Squawk on the Street SOTS 2nd Hour: Stocks still digesting Friday’s sell-off and the President’s decision to fire the head of the BLS 8/4/25
Aug 4, 2025
Roger Altman, Founder and Senior Chairman of Evercore ISI, shares keen insights on the current economic slowdown and its implications for the market. He discusses the surprising surge in stocks like Palantir and Opendoor amidst recent sell-offs. The podcast also dives into potential risks highlighted by disappointing guidance from chip company OnSemi. There’s a deep exploration of Berkshire Hathaway's financials and implications for the housing market in NYC, addressing how political changes affect economic data and affordability.
AI Snips
Chapters
Transcript
Episode notes
Speculative Dip Buying Drives Rally
- The market's dip buying reflects reassessment of recession risk and positioning at the start of August.
- Speculative buying is concentrated in favorites like Palantir and meme stocks benefiting from technical triggers.
Political Firing Undermines Data Trust
- The firing of the BLS commissioner is viewed as politically motivated and undermines trust in economic data.
- Reliable economic data is crucial for policy making and business decisions, and politicizing it damages the system's credibility.
Markets Trust Economic Data Validity
- Multiple independent surveys by financial firms corroborate government economic data's accuracy.
- Market indicators like yields and oil prices reflect belief in the data despite political controversies.