The Exchange

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.

Should the Fed get credit for the fall in inflation? Jefferies chief market strategist David Zervos joins us with his take. Plus, two ways to play the trend of people being stuck in homes they bought with low mortgage rates. We’ll talk to two CEOs with a front-row seat to that trend. And Disney, Affirm, Instacart, and Arm are on deck with results. We’ll get the action, the story, and the trade in Earnings Exchange. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The NY Fed’s newest report shows delinquencies are rising quickly in some areas, but our market guest is looking at another indicator she says suggests a rough holiday quarter ahead. We’ll look at what it is, and which market strategy to deploy into year-end. Plus, one lodging REIT just posted a solid quarter on the strength of corporate travel and conventions. The owner of the Grand Ole Opry joins us for an exclusive interview. And pet spending is still going strong. The CEO of Freshpet joins us on the heels of earnings with the stock up 20 percent in one week. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Falling yields means good news AND bad news for the Fed and markets. We’ll look at why and how to position. Plus, do lower rates mean better prospects for the housing trade? Our analyst says yes, even with recession risks growing. And despite rising concerns about defaults in the private credit space, the market keeps growing. We’ll talk to one of the big lenders in the space about rates, returns, and recession risk. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Kelly explains why pensions plans could offer a creative way out of the country's long-term fiscal problems. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Did today's jobs report just cement the end of rate hikes? The market may be cheering the softer-than-expected numbers, but KPMG’s Diane Swonk says not so fast. Plus, one fast casual food stock is having a good week, but earnings were a mixed bag. The CEO joins us with what he’s seeing from the American consumer. And from China, to rates, to jobs and energy – it’s a special edition of Three Buys and a Bail. We’ll take a look at the week’s big themes, and make a trade for each. 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.

We have special coverage of the Federal Reserve’s decision on interest rates, live from Washington, D.C, featuring the fallout for stocks, bonds, the economy, and the consumer, as well as the view from Congress with Rep. Brad Sherman (D-CA) and Sen. John Kennedy (R-LA). Plus, we’re joined by one strategist on how to position your portfolio for any policy scenario ahead of a potential government shutdown. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Just over 24 hours until the Fed’s decision on interest rates. We look ahead to tomorrow’s meeting and the fallout for stocks and bonds. Plus, mortgage rates remain near multi-year highs, but that’s a silver lining for the nation’s largest home-loan service. The CEO will join us with his read on the health of housing. And in the spirit of Halloween, we’re looking at the scariest hypothetical bear cases in tech. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We have fresh signs that the economy is slowing, and hedge fund manager Kyle Bass says things are about to slow a lot more from here. He’ll join us with the biggest risks and opportunities he sees in the market right now. Plus, XPO shares are soaring on the back of earnings. The CEO is here with his read on the freight market. And the CEO of Spirit Halloween joins us ahead of the big day with his take on the consumer, commercial real estate, and the trends he’s seeing this year. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our panel debates the latest economic data, and whether it suggests the consumer is not as strong as investors think. Plus, a rare and exclusive interview with Vanguard CEO Tim Buckley on how he’s approaching the market, as the world’s second-largest asset manager. And how are homebuilders navigating this new high-interest-rate environment? We get the read on housing from the CEO of Tri Pointe Homes, fresh off their results. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The latest data show the economy remains resilient – and so does the consumer. What does it all mean for the market and the Fed? We speak with one economist about her forecast. Plus, our market guest says the recent pullback in tech provides a good entry point, but there’s one way to play it. He’ll tell us how, and what else he’s buying outside of tech right now. And Empire State Realty Trust’s CEO joins us fresh off earnings with what’s driving the stock higher, and his read on the New York City commercial real estate market. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Three months after a bold call, our market guest rejoins us to take a “quarter-victory lap” and look ahead to the next opportunity. Plus, we’ll speak with the CEO of one travel company that’s benefitting from one key consumer trend that they expect to withstand an economic slowdown. And while homebuilders have been buying down mortgage rates to make homes more affordable, the calls for the government to step in are getting louder. Our strategist tells us how that approach would work and how likely it is to actually happen. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Pershing Square’s Bill Ackman covered his bet against bonds, but our market guest is not buying into that move. Plus, JPMorgan Chase CEO Jamie Dimon says central banks have been “100% dead wrong” on economic forecasts and it doesn’t matter if the Fed hikes again. Is he right? We’ll ask former Fed vice chair Randy Quarles. And Microsoft, Alphabet, and Visa are on deck with results. Our trader says one of them has a lot of problems… but good ones. He’ll explain in Earnings Exchange. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A big drop in bond yields after the 10-year started the day back above 5%, but the recent climb led our portfolio manger to say bonds can achieve equity-like returns over the next 18 months. She’ll tell us where she’s seeing opportunities now. Plus, one economist is sounding the alarm that government spending could overwhelm the Fed’s inflation fight. And the co-CEO of Morgan Stanley’s real estate arm is here to break down her strategy in the face of higher yields – and what she’s seeing for opportunities overseas. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Kelly discusses trouble brewing in the banking system. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

The yield on the 10-year note hit 5% for the first time in 16 years, a five-star fund manager gives us his duration timeline. Why consumer is even stronger than you may think, and the hidden tax break for homeowners. Plus, Philly Fed President Patrick Harker has a very specific reason for keeping rates where they are. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Kelly explains why the Fed has obligations beyond its "dual mandate.” Hosted by Simplecast, an AdsWizz company. See https://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.