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tv   Cavuto Coast to Coast  FOX Business  October 15, 2024 12:00pm-1:00pm EDT

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was originally named calhoun in 1818. it was later renamed springfield in 1832 and became the state capital in 1839. abraham lincoln lived in the city for 24 years when he moved to the white house. what were you tempted to say? >> i wasn't going to say chicago or juliet. i thought rockford. stuart: i was thinking of rockford. a couple other states, springfield is the capital. missouri? no. no. no. "varney and company" is drawing to a close. my colleague and friend neil cavuto starts now. neil: we are waiting for donald trump in chicago to spell out a lot of things, that the economy is horrible. if you saw the bank earnings
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out today, it's not all that horrible. kamala harris has this big interview everyone is looking forward to with charlemagne the god going on in detroit. both candidates working in battleground states and messages that are important to them. grady trimble following it all on donald trump and what he's looking to do in chicago. >> reporter: vice president harris wants to point the economic data, when you paul voters they say they don't feel good about the economy. that is something donald trump is expected to tap into not only in chicago before the economic problem of chicago but later today in atlanta, georgia, a critical battleground state. you may be thinking why is the former president going to be in illinois, estate he can't win? the goal today is to win over some of the business people and
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wealthy donors who will be at this economic club event. donald trump will take questions this our. a short time from now, from bloomberg's editor in chief. central to trump's economic policies making the tax cuts he ushered in permanent. you wants to expand them as well. he's talking on the campaign trail about imposing tariffs on imports especially from countries like china which he says was successful last time though some businesses disagree and to increase oil and gas production which the former president says will bring down the cost of everything else. >> i'm going to bring down your energy cost 50% in the first year. you are going to buy that house and pay 3% interest and you're going to say i love this guy. because interest rates will follow. as the energy goes down. >> reporter: we mentioned the
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georgia stop later tonight, the former president's campaign says this about that stop. kamala harris says inflation will be a day one priority but her day one was 3. 5 years ago. there is/biden administration created inflation the campaign says and jordan's no putting kamala back in charge won't do anything to fix it. that's the messaging from the campaign and the former president himself about the economy. we should point out the economic level of chicago did invite vice president harris to participate in a similar event but we are told the campaign has not responded. neil: thank you, grady trimble. edward lawrence taking a look at a white house that likes to step back and say the economy is doing. and number of economists say it will be less deleterious to the economy and less to inflation than anything out of donald trump. some of the news reinforces the idea that things are tough but not as tough as donald trump portrays.
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to you, my friend. >> the national retail federation, there's a call going on talking about how they are seeing sales strong through the holiday shopping season. consumer spending will be stable the weight is now which is pretty good going as they are buying holiday gifts but consumers have a record amount of credit card debt, dubbing wednesday's are on the rise, the same level now as the fourth quarter of 2011. the three largest banks posted earnings. all three set aside money to cover potential loan defaults. jpmorgan chase, covering loan defaults. goldman sachs, bank of america, jpmorgan chase albeit revenue estimates. >> we expected 15% for both companies and jpmorgan came in at 31% and obviously goldman coming and added 20% increase
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and they see that these costs of capital coming down. a lot more dealmaking for this investment making peace. >> that is where they are making the money so this does not change the fact that prices are still 20% higher than the day president biden advice president harris came into office. that fact added to the race in the dead heat especially as you see in battleground states. >> she has for the last four years as vice president cast a tie-breaking vote on 2. $5 trillion worth of inflationary spending. president obama's own economic adviser said you are going to send prices through the roof. gasoline prices 50% higher, grocery prices 20% higher, housing prices 20% higher. kamala harris has said she would double down on every single bit of what she's done the last four years, she would change nothing from president biden's tenure. >> reporter: the economy the
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number one issue for voters in all the polls. they will be voting based on what is in or not in their wallets. neil: the fine building behind you the markets have been on a tear, record after record, 6 or 7 weeks in a row over this, we are off to a strong start. i'm beginning to wonder they don't talk about that much. whereas with donald trump, they would talk about it all the time. >> this white house has consistently said they don't use the stock market as a gauge of how they are doing during the trump administration, he said the stock market is going up. i'm having a good day. in this administration they downplayed the stock market largely even though we've seen as you mentioned record after record after record highs specifically with the dow. the market is reacting to the federal reserve, the market loves cheap money and it is on the way.
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stuart: by the way, edward was going through bank earnings. i have brian moynahan of bank of america. what that says about the economy and the american people coming up 4:00 pm eastern time. the chairman and managing member, smart young man. what do you make of what the banks told us? steady as she goes, some bumps along the way but not as many as some fear, they are like a telegraphing something. >> no question about it. the key is expectations. profits were down, expectations were lower. that's going to be the theme with the general market. expectations were 7% earnings
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growth, so i think that is a low bar we can beat and the market likes beating expectations. fears were around net interest income, last quarter, positive news but more than offset by dealmaking, equity and debt issuance and trading as well. neil: goldman sachs on fire. do you ever wonder this is too much gas? >> we have this beautiful combination right now of massive liquidity, more central banks since 2020 and 2,009, that is a good thing for equities. you have liquidity, plus complacency and if this could be the first of october for an
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election year where we see limited volatility. i'd be interested to see what happens before the election, do we get that normal chop pre-election like we see in presidential election years or do we power through? the market is voting with liquidity. neil: donald trump says if he doesn't when we have a market crash. >> all presidents take too much credit whether good or bad or assigned too much credit. the key thing the market wants historically is checks and balances so -- under split government. as long as one party doesn't get the presidency, the senate, and the house the market will like it. you have gdp up 3. 2% from 2. 5%, you have rail freight car loadings which bode well. they are up for manufacturing and recovery. we've been in a manufacturing
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depression for the last two years despite the rest of the economy picking up the slack. lauren: 20 you talk about the rest of the economy and the market and technology is still doing fine but it has widened out considerably and hence this argument that as we enter the third year of a bull market we can match the average 5.5 years. how do you see it? i love the broadening that has happened. a sign of health in the market and thematically what you see at the beginning of and using cycle, 50 basis points, 26 days in, broadening. the 493 start to outperform. lauren: 20 did you notice the magnificent seven has to do with the fact that stock prices have soared but earnings have soared. it makes the math more compelling at note as nosebleedy.
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>> you are seeing 493 pickup because the growth is decelerating starting at 50%, down to mid teens and the 493 were negative earnings growth, and they are going to move up. there's huge opportunities. neil: you are talking about 4.5% earnings growth off of the original estimates close to double that. ubs said something similar, earnings contract a little bit, we will see a tightening of that. what would that mean? >> if they beat the low bar of expectations, that will be the key and looking at 2025 looking at 15% earnings growth and margins are accelerating. neil: it will be 1/4 phenomenon.
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>> looks like a short-term pause and reacceleration and that the function of liquidity and moving again. neil: i think these guys play with us where they say we have horrible numbers. i pulled that stunt with my parents. they see a couple decent things. >> the secret to happiness is low expectations. that's what the earnings game is all about. neil: good seeing you. and other uncanny read in politics, phil, real clear politics you go through all these appearances, we had a dead even race, a market that should be working in kamala harris's favor and isn't, not off the charts great, what is going on here?
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>> there is a disconnect between what we see in the stock market and economist spreadsheets and what people are feeling at the kitchen table. what happening in the market, people are feeling, the problem vice president harris has had is all these positive indicators she has been unable to make the argument that things are not only improving in the short term but will continue to improve under her. that's one of the challenges she's had from the moment she accepted the nomination it will continue until election day because voters don't feel things are getting better. neil: the momentum favoring donald trump, is it real? is it similar to what we saw in 2016 where polls understated his support or have we corrected that and that is not the case? >> that is the million-dollar question. historically what we've seen from donald trump's pollsters undercount his support.
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they did that in 2020, and 2016 and he surged forward. that is giving the trump campaign confident in this final stretch. if these polls are undercounting his support it is good news for him given he legion six of the seven swing states which i also think that is an indication why he is so confident in going to these blue states like california, new york and chicago, trying to exert outside pressure on these swing states rather than just parachuting into the like he has for months. he's feeling confident. neil: it is interesting because there's a survey on bloomberg today. bloomberg will interview donald trump today showing this conundrum for business leaders that might echo the sentiment of a lot of voters why this race is so close. business leaders are generally debating having the stability
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of someone like kamala harris even if their policies they don't agree with versus the chaos associated with donald trump and i was thinking of that, that similar to average americans, they like what he did when he was president, he is volatile. what do you make of that? >> that's one of the reasons we've seen vice president harris when she tried to distance herself in the last couple weeks, she said there's not a lot of difference between her and the president, she's not moved away from her record because there's a premium for stability and when she is running against donald trump, someone who was branded by his opponents as the chaos candidate. lauren: 20 neil: she says there's nothing she would change. a couple things. >> at least a handful the last
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four years, so much history. adding a republican to the cabinet is pretty small change, small potatoes when you look at the last term of president biden. neil: thank you, real clear politics. remember some weeks back when donald trump was in lower manhattan and visited this cupcake? it was a pretty entertaining political appearance, a chance for the president to promote his interest and fascination anything having to do with bitcoin boot in an investment horizon he says will boom under him. the guy who runs that place is next. >> transaction by a president on the bitcoin protocol.
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>> these suckers are good too. >> crypto burger. actual the name of the them, bitcoin and crypto. you want one? you want one? has been great. neil: he is a natural politician and was in his environment at this bar in manhattan that caters to the bitcoin crowd. it's bigger than that but the guy who founded that is the owner.
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he reached out to everybody but donald trump took you up on it. >> about seven months ago we reached out to a lot of the campaigns. it was a longer conversation. they were perplexed, but we had multiple coins 6 days before the event, we got the notification we were all systems go. every day was secret service. julie: real quick question, only bitcoin? >> cash and credit card as well but it's the only alternative to the us dollar. we would go bankrupt if it was just bitcoin. neil: that's where it stands today. a small percentage in this mass currency world dominated by the us dollar and bitcoin picked up 63, $64,000 coin level but it's like waiting for godot.
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>> there's been many booms and bustss. it is a volatile new asset class altogether. it is gaining steam, that will take time. bitcoin is a new form of money. neil: of finite amount that i thought would have juiced it as all the funds tied and still waiting. >> the best performing as head of the last 10 or 15 years. neil: are low-level from the beginning. >> pick your mark, around $400 a coin. even in that time i started looking in bitcoin in 2013. took a little while. nobody has enough bitcoin. i was fortunate to be a skeptic first and work with the
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arguments, a great bitcoin educator from the early days. neil: how do you counter the impression that they want to kill it? >> the biden administration, they've done a tremendous amount on breaking the story. the overreach from a regulatory perspective is pretty damaging in the last four years. . 20 they can't kill it. >> bitcoin doesn't care. neil: what is the trigger that you need a war, instability, stock markets. that doesn't make sense. >> there's correlation it breaks when inflation runs while. we had -- haven't had zimbabwe or venezuela here.
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it could be a flight to safety. neil: what is its potential? a black a blackhole for all assets globally. it absorbs every thing. neil: in the 60s per coin, where do you see going? i need a number. >> doesn't care about these things. bitcoin protocol operates independently. price of bitcoin doesn't affect the bitcoin protocol. >> it's possible. if it happens quickly, not necessarily a fun environment we are talking rampant inflation. neil: that's what you mean for bitcoin to go to the races. >> it is all about the perspective. for some people that's a good stronghold for value particularly in venezuela or argentina or zimbabwe. in the united states it's more
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of a commentary asset but nice to have in case stuff really starts to hit the fan. neil: that is doing fine. fascinating scenes. and if you think of all the doubters. it is still around. donald trump is a big fan. something that's collapsing, the fact that is real, two important things today has oil sliding. no idea what that might mean for bitcoin or oil long-term but i will q you in on that developer and after this. is exceptional customer experience. what makes it possible is unmatched connectivity and 5g solutions from t-mobile for business. t-mobile connects 100,000 delta airlines employees. powers tractor supply stores nationwide
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neil: we don't know where israel will attack iran in response to that missile attack almost a month ago but for benjamin netanyahu we know where it will not go. any oil or nuclear facilities. that has oil collapsing. let's go to phil flynn. >> but the risk premium in and take it out and shake at all about and here you are. this is the market perception of the potential risks to supplies. on reports that benjamin netanyahu is assuring the white house he would back off, not
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attack iran in oil supplies or nuclear facilities, that took the risk premium out but a lot of traders questioning whether benjamin netanyahu has something else in mind because just a week ago he was telling the white house this was a historic opportunity to put its arch nemesis in its place and i don't think they will back off. the market is trying to judge how exactly is this military strike going to take full ways and it is the irani and leadership, could they try to take out the irs whole of the way they took out hezbollah. all those questions causing volatility in the market and we are not focused on supply and demand, we are focused on what the next headline will be when it comes to this situation. neil: fits not oil or nuclear facility. what does iran do?
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>> iran signaled that if there is a limited strike it is all over. we will back off. to israel from that viewpoint looks like a sign of fear, they know it will get beaten if they are escalated but from israel's viewpoint one of the biggest problems israel has had is dealing with iran whose stated goal is to wipe israel off the face of the earth and they are taking steps to do that in a small way. i don't know if they will let this opportunity pass so maybe benjamin netanyahu will wait until after the election, doesn't want to look like interference. maybe they want another plan. they've been very imaginative the way they fought this war so far. neil: what if he is head faking us and is keeping on the table and oil are no chillier facility attack? >> i think we will see oil
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spike $10 a barrel real quickly if not more and then it's out your and tax, we will had everybody else in the region. then we see oil prices go up $20 a barrel. usual you get a big spike and prices come back down not because supplies are better but it impacts demand to. this could be a huge hit to the economy. neil: we give up all the gains we had prior to the anticipated response. in the meantime ashley webster was on the florida fallout from these storm stories like nobody's business. looking at those who want to rebuild and those who might not be able to rebuild has to go back to building codes. a sticky situation to put it mildly.
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ashley: is indeed. probably an understatement but in cortez, florida, a stone's throw from the gulf coast, close to where milton made landfall. this isn't the result of a hurricane. this is a home being built to withstand hurricanes, part of a community that says these homes can withstand up to hurricane category 5 levels. a first-floor garage, concrete 2 oh ceiling, foam insulation inside all the way to the attic storm resistant windows, doors, you name it. it is supposed to withstand a storm and this area has had four hurricanes in the last two years. to the left here these homes did very well. you can see outside this neighborhood the devastation of helena and hurricane milton but inside these hurricane proof homes they have proven their worth.
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let me bring in alex, the director of construction. he has his hardhat. that gave you away. to the point, we've had four hurricanes in the last two years, brutal weather, these homes past the grade. >> they are pretty much untouched. a little damage here and there. the palm trees have been devastated but our homes are running. homeowners are happy. ashley: they never lost power. >> our homes keep running, powered by a ten foot battery. neil: they are seven feet above sea level but doesn't sound like a lot but it is. >> if you go across the street you see that every home around here is 5 or 6 feet under underwater, all devastated. it is horrible. ashley: before i throw it back to you, alex is the construction of these hurricane proof homes, you lost your own home.
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>> i had one of the biggest trees in sarasota crush my house. ashley: two years old today. >> we are trying to celebrate today. ashley: thank you. you get very emotional. thank you very much. these homes cost between 1.4, to $1.8 million. certainly not affordable for many people but the technology they are using that they hope can be passed on to all forms of housing as they try to rebuild after these dreadful storms. neil: they barely looked touched themselves. very well spent. thank you for your reports updating us on all that. speaking of florida, citrus crop is in a world of hurt. the executive vice president and ceo of citrus mutual. i understand a lot of the crops
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were in danger, the hurricanes didn't help. what's the latest? >> milton impacted probably 70% of the citrus acreage in florida. we had been struggling, three hurricanes in the last seven years, one of the most detrimental diseases of the past two decades put the industry back on its heels for sure. neil: tell us how badly you got hit. we forget whatever happens to you there we see the grocery store so i would imagine prices are rocketing in this environment. if you can get oranges. >> no doubt. we are early in the assessment process over the last week or so but we've seen substantial amount of this year's -- this
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year's crop hit the ground so we know we will continue to see over time and impact on what we bring to harvest this year, not only impact in florida but global constraints on the citrus around the world, we continue to have that upward effect on pricing. lauren: floridians given the last couple storms are always looking at the atlantic for others that are festering. there are a couple that could be. do you do that yourself? and say oh my gosh, not again? >> we try to focus on what we are dealing with right now. not a lot we can do to impact they hurricane when it is barreling towards us. we deal with the here and now. neil: absolutely right. thank you. apologize for those technical problems.
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the dow was off is off of its lows down 79 points, oil tumbling. keep in mind the dow and the s&p had records just yesterday, the dow for the first time, 43,000, seems to want to tease that level again. we are focused on bank earnings that came up better-than-expected, not saying better than they were a year ago but better-than-expected, that's the game you have to play just right, beat those expectations. stay with us.
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election three weeks away. grady trembled in chicago where the attention is on donald trump trying to push an agenda that will return us to the good old days when he was president. i don't believe he has started speaking. >> looks like the event may be being introduced to right now. i wanted to focus on our power rankings as we lead up to the election. hard time believing it is three weeks away and i want to show how close this race is. researchers say it is on a knife's average. of the magic number is 270, there are 93 electoral votes either candidate could win to tip them over the magic number. drilling down into each state
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the map of the us, harris has spent a lot of time in blue wall state of pennsylvania, michigan and wisconsin seen us must wins for her whereas the trump campaign, georgia is a key state for them and we will see the former president in georgia later today, arizona and nevada, key swing states could go either way according to our researchers. why is this race so close? both candidates have been gaining ground with key groups. how former president, that includes men but also eating into the democrats historic lead with black, hispanic and younger voters and if we advance to the key groups harris is gaining ground with, women, folks with college degrees and older folks, 65 and up this race is tight, the top issue as we understand it when we talk to voters across the country is the economy.
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donald trump seemingly would have a lead. that's an issue he leads harris on, 53% to 43% in all the recent polling we've combined and that's why we see not only him focusing on it at the economic club of chicago event but in georgia later but why we see vice president harris focusing on it as she makes the rounds in the swing states. our colleague bret baer will be interviewing vice president harris tomorrow in one of the suburbs of philly where harris will need to do well to win and as i send it back to you the former president to taking the stage in chicago. neil: thank you grady trembled. dan gill trudy is with me in the flesh. he knows numbers inside and out. on this race does it matter for
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the markets who wins? donald trump says he loses the markets will tank, harris says they've not done that this year. 3.5 years of biden/harris, what do you think? >> it matters who becomes the president, no doubt about it but i tell you what matters more. j powell. i believe that the fed has more influence over what's going on economically and especially with the stock market because a presidential candidate says something doesn't mean it's going to happen. when jay powell is speaking everybody is listening and what does it mean? based upon how the fed is acting, even fdic's insurance will not allow this market to go down. neil: mention donald trump. he is not a fan of jerome
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powell. he's made clear when his chairmanship is up it won't be him. >> he may change that. jerome powell is do what he wants. trump has people who don't like him and he doesn't like them and they say something nice about him. and they are back. neil: the market is racing, we are at a ball market you were telling me during the break and you see that going on a while longer. >> the way the fed is reacting, he signaling we will have lowering of interest rates. a lot of cash on the sideline means we could anticipate it going into the market but driven by what jerome powell was saying. neil: not long ago we were
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going to see another half point cut. that has whittled down to a quarter point cut and no cut at all. i don't know where you stand but how would markets react to know cut at all? >> it depends on where they think they will go. there is no doubt we've started a cycle where rates are going to be cut, doesn't mean it will be every month but a year from now i anticipate interest rates much lower than where they are. neil: in the 3 something neck of the woods. what about your sense of technology stocks? a lot of people felt i missed the market rally when all bull market take stood on. what do you tell them? >> don't count out technology companies. we are scratching the surface
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as to where everything is going and nothing we do is not impacted by -- neil: i was looking at the multiple of the magnificent seven and it was only 28. as much as stocks go up the earnings couple more. >> everybody and everything is reliant on technology. look at things that elon musk is doing, nothing we thought passable and still scratching the surface. neil: we have a debt with training. we can't keep doing this but they keep doing this. there's going to be a day have reckoning. what do you think? >> there's going to be a day of reckoning but i don't know when it will be either. we are in uncharted territory. in terms of how much debt not
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just the government but people with their personal debt, credit cards, we keep going, you can make an argument a lot of the economic growth is all debt driven. neil: donald trump wants more tariffs. what will that do? >> tariffs can be used effectively on the international stage but when we get into that is there going to be inflation? i don't see how we don't have inflation with tariffs in place. neil: donald trump is talking about that in chicago saying tariffs will be the key center beliefs. and a lot of words, we will have more after this.
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lauren: 20 chip stocks under pressure, a report the us could extend its right now on ai chip exports well beyond the china. it would limit the growth possibilities of high pliers and they are feeling it today. manufacturing activity in the new york area contracting on concerns that things are slowing down on that front. it could be a 1-day event but we are pointing it out on this particular day. jackie deangelis and "the big money show" guys. taylor: i am jackie deangelis. taylor: i am taylor riggs. brian: i am brian brenberg. welcome to "the big money show".

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