“People are looking for a very quick return on investment and they’re getting it from gold.” – 05:41
Peter Tuchman, Senior Floor Trader at TradeMas, joins Remy Blaire at the New York Stock Exchange to discuss the current state of the stock market, particularly in light of a significant sell-off experienced by the S&P 500 and Nasdaq, which recorded their worst day since April. The downturn is attributed to President Trump’s renewed threats of higher tariffs on China, a topic that has historically caused market volatility.
Peter explains that the mention of tariffs and China has always been a sensitive issue for the markets, often leading to fragility. He recalls a past incident during Trump’s first term when a similar announcement resulted in a dramatic market swing, illustrating the powerful dynamics at play between the U.S. and China.
As the conversation progresses, Remy and Peter shift their focus to the upcoming earnings season, particularly the reports from major banks. Peter emphasizes that these earnings will be crucial in assessing the health of the consumer and the broader economy, especially in the context of ongoing tariff discussions. He notes that strong earnings could indicate resilience in the market, while weak guidance might signal deeper issues.
The segment also touches on the performance of gold and Bitcoin. Remy highlights that gold has reached new record highs, while Bitcoin is attempting to recover from recent losses. Peter discusses the typical relationship between market sell-offs and gold purchases, as well as the potential impact of margin calls and market glitches on cryptocurrency prices.