And the turmoil in the market prevails

0:00 Speaker 1 With us today is John Charity to give us an update. What happened in the financial markets last week.

0:07 Speaker 2 We made it through a very difficult week, didn’t we. John. There was twenty billion dollars of market cap giving us their earnings in the past five trading days. We’re now halfway through first quarter earning season. Big tech names to come next week. And the S and P five hundred has been up for nine days in a row and

0:24 that’s the first time that has happened since two thousand and four. Can you believe it? And I wasn’t all great news. We saw GDP in the first quarter declining for the first time in a number of years. And the ISM manufacturing survey came in lower, though not as low as had been expected. But the markets were up

0:40 for two key reasons. On Friday, the non farms report, the government jobs reported for April one hundred and seventy seven thousand new jobs added in the month. That’s the second best for the year, unemployment rate at four point two percent, holding steady. And then out of China, the Chinese Commerce Ministry and this means this is formal, did

1:00 not come from them, it would be speculation, but this is formal. They are opening the doors to talks on trade. So the door is open. But I used to work for the Chinese and I know that they will fight this to the bitter end. Also, there was a report from the Wall Street Journal suggesting that there may be

1:17 a fentanyl deal on the table in order to kick start those talks with the Chinese company. News last week, Meta Platforms beating earning expectations because of AI and advertising, Microsoft doing the same because of its cloud business Azure Amazon aws. It’s cloud business up seventeen percent in the latest quarter. Apple beating Wall Street expectations but announcing a

1:38 nine hundred billion dollar tariff hit potentially nine hundred million dollar I think tariff hit, and also saying that the Chinese sales have been disappointing. They also announced a one hundred billion dollar share buyback General Motors, warning about tariff’s as well, saying they may take a five billion dollar hit anyway. John in the week to come, Monday, earnings

1:58 from the Ford Motor Company. On Tuesday, AMD, which is a major microschip maker. Wednesday Big Day Walt Disney and Uber. And on Tuesday, the new Canadian Prime Minister Mark Carney will meet President Trump at the White House. Wouldn’t you wish to be a fly on the wall for that one?

2:13 Speaker 1 Yes? You would, Yes, I would. I mean I was talking to Whitcough last week and he was in the same room we’re putting for five hours. Won’t you want to be a fly on the world.

2:29 Speaker 2 You know, I’ve been a journalist for many years and that would be one of the prize moments of anybody’s career, I think, to say the least.

2:39 Speaker 1 Well, John Tarrett, thank you for coming on, Thank you for the update. And God bless America and we need God’s blessing because we want to go forward to newer highs and make the market have a comeback.

2:52 Speaker 2 Well, let’s see what happens next week, but we’re certainly set fair at this point.

2:56 Speaker 1 Thank you. Thanks John,