Tariffs and Trade - Uncertainty surrounding tariffs is hindering mergers and acquisitions [1] - The impact of tariffs on the S&P 500 earnings is estimated to be around 17% [6] - The market is waiting to see the actual impact of tariffs on earnings this earning season [3] - A tariff level around 20% is considered a threshold where adjustment time increases [3] Macroeconomic Factors - The underlying economy is showing signs of being "okay to good" based on US GDP growth forecasts [4] - A sharp decline in the dollar could become a tailwind for future quarters [5] Analyst Estimates and Market Expectations - Analyst estimate dispersion is wide, potentially leading to more conservative estimates [7] - Wider analyst dispersion tends to lead to bigger beats for the S&P 500 as a whole [7]

Megan, thank you for bringing us up to speed there. Appreciate it. >> Meantime, let's stick with this heightened uncertainty regarding tariffs.Joining us this morning is the former U.S. Commerce secretary and CNBC contributor Carlos Gutierrez. Mr. . Secretary good to have you back.Thanks for joining us. >> Good to see you. Thank you.>> I know you think July is going to be important and interesting, but you sort of have a sense as to where you think we're going to wind up, don't you. >> Yeah. I think eventua ...

What is your agenda uh as the incoming CEO of PGA. What what is what are your goals. Good question.Well, it's good to be here. Thanks for having me. Um look, I think the first goals and and I've had the opportunity to meet with partners and meet with a lot of players.The first goal is a bit to learn. Um I I I'm coming into this job with a blank sheet of paper. Um I think there's a lot of opportunity here, but I think um I'm I'm going to learn and and listen to our partners, listen to our players, listen to ...

Our next guest is out with a note this week outlining which media companies may stand to benefit the most and the least from advances in AI. Joining us now, Ben Swinburn. He's Morgan Stanley's head of US media research.Guess the first shot, Ben. I would assume we're going to have a lot more reports like this one coming, but you know, what are some of the early takeaways from the work that you did here to put this report out. Well, Dave, thanks for having me.Sorry you and I aren't in Sun Valley, but uh I'm s ...

Well, you know, in any business, scale is important. So, I came into the league, we were 12 teams who weren't in the Bay Area, and now look at the Golden State Valkyries, who just tipped off this season. They're killing it.Uh, and then we felt that 18 was the right number for now through the end of the decade. So, we just added Cleveland, Detroit, and Philly just a week ago announced, and they'll come in in 28, 29, and 2030. And, um, so I think 18 will be the right number, but you're trying to balance um th ...

Let's talk about the impact on the markets on all of these things. Joining us this morning, Janice Henderson, equities portfolio manager. Jeremiah Buckley's with us.Jeremiah, happy Friday. Good to see you. Yeah, good morning, Carl.Thanks for having me. I I wonder if you think the impact of any kind of tariff action gets a little muted when you look at how much this White House appears to want to let the economy run hot. Yeah.So, certainly, as we've seen today, higher tariffs, uh, higher tariff rates are neg ...

Disaster Relief Efforts - Federal disaster declaration signed for Kerr County, Texas, which was heavily impacted by floods [1] - Search and rescue efforts continue in affected areas along the Guadalupe River [1] Human Impact - More than 100 people have died as a result of the floods in Texas' Hill Country [1] - Scores more people are still missing [1] Government Response - President Trump participated in a roundtable with first responders and local officials in Kerrville, Texas, to assess flood damage [1]

Tariff Landscape & Trade Policy - The US administration is considering raising tariffs on Canada to 35%, up from the current 25%, though exemptions for USMCA-compliant goods and a lower 10% tariff for energy are likely to remain [2] - The US President is considering raising the universal baseline tariff from 10% to 15% or even 20%, potentially increasing the cost of all imported goods by at least 15% [4] - The US has postponed the July 9th deadline for reciprocal tariffs but has introduced new tariff threats for Canada and Brazil, including a potential 50% tariff on copper and a possible 200% tariff on pharmaceuticals [5][6] - The US President believes that uncertainty is the best negotiating leverage and is keeping it up [9] - A potential doubling of the universal baseline tariff to 20% on all imports could bring the US back to pre-post-war economy levels, impacting the US services economy and increasing the cost of goods [13][14] Geopolitical & Company Strategy - Canada is strengthening its partnerships throughout the world, signaling a shift in trade relations amid tariff disputes [3] - Nvidia's CEO Jensen Huang's visit to the White House and subsequent trip to China amid tariff discussions and export controls suggest potential negotiations for lifting export controls, which would benefit Nvidia [15][16][17][18] - The US President's rhetoric towards China has become more upbeat, with potential trade negotiations on the horizon [17]

Vaccine Recommendations & Insurance Coverage - Removing recommendations may impact patient choice, especially for vulnerable populations who rely on no-cost vaccines linked to CDC and ASIP recommendations [1][3] - Insurance companies have individual policies, some may not cover important treatments [2] - Various programs (private insurers, employer-sponsored plans, Medicare Part D, Medicaid, Vaccines for Children) link no-cost vaccines to CDC/ASIP recommendations [3] FDA's Role & Vaccine Safety - FDA's role is to assess the safety and effectiveness of submitted applications [4] - Concerns raised about potential loss of trust in the FDA due to policies perceived as "rubber stamping" vaccines without sufficient evidence, particularly for young, healthy individuals [5] - Industry emphasizes the need for strong evidence when recommending interventions, especially for new viruses and vaccines [5] - Clinical trial results in children were mixed four years ago [6]

I think we've run into the confluence of a lot of positive elements as it relates to valuation, whether it's a valuation of the patch on the uniform, an ad spot on a media buy, uh, or the valuation of a franchise. And that's all driven by revenue and a multiple of revenue. And about five years ago, that wasn't quite there for the W or women's sports.So, we raised capital in February of 22. That helped us grow the league from what I call an adolescent into kind of a young adult now, and we're maturing, and s ...