“When I looked at a year-to-date performance of the Mag 7, you have Nvidia, Meta, Microsoft knocking the cover off the ball.” – :03:31
Steve Sosnick, Chief Strategist at Interactive Brokers, joins Remy Blaire at the New York Stock Exchange to discuss the recent turmoil in U.S. stocks, which are deep in the red following a weaker-than-expected jobs report for July. Nonfarm payrolls increased by just 73,000, and the unemployment rate rose to 4.2%. This disappointing data comes on the heels of a hotter-than-expected P.C. and a Q2 GDP that exceeded forecasts after earlier contractions.
The pair also discussed the mixed economic data from the week, including a better-than-expected GDP reading of 3% and the implications of a hotter Core P.C. on the Fed’s dual mandate. Steve emphasizes the importance of monitoring the yield curve as a key economic indicator, especially in light of the current labor market concerns.
Lastly, Steve touches on the upcoming implications of tariffs and the potential for negotiations as the deadline approaches. With the S&P 500 down about 100 points, Remy & Steve discussed key moving averages to watch as traders navigate this uncertain market environment.