Yields Surge, Stocks Fall… And Apple’s Foldable Phone 9/9/26

17:36Tim Seymour:So if it doesn't, then is there anything the Fed can do? The Fed can be very clear in terms of its messaging. One, you deliver 2 % inflation. You don't deliver it overnight. It's going to take time, and it's going to take a monetary policy stance that remains relatively restrictive. That's number one. Number two, you are aware of the potential risks to the economy. You have to talk about potential scenarios. We're in this highly uncertain environment. The tendency when there is uncertainty is to not do anything. You can't appear as though you're not doing anything and just watching and without necessarily acting.

18:12So you have to say these are the potential scenarios. This is how I would react in this environment.

18:17Tim Seymour:He's not going to do that. It's not Ford guidance. That's the problem. Kevin Rorsch has confused us all by mixing Ford guidance and a reaction function. Afford guidance is essentially an unconditional resolve to do something. No matter what, I will tighten monetary policy. A reaction function is conditional. If inflation does not move back towards a 2 % target, I will tighten monetary policy. These are very distinct things. The latter, the reaction function, is 101 for a central banker, and that should be expressed by the Fed chair. Great to see you. Thank you. Always a pleasure. Rick Daco, EY Parthenon.

18:52Melissa Lee:Parthenon. Carter's into Parthenon as well.

18:54Tim Seymour:That's a different Parthenon. Sure, he could be in the Parthenon too.

18:58Melissa Lee:Makes a great point, and he should be because the points he makes are excellent. I'm of the belief, look, I don't think they should raise, I don't think they should cut. The point we've been making is they could probably do nothing until the spring and be okay. But the problem with that is the bond market's doing everything for them right now. I mean, you say what you want, but Treasury is basically fighting against the Federal Reserve right now and the market's taking over, and you're seeing it manifest almost on a daily basis in currencies and obviously in the bond market.

19:22Tim Seymour:We haven't even talked about the central bank meetings that are happening next week and how traders are vastly expecting all of those ECB, BOE, BOJ to all raise rates and decisively raise rates by the end of next year. Yeah, they have single mandates, so that differentiates them. But the poll higher. Oh, yeah, it's a global. We live in a global rate world. So wherever the direction is, normally that's where all central banks go to. And that's why you see those odds of him raising reach 60 percent. But a month ago, we had CPI that everyone was talking about was the lowest print in I don't know how many years.

19:57So you could see that flip on a dime. I'll tell you, I'll wrap it up with one last thing. Five-year, 10-year, 20-year break-evens, don't tell me inflation is running away. They're right at the Fed's 2 % and small target.

20:08Tim Seymour:All right. Meantime, oil prices rising for a seventh straight day after the latest round of strikes in the Persian Gulf. WTI crude hitting its highest level since early June, while Brent topped$100 a barrel for the first time in nearly seven weeks. The move helping energy stocks rally today. The XLE closing at a fresh record, led by gains in APA. Exxon Mobil, Chevron and Valero. Carter, what do you make of this move? Well, again, we've only just now got back above the pre-sell-off high. So a major drawdown, a major recovery. There are areas that are very extended and we're sellers of those. That's particularly PSX, Valero, MPC.

20:45Nothing wrong with Chevron, nothing wrong with Exxon and others. Generally speaking, obviously a very small sector, 3.5 % weight. And ironically, the biggest sector at 38 % weight, tech, they're both up 48 % here to date. So little guys can sometimes do big things.

21:03Melissa Lee:Energy, I think, again, one thing we've talked about now for a good deal of time, probably the last year, year and a half, is how attractive energy stocks are. Now it's happening right before your eyes. And you have XLE at an all-time high. Crude is not nearly where it was in the spring. and it goes yet again to show you you don't need crude to participate for these stocks to and refiners do well downstream oih seemingly is breaking out you stay with the energy trade here

21:27Tim Seymour:coming up rough times for retail the stocks getting hit hardest today and whether it's time to scoop up the names on the discount rack plus a day late but not a dollar short meta shares rallying the day after its big ai agent reveal why investors are rushing in and whether you should too don't go anywhere fast money be back in two

22:14We'll be right back. That's unstoppable energy.

22:48This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information-packed daily market preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions, and key results and statistics that may impact your trading. Download the latest episode and subscribe at schwab.com slash marketupdatepodcast or find Schwab Market Update wherever you get your podcasts.

23:20Tim Seymour:Welcome back to Fast Money. The consumer trade under pressure again today. Shares of convenience store Casey's General seeing their worst day since 2020 despite an earnings beat and revenue beat. And pet supply company Chewy down double digits as consumers pared back spending on their furry friends. Poor friends. Other consumer stocks like Lululemon and Nike adding to their rough runs and even recent darling Target saw a pullback in today's session. How would you define this weakness? Well, let's see. There's players joining what has been going on for a while, right? So Walmart and Costco, really the two biggest in many ways, regardless of the fact that you might say it's a grocery store, have been stalling and rolling, topping out, bullish to bearish reversal sales for months.

24:05And then TJX joined the party. You see dropping things like a Casey. And then Burlington out of nowhere. So it's one after another. The XRT, there are some names. Look at Abercrombie and Fitch bringing out two big new highs. But the general space of consumer discretion is poor because of Tesla and Home Depot. And then retailers in particular. Then you've got marquee names like, think about it, Disney and Nike. Just the whole space is generally not a place to be. Plus, if you look at results, to Carter's point, you have to pull out who got the biggest tariff refund checks. So we saw Nike get a big check.

24:45We saw Target get a big check. Walmart got the biggest check of all, but said that they were putting that back into savings for the consumer. FedEx, UPS, they were giving rebates back to the consumer. Try to see who's beating, who's raising guidance based on a one-off, non-duplicated issue with a tariff refund check. And see, Lululemon got a check, not as big as the other ones, but they're still getting checks. See who's beating because of those tariff refund checks that will not be duplicated next quarter.

25:18Tim Seymour:Even aside from refund checks, I mean, you take a look at Nike, and Nike's just in the doghouse, regardless of how big a check or if it's going to be required, whatever it is. Yeah, Nike's its own probably story.

25:28Melissa Lee:I mean, a lot of Nike's self-inflicted. But listen, competition comes in a meaningful way when you least expect it. And that's what, look, Lululemon's going through the same thing. Specialty retailers where hope goes to die, a great line from Jeff Mackey, and it's playing out over and over again. But I will tell you, American Express made its high. Carter probably looking at it now in January of this year. It's traded poorly since. It's up again and up, uptrend, and it feels like it's going to break through it. Now, why do I mention that? Well, guess what? They take credit risk. And this is a premier brand.

25:57Melissa Lee:So delinquency rates are up. Nobody's talking about it. They should. The consumer is not nearly as healthy as people want to believe. Yeah. And just talking to Greg. Yeah, to Greg, he was going to say, you know, 4.1 percent. We're in full employment. We've had wage growth. If inflation comes down, that should be good for the consumer. But then you go forget the discretionary names, you know, especially retail, that sort of thing. I mean, you know, Dix is tracking Nike. You know, we know Lolu and the list goes on and on. But it's Walmart and it's Costco and it's Kroger. And if you're just looking through the way that these stocks act, it's going to tell you, I think this is what we're all trying to say here, it says something very different about a consumer, at least the way investors are expressing that view in the markets.

26:37Tim Seymour:There's a lot more Fast Money to come. Here's what's coming up next. Better late than Meta, shares getting a boost as Wall Street perks up to the company's latest AI reveal, The new agent taking on the competition and what it could mean for the stock's future. And speaking of new tech, everything you need to know from Apple's product event and the bold fold coming for your iPhone. You're watching Fast Money live from the NASDAQ market side in Times Square. We're back right after this.

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28:10Melissa Lee:Hey, Fidelity. Can I get a second opinion on stocks in the Fidelity app?

28:15Tim Seymour:With Fidelity, it's easy to get an outside opinion from independent experts in a single score.

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28:54Tim Seymour:Welcome back to Fast Money. Meta popping nearly 7 % a day after unveiling its new personal AI agent, Muse. The company is selling the product as a tiered subscription service with a free option, as well as tiers with monthly payments of$20 to$100. Meta was the only Mag7 stock in the green today, is now up more than 10 percent in the last month. Wang, Alexander Wang, who's the chief AI officer at Meta, said last night that the usage of Muse was way past their expectations at this point.

29:22Melissa Lee:And it's going to be. I mean, on a free basis, I mean, they're basically giving you the memory and the compute that's like in a lot of computers they could buy. And it's for free and it's on their servers. And so here's the opportunity for them to obviously monetize that spend that they've been penalized for relative to a bunch of their peers. And, you know, they have that distribution. We talked about it last night. It's the combination of subscription and then transaction revenues is going to be something that is very new to this company for all intents and purposes. And they're finally monetizing WhatsApp.

29:51Melissa Lee:So, again, I think this is going to be something. Might it be Threads? Might we look back in, you know, six months or something and say, yeah, I mean, Threads was the fastest growing app, I think, since TikTok. when they released that a few years ago, and no one even talks about it. No one uses that. So this company has had some fails, but this seems like agentic AI, this is the right time for it. And whether it's going to be profitable for them or not, we're not going to know probably for a year or two.

30:16Tim Seymour:You had an excellent point last night, and I'm highlighted because they're so... Write it down. Dan, Dan, write it down now. I thought you were being sarcastic. No, but in terms of the information it has access to on the meta platform, Maybe it may not be as useful to an AI agent to actually do work that needs to be done for any individual user. If it's going to go through your social media and your WhatsApp, et cetera, it doesn't have an email. It doesn't have all these other things that maybe a Gemini or an Apple Siri AI might have.

30:49Melissa Lee:Dan embraces technology like no person that I've met. The other point we made last night was the risk-reward, if you want to use that term for Facebook here, is extraordinary. I mean, there's a limited downside. There's huge upside for a company that basically has half the global population on one or all of its platforms. So you flip this switch and this could be a huge mover. We said it last night, the stock moved today. I still think there's more upside in the name.

31:14Tim Seymour:Why do you think more upside in the name? Well, let's talk about the current move, right? We've moved up 25 percent off of the low. So this is a stock that peaked 13 months ago. It was August 15th. Here we are, September 15th, 13 months later. What was it,$800 a share? It drops to almost 525. And now this is the fourth, count them, ricochet of 25 % or greater. And each one of them failed. Yes. And it's up to a downtrend line. I think you take profits if you caught this well, reduce exposure somehow. Yeah, it's been to that point. It's been in a declining trend line for a year now, a little bit over a year.

31:50But when you think about trust and you need trust for this type of endeavor, you don't think about meta first. Right. Right. It's just I mean, not to be glib, ask the Winklevosses. Right. This was based on something that I don't want to bring, you know, so far back. But when you think about everything that they've done along the way, they spend too much, then he cuts back. What I love about it is that he can throttle better than nobody when it comes to the investment. I'm not sure about this when trust comes into play in addition to the CapEx spend.

32:21Tim Seymour:Coming up, biting into Apple's latest product event, the AI updates and new devices and how CEO John Ternus fared in his first showing. The details and analysts' reaction when Fast Money returns.

32:45Tim Seymour:Welcome back to Fast Money Stocks Lower for a third straight day as rates continue to climb. The Dow falling 400 points, S &P 500 down half a percent, NASDAQ down six tenths of a percent, and the NASDAQ 100 also posting a small loss. And a communication breakdown in telecom stocks. Comcast falling nearly 7 percent, Charter dropping 8 percent, with AT &T and T-Mobile lower as well, both down about 2 percent. Adobe shares slightly lower after hours. OpenAI reportedly will no longer accept chat GPT advertising for image and audio products that compete with its own features. That includes Adobe's.

33:18Tim Seymour:Adobe reports tomorrow after the bell. Well, Apple shares are closing a quarter percent lower after its product launch event. The first with John Ternus, the CEO. The company unveiling the next generation of iPhone, AirPods, and AirWatch. But perhaps the most closely watched device was the iPhone Duo, Apple's first foldable phone. Mackenzie Cigalos is in Cupertino with all the details. Hey, Mac. Hey, Mel. So the iPhone Duo is the device that everyone wanted to get their hands on today. And I just tested it here at Apple Park. It starts at$19.99, but max it out with two terabytes of storage, and you are just shy of$3 ,200, a new high for a mass-market smartphone.

33:56And that gets at the broader strategy here from John Turnus at his first event as CEO, push consumers further up market while making the duo additive to the Apple ecosystem, not a replacement for another iPhone. There's no base iPhone 18 this fall, just the Pro and Pro Max. An iOS 27 handoff lets your phone number follow you across iPhones, encouraging Apple's installed base to own both a foldable and a pro. Ternus also positioned the iPhone as Apple's central AI device, with Siri working across the ecosystem. Now, the most consequential example may actually be on the watch. Siri recap and audio intelligence effectively turn it into an always listening AI device.

34:37But much of the new Siri experience today was demoed, not something that we can test out ourselves at this point. And even when iOS 27 rolls out Monday, Siri AI will still be gated behind a wait list. Mel?

34:50Tim Seymour:I guess this was sort of an answer to the concern that this would be cannibalizing, right, future iPhone sales. The fact that you can sort of port the information across devices. exactly and i mean this has been part of the reasoning behind why we've waited so long for a touchscreen macbook or a foldable in and of itself you don't want to cannibalize your existing lines and that's why also when you price it out like this the apple upgrade this new leasing program that they established a few weeks ago you're almost at a price point that is so high that you have to opt into this kind of system so forcing people's hands into this premium end of the spectrum is a lot more palatable.

35:28You take the sting out of the sticker shock when you break it down into these monthly payments. A leasing system, of course, encourages you to upgrade every year. And that's been the standing problem for Apple for a while now. The fact that they would have these super cycles and then these multi-year lulls. And if you move into a leasing model, then you shy away from that. And then in terms of your point about the foldable being additive and not a replacement for a pro and a pro max, that is really key here. They are trying to make this, they want Siri AI to be the connective tissue across all of these devices.

36:00And the foldable would just be the new cool factor. Because at this point, it's what, 2 % of the overall smartphone market? There's a question as to whether Apple can change the calculus here for the broader foldable scene, including for the names like Samsung.

36:13Tim Seymour:All right, Mac, thank you. Mackenzie Cigalos. For more on all of this, let's bring in Gene Munster, managing partner at Deepwater Asset Management. Gene, great to see you. I take it from the notes that you like this device. I'm wondering, from a product portfolio standpoint, what hole does this fill in the Apple lineup? Well, it fills a hole about where humanity is going, which is this insatiable demand for content. And people get up in the morning. It's the first thing they look at. They touch their phone and look at it 100 plus times a day. It's the last thing they look at before they go to bed.

36:48And I think that's the market, the foldable market that hasn't played out. because the last five years, Samsung and Google really haven't had devices on the foldable side that people want, 2 % of the overall smartphone market. So it's not necessarily filling a hole in the product lineup. It's really in terms of, I think, an unfortunate reality of how humanity is playing out. And I would say going into the event that my expectations, like this was not, I knew the foldable phone as everybody knew that it was coming. It was not on my list of what I think the big takeaways are, but after seeing it, I'm convinced that this was a really big deal for Apple today.

37:24And as far as filling that product hole, effectively what they did is they launched the first product, consumer product, that people really want. I mean, Vision Pro really didn't hit the mark since basically the AirPods came out in December of 2016. And so what that means ultimately is this device is, even though it doesn't fill a hole necessarily in the product lineup, I think it's probably going to account for 5 % of probably 8 % to 12 % of iPhone revenue, 5 % of overall revenue. This is going to be like the AirPods effectively, and that's really notable.

38:01Melissa Lee:Gene, what do you think that will be? Because let's just do a little math. You talked about Vision Pro. They sold, what,$400 ,000 or$500 ,000 of them over a couple years, and you do the math on that. It was a product that generally, you know, I think a lot of people tried. They just kind of got rid of it. It didn't really do that thing. And I know you're big into, you know, physical AI and spatial computing, that sort of thing. I look at this and I say to myself, okay, if they were to sell a million of these over the next year, let's say an average price point of$2 ,500, we're talking about$2, 2.5 billion.

38:31Melissa Lee:It's like a rounding error on that number. So when you think about it as an investor, yes, the signaling of it looks amazing. It looks like a great device. I just would not have any interest in this thing for a very long time. It's too big. You know, it's just whatever. And I think we'll look back, and I think this will be the way it plays out, Gene. But I'm just saying from a financial impact, like as someone who's looking at the stock, would this be the sort of thing that would get you excited to go out and buy the stock? I think it would. And, Dan, I love our back and forth over the years. And I would propose here that to kind of revisit this conversation for fun a year from now, I think that they'll do 20 plus million of these in the first year.

39:13And where I get that math from is that if you look at, I mean, really what they're going to first take from is the iPhone Pro Max base. That's about 30 percent of total iPhone revenue comes from Pro Max. If they take a third of those, just the ASP bump is 54 percent. So if it fully cannibalizes, you still get a 5 % lift on the iPhone business overall. And so just to put some context, that excludes any sort of other upgrades coming from Pro or any of the other models. And so my sense is that, I mean, the big negative here, I haven't actually held one, but from what I hear in talking to people who have is it's heavy.

39:47That is a negative. But I think the experience is going to be remarkable. Again, I went in on the same page you were, Dan. And I thought that this was going to be a rounding error, that it's nice, cool tech. But I just come back to, unfortunately, this is what people want. They want a device that they can just plow all their attention into. And it's really cool. The animation when you open it up is just spectacular. So I'm in the camp that this actually is going to move the stock higher over the next week.

40:15Tim Seymour:All right. Gene, always great to speak with you. Thank you. Thank you. Gene Munster, Deepwater Asset Management. Well, we will see in a year, you know, if it does fill that hole of humanity desiring content, which is an interesting way of thinking about a device. But, you know, I hadn't thought about it until when Gene actually said that in terms of how we consume. And if we have a phone, it's a single screen. That phone is a double screen basically to consume content at the same time or a larger screen to game or look at a document or whatever. I mean, it kind of grew on me in just that sort of.

40:47Melissa Lee:Gene said going in that he was a bit of a skeptic, and he came out saying, you know what, he's a believer now. He also pointed out in a tweet earlier today that it looks like they're going to split the upgrade cycle, which sounds like, well, it's still one plus one equals two. But his point in splitting the upgrade cycle, it's not. It's actually one plus one could equal three. So there's some tailwinds there as well. Listen, Gene is the guy to go to here. You know, he's been positive, negative, but right now he seems to be sort of geeked up. The valuation is a concern, but again, it's been a concern for a while, Milms.

41:18Melissa Lee:The Apple chart. Well, I mean, the here and now chart is decent, right? It's an uptrend, albeit not a particularly exciting one. I guess the big issue is Apple's relative performance to other choices one could have made, right? And we know that Apple's relative strength line or relative performance chart peaked exactly four years ago. It was in the third week of September of 2022. Four years later, it remains a real laggard. What's going to change that? I don't know.

41:45Tim Seymour:Coming up, could AI kill us all? A stark warning for one top AI researcher and why he says there is a chance that the tech could end humanity. Much more optimism when Fast Money returns.

42:06Tim Seymour:Welcome back to Fast Money, a series of posts about potential risks in AI making waves today. Researcher Jacob Coxson resigning from Anthropic, accusing it and OpenAI of racing towards superintelligence at the expense of human safety. One of Anthropic's safety leads echoing that warning, putting the odds of a human extinction, extinction in the next decade above 10 percent without a course correction. Earlier in Closing Bell Overtime, we talked to George Kurtz, CEO of cybersecurity firm CrowdStrike, about AI safety risks. Here's what he had to say.

42:38Melissa Lee:now the new apex predator is the agent state right and they're not at at your perimeter they're on your payroll so we're actually think about this corporate america everyone is letting them into their own environment and what happens afterwards they're having a hard time controlling it so i think from the standpoint of how you get in front of this is you have to have the right level of ai and focused on security activities it is interesting that we are you know as a

43:06Tim Seymour:society, inviting AI into our homes, into our lives, into our businesses. And yet we don't really know how well our defenses can actually protect us from what those agents that are so capable and improving themselves constantly can actually do. Yeah. Well, I think if you go back in history, right, nuclear war during JFK and the Cuban Missile Crisis was probably more than 10 percent chance of a nuclear war. So I think we're always battling with humanity. Like, What's the next thing that's going to take us out? The ice age, nuclear war, AI. I think it's always going to be there. And do I believe there's a chance?

43:40I would think a lot of safeguards have to be hurdled before we get to human extinction. I think it could be cumbersome. I think we could see a lot of negative headwinds, but I'm not buying the 10 percent human extinction.

43:51Tim Seymour:Let's let's dial that back and not and say it's not extinction entirely, but maybe physical harm to a factory, physical harm to human beings. I don't know. I feel like that's a decent chance. Maybe not extinction. All very speculative and hard to make.

44:11Melissa Lee:One of the points that's being made is everybody rushing to be first. In the rush to be first, you sort of look past some of the potential pitfalls. And therein lies the vulnerability, I think. So I don't know how you trade 10 percent extinction. But what I'll tell you is all these security names, these cybersecurity names, Z-Scale or Palo Alto, I mean, they're volatile, but those are the names you have to own in this environment. I think it gets worse before it gets better with this technology. And I think to your point, there's figuring out what the vulnerabilities are, right? And we have that example just with OpenAI and Hugging Face.

44:42Melissa Lee:There was another one with Anthropic. You know, it's great to hear these security guys. They obviously have a huge vested interest in kind of, you know, being a bit of a firewall, pun intended, there for all this sort of stuff. But there's going to be some disasters. You know, people are going to die. I mean, it's just that simple. And we're already starting to see that. There's massive lawsuits against these, you know, anthropic and, well, maybe open AI. I don't know about anthropic, about, you know, suicides and all this sort of stuff. So it clearly gets worse before it gets better. But in the meantime, there's some fun stuff going on.

45:10Melissa Lee:It's a piece of technology.

45:11Tim Seymour:Coming up, Oracle results on deck. Can the software stock keep its late summer momentum going after its results and what the traders expect from the numbers? More Fast Money in 2.

45:29Tim Seymour:Welcome back to Fast Money. Oracle shares just in the red today as the software company gears up for fiscal Q1 earnings after the belt tomorrow. That's a key test, of course, for the AI trade. The stock hitting a record after this earnings report exactly one year ago. Its market cap briefly topping a trillion dollars. Shares have been cut in half since then. They've been trying to mount a comeback over the last few weeks. So what do we expect here? Grasso. Yeah, so if you look at the chart, and Carter's here, so I'm sure he'll weigh in on this. It's down 17 % year to date. And when you think about the stock, what do they have to do to force a re-rating of this stock?

46:04So there's got to be some sort of a free cash flow inflection. There's got to be cloud growth. Cloud growth has been great. They've got to continue with their cloud growth, inflection on free cash flow, and then maybe some pillar AI contracts. But you can't tell me that the worst news isn't already priced into the stock. I think upside is at risk now versus downside. What's your take? Yeah, I mean, 350 to, what, 115. And I think those are good lows, those lows back three, four months ago. Early stage bearish to bullish reversal buy.

46:41Melissa Lee:12 % implied move. I think 10 in the last 12, you've seen moves of 8.5 % or more. So stay tuned, sports fans.

46:49Tim Seymour:Up next, final trades.

47:02Tim Seymour:Final trade time. Stephen. Oracle. I think the risk has been taken out. The majority of the stock. Carter Braxton North. General Motors. Among so many very poor consumer discretionary stocks, we like this one. Dan Nathan.

47:15Melissa Lee:Yeah, Metta. I'm with Carter. I think it let this one go. I think there was a lot of good news in the stock. Guy. I just want folks to know that Mel was just saying she would be locked into this Patriot game this evening against the Seattle Seahawks. Just so you folks understand her love of sports. Southern Copper, Melissa.

47:32Tim Seymour:Thank you for watching Fast Money. Mad Money with Jim Cramer starts right now.

47:44All opinions expressed by the Fast Money participants are solely their opinions and do not reflect the opinions of CNBC or its parent company or affiliates and may have been previously disseminated by them on television, radio, internet, or another medium. You should not treat any opinion expressed on this podcast as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of an opinion. Such opinions are based upon information the Fast Money participants consider reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such.

48:11To view the full Fast Money disclaimer, please visit CNBC.com forward slash Fast Money disclaimer. This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information-packed daily market preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions, and key results and statistics that may impact your trading. Download the latest episode and subscribe at schwab.com slash marketupdatepodcast or find Schwab Market Update wherever you get your podcasts.