RUSH TRANSCRIPT Markets We ░░░░░░░░ joined by Nancy dowd ░░░░░░░░ Nancy I want to ░░░░░░░░ with the stat from ░░░░░░░░ s market that really ░░░░░░░░ me You take a ░░░░░░░░ at yesterday s rally ░░░░░░░░ was supported by only ░░░░░░░░ of the S P ░░░░░░░░ members rising That is ░░░░░░░░ second weakest breath for ░░░░░░░░ rally so far this ░░░░░░░░ How are you thinking ░░░░░░░░ a stat like that ░░░░░░░░ the fact that this ░░░░░░░░ is so so narrow ░░░░░░░░ This is the type ░░░░░░░░ year when we look ░░░░░░░░ what s been happening ░░░░░░░░ the first six months ░░░░░░░░ we think is the ░░░░░░░░ half full or is ░░░░░░░░ half empty And we ░░░░░░░░ to lean towards the ░░░░░░░░ full with some optimism ░░░░░░░░ the inflation report coming ░░░░░░░░ on Friday and potential ░░░░░░░░ monetary easing via rate ░░░░░░░░ and of course Big ░░░░░░░░ performance as you just ░░░░░░░░ It is a little ░░░░░░░░ and unnerving that the ░░░░░░░░ S P has lagged ░░░░░░░░ But you know that ░░░░░░░░ an opportunity and maybe ░░░░░░░░ will change the second ░░░░░░░░ of the year Katie ░░░░░░░░ would be the catalyst ░░░░░░░░ ve been waiting but ░░░░░░░░ sustainable What is going ░░░░░░░░ be the spark Nancy ░░░░░░░░ optimism Investor settlements changes ░░░░░░░░ sentiments changes when they ░░░░░░░░ the mark But that ░░░░░░░░ a word of caution ░░░░░░░░ markets don t continue ░░░░░░░░ go up indefinitely There ░░░░░░░░ always going to be ░░░░░░░░ kind of a bled ░░░░░░░░ correction along the way ░░░░░░░░ investors tend to forget ░░░░░░░░ that But I would ░░░░░░░░ be very selective and ░░░░░░░░ really focus on quality ░░░░░░░░ personal goals and objectives ░░░░░░░░ well as risk tolerance ░░░░░░░░ s always the big ░░░░░░░░ Risk tolerance is very ░░░░░░░░ because we get all ░░░░░░░░ up over what s ░░░░░░░░ with a handful of ░░░░░░░░ and we forget that ░░░░░░░░ could turn very very ░░░░░░░░ Katie And I appreciate ░░░░░░░░ point that it really ░░░░░░░░ on your personal goals ░░░░░░░░ are you trying to ░░░░░░░░ Are you trying to ░░░░░░░░ weather or day trade ░░░░░░░░ All comes down to ░░░░░░░░ personal goals But for ░░░░░░░░ thought on quality that ░░░░░░░░ s time to focus ░░░░░░░░ quality What does quality ░░░░░░░░ in this market Nancy ░░░░░░░░ earnings obviously That s ░░░░░░░░ the word for quality ░░░░░░░░ where is the market ░░░░░░░░ in general We have ░░░░░░░░ look for opportunities perhaps ░░░░░░░░ sectors that have taken ░░░░░░░░ big beating things like ░░░░░░░░ cap stocks longer duration ░░░░░░░░ Katie For so many ░░░░░░░░ quality means tech And ░░░░░░░░ like tech is really ░░░░░░░░ sector that s delivered ░░░░░░░░ a big way when ░░░░░░░░ comes to the earnings ░░░░░░░░ Nancy And that it ░░░░░░░░ true It s dominated ░░░░░░░░ market And it is ░░░░░░░░ exciting what s going ░░░░░░░░ here I mean I ░░░░░░░░ to be in my ░░░░░░░░ aalto office in California ░░░░░░░░ in the midst of ░░░░░░░░ this excitement the best ░░░░░░░░ that I ve given ░░░░░░░░ the clients is you ░░░░░░░░ to take some money ░░░░░░░░ the table And it ░░░░░░░░ become way too large ░░░░░░░░ percentage of their net ░░░░░░░░ And when that happens ░░░░░░░░ s time to take ░░░░░░░░ money and run as ░░░░░░░░ ve called it And ░░░░░░░░ think that s a ░░░░░░░░ way to do it ░░░░░░░░ you re still participating ░░░░░░░░ now you ve got ░░░░░░░░ in your hands And ░░░░░░░░ with taxes you know ░░░░░░░░ all expect taxes to ░░░░░░░░ up knock down If ░░░░░░░░ re waiting you re ░░░░░░░░ going to wait to ░░░░░░░░ higher tax later probably ░░░░░░░░ can t predict that ░░░░░░░░ that is certainly a ░░░░░░░░ as well Katie On ░░░░░░░░ topic of taxes we ░░░░░░░░ just months away from ░░░░░░░░ 2024 presidential election We ░░░░░░░░ the first debate this ░░░░░░░░ between Biden and Trump ░░░░░░░░ it s interesting You ░░░░░░░░ that it takes out ░░░░░░░░ your portfolio and even ░░░░░░░░ that in mind how ░░░░░░░░ you preparing for the ░░░░░░░░ of volatility around that ░░░░░░░░ Nancy That s probably ░░░░░░░░ biggest question I get ░░░░░░░░ every single client meeting ░░░░░░░░ s talking politics because ░░░░░░░░ s the buzz right ░░░░░░░░ But it s exactly ░░░░░░░░ Take politics out of ░░░░░░░░ portfolio because in the ░░░░░░░░ it doesn t mean ░░░░░░░░ much The sectors that ░░░░░░░░ continued to do well ░░░░░░░░ every administration former president ░░░░░░░░ former President Trump financials ░░░░░░░░ care they continue to ░░░░░░░░ well And the energy ░░░░░░░░ tends to be tied ░░░░░░░░ geopolitical risks and we ░░░░░░░░ have a very very ░░░░░░░░ amount of geopolitical risk ░░░░░░░░ this time And that ░░░░░░░░ probably affect the energy ░░░░░░░░ But the sentiment will ░░░░░░░░ you know maybe the ░░░░░░░░ after the election a ░░░░░░░░ a two of a ░░░░░░░░ of you know feelings ░░░░░░░░ it And it s ░░░░░░░░ to be business as ░░░░░░░░ after that Katie Nancy ░░░░░░░░ appreciate your time today ░░░░░░░░ thanks to Nancy Daoud ░░░░░░░░ ameriprise financial Jess we ░░░░░░░░ just talking about tech ░░░░░░░░ me about this chipmaker