sleep. president trump calling the time change and inconvenience. it split down the middle of what americans would like to do about it. elon musk taking to ask to ask the public if the lot under daylight savings were canceled with a preferred to and after we spring forward or fall back one point to million votes later the majority said the clock should be pushed back an hour for good we will keep an eye on what the administration and congress does about it. don't miss more of the interview with president trump this weekend on "sunday morning futures" on the fox news channel 10:00 a.m. eastern live on "sunday morning futures" all talk with the president about the budget bill, terrorists, ukraine, iran and a lot more please don't miss it. i'll see you then that'll do it for fox business have a great rest of the weekend i will see you again next >> "barron's roundtable" sponsored by global x etf's.

>> welcome to "barron's roundtable" where we get behind the headline and prepare you for the week ahead. i am jack otter. terry filaments are changed by the day shaking up industries and spooking the market norwegian cruise line harry summers will tell us how tariffs are hitting the travel sector. we began with expert panel three things investors out of the thick about right now. on the "barron's roundtable" my colleagues ben levisohn, elizabeth o'brien and andrew bary. it was a pretty ugly week in the market. a last-minute rescue by chairman powell, what was going on. >> it could've been a uglier week powell came out and said good comments friday afternoon about the economy in a good place and sparked a rally but the s&p 500 and the nasdaq still have the worst week of the year. there in bad losing streaks as well there is a lot of worries to go around one is the a.i.

trade they make chips for these companies to use an a.i. they had earnings and got slaughtered after releasing them the market bounce back when brought, came back but there's a problem with the a.i. trade and then you have the uncertainty around the trump tariffs that has it helped it cause the market to sell off. >> you could see an outright contraction in gdp in the current quarter. >> if you look at atlanta fed gdp which is a tracker they update what gdp would look like given the numbers that we have it is putting a very big decline in growth during the first quarter of the year. we are early in the quarter were not sure how it's going to become a lot of that is due to imports coming in there are a ton of them because of the terror threat and that is attractive from gdp. we're going to have to wait and see what happens with the economy. >> it's an anomaly but will see what happens. we've been talking about the mag seven, valuation is not a reason to sell. what is the catalyst that

investors are souring on the whole group. >> we had the idea that united states was a place to be in the seven stocks with the stocks to own, they did get expensive and the market got concentrated and there was no reason to get rid of them, people started to wonder about the impact of a.i. with deepseek, down trump's policies. they decided to take some risk off. when you take risk off, it's coming from the big tech stocks. a lot of them of god hammer, telsa got hammered matter which is so strong a 20 day waiting streak was down within 10% is a chance that people are taking their money out of the stocks looking elsewhere in the heart for the market to go up when you're selling the biggest companies. >> you seen a defensive stock a couple weeks ago staples, drug stocks hershey and johnson & johnson as america's been going down. >> what i find fascinating gilead sciences, they discovered a care for hepatitis c and they

have been stuck going sideways for the last ten years since that happened. that stock is moving back up near the high and could be breaking out. i find this fascinating this is the most hated sector the healthcare sector in finding real winners there. >> another sector that we mentioned is not doing well is housing what is happening there. >> the housing market is cooling off going into the key spring selling season it seems to be weaker in the sunbelt like texas and florida and stronger in the northeast we have new homes as difficulty in building. >> you been good on calling the bottom of the housing sector is this a buy the dip kind of thing. >> it's gotten hit hard through down 25-35%. you've seen a big correction in you could see some pressure on earnings in the coming year

there's an uncertainty with tariffs. it's possible you can see an increase in home prices by five-$10000 from the impact of tariffs on canadian lumber. that's an uncertainty but the stocks are well priced like lennar will transfer for ten times earnings in the luxury learner at eight times in smaller stocks like taylor mars trading for a book value. >> also mortgage rates have tipped down a little bit. >> of the positive development. >> let's switch over to social security. so many years we heard people worry it's going to run out of money and i'll never get my check. now we have a new layer of worries fraud and abuse, tillis was happening. >> elon musk called the program a ponzi scheme it's really not you get back what you paid into the system. a lot of people get up more in payroll taxes but there is concern now there is chaos at the industry in the agency and the social security administration has been the target.

pre-retirees are wondering what does this mean for me should i lock in benefits while i can't. you should stick to your plan, social security is not running out of money as long and paint payroll taxes the program is not running out of money but is running short. congress will have to fix that. it is not going broke and only congress can make changes to benefit. >> then we heard from president trump, tens of millions of people over hundred years old getting benefits and so forth. what is happening, why that. >> that's a misreading of the data, the idea that were paying out millions of people in benefits beyond the grave paying their families, that's not possible giving the reporting requirements in place. hospitals and funeral rooms have to report as to the social security administration. to the extent there is abuse and fraud in the system it is isolated incidents of fraud, crime not the systemic errors that president trump is referencing. >> it is run by an old computer system called cobalt, elon

musk's young kids have never seen that before. >> doge engineers did not understand it. >> it may be time to update th that. the cruise industry taking on water as tariffs to demand a proposed taxes and profits. the norwegian cruise line ceo is here i'm thinking of updating my kitchen... ...thinking of redoing our kitchen. ...we are finally updating our kitchen. for all those people who never seem to get around to it... —...a breakfast nook. —chase has financial guidance. let's see how you can start saving... —really? —really? at home or in-person. that's guidance from chase. ♪ ♪ the flag replacement program got started by a good friend of mine, a navy vet, saw a flag at the office that needed to be replaced and said wouldn't this be great if this could be something that we did for anyone? comcast has always been a community driven company.

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cruise stocks taken a hit in recent trading as tariff uncertainty rocks the market and puts it on the travel industry after u.s. commerce secretary howard button class month suggested that trump would demand the cruise lines pay more taxes. here is more insight norwegian cruise line ceo harry sommer. thank you for coming on the show. are you on the ship or dryland today. >> i'm on dryland europe my home

office in south florida. let's talk about the 3t's, travel, tariffs and taxes tariffs are the news so i would like to start their. to what extent did they affect your business excel reports that they are canceling their trips out of fear of prices. >> so far in the last few weeks is a little volatility we see no discernible changes in the booking patterns bookings are strong, cancellations are normal levels we continue to be very optimistic about the future and the recent news over the last day or so that the tariffs are being postponed, yet once again. we are hopeful while this is short-term volatility that the long-term remains amazingly bright. >> i also want to ask you about taxes, commerce secretary howard button made comments about the cruise industry not paying enough taxes. your stock and your competitor stocks all got hit and then you complain you never see american

flags on cruise ships. i realize there is a reason for that. can you explain it, does this amount to a tax break? >> first off we do have a cruise ship with american flag in our fleet and bringing our ships out of hawaii around we absolutely pay taxes as we should. billions of dollars in taxes in the u.s. they just come through not an income tax but the port levees and other fees. we probably pay the taxes, were good corporate citizens and we obviously support doing our fair share if you will. that being said, the specific code of the irs and the commerce secretary is referred to 283 it's very, very complicated. for the most partnerships are not operating in the u.s. or u.s. waters that's where the complexity comes in. >> iif a ship is not built in te u.s. it cannot fly an american flag. >> that's one of the limitations as well, you may or may not know there are no shipyards in the u.s. that currently build ships

and puts aside a little bit of a disadvantage so to speak wel wed billions of taxes is industry local and state jurisdictions throughout the country probably so. any statement otherwise the mischaracterization of the industry. >> in the meantime the stock is taken a hit and analysts are starting to say maybe it's time to buy the dip will put you on the vilest 80% upside for your stock what are the growth where we used to the most growth in the coming years. >> we agree with the sentiment that we think this is an amazing buying opportunity center became the ceo about two years ago the stock of 150% almost tripled in value which was fantastic and the recent deal over the last month or so is an amazing buying opportunity for people to come in two years ago when it first started. that being said long-term i think there's three or four big

levers. number one the cruise industry is incredibly underpenetrated 35 million people around the world take a cruise each year that compares over 2 billion people that take a hotel vacation. one or 2% of the overall vacation market, or supply growth is extremely limited because there's only four shipyards in the world and europe to build commercial large ships. you put a low penetration rate with good demand limited supply and on top of that compared to the hotel industry only weaned experience gap and by amine the cruise ship of all-inclusive experience and much more consistent experience, food, entertainment, visiting beautiful places. i'm used to staying at hotels, think i mentioned before the interview coming up to new york next week for a $500 and you just get a bit, you come on a

cruise ship and you get free meals and access to a small and world-class entertainment and you get to go to a different place each day it is a fantastic opportunity. on top of that cruises are typically priced 30 to 40% less than hotel, better experience lower price low penetration, limited supply. we are incredibly bullish on the future. >> we gotta leave it there. i'll add one more thing to the long list. apparently you have a roller coaster waterslide combo coming into one of the new votes. i hope you'll be right. >> at ticket delivery and going to italy together myself previously to be fantastic. >> thank you for coming on the show. enjoy new york. >> thank you. >> stocks hit hard as investors make sense of this tariff uncertainty, what it m

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markets rattled this week as investors tariff uncertainty despite trump's announcement of a month-long pause on some mexico and canada levees for the expert panel breaks down which sectors could take the biggest hit. for a long time i think wall street was that president trump is using the tariffs as negotiating tactics. not because he thinks a good policy. now wall street is not so sure, maybe he likes tariffs or at least the chaos that creating. >> we saw the end of the first time around during the first term that the market would react to the tariff announcement and it would bounce back when there's a selloff in 2018 and a had anything with china than anything with tariffs. that's how it started this time around as well we get the tariff announcements, stock would drop, he would% number come up with a deal, stocks will go back up. this week that change we saw the announcement in the extension but were not to do it immediately we will do it in a month but stocks did not bounce back. i think that is a sign that the

market was starting to have concerns and companies are starting to have concerns about how you plan for this when you don't know what the tariffs are going to be given the certainty of what the market wants they don't want the uncertainty of 25% tariffs, no were not yes we are, that is causing companies to pull back a little bit. but the markets definitely pulled back and that's why the s&p 500 instructed the 200 day average, tested but it did hold. jack: what parts and what sectors you think are most at risk. >> it is all most everything at this point, there were points when you looked at things like the bank sector, it was a very strong sector to start off the year. everyone has assumed that regulations their are going to get easier, that will be great news for banks. some onerous regulation for a very long time. jack: the great financial crisis. it's probably gone too far and needs to be wound down. things have gotten so chaotic that people are worried about recession and using bank stocks get hammered over the past two weeks. the last economically sensitive

sector to give up the ghost and say we've had enough. >> there may be a few that trump wants to take the pain now and basically before the midterm elections and get things out of the way in the next 6 - 8 months. scott bessent is talking about detoxing the economy. >> i think that's a very good point. my only problem it is hard to put things back together again. as a kid i used to take apart video games and put them together and taking them apart was a lot easier. >> car manufacturing also doesn't turn on a dime it requires a long leadtime. the big three automakers told president trump that the tariffs would hurt them more than their foreign rivals would so trump scaled back tariffs in response. as you said attentive uncertainty, ford and gm stocks have gotten hit this year. tesla is likes exposed but it too is way down given up most of its gains all of its gains i should say since the election there is a lot of uncertainty and experts say tariffs will put

about $5000 to $10000 and add that onto the cost of the finished vehicle. >> i doubt there will be a major lasting impact on the auto industry from tariffs trump has a very soft spot for the industry he ran on revitalizing the industry. i don't think he wants to do much damage to it. we will see how this plays out. jack: where to invest in opportunities for years and years and we preach the virtues of international diversification and years and years we all wish we were all u.s. stocks. finally this year investors are getting paid for the international did under diversification. >> you see the u.s. peaked 625 t value which is a record high. now you see europe starting to shine. part of that with the trump policies, europe is having to fend for itself and militarily and economically. that will bloom to europe to depress european stock 10 - 15% so far this year with the s&p

500 is in the red. >> it led wall street strategist to start clipping maga make america great again is make europe great again. the german bond market got hammered as the germans change the rules for how much they can borrow. that actually stimulated the stock market. >> you think a big selloff on european bond markets particularly in germany which is about whether that could put upward pressure on u.s. interest rates as rate differential between europe and the u.s. narrow. it's been a boom for european stock market. >> that'll be interesting how it affects the value of the dollar. where else overseas would you be looking right now? >> if you look at europe, you comply the etf like the ticker vg k at vanguard which is a bunch of mutual funds and single stock etf japan has been a laggard one of the only major

markets that is down, a lot of reforms going on, business in the corporate sector. that could be a place to look. >> if you're looking for a one-stop shop i am a fan of two etf's, what is the i shares in the aqua etf which is country world index, vanguard has a vanguard etf, both of them have big stakes in the u.s. because it says 65% of the market. but they do have the diversification into other things. it's been painful for the last ten years. so far the issue the difference between upper dance. >> investors who would rather not think about investing all the time that one-stop shops can be a good way to go about it. in the so-called last decade when s&p 500 went nowhere having international exposure is what made you money. maybe they're coming back. the stock that soared last year has gotten hammered in recent weeks. andrew on the bear market for ♪ can a personal loan unlock your ambitions? oh yeah. consolidate bad debt and save money for your next goal.

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jack: andrew, last year was a great year for the speculators and the highflying darlings stocks that could not go anywhere. palantir and so forth. this is been a very different story. >> the nasdaq is down 10% from the peak which is much bigger declined that a lot of the high flyers. it really set the tone for the market last year, tesla has been cut in half. palantir down 35%. hymns in hers, constellation energy, whole group of stocks have been hit hard in the last couple weeks. jack: why were they so popular before and so unpopular right now. >> a lot of momentum in retail investors, there was a fundamental story that people might've gotten carried away in the optimism about companies like palantir which peaked out well more than 100 timescales. >> there is no real common the theme. anything that people got excited about before they don't like anymore.

>> exactly, the a.i. train cooled often constellation energy is a big power supplier of data center, you see the stock pullback. it's really been what worked last year is not working this year. >> value guys like you must be in heaven. >> is a great year for value investing most of these are up this year and you see a lot of value groups weatherby consumer staples, defense and other areas doing well. >> we have to really boring actionable ideas, this is the moment for boring stocks you want to start. >> this is a london-based renter construction equipment and north america. you might see the green sun belt equipment on construction sites. shares are down on disappointing revenues and also fears of a slowdown in the u.s. that might be a buying opportunity. it is actually pulling up steak and delisting from london and moving over to the u.s. is buying back 1.5 billion shares, some say it could be a boom to the stock.

>> the president might like to hear company coming overseas. >> give us you are really boring awesome investment idea. >> mine is called fastenal and makes fasteners. everyone's worried about the economy. but the stock is telling you something different is an early cycle industrial stars to do well and things are heating up. we see that with ism that picked up for two months in a row, now the stock has gained 5 - 10% this week, there is a lot of momentum behind it right now and if he keeps putting out orders like it did in february the stock can go a lot higher. jack: great ideas, perfect stocks for the boring exciting times. to read more checkout errands.com. this has been so fun. bye, everybody. have a great day. brian: have a great sunday. ♪ maria: good sunday morning,