New high briefly for NASDAQ today. Otherwise, not much conviction on the tape as we approach the close. So, is there a catalyst to take stocks higher into year end.Let's ask Invesco's Brian Lev and wealth enhancements Yoshio. Good to have you both with us. How would you answer that question, Brian.>> Yeah, I think there's a catalyst. So, the way I would categorize this is we're still in the middle of this market cycle. I don't have credit spreads blowing out. I don't have bankers tightening lending standard ...

The chip state of play is just one that's a huge focus given its significance in that technology trade overall. Just how important is that tech trade and is it going to be reliant on computer chips and AMD and Nvidia, especially with Nvidia earnings coming up later on this month. >> Good morning, Dom.Um the chips, no no doubt are are a big part of the market move that we've been seeing recently. I mean since since the April lows it's really been technology driving the market and a lot of that has been chips ...

Gold held its longest streak of gains since February, boosted by fears of a US economic slowdown that have increased haven demand, along with traders’ bets on lower interest rates https://t.co/tj6y9yDfrU ...

New Zealand’s jobless rate rose to the highest in almost five years, the latest sign of an economic slowdown that could prompt the central bank to resume interest-rate cuts https://t.co/616jpf6TJv ...

Nykredit, one of Denmark’s largest banks, slashed its outlook for the Danish economy after pharmaceutical giant Novo warned of weaker earnings growth and raised fears of a broader slowdown https://t.co/IahazWcogC ...

Joining us to talk more about the markets is Evercore ISI founder and senior chairman Roger Olman. Uh Roger, good to have you. Uh I want to start uh good morning. I want to start with the firing of the BLS commissioner, the Bureau of Labor Statistics.Uh what do you what do you make of all of this and the ability to trust the data. Well, I find this move quite disturbing. Uh hundreds and hundreds of people, federal employees are involved in collecting this data.And so the idea that at the last minute and sur ...

Could the debate about the firing of the BLS commissioner be taking the focus off uh what investors really need uh to think uh about jobs. Steve Leeman has a few ideas. Steve, >> good morning, Joe.Yeah, Wall Street economists were not concerned in their reports over the weekend that Friday's payroll numbers were altered for political reasons. Their real concern, the numbers are real and a s and actually signal a slowdown. Goldman Sachs writing quote Friday's payroll report brings payroll growth closer in li ...

We got a lot to digest today. So, let's bring in Unlimited CEO and CIO Bob Elliot and Far Miller Washington President and CEO Michael Farre. He's also a CNBC contributor.Gentlemen, it's good to have you. Bob, you're here with us on set. I'm going to kick this off with you because it's a perfect storm.You've got tariff implementation. You've got a very weak jobs report, this BLS firing, and then of course in the background amid this Russia rhetoric, nuclear subs that are being repositioned to quote unquote a ...

New Zealand retail card spending fell in the second quarter, adding to signs that an initial spurt of economic growth early this year has all but disappeared https://t.co/sfRiEUmTRT ...

Market Overview & Strategy - Investors are seemingly overlooking tariffs, focusing on earnings and the Federal Reserve, though potential risks remain [1][2] - The economy shows signs of weakening, with less than 50% of industries hiring in the past 3 months and consumer spending growth slowing [5][6] - The S&P 500's valuation at 245 times trailing 12-month earnings and 23 times forward 12-month earnings, with an expected 7% growth, appears optimistic [8] - Investors should broaden horizons, considering small-cap stocks, which are at their second-lowest valuation relative to large-cap stocks in 31 years [9] - International stocks are up around 20% year-to-date and are expected to continue performing well, potentially boosted by a weaker dollar [10] Small Cap & Interest Rates - Small-cap stocks present opportunities, especially with deregulation and lower tax rates potentially stimulating growth [9][13] - While historically lower rates reset the cycle for small caps, companies are adapting to current rates [12][13] - Investors with a time horizon beyond the next three minutes should consider small-cap stocks for the next 3-7 years, anticipating a cycle of different market leadership [15] Earnings Season & Forward Guidance - Forward guidance is crucial for investors to assess the impact of tariffs on individual companies [16] - Investors should pay attention to what they are paying for earnings revisions, as some large-cap stocks outside of technology trade at 40-60 times forward earnings [17] - A return to basics is advised, focusing on a margin of safety, valuation, and macroeconomic headwinds that may favor international and small/mid-cap stocks [18] Market Pullback & Investor Behavior - Historically, after reaching market peaks, the market continues to rise over 12-18 months, averaging 26%, but with drawdowns of 7% and 12-15% [20][21] - Long-term investors are advised to stay the course, while active investors should add optionality to their portfolios, considering low valuation stocks or hedging strategies using options [23][24] - A market dip is expected to be bought by retail investors, consistent with post-2020 behavior [27][28] AI & Tariff Impact - Structural AI leaders continue to be attractive, with adoption occurring across industries for both cost-cutting and revenue enhancement [33] - The market's shrug in response to recent tariff letters may be premature, given the potential for deals to be struck before August 1st [36][37]