RUSH TRANSCRIPT And all ░░░░░░░░ this we re joined ░░░░░░░░ by Clark Geranen who ░░░░░░░░ the chief market strategist ░░░░░░░░ CalBay investments good to ░░░░░░░░ you this morning cock ░░░░░░░░ s start with that ░░░░░░░░ spending News drop no ░░░░░░░░ three percent in may ░░░░░░░░ this the sign of ░░░░░░░░ economic slowdown No it ░░░░░░░░ not for us we ░░░░░░░░ it It is a ░░░░░░░░ in the radar and ░░░░░░░░ we know consumer spending ░░░░░░░░ up close to two ░░░░░░░░ of our GDP and ░░░░░░░░ has been something we ░░░░░░░░ been monitoring and as ░░░░░░░░ saw judy people back ░░░░░░░░ I wasn t quite ░░░░░░░░ surprise to see a ░░░░░░░░ spending both We do ░░░░░░░░ that the consumer will ░░░░░░░░ resilient Just like corporations ░░░░░░░░ this year and will ░░░░░░░░ another take up next ░░░░░░░░ So is the market ░░░░░░░░ right to be focused ░░░░░░░░ trade talks how they ░░░░░░░░ progressing and sort of ░░░░░░░░ That seems to be ░░░░░░░░ that right now Absolutely ░░░░░░░░ close your eyes four ░░░░░░░░ ago and open them ░░░░░░░░ you think you re ░░░░░░░░ the same exact spot ░░░░░░░░ we ve really seen ░░░░░░░░ a lot of these ░░░░░░░░ winds that we are ░░░░░░░░ at the beginning of ░░░░░░░░ year are still present ░░░░░░░░ we been able to ░░░░░░░░ over some of the ░░░░░░░░ that we ve been ░░░░░░░░ over the past Few ░░░░░░░░ so what we really ░░░░░░░░ feel like back This ░░░░░░░░ a go time and ░░░░░░░░ the back half of ░░░░░░░░ year will be very ░░░░░░░░ I mean clock I ░░░░░░░░ just looking at the ░░░░░░░░ right now the essen ░░░░░░░░ five hundred and the ░░░░░░░░ both now hit their ░░░░░░░░ highs In the tech ░░░░░░░░ of a see a ░░░░░░░░ of this has been ░░░░░░░░ by enthusiasm by I ░░░░░░░░ Is there a danger ░░░░░░░░ that now everything is ░░░░░░░░ of overboard We don ░░░░░░░░ think so and like ░░░░░░░░ said at the beginning ░░░░░░░░ the year we were ░░░░░░░░ the same spot with ░░░░░░░░ multiples But the thing ░░░░░░░░ we ve seen growth ░░░░░░░░ continue So what if ░░░░░░░░ did start to see ░░░░░░░░ slowdown in some of ░░░░░░░░ large cap tech growth ░░░░░░░░ sales then I would ░░░░░░░░ to get concerned but ░░░░░░░░ re seeing some of ░░░░░░░░ multiples flat Now as ░░░░░░░░ continue to grow and ░░░░░░░░ corporations I have not ░░░░░░░░ changes to their cap ░░░░░░░░ So that was the ░░░░░░░░ thing that we re ░░░░░░░░ for is If Catholics ░░░░░░░░ to slow down then ░░░░░░░░ be concerned but if ░░░░░░░░ we re just going ░░░░░░░░ see that continue to ░░░░░░░░ up with the backdrop ░░░░░░░░ potential corporate tax cuts ░░░░░░░░ down the way so ░░░░░░░░ attention to the big ░░░░░░░░ bill is obviously going ░░░░░░░░ be important For some ░░░░░░░░ these large cap tech ░░░░░░░░ Yeah I m nervous ░░░░░░░░ that the trying to ░░░░░░░░ that across the finish ░░░░░░░░ before July Fourth where ░░░░░░░░ you think this leaves ░░░░░░░░ rates I mean we ░░░░░░░░ pal says he wants ░░░░░░░░ take a a wait ░░░░░░░░ see approach And I ░░░░░░░░ at this point it ░░░░░░░░ going to be at ░░░░░░░░ a few months until ░░░░░░░░ see any cut My ░░░░░░░░ were towards the end ░░░░░░░░ the year because really ░░░░░░░░ this point when we ░░░░░░░░ taking a look at ░░░░░░░░ and unemployment the numbers ░░░░░░░░ both in check Inflation ░░░░░░░░ been holding tight and ░░░░░░░░ really hasn t shown ░░░░░░░░ rise Even given the ░░░░░░░░ of the doge cuts ░░░░░░░░ this year so we ░░░░░░░░ t seen a slowdown ░░░░░░░░ growth on the employment ░░░░░░░░ and with inflation staying ░░░░░░░░ intact I wouldn t ░░░░░░░░ it for another six ░░░░░░░░ but there will be ░░░░░░░░ to see as now ░░░░░░░░ Trump has announced that ░░░░░░░░ may be announcing the ░░░░░░░░ fed chair so I ░░░░░░░░ not sure if they ░░░░░░░░ t have any impact ░░░░░░░░ Jerome Powell Our stances ░░░░░░░░ the Fed it really ░░░░░░░░ to keep their independence ░░░░░░░░ and we hope that ░░░░░░░░ continue to do so ░░░░░░░░ run and chief market ░░░░░░░░ at kobe investments Thank ░░░░░░░░ for joining us this ░░░░░░░░ while one of the ░░░░░░░░ on a tear is ░░░░░░░░ it s currently up ░░░░░░░░ 15 percent This is ░░░░░░░░ the company said you ░░░░░░░░ president Donald Trump s ░░░░░░░░ on key trading partners ░░░░░░░░ add around a billion ░░░░░░░░ to it s costs ░░░░░░░░ year company executives also ░░░░░░░░ the spot where giant ░░░░░░░░ cut it s reliance ░░░░░░░░ producing goods and China ░░░░░░░░ ease the impact of ░░░░░░░░ as trade policies As ░░░░░░░░ say Nike says jumping ░░░░░░░░ after the firm forecast ░░░░░░░░ smaller drop it first ░░░░░░░░ Revenue than expected while ░░░░░░░░ lou is a professor ░░░░░░░░ fashion and apparel studies ░░░░░░░░ the university of Delaware ░░░░░░░░ joins us Now same ░░░░░░░░ to see this morning ░░░░░░░░ s start with the ░░░░░░░░ and the impact that ░░░░░░░░ has had on Nike ░░░░░░░░ mean it has hit ░░░░░░░░ makers more so than ░░░░░░░░ others in the kind ░░░░░░░░ footwear industry Yeah thank ░░░░░░░░ for having me on ░░░░░░░░ As we know that ░░░░░░░░ know