Day as well. Weekly losses for small caps then what the guys were talking about the last hour the atlanta gdp, 5. 8 is what theyre looking at the ten year back higher, all put into the stew of how were supposed to think of where stocks go from here. The question for the viewer is, is the correction in its nature going to be deeper in the sense of what we witnessed in 2022 or similar to 2019 . There are two time periods to guide investors through what i believe will be in 2023. Very obviously you had an adversarial federal reserve, and the market declined from august 16 through october 13 by 19. 6 in the month of august, you oinl had 225 basis points worth of rate hikes you still had another 300 basis points yet to go and an overall down trend for the market now, in 2019, if you study that time frame, the same thing happened, scott. You went through this malaise in q3 from july 26 through october 3. The s p declined 5. 6 . Here is why i believe that 23 core relates to 2019 similar to 20
Hotter. Retail sales lighter. Jobless claims lighter, too. You have yields moving up. Take a look at the ten year, was 4. 26. Nvidia is lower. Tesla is lower again down 5 this week. The worst s p stock year to date. So were watching all of that. The point being, as i turn to josh brown, you say its not the place to look anyway, if youre thinking about where this next leg of the rally will come from, if you do believe one is in the offing, you say it will come from the small caps and thats where you are zeroed in for us today. Small caps and value and cyclical. Really, anything but tech is the beneficiary. Theyre going to keep using the companies atm witness, not because theres anything wrong fundamentally with the stories amongst the Largest Technology companies, but because theyve all been overbought for a very long time, people have chased, and there are other places to be, and, you know, professionals who have been in the market for a long time, they understand the need to have othe
Undermine the now popular soft lining economic story and what will it mean for the markets. Here to help answer that is private wealth chief investment officer, cnbc contributor. So first on the action today, we were only down 3 4 percent but it is two days in a row where it seems like the expected august pullback is resuming. We had the big Growth Stocks of apple, microsoft and nvidia 10 or 11 below and the broader take is Holding Together okay. Do you take heart in that or feel like its noise or delusion . Maybe a little bit of all of those. I feel like there has been a sense of somewhat capitulation in the middle of the day over the last couple days and i think that there continues to be a very strong underlying bullish sentiment which stems from the expectation we will see soft lining or none, we have seen a lot of sectors from even soft landing over the couple weeks. The other thing is investors are trying to determine how much the cpi tomorrow but change the narrative and the thi
25 of the jobs in america and close to 25 of the nations gdp. Right now, they are feeling good about the economy. A brt survey came out which suggested the rating right now in terms of how they feel about the economy climbed 11 points to85. That is a little above the reading83. Feeling good about the capital sales. Those are up double digits from the last quarter. Plans for hires have particulared higher. They sent out a survey asking ceos and if they think Government Policies are undermining American Free enterprise. 75 of ceos think that. Of those who answered yes, 92 partly s92 cited over regulation. We will talk to the ceo as and what they would like to hear from the administration and what they feel is most important to growth policies in the United States. Thats what we are talking about with the ceos today. I can forecast whats coming. Some buyback stuff. They dont like those. Corporate ceo compensation stuff. A lot of different populous rhetoric coming out of it. What is weird
Since april and the first time in 47 sessions where it broke the streak of days where the s p hadnt dropped by 1 first time we have seen a loss like this in a while nasdaq was down 2. 2 that was the worst day since february if you look at treasury yeields, we saw action. The 10year treasury pushing higher the 10year is 4. 41 2year at 4. 19 . Andrew, we talked about the market blowing off the downgrade from fitch in the morning. Yields under pressure which is the opposite through the course of the day, yields did pick up a bit i know you have comments from Warren Buffett in a moment i dont know if this is a number of earnings which were better than expected, but some were weaker you have the report. That brought the expectation to bring more pressure on the fed to raise rates that, to me, is a much better rationale than the fitch report. As you know, my view is not that it is silly. It is important to say aloud the world is a relative place. If you downgrade the United States, you have