Closing Bell Closing Bell Overtime: Markets Power Higher Despite Shutdown, Momentum Overseas & Visa’s Stablecoin Bet 10/1/25
Oct 1, 2025
Markets are showing calm yet fragile signs despite recent events. Global momentum is highlighted as China sees significant market highs. Visa's potential in stablecoins raises questions about banking and financial ecosystems. Wealth concentration is on the rise, with the top tiers responsible for a large portion of consumer spending. Meanwhile, labor market uncertainties linger due to missing data. Lastly, there's a focus on the importance of diversification, especially with gold amidst inflation concerns.
AI Snips
Chapters
Transcript
Episode notes
AI Needs Reliable Source Data
- Steve Leisman emphasizes AI cannot create primary data; it only regurgitates what is collected.
- He warns underfunding agencies like the BLS degrades data quality that AI then amplifies.
Use Multiple Proxies When Jobs Data Is Missing
- Use multiple leading indicators like NFIB hiring intentions and Conference Board surveys when official jobs data falters.
- Combine proxies to paint a clearer labor-market picture during data gaps.
Market Fragility From Concentration
- Jim Smigel warns the market is highly concentrated and therefore fragile despite calm prices.
- He says diversification across regions, caps and active managers is essential to reduce fragility.