Sell-Off Calls: a Rate Cut, a “Growth Scare,” & Buffett’s Slash 08/05/24
U.S. stocks take a significant hit, mirroring a worldwide market downturn driven by fears of an impending U.S. recession. Part of the global market sell-off, Japan's Nikkei 225 experienced a dramatic plunge, marking its steepest drop since 1987. Tom Lee, managing partner and head of research at Fundstrat Global Advisors, offers insights into the latest market moves and the broader implications of the sell-off on the Federal Reserve’s interest rate decisions. Then, Jeremy Siegel, professor emeritus of finance at the University of Pennsylvania’s Wharton School of Business and chief economist at Wisdom Tree, is calling for emergency rate cuts from the Fed. And Axios co-founder Mike Allen gives an analysis of the 2024 election and the potential impact of Vice President Kamala Harris’ upcoming vice-presidential pick. Plus, Warren Buffett dropped over 49% of Berkshire Hathaway’s stake in Apple. Tom Lee - 12:15 Jeremy Siegel - 23:14 Mike Allen - 35:27 Tom Lee, @fundstrat Mike Allen, @mikeallen Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Cameron Costa, @CameronCostaNY