Transcripts For FBC The 20240704

Thank you. Did you see how i perked up, great stuff. Thank you so much. Im Ashley Webster in for liz claman. We begin with the fox market alert stocks mostly lowered to kick off the week. The s p 500 and the nasdaq extending last weeks decline really the market treading wa water, theyre down reversing course up 40 points or there about coming off the worst week since october, the s p 500 and nasdaq also went off the lows of the session of the sour but still on pace to post the backtoback losses. Investors are cautious ahead of key inflation data this week we have cpi tomorrow, ppi on thursday and as we know those are two important measures that the fed will watch very closely as it decides what to do with rates, lets talk about nvidia also under pressure after posting the biggest oneday loss since may that was on friday shares are up 75 this year. Nvidia leading the way in the a. I. World nvidia in the magnificent seven as well, j. P. Morgan today downplaying concerns over a bubble in the highflying tech stocks saying the magnificent seven are not too pricey there still magnificent. Bitcoin if you been checking bitcoin hitting another alltime high today surpassing 72000 for the very first time are we verging on the crypto bubble later crypto winter and we have a crypto bubble were get a tackle that later this hour but first lets get right to the floor show joining me this afternoon Asset Management president and cio kevin man and Prosper Trading Academy ceo scott bauer, thank you both are joining us. Kevin let me begin with you. The magnificent seven is still the magnificent seven and were treading water for a little bit as we wait for the next a lot of Inflation Numbers but overall magnificent seven still leading the way. Absolutely got to remember magnificent seven encountered for 62 of the return of the s p 500 this far this year its accounting for 44 of the total return of the s p 500 backout tesla and its nearly half the magnificent seven are leading the way, the good news this expansion is starting to expand beyond the magnificent seven and thats very constructive for the stock market. Ashley let me ask you this. If Inflation Numbers come in a little cooler than estimated this week both cpi and ppi does that mean the market will get revved up because i was enable that the fed to cut rates more aggressively or are markets too optimistic about what the fed could do right now. I think the markets are getting incredibly optimistic look where we are is the market right were the fed right or maybe neither it was a couple of months ago the beginning of the year the market was pricing in six rate cuts, maybe 150 basis points where the fed has been consistent with three, now they have kind of come into line a little bit but the market has taken that the market has taken the optimism of six rate cuts and really hung in there were trading near alltime highs right now, is the sustainable and if those numbers are cool how is the market going to react, im not so sure we may not get a by the rumor sell the news type of event where we get a little breath of fresh air and a sigh of relief in the market says maybe we were right and we sit still or sell off a little bit. Ashley let me follow up with kevin, is the market overly optimistic about what the fed can do with regard to cutting rates. I believe the market is pricing in a near perfect execution of a soft landing by the Federal Reserve and i do not believe thats given at this point time if we look back to history as a president the last time the Federal Reserve started cutting Interest Rates before getting the inflation back to the 2 target was in the mid70s, what happened back then we saw inflation return in hit doubledigit levels paul volcker had to step in and raise shortterm Interest Rates to a record high of 20 to stamp out inflation but guess what that brought on every session in the fed is trying to thread the needle right here have a difficult job to do and rates are going to stay higher for longer issues the question of how high and how long i would not expect to see a rate cut prior to july of this year. Ashley interesting, very quickly we are talking about bitcoin above 72000. Its been on a tear, what is your take on that. Theres a lot of reasons, number one the massive inflows in the etfs and the helping coming up in a month or so there is so much optimism that people want to front run the event, history shows that in the runup to two or three prior happenings we have seen a runup in a little bit of a selloff, is it sustainable at this level im not so sure i would not be surprised if we saw a pretty decent pullback before the having and another run back up into it. What about supply and demand the bigger the demand and the supply cost is limited the price goes up, it would be interesting to follow kevin, god, thank you for joining us this afternoon on this monday the market is treading water. We appreciate it. Breaking news President Joe Biden in New Hampshire at this hour wrapping up his speech where he pushed his plans to lower healthcare costs and Prescription Drug prices, the president appearing at the ymca in the last halfhour, its his first visit to the Granite State in two years and it comes as a president rolls out the budget request for the new year, fox business Edward Lawrence is at the white house hes been digging into the numbers, good afternoon, what did you find. Its been a riveting day going through the spreadsheets and numbers and the president are proposing a budget that will significantly increase domestic priorities and the smaller increase for defense Spending Priorities the fiscal year 2025 budget would increase the domestic Discretionary Spending by 28 billion while decreasing defense by 16 billion which is a negative increase when you factor in inflation. We actually need to understand what our interest what can we afford. How can we leave the globe and protect american interests abroad we dont have the budget capability to do it all in because we lost our Industrial Base were relying on china for most of it. The president spending on a number of social programs, childcare affordability and also calling to expand Free Community College Tuition as well as expanding medicare to pay for this and president plans to increase tax revenue, the president wants to raise Corporate Tax rates to 28 law increase the minimum Corporate Tax to 21 from 15 the budget at the minimum billionaires tax of 25 and the president believes will bring in 500 billion, the budget removes and repeals tax credits for oil and natural gas produced in the u. S. , it raises an extra 403 billion in tax revenue. That is my goal to cut by 3 trillion to make the wealthy and big corporations finally begin to pay the fair share. Im a capitalist if you can make a billion bucks, wonderful payer fair share. That was earlier today in washington, d. C. Before he went to New Hampshire, the budget has been delivered to congress and republicans as well as democrats will be going through the budget and we both know the president is not going to get everything he wants. Ashley no hes not, pay your fair share, thats about all he seems to say. I digress, thank you so much and taken the time to dig through the numbers i know it was thrilling, the grocery list seems to be shrinking as prices remain skyhigh thanks to inflation, the Foreign Company is planning an expansion and promises of lower prices, we have the details on that straight ahead. As we head to the break, Grocery Stores stocks are trading, amazon, costco, kroger all over on the session, the claman countdown is coming right back. But starting it eight months pregnant. Thats a different story. With the chase ink card, we got up and running in no time. Earn unlimited 1. 5 cash back on every purchase with the chase ink business unlimited card. 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Well, you shouldnt ignore that. And every time i get stressed about having to pay my bills, i just hop on the bike, man. Oh, come on, man, you got to pay your bills. You dont have to worry about anything when youre protected by americas numberone motorcycle insurer. Well, you definitely do. Those things arent related, so. Ah, yee oh, that is a vibrating pain. Ashley investors are not the only one waiting tomorrows february Consumer Price index report it will reveal how sticky inflation remain like eggs bread and milk. Economists expected increase of 0. 4 month over month and 3. 1 yearoveryear, core cpi call for an increase of. 3 month over month 3. 7 yearoveryear, still as you can see higher than the feds 2 inflation target. U. S. Is also keen to see the Grocery Store but one Foreign Company is promising to bring lower prices to america with the major expansion, fox business k lisa barry was in chicago with more without a germanbased aldi plans to grow its presence in the united states. It sounds interesting. I could be the inflation driving customers to come to this discount chain. Some surveys estimate this is the cheapest option for shoppers for the staples like eggs and bread. All these known for being corky that is not just corky for the fun of it its really the specific characteristics of the store of what drive prices down including having to use a quarter to get your shopping cart and bagging your own groceries and labor costs are down and that means they can give you cheaper prices. In the statement aldi said wait up to 40 savings on groceries new customers are inspired to try us out in existing customers keep coming back if you dont have an aldi near you picture a store roughly the Square Footage of your kroger more than 90 of all these products are from the groceries on private label this happens as they skyrocketed 25 since 2019, outpacing overall inflation, the recent you got survey says a lot of people are blaming major food corporations for being greedy and the biggest grocery in the u. S. Of walmart accounts for 25 of the Grocery Store market. In 2022 the Ceo Doug Mcmillon asked companies to help us not have to pass something onto a customer referring to the cost, they say Grocery Store Profit Margins are higher than prepandemic levels therefore consumers are going to be the ones feeling the pinch ahead of tomorrows cpi report, meanwhile the Biden Administration has not gone after any corporations directly for price gouging despite calling the greed greed flechette at the same time aldi has also finalized acquisition southeastern groceries which runs winndixie and harvey supermarkets. For our viewers in the south you may notice the supermarket could have this aldi format. I appreciate that from a windy chicago which is the name of the city. Lets move on the elephants may be gone but the ringling brothers is back working to talk to the ceo of Field Entertainment of the reimagining of the greatest show on earth. Heres a look at the s p 500 leaders as we head to the break, charter, warner bros. 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Ashley the ringling brothers of the circus has returned to the big apple after a six year hiatus, the circus wrapping up estate in new york with a totally reimagined lineup, no lions, elephants or animals at all, clowns are being given the boot, the big boot in their place, 75 performers and one robotic dog, the greatest show on earth is officially back but of course as you can see with a much different look, joining me now the company that is behind the circus for more than 50 years, entertainment ceo kenneth feld, let me begin with the reaction to the new show so far it clearly is completely different. Is completely different but it stands for the same thing and weve been overwhelmed with the positive response, it is a throwback but it is geared for todays kids in todays parents of the new grandparents of today and the whole family could be together and everybody walks away with a great experience. Ashley it is interesting, are todays customers about different in times past, thats all families thats really what we want and all of our entertainment and its geared for families in different generations to sit next to each other and enjoy whats going on and they all take home Something Different when theyre talking about what was your favorite thing. Ashley based on your feedback what about the robotic dog, bailey circuit is a robotic dog has his own dance contest and for some reason he wins a dance contest. That is a humorous thing that we added. The show if you really think about it at the largest playground and the circus performers come there and do the most amazing feats on this playground. We help people see this show and they leave and they want to play ringling, 365 days a year and every year will come back with a brandnew show with lots of surprises. Ashley i understand animals have been taken away from the show, why the clowns the people hate clowns whats the reasoning. The clowns are there in the humor is there, what is not there is the heavy makeup we want the audience to see these are real people from 18 Different Countries around the globe doing things that everyone can understand its non entertainment but it works for everybody. Ashley the younger generations in particular like to spend money on experiences thats what they tell surveys, theres a lot of competition for their dollars new to competitive world that youre in. Is a competitive world but there is no experience like ringling brothers. That is another nomenclature, they say this is an expense that is an experience. What it is we create an environment and have a show and we are performers doing things that you cannot believe in every generation can sit there and next week other watching go home and the have a different conversation in the car on the way home because everybody like Something Else and thats a greatest complement that we can get in it really fulfills what were trying to do. Were showing the on the screening of other properties in monster jam, disney on ice, drastic world, to name but a few, how are they performing, the bigger question, how is the consumer doing . The business is better than its ever been, a lot of it were a real value tickets are affordable for families and they come in they have not experienced and were seeing a tendency where people are making the decision to go a little bit later and they have a credit card and they want to wait until the next cycle but thats only difference, we are getting the volume and that is important. I think there is nothing comparable for the money that you would spend a ringling brothers barnum now. Ashley so far the attendance has been very good . The attendance has been great and built every week, the new york market has been extraordinary, this friday we open in bridgeport connecticut. Ashley we got that invited the end, thank you for joining us and continued success with the show, robotic dog sounds fun. Thank you. Fox business alert, Energy Company eq t at the bottom of the s p 500 after it announced it is buying back the former unit midstream and allstar deal the combined Company Expected to be valued at more than 35 billion including debt, the transaction expected to be completed in the Fourth Quarter 2024 pending regulatory app approval. Bloomberg reported the u. S. Justice department has convened a grand jury as part of a criminal investigation into the mid air blow out of a boeing door plug on an Alaska Airlines flight in early january. But we not the bottom of the dow is the probe assigned investigation of the company is deepening even though it may not result in charges, boeing is down about 3 . Ballet shares soaring after a buyout from a hedge fund general that values a casino operator is 684 million. He offered to buy all shares that it doesnt own for 15 each, the general larger shareholder of the gambling and Entertainment Company with 23s ownership, bally is up more than 20 . Oppenheimer raising his price target on netflix, over 615 to 725 bucks the Investment Firm is bullish in the long term subscriber, oppenheimer did maintain its raining at an outperform, not doing much for the stock, down about half 8 . Heres the question will homeowners withdrawal rate mortgages finally put their properties up for sale as a spring homebuying season is nearly here. The ceo Real Estate Firm compass will be along to give us the key to unlocking the golden handcuffs. We will explain. The Vanguard Real Estate investments etf taking a beating, but about a preset down half 8 today. Well be right back as an independent Financial Advisor, my promise to you is simple. As a fiduciary, i promise to put your interests first, always. 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We have more inventory 19 than the same time last year and 9 more homes are on contract, more inventory equals more sales was the year sailors sellers were on the sideline but now theyre back in the reason that there back, they are tired of waiting, its been almost two years were rising Mortgage Rates kept them on the sidelines and they can only hold back the life of interest we call them the five ds diapers, diploma, divorce and death those events when they happen movement is required. Ashley okay we used the term golden handcuffs it refers to the fact that someone is sitting on a 30 year mortgage, 2. 75 data would give that up especially in todays rate environment and that is what we have a shortage of homes is that still a factor. It is but much less so last year end 2023, january, 72 of homeowners were locked in at 4 Mortgage Rates were below and now its 58 , 1 less every month that goes by. Ashley we also hear the banks continue to be pretty stingy they have a lot of tight requirements on mortgages, is that still the case. Were still seeing more requirements and mortgage than we were in the prepared endemic. , that said, Mortgage Rates went back below 7 last week, it feels good and i would expect more to continue to come down for the rest of the next year. Ashley as we head towards the Spring Season april through june, you seem pretty bullish, i am bullish compared to 2023, we still have only a third of the inventory that we had at the prepared endemic. , last year looks like to have been the bottom, last year we saw though that was level of home sales since 1995, 28 years ago and the population is 27 bigger now than it was then. We really had a historically challenged Real Estate Market last year. Ashley are we still see in the movement of people that are buying are they still moving toward the florida and texas and moving out of higher tax states like new york and connecticut, is that still the issue. We see people move to the warm weather low tax states like the carolinas yeah texas, you florida and the real push in the tech hubs in the bay area and seattle where the sentiment, if your stock portfolio out of all time high you dont need low Mortgage Rates and a lot of people that are paid at the Technology Companies are paid in equity. Ashley that is a good point. Lets talk about firsttime homebuyers we know how difficult its been the median price 415,000 that is pretty steep, what is your outlook for those people that are desperately trying to save enough money for a down payment then go through the banks, what is the best advice. My best advice is to wait for the moment where inventory comes back to the market in a significant way. When inventory comes back there may be a case where prices decline and when they get to fivepoint something we get to a big flood of inventory and you may see price of climes at that point. Ashley is American Dream still live been buying your own home come the white picket fence. I suddenly believe so. I am the sign of the Real Estate Agent i mom is an agent has been my entire life in the real estate is in my blood i work with 30000 agents at compass in the brokerage in the country, selling more home volume than any other company. I certainly believe in the home its more than just a home with the neighborhood its a community, it provides a sense of belonging and it really matters. Ashley i only ask that because there generations that went through tough times and saw their parents go through the financial crisis. There little leery of jumping onto the homeowner ladder so to speak, they prefer the flexibility of renting even though none of the money is working for them. There is a fear. We are seeing younger people that are not buying homes as much they are renting, more so than the previous generation and we are seeing the average time of owning a home is longer so last year the average time that a person owns a home was 13 years and ten years before it was a and ten years before was eight, less new people are coming into the market and the older generation is holding on. Ashley what would you say to the youngsters that say im going to rent im scared to put all my money in the basket. I would say when you look from a Historical Perspective more millionaires were created the Real Estate Industry than any other, homeownership has a lot of incentives and not just personally but from the tax code to make it very attractive for you, even if you want to move from one home to another home there also tax benefits you can roll it over to the second home depending on how much the value is, there are a lot of benefits not just personally but not just financially of owning a home. Absolutely ill put you down as cost optimistic of a family rule laters. Great stuff. Thank you so much i pressure your time. A twomonth milestone approving spot that queen etf. Remember the fanfare as the original hit an alltime high above 72000, the nations top Crypto Research analyst will be here to tell us what exactly is driving the rally. Take a look at the crypto ecosystem as we head to the break, most of them down block chain, micro strategy up a preset, block chain down 4 . 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Since starting golo and release, i have dropped seven pant sizes and ive kept it off. Golo is real, our customers are real, and our Success Stories are real. Why not give it a try . Ashley we have some breaking news for you. Looking live at the Senate Select committee on intelligences annual hearing on worldwide threats and just moments ago director of National Intelligence avril hainess discussing your nations security. Hard to imagine how ukraine could mold territory it captured from russia without new u. S. Aid. There is rapid increase of Ransomware Attacks in 2023 roughly 74 over 2022. With u. S. Entities mostly targeted. Iran backed mill likes that like houthis in iraq are using the gaza conflict to pursue their own agendas. Well keep you apprised of any developments. That is out of senate right now. Bitcoin is kicking off the week blessing through new alltime high of 72,000 bucks after the uks financial regulator, the fca said it will not object to the creation of crypto backed Exchange Traded notes for institutional investors. The London Stock Exchange announced it will begin accepting applications nor bitcoin and ether etns in Fourth Quarter this year. Bitcoin rally fueling record inflows for the bitcoin spot etfs it is remarkable. Here to discuss the soaring numbers and grey scale rally is the head. Great to have you. Quickly begin with the news out of the uk. Seems that is another very positive step forward for your, for the crypto world, right . I would agree. Were seeing a continued maturing of the asset class. Which means partly broadening of the products available to give investors access, starting with etfs here in the u. S. Market. Were seeing other jurisdictions offer a broader range of products to investors. That is something that continues over time, continues to drive demand for bitcoin. Ashley so where do we go from here, zach . Obviously etfs enable ad lot more money to put into this currency if you want to call it currency but this asset class. How far can it go in your mind . It is an incredible start to year for bitcoin, roughly 70 as you were saying. The proximate cause for that is the demand for bitcoin spot etfs which have taken 10 billion after they launched in early january. This tends to be a cyclical market. It tends to be momentum. Were in a bull market here. I think prices can continue to rising. A big risk to the outlook is change in macroeconomic outlook in the u. S. The bitcoin is macro asset that competes with the u. S. Dollar. They should look ahead after inflation or Federal Reserve policy considering whether this bull market can continue. Ashley were showing you an etf on the screen now, gbtc. It has seen continued outflows into other etfs perhaps with lower fees. I have to ask you, does grayscale plan to stick to the 1 1 2 fee, does that change at all . First i would say were incredibly proud of gbtc, the role it plays in the bitcoin ecosystem and returns it has delivered for investors over time. Were committed to making this a competitive product and i do think investors can expect fees to come down over time. Grayscale again is a die percent vied crypto specialist asset manager with a wide range of products. We encourage investors to check them out. Ashley very good. I want to talk about ether this spot etfs. I was looking at the notes. The odds of getting approval by may down to 30 . It was 60 to 70 . How is the sentiment at grayscale on this . Are you optimistic well see approval for the ether etfs in 2024 . Well, we think approval is a matter of when and not if and you know, to our eye the circumstances around a potential ethereum etf are very similar to the circumstances around the bitcoin etfs we have futuresbased etfs in the market already. We have an active filing. Well await more information on that over the course of the summer. I do think for the crypto industry an ethereum etf would be another important moment. Bitcoin has a particular use case. Etherium has a whole another set of uses. Etherium etf could open up investors perspective to the range of things happening in crip co. I think it will be another important step forward for the industry when it does happen. Ashley very good. We saw President Trump today, you could say flip a little bit on bitcoin. He says his administration, if elected would not crack down own the use of bitcoin or other cryptocurrency through regulation which begs the question, how important is this general election coming up with regard to cryptocurrency . So crypto investors will be looking at a lot of legislative changes potentially after the election. We were fairly encouraged though that most of those discussions had a bipartisan nature in the current congress. So i think we can see legislation in the u. S. Progress, for example, on stablecoins regardless of who wins the white house. Beyond that though i think investors should remember to look at the macro policy issues on the ballot this year. Again about it coin competes with the u. S. Dollar, competes with physical gold. We should be looking at things like the amount of deficit spending thats expected, how much debt growth we can expect in the u. S. , what are the risks of inflation. These are the kind of things that are going to potentially drive demand for bitcoin beyond the specific legislative changes that we may see targeting crypto specifically. Ashley zach i will finish on this. You have come along way since the collapse of ftx. A lot of people were saying this is the beginning of the end. It has proven to be anything but, hasnt it . Thats right. Crypto is back. Were delighted to see that. I think the industry is excited to show the world what this technology can do over time. Ashley very good. All right, well leave it right there but thank you so much. Zach, for being here today and well continue to follow the upward trajectory for now for bitcoin. Thank you so much. Thank you. Ashley all right, the closing bell, thank you, ringing in what, just about five minutes from now. As you can see the dow limping into positive territory up 14 points but the s p down slightly, same story on the nasdaq and the russell 2000 down close to 1 . Really muted, treading water today waiting for those Inflation Numbers to come out this week. We have breaking news on tesla. According to its website the ev maker is raising the price of its model y to 43,990 from 42,990. It is up 1000. It also increased the price of the longrange model y to 48,900 from 47,990 in the u. S. Tesla in early 2023 decided to trim the sticker prices of its evs because of increasingly crowded market but it seems to have reveried that decision. Deutsche bank by the way cutting its price target on tesla to 218 from 250 per share. That was today, but kept its buy rating on the stock. Tesla at 177. 42 up 1 in a very muted trading environment. So okay, that is the latest on tesla. Price is going back up. Now this, the 2024 oscars, well theyre in the rear view mirror but our countdown closer joins us now what he calls awardwinning picks for the year. See what we did there . Joining us with 70 million bucks in assets under management, sound Planning Group ceo, david strewski. Great to see you. Lets get right down to it. Give us Award Winning picks. Great to be here, ashley, as far as the picks go go now we need to understand in history, that is very unique moment, if we look around the world, not just talking the s p 500, dow jones, nasdaq at alltime highs right now. Were talking about the nikkei which is japaneses market, japans market rather, for 304 years they have not found themselves at this level. They are here today. Europe, the same place, they have rallied up to highs. Last week gold and bitcoin hit alltime highs the exact same day. Zoo as far as the Award Winning picks well be looking for here, i will encourage people to understand that yellow metal that has currently no position in any 60 40 portfolios out there has been rallying in a very significant way. Why is it rally . Primarily because of china and china purchasing of it thousands of tons annually, central banks, essentially. I personally see we will see a rise here in these metals but be very, very aware metal miners have been beat up really bad for approximately two decades now. So i believe theyre finally getting repriced. I think if you look at their pe ratios, you look at the fact that gdx, which is the van eck gold miners, they happen to be like the largest etf out there doing this, getting this exposure. I think that you look at the last 12 months and it has made 4 in total. How is that possible with gold being at 2200 . I dont see it. I think that these things are poised to rally right now and youre going to see that significantly shift. Ashley i detech caution . Your voice, david, you believe the u. S. And the world face significant risks escalating conflicts, growing deficits, inflation, political instability, oh, my, does all of this worry you that much . Ashley i have to say i think there is a high probability were going to see more challenges come out. Were literally sitting here at the anniversary right now of when Silicon Valley bank and Signature Bank both filed for bankruptcy and we had the biggest bank bailout in u. S. History just one year ago today. The market is up. Everything is doing great but everything has been priced to perfection in my opinion and if we understand with what is happening with inflation right now, we have a hotter read. Happening in unemployment, guess what . The numbers continue to get revised down after the headline comes out. We look back at these numbers, theyre not as bullish as we started to see. Right h. Ashley right. I think all forward indicators stirringsnalling recession are there right now, ashley. I think the backward looking ones the fed is paying attention to will catch up. Ashley i hear you loud and clear. Message received david. [closing bell rings] thanks for joining us as we head towards the closing bell, the dow, how about that, up 56 point now in positive territory at least. Nasdaq down. Thats it for us. Larry kudlow. Larry hello, folks, welcome t