00:00 Jared
Jared, my friend. Let's start with you on that close.
00:02 Jared
Yes, we are on record watch here, and we got that in the Nasdaq composite and the S&P 500. Nasdaq, that is number 20, the 20th record closing high for the year. It was up only 14 basis points or 31 points, but that was enough for the win. And the S&P 500 up a third of a percent, 20 points. And the Dow was the leader among the majors, up 463 or just over 1%. But what stole the show today and over the last few days and maybe the whole week are the small caps. The S&P 600 was up 2% today, and that brings its weekly total closer to 5%. And so an impressive showing there. I'm going to skip right to the sector action. We did have one sector in the red here. That was consumer staples, largely considered a defensive sector, but some of the cyclical sectors like materials and consumer discretionary, those did well today, as did healthcare. We were talking about that throughout the show. Energy also up more than 1%. So a pretty diversified offering here in terms of what was working. What was not working? A lot of those bigger stocks here. You can see Apple and Amazon the exceptions, but for the most part, the mega caps in the red there. Meta, Broadcom, Microsoft all down more than 1%. Netflix, Palantir, and Costco also in that same group. And if we take a look at the Dow, we are going to see a lot more green than red. And especially if you look at the writer, the right half of the screen there. We got Walmart down 2 and a half percent. That was in that consumer staples group that was in the red in terms of the sector action. But look at Merk. Merk down Merk at the very bottom up about 3%. Honeywell up over 1%. McDonald's up 1. IBM up 2. And United Health up 4% after getting just absolutely drubbed this year. It's worth looking at the pharmaceuticals page and the healthcare page. Here we have Eli Lilly in the upper left and AstraZeneca and Merk, each of those up more than 3%. Those are in dark green. Teva Teva's pharmaceuticals and it looks like Moderna. Each of those up more than 3% as well. I'm going to bring it back, and I'm going to close with some of the leaders here. And we can see broadly speaking, and these are my sector and industry leaders and just in general, cannabis has been doing very well recently as it looks like President Trump is set to declare deschedule, at least lower the scheduling of cannabis. Home builders did well today. That's XHB there. Kweb is Chinese internet. XBI is biotech. And then GBTC, that's crypto. So pretty diversified in terms of the bullishness that we've seen today. Josh.
05:17 Josh
All right. Thank you, Jared. How are your thoughts on the latest market moves?
05:22 Josh
Uh, more than one way to skin a cat. Uh, you saw some of the sectors, healthcare doing really well. Lila Lilly bouncing from last week's earnings report. Um, it had been a big laggard. So we we had a day where Nvidia was down, and we still made a record close. This is not a comment on the future, but this is a bull market, right? So we all worry about concentration, you get a day like this, you get some rotation, the market still goes up.
06:21 Speaker A
As a long time market watcher, do you get a little worried when there seems to be not a lot of worry?
06:33 Josh
Oh, of course. Yeah. Absolutely. But you know, long time watchers, bull markets climb a wall of worry. We worried about tariffs, we worried about valuation, we worried about geopolitics, we worried about White House policy. You know, we got five or six good worries. Uh, we have AI. Uh, we have uh real wage growth improving. The big, beautiful bill is relatively stimulative from a tax cut perspective for consumers. Uh, Europe, European defense spending's up. Europe has been terrible for years. You know, maybe they'll get positive earnings growth in 25, which sounds hilarious over here, but like 4% earnings growth in Europe, that's good. So you you have some balances. So always a hundred time, 100% there's always worries and it's just the balance of risk reward. Um, people feel pretty good these days.
