 And a Trump, of course, who just not long from now will go out to a large audience in a hockey auditorium To sort of echo the same things and that's the central issue about the economy, which is absolutely on fire And today we learned that manufacturing optimism the highest has ever been 95% We learned that millions of people are off food stamps and now we've learned also that 1.5 million fewer people filed for social security disability benefits That's a program that went from 200 billion to 30 billion almost bankrupt and now it's in the in the green again I want to bring in our economic experts to discuss David Nelson's with us along with Melissa Armo and Fort O'Connell's back with us. David, let me start with you You know the NASDAQs at a new all-time high the Russell 2000s at a new all-time high And we're seeing like today. I said the stock of the day was was Winnebago, right? Because it is I mean, this is a discretionary item. No one needs an RV, but they had record revenue and record earnings We're clicking on all cylinders. We are and our economy, you know speaks to that and it's playing out in real time in the markets And you hit on the most important point, which is the Russell 2000 at an all-time high That's domestic revenue. These are small companies right here in the United States That speaks to that small business optimism that you're talking about where 95% Are pretty positive on the economy the S&P 500 on the other hand, you know about 40% of the revenues overseas So I'm really encouraged by what I see in the economic data right here at home. What about you, Melissa? Well, as I've been talking to you about the S&P is lagging. I really think that's due to the banks But overall these companies manufacturing companies bigger companies It's the tax cuts everyone is taking advantage of the tax cuts and they're showing and they're improving And it's making people feel like they want to go out. They want to spend money They want to buy these discretionary goods. They don't necessarily need a Winnebago, but they're going out and buying one Do you do you think that this I mean this do you think this momentum is sustainable? I mean do you think there's anything that can derail what we're seeing right now? Yes, the problem is what's going on with tariffs I don't think in the long term it's gonna affect us in a negative way But I think right now in the short term for the summer every time we the market does not like tariffs The market loves Trump, but the market does although we have seen the Nasdaq again at an all-time high today We saw the Russell 2000 and an all-time high I think maybe the Dow Jones industrial average for doesn't like tariffs because those are your globalist names that make a majority of their profits from overseas But you start talking about America as sort of an island night not isolationist, but sort of an island of economic growth You know there's nothing comparable to it right now. I see in the planet No, I think you're absolutely right Charles and look the economic optimism around the country is beyond palpable And it is largely due to the Trump tax cuts I would say at this moment though It's probably even more due to the significant Deregulation of the Trump administration look at manufacturers alone They have the highest Outlook in terms of capital spending and growth in the last 20 years We've created 300,000 jobs just in that sector since Trump has been in office So overall things are good. I think what we need to realize is the good economic tides At least in terms of voters tends to raise all ships when we're looking at historic unemployment lows among blacks Hispanics and Asians Yeah 374,000 manufacturing jobs since January of last year So let's turn to the market for a moment because we're only a week or so away from earnings season We've got some trends that are moving this market momentum obviously hot stocks remain hot We see consumer discretionary names. Those are doing the certainly well buybacks after the close HP of four billion dollar buyback Merger mania. You see what's happening with foxes entertainment assets. Are these enough also? You know are these going to continue and do you need more to keep this market going? I think we need more for the market the economy isn't the issue But the fact that so much money is is you know crowding into just a handful of names that concerns me a bit because it's You know, it's very reminiscent of the nifty 50 when you see that kind of crowd Those are the consumer staples of our time. They you know the the amazons the Facebook's the Google's They're replacing the proctor and gambles the coax of yesteryear. These are the new names This is where people are going to hide that concerns me a bit the nifty 50 of the 1970s That's where you put widows and orphans money But they went from value to over value to your point Can we become too optimistic because that's something we should be concerned about now optimism is great I would just be cautious. It's cautiously optimistic is the best advice. I give people going into earning season What are you looking at today after the close? Micron had a real strong number of strong guidance Snock initially went down is turning higher Obviously if a company misses it's going to be punished But will enough companies beat to justify this rally? I think it's going to be an exciting earning season because again We're going to get into the fall I think the fall is looking great for the economy falls looking great for the market So if companies perform and they really shoot out remember last running season companies have these amazing Earnings and then they drop like rocks look for this next quarter The expectations game though it is. Yeah, that was the expectations game I mean 8% of revenue 26% on earnings one of the best quarters in the history of the markets Melissa David Ford. Thank you all very much. Thank you Charles. All right guys. We'll be right back