22 Burst results for "Porcelli"

"porcelli" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:36 min | 2 months ago

"porcelli" Discussed on Bloomberg Radio New York

"Think the problem with that is it will drive us into a much deeper slowing than I think we have to have. Well, whether you think we have fed will need to pivot away from rate hikes, what's your call on that? We've got about a minute left here. Yeah, I mean, I could be very quick on that. I think that they're done by the end of the year. And then I think using cycle starts shortly thereafter. All right, Tom porcelli, the chief U.S. economist at RBC capital markets coming in ahead of consensus, the median forecast of economists surveyed by Bloomberg calls for 250,000 new jobs added in the month of July and an unemployment rate of 3.6% Tom and the team at RBC are going for 300,000. We get the complete numbers 8 30 a.m. Wall Street time. Of course, we'll have full coverage for you here on Bloomberg radio and we'll get reaction as well from labor secretary Marty wall. She'll be joining us here on Bloomberg radio and television after the release of the July payrolls report Tom. Again, thanks for your insights ahead of the release of the data. Looking ahead to the market open this morning. We have S&P futures down two points Dow futures up 25. NASDAQ futures lower by 23 points. It's been pretty much a little changed throughout the early morning session. Markets kind of been waiting C mode ahead of the payrolls release. Ten year treasuries down one 32nd the yield 2.69% yield on the two year right now, 3.05%. Fell below $90 a barrel still there, 88 43 down about a tenth percent on the session. Comex gold is down a $4 80 cents 1802 ten ounce. The Euro 1.0228 against the dollar

Tom porcelli Bloomberg RBC capital markets Marty wall Tom RBC U.S.
"porcelli" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:50 min | 2 months ago

"porcelli" Discussed on Bloomberg Radio New York

"Sanctions on U.S. House speaker Nancy Pelosi and her immediate family members. It's over her recent trip to Taiwan. The Biden administration declared monkeypox a public health emergency more than 7000 cases have been detected in the U.S. so far. A lightning strike just in front of The White House in Lafayette square as critically injured four people. In baseball, the mets beat the brave 6 four, the Red Sox lost to the royals. The nationals and giants also lost the a's beat the angels 8 7 NFL Hall of Fame game the Raiders over the Jaguars 27 11. Global news, 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts to more than a 120 countries. I'm Michael Barr and this is Bloomberg, Nathan. All right, Michael, thank you. It is 6 19 on Wall Street live from the Bloomberg interactive broker studios. This is Bloomberg daybreak, which means we're just about two hours and ten minutes away from the release of the July payrolls report from the Labor Department ahead of that we are joined live this morning by Tom porcelli managing director and chief U.S. economist at RBC capital markets. Tom, it's great to speak with you this morning. We have seen signs ahead of the release of this overall report that we are getting some cooling in the labor market. What do you expect we're going to see when the data comes out at 8 30 this morning? Yes, good morning. Look, I think this actually could be another pretty decent number. I mean, we're north of consensus. We're looking for about 320,000 on the headline 300 for private. And that would be, I don't know what that is. You probably know this better than me 50,000 or more above consensus. I think if you get a number like that, I think what that does is it just sort of it feeds this narrative. That's been put in place, particularly starting on Monday. When you had all these fed officials come out and basically unwind so much of what Powell had said during the during his FOMC presser, which is to say, hey, look, we're not stopping the cycle anytime soon. So I think you get another strong report. And I think that's certainly will lend itself to people sort of really pushing that idea even more. I would caution against that because even though I were expecting a pretty strong number here, the reality is, as you rightly highlight, there's already factors that are suggesting to us that things are going to cool down and probably cool down pretty considerably going into yearend. Well, why are you looking at the mix you think that we are going to get a stronger number than consensus because we did see some moderation in the jobless claims yesterday. And some other signs of potentially wages cooling as well. Yeah, no, look, let me be very, very in anyone who raised my research no well knows this. We go where the data take us. If there's a single month where our models are telling us it's going to be a decent number. That's fine. But as I'm sort of fond of saying, I'm less interested in sort of any single months number I'm more interested in sort of the narrative. And the narrative is exactly what you highlight. So I would discount the strong number. Even if we're right and you get it because what we're looking at are things like claims. And again, I said this yesterday with Tom Keane and the team. I think what you have to keep in mind is we're up meaningfully from the lows. We're a 166,000 as a low, three months ago. I'm worth 50% from a claims perspective. That usually feeds into rising unemployed with a bit of a lag. So by the end of the year, I mean, we've said this many times. You could be staring at job losses. I mean, I don't think that that is a stretch at all. Like we're not going on a limb by saying that. So and just one last point, because I think you're right. If the labor backdrop was as tight as people think, then why are wage pressures slowing down right now? And just to be clear, it's not like they've gone from 6% to 5 and a half percent. They've done from 6% to like two and a half percent. There's been a meaningful slowing in wages. If you look at it the right way. And if you look at the right measure of wages too, average early earnings are an incomplete way of thinking about wage dynamics. You've got to look at average weekly earnings, which obviously includes the hours component. And when you do that, you see that there is actually already been a pretty notable slowing. It sounds like you're on board with a lot of what we're hearing from fed speakers lately that they've still got a ways to go to a keep hiking interest rates and keep getting inflation down is the payrolls report the weekend. Part of what's feeding into that for you? No, so let me just be clear. That's not the right way of characterizing our stands. I don't think that they just have to keep on haphazardly hiking rates here. I think if they want to get rates into a restrictive territory, I'm totally sympathetic to that. In fact, I would have argued, or I have argued that we should have been there a long time ago. But this notion that we're just supposed to just continue to hike rates aggressively right? Without any real end in sight in the near term, I think that's foolish. And I

Biden administration Michael Barr Bloomberg interactive broker s Tom porcelli Bloomberg Lafayette square U.S. House RBC capital markets Nancy Pelosi U.S. Jaguars Labor Department royals mets Red Sox Taiwan Raiders Tom Keane giants
"porcelli" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:58 min | 2 months ago

"porcelli" Discussed on Bloomberg Radio New York

"There? And end it with John Farrell. I don't know who made that decision, but we say, welcome to you. I'm Tom Kean alongside Lisa bramlet. We are not David Weston, but we've had so much fun here on a Friday to bring you Wall Street week on Friday. And of course, into the weekend, right now it is a joy to go into the trenches on Wall Street week of strategists and thinkers on Wall Street, adjusting in real time. Laurie calvasina is the RBC capital markets. She is exquisite as small caps in mid caps and also the gyrations of the market. A lot of good work there, bouncing off the work in economics of Tom porcelli. David Bianco is an institution far too young for the years on Wall Street. Deutsche Bank, and now with DWS group, America is so valuable. I think he walked out the door and they brought him back a second time. Two of you thrilled to have you on what is absolutely an oddest week in years. Laurie, we're equities removed from the turmoil in the other asset classes. I think they were a little bit this week, but frankly, I think they deserved a bit of a break after the year that we've had in the past couple of months that we've had. And look, I think investors on the equity side were also gearing up for earnings. And we were in a little bit of a holding pattern until we got to the end of the week. And financials, I mean, there was definitely interesting moves and financials today once we finally got through the house. You should all be back age this morning. David Bianco helped me there because in your research, you know, you say the banks are of interest, but the banks are all varied. Which kind of bank is where investments should be today. The big banks, the ones that have sticky deposit bases, the ones that will benefit from the fed hiking and the continued third hiking. So it's not comfortable to own banks if we're perhaps heading into a recession. But even if we do have a recession, this is not going to be a deflationary type of financial crisis. I think the credit costs will be well behaved and the banks will do fine. How much our financials and idiosyncratic story versus a story of macroeconomic strength really because that really was the feeling when JPMorgan came out and over time it became something different. Well, it's a good question. And I do think when you have, it's financials are always a macro story. It's very difficult for financials not to be a sensitive to the macro and purely idiosyncratic. However, what's happening in the macro situation right now is inflation and the fed hiking. So who's the only beneficiary of interest rates going up? It's banks. Everybody else is worried about that, not just in terms of slowing economy and earnings and PE pressure, but banks benefit, at least with higher earnings from higher interest rates. So given that backdrop, Lori, and given the fact that you said that really, stocks were somewhat immune to the volatility we were seeing in other asset classes. What are we pricing in? Is there a disconnect right now between the asset classes with stocks painting a much more sanguine picture? Look, stocks are pricing in a recession at this point in time. I mean, we've moved beyond kind of growth scare territory, which is where we were for the first part of the year. And now we've been down in around 25% from the peak or so. And your typical recession draw down on a median basis is 27. Your average drawdown is 32. So we're kind of pricing in that short shallow recession scenario. We're not typing in a typical recession. We're not pricing in a severe one. We're not pricing on an extended one. But I think the good news if we do have that short shallow recession in the back half of the year, the equity market got a lot of that damage out of the way early. Well, I joined a Friday evening and into the weekend as we get to continue with Laurie calvasina. And David Bianco as well. Again, we've got so much to talk about here over the hour. I can't say enough about the importance of speaking with Gregory Fleming as we will hear in a bit and again, professor summers was immensely prescient today on some of the images back in 1998. He says maybe panic less and much. It'll be interesting. Yeah, and that's certainly a theme as we try to chart a path. What did we say this week that it's not necessarily the question of whether we get a recession, but the path to get there in the path out of it to get back to that 2% inflation rate. We've got much more

David Bianco Laurie calvasina Tom Kean Lisa bramlet David Weston Tom porcelli DWS group John Farrell Deutsche Bank Laurie JPMorgan America fed Lori Gregory Fleming summers
"porcelli" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:37 min | 2 months ago

"porcelli" Discussed on Bloomberg Radio New York

"On Twitter, Lisa big win for travelers who are terrible at maths. You're a dollar parity. That's brilliant. That's brilliant. How do you start our package there? And end it with John Farrell. I don't know who made that decision, but we say, welcome to you. I'm Tom Keane alongside Lisa bramlett. We are not David Weston, but we've had so much fun here on a Friday to bring you Wall Street week on Friday, and of course into the weekend. Right now it is a joy to go into the trenches on Wall Street week of strategists and thinkers on Wall Street adjusting in real time. Laurie calvasina is an RBC capital markets. She is exquisite as small caps in mid caps and also the gyrations of the market. A lot of good work there, bouncing off the work in economics of Tom porcelli. David Bianco is an institution far too young for the years on Wall Street, a Deutsche Bank, and now with DWS group America, so valuable, I think he walked out the door and they brought him back a second time. Two of you thrilled to have you on what is absolutely an odd week in years. Laurie, we're equities removed from the turmoil and the other asset classes. I think they were a little bit this week, but frankly, I think they deserved a bit of a break after the year that we've had in the past couple of months that we've had. And look, I think investors on the equity side were also gearing up for earnings. And we were in a little bit of a holding pattern until we got to the end of the week. And financials, I mean, there was definitely interesting moves and financials today once we finally got through the kind of thing. You should always ask age this morning. David Bianco helped me there because in your research, you know what you say, the banks are of interest. But the banks are all varied. Which kind of bank is where investments should be today. The big banks, the ones that have sticky deposit bases, the ones that will benefit from the fed hiking and the continued third hiking. So it's not comfortable to own banks if we're perhaps heading into a recession. But even if we do have a recession, this is not going to be a deflationary type of financial crisis. I think the credit costs will be well behaved and the banks will do so. How much our financials and idiosyncratic story versus a story of macroeconomics strength really because that really was the feeling when JPMorgan came out and over time it became something different. Well, it's a good question. And I do think when you have, it's financials are always a macro story. It's very difficult for financials not to be sensitive to the macro and purely idiosyncratic. However, what's happening in the macro situation right now is inflation and the fed hiking. So who's the only beneficiary of interest rates going up? It's banks. Everybody else is worried about that, not just in terms of slowing economy and earnings and PE pressure, but banks benefit, at least with higher earnings from higher interest rates. So given that backdrop, Lori, and given the fact that you said that really, stocks were somewhat immune to the volatility we were seeing in other asset classes. What are we pricing in? Is there a disconnect right now between the asset classes with stocks painting a much more sanguine picture? Look, stocks are pricing in a recession at this point in time. I mean, we've moved beyond kind of growth scare territory, which is where we were for the first part of the year. And now we've been down around 25% from the peak or so. And your typical recession drawdown on a median basis is 27. Your average drawdown is 32. So we're kind of pricing in that short shallow recession scenario. We're not typing in a typical recession. We're not pricing in a severe one. We're not pricing on an extended one. But I think the good news if we do have that short shallow recession in the back half of the year, the equity market got a lot of that damage out of the way early. Well, I joined a Friday evening and into the weekend as we get to continue with Laurie calvasina. And David Bianco as well. Again, we've got so much to talk about here over there. I can't say enough about the importance of speaking with Gregory Fleming as we will hear in a bit and again, professor summers was immensely prescient today on some of the images back in 1998. He says, maybe panic less than much. It'll be interesting. Yeah, and that's certainly a theme as we try to chart a path. What did we say this week, that it's not necessarily the question of whether we get a recession, but the path to get there in the past out of it to get back to that 2% inflation rate. We've got much more of that coming up after the break.

David Bianco Laurie calvasina Tom Keane Lisa bramlett David Weston Tom porcelli DWS group America John Farrell Deutsche Bank Lisa Laurie Twitter JPMorgan fed Lori Gregory Fleming summers
"porcelli" Discussed on The Doug Collins Podcast

The Doug Collins Podcast

01:33 min | 3 months ago

"porcelli" Discussed on The Doug Collins Podcast

"One of the things is, and I know you've had some experience in both a smaller service and the larger service. And I remember being a part of a volunteer, you know, department, we were smaller. We had a lot of hand me downs. I mean, this was the early 90s. And we'd go into schools and you'd have some of the bigger departments that had a few more extra things. And it was always that sort of big brother little brother kind of thing. Is that gotten better or is it still is that still out there amongst the fire world? So I can Florida around the Panhandle area. There's still a lot of rural fire departments that are still very small and volunteer. But Florida is just grown so much in the last 20 years. A lot of those departments are gone now. And now it's just most fire departments are just fully paid professional firemen that are working there. But the funding has increased. But the issue is any time there's any the wind blows the wrong way, elected officials want to cut the funding. Okay. Everybody wants to cut the funding into you need 9-1-1. They're like, well, you guys don't do anything. And I keep telling them, you don't want us to do anything. When I have to do something, somebody's dying or they're dead. So you don't want us to do anything. So the way we look at it, we're a cold spring. That's behind the glass. Break glass when needed, then the spring will go into action. And that's the way firefighters and cops are. It's the same thing with the military. They're parallels there. You don't want the military to do their job. If they are, somebody's getting killed. Okay? And we don't want

Orlando Florida Panhandle Disney Disney Mickey Mouse Walt Disney World Doug Nashville Charlotte Austin New York City San Francisco Tom Cruise Chicago Daytona Beach Disney NASCAR Stevie Hollywood
How Firefighting (and Funding) Have Evolved With Mauro Porcelli

The Doug Collins Podcast

01:33 min | 3 months ago

How Firefighting (and Funding) Have Evolved With Mauro Porcelli

"One of the things is, and I know you've had some experience in both a smaller service and the larger service. And I remember being a part of a volunteer, you know, department, we were smaller. We had a lot of hand me downs. I mean, this was the early 90s. And we'd go into schools and you'd have some of the bigger departments that had a few more extra things. And it was always that sort of big brother little brother kind of thing. Is that gotten better or is it still is that still out there amongst the fire world? So I can Florida around the Panhandle area. There's still a lot of rural fire departments that are still very small and volunteer. But Florida is just grown so much in the last 20 years. A lot of those departments are gone now. And now it's just most fire departments are just fully paid professional firemen that are working there. But the funding has increased. But the issue is any time there's any the wind blows the wrong way, elected officials want to cut the funding. Okay. Everybody wants to cut the funding into you need 9-1-1. They're like, well, you guys don't do anything. And I keep telling them, you don't want us to do anything. When I have to do something, somebody's dying or they're dead. So you don't want us to do anything. So the way we look at it, we're a cold spring. That's behind the glass. Break glass when needed, then the spring will go into action. And that's the way firefighters and cops are. It's the same thing with the military. They're parallels there. You don't want the military to do their job. If they are, somebody's getting killed. Okay? And we don't want

Florida Panhandle
"porcelli" Discussed on The Doug Collins Podcast

The Doug Collins Podcast

01:41 min | 3 months ago

"porcelli" Discussed on The Doug Collins Podcast

"You talk about having a thick skin. Now, somebody coming from politics and coming from Congress and by being out there all the time. Look, I get fake skin. I mean, that one's not. But talk about that a little bit in the real world out there that not everybody's looking to give you a mental health day. So let me talk about thanks, Ken. We as firefighters, we were totally destroyed and butchered at the firehouse level. You guys were destroying the butcher at the national level. The world stage. So no, you guys have way thicker skin than we do. So this is what happened. When you first joined the fire department and you get hired at the fire department. There is massive expectations for you to perform. And there should be. Here's the problem. The fire department doesn't give you a mechanism to be successful to meet those expectations. So what do I mean by that? And I brought this up to our training divisions and another chiefs. And so what are you talking about? Poor Shelley. We do train these guys. We teach them how to pull hose. We teach them how to run calls. We teach them how to innovate. We teach them how to do all these things. And how to put out fire. It's like, hey, chief, that's the easy part. I could train a monkey to do that. That's easy. You realize most people at the fire department, they get fired or written up, not from a lack of job performance. They all know how to do their job. And most of it, for most of them, do it great. They get fired for a bad attitude. They have a bad crappy attitude that they came into the fire department with. That's number one. Number two, the expectations are set so high. Like I said, we didn't give them a mechanism to perform. So that's why I said, you know what? I have to do my part. I want to do something to try to help these young kids

port Shelley Johnny Doug Congress Sears Larry Jimmy basketball headaches PTSD
Former Firefighter Mauro Porcelli on the Value of Thick Skin

The Doug Collins Podcast

01:41 min | 3 months ago

Former Firefighter Mauro Porcelli on the Value of Thick Skin

"You talk about having a thick skin. Now, somebody coming from politics and coming from Congress and by being out there all the time. Look, I get fake skin. I mean, that one's not. But talk about that a little bit in the real world out there that not everybody's looking to give you a mental health day. So let me talk about thanks, Ken. We as firefighters, we were totally destroyed and butchered at the firehouse level. You guys were destroying the butcher at the national level. The world stage. So no, you guys have way thicker skin than we do. So this is what happened. When you first joined the fire department and you get hired at the fire department. There is massive expectations for you to perform. And there should be. Here's the problem. The fire department doesn't give you a mechanism to be successful to meet those expectations. So what do I mean by that? And I brought this up to our training divisions and another chiefs. And so what are you talking about? Poor Shelley. We do train these guys. We teach them how to pull hose. We teach them how to run calls. We teach them how to innovate. We teach them how to do all these things. And how to put out fire. It's like, hey, chief, that's the easy part. I could train a monkey to do that. That's easy. You realize most people at the fire department, they get fired or written up, not from a lack of job performance. They all know how to do their job. And most of it, for most of them, do it great. They get fired for a bad attitude. They have a bad crappy attitude that they came into the fire department with. That's number one. Number two, the expectations are set so high. Like I said, we didn't give them a mechanism to perform. So that's why I said, you know what? I have to do my part. I want to do something to try to help these young kids

Congress KEN Shelley
What Drew Mauro Porcelli to a Career as a Fireman?

The Doug Collins Podcast

01:00 min | 3 months ago

What Drew Mauro Porcelli to a Career as a Fireman?

"What was it that drew you to firefighting? I know you had some family experience, but what drew you to this lifestyle, which it really is a lifestyle. I just, I knew I did not want to work behind a desk. I knew I did not want to be at the corporate level. And do spreadsheets all day and conference calls all day that pretty much lead to nothing at the end of the day. This is a bunch of people getting together and want to hear themselves talk. I did not want that lifestyle. What I wanted was that I wanted that fast paced, very high action. The camaraderie, the brotherhood, that is what I wanted. That's what I was looking for. I knew I wasn't going to get rich from being a firefighter. I mean, hell, I was making $7 and 50 cents an hour. When I first started. And it was many, many years after that until we started getting some good raises. It was really after 9 11 is when we started getting some raises, but I was just drawn to that because I just love helping people and you know, it was a great job. I did it for 25 years. I would do it all over

Mauro Porcelli, Retired Orlando Fireman, Shares His Backstory

The Doug Collins Podcast

01:03 min | 3 months ago

Mauro Porcelli, Retired Orlando Fireman, Shares His Backstory

"Off, let's get started now that you're riding in your book. You talk about your time in the Orlando fire department in mainly in Orlando fire department. But you're not from Florida originally. Talk about where you're from originally. Originally I was born and raised in The Bronx. I was born and raised in The Bronx in New York City and always wanted to be an FDNY firefighter, but my parents moved down to Florida. And so obviously, you know, we're young enough we came down with them. And I always wanted to be a firefighter. And so it was just a perfect opportunity. And everything works out for a reason and I'm glad I stayed in Florida. I just love the state. Yeah, but you held on some of that Yankee route. So New York Yankees and everything. I mean, look, you got plenty of Florida, they come down with you, okay? Right. I catch hell for my cousins up north all the time, but I definitely love New York City. It's where I was born and raised, but I'm a Florida boy. I'm a Florida boy. Through and through, I love the country life. I love the people here. It's just great. The water,

Orlando Fire Department Florida Fdny Bronx Orlando New York City Yankees New York
"porcelli" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:35 min | 8 months ago

"porcelli" Discussed on Bloomberg Radio New York

"To happen So obviously at the Federal Reserve is looking at this labor market they are looking at inflation in the print where we're likely to see 1982 level kind of inflation in the print we get in just under an hour from now you cut your S&P target last week due to the uncertainty around fed policy How much room is there on either end for even a hawkish surprise given how much has already been priced in or a dovish one Well look as you said if you look at the two year treasury note yield which tends to be a great year ahead indicator of what the market anticipates the fed funds rate will be the two years as you pointed out this morning 1.33% So here we are just a little bit north of zero So we got to waste to go And the big debate is are they going to do it in measured 25 basis point increments Or are they going to do it starting out with the 50 basis point increments I guess the answer will partly depend on what kind of surprise we get on the CPI this morning but I would like them to just get on with it Let's do 50 And just the market's already discounted it should just do it In terms of what matters to this market you say all this has been discounted has contributed to a lot of the turbulence we've already seen in 2022 Is it just that macro policy environment that matters here can you were talking about profit margins the earnings story Does that just matter less right now It does but to your question about corporations and the impact on profits I mean the reality is that those profits increasingly we have to look at them discounted by the kind of inflation we're getting when inflation was around less than 2% Nobody really cared about what impact that was having on revenues and earnings but now clearly we're not getting as much bang per buck real earnings if you will from this kind of inflation So we need to see inflation start to moderate in order to see kind of a stronger organic earnings than just price increases There's a trend right now of flows of equity money abroad and maybe it's that I don't want to own Apple I want to own something abroad Do you buy it Or do you stay with American big tech the defenses I would stay in there with the U.S. that doesn't mean that I wouldn't invest overseas but I've been arguing that one of the investment styles of stay home versus go global as an investment style and I've been promoting stay home I really almost since the beginning of the bull market and it's worked out extremely well And I'd stay with it The U.S. has a very diversified base of businesses and it's not just tech that has outperformed We've seen lots of other sectors like healthcare and finance outperform the rest of the world And I think we continue to do that We have a premier technology sector but it produces a lot of technologies that lead to FinTech and health tech So all in all I would stay in the U.S. on an overweight basis At final question you own this phrase The vigilantes back well I think we're going to find out very shortly here Beware of the ides of March the FOMC meets the 15th and the 16th And they should be announcing that they're done buying securities And that will finally free up the bondage land use to express their opinion here and so I think they wake it up If you have any research fantastic catch up with you sir Tom great to get his thoughts on that final point just there They've been in hibernation for a long long time I think they're looking around thinking about coming back out And also the measurement of a bear market which is you know it's such a different retail institution or whatever as well But I believe it's yield up price down And it's going to be interesting to see to me the money call linking fixed income into this report John in 50 minutes is the crew that's looking for yeah rates to come up and then they'll halt The yield curve Maybe they'll come down Yearend two 25 Yearend next year to 45 They already their forecast It's not too far away though we see it No no it's like tomorrow We covered a lot of ground here but the for those that aren't endless statistics game Mike mckey is going to come out and give us the snapshot and it's going to be interpreted not by a bond market John but three or four or 5 beliefs in the bond market Mike will eat the conference at 8 30 east and Kaylee when it comes to the bond market and race of the fed Of course the march call gets a lot of attention the middle of March whether it's 25 50 let's say it's 25 The destination The path is so undefined at this point They've been so vague about it I'm actually looking forward to the dot plot from the fed in the middle of the march Yeah I mean it raises the question about it has this market miss priced what the terminal rate ultimately is going to be But back to those calls on the bond market specifically at the short end of the curve what we've heard from the likes of stinging England or over at standard chartered is that yes we're going to see rates especially on the short I'm moving up from here If the fed decides to pause if it front loads hikes and then pauses that move could start to unwind or stagnate And I think that's the thing It's not about liftoff It's not about 25 or 50 basis points It's how long do they go for that Do they chill out a little bit From standard childhood your front load you pause you wait you look around and hopefully the inflation story fades The key word there hope Some porcelain RBC joined us 8 30 eastern So that's your lineup Mike McKee breaks down the data Tom porcelli reacts to it and we're bringing the price section right now futures essentially unchanged from New York This is Bloomberg.

fed U.S. Mike mckey sir Tom S FOMC Apple John Mike England Mike McKee Tom porcelli New York Bloomberg
"porcelli" Discussed on WCBM 680 AM

WCBM 680 AM

02:43 min | 1 year ago

"porcelli" Discussed on WCBM 680 AM

"I think face significant skills and even geographic mismatches with the available labor pool. You know, you've got this available labor pool. And the hiring managers who need to make the decisions are going to be facing. As I said, you know, some significant mismatches and finally I mentioned this again weeks ago. Months ago, we talk about supply chain. Supply chain disruptions are leading to new layoffs. Including the ongoing chip shortage in technology, the chip shortage that is causing major curtailments in auto production. So these three challenges I just kind of highlighted these challenges highlight the limited role that unemployment benefits play in the larger labour market. So consumer comfort with in person shopping and having goods to sell are more important constraints, at least in our view at RBC Wealth Management, RBC Capital Markets And I think the child care implications. Of schools reopening for in person education, which have just begun or are likely to provide a bigger near term boost to worker availability. And then elsewhere in kind of this this commentary here this morning. Would be policy impacts. So for the Fed, we believe the dip in hiring last month in August is unlikely to significantly delay the start of reducing its bond purchases, which is a process as I said earlier on the show here this morning, a process known as tapering So when Covid 19 case counts drop, and assuming federal stimulus ramps up, the Fed is likely to see sufficient job gains to bring it to the tapering starting line. And I mentioned before that our chief U. S economist Tom Porcelli. Mentioned potentially looking at the beginning of November. So if job growth slows further, the central bank could or may delay but one week month Is unlikely to shift the view of policymakers on the need to begin reducing bond purchases. So instead, I think the Fed is more likely to be influenced by any drop in consumer spending and the anti inflationary impact of containing wage growth. So at the margin, I think the curtailment of unemployment benefits to millions of households. Should give the Fed more space to keep interest rates lower for an extended period again. In our opinion, and again, the labor market remains.

RBC Capital Markets Tom Porcelli Fed August RBC Wealth Management central bank three challenges millions last month this morning Months ago one week beginning of November U. S 19 case weeks households Covid
"porcelli" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:09 min | 1 year ago

"porcelli" Discussed on Bloomberg Radio New York

"Data come in this morning, expanding on a slower pace than expected Reason to worry. We'll check in with Steve Ricchiuto. He's Mizuho US chief economist Phil Orlando, chief equity market strategist at Federated Hermes. He's been bullish and he's been a right. We're going to see if he's still bullish. We'll check in with him At first, Let's go to John Tucker and get a Bloomberg business Flash giant by Paul The major averages are mixed with the NASDAQ 100 at a record just barely. S and P 500. Lower energy. The worst performing innocent group has oil prices they fall and as you mentioned signs of slowing activity emerging in June with the ISM services index that missed market expectations. The prices index registered the highest in the index history. Going back to 1979 firms that appears are struggling to be increasing levels of demand, prompting across the board. Price increases over at RBC Capital Markets economist there, Tom Porcelli says there is no denying that Price pressures they are building as we look at wage pressures. They're they're they're very present. You know, they are starting to build. I think it will take time for them to push into more of a positive territory when when you just for inflation, But, you know, no one can deny that we're moving in the right direction and Treasury yields extending declines after June's ISM services gauge. Right now we have the 10 Year 1.35% that is down seven basis points. The long bomb the 30 year below 2% 1.97% that is down six basis points right now, and China, issuing a sweeping warning to its biggest companies, vowing to tighten oversight of data security at overseas listings. NASDAQ 100 Again eight points higher 14,735 the S and P 528 points lower at 43 24. The Dow 382 points lower at 34,400 M four. Check the markets for you every 15 minutes during the trading day, right here on Bloomberg Radio. I'm John Tucker. And that is your Bloomberg business. Flash Paul..

Steve Ricchiuto Tom Porcelli Phil Orlando RBC Capital Markets Paul 14,735 34,400 M June 382 points Federated Hermes Bloomberg John Tucker Mizuho 1979 43 six basis points 10 Year US 1.35% eight points
"porcelli" Discussed on AM 970 The Answer

AM 970 The Answer

06:11 min | 1 year ago

"porcelli" Discussed on AM 970 The Answer

"Right now, somebody I know who's not buying a car is Charlie Finch. Charlie, if you're not buying a car, What are you doing A few cars over the years for my ex wives, even though I don't drive mostly sobs. And a couple of SUVs, So the whole world is turning into Cuba Auto, Laver's and as a former contributing editor to Art Asia. Physics with a specific concentration on the Chinese military's control of Polly Core, which is kind of the filtering company in China, which handles their business. Question. In my view with the Biden administration coming in is this A, um, a deliberate effort by the Chinese in order to dominate the market now the Chinese because they can control their three billion people for the secret police, they have faithful recognition for everyone. Who's the citizen of China and goes in and out of China and everyone talks about this scheme with they own all our death. They have us To use the Queen's vernacular Mike Porcelli by the short hairs, and I view this as a deliberate effort to dominate and control the market China because they are again A totalitarian country has distributed the vaccine and they are the source of the virus. Probably man made in my view on I'm refer all of you to Nicholson Baker's 25,000 word. Great intellectual Mind Cover story in New York magazine Because now that President Trump is on the way out, off course, the Liberals are beginning to say it didn't come from a bat, and there's no proof that it did come from a bat or any other animal. This man made, But I refer you to a liberal magazine, which is a big part of my team. New York magazine. The cover story must reading this week. So I think as soon as Biden comes in, if China can get its terms that will ease up and it'll be more work for you. Panelists and Mike Porcelli. And double the fee that he charges you to be on the air Each week. Maybe even tip case will come back. Thank you, Charlie. Charlie's not words of words of wisdom. Charlie's the one listening Who's not a call guy, but knows everything else about everything else. Tell you what, though, that New York that New York magazine article is unbelievably fascinating. Hmm. Okay, well, though, as an aside so while you're waiting for your parts to come in, you can read it. Yeah. All right. Now we have another listener who's called 8886927234 this morning for some has something interesting for us. Ted, What have you got for us this morning? Well. I'm home for a couple of weeks. I'm a fighter pilot, and I can assure you my missiles have their microchips in there. And if the Chinese you know, want to dance so well back what I wanted to say my Hyundai had nine recall. I was wondering great. How lucky the ladies at the dealer was so poor so cute so I could go there didn't mind taking a camp. I wonder how do I know the engine is ineffective? All right. What do you mean? How do you know the engine isn't effectively? The engine should be recalled. But maybe it should. And the dealer and and the manufacturers. You still want to go through the headache of putting Ah, whole new engine in or something? You know what year is your Hyundai? Tonight at I P. Please Lord, 2000 and 11. They did have some engine recalls today. Back then they had some real issues with their entered. So what? They called you back on the engine will. Yeah. Yeah, And what do they want to do, Ted? Well, well, mostly, it was like the seat belt and, uh, some of the springs or things like that. But I'm concerned, you know, I think my what Model Exorcist sonata. Uh, I couldn't resist. It had voted from a policeman who was head of the P B a a few years ago. Got the got the vest to the police. 3000 miles on it. I couldn't. I couldn't resist. I still resistance. Well, they definitely have had engine issues. I don't know if on that. That's a I think a two leader maybe. Uh, yeah, that ex special. Uh, yeah. So I experiencing any issues with it Like the drivability of it? Is there a problem with that? No, No, It's very nice. It drives like an imp. Alice Chevy Impala. Uh, but I'm wondering if that it may be secretly grinding. And I'm gonna be left. What? Ted of you head home. Ted, Have you had anybody check the car out? Well, yes, it was at the dealer and on the nine recalls fixed, But I'm wondering, Are they trying to get out and not doing the engine? Because the engine you know it's expected and they know exactly what the labor could be. And the deal is not gonna make any profit. And you've got a woman Maybe. Yeah. Don't the way you've got a low mileage situation I wouldn't be concerned with with with an engine that only has 3000 miles on. It is long. Well, no, no, I boarded three that make this boy Jeff. He bought it at 3000. What's he got now? What's he got noticed about 22,000. No, we haven't priced at that high. It's still It's still nothing so breaking in. So the way this works, Ted with with recalls and stuff like that these recalls there, you know if you go to the What is it? N h t. What's the website? You can go on a website, The highway transportation and Safety National Highway Traffic Administration. Yeah. How's that? Nicole?.

Ted Charlie Finch China New York magazine Mike Porcelli Biden Hyundai Nicholson Baker Polly Core Cuba Auto New York Laver contributing editor Trump President Impala Nicole Jeff
"porcelli" Discussed on WCBM 680 AM

WCBM 680 AM

06:52 min | 1 year ago

"porcelli" Discussed on WCBM 680 AM

"And we're winding down 2020 this calendar year. Got a few more weeks left here in the month of December. A few more weeks left in the weekly wealth report here this Sunday and each and every Sunday on Wcbm talk radio from 11 A.m. right up until 12 noon. Again. This is a financial talk show. We discussed the economy, the stock market personal financial planning, investment planning anything that may in fact be on your mind and we open up the phone lines. We certainly welcome your phone calls his listeners as investors, maybe who are looking to obtain some insight and direction on the stock market. Feel free to call the weekly wealth report that number 410 9226680 again right here to the weekly wealth reports to kick it off like I do each and every week as I said a moment ago, you know today, December 13th, we've got a few more weeks left here in this show and It's interesting to see how things play out. Certainly the markets at all time highs right up near the all time highs, I should say, Um, the Dow Jones finishing Friday, December 11th and these statistics are through Friday's close at 30,000. 46 points to finish the week down. 0.6%. However, year to date the Dow is up. 5.3% S and P 503,663 points down 1% for the week but year to date up 13.4. Elsewhere, the NASDAQ 3 12,077 down 0.7% again a 0.7% but up a whopping 38% year to date and the small cap index, the Russell 2000 finishing up 1% for the week. Of the four indexes. This was the one that was positive. The small cap stocks, upper percent. 1911 points up 14.6% year to date. Let me dive a little deeper here real quick just to point this out. As I talked about this back during the fall Now we're in the winter months here. But when we look at the market, and we can look at the disconnect between growth and value I'm mentioned a moment ago. The NASDAQ index, which the NASDAQ is comprised heavily of technology companies, Okay, The NASDAQ is up 38% for the year compared to the more traditional and widely followed Dallas Jones industrial Average, which is made up of 30 companies on Lee 30 stocks. Okay versus the NASDAQ. The Dow's up 5.3. Not up 38%. Also looking at the S and P, though There's an S and P 500 Growth Index and there's an S and P 500 value index S and P 500 growth. Index the growth companies that make up the S and P 500 are up 27.6% year to date, the S and P. 500 value companies are negative year to date down 2.3%. So we look again at the disparity between the growth stocks this year and the more traditional value companies traditional businesses right the maybe They're heavy, dividend yielding companies as well falling into that value category. That segment We've seen a little bit of a shift here The last several weeks. I've commented about this on the previous Sunday shows about how we're starting to see a little change between growth and then moving over to value and there's it's possible. That trend may continue to slowly, um materialize and that we may see that moving forward into the beginning of 2021 of just pointing this out on Lee because we had such a big run in growth this year. Again, the kind of the term that has been used quite a bit or the work from home stocks, the state home stocks that have led the charge, But let's pay attention again. How things play out at the beginning of this calendar year. The new calendar year 2021 in just a couple of weeks, so U. S equities have certainly built one there. 2020 games into step in December. Despite you know the modest declines for the week as I mentioned before the small cap Russell 2000 was the on Lee Index to advance this week up 1% looking again at the NASDAQ, the Dow being flat. Let's peel back the layers of the onion here. Look at the sectors Okay. Energy remaining the only sector One track for this week that actually could potentially produce or was one track I should say could produce a positive game. So the energy sector was up 1.8% for the week looking at consumer, discretionary down 1.4% Healthcare, a negative 4.5%. And actually, I take that back. We had a few index is here. They were up 0.1% so technically, they were not negative. They were positive. The financials up 0.1% Industrials 0.8 and consumer staples 0.7%. For the week. So the defensive oriented sectors such as health care, consumer staples, the ones I just mentioned again, you know, looking at the relative leadership in amongst the other sectors, and then we had some of the other worst performing sectors that I mentioned this week is well that we're off quite a bit. So In the December 8th daily deck. Okay, which is something that RBC wealth management RBC Capital Markets LLC puts out this past week in our December 8th Daily deck, RBC Capital Markets LLC, Our chief U. S economist Tom Porcelli. Looks. It's small business activity and prospects for inflation in 2021 next year, and one of the things I want to point out that was able to extract is that he sees Tom see surprising activity on the labor resource side of the equation specifically Small businesses plans to increase employment jump to recent highs in the latest report and are actually back to February 2020 levels. And he also points out that job openings remain elevated, and that the share of small companies small firms able to find qualified talent. Remains around 50%. So the quality of labor is the number one challenge right now. We've seen Or at least Tom has published from his daily deck this past week that the quality of labor is the number one challenge.

Tom Porcelli RBC Capital Markets LLC Wcbm RBC Lee Russell U. S Dallas
"porcelli" Discussed on AM 970 The Answer

AM 970 The Answer

05:36 min | 2 years ago

"porcelli" Discussed on AM 970 The Answer

"I don't like the bluster. I wish I said 1000 times, Put the phone down. Stay in the White house like Kayleigh McEnany handle everything. Just be the president. I was like I was one of those guys, you know, But then you would call and tell me, Joe. He's got to answer all the attacks, and its concept is even less like it was great. I wanted I heard. I just listen to try to get some work done. And I heard CBS news in the background. And they do Biden this and John Kerry that and who they're bringing the first Latino that I'm going on My God and then e mean they are handing this to Joe Biden. It is nauseated what they're doing nauseated that the reporters don't have enough guts, courage or character to actually do some reporting. And to deal with it the way they deal with Donald Trump. And then they go to Donald Trump at the end about pardoning the turkeys and again it was all negative. He's played part of Turkey. But then he said, this, he came out and he made a hey started bragging these the word bragging. He bragged about the stock market. You better believe it. He should be bragging because you're not going to say it. You're not going to say it. And it is the president of maybe go to 30,000 Sure. Janet Yellen coming in? Yes, maybe the transition. Maybe there's all those elements. But who? Who got this economy back After this assault. This was war. This virus was war. It wasn't just a pandemic. This was the communist at war with democracy. And the press and the Democratic Party are our right hand in glove with communists in China. Oh, yes, they are. And I know exactly what I'm saying. They are in it. I don't care. You know why power and control you say talk about socialism. Had this this chat with the girls I'm driving. I'm driving them to their moms. Doctor and I'm and I'm talking about socialism and saying, you know socialism. In theory, it means well. Communist and theory. It means well, all for 11 for all, but it's never that it's always the people in power, and the girls were listening to me, You know, because they're in that generation that are brainwashed from school where every American's bad Columbus never discovered America. And white males are privileged. You know all that nonsense that they spew upon it. And and so I got the kids will socialism. I say it really nicely as I can, because I know they're told in school Socialism works. Social ism is great, you know, And then I say you can't the people in charge of the pan and you know it was you actually had a conversation with great Chazz Palminteri, who's gonna join us later. Chance Tony goes. Those are the tenants. He's the worst tenants associate is very, very well spoken. Chances the tenants of socialism and he's absolutely right. The tenets of socialism is you Do what I say. I'm going to do everything I know best. But I get a car. You get a driver Get a security guard. I got someone with a gun watching over me. I get my free place to live and you're paying for it. I got my own gym. I got pension and welfare for okay, It's all me and then you will be the minion and I will watch over you that Z socialism and that's what they Month, and that's what you have these progressives and I don't really say the Democratic Party. It's more the regressive Socialists and Communists and the squad and those folks within the Democratic Party. You know, it's the press with them, and then it's the communist and then it's the antifa. Black lives matter. The globalist all in one thing, and they don't want to take down America. They don't wanna make America better. They want to change it. So it's like Venezuela in two years. What's going to happen? Why your people buying guns? Chief? You know what? Come on. We're not done. Hey, Jo, on the radio, it is 7 14. 0 is Martin. Let me go to murder on the phone If I made guys before we break and we go to Gino called, will soon Murder. Good morning. Thanks for calling. What is on your mind, please. Good morning. Uh, Saturday morning, I happened to guess correctly that you were the celebrity the mystery celebrity guests on the auto lab. Radio program. Yes, I was. Yes. And right now, I had no idea that I would be speaking to you. I was put on hold and My heart leapt when Mike Porcelli said, I guess we have the winner and when he said that I had been told that was coming on, and I happened to guess you correctly. I have to be sincere that I don't listen to you regulate the few times I've caught you on 70 years old that I happen to be switching station and I just want you to know that it was wonderful to have one. And I went on the Internet and went into SNL's into SNL vintage, just to watch you and Eddie Murphy. There you go. That segment, and now I hurt you a little while ago. Speaking of you have some events coming up? What is it? That's happening? I'm always you know what? I know if you could just pull yourself away from sitting Bernie for a couple minutes and you could listen to us. You know, you could listen, if you listen, we'll let you know what's going on. That's what they call a tease. Murder. You are so cute. Thank you. By the way, Thank you for tuning in and listening. And you did. You got it right now, But by the way, did they give you a prize? Is was this the price that you talk on our show? Not a great price. No offense to us, huh? He asked me what I thought was the price. What? I wanted to surprise I said I got my price. I guess correctly. I listen to Zhou Ping interviewed by you and listen to all the great expert advice. It was just a place and he encouraged me to let you know how much I enjoyed having He heard you on the program. Listen, we we are to have such a great radio.

Democratic Party Joe Biden America murder president Donald Trump CBS Chazz Palminteri White house Kayleigh McEnany Janet Yellen John Kerry Zhou Ping assault Mike Porcelli Tony Columbus SNL
"porcelli" Discussed on 77WABC Radio

77WABC Radio

03:13 min | 2 years ago

"porcelli" Discussed on 77WABC Radio

"Amen. Amen. Ron, you've got 15 seconds. Good morning at I am Airforce Batter in 10 years and on a salute all veterans today and I want to encourage people to have the courage to fight back against those with courage. Thank you. Ron's finally Steve, You got 15 seconds. Hey, Good morning, Frankie. Boy I gotta pull in here to make and that is I love our military and God bless all veterans. How many people are gonna have that sense of patriotic pride one day having to be in the center so Well, thank you, Steve. Thank you. 15 seconds. Happy veteran's day. Thank you to everybody that serve big. Thank you to Gold shield. Check them out. The gold shield got us or the simple truth. That us big. Thank you to Mike Porcelli for his assistance coming in today. Thank you, Christian. And thank you for everybody that made America what it is today. God bless you and God bless America. Radio for New York and all of America 1071. W L I r engine bays. Infections and deaths on the rise again. Jack Callahan, Fox News nearly 131,000 new Corona virus Infections reported in the U. S on Tuesday. Nearly 62,000 people hospitalized and deaths blamed on the virus now averaging more than 900 a day, several states imposing new restrictions, including Minnesota, We need to move now. This has happened incredibly quickly. Governor Tim Walz ordering bars and restaurants to close at 10 PM and limiting private gatherings to 10. People, including the governor, says family Thanksgiving dinners. Wisconsin's governor, Tony Evers, advising people to stay indoors and to mask up when they shop Newark, New Jersey, imposing a 9 p.m. curfew in areas of the city, with higher rates of infection, and Texas has become the first state in the country to surpass one million infections. More than a week after the election. Challenges to vote counts continue in several states. Republicans say there's been widespread fraud, presenting 131 affidavits. And 2800 incident reports in Michigan alone, including one from Jesse Jacob, a city worker for 30 years, who swears I was instructed by my supervisor to adjust the mailing date of these absentee ballot packages to be dated toe earlier than they were actually sent. An attorney for Detroit calls the lawsuit baseless and built on conspiracy theory was Rick Leventhal, with no states yet certifying their election results. The General Services Administration still hasn't recognized the Beytin transition team. Applied funding and access to government information. The president elect downplaying it. Well, look. Access to classified information is Is useful. But I'm not a fish to make any decisions on those issues anyway. Mr Biden railed against the lawsuit by the Trump administration and several states seeking to have the affordable care act thrown out is unconstitutional. America is listening.

America Ron Steve Rick Leventhal Tim Walz Mike Porcelli New York Frankie Mr Biden General Services Administratio Trump administration Minnesota Tony Evers Jack Callahan president fraud New Jersey Wisconsin Fox News
"porcelli" Discussed on NewsRadio KFBK

NewsRadio KFBK

02:05 min | 2 years ago

"porcelli" Discussed on NewsRadio KFBK

"Twitter, sending their love and prayers to the president. First Lady. Pence was last known to have met with the president Tuesday before he left for the debate. The two also attended a Corona virus task force briefing together Monday now, of course, if the president becomes incapacitated Pence would step in and fulfill those duties. Tom Porcelli, chief U. S. Economist at RBC Capital Markets talks the economic implications of President Trump's positive covert 19 tests on CNBC. Look, I don't think that there's anything that we really need to change. Because I don't think that this will necessarily usher in sort of a, you know a new set of macro policies, Azad example. So I don't think there's anything you need to change from from the bigger picture of macroeconomic perspective. I mean, look, the reality is we still know who the two candidates are. We still know what too candid with the two candidates bring to the table. So at this point, I think would be entirely premature toe. To really make any material or even any notable changes a significant story out of California this morning tensions heating up in the battle over re opening theme parks, including Disneyland. And the tensions we're growing between Governor Gavin Newsom and Disney Chairman Bob Iger, who quit Newsome's economic recovery task force abruptly on Thursday. 19 state senators and something members now pressuring Newsome to re opened Disneyland here, Senator Patricia Bates I think that's why I feel so sad When I thought Oh, my God, this cloud is depression has come over the happiest place on ear and Woz. What did anything and we're now having this when it could certainly be. There's a solution there that has been overlooked, and we've got to find it and we need to find it quickly, much more on this. A brewing dispute between Bob Iger and Governor Gavin Newsom a little bit later this morning, Aubrey Aquino will be joining us live with what some of the state senators are saying and how they are pressuring. Introduce him to reopen Disneyland. And now let's get you caught up on this hour's top national stories. Of course, President Trump having covert 19 and testing positive for dominating the headlines will get you caught up now on news 93.1 kfbk. President Trump.

President Trump president Pence Governor Gavin Newsom Disneyland Bob Iger Aubrey Aquino Newsome Twitter RBC Capital Markets Tom Porcelli Azad Senator Patricia Bates California CNBC Disney Chairman U. S.
"porcelli" Discussed on WCBM 680 AM

WCBM 680 AM

06:55 min | 2 years ago

"porcelli" Discussed on WCBM 680 AM

"Cleveland Browns. And if you're tuning into the radio, maybe looking for something Teo hero to listening about. Maybe it's this show. Maybe it's the weekly wealth report getting some financial advice, some investment Planning Council prior to tuning into the football game. Coming up here talking about the markets again. I enjoy passionate. Hopefully, as many of you all the listeners Comptel about putting together this show every Sunday. It's a lot of information out of prep work. People don't really recognize maybe the prep work that goes into the behind the scenes that you have to put together some of this behind the scenes work and effort. Collecting, compile a lot of data a lot of information and then try to figure out how to fit it all in. But I also enjoy hearing from you all the listeners people out there investors If you want to chime in, ask questions about your own investments. Your soon to be retirement plan. Maybe you are retired, and you're wondering, you know what is the landscape of the next several years look like Whatever's on your mind, feel free. If you want to call the show you can. That's what I'm here for. That number's for 10 3. Excuse me. I was getting in my office number 4 10 92 to 66 80 again for 10 9226680 So Just like that. I think as we've talked about, you know, the script I think has flipped. And when I talk about the value of growth because, and I think the script has started at least toe flip, because the technology companies these big tech giants have recoiled. And we saw that again this past week. Investors have been trying to figure out again. If this is a healthy correction, or is there more to it? And I think we have to unpack the market's move and what it means for your or anyone's investment portfolio strategy and the U. S. Technology sector sell off this past week, which preceded The US Labor Day holiday. OK, spilled over into last week and tugged at other markets and just kind of point this out. People like to ask questions, OK, they want to know about stats and information. So through Thursday this past Thursday, I wasn't gonna get all the information together by Friday's close, but through Thursday, the technology sector corrected 11.4%. Over just four days over four days. Yes, four days. I'll say it again. The tech sector dropped 11.4%. While the Fang index when I say Fang, I'm talking about Facebook, Amazon, Apple, Netflix and Google. Along with other technology oriented stocks. Those five companies dropped 13.6%, okay. So from 11 point for the overall tech sector in four days to seeing those five stocks dropping 13.6 in only four days. Crude oil also had its worst one day price contractions since June. Dragging the U. S and Canadian energy sector's down about 5%. Over that four day period again through Last Thursday. So there was no clear catalyst. Really, for any of this profit Taking. I mean seasonality with institutional investors may be adjusting some of their portfolio positions after this summer. Maybe that play a role. Maybe it didn't We also had some heightened options activity, which was widely cited as well, and then here's the thing. Let me throw this out there. Okay. Besides the institutional, adjusting and repositioning The seasonality of this time again getting your positions ready after summer, mentioning the heightened options. What about the jitters? It may be that jitters from the covert 19 social distancing measures could be enforced for longer. Right that also, I think contributed to this pullback, So an initial V shaped Economic rebound. I think it was being or is being achieved and that should be reflected maybe in some strong US Third quarter GDP data, however, The tail risks for growth both to the upside and downside in the fourth quarter of this year and beyond, As I said during the last segment into 2021 next year. Are enormous. And that's according to my own colleague Tom Porcelli, our chief U. S economist at RBC Capital Markets LLC. So while global economic data I think remains sound with most countries, economic indicators consistent with an ongoing recovery, Mo mentum really seems to be plateau ing. In certain regions. You know whether we look at we go Teo China, and we look at their composite purchasing manufacturer's numbers. We can look in Europe. You know, after a sharp three month rebound, economic activity is slowing in most major countries, also in Europe, because we're seeing increases in covert 19 infection rates, which have spurred again this reintroduction off stricter social distancing measures, which here it is effects. Consumer oriented sectors, consumer oriented businesses and then. Meanwhile, The US labor markets. Recovery has actually lessened the urgency off a second fiscal rescue past package, which has been in some cases, leaving unemployed workers with Less support. Then before So you know, people saying Is this a healthy correction, Tim? Or is there a bigger picture here to come? And I think a longer lasting correction cannot be ruled out. We have to be potentially prepared. You should, as an investor, be potentially prepared. That we could see a longer lasting correction. Potentially. I mean, after all, this 10 per cent fall in the NASDAQ in September, barely dense. It's recent Outperformance, so it barely puts a dent in its out performance. Maybe there's more downside to come. So with that we've got to take our final break here in the program This Sunday, September 13th again. You're listening to the weekly wealth report. You have a question call in number for 109226620. I'll be back right after this break. You hear that, Mr Dishwasher.

US Europe Cleveland Browns Teo Comptel investment Planning Council football Teo China Mr Dishwasher U. S. Technology RBC Capital Markets LLC Fang Mo Facebook Tom Porcelli Tim
"porcelli" Discussed on AM 970 The Answer

AM 970 The Answer

01:44 min | 3 years ago

"porcelli" Discussed on AM 970 The Answer

"Was was sunk by the British navy on December eighth nineteen forty and they finally found it a hundred nautical miles southeast of port Stanley in the Falkland Islands and it's in incredible shape and this is an incredible archaeological finds and I commend the entire research team including Manson bound who was the leader this research team and then finally for me I want to commend Lora Lindemann Garber this is an incredible woman she collects and sends more than a hundred and sixty thousand Christmas and holiday cards to US troops serving overseas and across the nation and if you look at the set up she's got it set up like Santa's workshop and so she's been doing this for sixteen years she collects letters care packages from across the country and send them out to the military she started just do it with the members of her own family this year she sending a hundred and sixty thousand cars as you and then lastly my friend Mike Porcelli has accommodation was only wants to give the head Mike thanks Frank last Sunday after I left here I did a stupid thing I went broke my big toe oh boy and then Tuesday morning I went to the New York college of podiatric medicine with Dr Michael travel and his wonderful staff the did a great job putting it back together and they the full disclosure the college advertises on our radio show the to lead months at a more leads a great show you gotta check it out every Saturday morning at eight o'clock thank you my commendations to everybody I'll be back at eight o'clock in the words of the great Barry Farber who.

British navy port Stanley Falkland Islands Manson Lora Lindemann Garber US Santa Mike Porcelli Frank New York college Barry Farber Dr Michael hundred nautical miles sixteen years
"porcelli" Discussed on Q95

Q95

02:57 min | 3 years ago

"porcelli" Discussed on Q95

"And what. delicious yeah I too great help. wrong I don't want to mess up the flavor honey twist right over the call those I like that and it's hard to beat the chili cheese one. I've been wrong before to the barbecues they were the best yeah I can't imagine why they went away now while some couples lays one with the crash like low life yes we have a. morning where we all leaves Fredo pies you know you get free does not Porcelli and she's all over now how about a walking taco day yeah you know are you into the walking talk hi says logs I can sit when I'm getting worse you can read all hot what to do Frito pie to walking tall I love this job okay. because I got. no I like to I like to be stationary when eating felt like to what you need to know. the light to walk and drink coffee you know like on your morning jog. we got to come up with. list of things you Hey wait a minute. il party walked around with orders you don't get a hold of plate I don't. no no I hate to I hate that no I walk up to the buffet if they got to get the carrots have a couple walk away never turn the little dainty little dish out. he doesn't like laptops won't usable is a laptop which is B. Haynes convenient. yeah. he won't wear tee shirts crew neck T. shirt can't worm. okay you're reminded of the money choking is and why. given choked out the throes of passion. nope don't. tell me about I don't like walking around and turn to drink coffee at the same time I'm walking or even driving I really prefer just sitting down. I hate eating in the car posted on the deck I like standing on the deck of an a cappella Hey that's okay but I mean I'm not big on my way somewhere on. walking down the. like if you're in New York City for example and you get a Cup of coffee down and drink al fresco all right who's a. why is it like off on a road trip soon yep we not eat or drink in the car with during those hours let's wait a minute going on this trip we talked about going together we. the old man. right in this crazy. green book into..

Porcelli Frito pie New York City B. Haynes
Woman, 2 great grandchildren reportedly killed by Calf. blaze

WBZ Afternoon News

02:24 min | 4 years ago

Woman, 2 great grandchildren reportedly killed by Calf. blaze

"Your that goes smart speaker just say hey Alexa play, WBZ NewsRadio on iheart radio it's an all out effort. To stop the fires and Redding California police say a seventy year old woman enter to young great, grandchildren, are confirmed. Dead amidst the raging wildfire that brings the death toll to five. At least thirty-seven thousand residents have been displaced ABC's Alec stone tells us at least five hundred buildings across more than eighty thousand acres have been destroyed there. Is no let up in the firefight it remains a tough battle here in the downtown area of. Reading it is raining ash and not just ash the big chunks. Of trees and homes that were picked up in the air as a burned. And they landed mile Miles away up, the road a bit from downtown entire neighborhoods are gone and the. Firefight continues wins a fueling the fire also pushing it away from reading a city about ninety thousand along with other populated areas nearby yet thousands remain under evacuation orders. WBZ news time four forty one we check sports on this Saturday afternoon WBZ's Chris, pharma, is, in the ace hticket dot com. Sports studio we have been this begin this one Mike at patriots training, camp first full day of full pad practices the third straight day when questions from the media received non answer answers for members of the. Team including quarterback Tom Brady who left his. Press. Conference abruptly after a question about Julian Edelman and Alex Guerrero meantime down in Vicksburg Mississippi Malcolm Butler. Recently sat down with ESPN's Cameron Rolf and. When the former patriot was asked his thoughts about what happened in. The Super Bowl last February Butler was honest about both his candor and is a vase of nece it was a it was a tough. Time learning time and Is good now move for move though so Not. Really I'm trying to flip the question Butler added that Belichick called to congratulate him and thank him for his contributions in. New England after he signed with Tennessee training camp continues for the pats tomorrow morning game three or four tonight between the SOX, and twins the two clubs have split the first two of this four. Game series Rick Porcelli will be on the mound. For Boston Jayco to Rizzi will go for Minnesota and other. Baseball news the royals played their first game without. Third baseman Mike new stock is the first of two today against, the Yankees and it's going well in the ninth Kansas City leads the bombers, by ten five. Score socks we'll have a five and a half game lead in. The east if it holds up, Chris Fava,.

Malcolm Butler Mike New Belichick Tom Brady Redding California Chris Fava Royals ABC Julian Edelman Rick Porcelli Alec Stone Yankees Espn Cameron Rolf Vicksburg Alex Guerrero SOX Kansas City