Had their worst days since 2022, restoring some confidence, better than expected economic data here in the united states. We will get that in some detail in a moment. Lets go to Nashville Tennessee and speal to david waddell, president and chief Investment Strategist at waddell associates. Welcome back to the show. Yesterday was the worst day in a year and a half or us markets. Now we have had time to sleep on it, what happened . Well, it wasnt quite as bad as it appeared. The Magnificent Seven was down 6 of a cohort. They make up 3 of the index. The other a93 were only down 1 . This sell off was yesterday. It started when the lighter than InfLation Report came out on the 10th ofjuly. From that point, it was down 16 . The Magnificent Seven were down 10 . However, small cap stocks in the usa were up 10 in that period. You are seeing a Rotation Acting on the market, and it should be happening because we were very overbought going into mid july, we had levels which were the highest in the
Lets just show you how things have been trading on wall street. Khan to those numbers after a difficult day for investors. Calm returning that those members. David waddell is an Investment Strategist based in nashville tennessee. He told us in his view the big Tech Sell Off was long overdue and actually in some ways healthy. Well, it wasnt quite as bad as it appeared. The Magnificent Seven was down 6 of a cohort. They make up 3 of the index. The other a93 were only down 1 . This sell off was yesterday. It started when the lighter than Inflation Report came out on the 10th ofjuly. From that point, it was down 16 . The magnificents were down 10 . However, small cap stocks in the usa were up 10 in that period. You are seeing a Rotation Acting on the market, and it should be happening because we were very overbought going into mid july, we had levels which were the highest in the year for retail, and the highest since 2021 for professional investors. We had a lot of complacency. The vics h
Has hinted she will award Public Sector workers above Inflation Pay increases. Its understood independent Pay Review bodies have recommended rises of 5. 5 for teachers and nhs workers. Inflation is currently 2 . Shes been speaking on sunday with laura kuenssberg. Lets listen in. So, chancellor, have you got used to being called that . Well, actually, Keir Starmer used the word, he said the other day, and this afternoon, the chancellor. , and i thought, 0h, whats he done now . And then. And then i remembered it was me. So i am getting used to it. But, yes, i do have to pinch myself occasionally. Last time i was on this programme was eight weeks ago and it was the first weekend of the Election Campaign, and i think you said to me in that interview, in a few weeks time, you might be chancellor, and that is exactly what i am. And i feel very proud and privileged to be in this position, especially as the first female Chancellor Of The Exchequer that this country has ever had. You have very,
Lets check whAt is mAking the news. There is no one dominAnt story this morning. As we Are, the telegrAph is leAding on the likelihood of PAy Rises for Public Sector workers. The sundAy times reminds RAchel Reeves of the pressure on her to lift the bAr on fAmilies with more thAn two kids clAiming some benefits. And strictly mAkes some of the front pAges As well, Amidst clAims About bullying on the show. Lets tAlk About RAchel Reeves As we Are going to for most of todAy. StephAnie, you study the economy probAbly more intently thAn Anyone else in the country, how grim is the picture for her, do you think . fin Picture for her, do you think . On one level. Picture for her, do you think . Q i one level, the short Term Picture is brighter thAn it hAs been for A while. You hAve informAtion thAt hAs been coming down to tArget And is looking fAirly under A controller mAy fAll even further And you hAve growth picking up. So the very short Term View is we Are Out Of The Woods but then there is