asking you about something else. You have so much work we could have done a ted talk on these things, federal government outlays are soaring. You say listen, this is something you see in recessions or during wartime but at the same time the revenues are plunging. How long can we keep this going . Yeah. So i mean the big question is, is, whats the relationship between Interest Rates and growth . And so that is obviously, year or two ago we had low Interest Rates and so it looked like the government could keep spending, keep spending because think could finance it very cheaply. Now that Interest Rates are getting higher i do think that the sustainability of the Government Debt is more in question because it is not so clear that Interest Rates are going to be substantially below growth rates for the foreseeable future. Charles right. By the way, will, left the audience know that equity rally is driven by sentiment and folks should be sort of fading this, selling into strength. I wish we had more time. Well do more time next time. You do great work. Thanks a lot, will. Thank you. Charles time for money mail. I shared my ode to oliver anthony, rich men north of richmond t resonated with so many folks out there particularly the majority of us being fodder for the wealthy. Tweeting i love your take on this. We, quote, fodder are in it together and we will prevail. Ramona saying when someone is speaking the truth, when someone speaking truth is heard, it always touches ones soul. While at live by, his tweet, faith, oliver is a good heart in a dark world, charles. We need more people like him. Absolutely. Anytime you have a comment on the show, a question, anything, feel free to tweet me. I love sharing them on this show. Plus you can always check out my daily commentary. I suggest you do it every morning before the open, wstreet. Com. I have a lot of opinions on this market. You want to hear them. It is all free. I update them in afternoon. It is a small note. Morning one is the big one. Financial media painting somewhat rosy picture of home depot. The stock is up. There is difference between beating consensus and. Im not sure it is good news for the consumer on borrowed time. Chinas economy, is it in freefall . That is dangerous for america. Rebeccah heinrichs, will give us her take on how descriedful this is all becoming. She is at 2 50. Well be right back. Dad, we got this. We got this. We got this. We got this. We got this. Yay we got this. We got this life is for living. We got this lets partner for all of it. Edward jones woman why did we choose safelite . Vo for us, driving around is the only way we can get our baby to sleep, so when our windshield cracked, we needed it fixed right. We went to safelite. Com. Theres no one else wed trust. 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Charles all right, this is a huge week for insight into the consumer and we got a whole bunch of that data this morning. Over to lydia hu. Reporter charles, were tracking the state of the consumer. As we know the consumer is the lynchpin of the economy and their resilience has been a major contributor to the strength in the economy and the stock market but the question is how long can this continue . We can look to home depot maybe for some clues. Home depot posted Financial Results this morning. They came in better than wall street consensus but that might not tell the whole story. Earnings, yes, 465, down from 5. 05 a year ago. And better than the 4. 45 consensus but there was a decline in transactions and even sharper decline for sales in retail per square foot. You can see this here, consumer transactions come inning 459 million, down from 467 million a year ago. Sales per retail square foot clocking in at 684 million, down from 700 million. Then there is also this. I want to show you this note we got from management along with the report. They said there was strength in the categories associated with smaller projects we did see continued pressure in certain big ticket discretionary items, charles. Perhaps that is the pullback weve been hearing about being warned, coming our way for so long. Moreover home depot offered lower guidance for sales, operating margin and earnings. Retail sales, maybe offering a similar story. We have. 7 of a percent increase this morning in sales. That was better than the consensus of. 4 of a percent and also the fourth consecutive month for a monthly increase. That seems to be showing some strength. Retail sales also over a year ago up 3. 2 but we got to dive into this report a little bit deeper and highlight a couple really important standout things. Nonstore retailers, internet sales, amazon prime up 1. 9 . Over the year, charles, up almost, excuse me, higher than 10 here and Food Services and drinking places higher by 1. 4 in the month. Higher by almost 12 on the year. People dont want to miss out. No one is sitting at home. Finally lets take a look at this the wealth effect, its fading. Excess cash dwindling even more for upper income households. U. S. Household net worth measured in years of consumption, downward trajectory here. Troubling here too, the savings rate, normalizing after covid were seeing around 4. 3 . That is much lower than the close to 11 we saw before covid put us all on the sidelines here. Finally just to wrap this up, credit card delinquencies, auto delinquencies, setting in 7. 2 at the moment. There is especially troubling considering credit card balances across the country more than a trillion dollars, setting a new record. Impressive run for the consumer. Maybe these are all signs of fatigue, charles. Charles it has been amazing, lydia, great stuff. Thank you very much. I want to bring in he will is eg jharonne martis, jan rogers negative fenn. Great to have you both of you in studio. Jharonne, last time you were own you talked numbers for restaurants, they were mindboggling. You and i both openly questioned how much longer. This yolo thing, go out, party your ass off, almost like end of the world. It is happening. Charles they keep going they keep doing it. Our projections are this trend will continue to the end of the year at least. Were expecting restaurants, hotel, leisure to have strong earnings for the second quarter. In fact only two restaurants have negative samestore sales in your universe. That is because of difficult compare zones from a year ago. Overall consumers are out, theyre eating. Theyre choosing services over charles you see the same thing, jan. Im seeing the same thing but i think were seeing a little bit of a fade on experiences and a movement back toward apparel and accessories and shoes and i think well see a really strong period through holiday as we fade a little bit off experiences start buying those things again. I think we saw a little bit of that today actually in these numbers. I think we see that through the end of the year. It is still yolo. Charles anecdotally im seeing same thing. I walk, even before they had the sneakers. Now they have a lot of apparel, a lot of apparel. You walk by a lou very Louis Vuitton store, not the bags but apparel. That is the next phase. For the highend consumer and middle end consumer. However the highend consumer open up the wallets is the discounts. The reason we saw a very strong july u. S. Retail sales number today, the average discount went up significantly. I mean it was the strongest weve seen the entire year. Charles so does that mean the consumer as strong as the numbers suggest . If they need that kind of wooing . By the way we saw with the most recent data cpi airline fees came down a lot. Im saying if consumer so strong why are they getting discount, why are airline fees coming down . Because were going back to more normal 2019 numbers. We saw discounting in 2019 where nothing was wrong. We didnt see any discounting when goods couldnt be gotten by anybody, couldnt be brought into the country. We saw excessive explosion of goods. We have to discount everything. Were normalizing. Charles normalizing. I dont think anything is going on strange with the consumer. They have got a job, they have got money. Their income is rising right now a little faster than inflation. They dont think they will be out of a job. As long as theyre comfortable theyre going to buy. Finally they will run out of money but not yet. Not though they get scared. Charles do you get scared when your credit cart bill comes in and credit card is maxed out and youre paying 22 interest, you dont get scared then. No the u. S. Consumer. There is no stopping the u. S. Consumer. We were just having this conversation. Charles what about in that report, one thing jumped out me immediately, Department Stores. Im loaded up with subscribers big time in dillards got hit. Making a strong comeback. How do you explain Department Stores . Department stores, macys, bloomingdales are receiving a boost from the barbie movie. 44 of all barbie merchandise sold out at bloomingdales. That will help the second and Third Quarter for bloomingdales. I agree with jan theyre starting to spend towards apparel but has to do what is hot right now. Back to School Merchandise they moved into july because of those discounting. Back in september we see a slight boost when the students go back to school, eye what the classmates are wearing, go back to the mall. Charles you like Department Stores and like kohls and macys aswell. I like dillards as you do. I like macys but not nordstrom. Theyre not working well. Generally the Department Stores are fine. They will be fine through holiday. I dont think well find out anything next this week and next that scarce us. Charles you like lulu, ulta, tj maxx . Tj maxx is receiving a lot of market share from the highend consumer trading down, still wants the brands,. Charles discount side of walmart. Analysts polled by outside walmart is likely to beat earnings estimates, post positive surprises. I like you jan, walmart over target, home depot over lowes . Absolutely. I have to say im a little nervous about the offprice space tjx is best in class i stay away from t. J. , burlington, ross. I think the space is overstored. Charles overstored. Out of the three, tjx has better brands. That is what is luring highend consumer that is thinking twice before making that big purchase. Charles i refer to my late mother, tjx was her favorite, okay . Followed closely by burlington. You two are the best. Glad you were here. Everything revolves this, fed, economy, everything revolving around a consumer that just wont quit. Well see what happens. Thank you. Charles coming up chinas economy has quit, now main in freefall and that is not good news for america. Rebeccah heinrichs with her analysis at 2 45. First we have erin gibbs and warren buffett, they were doing the same thing, picking the same stocks, who knew . She will tell us if she still likes the homebuilders next. You got this. Lets go. Gobble gobble. Ive seen bigger legs on a turkey rude. Who are you . Im an investor in a fund that helps advance innovative sports tech like this Smart Fitness mirror. Im also mr. Leg day. 1989 anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq100 innovations. I go through a lot of pants. 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Charles all right, taken some sometime, folks, but gradually Money Managers are starting to woman up to the market now. This is the indication of bearishness. Up here, everyone is excited we get tax cuts, but look at the swoon we saw. Right now it is still bearish but this is the least bearish folks have been since february of 2022. These are your experts bring the way. I want to bring in my next guest she began to warm up to the market too not long ago, since then erin gibbs youve seen derisking signs here though. Yep. Charles you warmed up just in time for things to get a little chilly here. Talk to us about some of the things youve seen. This i you put together for us. Like we just saw there are a lot of ups and downs alleys in. Weve seen basically a little bit of a pullback. It started july 18th. Were four weeks in. Charles you had the tech stocks. That is when we saw the tech stock peak started to come down. That started pulling down growth the very next week. And then that started pulling down the broad market. Charles right. Really started spreading the first week of ewing. And then we see a shift in leadership. So thats, thats the real change, not just selling off. Charles defense is leading not necessarily it is good forced overall market . It is really more about fear. I just want the safety stocks. Im not looking forward to growth. Im concerned about the growth in the u. S. And the world leadership. So there is definitely some riskoff here. Charles you talked, kind of hinted this may be a shortlived you know, normal kind of event after the kind of spike weve seen. Right. Charles summer doldrums. This is note necessarily something to get alarmed about yet . This is what were talking about taking some risk off the table and really, there were a lot of concerns on wall street about valuation being very expensive, stocks being very expensive, particularly those high growth stocks. So this looks like were taking some money off the table, becoming a little more rational where growth will come from in the next six toe nine months. Charles someone buying in the last 3 00 months is warren buffett. He is sitting on 150 billion but put50 million to work in the homebuilders. Right. Charles last time i remember you being in Toll Brothers . Yep. Charles and pulte . Yes. Charles you still in those. Pulte is one of my favorites. Charles did buffett call you before . No, not yet. Im open to his call. But, look, i like pulte and over some of the others like d. R. Horton and lennar just because of valuations. Theyre trading at a 20 discount a little cheaper and safer bets. Charles i used to be heavy in toll Home Builders like toll because theyre in highend. More about the valuation because were in this riskoff environment and people want to play it safe. Yes, singlefamily home, if youre in the singlefamily home area that is definitely a benefit. Charles were in a defense sieve posture now. You have some defensive ideas for us. Again there is short term. Were saying one to two months. But energy stocks, this is one of your energy etfs. They trade very closely so there is not a big differentiation between stocks. It is easier to take a etf. Held care providers have been doing really well. Charles acting real great. Fabulous. Charles one of the reasons the dow has done well lately, it is waited by the price of the stock. This is the highest priced stock on the dow. Which is still very cheap. It is still seven times forward earnings. It is not an expensive stock even within the dow area. So United Healthcare and charles elv is also in that space . Yes. Another health care managed, again, cheap stokes. There is not a lot ofroom for it to go down. Weve seen them break through resistance a lot of resistance facing in the summer and spring. There is at least another 15 before they hit the next resistance level but with valuation. Charles right. Just a nice safe space. Charles risk reward. Inexpensive. Charles Traditional Market valuations and starting to act real good . Exactly. As long as were a little scared. Charles i like that. You always got to be a little scared. Erin, thank you so much. Folks coming up, homelessness in the United States is exploding. Why is no one doing anything about it . I will make comparisons so what were spending money on and what we should be spending money in my takeaway. First chinas economy is in a death spiral. Rebeccah heinrichs how it will affect the world and america, not just our markets folks. Shes next. You cant buy great conversations or moments that matter, but you can invest in them. At t. Rowe price our strategic investing approach can help you build the future you imagine. T. Rowe price, invest with confidence. west rose next big thing ready . 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You really went all out didnt you . Um, its called commitment. Could you turn down the volume . Here, you can try. Get way more into what your into when you stream on the xfinity 10g network. So, youve got the power of xfinity at home. Now take it outside with Xfinity Mobile. Like speed . Its the Fastest Mobile Service around. With the best price for two lines of unlimited. Only 30 bucks a line per month. Thats hundreds in savings a year when you wave bye to the other guys. No wonder Xfinity Mobile is one of the Fastest Growing mobile services. You really shouldnt walk out the front door without it. Switch today at xfinitymobile. Com charles folks, an avalanche of poor Economic News out of china has put their stock market back on its heels. I mean everything is coming down, retail sales, Industrial Production have now moved into freefall. All right in freefall, property sales. They have been underpressure for more than a year. There is a new scandal brewing with the 6th largest developer a Company CalledCountry Garden this decision overnight to start reporting on youth unemployment to underscore these issues will probably get worse before they get better. I want to bring in rebeccah heinrichs. Rebecca, china, looks like maybe they cannot print themselves out of trouble. No more ghost cities and things like that. It is problematic. Everyone is talking about deflation and what happens from there. Well, look, anytime there is bad news china just hides it, rather than trying to figure out whats causing it. You will see the Chinese Communist party continue to hide the date dark that information. Makes it much harder for investors to know what is going on, make predictable investments. We know this is the direction were going. Lows transparency. It will be become more opaque because xi xinping cares more about his reputation than he does actually fixing, addressing these very serious and grave problems the economy is happening. Charles this is interesting because even a dictator can have problem. We see many come to unfortunate ends. I know he is nowhere near that but the defiance of young graduates, last graduation season into the summer, all the photographs of kids in caps and gowns laying down, they call it over there, lying flat. The youth have no enthusiasm, no hope, no belief in that country anymore or that president dictator. May that distrust continue because thats, it is deserved. Xi xinping made this announcement in 2020 or so properties are for living and not for speculating. He really started implementing this really, really harsh regulation of housing market, property invests. You started seeing a crushing problem coming that happened during covid with all of these lockdowns. So you see these big Property Investors really struggling. They cant pay back all of the people, the painters, the construction workers that go into that. So it creates a massive problem spillover effect of the entire economy. Then to your point about these young people, they lack confidence in their country and they still have paying the heavy price of the onechild policy from the 90s. Charles yeah. Many more males than woman because of the horrible crime of abortion. More people preferred having baby boys than baby girls. Theyre still feeling scars from the policy. Charles we had a chart up while you were talking, population growth same trend as japan which will go from 100 Million People to 80 Million People. This brings up something very worrisome. President biden remarked about the economic woes making china more dangerous. We know that typically, there is some sort of provocation they do outside of china to sort of galvanize the nation. Hey, were having a tough time. Now we have to be in this together. What do you think could be next . What could they do to take attention away from their domestic issues and sort of galvanize a nation . Sounds like there will be a serious provocation . One thing for sure, to your point about President Bidens comment. We dont want to throw them a raft. Whether the adversary is having a hard time let them continue to have a hard time. There is temptation to throw them a raft economically and that would be a is mickta. She xi xinping is clear he is bringing back marxist, leninist economy. Over60 of companies, top 100 companies in china are majority owned by the chinese state. So theyre gobbling up the private sector. There is no such thing as the private economy. Charles right. To your point there is going to be these other things. Xi xinping already tied his reputation to reuniting taiwan by force. Well see increase the aggression, provocations and foreign policies. Charles got 30 seconds. Let me pick up on that. Vivek ramaswamy said if he is elected he will protect taiwan until 2028, until we get semiconductor independence or something to that effect. Is that a mistake . The feelings in taiwan probably want to hear we will protect them forever even after we build a bunch of Semiconductor Plants here . Democratic allies should understand that the United States is dedicated to them long term and theyre not just some economic commodity. That was a huge mistake on the part of vivek. Hope he walks it back. I know he is learning on the spot. He should not treat peoples, countries merely as commodities. Semiconductor issue is one tiny piece of u. S. Interest making sure democratic taiwan remains free and unconquered by the Chinese Communist party. Charles absolutely. Rebecca, youre the best. Folks well be right back. Thanks, charles im so glad we did this. Im so glad we did this. Im so glad we did this. Im so. Glad we did this. [kid plays drums] life is for living. Lets partner for all of it. 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The number, lets face it, is probably a lot higher hand that, but its high enough to be considered a National Emergency and a martial shame. Listen, we are still waiting for hud to update their data, thats the official data, but last year they actually learned that the largest change in homelessness from 20072022 happened in california and new york. And, by the way, thats not just because those are large states with large populations. In fact, theyre both losing less can dents while florida and texas a had the fastest decline in homeless rates. This is, first and foremost, an economic problem. In june ucsan francisco actually pushed out their own research and showed that 90 of the homeless once a had a home. 75 of the homeless in california once a had a home in california, but skyhigh rents, home prices pushed these folks out into the street. And and heres the thing thats important, the report points out that a state and local governments have made it so expensive, all the red tape, all of the taxes, all of the ways they beat up businesses and folks who want to do things made it too expensive to build these homes. Meanwhile, wheres the federal government . About a month ago, President Biden offered up 3 billion. There were a lot of great articles about, wow, 3 billion to fight homelessness this year. But its really like, you know, were talking about as he does this, hes in a death match with the courts. Hes determined to give College Grads 39 billion. So get this, almost 600,000 to homeless, right, will get 3 billion, almost 800,000 College Grads, people who are going to make the most money of anybody on the planet, 39 billion. By the way, for a deal that was already ruled unconstitutional. So a week ago his own party implored him, please help. Im going to read you a letter sent to President Biden as he pushed out that emergency budget. 14 democrats led by senator jack reed pleading with the administration to include criticallyneeded homeless assistance to fund part of the supplemental a theme, right . So 5 billion for emergency housing vouchers, 600 million for emergency solution grants, 1 billion for Housing Trust fund. Well, the president put out his supplemental budget, and it said ukraine, he wants 24 billion for them, 12 billion for disasters which, obviously, after maui is a drop in the bucket, and only 4 billion for border. American homeless . Guess how much he put for them . Try zero, a goose egg. A goose egg, zero. 3 billion for americas homeless, countless money weve lost track of how much has gone to fund foreign wars, and now, of course, we bail out College Grads here. A complete his match, folks. Now, if you were saying before when the thinking was the vast majority of homelessness was opioids, maybe mental illness, believe me, thats a big chunk of it, but this is an economic story. This is an economic issue. We have to find a way to make it right, and we have to find a way to make it right quickly. Ironically, democrats used to run on this kind of stuff, now theyre simply running away from it. Ashley webster in for liz claman. Ashley, over to you. Ashley thank you, charles. Very powerful message, thank, my friend. Good afternoon, everyone, im Ashley Ashley webster in for liz claman today. We begin with a fox market alert. The bears are sinking their claws into the major averages, red everywhere. The dow off 280 points, the s p and nasdaq down close to 1 , the russell 2000, small caps, also down 1 . The selloff is being driven by a combination of negative news. We have disappointing data o