Afternoon podcast 10-6-26

Rob Black (0:00)

Welcome to the afternoon Rob Black Show podcast, a guaranteed human podcast, which can also be heard on AM 1220 KDOW weekdays at 5 p.m. and on 860 AM The Answer weeknights at 11 p.m. The views and opinions expressed in the program are not necessarily those of this radio station or its sponsors, and should not be construed as legal tax or investment advice. You should always consult the appropriate advisor before making any financial decision. All rights reserved.

SPEAKER_2 (0:31)

Now, new focus on wealth, new focus on wealth. Get a new focus on personal finance, wealth management, Wall Street and the economy. Now, Rob Black.

Rob Black (0:43)

You know the magnificent seven. Alphabet, Microsoft, Tesla, Apple, Amazon. You know the names. Well, today, they're leading the S&P 500 back into record territory as the magnificent seven ride to the rescue. And I say ride to the rescue, because on some levels, this market deteriorated, started getting its act back together. It's not a broad rally, but it's a rally to record highs. It's just not broad, and it's getting a little bit more broad, but right now, it's a lot of Nvidia. It's a lot of Metta. It's a lot of the Mag-7.

So hats off. Tip of the hat, the Magnuson 7, what it's doing for the market. It's doing the heavy lifting, if you will. And it's nice to see. I'm not something terribly excited about. I love hearing, hey, all time highs on the SP500 and the NASDAQ. Feel free to open your 401k today, and you'll go, woohoo, this is why Rob Black says, invest in the stock market. My 401k, you should have the statement. If you open your 401k balance day, I've never had more money than today because the SP500, which should be one of your largest holdings, and maybe some growth fund, which is similar to the NASDAQ or the QQQ. I know there's going to be some underperformers in there, like the Russell 2000 and the S&P midcap 400 at times. I get it. But they catch up more often than not. So the S&P 500 was up 70 basis points today. The Dow Jones Industrial Average up 45 basis points, just under one half, 1%. The NASDAQ was up 45 basis points, which is kind of interesting because as they got on or long, the S&P 500 overtook the NASDAQ in percentage gains, and that's a broadening from tech into other sectors. I liked it.

I saw NVIDIA at record highs today, Microsoft up another seven bucks today. Meta for a large portion of the day was higher, but closed a little bit off. I saw some positive trends. Again, I'm not kidding you excited. I'll get excited at the end of the year when I say sometime in the month of December, we're at all time highs. That's my expectation going into earning season, which to me is October, November, December. It really starts in the second week of October and I think there'll be a little bit of a ho ho rally. Do I think we're going to be up 20 percent for the year? I don't know. That's an area that I leave to you to do the prognostications, not me. Or maybe Pat McAfee from ESPN could do them. Today's session produced another solid advance for the stock market with broad participation in the lower treasury yields and lower oil. Sweet! That combination is unbe-de-table, as Mike Tyson would say. He wouldn't say unbe-le-vable, he would say unbe-de-table.

The major averages finished well off their best levels, though, after spending much of the afternoon drifting sideways and giving back some of that gain. Participation, we all get a participation pin.

The benefit was a little bit broader today. It was notably healthy for a second consecutive session. To get to all-time highs and to maintain a bull market, you need names like Constellation Energy to do better, up 12% today. They announced a 20-year power purchase agreement with Alphabet, up 1.25% today. So, nuclear energy did well today. They're gonna support 890 megawatts of new nuclear capacity through upgrades at 11 existing units across six sites.

Vistra Corporation, up 10.7%. NRG Energy, up 7%. They also had those sizable gains, leaving several electric utility names amongst the day's strongest SP500 performers.

The IT sector was up 6.7%. NVIDIA encountered some profit-taking after reaching a fresh record high. It's kind of like a nice, crisp shower. A fresh record high. It feels good. But there was a little bit of profit-taking. Marvell. No, no, no, not the Spider-Man comic book creator, but Marvell's semiconductor up 5.8% today. Management raised their 2028 revenue outlook to 20 billion from 18 billion. That's a couple billion. That's 10%.