First of all, there are a lot of forces forces at work in the economy and you know tariffs are one of them. You know the remilitarization of the world, the e the de fiscal deficits, you know the the uh demographics uh all those things are going to drive various things and yeah they may drive slightly higher inflation. What you really want is more growth.You know that is far more important than whether inflation ticks up or down a little bit. So and then tariffs themselves you know they've been greatly moder ...

Well, pharma stocks are on the move as well. Our Angelica Peebles has that story. Angelica.>> Hey, John. Well, President Trump is sending letters to 17 pharmaceutical manufacturers calling on those manufacturers to take voluntary actions within the next 60 days to lower the price of prescription drugs in the US to similar prices around the world. So, he's calling for four things.He wants these companies to extend most favored nation pricing to Medicaid. He also wants them to guarantee MFN pricing for newly ...

Joining me now as well is Mark Xandandy, chief economist at Moody's Analytics. Mark, there there's a narrative out there that the administration is fond of saying tariffs are not inflationary, just a one-time price bump up. Uh but we've got this new data.What's the data showing about tariffs thus far. How long is it going to take before we get a more definitive answer. >> Inflation prices are rising.It's been slow coming for lots of different reasons. the front loing of imports, the fact that the tariffs ar ...

Yeah, it's hugely productive and I think it will add to productivity, but I think people have a little cautious. So do the internet, but we don't really know how. You know, it's hard to calculate that.So technology is kind of like cosmological constant of improving productivity. I don't think you'll see it right away because right now we're going to be spending more money. You you see it everywhere and we need more electricity, more data centers and you know AI is kind of new and people still using it.Uh bu ...

Meanwhile, the S&P and NASDAQ hitting new highs yet again, helped today by those strong earnings from Microsoft and Meta. My next guest expects tech to remain a powerhouse. Joining me now is Nadia Levelvel.She is senior US equity strategist at UBS. Nadia, uh, we are getting closer to your upside scenario of 6,700 on the S&P. What would convince you that these levels have staying power.I think it has to be the continued um pickup in tech and we have conviction in that. Um we are more looking at things at a v ...

Well, Microsoft's strong earnings as well, a key reason why city is upgrading CoreWeave. As I mentioned earlier, from uh Neutral today. Despite more than doubling since its IPO in late March, Coreeave is down 30% over the past month with investors skeptical about the company's $9 billion acquisition of Core Scientific.But City says Microsoft's report shows AI demand is strong and will boost Core Weeave long term. Let's bring in the analyst beyond behind the report. city's Tyler Radkkey his $160 price target ...

to Apple. This one's been trading for a while. My next guest downgraded the stock in early July from a buy to a hold.She says the level of AI Capex required to catch up to the competition makes her cautious into the print. Let's bring in NEM's Laura Martin. Uh Laura, welcome.Does Apple really have to spend on AI or can they just ride on the investments of others since they're kind of the the gateway to the premium consumer. You know, I don't think they can. They have this wonderful installed base that's ver ...

with final trades. Malcolm, you're up first. Yeah, I'm going Dominion Energy.We've been talking all show about increased capex from all the hyperscalers. That also means additional chips to build out data centers, but that's got to flow to things like energy and cooling. Bill Nico Mines, they reported a beat.They also almost doubled their free cash flow from the previous quarter. And what we're seeing here is a divergence from the weakness in gold. And so I I think gold's come back the second half of the ye ...

President Trump posting on social media saying he just spoke with Mexican President Claudia Shinbomb and the two leaders agreed that for the next 90 days they are keeping trade at a status quo between the US and Mexico. They're keeping the exact same deal. So that means Mexico will continue to pay a 25% tariff on its uh exports to the US due to fentanyl.Although a White House official did confirm to me that that tariff will continue to hold exemptions for USMCA compliant goods. There's also those sectoral t ...

pace for its best month since September of 2022. So you are seeing a bit of a reversal in that trend. The year to date trend.And speaking of reports that could be market movers or inflection points. Apple, one of the names reporting after the bell today we got Steve Kovac out at Apple HQ ahead of that critical print. A lot of eyes on this. A lot of expectations for Apple to maybe clarify its AI strategy.Steve. >> Yeah, we'll get to AI in a second here, Frank. But first let's talk about tariffs because that ...