“We think the markets, particularly in the U.S., are very overvalued.” – 00:02:56

Eric Biegeleisen, Partner, Deputy CIO at 3EDGE Asset Management, joins Remy Blaire at the New York Stock Exchange to discuss the highly anticipated earnings report from Nvidia, a company boasting a remarkable $4 trillion market cap. As the market awaits Nvidia’s earnings announcement, analysts predict an adjusted EPS of $1.01 and revenue of $46.2 billion. Remy and Eric delve into the potential impact of Nvidia’s performance, particularly considering the $8 billion hit the company is expected to report due to recent chip export restrictions to China.

Eric shares his insights on the current market dynamics, expressing concerns about the signs of a bubble forming around artificial intelligence and related technologies. He draws historical parallels to previous market bubbles, such as those associated with railroad stocks and the internet, highlighting the presence of excessive margin lending, momentum trading, and a pervasive “fear of missing out” mentality among investors. Remy emphasizes the importance of distinguishing between noise and signal in today’s social media-driven investment landscape, and Eric explains how his firm utilizes a quantitative investment process to focus on specific data points rather than getting swept up in daily headlines.

The conversation shifts to valuation concerns, with Eric articulating his apprehension about the overvaluation of U.S. markets. He notes that while earnings have increased fourfold since the lows of the global financial crisis, stock prices have surged eightfold, creating a significant disparity that raises questions about the sustainability of current valuations. Eric suggests that this could lead to a necessary adjustment in stock prices.

“NVIDIA’s earnings call perhaps being more like an economic indicator release as opposed to an actual earnings release.” – 00:50

Dale smothers, CEO & Founder of RDS Wealth, joins Remy Blaire at the New York Stock Exchange to explore the upcoming Nvidia earnings report. Dale emphasizes that Nvidia’s performance is crucial, as the company constitutes a significant portion of the S&P 500. He suggests that while the S&P 500 has shown gains year-to-date, the market may be entering a “financial winter,” which could lead to a potential 10% pullback in the coming months.

As they look ahead to the Federal Reserve’s September rate decision, Remy and Dale discuss the paradox of a potential rate cut amid a weakening labor market and rising inflation. Dale stresses the importance of monitoring the Consumer Price Index (CPI) data, noting that the Fed’s decisions are heavily data-dependent. He warns that if the Fed opts against a rate cut, it could result in negative market reactions.

The conversation shifts to the upcoming jobs report and the productivity of American workers. Dale points out that while job numbers may decline, productivity is on the rise, which is a positive sign for the long-term health of the U.S. economy. He reassures listeners that investing in the equity market remains a sound strategy, especially as rate cuts could make equities more attractive compared to fixed income options.

Finally, Remy and Dale discuss the potential effects of rate cuts on the American consumer, particularly regarding mortgage rates and borrowing costs. While lower mortgage rates could benefit homebuyers, Dale cautions that increased borrowing could lead to inflation if not managed carefully. He highlights the growing divide between those invested in the stock market and everyday workers, urging listeners to remain vigilant as they navigate these complex economic waters.

“Markets seem to be kind of, you know, pretty well prepared for that September cut.” – 01:54

Michael Reinking, Senior Market Strategist at the NYSE, joins Remy Blaire to discuss the latest developments in the financial markets, focusing on the implications of Federal Reserve Chair Jerome Powell’s recent speech and the ongoing discussions regarding the independence of the Federal Reserve.

Michael elaborates on the market’s response to Powell’s speech and the broader implications of President Trump’s recent criticisms of the Fed. They discuss the uncertainty surrounding Trump’s calls for the removal of Fed Governor Lisa Cook and how the markets are currently processing this political noise.

As the conversation shifts to the tech sector, Remy and Michael focus on the upcoming earnings report from NVIDIA, which is generating significant interest. Michael highlights the recent fluctuations in tech stocks and the expectations surrounding NVIDIA’s performance, noting that the company has consistently exceeded earnings expectations in the past, setting a high bar for its upcoming report.

Finally, Remy asks Michael to outline key technical levels for the S&P 500 and the 10-year yield. Michael identifies critical support levels to watch as they navigate this potentially volatile period in the markets, emphasizing the importance of monitoring the yield curve and the ongoing discussions about Fed independence, which could influence market dynamics in the coming weeks.

“Despite a slowdown in the economy, I think recession risks are still on the lower end of the scale.” – 03:56

Jeffrey Roach, Chief Economist at LPL Financial joins Remy Blaire to discuss the latest developments on Wall Street, particularly following a significant rally that has propelled the Dow to its first record of 2025. After a remarkable surge of over 800 points at the end of the previous week, investors are now processing the implications of Fed Chair Jerome Powell’s recent comments, which suggest that potential rate cuts could occur as soon as next month.

The pair discuss the current state of the U.S. stock market and the importance of Fed independence in shaping monetary policy. Jeffrey emphasizes Powell’s focus on the Federal Reserve’s mandates—full employment and price stability—while also addressing the upcoming framework review that occurs every five years.

As they look ahead to the September 17th rate decision, Remy and Jeffrey examine key economic data on the horizon, including the PCE report and the jobs report due next Friday. Jeffrey highlights the challenges the Fed faces, particularly with rising inflation metrics that could complicate the case for near-term rate cuts. He introduces the concept of stagflation risks, where slow growth coincides with persistent inflation, and discusses how this could impact the Fed’s decisions in the coming months.

For listeners strategizing their investments, Jeffrey reassures them that despite the economic slowdown, recession risks remain low. He notes that a potential easing of rates without a recession could be beneficial for risk assets. They also touch on the importance of productivity growth, especially in light of a shrinking labor market, and the upcoming earnings report from NVIDIA as a key indicator of future trends.