Corporate Earnings and Fed Decisions Set the Tone for Wall Street

0:00 Speaker 1 Sunday morning. What’s going on with the markets? With us today is John Tarrant, one smart guy, one good friend. John Tarrant, give us a report.

0:10 Speaker 2 Hi, my dear friend. Thank you very much. Well, of course, third quarter earnings season got underway last week. And the first big name out of the hat on Thursday was Pepsi. Strong demand from overseas, less so here, also facing higher costs.

0:20 So the stock was down. On Friday, we heard from Delta Airlines. And for the first time in two years, they turned in a miss and they cut their forecast. This is because of the fuel surge going on caused by the Middle East situation. And this, John, as you will know only too well, from a company that owns

0:35 its own refinery here. Like you do at Traynor in Pennsylvania. Now, the only way out of this conundrum for the airlines is to have higher demand. And Delta’s CEO says at least demand remains high into the fall. On Wednesday, we got the minutes of the last meeting of the Federal Reserve in September. They showed that they were unanimous. All

0:53 19 of them wanted that rate hike that we got. And there’s widespread support for another one before the end of 2026. Now, the Fed meets next to discuss interest rates on the 27th and 28th of this month, and there’ll be much more data between now and then for them to peruse. Also, on Friday, we learned the Trump

1:08 administration’s put together a committee to investigate Fed Governor Lisa Cook on alleged false statement allegations. The crypto story of the week was that Bitcoin steadied at around 82,000 after President Trump ruled out another strike on Iran before the midterms.

1:23 And so, John, to the week ahead. The third quarter earnings season gets underway proper now with the big banks, which I know you’re fascinated by. And indeed, we could fill an entire program just talking about bank earnings. We won’t do that, of course. On Tuesday, JPMorgan Chase, Goldman Sachs, Citi and Wells Fargo. On Wednesday, Bank of America and

1:40 Morgan Stanley and other big names this coming week include UnitedHealth, Johnson & Johnson from New Jersey, and BlackRock.

1:47 Speaker 1 John. Well, John Terry, thank you for the update, and God bless America. I mean, you know, I promised the world $ 60, 000. I’m not sure it’s going to make $ 60, 000, but we’re doing well. Thank you so much.

2:02 Speaker 2 All right, John. Thank you. See you next Sunday. Thank you.