Market Trend & Outlook - Piper Sandler's technical analysis indicates the market trend is still higher, targeting 6,600 for the year-end objective [4][5] - The market is making new highs despite some negative sentiment and down AI numbers, suggesting a "hated market" [5][6] - The S&P 500 has broken out to all-time new highs, contrasting with previous concerns of a potential breakdown to 2,000 levels [3] Valuation & Market Structure - Valuations matter, but the market has been shrinking with 20%-25% fewer stocks due to share buybacks [7] - The pool of available equity has decreased from 8,000 to about 3,800, while the amount of capital has increased [9] - Historical price-to-earnings ratios may not be as relevant due to the shrinking market [8] Cyclical Stocks & Housing Market - Cyclical stocks, including homebuilders like Horton (better-than-expected results), LAR, BLD, and BLDR, are showing constructive patterns and reversing downtrends [11][12] - Housing numbers are good, suggesting a stronger consumer environment than people are thinking [10][12] Commodity & Industrial Signals - Copper is breaking out to an all-time new high, signaling a healthy economy and a meaningful pickup in the industrials [12][13]

Market Trends & Economic Outlook - US stock futures are treading carefully as bond yields have picked up, leading investors to scale back bets on Federal Reserve interest rate cuts [2] - The 10-year Treasury yield has added nearly 15 basis points in the past week, approaching 45% [5] - Traders reassess expectations for Federal Reserve interest rate cuts as price increases accelerated in June [5] - The market is closely watching President Trump's trade plans and potential tariffs on pharmaceutical companies and semiconductors, assessing their impact on inflation [6] - Bets on Federal Reserve interest rate cuts are fading as recent data has shown signs of sticky inflation, with core prices increasing 29% in June compared to the prior year [47] - Traders now see just a 52% chance the Fed cuts rates in September, down from a 70% chance seen just a week ago [48] AI & Technology Sector - Nvidia closed at a record high, above $170 per share, with plans to sell H20 AI chips in China [7] - ASML, a supplier of computer chipmaking equipment, said it may not achieve growth in 2026 due to macroeconomic uncertainty and geopolitical developments; shares fell more than 7% in pre-market trading [8] - The AI trade is considered to be in a 3-5 year bull market, but may be overheated in the short term [10][11] - Apple announced that it would buy rare earth magnets from MP Materials in a $500 million deal [46] Banking & Financial Performance - Bank of America reported adjusted earnings per share of 89 cents, higher than analyst expectations of 85 cents, with revenue at $265 billion [16] - Bank of America's net interest income for the second quarter came in at $1467 billion, above estimates for $146 billion [18] - Bank of America's trading revenue in the second quarter came in at $538 billion, exceeding the street's expectation of $494 billion [19] - Bank of America's investment banking revenue came in at $143 billion, slightly above estimates for $127 billion [21] Precious Metals Market - Silver has risen more than 28% this year, outperforming gold and copper [24] - Croup forecasts silver to continue to soar above $40 an ounce [24] - Central banks have been a huge determining force in their buying of gold, with over 1,000 tons bought in each of the last three years [31] - Trump's tariffs on copper threatening to be 50% on August 1st, we're seeing a lot of front running in this trade [28] Healthcare Sector - Johnson and Johnson reported second quarter adjusted EPS of $277, boosting its full-year sales outlook to a range of $932 billion to $936 billion and full-year adjusted earnings per share to a range of $1080 to $1090 [42][43] - The pharma sector is bracing for potential tariffs from President Trump [44] Impact of Tariffs - Rio Tinto said that US tariffs on its Canada-made aluminum have added $300 million in costs in the first half of this year [39] - Trump hit Canada with a 50% tariff on aluminum and auto parts in June [40]

>> All right. >> Gold's rally taking a bit of a breather over the past few weeks, however, Halftime committee member Bill Baruch still sees a big opportunity there and elsewhere in the mining space. It's good to see you.So you just launched a new portfolio centered around mining. Tell our viewers more, please. >> Absolutely.>> Thanks for having me on about this. The idea here is gold. We have a really great background in commodities.My team and I have worked really hard putting this together and working thr ...