Fund Manager Who Bet Against Jim Cramer And Cathie Wood Has New Anti-Woke ETF: 'Puts Profits Ahead Of Politics, DEI & ESG'-Benzinga

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I will be on the Schwab Network this morning at 9:45AM to talk about the Magnificent 7

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Yesterday's Episode of The Watchlist

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Election

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Lot of talk about the debate this morning. Already had two reporters reach out to me about DJT, which is down over 14% this morning. Reading through the comments from both sides, seeing the betting results, and looking at DJT, it's obvious the perception is she won. Erick Woods Erickson put it well in his newsletter last night in one line....

However, Donald Trump took all the moderators’ bait and all of Kamala Harris’s bait.

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Trump Lets Harris Off the Debate Hook-WSJ

The former President let her rattle him, as he failed to make her defend her policies.

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ABC News Fact-checked Trump 7 Times; Never Fact-checked Kamala Once-Breitbart

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Shocking, I couldn't tell.....

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James O’Keefe: Google Exec Says ‘Big Tech, Big Companies’ Are ‘Coordinating’ to Help Kamala Harris Win-Breitbart

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ESG

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Gensler’s Stalled ESG Agenda May Spur Firms to Slow Compliance-Bloomberg Law

Despite Gensler’s ambitious ESG agenda over the past three years, many of his proposals remain unresolved. As we approach the election, the ESG movement appears to be weakening.

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No, what investors want it to make money on their stocks.....

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Why social impact is needed in ESG-Big Issue

Klara Kozlov of Big Issue Impact Advisory discusses why increasingly what investors – professional and private – want to see is real social impact, independently verified and suggests a way forward.

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DEI

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Top US toolmaker quietly removes DEI and LGBTQ campaigns from its website after boycott-Daily Mail

The move appears to be a response to the conservative group Consumers' Research launching a boycott of Stanley Black and Decker products over the company's diversity, equity, and inclusion (DEI) efforts.

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DEI Retreat Signals ‘Great Quieting’ in Corporate America-Bloomberg

Big US companies such as Ford Motor Co., Lowe’s Cos., Harley-Davidson Inc., and Molson Coors Beverage Co. have announced they are backing away from many of the diversity programs they added over the past several years. The list also includes Tractor Supply Co., Deere & Co. and Jack Daniel’s distiller Brown-Forman Corp.

Market

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CPI is this morning. If there is a surprise to the upside it could be a problem. If it's in line it probably doesn't move the needle much, if at all. Overnight there were hawkish comments out of the BOJ, which could be responsible for this morning's weakness. My sense is you ought to be cautious ahead of FOMC and BOJ next week.

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Yesterday's action was in the financials. It started when Ally Financial CFO said this about his borrowers....

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"struggling with high inflation and cost of living and now more recently, a weakening employment picture."

"So looking at 61-day plus days past due, and those delinquencies in particular, we're looking at because those reflect really kind of that pool of struggling borrowers. And as that pool of struggling borrowers in those later-stage delinquency buckets has grown, it gives us pause in that as we kind of think about that 10 basis points of underperformance on NCOs in July and August, our sense is that's probably going to expand as we come in coming months, just given the size of this population of struggling borrowers. So that's really kind of one of the things that's put us on notice around credit development."

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I still think the average American is hanging on by a thread, if that. I don't think any of this is being represented in the numbers we are seeing.

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Then you had JP Morgan. Jamie Dimon remarked that COO Dan Pinto "could run the bank tomorrow". Pinto then went out and talked down 2025 expectations. The stock obviously didn't like it...

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Perfect timing for this headline.....

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Financial stocks are beating S&P 500 this year. Will their bullish run continue?-MarketWatch

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