Why did tech and energy stocks plummet on Monday? The Federal Reserve is starting a two-day meeting to discuss interest rates. National Correspondent RORY O’NEILL explains what the experts think is next for the economy.
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Speaker 1 (00:00):
Previously on your morning show with Michael dil Choonho.
Speaker 2 (00:04):
You probably noticed tech and energy stocks plummeted on Monday.
Speaker 3 (00:08):
Of course, the.
Speaker 2 (00:10):
All signs are that when the market opens they're going
to recover right back. But in the meantime what caused it?
And the FED is starting a two day meeting to
discuss interest rates with that more, Roy O'Neil, our national correspondent,
joins us, Good morning, Rory, Hey there, Michael, good morning. Yeah,
I was I was just a big John's going to
make a comment on it here in a minute. But
some of the overnight stock indicate maybe a recovery. But
(00:33):
what happened yesterday with the tech and energy stocks, yeah,
we'll see if it all gets back.
Speaker 4 (00:38):
In Vidia lost six hundred billion dollars in value yesterday,
the largest single drop off of a single company in history.
Speaker 3 (00:44):
So this is serious stuff.
Speaker 4 (00:46):
But in Vidio has been a hype machine for a
few years now, saying we need these big computer centers
with our expensive chips and all this new electric service
in order to compete with AI. Well, this Chinese company,
deep Seek says we just built it in two months
for six million dollars with an M and without all
the extra energy, and that really is turning the business
(01:08):
model upside down. So that's why we saw a big
sell off in tech and a big sell off in
energy since a lot of Wall Street investors have been
pumping money into energy stocks expecting they'd be building new
power plans to supply electricity for these computer centers.
Speaker 2 (01:23):
Meanwhile, what everybody really wants to see, and again this
isn't the heart of the housing crisis, but interest rates
are a painful part of the equation, and everybody's want
to see interest rates come down, and of course they're
separate from mortgage rates. But so what about this FED
meeting might give some silver line to people waking up
(01:43):
this morning.
Speaker 3 (01:44):
Yeah, not much.
Speaker 4 (01:45):
We're expecting things to hold as they are with the
still concerns about inflation. But the Fed says, hey, look,
unemployment still looks pretty good. Maybe you were in a
sweet spot right now. So they're expected to have this
two day meeting and announced tomorrow. The experts ay that
it's going to be a hold, no change in the
FED rate, and that may be the case for a
couple of these meetings for the rest of.
Speaker 3 (02:07):
Twenty twenty five.
Speaker 2 (02:08):
Yeah, I think everybody kind of wants to see everything
just magically correct itself, and some of it will take time.
The biggest thing that will push the economy in general
forward is more jobs, I mean manufacturing jobs returning to
the country. Jade Bands made that case over the weekend
of the Talking Head Show. So what in general are
the experts saying about the economy in its future.
Speaker 4 (02:29):
Well, uneployment has been remained near historic loths and that's
one of the other factors here. But I think a
lot of this, as you mentioned in the housing market,
is people still feeling trapped in their homes.
Speaker 3 (02:40):
They want to upgrade, but they can't.
Speaker 4 (02:42):
They don't want to give up their three percent mortgage,
or they want to move for a new job, but
with the same they feel they can't afford a house
in a new city. So a lot of people feel
they're almost trapped in the homes that are actually still
adding significantly to their wealth.
Speaker 2 (02:58):
And on that front, I have more bad news for you.
Expect more people to invade your state. It just ranked
number one for retirement, and that's taking a look at
quality of life, cost of living, and healthcare providing, and they.
Speaker 3 (03:11):
Even acknowledged it ain't as cheap as it used to be.
Speaker 2 (03:14):
No, not as cheap as it used to be, but
it's still not a bad place to retire, or so
expect the drag to get I used to do a
thing when I moved here, and that was about a
million people ago, because I moved here right after, you know,
because everybody who was ever in Atlanta, like in the seventies,
Atlanta was unrecognizable by nineteen ninety and I got here
(03:34):
in two thousand and six or seven, I can't remember
what it was. Nashville is unrecognizable from when I got here.
And so my big thing on the air was everybody
stop talking about how great it is here when you're
out and about just keep your mouth shut, don't attract anybody.
That's kind of how that's been in Florida. But they're
still coming, and many more will come. Your rank number
(03:56):
one as the place to retire or he's going to
be back. Later this hour, we're gonna talk about Columbia's
Big Blink or what I call the fast Fold.
Speaker 3 (04:05):
We'll talk more about that with worrying about thirty minutes.
Speaker 1 (04:07):
Thanks Ory, miss a little, miss a lot, miss a lot,
and we'll miss you. It's Your morning Show with Michael
del Churno,
Previously on your morning show with Michael dil Choonho.
Speaker 2 (00:04):
You probably noticed tech and energy stocks plummeted on Monday.
Speaker 3 (00:08):
Of course, the.
Speaker 2 (00:10):
All signs are that when the market opens they're going
to recover right back. But in the meantime what caused it?
And the FED is starting a two day meeting to
discuss interest rates with that more, Roy O'Neil, our national correspondent,
joins us, Good morning, Rory, Hey there, Michael, good morning. Yeah,
I was I was just a big John's going to
make a comment on it here in a minute. But
some of the overnight stock indicate maybe a recovery. But
(00:33):
what happened yesterday with the tech and energy stocks, yeah,
we'll see if it all gets back.
Speaker 4 (00:38):
In Vidia lost six hundred billion dollars in value yesterday,
the largest single drop off of a single company in history.
Speaker 3 (00:44):
So this is serious stuff.
Speaker 4 (00:46):
But in Vidio has been a hype machine for a
few years now, saying we need these big computer centers
with our expensive chips and all this new electric service
in order to compete with AI. Well, this Chinese company,
deep Seek says we just built it in two months
for six million dollars with an M and without all
the extra energy, and that really is turning the business
(01:08):
model upside down. So that's why we saw a big
sell off in tech and a big sell off in
energy since a lot of Wall Street investors have been
pumping money into energy stocks expecting they'd be building new
power plans to supply electricity for these computer centers.
Speaker 2 (01:23):
Meanwhile, what everybody really wants to see, and again this
isn't the heart of the housing crisis, but interest rates
are a painful part of the equation, and everybody's want
to see interest rates come down, and of course they're
separate from mortgage rates. But so what about this FED
meeting might give some silver line to people waking up
(01:43):
this morning.
Speaker 3 (01:44):
Yeah, not much.
Speaker 4 (01:45):
We're expecting things to hold as they are with the
still concerns about inflation. But the Fed says, hey, look,
unemployment still looks pretty good. Maybe you were in a
sweet spot right now. So they're expected to have this
two day meeting and announced tomorrow. The experts ay that
it's going to be a hold, no change in the
FED rate, and that may be the case for a
couple of these meetings for the rest of.
Speaker 3 (02:07):
Twenty twenty five.
Speaker 2 (02:08):
Yeah, I think everybody kind of wants to see everything
just magically correct itself, and some of it will take time.
The biggest thing that will push the economy in general
forward is more jobs, I mean manufacturing jobs returning to
the country. Jade Bands made that case over the weekend
of the Talking Head Show. So what in general are
the experts saying about the economy in its future.
Speaker 4 (02:29):
Well, uneployment has been remained near historic loths and that's
one of the other factors here. But I think a
lot of this, as you mentioned in the housing market,
is people still feeling trapped in their homes.
Speaker 3 (02:40):
They want to upgrade, but they can't.
Speaker 4 (02:42):
They don't want to give up their three percent mortgage,
or they want to move for a new job, but
with the same they feel they can't afford a house
in a new city. So a lot of people feel
they're almost trapped in the homes that are actually still
adding significantly to their wealth.
Speaker 2 (02:58):
And on that front, I have more bad news for you.
Expect more people to invade your state. It just ranked
number one for retirement, and that's taking a look at
quality of life, cost of living, and healthcare providing, and they.
Speaker 3 (03:11):
Even acknowledged it ain't as cheap as it used to be.
Speaker 2 (03:14):
No, not as cheap as it used to be, but
it's still not a bad place to retire, or so
expect the drag to get I used to do a
thing when I moved here, and that was about a
million people ago, because I moved here right after, you know,
because everybody who was ever in Atlanta, like in the seventies,
Atlanta was unrecognizable by nineteen ninety and I got here
(03:34):
in two thousand and six or seven, I can't remember
what it was. Nashville is unrecognizable from when I got here.
And so my big thing on the air was everybody
stop talking about how great it is here when you're
out and about just keep your mouth shut, don't attract anybody.
That's kind of how that's been in Florida. But they're
still coming, and many more will come. Your rank number
(03:56):
one as the place to retire or he's going to
be back. Later this hour, we're gonna talk about Columbia's
Big Blink or what I call the fast Fold.
Speaker 3 (04:05):
We'll talk more about that with worrying about thirty minutes.
Speaker 1 (04:07):
Thanks Ory, miss a little, miss a lot, miss a lot,
and we'll miss you. It's Your morning Show with Michael
del Churno,
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