The Jon Sanchez Show

07/05-The week on Wall Street

In many scenarios, Wall Street can view good news as bad and bad news as good. This is what happened this morning when we received June’s Non Farm Payroll report. Job growth is slowing yet Wall Street doesn’t mind. Why? Because they want a fed interest rate cut sooner rather than later. I’ll share with you the report and wrap up the week on Wall Street,

Duration:: 35m
Broadcast on:: 06 Jul 2024
Audio Format:: mp3

Good Friday Evening to you, and welcome to the John Sanchez Show on Newstalk 780KOH. It's a pleasure to be with you. Continue to fly solo Mr. Gaunt on vacation this week so it is aye'd commending the ship as they say. Well, you know, before I tell you what this show is lined up about, first of all, I hope all of you had a great, great 4th of July and hopefully you have the day off today making it into a nice long weekend. But here's the situation. Do you find that the older you get, the less crazy 4th of July is for you? I have the most quiet 4th of July I think that I've ever had. None of my kids were able to join me and you know, everybody's living their own lives and so on and so forth and you get older and you go, "Man, remember the day. Remember where you just, you know, run around taking care of the kids and a mind you mind or, you know, youngest is 26, oldest is 40." So they're pretty spread out, but all obviously grown adults. But you know when there were teenagers and stuff, how fun 4th of July was and of course when they were younger with all the fireworks and sparklers and everything else, it's just another one of those holidays where it's like, "Man, I miss the kids being younger." So yeah, mine was okay. It wasn't great. It was okay. It was like I said, very quiet and again, first time I've ever really had that last year we were all together and this year we weren't and it's like, "Man, miss those little guys and girls," you know? But anyways, like I said, it was, it was just, I probably should have done the show last night, you know? I really should have. It was kind of that boring of a 4th of July. But like I said, I hope yours is better, I hope you're staying cool, spending some time out at the lake or on the river or wherever you may be or just sitting in an ice air condition house to battle this heat that's going on. So anyways, I hope it was good. Like I said, that's the bottom line. Now, let me tell you what I have lined up for you. You know, I was thinking about this when I was thinking about this morning, when I was thinking about tonight's show topic and here's the following, you know, we face so many different scenarios on Wall Street, good times, bad times, you know, average times or things are kind of boring even though that doesn't happen very often anymore. But what's interesting about Wall Street is Wall Street can view good news as bad and bad news is good. You've heard me say the analogy a million times. Do we look at the glass half full or do we look at the glass half empty? Well, this is exactly what happened this morning at 5.30 when we received the June non-farm payroll report. Job growth is slowing. All the signs are there. Wages are not growing as fast as they wanted. Job growth is slowing. We got a big, as I'll share with you, a big revision for the last two months. So for April and May, dropped the number of jobs that originally the government told us that we were, you know, received, dropped them dramatically. And so, you know, the signs are starting to be there, right? Now, again, back to good news is bad, bad news is good. So when this report came out this morning, we saw a nice little reversal in the Dow feature, same with the S&Ps. They weren't all that bad as far as being lower prior to the release of that report. But as the day progressed, everyone sat back and went, ah, you know what? This jobs report wasn't too hot, wasn't too cold. My old Goldilocks scenario I always share with you. And we can look at this and say, you know what? This was actually pretty good news. Why? Because the signs are showing that the economy is slowing. It's everywhere, folks. It is absolutely everywhere. And now, Jerome Powell and everybody else has to sit back and go, how much longer? How much longer do we wait before we start cutting interest rates? Because they're getting to the point, in my opinion, where if they don't start to do something very soon, there could be problems ahead. And again, they don't want to go too far. And this has been, of course, one of the major criticisms of the Fed. They waited too long to raise interest rates and the criticism, of course, that they're waiting too long to cut interest rates. I read yesterday some very interesting statistics as far as apartment loan defaults, really starting to escalate. Obviously, we know about office buildings in the vacant season. So if you kind of look at the commercial real estate sector, there's a number of areas inside of that that are really starting to weaken because, again, higher interest rates. And then, of course, we've seen some of the housing data, depending upon whether you're looking at pending homes, new homes, et cetera, some of that starting to wane. We saw, or heard, I should say, from some of the home builders as they wrapped up this last earnings season, things not as good, outlook not as good as what Wall Street thought they were. So again, we could look at that and go, oh my God, this is not a good thing. This is not a good thing. All these reasons John just mentioned, this is not a good thing. The economy starting to weaken bottom line. Wall Street looks at it and goes, hey, this is a good thing. Why? Because now the pressure is really starting to mount on the Fed as to whether they need to start giving us the first rate cut sooner rather than later. Now, after I'm going to spend the time tonight after I give you the recap of the day, going through, of course, the non-farm payroll numbers, because, again, this is some interesting data that we learned today. But I will tell you this, the way that we look at it or the way the street looks at it is, you know what? This report, again, the reported self, this is the point I got to get across, the reported self was okay. It's just you got to, again, get into the nuggets of the report, get into the data, which is what I try to do for you, because I know none of you have an interest or the time to get into it, but you get into the data and you go, okay, where were some of the weak areas? Why is John, again, saying this that things are starting to weaken? Well, again, I'll back up my concern with you here momentarily, but it wasn't just my concern. Why? Because coming into this morning's non-farm payroll report, again, June's data, there was a 64.1% probability a week ago that the Fed was going to give us a quarter percent cut when September rolls around the September meeting. Well, because of this report this morning, that number increased from 64.1 a week ago to the probability of 76.3. That is a huge, significant move just based upon this report. So once again, this tells you that based upon all the data and everything, the way the calculation is done in the CME's FedWatch tool, that this data was not good, and it could have an impact on GDP and just let it go right on down the line. So we look at this and go, okay, that's kind of a good thing, right? But I want to go back to something I'd mentioned a few weeks ago that I think all of us, yours truly included, get way too excited about this first-interest straight cut. Because I'm telling you, when we get that first-interest straight cut, the first thing that you're going to hear about, the same day you're going to hear about this, when's the next one coming? And then if we get a second one, when's the third one coming, right? It's like a drug. It's like that IV example I've always used over the years. The drug is in our veins, the interest straight cut drug. It's in our veins. Now we want more. We want more. We want more. And who knows if we're going to get more, right, then the Fed's going to be very careful about accelerating from one to two, from two to four, and so on and so forth. But once again, even when they do, even when they do give us this cut, if it's September, whatever the case is, it's not going to make that big a difference. Because you got to remember, and I emphasize this to our clients a lot. The stock market and the economy work in cycles, real estate works in cycles. Matter of fact, Jason and I did a show on that a few weeks ago. If you missed it, go to our podcast and pick it up. We work in cycles. Now think about this for a second. Think about how long it took for the economy to react to the Fed interest rate cuts, right? We sold off very heavily the year 2022, S&P lost 19%. And as I think it was down 33, if I remember correctly, and that was because the Fed just month after month kept raising interest rates, then they kind of pause and things begin to settle down. But this is a big old battleship, meaning the US economy. It takes a long time to make a turn. So even if we get that first cut, okay, great. But what truly is that going to mean? What's it going to mean to you as a consumer? What's it going to mean to businesses? Really, not much of anything. And so this is what I emphasized a while back when I touched on this subject, and I thought tonight was a good night to do that also, and that is don't get your hopes up too high that we're going to have this immediate economic boom or stock market rally or anything dramatically positive when we get that first interest rate cut because theoretically it doesn't make that big a difference. The biggest impact you will feel will be the prime rate will come down and maybe you will get a little bit of a breather on the interest rate you pay on your credit cards. Maybe if you go get an auto loan, maybe you'd see that come down. Housing market, I don't think you're going to really see significant movement there because those again trade off of so many other factors. But things that are very subjected to prime, like I said, credit cards and sometimes auto loans, et cetera, maybe you'll see a little bit of reprieve. But nothing to where it's going to require fireworks to go off in the sky. It's not going to be that big a deal. And I just want to keep bringing this up and I'm going to bring it up again the closer we get to September, if that's when the Fed's going to give us the first cut, just so you lower your expectations. We saw it in Europe when they started cutting, they had their first cut, what's been about approximately a month or so ago, and their market actually fell for a while on the news. Because what can happen is investors can look at and go, "Oh, we just got the first interest rate cut from the Fed." That means they're seeing some problems in the economy. You see how this reverses? Right now we want problems in the economy to get the interest rate cut. Then people can turn around and go, "Oh, Fed's seeing problems in the economy." So therefore, I'm going to curtail my spending or I may lose my job or whatever the case may be, all negative stuff. And that's where the problems can begin to lie. So we find ourselves in a pretty good position right now. Things are doing very well. Record closed today for the NASDAQ again. Record closed for the S&P 500 again. But when that first rate cut comes, if you're highly anticipating we're just going to rally to the moon, I got another thing coming to you. It's not going to be that big a deal because again, two things, the investors will start looking. When's this next one going to come? And then also truly in all seriousness, what's going to be the major impact other than it's going to feel really good to say, "Okay, the Fed's gave us a rate cut." But is it going to be the beginning of a long-term rate cut cycle to anybody's guess, depends on how much the economy weakens. How much damage the Fed has done, keeping rates higher for longer. So like I said, it's an interesting situation. Again, what I want to really kind of emphasize tonight, after we got this non-farm payroll number this morning, it's like, "Okay, this is what I've been telling you all about. We've been telling our clients, Jason and I, it's like, things are good right now." But there are some signs that things are starting to weaken a bit. And again, this data substantiated our concerns. So I'll tell you what the market did when we come back and then we'll get into the non-farm payroll numbers and you'll find out exactly what I'm talking about. Let us turn it over to Kristin Snow. She's in the right now at Traffic Center, hey Kristin. Welcome back to the John Sanchez Show on Newstock 780K, which helped me Friday to all of you. All right, here's how we finished up for the day, a 68-point gain on the Dow at a 39,375. NASDAQ, a 164-point increase, 0.90%, closing at a record of 18,352, and the S&P, a gain of the day of 30 points, 0.54%, also a record finish of 5,567. Dipped a little bit of oil prices, down 8/10 of a percent, 83/23 a barrel, a pretty good day for gold, $38.60 rise, 2,397.50 an ounce, and we had a nice pullback and bond yields today, down eight basis points on the 10-year to yield close of 4.27% for the week, down seven basis points. All right, now, here's some interesting stats for you. I've been garnering all kinds of stats, I've been dying to tell you about all day long. Okay, before we get to the jobs report, which probably will be when we come back from the break, I want to share just a few things with you at this point. All right, as of this week, the three largest stocks in the S&P 500, by market capitalization. Again, you take the share price, times the price per share, that gives you the market capitalization. So the three largest stocks in the S&P 500, Microsoft, Apple, and the video, they currently make up 21% of the total market value of the S&P 500, okay? Think about that for a second. Three stocks representing 21% of the S&P 500's value. The five biggest stocks accounted for 27% and the top 10 stocks of the S&P 500 by market cap amount to more than 36% of the total. In the video alone, accounted for nearly one third of the S&P 500's total return in the first half, according to the S&P Dow Jones indices. You throw in Microsoft, you throw in Amazon, Meta, and Lily, and 55% of the market's return, 55% in the first half of this year. Are Microsoft, Amazon, Meta, and Lily came from just those five stocks. So now you see the point, what we're saying. This is now starting to become a very narrow market, meaning there's not a lot of broad gains going on, not a lot of sectors. It's becoming very focused, very narrow, once again, into just a few areas like technology, obviously, and consumer discretion, like Meta's and pharmaceuticals like Lily. But this is, again, not saying this to be negative, but this is just something we have to be very aware of. Because as we always warn you about, when we start to see this narrowship going on, is that a word? A narrowship? I'll use it. A narrowship. We start to see this narrowship going on where there's just a few sectors or a few names in this case that are that are propelling and keeping the market afloat. That becomes very dangerous. We get very nervous about that because all it takes, and I've said this a million times also, man, I'm sounding old tonight. I keep saying I say things a million times, which I do, been doing this a long time. When you start to see this narrowship happening and you'll wake up one day and all of a sudden the traders go up, enough's enough. Give your prime example. What just happened today? We actually, if you can believe that an analyst had the guts to do this, and I say that tongue and cheek, we actually had a downgrade of NVIDIA today. Stock is downgraded to a neutral rating from a buy at a brokered firm I've never heard of called New Street. Now, did it have much of a reaction on the stock? Yeah, maybe. Stock lost $2.90, two and a quarter percent to 125.38, but this is what I'm saying. All of a sudden, you can get these analysts that wake up and go valuations, I mean, they can be a million different reasons, and they'll start downgrading some of these tech leaders, and then of course, now that you know the data, how this market is starting to become very narrow, if these tech leaders begin to fail, that can bring down the whole market. Rest of the market, in my opinion, that'll be a real blunt also again with you. This market does not, to me, it does not feel like and the data's not showing that it has enough strength to sustain record setting days like this without tech leadership. There's just not enough out there because we've come real far, real fast. Now, here's the weekly numbers. Again, phenomenal for a holiday short and week, and remember, we closed at 10 o'clock on July the 3rd, so it makes these numbers even more dramatic. S&P 500 for the week, up 1.54%, Dow rose 0.54%, then NASDAQ was a 2.77% winner, but the little guys, the Russell 2000, lost 0.57% for the week. Now, where do we sit on a year-to-day basis? Pretty amazing numbers, NASDAQ's up 22.3% for the year, the Dowzer is in 4.5%, so definitely a lager. At the end of the Russell 2000, it's actually negative for the year, if you can believe that, down 2/10 of a percent, but the S&P 500 gaining 16.7%. Now, another stock that made a lot of news this week, of course, was Tesla. Remember on July the 3rd, or soon, July 2nd, they reported their vehicle sales, and again, the number came in not great compared to a year ago. As a matter of fact, it was quite light compared to a year ago, but it was, as always, better than what Wall Street anticipated and the stock began to take off, and it really just continued to do that. Today was no different, added another $5.13 to the stock, 2.1% gain, 2.5152 as the closing level. Now, if you follow Tesla closely, whether you're a shareholder or not, you know as well as I do, that stock was just stuck around that 170 to 190 range for, geez, months upon months, and just in these last few weeks, it's just started to really pick up this momentum. Another big thing that happened this week was on Amazon, stock hit the $200 mark, actually hit it again today, closed right on the nose, right at $200 a share, $2.41 a gain, 1.2%, and that was a major milestone for that stock. Like I said, it's never done that. It happened a couple of days ago, and then sold off a little bit and then picked it back up again today. So looking pretty good on that side of things, let's see, Apple also is just on a tear. This is another one that's just propelling the NASDAQ higher, the S&P, and don't remember to forget, it's a doubt component. Apple is up $4.95 today, 2.24% increase to $2.26.50. So again, I can just kind of continue going down the list, but yeah, we will continue to watch that very closely and see if this leadership begins to broaden out a little bit or if it begins to narrow even more or kind of set where it is. But I thought that was a very interesting statistic, and I hope you did, too. That 55% of the return of the S&P 500 is just five stocks, that's all it is. But again, 5 stocks account for 27% and the top 10 amount to more than 36% of the S&P's gain. So there's the numbers there. Speaking of numbers, I got a bunch of them for you when we come back. We're going to tackle the non-farm payroll numbers for the month of June and validate my concerns that I shared with you with the last segment talking about, there's some signs that the economy is starting to falter a little bit, and I want to share that with you when we come back. First, let's turn it over to Greg Neff. He's got news traffic and weather. Hey, Greg. Welcome back to the John Sanchez Show on Newstalk 780KOH, once again, happy Friday to you, and I hope you have a great weekend. All right, here's how we finished up. Once again, a 68-point gain on the Dow, finishing at 39,375. NASDAQ up 164 to a record close of 18,352 and the S&P 500, higher by 30 points, 0.54% to a record finish there of 5,567. All right, once again, to begin with the show, I spent some time talking about some cracks in the eggshells, the saying goes in regards to today's non-farm payroll number, which I'm going to go through all the details of the report, as I always like to do with you. But I want to throw in a few things. I may repeat a couple of them when I actually get into the BLS data, but a few things are not part of that, and just I thought were, again, some important things that you definitely need to know about. Okay, so here's the first thing before I get to the report. The median time it takes to find a job rose 9.8 weeks from 8.9 weeks in the month of May, and that is the highest time period it has taken going back to February of 2022. Okay, think about that, 8.9 weeks to 9.8, highest level since 2022. Very help fell 48,900 in June to the most since April of 2021. Unemployment rate is, I know I'll say this twice, unexpectedly, climbed 4.1%, I told you the other day, we were looking for 4%, so it climbed a 4.1%, that tied for the highest unemployment rate dating back to October of 2021. So you notice the trend here, folks, we're starting to go back 2021, 2022, right around that time period there, right around COVID. Okay, so once again, unemployment now 4.1%, that's not going to sit well for Biden, Biden Well, darn it, again, highest level since 2021, and again, provides a conflicting sign for the Federal Reserve, right, weighing their next monetary policy option. Once again, we're over 70% probability, according to today, in regards to that first interest rate cut in September. The forecast had been, like I said, 4%, all right, the increase in the unemployment rate came as a labor force participation rate. That indicates the level of working age people who are employed or actively searching for a job rose to 62.6%, that was a 1/10 of a percent increase from May to June, okay? All right, so we're splitting hairs there, but listen to this one. The so-called prime age rate, which focuses on those between the age of 25 and 54, rose to 83.7%, that is the highest level that we have seen in more than 22 years. The household survey also showed a decrease of 28,000 in full-time workers and an increase of 50,000 in part-time workers. Okay, so let's digest that for just a second. Our business is now starting to slow down. For various reasons, we won't get into that right now. So therefore they are moving full-time workers down to the part-time worker status, right? Something to think about is the first thing business does when time starts getting tough. They cut your hours and then eventually they get rid of you. Now even though the June job creation, that I'll mention here in a moment, 206,000 jobs, expectation was 200,000, even though the job creation, top-to-expectation, guess where the jobs came from? Most of those jobs came from the government, 70,000 surge in government jobs. Now that's both federal and state, by the way. Long-term unemployment rose sharply in the month of June, sharply, up 166,000, up 166,000 to 1.5 million individuals. Okay? So again, we're sitting 1.5 million, long-term unemployed. Long-term by the way, I should mention, is defined as not having the job for the last 27 months. Okay, somewhat of a historically low number, but here's what caught my attention. Okay? 1.5 million, long-term unemployed. That compares to a year ago when there was 1.1 million, long-term unemployed. So a big increase there. The Bureau of Labor Statistics also said the share of long-term unemployed as a percentage of total jobless level was at 22.2% compared to 18.8% a year ago. So you see, that's why you need to, again, get into these details of these reports because this data is really 99% of what I just told you is not in the report. This is just, again, information that I was able to locate talking to economists or finding it from economists and so on and so forth. So very important that you understand that. Okay? All right. So here we go. Now I'm going to go to the BLS report and we'll start tackling many other areas. So once again, 206,000 jobs created in June, forecast was 200,000. Unemployment moved from 4% to 4.1%. Now among the major work groups, the unemployment rate for adult women, 3.7%, Asians, 4.1%, those numbers increased in June. The jobless rate for adult men, 3.87%, teenagers, 12.1%, whites, 3.5%, blacks, 6.3%, and Hispanics, 4.9%, all those that I just mentioned showing little or no change over the month. And the number of long-term unemployed, again, 27 weeks or more, rose by 166,000 to 1.5 million. All right? And let's see, labor force participation, again, I mentioned that 62.6%. The number of people employed part-time for economic reasons, 4.2 million, little change. Now these individuals say, I want to work full-time, but I just can't find it. Either the hours don't fit into my schedule or my hours have been reduced. Now, here's where you have to, again, get into the nuggets of the report. How many people really are not, or how many people are actually not being counted as unemployed? Once again, go into these numbers, listen to this. The number of people not in the labor force who currently want a job declined by 483,000 to 5.2 million people. Let me repeat that. The number of people not in the labor force who say they want a job declined by 483,000 to 5.2 million. These individuals were not counted as unemployed because they were not actively looking for work during the four weeks preceding the survey, or they were not able to take a job. Okay, so you got 5.2 million there that aren't counted as unemployed. Among those not in the labor force who wanted a job, the number of people marginally attached to the labor force, those two categories stand at 1.5 million, and essentially change in the month of June. These individuals wanted and were able to work and had looked for a job sometime in the prior 12 months, but they hadn't looked for a work in the past four weeks preceding the survey. So, there we go, another 1.5 million, so we take the 1.5 out of to the 5.2, and what do we have? 6.7 million that are unemployed. They don't get counted as unemployed though. Okay, now let's move it down. I mentioned earlier about 70,000 jobs created by the government, okay? So we had that. Much higher than the average monthly gain, and average monthly gain folks, 49,000. So the government hiring dramatically, and again, these are both federal as well as state. Over the month, employment increased in local governments, excluding education by 34,000, and in state government by 26,000. Health care added 49,000 jobs in the month of June, lower than the average monthly gain of 64,000. Okay, now, you heard the inflection of my voice. I'm concerned about this one. If you follow this report that we go over every month when this data comes out, when the non-farm payroll numbers come out, you will have known and remembered that the health care sector has just been resilient. Obviously, it's shot through the roof during the pandemic and continued to add on to that, not, of course, to the level of during the pandemic, but still significantly continued to add to it. This is the first time, if memory surge correctly, that I've seen this number in the last couple of years, actually begin to be showing signs of decreasing. So again, health care added 49,000 jobs, monthly average, 64,000 over the prior 12 months. Employment rose in ambulatory health care services, they gained 22,000 jobs, and hospitals gained 22,000 jobs. Employment and social assistance increased by 34,000 in June, primarily in individual and family services, which gained 26,000. Over the previous 12 months, social assistance had added an average of 22,000 jobs per month. Construction, just kind of chugging along, nothing too huge on this one, we kind of keep averaging right around here. Construction added 27,000 jobs in June, that's a bit higher than the monthly average of 20,000 over the prior 12 months. Retail trade, I want to see this one real closely, right? We're seeing a lot of businesses begin to fold and merge and so on and so forth as far as retail businesses. Retail trade employment changed a little in June. Matter of fact, they lost 9,000 jobs after trending up earlier in the year. Furniture, home furnishings, excuse me, electronics and appliance retailers lost 6,000 jobs over the month. Warehouse clubs, super centers, and other general merchandise retailers gained 5,000. Now, what's the significance of this? Retail trade employment, right? Retail. What is it that we always emphasize on this show? You and I, as a consumer, we represent two-thirds of economic spending. What does this tell you? Consumers not out there spending, right? We've talked about this, rising inflation, wages aren't going as far, et cetera, so we're not going out there and spending. So what's the employer do? They get rid of people. That's why we had 9,000 job losses in the month of June in the retail trade sector. It thought that was interesting, again, only 5,000 job gains in the big warehouse club, super centers, et cetera. All right, we'll continue to discuss where the jobs were gained, where they were lost and where we continue and wrap up our report. But first, let's turn it over to Kristin Snow. She's in the right now, traffic center. Hey, Kristin. Welcome back to the John Sancho Show on Newstalk 780Kwich. Have a great weekend, everybody. Quick reminder, if you missed any of our shows this week, don't forget you can pay and pick up our podcast at any of your favorite podcast distributors, iTunes, Spotify, Google. You name it. We're out there. Love to see you pick up and download. Get a great chance on Saturday morning, sitting around having your coffee, just relaxing a little bit. Go back and listen to some of the big themes of this week, and then we had a lot of great things that we discussed with you. I just got a news alert just a second ago, and I don't know if this is late or not, but it just came over from NBC News, and Greg, jump in here because you get a lot of these things too. I don't know, like I said, I don't know if I'm missing something, but NBC News is reporting that stuff, an awful list interview you mentioned on your new podcast, that Biden is refusing to take a cognitive test. Okay. Okay. Yep. I think, if I remember. Great job, Greg. The other part of the newswire was, they asked him if he watched his debate performance, and he says, "No, he said no, I don't think so. I don't think so." You're not even watching yourself, or not, I mean. Oh, yeah, yeah, yeah. Do it real quick, yeah. Okay. See, folks, this is the joy of live radio. You just never know what's going to happen. Oh, man, that's going to make some world leaders really happy on that one. Oh, I'm running. Oh, I'm running the world, and I think I am. Just trust me, am I, I think, did I, did you already ask me that question? Oh, my God. Oh, that's great. Greg Naff, you're the best, man. Thank you. Good stuff. Thank you. All right. Let's get back to the, he just, I don't know, he's just got to laugh, he's got to laugh. All right. Let's get back to the non-farm. Have you noticed how quiet Trump's been about this whole cognitive thing and everything with him? He's just letting him bury himself. That's about, you know, I've said this to a lot of clients, I've said it to a lot of friends. I don't know if I've said this publicly or not, but I'm going to go out on a limb. I'm sure many of you agree with me. My prediction is Biden's going to drop out. He's going to drop out. There's no doubt in my mind he's going to drop out. Folks, what is it, what does it cost again to run for presidency, Greg? What is it? Isn't like a couple billion dollars now is what these guys are spending. I mean, it's, it's, yeah, yeah. I was just going to bring that up. Yeah, go ahead. Yeah. Yeah, yeah, open up the purse strings again. We've had a few major people just in the last 24 hours on Wall Street say the exact same thing, big Democratic supporters saying, you know what, we're, we're stopping the donations. They're pressuring him to step aside. And you and I both know, Greg, money talks, right? And, and when enough of these big, big donors stop contributing as, as the Disney era is doing. Yeah, you're going to, you're going to start to see the pressure really mount on him and he'll end up folding on it. You know, he really will. So that's my prediction. I don't know when it'll happen. I, I don't think we're far off. I think I would be shocked, absolutely shocked if he doesn't resign in the next couple of weeks. I really would. I, I predict that by, by the time August rolls around, he's going to be out and Camille is going to be him. I, I mean, they're now saying maybe Michelle Obama will run, I mean, who knows, but I, whatever it is, my prediction, personal prediction, just my own personal opinion is Biden's going to be out. He's, he's too far gone. He's just way too far gone. That the purse strings are closing on him real fast. All right. Last thing I want to mention on the non for apparel members is pretty big information here. And that is we got big revisions. April was revised down by 57,000 jobs from 165,000 to 108 and may it was revised down by 54,000 from 272 to 218. So combine 111,000 jobs lower than what the government told us. God bless everybody. Have a great weekend. Stay cool. We'll see you on Monday on the John Sanchez show new stock, 780 kwh. This program was sponsored by Sanchez wealth management. The material in this program was intended as general information only and should not be taken as specific investment tax or legal advice. None of the information on this broadcast was intended to be a solicitation for the purchase or sale of any security. Further information is available by contacting john@sansheswealthmanagement.com or 775-800-1801. John Sanchez offers securities and advisory services through independent financial group LLC a registered broker dealer and investment advisor member FINRA SIPC securities offered only in states John Sanchez is registered in Sanchez wealth management LLC and independent financial group LLC are unaffiliated entities. [BLANK_AUDIO]