coffin the auction house estimated many of the pieces will fetch up to a million dollars. check it out. "sunday morning futures" around the fox news channel. i will see you at 10:00 a.m. eastern life or "sunday morning futures". exclusive interviews with trump organization executive president donald trump jr. missouri senator eric schmidt, kentucky congressman james comer and vivek ramaswamy to tell us about government cuts and spending. that will do it for now, thank you for being with me on fox business. have a great rest of the weekend. thank you for joining us. i will see you next time. >> "barron's roundtable" bonser by global x etf's. ♪. jack: welcome to "barron's roundtable" where we get behind

the headlines and prepare you for the week ahead. i am jack otter. two months into president trump moves back into the white house, blackrock rick kreider the world largest bond managers is a whole new playbook is coming he will ensure his investment ideas. is the a.i. trade dead nvidia and other tech stocks taking big hits were looking outward and best. we begin with the expert panel and three things investors ought to be thinking about right now. on the "barron's roundtable" ben levisohn, megan leonhardt and jack hough. it is been a while since i had to ask you this question. why did stocks go down. >> stocks went down, they did the nasdaq lost over 3%, the s&p 2%, the worst week for both of the index in september which is actually a couple of months ago. if you look at it it's bad inflation and about powell the inflation readings came in hotter and fed chair jerome powell came out and said we will probably cut rates in december but after that who knows. the market has been counting on

rates is partially why is able to sustain the high evaluations and that causes for people to take profits and in the rpp s&p 500. value etf that is one of the few etf's that went up everything else has pulled back. i want to point out powell was hedging his backs we have the jobs report coming up i think this is where we will hinge on whether we get a car or upon for the december rate. all eyes on the november jobs report. the trump train band is looking different. if you look at the market is shot out of the gate out of the election of over 4% for the s&p 500 only up 1.5% and tech has gotten hit hard we will talk about that later but you see other kinds of things happen. when pete hegseth was nominated as defense secretary it's not a lot of different socks like northward grooming and locking market and the does the department of government efficiency has caused government

contractors to get hit like alan hamilton. a lot of people wondering what are the priorities and is it going to be the kind of things that have helped the stock market like tax cuts or something else. jack: one more question, the consumer is still strong. on friday good retail number and next week retail armies coming out, what are you looking for mcqueen at walmart and target in the stocks have been strong retail etf at the top of the range. and it could mean working to get a good holiday season. jack: meghan i would ask about terra firma local contractor in my town and is worried about to a lot of ceos and retailers are very concerned about this they have huge exposure to china remember and they are pulling forward orders to try to mitigate some of the effects in

the brand steve men the luxury fashion brand that 50% of the inventory exposure to china right now so they are moving forward on plans today, tomorrow, yesterday to get ahead of us all of jack's shoes are steve madigan's. we've been talking so much around tariffs about the inflationary effects but it could actually affect things like gdp and it could obviously be an issue for companies, we have a huge issue and it's one of those things everyone is worried, home depot, yeti, the honest company all over the map and very concerned. jack: we talk about defense stocks, pharmaceutical shareholders got very grumpy this week selling off on the nomination of robert f kennedy. i have a john madden fashion sense first of all. you're right lily, pfizer, medina those are on stocks that tumbled after rfk junior was nominated for the health and human services, kenny has a long

history of anti-vaccine statements in skepticism let's call it. he's also not a fan of obesit m. he said we would not need them if we would crackdown on processed foods and ugh stocks like pepsi, general mills, the french fry maker lamb weston, they all got hit to but there is a lot that remains to be seen. he has to get confirmed by the senate and we have to see what policies does he actually put in place. we are barely a decade past, remember when republicans were outraged that the new york city mayor, michael bloomberg was fighting back against sodas, do they really want to go against oreos, we will have to see. jack: bloomberg was not able to get the van through, getting people to stop eating the cheeses intricate the pepsi is going to be a tough one even for donald trump and robert f kennedy. but the stocks be oversold business opportunity to buy the dip?

>> i would say no only because the dip in this case, we are talking about mid single percentages. jack: it is a low-calorie dip. >> i understand. we are coming from a stock market that is pricey to begin with. if they stocks have been cut in half i would say sure have a look at the snack business has been great consumers have been hit hard by inflation and turning away from the namebrand and buying cheaper snacks. i'm not sure is a great place to be putting money right now. jack: a lot of the stocks were weak even before rfk was nominated. they've not been where you want to be in a market that's really getting pushed up by annual spirits. jack: i don't know i think pull forward, stock up on cheez-it just in case. we will see. trump heading for a second term with the gop government trifecta and place to back economic policies. the world's largest bond manager under the new tr

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ehealth, your medicare matchmaker. jack: president-elect donald trump proposing economic policies for tax cuts and tariffs. what does that mean for wall street, my next guest says investors may need a whole new playbook, blackrock chief investment officer for global fixed income rick reader. thank you for coming by. in a couple of months we will have a brand-new president. we have seen it before but what kind of an economy will donald trump in here at this time and what will his changes mean. >> the first thing is the starting point, the columns as a pretty good shape 3.2% real gdp in the third quarter and 3% in the second. academy is in pretty good shape, people talk about how the consumer will roll over, consumer is in good shape, and employment shifted up a little bit and income levels are still good he's inheriting an economy

that has pretty good momentum for certainly relative for what we seen over prior years. jack: he will bring in new policies, what are you watching. >> how tariffs and how we deal with the debt and the deficit in this country are going to be very significant. initiatives talk about cutting spending, deregulation of energy deregulation of the financial system. a whole myriad of things that will impact the market. markets like to get in front of it and sometimes they overshoot on some of these things so we are watching for a lot of them. brian: it sounds like that could be pro-growth, deregulation et cetera but also inflationary. >> i think if you build in pro-growth it's almost definition that you have pricing pressure and higher inflation on the backside. he also ran under the mandate of i'm going to bring down inflation. some of the deregulation and energy and the financial and where you cut spending could be significant in terms of the hope of adding the spending you don't

send the economy into the significant slowdown. same thing with tariffs you gotta be careful about the global growth transmission and that can have an impact. jack: you referred to the debt deficit as the shark that is not the closest one to the vote but it is kind of swimming toward us. how does the bond market react if the government does not do something at some point about this deficit? >> markets hate the fact that that shark gets closer and the only thing that i thought about markets over the years they tend to ignore the stuff that is out there. something become significant and it could impact the market and it really starts to react, you're starting to see interest rates with real volatility and how does it impact the fed to think about policy going forward, all of those things will be significant. i think the debt in the country is too big i think we ought to bring the debt down and we issue so much treasury bills, treasury coupons and you hope that the market can digest it. that's when things get closer it's harder for them to digest that amount.

jack: the federal reserve is obviously looking at this, we heard from chairman powell on thursday, the market used to think that the cu the fed was gg to cut more than the fed said, now the market thinks it's going to cut less than the fed is saying in the dot plot, what do you think. >> one thing that is incredible how markets overshoot people talk about the fed cutting interest rates, the barn market rallied, significantly the front end of the yield curve and now 130 basis points in its extraordinary. i think they'll try to go in december, is definitely not certainty. once you get the funds rate down to 4% we will have a whole new set of policies, an economy that is strong and all that's off the table. you get from the fed projections, the dot plot common sap production will be really interesting. my son says you will see the terminal rate higher than they originally anticipated. i still think they like to get a couple of cuts done next year but i think they will be patient about it. jack: people that want to buy a house might not see mortgage

rates as low as they would like. >> i think one of the reasons the fed has to get the rate down, you're not seen any velocity of housing and using the housing market existing, housing starts to low, housing affordability is too high. ironically if the effect gets interest rates down you actually bring down inflation because what happened is not enough homes on the market today. if you brought the mortgage rate all of a sudden people look at buying homes and home builders not to subsidize their sales and subsidize the mortgage. part of why the fed has to get the rate down as a lot of the country really needs to see better housing philosophy. jack: talk about your investment playbook and a new 18-month-old etf called the inc probably your blueprint, what are you buying right now? >> income, income, income read i don't think people are going to make any money on interest rates from here. i think the fed will be patient, can you make money on the tenure interest rate, i don't think so.

jack: it will be going down much. >> i don't think it will go down much is all about income are trying to create a portfolio between six and six a half% yield, diversifying using mortgages and securitized assets and credit and high-yield investment diversified clip 6. 6.5%. it is a great environment, most of you say if you can get six, six and a half, that's pretty good yeah maybe rates come down and i can make more than that. that is an income and do it in a stable way you don't take a lot of interest-rate. >> especially as daxs at 22 or 23 pd, that looks pretty good big tech stocks are taking a hit. the once unstoppable a.i. trait is even unde

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jack: big tech stocks taken ahead as investors worry about huge spending plans on artificial intelligence. as the a.i. trait a thing in the past? here to help us understand what's happening is variance deputy editor alex you will, the giver coming by. investors for a while could not get enough of a.i. stocks. why are they suddenly having second thoughts. >> i middleborough afraid from gardner's hype cycle, we come through the peak of expectations and begin to enter the dreaded trough of disillusionment. i think part of this is having used chabad for the better part of two years, they're getting a little weary and there's only somebody times you can ask chat be entergy pts to write you a moment. that is one issue. then you have the ones red-hot supermicro that is having the terrible accounting issues and may in the county days and we've seen that stock fall apart, the combination of two events.

>> i think people think back on the last time that we had a technology like this which is the.com boom and bust. it wasn't the fact of pets.com, you stop the.com and the went up. there was other companies. they went ahead and built too much fiber cable and it took them years and years to recover from that. >> is a super important lesson. i think we need to think of the overbuild of fiberoptics in the spending on a.i. i do think this time is different. there is a lot still happening. it is not just about chabad is about businesses using a.i. to find data that they've never been able to find inside of the warehouse, virtual warehouse before and it is about improving productivity and whatever stories this week we talked about bristol-myers and how they're already discovering new drugs using the a.i. chips that they bought in improving efficiency of the clinical trials, there's real use cases for the stuff and companies only on the cusp of fearing how to

monetize. >> were not. the trough of disillusionment. it's a scary place. nvidia had a lousy week but is up 7.5% on the month and nearly doubled this year. investors have a lot of confidence. they do have a lot of confidence in a credible competitive mode there ahead of amd and intel, there could be reporting this week this coming week and will learn a lot more than and i will know and temper their expectation it could be a noisy quarter. then the midst of transitioning from the first a.i. chip to the second a.i. chip called blackwell, the company said there sold out for the next 12 months. i don't think this is a question of demand right now. we will be wondering what the ramp-up of supply is. >> is amazing when you hear from jensen huang about this economy. as a videogame company he said he wanted to make a supercomputing company all along

and happy to be back then the only market that they could really sell into was video games. highly parallel processing that is good at drawing lots of pixels on the screen happens to be good for the job of crypto mining and artificial intelligence processing. >> it's kind of fun because we have our colleague take him and put out the book, the bible on nvidia. a lot to talk about here. it feels like it's becoming a bit more than just a stock but may be a cultural phenomenon. >> i think he would love that, he wrote the book on nvidia, it's coming out next week we have an excerpt in this week's barron's. it's something everyone should read is about how to succeed in business and as it turns out and he reports more than the technical billions of nvidia it is more about the cultural that they created. employees are empowered and expected to constantly come up with new ideas, there is a whiteboard in every single conference room and he talks about how employees are expected to get up there, show their ideas in real time in front of a real audience. the whiteboard is an example of

what this company tries to do. >> a culture strategy for breakfast, you have an interesting stockpicking the a.i. world i never heard of. >> you have to explain what this is and why it's worth $100 billion, apt love and a lot of people haven't heard of it an analyst early last year when the stock was at 11 cell is going down to seven. it was over dreaded $80 this past week, the company does online marketing geared toward publishers of casual video games on the phone. it help you find new people to download and pay for your games. a.i. has made the product better which is gotten the company more customers amid the company more money in the company says it wants to do the same thing in e-commerce and investors are going bananas over it. jack: i think were out of time, give us tomorrow names and barron's. they don't have cool names but cooling systems for the red-hot a.i. data centers and oracle, everyone's note about oracle for the databases for years. their big player in the cloud and the a.i. models are

increasingly being run. thank you very much everybody look for his book. we have a pair of investment ideas in a new amazon service is causing personal healt (husband) we just want to have enough money for retirement. (wife) and travel to visit our grandchildren. (fisher investments) i understand. that's why at fisher investments we start by getting to know each other. so i can learn about your family, lifestyle, goals and needs, allowing us to tailor your portfolio. (wife) what about commission- based products? (fisher investments) we don't sell those. we're a fiduciary, obligated to act in your best interest. (husband) so how do your management fees work? (fisher investments) we have a transparent fee, structured so we do better when you do better. at fisher investments, we're clearly different.

>> i don't know if amazon prime and chill is the thing but the company has capabilities that netflix cannot touch. >> it does remember the comedy hymns and hers we spoke about that in the past, an online seller of treatments for stuff that you don't want to cvs pharmacist shouting questions about balding and erectile dysfunction live also made good

money lately on knockoff obesity but those drugs are no longer in shortage. this past week amazon sent him shares plunging, discount treatments for prime monitors many of the same conditions you can get your wrinkles treated for $10 a month, balding $16 a month, erectile dysfunction $19 a month and eyelash growth treatment $43 a month. i don't know why it costs twice as much to extend your eyelashes. >> i can explain it. >> the point is incremental good news for amazon. it's pretty bad news for hymns, amazon announced a new discount store called whole if you're familiar with temu and sheen, is a competitor. jack: you have to type all into the search bar they're keeping it hidden because it was all too many to dollar flip-flops. 299 for a hundred hair ties for my daughter. jack: i don't need this i'm going to save my money back time

for actual ideas, what you got. >> we were talking at the top of the show about conglomerates potentially being problematic. i have one that might be benefiting from the health-food trend. simply good foods, this is a low-carb low sugar high protein product producer and actually look like they have some room certainly if organization changes and how we shop. this is something where the stock is trading 19 times forward earnings 2.5 times sales, this is a goodbye and a lot cheaper at its competitors at the moment. jack: processed were healthy. >> healthy healthy healthy. >> we want the rfk stamp of approval. >> we do, absolutely. what your idea. >> i'm looking at a company called train their household name hvac heating and air conditioning, the stock had an incredible year of over 60% which would normally make me say wait a minute i'm not so sure but citigroup came out today on friday and said this is an

industrial to own and 2025, that means they make a lot of money and put it back in the business and they keep growing they do it with strong earnings and innovation in the stock has been so strong that even on a day like friday where the market is getting crushed it was down a little bit but not enough to knock it out of the uptrend it's pretty exciting. jack: 2024 will be the hottest year on record so air conditioning i guess is a goodbye. thank you. always a pleasure. to read more check out this week's edition of barron's.com, that is all for us. we will see you next week will: it is chicago! rachel: pete, that's me, i won! ♪ ♪ maria: good sunday morning, everyone, welcome to requested sunday morning futures." i'm maria bartiromo. today, president trump moves at lightning speed to shape his cabinet and stuns with key