pursue clocks back on saturday night. we will have all of the election coverage on "mornings with maria" weekdays 6 - 9:00 a.m. eastern on fox business and a special programming note on fox business, "sunday morning futures" will be live at 10:00 a.m. eastern on fox business, we will not be on fox news, solely here on fox business and texas editor ted cruz and james comer and anna paulina luna and join us for the special interviews live on fox business. that will do it for us on this week and thank you for being with us on fox business. have a great rest of the weekend, get out and though and i will see you nex ♪ ♪ >> "barron's roundtable" sponsored by global x etf's.

>> welcome to "barron's roundtable" where we get behind the headlines and prepare you for the week ahead i am jack otter, days away from a historical election and were looking at the major economic applications with j.p. morgan asset management chief global strategist david kelly, later what the election results will mean for the top industries, we are breaking down the biggest movers and we begin with the expert panel and three things investors to be thinking about right now. on the barron's on table ben levisohn, megan leonhardt and jack hough. a bit of a halloween selloff in the markets on thursday they recovered a bit on friday what spooked investors and we governing from meta microsoft, that was enough to scare the markets and cause s&p 500 to fall enough that they finished

down for the month in october since 2009 and finished the euro 23 now present and is not necessarily the end of the world. on friday we got a pretty weak job super, weak jobs report and the market wasn't spooked it was 100,000 less than expected to the bls which releases the data came and said please ignore this and is messed up by the hurricanes and strikes so it doesn't give a reliable reading for the data in the private payroll number that was quite good, people decide to look through this especially since other data has been pretty good. >> the fed that we will hear from soon. >> it's a big week next week not only because of the election but

because we get up that decision. were looking at 25 basis points and that should be an interesting. , we did see the jobs report that was very low, inflation is doing pretty well, the feds inflation gauge 2.1% and that's pretty close to target. >> meghan mentioned in election, due respect in election there. >> we probably will get a reaction, there's usually volatility around election sometimes more than others in the market tends to go up no matter who the president is a lesser sum sort of crisis so i'm optimistic that once he gets past the election and once we get past to the fundamentals. in the market did not like the results, the numbers were impressive, not enough to clear high expectation. >> it was interesting, we did actually see pretty impressive results from microsoft and data and unfortunately they also give some guidance that there's going to be some expenses coming up. that's was wait investors more than not.

and we had a tough week. we did get amazon and we got apple and interesting apple not so great in terms of the stock movement for apple and amazon did pretty well and ended the week up. very good margins from amazon. >> is also a diversified business compared to the others when it comes to the total package like whole foods and this is that time of year where everyone starts grocery shopping, supermicro got hammered down 45% after a bad summer, what's going on there. >> supermicro is all about this week in particular the finances so their accountant quit they not only quit but didn't a dramatic fashion this week, they said they can't really trust the financial statements from the company and they were going to stand by them this is basically sitting there saying liar liar pants on fire. it's a little scary but investors need to be careful on this particular stock, it is definitely don't touch it. >> even apart it's not that

special, the pitch, you know the nvidia a.i. that everyone loves, we will sell you boxes that have the chips in them, it's not the strongest bargaining position if you want to build a higher profit margin. >> these companies are the battleships of the global economy microsoft revenue is up 16%, amazing. on the other hand really expensive price for perfection, how do you plan this. >> it's really interesting we had a note from citigroup earlier this week and they were looking to this and it was a buy dip the whole tech sector is down a little bit over 3% for the week this may be an opportunity. >> let's pivot to the housing market, meghan mentioned the fed cutting again. you would think mortgage rates are coming down and unfortunately that's not how it works. >> the absence of half-point cut mid-september the 30 year is up within half a point recently

6.7% and i hear from prospective homebuyers was going on and why aren't rates falling. i'll give you four reasons and you tell me whether you like or believe them, the fed does not control directly when it cuts rates that is a short-term rate is not a direct effect on mortgage rates those tend to track the ten year treasury more closely and mortgage rates fell earlier in the year in anticipation of the ricoh maybe you think the economy looks healthy in which case you might think the fed is going to dial back some of the rate cutting or maybe the bond market is starting to shift and see a little bit of a talk that were getting from the presidential candidate about the deficit spending, the deficit spending is already hearing, the deficit is enormous, it is grown and bond yields are where they were 20 years ago when it was much smaller. this is people like you to talk about the deficit in blowing things up, has not blow it up, it might as some point but there's no sign anywhere now.

>> we will talk more about the election coming up in with the election days away what is at stake for the economy. j.p. morgan asset management chief global strategist david kelly joins me next. (marci) what is going on? (luke) people love how the new homes-dot-com helps them get quick answers about any property by connecting them to the actual listing agent. (agent) oh! so, i'm done? (luke) oh, no, no, no! we're still not sure everyone knows that we're the only site that always connects you to the listing agent rather than selling off your contact info. so, we're gonna keep you up there a little while longer. (agent) okay, ya! i'm getting great exposure. (marci) speaking of exposure, could we get him a hat? (luke) ooo, what about a beret? (vo) homes-dot-com. we've done your home work.

we to the u.s. election is days away with the global economy waiting patiently to see who will take the reins. as a downbeat october jobs report a one-off or the start of a trend. j.p. morgan asset management chief global strategist and author of the j.p. morgan guide to the got under market a must-read on wall street david kelly. thank you for coming by the studio. let's start a big picture, 3000f

the economy, is inflation defeated, recession on the horizon. >> i think the economy is healthy it is being on the path for a long time, what's going on is the expansion continuing in its broadening, we see good signs we had 18 straight months in which wages have gone up by more than cpi inflation, this is broadening out is not just the richest households doing better, to broader economic expansion. jack: one little notice is productivity which is doing nothing for many years has picked up is that an actual trended what is behind it. >> it is a trend it is interesting. if you look at the output per worker in the united states, that grew by 1.3% per year for the first 20 years of this century and in the last five years it's grown by 2.3% in the last year 2.6%. productivity is a wonderful thing for markets.

it pushes up corporate profits and allows for higher real wages and holds down inflation. i think there's a big part of why the economy is performing well. jack: what has changed. >> i think it starts from having nobody left the heart, productivity is another word no left a heart, what happens you can see this in the real world people doing the jobs of two or three people and you can't hire 70 but you can't, they grumble but they get the job done. you're always in for something you can do more efficient, something stupid we can avoid, the constant treating labor is a scarce resource and a great way of improving productivity. >> not always great for dinnertime but otherwise good. so far you painted a rosy picture and we did have a good consumer sentiment recently about all of that said a lot of people feel crummy about the economy right now, why the disparity. >> i think people are getting over the big increase in prices that we saw during the pandemic and the problem is since may 19 wages have gone up 27% and

prices have gone up 23%. if your wages go up you say that's my hard work and effort and boy do i deserve it. if the inflation rate and prices go up it's a lousy government and about the economy and if it wasn't for inflation i would do so much better. it's the same process pushing both but i think people really want to see prices come down and just not going to happen. jack: you pointed out an interesting dynamic, while the economy is measured in dollars which rich people have a lot more of consumer sentiment is one de novo. >> i see broadening an expansion this is relatively recent, the first few years of this decade is really about who's doing better than a spending and he is mars money to spend but a lot of people in the bottom half of the income distribution we were getting squeeze. >> everybody knows on tuesday what you see as the most important economic issue. >> is how people feel about the economy in their own economy.

to some extent it is tricky because people are getting all this news about why they need to be scared about the economy. from both sides you would need to be scared and angry and stations get people to watch. i think it is about jobs and bad inflation as it usually is in the question, we are seeing the data with the broad economic expansion that has it broadened enough so the people actually feel at this point. we will get one answer on tuesday. jack: from a policy perspective what is the most important. >> whether we ended up advocate divided government's single party, at this stage is unlikely with single party democratic but we could get single party republican government and if you look at it from that perspective, the divided government is going to be more of the same. you get single party republican government you can get a lot of fiscal stimulus, bigger deficit, maybe bigger growth in the short run but also a trade war, all of

that will tend to push up inflation, tend to push up interest rates and you could get a higher path of interest-rate center republicans and divided government. jack: we are out of time but can you tell it your best investment idea right now. >> diversify things have done really well but you want to spread it out in case something goes wrong. sean.jack: in the last decade iu own international stock to do a lot better if you did now. >> something could go wrong in the united states and you want to be diversified around the world. david kelly thank you so much for coming by. what effect will the election have on the market what will be the biggest me new projects means new project managers. you need to hire. i need indeed. indeed you do.

when you sponsor a job on indeed, it's easier for talented candidates to find it. which makes it easier for you to hire them. visit indeed.com/hire life is filled with many paths. but for native american children, the most important path is the one that leads them out of poverty. it's a path that led me here to st. joseph's indian school. it's where i came to grow and learn. find care, love and support, stay healthy and safe, and make friends that last a lifetime. for almost 100 years st. joseph's indian school has been giving native american children a path out of poverty through education, love and support. and 96% of st. joe's students graduate high school. that's 10% higher than the national average. st joseph's indian school is our path to a brighter future.

learn more at stjo.org today.

>> the big issues could have a impact on america's top industries. look at which markets would be moving the most postelection, why don't you kick it off for

us, what sectors are you watching most closely after the results on tuesday. >> i'm watching industrial stocks, they've been very strong but the talk of tariffs is spooking them the industrial sector does a lot of exporting and what is the worry if the tariffs put on imports to the united states the nuclear get a response from elsewhere and that will cause your business to get hurt and all the reassuring that's going on will be enough to support them. the other one i'm watching as autos is a little more complicated the tariff talk is a little worrisome but for many of them, gm, ford even tesla they don't do enough of the manufacturing outside of the u.s. for to be a problem, the trump when might not hurt them and the harris victory might not be an issue either. the ev credits will keep going and that would be a pretty decent thing, tesla's and the most interesting position it does not get hurt by the tariffs, the ev credits go away and not a big deal.

elon musk has donald trump severe that probably helps to. >> his pain the guy $118 million you want to get something from that. meghan you look at the financials, you cover the fed and you gotta see what the banks are doing how do you expect that sector to react. >> is going to be an interesting time for banks i think what we're watching is m&a activity, obviously under the trump previous administration we had mergers and acquisition and most of the banks and want to think of the member big players small and regional under the biden ministry and we do not see outright denials it was not so overprocessed and if we see to get approvals, if we did see loosening of the regulation that could spur under the trump of initiation that could spur economic growth and certainly activity. i also think it's interesting, we want to take a look at the junk fees, we've been hearing a lot about under the biden administration, obviously a harris when more of the regime

and the trump when we can sit there and end up with a looser regulation. >> jerome powell reappointed by president biden, now there's talk of trump or be elected to a second term is biden's tenure jeopardy at all. >> it'll be powell's. it is over,. >> there is a lot of personalities in the conversation. i actually think it'll be interesting to see what happens with powell's tenure, he said he will serve it out it assuming that is the case either presidential candidate will have the opportunity to have a new fed chair take place. there's talk on both sides of what that may be under the trump administration we could see a shadow that issue. barron's had the exclusive on the. jack: let's talk about the energy industry. drill baby drill, you think that's pretty good for the energy company.

>> if you think oil production is being held back, the problem that we u.s. oil production is at record high levels, not just for the u.s. but in a country ever in the price of crude is down 15% over the past year. i don't think drill baby drill would be great for oil stocks which are already slumping since summer and it might help bring down the price of gasoline, that is already down from the heights, it's $3.10 nationally, is about 20 cents above the average price of the past 20 years. >> let's do a quick lightning round, crypto, how does bitcoin get affected by the harris or trump when. >> harris wins, bitcoin goes up, reaching out to the bitcoin brose in the bitcoin bar and ordered a burger and paid for with crypto, he's a crypto guy. >> making, immigration, deportation could affect homebuilding hospitals, some of those industries. >> it is true, we have seen a big boost into the labor supply from immigration over the last couple of years.

this is really been helpful in keeping the labor market nice and even killed, if that goes away, that could be potentially problematic not only for industries like construction but also the local restaurants and healthcare could also take a very big hit, that's an industry under recovery. >> you have to do for investors some kind of trump math, it is a little bit awkward, when he says that he is going to immediately evict 15 million illegal immigrants or what have you, even many of his supporters will say no he's not going to do that and cooler heads will prevail that's what i think financial markets are saying right now if you believe that he will literally do some of the things that he will do you gotta believe financial chaos is not priced in the market that's what his critics say, cooler heads will be there this time, you gotta pick your lane. jack: let's go back to tech really interesting, summoning crosscurrents there, how do you see that plane under the administration. >> things might be okay for check from the government

perspective and is been under a lot of attack over the pc and of trump wins, jd vance says he's a fan, she is still gone. if harris wins it's not assured she could be back either. she seems a little more friendly with some of the big tech companies then biden has been. i think you could actually see an environment where tech gets to go about his business and do its thing. that's probably not a bad thing for the sector. >> even if some of the companies were to be broken up, the ceos and coo's would be pretty unhappy but investors might say i own a google search engine and youtube separately. >> amazon cloud or amazon retailer that is estimated a lot of this could be working out fine for investors other way. jack: the only thing we don't have to worry about, thank you, good news. ben and meghan have a pair of investment ideas and forget big tech, jack has found other surprising top performers in the meet the traveling trio. the thrill seeker.

the soul searcher. and - ahoy! it's the explorer! each helping to protect their money with chase. woah, a lost card isn't keeping this thrill seeker down. lost her card, not the vibe. the soul searcher, is finding his identity, and helping to protect it. hey! oh yeah, the explorer! she's looking to dive deeper... all while chase looks out for her. because these friends have chase. alerts that help check. tools that help protect. one bank that puts you in control. chase. make more of what's yours. life is full of moments,

from first steps, ( ♪ ) to first loves, ( ♪ ) moments that make life special. life can also bring us difficult and disruptive moments like a cancer diagnosis. which is why the groundbreaking work of stand up to cancer is so vital. they know the problem of cancer won't be solved by one doctor, one lab, or one hospital. that's why stand up to cancer brings together top minds from different fields to find new and better treatments so patients can thrive. so when it matters... ( ♪ ) ...we can all show up for moments of a lifetime. ( ♪ ) please join stand up to cancer and myrtle beach to help families get back to where they belong, making new memories for years to come. please go to standuptocancer.org to see how you can join the mission. ( ♪ )

jack: jack, you wrote a great column about the best performing stocks over the past ten years first two really obvious, next to really surprising. >> you got a get excited about wood and credit scores builders source and pico, which one do you want first, fifo everyone uses it for credit scoring liver product that the algorithm if you go back to 2018 it cost you 50 or 60 cents per mortgage they raise the price to $3.50, everyone needs it and who cares you look at a closing statement $6000 hookers about $3.50, great for profit margin, builders first source we talked about a shortage of housing and labor to build houses, this company will

say we will build your stairs, we will build your trusses and the panels in our factories and deliver them to the jobsite it saves on carpenter and skilled labor, that's another great grower both 3000% over the past decade. >> everyone sitting on the edge of their seats what are the top two. >> nvidia and amd, artificial intelligence chips, boring, up a lot let's go to actionable ideas but we have old economy into economy, ali baba which is a name that were all familiar with it feels like a little bit of a surprise china doesn't exactly feel like a place but in this case it is the stock and has roared back to life and it's cheap relative though the own history and cheap to the peers it's got cash to bring, this could be a big momentum play.

>> next time tell me before roars back to life. >> sounds like a plan. jack: what you have. >> i'm looking at eaton, they might not be so happy with this description as the old economy, they make the electrical doodads for the electric vacation and data centers in the electrification of everything. it is analog but it makes the stuff run but they knocked down after releasing earnings even though they raise the guidance and beat the numbers these are the opportunities down 5% for the all-time high and this is a good time to step in and pick up shares. the business is going to continue to grow in very well-run companies. >> you had me at doodad, by doodads. to read more check out this week's edition of barron's.com, no cover story on doodads but we look at walmart. that's a loo >> from the fox studio in new