Uh for more on this record market day now, let's bring in Kestre Investment Management Chief Investment Officer Cara Murphy and G Squared Private Wealth Chief Investment Officer and CNBC contributor Victoria Green. Welcome to both of you. Um let's see.Uh where should we start. Cara, an everything rally is a fair description of what we've had so far. How long can it continue.>> It's a good question. I mean, and we've been able to sort of consume and digest and move beyond a lot of negative information over t ...

It does take us to our talk of the tape. Where does this market go from here. Following the Nvidia clearing event, let's ask Ed Yardenni, the president of Yardi Research, and Gabriella Santos of JP Morgan Asset Management.Both, as you see very clearly, are with me at Post 9. It's nice to see you both. Sure.>> All right, Ed. So, we've gotten all the we've gotten it all out of the way, >> right. We got all the mega caps and now we got Nvidia.What do you make of the way the market's now sort of reacting, diges ...

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Nvidia's Market Position and Influence - Nvidia is the largest company by market capitalization globally and its influence extends to various indexes, companies, customers, and suppliers [2] - Institutional clients, traders, and hedge funds show universal and significant interest in Nvidia, especially leading up to earnings reports [4] - The semiconductor industry hasn't seen a company like Nvidia in a long time, suggesting its unique and potentially unrepeatable status [10] - Nvidia's valuation, while high in absolute terms, is justified by its financial performance, with earnings growth outpacing stock price appreciation [12][13] Earnings and Guidance Focus - Attention is heavily focused on Nvidia's guidance, particularly regarding the sustainability of consistent earnings beats now that China is out of the numbers [6] - Commentary on China's potential as a future growth driver is a key focus, especially regarding the possibility of licenses being approved and supply chains ramping up [6][7] - Positive comments about China could potentially boost the stock, as China was largely removed from previous earnings forecasts [7][8] China's Impact - China's potential as a growth driver is uncertain due to factors on both the US and China sides, impacting different products [9] - The near-term numbers are expected to be acceptable, with the biggest incremental factor being the outlook on China [9]

Nvidia's Market Impact - Nvidia accounts for approximately 8% of the SPY (S&P 500), around 10% of the NASDAQ 100, and over 22% of the SMH [1] - The market anticipates Nvidia to surpass both top and bottom-line expectations, with focus on their future guidance, particularly regarding China and data center growth [2] Market Broadening and Sector Rotation - The market has shown broadening, with previously underperforming sectors experiencing gains, such as healthcare [3] - Lower interest rates are expected to benefit sectors that have been under pressure, including small-cap companies [3] Liquidity and Investor Sentiment - Approximately $7 trillion is held in US money market funds, a rise from $4 trillion in recent years, suggesting potential capital inflow into big cap tech if Nvidia performs well [4] - BFA's flow show indicated that clients sold stocks in nine out of eleven sectors, led by tech, staples, and financials, with hedge funds being the largest equity sellers [5] Small Caps and Rate Cuts - Small caps are more highly leveraged than larger cap companies, making them particularly sensitive to interest rate changes [9] - Small caps could benefit significantly if a recession is avoided and a couple of rate cuts occur, as they are currently considered cheap [9] Investment Strategy - The company favors big cap tech overall, citing strong earnings power, and advises against reducing tech exposure before Nvidia's earnings [11]

Market Performance & Economic Outlook - S&P 500 earnings are up 10% year-over-year, and NASDAQ 100 earnings are up 34% year-over-year, indicating strength in the US market [1] - Concerns about Fed independence are causing a slight sell-off at the long end of the curve [2] - The Fed's influence is strongest on the two-year rate, which has decreased by approximately 7-8 basis points [3] Monetary Policy & Interest Rates - The Fed only controls the short-term lending rate, and excessive cuts could lead to a steepening of the yield curve, potentially resulting in higher longer-term interest rates [3] - There is potential for the Fed to implement two or three rate cuts without significantly impacting the long end of the curve, even with inflation around 3% [4] - Lower rates on money markets and challenges in generating income from interest rates and bonds make equity income more attractive [5] Investment Strategy - The ITWO ETF, a Russell 2000 high-income ETF focused on small caps, is highlighted as a pick [4] - Small caps are more leveraged and have shorter maturity, making them more sensitive to and potentially benefiting more from rate cuts compared to large caps [5]

Never's a long time. Let me expand the conversation. We'll bring in Charles Schwab's Kevin Gordon.He's with us here at Post 9 and Truist Keith Learn is joining us as well. It's great to see you both. That's a good segue, Keith, to go to you because that is one of your principal picks, the small caps, which you upgraded.That's right. Well, great to be with you. I've been listening to the conversation.I actually agree with a lot of it. I mean, we we're still bullish on tech. We're still bullish on lab large c ...

Inflation & Monetary Policy - Tariffs are preventing the inflation rate from decreasing to the Federal Reserve's (Fed) 2% target, with inflation currently around 3% [2][3] - The market anticipates the tariff effect to be temporary, but the administration is considering additional tariffs, such as on furniture [2] - Services inflation remains relatively high, contributing to the Fed's difficulty in reaching its 2% inflation target [3] - A 25 basis points rate cut in September may be misguided due to inflation concerns and the economy's resilience [3] - The Fed's shift in tone, suggesting a possible adjustment, has excited the market about a potential "Fed put" [5] Economic Resilience & Employment - The economy is still resilient, despite controversial opinions and a lower-than-expected July payroll employment report [4] - July's payroll employment report showed a 73,000 increase, which is relatively low, but an increase nonetheless [4] - An expected increase of 100,000 in the August employment number is closer to the break-even rate needed to maintain a 4% unemployment rate [4] Bond Market & Interest Rates - Despite expectations of Fed easing, the bond market remains relatively flat, with yields around 427% [7][8] - Last year, when the Fed lowered rates by 100 basis points, bond yields increased by 100 basis points [8] - Lowering rates may not necessarily decrease bond yields or mortgage rates [9] Equity Market & Valuations - The market is in a bull market, with the question being whether it will experience a melt-up phase [10] - The forward price-to-earnings (PE) ratio on the S&P 500 is 22, which is considered high [10] - The Buffett ratio (price over sales ratio of the S&P 500) is at an all-time high, indicating valuations are not cheap [11] - Earnings have significantly exceeded expectations in the first and second quarters [11] - The analyst's S&P 500 targets are 6,600 by the end of the year and 7,500 next year, which could be reached sooner if the Fed delivers a "Fed put" [12] - The "Magnificent 7" stocks account for 30% of the S&P 500's market capitalization [14]

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