The Morning Market Briefing

Ben and Tom discuss iRobot’s bankruptcy, ServiceNow’s latest acquisition, and the Fed chair search narrowing to two Kevins. 

Song: Christmas in Dixie - Alabama

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Andrew and Tom give an update on the market and discuss several earnings reports.








Song: That Was A Crazy Game of Poker - O.A.R.

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Andrew, Ben, and Tom discuss their takeaways from yesterday’s Fed meeting and break down Oracle’s earnings.

Song: I Will Possess Your Heart - Death Cab for Cutie

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Andrew, Ben, and Tom discuss the potential outcomes of today's Fed meeting.

Song: Pardon Me - Incubus

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Andrew, Ben, and Tom discuss the ensuing Paramount drama, Nvidia’s H200 approval to China, and Trump’s affordability tour.

Song: Shut Your Eyes - Snow Patrol

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Andrew, Ben, and Tom discuss IBM’s near $11B deal for data-infrastructure company Confluent, the Trump administration’s $12B farm-aid program, and why the ECB’s next move could be a rate hike.

Song: The Space Between - Dave Matthews Band

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Andrew, Ben, and Tom discuss the Warner Bros. and Netflix deal talks, Meta scaling back the Metaverse, and Scheinbaum’s first meeting with Trump. 

Song: Drops of Jupiter (Tell Me) - Train

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Andrew, Ben, and Tom discuss Trump’s announcements yesterday and bond investors’ concerns about Kevin Hassett. 

Song: Colder Weather - Zac Brown Band

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Ben and Tom discuss ADP employment, the Dell family donation, and updates on the consumer.

Song: Back to December - Taylor Swift

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Ben discusses Apple's AI chief stepping down, OpenAI's 'code red' warning, Signet's earnings, and ISM Manufacturing data.

Song: A Long December - Counting Crows

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Ben and Tom discuss Black Friday sales, central bank rate cuts, and slowing auto sales.

Song: December - Collective Soul

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Andrew and Tom discuss Urban Outfitters earnings, Nvidia defending itself once again, and a college football preview.

Song: Thank God I’m a Country Boy - John Denver

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Andrew, Ben, and Tom discuss the potential Russia/Ukraine peace deal, Meta in talks to use Alphabet's TPUs, and Nvidia's "We're not Enron" memo.


Song: Mountain Music - Alabama

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Andrew, Ben, and Tom discuss Bessent's interview with Meet the Press, progress on the Russia/Ukraine peace deal, and Lenovo stockpiling memory chips. 

Song: Little Bitty - Alan Jackson

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Andrew, Ben, and Tom discuss the sell-off, GAP earnings, and the week ahead. 

Song: Hash Pipe - Weezer

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Andrew, Ben, and Tom discuss Nvidia earnings, Walmart's move to Nasdaq, and Mamdani's upcoming visit to the White House.

Song: All My Rowdy Friends (Have Settled Down) - Hank Williams Jr.

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Andrew, Ben, and Tom discuss Trump's meeting with MBS and an update on the China rare earth deal. 

Song: Every Rose Has Its Thorn - Poison

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Ben and Tom discuss Home Depot earnings and what to make of the market sell-off. 

Song: You Don’t Know How It Feels - Tom Petty

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Andrew, Ben, and Tom discuss Apple stepping up its succession planning for Tim Cook, Berkshire's stake in Alphabet, and the week ahead. 

Song: Wrapped Around Your Finger - The Police

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Andrew, Ben, and Tom discuss what happened in yesterday's market, the bidding war for Warner Bros, portable mortgages, and the week ahead. 

Song: Kokomo - The Beach Boys

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Ben and Tom discuss the end of the shutdown and its impact, Michael Burry’s decision to close his hedge fund, and various earnings reports.

Song: The Ride - David Allan Coe

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Andrew, Ben, and Tom discuss Bessent's latest comments on tariffs, AMD reenergizing data center interest, and the US Navy considering a temporary base near Gaza. 

Song: Pinball Wizard - The Who

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Ben and Tom discuss the Senate passing the shutdown deal and NFIB small business optimism. 

Song: Fortunate Son - Creedence Clearwater Revival 

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Andrew, Ben, and Tom discuss the Visa/Mastercard settlement and an update on the shutdown. 

Song: Where the Blacktop Ends - Keith Urban

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Ben discusses various company's news, the effects of record high MMF balances, and gives his thoughts on football for the weekend ahead. 

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Ben discusses the tariff hearings in the Supreme Court, Bank of England, and Apple's new deal with Google for AI Siri.

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Ben and Tom discuss the New York mayoral election results, weight loss drugs, Japan, AI company earnings, and Google's acquisition of Wiz.

Song: In Spite of Ourselves - John Prine

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Ben and Tom discuss the New York mayoral elections, the ISM Manufacturing Report, and Starbucks selling 60% of its China unit to Boyu Capital. 

Song: O.D.'d In Denver - Hank Williams Jr.

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Andrew, Ben, and Tom discuss Alphabet selling 3 billion Euros and update on the China deal.     

Song: Rock’n Me - Steve Miller Band

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This past week, we traveled to Las Vegas to do a live podcast at the Money 20/20 conference. This is the recording from our session. 


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Andrew, Ben, and Tom discuss more big tech earnings and the latest private credit fraud.   

Song: Thriller - Michael Jackson

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Andrew, Ben, and Tom discuss Trump's meeting with Xi and big tech earnings.  

Song: Jet Airliner - Steve Miller Band

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Andrew, Ben, and Tom, live from Las Vegas, discuss the latest conference topics, Nvidia's new partnerships, and the US-Japan trade deal. Please forgive the poor audio quality this morning, as we’re using our travel setup.

Song: The Gambler - Kenny Rogers

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Andrew, Ben, and Tom, live from Las Vegas, discuss the latest conference topics, Amazon job cuts, UPS earnings, and SBUX in China. Please forgive the poor audio quality this morning, as we’re using our travel setup.

Song: Waking Up In Vegas - Katy Perry

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Andrew and Tom, live from Las Vegas, discuss the latest conference topics, Argentina’s elections, and Apple's plan for ads on maps. Please forgive the poor audio quality this morning, as we’re using our travel setup.

Song: Ben played something strange this morning. 

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Andrew and Ben discuss the Canada trade talks, Argentina elections, September CPI, and various earnings.  

Song: Sold (The Grundy County Auction Incident) - John Michael Montgomery

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Andrew and Ben discuss the sanctions on Russia, beef prices, and Tesla earnings. 

Song: Pride and Joy - Stevie Ray Vaughan

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Andrew, Ben, and Tom discuss the potential India deal, UK inflation, and various earnings. 

Song: Change the World - Eric Clapton

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Andrew, Ben, and Tom discuss US Army Secretary Dan Driscoll and Scott Bessent meeting with 15 PE firms and various earnings. 

Song: Blue Sky - The Allman Brothers Band

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Andrew, Ben, and Tom review the weekend’s college football games and discuss a handful of companies we own and why.

Song: The Beatles - Get Back

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Ben, Tom, and Andrew discuss Andrew's birthday surprise, bad loans from regional banks/private credit, market volatility, earnings results, and the college football slate for the weekend.


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Ben, Tom, and Andrew discuss the Fed's Summary of Commentary on Economic Conditions (the Beige Book), a comeback in American manufacturing, more earnings updates, and the increased prevalence of long-term revenue forecasts as drivers of AI company valuations.


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Ben, Tom, and Andrew discuss updates on companies tied to the AI boom, markets making a comeback, Powell's Adam Smith Award lecture, and GSIB earnings reports.


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Ben, Tom, and Andrew discuss rate cut odds, a peace deal in Ukraine, the AI trade, and bank earnings.


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Ben, Tom, and Andrew discuss Friday's sell-off, international news, and the week ahead.


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Ben discusses the pick up in AI trade, international news, and what to be on the lookout for next week.


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Andrew and Tom discuss international news, First Brands bankruptcy, and various company earnings.


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Ben and Tom discuss Oracle's AI Cloud Business, Fed Minutes, and 10-year auction expectations.


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Ben, Tom, and Andrew discuss Tesla news, Constellation Brands, and bond rate expectations.


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Ben, Tom, and Andrew discuss Foxconn sales, Japan's prime minister, and give an update on the government shutdown. 


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Andrew and Tom discuss yesterday's CFA meeting and the week ahead. 

Song: My Own Prison - Creed


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Andrew, Ben, and Tom discuss the government shutdown and yesterday's ISM manufacturing report.

Song: Closing Time - Semisonic


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Andrew, Ben, and Tom discuss Nike earnings, TrumpRX and the government shutdown. 

Song: Closing Time - Semisonic


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Andrew, Ben, and Tom discuss the major points of the Israel-Gaza peace announcement, an update on the potential government shutdown, and Hegseth's mystery meeting with top military officials. 

Song: Meet in the Middle - Diamond Rio


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Andrew, Ben, and Tom discuss the latest M&A activity, potential government shutdowns, and Goldman Sachs' upgrade of equities to overweight. 

Song: Rhiannon - Fleetwood Mac


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Ben and Tom discuss this morning's PCE data, GDP revision, and more Fed talk. 

Song: Good Vibrations - The Beach Boys


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Ben and Tom discuss KB Home earnings, Stephen Miran's comments from the Economic Club of New York, and recapping yesterday's CFA meeting.

Song: Fly Like an Eagle - Steve Miller Band


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Ben discusses Micron earnings, Trump at the UN General Assembly, and Powell's comments on inflation. 

Song: Touch of Grey - Grateful Dead


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Ben discusses yesterday's Autism Announcement, Bessent's comments on Argentina, and Nvidia's investment of up to $100 billion in OpenAI. 

Song: If This Is Just a Game - David Allan Coe 


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Ben discusses Pfizer's latest acquisition and the implications of the new H-1B rules. 

Song: September - Earth, Wind, & Fire


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Andrew, Ben, and Tom discuss Lennar earnings, Bank of Japan's rate decision, and the week ahead. 

Song: Amie - Pure Prairie League


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Andrew, Ben, and Tom discuss yesterday's rate cut, BOE meeting, Darden earnings, and Nvidia investing $5B in Intel. 


Song: You Never Even Called Me by My Name - David Allan Coe

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Andrew and Ben discuss the TikTok deal framework, pharma companies investing in the US, and a preview of the Fed meeting today. 


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Ben and Tom 

Song: Fire on the Mountain - The Marshall Tucker Band
 

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Andrew and Ben discuss US-China talks, German elections, Mark Carney's homebuilding plan, and the week ahead. 

Song: Family Tradition - Hank Williams Jr.
 

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Andrew, Ben, and Tom share thoughts ahead of next week's Fed meeting. 

Song: Minute by Minute - The Doobie Brothers 
 

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Andrew, Ben, and Tom discuss the tragic assassination of Charlie Kirk and yesterday's market. 

Song: Where Were You - Alan Jackson
 

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Andrew, Ben, and Tom discuss Oracle's plan to lead in AI for the enterprise, the iPhone 17, Lisa Cook keeping her job, and this morning's PPI data. 

Song: Karma Police - Radiohead
 

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Ben and Tom discuss France's firing of their Prime Minister, the NFIB Small Business Optimism, and a preview of Apple's event today.

Song: Say It Ain't So - Weezer
 

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Andrew, Ben, Hannah, and Tom discuss Bessent's latest articles on the Fed, Japan's Prime Minister's plan to resign, and the week ahead. 
 

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Andrew, Pedro, and Tom discuss Stephen Miran's testimony, ISM services, Lululemon and Broadcom earnings. 


Song: Walkin' on the Sun - Smash Mouth 

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Andrew and Hicks discuss the JOLTS report, CRM earnings, the German economy expectation of slower growth, and Stephen Miran facing Senate confirmation today. 

Song: Band On The Run - Paul McCartney 

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Andrew and Tom discuss Google's avoidance of the antitrust breakup, Klarna's potential IPO, and ISM manufacturing.  

Song: (Just Like) Starting Over - John Lennon 

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Andrew and Tom discuss this weekend's college football, Kraft Heinz splitting up, and Eurozone inflation. 

Song: Maggie May - Rod Stewart 

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Andrew provides five things you should rethink about college football, some individual team themes, and a preview of the weekend. 

We got a new mixer. If the sound isn't great, please let me know. Still figuring it out. 

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Andrew and Hicks discuss Nvidia earnings, Mexico increasing Tariffs on China, and tonight's college football games. 

We got a new mixer. If the sound isn't great, please let me know. Still figuring it out. 

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Andrew and Hicks discuss the concerns surrounding Lisa Cook's firing, India's tariff jumping to 50%, and share buybacks hitting record highs.  

We got a new mixer. If the sound isn't great, please let me know. Still figuring it out. 

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Andrew and Tom discuss Trump firing Lisa Cook, Eli Lilly completing late-stage trial of Oforgilpron, and EssilorLuxxotica reportedly taking a 20% stake in Nikon. 

We got a new mixer. If the sound isn't great, please let me know. Still figuring it out. 

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Andrew and Tom discuss Powell's speech from Friday, the US taking its 10% stake in Intel, and Chili's is back.


Song: I Saw Her Standing There - The Beatles


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Andrew, Pedro, and Tom discuss Nvidia halting H20 production, Meta poaching Apple executives, and a preview of Jackson Hole. 

Song: A New Man - Jerry Hutcheson

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Andrew and Tom discuss Nick Timiraos's weird article comparing Jay Powell to the pope, Fed Governor Lisa Cook's mortgage fraud, and initial jobless claims. 

Song: When I Come Around - Green Day

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Andrew and Tom discuss Target's new CEO, Trump's bond portfolio, and Truist's latest strategy to capture the "Mass Affluent." 

Song: Oye Como Va - Santana

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Andrew and Tom discuss yesterday's meeting with Zelensky in DC, Chamath's new SPAC, and HD earnings. 

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Andrew and Tom discuss Trump's meeting with Putin and Zelensky returning to DC today. 

Song: Sweet Child O' Mine - Guns N' Roses

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Andrew, Ben, Tom, and Pedro discuss Berkshire's recent buy of UNH, the US taking a stake in Intel, and retail sales. 

Song: Chillin' in Alaska - Tim Heidecker

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Andrew, Ben, and Tom discuss this morning's PPI data and various earnings.  

Song: I'm in a Hurry (And Don't Know Why) - Alabama

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Andrew, Ben, and Tom discuss yesterday's market rally, Bessent's latest comments on rates, and Perplexity's offer to buy Google Chrome.  

Song: Innerbloom - Rüfüs Du Sol

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Ben and Tom discuss this morning's CPI data, small business optimism, and the HBI-Gildan merger. 

Song: Beautiful Disaster - 311

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Andrew, Ben, and Tom discuss AMD and Nvidia paying 15% of their China revenue to the US. Please reach out to hfish@narwhal.com if you are interested in our fantasy football league. 

Song: Roundabout - YES

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Ben and Tom discuss Meta's funding plan and various earnings.

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Andrew and Tom discuss Apple's $600B investment, BoE rate cut, and various earnings.

Song: Corduroy - Pearl Jam

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Andrew, Ben, and Tom discuss early vs. late cycle, ISM services, and various earnings. 

Song: Drown - Smashing Pumpkins

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Andrew and Ben discuss San Francisco Fed President Mary Daly's call for interest rate cuts, trade balance data, and various earnings. 

Song: Heaven Beside You - Alice In Chains

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Andrew and Ben discuss BLS Director Erika McEntarfer being fired by Trump, Fed Governor replacement for Andrea Kugler, and Berkshire Hathaway earnings. 

Song: Sharp Dressed Man - ZZ Top

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Ben, Mason, and Pedro discuss this morning's jobs data, tariffs, the presidential fitness test, earnings, and Mason's exit interview. 

Song: Spiderwebs - No Doubt

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Andrew, Ben, Thomas, and Tom discuss yesterday's Fed meeting, the crash in copper prices, an update on trade deals, and Thomas's exit interview. 

Song: Found Out About You - Gin Blossoms

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Andrew, Ben, and Tom discuss jobs numbers, consumer confidence, and this morning's GDP data. 

Song: Georgy Porgy - Toto

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Andrew and Ben discuss Trump's potential patent system overhaul, a Fed preview, and various earnings. 

Song: Untitled - Smashing Pumpkins

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Andrew, Ben, Hannah, and Tom discuss EU tariff deal, Goldman Sachs forgoes job cuts, and the week ahead. 

Song: Nights on Broadway - Bee Gees

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Aden, Ben, & Tom discuss Trump's tour of the Federal Reserve building, M&A activity, various earnings, and closing questions for Aiden's last day. 

Song: Real American - Rick Derringer 

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