mark tepper with me this morning.onsumer prices up 2.5% in the last 12 months. surely that will be good news for stocks but so why are we down so much? >> overall we're trending in the right direction as it relate to inflation. now the core cpi came in a little hotter-than-expected at 0.3% but still overall it looks like inflation is really last year's story. the year before's story. what's the real story right now is obviously, the labor market softening. when you look at small businesses, those companies that have 49 or fewer employees, for the last two consecutive months, they cut employees. they were net negative on job growth, so that presents an issue especially when small businesses supply 50% of the private sector jobs, and roughly 50% of our economic growth, so investors are probably looking at this like hey, the 50 basis point cut is probably off the table. 25 seems more likely but as i said last week, stu. i think a 50 basis point cut would actually send the market into turmoil. stuart: really? >> i do. i t

cheryl: i went to bring mark tepper into the conversation. . >> yeah, greg, i mean, look, i agree with you. i think that's one of the reasons we saw consumer confidence unexpectedly drop below 100 last week. people are concerned about the fragility of the labor market. as much attention as we give to the fed, whether or not they're going to cut, one thing that's 100% sure is that september of this year we saw more global rate cuts so not just u.s. but global rate cuts than any other month except for april of 2020 which is when the economy fully shut down and before that, 2009 when we were in the middle of a great recession. from that standpoint it seems like a soft landing might not be a realistic goal. what's your take? >> mark, totally agree. it just don't feel like a soft landing with all these central banks cutting and look what the chichinese did. oil demand in china is down 285,000 barrels a day, that's not a good sign. oil prices are down despite of supply issues with wars in the middle east and elsewhere. so there's all this consistent

back to the markets, mark tepper with me. i read your stuff. profits are disappointing though not well for the market. >> we are setting ourselves up for substantial disappointment next year. when you look at third-quarter earnings this year, on july 1st they were expected to be up 7. 3% for now they are only expected to be up 3.7% so estimates are coming down. when you look at next year they are still expecting 15% earnings growth next year which would imply record margins and it's incredibly rare that when the fed cuts by hundred basis points the market is able to grow earnings by double digits. stuart: at a warning sign on the horizon. what about the rotation out of magnificent seven stocks? is that proceeding? >> we will see that happen. one thing i've been banging the table on with clients and prospective clients, it's important for everyone to use their peripheral vision. don't just put your blinders on. everyone knows about nvidia and the eli lilly but use peripheral vision to identify other winners and losers in those key themes. just t

mark tepper with me the morning. don't get 50 basis points as a cut this afternoon, will the market sell off in. >> look, yeah. i think if we don't get 50 basis points, the market -- investors would initially throw a tantrum, the market would sell off. however, i do think the bull market would stay intact if it's a 25 basis point cut. if you look at the 2-year treasury, that would indicate that the fed's about 175 basis points behind. so the argument for a larger cut is there. however, when you look at the data, the data's been a mixed bag. we saw a slight uptick in inflation, economic data, growth has been, i guess, more resilient than recessionary. so i think the 50 basis point cut, you know, what that would do is investors would celebrate it and eventually have a bad hangover. i think it would call a selloff eventually. stuart: you've been rather cool about the rally. are you onboard with it now? >> we're defensive. we are tilted more towards defensive sectors. if you go back through history, the best performing s

cheryl: we see nothing don't know what is happening outside our reserve bubble a good point mark teppersively cut whether now or some point in the future you run risk inflation rearing its ugly head i said earlier in the show there has been research done across various countries economies throughout history, whenever an economy experience 6% inflation or higher, in 85% of those cases there is a second wave of inflation, that is actually higher than first wave i think the fed kind of walking that tightrope right now i think if they move toward with 25 basis points cut very moderate in if pace of the cuts, i think it can actually work for the market sometime. cheryl: pete obviously. -- >> i want to say mark two things, number one, when powell wants to, in august, 22, what he said the only mistake, volcker fed made they eased prematurely if anybody knows it, it is powell the services sector go back to what you were worried about before hard to get out of the economy. cheryl: also, pete, if cpi yesterday you saw that number when it comes to shelter. >> yeah there is a couple sticky spots a

i've got mark tepper, an investor, he's on the set with me and mark, jump in.ting. >> ag, when you look at corporate law, obviously the board, management, they have a fiduciary duty to the shareholders not to the stakeholders so the number one goal is to increase take that tk price and obviously when you're doing things that don't impact the stock price, you're pursuing woke causes, trying to boost your esg score you which by the way i don't know how phillip morris has a higher esg score than tesla, that's a different conversation but when management and the board decides that they are going to breach that fiduciary duty to the shareholders, isn't it possible at some point that shareholders could sue them individually? ?>> i think you could clearly se that there could be litigation that's filed. there's no empirical data take that shows there's a connection between reduction in greenhouse emissions and financial performance of a corporation. if we believe, which we should, because it's the law in all of our states, the f fiduciary duty of corporations to shareh

another pressure to economy lydia hu, mark tepper jump in, what do you think? going to be another issue for an economy that has slowed quite a bit. mark: quite possible, this would really come at overall time holiday shopping is going to kick in to gear so consumers have less products to purchase businesses won't be able to take advantage of black friday cyber monday, i think it is important to understand scope five top 10 ports in our country impacted by this, from what i gathered each day of a strike, leads to roughly one week of trouble. so a two week strike could potentially have us in trouble with supply chain bottlenecks along those lines, all the way into 2025. that could really be devastating when it comes to things workers are most unhappy about obviously, pay they want 77% pay hike the most concerning is they want to eliminate automation front gate want a human opening and closing the gate for cars agency they come through. that, in my opinion, unreasonable demand. liz: jason trennert of strategists this is key could have another wave of inflation hist

cheryl: mark tepper jump in here. e you know certainly, if you do see some of half a point cut a half-point cut in november that to me signals that we're in a recession. mark: we'll without a doubt, started off 50 basis points rather than 25 i expected the fed to have more of a moderate pace certainly a red flag, you know, larry to your point about china, i mean it sounds to me like china is going to be exporting inflation, right, so that has certainly a chance to cause a second wave of inflation right here in the u.s., and i talked about this in past liz has cheryl has whenever high inflation period there is a very high chance like 85% chance of a second wave of inflation. and it is concerning to me, all of the fed cuts that are currently being expected and priced into the markets right now what is your take i mean is this looking like a soft landing to you or is this something that might be signaling a recession on the horizon? >> it is clear that it is a hard landing for the bottom 60%, there is no question that is

thanks so much, mark tepper, liz peek, kelly o'grady. course, we're gearing up for the jobs market if numbers out on friday. "varney & company" picks it up. stuart: good morning, everyone. let's reassure everyone there is no huge selloff for the a markets. in premarket action stocks are, indeed, down. you always have to say this, we don't know how the market will

mark tepper let's pick up on the automation issue, this is bill gurley he told fox business outline the technology will unquestionably do more nation we will become globally uncompetitive he tells us. >> that's exactly what's going to happen when you think of automation in you think of a.i. that's going to drive productivity and efficiency for private companies in the government as well. we need to embrace that we can't continue to reject it in their elimination of all automation cause that the really negotiating on is unreasonable it's a tad bit ridiculous there trying to eliminate things as simple as automatic gate when you drive your car in in flasher key fob and it allows you in. it's going to be restrictive on us driving economic efficiency as a country. real quick on president biden satan is not going to intervene because of the collective bargaining issue, i find that interesting because two years ago when we had the pending railroad strike that was going to cripple the economy he did intervene any block the strike and the fact that is not doing it now is interesting to me i woul

maria: mark tepper, jump in here.ng to be what will policy look like in 2025. who wins that election and what does their policy plans mean for my pocketbook? >> without a doubt. and i think dividend payers over the course of the last several years have underperformed but if you think about kamala harris' tax policies, should she win, i think dividends will certainly outperform given the unrealized gains tax and buyback tax you she would add back and all that stuff but as it relates to fiscal policy, monetary policy, monetary policy specifically, wolfgang, you know, obviously investors, they place a lot of weight on what jay powell actually has to say at these meetings and seems like he recalibrate versus recalibration is the new transitory. he said inflation was transitory as it continued to creep higher and higher. now he claims they're just cutting at an accelerated pace just to try to get back to a neutral rate. they're not trying to go easy as far as monetary policy goes. do you really believe that or do you think

we are on a joy the conversation strategic wealth partners ceo mark tepper, posting the president ofski and partners lee carter and kingsley asset management cio scotty martin, "mornings with maria" is live right now. ♪. maria: the federal reserve cutting interest rates for the first time since 2020 by 50 basis points on high end of expectation, chairman jay powell leaving it open path for a soft landing forecasting another half of a point cut later this year, the fed edge aggressive action is renewing investor fuse of a possible recession, kelly o'grady with the breakdown, good morning to you. >> good morning to you it is interesting yesterday's rate decision indicates a federal reserve feels confident about the target but it wants to enter the labor market does not continue to cool, 50 basis points is a big deal many investors rejoiced at the aggressive of the rate cut cycle but i have to give you context in recent years we've only seen a half-point cut in dire times thanks 9/11, covid, some analysts are raising concerns a larger cut could indicate that we even more economic troubl

liz peek, mark tepper, kelly o'grady.morning. >> i think it is horrifying that the first reaction of the american media and the american president is to blame benjamin netanyahu and the idea for the execution style murder of six hostages including an american and when he talks about benjamin netanyahu not doing enough, joe biden has been on vacation stretched out in a lounge chair for 18 days and talked about how he's tirelessly working towards the cease-fire, i don't see much tireless about that. i think it's a horrifying response. by the way it's been picked up in europe, england is barring the shipment of certain components and weapons to israel in protest of this this is a really terrifying time for israel and all benjamin netanyahu is trying to do is trying to secure their border and their future of israel so they will not have more of the october 7 type of attacks. maria: that is exactly right, this administration, kamala harris and joe biden have been pressuring benjamin netanyahu in israel from the get-go during t

mark tepper. >> look, the adp report or doesn't get as much attention as tomorrow's non-farm payrollss -- those companies that employ 49 or fewer employees that also provide 50 percent of the jobs many this economy -- have now cut jobs for two consecutive months. that does not bode well for the economy. maria: so you're expecting things are slowing mt. job market. >> 100%. >> i think one of the most important things to look at, everybody's talking about this kamala harris, it's stalled. it absolutely stopped. we expect to see more of a bump after the dnc, i think the advantage is to trump. maria: certainly in the issues that matter as well, right? >> absolutely. when you look at immigration, the economy, national security, all of those people think that that trump's going to do a better job on. maria: that the's what nate silver is saying as well. >> i'm excited to hear from president trump today to, he's going to be talking about affordable housing, real wage growth which we've been stress as well as his declaration to expedite american energy, how to save the american economy. kamal

mark tepper joining me for the hour today. are we getting a bounce back in august? the market sold off badly and bounced back by the end of the month. >>metrially. it all depends on that jobs number and it's good. coming in above 165,000 and then i think the fed only cuts 25 basis points at end of the month, and i think investors will embrace that and they'll celebrate that and the bull market will remain in tact. if the jobs number disappoints below 165, the fed cuts by 50 basis points in which case investors will go in panic mode and selloff will begin because they think a recession is coming and that's when you go back to historical arranges and see that from the time of the first rate cut over the course of the next 12 months, market is down 23%. i hope that's not the case. i hope the number comes in good, so we only get a 2525 basis point cut. >> the numbers are key. >> without a doubt. stuart: dips in nvidia. there's some dip buying above a 50 at 109. on the tech names, there's dip buying there. >> i added to my position and would do that on meaningful pullbac

maria: good info, mark tepper.me. >> there's a new fed in town, and all they're going to do is bring volatility to the marketplace. they made what i think was a mistake if move yesterday -- maria: and political. >> yes, very political. maria: all right, thank you so much. great show, everybodiment thanks for being here. "varney & company" picks it up. stu, take it away. stuart: this is going to be fun. good morning, everyone. this is the day after the big rate cut. when the cut was aed

mark tepper liz peek thank you for being with me kicking off last trading day for september last of the quarter veteran veteran take it away. >> good morning. the sun is up the devastation left by helene can be clearly seen asheville north carolina very hard-hit the sheriff, around asheville on sun as many as 1,000 unaccounted for now questions about insurance, what damage is covered what help can federal government deliver, is it affecting campaign kamala harris back to washington, d.c., for briefing from the federal merge management administration fema donald trump surveyed in valdosta, georgia will hold a press conference this afternoon. over the weekend, harsis took in 55 million dollars, from west coast fund-raising tour vice president tim walz booed at michigan minnesota football game trump was cheered at the alabama georgia game chants of four more years to markets fairly quiet this monday morning we got red on screen dow industrials down maybe 90 points opening bell nasdaq down 53 bitcoin down, 62000 gone back up 64,000 dollars a coin, interest rates are firming 10-year treasury

for the word on roster, top investors joining the century wealth and strategist marion bartel and mark tepperon, good to see you, thank you for joining the conversation. >> thank you for having me. i want to get your take poster rate cut, take a look at futures which are higher factually so after the fed surprising 50 basis point cut last week, look at treasury yields this morning a funny thing happened after the fed cut rates by 50 basis points, we saw the tenure go what, the yield on the tenure is 3.75% of nine tenths of a basis point and we have a big week of economic data that may move the markets further with the second-quarter gdp final reading on thursday the preferred meeting on inflation, august pc on friday. your expectation and assessment of the 50 basis point cut? >> i was not looking for 25 basis point cut. i've been doing this for 40 years and i've never seen the fed cut interest rates when the card we was still growing in your technically at full employment, normally you get a 50 basis point cut there is a lot of stress in the economy or the financial system, this tells me it's

also with us is mark tepper this morning. quincy, thank you for joining the conversation. see you. >> thank you. maria: mark, we want to kick things off with you with the selloff underway. there's a decline of 200 on the dow jones industrial average, the nasdaq is down 160, almost 1% on this first trading day of september, you're saying the outperformance for tech is no longer there. asker are looking to tech but outside of the magnificent seven. it's been a narrow rally, i know that. do you think the broader rally can take hold. >> without a doubt. look, technd the magnificent seven in particular which even though the there's communication services names in there, it's still a good proxy for tech. when you look at the performance so far this year, year-to-date, the magnificent seven has essentially doubled the performance of the producter market of the s&p 5 -- broader market of the s&p 500. over the last two months things have changed. the magnificent seven is underperforming by quite a bit. it seems like a changing of the guard, a passing of the baton and a what we see h

also with us, mark tepper, nor rally underway, dow industrials up 190, nasdaq up 291, 1 and-a-half percent already as we look ahead to the data of the morning, we've got the final read of second quarter gdp out this morning, 8:30 a.m. eastern. federal reserve governor supported the fed's rate cut and spoke about the future of monetary policy at harvard, she said while future actions will depend on data we receive on inflation, employment and economic activity, if conditions continue to evolve in the direction traveled thus far, then additional cuts will be appropriate. kathy, what's your take? jay s powell is going to speak on inflation later today but a 50 basis point cut, expectations for another 50 basis point cut by the end of the year, to me that tells me the economy is in trouble. how do you see it? >> yeah, it's interesting because i think everyone was everybody wasunsure if it was 2. she came out with interesting insights and provided a road map in terms of trying to figure out what's next. i think with tomorrow's numbers with consumer price ex opinion s and things like that, if th

maria: good info, mark tepper. scotty the martin, take us home. >> there's a new fed in town, and all they're going to do is bring volatility to the marketplace. they made what i think was a mistake if move yesterday -- maria: and political. >> yes, very political. maria: all right, thank you so much. great show, everybodiment thanks for being here. "varney & company" picks it up. stu, take it away. stuart: this is going to be fun. good morning, everyone. this is the day after the big rate cut. when the cut was announced, stocks were all over the place, but things have settled down. investors like that half-point cut. it's a rally across the board. the dow industrials up probably 400 points plus, just over 1 president. -- 1%. but look at the nasdaq, a 415-point gain. this is premarket. that's over 2%, that is a very solid rally. take a look at big tech, straight up, i predict. i've not seen it yet, but i predict straight up for all of them. i'm right. all of them up 1 or 2 percentage points. bitcoin, that's now at

dive into the seven report, joining the conversation all morning long strategic wealth partner mark tepperng ice director jonathan fahey, "mornings with maria" is live right now. breaking news new york city mayor eric at adams indicted on federal corruption stemming back from 2021, fox news digital political reporter with the latest, good morning to you. >> eric adams has been indicted on federal charges and details about the charges are under seal but they could be made public as soon as this morning near adam says he is innocent and will fight any charges against him. >> i been fighting injustice my entire life and that fight has continued as your mayor, despite our police and the federal government did nothing as its broken immigration policies over the builders shelter system with no relief up with the people of new york before party in politics. if i'm in charge, many say i should resign because they cannot manage the city while fighting the case, make no mistake you elected me to lead the city and and lita i will. >> is being charged with acting as an unregistered foreign agent for t

joining the conversation strategic wealth partners ceo mark tepper and "fox & friends" first cohost toddo. "mornings with maria" is live right now. ♪ be when it is time for the hot topic of the hour, the first ever face-to-face meeting between former president trump and vice president, here's on tuesday night join more than 67 million viewers that's roughly 15 million more than the previous debate between trump president biden, more women watching the men, 52% to 48% according to data from nielsen, the question remains did the debate move the needle, reuters interviewed ten debate watchers and found most undecided voters were not convinced by harris performance, then we had a fox news focus group that was tracking my reaction during the debate, that should the independent voters aligning with trump when he spoke about immigration a migrant crime, meanwhile here is putting out the new campaign ad that features the debate highlights from the campaign. watch this. >> we are a failing nation, a nation that is dying, nation and serious decline. >> offer a new generation of leadership for our

over a year, we are following the already long, joining the conversation strategic wealth partner mark tepperhere pollster of landscape partners leak carter is here in cyber and technology expert krysia lenzo is here, "mornings with maria" is live right now. maria: it's time for the hot topic of the hour, vice president kamala harris hunkering down in pennsylvania for the next five days to prepare for the upcoming debate, september 10 all that happens the abc debate between former president trump and vice president kamala harris, trump was in the swing state for a town hall with fox sean hannity where he waited on harris tax plan specifically. watch. >> you left the trump tax cuts expire, what she wants to do she wants to terminate them. if you do that you will suffer the biggest tax increase in history there has never been a tax increase like it on top of which she wants to add a lot of tax this country will end up i said this a lot and i mean it this country will end up in a depression if she becomes president like 1929, this will be a 1929 depression. she has no idea what the hell she's do

thanks so much, mark tepper, liz peek, kelly o'grady. a market that is under selling pressure, and of course, we're gearing up for the jobs market if numbers out on friday. "varney & company" picks it up. stuart: good morning, everyone. let's reassure everyone there is no huge selloff for the a markets. in premarket action stocks are, indeed, down. you always have to say this, we don't know how the market will close. at this moment, prior to the opening of wall street, the dow's off a couple of hundred points and the nasdaq's down 143. let's see how we close. let's get to the political action. just look at this. thousands in the people of streets of new york if supporting hamas. six hostages including an american had been brutally killed by hamas, and the city's streets are filled with people who seem to approve of it. the president comes back from a 32-week vacation and says netanyahu should be doing more to free the hostages h. he and harris blame israel, not hamas. here's the "wall street journal"'s editorial board. us ream -- israel

joining me is ceo kyle wool, also with us this morning is mark tepper.nk you for joining the conversation. good to see you. want to talk about this market here, look at futures this morning, mixed story ahead of jobs data that we'll get at 8:3g and more jobs data tomorrow. dow industrials up 14, nasdaq down 36. still the volatility has been pretty significant and yet we still have good gains year-to-date, dow industrials up 9%, s&p up 15% and nasdaq higher by almost 14%. take a look at a.i. stocks after a wild week for nvidia, a.i. stocks are mixed. i know you say a.i. and its user interface will replicate cisco in 1999 they in the months and years to the come. i remember that. cisco, what did the market value get all the way a up to on cisco in 1990s. >> it was the largest company in the world at one point. i forget the market value. what's going on with nvidia reminds me of cisco. all the money went into e network to build it out. who made the most money, the software companies, apple, microsoft, oracle, amazon. i think we're starting to see that becau

thank you. >> david tepper will talk markets. entrepreneur mark cuban will be with us."squawk box" is coming right back. weathertech products are designed and manufactured in america using only american raw materials. most competitors make things seven thousand miles away... and then wonder why they don't fit. with weathertech in your vehicle you may hear angels singing as you marvel, how do they do it? simple. american technology and american workers deliver quality... not imported junk for a few bucks less. get the world's best floorliners and support america. find your fit at wt.com (♪♪) >>> still to come this morning the business of tennis with jessica pegula ranked number three in the world. she will join us live ahead of her match at the china open. "squawk box" will be right back. ♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement savings. voya helps you choose the right amounts without over or under investing. across all your benefits and savings options. so you can feel confident in your financial choices. they

last year, espn fantasy football set a new all time mark with more than 12 million people playing the game for the first time. arlan tepper ellen silberstein are new to the game, but their motive was not football. their league just outside of new york city, was created so moms could stay connected to their sons who were headed off to college. >> i was very upset when he left because i was officially an empty nester, and i actually couldn't wait for the first time. i could call him and ask him about the game. that way it didn't look like i was checking in on him. i could just ask about the game. >> we would facetime every week, and there's a feature where you could share your screen, so it took a little bit for her to figure that out. but after some thorough explaining, we she finally figured it out. she would share her screen with me and i'd walk her through how to do it every single week in the league, mom and son form one team, but only mom has access, meaning only she can adjust the lineup. >> the boys can't simply take over the team, and since the moms didn't have much experience with the game, the two had to communic