Closing Bell: 9/4/26

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**Scott Wapner** (1:00)
All right, guys, thanks so much. Welcome to Closing Bell. Scott Wapner live from PostNight here at the New York Stock Exchange. This Maker Breakout begins with the debate over stocks. We're going to ask our experts over this final stretch where they see the markets heading in the weeks ahead with some really critical inflation data and that Fed meeting looming in those weeks ahead. Here's the scorecard today with 60 to go in the week. The Russell's green. Everything else is red. Better than expected. Jobs report. Well, it at least has yields back in focus and we're watching the curve yet again today. It is now green all across it. Short end, long end, all green. We're also watching Meta. We're watching NVIDIA and Apple. Pretty nice weeks, though Apple's now turned negative today. It's been a decent week. NVIDIA, this doesn't really give you the week, but trust me, it's been good. Some pretty good strength in the semis too. Software, a little bit mixed and that's been a great story to follow, but there's a pretty good picture about how we're gonna end this week. Does take us to our Talk of the Tape, whether the bull case is still strong. Let's ask Jeremy Siegel. He's the Wharton School Professor of Finance, Wisdom Trees Chief Economist. It's good to have you back, as always.
Okay, so Jobs Report was better than expected. We're in a historically rough month.
How do you see things today?

**Jeremy Siegel** (2:19)
Well, I thought it was a very good Jobs Report and a non-inflationary Jobs Report because actually there were more people that actually entered the labor force than actually were employed. The unemployment rate, when you didn't round it, actually went up a little bit, which means this was a supply response, not too much demand, wages completely under control. You know, I thought this was a great report. Now, I know the probability of an increase went up a little bit. And I'll tell you, in September, this is a real live meeting for Kevin. And I would say if the midterm elections were not on the horizon, the Fed would raise rates. But, I mean, my God, I mean, Trump's tweet today, not only did he say, you know, keep them the same, he said, if you don't lower them, I'm going to start, you know, raising tariffs across the board on all these countries. I mean, that's crazy.
So let's hope that that doesn't materialize, but don't think that he is not going to be under political pressure in the next two Fed meetings.

**Scott Wapner** (3:40)
Oh, I don't think there's any question about that, but if he did hike rates, like you say, there's a possibility he would, as I said earlier, this afternoon, the roof would blow off of 1600 Pennsylvania Avenue, and you know that would be the case, but you don't actually think they're going to raise rates, do you?

**Jeremy Siegel** (3:59)
I mean, the data tells me there is room for some interest rate increases. If he delays them until after the election, so until December, is that going to be a tragedy for the economy? Now, clearly, if things get really heated, if inflation continues to rise, and I mean, Iran is a wild card, and they may decide to step up their missile attacks before that and send oil higher, and that sends bond higher, the bond market might tip Warch's hand, saying, listen, you know, they're telling me, I've got to make a move to get that inflation under control. And by the way, I think a strong move by the Fed might actually lower long-term rates by saying, hey, the credibility of the Fed is on the line, and we are going to act. But hey, he may try to convince Trump of that.
I don't think Trump is going to be on board with that reasoning, no.