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♪. jack: welcome to "barron's roundtable" where we get behind the headlines and prepare you for the week ahead. i am jack otter. coming up a massive number jump in jobs added to the economy in january surprises the street. a revision for previous month adding even more will look at what it means for the markets and the federal reserve next move. and then stocks repeatedly hitting all-time highs in 2024 as markets hold out hopes of a soft landing for the economy, charles schwab and liz and sanders will look under the hood at what's driving the rally and how investors can take advantage. later boeing backlash is weighing on the company as safety remains a top concern for flyers. we'll take a look at shares safety by and what stocks are benefiting from the fallout. first we begin with our expert panel and three things investors out of think about right now on

the "barron's roundtable". ben levisohn, teresa and andrew bary. so much data flowing in and the jobs report in the tech earnings, get to the bottom, tell us was moving the market. >> what i love about the market does the unexpected. we had the hottest of hot job reports on friday, three to 53000 jobs i think that is double expectations and you would've thought the market gets crushed. instead as the p5 undergoes that more than 5% and closes at a record high. under the surface it wasn't all good even winning stocks and losing stocks you had met her earnings that were so strong that accounted for 40% of the index gains for the week. it is fantastic. i think that's what's going on yet the push and pull between the big tech stocks, some doing very well and some have a strong economy and will have to see how this is going to play out. jack: how does it play out with the fed looks like the march cut rate is off the table. >> that's gone 20% chance of that right now, may is about 60%

or so, so there are people that think we will get the rate cut and that we have to have rate cuts before the end of the year. what i think is interesting if the economy is as strong as we see right now, maybe the fed does not cut until june or maybe it doesn't cut at all. it's pretty impressive. jack: speaking of cause and effect not lighting up to the pattern we have a lot of tension in the middle east to say the least complicated and scary stuff. and yet the oil market has not moved. >> the oil market had a terrible week vices fell 7% despite soldiers killed which is tragic and you had first talked of a cease-fire between gaza and israel and that kind of went away. and oil went down i think partially that is because it is more concerned about things like china's economy or how saudi arabia are they feeling optimistic or pessimistic about the price, we see things like gas prices go up a little bit but that's more about refining issues. i think you have to look at the big macro drivers and not just one geopolitical issue that is

happening. jack: and ugly week for banks. on wednesday regional banks got hammered. >> commercial real estate is resurfacing in the wake of a shocker from new york community bank which is a little bank the stock fell 40% after surprise hits to its commercial real estate per folio, the group is down 7% this past week, 20% last year it is been a tough. higher rates have hurt and weak loan demand and credit issues. jack: a lot of that is hyper local stuff. >> is a hyper local new york focused bank. one issue that they will have to deal with, the biggest blunder rent regulated apartment buildings in new york and it's been a good area in the past but landlords in new york have a tougher time because of progressive policies in the city which limits rent increase as well and cost really escalating. this could be a problem for landlords, tenants and the city.

jack: let's get to a happier story, tech earnings, $10 trillion of market cap reported, let's give a report card, does anybody get an a+? >> meta has to get an a+ in the market clearly agrees with me there is so much to like about the quarter, gray earnings, revenue and forecast in their first-ever dividend. jack: amazon shares also jumped on friday. >> you might want to say it's a tie for first place although the market clearly has his favorite amazon also had a great quarter broad-based strength not only in e-commerce but the club business and advertising business was all strong great market all around their. jack: from microsoft we learned the a.i. is very expensive but it can yield some profits. >> certainly. artificial intelligence did a great job driving demand of the quarter and microsoft results were so good one analyst called them a masterpiece. the market disagreed but it was more sour on the tech sector earlier this week microsoft is a

bit of a victim of that. jack: going down the bell curve, alphabet not a big hit with investors. >> alphabet was one of the reasons they were not happy with techie reported the same day as microsoft there were good numbers but mostly people were worried about the miss and the advertising revenue which they thought could have wider repercussions. jack: apple next investors were not excited about it. >> it is my thing. >> there was some good and some bad in apple but what is remarkable is how little the stock moved, earlier this week investors were not as forgiving with reports like that. >> thank you teresa, markets are reacting to the stronger-than-expected jobs report as forecasters are trying to guess when the fed will cut liz and saunders shares her insight on how investors can leverage the market optimism. that is next. ♪

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ehealth, your medicare matchmaker. jack: and other shocking good jobs report blowing past wall street expectation. january saw three and 53000 jobs added to the economy well above the estimate of 180,000. on employment held steady at 3.7% below the 3.8% forecast. we sell november and december revisions showing 126,000 more jobs added than previously reported, joining the charles schwab managing director and chief investment strategist liz and saunders and i should add excellent twitter or correspond it, a lot of nonsense on the channel but your charts are great, people should check them out. last month we could look past the headline number and find some weakness but the january report released friday was strong on most counts, what jumped out to you.

>> it was really hard to nitpick, it was pretty easy to nitpick the december jobs report but not the genuine jobs report. if you absolutely have to you can point to another decline consecutive decline in household employment, that is the household survey from which an appointment right is generated. it was fairly limited decline, that is the second month in a row and hours continue to come down that's a leading indicator. aside from that, not only the headlines positive but as you point out the revisions were quite positive which bucks a trend for much of last year. jack: what are the wages never tell you everyone's watching a carefully. >> wages up again, weekly hours down in weekly wages were not as strong but i think the hours down piece may have had something to do with the incredibly cold weather

especially relative to a year ago when you had a bit warmer weather, wage growth strong but the hours piece might've been biased down a little bit by virtue of the weather. jack: everything looks at the numbers and says what's up that going to do it probably took a march rate cut off the table then you get to may. we will see what happens there, what do you think of the theory that the fed does not want to do anything too close to the november election, does not affect jay powell's thinking. >> i doubt it but i'm not inside of his head, i do truly believe in the independence of the federal reserve he is increasingly felt compelled to address that because he starting to get ask questions about it, there's plenty of instances in history where loosening was occurring or tightening was occurring during the presidential election. admittedly in most cases it was already underway and it just persisted through the election.

there is some chatter if they don't cut by june or july with the inclination be to wait? again, i have no idea. i think it's premature to be switching the bat from march to may because you have a fed that is data dependent, as much as it depend on the data between now and march into your point the january jobs report essentially took off the table what jay powell took off the table at the most recent fed meeting. but to suggest it's one meeting later, the data will dictate the timing of cutting. jack: i want to ask you about investing but one more economic question, productivity numbers have not been good for quite a while. recently they looked a little better, is it too early to say that the trend or using any glimmers of hope. >> in the very short-term productivity could be fairly volatile. i think in general were probably looking at a decent productivity

backdrop. the nice thing about the most recent productivity numbers they were not only significantly higher than expected, labor costs were lower than expected and that's obviously the spread that you want, higher productivity, lower labor cost and that accrues in an aggregate sense to the benefit of profit margin. when i think longer term i am optimistic about profit margins as well as profitability and productivity. it's not solely a function of a.i. but i think companies are really investing around productivity enhancements and efficiency and that will be the benefit of the metric of that. jack: one more question before you go, how do you add this up to an investor portfolio, any opportunities, maybe the market is novelty pricing and? >> i think what it is things you see happening last year from the july forward use all the major index like the s&p and the

nasdaq moved directly, basically contrary to what bond yields were doing, the corrective phase in equity occurred when you had bond yields go from under 4% of 5% in the tenure and vice versa you gave a lift to the major averages when bond yields plunge. i think the volatility and bond yields that you certainly saw in the aftermath of the jobs report is having more of an impact down to capitalization spectrum in index like the russell 2000 because that is where there is more exposure to move up and down and yield for those smaller companies certainly the zombie companies that are more at the mercy of the changing yield environment as they have to come to the credit market as they look at their debt coming due. there's a bit more of a new wants the way you see the impact of the bond yields on equity and i think that's going to persist. if you want to move down the caps spectrum there are opportunities for staff and quality do not sacrifice

quality. jack: avoid the zombie companies, the literal definition is a company whose cash flow is not enough to cover its death unto death service. thank you. jack: a bumpy start to the year for boeing as they deal with fallout from recent issues with it 737 max. we will look at how investors should allocate capital in the turbulent time for the company next. ♪ it's easy to get lost in investment research. introducing j.p. morgan personal advisors. hey david. connect with an advisor to create your personalized plan. let's find the right investments for your goals okay, great. j.p. morgan wealth management. (ella) fashion moves fast. (jen) so we partner with verizon to take our operations to the next level. (marquis) with a custom private 5g network. (ella) we get more control of production,

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jack: boeing was set to soar or maintain altitude in 2024 but issues not set the company back again. investors are wondering how much barb the stock will fall.

al rejoined the panel, you're an interesting story on boeing. you been watching the committee for a while it is a mess one of the theories is run by financial guys when really engineering focused on making plane should be in charge. >> i don't agree with that, it is a mess i agree without how do we get here. we look at the. where the max jet was granted worldwide after two deadly crashes it was being run by dennis mullen berg who is an honorary fellow of the american institute of aeronautical and astronomical engineering he was an engineer that did not oversee, i think you need good managers and good engineers but you really need people making capital allocation decisions. if you compare over the last decade the amount of money that airbus spends on r&d, planted equipment compared to boeing, airbus spends more is almost as

simple they put more money into the product in the decisions of the past decade are coming home to roost. jack: with bad decisions being made how long does dave calhoun stay in the corner office is a time for a new ceo? >> dave is in a tough spot and i don't necessarily want to make splashy calls he needs to go in 202019 he was brought in to replace the engineer and get the max flying again and he did that, checkmark for dave. tens of billions of debt, tremendous stress to the pandemic he is still not invested in product there is no new medium-size aircraft or max replacement on the horizon that is an expert dave and this comes down to who would replace him. he will not be there forever, he is in the 65 plus age range so they do need to identify the next manager engineer or not they can invest in product.

>> there have been some charges that boeing is going woke in elon musk pleaded after the recent problems that the company is putting diversity ahead of safety. there was also the proxy about two years ago where the management, plan was adjusted so they began decline when it would adjusted safety, do you make any of this? >> elon musk has made it a topic of discussion, he tweeted people are dying because of pei that's one of his tweets engineers, analyst, consultants don't think that is the case. how do we know this and airbus would be as woke from gender equality goals, number of women in the workforce and nonexecutive counsel these are numbers that are relatively readily available that we can compare the disastrous max problems of 2018 and 2019 this

was before woke this was in the lexicon. i would call it your responsible but i don't think elon musk care, i don't think that is what is going on, when this became a problem he said we didn't change any safety goals recently added fairness language. >> either way it seems equity to be talking about airbus and boeing exclusively going forward after pouring billions of dollars into the project and the chinese cannot come up with an alternative and there is a third aircraft maker in china, they have a plain western airlines are not going to buy this and it isn't cost competitive for boeing technology. this is a heavily regulated, highly engineered industry and it takes tens of billions of dollars in a decade to make a plane that's one of the reasons we coalesced around to people. jack: i see a stock drop like this and i'm thinking i should be look to buy should i be buying boeing?

>> i feel you do usually but i don't think boeing is a buy here. the reason is essentially i like your thesis, by peak fear and we did that last year with tesla about boeing, the things that they need to do will take longer than you expect them to take. the faa is pressing down on production expansion, that will be a years long process not a month-long process. i don't think the stock is going to go anywhere for a year i would love to get in the 175, 185 range. >> one stock that we look at airbus, you can buy the listed shares at better manage, better planes, better balance sheet, better free cash flow trading for 20 times forward earnings and it's one that investors take a look at. >> i agree with you i only said in the story you have to buy airbus because you like airbus, not because boeing is a mess. >> parts makers do you like those two. >> this is a good environment for aftermarket parts they're going to struggle to increase production fta i maintains

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jack: mark zuckerberg had a rough day testified before congress but that he washed the bad feelings away with the dividend, you think some other tech companies out of follow the lead? >> meta basically initiated a 2-dollar share annual dividend which is less than 0 - 5% that could prompt other big companies to do it the number one candidate is alphabet it does not pay a dividend now i would

be willing to bet by the end of the year you will see a dividend in alphabet of huge free cash flow, $100 billion on the balance sheet, amazon could be next year or two out. jack: what about brookshire human covering that cavity forever, youall we said warm buffet should payout from all the cash holdings. >> i think brookshire should pay even though warren buffett is against the but ultimately when he's gone we are paying dividend it wouldn't be bad to pay what now over 150 billion in cash and he can't find much to do with the money. it be a good idea for brookshire to pay what now. jack: let's get actionable ideas, teresa you have a company i was unfamiliar with. >> if you enjoy champagne and caviar lifestyle, young chefs warehouse to think for catering to your cravings. it is a specialty food distributor that has contracts across the nation with high-end restaurants, luxury hotels and country clubs. business is booming and the shares traded 24 times forward

earnings, that sounds like a recipe for more growth. jack: thank you. you literally have a household name. >> i'm looking at procter & gamble, generate 23rd reported earnings had a nice jump. what are the moments where it looks kind of interesting. i wanted to wait a little bit but the stock is showing no signs of weakness, margins are improving even if revenue might be under pressure. if china warms up, the stocks in a great position, trading at 52 week high and looking very interesting. jack: caviar and toothpaste what's not to love. to read more checkout this edition of barron's.com don't forget to follow us on x at barron's online. we will see you next week on "barron's roundtable". ♪ discretion is advised. [music - inner circle, "bad boys reply"] (singing) bad boys. - stop! (singing) whatcha want? whatcha want? get out now! (singing) whatcha gonna do-- get out the car.