Transcript:
Tom Vaughan:
Everybody, welcome to Monday, the S&P 500 was up point one 3%. Today, this is probably one of the busiest weeks of the year in terms of all the different reports that we’re going to get. So just after hours here, WalMart reported, their stock dropped at the moment 8%. Because what they’re talking about is that the customers are changing their buying habits. They’re buying more things like food and necessities, and not buying some of the other more discretionary things like apparel, and what have you course, those other things are where they make a higher margin. And so we’re starting to see kind of the bite of inflation come through, when people spend more and more on gas and food and all these other things, they don’t have as much to spend on some of the other areas. And so you know, Walmart’s kind of a, one of the things that people look at visa reports, tomorrow, we’ll see what they have to say about consumer spending and where the money is kind of going. I think that’ll be interesting. But of course, you got Apple, Microsoft, Google, Amazon, etc. Facebook Netta, all reporting earnings this week. So really big week for earnings. We’ll see how that all plays out.
And of course, we have the Federal Reserve meeting on Tuesday and Wednesday. So Wednesday, Chairman Powell will come out and speak and answer questions, they’ll tell us how much they raised interest rates, the expectation is three quarters of a percent. And then we’ll kind of find out how the market reacts to that. And then on Friday, we get our gross domestic product number for the second quarter, the GDP was a negative for the first quarter, we’ll see what happens the projection is that it’ll be negative for the second quarter also, which technically is considered a recession, two negative quarters in a row, although that has to be called by a group that makes these determinations. So we’ll see what happens. But nonetheless, that’s what’s going on this week. Very interesting. Altogether, we’ll see how these other companies report, it’s a good time to be paying attention, be able to learn kind of what impact inflation is having, what the Federal Reserve is planning on doing about that what the Federal Reserve is seeing in the other areas in terms of, you know, softening, are they get acknowledged that or not, they haven’t so far. They’re really just looking at inflation and talking very aggressively about that. So, see how that plays out. So last look forward to talking to you tomorrow. Thank you.