Afternoon podcast 9-22-26

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 (0:44)

Interesting day on the markets. Yesterday, we hit an all time high on the NASDAQ. The S&P 500 got close. Today, same old story. NASDAQ hits an all time high, the S&P 500 close. The Dow Jones Industrial Averaged down one third of one percent. The Russell 2000 was a big winner up one half of one percent. What was going on? Well, this morning, I looked at my largest holding, and I saw that it was an all time high. I was like, sweet.

It didn't close at an all time high, but it got into that territory. It's nice to see. Am I excited? No. It's just not how I operate. I don't have a lot of greed or fear or happiness.

One of my girlfriends in college was lovely and talented Amanda, and she worked as a nurse coming out of college. And she worked at a, I want to say, for lack of a better word, a Shriners hospital. And one of her patients was tied towards a very rare disease that the kid couldn't smile. I don't think I've ever told this story on air.

That's kind of how I am when it comes to money and stocks. I just don't get that excited. The major averages finished mixed today as continued strength in semiconductor stocks and improving participation beneath the surface offset pronounced weakness in financials and other pockets of the large cap markets. S&P 500 was unchanged. The NASDAQ was up 1.5 of 1%. The Dow Jones Industrial Averaged down 4.0. The Russell 2000 up 1.5. The S&P mid cap 400 up 3.0. So not everything was working, but some of it was.

How do you feel about the markets right now? Because we're kind of getting through the month of September, and it has not been easy. I once was in Amish country, and I got an inappropriate and indecent proposal.

They wanted me for my DNA, but not for my love, not for my parenting style, not for anything. They wanted my DNA to help the community. And that's not a lie. I got asked. I was going to be given $300, which was a lot of money.

And I was too freaked out by it. Sorry. Freaked out. Got to go. No, thank you. Semi-conductor stocks. Those are two stories I've never told on air. That's so funny. My cheeks are going to hurt tomorrow because I'm smiling right now. Semi-conductor stocks remained the clear source of support for the market. The Philadelphia Semi-conductor index climbed 2.1%, helping the information technology sector up as well. Chip stocks reached fresh highs during the session after President Trump reiterated his support for continued AI development during the UN. General Assembly Address, saying the US should be careful with the technology, but not stifle it. AI and just hope that it works.

I'm not going to say anything. The financials, they got beaten up today. Little Rocky Balboa style. Do you remember seeing Rocky Balboa for the first time and when he cracks like a dozen eggs and drinks them?

Rob Black (4:22)

Are you crazy?

Rob Black (4:24)

Like, I'm going to do that when I get home and I'm going to become big and strong like Rocky Balboa. And then, no, not so much. Charles Schwab was down 6%. Allstate was down 5.5%. What happened?

Banks, regional banks, insurers and asset managers, they're all paying attention to that flattening yield curve. Then you had Meta Platforms down 2 thirds of 1%. The New York Times reported that Meta's Muse AI agent has helped users find insurance. Ah, that's what it is. Highlighting the potential for AI agents to disrupt established consumer service channels like financials. And then that jumped over to Expedia Group today, as we also started putting one-in-one together that Muse could be used for booking and travel and vacations. Moderna was up 5.5% today.

Healthcare, biotech, and pharmaceutical. Long-term positive. Short-term, you gotta pick the right company.

But Moderna is hitting fresh multi-year highs. Crude oil was lower despite recovering substantially from its overnight decline. The swings in Crude today were mirrored to some extent in the treasury market.