Labor Market & Economic Growth - The labor market shows weakness with the highest unemployment rate and lowest year-over-year wage growth in four years [2] - Despite weak job growth, the economy is still moving forward, avoiding a recession, but is described as a "sickly tortoise" [3] - The economy is expected to experience weak fourth-quarter GDP growth, potentially around 1% [9] - The economy may grow at 3% in the first half of next year and 1% in the second half, resulting in approximately 15% growth for the year if a recession is avoided [8] - Labor supply is limited, with a shrinking native-born working-age population and near-zero net immigration, making it difficult for the economy to grow beyond 15% of trend rates [7][8] Consumer Spending & Fiscal Stimulus - Consumer spending is expected to increase in the first half of next year due to income tax refunds, with the average refund projected to be $4,000, up from $3,200 this year [4] - The boost in consumer spending from tax refunds is considered temporary ("sugar, not protein") and unsustainable in the second half of the year [6] Investment & Sector Performance - While there's a significant data center boom, other investment spending, such as heavy truck sales and home building, is weak [10][11] - Low oil prices are hindering drilling activity in the energy sector [11]

Welcome to ETF Edge, your go-to place for all things exchange traded funds. I'm your host, Dominic Chu. Mutual fund and long-term investing heavyweight Baron Capital is launching five new actively managed ETFs today. So, joining me now, fresh off ringing the opening bell at the New York Stock Exchange are Ron Baron and Michael Baron from Baron Capital. Gentlemen, thank you both for being with us here on ETF Edge. We appreciate the time. >> Thanks for inviting us. All right. So, maybe we'll start with the ne ...

Organic Growth and Financial Performance - ServiceNow emphasizes its strong organic growth, consistently delivering over 20% revenue growth annually for the last decade [2] - ServiceNow operates above the "rule of 50" for free cash flow and revenue growth, positioning it as a leading enterprise software company [2] Acquisition Strategy - ServiceNow does not rely on acquisitions for growth, as its organic growth already surpasses other SaaS companies [5] - The acquisition of Move Works is highlighted as a strategic move, bringing in a pure-play AI employee experience company [3] Platform and Product Innovation - ServiceNow positions itself as a platform company, not just a SaaS company, offering a broad portfolio including IT service management, asset management, operations management, security, employee experience, customer service management, and creator workflow management [5][6] - ServiceNow's platform integrates agentic AI, providing customers with significant economic value through use cases and assists, leading to a new business model [6][7] - ServiceNow's stock is set to split five-for-one, reflecting confidence in the company's position [7] AI Control Tower and Security - ServiceNow's AI Control Tower connects to any hyperscaler cloud, language model, and data source (ERP, sales, HR), integrating with various providers [10][11] - The AI Control Tower also integrates the identity of both human and non-human agents in the workflow [11] - ServiceNow emphasizes the importance of security for non-human agents, offering a control tower that manages their identity and integrates with other security companies [7][8] - ServiceNow currently manages 75 billion workflows [8]

Joining us now exclusively is [music] incoming Crowd Time CEO Steve Kaine. Steve, thank you so much for taking the time on this big announcement. It's good to see you. >> Good to see you, Sarah.Thanks for having me. >> So, why now. Why are you doing this.I mean, you you you you did the split at Kellogg, sold effectively both of those two companies could have could have rode off into the sunset. Why are you back for more. >> Yeah, I I could have, but this opportunity was just so exciting, Sarah.And when you ...

RETAIL SALES WERE FLAT THIS MORNING, BUT THE CONTROL GROUP, WHICH FEEDS INTO GDP, WAS PRETTY STRONG. SO THAT'S GOING TO MAKE GDP NUMBERS LOOK GOOD. >> YEAH, A LITTLE BETTER.AUTOS AND AUTO AND GAS TALK MORE ABOUT THE DATA TODAY AND THE MARKET. JOINING US TODAY IS ED YARDENI PRESIDENT OF YARDENI RESEARCH WHO JOINS US HERE AT POST NINE. HAPPY HOLIDAYS.ED GOOD TO SEE YOU. CAN YOU BUNDLE ALL THIS DATA INTO A COUPLE OF PHRASES. >> YEAH, I THINK THE ECONOMY IN TERMS OF FINAL DEMAND GDP GROWTH IS STILL QUITE GOOD.L ...

Joining us right now to talk about how today's jobs number impacts the Fed's rate plan, former Atlanta Fed President Dennis Lockhart. He's a professor at Georgia Tech. Good morning to you, sir.You saw the numbers. I don't know how much you take away from them at this point. How much you think even the Fed is looking at those numbers in terms of how it's going to impact their plans for 26 and beyond.>> Well, I agree with much of the commentary we heard earlier. I don't think this report changes much quite fr ...

Lot of catch up on the data front today. Got some more right now with Rick Santelli. Hi again Rick. >> Hi Carl.Business inventories. [music] This September number expecting that number to increase by onetenth of a percent comes in up 210. Up 210.Now it's interesting. This is the third reading of up 2/10 in this data series. It equals where we were in June and Feb to find a higher number.You're going to January which was the high water mark of the year. Up 4/10. We do see rather sticky behavior on the long e ...

Monetary Policy & Federal Reserve - The Federal Reserve's independence is crucial [1] - FOMC (Federal Open Market Committee) members' opinions are also important [1] - Interest rate adjustments should be driven by consensus based on facts and data [1] - The Fed's approach to interest rate movements has faced challenges in recent years [1] - The president's economic observations should be considered, and valid points recognized [1]

Let's get the gym and stop training. >> Little notice in the chaos that is the data center mega hyper is a piece put out by today that I thought was really good. Beimo is talking about how Amazon Web Services is grow.It's going to grow to 24 from 23. That would be major and talks about a lot of growth next year. That is the division that has crushed the stock.Now again, I'm not pushing any of these stocks. I am saying that if you could get with 30 times earnings, next year's earnings with some certainty abo ...

Let's get to Rick Santelli. Hey Rick. >> Hi Carl.Indeed. These are December preliminary S&P global PMIs. On the manufacturing front coming in light at 51.8%.Also sequentially lower than last month's final 52.2%. That would be the lowest read since this summer July. If we look at the services 52.9%.We're expecting 54 in the rearview mirror. 54.1%. 52.9% equals where we were in June.To find a lower number, you're going back to April of this year. And finally, on the composite, 53.9% expected. 53 is what arriv ...