Episode Details

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Guy Adami and Dan Nathan are joined by SoFi's Liz Thomas, back on Market Call for the first time since April, for a deep dive into a bond market that's doing a lot of the Fed's work for it. The 10-year is pushing toward 5%, and Liz lays out her case for buying it here — plus why she thinks a rate hike next week (or even before the midterms) is unlikely. She also walks through a chart comparing today's setup to the late-1990s hiking cycle, and why the market historically doesn't roll over until several hikes in. They cover industrials quietly underperforming as a possible early warning sign, the debt-fueled AI buildout and what happens if demand cracks, gold's case despite the recent pullback (with central banks still repatriating reserves), and a bearish call on memory/DRAM stocks now that "the fever has broken." Later: Salesforce, Anthropic, and the debate over whether AI kills or complements SaaS, John Butters' latest FactSet earnings-season inflation data, and a look back at Nvidia's wild chart.

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