00:00 Speaker A
US stocks closed out the week on a high note with the NASDAQ setting another record close. Let's get to it with Yahoo Finances Jared Blickery for the top trading day takeaways. Jared, what do you got first?
00:13 Jared Blickre
That dip was bought. And what dip am I talking about? I'm talking about the one from last Friday. It was one week ago that I was standing here next to the other Josh and we're talking about, it was kind of a scary day. Yes. So let me just show you the S&P 500. I think we're going to start out with a five day. Let's move this to a 10 day so we can see that. So that's when we got that whole payroll scare. And it wasn't that the number itself was that bad, although it was below expectations. It was the revisions. And we've been talking about that a lot this week. So it looked like things were kind of bad, but look, that was bought. It was only a three and a half percent dip or something like that from those record highs. And we are right back up. The S&P 500 by the way, today missed a record high by just less than one point. It was really close. And then here is the five-day price action in the in the market in the sectors. So consumer discretionary is first, then tech, and then interestingly, we were just talking about this consumer staples. And you don't usually see the those two consumer sectors right at the top because staples is more defensive. Nevertheless, that's what we got this week. So we're going to count one for the bulls and the green. I just wanted to highlight too, something else kind of random that not so random, but I think this talks as to the cyclicality and the bullishness right now. Semiconductors did very well. And you take a, I don't think we have time for this, but you take a look at some of the semiconductor indices, they are right around their all-time highs and they're just kind of trying to break out, but they haven't. Contrast that with the software, and we see a lot of red here, but software isn't the leading indicator that uh semiconductors are. So that's where I'm going to kind of be focusing.
03:00 Speaker A
So, so Sammies would lead, and then software sort of follows, is that?
03:03 Jared Blickre
Yeah, because of the recurring revenue software has turned into a more of a staples play almost of the tech industry. If that makes any sense.
03:14 Speaker A
And and you brought up, Jared, that dip bought. Of course that was off economic fears. When you think forward to the rest of the, we didn't get a lot of data this week.
03:24 Jared Blickre
No. Next Tuesday we get CPI, and so this ties into that stagflation. I hear this word bandied about all the time, um in financial news, and we talked with a guest about lowercase S stagflation, not the 70s type. Uh this was Chris Wolfe on Stocks and Translation of Pennington Partners. Let's take a listen.
03:50 Speaker B
By the way, smallest stagflation gets this more stubborn inflation because it rotates and a little bit weaker growth. And so that's not 70s style, but it's likely to be a conundrum for the Fed, because how far do you want to cut? We're not getting that much growth, and there's so much stimulus coming down the road in the next 18 months that, you know, the opportunity really is to see how that evolves, but I expect the rest of this year to be just like this with slowing growth and persistent inflation.
04:24 Jared Blickre
Yeah, that was really interesting because he talked about inflation rotating. And so you have good sector rotation, uh good sector inflation, then services sector, and he was saying that has kind of the baton has been passed back and forth over the last few years, but we haven't seen it blow out of proportion like we did before. By the way, that episode is out on Yahoo Finance's site, so let's check that out.
04:51 Speaker A
And and Jared, you, we're talking about inflation, we're talking about perhaps maybe some other things that move when we talk about inflation. What was going on in the in the alt space this week?
05:01 Jared Blickre
I like that. I like that transition here. Gold had a little bit of a tariff scare. And I was looking at gold's record high yesterday, and I wasn't seeing a lot of news behind it, but this fell almost kind of under the radar, and it's uh there are a lot of wonky details in this story. Let's see if I can find GC equals. Oh, there we go, 2.4%. I will show you a ten, uh let's do a five-day view so we can see here, we got up to those record highs yesterday, then we fell off today. Apparently, there was uh a letter from the Customs and Border Patrol that indicated that gold, especially out of Switzerland, and this is uh worldwide, was going to be taxed if it had a stamp on it. And so the Swiss gold that comes to the United States that is used by the COMEX exchange in certain denominations, that was going to be taxed, or tariffed. But as it turns out, it looks like there's news that President Trump is going to somehow provide an exception for that. So we got the roll back there. Nevertheless, gold still hovering around $3,500 per ounce, still around that record high. So that just tells you the strength of the underlying market, regardless of all this tariff.
06:21 Speaker A
My gold fun fact, Jared. I saw I saw someone pointing this out this week. Look at the year-to-date move, 30%, depending on what we consider an asset class. It's certainly outperforming stocks and it's one of the top asset classes this year.
06:36 Jared Blickre
Hey, gold is one of the most hated asset classes ever by a lot of institutional investors. Nevertheless, you cannot argue with price. Only price pays, uh says some famous day traders.
06:53 Speaker A
We'll be watching that uptrend in gold for sure, Jared. All right, that's going to do it for us here. Appreciate you joining us.
