Group 1: Interest Rate Cuts - Federal Reserve Governor Michelle Bowman is considering three interest rate cuts this year due to concerns about the job market and the U.S. economy [1] - Bowman voted against the Fed's decision to keep interest rates unchanged last month, advocating for a 0.25% cut in the benchmark rate [1] Group 2: Inflation and Tariffs - Bowman indicated that price increases from tariffs are likely to have a one-time effect, suggesting that short-term inflation spikes can be tolerated [2] - San Francisco Fed President Mary Daly noted that while tariffs will push inflation higher in the short term, the effect is not expected to be lasting [5] Group 3: Labor Market Concerns - Bowman expressed skepticism about the accuracy of monthly jobs data, citing declining survey response rates and changes in immigration and business creation patterns [3] - New York Fed President John Williams acknowledged that the job market remains "solid" but is concerned about downward revisions in hiring [5] Group 4: Growth Stocks and ETFs - Growth stocks tend to perform better in a low-rate environment, as lower borrowing costs make them more appealing to investors [6] - A list of top-ranked growth-based exchange-traded funds (ETFs) was provided, including Vanguard Growth ETF (VUG) and Invesco S&P 500 Pure Growth ETF (RPG) [7]

Core Viewpoint - The Vanguard Russell 2000 Growth ETF (VTWG) provides broad exposure to the Small Cap Growth segment of the US equity market, with a focus on companies that typically have higher growth potential but also higher risk [1][2]. Group 1: Fund Overview - VTWG is a passively managed ETF launched on September 22, 2010, and is sponsored by Vanguard [1]. - The fund has accumulated over $1.01 billion in assets, positioning it as an average-sized ETF in its category [1]. - The ETF has an annual operating expense ratio of 0.1%, making it one of the least expensive options available [4]. Group 2: Investment Characteristics - Small cap companies, defined as those with market capitalizations below $2 billion, are generally considered to have higher growth potential compared to larger companies, albeit with increased risk [2]. - Growth stocks, which VTWG primarily invests in, are characterized by faster growth rates, higher valuations, and above-average sales and earnings growth [3]. Group 3: Sector Exposure and Holdings - The ETF has a significant allocation to the Information Technology sector, comprising about 22% of the portfolio, followed by Healthcare and Industrials [5]. - Individual holdings include Slbbh1142 at approximately 1.19% of total assets, with Credo Technology Group Holding Ltd (CRDO) and Fabrinet (FN) also among the top holdings [6]. Group 4: Performance Metrics - VTWG aims to match the performance of the Russell 2000 Growth Index, which includes companies with higher price/book ratios and growth rates [7]. - As of August 8, 2025, the ETF has gained about 1.32% year-to-date and approximately 14.35% over the past year, with a trading range between $163.60 and $229.76 in the last 52 weeks [7]. - The ETF has a beta of 1.15 and a standard deviation of 23.07% over the trailing three-year period, indicating a higher risk profile [8]. Group 5: Alternatives and Market Position - VTWG holds a Zacks ETF Rank of 3 (Hold), suggesting it is a viable option for investors seeking exposure to the Small Cap Growth segment [9]. - Other comparable ETFs include the iShares Russell 2000 Growth ETF (IWO) with $11.67 billion in assets and the Vanguard Small-Cap Growth ETF (VBK) with $19.21 billion, each with different expense ratios [10]. Group 6: Market Trends - Passively managed ETFs are gaining popularity among both institutional and retail investors due to their low cost, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [11].

Core Viewpoint - Investors are increasingly seeking growth stocks that demonstrate above-average growth potential, particularly in the financial sector, to achieve exceptional returns. However, identifying such stocks can be challenging due to inherent volatility and risks associated with growth stocks [1]. Group 1: Company Overview - Masimo (MASI) is highlighted as a recommended growth stock due to its favorable Growth Score and top Zacks Rank [2]. - The company has a historical EPS growth rate of 2.5%, but projected EPS growth for the current year is expected to be 14.6%, surpassing the industry average of 12.4% [4]. Group 2: Financial Metrics - Cash flow growth is crucial for growth-oriented companies, and Masimo currently exhibits a year-over-year cash flow growth of 13%, significantly higher than the industry average of -2.6% [5]. - Over the past 3-5 years, Masimo's annualized cash flow growth rate has been 10.7%, compared to the industry average of 6.3% [6]. Group 3: Earnings Estimates - Positive trends in earnings estimate revisions are important, and Masimo has seen a 6.9% increase in current-year earnings estimates over the past month [7]. - The combination of a Growth Score of A and a Zacks Rank of 2 positions Masimo favorably for potential outperformance in the market [8].

Core Viewpoint - Investors are increasingly seeking growth stocks, particularly in the financial sector, to achieve above-average returns, but identifying such stocks involves significant risk and volatility [1] Group 1: Growth Stock Identification - The Zacks Growth Style Score system aids in identifying promising growth stocks by analyzing real growth prospects beyond traditional metrics [2] - MasterCard (MA) is currently highlighted as a recommended growth stock, possessing a favorable Growth Score and a top Zacks Rank [2] Group 2: Earnings Growth - Earnings growth is a critical factor for growth investors, with double-digit growth being particularly attractive [3] - MasterCard's historical EPS growth rate stands at 21.5%, with a projected EPS growth of 11.6% for the current year, surpassing the industry average of 11.3% [4] Group 3: Asset Utilization - The asset utilization ratio, or sales-to-total-assets (S/TA) ratio, is an important metric for assessing efficiency in generating sales [5] - MasterCard's S/TA ratio is 0.62, indicating that the company generates $0.62 in sales for every dollar in assets, compared to the industry average of 0.41 [5] Group 4: Sales Growth - Sales growth is another key indicator, with MasterCard expected to achieve a 15% sales growth this year, significantly higher than the industry average of 4.8% [6] Group 5: Earnings Estimate Revisions - Positive trends in earnings estimate revisions correlate strongly with stock price movements [7] - MasterCard's current-year earnings estimates have been revised upward, with the Zacks Consensus Estimate increasing by 1.9% over the past month [8] Group 6: Overall Positioning - MasterCard has achieved a Growth Score of B and a Zacks Rank of 2 due to positive earnings estimate revisions, positioning it well for potential outperformance [10]

Core Viewpoint - The iShares Russell Mid-Cap Value ETF (IWS) is a significant player in the Mid Cap Value segment of the US equity market, with over $13.43 billion in assets, and aims to provide broad exposure to this sector [1]. Group 1: ETF Overview - IWS was launched on July 17, 2001, and is passively managed by Blackrock [1]. - The ETF targets mid-cap companies with market capitalizations between $2 billion and $10 billion, balancing stability and growth potential [2]. Group 2: Value Stocks Characteristics - Value stocks, which IWS focuses on, typically have lower price-to-earnings and price-to-book ratios, along with lower sales and earnings growth rates [3]. - Historically, value stocks have outperformed growth stocks in long-term performance, although growth stocks may excel in strong bull markets [3]. Group 3: Costs and Performance - The annual operating expenses for IWS are 0.23%, which is competitive within its peer group, and it has a 12-month trailing dividend yield of 1.57% [4]. - IWS aims to match the performance of the Russell MidCap Value Index, with a year-to-date return of approximately 4.18% and a one-year return of about 11.37% as of August 7, 2025 [7]. Group 4: Sector Exposure and Holdings - The ETF has a significant allocation to the Industrials sector, comprising about 17.7% of the portfolio, followed by Financials and Real Estate [5]. - Coinbase Global Inc Class A (COIN) represents about 0.72% of total assets, with the top 10 holdings accounting for approximately 6.08% of total assets under management [6]. Group 5: Risk and Alternatives - IWS has a beta of 1.00 and a standard deviation of 17.35% over the trailing three-year period, indicating a medium risk profile [8]. - Alternatives to IWS include the First Trust SMID Cap Rising Dividend Achievers ETF (SDVY) and the Vanguard Mid-Cap Value ETF (VOE), with respective assets of $8.36 billion and $18.16 billion [10].

Core Viewpoint - The iShares Morningstar Mid-Cap Value ETF (IMCV) is a passively managed fund that aims to provide broad exposure to the Mid Cap Value segment of the US equity market, with assets exceeding $727.04 million, making it an average-sized ETF in this category [1] Group 1: Fund Overview - Launched on June 28, 2004, IMCV is sponsored by Blackrock and focuses on mid-cap companies with market capitalizations between $2 billion and $10 billion, which are seen as having higher growth prospects compared to large-cap companies while being less risky than small-cap firms [1][2] - The ETF has an annual operating expense ratio of 0.06%, making it one of the least expensive options in its category, and it offers a 12-month trailing dividend yield of 2.5% [4] Group 2: Sector Exposure and Holdings - The ETF has a significant allocation to the Financials sector, comprising about 19.8% of the portfolio, followed by Industrials and Utilities [5] - Capital One Financial Corp (COF) is the largest individual holding at approximately 2.41% of total assets, with the top 10 holdings accounting for about 12.21% of total assets under management [6] Group 3: Performance Metrics - IMCV aims to match the performance of the Morningstar US Mid Cap Broad Value Index, with a year-to-date return of approximately 5.32% and a one-year return of about 12.7% as of August 6, 2025 [7] - The ETF has a beta of 0.95 and a standard deviation of 16.7% over the trailing three-year period, indicating effective diversification with around 286 holdings [8] Group 4: Alternatives and Market Position - IMCV carries a Zacks ETF Rank of 3 (Hold), suggesting it is a reasonable option for investors seeking exposure to the Mid Cap Value segment [10] - Other alternatives in the market include the iShares Russell Mid-Cap Value ETF (IWS) with $13.44 billion in assets and an expense ratio of 0.23%, and the Vanguard Mid-Cap Value ETF (VOE) with $18.18 billion in assets and an expense ratio of 0.07% [11]

Core Viewpoint - The ALPS (OUSA) ETF offers broad exposure to the Large Cap Value segment of the US equity market, with assets exceeding $804.12 million since its launch in July 2015 [1] Group 1: Large Cap Value Characteristics - Large cap companies typically have a market capitalization above $10 billion, characterized by stability and predictable cash flows, resulting in lower volatility compared to mid and small cap companies [2] - Value stocks generally have lower price-to-earnings and price-to-book ratios, along with lower sales and earnings growth rates, but have historically outperformed growth stocks in long-term performance [3] Group 2: Costs and Performance - The ETF has an annual operating expense ratio of 0.48% and a 12-month trailing dividend yield of 1.33%, aligning with peer products [4] - OUSA aims to match the performance of the FTSE US Qual / Vol / Yield Factor 5% Capped Index, having gained approximately 2.46% year-to-date and 12.04% over the past year as of August 6, 2025 [7] Group 3: Sector Exposure and Holdings - The ETF's largest allocation is to the Financials sector at about 26.6%, followed by Information Technology and Consumer Discretionary [5] - Microsoft Corp. constitutes approximately 5.74% of total assets, with the top 10 holdings representing about 43.56% of total assets under management [6] Group 4: Risk and Alternatives - OUSA has a beta of 0.83 and a standard deviation of 13.53% over the trailing three-year period, indicating a medium risk profile with effective diversification across 101 holdings [8] - Alternatives include Schwab U.S. Dividend Equity ETF (SCHD) and Vanguard Value ETF (VTV), which have significantly larger asset bases and lower expense ratios of 0.06% and 0.04%, respectively [10] Group 5: Bottom Line - Passively managed ETFs like OUSA are favored by both institutional and retail investors for their low costs, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [11]

Core Viewpoint - The SPDR S&P Dividend ETF (SDY) is a large-cap value ETF that aims to provide broad exposure to the US equity market, with significant assets under management and a focus on dividend-paying stocks [1][11]. Group 1: ETF Overview - Launched on November 8, 2005, SDY has over $20.17 billion in assets, making it one of the largest ETFs in its category [1]. - The ETF is passively managed and sponsored by State Street Investment Management [1]. Group 2: Investment Characteristics - Large-cap companies typically have market capitalizations above $10 billion, offering more stability and reliable cash flows compared to mid and small-cap companies [2]. - Value stocks, which SDY focuses on, generally have lower price-to-earnings and price-to-book ratios, but they also exhibit lower sales and earnings growth rates [3]. Group 3: Costs and Performance - SDY has an expense ratio of 0.35% and a 12-month trailing dividend yield of 2.58% [4]. - The ETF has gained approximately 5.64% year-to-date and 5.23% over the past year, with a trading range between $121.58 and $144.00 in the last 52 weeks [8]. Group 4: Sector Exposure and Holdings - The ETF's largest sector allocation is to Industrials at about 21%, followed by Consumer Staples and Utilities [5]. - Microchip Technology Inc accounts for approximately 2.49% of total assets, with the top 10 holdings representing about 17.82% of total assets under management [6]. Group 5: Risk and Alternatives - SDY seeks to match the performance of the S&P High Yield Dividend Aristocrats Index, which includes companies that have consistently increased dividends for at least 20 years [7]. - The ETF has a beta of 0.78 and a standard deviation of 14.28% over the trailing three years, indicating a medium risk profile [8]. - Alternatives to SDY include the Schwab U.S. Dividend Equity ETF (SCHD) and the Vanguard Value ETF (VTV), which have lower expense ratios of 0.06% and 0.04%, respectively [10].

Okay, Mike. Thanks. Sat, how how much did the revisions in particular and the jobs data on Friday change your view of the market if at all.>> I think the lagging indicator, the the data coming in that we all expected finally hit home after Doge and all the unemployment. So, I don't think it was that much of a surprise. I think the other surprise was, hey, inflation's not coming down.So, that really puts the Fed in this quandry as to, you know, three days ago they were saying, hey, we're not going to do anyt ...

Core Viewpoint - Growth stocks are appealing due to their potential for above-average financial growth, but identifying the right ones involves significant risk and volatility [1] Group 1: Growth Stock Identification - The Zacks Growth Style Score aids in identifying promising growth stocks by analyzing real growth prospects beyond traditional metrics [2] - Spok Holdings (SPOK) is currently recommended due to its favorable Growth Score and top Zacks Rank [2] Group 2: Earnings Growth - Earnings growth is crucial for attracting investor attention, with double-digit growth being particularly favorable [3] - Spok's historical EPS growth rate is 363%, with a projected EPS growth of 17.8% this year, surpassing the industry average of 16.6% [4] Group 3: Asset Utilization - The asset utilization ratio, or sales-to-total-assets (S/TA) ratio, is an important metric for growth stocks, indicating efficiency in generating sales [5] - Spok's S/TA ratio is 0.66, significantly higher than the industry average of 0.35, indicating better asset utilization [5] Group 4: Sales Growth - Sales growth is another critical factor, with Spok expected to achieve a sales growth of 3.4% this year, compared to the industry average of 0% [6] Group 5: Earnings Estimate Revisions - Positive trends in earnings estimate revisions correlate strongly with stock price movements [7] - The current-year earnings estimates for Spok have increased by 4.9% over the past month, indicating positive momentum [8] Group 6: Overall Positioning - Spok has earned a Growth Score of B and a Zacks Rank 2 due to positive earnings estimate revisions, positioning it well for potential outperformance [10]