Latest / The Jon Sanchez Show / Bad News Is Good News-Until It Isn't!
Transcript
- Jon G. Sanchez: Of course, and an even better weekend coming up. Thank you so much for joining me. I do appreciate it. All right, got a great show lined up for you today. We're going to go through today's stock market activity. Believe it or not, believe it or not, don't fall out of your chair. Don't drive off the road when I tell you this. We closed at a record today on the NASDAQ. After everything that we've gone through. A record close. So I'm going to give you the details behind today's action. But then I'm going to turn the focus to something very, very interesting. Important. The jobs picture here the country. You see, America created only 29,000 jobs last month. That's what we learned this morning. Unemployment rate increased. And previous job gains, if if that you know benign number was not enough, previous job gains were revised sharply lower for the last two months. So why in the world did the stock market rally today? Why did we close at a record level on the Nasdaq? Well, today I'm going to explain why Wall Street celebrated a weakening labor market and the exact point where bad economic news stops being good news for you, the investor. So we find ourselves in a situation where again, I like to use the old adage, bad news is good news, good news is bad news. Because that all funnels down to the Federal Reserve. What is going to be their next move? Are you as tired of talking about it as or hearing about it as much as I am talking about it? Really is. We went from nearly a 70% probability a couple days ago to a quarter percent increase this month when the Fed meets. To now close to that, that they won't do anything. Now, that would be maybe, maybe a welcome relief. Because you see, when we got our quarter percent increase you know, a few weeks ago, market didn't even care about it. And that's why I keep coming back at you and saying. Look at why does this market, why is it so fixated, so infatuated with the Fed's next move? Because the bond traders are doing all the work for the Fed. Here's a prime example of what I mean by that. Today the 10-year Treasury closed up four basis points to a yield of 5.28%. For the week, we tacked on double digits, up 10 basis points. Not as big as last week, but pretty substantial. 30-year bond was up 13 basis points. The five year was up five basis points. I'm talking for the week. Three year up two basis points. The two the four year, or excuse me, the two year up four basis points for the week. So once again, another week where right across the board, bond yields rose. So you see, I mean, 10 basis point increase this week, that's you know, again, when the Fed raises rates, remember, that has nothing to do with the bond market per se. It's the rate, it's the it's called the the Fed funds rate. It's the rate banks charge one another overnight. Now, it of course has a carryover effect to other forms of lending, but it's just crazy. It really is. You sit here and you kind of scratch your head and go, okay, this tells me we're in one of these situations where bad news is good and good news is bad. But I'm to answer the question, as I said, as I go through the show today, why is it that we're looking at it this way? Why are we celebrating a terrible jobs report? 29,000 jobs. We're just a smidgen above an average of 40,000 jobs a month for the last year. That's it. Now you could say a couple different things. And I'll I'm gonna go through the BLS report, the employment situation report in detail. And as you know, when I do this, I highlight areas of the economy where jobs were gained, areas where they were lost, all the details you need to know. Back to my point, it may be a situation, no one knows, where we have full unemployment. Where everybody that that wants to work is working. That may be why we're getting very benign job growth. But we did up again, edge up just a little bit on the unemployment rate, as I'll go over here momentarily. Pretty soft on the average hourly earnings and so on and so forth. But the bottom line is again, the street's takeaway was this should refrain the Fed from giving us another rate hike this month when they meet. And that's what moved the stock market higher. All right, here's how we finished up for the day. Then I'll get into the the details. Dow rose 250 points, point four nine percent to a close of fifty-one thousand seventy-six. NASDAQ was the star, 319 point gain, 1.19%, to close at a record of 27,190. And the SP for the day was up 56 points, 0.73% to close at 7,722. And the Russell 2000, the small cap, up about 26 points. That was a 0.94% increase. So the strength was right across the board. Now let's get into some of the individual movers and then we're gonna move into the to the show topic. So Tech was pretty good today, obviously, by the str strength of the NASDAQ. just checked our closing level of Nvidia, $3.9 gain, 1.34%, closing at $233.95. SpaceX had a good day, 7.35% gain up $10.88 to $158.95. Tesla, kind of, you know, part of that mix, $16.48 rise, 4.65% to $370.59 after the company reported third quarter deliveries of $486,532 vehicles. above its company compiled analyst consensus of four hundred and sixty one thousand nine hundred seventy four. We had weakness in Nike as I shared with you on the show yesterday. They reported after the close yesterday. Stock finished the day lower by 3.57% or $1.26 to $33.90. Again, worst performing stock in the SP 500. And also fell to a fresh decade low following that fiscal 27 outlook. That was very, very disappointing. elsewhere in the tech space, so it wasn't all you know roses today in tech. We had some weakness in two major names. In the disk drive area, Western Digital and Seagate, I wanted to mention. WDC, Western Digital, stock loss 10.22%, a $47.27 loss to $415.29. And Seagate, STX, lost 10.21%, $96.58 decline to $848.99. Now, why? Toshiba this morning announced an expansion of the HDD production. That's the that's the disk production in the Philippines. And then that turned around and raised concerns. That additional industry capacity could eventually loosen the tight supply-demand environment that has been supporting these very strong pricing margins and stock performance. So that was the reason those two big tech names were very weak today. We're flat in healthcare. We're flat in the financials. gosh, really nothing else. It was just kind of a slow trudge higher today. So let me hit the oil side. We had a very interesting situation happen on oil today. Good news is we finished down $1.92 at 9110 a barrel. Here's what happened. And the lesson I want you to take away from this is don't believe everything that you read or hear when it comes to Wall Street or politics. Here's what I mean. We were drifting along this morning, and oil prices were you know, kind of on the weak side. It looked like it was gonna be a day where oil prices were down. And then President Trump came out and did a truth social post. He said, big news, just landed a major deal. With the International Energy Agency, as well as the European Union. 100 million barrels of oil and diesel are going to be released into the marketplace to bring down the global skyrocketing prices of diesel and also to help oil prices. Pretty amazing, right? Well, again, I got too many gray hairs to take anything at face value. So I did a little bit of checking. Lo and behold, and I won't bore you with the exact number, but lo and behold, the world in three days consumes a hundred million barrels of oil and diesel in three days. So with this supposed to be this major announcement, it really is a no pun intended, but literally a drop in the bucket. And and so, you know, but once again you gotta be careful of of what you get excited about. You have to do the research behind it. And then on top of that, we learned later on that of the hundred million barrels through the International Energy Association, beginning immediately, and it's going to extend over four months. So this isn't something that is just going to happen all at once to give the shock to the oil prices over a four month time period. And I should say for those of us that drive diesel, and for all you hardworking truckers and ranchers and farmers like myself that you got excited about this news, well, I hate to be the, you know. The bad news here, but let's go. We talk reality on this show. Of the hundred million barrels, 50 million is for diesel, 50 million for crude. So you know, again, do the math. You you break it down that way, and it's like I said, a drop in the bucket. Hopefully it's a step in the right direction. I don't know, but you know, it'll be interesting to see if we see ultimately any change at the pump. I don't think we will. I think this was a an algorithm reaction today with oil prices coming down. And I think we get to next week and it's gonna be more of the same. you know, luckily we've come close a couple of times this week to hitting a hundred dollar oil. but again, we closed at ninety one ten today. So trend if you chart it, it it it is, you know, it has been coming down fairly nicely here in the last few days. But, you know, once again, until some type of resolution is reached, I think it's just gonna be this chop. This just, you know. Couple days up, couple days down, a couple days up, couple days down. you know, if you if you kind of go back to September fifteenth, this one stands out to me on the chart. We closed at $105.83 a barrel just on September 15th. So it's kind of been coming down since then. a few, like I said, little blips to the upside. But overall the trend right now is kind of just holding steady, which is fine, which is fine. But definitely we'd like to see this thing start moving a little bit better, more to the downside, because Everybody, I mean, there were here's a little fun exercise if you're interested in in diesel, et cetera. There were a number, a number, I think eleven, if I remember correctly, in the article I read, eleven trucking bankruptcies over literally the past couple weeks. Kind of mid sized trucking operations, but you know, fairly big ones, you know, multi-million dollars in revenue. But they filed chapter eleven bankruptcy because of the diesel prices. So it is starting to have an impact. I don't know if you feel at the store yet. I know I hear the complaints from my wife that she does feel it. but you know, it's something that has to be resolved, especially before the midterm elections. Cause I think, again, as we all know, when it comes to voting, people vote with their pocketbook. All right, when I come back, here we go. We're gonna move right into it. Bad news is good news until it isn't. Welcome back to the John Sanchez show on News Talk 780K. Again, a nice day in the market today before I get to the payroll data. 250 point gain on the Dow, 0.49%, NASDAQ up 319 to a record close of 27,190, and the SP higher by 56 points for the day. All right, now it's time to learn about the job situation. But before I do and get into the minutiae of the report, let's keep this in mind. Why in the world did the stock market rally? On a day where America created literally only twenty nine thousand jobs. And I think I want to kind of start this by saying, you know, there are days when the stock market appears to have completely lost its mind. And maybe today's going to be one of those days or was one of those days. Because not only did we only gain 29,000 jobs in September, economists were looking for 90,000. The unemployment rate increased from 4.1% to 4.2%. The average hourly earnings increased by one-tenth of a percent for the month. So, you know, not good on the on the income side of things. But then the ice in on the cake, the revisions, right? They always go back to previous two months. Again, we were talking about September's data today. But we go back to previous two months, obviously August and July, and they give us revisions, either up, down, or they can sometimes remain the same, but rarely does that happen. But listen to these revisions. July previously reported a gain of just 21,000 jobs. Today that was revised all the way down to 10,000 jobs. Loss. So from a gain of 21,000 to a loss of 10,000 jobs. That was July's data. August was revised from 162,000 jobs to 133,000 jobs. So if we tally all that together, 60,000 previously reported jobs disappeared from the books today. Now this merely wasn't one disappointing month with our benign $29,000 $29,000 job growth. No. The Bureau of Labor Statistics now says the economy has created an average of only 45,000 jobs a month. during the past year. Now to put that in perspective, and I forgot to look up the stabs, so I'm gonna go off of memory. Up until the last year, couple years. Remember on Fridays, once a month, when I cover this report, we would be averaging two twenty, two thirty, two forty. It was in the in the mid 2000 range. And now we're only averaging forty five thousand jobs over the past year. But Wall Street doesn't seem to mind. Again, NASDAQ reached a record high, tech surged, treasury yields initially fell and, you know, kind of stayed that way throughout the day. Why? Because the expectation for another Federal Reserve interest rate increase in October is beginning to diminish. So I guess I could say welcome to the very strange world of Wall Street, where bad economic news can sometimes become good news for those of you that are investors. But the question we must ask this Friday afternoon is why? Very simple. Because the stock market's not celebrating this loss of jobs. It was celebrating what weaker job growth might cause the Federal Reserve to do. That's where it all centers on. And more accurately, what it might prevent the Fed from doing, as I said. Because remember, the Federal Reserve recently raised the interest rates because inflation remains stubbornly high. But before this morning's report, investors were concerned that this continued economic strength might force the Fed to raise rates again. Right? There was, like I said at the beginning of the show, nearly a seventy percent probability that we're gonna have an interest rate increase this month. Now it's almost that that we're not gonna have one. So this week or jobs report reduced some of that pressure. But what does it really mean? Fewer jobs means slower wage growth, as we as I just shared with you. Slower wage growth can mean less consumer spending, right? If your wages aren't growing, you're going to cut back or curtail your spending. Less spending, that can reduce inflationary pressure. And if inflationary pressure declines, the Federal Reserve may be able to stop raising interest rates. However, I want to put a little caveat into this. I think one thing that we know with our new Federal Reserve Chairman, Kevin Warsh, as we've learned over the years from previous Federal Reserve chairmen or chairwoman, they don't look at one month's report. They look at trends and they tell us that. So what I'm curious about when the Fed gets together here in a couple weeks, are they really going to factor in this one report of just $29,000, $29,000 job gain? Are they going to go back and look at the revision where we lost 60,000 jobs compared to what we originally were told over the previous two months? That's going to be the real issue. Because remember, this was a week, as normally happens before a Federal Reserve meeting, where you had some voting members of the Fed come out and were very adamant that they they're they're basically going to vote. I'm paraphrasing that they're going to vote for an interest rate increase. Then you had some come out and say just the opposite. Right. Neil Kashkari, one of the new members of the Fed, he this week he was adamant. Yeah, we need another interest rate increase. But then you had others saying, nope, don't need it. Let's sit back and wait. So this is going to be, I tell you, one of those, you know, coin toss Fed meetings to to really determine when you know what the Fed's next move is gonna be. It really is. I I don't think anybody has a 100% grasp on what the Fed's move is gonna be. Where it was completely opposite, you know, a month or so ago when we got that quarter percent increase. Remember, I kept telling you over and over again, it is baked into the cake. It is gonna happen, and sure enough, it did. Not that I have a crystal ball, but all the data was there. all the street consensus numbers were there, et cetera. But this time, unless something changes between now and those the that Fed meeting, it's a like I said, it's a real coin toss. And remember from a stock investor's perspective, lower expected interest rates support stock valuations, right? Stock valuations are something that we're very concerned about, especially in the tech space, and especially now that we had another record. Because those growth companies in the tech space, their share prices are very, very heavily influenced by the value of future earnings. And that's all comes back to being tied into what the Fed's next move is going to be. And that, my folks, in a summary, is why Wall Street rallied. But here's a question I want to leave you with before we go to break. Is the economy slowing just enough to control inflation? Or is the labor market beginning to show signs of cracking. There's a very narrow line between the two that I'll explain when I come back. Back to the John Sanchez show on News Talk 780K, which happy Friday to all of you. Again, a good day in the market, a 250-point rise on the Dow. The NASDAQ record closed at 27,190, up 319 for the day, and the SP higher by 56 points. All right, back to the topic. Bad news is good news until it isn't. Bad news is good news until it isn't. So as I said before, I went to break. We we're kind of coming, you know, crossing these lines here. All right. And what I mean by that is this. The economy is slowing just enough to control inflation, is the first question. The other question is, or is the labor market beginning to show signs of cracking? Again, a very narrow line between those two. Because remember, and it's obvious by today's action, the stock market loves weak economic news when it believes that the weakness will restrain the Fed. Without producing a recession, right? That's the fine line we have to draw. But think about this. If job creation continues to deteriorate, then what happens? Unemployment rises, household incomes weaken, and consumers begin reducing their spending. Then this conversation changes. So if the Fed was out of the picture, I promise you this if the Fed was out of the picture, we weren't worried about an imminent interest rate increase here in a couple of weeks, and we only had 29,000 jobs created. Bet my bottom dollar that we'd have seen those stock market fall pretty substantially today. Because that was again was a terrible number on top of losing 60,000 jobs in the revision of the previous two months. So you see it just depends. Again, bad news is good, good news is bad. So this again, jobs report that initially caused stocks to rally, give us a good day, record close on the Nasdaq, keep in mind can eventually become a warning that corporate revenues and profits are in danger. Bad news is good until it isn't. So now what I'm going to do is I'm going to break down the actual jobs report, give you the details where all this happened, why, and also remind everybody. Again, back to my point earlier when I told you about the, you know, the a hundred million barrels being released of diesel and oil, and everybody got excited and drove oil prices down. And then I said it's, you know, less than three days worth of global consumption. Well, here's another little caveat here in a second. All right, so if you just joined us again, non-farm payrolls came in today for the month of September, showed a job gain of only twenty-nine thousand. Street estimates, again, everybody's a little bit different, but right around ninety thousand or so. Unemployment went from four point one to four point two, still historically a very low number. We have about seven point one million people that are unemployed in this country. That was pretty much you know, very little change. Very little change from August to September. Seven point one million. If go back to March, our unemployment rate's been really steady from 4.1 to 4.3. Let's tackle the major work groups. So the unemployment rate for people who are black, 7%. That increased in September. The jobless rate for adult men, 3.9%, adult women, 3.6%, teenagers, they're always double digits, 14.5%. And people who are white, 3.6%, Asian, 9.2%, and Hispanics, 4.7%. Little change over the previous month for all those demographics. The number of long-term unemployed, that's defined as those that are unemployed or jobless, I should say. So yeah, unemployed, for 27 weeks or more, essentially unchanged, sitting at 1.9 million. The long term unemployed, by the way, accounted for 27.1% of all of the unemployed people. So back to my point I said earlier. Is everybody working that wants a job? Well Here where we go. I want mention the labor force participation rate first at 61.8%. So that's kind of a normal number. Now, here's the things where you have to pay very close attention. Okay, so I want you to keep this number in mind. Again, 7.1 million unemployed people. Okay, giving us that 4.2% unemployment. So listen closely. The number of people employed part-time for economic reasons, little change of 4.5 million. These individuals say. They would have preferred full-time employment, but were working part-time because their hours had been reduced, or they weren't able to find full-time jobs. Okay. That's not the big bomb I'm gonna drop on you. Bomb I'm gonna drop on you is the following. Remember that number is 7.1 million unemployed. The number of people not in the labor force, not in the labor force who currently want a job. is sitting at five point eight milyen people. So think about that. Almost the same number. Again, we have 7.1 million that are counted as unemployed, but we have 5.8 million that are not counted. Isn't that pretty staggering? So we're talking almost 14 million people. Those individuals, the 5.8 million, they were not counted as unemployed because they were not actively looking for work during the four weeks preceding the survey, or they were unavailable to take a job. So you see, number doesn't look all that bad on the surface. Again, like everything else, you got to dig deep to really get the true picture. let's see here. All right, let's go to the industries. Where where where did we see job gain and job weakness? Healthcare employment continued its upward trend, seemed like it always does. In the month of September, healthcare gained 17,000 jobs. But that was a little bit more of a slower pace than the average monthly gain over the prior twelve months, which was thirty-three thousand. So I thought that was interesting. employment continued to trend up in ambulatory health care services. They gained 13,000. Hospitals gained 12,000. Nursing and residential care facilities lost 9,000. Employment and construction, little change in September. They gained 11,000. The industry, by the way, has added an average of 10,000 jobs per month over the prior 12 months. In September, the employment in non residential specialty trade contractors continued to trend up to 12,000. Manufacturing employment, little changed in September, gain of 9,000, but it's up by 72,000 since a recent low in December of 2025. Over the month, employment increased in plastics and rubber product manufacturing by 5,000 jobs and in machinery manufacturing by 5,000 jobs. Financial activity employment was little changed. Matter of fact, the financial group lost 7,000 jobs. Employment in financial activities is down 100. yeah, before I give you this number. If you don't think AI has an impact on jobs, listen to what I'm about to tell you because my industry is being impacted by AI. Employment and financial activities is down by 129,000 jobs since its peak last year in May, with most of the job loss in insurance carriers and related activities, which was 90,000 of the 129,000. Don't tell me AI doesn't take jobs. Employment was little changed over the month in other major industries, including mining, coring, and oil and gas extraction, wholesale trade, retail trade, transportation, et cetera. Average hourly earnings for all employers on the private non-farm payroll numbers edged up by a whopping five cents or one-tenth of a percent to an average hourly earning of $37.81 per hour. Over the past 12 months, average hourly earnings have increased by 3%. And let me pause there. Okay. So let's go over that again. Over the previous 12 months, average hourly earnings have increased by 3%. That doesn't do much when you have, dependent upon which measure of inflation you look at, we're north of 3% on CPI, PPI, core, so on and so forth. So you see, here's this the problem. If you're wondering why you're, you know, yeah, maybe you got a few, you know, few raises over the last year and you're going, wait a minute, how come I don't have this extra money to spend and why why do I still kind of live in paycheck to paycheck? That's it. The average hourly earnings are not keeping up with inflation. That's a problem. In September, the average hourly earnings of the private sector production and non-supervisory employees rose by seven cents, or two-tenths of a percent, to thirty-two dollars and sixty cents an hour. How many hours are people working? Well, the average work week is how we measure that. The average work week for all employees on private non farm payrolls remained at 34.4 hours in September. In manufacturing, the average work week was unchanged at 40.6 hours and overtime held at three hours. Average work week for production and non-supervisory employees on private non-farm numbers remained at 33.8 hours. No, they always keep it below the 40 there to not have to pay benefits. And then finally, once again, let me go over the revision numbers. The change in total non farm employment for July was revised down by 31,000, from 21,000 jobs they originally told us to a loss of 10,000 jobs. And the change for August was revised down by 29,000 jobs. From 162,000 that they originally told us to 133,000. So again, with these revisions, employment in July and August combined lost six or had sixty thousand fewer jobs than what we previously were told. So there's the labor picture in our country. Pretty short and sweet. You see where the strength is, where the weakness is. Pretty bizarre. Pretty bizarre. But again, the one that always gets me those those number of people that are not in the labor force sitting at almost six million that are not counted as unemployment. Back to the John Sanchez Show and News Talk 780 KOH. Once again, if you just joined us, it it was a a decent day today. Decent day to day again with a NASDAQ closing at a record level of 27,190. That was a 319 gain. Dow up 250, the SP rose 56. Now I want to kind of wrap up my my labor segment with you with a very interesting situation that's going on. I I found this story on CNBC this afternoon, and I thought it was pretty interesting to tie in nicely with everything I just went over with you on the labor market. And the title of the article. On CNBC.com is men are losing ground in the labor market. And here's why. So let me kind of just hit some of the high points on this. Again, pretty interesting. The article starts by saying the weaker than expected jobs report may feel especially lousy for men. Women outnumbered men in the workforce for eight straight months as of September. That's according to an analysis of the data by the company indeed. That is the longest stretch dating back to 2010. The company found. They said back then the gap emerged because men were losing jobs. This time it's because women are gaining them. Now, isn't that interesting? Let's go back to let's say the COVID area and you know, right afterwards. You remember how women were having such a struggling time getting back into the workforce because so many of them ended up staying home to take care of the children during the shutdowns and so on and so forth. Now they're dominating the workforce. So out of that 29,000 job growth that I've been talking about, men represented slightly over half of the net job growth in September. A month prior, men represented just 2% of payroll growth. But despite the monthly increase, the seasonally adjusted number of employed men in the U.S. was lower by 1.2 million in September compared to September of 2025. Women's employment rose by more than 650,000. In the same period. Isn't that crazy? The divergence in the labor market performance by gender can partially be explained by which industries are growing, according to Indeed. They said healthcare, a key driver of the U.S. job market for the last several years, as I'd mentioned, accounted for more than half of overall payroll expansion in September. Women make up nearly four out of every five workers in the healthcare sector. But the BLS report today said that healthcare hired at a slower pace in September than on average over the past years, I shared with you. Because of that, women may not have gotten as big of a boost from the sector as they did in prior months. Monthly payroll contraction in industries with higher share of women workers like government also diluted the overall gains for women in the month. So there's a lot of things I I would say, you know, if we're if we're climbing a a a ball right now, I'd say we're I don't know, a few steps away from the top of the ball. And we got to be careful, we're gonna go over the other side. The jobs picture is weakening. What gets me also is is as as indeed indicated, and I indicated a moment ago, this job growth in the in the healthcare sector slowing down. Folks, that has been one of the one of the Bellwethers, I'll call it, of the of the payroll picture. Through good times and bad, there always been steady, very, very steady jobs growth in that area. And once again, to not see that job growth anywhere near what the average has been, something we've got to pay very close attention to. Very, very close attention. Like I said, it's only 17,000 jobs created. Average monthly gain's been 33,000. So let's just round the numbers. Let's say, all right, we're only getting half the job growth in healthcare. So why is that? Don't know. So we have to watch these little again, these little cracks that are starting to appear and see what happens going forward. I think this is going to be a very, very, very interesting fourth quarter. I really do. We have some good things to look forward to. We have some bad things to look forward to. And maybe we're gonna have a lot of good things as far as you know the Iran war situation getting resolved and a few other, you know, hangovers that we're facing right now, or headwinds, I should say, not hangovers, but headwinds. so we we have to we have to again really watch things closely, you know, as we head into the last part of the year. Now we're still sitting with pretty solid gains, even after all this volatility this week. But again, the the NASDAQ with the record closed today helped things out. So here's your year-to-date numbers. Year to date, the NASDAQ's up 17%, SP's up 12.8%, Dow's up just six and a half, and the Russell 2000 higher by 14.1%. So nothing, you know, nothing to sneeze it at by any means. Now, finally, I want to wrap things up with let's look at the economic calendar for next week. once again, the street really starting to get ready for the earnings season, which will be starting here in a in a couple weeks. Next week is pretty light. just kind of going through the calendar. Probably the biggest event that I'm seeing outside of some of our normal reports is gonna be on Wednesday. We're gonna get the speaking of the Fed, the the minutes from their previous meeting back in September. preliminary read from University of Michigan Consumer Sentiment on Friday. That's just a preliminary report. But then again, the following week, and that's when you know things will start to get pretty interesting as we start to get our CPI and PPI data that week and so on and so forth. The inflationary data is going to be something again, everybody's going to continue to watch very, very closely. So overall, I think we're in good shape at this point. but we just got to watch things closely. I think that's my biggest takeaway of this week to advise you on. Just be careful, watch things. Again, this is a great time to sit back and go, all right, I know I've been harping on this, watch your asset allocation. Are you over allocated to tech? Are you over allocated to some of the areas that are pretty high in valuation? If so, evaluate that. You okay with the risk? So on, so forth. If not, again, there's a lot of areas of the market that are that are beaten up at this point. And that's the time you usually do some portfolio rebalancing, et cetera. Not saying, you know, everybody's situation is different, but just something to think about over the weekend. Thanks so much for letting me be a part of your life this week. I do appreciate it. And I will see everybody on Monday. God bless. Have a great weekend.