August 4, 2025 • 38 mins
Chuck Zodda and Paul Lane preview the important earnings reports this week that could potentially answer some crucial questions for the direction of economic sectors. Rebecca Risk, Robert Half, joins the show to chat about worker mobility trends. Millennials are richer but can't stop worrying. Apple's CEO tells employees that AI is 'ours to grab.' Is buy-now pay-later just a new debt tool for a younger generation? Delta is getting blowback for latest pricing strategy.
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Speaker 1 (00:00):
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(00:42):
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Speaker 2 (00:55):
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Speaker 1 (00:56):
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Exchange with Chuck Zada and Paul Lane.
Speaker 3 (01:09):
New week here at the Financial Exchange. And look, if
you didn't like the way last week ended for markets,
the good news you'll like today at least. No one
knows what tomorrow is gonna bring, but today at least
so far bringing a whole bunch of green on the
board for the stock of Rooneys. We got the Dow
Jones Industrial Average up four hundred and ninety three points,
the S and P five hundreds up seventy three, the
(01:31):
Nasdaq is up three hundred and four, so all three
major US indices up north of one percent. The Nasdaq
in facked up almost one and a half, so you
got a nice relief rally taking place today. Time will
tell whether this is the start of, you know, a
little bit of a bounce back or the dreaded dead
cat bounce that occasionally happens, which I still believe is
just one of the worst named terms in the UH
(01:54):
in the stock market, but that's just me. And we've
got the ten year, which is currently pretty much flat,
down two tenths of a basis point to four point
two one eight percent after a big move down on Friday,
which coincidentally moved down the national average for the thirty
(02:14):
or fixed rate mortgage from six seven five to sixty
six three, So a little bit of relief on that side.
We'll see kind of how things move on that front.
Speaker 2 (02:22):
As we go.
Speaker 3 (02:23):
We've got oil down fifty seven cents a barrel to
sixty six seventy six on West Texas Intermediate, and gold
is up twenty nine to twenty an ounce to thirty
four to twenty nine, even as the yellow metal has
a couple days of good performance after consolidating for the
last week or two.
Speaker 2 (02:42):
Here PAB, we got a piece.
Speaker 3 (02:44):
That we're gonna kick this hour off with. It's from
market Watch, and I gotta be honest. The person who
did the title, I think thought that this week was
last week. They said it's a pivotal week for earnings.
Speaker 2 (02:59):
Not really.
Speaker 3 (03:00):
Last week was kind of the big one by market
cap where you had you know, Meta, Amazon, Apple, Microsoft,
you know them reporting that they're a little bit bigger
deal than Live Nation who's in the subheader here. But
this is talking about Hey, this week, we have a
bunch of consumer focused companies that are reporting earnings. I
mean Microsoft look is as you know, big of an
(03:22):
important company as they are no one.
Speaker 2 (03:24):
No one goes out and like.
Speaker 3 (03:25):
Buys a bunch of Microsoft surface tablets anymore, aside from companies,
I don't even know if they make those anymore. Quite honestly,
I think they do, because don't they doesn't.
Speaker 4 (03:33):
The NFL house has a deal with them, does anyone.
Speaker 3 (03:35):
Aside from is that the whole thing. The NFL just
gets free ones and they don't make them for anyone else.
Speaker 4 (03:40):
I haven't seen any other people use them.
Speaker 3 (03:42):
It's been a while since I've seen a surface tablet
in the wild, aside from the NFL. But this week,
in terms of consumer facing companies that we're going to
be getting, we've got most of them kickoff on Wednesday, McDonald's, Disney, Uber, Airbnb,
Door Dash, that's all on Wednesday. Thursday, we've got I
(04:05):
saw a couple more that we're floating around out there somewhere.
Maybe Thursday wasn't the day. Now, I guess that's it
for this week, and then we get a couple more
next week. But I think the big thing that you
want to be hearing from these companies, they're in a
few different price points in a few different industries. What
are you seeing from consumers and how are they spending
As we're into the second half of the year. For McDonald's, Hey,
(04:27):
are you still feeling pushback on pricing? How are you
dealing with that? What's going on there Disney? What's going
on with Parks? He's still getting people going for five
days or are they cutting those trips back to four
because they don't have as much money to spend? Uber
and DoorDash, what's going on with discretionary No one needs
to take an Uber, No one needs to order cheesecake
(04:49):
factory delivered to their house. Are you seeing any changes
in those trends from Airbnb? Hotel chains, and airlines are
telling us that travel is pulling back. Is Airbnb seeing
that or are they the beneficiary of people who might
not be staying in hotels, might be staying closer to
home and that's how they're traveling instead. So I think
(05:09):
there's a lot of meat that you can get from
the consumer companies that report this week.
Speaker 4 (05:13):
Yeah. The one that kicked it off that has.
Speaker 5 (05:16):
You know, in US a little bit concerned on the
consumer spending trend is Chipotle cut its annual outlook last
week for the second time this year. Now, assuming that
they're gonna be flat in terms of sales growth this year,
and that's a kind of discretionary food space where that's
kicked off the earnings week, and we'll see if trends
fall in line with some of these other discretionary companies
(05:37):
over the course of this week.
Speaker 3 (05:39):
I think the the other piece just that I'm interested
in hearing on hearing about from, you know, some of
these companies. And again, these are not great ones for
tariff impact just because again, like you look at it,
and what's Uber gonna tell you about the tariff impact?
Speaker 2 (05:57):
Nothing? Right, Like, they're not going to tell you anything directly.
Uber does not.
Speaker 3 (06:01):
Why would anything related to Uber have any tariff costs
associated with it?
Speaker 2 (06:05):
They wouldn't.
Speaker 3 (06:06):
But as you get out a little bit further, you
start getting into, you know, some of the other companies
that start reporting in the retail space, which is going
to be a couple weeks out where you get you know,
the Walmarts and Targets home depot lows. They're usually two
weeks after all these ones, So it'll be like the
week of August seventeenth, I think, is when a lot
of those will end up being. But how are they
(06:28):
dealing with pricing on that side, What are they seeing
and how's that all filtering into the system is going
to be kind of interesting to break down there. The
other piece when we look at restaurants in particular, big
theme in the second quarter, I guess in the first
quarter earnings was kind of broad weakness and restaurants. Remember
(06:53):
it was McDonald said that there was stuff going on.
Chipotle even then said that they had a few things.
The only restaurant company that said things were going great,
Tucker was a Chilis or Applebee's.
Speaker 2 (07:03):
I always forgets Chili's. Chili's.
Speaker 3 (07:06):
Yeah, the same store sales, we're up like thirty one percent,
and everyone else is sitting there going, oh, like yeah,
we're seeing modest single digit declines, like we can't really
get anywhere. Is that what we're seeing across the board
from big chain restaurants still or are things starting to
shift more positively there? Because Q one for restaurants was
not great. Now we've got one data point with Chipotle
(07:27):
saying yeah, things aren't aren't good for us. Starbucks, I guess,
I mean, I don't really consider them a restaurant in
the traditional sense. No, but they didn't either, so you know,
I want to see broadly, what are we seeing from restaurants.
The one I always love looking at is Darden just
because they've got such a.
Speaker 5 (07:45):
They've got the mix of the high end and the
the mid mid end.
Speaker 3 (07:49):
Yeah, it's just such a broad portfolio where you go
from you know, Ruth Chris and Capitol Grill down to
Old and so like. It covers a lot of price points.
Then you got stuff in between like yard House and
stuff like that. So they're always an interesting one just
because you get a bunch of brands under one umbrella
and you can see what's going on there and how
(08:10):
things are moving on that front.
Speaker 4 (08:12):
Take a quick break.
Speaker 3 (08:13):
When we return, we're gonna be joined by Rebecca Risk
from Robert Half talking about their latest survey on worker
movement trends.
Speaker 1 (08:21):
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Speaker 6 (09:03):
The Financial Exchange is a proud partner of the Disabled
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Speaker 3 (09:35):
As promised, We're now joined by Rebecca Risk from Robert
Half here to talk about their latest survey of worker
mobility trends. Rebecca, thank you so much for joining us today.
Speaker 7 (09:45):
Yeah, thanks for having me.
Speaker 4 (09:46):
Can you talk a little.
Speaker 3 (09:47):
Bit about some of the major data that you saw
in terms of workers looking for new jobs and how
they're approaching that today.
Speaker 7 (09:55):
Yeah, I think we're seeing that or at least from
our our recent survey, we're seeing that about seventy three
percent of workers plan to stay in their current role
through the end of the year, which is a little
bit increased from years past. The main consideration in that
is to maintain the flexibility that they have with their
current employers. So that's an interesting trend that we're seeing.
Speaker 3 (10:18):
When you look at the decline in workers looking for
a new job, what are the major reasons why we're
still We're just not seeing more people looking around right now.
Speaker 7 (10:29):
So I think it's definitely the trying to maintain their flexibility. Obviously,
when you start a new job, you know there might
be you know, a fully on site schedule or something
along those lines. I also think there's an awareness of
the fact that, you know, anyone looking for a new
job is up against a lot of competition, so I
think that that's one factor as well. But I think
it is the biggest factor that I think we're seeing
(10:51):
is the flexibility. So I think employers, you know, should
certainly take note and try to offer flexible schedules when
they're trying to attract top talent.
Speaker 3 (11:00):
Reconcile that with all of the companies that have been
out there saying we're you know, mandating full return to
work and things along those lines.
Speaker 2 (11:06):
How does this all fit together?
Speaker 7 (11:08):
Yeah, I mean I think it's a direct correlation, right.
I think a lot of potential job seekers are aware that,
you know, they might have a good situation where they are,
and their desire to maintain that flexibility might trump their
desire to see an increase in salary or you know,
more career growth.
Speaker 3 (11:26):
What about people deciding, hey, I want to go do
something else. Are workers open to changing fields or do
we see most people trying to stick with what's familiar
to them.
Speaker 7 (11:36):
I think a lot of people are very open minded
to the idea of changing industries. The thought process being,
you know, folks that are in industries that are having
layoffs or high turnover or just like lack of stability,
they're looking towards industries that you know, historically don't have
quite as much of that.
Speaker 5 (11:51):
You know.
Speaker 7 (11:51):
The main thought that I have there would be, like
accounting and finance is something that I think a lot
of people are trying to figure out, right, what transferable
skills do I have that could help me to you know,
get my foot in the door into a career like,
you know, those that I mentioned that might have a
little bit more stability in the future.
Speaker 3 (12:07):
One of the stories that I've been seeing over the
last six months or so is recent grads struggling to
get into the job market. For those that do have jobs,
the gen zers that are you know, in place, are
they content with where they are or are we seeing
them moving jobs at a higher rate than other demos.
Speaker 7 (12:29):
I think in certain sectors we're seeing people of all
demographics moving jobs, but for recent grads probably it's more likely.
We're definitely more likely to see those people be the
ones that are open minded to a career choice or
career change.
Speaker 1 (12:43):
You know.
Speaker 7 (12:43):
I think that recent grads what we're seeing, or just
the younger demographic in the workforce, they are tending to
put perks and benefits above other things in their job search,
which I think is interesting because it's definitely a different
motivator than we've seen in the past. According to data
that we've seen recently.
Speaker 3 (13:03):
How important is compensation as a driver in this You
mentioned flexibility is a key reason why people are staying.
Is compensation the main reason why people switch? Or is
that a reason why they report their staying as well.
Speaker 7 (13:16):
So I think, I mean, compensation is always going to
be important, right, compensation career growth. But like I said,
this is the first time since this kind of data
has been reported that we're seeing that perks and benefits
are actually more important to job seekers than salary. But
I think for people that are choosing to stay in
their job, that's where the flexibility piece is the most important.
Speaker 3 (13:41):
It's still fair to refer to this job market overall
as one where there's not a lot in the way
of layoffs, but hirings also relatively slow as well.
Speaker 7 (13:51):
I think yes and no. I think that there's a
lot that the market seems to have slowed from where
it was, you know, two three years ago, obviously, but
there's still a pretty heavy demand for critical roles, you know, accounting, finding,
HR technology, things like that are still hiring at a
fast clip, and we're seeing a lot of demand in
those spaces.
Speaker 3 (14:11):
Fantastic, Rebecca, anything else that you want to add as
part of this survey, anything else that we didn't cover.
Speaker 7 (14:17):
The only thing I would add is that I think
it's really important, I think for employers to take note,
you know, and kind of adjust their approach to attracting
top talent. You know, benefits, perks, those things are really important.
Flexibility is really important. Things of that nature that they
might not have considered above and beyond salary in the
past will help to attract you know, talent that you
know will be you know, potentially better than some of
(14:39):
the other folks they're currently attracting.
Speaker 3 (14:41):
Fantastic, Rebecca, thanks again for joining us, and we will
catch up with you soon.
Speaker 7 (14:45):
Thank you.
Speaker 3 (14:46):
That is Rebecca Risk from Robert Haff talking about their
survey about worker mobility.
Speaker 6 (14:51):
All right, time for trivia here on the Financial Exchange,
And on this day in nineteen eighty six, the USFL
decided to suspend off orations and eventually the league folded.
At the time of the league collapse, the highest profile
team was the New Jersey Generals and their famous owner.
So trivia question today, who is the owner of the
(15:13):
New Jersey Generals of the USFL. Once again, who is
the owner of the New Jersey Generals of the USFL.
Be the third person today to text us at six one, seven, three,
six to two thirteen eighty five with the correct answer,
and he won a Financial Exchange Show t shirt.
Speaker 2 (15:31):
Once again.
Speaker 6 (15:31):
The third correct response to text us to the number
six one, seven, three, six, two, thirteen eighty five will
win that T shirt. See complete contest rules at Financial
Exchange Show dot com.
Speaker 8 (15:43):
UH.
Speaker 3 (15:43):
Before we get to our next story, Paul, I just
saw a little chiron come across the screen from CNBC
that UH chat GPT just hit seven hundred million weekly
users for the first time ever. That's up four x
from this time last year.
Speaker 2 (16:00):
Wow.
Speaker 3 (16:01):
So there's that American consumers are getting thrifty again. This
is a headline from the Wall Street Journal. And I
guess my question is and look, so here here's the
deal for anyone listening who's not familiar with our show.
I'm a millennial, which no longer means that I'm twenty three, okay,
(16:24):
it means that I'm you know, closer to forty than
anything else. And ultimately it means that most of my
adult life has been in an economy that generally was
mostly slow. I would say, you know, the first two
thirds of the twenty tens were pretty slow, late two
(16:45):
thousands were pretty slow, and.
Speaker 4 (16:47):
The last by economic growth or yeah what else?
Speaker 2 (16:50):
Yeah what else?
Speaker 4 (16:51):
Stock market? It's pretty in the stock market.
Speaker 2 (16:54):
You can't eat the stock market.
Speaker 3 (16:56):
You know okay, I mean you can, but just doesn't
taste very good. So ultimately, like I've lived my adult
life in an economy that generally hasn't seen great economic growth, okay,
you know, like housing crash in the aftermath and then
like high inflation and now slowing growth and stuff. It's
basically you kind of look at and you go, Okay,
(17:17):
the last three years of Trump's first term were a
really good economy, and the first two thirds of twenty twenty.
Speaker 2 (17:27):
One was a really good economy.
Speaker 3 (17:30):
And other than that, there's always been something that's kind
of a mess, but that that's always the case. Like
I'm not special, I'm not some unique flower. Like everyone's
always going through stuff. But I guess my point is,
during the time that I've been an adult, I see
these stories about consumers being thrifty all the time. It's always, well,
people are trying to make ends me, Like, I don't
think that this is anything new that people are trying
(17:51):
to like buy in bulk and buy generics and stuff
like that. I think the periods where people feel comfortable
economically in my adulthood are kind of the outliers.
Speaker 5 (18:02):
Sure, the COVID timeframe is the only time frame that
would come. Yeah, that is an outlier that would contradict
that where the savings rate reached the rate that's probably
never gonna eclipse again in this country, just because generally
speaking this country, everyone spends pretty much everything that comes
in their pocket. That's not everybody, but it's a pretty
(18:23):
good categorization of the way things go, and they're always
trying to get up to that ceiling and looking for
ways to cut on costs in certain areas. It's hard
to point to a time that there was a ton
of surplus spending except for the time where you couldn't
do anything on the luxture the travel side.
Speaker 3 (18:40):
Yeah, but like I wasn't an adult in the nineteen nineties,
which from everything I've heard, like the mid to late
nineteen nineties were like the best time economically to be
alive as as a human. Likewise, was not an adult
in the early two thousands where everyone was taking out
a mortgage to buy whatever the heck they wanted because
home prices only go up was the you know the logic,
and obviously that ended very really badly for everyone pretty much.
(19:05):
So you know, you see this story about American consumers
getting thrifty again. And I think ultimately where I come
back to is, look, the last twenty years or so
has been Americans needing to get thrifty for a whole
bunch of different reasons, and aside from you know, twenty
one in parts of twenty two, like, it's kind of
(19:27):
just how it's been.
Speaker 4 (19:28):
Let's take a quick break.
Speaker 3 (19:29):
We got the Trivia answer next.
Speaker 1 (19:39):
Bringing the latest financial news straight to your radio. Every day,
it's the Financial Exchange on the Financial Exchange Radio Network.
Time now for Wall Street. Watch a complete look at
what's moving market so far today right here on the
Financial Exchange Radio Network.
Speaker 6 (19:59):
Well after a while week that results in a selloff
on Friday driven by the weaker than expected July jobs report,
markets today are strongly rebounding.
Speaker 2 (20:09):
Right now.
Speaker 6 (20:09):
The doll is up one point one percent or four
hundred and eighty seven points, SMP five hundred up one
point two percent or seventy four points, NASDAC up one
and a half percent or three hundred and twenty four points.
Russell two thousand is up one point three percent. Ten
year treasure reeled flat at four point two to one
six percent, and crude oil down one percent, trading at
(20:31):
sixty six dollars in sixty nine cents a barrel after
earlier pay deals were shot down by a judge. Tesla's
board approved a compensation package for CEO Elon Musk, valued
at twenty four billion dollars. Tesla stock today is up
by one percent. Meanwhile, Boeing shares it down modestly after
(20:54):
the company's defense workers our following news that the defense
workers are readying to strike at midnight after rejecting the
aerospace maker's latest contract offer. Elsewhere, On Semiconductor met earnings
expectations for the previous quarter, while it's a revenue b forecasts. However,
it's third quarter guidance disappointed, sending shares down by eleven percent.
(21:15):
Now Wayfair stock is up by eleven percent after the
furniture retailer handily beat street forecast for the second quarter.
Tyson Foods also beat quarterly expectations, sending shares in the
meat producer up nearly four percent. Connecticut based in interconnect
systems producer and Fanol agreed to a ten and a
(21:36):
half billion dollars deal to buy Comscopes, broadband connectivity and
cable unit and Fall stock is climbing three percent, while
Comscope shares are now surging seventy two percent higher. And
after today's closing bell, we'll see second quarter results from
Pall Andeer. I'm Tucker Silva and that is Wallstree Watch.
(21:56):
And in the previous segment we asked you the trivia
question who was the owner of the New Jersey Generals
of the USFL That would be Donald Trump. Richard from Quincy,
Mass is our winner today, taking home a Financial Exchange
Show T shirt. Congrats to Richard, and we play trivia
every day here in the Financial Exchange. See complete contest
(22:17):
rules at Financial Exchange Show dot com.
Speaker 3 (22:20):
Beach in the Wall Street Journal, millennials are richer now,
So why can't they stop worrying? How come, Paul, why
so worried?
Speaker 5 (22:26):
Well, I guess you could reference what kind of you
were mentioning previously in the other in the segment before
the break, where you felt as if the economy had
been growing tremendously during your sort of adult life. And
also you came to the job market, I believe right
as the two two thousand and nine.
Speaker 4 (22:44):
So certainly that's.
Speaker 5 (22:46):
A formative experience to have there where that will always
be in the backdrop, though, I would mention that I'm
sure this applies to every single generation. There always is
going to be worries and.
Speaker 4 (23:00):
Years out there.
Speaker 5 (23:00):
I'm sure if you pulled many many of the Baby
Boomers who are in retirement now perhaps comfortably, that they
would have had the same sentiments echoed during their you know,
rise through their career.
Speaker 2 (23:12):
Yeah.
Speaker 3 (23:12):
Look, I'm a big believer that there's no generation that
has a monopoly on the economic pain or anything.
Speaker 1 (23:20):
Like.
Speaker 3 (23:20):
Everyone goes through things at different points in their lives
and careers where no like, no one gets out unscathed. Like,
we all have stuff that we have to deal with.
Speaker 2 (23:32):
You know.
Speaker 3 (23:32):
The Boomers great, they you know, got to go to
woodstock and then got hit with you know, a whole
bunch of inflation for the first ten years that they
were working. Everyone looks back now and they're like, oh,
like it was so great that they could buy home
so cheaply in the late seventies. Yeah, it was except
interest rates for twenty percent on a mortgage, So it
wasn't exactly that easy for them to do so back then,
especially with unemployment being high. Then you get to Gen X,
(23:55):
who everyone just forgets about every time that you talk
about generations, and it's kind of their own little bird
that they have to carry, is that no one mentions them.
So they're just happy that we're talking about them on
our show right now, Like that's that's you know, their
thing kind of uh, you've got you know, obviously the
millennials gen z most of them. Hey, they came into
the workforce, got hit with a pandemic and then had
(24:17):
high inflation for.
Speaker 2 (24:18):
A couple of years.
Speaker 3 (24:19):
Like, no one gets out of this unscathed. And so
I think the thing that I always have kind of
come to, you know, realize with this is just because
a generation is showing something statistically at any particular point
doesn't mean that's how.
Speaker 2 (24:35):
It'll be later.
Speaker 3 (24:35):
Because everyone used to talk about the millennials back in
twenty twelve and thirteen and be like, all those.
Speaker 8 (24:41):
Poor millennials, they're never gonna be able to buy houses.
Once your earnings are impacted by an early career recession,
they'll never come back up. And now you got people
writing about millennials saying, wow, at the same point in
their lives, they own, you know, a higher percentage of
houses then their parents did, and their portfolios have rebounded.
(25:04):
Look at this, all these gen zers are envious of millennials,
and it's kind of like, okay, like check out with
us maybe in like fifteen years, Like who knows how
we're doing them? Like it's this is always evolving. And
I do think that psychologically, I do think that you
are very much kind of your your your baseline is
(25:25):
is always based.
Speaker 3 (25:26):
On kind of what you went through in your twenties.
From an economic perspective, you talk to anyone who grew
up in who came of age in the Great Depression
that really had they didn't invest in stocks for stick
sixty years. Here was just put my money in CDs
where it's FDIC insured because I don't want anything to
do with this. And you know, like it's it's just you.
(25:47):
You're always fighting that same battle because that's the first
economy that you you were in. So I think millennials
to a certain extent are no different in that respect.
I suspect that if we look, you know, twenty years
out at gen z, you know, once they're getting to
forty or so, you know, again we'll be saying, hey,
(26:08):
they've always you know, been big risk takers because inflation
ate away their earning power when they were you know,
first in the workforce, and so gen Z is you know,
bigger risk takers because of that, and housing was so
expensive so they needed to yolo to try to make
down payments and like that. That could be their defining
characteristic for sixty years. So I think that when looking
(26:32):
at characterizations of different generations, like yeah, there's no one
who has it worse than anyone else. It always bothers
me when people are like, well, back in my day,
and trust me, I'm getting there in age at this point.
But we all have to go through stuff and ultimately
no one has a monopoly on things were better in
(26:54):
my time or things were worse like they just are.
Speaker 9 (26:57):
Well, I will say with the world wars, those are
tough times economically, economics, okay, sure, yeah, yeah, I still
maintain Look, if you wanted to have a kid at
any time in human history, there's no better time than
right now now.
Speaker 3 (27:10):
Granted I might be just talking myself up because I
have a couple kids and I don't want to you know,
ready to go for three Look you no, no, no,
we're good in the water's nice.
Speaker 4 (27:19):
I just look at it and I go.
Speaker 3 (27:22):
People will be like, oh, well, what about this?
Speaker 4 (27:24):
What about that?
Speaker 8 (27:24):
Man?
Speaker 3 (27:25):
The twentieth century? Have you seen like what happened in
the twentieth century?
Speaker 4 (27:30):
Right right?
Speaker 3 (27:31):
Yes, you know people are like, oh, like when you
want to grow no, like okay, So, yeah, you got
World War one, World War two, then you got the
Korean War, a whole bunch of inflation. Then you get
you know, one president assassinated, then you get a bunch
of inflation again, then you get another president attempted to
be assassinated, an impeachment, Golf War one, tech bubble popping,
Gulf War two, nine to eleven, like it's and those
(27:55):
just the big ones. So there's always stuff going on.
So like people are like, oh, like, how can you
deal with it? With all the there's always stuff going on.
There's so much stuff that we don't have to deal
with now that we used to, like, oh, I don't know,
you know, we actually have medicines that work, and you know,
you don't get a little cut and you know, die
in your yard because of infection and stuff like that.
So sorry, I got way off track here, But the
(28:17):
important thing is that the Armstrong Advisory Group has a
new guide available this month. It's titled Leaving a Lasting Legacy.
See it kind of ties into what we were talking
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how do you take what you've earned, what you've saved,
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(28:38):
sure that that next generation is actually keeping what you
have built. What types of things we're talking about in here,
beneficiary designations, gifting strategies, multi generational tax efficiency. How do
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(29:21):
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Speaker 1 (29:27):
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registered investment advisor. Nothing in the ad or in any
Armstrong guide a specific financial, legal, or tax advice. Consult
your own financial tax into state planning advisors before making
any investment decisions. Armstrong may contact you to offer investment
advisory services.
Speaker 3 (29:43):
Tim Cook, after Apple earnings last week, had an all
hands meeting where he said, quote, well, it's not really
a quote.
Speaker 2 (29:49):
This is people at the meeting who are reporting this.
Speaker 3 (29:52):
Apple must do this, Apple will do this. This is
ours to grab talking about AI. To this point, it
really hasn't been. And I struggle to figure out what
to make of this because Apple's AI efforts have been
lackluster thus far. But I do think there's like they
have an interesting approach that they want to take, which is, look,
(30:15):
we don't want to spend a bunch of money on
data centers and stuff like that. Instead, we want to
leverage what's called edge AI, which is basically on device
AI capability.
Speaker 2 (30:25):
But to this.
Speaker 3 (30:26):
Point, it's kind of a problem in search of a
solution in search of a problem, in that I just
don't know what the average person, aside from like needing
to search for stuff like in a search engine sense,
what does the average person need generative AI for on a.
Speaker 4 (30:45):
Daily basis, just for regular use?
Speaker 3 (30:49):
Like they tried these AI news summaries, and it's kind
of like, why do I why do I need that?
Now you're making it so that I'm reading the piece
even less and your AI summaries are wrong.
Speaker 5 (30:58):
Right, So to me, it's with Apple. I know they
make this point here that they were late to the
game on PCs and the smartphone market, and obviously that
worked out well for them, same thing with tablets. But
I mean, we're coming up on three years since CHATCHIBT
was relief. I believe it was November of twenty twenty two,
and Apple has done basically nothing on the AI front.
(31:20):
I'm sure that there's some arguments can be made that
they've kind of dipped their toes in the water, but
ultimately it's kind of I laugh a little bit just
to hear them say, Okay, now we're in on it.
It's like, hey, it's two or three years in here.
That's not to say that they couldn't still they have
a tremendous platform to leverage, but it's an area where
(31:41):
it's just been unclear what their strategy is. They probably
are also releasing this I would think Chuck as sort
of wetting the or meeting the demand from the investment
community to hear that they're actually focused on AI. I
feel like this is kind of a shareholder play too,
where they just want to make sure it's a priority
because every single earnings call recently, that's what everyone's been
(32:04):
looking for on the investment community side of things.
Speaker 3 (32:06):
I just don't know what they want to do with it, right,
That's that's not they do either, you know, like why
do I.
Speaker 8 (32:12):
Need AI news headlines?
Speaker 3 (32:14):
Or you know, I don't know, it's why do I
need AI summaries of text messages? Like our text messages
short enough that I can read them hopefully, you know,
unless you get that, unless you get it from that
one relative who sends you the wall of text and
you're like.
Speaker 2 (32:31):
This group text.
Speaker 6 (32:33):
You know, you ever open your phone and there's like
seventy eight messages in a group text or something like,
oh Jesus true, I gotta sift through this.
Speaker 3 (32:39):
Okay, So let's just let's just not talk to our
friends an yeah, just you know, our ais take it
to each other, everybody, and we're just gonna call it
a day. I guess why even be human. You know,
let's take a quick break. When we come back.
Speaker 1 (32:53):
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(33:15):
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Speaker 3 (33:35):
All right, Paul's do a little bit of stack rud.
Speaker 2 (33:37):
I'm gonna take the lead here.
Speaker 4 (33:38):
If that's cool, go for it.
Speaker 3 (33:40):
Piece in the Wall Street Journal the generation is turning
to buy now, pay later for botox and concert tickets.
Subheader Young Americans attorney to easy, high interest loan products.
Research shows some are spending more. Paul, nature is healing.
There's one thing Americans love to do. It's find new
ways to borrow money and fun ways to spend it
(34:01):
that don't reflect economic reality. This isn't good, But again,
it feels like this is trying to make out. Gen
Z is like this group of kids that just oh,
they don't get it, and it gets said about every generation.
No one gets in their twenties like you always spend
a dumb amount of money on dumb stuff in your twenties.
Speaker 5 (34:19):
No, they had to step in with the credit cards
that were just being mailed out to people. The I
think it was the CPFB had to step in and
basically make that no longer a practice where you could
just mail an eighteen year old in college a credit
card and let them go wild. The same thing applies here.
I've never really understood the appeal to investing in companies
(34:41):
like a firm or Klina, because to me, it's just
another way to spin layaway or all these other programs
that have been around historically for years. This idea Klarna
and a firm are. They're all about by now pay later.
It's the same simple, same, the same song and dance
where you, you know, let them buy something, maybe a
(35:02):
younger consumer, and all of a sudden they're hit with
an interest rate of thirty percent because they're unable to
pay back in time this specific item that they may
have purchased, whether it's a concert or furniture or botox, whatever.
Speaker 4 (35:15):
The case may be.
Speaker 5 (35:17):
To me, it's it is really just something that it's
it's always going to be a factor out there. The
interesting thing on the credit score piece of things is
that I believe as soon as this fall, they are
now going to incorporate the big credit major caredit bureaus,
these buy now, pay later loans as a way to
(35:37):
make sure that they're being captured within your credit store,
because typically they are not categorized there. If you look
at the outstanding credit that you have for your own
personal self, if you have a buy now, paylert loan,
it will not show there. They're now debuting a score
that would capture that debt out there. It's it's been argued,
you know, whether or not that is debt because it's
something that is theoretically going to be paid off later.
(35:59):
But they're now trying to account for that on this.
Speaker 2 (36:01):
End of things.
Speaker 3 (36:02):
Yeah, so this I think. Look, I'm not saying this
is good. I'm just saying a lot of times we
see different ways that debt manifest itself amongst people in
their twenties.
Speaker 2 (36:10):
This is just a new wrapper on it.
Speaker 3 (36:12):
And we've seen prior generations that have unfortunately made these
same mistakes and have to figure out how to get
themselves out of some tough times.
Speaker 5 (36:18):
Then Delta is getting blowback for using AI to set
its airfares. They are boasting Delta. This is about a
new super analyst that could work around the clock and
process massive amounts of data to help maximize revenue, and
it is AI. The concern with this is that AI
(36:39):
could utilize personal data. For example, if you just got
a big bonus or we're sitting flushed with cash, maybe
there is some incentive there for AI to use that
browser history and personal information to jack up fairs. That
led me down the rabbit hole of I thought that
the browser history thing was already a thing in place
(36:59):
that airlines did, that they were able to track searching
within the cookies on your computer and things like that.
But it was a surprise to me that there are
pricing analysts Chuck that still work on monitoring dozens of
routes for airlines out there to set pricing. It does
seem like to me that this would be a very
natural evolution to trend to. I'm not saying I agree
(37:20):
with it, because I think it could lead to some
price gouging on areas where there was tremendous demand, But
something that seems like it would be a very easy
way for the airlines to cut costs and allow for
the use of this technology to run twenty four to seven.
Speaker 3 (37:37):
Yeah, I mean, look, I this to me feels like
we covered the story last week about the grocery stores
that are putting the electronics signage in so that they
can change prices on demand. It's just another variation of, Hey,
we're not improving the product, We're just finding a way
to maximize revenue of that product more, which doesn't make
me feel good because it's kind of like you're not
(37:57):
giving me a better seat on the plane. You're just
figuring out a way to charge us more in the
aggregate from that perspective, but ultimately, it's my decision whether
I'm gonna buy the seat or not, and so if
I don't like the price, I'm not gonna buy it.
Speaker 4 (38:11):
Let's take a.
Speaker 3 (38:11):
Quick break for the entire rest of the day. Stocks
remain broadly up, and we will see you tomorrow.
The Financial Exchange is produced by Money Matters Radio and
is hosted by employees of the Armstrong Advisory Group, a
registered investment advisor. All opinions expressed are solely those of
the hosts. Do not reflect the opinions of Armstrong Advisory
or anyone else. Investments can lose money. This program does
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(00:20):
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Speaker 2 (00:55):
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Speaker 1 (00:56):
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Exchange with Chuck Zada and Paul Lane.
Speaker 3 (01:09):
New week here at the Financial Exchange. And look, if
you didn't like the way last week ended for markets,
the good news you'll like today at least. No one
knows what tomorrow is gonna bring, but today at least
so far bringing a whole bunch of green on the
board for the stock of Rooneys. We got the Dow
Jones Industrial Average up four hundred and ninety three points,
the S and P five hundreds up seventy three, the
(01:31):
Nasdaq is up three hundred and four, so all three
major US indices up north of one percent. The Nasdaq
in facked up almost one and a half, so you
got a nice relief rally taking place today. Time will
tell whether this is the start of, you know, a
little bit of a bounce back or the dreaded dead
cat bounce that occasionally happens, which I still believe is
just one of the worst named terms in the UH
(01:54):
in the stock market, but that's just me. And we've
got the ten year, which is currently pretty much flat,
down two tenths of a basis point to four point
two one eight percent after a big move down on Friday,
which coincidentally moved down the national average for the thirty
(02:14):
or fixed rate mortgage from six seven five to sixty
six three, So a little bit of relief on that side.
We'll see kind of how things move on that front.
Speaker 2 (02:22):
As we go.
Speaker 3 (02:23):
We've got oil down fifty seven cents a barrel to
sixty six seventy six on West Texas Intermediate, and gold
is up twenty nine to twenty an ounce to thirty
four to twenty nine, even as the yellow metal has
a couple days of good performance after consolidating for the
last week or two.
Speaker 2 (02:42):
Here PAB, we got a piece.
Speaker 3 (02:44):
That we're gonna kick this hour off with. It's from
market Watch, and I gotta be honest. The person who
did the title, I think thought that this week was
last week. They said it's a pivotal week for earnings.
Speaker 2 (02:59):
Not really.
Speaker 3 (03:00):
Last week was kind of the big one by market
cap where you had you know, Meta, Amazon, Apple, Microsoft,
you know them reporting that they're a little bit bigger
deal than Live Nation who's in the subheader here. But
this is talking about Hey, this week, we have a
bunch of consumer focused companies that are reporting earnings. I
mean Microsoft look is as you know, big of an
(03:22):
important company as they are no one.
Speaker 2 (03:24):
No one goes out and like.
Speaker 3 (03:25):
Buys a bunch of Microsoft surface tablets anymore, aside from companies,
I don't even know if they make those anymore. Quite honestly,
I think they do, because don't they doesn't.
Speaker 4 (03:33):
The NFL house has a deal with them, does anyone.
Speaker 3 (03:35):
Aside from is that the whole thing. The NFL just
gets free ones and they don't make them for anyone else.
Speaker 4 (03:40):
I haven't seen any other people use them.
Speaker 3 (03:42):
It's been a while since I've seen a surface tablet
in the wild, aside from the NFL. But this week,
in terms of consumer facing companies that we're going to
be getting, we've got most of them kickoff on Wednesday, McDonald's, Disney, Uber, Airbnb,
Door Dash, that's all on Wednesday. Thursday, we've got I
(04:05):
saw a couple more that we're floating around out there somewhere.
Maybe Thursday wasn't the day. Now, I guess that's it
for this week, and then we get a couple more
next week. But I think the big thing that you
want to be hearing from these companies, they're in a
few different price points in a few different industries. What
are you seeing from consumers and how are they spending
As we're into the second half of the year. For McDonald's, Hey,
(04:27):
are you still feeling pushback on pricing? How are you
dealing with that? What's going on there Disney? What's going
on with Parks? He's still getting people going for five
days or are they cutting those trips back to four
because they don't have as much money to spend? Uber
and DoorDash, what's going on with discretionary No one needs
to take an Uber, No one needs to order cheesecake
(04:49):
factory delivered to their house. Are you seeing any changes
in those trends from Airbnb? Hotel chains, and airlines are
telling us that travel is pulling back. Is Airbnb seeing
that or are they the beneficiary of people who might
not be staying in hotels, might be staying closer to
home and that's how they're traveling instead. So I think
(05:09):
there's a lot of meat that you can get from
the consumer companies that report this week.
Speaker 4 (05:13):
Yeah. The one that kicked it off that has.
Speaker 5 (05:16):
You know, in US a little bit concerned on the
consumer spending trend is Chipotle cut its annual outlook last
week for the second time this year. Now, assuming that
they're gonna be flat in terms of sales growth this year,
and that's a kind of discretionary food space where that's
kicked off the earnings week, and we'll see if trends
fall in line with some of these other discretionary companies
(05:37):
over the course of this week.
Speaker 3 (05:39):
I think the the other piece just that I'm interested
in hearing on hearing about from, you know, some of
these companies. And again, these are not great ones for
tariff impact just because again, like you look at it,
and what's Uber gonna tell you about the tariff impact?
Speaker 2 (05:57):
Nothing? Right, Like, they're not going to tell you anything directly.
Uber does not.
Speaker 3 (06:01):
Why would anything related to Uber have any tariff costs
associated with it?
Speaker 2 (06:05):
They wouldn't.
Speaker 3 (06:06):
But as you get out a little bit further, you
start getting into, you know, some of the other companies
that start reporting in the retail space, which is going
to be a couple weeks out where you get you know,
the Walmarts and Targets home depot lows. They're usually two
weeks after all these ones, So it'll be like the
week of August seventeenth, I think, is when a lot
of those will end up being. But how are they
(06:28):
dealing with pricing on that side, What are they seeing
and how's that all filtering into the system is going
to be kind of interesting to break down there. The
other piece when we look at restaurants in particular, big
theme in the second quarter, I guess in the first
quarter earnings was kind of broad weakness and restaurants. Remember
(06:53):
it was McDonald said that there was stuff going on.
Chipotle even then said that they had a few things.
The only restaurant company that said things were going great,
Tucker was a Chilis or Applebee's.
Speaker 2 (07:03):
I always forgets Chili's. Chili's.
Speaker 3 (07:06):
Yeah, the same store sales, we're up like thirty one percent,
and everyone else is sitting there going, oh, like yeah,
we're seeing modest single digit declines, like we can't really
get anywhere. Is that what we're seeing across the board
from big chain restaurants still or are things starting to
shift more positively there? Because Q one for restaurants was
not great. Now we've got one data point with Chipotle
(07:27):
saying yeah, things aren't aren't good for us. Starbucks, I guess,
I mean, I don't really consider them a restaurant in
the traditional sense. No, but they didn't either, so you know,
I want to see broadly, what are we seeing from restaurants.
The one I always love looking at is Darden just
because they've got such a.
Speaker 5 (07:45):
They've got the mix of the high end and the
the mid mid end.
Speaker 3 (07:49):
Yeah, it's just such a broad portfolio where you go
from you know, Ruth Chris and Capitol Grill down to
Old and so like. It covers a lot of price points.
Then you got stuff in between like yard House and
stuff like that. So they're always an interesting one just
because you get a bunch of brands under one umbrella
and you can see what's going on there and how
(08:10):
things are moving on that front.
Speaker 4 (08:12):
Take a quick break.
Speaker 3 (08:13):
When we return, we're gonna be joined by Rebecca Risk
from Robert Half talking about their latest survey on worker
movement trends.
Speaker 1 (08:21):
After this, find daily interviews and full shows of The
Financial Exchange on our YouTube page. Subscribe to our page
and get caught up on anything and everything you might
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Financial Exchange is life on Series XM's Business radio channel
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(08:43):
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Speaker 6 (09:03):
The Financial Exchange is a proud partner of the Disabled
American Veterans Department of Massachusetts and now's the perfect time
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Speaker 3 (09:35):
As promised, We're now joined by Rebecca Risk from Robert
Half here to talk about their latest survey of worker
mobility trends. Rebecca, thank you so much for joining us today.
Speaker 7 (09:45):
Yeah, thanks for having me.
Speaker 4 (09:46):
Can you talk a little.
Speaker 3 (09:47):
Bit about some of the major data that you saw
in terms of workers looking for new jobs and how
they're approaching that today.
Speaker 7 (09:55):
Yeah, I think we're seeing that or at least from
our our recent survey, we're seeing that about seventy three
percent of workers plan to stay in their current role
through the end of the year, which is a little
bit increased from years past. The main consideration in that
is to maintain the flexibility that they have with their
current employers. So that's an interesting trend that we're seeing.
Speaker 3 (10:18):
When you look at the decline in workers looking for
a new job, what are the major reasons why we're
still We're just not seeing more people looking around right now.
Speaker 7 (10:29):
So I think it's definitely the trying to maintain their flexibility. Obviously,
when you start a new job, you know there might
be you know, a fully on site schedule or something
along those lines. I also think there's an awareness of
the fact that, you know, anyone looking for a new
job is up against a lot of competition, so I
think that that's one factor as well. But I think
it is the biggest factor that I think we're seeing
(10:51):
is the flexibility. So I think employers, you know, should
certainly take note and try to offer flexible schedules when
they're trying to attract top talent.
Speaker 3 (11:00):
Reconcile that with all of the companies that have been
out there saying we're you know, mandating full return to
work and things along those lines.
Speaker 2 (11:06):
How does this all fit together?
Speaker 7 (11:08):
Yeah, I mean I think it's a direct correlation, right.
I think a lot of potential job seekers are aware that,
you know, they might have a good situation where they are,
and their desire to maintain that flexibility might trump their
desire to see an increase in salary or you know,
more career growth.
Speaker 3 (11:26):
What about people deciding, hey, I want to go do
something else. Are workers open to changing fields or do
we see most people trying to stick with what's familiar
to them.
Speaker 7 (11:36):
I think a lot of people are very open minded
to the idea of changing industries. The thought process being,
you know, folks that are in industries that are having
layoffs or high turnover or just like lack of stability,
they're looking towards industries that you know, historically don't have
quite as much of that.
Speaker 5 (11:51):
You know.
Speaker 7 (11:51):
The main thought that I have there would be, like
accounting and finance is something that I think a lot
of people are trying to figure out, right, what transferable
skills do I have that could help me to you know,
get my foot in the door into a career like,
you know, those that I mentioned that might have a
little bit more stability in the future.
Speaker 3 (12:07):
One of the stories that I've been seeing over the
last six months or so is recent grads struggling to
get into the job market. For those that do have jobs,
the gen zers that are you know, in place, are
they content with where they are or are we seeing
them moving jobs at a higher rate than other demos.
Speaker 7 (12:29):
I think in certain sectors we're seeing people of all
demographics moving jobs, but for recent grads probably it's more likely.
We're definitely more likely to see those people be the
ones that are open minded to a career choice or
career change.
Speaker 1 (12:43):
You know.
Speaker 7 (12:43):
I think that recent grads what we're seeing, or just
the younger demographic in the workforce, they are tending to
put perks and benefits above other things in their job search,
which I think is interesting because it's definitely a different
motivator than we've seen in the past. According to data
that we've seen recently.
Speaker 3 (13:03):
How important is compensation as a driver in this You
mentioned flexibility is a key reason why people are staying.
Is compensation the main reason why people switch? Or is
that a reason why they report their staying as well.
Speaker 7 (13:16):
So I think, I mean, compensation is always going to
be important, right, compensation career growth. But like I said,
this is the first time since this kind of data
has been reported that we're seeing that perks and benefits
are actually more important to job seekers than salary. But
I think for people that are choosing to stay in
their job, that's where the flexibility piece is the most important.
Speaker 3 (13:41):
It's still fair to refer to this job market overall
as one where there's not a lot in the way
of layoffs, but hirings also relatively slow as well.
Speaker 7 (13:51):
I think yes and no. I think that there's a
lot that the market seems to have slowed from where
it was, you know, two three years ago, obviously, but
there's still a pretty heavy demand for critical roles, you know, accounting, finding,
HR technology, things like that are still hiring at a
fast clip, and we're seeing a lot of demand in
those spaces.
Speaker 3 (14:11):
Fantastic, Rebecca, anything else that you want to add as
part of this survey, anything else that we didn't cover.
Speaker 7 (14:17):
The only thing I would add is that I think
it's really important, I think for employers to take note,
you know, and kind of adjust their approach to attracting
top talent. You know, benefits, perks, those things are really important.
Flexibility is really important. Things of that nature that they
might not have considered above and beyond salary in the
past will help to attract you know, talent that you
know will be you know, potentially better than some of
(14:39):
the other folks they're currently attracting.
Speaker 3 (14:41):
Fantastic, Rebecca, thanks again for joining us, and we will
catch up with you soon.
Speaker 7 (14:45):
Thank you.
Speaker 3 (14:46):
That is Rebecca Risk from Robert Haff talking about their
survey about worker mobility.
Speaker 6 (14:51):
All right, time for trivia here on the Financial Exchange,
And on this day in nineteen eighty six, the USFL
decided to suspend off orations and eventually the league folded.
At the time of the league collapse, the highest profile
team was the New Jersey Generals and their famous owner.
So trivia question today, who is the owner of the
(15:13):
New Jersey Generals of the USFL. Once again, who is
the owner of the New Jersey Generals of the USFL.
Be the third person today to text us at six one, seven, three,
six to two thirteen eighty five with the correct answer,
and he won a Financial Exchange Show t shirt.
Speaker 2 (15:31):
Once again.
Speaker 6 (15:31):
The third correct response to text us to the number
six one, seven, three, six, two, thirteen eighty five will
win that T shirt. See complete contest rules at Financial
Exchange Show dot com.
Speaker 8 (15:43):
UH.
Speaker 3 (15:43):
Before we get to our next story, Paul, I just
saw a little chiron come across the screen from CNBC
that UH chat GPT just hit seven hundred million weekly
users for the first time ever. That's up four x
from this time last year.
Speaker 2 (16:00):
Wow.
Speaker 3 (16:01):
So there's that American consumers are getting thrifty again. This
is a headline from the Wall Street Journal. And I
guess my question is and look, so here here's the
deal for anyone listening who's not familiar with our show.
I'm a millennial, which no longer means that I'm twenty three, okay,
(16:24):
it means that I'm you know, closer to forty than
anything else. And ultimately it means that most of my
adult life has been in an economy that generally was
mostly slow. I would say, you know, the first two
thirds of the twenty tens were pretty slow, late two
(16:45):
thousands were pretty slow, and.
Speaker 4 (16:47):
The last by economic growth or yeah what else?
Speaker 2 (16:50):
Yeah what else?
Speaker 4 (16:51):
Stock market? It's pretty in the stock market.
Speaker 2 (16:54):
You can't eat the stock market.
Speaker 3 (16:56):
You know okay, I mean you can, but just doesn't
taste very good. So ultimately, like I've lived my adult
life in an economy that generally hasn't seen great economic growth, okay,
you know, like housing crash in the aftermath and then
like high inflation and now slowing growth and stuff. It's
basically you kind of look at and you go, Okay,
(17:17):
the last three years of Trump's first term were a
really good economy, and the first two thirds of twenty twenty.
Speaker 2 (17:27):
One was a really good economy.
Speaker 3 (17:30):
And other than that, there's always been something that's kind
of a mess, but that that's always the case. Like
I'm not special, I'm not some unique flower. Like everyone's
always going through stuff. But I guess my point is,
during the time that I've been an adult, I see
these stories about consumers being thrifty all the time. It's always, well,
people are trying to make ends me, Like, I don't
think that this is anything new that people are trying
(17:51):
to like buy in bulk and buy generics and stuff
like that. I think the periods where people feel comfortable
economically in my adulthood are kind of the outliers.
Speaker 5 (18:02):
Sure, the COVID timeframe is the only time frame that
would come. Yeah, that is an outlier that would contradict
that where the savings rate reached the rate that's probably
never gonna eclipse again in this country, just because generally
speaking this country, everyone spends pretty much everything that comes
in their pocket. That's not everybody, but it's a pretty
(18:23):
good categorization of the way things go, and they're always
trying to get up to that ceiling and looking for
ways to cut on costs in certain areas. It's hard
to point to a time that there was a ton
of surplus spending except for the time where you couldn't
do anything on the luxture the travel side.
Speaker 3 (18:40):
Yeah, but like I wasn't an adult in the nineteen nineties,
which from everything I've heard, like the mid to late
nineteen nineties were like the best time economically to be
alive as as a human. Likewise, was not an adult
in the early two thousands where everyone was taking out
a mortgage to buy whatever the heck they wanted because
home prices only go up was the you know the logic,
and obviously that ended very really badly for everyone pretty much.
(19:05):
So you know, you see this story about American consumers
getting thrifty again. And I think ultimately where I come
back to is, look, the last twenty years or so
has been Americans needing to get thrifty for a whole
bunch of different reasons, and aside from you know, twenty
one in parts of twenty two, like, it's kind of
(19:27):
just how it's been.
Speaker 4 (19:28):
Let's take a quick break.
Speaker 3 (19:29):
We got the Trivia answer next.
Speaker 1 (19:39):
Bringing the latest financial news straight to your radio. Every day,
it's the Financial Exchange on the Financial Exchange Radio Network.
Time now for Wall Street. Watch a complete look at
what's moving market so far today right here on the
Financial Exchange Radio Network.
Speaker 6 (19:59):
Well after a while week that results in a selloff
on Friday driven by the weaker than expected July jobs report,
markets today are strongly rebounding.
Speaker 2 (20:09):
Right now.
Speaker 6 (20:09):
The doll is up one point one percent or four
hundred and eighty seven points, SMP five hundred up one
point two percent or seventy four points, NASDAC up one
and a half percent or three hundred and twenty four points.
Russell two thousand is up one point three percent. Ten
year treasure reeled flat at four point two to one
six percent, and crude oil down one percent, trading at
(20:31):
sixty six dollars in sixty nine cents a barrel after
earlier pay deals were shot down by a judge. Tesla's
board approved a compensation package for CEO Elon Musk, valued
at twenty four billion dollars. Tesla stock today is up
by one percent. Meanwhile, Boeing shares it down modestly after
(20:54):
the company's defense workers our following news that the defense
workers are readying to strike at midnight after rejecting the
aerospace maker's latest contract offer. Elsewhere, On Semiconductor met earnings
expectations for the previous quarter, while it's a revenue b forecasts. However,
it's third quarter guidance disappointed, sending shares down by eleven percent.
(21:15):
Now Wayfair stock is up by eleven percent after the
furniture retailer handily beat street forecast for the second quarter.
Tyson Foods also beat quarterly expectations, sending shares in the
meat producer up nearly four percent. Connecticut based in interconnect
systems producer and Fanol agreed to a ten and a
(21:36):
half billion dollars deal to buy Comscopes, broadband connectivity and
cable unit and Fall stock is climbing three percent, while
Comscope shares are now surging seventy two percent higher. And
after today's closing bell, we'll see second quarter results from
Pall Andeer. I'm Tucker Silva and that is Wallstree Watch.
(21:56):
And in the previous segment we asked you the trivia
question who was the owner of the New Jersey Generals
of the USFL That would be Donald Trump. Richard from Quincy,
Mass is our winner today, taking home a Financial Exchange
Show T shirt. Congrats to Richard, and we play trivia
every day here in the Financial Exchange. See complete contest
(22:17):
rules at Financial Exchange Show dot com.
Speaker 3 (22:20):
Beach in the Wall Street Journal, millennials are richer now,
So why can't they stop worrying? How come, Paul, why
so worried?
Speaker 5 (22:26):
Well, I guess you could reference what kind of you
were mentioning previously in the other in the segment before
the break, where you felt as if the economy had
been growing tremendously during your sort of adult life. And
also you came to the job market, I believe right
as the two two thousand and nine.
Speaker 4 (22:44):
So certainly that's.
Speaker 5 (22:46):
A formative experience to have there where that will always
be in the backdrop, though, I would mention that I'm
sure this applies to every single generation. There always is
going to be worries and.
Speaker 4 (23:00):
Years out there.
Speaker 5 (23:00):
I'm sure if you pulled many many of the Baby
Boomers who are in retirement now perhaps comfortably, that they
would have had the same sentiments echoed during their you know,
rise through their career.
Speaker 2 (23:12):
Yeah.
Speaker 3 (23:12):
Look, I'm a big believer that there's no generation that
has a monopoly on the economic pain or anything.
Speaker 1 (23:20):
Like.
Speaker 3 (23:20):
Everyone goes through things at different points in their lives
and careers where no like, no one gets out unscathed. Like,
we all have stuff that we have to deal with.
Speaker 2 (23:32):
You know.
Speaker 3 (23:32):
The Boomers great, they you know, got to go to
woodstock and then got hit with you know, a whole
bunch of inflation for the first ten years that they
were working. Everyone looks back now and they're like, oh,
like it was so great that they could buy home
so cheaply in the late seventies. Yeah, it was except
interest rates for twenty percent on a mortgage, So it
wasn't exactly that easy for them to do so back then,
especially with unemployment being high. Then you get to Gen X,
(23:55):
who everyone just forgets about every time that you talk
about generations, and it's kind of their own little bird
that they have to carry, is that no one mentions them.
So they're just happy that we're talking about them on
our show right now, Like that's that's you know, their
thing kind of uh, you've got you know, obviously the
millennials gen z most of them. Hey, they came into
the workforce, got hit with a pandemic and then had
(24:17):
high inflation for.
Speaker 2 (24:18):
A couple of years.
Speaker 3 (24:19):
Like, no one gets out of this unscathed. And so
I think the thing that I always have kind of
come to, you know, realize with this is just because
a generation is showing something statistically at any particular point
doesn't mean that's how.
Speaker 2 (24:35):
It'll be later.
Speaker 3 (24:35):
Because everyone used to talk about the millennials back in
twenty twelve and thirteen and be like, all those.
Speaker 8 (24:41):
Poor millennials, they're never gonna be able to buy houses.
Once your earnings are impacted by an early career recession,
they'll never come back up. And now you got people
writing about millennials saying, wow, at the same point in
their lives, they own, you know, a higher percentage of
houses then their parents did, and their portfolios have rebounded.
(25:04):
Look at this, all these gen zers are envious of millennials,
and it's kind of like, okay, like check out with
us maybe in like fifteen years, Like who knows how
we're doing them? Like it's this is always evolving. And
I do think that psychologically, I do think that you
are very much kind of your your your baseline is
(25:25):
is always based.
Speaker 3 (25:26):
On kind of what you went through in your twenties.
From an economic perspective, you talk to anyone who grew
up in who came of age in the Great Depression
that really had they didn't invest in stocks for stick
sixty years. Here was just put my money in CDs
where it's FDIC insured because I don't want anything to
do with this. And you know, like it's it's just you.
(25:47):
You're always fighting that same battle because that's the first
economy that you you were in. So I think millennials
to a certain extent are no different in that respect.
I suspect that if we look, you know, twenty years
out at gen z, you know, once they're getting to
forty or so, you know, again we'll be saying, hey,
(26:08):
they've always you know, been big risk takers because inflation
ate away their earning power when they were you know,
first in the workforce, and so gen Z is you know,
bigger risk takers because of that, and housing was so
expensive so they needed to yolo to try to make
down payments and like that. That could be their defining
characteristic for sixty years. So I think that when looking
(26:32):
at characterizations of different generations, like yeah, there's no one
who has it worse than anyone else. It always bothers
me when people are like, well, back in my day,
and trust me, I'm getting there in age at this point.
But we all have to go through stuff and ultimately
no one has a monopoly on things were better in
(26:54):
my time or things were worse like they just are.
Speaker 9 (26:57):
Well, I will say with the world wars, those are
tough times economically, economics, okay, sure, yeah, yeah, I still
maintain Look, if you wanted to have a kid at
any time in human history, there's no better time than
right now now.
Speaker 3 (27:10):
Granted I might be just talking myself up because I
have a couple kids and I don't want to you know,
ready to go for three Look you no, no, no,
we're good in the water's nice.
Speaker 4 (27:19):
I just look at it and I go.
Speaker 3 (27:22):
People will be like, oh, well, what about this?
Speaker 4 (27:24):
What about that?
Speaker 8 (27:24):
Man?
Speaker 3 (27:25):
The twentieth century? Have you seen like what happened in
the twentieth century?
Speaker 4 (27:30):
Right right?
Speaker 3 (27:31):
Yes, you know people are like, oh, like when you
want to grow no, like okay, So, yeah, you got
World War one, World War two, then you got the
Korean War, a whole bunch of inflation. Then you get
you know, one president assassinated, then you get a bunch
of inflation again, then you get another president attempted to
be assassinated, an impeachment, Golf War one, tech bubble popping,
Gulf War two, nine to eleven, like it's and those
(27:55):
just the big ones. So there's always stuff going on.
So like people are like, oh, like, how can you
deal with it? With all the there's always stuff going on.
There's so much stuff that we don't have to deal
with now that we used to, like, oh, I don't know,
you know, we actually have medicines that work, and you know,
you don't get a little cut and you know, die
in your yard because of infection and stuff like that.
So sorry, I got way off track here, But the
(28:17):
important thing is that the Armstrong Advisory Group has a
new guide available this month. It's titled Leaving a Lasting Legacy.
See it kind of ties into what we were talking
about and really what it's all about. It's all about
how do you take what you've earned, what you've saved,
and coordinate that financial plan, that estate plan to make
(28:38):
sure that that next generation is actually keeping what you
have built. What types of things we're talking about in here,
beneficiary designations, gifting strategies, multi generational tax efficiency. How do
you make sure that you don't lose that money to
a state taxes or income taxes that the next generation
might have to pay. These are topics that are included
(29:00):
in this guide titled Leaving a Lasting Legacy. How do
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(29:21):
is eight hundred three nine three for zero zero one,
or go to Armstrong Advisory dot com.
Speaker 1 (29:27):
The proceeding was paid for by Armstrong Advisory Group, a
registered investment advisor. Nothing in the ad or in any
Armstrong guide a specific financial, legal, or tax advice. Consult
your own financial tax into state planning advisors before making
any investment decisions. Armstrong may contact you to offer investment
advisory services.
Speaker 3 (29:43):
Tim Cook, after Apple earnings last week, had an all
hands meeting where he said, quote, well, it's not really
a quote.
Speaker 2 (29:49):
This is people at the meeting who are reporting this.
Speaker 3 (29:52):
Apple must do this, Apple will do this. This is
ours to grab talking about AI. To this point, it
really hasn't been. And I struggle to figure out what
to make of this because Apple's AI efforts have been
lackluster thus far. But I do think there's like they
have an interesting approach that they want to take, which is, look,
(30:15):
we don't want to spend a bunch of money on
data centers and stuff like that. Instead, we want to
leverage what's called edge AI, which is basically on device
AI capability.
Speaker 2 (30:25):
But to this.
Speaker 3 (30:26):
Point, it's kind of a problem in search of a
solution in search of a problem, in that I just
don't know what the average person, aside from like needing
to search for stuff like in a search engine sense,
what does the average person need generative AI for on a.
Speaker 4 (30:45):
Daily basis, just for regular use?
Speaker 3 (30:49):
Like they tried these AI news summaries, and it's kind
of like, why do I why do I need that?
Now you're making it so that I'm reading the piece
even less and your AI summaries are wrong.
Speaker 5 (30:58):
Right, So to me, it's with Apple. I know they
make this point here that they were late to the
game on PCs and the smartphone market, and obviously that
worked out well for them, same thing with tablets. But
I mean, we're coming up on three years since CHATCHIBT
was relief. I believe it was November of twenty twenty two,
and Apple has done basically nothing on the AI front.
(31:20):
I'm sure that there's some arguments can be made that
they've kind of dipped their toes in the water, but
ultimately it's kind of I laugh a little bit just
to hear them say, Okay, now we're in on it.
It's like, hey, it's two or three years in here.
That's not to say that they couldn't still they have
a tremendous platform to leverage, but it's an area where
(31:41):
it's just been unclear what their strategy is. They probably
are also releasing this I would think Chuck as sort
of wetting the or meeting the demand from the investment
community to hear that they're actually focused on AI. I
feel like this is kind of a shareholder play too,
where they just want to make sure it's a priority
because every single earnings call recently, that's what everyone's been
(32:04):
looking for on the investment community side of things.
Speaker 3 (32:06):
I just don't know what they want to do with it, right,
That's that's not they do either, you know, like why
do I.
Speaker 8 (32:12):
Need AI news headlines?
Speaker 3 (32:14):
Or you know, I don't know, it's why do I
need AI summaries of text messages? Like our text messages
short enough that I can read them hopefully, you know,
unless you get that, unless you get it from that
one relative who sends you the wall of text and
you're like.
Speaker 2 (32:31):
This group text.
Speaker 6 (32:33):
You know, you ever open your phone and there's like
seventy eight messages in a group text or something like,
oh Jesus true, I gotta sift through this.
Speaker 3 (32:39):
Okay, So let's just let's just not talk to our
friends an yeah, just you know, our ais take it
to each other, everybody, and we're just gonna call it
a day. I guess why even be human. You know,
let's take a quick break. When we come back.
Speaker 1 (32:53):
We got stack Roulette, the financial Exchange Show podcast drops
every day on Apple, Spotify, and Ihardweight. Hit that subscribe
button and leave us a five star review. You're listening
to the Financial Exchange Radio Network. The Financial Exchange is
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XM's Business Radio Channel one thirty two. Stay informed about
(33:15):
the latest from Wall Street, fiscal policy, and breaking business
news every day. The Financial Exchange is life on Serious
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Financial Exchange Radio Network.
Speaker 3 (33:35):
All right, Paul's do a little bit of stack rud.
Speaker 2 (33:37):
I'm gonna take the lead here.
Speaker 4 (33:38):
If that's cool, go for it.
Speaker 3 (33:40):
Piece in the Wall Street Journal the generation is turning
to buy now, pay later for botox and concert tickets.
Subheader Young Americans attorney to easy, high interest loan products.
Research shows some are spending more. Paul, nature is healing.
There's one thing Americans love to do. It's find new
ways to borrow money and fun ways to spend it
(34:01):
that don't reflect economic reality. This isn't good, But again,
it feels like this is trying to make out. Gen
Z is like this group of kids that just oh,
they don't get it, and it gets said about every generation.
No one gets in their twenties like you always spend
a dumb amount of money on dumb stuff in your twenties.
Speaker 5 (34:19):
No, they had to step in with the credit cards
that were just being mailed out to people. The I
think it was the CPFB had to step in and
basically make that no longer a practice where you could
just mail an eighteen year old in college a credit
card and let them go wild. The same thing applies here.
I've never really understood the appeal to investing in companies
(34:41):
like a firm or Klina, because to me, it's just
another way to spin layaway or all these other programs
that have been around historically for years. This idea Klarna
and a firm are. They're all about by now pay later.
It's the same simple, same, the same song and dance
where you, you know, let them buy something, maybe a
(35:02):
younger consumer, and all of a sudden they're hit with
an interest rate of thirty percent because they're unable to
pay back in time this specific item that they may
have purchased, whether it's a concert or furniture or botox, whatever.
Speaker 4 (35:15):
The case may be.
Speaker 5 (35:17):
To me, it's it is really just something that it's
it's always going to be a factor out there. The
interesting thing on the credit score piece of things is
that I believe as soon as this fall, they are
now going to incorporate the big credit major caredit bureaus,
these buy now, pay later loans as a way to
(35:37):
make sure that they're being captured within your credit store,
because typically they are not categorized there. If you look
at the outstanding credit that you have for your own
personal self, if you have a buy now, paylert loan,
it will not show there. They're now debuting a score
that would capture that debt out there. It's it's been argued,
you know, whether or not that is debt because it's
something that is theoretically going to be paid off later.
(35:59):
But they're now trying to account for that on this.
Speaker 2 (36:01):
End of things.
Speaker 3 (36:02):
Yeah, so this I think. Look, I'm not saying this
is good. I'm just saying a lot of times we
see different ways that debt manifest itself amongst people in
their twenties.
Speaker 2 (36:10):
This is just a new wrapper on it.
Speaker 3 (36:12):
And we've seen prior generations that have unfortunately made these
same mistakes and have to figure out how to get
themselves out of some tough times.
Speaker 5 (36:18):
Then Delta is getting blowback for using AI to set
its airfares. They are boasting Delta. This is about a
new super analyst that could work around the clock and
process massive amounts of data to help maximize revenue, and
it is AI. The concern with this is that AI
(36:39):
could utilize personal data. For example, if you just got
a big bonus or we're sitting flushed with cash, maybe
there is some incentive there for AI to use that
browser history and personal information to jack up fairs. That
led me down the rabbit hole of I thought that
the browser history thing was already a thing in place
(36:59):
that airlines did, that they were able to track searching
within the cookies on your computer and things like that.
But it was a surprise to me that there are
pricing analysts Chuck that still work on monitoring dozens of
routes for airlines out there to set pricing. It does
seem like to me that this would be a very
natural evolution to trend to. I'm not saying I agree
(37:20):
with it, because I think it could lead to some
price gouging on areas where there was tremendous demand, But
something that seems like it would be a very easy
way for the airlines to cut costs and allow for
the use of this technology to run twenty four to seven.
Speaker 3 (37:37):
Yeah, I mean, look, I this to me feels like
we covered the story last week about the grocery stores
that are putting the electronics signage in so that they
can change prices on demand. It's just another variation of, Hey,
we're not improving the product, We're just finding a way
to maximize revenue of that product more, which doesn't make
me feel good because it's kind of like you're not
(37:57):
giving me a better seat on the plane. You're just
figuring out a way to charge us more in the
aggregate from that perspective, but ultimately, it's my decision whether
I'm gonna buy the seat or not, and so if
I don't like the price, I'm not gonna buy it.
Speaker 4 (38:11):
Let's take a.
Speaker 3 (38:11):
Quick break for the entire rest of the day. Stocks
remain broadly up, and we will see you tomorrow.
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