Jennifer Nowski

Hello! I'm Greg Bonnell, welcome to MoneyTalk Live, brought to you by TD Direct Investing. Every day I'll be joined by guests from across TD, many of whom you'll only see here. We'll take you through what's moving the markets and answer your questions about investing. Coming up on today's show: we'll discuss the outlook for commodity stocks and the tug of war between tight supply and demand concerns with Jennifer Nowski from TD Asset Management. And in today's WebBroker education segment, Caitlin Cormier is gonna show us how to set goals using the platform. So here's how you can get in touch with us. Just email moneytalklive@td.com or you can fill out the viewer response box right under the video player here on WebBroker. Before I get to the guest of the day, let's get you an update on the market action. Another down day, after the summer rally ran into quite a stumble on last Friday. Of course, that was US Fed Chair Jerome Powell giving us some pretty stern language in terms of the job ahead to tame inflation, and how they are dead set to bring it down. And that's gonna mean some pain for the economy, as well as some pain for stocks in recent sessions as well. Right now, we'll start here at home on the base of the TSX Composite Index. 19,585, we're down 250 points, about 1,25%. We have West Texas Intermediate, an American benchmark crude, down more than 5% right now to 91 bucks and change. That is hitting some of the big energy names pretty hard, taking a lot of points off the top line. Checking on Suncor right now at 42.59, down almost 4% a share. The mining stocks also posting some losses. Take a look at Lundin right now. It is down almost 5% to 6 bucks and 80 cents a share. Checking south of the border on Wall Street, on the S&P 500. That brought a... to the American market. Right now it's down a little less than about 1%. The weakness is pretty broad-based right now in terms of the sectors that are pulling us down. Energy on both sides of the border is definitely a pretty significant weight. And on Wall Street right now, you've got the financials also. Pretty much everything across the board. Energy, materials and utilities leading the way, but all the sectors. And some sectors are in the red right now. Checking on the NASDAQ, of course the tech-heavy index. What's it up to today? It is down even more than the broader read of the market. 1.2% for the NASDAQ 100. And Occidental Petroleum. So we said money is coming out of energy names on both Bay Street and Wall Street. Right now, Oxy in New York, down 4% to 72 bucks and change. And that's your market update. As investors weigh the risk of a recession, the commodities markets have been in a bit of a tug-of-war between worries about slowing concerns and growth concerns, versus tight supply for oil and metals. Joining us now to discuss is Jennifer Nowski, portfolio manager at TD Asset Managmeent Jennifer, great to have you on the program. Welcome. Thank you. Let's jump right into the conversation. Let's talk about this theme that we've been watching, right? We're talking about tight supply and balanced on growth worries. What are you seeing out there? So in general, when we look across physical commodity markets, they do remain very finely-balanced. Starting on the supply side, there's been years of underinvestment. So, near-term supply growth in many areas is very limited. We still have risks and uncertainties associated with exports out of Russia. Inventories are very low. And more recently, the very high power prices and natural gas prices have resulted in some production being taken offline. The supply side was certainly the focusand that's the reason why the main commodities have been seen like that in a decade. Growing concerns over demand and slowly having economic growth. >> So a lot of concerns about inflation being another big theme for investors so far this year. What does that mean for companies in the commodity space? >> Part of the reason were having high inflation right now is because commodity prices have been strong. That's good for producer revenue, however, like everyone else, they are feeling the impact that is happening. So for the past couple of cores we are seeing operating expenses, higher commodity prices start to mean higher royalty payments and potentially higher cash taxes and royalties. As we also look at the other side, inflation has been creeping into And that's been feeling the impact as well. If we take a step back and look more broadly at the fundamentals amongst the producers, they are in a very strong financial condition right now. So the producers have spent the past few years were commodity prices were lower and they were really cutting spending and cutting X. Being a lot more disciplined. That has left them with leverage is very low and in good financial shape. Free cash flow yields are very high. So it varies by company. But amongst energy producers, you can see free cash flow yield in the high teens at current prices. Different assessments can also be double digits. … Or if CapX starts to rise. >> Let's talk about what's happening with oil because it's been a bumpy ride from day-to-day. >> Some of the price volatility we've seen in recent months have been that growing concerning demand and weakening economic growth. However supply is fairly limited. So if you look at OPEC's spare capacity, what they could easily bring to market, that is at low levels. The US has been growing their production. To date it has been robust enough to absorb it but we also have disruptions elsewhere. We see some and Libya due to geopolitical events there. Also in Russia. So as we go to the end of the year, the EU is expected to produce their imports of Russian oil and it will remain to be seen if Russia can continue to place the amount of barrels it has in placing it to the market. One of the bigger concerns has been the Iranian negotiations. Also very uncertain what the outcome of this will be. There have been signed by OPEC that they would be willing to adjust their production to accommodate the remaining onto the market. >> The fascinating thing about commodities, you can tell us so much about geopolitics and fears of economic slowdown. We saw we talked about slowing growth, what does that mean about copper? >> Copper is one of the commodities used in so many different industrial manufacturing applications. Electrical transmission infrastructure, because it's so broad-based, it's viewed as a proxy on economic growth hence why it sometimes gets the name of Dr. copper. It's price is been weakening as well due to demand concerns. Particularly for copper, one area to watch as China. China is a massive consumer of metals. They are roughly half of the copper demand. As we go through the rest of the year, when looking at China, you look at their coloured policies handling the property situation. Whether some of the stimulus measures they are starting to put in place will actually have a positive impact on economic growth. Turning to the supply side of copper, there is some supply growth this year. There are a few new things wrapping up. (…) To name a few. This is often offset by disruptions such as COVID. We sometimes have strikes… But will we look at the longer-term for copper, that's and it could become more interesting. So, longer-term copper has one of the stronger demand profiles. That's because of the demand for electrification. So to use transmission infrastructure, EV's, EV charging stations, renewables and all growth areas. As well, if you look at a few more years, the new sources of copper supply become less clear. >> What fascinates me, there was a time where I thought perhaps I understood what Gold would do in different conditions, what is the outlook for gold? What's going on with gold? >> Gold is a bit different because it's both a commodity and a financial asset. So it's price is driven by three main things: yields, the wisdom and safe haven demand. Ranging the past year and a bit and that's because the outlook for these three factors has been more mixed. So starting with a tailwind that it is seen, that is all this uncertainty. Geopolitical uncertainty… As well as uncertainty with the really high inflation. What the Fed's next move will be, that promotes some demand for gold as a safe haven. I feel like we've seen some of that this year. Turning to the second point on the US dollar: the US dollar and gold are actively actually negatively correlated. But during times of stress, they boast get that flight to safety bit. We saw this immediately around the Russian invasion. However lately, the US dollar has remained very strong and the gold price has been kind of lacklustre. So I think it's been more of a headwind. The third is gold pays no income. So the cost of holding gold is what you could earn somewhere else. The US 10 year yield was(…) It's now +56 basis points. That's a really big move for fixed income. It's a headwind for gold. (. . . . ) >> We will get back to your questions for Jennifer Nowski in just a moment's time. You can email us any time and money talk@td.com. Now let's get you up on the top stories on the world of business to take a look at how the markets are trading. >> Shares of Best Buy are in the spotlight today. That is the electronic retailer that imports is smaller than expected drop in sales in its most recent quarter. While soaring prices have hit consumer demand for discretionary items such as TVs and computers, Best Buy has been offering deep discounts to boost sales volumes. While that did help with inventory levels, the CEO said it is clear they are operating in an uneven sales environment. Elon musk is once again making it known he wants to scrap is $44 billion offer to buy Twitter. Musk has sent another letter for social media company indicating he wants to terminate the deal. This time he's pointing to recent allegations from a well-known hacker that Twitter puts user growth ahead of efforts to reduce spam on the platform. Musk says those allegations, if true, breach the conditions of the deal. Twitter for its part says mosques latest termination notice is invalid. It's a sharp pullback today for the price of crude room. The market has been caught in a tug-of-war between concerns over tight supply and a global economic slowdown and now Iraq says the eruption of violence leading to deadly clashes in Baghdad are not affecting exports of crude from that country. A potential deal with Iran and its nuclear program also has the potential to bring more crude into the global market. And now here's a look at the markets. Let's check in a New York with the S&P 500. Ed energy is a sore point. Around 35 points, almost a full percent on the S&P 500. We are back now with Jennifer Nowski from TD asset management and we are taking your questions about commodity stocks. Let's get to them. Here's the first one coming in: "I'm interested in Canadian energy stocks what are your thoughts on Suncor and CNQ? >> Broadly speaking, when we look at the oil industry, including the Canadian oil industry, there's not a lot of spending on production growth in cash yield is very high. The companies including the ones mentioned return a lot of cash to shareholders dividends and buybacks. The unique thing about those two companies is they both have exposure to oil sands. Oil sands assets are long term low decline assets. These producers have to continually drill to maintain if they want to grow their production. The drawback of oil sands is that they the CapX is initially much higher. This is less of a concern right now because the companies are not really billing those projects that we've seen in the past. Turning to say CNQ specifically, there focus on the upstream of oil and natural gas. Operating very well. They are also in a good competitive position because of their mix of assets and the type of oil they produce, they have a lower cost base in their peers in Canada. Turning to Suncor, Suncor is different because they have both upstream production as well as downstream refining exposure. And retail gas stations. This provides them with some diversification across product lines. Now, their operational execution has been weaker lately. It has not quite lived up to expectations as well, unfortunately there been some fatalities on site. However there are changes being made. There was an activist involved in the stocks and they settled with Suncor so as a result there are some new board members. They are searching for a CEO in there considering potentially selling their retail gas stations. >> Another theme that always drops up in Canadian energy is export capacity out of Western Canada. How are companies expressing and addressing that and as well as environmental concerns? >> The transfer of the transportation segment has contributed to why Canadian oil has at times traded at a steep discount to the US benchmark. We still see variability in that in between those two benchmarks depending if there is maintenance, turnarounds, seasonality's… It's still variable. But overall the situation is a lot better. The basin has benefited from line 3 coming on as well probably late next year will have the expansion come online as well. You touched on carbon and environmental concerns. It's an issue for the whole industry in Canada as well. So what we are seeing across the board as a lot of companies coming out with various submission production Target and the Canadian producers have gotten together with this Pathways initiative to do carbon capture and storage. >> Interesting stuff. Another question coming in, can we get Jennifer's view on Exxon? >> So, Exxon is a huge integrated oil company. I'll take a minute to dive into what that integration means a little more. In today's environment, where you have elevated oil and gas prices, that's great for their upstream division. It really benefits the revenue. But to say there downstream chemicals division, the oil and gas is actually input there. So they are seeing their costs rise in the chemicals division. Looking at Exxon, it has a huge production base and makes it hard to grow. They do have a quality upstream portfolio with exposure to a prolific base. As well as options in Brazil and LNG. One notable thing about Exxon is that they have a very decades long history of dividend and they did not cut it down during the COVID period. The company was under pressure last year from an activist because the perception was that they were overspending as well as how they've been handling the energy transition. So the activist did win some seats but there have also been changes were Exxon brought down there spending, sold some assets leverage their spending… And outlined some of their environmental initiatives more in areas like carbon capture and producing more fuels. >> Of course Exxon is a major global company that does have a stake here in Canada through Imperial oil. What's your idea on that part of the operation? >> Downstream assets… People with longer memories might remember it was built in, those projects struggled at times, they've been operating well recently but in the past we still saw some difficulties. There still some operational variability. The big story with Imperial though, has been the returning of cash to shareholders. They been doing a lot of buybacks. They also recently sold some of their assets so they just got another cash inflow. >> Another question, this one is about shell. Is Shell an interesting name? >> It's very global. An interesting thing about their upstream portfolio is they are a global leader in LNG. Those prices have been very strong as Europe had huge demand as they look to fill their storage and it offsets the risks to their Russian imports. As well, they are able to trade around this portfolio which can generate some variability. The risk of course, being global, is you can enter higher risk jurisdictions and, I guess, over time, Shell can have a hard time to manage that. One thing we can notice is they were under a lot more pressure earlier on to address the energy transition. So we've seen a lot of net zero Target's from the energy companies as well, they are more willing to go into new areas to D carbonized. So, for example, they have a history of operating the power markets in Europe as well as expertise in building offshore structures. They have leverage that to enter into actually owning and building solar and wind installations. So that is how they have been handling this energy transition. The drawback or the questions that investors sometimes have is that some of these investments have lower returns than what you can see in the upstream division. >> Talking about a lot of big names here. What should an investor keep in mind when you are taking a look at some of the big versus small energy firms? >> I kind of align with the super majors. They are highly diversified by assets, they expand up and down the value chain in the energy division… As well, the euro majors renewables… However big asset base is a very hard to grow. If you look at smaller energy companies however, they are more focused on one, maybe just a few basis. You can get what is called pure play exposure to one commodity. Maybe just gas, maybe just oil and a certain geography that has, say, very competitive space. The drawback is that if there's a problem in that region with an asset, it becomes a bigger issue. As well that it makes it more susceptible to changes in regulations in certain jurisdictions. >> Fascinating stuff as always. Make sure you always do your own research when making investment decisions. A reminder of course that you can get in touch with us at any time. Just email moneytalklive@td.com. Now let's get to our educational segment of the day. >> It helps to have goals in mind when investing. WebBroker has tools that can help you keep track of your progress. During us now is Caitlin Cormier, client education and with TD. Great to have you as always. Walk us through you how you can have goals on this platform? >> >> WebBroker has tools to help you get those goals set and that you're keeping track to achieve them. If we go into the trading platform, on WebBroker, there is a tab that's called "goals" of course that's where we will click to get started. This will take us to the goals homepage. We are going to land here and click the "get started" button. We have the option to do a retirement, major purchase or "my money to grow" option. I will use the "retirement". Somebody who is earning, say, $50,000 right now. They want to retire at age 65 and, compared to their current income, they are expecting maybe some salary increases over their career so we want to get at least 100% of the income that they have now and we will call it "retirement 2062". It sounds like a long time in the future. But there it is. That's our first step. Next is to choose our investor profile. Again, this is completely individual. Taking that time in your risk tolerance, the emotional as well as the financial situation all into consideration in deciding which most suits you. You can click on any of them to see the full details as far as what that looks like, what type of investment would fit this profile, what those historical returns are… With the breakdown would look like… All of that is available here. You can also compare profiles. So for example, if I want to see the conservative versus moderate, verse aggressive, I can actually line them all up here and compare them to see which one I'm most comfortable with her which most meets this particular goal. I'm just gonna choose "moderate" for today. I'm gonna go ahead and click "save and continue." Lastly here, I'm going to add any accounts I'm using towards this goal. I'm trying to keep in mind that not all of your accounts necessarily are moving towards that same goal. Maybe it's just your RSP that you're saving for retirement. Not your tax-free savings or other accounts. Make sure you only choose the ones that you're actually using for this savings. Let's just say we farting at 15,000 saved up elsewhere. For this particular goal that we will transfer in. We can also put in our ongoing contributions. Let's just say were putting in $200 biweekly. It'll give us that reassurance to say "this is how much we have at this summit you will contribute". As I click "save and continue", we see our goal for retirement and we will fall a bit short here. So we have the ability to actually make changes to that goal so we can say "maybe we want to retire a couple of years later". Maybe we want to change your contribution amount… Anything we want to do to make those changes. Let's say if we chose 67 as a retirement age, we can recalibrate and see how much closer we all that goal. All of a sudden we are a little bit closer that goal. We can increase our conservation amount to 275. Recalculate. All of a sudden, we are over our goal. So if we just make those quick adjustments to any of these factors right here to get a little quicker, another thing that is kind of interesting is you can view the assumptions. It actually does take into consideration Canada pension plan as well as OAS when doing the retirement calculator. Let's just say you're going to work in retirement, you can actually put other income in here and finally, it is keeping in consideration both inflation and a life expectancy of 90 years. >> All right. Caitlin I'm trying to put myself back into my 25-year-old mindset. If I had gone through this exercise is a 25-year-old, life changes along the way… It's a pretty big thing. What kind of change would be that situation? >> I would like to Sam 25 as well but I am a few years on from that. Let's just like "start with the plan" this is where we go to the dashboard. The dashboard is where we are going to go as the years pass, as things change. Lots of life experiences that can change. Maybe your risk tolerance, maybe you have a partner, maybe you have a pension plan with work and there are different things will come up over time. You can absolutely come back in and make changes to this goal. We can see on the goals of dashboard, we can click appear to rename it. We can view the details. We can actually get right back in here and see what that projection is, make any changes here. Going into the portfolio and seeing the different accounts that we have their allocated to this goal. Again, see details as well. So when we created it, what our investor profile is to make any changes and again, those assumptions here. Finally, as I mentioned, we do have the assumptions down here which we can always come into and make changes to. So if it is something like, all of a sudden, 15,000 or be conservative and say we have a $15,000 per your pension. All of a sudden, you're well on your way to meet that goal. So, it's very adaptable and you can even make this your homepage when you log into WebBroker. So the "goals" is actually the first thing you see to make sure you're keeping it at the top of your mind and not letting those goals slip away from you. >> Caitlin great stuff as always. Thank you so much. >> Thank you. >> Caitlin Cormier client education instructor with TD Direct Investing. Before we get back to your questions with Jennifer Nowski, a reminder of how you get in touch with us. There are two ways and get in touch with us: either send us an email, MoneyTalkLive@td.com or use the question box at the bottom of the screen. We'll see if one of our guests can give you the answer right here at MoneyTalk Live. >> We are back now with Jennifer Nowski, taking your questions about commodities and stocks. We talked about oil and gas read now some questions about precious metals. What is your outlook for Barrick Gold? >> Following a merger if you years ago, Barrick is very used to keeping a portfolio in larger, low cost, longer life assets. It has a plan to maintain production for about 10 years. Barrick has really leveraged over the past few years and is in very strong financial condition right now. We talked at the top about the cost inflation producers are seeing. Goal producers, broadly, are really feeling that pinch because the gold price has been kind of flat. So they're basically seeing some large decompression. Barrick, on the other hand, although they have experienced inflation as well, they've been handling it better than many of the other producers. When we look out for Barrick though, one area we are watching is how the development project is looking at in Pakistan. This would be a higher risk jurisdiction. It's a new project that would also bring higher risks during however, you know, with the merger that grand gold brought into Barrick's portfolio, they have some experience dealing with more challenging jurisdictions. We'll see if they decide to pursue that in Pakistan. >> All right. That's Barrick. Another name coming in, what is your take on gold streamers like Franco Nevada. >> Streaming in royalties, their structures differ. In general involves providing upfront payments to help fund mine development and in return the streamer will provide the financier over time. So this exposes that company for example for changes in the underlying production but they aren't exposed to the operating cost of the mine. This is about, valuable right now. With cost of inflation. It makes the royalty and streaming model kind of lower risk. But that also means if we are in a rising gold price environment, the producers would do better. But it provides that downside protection. Fallen gold price environment, a streamer like Franco would probably hold up better than the producers. It also results in Franco trading at a very high premium to producers. In terms of changes at Franco, they have been expanding into nonprecious metal streams. Especially in the area of oil and gas. This leads to some questions of whether that premium will be maintained over time. However, Franco is that they want to keep that nonprecious metals exposure lower to say, 20% of this portfolio. The other thing, streamers and royalty companies are expected to do deals. It's their business. So there is deal risk and competition on those. >> Fascinating. We have some questions about the space and another one here. Can we Jennifer's view on Newmont? >> Also a major producer gold. Highly diversified by asset. They have some very competitive cost competitive assets and they too have a plan to maintain production for 10 years. Now, Newmont has struggled more this year with inflation. In their last quarter, inflation came out on their cost base, higher-than-expected. As well, they had to delay two of their projects that got delayed. They also saw the cost of inflation on those projects. Those projects also had trouble. COVID absentees managing in this environment, however if the inflation environment settles down, that can be positive for Newmont. They also have a great team with a lot of experts. Newmont is one of the higher dividend payers in this sector. The current dividend yield is about 5.2%. That will vary with the gold price. So we see the gold price weaken, that dividend could be reproduced. >> A reminder to always do your own research when making investment decisions and you can get in touch with us anytime by emailing us at moneytalklive@td. com, or you can use the question box read on the screen here in WebBroker. Just writing your question and hit send. We'll see if one of our guests can get you the answer you need right here at MoneyTalk Live. TD Securities has a new report out on the outlook for the telecom sector. Anthony Okolie now joins us with more. Anthony. >> TD Securities just put out a report recapping some of the key second-quarter stats and trends for the Canadian telecom sector as we move into the third quarter. The first trend here, Internet subscribers, these are the six public companies, the actually increased in the second quarter versus the second quarter of 2021 in 2020. TD Securities is seeing a significant shift in market shareTwo telcos away from cable companies in the United States. TD Securities also tracked total telecom versus cable company markets in broadband and video over the past 10 years. What they found was that the two biggest telecom companies have actually taken substantial share of the declining overall video market during this period. That's up from 14% ;40% over a ten-year period. Nationwide however, share gains by the big telecom companies have been more modest for Internet subscribers. It's only up 3% during the same period. Some interesting stats here, in eastern Canada the telecom company shares were relatively flat over the past 10 years. However in Western Canada they have become the dominant provider with market shares searching 12% of the past 10 years to 53% in the second 1:45 thousand 22. Greg. >> As TD Securities goes through these quarterly stats, is there any indication that can be made? >> TD Securities believes that these recent stats actually reinforce the recent rationale for the merge activity in the sector. Particularly given the cable companies out west actually add structural disadvantage versus telecom companies in this part of Canada. >> Great stuff as always. Thanks Anthony. >> My pleasure. > Money talks Anthony Okolie. Now let's check in with the TSX composite index. Down about 1/2% right now. We are seeing a big pullback in the price of benchmark American crude… South of the border, the S&P 500, they are feeling the downdraft. West Texas, my screen it says $90.74 down. We are seeing a hit to energy names in New York. Let's check on the tech space also under pressure as well. To the tune of… The S&P 500 that brought a read of the American market down more in the tech heavy NASDAQ. Let's check it back in on Best Buy. Some green spots on the screen. 7540, yes there were heavy discounts as they try to move inventory but it meant that when it came to their sales figures, they were not quite as depressed as markets they would be. We are back now with Jennifer now ski from TD asset management, taking your questions about commodity stocks. We have one in the agriculture space no. Is Nutrien a name worth keeping an eye on? >> Farmer economics have been really good. You've seen fewer capacities in potash. Inventories… Turning to this year, the big question is been around Belarus in Russia which are rushed roughly 40% of capacity combined. Russia exports have struggled a bit with some of the logistics coming out of Russia these days. Belarus, though, was actually put under sanctioned by the US and the EU. They lost access to a key export in Lithuania. So there exports have been significantly hampered. So this has broadly supported the potash price. Now, what could put a lid on further price appreciation in potash, Nutrien is bringing back production. Sometimes there is growth but they are lower risk ground fields. The other thing to is that farmers might decide if potash prices are too high to just skip an application. Now, turning to the other important division is nitrogen. Nitrogen fertilizer, what is happening to the cost curve, natural gas is key to making nitrogen. As we discussed, natural gas prices are really high. Especially in Europe. So that production has been taking, some of it is been taken off-line. This is helpful for Nutrien however their North American gas costs of been higher. Lastly, as they do have this retail division, cells with fertilizer to all farmers, it provides diversification. It's also been a source to try and acquire more to what is a fragmented industry. Within our culture there is more seasonality to it. Things can shift around between quarters or year after year. Also if they change CEOs. Investors like to keep an eye on them when there's been a CEO change for any change in strategy. >> Another question related to this space. I'd like your thoughts on BHP. > That is one of the largest diversified minors. Managing their portfolio lately. They basically compact collapse of their dual listing and subsequently, they merge their oil and gas division with this Australian producer. They spun out those shares. So now, when you look at BHP, you're left with a large division which cost long life assets in Australia as well as exposure to copper, call and nickel. When we look out and where BHP is investing, they have some expansion potentials at their copper assets and their iron assets, they are exploring a little for copper and iron, copper and nickel… As well, they are adding potash which is a new commodity for them. This kind of circles back, actually, to our discussion about Nutrien. It will take a few years to build in Saskatchewan. This will be adding a fairly significant amount of new capacity in a few years. But people worry that this could hurt the potash price. But over that time, the HP, at least feels like those times will be needed. But it is a risk for the potash industry. And then when you also think about BHP, it looks like they may be more active in… It's one thing they appear to be pursuing. >> Jennifer thank you so much for joining us. > Thank you. >> Jennifer Nowski Portfolio Manager at TD Asset Management. Let's check in on the markets. Obviously we've seen some fairly significant selling pressure in recent days. This of course on the heels of Friday, when Jerome Powell released some pretty stern words for us as investors in terms of the Fed's commitment to fighting inflation. And how that would mean some pain going forward. Pouring a lot of cold water on that summary thesis of a pivot in the offing that would see the central bank he's up in short order. Another selling, on Bay Street, 290 points, one of the half percent. Check on the S&P 500 zealots bearing. Down more than a percent now, 1.1% to the downside. On tomorrow's show, Chris Whelan will be with us taking your questions with the economy. Get a head start on getting those questions into us. Just email moneytalklive@td. com. That's all the time we have today for the show. Thanks for watching. We'll see you tomorrow. [music]