this one, a rare 1787 copy of the u.s. constitution is up for auction after it was discovered in an old filing cabinet. the document is one of eight surviving ratification copies signed by secretary of congress charles thompson and the only known privately-owned version. they expect it to go for tens of millions by the end of bidding next saturday. and i will see you this sunday morning on the fox news channel at 10 a.m. eastern, live for "sunday morning futures." i've got interviews with texas governor greg abbott, wisconsin senator ron johnson and italian foreign minister antonio het -- tehani. that'll do it for us here on fox business. thank you so much for joining us. have a great rest of your weekend, and i'll see you again ♪ ♪ ♪

>> welcome to "barron's roundtable" where we get behind the headlines and prepare you for the week ahead. i'm jack howe in for jack otter. coming up, how much will the election matter for the markets? brian leavitt tells us what to look for. and later, wall street's wish came true. where to invest amid the rate cut rally. but we begin with our expert if panel and three things investors ought to be thinking about right now. on if the "barron's roundtable," andrew berry, elizabeth o'brien and al root. andrew, the stock market, we got that the rate cut on wednesday. the market, it dipped a little lit -- little bit later in the day. what is the market trying to tell us? was the rate cut priced in? what are you seeing? >> it might have been priced in, but it was a mild if surprise about getting a half-point cut

in rates and fed chairman powell talked about about a recl brace of short-term rates. rates now under 5, or dropping close to 4 later this year and maybe 3% in 2025. jackie: what about fedex? -- jack: what about fedex? if is that a fedex problem or is that the finish. >> well, there were some company-specific issues including customers trading down to lower price delivery options but also could be a cautious read on the economy. ups, this is its competitor, also has been weak this year, so it's something to watch. >> yeah. fedex, it's sort of good news-bad news. some of that trade down, industrial companies use a lot of the premium services, that demand is crying up. industrial economy -- is drying up. industrial economy stinks, but it was unexpectedly bad. jackie: andrew, gold hit another new high. how high is it headed? >> gold is above $2600 an ounce today, on friday, and it's up

about 25%. it's one of the better asset classes, better than the s&p 500 up around 20%, so it could be signaling some caution about the overall financial backdrop. you've seen central banks buying gold but also some concern about the u.s. budget deficit. jackie: too late to buy it here? >> i don't think so. i think gold could be heading to $3,000. >> gold trades on panic, so what is everybody panicked about? jackie: al, boeing. boeing is in its second week of strike, okay? furloughing workers, burning through cash. will it have to issue stock? >> i think definitively, yes. now, i think the strike is sort of the exclamation point on sort of their problems, but they've acalllatedded, you know, $-- ai cumulated almost 60 billion wit- jackie: that sounds like a lot. >> airbus has no net debt. they haven't generated a profit since 20. 18. so -- 20 the 118. so there is an equity race coming. they talk about defending their

credit rating, so everything they say screams we're going to have to issue stock which dilutes shareholders, and it's just part of the ongoing story of boeing's slow decline and efforts to tinter around. jackie: this is one of these things where i say, aha, a contrarian might be thinking about buying, but also stepping in front of an ice cream truck, that's a move i wouldn't rerecommend next. would you even consider buying the stock? >> andrew and i debate this vigorously, and there is a lot to like about boeing, right? there's only two aircraft makers, they have billions of dollars in backlog that stretch out a decade, but there are still so many unknowns like those equity raises. and they could generate $10 billion in free cash 2-3 years, but you've got to get there. jackie: vigorously, andrew. >> i tend to agree, but boeing should be profitable. it's really stumbled badly. i prefer airbus at these levels,

it's the european competitor. it's got a better balance sheet, better narrow-body plane and its profitability -- jackie: is it building a durable competitive advantage amid all these troubles that boeing is having? >> it is the clear leader in the industry, but there's definitely room for two prayers -- players because airplane buyers around the world just need the planes, and if they need the planes from boeing. jackie: elizabeth, our cover story argues there is upside ahead for luxury good sellers. tell us about that. >> that's right, jack. luxury shares have gotten hit hard raising concerns about the economy. but while lower income consumers have cut back on their spending, higher earners have not. these companies have problems of their own making including pricing missteps in the wake of the pandemic. they set the prices too high on lot of items locking out aspirational shoppers. but they will course correct, and lvmh has a lot of popular -- jackie: louis vuitton. booze and hand bags, am i

missing anything? >> exactly. that trades about 202 times forward earnings, and -- [inaudible] which sells jewelry. jackie: fancy, fancy watches. andrew, what do you think about -- can first of all, what do you think about luxury stocks here? >> i think they've sold off hard led by the industry leader which is lvmh. i think at these valuations they're pretty attractive. jackie: nike swapped ceos this week. why finish. >> they sure did. reaction. jackie: -- and will that help? >> the ceo stepped aside this past week, during his nearly a 6 5-year tenure, his changes stifled innovation, is nike's bringing back a company veteran back from retirement, elliott hill, to sort of revitalize things to fix the brand, and the shares, you know, shareholders seemed happy about it. nike's stock was up about 7 on the news. jackie: they were going to go it on their own more, moving away

from foot locker. >> they were de-emphasizing the stores and emphasizing online sales which didn't work. competitors grabbed share. nike's not been an innovator. you had a former con sum -- consultant running the company like you had at star bubs. -- starbucks. jack: can they eat some humble pie, go back to foot locker? i guess we'll have to see. thank you all. the wait is over, the fed finally making its long-awaited rate cut. market strategist brian lev leavitt is here to tell us what it means for the economy and the presidential election next this is clem. clem's not a morning person. or a night person. or a...people person.

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visit indeed.com/hire jack: the federal reserve acting

to head off recession, slashing interest rates by half a percentage point this week. while the race for president is neck and neck with a month and a half to go. what does it mean for investors? here to take it all up is invesco global market strategist brian leavitt. so, brian, interest rate cuts, i think those are good news unless you super duper need them because the economy is crashing or something like that. so where do we stand now? are we headed for a recession? >> the good news is i don't think we super duper need them, but it was appropriate, is appropriate for the federal reserve to be easing policy. inflation has returned to its comfort zone, right? they look at their preferred measure, you're back at 2.5%. and you're starting to see some modest weakness in the job market, unemployment rate has gone up a bit. nothing overly concerning, but it has moved. and is you would argue, i would argue that fed funds rate over 5% given that the world we're in and likely going to is too tight. so it's appropriate to start easing. can they do this without a

recession? that's the hope. i think it's still the base case, but i'm happy the see them easing. jack: people tell me there's an election coming up -- >> i've heard. jack: does the outcome matter for the stock market treat? it usually hasn't. i think i'm unpopular with both sides when i say that, but even just look at the last two elections. a lot of concern about what those would have meant for markets. this is unbelievable. if you go from the day biden was elected in november 2020 throw the end of august, that's 960 trading days, up 60 something percent. you looked at trump from the day he was elected in november 2016, 9600 trading days, up about 60 something percent. 960 days. i hear all the time how much these things matter. the way i've been taught to do this, focus on the direction of the economy, what the fed if's going to do and far more often than not you'll have a better sense of what market leadership is going to look like. jack: let's talk about bitcoin buggers. [laughter] former president trump --

burgers. visited a bitcoin bar in manhattan and paid with crypto. he's trying to win favor9 with the bitcoin bros. so the same question about stocks for bitcoin, will the outcome of the election matter for bitcoinsome. >> do the -- bitcoin? >> the challenge is buying burgers with bitcoin, but you don't know what the value's going to be going forward. that could be a very expensive hamburger, we don't know. it's hard to consider it a store of value like a currency would be because of how volatility. -- volatile. will the election matter for bitcoin? i don't think so. we've seen bitcoin perform well under multiple administrations now in very different macro back drops. my view on bitcoin, we know it's a claim on nothing. you don't get an income stream, so there's risk to it. but the way it's been trading is really a higher beta that play, a speculation on markets. and so if we believe, like we do, soft landing, lower rates, all of that should favor bitcoin irrespective of whether it's donald trump or kamala harris

winning the election. jack: things have gotten pretty darn techie in the stock market in recent years, so are the gains going to broaden out from here? if so, what should investors be buying treat? they've broadened out a little bit. we've had some head a fakes, and the broadening out typically takes place going into a recession. usually see in a more mature market, you get more concentrated as that's going because there's only a handful of names that can perform well. so we're going to try and normalize the yield curve, reinvigorate economic activity without a recession. and so if that were to happen, and i think there's a reasonable probability, cyclicals, small cap, value, those are the types of things that tend to perform well. again though, it's t very dependent on the state of the economy. if the federal reserve is too slow on this and the unemployment rate starts to pick up, i assume the market will be very concentrated again. jack: we've got 20 or 30

seconds. all year long i've heard people agonizing over whether it's too late to buy bonds. seriously, is it too late to buy bonds? >> i wouldn't want to be on the short end. no, it's not too late to buy bonds. people used to beg for 4%, right? now you can get 4% in very high quality u.s. munis, u.s. corporates. no, it's not too late. jack: that's 4% exclamation point compared with where we were. thank you. >> thank you. jack: stocks surging on the back of the fed's big rate cut. where can you invest as the market ralliesesome we'll discuss. that that's next. --

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jack: markets hitting record highs week after the federal reserve's a major 50 basis point rate cut, the first cut in four

years. will the rally continue? we're looking at where investors can find opportunity. okay. so falling rates are supposed to help stock prices, but then the stock market already went up even back when rates were rising. jpmorgan says the market is 25% more expensive than usual relative to earnings, and they predict 40-hum -- ho- hum returns from here over the next decade. i say that case makes sense. who here wants to call me a blathering fool? andrew, you seem eager. [laughter] >> you know what? i think that's a little bit too conservative. i mean, analysts and vat9 gists i think historically have underestimated u.s. stock market returns. last ten years it's been around 13%, annually, last three years, around 1%. i think you could get 10% -- jack: stocks are more expensive than they were back when rates were near zero, so what are these falling rates supposed to do for the market? >> is i think the economy's in

better shape, and i think you could see nice earnings growth next year. the southbound's trading up around -- the s&p 500's trading around 24 times, but next year closer to the 20 times, that assumes about a double-digit gain in earnings. jack: give us a number, what are we going to make in our s&p 500 yearly over the next decade? >> close to 10 to % annually. >> fidelity counts about a half million 401(k) millionaires, nearly double the the rate two years ago. but if you're counting on 20% a year with to get you to retirement, maybe dial it back. jack: thanks, elizabeth. [laughter] al, what about earnings growth? where's that going to come from, and what parts of the stock market do you like? >> the market's expensive, but it's expected to the to grow earnings13% next year, so that's not too bad, and a lot of that a growth does come from big tech. the mag 6 are going to grow earning at about 19%, but you might want to look to at things the rate cuts will benefit where

earnings growth will accelerate, industrials, banks, some high quality growth maybe tied to the consumer, pocketbook easing up. so if you're looking for things that could inflect higher, caterpillar and cummins, those could see higher stock prices as estimates rise. walmart, delta airlines, high quality, also pay a decent dividend yield. then on the bank side, jpmorgan should be able the make out many almost any environment, and first national bank shares, another attractive one. jack: i love the sound, 13% earnings growth next year? i hope it's not one of those deals where they lower expectations and lower them down to 3% and then they stumble over and say, high-five, everyone. andrew, what kind of stocks? >> i look for energy is the laggard, chevron recently looked good. the oil service, schlumberger, only about 12 times earnings, and historically it's had a much higher valuation. even some of the a casino stocks

like mg america which is a leader in las vegas -- mgm. stock's come down. there's some concern about las vegas room rate trends, but i think it looks good with here. jack: elizabeth, if we are, indeed, headed for let's say skimpy returns over the next decade, what should or shouldn't investors do to get better results? have i'll tell you maybe what you should avoid which is fall for the latest wall street gimmick. i'm sure they'll have a product that promises more to beat the market with maybe less sol tilt, but, you know, these products have high fees, they rarely live up the their promise. you're better off sticking with your low cost index funds and just doing the hard work. if you're behind in saving for retirement, you might have to save a little more or work a little longer. >> elizabeth, how much do you think people should be saving every year to meet their retirement goals? >> the generally accepted number is 15% between you and your employer -- >> sounds like a lot. >> if your company match is 4%, you kick in 11% -- jack: you not doing -- you're

not doing 15%. >> i'm closer to zero. i've got college. >> you've got an excuse. jack: tell me about income. at the beginning of the year, you wrote about a bunch to places for investors to find income, and everything is up, so what still looks attractive? >> utilities, they're up. mlps are up. preferred stocks. i'd say some of the better areas include real estate investment trusts, yielding close to 4 president right now. i think the pipeline companies, western midstream, kinder morgan, yields are in the 5-7% area. jack: how about bonds? what do you think about -- >> i think bonds are so-so at these levels. treasury yields are under 4%. muni bond yields are 3%, so considering inflation's at 2.5, i think they're okay, not great. jack: company profit margins have doubled over the past 30 years, that sounds like a good thing unless things have to revert back to the where they are over time, then it's bad because maybe the profit margins

are unsustainable. al, are they? >> i don't think they're unsustainable. this is a classic concern, right? it hope ises up in shiller valuations, they usager profit margins, and the market looks more ebbs pennive. part of it comes from better balance sheet, lower debt. so those portions are sustainable. and, you know, we do get a little more efficient over time. >> you have to understand the stock market now is dominated by technology companies which, like apple, meta, alphabet, amazon, others which tend to have very high profit margins, so i think that's boosting the average. jack: okay, thanks, guys. al and andrew have a pair of investment ideas, and elizabeth is looking at the bad dna in 23 and me. stay right the (soft melodic humming) ♪ oh there was a tree, ♪ ♪ down in the woods ♪

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♪ jack: elizabeth, is there a term in finance for when the whole board of directors leaves a company all -- we might need a term for that, let's work on one. >> the german dictionary, they might have it. jack: that's what happened at 23 and me last week, the genealogy company. what's the path forward from the here, if there is one? >> yeah, it was certainly a dramatic move. it's been a troubled company, the shares are trading for about 35 cents a share, down 95% from when it went public in 2032 the 1. their business model, it's the dna kits that you take the at-home test, you send it in and they tell you your ancestry. once you know it, you know it. today tried to get a subscription model going, and that didn't pan out. they want to create relationships with drug makers to capitalize, monetize their rich database, that hasn't panned out as hoped, so now they're getting into weight loss drugs -- jack: everybody wants to sell the weight loss drugs. >> crowded market, so who knows, that could be a path forward, but -- jack: al, you took a 23 and me,

did you not? would you like to share your results? >> yeah, i paid $100 -- jack: okay. and drum roll -- >> figured out i was very white. [laughter] jack: i did not see that coming. >> i know. jackie: -- jack: how about a stock pick for us? >> so, listen, the stock is up 100%. it was written about in your column, it was written about by our colleague. microsoft and constellation energy, which is the stock, just did a deal to restart three mile island. it's about power-hungry a.i. data the centers. you say why would i look at a stock up 100%, only trades about 28 times earning, and with these deals for these a.i. data centers, earnings where pressure are going to go up. jack: i have heard it can take seven years to get the power turned on for a new data center, but if you can find a nuke plant, i guess, then that's the thing you to do -- >> and they're going to pay above market rates for that power. jack: andrew, sirius satellite

radio? howard stern's going to love hearing -- >> the stock is around 25, down 50% this year. it's trading very cheaply right now. investors are concerned about some small subscriber losses, but it looks pretty durable. 4.5% dividend yield, pe of around 8, and berkshire hathaway's the biggest owner. warren buffett loves it. jack: there's a lot, a tan of music. thank you, all. great ideas. to the read more, check out this weak's edition@barron's.com. that's all for us. see you next week on barron's roundtable. ♪ >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: and happy weekend to th