The Exchange

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The S&P 500 just hit a record high, but our market guest says the U.S. is still the place to be for stocks. Plus, a second bullish call for Apple in as many days. Evercore’s analyst will join us with the one event that could be a catalyst for the stock. And the CEO of Sotheby’s International Realty sees Americans who are still buying overseas, and will tell us where. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Spruce Point Capital founder Ben Axler joins us to defend his new short of MSCI. Plus, our market guest has three contrarian trades he says are poised to outperform. And 2024 is already being described by some as the year of the so-called “deepfake election”. We’ll look at what platforms and regulators are doing to defend our democracy. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The latest retail sales data coming in stronger than expected and investors are not too happy about it. We’ll debate whether rates could remain higher for longer. Plus, Chinese cars are flooding the West, but are they a real threat to American automakers? We’ll get one view from Hong Kong. And EY is launching its first-ever deal barometer and the sector where they expect to see the most M&A activity in 2024 will surprise you. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Bank of America’s survey shows overwhelming optimism for a soft landing, but Fed Gov. Waller says not so fast… We’ll look at how to position in this environment. Plus, bank earnings have felt like a gut punch according to our trader, but he’s still buying three and staying away from one. And the CEO of Taylor Morrison joins us with the pulse of the housing market. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Encouraging signs on the inflation front. The market now sees an 80% probability of a rate cut in March. But our market guest doesn’t see that happening. He’ll tell us the other places he’s seeing opportunity. Plus, geopolitical tensions are rising. Houthi forces now vowing to retaliate to last night's US-led coalition strikes in Yemen. So what happens next? We’ll ask former NATO Supreme Allied Commander, Admiral James Stavridis. And we're heading to the intersection of AI and real estate. We’ll tell you three ways investors can take advantage of –what our guest calls– massive opportunities ahead. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

CPI coming in hotter than expected, pushing stocks lower as a result. Could the first Fed rate cut come later than the market expected? Plus, Coinbase CEO Brian Armstrong calls the bitcoin ETF approval a great victory, but our guest predicts the company is in for a big reality check. And a rapid rundown with the RapidRatings CEO: the names on his radar that could be headed for financial trouble. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Boeing CEO Dave Calhoun joins us exclusively for his first interview since a part blew off of a 737 Max 9 aircraft during an Alaska Airlines flight. Plus, our guests say the Fed’s rate cuts could come fast and furious if history is any indication. And stocks tend to outperform during an election year, but could the Fed and inflation play a unique role in this year’s campaign trail? Our guest looks at the factors in play. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Stocks struggling to extend yesterday’s gains but our strategist has one unloved part of the market he says to buy. Plus, The Consumer Electronics Show in Las Vegas is underway, and we’ll hear from the CEOs of Siemens and L’Oreal about their latest endeavors. And Elliott Management is making a billion-dollar bet on one dating company. We’ve got the details and what it reveals about activist investing in 2024.Investment Committee Disclosures Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Citi’s best and worst performing sectors before and after a Presidential election. BMO says Fed cuts won’t be a tide that lifts all boats, especially in the retail sector. Their analyst reveals the particularly rate-sensitive names to buy now.And the CEO of the largest railcar-maker in the US weighs in on the state of freight and the impact of southern border closures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Wall Street still sees a 70% chance of a Fed rate cut in March, but KPMG’s Diane Swonk says no way and tells us why. Plus, stocks aren’t off to a great start this year, but our market guest is excited and sees plenty of opportunities ahead. And Danielle Shay joins us with three big tech names positioned for gains into earnings, and one surprising bail for investors. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Is stronger-than-expected economic data throwing the Fed’s rate cut timeline into question? We’ll debate whether it’s bad news for all stocks or just the high-flyers. Plus, the promise of AI could help revitalize downtown San Francisco, and we’ll speak to one developer making a billion-dollar bet on the Golden City. And the Stanley cup craze sweeping the nation has hit Wall Street, leading one analyst to downgrade Yeti. He’ll join us to make his case. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Stocks falling again after the Nasdaq’s worst start to a year since 2016. Is weak economic data the culprit? We’ll look at what’s dragging the market lower. Plus, another cargo ship attacked in the Red Sea is leading investors to worry about retaliatory attacks and the fallout for energy prices and the global supply chain. And Microsoft is nearing Apple’s market cap for the first time in a couple of decades. Is tech in trouble or is leadership just shifting? Nancy Tengler and Mark Mahaney weigh in. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Kelly explains the ins & outs of the fixed income market. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our strategist says “higher for longer” is still very much in play and rates could spoil the party in 2024. Plus, rising tensions in the Red Sea are pushing oil prices higher. We’ll ask Atlantic Council CEO Fred Kempe whether we’re on the brink of a multi-front war in the Middle East. And Barclays becomes the fourth firm with a bearish rating on Apple. We’ll tell you why, as the stock drags the whole tech sector lower today. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Stick with tech in 2024, says our market guest, but not just any tech… She likes one name she’s been bullish on all year and is about to post its best year in two decades. Plus, 2024 could be the year the metaverse finally takes off! Apple is getting in the game and could change it for consumers. And a special EV edition of 3 Buys & A Bail to close out the year. We’ve got some under-the-radar names for investors to consider into the new year. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

With stocks at or near record highs, our market guest says the gains can continue and is highlighting the parts of the market that he sees as undervalued. Plus, a blowout finish for biotech stocks to end the year – we’ll speak to one CEO whose company is coming off its best day ever thanks to the success of a heart disease drug. And our latest check on commercial real estate takes us down to Miami. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Don’t count out a January rate cut, according to one of our guests. He’ll tell us what has to happen for the Fed to pull the trigger, and what it means for the market rally if things don’t pan out that way. Plus, a trillion dollars in commercial real estate loans are set to mature by the end of next year. We’ll speak with one private credit player who says the motto for landlords is “Survive until 2025.” And Tesla’s seeing some real competition from Chinese EV maker BYD, and while shares are shrugging it off today, that may not last. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We’ve got the results of the final 2-year note auction of the year and the one key data point our market guest says will finally trigger the Fed pivot. Plus, a pair of big biotech buyouts today, including one pharma giant striking its second multibillion-dollar deal in less than a week. We’ll look at whether more M&A is on the way. And with tech stocks on track to post their best year since the turn of the century, can they avoid a sharp correction after their massive run? We’ll debate. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

ARK Invest’s Cathie Wood reveals the stock she’s adding back to her portfolio, along with a few other names she’s betting on for the long-term. Economist Tom Porcelli tells us why Fed rate cuts are coming sooner than later…and why two percent is too late. Plus, Insulet shares have climbed 35% since an upgrade at Jeffries. We’ve got the med tech name that analyst says is poised to run in 2024. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Rate cuts are coming – and they’re coming fast. That’s been the theme out of Wall Street so far this week, but one of our guests sees it differently. He’s not expecting a cut until the fourth quarter, but he does however see a significant slowdown ahead. Given what we just heard from FedEx, could he be right? He joins us to make his case. Plus, the office sector has been hit hard by higher rates, but one analyst says it’s also been given a rare opportunity. He joins us with what he means by that, and how you can take advantage of it. And positioning for the new year. Our markets guest is looking overseas for opportunities. She’ll tell us where and what she’s buying. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The toothpaste is out of the tube and a recession is coming, our economist says. She’ll make her case and look at the path forward for the Fed. Plus, how should investors position for a possible Fed pivot? Ariel Investments’ Charlie Bobrinskoy joins with his take on the value trade. And we’ll speak with Coinbase CEO Brian Armstrong about the recent crypto rally, the regulatory environment, and what a potential bitcoin ETF would mean for his company. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Goldman Sachs says rate cuts are coming, but Fed officials are pumping the brakes on that rhetoric. Jefferies chief market strategist David Zervos tells us why Fed Chair Powell needs to tread carefully from here. Plus, our market guest has two areas of this rally that he says are still cheap, though one of them is quite controversial. And Carter Worth joins us with the two trades he’s fading into the end of the year. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

It’s been a record-setting and head-spinning week for markets as the Dow hits new all-time highs. But this morning, New York Fed President John Williams warned not to get too carried away with rate cut hopes. We’ll ask our market guests what they make of his comments, and what the trade is from here. Plus, two screaming buys for 2024 that may surprise you – India and Bitcoin. One of our guests says they’re having more than just a moment. He’ll join us to make his case. And, if you’re worried you missed out on the homebuilder rally, one analyst says don’t fret – there’s more upside ahead. He’ll tell us just how much, and the two names he’s most bullish on. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The Dow is at a record high, while the S&P and Nasdaq are at 52-week highs, but did the Fed actually give Wall Street the “all clear?” Our economist isn’t convinced. Plus, the most heavily shorted S&P stocks are also up double-digits this month, and one equity strategist says that’s a major warning sign for the market. And mortgage rates are back below 7 percent for the first time since May. We’ll look at whether we’re on the brink of a major turning point in real estate. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

One hour until the Fed’s decision on interest rates. What will the market be watching for from Chair Powell’s statement, and will stocks hit all-time highs as a result? We’ll get you ready for the decision and look at how to position. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

24 hours until the Fed Decision, and one economist says we’re already in a soft landing. She’ll join us to make her case. Plus, builders have proven resilient amid a challenging housing backdrop. The CEO of Tri Pointe Homes joins us with his view on the industry heading into next year. And Morgan Stanley just wrapped up its big consumer and retail conference. The firm’s lead analyst is here to tell us how to position in retail. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week’s big market-moving events should shed some light on when the Fed’s first rate cut could come. We’ll look at which data point you should be watching the closest. Plus, Shari Redstone reportedly in talks to sell a controlling stake of National Amusements. We’ll debate why now, and to whom. And Macy’s shares are surging on a buyout offer, but are the buyers more interested in the retail or real estate side of the business? Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

If you thought today’s jobs number was good, there’s another key number that could be even more important for “soft landing” hopes. We’ll reveal it and dig into the data. Plus, we’ll speak with one money manager whose fund is beating 99% of its peers, and ask which names are helping her beat the market. And California is in the midst of a land grab with some of the biggest names in tech taking over the state’s central valley. We’ll tell you what they want to build and where the backlash is coming from. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Bond yields have plunged in recent weeks, but our market guest says not so fast and expects the 10-year to hit 5.5% next year. He’ll make his case and explain why he’s staying in the “no landing” camp on the economy. Plus, one airline supplier is nearing an all-time high, and is uniquely positioned to benefit from the travel rebound. The CEO joins us for an exclusive. And the Street’s #1 homebuilding analyst is out with his 2024 forecast, saying a very specific group of stocks is poised to outperform next year. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The labor market is showing slack, but when will be enough for the Fed to start cutting rates? We’ll ask Nationwide’s chief economist. Plus, CVS is going to change the way it prices prescription drugs. CEO Karen Lynch joins us exclusively with the details. And Walmart is launching a shoppable show, calling it “Rom-Com-merce”, but will it actually draw viewers? We’ll debate. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Gold is at all-time highs, bitcoin is at a 20-month high, but the “Magnificent 7” are underperforming. We’ll look at who’s really in the driver’s seat of this market rally. Plus, homeowners are sitting on trillions in equity, but it’s too costly to borrow…. for now. And Morgan Stanley says it’s Amazon and Walmart’s world, and we’re just living in it. The analyst joins us to make his case, and what it means for the retail landscape this holiday season. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Stocks are up and bond yields are down. The S&P 500 back to levels last seen in July after Fed Chair Jay Powell said "uncertainty over the economic outlook is unusually elevated," and signaled Fed officials are done hiking. Our market guest is still bullish but also wary of the headwinds, including the one we got today: U.S. Manufacturing is still shrinking, and by more than expected. We look at this tug-of-war in stocks between weak data and a dovish Fed. Plus, a stream dream team? Two rivals reportedly bundling up. We'll tell you who, and what it would mean for the rest of the streaming landscape and consumers. And a special 3 Buys & a Bail edition with Gina Sanchez. She brings three stocks she wants for Christmas and one lump of coal. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Consumer confidence is climbing for the first time in 4 months, but some other economic data suggests a “hard landing”. We’ll look at what’s driving the divergence. Plus, Cyber Monday spending surpassed Black Friday, giving a big boost to the Buy Now, Pay Later names. The analyst who upgraded Affirm will join us with why now and what’s next. And Workday, Intuit and Foot Locker results are on deck. We’ll reveal at the AI angles Wall Street will be watching. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This Cyber Monday the CEO of ‘buy now, pay later’-company Klarna weighs in on the record demand for those loans as holiday shopping ramps up. And with that demand boosting Shopify’s shares by nearly 10%, we look at the other payment names that could see a positive halo effect. Plus, October’s new home sales data flashing warning signs for sellers ahead of the slow housing season. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

People across the country gearing up for one of the busiest shopping days of the year as consumer sentiment shows signs of improvement. We’ll look at whether spending could surprise to the upside. Plus, prices for goods and services are falling, but remain above pre-pandemic levels. We’ll look at where the drops are – and aren’t – and what that signals about the strength of the economy. And could jewelry-maker Pandora benefit from the consumer shift to more affordable, lab-grown diamonds? The CEO joins us for an exclusive interview ahead of Black Friday. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Kelly explains fact vs. fiction when it comes to consumer prices right now. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We have the latest on Sam Altman’s shocking exit from OpenAI and why it could become a legal headache for Microsoft. Plus, our market guest sees some strong technical signals that the rally is here to stay despite today’s weakness. And should corporate pensions make a comeback? Our guest says we’re already seeing a renaissance and it’s even good for corporate budgets. He’ll join us to make his case. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Elon Musk once again in hot waters over his tweets, and his own company is back in damage control to reassure advertisers. We’ll look at the fallout for both parties. Plus, has the Fed won the inflation fight but lost the recession battle? We’ll debate. And China’s cheap retail apps are playing by different rules and gaining market share from U.S. brands. We’ll look at the names most at risk, and the ones actually benefitting from it. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

He was just on stage at Microsoft’s Ignite event, he's going to get on a plane to meet with President Xi, but first, he joins us live on this show. Microsoft's Satya Nadella on the company's big chip announcement, AI, China, and much more.And speaking of China – we're moments away from the first live pictures of President Xi and President Biden. Both countries competing for the global future, and one of our guests says if you take a clue from recent Xi speeches, a showdown of historic dimensions could be ahead.Plus – he tells Congress how much its laws will cost the country, and with two days until the government runs out of money once again, we'll speak live with CBO Director Phillip Swagel about what's at stake and what needs to change to get America's fiscal health in order. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Did today’s CPI number cement the end of the rate hike cycle? We’ll ask our economist if it’s enough to move the Fed to the sidelines. Plus, veteran emerging-markets investor Mark Mobius joins us with what part of the world he’s most bullish on (Hint: It’s NOT China!) And weight-loss drugs have weighed on the food stocks, but one analyst sees 20% upside in a name thanks to its protein portfolio and joins us to maker her case. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We’re days away from a government shutdown, and that could put Thanksgiving travel in jeopardy, but we’ll look at why some analysts are more positive a deal will happen now. Plus, a lot has happened since the last time Chinese President Xi was in the U.S., but the tone from China toward American companies seems to be shifting. We’ll dig into what that means for the market, and who else could benefit. And we’ve got the debut of a new real-time gauge of how the consumer is really doing. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

San Francisco Fed President Mary Daly joins us exclusively, on the heels of Fed Chair Powell saying the central bank is “not confident” it has done enough to bring inflation down. Plus, how much will macro headwinds weigh on consumer spending this holiday season? Bank of America’s retail analyst gives us her preview. And Tripadvisor’s CEO is here with his outlook on the holiday travel season, and the growth the company is seeing in the “experience economy.” Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Stocks plunged on the 30-year bond auction results. We’ll digest them in real-time and look at where markets could go next. Plus, things are quiet on the IPO front during what’s historically a busy time. NYU Professor Aswath Damodaran joins us with his take on valuations and market conditions. And a surprising loser from the energy condition could be the agricultural industry. We’ll look at why and how to position. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.