race. debate prep is underway, and some familiar faces are lending a hand. walz has been practicing with transportation secretary pete buttigieg standing in for vance and minnesota congressman and house gop whip tom emmer is playing waltz during vance's practice. next week's vp face off is expected to be the only one before the november election. you can watch it live, along with special pre-debate coverage right here on fox business on tuesday night at 9 p.m. eastern, and i'll see you on sunday morning over on the fox news channel. join me at 10 a.m. eastern live on sunday for sunday morning futures. i've got an exclusive interviews with trump organization executive vice president donald trump jr. congressman jason smith, the chairman of house ways and means, and president of poland ondrej duda with me on sunday. that'll do it for us here on fox business. thank you. so much for joining us. have a great rest of the weekend and i'll see you again next time. barron's roundtable, sponsored by global x >> "barron's roundtable"

sponsored by global x etf. jack: welcome to "barron's roundtable" where we get behind the headlines and prepare you for the week ahead i am jack otter. cooler than expected inflation data keeping the fed on track for another rate cut sending stocks higher, chief investment officer saira malik weighs in on where to invest with attractive returns later nuclear power getting another look after microsoft big deal with consolation will talk to the ceo of constellation on the future of nuclear demand and why it's safe to restart 3-mile island we begin with the expert panel entry things investors ought to think about right now. on the "barron's roundtable" ben lovett said, making letter in andrew bary, i guess we can't call it a melted but good news on the market and bidding stock prices to the new record in s&p

what's behind the enthusiasm. >> a new record the s&p closed at a record this week they had a new record on thursday, it's good news everywhere we had the fed last week cutting rates we have china bringing out the bazooka which is all the stuff people have been wanting rate cuts in fiscal stimulus to get the market going great news from micron the material sector those of the miners and take the best-performing sector this week but we also great performance out of the magnificent seven it was something for everyone. >> that scares me, when everything is going right you have to think what else can go right to drive the market higher is any reason to be optimistic. >> you're such a downer there are things, what are the things that has been going on there was a lot of data coming out that was disappointing there is something called the city economics a price index and it measures this and falling into deep negative territory but it's turning towards positive territory which means we might see a positive surprise from the economic data and if that happens i could drive more

upside for stocks. >> this week we got good news, the inflation gauge that's watch closely by the fed nice and benign what we like to see, this is really interesting while this is important inflation has been a big issue for the fed were shifting to the labor market and what's going to be pivotal for the magnitude of the rates upcoming is going to be the job report forgetting our next job report next friday and will be watching that very closely in the october jobs report and will see what happens in november. >> the next fed meeting is in november you think will see a quarter or half point cut in short rates than. >> i think it's going to be a quarter-point unless received untrue deep issues with the job market. >> i don't think the rate cuts are the most important thing is good to be earnings season which starts in a couple weeks. >> i watch the bond market and the take-up and bond yield since a fed cut rate trend year treasury is around 375 at the head sports 4% and could be trouble for the stock market.

jack: that could be the bond market predicting an improving economy. we talked about the s&p doing very well of 20% of the year, china was i called my beer, this week alone up 15%, david tepper says he's all in, what is going on. >> it's been a really interesting week i think were seeing the stimulus that we were hoping to see in china, the people's bank of china cut rates and we saw a little bit give on mortgage as well and this could spur demand and consumer sentiment increases that we are looking for it is interesting moves in china will send stocks soaring but the fus implications so we saw companies like estée lauder and lvh m which luxury brands doing very, very well this week up 18 or 19%, new record for both of them we saw casino stocks do well and we actually saw industrials and like otis elevator up 9% the record from years and years this

is really a good new situation. >> china stocks in the technology sector that was very strong, his comments really matter, his one of the best investors in the last decade or two in spite of everything in china that could include ali baba, ten sent, by due which is relatively inexpensive around ten-ish times earnings people worried after the big games it's time to sell and get out but the market technicians have looked at china and see that would be a mistake in the market gets a big jump in takes deposit keeps going higher. >> jeremy siegel says buy it at ten or 12 times he did you get over the long-term. >> we are chasing momentum and if it starts to stall we might run into issues this might be one of the things where you buy the pullback and hope for the best. jack: fingers crossed, this past week barron's can be the annual healthcare roundtable and you read the story, what did you take out of it.

>> healthcare has not been great particularly the drug stocks and they saw opportunities one of them among big cap is amgen which can be the number three player in the diet drug marker eli lilly ennobled nordisk, the avenue drug and clinical trials that can have an advantage of being delivered once every two months weekly which is how the current injectables work in the biotech company by entech which is best known as beta covid play but an interesting cancer portfolio is a huge amount of cash on the balance sheet and finally a mentioned revolution medicines which is developing the drug and clinical trials that could treat pancreatic cancer with the huge unmet need given the high mortality rate from that disease. >> we talked about how falling interest rates can help the sector receive that play out against. falling rates are often tailwind for healthcare were seeing that

play out tell me about one company they came up with the roundtable illumina, ruf and it's a leading gene sequence and 75%, growth may finally start to accelerate, stocks around 120, 130 could hit 200. in healthcare and drugs and often pays to stick with a good manager because of the wide disparity and returns one that's done while we talk to the manager is janus henderson mobile life-sciences fund. >> that is safer than putting your chips on one stock, thank you. speaking of inflation were moving closer and closer to the fed's target rate will take a look at how the state of the consumer in the labor market could determine the markets next move, saira malik gives us her insights your best defense against erosion and cavities is strong enamel.

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our rate cuts coming too late to prevent a recession. joining us with her take on the strength of the economy and where to invest chief investment officer saira malik. good to see you again. >> nice to see you. let's start with the economic outlook, the fed should've started cutting rates sooner and we may be headed for a recession and economic data all to review it all. >> there's two things dragon the market in the swiss national bank cut rates in the federal reserve cutting rates by 50 basis points. economic data has been strong and durable goods, jobless claims of low expectation and on

everybody's mind is the fed too little too late in terms of starting the rate cuts, were still concerned that we may see recession in 2025 you can't rely on employment markets, they tend to crack as a recession starts. >> the dragon has been slayed i know everyone is glad to hear that, if you're concerned about recession stock prices are pretty high, the something equity investors to be a little worried. >> looking at equities it's time to get more defense, sector such as listed real assets works well in. every cuts because the components of your assets and infrastructure our utilities and waste management, waste management tends to be resilient if we get along talk about economic downturn, of course utilities tend to perform well when rates are being cut that's an area that will i think is resilient with all the stimulus happening outside of the u.s. i think it's time to look at the cheaper segments of the world

outside of the united states. >> give utility stock. visit indiana base utility in a data center and we build more in the united states and they have higher customer lows, it's been a great stock here today but it trades at a discount to its peers and better earnings and other infra- structure play municipal bonds is another segment of the markets and they tend to outperform after the first rate cut and after elections take place in their strong fundamentals states are in very good shape in the saving rate in the rainy day funds. jack: everybody likes not paying taxes so they had the benefit of well. very important. a lot of talk about the magnificent seven you see clear opportunities in one magnificent seven stock what would it be.

>> we are selective on the mag seven there are attractive companies within the bucket one that we like is apple we had the new iphone, we're getting to a point post covid will start the iphone replacement cycle, we don't expect to pay for the iphone that came out in september this year next year more and i put into the iphone and for apple it does not take a lot of capital expenditures to add a.i. into the phone b where the replacement cycle really takes off at the mag seven that we prefer. jack: it's interesting there was that talk about that four years ago about people loaded up on pcs of iphones and everything else now would be a time to refresh. some people may be aware of something that's happening in november and is a presidential election of we occasionally hear the overweight one way or another based on your expectations but we have to take it into an account you think there's three forces that could push volatility higher between now and then. >> the good news is in election

years markets tend to be up and that's what we see but volatility tends to be up also so the forces such as the wide array of different views on governance can have a macro impact on elections that we've already seen outside of the u.s., misinformation and artificial intelligence can sway the election as people make information that may not be accurate and geopolitical events that unfortunate were still happening around the world those could also impact the election and finally for either candidate that wins the election to get have to think about the tax cuts that need to be renewed or not during the presidential. that could cost up to 4.6 trillion to do that, that can bring back the dragon that is inflation. certainly the deficit is not going away, saira malik thank you for coming on the show. thank you for having me good to see you. >> fueling the a.i. boom big headlines and bigger moves in the market when microsoft announced the deal with constellation energy to revive o tells us why nuclear is coming

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jack: demand for electricity skyrocketing the power the a.i. boom microsoft striking a massive deal with constellation energy to reopen the 5-mile island nuclear power station constellation is the biggest provider of nuclear power in the nation and the stock is up fivefold interest but out of exelon in 2022, constellation energy ceo joe dominguez named behrens top ceo list is here with us to talk about the future of energy, thank you for joining us. >> thank you for having me on. >> 3-mile island is considered the worst nuclear disaster in u.s. history although i should point out there were no injuries, restart would've been

unthinkable a decade ago, what is change? >> first of all remember two reactors at the site, the reactor that was shut down in 19 for economic reasons. the reactor that was involved in the accident, something we never owned it is getting cleaned up, this is the other reactor in the other story out of that 3-mile island event is the other reactor had so many improvements that are arguably ended up be the best-performing reactor in the u.s. of nearly 100 reactors, that is the one we are bringing back to life under the name the clean energy center. >> my wife evacuated from nearby pennsylvania and that she was a little girl she remembers it clearly, can you talk about more about what is changed from the safety perspective, how is the nuclear power plant different from the one that troubles a long time ago. >> almost everything tmi was the beginning of a revolution in nuclear and the worst day in the industry, at the same time it

was a rallying call to get better on virtually everything from equipped operation to construction, all the lessons learned from that event have been incorporated into the new fleet and what were also seen is like everything else better turbines, better generators, better pieces of equipment that give us incremental capabilities and safety management that we did not have first. >> it's interesting i feel like the discussion these days is coming to bear on a.i. in the data centers. i ran across the factoid that in order to get a chat g pt query it takes ten times the energy for basic google search. i'm curious how this capacity and how we will get there when it comes to all of the energy that we will need in where we already have energy requirements plus the a.i. >> let me pick up on a word that you just used, for a while u.s. energy policy was really driven by two technologies, wind and

solar and they have been spectacular seen massive improvements in their capability and also in the economics, look they work when the sun is out in the wind is blowing and while were using batteries to stabilize a bit of that we have a long way to go, we're going to have to continue to use other technologies and that's where nuclear comes in we can increase the output of existing plants and restart plants like cranes that were shut down way too prematurely and start developing new technology around nuclear that will bring them on to allow us to support the a.i. revolution in support america, you cannot run a full-time economy just on part-time power resources, we are learning that as we get deeper into the energy transition and that's the story behind nuclear's renaissance. >> how is this going to work for microsoft will they take the power off the grid or are they going after collocate the data centers next to the pla plate.

>> microsoft announces a use the power on the grid at about four different states to support the existing operation and plan future expansions. >> what about the stock it's one of the best performers their trading to 30 times earnings, what are the earnings outlook for the company and some of the guidance you have given. >> we reset guidance, we effectively took the midpoint of the guidance up to the top and in the second quarter which is a bit unusual for us we usually touch guidance in the third quarter were definitely having a strong year and i expect that to continue through the end of the year. right now were looking at the top end of guidance at $8.40 and we will revisit that in the third quarter. >> what about the longer-term looking to the end of the decade i think you talked about 10% annual growth in earnings, is not right.

>> we move that up to 13% growth in earnings, it is an unusual opportunity, we are going to see 13% base earnings growth compounded year-over-year and we have real predictability of that to the balance of a decade, the strength of that people are using nuclear energy as a sustainability product and it's finally being recognized for what it does uniquely provides clean admission free energy 24/7 365 days a year rain or shine winter or summer. jack: a fascinating change and obviously much needed thank you for coming on the show. >> thank you for having me on, take car ok limu! you set it, and as i spike it, i'll tell them how liberty mutual customizes car insurance, so they only pay for what they need. got it? [squawks] did you get that? only pay for what you need. ♪liberty, liberty,♪ ♪liberty, liberty.♪

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jack: kooks, cranks have always been fixtures at annual meetings but some ceos say that is enough. >> jamie dino was speaking at a conference about shareholders and he came out and said he wishes he were private and did not have to put up at shareholder meetings, he has a point there are a lot of kooks and proposals that they don't want to deal with and they cannot get rid of the meetings, whether trying to do is get rid of the meetings virtually they have 2400 under that health virtually the sheer, that is up from about 286 and 2019, initially they use covid as an excuse not only an excuse but the only option to do shareholder meetings but they kept it that way and it's been that way to mute shareholders and ignore questions that they don't like, et cetera. >> they have been cracking down shareholder meetings last year's meeting and berkshire hathaway

he got arrested for asking a really tough question of warren buffett. >> i see the frustration but their own by the stockholders muzzling those owners doesn't always seem right especially the time and lots of people are crying alleged censorship, let them speak. >> that's what you would expect they are the shareholders, they are the boss, they might be annoying but you see this from the left and the right and groups coming in and they're getting centered in the company should take and put up with it and go cash their paychecks later. if 46 days would not of that. >> is time for actionable ideas. >> energy is a big blogger this year and i focus on the leading oil service.slb formally 4210 times earnings and it looks pretty good. >> we've been talking about the need for more energy, what you have for us. >> caterpillar this is a picture my colleague al root, he is a

well-known picture on the show and we talked at the top of the show how china was giving tailwinds to industrials mining and caterpillar for ten it's been a solid performer so you start to say why in the world did we pick this, it actually has room to run on this, this is an interesting pick and has potential for the future and of thousands it's goodbye i'm on board. >> do we have to worry if we had trade tens have buyers all over the world that i think this should be a safe play in that respect. got it. thanks, megan. thanks, guys. to read more, check out this week's edition at barron's .com. and that's all for us. we'll see you next week on barron's roundtable. from the fox studios in new york city, this is maria