Michael Aron is chief investment strategist at State Street Investment Management. Mike, always appreciate having you on. You know, stocks may be due for whatever, but it doesn't mean they're going to do that, does it.It doesn't, Brian. The foundation for this bull market remains solid. So, trades coming into clearer focus.It's not perfect, but we've avoided the worst outcome. Now, we're throwing a little gasoline on the fire with both fiscal policy and monetary policy. Oh, and by the way, earnings are grow ...

Let's ask Truis wealth CIO Keith Lerner and Empower chief investment strategist Marta Norton who joins us here at Post9. Good to see both of you. Thanks for coming in.Yes, my pleasure. What do you make of I guess tech lagging, a little more volatility, this comment from the Fed chair. You don't get that every day about valuations in equities, right.And you know, I think it really is a sign of how extreme valuations are. We all know that valuations aren't a timing indicator. markets can grind on for quite so ...

All right. So, Drew, what do you make of this this uh morning. We're seeing the futures pull back. We're seeing gold spike quite a bit.It's up over 1% generally. That's the safety trade. What do you think's going on with investors this morning.Look, I think sentiment's really high. That that's the starting point for everything here. And any news that might upset the apple cart might be a reason to normalize positioning or take some profits.I think a lot of this is shortterm because I think the bigger, not n ...

Market Sentiment and Earnings - Investor sentiment is currently high, leading to potential profit-taking and normalization of positions in response to any unsettling news [1] - The upcoming Q3 earnings reporting season is expected to be a significant factor influencing market direction [2][4] - The market's recent highs are attributed to expectations of rate cuts, but the sustainability of this trend hinges on strong earnings performance [2][3] Earnings Pressure - There is considerable pressure on earnings to exceed growth expectations, particularly given current market valuations [4][5] - The current earnings pressure is noted to be at levels not seen since the tech bubble and the post-pandemic recovery [5] Company Focus: Equifax - Equifax is highlighted as a potential investment opportunity due to its earnings inflection story, driven by lower interest rates impacting mortgage rates [6] - Analyst expectations for Equifax's earnings are projected to be significantly above consensus for fiscal years 2026 and 2027, supported by lower mortgage rates [6] - The company is expected to improve its return on equity (ROE) through enhanced margins and operational efficiency [7] Mortgage Rates and Housing Market - Despite recent increases in mortgage rates, the long-term outlook remains positive due to a housing market that is underbuilt in the United States [8] - The current mortgage rates are approaching the 6% range, which may stimulate demand for both refinancing and new home purchases [8]

So, as big tech ramps up its spend on AI and their stocks hit record highs, are valuations getting a little worrisome. Let's ask NYU's Stern School of Business professor Aswath Damaroden. It's great to have you back on.So, are they are they getting worrisome to you. These these valuations as we make new record highs here in the session. >> It's not just tech, right.Stocks collectively are trading at prices that I think you know I mean they're richly pressed. That's the only way to describe it. I'm not use g ...

Core Viewpoint - Jonathan Golub, chief equity strategist at Seaport Research Partners, emphasizes that earnings and the economy will play a crucial role in supporting stock prices [1] Group 1: Earnings Outlook - The expectation is that corporate earnings will remain resilient, which is essential for maintaining investor confidence in the stock market [1] - Analysts predict that earnings growth will be a key driver for stock performance in the upcoming quarters [1] Group 2: Economic Factors - The overall economic environment is expected to provide a supportive backdrop for equities, with indicators suggesting stability [1] - Economic growth is anticipated to contribute positively to market sentiment and stock valuations [1]

Market Overview & Outlook - The market is pricing in an approximately 80% probability of three rate cuts by year-end [2] - S&P, global markets, Eco8 index, and bank index are at all-time highs [3] - Historically, when the Fed cuts rates around new highs, markets have generally moved up in the following 12 months, except during recessions [4] - Over 90% of global markets are in uptrends [17] - The market could experience short-term disappointment due to high expectations surrounding the Fed meeting [10][11] - A pullback is possible, but likely contained within 4-5% [12][13] Earnings & Sector Rotation - Earnings are the primary driver of the market [6] - Money is rotating within the Mag 7 stocks, indicating a healthy market [7] - Technology remains favored due to strong earnings momentum, but small caps are becoming more attractive [8] - Earning strength is broadening to include small caps and midcaps [13][14] International Markets - The firm has incrementally increased exposure to emerging markets and international developed markets like Japan [15] - Gains in international markets are primarily currency-related; forward earning estimates for the MSCI developed markets are negative on a 12-month basis [16] - Japan has broken out to a 40-year high [17]

Thank you very much. Speaking of Robin Hood, Stephanie Gild is with us right now, the chief investment officer. It's always good to have you on the program.What's your take on where we're going here in a new month. I mean, I think we're in a point in the market where we've seen a lot of gains and obviously you've had some news out that is starting to show that perhaps valuations have reached expectations. And I think we're at the point in the market where, you know, my target was 6,500 and I think we're goi ...

For more on the markets, let's bring in our next guest, Andrew Slimman, senior portfolio manager. Morgan Stanley, Investment Manager, management. Uh, Andrew, I want to ask you about Nvidia and its role in this market and a test of sentiment here.Um, this is a company that trades at about 59 times earnings, historical earnings, uh, about one and a half times the level of the overall NASDAQ, of which it comprises a substantial portion of. Um, given we saw earnings yesterday, there's a lot that's been made of ...

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