Thursday - October 29, 2026

About this episode

From New York City just before the close, Brian Szytel recaps a market session where the Dow fell ~0.4%, the S&P 500 ~0.5%, and the Nasdaq ~1.5% as tech/AI reacted to earnings, while broader “non–Mag Seven” names outperformed, reflecting rotation toward value, cyclicals, and small caps. Rates moved lower with the 10-year down ~6 bps to ~4.97. He reviews strong Q3 GDP (3.4% vs 3.1% expected), better jobless claims (194k vs 200k), and PCE data showing core PCE at 0.3% m/m and 3.1% y/y, with consumer spending and personal income slightly under expectations. He discusses the Fed likely raising modestly (about 50 bps) and criticizes tokenized stocks as unnecessary and risky, noting major companies opting out amid ICE-related developments. 00:00 Market Open Snapshot 00:43 Rotation Beyond Mag Seven 01:10 Rates Drop Under Five 01:30 GDP Jobs And PCE Readout 02:59 Fed Path Higher Longer 04:19 Tokenized Stocks Explained 05:00 Risks Regulation And Opt Outs 07:19 Wrap Up And Next Episode Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com