tv Maria Bartiromos Wall Street FOX Business September 7, 2024 10:00am-10:30am EDT
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it is now talking about publicly doing more than 4 billion nai chips sales this is a company not to be doing 30 billion in total sales, the profitability from these chips are going to do wonders for earnings growth and amd the stock keeps getting knocked down it's trading similar to nvidia. jack: this is a dip or chip to buy. >> both. >> alright, thank you very much. to read mark check appearance.com, don't get into forget to follow us at barron's online and facebook, and instagram for the latest barren stories, that is all for us we will see you next week on >> from the fox studio in new york city, this is "maria bartiromo wall street". >> welcome to the program analyzes the week that was in position you for the week ahead. i'm cheryl casone and for maria bartiromo we are days away from the highly anticipated abc news presidential debate next tuesd tuesday, this may be the only
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opportunity voters get to see the two candidates squared off ahead of the election vice president kamala harris an former president donald trump hitting the campaign trail hard this week pitching the economic agendas before the big showdown. >> my vision of an opportunity economy is one where everyone can compete and have a real chance to succeed, we will expand the tax deduction for startups to $50000. it is essentially a tax cut for starting a small business. if you earn a million dollars a year or more the tax rate on your long term capital gains will be 28% under my plan. >> she will seek attacks on unrealized capital gains most people go to be know what that means, we have the lowest tariffs of any nation in the world and we relentlessly punish her own companies for doing business in america, i intend to reverse this model and once again turn america into the
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manufacturing superpower of the world, you know what we deserve it we've been helping other countries get rich at our expense for the last 50 years and we will be bringing in billions and billions of dollars which will directly reduce our deficits. cheryl: both candidates claiming the cut regulation to get costs down but his plan will work for the american people, joining us no former white house council of economic advisors chairman kevin hassett and the people's corporation chairman and ceo former obama fundraiser, it's great to see you both, kevin i want to start with you on the comments coming from the former president at the economic club here in new york, he said things to investors that would be music to the ears cutting regulation put it, getting rid of the ev mandate, taking the corporate tax rate at the 50% of my if the company operates in the united states these policies often prevented would bring back the economy, your reaction.
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>> one of the things that is actually a benefit in president trump sticking with the same values in the same things use the first time as we have open to evidence of how that stuff worked the first time and by cutting the corporate tax in deregulating and having more recent cultural policy, we have 3% growth, 1% inflation, real income grew by $6000 per family, a lot of really good news, i think president trump had a very positive agenda that will have a big positive effect on the economy just because that's what it did last time and those who argue that this is going to somehow be stagflation every or something that you see was a report from goldman sachs and they have to explain why policies work so well last time are going to work this time, and if you get down into what they're saying is basically partisan. cheryl: now we get more numbers, we have also gone the housing plan a particular from kamala
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harris and it's nice to hear her talk about the housing market in more building and more supply on the market but what did you make of her plan. >> i think the plan are going to have an opposite effect of what they're hoping for, it would actually drive up prices of homes i think housing policy belongs at the local level because each market had a different dynamic so some markets will need incentives for the first time buyers, some markets will need support for down payments, some markets will need a stimulus to help reduce the cost of housing, you cannot do it at the federal level and a policy will lead to increase prices and $25000 is not meaningful enough in the marketplace to make a difference on the positive side. cheryl: i heard your offertory 5000 and prices are good to go up by twitty 5000 because
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sellers know in the added addendum is therefore the buyer let's talk about the jobs market trusting the spotlight before the election we got the latest report about jobs disappointing we have seen massive revision in the job numbers, in august he came in we could that expected only adding 142,000 jobs versus estimated 160,000 revisions were the big story june and july showing 86000 fewer jobs created than previously reported so far this year job gains have been revised over by 247,000, adam johnson says about employment numbers, high inflation will be negative for kamala harris campaign kamala harris what he told maria on the show last week. >> it absolutely matters for kamala harris, the reason being that thing on wall street be in the misery index free at inflation, cpi plus unemployment number in effect was about 7.3 historically since world war ii
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incumbents lose. >> rate sitting on 4.2% how much of an impact you think these numbers are going to have on the election. >> i think it some sense the here's campaign after looking at last week's jobs numbers they probably dodged a bullet because i expected the number to be worse in an appointment rate to go up again. were right at the precipice of the sawmill area with an appointment rate where people say were in recession and a lot of people think the recession began in august and were expecting this number to show it, the fact that it came in and a little below average, it'll be revised down it was a clear signal that were in a recession and i think that's absolutely politically salient because this everybody was sure that whoever is in the white house generally bears selector responsibility. cheryl: that is abiding here's a administration, 24000 government jobs were added in august, more
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than 20% of the total jobs added over the last year have been government jobs, former president trump is vowing to create this commission is focused on making the government more economically efficient, cracking down on waste and abuse awful audit of the federal government really wants to put you on musk in charge of it, a business guy, your reaction. >> i think business people belonging government i think i founding father had that are mine when people served in the government after serving and excelling in the private sector in leaving and going back to their businesses. unfortunately we have a culture of career politicians. i believe that the government is the most inefficient operation in this country if you look at the state, local, county levels in the federal levels president trump by taking this initiative should he be elected he will get significant reward for doing that, the government in this country very inefficient and if you look at even these numbers are indicative of an inefficient government. a big thing these people need to
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come back to work in their offices and i think we can get an assessment as to how few employees we really need to run a government. cheryl: we are sitting on $35 trillion in debt right now, some say that we are crisis levels. >> it could turn into a crisis but it won't if the government comes in and takes the responsibility seriously and starts reducing the deficit and i don't see that from the here's a administration. they have a lot of proposals for crazy tax hikes that would never pass, i don't think even a democratic senate and the huge amount of spending they have attacked anything about reducing spending, my guess what happens is markets begin to lose faith in america's commitment to its own debt to paying the debt back if harris is elected and it could lead to a serious financial crisis, i think it president trump comes in and spoken about the matter itself that is could be much more fiscally responsible and a
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reconciliation bill next year that returns a trajectory of the budget towards balance over ten years, i think there is a big change coming in financial markets depending on the selection. cheryl: we shall see, kevin hassett, don peebles, thank you for being here, we appreciate it. the disappointing jobs report ahead of the highly anticipated federal reserve meeting less than two weeks from now, up next michael kantrowitz on how the new data will affect the rate cut in the (♪) car, this isn't the way home. that's right james, it isn't. car, where are we going? we're here. (♪) surprise!!! the future isn't scary. not investing in it is. car, were you in on this? nothing gets by you james. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com
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chase really knows how to put the hart in your local community. see what i did there? hey, jackie! (♪) evan, my guy! you're helping them with savings, right? (♪) i wish i had someone like evan when i started. somebody just got their first debit card! ice cream on you? ooo, tacos! i got you. wait hold on, don't you owe me money? what?! your money is a part of your community, so your bank should be too. like, chase! cheryl: here's a look at where workers ended the trading week under bad months for stocks, this after we got the pivotal august jobs report as we mentioned earlier showing much fewer jobs added than expected will then implement remained in line, we also got revisions for july showing 25000 fewer jobs
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added last month than what was originally reported, only 89000 were added that is the lowest amount since december 2020 this is the last jobs report before the jointly with more on what this means for the markets, piper sandler chief investment strategist michael cancer which, this report shows not just a week of that expected number but now we have all of these months of revision, the only month we don't have revision to the downside was february and march and we may see revision for the number that we got on friday even very likely, we really have to take the employment data with a grain of salt until we get this, the prior two months combine were negative 89 so that takes the excitement off of what we have gotten too much prior, this report was continued trend of softness underneath the surface while the other appointment rate declined to four-point to, the establishment payroll data under the surface
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again i would say were fairly weaker, we look at cyclical employment so we exclude education and healthcare and we remove the birth death model which is been a big piece of debate around how it's been overstating employment that is now firmly negative at about negative 60000, if you go into recession, the economy goes into a contraction because of a cyclical activity suffused about education and healthcare and if you look at this at the screen, that's the biggest jump of 47000 for the two that you're saying you're removing from your consideration, the other issue to is the surprising number with adp the weaker adp report, jolts issuing another recessionary signal i would not say recession and poor they meet with her in trouble for the september
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meeting what do you say now what is your prediction. >> we have been bullish on equity just to bring it back to market for second and softly locks which is moderating economic and moderating inflation there is a period that historically happens we saw this last two years when bad news is good that is the case when we have an inflation problem or fear around that information of this year, the softer data that we gone for much of this year is good for equities, i would say that is over as of july because inflation is not a concern amongst investors nor should it be with an appointment rate in the data that were seen as an unemployment data that is why the fence underfed has shifted recognizing the mandate is far more balanced with inflation no longer really a risk and
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unemployment a budding risk or employment softening. it's going to walk around and react to the data in terms of what we expect to see with the terms of the fed but this pushes us closer to 50 but not a slamdunk. >> what is your outlook for markets for the rest of the year, three fed meetings to go, september, november december but besides the fed, does this change you approach investments or strategies for the market. >> in august payroll, the july payroll, a month ago we turn neutral on equities which i know often times analysts are really bullish or bearish, i don't see a high conviction rationale for either of those right now, i am no longer bullish because i don't think there's any more inflation fear or good news from lower interest rates or bad economic news i don't think the economy is collapsing, i think we're going to continue to moderate at this pace that we
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seen we don't have any major macro negative impulses, oil is not spiking, inflation are not spiking, the lagged effective fed policy which many debated is not really that powerful, i think part of that has to go to the point that there has been a lot of federal spending in oil prices have been high in two years and the impact of interest rates is kind of taking its time on weighing on the economy and not causing it to collapse, i think that's going to continue i don't think you we are to be so negative yet we continue to focus but the idea that the market is going to broaden out and go up a lot from here i think is very unlikely, with the fed in her back pocket i think investors will continue to believe that as long as we get data like the payroll report the fed will have her back, that is not bearish, that is not super bullish it is kind of okay we can stay here.
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cheryl: that takes us to an easy feeling about the next month and the week of september can be a worrisome month for the market, michael kantrowitz great to see you, thank you for being onset, i appreciate it. we get to stay with the jobs in america, more young people are skipping college to go straight into the workforce, at 231 gen z is running his own landscaping breaking of $1 million in revenue a year. you're going to hear from him next. >> one sales technique or strategy i use is not necessarily swinging for home runs every time, it's a 2000-dollar project, 2000-dollar project i'm typing nothing up and said he did not trying we've always been competitive. yeah... one of us always had to be first. first! first!
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cheryl: there being called the toolbelt generation we've been focusing on the job market this half-hour, a growing number of gen z are skipping out of a college degree in joining the skilled mid luncheon labor workforce, the average for your tuition at 2023 for in-state public schools was over $45000 with out-of-state cost well over 100,000, that is encouraging some students opting for higher education to make a different choice, enrollment and vocational training programs search 16% last year, my next guest working at the age of 12 mowing lawns in turn that into a booming business, with me cmg landscape founder and president trace gallagher, nice to see you. >> thank you for having me. >> talk about the moment that you made the decision to go vocational versus going for the four year degree. >> i got started on my business at 13, when i was graduating high school i had my drivers license obviously, my business was already up and running and i
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looked at the numbers very simply and said why would i stop making x amount of dollars profit per year and going to school, check out my business and get into debt for something that is not really going to help me. cheryl: was it hard for you to grow the business and deal with all the paperwork in the regulation and all the things that you have, the taxes all that stuff was at a learning curve for you. >> it still is i'm wrapping up my taxes right now but a huge learning curve, a lot of late nights, long, long days but it is worth it. >> certainly, you are your own boss. >> or you have hundreds of buses. >> either your tough boss or a nice boss. it's interesting what we see right now with the talk about small businesses, kamala harris is proposing the big changes for small businesses, this would've been due if you can take a bit of jumping, she's pushing $50000 tax deduction or startup expenses and vowing to cut red tape and regulation, your small business owner, what you make of ideas like that.
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if you were starting up right now, with that help you. >> and $50000 tax deduction is not going to help a startup usually they don't have a tax bill to begin with the first couple of years but is probably a reach to get more votes. cheryl: probably so, small business is the engine of the economy. you have employees, how many do you have. >> ten. >> when you were taken on each new employee was not a good feeling did you feel the responsibility on yourshoulds, u are young. >> a lot of responsibility and take it seriously in it produces anxiety you gotta perform, sell and your guy so do the work, that is what it is. >> ozempic you really enjoy what you do and i'm sure you have a good group of guys that work with you and for you. >> a really great team. >> we have not heard anything from the vice president yet but president biden, he is pushing hard for the student debt bailouts, he's been doing this for some time, you chose not to
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spend thousands of dollars in student loans, same with me i did not take out loans but how do you feel getting stuck with the bill as a taxpayer for other people student loan forgiveness basically and then they cancel hundreds of billions of dollars in loans, it gets a little frustrating. >> most definitely i took a risk is a small business owner in america and if they're going to pay someone's debt down for for your party pay, equipment loan or mortgage, yeah. cheryl: do you feel that you get the support that you need from the government right now, whether it is a state government or the federal government, are these things that you would want to see different? >> there's a lot of things that i would probably want to see different, my first thoughts about support, it is really the main support me filing my taxes to pay them, i don't know if that is support. cheryl: taxes are fun.
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very interesting to meet you, congratulations on your success and i am glad that it's worse so well for you. >> less the individual. thank you. trace gallagher, thank you so much. cheryl: i have one important thing that you need to know ahead of next week. ♪ your best defense against erosion and cavities is strong enamel. nothing beats it. i recommend pronamel active shield because it actively shields the enamel to defend against erosion and cavities. i think that this product is a gamechanger for my patients. try pronamel mouthwash.
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cheryl: welcome back one thing you need to know ahead of next week it is glow time for apple, the tech giant debuting for new phones including the 16 with the next version of the apple watch in new air pods, it is highly anticipated event on monday, the tagline could refer to redesign serieseries that makes the edgef
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the iphone screen glow with a colorful effect when in use along with the hardware apple likely to unveil the apple intelligent a.i. platform to new capabilities, the knowledge-based system would work with chat gpt and openai to help users write e-mails, reports, text messages and generate images, shares of apple opted under double digit, you want to keep it to fox business monday with all the big headlines and moves in the stock price, that will do it for me, thank you for join great weekend, i will see you next time. >> behringer roundtable sponsored by global x etf's. >> welcome to behringer roundtable where we get behind the headlines and prepare you for the week ahead, coming up
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